Sensex, Nifty ends below 11,550

04 Sep 2018

Market at Close: Weakness in Indian rupee, along with higher crude oil prices weighed on equity benchmarks on Tuesday, with the Nifty giving up 11,550 as well.

Selloff resumed in the last hour of trade after seeing choppy trade through the larger part of day.

At the close of market hours, Sensex closed down 154.60 points or 0.40% at 38157.92, while the Nifty fell 62.10 points or 0.54% at 11520.30. The market breadth is negative as 758 shares advanced, against a decline of 1,983 shares, while 152 shares were unchanged.

Infosys, Tech Mahindra, TCS and HCL Tech Mahindra were the top gainers, while Asian Paints, SBI, Grasim and Indiabulls Housing were the top losers.

Market Update: Selloff in the last hour has dragged market lower. The Sensex is down over 100 points, while the Nifty is down half a percent.

The Sensex is down 145.64 points or 0.38% at 38166.88, and the Nifty down 61.50 points or 0.53% at 11520.90. The market breadth is negative as 695 shares advanced, against a decline of 1,948 shares, while 145 shares were unchanged.

Infosys, TCS, and HCL Tech are the top gainers, while Asian Paints, SBI, UltraTech Cement and Grasim have lost the most.

Market Update: The benchmark indices are trading near the day's low in the last hour of trade. Except IT and energy all the sectoral indices were down over 1 percent.

Indian rupee also touched a fresh record low of 71.42 per dollar.

BSE midcap and smallcap have underperform the main indices with 1-2 percent fall.

Buzzing: Shares of Force Motors slipped nearly 4 percent after company reported weak sales number for the month ended August 2018.

The company's total August auto sales declined 25 percent at 2,083 units against 2,779 units, YoY.

Total production for August 2018 stood at 2,263 units. Total sales includes 12 units of export.

Netflix Partners with Hathway: Shares of Hathway Cable and Datacom jumped 20 percent after company entered in to partnership with Netflix to offer video streaming services to its subscribers.

Netflix said Tuesday it has partnered Hathway Broadband to offer video streaming services to the latter's eight lakh subscribers. Under the alliance, Netflix will be offered through Hathway's set-top box that includes a remote with a dedicated Netflix button to allow users to launch the service directly.

The cable broadband provider's subscribers will also be able to pay for their Netflix subscription using their Hathway bill, a statement said.

Buzzing: Shares of Merck fell 5 percent intraday Tuesday after Competition Commission of India (CCI) has approved the acquisition of 51.8 percent stake in the company by Procter & Gamble Overseas.

CCI has passed an order approving the transaction involving the proposed acquisition by Procter & Gamble Overseas India B. V. of 51.8 percent equity share capital of the company.

It has also approved the proposed transfer of the non-consumer health business of the company to Merck Life Science or any of its affiliates on a going concern basis by way of slump sale.

Market Update: Consolidation has continued on D-Street through the morning, with the Nifty hovering around 11,550-mark. IT stocks have maintained their strong momentum and looked to support the market from falling further.

Heavyweights such as RIL and HDFC twins, too, are batting for the bulls. FMCG stocks are the biggest losers, while banks, auto, infra, metals and pharmaceuticals are also a drag.

Meanwhile, midcaps have also traded weak, falling over a percent.

Among stocks, Infosys and TCS are the top gainers, while HUL, IndusInd Bank, and UPL have lost the most.

The Sensex is down 22.22 points or 0.06% at 38290.30, and the Nifty down 26.90 points or 0.23% at 11555.50. The market breadth is negative as 862 shares advanced, against a decline of 1,479 shares, while 112 shares were unchanged.

Market Update: There is some choppiness visible in the market, as they are currently off their low points again. The Nifty is trading around 11,550 now, even as weak rupee and high crude oil prices are weighing on other sectoral indices. The rupee’s record low moves are boosting stocks in the IT space, with the Nifty IT index surging 2 percent now.

HDFC twins, Reliance Industries, Infosys and TCS are fighting it out for the bulls. ITC, Kotak Mahindra Bank and HUL are a drag on the indices.

The Sensex is up 49.09 points or 0.13% at 38361.61, while the Nifty is down 1.20 points or 0.01% at 11581.20. The market breadth is negative as 734 shares advanced, against a decline of 1,282 shares, while 95 shares are unchanged.

Buzzing: Share price of Soril Infra Resources locked at 5 percent upper circuit, hitting 52-week high of Rs 663.70 on Tuesday as company to consider preferential issue of equity shares to promoter.

A meeting of the board of directors of the company would be held on September 6, 2018, to consider and approve the preferential issue of equity shares/convertible securities of the company, to promoter group and/or their PACs, and its pricing.

Market Update: Sharp selloff across all sectors has turned the market negative. The Nifty is trading below 11,550.

Weakness is visible among banks, pharmaceuticals, metals, FMCG as well as auto names. A fall of 1 percent on the Nifty Midcap index is also weighing on the market.

The Indian rupee extended its losses after opening at a fresh record low. It fell to 71.37 per US dollar and is currently trading around 71.28 levels. This weakness has boosted IT stocks.

Among shares, Persistent Systems is up over 2 percent on the back of an acquisition, while Infosys is up around 2 percent. The stock went ex-bonus today, which was announced in the ratio of 1:1 during its June quarter results announcement.

Persistent gains post buyout: Shares of Persistent Systems gained over 2.5 percent on Tuesday morning as investors cheered its buyout of Herald Tech.

The company on Monday announced the acquisition of Herald Technologies, a start-up in the US, created to transform the data overload swamping healthcare professionals into clear and actionable insights.

The stock touched an intraday high of Rs 858.00 and an intraday low of Rs 845.05.

Brokerage house Morgan Stanley believes that the acquisition is aimed at strengthening its IP offerings for healthcare vertical. It has an overweight call on the stock with a target of Rs 970 apiece.

Further, it added that the buyout could be strategic from capabilities point of view as well as marginally dilutive to FY19 EPS.

Market opens: The market gave up most of its gains in the first few minutes of beginning trade, with the Nifty trading below 11,600.

The Sensex is up 9.89 points or 0.03% at 38322.41, and the Nifty down 6.80 points or 0.06% at 11575.60. The market breadth is narrow as 557 shares advanced, 457 shares declined, and 41 shares are unchanged.

Banks are trading in the red, whereas IT is the big gainer of the day on the back of a weak rupee.

Among shares, TCS and Tata Motors are the top gainers, while HUL, ITC, HPCL and UltraTech Cement are the top losers.

Market at pre-open: The Nifty is trading marginally higher in pre-opening on Tuesday morning, while the Sensex is up around 200 points.

At 09:02 hrs IST, the Sensex was up 214.18 points or 0.56% at 38526.70, while the Nifty was up 15.10 points or 0.13% at 11597.50.

The rupee has managed to open at a fresh record low of 71.28 per US dollar.