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Market slides on broad based selling pressure
15-May-19   15:39 Hrs IST

Equity benchmarks tumbled after hovering in positive terrain for most part of the session. The barometer index, the S&P BSE Sensex, fell 203.65 points or 0.55% to 37,114.88, as per the provisional closing data. The Nifty 50 index fell 65.05 points or 0.58% to 11,157, as per the provisional closing data. Weakness in banking shares put pressure on bourses. Investors continued to be plagued by doubts surrounding slowing global growth and US-China trade relations.

Indices opened higher and hit fresh intraday high in morning trade supported by recovery in other Asian stock markets. Benchmarks held firm near day's high in mid-morning trade. After briefly slipping into the red in afternoon trade, the indices bounced back in mid-afternoon trade. Sudden selling pressure dragged the market lower in late trade.

Among secondary barometers, the BSE Mid-Cap index fell 0.67%. The BSE Small-Cap index fell 0.45%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1003 shares rose and 1553 shares fell. A total of 187 shares were unchanged.

Yes Bank (down 8.39%), Tata Motors (down 7.92%), IndusInd Bank (down 3.67%), Coal India (down 2.83%), Sun Pharmaceutical Industries (down 2.37%) and Power Grid Corporation of India (down 1.9%), were the major Sensex losers.

Bajaj Finance (up 4.20%), ITC (up 0.90%), Kotak Mahindra Bank (up 0.76%), HCL Technologies (up 0.16%) and Infosys (up 0.04%), were the Sensex gainers.

Nestle India rose 0.35% after net profit rose 9.26% to Rs 463.28 crore on 9.33% rise in total income to Rs 3076.14 crore in Q1 March 2019 over Q1 March 2018. The result was announced after market hours yesterday, 14 May 2019.

PTC India fell 0.15% after net profit declined 16.33% to Rs 53.86 crore on 22.68% rise in total income to Rs 2673.25 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 14 May 2019.

Hindustan Oil Exploration Company rose 2.67% after net profit surged 191.55% to Rs 47.96 crore on 193.17% rise in total income to Rs 75.08 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 14 May 2019.

Meanwhile, the India Meteorological Department (IMD) on Wednesday said the southwest monsoon would be slightly delayed over Kerala and arrive on 6 June 2019. The normal onset date is June 1.

The forecast is mostly in line with the one made by private forecaster Skymet, which on Tuesday said the monsoon would hit the State on 4 June 2019.

Overseas, European stocks edged lower on Wednesday as the rebound in global shares struggled to maintain its momentum. Asian shares ended mostly higher Wednesday, following a recent slump amid escalating tensions on the US-China trade front.

Growth in China's industrial output for April increased 5.4% year-on-year from a 4-1/2 year high in March.

US stocks advanced on Tuesday, paring heavy losses sparked by a raging US-China trade war over the past week. US President Donald Trump on Tuesday called the escalating dispute with China a little squabble but said Washington was still considering extending tariffs to another $300 billion worth of Chinese merchandise.

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