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Market Wrap: Sensex closes 309 points lower, Nifty below 10,700, private bank stocks fall

BSE Sensex and NSE Nifty 50 closed lower on Monday. Photo: ReutersPremium
BSE Sensex and NSE Nifty 50 closed lower on Monday. Photo: Reuters

BSE Sensex closed lower by 309.59 points at 34,757.16, while the Nifty 50 fell 68.05 points to close at 10,692.55. Here are the latest updates from the markets

MUMBAI : Mumbai: Benchmarks BSE Sensex and NSE Nifty 50 fell for a fifth straight session on Monday in line with broader Asia following a U.S. market rout on Friday, while worries remained that the Reserve Bank of India would turn more hawkish at its policy meeting later this week, Reuters reported. Investors remained concerned that the government widened its fiscal deficit target for the year starting in April to help finance higher spending in rural sectors and healthcare. The government also imposed a 10% LTCG tax for equity investments of more than one year. Investors will also keep an eye on the Reserve Bank of India’s interest rate decision on 7 February. Here are the latest updates from the markets:

05 Feb 2018, 03:34:00 PM IST

Closing bell

BSE Sensex closed lower by 309.59 points, or 0.88%, to 34,757.16, while the Nifty 50 fell 68.05 points, or 0.63%, to 10,692.55.

05 Feb 2018, 02:58:00 PM IST

Brooks Laboratories facility gets EU GMP certificate

Brooks Laboratories Ltd said that the company’s Vadodara, Gujarat, facility has received EU GMP certificate. Shares rose 2.05% to Rs99.40.

05 Feb 2018, 02:55:00 PM IST

Rupee trades lower against US dollar

The Indian rupee and bond prices fell, tracking losses in global equities and currencies markets. The rupee was trading at 64.12, down 0.08% from its previous close of 64.06. The home currency opened at 64.22 and touched a low of 64.23 a dollar. The 10-year bond yield was at 7.583% from its previous close of 7.562%.

05 Feb 2018, 02:18:00 PM IST

Market update

BSE Sensex traded lower by 414.57 points, or 1.18%, to 34,652.18, while the Nifty 50 fell 129.90 points, or 1.21%, to 10,630.70.

05 Feb 2018, 02:15:00 PM IST

Kalyani Investment posts profit in December quarter

Kalyani Investment Co. Ltd reported a net profit after tax of Rs12.18 crore in the December 2017 quarter versus a loss Rs54 lakh a year ago. Shares traded 1.20% lower at Rs2,225.

05 Feb 2018, 02:12:00 PM IST

Westlife Development shares surge over 6%

Westlife Development Ltd shares jumped 6.87% to Rs355 after the company reported a consolidated net profit of Rs7.75 crore in the quarter ended 31 December 2017 versus a loss Rs1.71 crore a year ago.

05 Feb 2018, 02:08:00 PM IST

Eveready Industries shares fall nearly 5%

Eveready Industries India Ltd shares fell 4.91% to Rs377.75 after the company’s December 2017 quarter profit declined to Rs20.94 crore from Rs35.19 crore a year ago

05 Feb 2018, 01:07:00 PM IST

PSU Bank stocks trade higher

PSU Bank stocks gains. IDBI Bank rose 2.5%, Canara Bank 1.9%, Bank of Baroda 1.9%, Oriental Bank of Commerce 1.4%, Punjab National Bank 0.6%, Bank of India 0.3%, State Bank of India 0.3%.

05 Feb 2018, 11:58:00 AM IST

Market update

BSE Sensex traded lower by 317.20 points, or 0.90%, to 34,749.55, while the Nifty 50 fell 96.15 points, or 0.88%, to 10,664.45. MidCap was down 0.71%, while SmallCap declined 1.06%

05 Feb 2018, 11:55:00 AM IST

LTCG imposed to check tax base erosion, boost manufacturing, says government

Government says exempting LTCG from tax was inherently biased against manufacturing and encouraged diversion of investment to financial assets.

05 Feb 2018, 11:50:00 AM IST

Stronger orders drive January services growth to three-month high

Activity in India’s services sector grew at the fastest pace in three months in January, underpinned by a recovery in new orders that prompted companies to sharply increase hiring, a private survey showed on Monday. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 51.7 in January from December’s 50.9, holding above the 50 mark that separates growth from contraction for a second month.

05 Feb 2018, 11:10:00 AM IST

Bharti Airtel shares rise over 4%

Bharti Airtel shares gained 4.62% to Rs441.30 following the announcement that Singapore-based telecom operator Singtel will invest Rs2,649 crore in Bharti Telecom Ltd, increasing its stake in the Indian telecom major to 48.9%.

05 Feb 2018, 11:05:00 AM IST

Steel Strips Wheels shares fall 5% as sales decline in January

Steel Strips Wheels Ltd said its total wheel rim sales fell 9% to 10.60 lacs in January on account of eway billing system introduced by the government. Shares declined 4.73% to Rs968.05.

05 Feb 2018, 10:23:00 AM IST

Market update

BSE Sensex traded lower by 307.28 points, or 0.88%, to 34,759.47, while the Nifty 50 fell 94.25 points, or 0.88%, to 10,666.35.

05 Feb 2018, 10:20:00 AM IST

Tata Motors shares rises ahead of earnings

Tata Motors Ltd shares rose 1.6% to Rs390.30 ahead of its December quarter earnings due later today. According to 19 Bloomberg analysts estimate, the company may post a net profit of Rs2,349.10 crore while revenues will be at Rs73,400.50 crore.

05 Feb 2018, 10:17:00 AM IST

Inox Wind shares decline after Q3 result

Inox Wind Ltd fell 5% to Rs 113.55 after the company posted a loss for December quarter at Rs43.27 crore against a profit of Rs116.56 crore a year ago.

05 Feb 2018, 09:42:00 AM IST

IT stocks trade higher

IT stocks trading higher. Polaris Consulting and Services Ltd rose 3.3%, HCL Technologies Ltd 1.1%, Mphasis 1.1%, Infosys Ltd 1%, Tech Mahindra Ltd 1.2%, Wipro Ltd 0.6%, Cyient Ltd 0.1%.

05 Feb 2018, 09:40:00 AM IST

PC Jewellers shares surged about 25%

PC Jewellers Ltd shares surged nearly 25% to Rs450 after falling 60% on Friday in intraday on the speculation that it its promoter might have business relationship with IT firm Vakrangee, which according to Mumbai Mirror is being probed by Sebi for possible stock manipulation. Valrangee shares hit another 10% lower circuit. The stock plummeted over 45% in last six sessions.

05 Feb 2018, 09:37:00 AM IST

Union Bank shares fall on December quarter loss

Union Bank of India shares fell 5% to Rs121.55 after it reported a loss of Rs1,249.85 crore against profit of Rs104 crore a year ago.

05 Feb 2018, 09:35:00 AM IST

Rupee weakens against US dollar, bond prices fall on global cues

The Indian rupee and bond prices fell, tracking losses in global equities and currencies markets after strong job data speculated that US Federal Reserve may boost interest rates next month. The rupee was trading at 64.19, down 0.19% from its previous close of 64.06. The home currency opened at 64.22 and touched a low of 64.23 a dollar. The 10-year bond yield was at 7.62% from its previous close of 7.562%.

05 Feb 2018, 09:32:00 AM IST

Market update

BSE Sensex traded lower by 477.08 points, or 1.36%, to 34,589.67, while the Nifty 50 fell 151.65 points, or 1.41%, to 10,608.95.

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