Closing bell: Sensex falls 275 points, Nifty settles at 10600, Infosys, TCS top losers8 min read . Updated: 21 Nov 2018, 04:14 PM IST Livemint
The BSE Sensex closed 274.71 points down at 35,199.80, while the Nifty 50 ended 56.15 points lower at 10,600.05. Here are the highlights from the markets
OTHERS : Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 fell for a second session on Wednesday, tracking losses in Asian markets. Shares of IT companies declined, with Infosys and TCS falling over 3%, following the appreciation of rupee in the past six sessions. Oil marketing companies advanced after crude oil prices slumped over 6% on Tuesday. However, Oil prices clawed back some of the previous day’s losses, supported by a drop in US crude inventories. Record crude imports by India of almost 5 million bpd also supported oil prices.“Despite correction in crude oil prices and consistent appreciation in INR vs USD, the markets are yet to show positive move,” said Jayant Manglik, President, Religare Broking Ltd. “Concerns regarding US-China trade war, movement of crude oil & currency and other global developments would be keenly monitored by market participants. We would advise traders & investors to be selective in stock picking.”Here are the highlights from the markets:
Closing bell: Sensex, Nifty fall for 2nd day
The BSE Sensex closed 274.71 points, or 0.77%, down at 35,199.80, while the Nifty 50 ended 56.15 points, or 0.53%, lower at 10,600.05. Intraday, the Sensex fell as much as 362 points to 35,112.49, and the Nifty 50 declined 93.85 points to 10,562.35.The BSE midcap and smallcap indices rose 0.64% and 0.06%, respectively. Among the sectoral indices on BSE, healthcare and realty advanced over 1%. Consumer durables, telecom and bankex also gained. Meanwhile, IT was down 2.92% and teck fell 2.47%. Energy, power, utilities and capital goods fell between 0.5% and 1.4%.Yes Bank, Axis Bank, Adani Ports, Dr Reddy’s, Grasim and Bajaj Finance were among the top gainers on the key indices, whereas TCS, Infosys, Power Grid, Tech Mahindra and Reliance were among major losers.
Gold prices fall for third straight day
Gold prices fell for the third consecutive day and were down Rs 50, tracking a weak global trend amid weak demand from local jewellers. The precious metal has lost Rs 150 in the past two days. Silver also dropped by Rs 100. In Delhi, gold rates of 99.9% and 99.5% purity declined by Rs 50 each to Rs 31,950 and Rs 31,800 per 10 gram, respectively. Silver ready ended Rs 100 down at Rs 37,800 per kg, while weekly-based delivery lost Rs 183 at Rs 36,586 per kg. PTI
FPIs pull out $900 million in Sept quarter
Foreign investors continued their selling spree in the September quarter, withdrawing $900 million from the Indian equity market on widening current account deficit due to a surge in oil prices and depreciating rupee. During the April-June quarter, FPIs sold equities worth $3.04 billion, according to Morningstar Investment Adviser India. On a month-on-month basis, FPIs were net buyers of equities worth $330 million in July and $260 million in August. However, they turned net sellers of $1.49 billion in September.
Market update: Sensex, Nifty trim losses
The BSE Sensex traded 167.80 points, or 0.47%, down at 35,306.71, while the Nifty 50 fell 28.35 points, or 0.27%, to 10,627.85. Intraday, the Sensex fell as much as 362 points to 35,112.49, and the Nifty 50 declined 93.85 points to 10,562.35.Outperforming the benchmark Sensex, the BSE MidCap and SmallCap indices rose 0.59% and 0.08%, respectively. Among the sectoral indices on BSE, healthcare and realty advanced over 1%. Bankex, telecom and consumer durables also gained. On the other hand, IT and teck fell over 2%. Energy, power, utilities and capital goods fell between 0.5% and 1%.
DHFL shares jump 6% after quarterly results
Dewan Housing Finance Corporation Ltd reported a profit of Rs 439 crore in the quarter ended September 30, compared to Rs 288 crore a year ago. Total revenue from operations rose to Rs 3,516 crore in the September 2018 quarter from Rs 2,628 crore in the same period last year. DHFL shares rose as much as 6% to Rs 238.65 per share after Q2 results. Reuters
Europe stocks gain with US futures
Stocks in Europe rallied along with US futures, trimming losses after a slew of declines across assets on Tuesday, while Asian shares were mixed. Treasuries edged lower and the dollar slipped. Technology shares and car companies led an advance in the Stoxx Europe 600 Index, with contracts on the S&P 500, Dow and Nasdaq all pointing to a firmer open.The Stoxx Europe 600 Index gained 0.4 percent as of 8:04 a.m. London time. Futures on the S&P 500 Index rose 0.5 percent. The MSCI All-Country World Index dipped less than 0.05 percent to the lowest in more than three weeks. The MSCI Emerging Market Index climbed less than 0.05 percent. Bloomberg
Uday Kotak says RBI board’s decisions positive for economy
After a nine-hour meeting held on Monday, the RBI board took a slew of steps, including a restructuring scheme for MSME borrowers with credit facilities of up to Rs 25 crore, and giving banks some concession on capital adequacy normshttps://t.co/HstGigwZTY— Livemint (@livemint) November 21, 2018
White Organic board to consider bonus issue, shares rise 6%
White Organic Agro Ltd shares rose 6.19% to Rs 72 per share after the company said its board will meet on 17 December to consider issue of bonus shares.
Adani Gas gets 13 CGD projects, shares up 20%
Adani Gas Ltd shares jumped 20% to Rs 97.80 per share after the Adani group unit said it has received authorization from the Petroleum and Natural Gas Regulatory Board to expand its city gas footprint in 13 new areas.
PSU bank stocks as RBI extends deadline for meeting LCR requirement
Shares of PSU banks advanced, with the Nifty PSU Bank Index rising over 2%, after Mint reported that The decision of the Reserve Bank of India’s (RBI) board to extend the timeline for full implementation of Basel III rules for bank capital by a year would free up as much as ₹3.7 trillion for potential lending. Read more“With outlook on fresh slippages turning better and banks having significantly stepped up their PCR, we expect provisioning expenses to decline sharply over FY20, paving way for an earnings recovery,” said Motilal Oswal in a research note.
UPL shares gain after deal to buy Costa Rica company
UPL Ltd said that its unit UPL Corp. Ltd Mauritius has signed a definitive agreement to acquire Industrias Bioquim Centroamericana SA and subsidiaries. UPL shares traded 1.9% up at Rs 774.05 per share.
Lupin launches new generic drug, shares flat
Lupin launched Tetrabenazine tablets, 12.5 mg and 25 mg, generic equivalent of Valeant Pharmaceuticals North America LLC’s Xenazine tablets. The drug is indicated for the treatment of chorea associated with Huntington’s disease. Lupin shares traded 0.12% up at Rs 849.75 per share.
IT stocks trade lower; Infosys, TCS fall over 3%
Dr Reddy’s Labs shares jump 8% on favourable US court ruling
Shares of Dr Reddy’s Laboratories Ltd rose as much as 8.21% to Rs 2651.50 after Bloomberg reported that Indivior lost an appeals court ruling that opened the door for the company to begin sales of a generic version of the opiod treatment Suboxene Film. Dr. Reddy’s had received regulatory approval to sell a generic version of the drug before it was shut down by a federal judge who said it had to wait for a final decision in a patent-infringement case. The appeals court set aside an order that blocked Dr. Reddy’s and remanded the case to the trial court for further proceedings.
Market update: Sensex, Nifty fall for 2nd day
The BSE Sensex traded 105.61 points, or 0.30%, down at 35,368.90, while the Nifty 50 fell 19 points, or 0.18%, to 10,637.20. On the other hand, the BSE MidCap and SmallCap indices rose 0.37% and 0.24%, respectively. Among the sectoral indices on BSE, healthcare, oil and gas and realty advanced. IT, teck, metal, power and capital goods fell.
IOC, BPCL, HPCL shares up over 6%
Shares of oil marketing companies rose 7% after oil prices tumbled over 6% on Tuesday in line with a broader Wall Street selloff fed by mounting concerns about a slowdown in global economic growth. HPCL shares rose as much as 7.3% to Rs 261.15 per share, Indian Oil shares jumped 6.68% to Rs 148.40 per share and BPCL shares gained 6% to Rs 342 per share. ONGC and Oil India also advanced 1%.
Yes Bank shares rise over 3%
Yes Bank shares rose as much as 3.16% to Rs 198.65 per share. The bank today said that its board will meet on 13 December to consider appointment of a new chairman, two independent directors to replace Rentala Chandrasekhar and Vasant Gujarathi, and the CEO search panel’s recommendation to appoint a successor to the current MD and CEO Rana Kapoor.
India’s crude oil imports rise to highest level in at least 7 years
India’s crude oil imports in October rose to their highest level in at least more than seven years, data from the Petroleum Planning and Analysis Cell of the oil ministry showed on Tuesday. Crude imports in October climbed 10.5% from a year earlier to 21.02 million tonnes, the highest monthly import figure in PPAC data going back to April 2011. Imports rose as many refiners resumed purchases after maintenance of units.India’s oil imports from Iran fell by about 12 percent to about 466,000 bpd in October. The country’s overall purchases from Iran in the April-October period, the first seven months of the current fiscal year, rose 34 percent. Meanwhile, imports of oil products declined nearly 20 percent and exports fell more than 4 percent, the data showed. Reuters
Commodity corner: Oil prices recover, gold rates fall
Oil: Oil prices clawed back some of the previous day’s more than 6% plunge, lifted by a report of an unexpected decline in U.S. commercial crude inventories as well as record Indian crude imports. But investors remained on edge, with the IEA warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk. Brent crude oil futures were at $63.19 per barrel at 0239 GMT, up 66 cents, or 1.1% from their last close. US WTI crude futures, were up 66 cents, or 1.2%, at $54.09 a barrel.Gold: Global gold prices dropped slightly, as the U.S. dollar got a boost from safe-haven demand amid heightened risk aversion. Spot gold dipped 0.1% to $1,219.96 per ounce at 0122 GMT. US gold futures were down 0.1% at $1,220.3 per ounce.Metals: London copper prices eased as tensions between the US and China escalated ahead of a major meeting between the two presidents next week. Three-month LME copper was down 0.2% at $6,170 a tonne, while base metals on the SFE lost ground, with copper slipped 1.3% to 49,150 yuan ($7,077.24) a tonne. Reuters
Asian stocks fall around 1%
Asian stocks fell after another tumble on Wall Street, where concerns have spread to the corporate-bond market. Investors are also contending with no obvious havens, with Treasuries little changed so far this week and gold weaker. Equity benchmarks retreated across the region though an increase in US futures kept declines relatively contained. All major US benchmarks fell more than 1.5% Tuesday.Japan’s Topix index fell 1% at the 11:30 a.m. break in Tokyo. Australia’s S&P/ASX 200 Index fell 0.7%. South Korea’s Kospi index lost 0.9%. Hong Kong’s Hang Seng Index fell 0.5%. S&P 500 futures rose 0.2%. The S&P 500 declined 1.8%. The MSCI Asia Pacific Index fell 0.8%. Bloomberg