BackLive: Sensex falls 354 points, Nifty below 8,350, rupee at near 2-year low of 64.81
Here are the key developments affecting the domestic and international markets today
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5:00pm: The rupee closed at 64.81 per dollar, down 0.94% from its previous close of 64.20, a level last seen in September 2013 when the rupee was recovering from a all-time low of 68.85. The rupee weakened amid dollar demand from importers as traders adjusted to a new range for the Indian currency against the dollar following Tuesday’s devaluation of the yuan by the People’s Bank of China (PBoC).
3:30pm: The S&P BSE Sensex closes 1.27%, or 353.83 points, lower at 27,512.26, while the CNX Nifty ended 1.33%, or 112.90 points, lower at 8,349.45.
3:10pm: The S&P BSE Sensex falls 1.30%, or 363.21 points, to 27,502.88, while the CNX Nifty sheds 1.36%, or 114.80 points, to 8,347.55.
The rupee is trading at 64.82 per dollar, down 0.95% from its previous close of 63.20, a level last seen in September 2013 when the rupee was recovering from a all time low of 68.82.
3:01pm: The S&P BSE Sensex falls 1.08%, or 300.74 points, to 27,565.35, while the CNX Nifty sheds 1.08%, or 91.55 points, to 8,370.80.
The rupee continued its downward spiral against the US dollar amid dollar demand from importers as traders adjusted to a new range for the Indian currency against the dollar following Tuesday’s devaluation of the yuan by the People’s Bank of China (PBoC).
At 2.55pm, the rupee was trading at 64.82 per dollar, down 0.95% from its previous close of 63.20, a level last seen in September 2013 when the rupee was recovering from a all time low of 68.82.
2:00pm: The S&P BSE Sensex is down 214.44 points, or 0.77%, to 27,651.65.
1:49pm: Vedanta Ltd drops as much as 6.3% after exchanges sought clarification from the company on a news report that said Balco is shutting its rolling business.
1:40pm: Unitech Ltd shares drop 6.3% to ₹ 7.25 apiece ahead of the company’s results on Thursday.
1:30pm: NCC Ltd declines as much as 6.8% after the company issued a dividend of ₹ 0.40 per share on Tuesday.
1:19pm: IT services company CMC Ltd climbs 3.5% to ₹ 2,078 on the back of high volumes on rupee depreciation.
1:03pm: The S&P BSE Sensex is now trading lower by 207.17 points, or 0.74%, to 27,658.92.
12:55pm: Rajesh Exports jumps as much as 8.9% to mark all-time high of ₹ 593.9 after gold gained for a fifth session in a row on Wednesday to trade near a three-week high, benefiting from weaker equities after China’s devaluation of the yuan. The optimism was also seen ahead of the company’s quarterly results on Thursday.
12:46pm: Sun Pharma gains 5.1% after sequential improvement in April-June operating performance and encouraging management commentary.
Adjusted for one-off charges, June-quarter Ebitda came in around ₹ 1,830 crore, largely inline with estimates, according to analysts.
12:34pm: Suzlon Energy Ltd adds 4.9% in trade today on strong volumes.
12:20pm: Infosys gains as much as 3.5% as the rupee neared 65 per US dollar. Weaker rupee boosts revenue in dollar terms for IT companies.
12:02pm: Indiabulls Housing Finance Ltd declines as much as 7% to ₹ 749 after the listing of new securities of the company. A total of 6.54 million equity shares were allotted to QIBs pursuant to the qualified institutional placement by the company in July.
11:43am: NMDC falls as much as 4.6%, marking its lowest level since August 2013, after the company’s April-June earnings fell 47%. Falling iron ore prices have been weighing on the performance of the company.
11:21am: Exporters are top gainers among Indian stocks, rising for a second day after the rupee falls to its lowest since September 2013 crisis on yuan devaluation. Indian equities have started pricing in further devaluation of yuan and thereby better realizations for export-driven companies, said analysts. Shares of Infosys, Tata Consultancy Services, Tech Mahindra, Sun Pharmaceutical Industries, Divi’s Laboratories and Cadila Healthcare are trading higher.
11:08am: The S&P BSE Sensex is now down 98.55 points, or 0.35%, to 27,767.54.
10:59am: State-run refiners plunge after China’s yuan devaluation. Indian Oil Corp. Ltd (IOC) dives as much as 9.2% to ₹ 379.80, Hindustan Petroleum Corp. Ltd is down 7.3% to ₹ 883.60 per share and Bharat Petroleum Corp. Ltd (BPCL) slips 5.7% to ₹ 872.70 per share. IOC is also on the government agenda for disinvestment, with 10% stake likely to be offloaded through an offer for sale.
10:48am: Nestle India Ltd loses as much as 4.7% to ₹ 6,037.45 after the government has claimed damages of ₹ 640 crore for alleged malpractices by the company in the sale and marketing of Maggi noodles, which were banned in India after some tests indicated the presence of harmful ingredients.
10:35am: Hindalco Industries Ltd declines as much as 5.6% to ₹ 97.60 after Novelis reported a net loss of $60 million and revenue of $2.6 billion. Novelis of Georgia, which was acquired by Hindalco in 2007, distributes and sells aluminum rolled products.
10:21am: Engineering firm KEC International gains 5.4% to ₹ 155 after the company bagged new orders worth ₹ 838 crore in transmission and distribution as well as telecom cable business.
10:12am: Tata Steel Ltd jumps as much as 3.8% to Rs256.20 as its net profit more than doubled in the quarter ended June, helped by one-time exceptional gains and other income. The company on Tuesday reported a consolidated net profit of ₹ 762.96 crore, 126% higher than the ₹ 337.33 crore profit reported a year ago. Total income fell 15% from ₹ 36,643.35 crore to ₹ 31.062.5 crore.
10:00am: Apollo Tyres Ltd is up 1.7% to ₹ 186 per share after the company said the board has given nod to raise funds of about ₹ 2,000 crore towards meeting capital expenditure plans, which include ramping up of two plants in South.
9:52am: The S&P BSE Sensex is trading lower by 222.98 points, or 0.8%, to 27,643.11.
9:50am: The rupee slips to its lowest level in nearly two years, trading at 64.84 per dollar, down 1% from its previous close of 64.20.
9:48am: Coal India drops 4.6% to ₹ 374.85 ahead of it Q1 results. A Bloomberg poll of 28 analysts have estimated net profit of ₹ 4,111.5 crore and net sales of ₹ 19,317.2 crore. The Cabinet may also consider on Wednesday a 5-10% stake sale in Coal India that could fetch up to ₹ 24,800 crore. The stock is the biggest loser among Sensex shares.
9:45am: Jubilant Life Sciences Ltd gained as much as 13.3% to ₹ 354.05 per share after the company’s consolidated net profit jumped by over 26 times to ₹ 128.06 crore for the first quarter ended June, helped by lower expenses.
9:40am: Sectoral Indices—the BSE Metal index is the biggest loser, down 1.37%, followed by BSE Bankex. The BSE IT index gains the most, up 0.72%.
9:37am: The S&P BSE Sensex falls 172.37 points, or 0.62%, to 27,693.72, while the 50-share Nifty of the National Stock Exchange (NSE) is down 44.35 points, or 0.52%, to 8,418.
9:30am: Indian stocks open lower for a fourth day taking cues from weak Asian markets.
9:25am: The yield on India’s 10-year benchmark bond is trading at 7.78% compared with its Tuesday’s close of 7.79%.
9:20am: The Indian rupee weakened to as much as 64.64 against the dollar, its lowest level in nearly two years, tracking losses in the Asian currencies market.
9:15am: The dollar rises against a range of Asia-Pacific currencies after China cut the value of the yuan against the greenback for a second consecutive day. The US currency adds to day-earlier gains on the Indonesian rupiah, Indian rupee and South Korean won, and bought 125.21 yen, up from 125.12 yen in New York and 124.89 yen in Asia.
9:10am: Oil prices extend losses in Asia as dealers worried about China’s economy following its surprise currency devaluation, while oversupply concerns also added to downward pressure, analysts said. US benchmark WTI for September delivery falls 5 cents to $43.03, while Brent crude for September slips 35 cents to $48.83 in late-morning trade.
9:05am: Chinese shares open sharply lower, with Hong Kong dropping 1.49% and Shanghai falling 1.19% in early trades. Other regional markets also lost ground, with Tokyo dipping 1.23%, Sydney down 0.5%, while Seoul lost 1.21%.
9:00am: Asian shares fall after China cut the yuan against the dollar for a second day, fuelling concern about the health of the world’s number two economy.
8:55am: At Wall Street, the Dow fell 1.2% and the S&P 500 shed 1% as China’s currency move added to worries about the global economic outlook and hit companies with large exposure to the country.
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