Sensex closes 413 points lower on profit-booking; banking, consumer durables stocks lead losses

Sensex and Nifty ended a volatile session of trade on a negative note today led by losses in banking and consumer durables  sector. Investors resorted to profit-booking  as Sensex lost 413 points to 33.956 and Nifty fell 120 points to 10,046. Earlier, Sensex and Nifty opened higher amid positive global markets. Sensex gained 150 points to 34,520 and Nifty rose 12 points to 10,179.

Top Sensex losers were ICICI Bank,  Bharti Airtel, HDFC Bank, Bajaj Finance and Kotak Bank falling up to 3.15%. On the other hand, top Sensex gainers were IndusInd Bank, Sun Pharma, M&M   and HDFC rising up to 2.71%. Of 30 Sensex stocks , 21 closed in the red. Market breadth was negative with 1,117 stocks ending higher against 1,459 falling on BSE.

Vinod Nair, Head of Research at Geojit Financial Services said, "Nifty again witnessed profit booking and resistance at its 100-DMA levels, which is around 10,300 and has been a crucial level for the index. The indices finally ended down by 1.3%. Banking index was the top sectoral loser and bluechip private banks contributed most to the losses in the benchmark indices. Our markets also seem to be driven by global cues and European markets opening in the red had an impact on our markets. US FOMC announcements tomorrow can have a bearing on the global markets."

Share Market update: Sensex slips 413 points, Nifty manages to hold 10K; ICICI Bank, Airtel, HDFC Bank top losers

During the day, Sensex swinged in a wide range of 930 points hitting intra day high of 34,811 and intra day low of 33,881.

Mid cap and small indices on BSE also ended lower by 26 points and 119 points, respectively. Banking and consumer durables stocks led the losses in today's sessions with BSE bankex shedding 556 points to 23,678 and BSE consumer durables index falling 404 points to 20,617. 

Deepak Jasani, Head Retail Research, HDFC Securities said, "Indices paused their winning streak and ended close to day's low level on the back of widespread profit taking. Volumes continued to be high with Capital Goods, PSU and Pharma stocks doing well while Financials, Aviation, IT, Oil & Gas, Telecom and Metals stocks coming under selling pressure."

Meanwhile PVR share price closed 6.23% or Rs 72 lower at Rs 1087 compared to the previous close of Rs 1159.50. The multiplex operator posted a net loss of Rs 74.61 crore for the fourth quarter ended March 2020 after COVID-19 pandemic affected film exhibition business. In Q4 of 2018-19, the firm reported a net profit of Rs 46.75 crore in the January-March quarter a year ago. The mid cap stock hit intra day low of Rs 1051, down 9.36% against previous close of Rs 1159.50.

PVR share price slips over 9% as coronavirus stings Q4 earnings

Titan Company share price also closed lower despite the firm reporting 21% rise in net profit amid coronavirus lockdown.  Share price of Titan Company fell  up to 2.7% to Rs 992.90 against previous close of Rs 1,019.50 on BSE. It closed 2.26% or Rs 23 lower at Rs 996 on BSE.

Global markets

Shares opened lower in Europe on Tuesday after a day of gains for most Asian markets.  Indices fell in Paris, London and Tokyo on Tuesday and US futures also declined. France's CAC 40 fell 1.8% to 5,084.42, while Germany's DAX lost 1.8% to 12,593.42. Britain's FTSE 100 slipped 1.9% to 6,347.22. In Asia,  Japan's benchmark Nikkei 225 lost 0.4% to finish at 23,091.03. South Korea's Kospi gained 0.2% to 2,188.92. Hong Kong's Hang Seng jumped 1.1% to 25,057.22, while the Shanghai Composite index gained 0.6% to 2,956.11.