Sensex down 74 points, Nifty closes at 11,017

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SME Times News Bureau | 20 Aug, 2019
Indian stock markets closed on a flat note for the second straight day on Tuesday, awaiting a stimulus package from the government. The Sensex closed 74.48 points or 0.20 per cent lower at 37,328.01, while the broader Nifty ended 36.90 points lower at 11,017.

State-run banks declined most on the NSE, followed by private banks and financial service stocks, while auto stocks gained.

According to analysts, the auto stocks gained investors' favour on a possible stimulus package and optimism over the upcoming festive season. Maruti Suzuki and Tata Motors closed as the Nifty50 table toppers, gaining 4 per cent and 2.48 per cent, respectively.

IT stocks also edged higher after a relatively poor performance during the last month.

Private lender Yes Bank, which has a significant stake in CG Power, closed nearly 7 per cent lower at Rs 71.25 per share.

Hit by major corporate governance issues involving unauthorised transactions and understatement of liabilities, Gautam Thapar-led CG Power's shares plunged nearly 20 per cent on the BSE.

Asian markets rose on Tuesday as stimulus hopes in major economies tempered anxiety about a global recession, boosting riskier assets and drawing money from safe-havens such as bonds and gold.

European markets followed their Asian counterparts higher as investors bet that possible monetary and fiscal stimulus measures would help stave off a major global economic downturn.