Benchmarks hit day’s low; breadth weak


The Sensex and the Nifty hit a fresh intraday low in early afternoon trade amid renewed selling pressure. At 12:24 IST, the barometer index, the S&P BSE Sensex, was down 144.05 points or 0.39% at 37,183.48. The Nifty 50 index was down 54.95 points or 0.5% at 10,962.05.

Losers outpaced gainers. On the BSE, 686 shares rose and 1464 shares fell. A total of 139 shares were unchanged.

The S&P BSE Mid-Cap index was down 0.8%. The S&P BSE Small-Cap index was down 0.81%. Both these indices underperformed the Sensex.

Bharat Heavy Electricals (Bhel) fell 3.3% to Rs 48.30. Bhel announced that it commissioned the 4×180 MW Mangdechhu hydroelectric project in at Thimpu, Bhutan. The run-of-the-river hydroelectric plant constructed on Mangdechhu river in Bhutan has a gross head of 692 meter, with four numbers Pelton Turbines generating 720 MW from the project. The project has been executed under difficult terrain conditions with limited road connectivity as well as frequent disruptions during monsoons. The Mangdechhu Hydroelectric Project Authority (MHPA) officials have appreciated the efforts put in by BHEL for effective and efficient completion of the project.

Tyre maker TVS Srichakra announced the launch of brand TVS Eurogrip tyres. The new brand tyre will be sold in India and across globe. The stock rose 1.22% at Rs 1661.90.

City gas distributor Mahanagar Gas (MGL) fell 1% to Rs 840. Netherlands-based Royal Dutch Shell announced that its wholly owned subsidiary, BG Asia Pacific Holdings, has sold all its remaining shareholding in MGL. On 20 August 2019, BG Asia Pacific Holdings sold 98.77 lakh shares, or 10% stake, in MGL at Rs 780 each. Goldman Sachs India purchased 6.73 lakh shares, or 0.68% stake, in MGL while HDFC Mutual Fund purchased 5.78 lakh shares, or 0.59% stake. SBI Life Insurance Company has acquired 6.20 lakh shares, or 0.63% stake. Societe Generale bought 12.82 lakh shares, or 1.30% equity. All the trasactions were struck at Rs 780 per share.

On the derivatives front, the NSE’s India VIX, a gauge of market’s expectation of volatility over the near term, rose 2.22% at 17.0025.

The Nifty August 2019 futures were trading at at 10,962.4, a discount of 2.35 points compared with the spot at 10,964.75. Maruti Suzuki India, State Bank of India and HDFC were the top traded individual stock futures contracts so far in F&O segment of NSE.

On the options front, the Nifty option chain for 29 August 2019 expiry showed maximum call open interest (OI) of 31.62 lakh contracts at the 11,000 strike price. Maximum put OI of 40.01 lakh contracts was seen at 11,000 strike price.

Meanwhile, the Maharashtra Navnirman Sena (MNS) chief Raj Thackeray will appear before the Enforcement Directorate (ED) in connection with a money laundering probe and has appealed to the party workers not to protest over the issue. The MNS has withdrawn its proposed bandh in the Thane district on Thursday, 22 August 2019.

The ED has summoned Raj Thackeray to appear before it on Thursday in connection with its probe into the Infrastructure Leasing & Financial Services (IL&FS) scam. The agency is probing alleged irregularities relating to loans and equity investment worth over Rs 450 crore by IL&FS in Kohinoor CTNL Infrastructure Company, which is developing Kohinoor Square tower in Mumbai’s Dadar area.

Further, ED has put out a lookout circular for former union minister P Chidambaram, who has not been seen since the High Court denied him protection from arrest on Tuesday, after which the CBI visited his home in Delhi twice. Chidambaram failed to win a reprieve from the Supreme Court, which rejected his petition for anticipatory bail in the INX Media case.

According to media reports, Chidambaram has been away from his home during visits by the CBI and the ED. Past midnight on Tuesday, the CBI reportedly pasted a notice outside the house asking him to appear before it within two hours of receiving the note.