Mid-session: Markets remain under pressure; banking stocks dip
10/08/2018 12:22
The key domestic benchmark indices remained under pressure in the afternoon trading session on account of booking profits in banks.

The investors also remained cautious ahead of State Bank of India’s results and the Index of Industrial Production or IIP for June due today.

Share price of Bosch added 3.7 percent as company reported strong numbers in the quarter ended June 2018 (Q1FY19). Also, shares of Tata Communications slipped 6.3 percent as company reported loss in the quarter ended June 2018.

On the earnings front, big companies like SBI, UCO Bank, United Bank, Andhra Bank, GAIL, PCJ, Voltas, Sun TV, Apollo Hospitals, DLF and Glenmark, will report their quarterly earnings later in the day.

At 12:15 hrs, the Bombay Stock Exchange bellwether Sensex was trading at 37912.8 down by 111.57 points or by 0.29 per cent, while the NSE Nifty was at 11433.35 down by 37.35 points or by 0.33 per cent.

The BSE Sensex touched an intraday high of 38051.45 and an intraday low of 37875.71 while the NSE Nifty touched an intraday high of 11478.75 and an intraday low of 11426.5.

The top gainers of the BSE Sensex pack were YES Bank Ltd. (Rs. 388.80,+1.98 per cent), Mahindra & Mahindra Ltd. (Rs. 947.80,+1.56 per cent), Bharti Airtel Ltd. (Rs. 371.00,+1.16 per cent), Hero MotoCorp Ltd. (Rs. 3310.00,+1.06 per cent), Asian Paints Ltd. (Rs. 1429.70,+1.02 per cent), among others.

Meanwhile, Sun Pharmaceutical Industries Ltd. (Rs. 554.75,-2.79 per cent), Coal India Ltd. (Rs. 274.60,-1.98 per cent), State Bank of India (Rs. 310.30,-1.94 per cent), Tata Motors Ltd. (Rs. 140.60,-1.85 per cent), Tata Motors Ltd. (Rs. 253.00,-1.75 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2657, shares advanced were 1036 while 1491 shares declined and 130 were unchanged.

On the global front, Asian stocks were trading lower as investors weighed escalating global trade tension, while the Wall Street closed mixed in the previous trading session as trade jitters held markets in check.