Sensex ends almost 100 points higher; Nifty around 10,350
08 October 2018
Market at Close: After a harrowing last week, equity benchmarks have begun this week on a positive note. The Nifty has closed around 10,350-mark, while the Sensex ended nearly 100 points higher.
It was a volatile day of trade as the market kept swinging between high and low points. But a sharp recovery in financials in the last hour helped indices close in the green. A rally in heavyweights such as Reliance Industries and Kotak Mahindra Bank also boosted the market.
Among sectors, energy names, along with banks, and auto were the top gainers, while metals, pharma and FMCG names were the big laggards.
At the close of market hours, the Sensex was higher by 97.39 points or 0.28% at 34474.38, while the Nifty was up 31.50 points or 0.31% at 10348.00. The market breadth was negative as 757 shares advanced, against a decline of 1,889 shares declined, while 680 shares were unchanged.
KOTAK GROUP CLEARS THE AIR
"A message titled I wrote this to my clients earlier today. You may find it reassuring under the circumstances: Uday Kotak is floating on WhatsApp. Please do not fall prey to this message. We deny this message. Neither Uday Kotak nor Kotak Mahindra Bank has issued it”, Rohit Rao, Chief Communication Officer, Kotak Mahindra Group told Moneycontrol.
Market Update: A sharp recovery is seen in the last half an hour of trade, especially after the Nifty gave up 10,200 and the Sensex shed 34,000.
Banks, energy names, and automobiles have gathered steam. Traders could be betting on fall in crude prices along with strength in financials as well.
The Sensex is up 63.18 points or 0.18% at 34440.17, while the Nifty is higher by 27.3 points or 0.2% at 10343.8. The market breadth is negative as 585 shares advanced, against a decline of 1,962 shares, while 764 shares were unchanged.
Yes Bank, Reliance Industries, and HPCL are the top gainers, while Vedanta, HDFC, and Hindalco were the top losers.
JPMorgan maintained overweight on Vedanta: Research house cuts target to Rs 345 from Rs 400. It also cuts EPS estimates by 19-20% for FY19-20 driven by lower zinc business.
As the macro is unhelpful, but progress on the projects should be a positive catalyst. However, given the growth prospects, diversified earnings and attractive valuations, share price should rebound, it added.
Goa Carbon's September sales declines: Share price of Goa Carbon tumbled 17 percent after company has reported weak sales numbers for the month ended September 2018.
The company's total sales for September 2018 were down to 14,454.67 MT from 14,726.80 MT in August 2018.
Meanwhile, its total production has increased to 16,271.70 MT from 13,730.80 MT.
Market Check: Benchmark indices are trading higher in the late afternoon trade with Nifty above 10,350 level.
The Sensex is up 183.63 points at 34,560.62, while Nifty is up 61 points at 10, 377.50. About 974 shares have advanced, 1243 shares declined, and 1071 shares are unchanged.
Energy, banks, auto and pharma space were up 1-3 percent, while midcap, smallcap stocks are underperforming the major indices.
Buzzing: Shares of Gravita India touched 52-week low of Rs 69.50, slips 9 percent as order worth Rs 300 crore has been terminated.
The order for supply of 18,000 MT of Pure Lead and Lead Bullion worth Rs 300 crore from Kyen Resources Pte., Singapore could not be completed and the contract entered with them has been terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore, company said in release.
UDAY KOTAK SEEKS EXTENSION OF DEADLINE ON PROMOTER STAKE REDUCTION
According to CNBC-TV18, Uday Kotak of Kotak Mahindra Bank has sought the extension to resolve promoter holding issue. As per the RBI directive, Kotak is bound to cut his holding to 20 percent by December 2018.
This comes in the backdrop of the central bank recently freezing Bandhan Bank’s CEO’s salary and asking it to not open fresh branches as it failed to meet promoter holding norms.
RBI had communicated that since the Bank was not able to bring down the shareholding of non-operative financial holding company (NOFHC) to 40 percent as required under the licensing condition, general permission to open new branches stands withdrawn and the bank can open branches with prior approval of Reserve Bank of India (RBI), bank said in press release.
Market Update: There has been a sharp recovery on the market. Equity benchmarks are off their low points and trading flat, while the Nifty is trading in the green. Banks are leading the recovery, led by gains in a stock such as Yes Bank.
The Sensex is down 9.4 points at 34367.5, while the Nifty is higher by 1.1 points at 10317.6. The market breadth is negative as 659 shares advanced, against a decline of 1,170 shares, while 1,445 shares were unchanged.
Market Update: Selloff has intensified on the market, with the Sensex falling over 300 points. The Nifty is down over 100 points and is around 10,200-mark.
The Sensex is down 328.9 points or 0.9% at 34048, while the Nifty is lower by 107 points or 1% at 10209.5. The market breadth is negative as 459 shares advanced, against a decline of 1,073 shares, while 1,739 shares were unchanged.
All sectoral indices are trading in the red, with metals, pharmaceuticals, auto, FMCG and infra seeing a lot of pain. The Nifty Midcap is also down over 1.5 percent.
Market opens: It’s a negative start for equity benchmarks on Monday, with the Sensex falling over 100 points. The Nifty is down around 40 points and is trading below 10,300-mark.
The Bank Nifty is down around quarter of a percent, while FMCG, metals and pharmaceutical sectors are trading lower. Midcaps, too, are in the red; the Nifty Midcap is down around 0.50 percent.
The Sensex is down 104 points or 0.3% at 34272.9, while the Nifty is lower 39.5 points or 0.3% at 10277. The market breadth is narrow as 283 shares advanced, against a decline of 296 shares, while 2,691 shares are unchanged.
Asian market trades lower: Shares in Asia stumbled in early trade on Monday as investors waited with bated breath as China’s markets prepare to reopen following a week-long holiday and after its central bank cut banks’ reserve requirements in a bid to support growth. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3 percent, after major stock markets around the world fell for a second straight day on Friday.
Australian shares were down 1 percent. Markets in Japan are closed for a holiday.
Wall Street ends lower on Friday: US stocks dropped for a second straight day on Friday, weighed down by another rise in Treasury yields in the wake of a solid jobs report that capped off a week of robust data.
The losses were led by heavyweight stocks in the technology and communication services sectors including all members of the so-called FAANG group Facebook , Amazon , Apple , Netflix and Alphabet . Online retailer Amazon, part of the consumer discretionary sector, lost 1 percent.
The Dow Jones Industrial Average fell 180.43 points, or 0.68 percent, to 26,447.05, the S&P 500 lost 16.04 points, or 0.55 percent, to 2,885.57 and the Nasdaq Composite dropped 91.06 points, or 1.16 percent, to 7,788.45.