Shapoorji Pallonji Group plans %241 billion share sale of solar unit https://t.co/mA5f3lrIv2— Livemint (@livemint) November 20, 2018
Closing bell: Sensex falls 300 points, IT, metals stocks weigh
The BSE Sensex closed 300.37 points down at 35,474.51, while the Nifty 50 ended 107.20 points lower at 10,656.20. Here are the highlights from the markets
Last Modified: Tue, Nov 20 2018. 03 54 PM IST
- 3.36 pm ISTClosing bell: Sensex, Nifty close 1% lower
- 3.25 pm ISTGold prices fall by Rs 100 on muted demand
- 3.02 pm ISTFortis Malar Hospitals gets open offer from IHH Healthcare
- 2.47 pm ISTOil prices fall as market sell-off outweighs supply concerns
- 2.35 pm ISTMarket update: Sensex, Nifty fall nearly 1%
- 2.16 pm ISTEuropean shares trade lower
- 1.55 pm ISTReliance MF to launch fund offer for CPSE ETF to raise up to Rs, 8,000 crore
- 1.35 pm ISTBharti Airtel signs for over $2 billion loan
- 1.08 pm ISTRamco Systems shares rise on new contract
- 12.29 pm ISTShapoorji Pallonji Group plans $1 billion IPO of solar unit
- 11.57 am ISTMarket update: Sensex, Nifty trade lower
- 11.35 am ISTAlembic Pharma shares rise on USFDA drug approval
- 11.18 am ISTNomura raises PT on IPCA Laboratories
- 10.50 am ISTCryptocurrencies extend losses, Bitcoin below $5,000
- 10.30 am ISTHSBC starts coverage on Bajaj Finance with ‘buy’ rating
- 10.05 am ISTGMR Infra shares up 2%
- 9.48 am ISTGAIL India shares rise 3%
- 9.35 am ISTHEG shares rise 5% on share buyback proposal
- 9.23 am ISTYes Bank shares down 7% after board member resigns
- 9.18 am ISTGovt, RBI step back from the brink, signal uneasy truce
- 9.16 am ISTRupee rises against dollar for the sixth session
- 9.09 am ISTCommodity corner: Oil, gold prices steady
- 8.55 am ISTAsian stocks fall as US tech sinks
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 fell nearly 1% on Tuesday in line with weakness in global equity markets and after the outcome of the RBI board meeting to boost lending failed to impress investors. Reliance, HDFC, Infosys and ICICI Bank contributed most to the Sensex’s 300-point fall. Yes Bank shares fell 6% after an independent director resigned from the company’s board of directors. The Indian rupee gained for the sixth consecutive session today. The rupee today hit a two-month high of 71.28 against the US dollar and is set for the longest winning streak in more than a year.In global markets, European and Asian equities declined, tracking a rout in US shares that appeared poised to deepen on Tuesday amid investor jitters over the technology sector and trade. Oil prices fell amid a broad stock market sell-off. Here are the latest updates from the markets:
- 3.36 pm IST Closing bell: Sensex, Nifty close 1% lowerThe BSE Sensex closed 300.37 points, or 0.84%, down at 35,474.51, while the Nifty 50 ended 107.20 points, or 1%, lower at 10,656.20. The BSE MidCap and SmallCap indices fell 1.02% and 0.92%, respectively.All the sectoral indices on BSE declined with metal losing most at 2.8%. Basic materials, IT, teck, oil and gas, healthcare, consumer durables and telecom fell over 1%.IndusInd Bank, Adani Ports, M&M, GAIL and Bajaj Finance were among the top gainers on the key indices, whereas Yes Bank, Tata Steel, Vedanta, Wipro and Indiabulls Housing Finance were major losers.
- 3.25 pm IST Gold prices fall by Rs 100 on muted demandGold prices dropped Rs 100, extending its slide for the second day amid tepid demand from local jewellers even as the precious metal edged up globally. Silver followed suit and fell Rs 200, owing to reduced offtake by industrial units and coin makers. In Delhi, gold rates of 99.9 per cent and 99.5 per cent purity fell by Rs 100 each to Rs 32,000 and Rs 31,850 per 10 gram, respectively. It had shed Rs 50 Monday. Sovereign gold, on the other hand, remained unchanged at Rs 24,800 per piece of eight gram in scattered deals. PTI
- 3.02 pm IST Fortis Malar Hospitals gets open offer from IHH HealthcareFortis Malar Hospitals said it has received an open offer for acquisition of upto 4,894,308 shares of the company at a price of Rs 60.1 by Northern TK Venture Pte. Ltd together with IHH Healthcare Berhad and Parkway Pantai Ltd. Fortis Malar shares traded 1.67% up at Rs 57.95 per share.
- 2.47 pm IST Oil prices fall as market sell-off outweighs supply concernsil markets lost steam on Tuesday as a deteriorating economic outlook and a surge in U.S. production outweighed expected supply cuts by the Organization of the Petroleum Exporting Countries (OPEC). Brent crude oil futures, the international benchmark for oil prices, were at $66.43 a barrel at 0608 GMT, down 36 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.97 per barrel, 23 cents, or 0.4 percent, below their last settlement. The dips followed price increases earlier in the session. Reuters
- 2.35 pm IST Market update: Sensex, Nifty fall nearly 1%The BSE Sensex traded 300.57 points, or 0.84%, down at 35,474.31, while the Nifty 50 fell 106.20 points, or 0.99%, to 10,657.20. The BSE MidCap and Smallcap indices fell 0.9%, respectively.All the sectoral indices on BSE traded lower with metal losing most at 2.7%. Basic materials, IT, teck, healthcare, consumer durables and energy fell over 1%.
- 2.16 pm IST European shares trade lowerEuropean shares declined dragged by technology and banking shares. The Stoxx Europe 600 Index fell 0.7%, hitting the lowest in more than three weeks with its fifth consecutive decline. Futures on the S&P 500 Index fell 0.5% to the lowest in three weeks. Italy’s FTSE MIB Index declined 0.5%, hitting the lowest in more than three weeks with its fifth consecutive decline. The U.K.’s FTSE 100 Index fell 0.4%. The MSCI All-Country World Index decreased 0.3% to the lowest in almost three weeks.
- 1.55 pm IST Reliance MF to launch fund offer for CPSE ETF to raise up to Rs, 8,000 croreReliance Nippon Life Asset Management Ltd announced a further fund offer of its Central Public Sector Enterprises ( CPSE) exchange-traded fund (ETF) to raise up to Rs 8,000 crore as a part of the government’s overall divestment programme. An upfront discount of 4.5% is being offered to all investors. The offer will open for anchor investors on 27 November and for other investors on 28-30 November.The ETF will comprise NTPC Ltd., Coal India Ltd, Indian Oil Corporation Ltd, Oil & Natural Gas Corporation Ltd, REC Ltd, Power Finance Corporation Ltd, Bharat Electronics Ltd, Oil India Ltd, NBCC ( India) Ltd, NLC India Ltd and SJVN Ltd.
- 1.35 pm IST Bharti Airtel signs for over $2 billion loanBharti Airtel Ltd. is raising more than $2 billion in loans from banks, as India’s second-biggest wireless carrier faces increased competition at home and the threat of a ratings downgrade to junk. The company, controlled by billionaire Sunil Bharti Mittal, has agreed to two- and three-year bilateral loans with 10 to 12 lenders, according to people with knowledge of the matter, who are not authorized to speak publicly and asked not to be identified. Bharti Airtel shares traded 0.3% lower at Rs 335.80. Bloomberg
- 11.57 am IST Market update: Sensex, Nifty trade lowerThe BSE Sensex traded 157.50 points, or 0.44%, down at 35,617.38, while the Nifty 50 fell 56.05 points, or 0.52%, to 10,707.35. Adani Ports, IndusInd Bank, Tata Motors and GAIL were among the top gainers on the key indices, whereas Yes Bank, Tata Steel, Vedanta, Tech Mahindra and Infosys were major losers.
- 11.18 am IST Nomura raises PT on IPCA LaboratoriesNomura has raised the price target on drugmaker IPCA Laboratories Ltd to Rs 915 from Rs 72. The brokerage expects the company’s earnings growth to remain robust beyond FY21, particularly if FDA issues are resolved by then. Nomura also expects IPCA to deliver 15.2% revenue growth over FY 19-21. “Increase in export revenues and sustained above-market growth in India likely to be catalysts for the stock,” said Nomura. Of the 21 brokerage covering the stock, 15 rate it “buy” or higher, 4 “hold” and one “sell”; median PT is 845 rupees, according to Refinitiv data. Reuters
- 10.50 am IST Cryptocurrencies extend losses, Bitcoin below $5,000The slide in cryptocurrencies accelerated Monday, with Bitcoin piercing the $5,000 mark for the first time since October 2017, amid speculation that increased regulatory scrutiny will prompt issuers of initial coin offerings to liquidate holdings.Bitcoin declined as much as 14 percent during U.S. trading hours, falling just below $4,700 before bouncing back slightly. The largest digital currency was holding steady around $4,862 at 10:52 a.m. in Hong Kong. Rival coins Ether and Litecoin were largely flat after both tumbled as much as 16 percent overnight. Bloomberg
- 10.30 am IST HSBC starts coverage on Bajaj Finance with ‘buy’ ratingHSBC initiated coverage on non-banking financial company Bajaj Finance Ltd at a target price of Rs 3,000 and a ‘buy’ rating. “Management has demonstrated its execution capability, making co one of the fastest-growing and most profitable banking, financial services and insurance (BFSI) cos in India, with a valuation premium to peers,” said HSBC. The stock has a PE ratio of 30.46 for the next 12 months, highest among its peers, according to Refinitiv data.HSBC further added Bajaj Finance benefits from network effect of complementary payments and e-commerce, giving it a growing customer franchise. The company’s stable asset quality comes from having repeat customers accounting for 60% of its consumer business, noted the brokerage.14 of 23 brokerages covering the stock rate it “buy” or higher, nine “hold” and three “sell”; their median PT is 2,473 rupees, according to Refinitiv data. Bajaj Finance shares gained as much as 1.4% to Rs 2,392.50. Reuters
- 9.48 am IST GAIL India shares rise 3%Shares of Gail India Ltd rose as much as 3.22% to Rs 345.95 per share after the company moved NCLT against Arcelor Mittal Essar Steel bid. GAIL registered its objection with the Ahmedabad bench of the NCLT on 16 November. The state-owned gas utility has petitioned the bankruptcy court saying it would prefer a competing bid of Essar Steel Asia Holdings, representing the Ruia family, the former promoters of Essar Steel.
- 9.23 am IST Yes Bank shares down 7% after board member resignsYes Bank shares fell as much as 6.48% to Rs 191.75 per share after its independent (non-executive) director Rentala Chandrashekhar resigned from the bank’s board with immediate effect, citing personal reasons.
- 9.16 am IST Rupee rises against dollar for the sixth sessionThe rupee strengthened for the sixth consecutive session against the US dollar, its longest winning streak since October 2017, on the hopes that the Reserve Bank of India and the government managed to meet at a middle ground on some of issues. At 9.15am, the rupee was trading at 71.33 a dollar, up 0.45% from its Tuesday’s close of 71.66. The currency opened at 71.48 a dollar. The 10-year government bond yield stood at 7.763% from its previous close of 7.791%. So far this year, the rupee has declined 10.5%.
- 9.09 am IST Commodity corner: Oil, gold prices steadyOil: Oil prices were held in check as expectations of an OPEC-led supply cut supported the market but were countered by a deteriorating economic outlook, as well as a surge in U.S. production. U.S. WTI crude futures, were at $57.14 per barrel, 6 cents below their last settlement. Front-month Brent crude oil futures were at $66.75 a barrel, down 4 cents from their last close.Gold: Global gold prices held steady early on Tuesday as the dollar was pressured by weak U.S. economic data and cautious comments about the global economy from Federal Reserve officials. Spot gold inched 0.1% lower to $1,222.71 per ounce. US gold futures were down 0.2% at $1,223.5 per ounce.Metals: London copper prices fell on Tuesday, after a five-session winning streak, as conflicting signals over the trade dispute between the United States and China weighed on sentiment. Three-month LME copper fell 0.3% to $6,240 a tonne. Shanghai’s most-traded copper contract rose 0.4% to 49,880 yuan ($7,183.59) a tonne. London aluminium edged up 0.1% to $1936,5 a tonne, while nickel rose 0.3% from Monday’s close of lowest in nearly and zinc fell 0.3%. Reuters
- 8.55 am IST Asian stocks fall as US tech sinksStocks in Asia declined Tuesday after weakness in some of the biggest technology companies sent U.S. stocks tumbling, adding to pessimism about a breakthrough in trade tensions. Equities fell from Tokyo to Sydney, though less than U.S. benchmarks even as S&P 500 Index futures extended losses. In the U.S. session, the Nasdaq 100 Index plunged more than 3 percent to the lowest since April.Japan’s Topix index fell 0.6%. Australia’s S&P/ASX 200 Index dropped 0.9%. South Korea’s Kospi index lost 0.7%. Hong Kong’s Hang Seng Index declined 1.5%. S&P 500 futures fell 0.3%. The S&P 500 sank 1.7%, while the Nasdaq 100 plunged 3.3%. Bloomberg
First Published: Tue, Nov 20 2018. 08 55 AM IST