Markets today: Sensex dives 155 points, Nifty settles at 11429, SBI shares fall 3.8%
11 min read.Updated: 11 Aug 2018, 04:18 PM ISTNirav Vyas
BSE Sensex closed 155.14 points lower at 37,869.23 points, while the Nifty 50 ended 41.20 points down at 11,429.50. Here are the highlights from the markets
Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 halted their record breaking run and closed lower on Friday dragged by banking stocks such as SBI and ICICI Bank. Moreover, losses in global markets also hurt sentiment. BSE Sensex closed lower by 155.14 points, while the Nifty 50 settled below 11,430. European stocks declined by the most in a week, following shares lower in Asia, after falling Turkish lira raised fears of a wider fallout sent investors running for safe heaven assets. Oil prices fell on concerns that global trade disputes will slow economic growth and demand for fuel. Meanwhile, FIIs purchased equities worth Rs 370.68 crore net on Thursday, whereas DIIs sold Rs 85.39 crore of shares, provisional data showed. Moreover, the government will release IIP data for June. Here are the highlights from the markets:
10 Aug 2018, 03:33:00 PM IST
Closing bell: Sensex, Nifty snap record run
BSE Sensex closed lower by 155.14 points, or 0.41%, to 37,869.23, while the Nifty 50 fell 41.20 points, or 0.36%, to close at 11,429.50. In intraday trade, Sensex fell 208.62 points to 37,815.75 and the Nifty 50 declined 51.05 points to 11,419.65.Both the key indices ended with gains for the third straight week. This week, the Sensex rose 313.07 points, while the Nifty 50 advanced 68.70 points.BSE MidCap and SmallCap declined 0.80% and 0.78%, respectively. Among the sectoral indices on BSE, metal fell most at 2.01% followed by basic materials, utilities, capital goods, industrials and healthcare losing over 1%. Meanwhile, consumer durables, IT, teck and auto gained.Hero MotoCorp Eicher Motors, BPCL and TCS were among the top gainers, whereas SBI, Vedanta, Sun Pharma and Tata Motors were among the major losers.
10 Aug 2018, 03:20:00 PM IST
GAIL shares fall over 3% after Q1 results
State-run gas utility GAIL (India) Ltd reported a 23% rise in first-quarter profit on Friday and beat analysts’ estimates. Profit was Rs 1,259 crore in the three months ended June 30, compared with Rs 1,026 crore a year earlier, the company said. Analysts on average had expected a profit of Rs 1,193 crore, according to Thomson Reuters I/B/E/S. Revenue from operations rose around 50% to Rs 17,299 crore. GAIL shares fell 3.54% to Rs 363.20.
10 Aug 2018, 03:15:00 PM IST
Mangalam Organics shares soar 20%
Shares of Mangalam Organics Ltd surged 20% to Rs 319.40. The company reported a profit before tax of Rs 15.07 crore in the quarter ended 30 June, compared to a profit of Rs 2.56 crore a year ago. Revenue from operations stood at Rs 87.71 crore in the quarter compared to Rs 38.3 crore in the same period last year.
10 Aug 2018, 03:05:00 PM IST
SBI shares fall over 5% after Q1 results
SBI shares extended losses and fell as much as 5.3% to Rs 300.50 after the company reported Q1 results. SBI reported a loss for a third consecutive quarter as NPAs continued to mount and provisions soared. The bank would have reported higher loss if there was no tax write back. Net loss for the June quarter (Q1) stood at Rs 4,875.85 crore against a profit of Rs 2,005.53 crore a year ago. According to 17 Bloomberg analysts, the bank was expected to post a profit of Rs 237.80 crore.
10 Aug 2018, 02:50:00 PM IST
CreditAccess Grameen IPO fully subscribed
The CreditAccess Grameen IPO was subscribed 1.37 times so far during the last day of bidding today. The Rs 1,131-crore IPO, received bids for 25,855,620 shares against the total issue size of 18,829,684 shares, data available with the NSE till 2pm showed. The IPO comprises of fresh issue of up to Rs 630 crore and an offer for sale of up to 11,876,485 shares, including anchor portion of 8,041,617 shares. Price band for the offer has been set at Rs 418-422 per share. PTI
10 Aug 2018, 02:37:00 PM IST
$6.3 billion IPOs yet to hit street as volatility roils valuations
At least 32 companies that have won permission from markets regulator Securities and Exchange Board of India (Sebi) to raise over ₹ 41,000 crore (approximately $6 billion) through initial public offerings (IPOs) are yet to hit the street, as volatility roils company valuations.While the benchmark Sensex has risen 12.45% this year to touch 38,000 points, the mid-cap and small-cap indices, where the IPO pipeline is largely concentrated, have fallen 8.38% and 12.25% since the start of the year, according to data from the stock exchanges. Read more
10 Aug 2018, 02:28:00 PM IST
Hindalco Q1 profit rises 43%, misses estimates
Aluminium producer Hindalco Industries Ltd posted a 43% jump in first-quarter profit, but missed analysts’ estimates. Profit was Rs 414 crore in the quarter ended 30 June, compared with Rs 290 crore a year ago. Analysts on average had expected a profit of Rs 421 crore, Thomson Reuters I/B/E/S data showed. Revenue from operations of the company, which also manufactures copper products and fertilisers, inched up 1.7% to Rs 10,593 crore. Hindalco shares fell 1.91% to Rs 223.10.
10 Aug 2018, 02:10:00 PM IST
SBI reports Q1 net loss of Rs 4875.85 crore
State Bank of India reported a net loss of Rs 4,875.85 crore in the quarter ended 30 June, compared to a profit of Rs 2,005.53 crore in the same period last year. The company’s net interest income stood at Rs 27,798 crore in the quarter compared to Rs 17,606 crore in the same quarter last year. Reuters consensus forecast for the June-quarter net loss was Rs 1710 crore. Shares traded 0.27% up at Rs 317.30 after hitting a low of Rs 301.60.
10 Aug 2018, 02:03:00 PM IST
NSE, BSE tell Jet Airways to disclose why Q1 results were deferred
The stock exchanges have asked Jet Airways (India) Ltd to disclose why its audit committee did not approve the financial results for the three months ended 30 June at Thursday’s board meeting and if anything other than financial results were discussed at the meeting. On Friday, Jet Airways shares fell as much as 13.3% on news that the Naresh Goyal-owned airline had deferred its Q1 result. Jet Airways shares traded 6.63% lower at Rs 281.70. Read more
10 Aug 2018, 01:55:00 PM IST
Vehicle sales rise 7% in July due to transporters strike, high base effect
Total vehicle sales increased 7% to 2,244,875 units in July, against a year ago, due to the high base in the corresponding quarter and inventory pile-up by vehicles manufacturers ahead of the festival season beginning August, data released by Society of Indian Automobile Manufacturer showed. The strike called by truck owners also hit vehicle supply. NSE’s Nifty Auto Index traded 0.52% up led by Eicher Motors. Read more
10 Aug 2018, 01:43:00 PM IST
Alkem Lab says USFDA inspected Baddi facility, no Form 483 issued
Alkem Laboratories Ltd said USFDA inspected its manufacturing facility in Baddi, Himachal Pradesh, and has not issued Form 483. Shares traded in the range of Rs 2,142.80-2028.
10 Aug 2018, 01:05:00 PM IST
Deep Industries Q1 profit falls
Deep Industries Ltd reported June-quarter net profit after tax of Rs 18.08 crore, compared to a profit of Rs 21.04 crore in the same period last year. Revenue from operations stood at Rs 73.81 crore in the quarter ended 30 June, compared to Rs 73.08 crore a year ago. Shares declined 0.56% to Rs 115 from the day’s high of Rs 120.50.
10 Aug 2018, 12:48:00 PM IST
ADC India Communications shares jump 16% after Q1 results
ADC India Communications Ltd reported a profit of Rs 1.49 crore in the quarter ended 30 June, compared to Rs 79 lakh a year ago. Revenue from operations stood at Rs 18.28 crore in the quarter, compared to Rs 15.7 crore in the same period last year. Shares surged as much as 16.58% to Rs 225.
10 Aug 2018, 12:40:00 PM IST
Oil prices set for 6th weekly loss as trade war stokes demand fears
A bruising week for oil has set prices on course for the longest weekly losing streak in three years as a trade war between the world’s two biggest economies stokes fears it could sap energy demand. Futures were headed for a 2.4% loss this week. The US and China are threatening to slap additional tariffs on imports from each other in a matter of weeks, with the tit-for-tat protectionist measures set to expand. The trade conflict overshadowed a decline in American crude inventories and potential supply losses from Iran. Read more
10 Aug 2018, 12:05:00 PM IST
Sensex, Nifty hold losses
BSE Sensex traded lower by 130.86 points, or 0.35%, to 37,893.51, while the Nifty 50 fell 42.80 points, or 0.37%, to 11,427.90. BSE MidCap and SmallCap declined 0.41% and 0.39%, respectively.Fifteen out of 19 sectoral indices traded lower with oil and gas, utilities, power and energy losing most. Consumer durables, auto, realty and consumer discretionary goods and services gained. On NSE, Nifty PSU Bank Index fell over 2%.Yes Bank, Eicher Motors, Mahindra and Bharti Airtel were among the top gainers, whereas Sun Pharma, SBI, Coal India and Tata Motors were among the major losers.
Rupee to trade near record low over coming year: Reuters poll
India’s battered rupee will trade in a tight range in the coming year but not far from its historic low, hampered by higher oil prices and as trade tensions hurt emerging markets, a Reuters poll found. The Indian currency has lost over 7% this year, with worries over the US-China trade conflict pushing it to a new record low of 69.122 against the dollar in July, making it the worst performing Asian currency. Taken after the Reserve Bank of India hiked rates to a two-year high on 1 August, the latest poll of about 40 foreign exchange analysts showed the rupee is now expected to trade at 68.22 per dollar in a year from about 68.60 on Thursday. Read more
10 Aug 2018, 10:50:00 AM IST
Eicher Motors shares rise 3.7% after Q1 results
Eicher Motors shares jumped as much as 3.76% to Rs 28,518.10 after the company on Thursday reported a 25.36% rise in consolidated net profit to Rs 576.18 crore for the quarter ended 30 June, compared to Rs 459.62 crore a year ago. Consolidated total revenue from operations stood at Rs 2,547.75 crore for the quarter, compared to Rs Rs 2,254.94 crore in the year-ago period.
Dynamatic Technologies Ltd shares slumped as much as 8.35% to Rs 1,552 in early trade, but trimmed some losses to trade 2.08% lower at RS 1,658.25. The company reported a consolidated net profit of Rs 7.76 crore in the quarter ended 30 June, compared to a loss of Rs 9.46 crore a year ago. Consolidated revenue from operations stood at Rs 379 crore in the quarter, compared to Rs 303 crore in the same period last year. The company declared an interim dividend of Rs 2 per share.
10 Aug 2018, 09:52:00 AM IST
SBI shares dip 2% ahead of Q1 results
Shares of State Bank of India fell 1.93% to Rs 310.35 ahead of its June-quarter earnings due later today. According to 17 Bloomberg analyst estimates, the bank may report net profit of Rs 237.80 crore.
10 Aug 2018, 09:30:00 AM IST
Vakrangee shares down 5%
Shares of Vakrangee Ltd fell 5.5% to Rs 61.25 after Sebi has asked Vakrangee Holdings (VHPL) to make an open offer to acquire the shares of its listed subsidiary Vakrangee within 45 days.
10 Aug 2018, 09:23:00 AM IST
Jet Airways shares dive 10% as it defers Q1 results announcement
Shares of Jet Airways Ltd plunged 10% to Rs 271.55 after Jet Airways (India) Ltd. said on Thursday it has deferred publication of its quarterly results for the three months ended 30 June 2018 as certain matters are still to be closed. The company said that trading window will continue to remain closed and shall open 48 hours after publication of results. Jet did not specify the issues that needed closure. A person familiar with the decision told Mint on condition of anonymity that the board of directors is likely to consider the unaudited results on Friday. Read more
10 Aug 2018, 09:20:00 AM IST
Sensex, Nifty trade lower
BSE Sensex traded lower by 95 points, or 0.25%, to 37,929.37, while the Nifty 50 fell 25.50 points, or 0.22%, to 11,445.20.
10 Aug 2018, 09:15:00 AM IST
Rupee opens lower against US dollar
The Indian rupee on Friday was trading weaker against US dollar tracking losses in Asian currencies amid risk aversion spurred by geopolitical tensions between the US and other countries. At 9.10am, the rupee was trading at 68.84 a dollar, down 0.24% from its previous close of 68.68. The currency opened at 68.83 a dollar and touched a low of 68.85. So far this year, the rupee has weakened 7%, while foreign investors have sold $260.40 million and $5.43 billion in equity and debt markets, respectively.
10 Aug 2018, 09:00:00 AM IST
Market rally was weak and driven by a few stocks
Equity markets set new records on Thursday, which the benchmark BSE Sensex index crossing the psychologically important level of 38,000 points. However, the rally itself was weak, and driven by a few stocks. It took the Sensex a mere nine sessions to sprint from 37,000 points to 38,000 points.Read more:Sensex continues rally, crosses 38,000-mark
10 Aug 2018, 08:50:00 AM IST
Sensex, Nifty rallying due to higher valuations, not higher earnings
While it may seem that the bulls are ruling Dalal Street, investors should look beyond market levels
Opening bell: Cues to look out for before trading today
■ US stocks closed mostly lower. S&P 500 lost 0.1% to 2,853. Asian stocks opened mixed. According to Reuters, heightened global trade tensions and currency volatility is weighing on the market.■ In a rare development, Jet Airways on Thursday deferred announcing the June quarter numbers to an unspecified late date.■ Maruti Suzuki India Ltd is building a website where car buyers can compare prices, in a direct challenge to platforms such as CarWale and CarDekho, which provide similar services.■ Eicher Motors Ltd Q1 results: The 25.3% year-on-year growth in its June quarter consolidated net profit to ₹ 576.2 crore failed to enthuse investors, given that it came a tad below consensus earnings estimates. Read more■ The State Bank of India (SBI) has informed that its board is looking to sell 4% of its existing holding in SBI General Insurance to a non-promoter entity through small parcel share sale, reports Business Standard.■ Reliance Communications informed the telecom department that it will furnish bank guarantees worth Rs 774 crore and sell spectrum to Reliance Jio, which will meet future liabilities associated with the airwaves, reports The Economic Times.■ The Supreme Court ordered the sale of Jaypee Infratech Ltd to investors other than promoters and offered homebuyers a seat at the table, besides clearing the decks for insolvency proceedings against its parent Jaiprakash Associates Ltd.■ Earnings today: Allcargo Logistics Ltd, Bosch Ltd, Gail (India) Ltd, Glenmark Pharmaceuticals Ltd, Hindalco Industries Ltd, State Bank of India Ltd, Sun TV Network Ltd, and Voltas Ltd are some of the companies that will release their earnings for the June quarter today.(R. Sree Ram/Mint)