Sensex Ends In Red On Post Noon Sell-off; Realty & Metal Stocks Drag

Indian share markets in India turned negative in the noon deals with the Nifty50 slipping below its crucial 10,050 mark. At the closing bell, the BSE Sensex closed lower by 90 points. While, the NSE Nifty finished lower by 32 points. Meanwhile, the S&P BSE Midcap Index finished down by 0.9% while the S&P BSE Small Cap Index ended down by 1.2%.

BSE sector indices ended the day on a mixed note. Among them, oil & gas sector gained the most by 0.8%, followed by information technology sector 0.7%, while realty sector & metal sector finished down by 2% & 1.3% respectively.

Overseas, Asian equity markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.28% and the Shanghai Composite rose 0.16%. The Hang Seng lost 0.36%. European markets are mixed. The DAX is higher by 0.04%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.20% and 0.04% respectively.

The rupee was trading at Rs 65.27 against the US$ in the afternoon session. Oil prices were trading at US$ 51.09 at the time of writing.

Bharti Airtel share price zoomed over 5.5% on the reports that the company has tied up with Karbonn Mobiles to offer 4G smartphone effectively at the price of a feature phone which is aimed at enabling every Indian to buy a 4G smartphone and get on to the digital superhighway.

Bank stocks ended the day in red with Andhra Bank and Syndicate Bank witnessing maximum selling pressure. Dena Bank is set to become the first bank under the Reserve Bank of India’s (RBI) prompt corrective action to tap the equity market after it announced a qualified institutional placement (QIP) to raise up to Rs 4.3 billion from institutional investors.

Reportedly, the issue committee of the bank has fixed floor price of Rs 30.73 per share. The funds raised will largely act as growth capital which Dena Bank will use to lend to retail and small and medium enterprises.