Equity benchmark erased morning gains and turned red in the afternoon session on Wednesday as selling pressure witnessed in Yes Bank, Tata Motors, L&T, and Axis Bank.
The Sensex was down 12 points at 37,306 levels, while the Nifty slipped 10 points at 11,212 levels.
The stock market opened higher and hit fresh intraday high as gains were supported by the recovery in other global stock markets.
Shares of Dewan Housing Finance Corporation (DHFL) fell 6% after the rating agency Icra downgraded the company's payouts or pass through certificates (PTCs).
Shares of Union Bank tumbled 9.5% after the bank registered a net loss of Rs2,583.38cr in the same quarter of the preceding fiscal. However, the bank posted a net profit of Rs153.21cr in the third quarter of 2018-19. The brokerage firm, Credit Suisse maintained its neutral rating on Union Bank of India post-March quarter results but slashed its target price to Rs75 from Rs78 earlier.
Meanwhile, Monsoon rains are likely to enter India through the southern coast on June 6, the Meteorological Department said today, marking the start of the four-month rainy season that is crucial for the country’s farm-dependent economy.
The market breadth was neutral with 821 shares advancing, 863 shares declining, and 416 remaining unchanged.
Volatility index India VIX rose 2% at 27.67.
No comments