Sensex ends 287 points lower, Nifty below 10,150; IT, pharma indices fall 3%
23 October 2018
Closing Bell: It’s curtains on this session for the market. And it has been a marginal pullback in the last hour from its low points. A fall in crude prices, which slipped to around USD 79 per barrel is likely to have impacted the movement.
At the close of market hours, the Sensex ended lower by 287.15 points or 0.84% at 33847.23, while the Nifty closed down 98.50 points or 0.96% at 10146.80. The market breadth is negative as 822 shares advanced, against a decline of 1,747 shares, while 1,013 shares were unchanged.
IndusInd Bank, HDFC, HPCL and Indiabulls Housing were the top gainers, while Sun Pharma and Asian Paints lost the most.
Market Update: Equity benchmarks have continued to trade lower, with the Nifty trading below 10,150.
The Sensex is down 339.47 points or 0.99% at 33794.91, while the Nifty is down 117.90 points or 1.15% at 10127.40. The market breadth is negative as 594 shares advanced, against a decline of 1,826 shares, while 1,157 shares were unchanged.
MARKET OUTLOOK | The dean of emerging markets, Mark Mobius, believes India should now reap the benefits of the rupee's depreciation against the dollar.
"It's high time India should start taking advantage of a weak rupee. With rupee weakening exports become more competitive," Mobius, Founding Partner of Mobius Capital Partners, said at the two-day Morningstar Investor Conference 2018 in Mumbai.
"It's time India took advantage of US-China trade war and bring in some manufacturing to the South Asian country," he said.
Mobius said India and Brazil remain at the top of the 'pecking order' among emerging markets. With regards to emerging market currencies, he said most currencies are stabilising.
TVS Motor Q2 result: TVS Motor on Tuesday reported a fall of 0.9 percent (year-on-year) in its net profit for the September quarter at Rs 211.31 crore. The company had reported a profit of Rs 216.16 crore during the same quarter of last year.
Its revenue rose to Rs 4,993.4 crore for the quarter under review, a rise of 23 percent from the revenue of Rs 4,064.72 crore for the corresponding quarter of FY18.
At 13:15 hrs TVS Motor Company was quoting at Rs 526.50, up Rs 9.85, or 1.91 percent on the BSE.
Market Update: Equity benchmarks have been choppy through the day, with the Nifty trading below 10,200.
The Sensex is down 131.84 points or 0.39% at 34,002.54, while the Nifty is lower by 57.30 points or 0.56% at 10188.00. The market breadth is negative as 752 shares advanced, against a decline of 1,520 shares, while 1302 shares were unchanged.
HDFC, Tata Motors, and Indiabulls Housing are the top gainers, while Asian Paints and Wipro have lost the most.
Buzzing: GlaxoSmithKline Pharmaceuticals stock fell 3.5 percent as brokerage houses maintained bearish stance on the stock after weak earnings in September quarter.
IDFC Securities has retained underperformer rating on the stock with a target price at Rs 1,185, implying potential downside of 14 percent. "Rich valuations and limited near-term triggers will cap upside," it said.
Market Update: Equity benchmarks are off their low points, with the Nifty trading around 10,200-mark.
The Sensex is down 117.24 points or 0.34% at 34017.14, while the Nifty is down 42.00 points or 0.41% at 10203.30. The market breadth is negative as 767 shares advanced, against a decline of 1,130 shares, while 1,676 shares are unchanged.
Among sectors, IT is the biggest loser, followed by energy, pharma and PSU banks. The midcap index is marginally lower.
Buzzing Stock: Shares of Orient Press have fallen 4 percent as the company received an order from the Maharashtra Pollution Control Board (MPCB) to close its Tarapur plant. The company received a letter from MPCB for violation of certain conditions/provisions of water (Preventions & Control of Pollution) Act, 1974 and the air (Prevention & Control of Pollution) Act, 1981 by a plant of the company located at Tarapur Industrial Area, Boisar, Palghar.
Market Update: Equity benchmarks have continued to trade lower, with the Sensex falling over 250 points, while the Nifty traded below 10,200-mark.
The Sensex is down 268.66 points or 0.79% at 33865.72, while the Nifty is down 85.30 points or 0.83% at 10160.00. The market breadth is negative as 397 shares advanced, against a decline of 1,095 shares, while 2,080 shares were unchanged.
Shares of IndusInd Bank and Tata Motors are the top gainers, while Asian Paints, ONGC and HPCL have lost the most.
Market Opens: Benchmark indices slipped in the early trade on Tuesday with Nifty falling below 10,200 mark, while Sensex is down over 200 points.
At 09:16 hrs IST, the Sensex is down 231.71 points or 0.68% at 33902.67, and the Nifty down 72.80 points or 0.71% at 10172.50.
Asian Paints down 4 percent, while Sun Pharma, Titan are trading marginally lower.
Market at pre-opening: The benchmark indices are trading mixed in the pre-opening trade on Tuesday.
The Sensex is down 157.87 points or 0.46% at 33976.51, and the Nifty down 27.90 points or 0.27% at 10217.40.
Asian Paints slipped 10 percent on weak second quarter numbers. Kotak Mahindra Bank is trading firm, while DHFL is down 9 percent.
Gold Update: Gold prices inched up early Tuesday as Asian stocks faltered, weighed down by political tensions between Saudi Arabia and Western powers, uncertainties around Brexit and Italy's budgetary woes, reported Reuters.
Crude Update: Oil prices were steady on Tuesday as Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to US sanctions against Iran's crude exports that start next month, reported Reuters.
Asian Markets trade lower: Asian shares edged lower on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative factors from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks depressed sentiment, reported Reuters.