Sensex ends over 300 points lower
03 September 2018
Market at Close: It was an anti-climax for the market on Monday, as benchmarks closed nowhere near to the levels they had opened at. In fact, a sharp selloff in the last hour erased all the gains, with the market closing at low points of the day. The Nifty managed to give up 11,600, while the Sensex fell around 300 points.
While FMCG were one of the big laggards through the day, weakness among banks, along with IT, pharmaceuticals, energy, and infrastructure sectors also weighed on the indices. Investors also rushed to sell midcaps, as the Nifty Midcap shed around 0.40 percent, after rising a percent in the morning.
At the close of market hours, the Sensex fell 332.55 points or 0.86% at 38312.52, while the Nifty ended lower by 98.10 points or 0.84% at 11582.40. The market breadth is negative as 1,347 shares advanced, against a decline of 1,409 shares, while 199 shares were unchanged.
Wipro, Adani Ports and Dr Reddy’s were the top gainers, while HUL, Power Grid, and Bajaj Finance lost the most.
Kotak Securities on United Breweries: ?Kotak Securities has maintained sell with a target price of Rs 1,100. According to research house the potential downside is 21.5 percent.
During the FY2018, there is a 180-degree of swing from year-beginning to year-end. Also, return ratios has improved but cash flow generation remains subdued, it added.
The firm likes long-term growth potential in beer, but stock is too expensive.
Buzzing: Share price of Godrej Consumer Products touched 52-week high of Rs 1,469, rising 1.5 percent as company divested entire stake in its UK business.
The company has divested its entire stake in its UK business, Godrej Consumer Products UK, to JZ International, a leading pan-European private investment business based in London, effective immediately.
This is in line with company's long-term objective of continually optimising its portfolio and making the appropriate capital allocation choices to drive superior value creation.
Market Update: Equity markets have continued to trade lower, with further weakness coming in from banks, FMCG and energy space. The IT index has managed to give up a big chunk of its gains. Pharmaceuticals and metals have continued to trade strong, while midcaps, too, have shed over half a percent of gains.
The Sensex is down 105.08 points or 0.27% at 38539.99, and the Nifty down 35.10 points or 0.30% at 11645.40. The market breadth is narrow as 1,465 shares advanced, against a decline of 1,178 shares, while 169 shares were unchanged.
Wipro, Sun Pharma, and Dr Reddy’s continued to be top gainers, while HUL, Power Grid and Bajaj Finance have lost the most.
MTNL 4G plans: MTNL's plans to seek approval of shareholders for raising authorised share capital to Rs 10,000 crore and borrowing powers by almost 40 per cent will aid the state-owned corporation's 4G plans and provide it the firepower to compete in the market, its chairman P K Purwar has said.
At a time when the sector that has seen shuffling of the top deck with the recent completion of Vodafone and Idea Cellular merger, Mahanagar Telephone Nigam Ltd (MTNL) has lined up an annual general meeting on September 28 to raise the authorised share capital to Rs 10,000 crores from Rs 800 crores, as an enabling provision.
It has also sought shareholders' approval for raising the borrowing powers of the board to Rs 25,000 crore from the current Rs 18,000 crore, and issue of non-convertible debentures on private placement basis.
Market Update: Additional selling pressure in FMCG heavyweights such as ITC and HUL have turned the market into negative territory, with the Nifty giving up 11,700. The Sensex is down one-tenth of a percent.
The Bank Nifty has continued to trade in the red, FMCG index is down over a percent. Metals, pharmaceuticals and IT are among the top gainers. In the broader markets, the Nifty Midcap is up over half a percent.
Among stocks, Wipro, Sun Pharma, and Dr Reddy’s Labs are the top gainers, while HUL, Axis Bank, and Bajaj Finance are the top losers.
The Sensex is down 72.83 points or 0.19% at 38572.24, while the Nifty is lower by 23.50 points or 0.20% at 11,657.00. The market breadth is narrow as 1,554 shares advanced, against a decline of 1,065 shares, while 160 shares were unchanged.
Market Update: Bears have managed to put up a good fight as benchmarks gave up a huge chunk of their gains from the morning session. Selling in index heavyweights such as ITC, HUL, ICICI Bank and Kotak Mahindra Bank has dragged the indices lower, even as traditional defensives — IT and pharmaceuticals — along with metals trade strong. In the broader markets, the Nifty Midcap index is up around a percent.
The Sensex is up 32.16 points or 0.08% at 38677.23, while the Nifty is higher by 11.80 points or 0.10% at 11692.30. The market breadth is positive as 1,571 shares advanced, against a decline of 940 shares, while 153 shares were unchanged.
Among shares, Wipro, Sun Pharma, and Dr Reddy’s Labs are the top gainers, while HUL, Axis Bank and Bajaj Finance are the top losers.
Reliance Infrastructure wins Rs 200 crore arbitration award: Reliance Infrastructure has won Rs 200 crore arbitration award against National Highway Authority of India (NHAI).
A three-member Arbitration Tribunal in its unanimous award on August 31, 2018 has asked NHAI to pay Rs 150 crore by November 29, 2018 to Reliance Infrastructure.
NHAI will have to pay interest at 12% p.a. on the amount if they do not pay Rs 150 crore by the deadline.
Market Outlook: GDP growth at 8.2 percent for the June quarter is a strong sign but the number itself should not be taken as a strong indicator of growth, Neelkanth Mishra, MD and India economist and strategist, Credit Suisse said in an interview with CNBC-TV18.
If we analyse the June quarter results for companies, most of the results have come off from a weak or a low base, highlights Mishra.
If we remember the period in the run-up to the start of the Goods & Services Tax (GST) regime, there was significant inventory reduction in the economy which led to a fall in industrial growth last year.
Market Update: Shares are marginally off their high points, but the Nifty is managing to hold 11,700. The Sensex is trading above 38,700-mark as well.
The Bank Nifty is trading flat with a negative bias, while all other sectoral indices are trading in the green. IT, metals and pharma have extended their gains, while, autos are trading higher too. Energy stocks are seeing some weakness, with the Nifty energy index falling 0.2 percent. In the broader market, the Nifty Midcap is up around a percent.
The Sensex is up 79.67 points or 0.21% at 38724.74, and the Nifty up 23.20 points or 0.20% at 11703.70. The market breadth is positive as 1,461 shares advanced, against a decline of 860 shares, while 108 shares are unchanged.
ICICI Bank falls 1.5%: Shares of ICICI Bank fell over 1.5 percent on Monday morning as investors turned wary of reports around Chanda Kochhar and family.
The stock touched an intraday high of Rs 345.00 and an intraday low of Rs 337.30.
The panel headed by Justice BN Srikrishna will examine property dealings undertaken by Chanda Kochhar and her family since she took over as CEO of ICICI Bank.
According to an Economic Times report, the board of ICICI Bank has requested the panel to determine whether the Kochhar family acquired the assets at concessional or rates lower than that prevailing in the market.
The panel will also probe whether sellers of these assets were granted special terms of loans or any other banking privileges with the bank. The report quoted Justice Srikrishna as confirming he is investigating allegations that were raised by a whistle-blower.
Market Update: Gains in IT, pharma and automobiles have helped the market offset losses in banks on Monday morning, with the Nifty continuing to hold 11,700. The Sensex is up over 100 points. Tech stocks are soaring on the back of a huge upmove on Wipro, which is currently up around 6 percent. The rally is spilling over to other IT stocks as well.
Automobile stocks are also rising as investors are reacting to their monthly sales data for August. Buying counters are also buzzing in the midcaps space, with the Nifty Midcap index extending gains to around half a percent. Other big gainers include Bajaj Auto, and Lupin, while ICICI Bank, Maruti Suzuki and Bajaj Finance have lost the most.
The Sensex is up 127.93 points or 0.33% at 38773.00, while the Nifty is up 29.00 points or 0.25% at 11709.50. The market breadth is positive as 1,115 shares advanced, against a decline of 621 shares, while 100 shares are unchanged.
Maruti slips 1%: Shares of Maruti Suzuki slipped 1 percent in the morning trade on Monday after company reported weak sales number for the month of August 2018.
It has touched an intraday high of Rs 9,110.00 and an intraday low of Rs 9,006.00.
The company's total August 2018 sales declined 3.4 percent at 1.58 lakh units versus 1.63 lakh units in the same month last year.
Total sales includes 1,47,700 units in domestic market and 10,489 units of exports.
Market opens: It’s a good start on this Monday morning on D-Street as investors are betting on positive GDP data for the June quarter of this fiscal. The figure rose to 8.2 percent in Q1 of FY19.
The Sensex is up 149.60 points or 0.39% at 38794.67, while the Nifty is up 36.50 points or 0.31% at 11717.00. The market breadth is positive as 398 shares advanced, against a decline of 112 shares, while 36 shares were unchanged.
Among sectors, banks are trading flat, while pharmaceuticals and IT are the lead gainers among other indices. Metals and infrastructure are also in the green. The Nifty auto is trading higher on the back of auto sales data for August. In the broader markets, the Nifty Midcap index is up over quarter of a percent.
The Indian economy grew 8.2 percent in April-June this year, the highest in two years, amid signs that households are buying more and companies are adding capacities, shrugging off the disorderly effects of the twin shocks of demonetisation and the goods and services tax (GST).
Shares of Wipro are higher by 6 percent after it signed its biggest deal.
Wipro, HPCL, Eicher Motors
Market at pre-open: The Nifty has managed to surpass its previous record of 11,760 in the pre-opening rates for Monday morning. The Sensex is up over 100 points.
At 09:02 hrs IST, the Sensex is up 143.04 points or 0.37% at 38788.11, and the Nifty up 101.00 points or 0.86% at 11781.50.
The Indian rupee has managed to open on a higher note, at 70.80 to the US dollar.