Market Wrap: Sensex closes 839 points lower, Nifty at 10,760 on LTCG tax woes
BSE Sensex closed lower by 839.91 points at 35,066.75, while the Nifty 50 fell 256.30 points to close at 10,760.60. Here are the latest updates from markets
Highlights
- 3.35 pm ISTMarket update
- 3.07 pm ISTBajaj Auto net profit rises 3% in Q3
- 3.05 pm ISTRupee pares losses, strengthens against US dollar, bond prices recover
- 3 pm ISTEuropean shares trade lower
- 2.35 pm ISTMarket update
- 1.40 pm ISTHindalco Industries profit rises in Q3
- 1.03 pm ISTMarket update
- 1 pm ISTModison Metals shares trade nearly 6% lower
- 12.15 pm ISTMarket update
- 12.13 pm ISTGodrej Properties shares fall as profit declines in December quarter
- 12.10 pm ISTDr. Reddy’s Labs launched Tetrabenazine tablets
- 11.46 am ISTTop gainers/top losers on Sensex
- 11.42 am ISTRealty stocks trade lower
- 11.17 am ISTBitcoin hits 2018 low as concerns mount on regulation, viability
- 11.13 am ISTYes Bank board approves issuance of $600 million notes
- 10.33 am ISTMarket update
- 10.30 am ISTJust Dial shares tank 25%
- 10.27 am ISTMarket update
- 10.25 am ISTPC Jeweller shares fall 57%
- 10.20 am ISTVakrangee shares fall 10%
- 9.45 am ISTBanking, financial service stocks trade lower
- 9.43 am ISTIT stocks trade higher
- 9.40 am ISTCigarette stocks gain
- 9.38 am ISTBond yield hits fresh 22-month high, rupee weakens against US dollar
- 9.29 am ISTMarket update
BSE Sensex and NSE Nifty closed lower on Friday. Photo: Mint
- Mumbai: BSE Sensex and NSE’s Nifty 50 closed over 2% lower on Friday, losing most since November 2016 as as investors were disappointed after the government proposed 10% long-term capital gains (LTCG) tax on equity gains above Rs1 lakh. Investors were also worried after the finance minister revised upward its fiscal deficit target. For the week, booth the indices fell 2.7% each. All the sectoral indices on BSE ended lower with realty, utilities and power leading the losses. Bajaj Auto, Bharti Airtel, Axis Bank, Maruti Suzuki and Reliance Industries were among the major top losers. Here are the highlights from markets:
- 3.35 pm IST Market updateBSE Sensex closed lower by 839.91 points, or 2.34%, to 35,066.75, while the Nifty 50 fell 256.30 points, or 2.33%, to 10,760.60. MisCap was down 4.03%, while SmallCap fell 4.65%.
- 3.07 pm IST Bajaj Auto net profit rises 3% in Q3Bajaj Auto said net profit rose 3% to Rs952.44 crore in the quarter to December from Rs924.62 crore a year ago. Net sales rose 18.7% to Rs6,246.23 crore from Rs5,262.8 crore a year ago. Shares fell 5.26% to Rs3230.25.
- 3.05 pm IST Rupee pares losses, strengthens against US dollar, bond prices recoverThe Indian rupee on Friday pared all the morning losses and strengthened against the US dollar in mid-day trading. The 10-year bond prices too recovered from its morning losses. The rupee was trading at 63.82, up 0.16% from its previous close of 64.03. The home currency opened at 64.12 and touched a low of 64.20 a dollar. The 10-year bond yield was at 7.529%, down 7 basis points from its previous close of 7.605%.
- 3 pm IST European shares trade lowerEurope’s major stock markets retreated in opening trade, as investors awaited key US jobs data. London’s benchmark FTSE 100 shed almost 0.1% to 7,483.57 points. In the eurozone, the Paris CAC 40 lost 0.4% to 5,433.84 and Frankfurt’s DAX 30 sank nearly 0.4% to 12,954.59 points.
- 2.35 pm IST Market updateBSE Sensex plunged 722.44 points, or 2%, to 35,184.22, while the Nifty 50 slumped 230.40 points, or 2.09%, to 10,786.50
- 1.40 pm IST Hindalco Industries profit rises in Q3Hindalco Industries Ltd reported a profit of Rs377 crore in the December 2017 quarter, up from a profit of Rs321 crore last year. Revenue from operations stood at Rs11,023 crore versus Rs9,915 crore a year ago. Shares traded 2.12% to Rs251.50.
- 1.03 pm IST Market updateBSE Sensex traded lower by 502.53 points, or 1.40%%, to 35,404.13, while the Nifty 50 fell 148.65 points, or 1.35%, to 10,868.25. Meanwhile, the BSE MidCap was down 2.28% and BSE SmallCap declined 2.93%.
- 1 pm IST Modison Metals shares trade nearly 6% lowerModison Metals Ltd reported a profit of Rs246 crore in the quarter ended December 2017 compared to a profit of Rs426 crore a year ago. Shares traded 5.92% to Rs75.50
- 12.15 pm IST Market updateBSE Sensex traded lower by 555.56 points, or 1.55%%, to 35,351.10, while the Nifty 50 fell 155.95 points, or 1.42%, to 10,860.95.
- 12.13 pm IST Godrej Properties shares fall as profit declines in December quarterGodrej Properties Ltd reported a consolidated net profit of Rs25.94 crore in the December 2017 quarter, down from a profit of Rs77.24 crore a year ago. Consolidated revenue from operations stood at Rs627 crore versus Rs518 crore a year ago. Shares fell 1.95% to Rs793.
- 12.10 pm IST Dr. Reddy’s Labs launched Tetrabenazine tabletsDr. Reddy’s Laboratories Ltd said it has launched Tetrabenazine tablets, a therapeutic equivalent generic version of Xenazine, in the US market. Shares traded 0.61% up at Rs2170.
- 11.46 am IST Top gainers/top losers on Sensex
- 11.42 am IST Realty stocks trade lowerRealty stocks slumped. DLF Ltd fell 8%, Unitech Ltd 7.3%, HDIL 6%, Indiabulls Real Estate 6%, Phoenix Mills 5%, Prestige Estate Ltd 5%, Sobha Ltd 4%.
- 11.17 am IST Bitcoin hits 2018 low as concerns mount on regulation, viabilityBitcoin slumped as much as 15%, sending the digital coin to its low for the year, amid mounting concerns of increased regulation and the viability of the biggest cryptocurrency. After reaching a record high of $19,511 on 18 December, Bitcoin has lost more than half its value as the token has been weighed down by expectations of more government oversight globally, fears of price manipulation, the susceptibility of exchanges to hacking and lingering concern that it’s all just an asset bubble. Facebook announced a ban on cryptocurrency ads this week. (Reuters)
- 11.13 am IST Yes Bank board approves issuance of $600 million notesYes Bank Ltd said the company’s capital raising committee approved issuance and allotment of notes for an aggregate principal amount of $600 million. Shares traded 3.95% down Rs344.95.
- 10.33 am IST Market updateBSE Sensex traded lower by 566.96 points, or 1.58%%, to 35,339.70, while the Nifty 50 fell 158.05 points, or 1.43%, to 10,858.85.
- 10.30 am IST Just Dial shares tank 25%Just Dial Ltd slumped 25% on the back of higher volume. So far this year it declined 12%.
- 10.27 am IST Market updateBSE Sensex traded lower by 410.74 points, or 1.14%%, to 35,495.92, while the Nifty 50 fell 115.80 points, or 1.05%, to 10,901.10.
- 10.25 am IST PC Jeweller shares fall 57%PC Jeweller Ltd slumped 57.39% to Rs206.05, its steepest fall since its listing to Rs254.75 on the back of higher volume.
- 10.20 am IST Vakrangee shares fall 10%Vakrangee Ltd hits 10% lower circuit. The stock fell for fifth consecutive sessions and declined nearly 40% in this period. The stock is falling since last few sessions due to news report that market regulator Securities Exchange Board of India (SEBI) is investigating an alleged share price and volume manipulation.
- 9.45 am IST Banking, financial service stocks trade lowerBanking and financial services stocks traded lower. Kotak Bank falls 2.2%, Canara Bank 3.73%, IndusInd Bank 2%, ICICI Bank 1.70%, Axis Bank 1.78%, SBI 1.52% and HDFC Bank was down 0.81%.
- 9.43 am IST IT stocks trade higherIT stocks are trading higher. TCS rose 1.2%, Infosys gained 0.9%, HCL Technologies was up 1.5%, while Wipro added 0.5%.
- 9.40 am IST Cigarette stocks gainCigarette stocks rose after no major announcement of excise duty hike on cigarettes in the budget so far. ITC Ltd gained 2% and VST Industries Ltd 3.1%.
- 9.38 am IST Bond yield hits fresh 22-month high, rupee weakens against US dollarThe 10-year bond yield hit fresh 22-month high on the expectations that inflation may accelerate further due to proposed hike in minimum support prices for farmers and spur RBI to maintain a hawkish stance. Bond yield opened 7.664%, up 7 basis points from its previous close of 7.605%. The rupee was trading at 64.10, down 0.15% from its previous close of 64.03.
- 9.29 am IST Market updateBSE Sensex traded lower by 318.08 points, or 0.89%, to 35,588.58, while the Nifty 50 fell 83.30 points, or 0.76%, to 10,933.60.