Indian stock markets closed trading on Thursday with losses led by Tata Motors; market participants will now be keenly watching June quarter (Q1) results of India’s largest lender, State Bank of India (SBI).
The BSE Sensex closed 266 points lower at 31,531 while the NSE Nifty ended 88 points lower at 9,820.
Tata Motors was the biggest loser on the BSE, hitting a 52-week low of Rs 376 before recovering to close at Rs 381, a loss of 8.60 percent from its previous close.
“Today once again, our markets opened lower owing to weak cues from the Asian peers. Subsequently, the index consolidated for a while; but, a massive sell off in the latter half dragged the Nifty even below the 9800 mark,” Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking, said in a note.
Other stocks that dragged the Sensex down included Dr Reddy’s Labs, Sun Pharma and Adani Ports. Other significant losers included HPCL and BPCL.
IT stocks bucked the trend; Infosys was up 1.35 percent while Wipro and TCS ended with minor gains.
Tepid listing for new comer
Security and Intelligence Services (India), which listed at a premium of around 7 percent to the issue price of Rs 815, closed at Rs 756 on the BSE, a discount of 7.15 to the issue price, disappointing investors.
The company is a leading provider of private security and facility management services in India.
The next most-awaited listing is that of Cochin Shipyard, whose IPO was subscribed 76 times.
SBI’s results will be interesting to watch as it will be for the first time the lender will be declaring performance after the merger of five associate banks.
Many stocks hit new 52-week lows on Thursday; these included CRISIL, Coal India, Lupin, Dr Reddy’s, Ipca Labs and Blue Dart.