Sensex ends over 100 points lower, Nifty holds 11,050; IT, FMCG take a big hit
26 September 2018
Market at Close: After a day of relief rally on Tuesday (September 25, 2018), equity benchmarks have closed on a lower note on Wednesday. However, the key, psychological mark of 11,000 has been held by the Nifty. Investors could also be cautious ahead of US Federal Reserve’s decision on interest rates, which will be declared later in the day.
There was major selling seen among information technology names. The likes of TCS, Infosys and Wipro, among others dragged the index lower and managed to weigh on frontline indices as well. Automobiles, consumer and PSU banks were the other big losers. The Nifty Midcap index closed with marginal gains.
All eyes are also on the outcome from the FOMC meeting, which will be announced later in the day. “The outcome of the US Fed meeting on Wednesday is expected to result in another hike in benchmark interest rates, raising the federal funds rate by 25 basis points from its current range of 1.75-2 percent to 2-2.25 percent,” Edelweiss Investment Research has said in a note.
At the close of market hours, the Sensex closed 109.79 points or 0.30% lower at 36542.27, while the Nifty was down 13.70 points or 0.12% at 11053.80. The market breadth is negative as 1,266 shares advanced, against a decline of 1,330 shares, while 197 shares were unchanged.
Macquarie on Jubilant Life Sciences: Research house maintain outperform rating on stock with target of Rs 1,192. It sees potential upside of 61 percent in the stock.
According to Macquarie, pharma business is witnessing broad-based growth across segments. The channel checks suggest subdued Q2 for LSI, but better H2FY19. The valuations are attractive and remain bullish on share.
At 15:18 hrs Jubilant Life Sciences was quoting at Rs 760.00, up Rs 20.55, or 2.78 percent.
UBS on Reliance Industries: The research house maintained sell rating on the stock with potential downside of 11 percent. It raise target price to Rs 1,100 from Rs 870 per share.
It expect strong show from petchem and retail businesses to continue and raise refining and petchem estimates on INR depreciation.
It also expect strong subscriber addition for Jio, but ARPU to remain subdued.
Market Update: The rangebound trade continues on the Dalal Street with Sensex is down over 100 points, while Nifty is trading lower by 20 points on Wednesday.
The Sensex is down 140.51 points at 36,511.55, while Nifty is down 27.50 points at 11,040. About 1244 shares have advanced, 1202 shares declined, and 169 shares are unchanged.
Tata Motors, ITC, Wipro, SBI and TCS are the top losers on the Sensex.
Buzzing: Shares of Punjab National Bank (PNB) gained 3 percent as company board is going to consider capital infusion by government.
The Board of Punjab National Bank (PNB) will consider capital infusion of Rs 5,431 crore by the government on September 27.
A meeting of board of directors of the bank is scheduled to be held on September 27 for considering infusion of Rs 5,431 crore by Government of
India by way of preferential issue of equity share.
TITAN RALLIES AFTER MORGAN STANLEY RAISES TARGET PRICE
Titan Company share price rallied 3 percent intraday Wednesday after global investment firm Morgan Stanley raised target price on the stock on strong growth expectations in festive season.
The stock price was quoting at Rs 809.00, up Rs 14.40, or 1.81 percent on the BSE, at 11:14 hours IST.
Market Update: A sharp selloff has gripped the market in the past few minutes. The Sensex has fallen nearly 200 points, while the Nifty is trading near 11,000-mark.
Financials, particularly PSU banks, are dragging the indices along with automobiles and FMCG names. Nifty IT index is also down over 1 percent. Midcaps, too, have given up all their gains. The Nifty Midcap index is trading quarter of a percent lower.
Tata Motors, ITC, and HCL Tech are the top losers, while Yes Bank, IndusInd Bank, and Indiabulls Housing have gained the most.
Market Update: Benchmark indices have gave up all its morning gains with Nifty is trading around 11,050 mark, while Sensex is doing nearly 100 points.
Market breath is in favor of advances, as about 1242 shares have advanced, 887 shares declined, and 122 shares are unchanged.
Tata Motors, ITC, Maruti Suzuki, HUL and Wipro are the top losers on the Sensex.
Gayatri Projects bags 3 road projects: The company has been declared as L-l bidder for 3 road projects worth Rs 405 crore, awarded by the Bihar State Road Development Corporation and funded by prestigious Asian Development Bank.
These highway works are to be executed via the EPC model. They are also in close proximity to an ongoing highway project at Gaya.
Buzzing: Shares of Adani Green Energy added nearly 5 percent as company won tender for setting up a 300 MW wind generation project.
The project is to be set up anywhere in India and connected through Inter State Transmission System (-ISTS).
The tender was floated by Solar Energy Corporation of India (SECI) and which shall also be the PPA counterparty. The fixed PPA tariff is Rs 2.76/kWh for a period of 25 years and project is expected to be commissioned by Q2 FY2021.
BEL SHARES EXTEND SURGE ON REVENUE, OPERATING MARGIN GUIDANCE FOR FY19
According to a report by CNBC-TV18, the company has said it will maintain 12-15 percent revenue growth for next three years, while operating margin could growth 17-19 percent for the next three years.
Further, it could also report total order intake of Rs 18,000-20,000 crore in FY19.
SUGAR STOCKS RALLY AHEAD OF CABINET MEET TO CONSIDER RS 4,500-CRORE PACKAGE
Shares of most of the sugar stocks are trading higher on Wednesday as Cabinet is likely to consider the Rs 4,500 crore package for sugar industry today.
Stocks including Shree Renuka, Bajaj Hindusthan Sugar, Balrampur Chini, Dalmia Sugar, EID Parry, Bannari Amman Sugar, Dwarikesh Sugar, Uttam Sugar, Rana Sugars, Andhra Sugars are rose upto 8 percent in today's trading session.
Market Update: Benchmarks have given up all of their gains and are trading in the flat-to-negative terrain.
Selling among FMCG names along with PSU banks have weighed on the market. However, midcaps are outperforming the benchmarks so far.
The Sensex is down 24.61 points or 0.07% at 36627.45, while the Nifty is higher by 3.60 points or 0.03% at 11071.10. The market breadth is positive as 1,127 shares advanced, against a decline of 600 shares, while 98 shares were unchanged.
Market Update: Equity benchmarks are off their opening highs, with the Sensex trading around 100 points higher. The Nifty is trading around 11,100-mark.
The Nifty IT index has seen selloff, while the FMCG index has given up all of its gains. Financials, too, have erased a major chunk of gains as well. Meanwhile, strength has continued in the pharmaceuticals space, with the Nifty Pharma index rising over 1 percent.
The Sensex is up 93.86 points or 0.26% at 36745.92, while the Nifty is higher by 26.50 points or 0.24% at 11094.00. The market breadth is positive as 914 shares advanced, against a decline of 465 shares, while 67 shares were unchanged.
Shares of Axis Bank, Tata Steel, Lupin and Eicher Motors are the top gainers, while Wipro, ONGC, and HCL Tech have lost the most.
Market opens: It’s a strong start to the market on Wednesday morning, with the Nifty surpassing 11,100-mark. The Sensex traded higher by over 200 points.
The Sensex is up 222.59 points or 0.61% at 36874.65, while the Nifty is higher by 67.50 points or 0.61% at 11135.00. The market breadth is positive as 432 shares advanced, against a decline of 98 shares, while 27 shares were unchanged.
All sectoral indices are trading in the green, with gains seen among banks, auto, FMCG, and metal names, among others. The midcap index is also trading higher by a percent.
Market at pre-open: Equity benchmarks are likely to see a positive start as indices were trading higher in pre-opening trade.
The Sensex is up 176.71 points or 0.48% at 36828.77, while the Nifty is higher 90.90 points or 0.82% at 11158.40.
The Indian rupee has opened at 72.70 per US dollar.
Stocks in the news: Yes Bank, Glenmark, Adani Green, Bank of Baroda, Ulfex, Avenue Supermarts
Yes Bank | Glenmark Pharma | Adani Green | Bank of Baroda | Ulfex and Avenue Supermarts are stocks, which are in news today.
Indian Indices set to open higher: Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 48.5 points or 0.44 percent. Nifty futures were trading around 11,12-level on the Singaporean Exchange.
Asian markets trade firm: Asian shares barely budged on Wednesday, lacking traction as US bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve and as international oil prices rose to four-year highs, reports Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat in early trade, in part as South Korea is closed for a holiday. It stayed below a three-week high hit on Friday. In Japan, the Nikkei edged down 0.4 percent
US Markets end flat: The S&P 500 fell on Tuesday as chipmakers were dented by ratings downgrades and utilities declined ahead of an expected Federal Reserve interest rate hike, offsetting a boost from the energy sector, reports Reuters.
S&P 500 financials , including interest-rate-sensitive bank stocks , dipped 0.38 percent ahead of the expected rise in interest rates by the Fed on Wednesday. Utilities, which tend to be favoured in low-rate environments because of their solid dividend payments, slid 1.22 percent.
The Dow Jones Industrial Average fell 0.26 percent to end at 26,492.21 points, and the S&P 500 lost 0.13 percent to 2,915.56.
The Nasdaq Composite rose 0.18 percent to 8,007.47. Amazon.com Inc provided the greatest lift to the technology-heavy index, jumping 2.08 percent.