Markets snap 9-day winning streak on late selling, fall in banking stocks

Markets snap 9-day winning streak on late selling, fall in banking stocks

Stocks took a breather today after nine sessions of gains owing to a rush among investors to book profits towards the fag-end amid sustained foreign fund outflows even as global cues were positive.

The BSE Sensex, after resuming higher at 34,443.42, advanced to hit a high of 34,591.81 on buying by domestic institutional investors (DIIs) as well as retail participants.

However, investors preferred to lock in gains towards the close of the session, with the benchmark finally ending at 34,331.68, down 63.38 points, or 0.18 per cent.

The gauge had risen 1,375.99 points, or 4.17 per cent in the previous nine sessions.

Likewise, the 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20 after hitting the day's high of 10,594.20 and a low of 10,509.70.

It had gained 420.30 points, or 4.15 per cent in the past nine sessions.

Investor sentiment got a boost after the IMF yesterday said India is expected to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019, leaving its nearest rival China behind.

Index heavyweight HDFC Bank ended 0.8% lower, while Axis Bank ended 2.6% lower, dropping for a fourth straight session.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,512 shares fell and 1,141 shares rose. A total of 156 shares were unchanged.

Index heavyweight and cigarette major ITC gained 3.08% to Rs 276.

Most FMCG stocks gained. Godrej Consumer Products (up 5.27%), Britannia Industries (up 0.2%), Colgate-Palmolive (India) (up 0.94%) GlaxoSmithkline Consumer Healthcare (up 0.34%), Marico (up 0.25%), Tata Global Beverages (up 1.77%) and Bajaj Corp (up 0.59%) rose.

Jyothy Laboratories (down 0.03%), Hindustan Unilever (down 0.04%), Nestle India (down 0.45%) and Procter & Gamble Hygiene and Health Care (down 0.09%) edged lower.

Maruti Suzuki India shed 0.25%. Maruti Suzuki India during market hours today, 18 April 2018 said that the company has attained leadership position in utility vehicles sales in the domestic market in 2017-18, with over 27.5% market share. Riding on the success of models like Vitara Brezza, Ertiga and S-Cross, Maruti Suzuki's sale of utility vehicles reached 253,759 units in 2017-18, growing 29.6% over previous year sales of 195,741 units.

M&M lost 1.55%. M&M today launched the Plush New XUV500 in the premium SUV segment with a bold new design, plush, luxurious interiors and higher power and torque. It offers a more pleasurable ride through an enhanced suspension, and comes with a quieter cabin. Starting at Rs 12.32 lakhs (ex-showroom Mumbai, for W5 variant), it will be available at Mahindra dealerships across India with immediate effect. The announcement was made during market hours today, 18 April 2018.

Cement major ACC dropped 0.92% ahead of its Q1 March 2018 result today, 18 April 2018.

Lupin fell 1.76%. Lupin announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of AbbVie Inc's AndraGel, 1.62%. Lupin's Testosterone Gel is the generic equivalent of AbbVie Inc.'s AndroGel. The announcement was made after market hours yesterday, 17 April 2018.