Closing bell: Sensex, Nifty log worst month in over 2 years; Infibeam crashes 70%
13 min read.Updated: 01 Oct 2018, 05:03 PM ISTNirav Vyas
BSE Sensex closed 97.03 points lower at 36,227.14, while the Nifty 50 ended 47.10 points down at 10,930.45. Here are the latest updates from the markets
Mumbai: The BSE Sensex and NSE’s Nifty 50 declined for the third day on Friday, marking their worst month since February 2016, mainly dragged by heavy losses in metal, realty and auto stocks. Yes Bank shares extended losses and closed over 9% lower today. Shares of Infibeam Avenues slumped over 70% ahead of the company’s annual general meeting on Saturday and failed to recover despite the company’s clarification regarding disclosures. The rupee strengthened against the US dollar, tracking gains in Asian currencies. Meanwhile, FIIs purchased shares worth Rs 552.44 crore on net basis on Thursday, while DIIs sold equities to the tune of Rs 186.69 crore, provisional data showed.Moreover, surging crude oil prices and negative sentiment in global equities also added pressure. In global markets, stocks in Europe dropped at the end of a volatile month as political concerns took centre stage. US futures were little changed along with Treasuries and the dollar. The yen’s slide to the weakest level this year helped stoke Japanese stocks as Asian equities advanced. Oil prices steadied near $82 a barrel as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production. Here are the latest updates from the markets:
28 Sep 2018, 03:36:00 PM IST
Closing bell: Sensex, Nifty fall for 3rd session
BSE Sensex closed 97.03 points, or 0.27%, lower at 36,227.14, while the Nifty 50 fell 47.10 points, or 0.43%, to close at 10,930.45. In intraday trade, the Sensex dived 338.54 points to a low of 35,985.63 and the Nifty 50 plunged 127.25 points to 10,850.30.Both the indices posted their fourth straight weekly fall. For the week, the Sensex fell 614.46 points, or 1.67%, and the Nifty 50 declined 212.65 points, or 1.91 %.Underperforming the benchmark Sensex, the BSE MidCap and SmallCap indices fell 1.61% and 3.41%, respectively.Fifteen out of 19 sectoral indices on BSE posted losses with metal losing most at 5.01% followed by realty, which fell 4.85%. Telecom and basic materials declined 4.01% and 3.31%, respectively. Energy, bankex, oil and gas, and FMCG ended with marginal gains.Axis Bank, HDFC, ITC, HDFC Bank and ONGC were among the top gainers, whereas Yes Bank, Hindalco, Hero MotoCorp, Bharti Airtel, Tata Steel and Indiabulls Housing Finance were among the major losers.
28 Sep 2018, 03:07:00 PM IST
Oil rides longest weekly rally since may with eyes on $100 crude
Oil prices on course for the longest run of weekly gains in four months, as energy giants to major trading houses warned that a supply crunch could propel prices to $100 a barrel. Futures in New York were set for a 1.8 percent advance this week, poised for a third weekly increase. Total SA Chief Executive Officer Patrick Pouyanne said a supply loss in Iran and declining output in Venezuela may help push prices back to levels last seen in 2014. Meanwhile, the U.S. Energy Department dismissed speculation it will release emergency crude reserves to temper prices. Read more
28 Sep 2018, 02:48:00 PM IST
Infibeam shares extend losses, fall 69%
Infibeam Avenues shares tumbled as much as 69.07% to Rs 61.10 per share on BSE ahead of its annual general meeting (AGM) on Saturday, and failed to recover even after a clarification by the company on disclosures.The scrip had opened 3.82% lower at Rs. 190. As many as 161.33 lakh shares changed hands on the BSE as against the two-week average of 10.87 lakh shares. Read more
28 Sep 2018, 02:40:00 PM IST
Market update: Sensex, Nifty
BSE Sensex traded lower by 126.67 points, or 0.35%, to 36,197.50, while the Nifty 50 fell 60.65 points, or 0.55%, to 10,916.90. In intraday, the Sensex fell 223 points to hit a low of 36,101, and the Nifty 50 plunged 98.5 points to 10,879.05.The BSE MidCap and SmallCap indices slumped 1.97% and 3.63%, respectively. All the sectoral indices on BSE traded lower with realty and metal losing over 4% followed by telecom and basic materials, which fell over 3.5%.
28 Sep 2018, 02:27:00 PM IST
Yes Bank shares sink over 18%
Yes Bank shares extended losses and fell as much as 18.23% to Rs 166.15 per share. The Yes Bank stock fell closed over 9% lower in the previous session. Yes Bank on Thursday said it has not indulged in any window dressing of its corporate accounts to conceal non-performing assets (NPAs). The bank had reported a gross and net NPA of 1.3% and 0.59% respectively as on 30 June 2018. The bank said the NPA figures are “among the finest in the Indian banking industry”.
28 Sep 2018, 02:20:00 PM IST
Govt sets up committee to formulate trade policy response
The commerce ministry has set up a High Level Advisory Group (HLAG) to identify and pursue opportunities and address challenges in the current global trade scenario
The High Level Advisory Group (HLAG) is formed to identify and pursue opportunities and address challenges in the current global trade scenariohttps://t.co/951FKmdJzA
The rupee strengthened against the US dollar, tracking gains from Asian currency markets. At 2pm, the rupee was trading at 72.55 a dollar, up 0.07% from its previous close of 72.60. The currency opened at 72.52 a dollar, touching a high 72.49 and a low 72.66. The 10-year gilt yield stood at 8.018%, down from its Thursday’s close of 8.027%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 11.97% and is the worst performer among Asian currencies. Foreign investors have sold $1.92 billion and $9.42 billion in equity and debt markets, respectively, since January.
28 Sep 2018, 01:53:00 PM IST
Metal shares trade lower as global prices fall
Shares of metal companies traded lower, with the Nifty Metal Index falling over 3.72%. Jindal Steel, Hindalco, SAIL, Tata Steel fell between 4% to 8%. Shanghai aluminium prices dropped for a fourth session on Friday and recorded their steepest monthly drop since March after China decided not to impose blanket cuts on industrial output in 28 northern cities this winter, reported Reuters. Shanghai aluminium closed down 1.2% at 14,310 yuan. The metal notched a 4.2 percent drop in Shanghai in September.
28 Sep 2018, 01:20:00 PM IST
Crisil retains rating on Rs 15,000-crore commercial paper of DHFL
Crisil retained A1+ rating on Rs 15,000 crore commercial paper (CP) programme of DHFL, whose stocks have been under pressure due to concerns over default, reported PTI. Crisil has reaffirmed its credit ratings, DHFL said in a regulatory filing to stock exchanges. A1 rating instruments are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk, as per the definition by Crisil. DHFL shares traded 3.33% down at Rs 280.50.
28 Sep 2018, 01:07:00 PM IST
European stock markets open with losses
Europe’s main stock markets dropped at the start of trading on Friday, with London’s benchmark FTSE 100 index falling 0.2% to 7,528.28 points. In the eurozone, Frankfurt’s DAX 30 lost 0.4% to 12,381.36 points and the Paris CAC 40 slipped 0.5% to 5,514.55, compared with Thursday’s closing levels. Meanwhile, the Milan stock exchange fell more than 2% in early trading, dropping 2.2% to 21,040 points, reflecting investor jitters over the Italian government’s defiant deficit announcement. AFP
28 Sep 2018, 12:42:00 PM IST
HPCL starts test marketing of packaged drinking water, shares rise 2%
Shares of Hindustan Petroleum Corp. Ltd rose as much as 2.31% to Rs 254.60 per share on BSE. The company disclosed that it has launched Pilot marketing of the packaged drinking water processed through a Pilot plant set up at the CSIR-IICT, Hyderabad, under the brand name of ‘REMINERO’. The company said the project is currently only Test Marketing on a Pilot basis and scaling up will be decided subsequent to the outcome of the Test Marketing.
28 Sep 2018, 12:17:00 PM IST
Adani Enterprises shares fall 11%
Shares of Adani Enterprises Ltd fell as much as 9.96% to Rs 127.80 per share on BSE. As many as 9.27 lakh shares changed hands as of 12.15pm as against the two-week moving average of 10.38 lakh shares. On NSE, the stock declined as much as 11.7% to Rs 125.60.
28 Sep 2018, 12:06:00 PM IST
How credit rating agencies missed the IL&FS crisis
Indian authorities have spent the week containing the collateral damage from a major infrastructure lender struggling to service $12.6 billion in debt. Next up: Figuring out why the nation’s credit rating agencies didn’t see the crisis coming. Read more
The credit rating industry has come under scrutiny after the firms that assessed IL&FS failed to see the financial troubles brewing at the financier.https://t.co/W5IXf9cZuj
Gujarat State Petronet, GAIL India shares rise on tariff hike
Shares of Gujarat State Petronet Ltd and GAIL (India) Ltd advanced as much as 4.05% and 6.35%, respectively, after the Petroleum and Natural Gas Regulatory Board raised tariffs for DUPL-DPPL pipeline in Gujarat and Maharashtra for GAIL, and LP Gas Grid in Gujarat for GSPT.UBS said the revisions should help in removing long standing overhang from gas transmission utilities and improve earnings multiples. The brokerage estimates potential EPS increase of Rs 3 for GSPT and Rs 1.3 for GAIL. UBS reiterated “buy” rating. Kotak Institutional Equities raised PT to Rs 455 from Rs 440 with a “buy” rating. Reuters
28 Sep 2018, 11:20:00 AM IST
Infibeam shares post biggest ever intraday percent fall
Shares of e-commerce company Infibeam Avenues Ltd tumbled as much as 58.2% to Rs 83.65 per share on NSE in its biggest ever intraday percent fall. The Infibeam stock hit its lowest since Nov 9, 2016. “There is no pending information or announcement from the company which may have a bearing on the price behaviour in the scrip,” the company said in a statement after stock took a beating. As many as 55.1 million shares changed hands, 8 times the 30-day avg volume. Up to the Thursday’s close, the stock had risen 60% this year. The company is scheduled to have its annual general meeting on Saturday. Reuters
28 Sep 2018, 11:00:00 AM IST
Sensex, Nifty volatile; Yes Bank, Tata Steel top losers
28 Sep 2018, 10:43:00 AM IST
Glenmark Pharma shares rise on debt buyback plan
Shares of Glenmark Pharmaceuticals Ltd rose as much as 2.29% to Rs 659 per share after the company disclosed that its board has approved a proposal to buyback Singapore-listed foreign currency convertible bonds.
28 Sep 2018, 10:15:00 AM IST
Ircon International shares fall 11% on market debut
Ircon International has made a tepid stock exchange debut on Friday. The state-owned railways engineering and construction was listed at Rs 422 a share on NSE, down 11.16% from its issue price of Rs 475 a piece. The Rs 467-crore initial public offer (IPO) was subscribed 9.9 times during its share sale between 17 September and 19 September, with a price band of Rs 470-475 per share. The stock, however, recovered and traded 7.87% up at Rs 442.60 at 10.15am. Read more
28 Sep 2018, 10:05:00 AM IST
DHFL, Indiabulls Housing shares trade lower
The Securities and Exchange Board of India said that it has not issued any advisory to mutual funds not to rollover exposure to Indiabulls Housing Finance and Dewan Housing Finance, according to media reports. Shares of Indiabulls Housing Finance and DHFL traded lower by 3.95% and 4.57%, respectively. In early trade, DHFL fell as much as 12.76% to Rs 253.10, while Indiabulls Housing Finance slumped as much as 7.98% to Rs 862.40.
28 Sep 2018, 09:47:00 AM IST
Yes Bank shares fall over 5%
Jet Airways shares fell as much as 5.09% to Rs 173.35 per share on BSE as the airline informed its lenders that worsening macroeconomic conditions were beyond the company’s control and the profitability targets, as per the covenant with the lenders, are likely to be missed, reported Mint. Responding to the concerns raised by its overseas lenders, Jet Airways’ chief executive, Vinay Dube, in a letter said that in case the airline failed to infuse funds through the stake sale in JetPrivilege and equity infusion by 31 March, it would make efforts to obtain a bridge loan from investors, added the report, citing a person with direct knowledge of the matter said, requesting anonymity. Read more
28 Sep 2018, 09:38:00 AM IST
Infibeam shares tank 54%
Shares of Infibeam Avenues Ltd fell as much as 53.07% to Rs 197.55 per share on BSE. At 9.36am, as many as 33.11 lakh hands changed hands as against two-week average of 10.87 lakh. On NSE, the stock fell as much as 54.4% to a low of Rs 91.25.
28 Sep 2018, 09:25:00 AM IST
Yes Bank shares extend losses, fall 9% today
Yes Bank shares dives as much as 9.22% to Rs 184.45 per share on BSE. The bank on Thursday said it has not indulged in any window dressing of its corporate accounts to conceal non-performing assets (NPAs). “The bank has not entered into any transactions with the intent to do any window dressing of corporate accounts to conceal NPA status,” Yes Bank said in response to a query by the National Stock Exchange if the bank had indulged in window dressing to hide bad loans. In the previous session, the Yes Bank stock closed 9.14% lower at ₹203.20 on BSE.Also Read:Yes Bank erodes nearly half of its market value in five weeks
28 Sep 2018, 09:14:00 AM IST
Rupee rises against dollar
The Indian rupee strengthened against the US dollar, tracking the gains from Asian currency market. At 09.08am, the rupee was trading at 72.53 a dollar, up 0.09% from its previous close of 72.60. The currency opened at 72.52 a dollar, touching a high 72.52 and a low 72.59. The 10-year bond yield stood at 8.019%, from its Thursday’s close of 8.027%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 11.93%, the worst performer among Asian currencies. Foreign investors have sold $1.92 billion and $9.42 billion in equity and debt markets, respectively.
28 Sep 2018, 09:07:00 AM IST
The good news in Garden Reach Shipbuilders IPO under-subscription
Taking refuge in the company’s strong order book and prospects, the government sought to force through Garden Reach’s share sale process. But with the bitter experience of HAL still fresh, investors ignored the defence shipbuilder
Commodity corner: Oil prices edge up; gold, other metals fall
Oil prices inched up, with investors trying to gauge the potential impact on supply from looming U.S. sanctions on Iran’s crude exports. The most-active Brent crude futures contract, for December, had risen 18 cents, or 0.22%, to $81.56 per barrel. US futures were up 21 cents, or 0.29 percent, at $72.33 per barrel, on track for a weekly gain.Shanghai aluminium prices dropped for a fourth session and were on course for their steepest monthly drop since March after China decided not impose blanket cuts on industrial output in 28 northern cities this winter. Shanghai aluminium fell as much as 1.5% to 14,275 yuan ($2,073.02) a tonne. Three-month copper on the London Metal Exchange was up 0.2% to $6,199 a tonne.Gold prices held close to near six-week lows hit in the previous session, as the dollar firmed after upbeat U.S. economic data supported the Federal Reserve’s resolve for steady interest rate hikes over the next year. Spot gold was up 0.1% to $1,183.58. U.S. gold futures were flat at $1,187.30 an ounce. Reuters
28 Sep 2018, 08:48:00 AM IST
Opening bell: Cues to look out for before trading today
■ The S&P 500 rose for the first time in five days on Thursday as gains in Apple led tech shares higher. Asia markets were largely in positive territory on Friday morning, following the rebound of the S&P 500 and Dow Jones Industrial Average on Wall Street overnight.■ Cash-strapped Jet Airways (India) Ltd has informed lenders that it will raise about ₹3,500 crore over the next six months through a stake sale in its loyalty programme and infusion of fresh funds into the company.■ IL&FS Financial Services said it has defaulted on seven fresh payment obligations worth ₹395.46 crore. The company was unable to service its obligations in respect of bank loans (including interest), term deposit and short term deposit, it said in a regulatory filing.■ One97 Communications Ltd, the parent of Paytm, has raised $300 million from Warren Buffett’s Berkshire Hathaway Inc., according to regulatory documents sourced from Paper.vc.■ The initial public offering (IPO) of Aavas Financiers Ltd was close to fully subscribed on the last day, launched in a week that saw a meltdown in stocks of non-banking finance companies.■ Accenture Plc’s fourth-quarter revenue and profit beat Wall Street estimates on Thursday as investments in its fast-growing digital and cloud services businesses paid off.■ Investors in Yes Bank Ltd lost at least RS.43,000 crore of their wealth in merely five weeks over uncertainty about the bank’s performance and its next boss after the Reserve Bank of India refused to reappoint current CEO Rana Kapoor for three years. ■ Reliance Communications Ltd., the telecommunications company that’s offloading most of its assets to a rival, is in talks to sell a controlling stake in what will remain after it exits India’s consumer wireless business.■ With the US sanctions on Iran looming, Moody’s Investors Service has estimated an around $500 million decline in earnings for Indian state-owned refiners, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), on account of substituting crude oil imports from the Persian Gulf country. Harsha Jethmalani/MintWith inputs from Reuters
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