On Wednesday, Domestic stock markets finished range-bound session on a flat note ahead of China-US trade talks. The S&P BSE Sensex ended 1.25 points lower, at 35,591.25 while, NSE's benchmark index Nifty closed at 10,651.80, down 0.40 points from the previous close. The Sensex moved in a range of 35,850.41-35,490.97 during the session, whereas the Nifty fell as much as 10,612.85. The index touched a high of 10,710.20.The losses on Dalal Street were led by FMCG and realty stocks.
However Twenty eight out of 50 Nifty stocks closed in the negative zone. Top stragglers on the Nifty were Indiabulls Housing Finance, Adani Ports, Kotak Mahindra Bank, Bajaj Auto and Hindustan Petroleum, settling between 2.59 and 4.81 per cent lower. Settling between 1.49 and 2.71, Kotak Mahindra Bank, Bajaj Auto, HDFC, Reliance Industries, Yes Bank and Sun Pharma were the major drags on the Sensex.
Shares of Housing Development Finance Corp Ltd closed 2.26 per cent lower on NSE after posting a 60 per cent plunge in net profit. Investors' focus, meanwhile, shifted to a media report, which claimed financial misused by the controlling shareholders of Dewan Housing Finance Corp. Saurabh Jain, assistant vice-president (research), SMC Global Securities said that "The problems related to DHFL is purely company-based and you can see that in its stock and bond performance. There is no domino effect per se at the moment in other sectors,"
This comes at a time when a string of defaults at Infrastructure Leasing and Financial Service Ltd (IL&FS) triggered sharp falls in the stock and debt markets last year amid fears of contagion spreading to the rest of the financial sector.
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