Sensex ends over 500 points lower, Nifty gives up 11,300; rupee hits record low
11 September 2018
HCL Tech buyback: IT services firm HCL Technologies Tuesday said its Rs 4,000 crore buyback offer will commence on September 18.
The company's shareholders had last month approved the buyback proposal.
The date for opening of the buyback has been set for September 18 and will close on October 3, HCL Technologies said in a BSE filing.
Market at Close: It’s a sharp selloff in the late afternoon session that played on the indices and dragged them to the lowest points. Factors such as higher crude oil prices, trade war tensions along with a weakening rupee (at fresh lows) were few of the reasons that impacted the market.
There was all round selling visible among sectors such as banks, automobiles, FMCG, metals, pharmaceuticals and IT too. The Nifty Midcap index fell over a percent and that too weighed on the benchmarks.
At the close of market hours, the Sensex is down 509.04 points or 1.34% at 37413.13, while the Nifty is down 150.60 points or 1.32% at 11287.50. The market breadth is negative as 876 shares advanced, against a decline of 1,811 shares, while 160 shares were unchanged.
Coal India and M&M were the top gainers, while Tata Steel, Power Grid, and Titan lost the most.
Emerging markets update: Lingering trade war worries saw emerging-market stocks whither to a fresh 15-month low on Tuesday, though a tepid dollar gave currencies a chance to recover with Russia’s rouble chalking up healthy gains before a central bank meeting later this week.
MSCI’s emerging-market index fell 0.5 percent, its ninth decline in the past 10 sessions. The brunt of the losses came from tech stocks across developing markets, which slipped more than half a percent. Export heavyweight Hong Kong lost 1 percent, in bear market territory after losing more than 21 percent since its January peak.
Investor nerves have been raw since U.S. President Donald Trump said he was ready to impose tariffs on virtually all Chinese imports into the United States, raising the chances that the trade row between the world’s top two economies would hit global growth. China has vowed to retaliate.
However, emerging-market currencies enjoyed a bounce back against the dollar.
Russia’s rouble strengthened around 1 percent to snap a six-day losing streak over concerns that Moscow could face fresh U.S. sanctions. The central bank was expected to leave rates unchanged on Friday but might flag a future rate hike .
Market Update: At 15:18 hrs IST, the Sensex is down 515.79 points or 1.36% at 37406.38, and the Nifty down 152.10 points or 1.33% at 11286.00. The market breadth is negative as 797 shares advanced, against a decline of 1,791 shares, while 150 shares are unchanged.
Coal India and M&M are the top gainers, while Tata Steel, Power Grid, and Titan have lost the most.
Rupee update: Weakness in the Indian currency is further intensifying, with the rupee falling to an all-time low of 72.74 per US dollar. Weakness in emerging markets continue to weigh on the Indian currency.
Alert: CNBC-TV18 reports that both Sensex and Nifty are set for the biggest two-day fall in seven months.
NDTV falls 4%: Shares of NDTV are down over 4 percent as investors are wary of a show cause notice for alleged violations of insider trading as well.
Bond market alert: Government’s 10-year bond yield has surged to a four-year high of 8.19 percent, according to a report on CNBC-TV18.
Alert: The Sensex has extended its fall further now. It is trading 500 points lower, while the Nifty has lost a good 150 points.
The Sensex is down 499.86 points or 1.32% at 37422.31, while the Nifty is lower by 150.10 points or 1.31% at 11288.00. The market breadth is negative as 809 shares advanced, against a decline of 1,762 shares, while 147 shares were unchanged.
Market Update: Selloff in the market is gathering pace, with the Nifty breaching 11,300, while the Sensex is down over 450 points. The rupee has hit a fresh record low of 72.6825 per US dollar. This has dented sentiment on the market as well.
The Sensex is down 460.76 points or 1.22% at 37461.41, while the Nifty is lower by 138.90 points or 1.21% at 11299.20. The market breadth is negative as 804 shares advanced, against a decline of 1,757 shares, while 144 shares were unchanged.
Asian Paints and Infosys are the top gainers, while ITC, Tata Steel, and Titan have lost the most.
Market Update: Weakness has crept into the market on Tuesday afternoon, with the Nifty falling over 100 points, while the Sensex declined over 300 points. Selling across major sectors is dragging the market lower. Banks, auto, FMCG, metals and pharmaceuticals are all trading in the red.
The Nifty Midcap index is trading in the red, down around 1 percent.
M&M and SBI are the top gainers, while ITC, Power Grid, and Titan have lost the most.
The Sensex is down 319.32 points or 0.84% at 37602.85, while the Nifty is down 100.20 points or 0.88% at 11337.90. The market breadth is negative as 928 shares advanced, against a decline of 1,569 shares, while 153 shares were unchanged.
The Indian rupee has also extended its losses and trading near the low points. It is currently trading near 72.60 per US dollar.
Stocks Views: Bank of America Merrill Lynch (BofAML) has raised target price on Glenmark Pharma to Rs 715 from Rs 600 apiece. It has maintained its neutral call and sees a potential upside of 4 percent.
The stock touched an intraday high of Rs 695.30 and an intraday low of Rs 678.60.
It said that respiratory drivers in the European Union were intact for double digit growth. Meanwhile, US pipeline in generics is lacking visibility.
It is anticipating big launches in the next fiscal year, but it sees near term risk in mupirocin market.
The stock has been rerated on the back of recent deals, which could lead to expectations of reduction in debt.
Stocks views: Global research firm UBS is upbeat on Infosys and has maintained its buy call on the stock. It raised the target price to Rs 865 from Rs 737 and it sees a potential upside of 18 percent.
The stock touched an intraday high of Rs 744.15 and an intraday low of Rs 734.00.
UBS believes that the weakness in the rupee creates an opportunity to accelerate investments.
While attrition remains a challenge for the firm, the key for Infosys remains in retaining its senior management.
Market Update: Weakness has extended on the market in the afternoon session, with the Nifty struggling to hold 11,400, while the Sensex is lower by over 100 points.
The Sensex is down 103.97 points or 0.27% at 37818.20, while the Nifty is down 27.40 points or 0.24% at 11410.70. The market breadth is negative as 1,145 shares advanced, against a decline of 1,159 shares, while 153 shares were unchanged.
Mahindra & Mahindra and SBI are the top gainers, ITC, Hero MotoCorp, and Titan have lost the most.
Deutsche Bank on Tata Global: Research house maintained hold call on Tata Global Beverage with a target of Rs 285. Research house sees 28 percent potential upside in the stock.
It feels that integration of international business is going to drive cost optimisation. The increased focus on Indian business, entry into branded coffee and profitable Starbucks augurs well for the company.
Research house expect 14 percent earnings CAGR over FY18-21. The one-off events and volatility in commodity prices may impact performance.
At 11:52 hrs Tata Global Beverage was quoting at Rs 223.55, up Rs 0.80, or 0.36 percent.
Cadila Healthcare gets tentative USFDA nod for Sitagliptin tablets: Zydus Cadila has received the tentative approval from the USFDA for Sitagliptin Tablets USP, 25 mg, 50 mg, and 100 mg. It will be manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad.
Sitagliptin is used along with diet and exercise and sometimes with other medications to lower blood sugar levels in patients with type 2 diabetes.
The group now has 217 approvals and has so far filed over 330 ANDAs since the commencement of the filing process in FY 2003-04.
Rupee Update: Indian rupee trading higher by 12 paise at 72.33 against Monday's close 72.45 per dollar.
Yesterday rupee ended at record closing low of 72.45 per dollar, down by 72 paise against Friday's close of 71.73.
It slipped to a record low of 72.67 per dollar on Monday.
Jefferies reiterates underperform on Reliance Industries: Jefferies has reiterated its underperform rating on Reliance Industries on rich caluations, and keep target at Rs 880 per share.
Petchem EBIT surprised positively in Q1 but momentum waned, while margin in other products has eased, said Jefferies.
Higher LNG & US ethane prices may cut into feedstock and weak rupee may lift EPS QoQ but not as much as street estimates, it added.
Macquarie on Ujjivan Financial: Research house Macquarie has maintained outperform rating on Ujjivan Financial Services with a potential upside of 40 percent. However, it has cut target to Rs 460 from Rs 490 to build higher cost of funds.
According to firm, the rising bond yield concerns are overdone and changing liability mix being overlooked.
It believes that the company is on track to deliver 35 percent loan CAGR and 16 percent RoE by FY21.
15 percent correction in the past 3 months provides attractive entry price. At 1.9x FY20 PBV, the risk-reward is very favourable, it added.
Market Update: Equity benchmarks took a negative turn on Tuesday morning, with the Nifty index trading below 11,450, while the Sensex fell over one-fifth of a percent.
The Nifty FMCG index has extended its fall, down over 2 percent. Banks have continued to trade in the green, with PSU banks gaining big. Midcaps, too, are higher by around 0.10 percent.
Among shares, M&M, Axis Bank, and Bajaj Finserv were the top gainers, while ITC, HUL, and Titan have lost the most.
At 10:36 hrs IST, the Sensex is down 79.90 points or 0.21% at 37842.27, and the Nifty down 17.00 points or 0.15% at 11421.10. The market breadth is narrow as 1,137 shares advanced, against a decline of 947 shares, while 123 shares are unchanged.
Buzzing stock: Shares of ICICI Securities gained over 3 percent on Tuesday as investors cheered research house Citi initiating coverage on the stock with a buy call. The target price has been set at Rs 425 and see a potential upside of 30 percent.
The stock touched an intraday high of Rs 336.70 and an intraday low of Rs 329.00.
The global research firm said that the company is expected to be a key beneficiary of a shift to financial avenues of savings. It also highlighted that the company is a leading retail broking franchise and is growing in distribution.
Market Update: After seeing a positive start, selling has gripped the market, pushing it to erase all of its gains and trade flat. A drag in FMCG and metal names is pulling the market lower, with the Nifty FMCG index falling over a percent.
Banks continue to trade in the green, while autos too have maintained their lead. The Nifty Midcap index is hovering around its opening levels, up around quarter of a percent.
Index heavyweight names such as ITC, HUL and HDFC twins too are weighing on the market.
The Sensex is up 3.22 points or 0.01% at 37925.39, while the Nifty is down 0.20 points or 0.00% at 11437.90. The market breadth is narrow as 896 shares advanced, against a decline of 588 shares, while 72 shares were unchanged.
Market opens: It’s a green start on this Tuesday morning, with the Sensex rising over 100 points, while the Nifty is trading quarter of a percent higher.
Among sectors, banking names are trading in the green, while pharmaceuticals, metals as well as auto names are higher as well. In the broader markets, the Nifty Midcap index is higher by 0.25 percent.
The Sensex is up 120.42 points or 0.32% at 38042.59, while the Nifty is up 31.70 points or 0.28% at 11469.80. The market breadth is positive as 407 shares advanced, against a decline of 145 shares, while 35 shares were unchanged.
Shares of Coal India, Adani Ports, Sun Pharma and Lupin have gained the most, while HDFC, HDFC Bank, ITC and NTPC were the top losers.
Rupee Opens: The Indian rupee opened higher by 15 paise at 72.30 per dollar on Tuesday.
Yesterday rupee ended at record closing low of 72.45 per dollar, down by 72 paise against Friday's close of 71.73.
This was a biggest single session decline against Us dollar since August 13.
Market at pre-open: The benchmark indices are trading positive in the pre-opening session, with Nifty hovering around 11,500 level.
At 09:03 hrs IST, the Sensex is up 84.58 points or 0.22% at 38,006.75, while Nifty is up 34.90 points or 0.31% at 11,473
Wipro, Axis Bank, Hero Motocorp, M&M are among top gainers, while Ujjivan Finance is trading lower in the pre-opening trade.