Sensex tanks 304 points on last day of 2019; Nifty drops below 12,200-mark; Tech Mahindra top loser, sheds over 2%

After swinging over 423 points intra-day, the 30-share BSE Sensex ended down by 304.26 points, or 0.73 percent, at 41,253.74

FP Staff December 31, 2019 16:53:38 IST
Sensex tanks 304 points on last day of 2019; Nifty drops below 12,200-mark; Tech Mahindra top loser, sheds over 2%
  • After swinging over 423 points intra-day, the 30-share BSE Sensex ended down by 304.26 points, or 0.73 percent, at 41,253.74

  • Shares ended lower on the final trading day of the year, as investors booked profits ahead of a finance ministry announcement

  • Analysts attributed the weakness in the market to stock-specific selling and the absence of any major trigger point in the market.

Sensex slumped 304 points on the last trading session of 2019, dragged by losses in index-heavyweights Reliance Industries, HDFC twins, ICICI Bank and TCS.

After swinging over 423 points intra-day, the 30-share BSE Sensex ended down by 304.26 points, or 0.73 percent, at 41,253.74.

Shares ended lower on the final trading day of the year, as investors booked profits ahead of a finance ministry announcement, while the benchmark Nifty 50 index clocked a 12 pecent gain for 2019, outclassing its performance in 2018.

The Nifty closed 0.71 percent lower at 12,168.45 on Tuesday, while the Sensex ended down 0.73 percent at 41,253.74. The Sensex advanced 14.4 percent in 2019.

Tech Mahindra was the top loser in the Sensex pack, shedding 2.51 percent, followed by Bajaj Auto, RIL, Hero MotoCorp, IndusInd Bank, Mahindra and Mahindra, HDFC and TCS.

On the other hand, NTPC, Sun Pharma, ONGC, PowerGrid and UltraTech Cement were among the gainers.

While both the blue-chip indexes clocked gains, their smaller peers suffered losses in 2019, a year in which economic growth slowed to a five-year low.

The BSE MidCap index shed 3.1 percent this year, and the BSE SmallCap index lost 6.9 percent.

“There has been a clear divide in economy and markets this year,” said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai said to Reuters. “There may not be a quick recovery in the economy but market may do relatively better on account of strong earnings and favourable tax changes,” he added.

Meanwhile, India’s finance minister near the end of the trading session announced a slew of investments in infrastructure, giving details about the government’s plans on 1 trillion rupees ($14 billion) of investments on roads, railways, airports and agricultural projects.

Analysts attributed the weakness in the market to stock-specific selling and the absence of any major trigger point in the market.

Globally, Shanghai ended 0.33 percent higher while Hong Kong settled 0.46 percent lower. Markets in Tokyo and Seoul remained closed for year-end holidays.

Stock exchanges in Europe started on a mixed note amid thin trade.

On the currency front, the rupee appreciated marginally against the US dollar to 71.34 (intra-day).

Brent futures, the global oil benchmark, slipped 0.16 percent to $66.78 per barrel.

--With agency inputs

Updated Date:

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