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Business News/ Market / Stock-market-news/  Sensex falls over 300 points, rupee hits fresh record low
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Sensex falls over 300 points, rupee hits fresh record low

Wipro Ltd surged as much as 8.8% to ₹328 at day's high on BSE after the company said it won its largest information technology (IT) outsourcing contract

Foreign investors have infused over Rs 5,100 crore into the country’s capital market in AugustPremium
Foreign investors have infused over Rs 5,100 crore into the country’s capital market in August

The Sensex and Nifty fell sharply in late trade, led by selloff in FMCG, banking, and auto stocks. The Sensex fell 332 points to settle at 38,312. The Nifty settled below 11,600 levels at 11,582, down 98 points. Among FMCG majors, ITC fell 2% while HUL slumped nearly 4.6%. Other top losers among Sensex stocks included Axis Bank, ICICI Bank, and PowerGrid, down between 2% and 3%. Yes Bank, TCS, Kotak Mahindra Bank, ONGC and M&M fell between 1% and 2%. The rupee hit a fresh all-time low against the US dollar.

5:10 pm: Indian rupee on Monday closed below 71 mark first time to fresh record low against US dollar after local equity market fell sharply. The currency ended at 71.21 a dollar, down 0.29%, from its Friday’s close of 71.

3:40 pm: Late selloff hurts markets, ITC, HUL drag

Indian stock markets reversed course to end lower in the final hour of trade on Monday, tracking global cues, with the Indian rupee hitting a record low and crude prices on the climb. The broader NSE Nifty ended 0.8% lower at 11,582.35, while the benchmark BSE Sensex closed down 0.9% at 38,312.52. The possibility of crude breaking higher and a weakening currency pose a risk in terms of inflation, said Sunil Sharma, chief investment officer with Sanctum Wealth Management, adding that there was some selling by foreign institutional investors. Shares of consumer giants Hindustan Unilever Ltd and ITC Ltd, the top drags on the NSE Index, closed down 4.6% and 2.1%, respectively.

3:05 pm: Indian stock markets fell sharply in late trade with Sensex down nearly 300 points and Nifty below 11,600. Shares of FMGG major HUL slumped nearly 5%.

1:12 pm: Indian stock markets gave up most of its early gains in afternoon with Sensex and Nifty trading flat. IT and pharma stocks were outperformed today. Shares of Wipro jumped 8.6% in their biggest intraday gain since July 2013 after the company said on Sunday it had won a $1.5 billion contract from US-based Alight Solutions. In latest trade, Wipro shares were up around 5%. “Compared to others in the sector, Wipro has underperformed, so the news of the deal has been taken very positively," said Vinod Nair, head of research at Geojit Financial Services.

Infosys rose around 1% while pharmaceutical stocks advanced with the Nifty Pharma Index rising 1.5%. Dr Reddy’s Laboratories, Lupin Ltd and Sun Pharma were among top gainers.

10:18 am: Wipro Ltd surged as much as 8.8% to 328 at day’s high on BSE - its biggest gain in 5 years - after the company said it won its largest information technology (IT) outsourcing contract, valued at $1.6 billion over 10 years from Alight Solutions LLC, the former benefits administration and human-resources outsourcing business of Aon Plc. The Sensex was off day’s high, trading around 120 points higher.

Realty stocks fell after Supreme Court banned all construction activity till Oct. 9 in Maharashtra, Madhya Pradesh, Uttarakhand and Chandigarh after they failed to comply with its order to come up with a policy on solid waste management. DLF fell 3%, Godrej Properties Ltd fell 2.5%, HDIL 2.6%, Oberoi Realty 2.2%, Indiabulls Real Estate 1.7%.

9:42 am: Shares of Wipro surge after the IT major won its largest information technology (IT) outsourcing contract

9:15 am: Rupee strengthens against US dollar after GDP beats estimates

Indian rupee on Monday strengthened against US dollar after GDP growth accelerated to a nine-quarter high in the first quarter. At 9.15am, the rupee was trading at 70.84 a dollar, up 0.23%, from its Friday’s close of 71. The home currency opened at 70.78 a dollar and touched a high of 70.77. The 10-year bond yield stood at 7.942%, from its previous close of 7.952%. Bond yields and prices move in opposite directions.

9:00 am | Opening bell: Cues to look out for before trading today

Indian stock markets are set for a positive start after GDP data, released on Friday, beat market estimates. But weak global markets may cap gains. The Singapore-traded SGX Nifty was up 17 points at 11,746. India’s economy accelerated to a nine-quarter high at 8.2% in the first quarter of 2018-19, beating expectations on the back of a strong pickup in manufacturing and a low base in the year-ago period.

US stocks dropped on Friday as the United States and Canada put off resolving their trade dispute. Several indexes closed with historic highs for the month of August, as both the Nasdaq Composite and the S&P 500 notched all-time highs this week.

Asia markets were mixed in Monday morning trade after Canada and the U.S. failed to come to a trade agreement on Friday.

Wipro bags its biggest-ever contract from Alight Solutions

Wipro Ltd has won its largest information technology (IT) outsourcing contract, valued at $1.6 billion over 10 years from Alight Solutions LLC, the former benefits administration and human-resources outsourcing business of Aon Plc.

Vodafone Idea dials in with 408 million customers, 19,300 crore in bank

Idea Cellular and Vodafone India started to function as one entity , a day after the National Company Law Tribunal (NCLT) approved the merger of the two telecom companies into a new entity called Vodafone Idea Ltd.

Tata Motors, Mahindra report strong sales in August; Maruti, Hyundai lag

Automobile majors Maruti Suzuki India and Hyundai reported fall in domestic passenger vehicles sales in August, with floods in Kerala affecting demand for automobiles, although homegrown firms Tata Motors and Mahindra & Mahindra saw healthy growth.

SBI hikes benchmark lending rate by 0.2%

Home, auto and other loans are set to become costlier, with the country’s largest lender, State Bank of India, increasing its benchmark lending rates or MCLR by 0.2%. The new rates are effective from Saturday.

GST collections drop to 93,960 crore in August as tax cuts begin to impact

The combined Goods and Services Tax (GST) revenue collected by union and state governments dipped marginally by 2.6% in August to 93,960 crore as the tax cuts on consumer goods announced in July started telling on revenue receipts.

FPIs continue bullish stance on India, infuse 5,100 crore in August

Foreign investors have infused over 5,100 crore into the country’s capital market in August — the second consecutive month of inflow — on improvement on the macro front, better corporate earnings and correction in the mid and small-cap space.

(Ravindra Sonavane/Harsha Jethmalani/Mint)

With Agency Inputs

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Published: 03 Sep 2018, 09:03 AM IST
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