Domestic bourses slipped in red during the late noon trading session with selling seen in the banking and energy names. However, buying witnessing in the IT and pharma sectors.
Meanwhile, Indian rupee ended lower at 74.85 per dollar, amid selling seen in the domestic equity market. It opened slightly lower at 74.84 per dollar against previous close of 74.79 and traded in the range of 74.80-74.87.
State Bank of India share price was down 2 percent ahead of its June quarter earnings. The bank is expected to see sharp spike in Q1FY21 profitability led by stake sale in life insurance business, but likely additional COVID-19 provisions may limit the growth. Brokerages expect improvement in asset quality on sequential basis with lower slippages than Q4FY20, while provisions could see increase on YoY basis due to COVID-19 but sequentially provisions could be lower.
At 14:40 hours, the 30-share benchmark index was trading at 37817.61 down by -253.52 points or by -0.67 % and then NSE Nifty was at 11127.95 down by -74.9 points or by -0.67 %.
Sensex touched intraday high of 38413.81 and intraday low of 37706.2 The NSE Nifty touched intraday high of 11299.95 and intraday low of 11089.55The top gainers of the BSE Sensex pack were Maruti Suzuki India Ltd. (Rs. 6324.70,+2.25%), Sun Pharmaceutical Industries Ltd. (Rs. 501.25,+1.67%), Infosys Ltd. (Rs. 964.75,+1.14%), Asian Paints Ltd. (Rs. 1749.55,+0.70%), Reliance Industries Ltd. (Rs. 2108.40,+0.60%), among others.
The top losers of the BSE Sensex pack were IndusInd Bank Ltd. (Rs. 521.60,-5.30%), Power Grid Corporation of India Ltd. (Rs. 176.10,-3.14%), Hero MotoCorp Ltd. (Rs. 2699.40,-2.88%), Axis Bank Ltd. (Rs. 428.50,-2.80%), Housing Development Finance Corporation Ltd. (Rs. 1835.00,-2.37%), among others.
_IT index was at 16465.01 up by 84.67 points or by 0.52%. Zensar Technologies Ltd. (Rs. 167.35,+5.38%), Majesco Ltd. (Rs. 564.30,+5.00%), Tanla Solutions Ltd. (Rs. 114.35,+4.96%), Subex Ltd. (Rs. 8.97,+4.91%), AXISCADES Engineering Technologies Ltd. (Rs. 56.95,+4.88%),.
PSU index was at 4906.06 down by -130.32 points or by -2.59%. Bharat Petroleum Corporation Ltd. (Rs. 419.85,-7.46%), Bharat Heavy Electricals Ltd. (Rs. 36.70,-4.55%), Indian Oil Corporation Ltd. (Rs. 88.40,-4.48%), Shipping Corporation of India Ltd. (Rs. 54.45,-4.39%), Bharat Dynamics Ltd. (Rs. 386.00,-3.74%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2961 , shares advanced were 1082 while 1679 shares declined and 200 were unchanged