Here"s what strategists are saying about the current state of play in Asian stockshttps://t.co/vkRc62SBrA— Livemint (@livemint) September 12, 2018
Closing bell: Rupee, Sensex rebound on news of govt intervention
BSE Sensex closed 304.83 points up at 37,717.96, while the Nifty 50 ended 82.40 points higher at 11,369.90. Here are the highlights from the markets
- 3.35 pm ISTClosing bell: Sensex gains 305 points, Nifty settles at 11,370
- 3.17 pm ISTKIOCL shares surge on buyback proposal
- 2.48 pm ISTAsian stocks on the longest losing streak in 16 years
- 2.33 pm ISTIndia reports August trade deficit of $17.4 billion
- 2.10 pm ISTRupee recovers from fresh low, gains 0.5% against dollar
- 1.58 pm ISTIdea, Bharti Airtel shares fall as Jio offers discount
- 1.40 pm ISTEurozone stocks open higher; London flat
- 1.29 pm ISTTourism Finance Corp shares fall 3% after June-quarter results
- 1.05 pm ISTApple expected to unveil 3 new iPhone models today
- 12.45 pm ISTBPCL, HPCL, IOC stocks fall over 3%
- 12.23 pm ISTWhat weapons RBI could deploy to rescue the rupee
- 12.07 pm ISTMahindra shares fall on US probe
- 11.52 am ISTMarket Update: Sensex, Nifty trade higher
- 11.20 am ISTCiti initiates HDFC AMC with ‘neutral’
- 11.00 am ISTPNB Housing reverse gains
- 10.37 am ISTBuy-backs may come to PSU stocks’ rescue
- 10.12 am ISTTata Motors shares fall nearly 3% after JLR chief statement
- 9.47 am ISTIndiGo shares fall over 1%
- 9.28 am ISTSun Pharma shares down 1.7% on USFDA inspection
- 9.25 am ISTRedington India shares gain on shares buyback proposal
- 9.20 am ISTRupee falls further, just 10 paise shy of 73 a dollar
- 9.13 am ISTThe rupee’s relentless slide: Back to the future?
- 8.51 am ISTCommodity Corner: Gold prices move higher, oil also gains
- 8.35 am ISTOpening bell: Cues to look out for before trading today
- Mumbai: BSE Sensex and NSE’s Nifty 50, along with the Indian rupee, recovered on Wednesday after reports that the government may announce measures this weekend to support the rupee. Moreover, the rupee rebounded from its fresh all-time low and strengthened against the US dollar after better-than-expected August trade data. In global markets, European stocks advanced and Asian shares extended a losing streak as traders turned their focus to the outlook for monetary policy amid increased global trade tensions. Meanwhile, oil prices traded near $80 a barrel as concern grows over global supply. Moreover, the government will issue consumer price inflation and index of industrial production data after 5.30pm today. Here are the highlights from the markets:
- 3.35 pm IST Closing bell: Sensex gains 305 points, Nifty settles at 11,370BSE Sensex closed higher by 304.83 points, or 0.81%, to 37,717.96, while the Nifty 50 rose 82.40 points, or 0.73%, to close at 11,369.90. BSE MidCap gained 0.52%, whereas SmallCap fell 0.27%.Sixteen out of 19 sectoral indices on BSE advanced with FMCG gaining most at 2.40% followed by metal and capital goods. Telecom, realty and bankex declined.Power Grid, ITC, Sun Pharma and Adani Ports were among the top gainers, whereas Axis Bank, Tata Motors, HPCL and ICICI Bank were among the major losers.
- 2.48 pm IST Asian stocks on the longest losing streak in 16 yearsMost individual Asian stock markets fell Wednesday, led by declines in Japan and Hong Kong.
- 2.33 pm IST India reports August trade deficit of $17.4 billionIndia’s exports grew by 19.21% to $27.84 billion in August on account of healthy performance by sectors such as petroleum. “Exports excluding Petroleum also reported a positive growth of 17.43%,” commerce and industry minister Suresh Prabhu said in a tweet. Merchandise imports too rose by 25.41% in August to $45.24 billion due to the rising crude oil prices, leaving a trade deficit of $17.4 billion. In July, trade deficit soared to a near five-year high of $18.02 billion. During April-August this fiscal, the exports recorded a growth of 16.13%, while the imports during the first five months of this fiscal grew by 17.34%.
- 2.10 pm IST Rupee recovers from fresh low, gains 0.5% against dollarThe Indian rupee recovered from its fresh all-time low and strengthened against the US dollar after Bloomberg reported that government may announce measures in a economic review meeting on weekend. At 1.45pm, the rupee was trading at 72.34 a dollar, up 0.50% from its Tuesday’s close of 72.70. The home currency opened at 72.75 per dollar and touched a low of 72.90 in morning trade. So far this year, the rupee has weakened 12.3%, while foreign investors have sold $538.20 million and $6.38 billion in equity and debt markets, respectively.“Prime Minister Narendra Modi to review health of the economy during the weekend and may announce measures on rupee and oil after meeting”, Bloomberg reported quoting a government official. “we are not ruling out rate hike by RBI” the official added. Read more
- 1.58 pm IST Idea, Bharti Airtel shares fall as Jio offers discountShares of Vodafone Idea Ltd and Bharti Airtel Ltd declined as much as 2.9% and 1.8%, respectively. Reliance Jio Infocomm has launched a 100-rupee discount offer on its top-selling Rs 399 plan. Vodafone Idea touched its lowest level since 17 March 2009. S&P BSE Telecom index fell as much as 2.3% to a more than 7-week low. As of last close, Vodafone Idea was down 57.28% this year, while Bharti Airtel is down 28.5%.
- 1.40 pm IST Eurozone stocks open higher; London flatEurozone stock markets rose at the start of trading on Wednesday, while London opened flat. Frankfurt’s DAX 30 index gained 0.2 percent to 11,989.27 points and the Paris CAC 40 climbed 0.2 percent to 5,294.58 compared with Tuesday’s closing levels. London’s benchmark FTSE 100 index was unchanged at 7,273.48 points. AFP
- 1.29 pm IST Tourism Finance Corp shares fall 3% after June-quarter resultsTourism Finance Corporation of India Ltd reported a profit of Rs 20.41 crore in the quarter ended 30 June, compared to a profit of Rs 22.14 crore a year ago. Revenue from operations rose to Rs 57.67 crore in the quarter, compared to Rs 56.21 crore in the same quarter last year. Shares fell as much as 2.92% to Rs 137.90.
- 1.05 pm IST Apple expected to unveil 3 new iPhone models todayApple Inc. rose the most in five weeks on heavier-than-average volume as investors piled in on the eve of the company’s annual iPhone introduction. The shares rallied 2.5% Tuesday, increasing the gain since the start of the year to 32%. More than 35 million shares changed hands, which is 1.4 times the three-month average.
Apple shares rallied 2.5% Tuesday, increasing the gain since the start of the year to 32%. More than 35 million shares changed hands. https://t.co/KoIlJRRwRf— Livemint (@livemint) September 12, 2018
- 12.45 pm IST BPCL, HPCL, IOC stocks fall over 3%Shares of oil marketing companies—Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil Co. —traded lower amid a depreciating rupee and rising oil prices. BPCL shares fell as much as 3.73% to Rs 325.60, HPCL shares were down as much as 4.2% to Rs 233.50 and IOC stock declined 3.28% to Rs 145.65.Oil prices rose after a report of a decline in US crude inventories and looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global market. US WTI crude futures were at $69.93 per barrel, up 68 cents, or 1 percent, from their last settlement. Brent crude futures climbed 30 cents, or 0.4 percent, to $79.36 a barrel.
- 12.23 pm IST What weapons RBI could deploy to rescue the rupeeA current-account deficit at a five-year high, elevated oil prices and an emerging-market sell-off conspired to push the rupee to below 72 per dollar last week, taking its decline since the beginning of the year to almost 12 percent, the worst performer in Asia. With upcoming data likely to show another large trade deficit for August and the U.S. Federal Reserve expected to hike interest rates this month, analysts see more pain for the rupee. Read More
- 12.07 pm IST Mahindra shares fall on US probeShares of Mahindra and Mahindra fell as much as 2.86% to Rs 913.50. A US regulator said on Tuesday it would launch an investigation into an off-road utility vehicle produced by Mahindra and Mahindra Ltd following a complaint by Fiat Chrysler Automobiles NV that it infringed upon the intellectual property rights of its Jeep design.
- 11.52 am IST Market Update: Sensex, Nifty trade higherBSE Sensex traded higher by 138.89 points, or 0.37%, to 37,552.02, while the Nifty 50 rose 32.40 points, or 0.29%, to 11,319.90. Underperforming the benchmark, BSE MidCap and SmallCap fell 0.34% and 0.75%, respectively.Among the sectoral indices on BSE, FMCG gained most at 1.85% followed by IT and teck. Realty led losses by falling 1.39% followed by telecom, oil and gas, and auto.ITC, PowerGrid, Hindustan Unilever and Vedanta were among the top gainers, whereas Tata Motors, HPCL, Axis Bank and BPCL were among the top losers.
- 11.20 am IST Citi initiates HDFC AMC with ‘neutral’Citi initiated coverage on HDFC Asset Management Co. (HDFC AMC) with “neutral” rating and a price target of Rs 1,850, saying it’s a leader in an underpenetrated market. HDFC Mutual Fund (MF), the fund managed by HDFC AMC, looks well positioned to leverage the rising preference for mutual funds among individual investors, distribution reach, and strong brand, noted the brokerage.HDFC MF is the leader in equity assets managed (market share of 14 percent)—these form 50 pct of its assets under management (AUM) and drive profitability, wrote Citi analysts.The brokerage expects 21 pct CAGR in HDFC MF’s AUM during FY18-21, including 30 pct CAGR in equity AUM, to drive 17 pct CAGR in PAT. Citi expects average PAT / AUM of 25bps over FY18-21; says stock “fairly valued”.HDFC AMC shares traded 0.425 down at Rs 1,611.50. The stock opened at Rs 1,624, and hit a high and a low of Rs 1,625 and 1,603.75, respectively. The HDFC AMC stock is down 11 pct since its IPO last month. Reuters
- 11.00 am IST PNB Housing reverse gainsShares of PNB Housing Finance Ltd traded 0.87% lower at Rs 1290.10. In early trade, the stock rose nearly 1% after The Times of India reported that seven firms, including Godrej, Bandhan Bank and Dewan Housing Finance, have submitted non-binding offers to acquire PNB Housing Finance in a deal estimated at around $2.3 billion.
- 10.37 am IST Buy-backs may come to PSU stocks’ rescueThe BSE PSU index has fallen 13% since January while the Sensex rose by 18%, but that may be about to change.
Buy-backs may come to PSU stocks" rescue.— Mint Mark to Market (@livemint_m2m) September 12, 2018
If the buy-back is at a premium to the prevailing market price, which is normally the case, it may trigger a short-term rally, writes @VatsalaKamat https://t.co/vBWARWfGt7
- 10.12 am IST Tata Motors shares fall nearly 3% after JLR chief statementTata Motors shares fell as much as 2.8% to Rs 259.70. Jaguar Land Rover’s chief executive issued an unusually frank warning to Prime Minister Theresa May, saying a bad Brexit deal could put tens of thousands of jobs at risk and cost the company more than £1.2 billion a year ($1.6 billion). JLR has four plants in the UK that produce 3,000 cars a day, use 25 million components and are dependent on a ‘just in time’ schedule. Any delays would cost the company £60 million a day, according to Speth.
- 9.28 am IST Sun Pharma shares down 1.7% on USFDA inspectionSun Pharma shares fell as much as 1.71% to Rs 620.20 per share after the company confirmed that it’s Mohali facility is undergoing inspection by USFDA. The inspection had started on 10 September as reported by Mint on the same day.
- 9.20 am IST Rupee falls further, just 10 paise shy of 73 a dollarThe Indian rupee opened at a fresh record low and was trading just 10 paise away from hitting the 73-mark against the US dollar following advances in international crude oil prices and tracking losses in emerging currencies market. At 9.15am, the rupee was trading at 72.89 a dollar, down 0.25% from its Tuesday’s close of 72.70. The home currency opened at 72.75 per dollar and touched a low of 72.90. So far this year, the rupee has weakened 12.3%, while foreign investors have sold $538.20 million and $6.38 billion in equity and debt markets, respectively.
- 9.13 am IST The rupee’s relentless slide: Back to the future?The Indian rupee has wobbled with metronomic regularity every five year—you could describe it as a five-year itch. The sharp decline of the Indian currency against the US dollar in recent weeks is part of that pattern. The current rupee trouble was preceded by similar episodes in September 2008 (after the collapse of Lehman Brothers) and August 2013 (after the US announced its intention to gradually withdraw from quantitative easing).
The current rupee trouble was preceded by similar episodes in September 2008 (after the collapse of Lehman Brothers) and August 2013 (after the US announced its intention to gradually withdraw from quantitative easing). https://t.co/HMfolXMABf— Livemint (@livemint) September 12, 2018
- 8.51 am IST Commodity Corner: Gold prices move higher, oil also gainsGold prices inched down after touching two-week lows in the previous session, with investors staying away from bullion on fears the US-China trade war could escalate. Spot gold was down 0.1 percent at $1,196.21 an ounce, after hitting its lowest since 24 August at $1,187.21 on Tuesday. US gold futures were mostly steady at $1,202.40 an ounce. Gold prices dropped more than 12 percent from a peak hit in April.Oil prices rose after a report of falling crude inventories and the looming sanctions against Iran fuelled expectations of a tightening market. Prices were also pushed up by Hurricane Florence, which is expected to make landfall on the U.S. East Coast on Friday, and which has caused fuel shortages following the evacuation of millions of households and businesses. US WTI crude futures were at $69.81 per barrel, up 56 cents, or 0.8 percent, from their last settlement. Brent crude futures climbed 24 cents, or 0.3 percent, to $79.30 a barrel.Metals: Shanghai base metals fell across the board in early trade. Aluminium fell more than 1 percent to a three week-low on the Shanghai Futures Exchange. The nickel fell as much as 2 percent in Shanghai to 100,270 yuan a tonne, its lowest since 12 April, as China’s ferrous complex continued to plummet. LME nickel lost 0.9 percent to hit $12,125 a tonne, its lowest since 28 December. Reuters
- 8.35 am IST Opening bell: Cues to look out for before trading today■ Overnight US markets closed with gains. S&P 500 rose 0.37% to 2,887 on buying in shares of energy companies. Asian stocks opened mixed as the US-China trade concerns continue to weigh on investor sentiment.■ Jaguar Land Rover’s chief executive issued a warning saying a bad Brexit deal could put tens of thousands of jobs at risk and cost the company more than £1.2 billion a year ($1.6 billion), reports Bloomberg.■ Reliance Capital reported a consolidated net profit of Rs 272 crore for the April-June quarter of the current fiscal. The company had registered a loss in April-June period of 2017-18.■ Seven firms have submitted non-binding offers to acquire PNB Housing Finance in a deal estimated at around $2.3 billion, reports The Times of India.■ The National Investment and Infrastructure Fund is close to purchasing IDFC Infrastructure Finance, a dedicated debt infrastructure fund, for around Rs 1,000 crore, reports The Economic Times.■ A U.S. regulator said it would launch an investigation into an off-road utility vehicle produced by Mahindra and Mahindra Ltd following a complaint by Fiat Chrysler Automobiles NV that it infringed upon the intellectual property rights of its Jeep design, reports Reuters.■ Suzlon Energy entered into an agreement with CLP India to divest 49% stake in two of its solar projects. The two projects have a power purchase agreement at a fixed tariff for 25 years, reports Business Standard.■ Coal India Ltd initiated talks with Barapukuria Coal Mining Company, Bangladesh’s coal producer, to help it explore coal mines as well as set up new projects, reports Business Standard. R. Sree Ram/MintWith inputs from Reuters