Selling on D-Street pushes Sensex over 350 points lower, Nifty gives up 11,250

02 Aug 2018

Market at Close: Equity benchmarks have ended the day on a weak note, following weak global cues as well as profit booking in the market. The Sensex ended over 350 points lower, while the Nifty gave up 11,250 as well.

The Sensex closed down 356.46 points or 0.95% at 37165.16, while the Nifty ended lower by 101.50 points or 0.89% at 11244.70. The market breadth was narrow as 1332 shares advanced, against a decline of 1318 shares, while 166 shares are unchanged.

PowerGrid, IndusInd Bank, Lupin and Dr Reddy’s were the top gainers, while Airtel and Kotak Mahindra Bank lost the most.

Buzzing: Share price of Mumbai-based real estate developer Godrej Properties fell more than 4 percent after starting off the financial year 2018-19 on a weak note.

Consolidated net profit in Q1 fell 65.4 percent year-on-year to Rs 34.3 crore, dented by weak operational earnings and higher finance cost.

Revenue during the quarter increased 24.5 percent to Rs 997 crore YoY but it reported a 35 percent year-on-year fall (down 21 percent QoQ) in sold area and 44 percent YoY (down 22 percent QoQ) decline in booking value for the quarter.

Market Update: The benchmark indices slip further in the afternoon trade with Sensex down over 300 points and Nifty is trading around 11,250.

The Sensex is down 308.81 points at 37212.81, and the Nifty down 88.40 points at 11257.80. About 1243 shares have advanced, 1253 shares declined, and 143 shares are unchanged.

The midcap and smallcap have outperform the indices, while auto, infra, IT, bank and energy space are among the major losers on sectoral front.

Majesco Q1: The company's Q1FY19 consolidated net profit rose 47.5 percent at Rs 14.9 crore against Rs 10.1 crore Q4FY18.

Revenue was up 6.1 percent at Rs 229.4 crore against Rs 216.7 crore.

Operating profit or EBITDA was up 17 percent at Rs 18 crore and margin was at 7.85 percent.

At 14:28 hrs Majesco was quoting at Rs 479.45, up Rs 19.40, or 4.22 percent.

Buzzing: Sequent Scientific share price rallied 20 percent after its subsidiary's facility received good manufacturing practice (CMP) certificate from the European health regulator.

The pharma company informed exchanges that subsidiary Alivira Animal Health has received European Union (EU) GMP approval from Bulgarian authority's for its manufacturing unit in Ankara, Turkey.

Ankara facility has a wide range of manufacturing capabilities with 8 GMP-certified manufacturing lines, which include beta lactam, non-beta lactam, terminal sterilization, mastitis, powder beta lactam, aerosol, pesticides, and solid lines for various forms such as injectables, intramammaries, intrauterines, topicl aerosols, oral liquid and solid forms.

Expert view: Nobel Prize-winning economist Paul Krugman has given a two-fold explanation outlining his scepticism regarding cryptocurrencies. He says that cryptocurrency, despite its cutting-edge technology, has "set the monetary system back by 300 years".

In an article in The New York Times titled “Transaction Costs and Tethers: Why I’m a Crypto Skeptic”, Krugman, a vocal critic of the digital currency, has highlighted the transactional cost it carries. According to Krugman, the basic nature of a bitcoin transaction, which involves furnishing the complete history of past transactions, goes against the long-running trend which has continually moved toward "frictionless" transactions.

“Set against this history, the enthusiasm for cryptocurrencies seems very odd, because it goes exactly in the opposite of the long-run trend. Instead of near-frictionless transactions, we have high costs of doing business, because transferring a Bitcoin or other cryptocurrency unit requires providing a complete history of past transactions. Instead of money created by the click of a mouse, we have money that must be mined — created through resource-intensive computations," he said.

Market Update: Equity benchmarks have maintained their downtrend from the first hour, with the Sensex trading down over 200 points, while the Nifty managed to hover below 11,300-mark.

At 11:01 hrs IST, the Sensex is down 223.20 points or 0.59% at 37298.42, and the Nifty down 62.70 points or 0.55% at 11283.50. The market breadth is negative as well as 995 shares advanced, against a decline of 1,147 shares, while 107 shares were unchanged.

Selling is visible among automobiles as well as energy names, while the pharma index is up around a percent. Midcaps, too, are trading higher by one-tenth of a percent.

Buzzing: Shares of GPT Infraprojects rose more than 8 percent in the early trade on Thursday as company received an order worth Rs 362.16 crore.

Chief Project Manager – 1, Rail Vikas Nigam, Varanasi has awarded the project to the company, which will get completed in 24 months.

The project includes construction of roadbed, viaduct, major and minor bridges, RUBs, ROBs, track linking and general electrical works at both the approaches of rail cum road bridge at Ghazipur in connection with construction of new BG Line from Mau to Tarighat in Varanasi division of NE Railway and Danapur division of EC Railway in Uttar Pradesh.

The 38th annual general meeting of the company will be held on August 21, 2018.

Market Update: The benchmark indices extended their fall after lower opening. The Nifty slipped below 11,300 mark and Sensex also down over 200 points trading at 37,269.

Among the sectors, metal, PSU bank and auto are down over 1 percent.

Vedanta, Yes Bank, Tata Steel, Tata Motors, Maruti Suzuki are the top losers on the Sensex.

Buzzing: Shares of carbon and graphite product manufacturing company HEG rallied as much as 5 percent in the morning to hit a fresh record high of Rs 4,559.80 on Thursday after reporting stellar performance for the quarter ended June 2018.

The company posted profit at Rs 770.3 crore for the quarter against net loss of Rs 8.34 crore in same period last year, backed by growth across the board.

Revenue from operations during the quarter grew by 673 percent to Rs 1,587 crore compared to Rs 205.35 crore in corresponding period last year. The sequential growth in revenue was 23 percent.

Market Opens: The benchmark indices have opened lower with Nifty slipped below 11,350 and Sensex down over 100 points. Nifty PSU banks down 1% led by SBI, Syndicate Bank, Allahabad Bank, Canara Bank, Bank of India, Andhra Bank and Bank of Baroda.

The Sensex is down 132.87 points at 37,388, and the Nifty down 36.20 points at 11,310. About 533 shares have advanced, 558 shares declined, and 57 shares are unchanged.

Nifty Bank was down 0.5 percent led by ICICI Bank, Axis Bank, Yes Bank, SBI. Other losers are Hindalco, Tata Steel, Bajaj Auto, Tata Motors, Maruti Suzuki.

On the other hand, ONGC, Indiabuylls Housing Finance, Lupin, Sun Pharma, Coal India, Bharti Infratel, Infosys, TCS are among the major gainers.

Rupee Opens: The Indian rupee opened higher by 6 paise at 68.37 per dollar on Thursday versus previous close 68.43.

Rupee rose against the US dollar in the latter half of the session after the RBI considered raising rates by 25 bps but retained its neutral stance as it aimed to contain inflation while not choking growth. It’s the second straight meeting that RBI raised rates but retained its stance Neutral. While the RBI marginally trimmed its inflation projections for the current quarter, the central bank said its inflation projections beyond that remain broadly unchanged, said Motilal Oswal.

Today, USD-INR pair is expected to to quote in the range of 68.30 and 68.75, it added.

Market at pre-open: Equity benchmarks are set for flat start on Thursday morning in pre-opening rates, with the Nifty hovering around 11,350-mark and Sensex gained 100 points.

At 09:02 hrs IST, the Sensex is up 120.47 points at 37642.09, and the Nifty up 1.90 points at 11348.10.