Market Wrap: Sensex closes 561 points lower, Nifty ends below 10,500
BSE Sensex closed lower by 561.22 points at 34,195.94, while the Nifty 50 fell 168.30 points to close at 10,498.25. Here are the latest updates from the markets
Last Modified: Tue, Feb 06 2018. 05 01 PM IST
- 3.34 pm ISTClosing bell
- 2.20 pm ISTMarket update
- 2.17 pm ISTRupee trades lower against US dollar
- 2.15 pm ISTNatco Pharma Q3 net profit rises
- 2.13 pm ISTEuropean stock markets sink over 3%
- 1.17 pm ISTMarket update
- 1.13 pm ISTPNB’s Q3 profit rises 11% to Rs230 crore
- 1.10 pm ISTRamco Cements PAT declines in December quarter
- 1.08 pm ISTNet profit rises in Q3 for Blue Star
- 12.27 pm ISTGovernment will look into stock market slump, says Hasmukh Adhia
- 12.25 pm ISTOil prices fall more than 1% amid global market rout
- 12.22 pm ISTSBI to issue Rs8,800 crore preferred equity to government
- 11.38 am ISTMarket update
- 11.35 am ISTHero MotoCorp, Lupin earnings today
- 11.32 am ISTEmami to buy 26% stake in Brillare in deal valuing firm at Rs75-100 crore
- 11.30 am ISTAster DM to launch IPO on 12 February, sets price band at Rs180-190 per share
- 10.33 am ISTMarket update
- 10.30 am ISTGold rises as equity sell-off spurs safe-haven buying
- 10.27 am ISTBitcoin extends slide, falls below $7,000
- 10.25 am ISTIndia’s VIX jumps 37%
- 10.23 am ISTRBI monetary policy tomorrow: 3 reasons why central bank may keep rates on hold
- 9.48 am ISTMarket update
- 9.45 am ISTTata Motors shares fall 10% after JLR sales data
- 9.40 am ISTStock plunge deepens in Asia after US sell-off
- 9.30 am ISTRupee weakens to seven-week low on global sell-off
- 9.24 am ISTMarket update
- Mumbai: Benchmark indices BSE Sensex and NSE Nifty closed lower for a sixth session on Tuesday. The Sensex ended 561 points lower after falling 1,274.35 points in intraday trade, while Nifty closed 168 points down. In the early trade, both Nifty and Sensex fell nearly 3.5%, their biggest intraday fall since August 2015. Overnight, Dow Jones fell over 1,100 points, its biggest fall since six-and-half years after US wage data on Friday pointed to quickening inflation which may lead to higher rates by the US Federal Reserve. Indian markets are already under pressure after the government presented budget that focused on populist measures ahead of general elections in 2019 and imposed a long-term capital gains tax on equities. Here are the latest updates from the markets:
- 3.34 pm IST Closing bellBSE Sensex closed lower by 561.22 points, or 1.61%, to 34,195.94, while the Nifty 50 fell 168.30 points, or 1.58%, to close at 10,498.25. MidCap was down 1.68%, while SmallCap lost 2.19%. All the sectoral indices ended lower with IT losing the most at 2.80%
- 2.17 pm IST Rupee trades lower against US dollarThe rupee recovered half of its losses but was still trading marginally weaker against the US dollar. At 2.10pm, the home currency was trading at 64.16, down 0.17% from its previous close of 64.07. The local currency opened and touched a low of 64.40 a dollar, a level last seen on 18 December. The 10-year bond yield was at 7.597% from its Monday’s close of 7.605%.
- 2.15 pm IST Natco Pharma Q3 net profit risesNatco Pharma Ltd said its December 2017 quarter consolidated net profit rose to Rs218 crore from Rs195 crore a year ago. The quarter’s consolidated revenue from operations stood at Rs562 crore versus Rs679 crore a year ago. Shares traded 2.85% lower at Rs887.50.
- 2.13 pm IST European stock markets sink over 3%Europe’s stock markets tumbled by more than 3% in opening deals on Tuesday, as a fierce global selloff -- rooted in fears of rising US interest rates -- showed no sign of abating. London’s FTSE 100 index sank 3.5% to 7,080.61 points. Elsewhere, the Paris CAC 40 dived 3.4% to 5,104.28 and Frankfurt’s DAX 30 lost 3.6% to 12,232 points.
- 1.13 pm IST PNB’s Q3 profit rises 11% to Rs230 crorePunjab National Bank, India’s fourth-largest lender by assets, reported third-quarter net profit rose 11% as its proportion of bad loans to total loans fell, although the profit increase was smaller than expected. Net profit was Rs230 crore for the December 2017 quarter, compared with Rs207 crore a year ago. (Reuters)
- 1.08 pm IST Net profit rises in Q3 for Blue StarBlue Star Ltd reported a consolidated net profit of Rs18.78 crore in the December 2017 quarter from Rs14.5crore a year ago. December quarter’s consolidated revenue from operations stood at Rs981 crore as against Rs926 crore in the same period of 2016. Shares traded 0.70% lower at Rs713.90.
- 12.27 pm IST Government will look into stock market slump, says Hasmukh AdhiaFinance secretary Hasmukh Adhia says the government will look into what it can do after Sensex and Nifty fell over 3% reflecting global sell off.
Government will look into stock market slump, says Hasmukh Adhia https://t.co/yBn0hznBz4— Livemint (@livemint) February 6, 2018
- 12.25 pm IST Oil prices fall more than 1% amid global market routOil prices dropped by more than 1% on Tuesday, extending falls from the previous session as global financial markets tumbled lower in the wake of one of the biggest intraday fall ever registered on Wall Street. Brent crude futures were at $66.91 per barrel at 11am, down 71 cents, or 1.1%, from the previous close. That was more than $4 below their high-point for 2018, hit last month. US West Texas Intermediate (WTI) crude futures were at $63.46 a barrel, down 69 cents, or 1.1%, from their last settlement and more than $3 off their 2018 high.
- 11.35 am IST Hero MotoCorp, Lupin earnings todayIt will be a results heavy day. Castrol India Ltd (down 3.76%), Berger Paints Ltd (down 2.07%), Blue Star Ltd (down 2.91%), Dish TV India Ltd (down 2.80%), Apollo Tyres Ltd (down 3.79%), Hero MotoCorp Ltd (down 3.40%), JSW Energy Ltd (down 1.41%), Lupin Ltd (down 3.16%), Natco Pharma Ltd (down 0.48%), Siemens Ltd (down 3.80%) and Thermax Ltd (down 2.61%) are some of the companies that will release their earnings for the December quarter on Tuesday.
- 11.32 am IST Emami to buy 26% stake in Brillare in deal valuing firm at Rs75-100 croreConsumer goods maker Emami Ltd on Monday said it had concluded a deal to acquire a substantial minority stake in Brillare Science Pvt. Ltd, valuing the company at Rs75-100 crore. Shares traded 0.09% down at Rs1,094.
- 11.30 am IST Aster DM to launch IPO on 12 February, sets price band at Rs180-190 per shareAster DM Healthcare Ltd, which runs hospitals in India and West Asia, on Monday said it will launch its Rs980 crore initial public offering on 12 February. Aster DM has set a price band of Rs180-190 per share for the IPO. The offer will close on 15 February. The initial share sale comprises a fresh issue of shares of Rs725 crore and an offer for sale of 13.42 million shares by Aster DM’s promoter Union Investments Pvt. Ltd. At the upper end of the price band, the share sale will fetch promoters about Rs255 crore.
- 10.30 am IST Gold rises as equity sell-off spurs safe-haven buyingGold prices rose on Tuesday as a rout in global equities prompted investors to seek shelter in safe havens such as gold, although expectations of more US rate hikes this year weighed on the market. Spot gold was up 0.4% to $1,345.12 per ounce at 9.53am following Monday’s 0.5% gain. Prices fell 1.2% on Friday, the most since 7 December 2017, after stronger-than-expected US payrolls data shored up expectations that a pick-up in inflation will spur further rate hikes this year, boosting the dollar, in which it is priced. (Reuters)
- 10.27 am IST Bitcoin extends slide, falls below $7,000Digital currency bitcoin fell more than 15% on Monday to a nearly three-month low amid a slew of concerns ranging from a global regulatory clampdown to a ban on using credit cards to buy bitcoin by British and US banks. On the Luxembourg-based Bitstamp exchange, bitcoin fell as low as $6,853.53 in early afternoon trading in New York. That marked a fall of more than half from a peak of almost $20,000 hit in December.
- 10.25 am IST India’s VIX jumps 37%India’s volatility index jumped as much as 35.9% to 21.815, its highest since 23 November 2016. Index posted its biggest intraday percent gains since September 2016. The spike in VIX comes amid global market rout, with Wall Street posting its biggest decline since 2011. (Reuters)
- 10.23 am IST RBI monetary policy tomorrow: 3 reasons why central bank may keep rates on holdRBI’s monetary policy committee is likely to keep interest rate unchanged noting several upside risks to inflation.
RBI monetary policy tomorrow: 3 reasons why central bank may keep rates on hold https://t.co/EWXPL0ou7D— Livemint (@livemint) February 6, 2018
- 9.45 am IST Tata Motors shares fall 10% after JLR sales dataTata Motors Ltd shares cracked nearly 10% after Jaguar Land Rovers reported lower sales in the US and Europe. Net profit, including those of its units, rose to Rs1,214.6 crore for the three months ended December from Rs111.57 crore in the same period a year earlier, the biggest jump in seven quarters. A Bloomberg poll of 19 analysts had pegged quarterly profit at Rs2,349.1 crore.
- 9.40 am IST Stock plunge deepens in Asia after US sell-offAsian stocks plunged for a second day and US stock futures continued to decline after a frantic sell-off in equity markets sent the Dow Jones Industrial Average to its biggest loss in six and a half years Monday. The Dow Jones Industrial Average lost more than 1,100 points. Japan’s equity benchmarks plummeted almost 5% and stocks across the region extended a global rout with almost all shares on the 1,000-plus member MSCI Asia Pacific Index down. (Bloomberg)
- 9.30 am IST Rupee weakens to seven-week low on global sell-offThe Indian rupee weakened to a seven-week low against the US dollar on Tuesday, following sell-off in global and local equity markets amid strong US jobs data. The home currency was trading at 64.36, down 0.46% from its previous close of 64.07. The rupee opened and touched a low of 64.40 a dollar, a level last seen on 18 December. Bond yield fell after crude oil prices declined. India’s 10-year bond yield was at 7.549% from its Monday’s close of 7.605%.