Sensex Ends 106 Points Lower; Consumer Durable And FMCG Stocks Witness Selling

Share markets in India continued to trade in the red during closing hours and ended their trading session marginally lower. Sectoral indices ended on a mixed note with stocks in the consumer durable sector and FMCG sector witnessing most of the selling pressure.

At the closing bell, the BSE Sensex stood lower by 106 points (down 0.3%) and the NSE Nifty closed down by 14 points (down 0.1%). The BSE Mid Cap index ended the day down 0.1%, while the BSE Small Cap index ended the day up 0.1%.

The rupee was trading at 70.66 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was up by 0.29% and the Shanghai Composite was up by 0.4%. The Nikkei 225 was down 2.4%.

In the news from the macroeconomic space, global rating agency Moody's Investors Services projected India's real GDP to grow 7.2% in the year ending March 2019 and 7.4% in the following year. As per the agency, the growth will be driven by investment growth and strong consumption.

It said that asset quality will be stable (but weak) as cleanup of legacy problem loans nears completion and corporate health improves. Banks have recognized the bulk of legacy problem loans and will start making recoveries from large resolved nonperforming loans.

It further added that banks' second-quarter performance showed that fresh bad loan and will start making recoveries from large resolved nonperforming loans.

The rating firm, however, predicted improvement in banks' profitability but high credit costs would keep it muted. It said funding and liquidity profiles of public sector banks will remain resilient, notwithstanding their solvency challenges.

From the pharma space, Sun Pharma share price was in focus today as the company eased concerns and saying it will work towards re-establishing credibility and corporate governance which could include the review of some past decisions.

1 2 3
View single page >> |

Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.