Sensex down over 180 points; metals fall too

CNBC

Market at Close: A drag in financials as well as other major sectoral indices ensured that the market managed to end the day on a negative note. The Nifty has managed to end below 11,400.

Among sectors, metals were the biggest losers, but banks were the major pain points for the market. Infra and energy names, too, emerged to be among the losers. 
At 15:31 hrs IST, the Sensex ended down 188.44 points or 0.50% at 37663.56, while the Nifty closed lower by 50.10 points or 0.44% at 11385.00. The market breadth is negative as 1,161 shares advanced, against a decline of 1,536 shares, while 150 shares are unchanged.
Market Update: Weakness in the market has continued through the afternoon, with the Sensex falling over 150 points, while the Nifty traded below 11,400. Midcaps took a negative turn, while banks, metals and infra names were the top losers among sectoral indices. 
Traditional defensives, IT and pharma, are the top gainers. Among stocks, Sun Pharma, Infosys, GAIL and Dr Reddy’s Labs are the top gainers, while Kotak Mahindra Bank and Vedanta have lost the most. 
At 14:53 hrs IST, the Sensex is down 160.01 points or 0.42% at 37691.99, and the Nifty down 50.90 points or 0.45% at 11384.20. The market breadth is negative as 1,053 shares advanced, against a decline of 1,520 shares, while 148 shares were unchanged. 
Market Update: Selling is back in equities on Thursday afternoon, with the Sensex falling over 100 points, while the Nifty is struggling to hold 11,400.
At 13:44 hrs IST, the Sensex is down 114.56 points or 0.30% at 37737.44, and the Nifty down 32.90 points or 0.29% at 11402.20. The market breadth is negative as 1,135 shares advanced, against a decline of 1,357 shares, while 157 shares were unchanged.
Metals have further extended their fall, while pharma and IT indices have cut some of their gains. PSU banks have also seen a selloff, giving up all of their gains. The Midcap index is currently trading flat with a positive bias.   
Market Update: Tepid moves have continued on the market, with the Nifty hovering around 11,400-mark. The Sensex is trading flat with a negative bias. While the Bank Nifty cut losses from its morning lows, PSU banks are seeing a sharp upmove, gaining over a percent. Pharmaceuticals have further extended their gains, while IT stocks are trading strong too. Metals are seeing some selling, falling around 2 percent.  
Among stocks, Sun Pharma, Axis Bank, GAIL and Dr Reddy’s Labs are the top gainers, while Kotak Mahindra Bank and Vedanta are the top losers. 
At 12:41 hrs IST, the Sensex is down 51.02 points or 0.13% at 37800.98, and the Nifty down 14.20 points or 0.12% at 11420.90. The market breadth is narrow as 1,218 shares advanced, against a decline of 1,181 shares, while 141 shares were unchanged. 
India Ratings revises FY19 GDP forecast: Ratings agency, India Ratings and Research, revised down, India’s GDP growth forecasts for the current financial year. The economic growth forecast has been reduced to 7.2 percent from 7.4 percent earlier. 
The key reasons, it said, are headwinds emerging from rise in crude prices, fixing of minimum support price (MSP), depreciating rupee as well as no visible signs of reduction in NPAs among banks. 
“Although Ind-Ra expects the central government to meet its fiscal deficit target of 3.3 percent of GDP in FY19, the current account deficit is likely to touch USD71.1 billion (2.6 percent of the GDP) in FY19 from USD48.7 billion in FY18 (1.9 percent of GDP) due to the widening trade gap,” it said in a statement. 
Buzzing stock: Travel company Cox & Kings share price declined 4 percent intraday on Thursday as the firm reported sharp decline in June quarter profit.
Profit for the quarter ended June 2018 fell sharply by 34.8 percent to Rs 136.9 crore compared to Rs 210.1 crore in same period last year.
Revenue during the quarter rose 14.5 percent to Rs 2,183.9 crore against Rs 1,908.1 crore in corresponding period last year.
EBITDA (earnings before interest, tax, depreciation and amortisation) fell by 20.2 percent year-on-year to Rs 297.9 crore and margin contracted 590 basis points to 13.6 percent in Q1.
Buzzing: Patel Engineering Company share price rallied as much as 14 percent on Thursday after reporting profit at Rs 36.2 crore for the quarter ended June 2018.
The company had posted a loss of Rs 4.7 crore in corresponding period last fiscal.
Revenue from operations during the quarter fell 0.2 percent to Rs 555.5 crore compared to Rs 556.4 crore in same period last year.
Crude Update: Oil prices recouped some of the previous day's losses after Beijing said it would send a delegation to Washington in an attempt to resolve trade disputes between the United States and China that have roiled global markets.
US West Texas Intermediate (WTI) crude futures traded at $65.16 per barrel, up 0.23 percent, from their last settlement. International Brent crude oil futures were up 0.57 percent, at $71.16 per barrel.
Both benchmarks lost more than 2 percent the previous day.
Traders said Thursday's market moves followed in the slipstream of a statement by China's Ministry of Commerce that it would send a delegation led by vice commerce minister Wang Shouwen to the United States for trade talks in late August.
The talks are at the invitation of the United States and will be held with U.S. Under Secretary of Treasury for International Affairs David Malpass, the commerce ministry said. Reuters reported.
Results Reaction: Road developer Dilip Buildcon share price rallied 5 percent intraday Thursday after strong earnings reported for the quarter ended June 2018.
The company has reported strong set of earnings for the quarter with profit more than doubling to Rs 255.5 crore compared to Rs 122.2 crore in same period last year.
Revenue from operations grew by 46.4 percent to Rs 2,436.3 crore against Rs 1,664.1 crore in corresponding quarter of last fiscal.
EBITDA (earnings before interest, tax, depreciation and amortisation) shot up 44.1 percent year-on-year to Rs 432 crore, but margin contracted by 20 basis points to 17.8 percent in Q1FY19.  
Market Update: Bulls are fighting back as benchmarks have staged a recovery from the day’s low points. Banks have eroded a big chunk of their losses, while the Nifty PSU bank index is back in the green. The Nifty is back above 11,400.
The Sensex is down 28.96 points or 0.08% at 37823.04, and the Nifty down 6.70 points or 0.06% at 11428.40. The market breadth is positive as 1,124 shares advanced, against a decline of 975 shares, while 110 shares are unchanged.
IT and pharma stocks have further extended their gains, while index heavyweights such as Infosys and Bajaj Finance are helping the market steady around current levels. Among stocks, Sun Pharma, Axis Bank, GAIL and Bajaj Finance are the top gainers, while Vedanta and Kotak Mahindra Bank are the top losers.   
Kotak Mahindra Bank's shares fall: Shares of Kotak Mahindra Bank fell around 3 percent on Thursday morning as investors reacted to regulatory developments on Tuesday.
The stock touched an intraday high of Rs 1,271.00 and an intraday low of Rs 1,257.75.
Kotak Mahindra Bank's preferential issue does not meet the dilution norms, the Reserve Bank of India had said on Tuesday.
Under the norms of the licence given to the bank, the Founder and Promoter Uday Kotak was to reduce his stake in the bank to 20 percent by 2019 and 15 percent by 2020.
Market Opens: Coming back after a trading holiday on Wednesday, equity benchmarks have resumed the truncated week on a negative note, with the Nifty giving up 11,400 in the opening tick. The Sensex is lower by over 150 points. 
At 09:15 hrs IST, the Sensex is trading lower by 183.89 points or 0.49% at 37668.11, while the Nifty is down 56.80 points or 0.50% at 11378.30. The market breadth is narrow as 326 shares advanced, against a decline of 326 shares, while 69 shares are unchanged.
Selling is visible among major sectoral indices, with maximum cuts seen in banks as well as metals. A weaker rupee is boosting stocks in the tech space, while pharmaceuticals are trading around half a percent higher. 
Among stocks, Kotak Mahindra Bank is down 2 percent following a regulatory issue, while Sun Pharma is up around 2 percent on the back of good results for the June quarter. 
Market at pre-open: Pre-opening trends indicate a positive opening for the market, with the Sensex trading around 90 points higher, while the Nifty is around 11,450.
At 09:01 hrs IST, the Sensex is up 95.90 points or 0.25% at 37947.90, and the Nifty up 10.60 points or 0.09% at 11445.70.
The rupee has opened at a record low figure of 70.19 to the US dollar.