Closing bell: Sensex dives 572 points, Nifty settles at 10,601 on global sell-off
9 min read.Updated: 06 Dec 2018, 04:08 PM ISTNirav Vyas
The BSE Sensex closed 572.28 points, or 1.59%, down at 35,312.13, and the Nifty 50 ended 181.75 points, or 1.69%, lower at 10,601.15. Here are the latest updates from the markets
Mumbai: Indian benchmark indices BSE Sensex and NSE’s Nifty 50 declined over 1% on Thursday, marking their worst closing levels in two weeks, dragged down mainly by finance, auto and realty stocks amid weak cues from global equity markets. Investors were also cautious ahead of the assembly election results, which might set tone for the 2019 general elections. Stocks in Europe and Asian fell along with US futures after Canada arrested Huawei Technologies CFO for extradition to the US, raising fears of a fresh flashpoint in tensions between the US and China. Oil prices dipped as traders eyed an OPEC meeting expected to result in a supply cut. The Reserve Bank of India on Wednesday kept key interest rates unchanged, maintaining a “calibrated tightening” stance. Here are the latest updates from the markets:
06 Dec 2018, 03:36:00 PM IST
Closing bell: Sensex, Nifty fall 1.5%
The BSE Sensex closed 572.28 points, or 1.59%, down at 35,312.13, and the Nifty 50 ended 181.75 points, or 1.69%, lower at 10,601.15. The BSE mid- and small-cap indices fell 1.54% and 1.36%, respectively.All the sectoral indices on BSE posted losses with energy, telecom, auto and realty falling most at over 2%. Basic materials, IT, consumer discretionary goods, FMCG, Industrials, oil and gas and teck fell over 1.5%.
06 Dec 2018, 03:35:00 PM IST
Nifty sectoral indices
06 Dec 2018, 03:33:00 PM IST
Sensex down 572 points
06 Dec 2018, 03:23:00 PM IST
Opec waits on Russia’s decision as it searches for oil cut deal
Eveready Industries sells land in Chennai for Rs 100 crore
Eveready Industries India Ltd said that it has signed an agreement with Alwarpet Properties Pvt Ltd for sale of its land situated Triuvottiyur Road, in Chennai, Tamil Nadu, for a consideration of Rs 100 crores. The sale is expected to be completed within 4 -10 months. Shares traded 2.28% down at Rs 199 per share after rising briefly to hit a high of Rs 207.65 per share.
06 Dec 2018, 02:50:00 PM IST
Muthoot Finance shares plunge 10% after quarterly results
Muthoot Finance Ltd reported a profit of Rs 484 crore in the quarter ended September 30 versus Rs 446 crore a year ago. Total revenue from operations fell marginally to Rs 1,650 crore in the September 2018 quarter from Rs 1,662 crore in the same period last year. Muthoot Finance shares fell as much as 9.98% to Rs 403 per share.
06 Dec 2018, 02:39:00 PM IST
RBI surveys show where the battle is during elections
The Narendra Modi government has for sure won the war on inflation, credit to RBI, but its biggest promise of jobs is where the lack is. https://t.co/MOz3CZ3UZ5
The BSE Sensex traded 450.08 points, or 1.25%, down at 35,434.33, and the Nifty 50 fell 147.30 points, or 1.37%, to 10,635.60.
06 Dec 2018, 01:52:00 PM IST
European stocks, US futures tumble
U.S. equity futures tumbled at the Asia open, sending a shock wave through stocks and setting the tone for Thursday trading. European and Asian shares slumped while Treasuries were steady and the dollar edged higher. While contracts on the S&P 500 pared the worst of their decline -- selling pressure had at one point forced intermittent pauses in trading -- the mood was set and the MSCI Asia Pacific Index deepened losses through the day. The Stoxx Europe 600 Index tracked the move, extending its decline a third day as every sector retreated.Futures on the S&P 500 Index dipped 0.9%, to the lowest in more than a week. The Stoxx Europe 600 Index fell 0.8% to the lowest in more than two weeks. The U.K.’s FTSE 100 Index decreased 0.9% to the lowest in two years. Germany’s DAX Index declined 1.2% to the lowest in almost two weeks on the biggest drop in more than two weeks. Bloomberg
06 Dec 2018, 01:08:00 PM IST
Info Edge India invests Rs13 crore in Shop Kirana E Trading
Info Edge (India) Ltd said that it signed an agreement to invest about Rs 13.40 crore in Shop Kirana E Trading Private Ltd. Shares traded 0.66% up at Rs 1589.50 per share.
06 Dec 2018, 12:45:00 PM IST
Economic slowdown concern haunts global equity investors
Before the optimism over a possible US-China trade truce could sink in, global equity investors are staring at yet another crisis—a potential economic slowdown, by @imharshajhttps://t.co/4oTTQbcM1n
The rupee extended losses against the US dollar. At 12.17pm, the rupee traded at 71.8 a dollar, down 0.87% from the previous close of 70.47. The currency opened at 70.80 a dollar.
06 Dec 2018, 12:11:00 PM IST
Markets to remain volatile ahead of election results, say experts
■ “Markets will remain volatile till we come out with the verdict on the state elections,” said Siddharth Sedani, head of equity advisory at brokerage firm Anand Rathi, adding that there is some nervousness from the commentary around the U.S.-China trade spat as well. “In terms of the monetary policy outcome, it was in line with expectations, although there were some pockets who were expecting a CRR (Cash Reserve Ratio) cut which did not happen,” Sedani said.■ “We see caution setting in among investors as the last of the states go to polls tomorrow,” said Jitendra Panda, managing director at Peerless Securities Ltd. in Kolkata. “Investors are expecting mixed results in the elections and are staying in cash until results are out.”■ “From a market stand point, the expectation of a more accommodative view from RBI, in line with similar view on the US Fed rate trajectory was a disappointment, which explains the post announcement volatility,” said Dhananjay Sinha, Head of Research, Economist & Strategist, Emkay Global Financial Services.
06 Dec 2018, 11:05:00 AM IST
Fitch slashes India’s GDP growth forecasts
Fitch said that it has lowered India’s growth forecasts on weaker-than-expected momentum in the third-quarter data. The rating agency expects India’s GDP growth at 7.2% in fiscal year ending March 2019, followed by 7.0% in FY20 and 7.1% in FY21. Indian rupee is likely to weaken to 75 against the dollar by end-2019. Reuters
06 Dec 2018, 10:48:00 PM IST
Aurobindo Pharma shares fall 4% on report of US lawsuit
Aurobindo Pharma shares fall as much as 4% to Rs 764.55 per share, their lowest since November 13. The company faces a class action lawsuit in the U.S. over carcinogenic elements in its blood pressure drug, reported Business Standard. The drugmaker has been named in the lawsuit for alleged contamination of its irbesartan active ingredient (API) used in treatment of high blood pressure, the report added. The company did not immediately respond to Reuters’ request for a comment.
06 Dec 2018, 10:23:00 AM IST
Why govt should revisit move to limit marketing margins of OMCs
Shares of oil marketing companies HPCL, BPCL and Indian Oil traded lower by up to 1%.
The recent recovery in shares of oil marketing companies can at best be treated as a temporary relief, not as a factor to drive a re-rating of these shares, writes @PallaviPengondahttps://t.co/meaK5mQEzA
Shares of Power Finance Corp traded 0.11% down at Rs 92.20 per share, while REC shares rose 0.71% to Rs 105.95 per share. The Cabinet will Thursday consider the proposal for PFC acquiring entire government holding in state-owned REC, which will fetch the government around ₹15,000 crore. The government held 57.99% in REC, and 65.64% in PFC at September-end. However, government holding in REC has come down to 52.63% following stake sale through ETF.
06 Dec 2018, 09:55:00 AM IST
Market update: Sensex, Nifty fall 1%
The BSE Sensex traded 342.37 points, or 0.95%, down at 35,542.04, and the Nifty 50 fell 111.60 points, or 1.03%, to 10,671.30. The BSE MidCap and SmallCap indices declined 1.28% and 0.98%, respectively. All the sectoral indices on BSE traded in negative territory with realty and metal losing most at over 2%.
06 Dec 2018, 09:43:00 AM IST
MindTree shares jump 4%
MindTree shares surged as much as 4.6% to Rs 911.75 per share. Mindtree Ltd’s largest investor and Café Coffee Day’s (CCD) founder V.G. Siddhartha, two firms controlled by him and a few other large shareholders are looking to sell their stakes in the Bengaluru-based software services company, reported Mint, citing three people directly aware of the development said. Private equity firm KKR and Co. has evinced interest in buying a large stake in Mindtree. The stock opened flat and hit a low of Rs 863.70 per share in early trade.
06 Dec 2018, 09:28:00 AM IST
Metal stocks trade lower as global prices fall further
Shares of metal companies declined as prices of non-ferrous metals extended losses, as worries over weak demand caused by Sino-US trade tensions persisted. The Nifty Metal Index was down nearly 2%. JSW Steel, Tata Steel, Vedanta and Jindal Steel were major losers.Three-month LME copper fell 0.8% to $6,142 a tonne, extending losses from the previous session. The most-traded copper contract for February delivery in Shanghai dipped 0.7% to 49,100 yuan ($7,163.07) a tonne.
06 Dec 2018, 09:20:00 AM IST
Lemon Tree Hotels shares up over 2% on new hotel opening
Shares of Lemon Tree Hotels Ltd rose 2.6% to Rs 69.55 per share after the company said it opened a 201-room hotel property in Pune.
06 Dec 2018, 09:11:00 AM IST
Bond yield hits 8-month low; Rupee falls 0.6% against dollar
Yield of the 10-year government bonds opened 3 basis points lower to hit a fresh 8-month low after the Reserve Bank of India assured that it will continue to increase bond purchases through open market operations (OMO) to provide liquidity till March-end. At 9.10am, the 10-year bond yield was trading at 7.407% -- a level last seen on 13 April, from its previous close of 7.441%. The rupee fell further today. At 9.10am, the rupee traded at 70.87 a dollar, down 0.57% from its previous close of 70.46. The currency opened at 70.80 a dollar.
06 Dec 2018, 08:58:00 AM IST
RBI monetary policy: Don’t fall for the rate cut trap yet
Oil prices fell along with weak stock markets, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30% since October. US WTI crude futures were at $52.66 per barrel, down 23 cents, or 0.4%, from their last close. International Brent crude oil futures were down 7 cents, or 0.1%, at $61.49 per barrel. The OPEC is meeting at its headquarters in Vienna, Austria, today to decide its production policy.Gold prices edged higher as the dollar eased amid a spike in risk aversion, while palladium further bolstered its premium over the bullion. Spot gold was up 0.2% at $1,240.04 per ounce. US gold futures were up 0.3% at $1,245.7 per ounce. Spot palladium was up 0.2% at $1,245.50 per ounce. Palladium is more valuable than gold for the first time since 2002, with prices soaring by around 50% in less than four months to record levels.Metals: Prices of non-ferrous metals extended losses, as worries over weak demand caused by Sino-US trade tensions persisted. Three-month LME copper fell 0.8% to $6,142 a tonne, extending losses from the previous session. The most-traded copper contract for February delivery in Shanghai dipped 0.7% to 49,100 yuan ($7,163.07) a tonne. Reuters
06 Dec 2018, 08:42:00 AM IST
Stocks slide in Asia with US futures
Asian stocks slumped with U.S. futures, the Treasury yield curve edged closer towards inversion and the yen climbed on Thursday as the investor aversion to risk that’s been prevalent for much of the quarter resumed. The MSCI Asia Pacific Index was on track for the worst back-to-back decline since October, with benchmarks retreating from Sydney to Shanghai. Hong Kong shares were among the worst performers after the arrest of the chief financial officer of China tech giant Huawei Technologies Co. reignited concerns about U.S.-China tensions.The MSCI Asia Pacific Index slid 1.3% as of 11:22 a.m. in Tokyo, down more than 1% for a second straight day. Japan’s Topix Index dropped 1.6%. Hang Seng slumped 2.2%. Australia’s S&P/ASX 200 Index fell 0.4%. Futures on the S&P 500 Index slid 1.1%. Kospi Index was down 0.9%. Bloomberg