From a banking crisis to interest rates, the RBI has often found itself on opposing sides to government officials this year.https://t.co/FjjHW0yCs8— Livemint (@livemint) October 30, 2018
Closing bell: Sensex sheds 176 points, Nifty ends below 10200 dragged by energy stocks
The BSE Sensex closed 176.27 points down at 33,891.13, while the Nifty 50 ended 52.45 points lower at 10,198.40. Here are the highlights from the markets
Last Modified: Tue, Oct 30 2018. 04 07 PM IST
- 3.37 pm ISTClosing bell: Sensex, Nifty close lower
- 3.18 pm ISTEmami shares off day’s high after earnings
- 2.43 pm ISTGovernment mulls selling ILFS: Report
- 2.19 pm ISTRBI looked the other way when banks lent excessively: Jaitley
- 2.00 pm ISTEuropean stocks, US futures rise
- 1.35 pm ISTOil stocks trade lower
- 1.03 pm ISTMarket update: Sensex, Nifty trade lower
- 12.45 pm ISTBPCL to shut crude unit at Kochi refinery for 3 weeks: Reuters
- 12.08 pm ISTShares of sugar companies rise as trade body cuts sugar output outlook
- 11.55 am ISTIT, PSU bank stocks lead gains
- 11.16 am ISTGlenmark Pharma shares up on USFDA approval
- 10.55 am ISTWhy RBI is at loggerheads with the government
- 10.26 am ISTColgate-Palmolive shares up over 1% after quarterly results
- 9.55 am ISTHDFC AMC shares up over 1% after Q2 results
- 9.36 am ISTMarket updates: Sensex, Nifty trim losses
- 9.25 am ISTBPCL shares fall 4% after quarterly results
- 9.17 am ISTJet Airways shares rise 5% on fund raise plans
- 9.14 am ISTRupee trades marginally lower against dollar
- 9.06 am ISTDII inflows in stock markets cross ₹1 trillion mark
- 9.00 am ISTHDFC AMC Q2 results show it got singed in IL&FS bushfire
- 8.40 am ISTCommodity corner: Oil, gold prices slip
- 8.35 am ISTWhy Sensex, Nifty rebound may just be a one-off thing
- 8.25 am ISTAsian stocks mixed as U.S.-China trade tensions escalate
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 turned volatile on Tuesday following muted sentiment in global markets amid escalating trade tensions between the US and China. Mixed corporate earnings also dented investor sentiment in the local markets. Shares of oil companies fell after September-quarter earnings of state-run BPCL disappointed investors, dragging the stock down over 4%. Shares of Reliance Industries and HPCL also fell between 2-4%. However, gains in shares of IT companies and PSU banks limited losses. The Indian rupee traded marginally lower against the US dollar.“Investors turned stock specific in the on-going result season while maintaining a cautious view due to upcoming state elections. Weak global cues and selling pressure in stocks that unveiled below expected results dragged the indices,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd. “Drop in oil prices will provide leeway to maintain support in the market while triggers like upcoming trade talks between US and China give more cues to investors.”In global markets, European stocks dropped and U.S. futures trimmed an earlier jump as traders turned their focus to a slew of company results and the next phase of a trade standoff between the US and China. Oil prices dipped over concerns related to U.S.-China trade dispute and signs of rising global supply despite upcoming sanctions against Iran. Here are the highlights from the markets:
- 3.37 pm IST Closing bell: Sensex, Nifty close lowerThe BSE Sensex closed 176.27 points, or 0.52%, down at 33,891.13, while the Nifty 50 ended 52.45 points, or 0.51%, lower at 10,198.40. Outperforming the benchmark, the BSE MidCap and SmallCap indices rose 0.91% and 0.94%, respectively.Among the sectoral indices IT and teck gained most at over 1%. Capital goods, industrials and realty also rose. On the other hand, energy led losses and fell 2.73%. Oil and gas and metal declined 1.70% and 1.21%, respectively.Infosys, Hindustan Unilever, SBI, Tech Mahindra and Dr. Reddy’s Labs were among the major gainers on the key indices, whereas HPCL, IndusInd Bank, BPCL, Reliance and Coal India were among the top losers.
- 3.18 pm IST Emami shares off day’s high after earningsEmami Ltd reported consolidated net profit of Rs 82.67 crore in the quarter ended September 30 versus Rs 98.68 crore a year ago. Consolidated revenue from operations stood at Rs 628 crore in the September quarter, unchanged from the same quarter last year. Shares traded 1.28% up at Rs 406 per share, off day’s high of Rs 416 per share.
- 2.43 pm IST Government mulls selling ILFS: ReportThe government is examining options including an outright sale of Infrastructure Leasing & Financial Services Ltd., reported Bloomberg, citing a person with knowledge of the matter, as the government tries to stem defaults at the lender with $12.6 billion of debt. Shares of IL&FS Investment Managers rose 2.70%, IL&FS Engineering and Construction gained 0.33% and IL&FS Transportation Networks fell 1.02%. Read more
- 2.19 pm IST RBI looked the other way when banks lent excessively: JaitleyEscalating the war of words between the government and the Reserve Bank of India, finance minister Arun Jaitley on Tuesday blamed the central bank for not doing enough to check the indiscriminate lending by banks between 2008 and 2014. Speaking at an event, Jaitley said the central bank looked the other way when banks were lending to projects without following prudent lending practices. Read more
- 2.00 pm IST European stocks, US futures riseEuropean stocks rose for a second day and U.S. futures and Asian equities rebounded as traders turned their focus to a slew of company results and the prospects for a trade deal between America and China.Futures on the S&P 500 Index gained 0.5%. The Stoxx Europe 600 Index climbed 0.2% to the highest in more than a week. The U.K.’s FTSE 100 Index increased 0.2% to the highest in more than a week. Germany’s DAX Index climbed 0.4%.The MSCI Asia Pacific Index gained 0.5%, the first advance in more than a week and the largest rise in almost two weeks. The MSCI Emerging Market Index fell 0.2%, reaching the lowest in almost 20 months on its sixth straight decline. Bloomberg
- 1.35 pm IST Oil stocks trade lowerThe Nifty Energy Index was down nearly 2% dragged mainly by oil companies BPCL, HPCL and Reliance. BPCL on Monday reported a 47% decline in net profit to Rs 1218.70 crore in September quarter. Revenue was up 1% to Rs 72345.80 crore.Motilal Oswal maintained “buy” rating on BPCL, with TP of Rs 397. “Key risk would be sharing of subsidy burden on LPG/kero and inability to pass on increased cost in auto fuels,” added the brokerage.
- 1.03 pm IST Market update: Sensex, Nifty trade lowerThe BSE Sensex traded 50.72 points, or 0.15%, lower at 34,016.68, while the Nifty 50 was down 14.05 points, or 0.14%, to 10,236.80. The BSE MidCap and SmallCap gained 0.89% and 0.92%, respectively.Among the sectoral indices on BSE, IT, teck and capital goods gained most at over 1%. Energy fell 2.15% followed by oil and gas and metal.
- 12.45 pm IST BPCL to shut crude unit at Kochi refinery for 3 weeks: ReutersBPCL shares traded 3.07% lower at Rs 268.45 per share. The company will shut a 120,000 barrels per day crude unit and some secondary units at its Kochi refinery for about three weeks from early December for maintenance, Reuters reported, citing its head of refineries.
- 12.08 pm IST Shares of sugar companies rise as trade body cuts sugar output outlookShares of Indian sugar producers Dhampur Sugar Mills Ltd , Balrampur Chini Mills Ltd, Magadh Sugar and Energy Ltd gained as Indian Sugar Mills Association on Monday lowered the country’s sugar output forecast for 2018/19 to 32 million tonnes from 35-35.5 million tonnes earlier. Sugar output could drop further if more sugar gets diverted for ethanol production, said ISMA. Shares of Dhampur Sugar Mills surged 10%, Balrampur Chini Mills up 5%, Dalmia Bharat Sugar and Industries added 5.4% and Magadh Sugar gained nearly 5%. Reuters
- 11.16 am IST Glenmark Pharma shares up on USFDA approvalShares of Glenmark Pharma traded 0.79% up at Rs 609.60 per share after the company said it has received final approval from the USFDA for Fluocinolone Acetonide topical Oil, a generic version of Derma-Smoothe/FS®1 topical Oil of Hill Dermaceuticals Inc.
- 10.26 am IST Colgate-Palmolive shares up over 1% after quarterly resultsShares of Colgate-Palmolive (India) Ltd rose 1.09% to Rs 1,117.60 per share. The company on Monday reported a 10.58% rise in net profit to Rs 196.37 crore for the quarter ended September 30, compared to Rs 177.57 crore last year.Edelweiss Securities said, “We expect Colgate’s innovation funnel and brand investments to keep flowing which should help arrest its market share loss. However, rising promotional intensity is a monitorable.” The brokerage maintained “Hold”, with a TP of Rs 1,206.Prabhudas Lilladher said, “Colgate is showing early signs of faint revival with lower market share loss in Total and Sensitive. However, sustained market share gains look uncertain as of now. Although Patanjali euphoria has cooled down, competition still remains intense with Dabur’s Red gel, HUVR’s success with “Ayush” and Patanjali’s new variants.” The brokerage upgraded the stock to “Hold”, with the TP of Rs 1,157.
In the September quarter, Colgate"s sales volumes rose by 7% over the year-ago quarter, when the GST rollout had caused a decline of 0.9%. https://t.co/HaDKWg8yVi— Livemint (@livemint) October 30, 2018
- 9.55 am IST HDFC AMC shares up over 1% after Q2 resultsHDFC AMC shares rose 1.27% to Rs 1,388.55 per share after the company posted a 15% increase in its net profit to Rs 205.9 crore for the second quarter ended September 30, compared to a profit of Rs 179.8 crore in the same quarter a year ago. Total revenue for the quarter was Rs 515.3 crore compared to Rs 457.6 crore for the year ago quarter. Read more
- 9.17 am IST Jet Airways shares rise 5% on fund raise plansShares of Jet Airways India Ltd rose as much as 4.81% to Rs 224.25 per share after Mint reported that the company has appointed Goldman Sachs Group and Boston Consulting Group (BCG) as advisers to raise fresh funds. The troubled airline has been working on ways to raise capital to honour its debt obligations and meet operating expenses. Read more
- 9.14 am IST Rupee trades marginally lower against dollarThe Indian rupee on Tuesday weakened marginally against the US dollar, tracking mixed Asian currencies. At 9.10am, the rupee was trading at 73.56 a dollar, down 0.15% from its Monday’s close of 73.45. The currency opened at 73.49 a dollar. The 10-year gilt yield stood at 7.826% from its previous close of 7.81%. So far this year, the rupee has declined 12.83%, while foreign investors have sold $5.06 billion and $8.56 billion in the equity and debt markets, respectively. Read more
- 9.06 am IST DII inflows in stock markets cross ₹1 trillion markDomestic institutional investors (DIIs) invested ₹23,545.94 crore in Indian stock markets in October, taking advantage of the correction in the market. Their total investments this year have crossed ₹1 trillion so far. DIIs’ net investment in Indian equity market so far this year stands at ₹1.06 trillion. Mutual funds have pumped in a net of ₹1.04 trillion, implying that some DIIs may have been net sellers of the asset class. Read more
- 8.40 am IST Commodity corner: Oil, gold prices slipOil: Oil prices fell, dragged down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran’s crude exports. Front-month Brent crude oil futures were at $76.78 a barrel, down 56 cents, or 0.8%, from their last close. U.S. WTI crude futures were at $66.78 a barrel, down 26 cents, or 0.4%, from their last settlement.Gold: Global gold prices eased, sliding off a more than three-month peak in the previous session, pressured by a strong dollar and as investors returned to riskier assets following a recent sell-off in global stocks. Spot gold was down 0.6 percent at $1,225.71 per ounce at 13:34 a.m. ET (1734 GMT). U.S. gold futures settled down $8.20, or 0.7 percent, at 1,227.60.Metals: Shanghai base metal prices fell in early trade on Tuesday on a stronger dollar and a report that the United States is planning tariffs on an additional $257 billion of Chinese goods. Three-month LME copper slipped 0.4% to $6,134 a tonne. Zinc was hit hardest, falling as much as 1.5 percent in London to a two-week low of $2,580.5 a tonne. Reuters
- 8.25 am IST Asian stocks mixed as U.S.-China trade tensions escalateAsian stocks traded mixed Tuesday as investors reacted to the prospect of U.S. tariffs on all Chinese imports that weighed on American equities. The dollar steadied while the yuan dropped to its weakest in a decade. Equities rose in Japan as the yen dipped and also in South Korea as S&P 500 Index futures climbed. Chinese shares fluctuated while Hong Kong and Australian stocks underperformed.The MSCI Asia Pacific Index rose 0.3%. Topix index climbed 0.9%. Hong Kong’s Hang Seng Index fell 0.8%. Kospi index climbed 0.5%. Australia’s S&P/ASX 200 Index rose 0.2%. Futures on the S&P 500 Index rose 0.3% to 2,652.00. Bloomberg
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