FMCG: September quarter earnings will be the second reality check.— Mint Mark to Market (@livemint_m2m) October 11, 2018
The first being the fall in FMCG stocks.
Since early-September, the richly valued BSE FMCG index has fallen by 14.2%.https://t.co/lhxTC4RXjc @ravi_ananth
Closing bell: Sensex falls 760 points, wiping out 2018 gains
In intraday trade, the Sensex plunged 1,037 points to 33,723.53 and the Nifty 50 slumped 321 points to 10,138.60. Here are the highlights from the markets
Last Modified: Thu, Oct 11 2018. 05 17 PM IST
- 3.37 pm ISTClosing bell: Sensex, Nifty fall over 2%
- 3.11 pm ISTTCS shares down 3% ahead of Q2 results
- 2.57 pm ISTAngel Broking recommends BUY on M&M with PT Rs 1,050
- 2.20 pm ISTRupee recovers from record low as oil prices fall
- 2.07 pm ISTMarket Update: Sensex, Nifty trim losses, down over 1%
- 1.52 pm ISTOil price extend losses as other markets fall
- 1.27 pm ISTEuropean stock markets slide around 1.5% at open
- 1.15 pm ISTFalling oil prices will help Indian markets, says Equinomics Research
- 1.00 pm ISTStock market crash erodes over Rs 3 lakh crore from investor wealth
- 12.19 pm ISTYes Bank shares jump nearly 15%
- 12.15 pm ISTIndiGo, SpiceJet, JetAirways shares trade higher
- 11.58 am ISTAurobindo Pharma gets drug approval from USFDA
- 11.15 am ISTHow investors react as stock rout hits Asia
- 10.50 am ISTShares of oil companies gain as crude oil prices fall
- 10.36 am ISTFMCG: September quarter earnings will be the second reality check
- 10.12 am ISTMarkets dealing with dual problems—macro worries and global woes
- 9.57 am ISTBandhan Bank shares down 7%
- 9.51 am ISTMetal, IT, realty sectors fall over 3%
- 9.31 am ISTNBFC stocks trade lower
- 9.25 am ISTTCs shares fall 5% ahead of Q2 results
- 9.20 am ISTAxis Bank, Yes Bank top losers
- 9.17 am ISTSensex, Nifty 50 fall over 2%
- 9.13 am ISTBank-NBFC handshake on loan portfolio purchase a win-win deal
- 9.10 am ISTRupee hits fresh low of 74.46 a dollar
- 9.02 am ISTGlobal markets: Biggest stock sell-off since February
- 8.45 am ISTCommodity corner: Oil, gold, base metal fall
- 8.25 am ISTOpening bell: Cues to look out for before trading today
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed over 2% lower on Thursday amid a selloff in global markets. In opening trade, both the indices fell over 3%, with the Sensex plunging 1,037 points to 33,723.53 and the Nifty 50 falling 321 points to 10,138.60. Shares of IT, finance and metal sectors were worst hit. Losses were, however, capped as shares of oil companies such as Reliance Industries, HPCL and Indian Oil gained after oil prices fell nearly 2%. The rupee also rebounded from its fresh all-time low after crude oil prices and the US dollar fell.“The sell-off has turned out to be broad based across the industries and categories. However, investors can keep the shopping-list ready as high quality companies with strong fundamentals tend to bottom-out ahead of Nifty. The top priority for investors should be preservation of capital and confidence, ” said Jagannadham Thunuguntla, SVP and head of research (wealth), Centrum Broking Ltd.In global markets, the biggest stock slump since February rolled from the US through Europe and Asia on Thursday, reported Bloomberg, with benchmarks from Tokyo to London slumping as fresh fears for global trade added fuel to a recent selloff. The worst of the declines were in Asia, where China’s Shanghai Composite gauge tumbled more than 5% intra-day. By comparison, European losses were more contained; the Stoxx Europe 600 Index and Britain’s FTSE 100 both slipped less than 2%. Oil prices slumped to two-week lows as global stock markets fell. Here are the highlights from the markets:
- 3.37 pm IST Closing bell: Sensex, Nifty fall over 2%The BSE Sensex closed 759.74 points, or 2.19%, down at 34,001.15, while the Nifty 50 ended 225.45 points, or 2.16%, lower at 10,460.10. In opening trade, the Sensex plunged 1,037 points to 33,723.53 and the Nifty 50 slumped 321 points to 10,138.60.The BSE mid and small cap indices were down 2.34% and 1.41%, respectively. All the BSE sectoral indices, barring energy and oil and gas, declined with IT, realty and metal losing over 3%. The oil and gas index was up 2.88%.Yes Bank, ONGC, Hindustan Unilever, HPCL, GAIL and IOC were among the top gainers, while SBI, Tata Steel, Vedanta, Indiabulls Housing Finance and Bajaj Finance were among the major losers.
- 3.11 pm IST TCS shares down 3% ahead of Q2 resultsTCS shares traded 3.11% lower at Rs 1,979.50 per share on BSE ahead of the company’s September-quarter results announcement. TCS is estimated to post a sequential dollar revenue growth of 3.3% in the July-September period.TCS Q2 results today: 5 things to watch out for
- 2.57 pm IST Angel Broking recommends BUY on M&M with PT Rs 1,050“We expect strong PAT growth on back of healthy growth in automobile segment (on back of new launches and face lifts in some of the model) and strong growth in Tractors segment coupled by its strong brand recall and improvement in rural sentiment,” said Angel Broking Ltd. The stock traded 3.93% down at Rs 734.15.
- 2.20 pm IST Rupee recovers from record low as oil prices fallThe rupee rebounded from its fresh all-time low on Thursday after crude oil prices and the US dollar fell. At 2.11pm, the rupee was trading at 74.16 a dollar, up 0.08% from its Wednesday’s close of 74.22. In the morning trade, the rupee opened at 74.31 and touched a fresh low of 74.46 a dollar, tracking sell-off in the global markets. The 10-year gilt yield stood at 8.01% from its previous close of 8.031%. Read more
- 2.07 pm IST Market Update: Sensex, Nifty trim losses, down over 1%The BSE Sensex traded 590.11 points, or 1.70%, lower at 34,170.78, while the Nifty 50 fell 175.20 points, or 1.67%, to 10,284.90. In early trade, the Sensex plunged 1,037 points to 33,723.53 and the Nifty 50 slumped 321 points to 10,138.60.The BSE MidCap and SmallCap declined 1.64% and 1.15%, respectively. All the sectoral indices on BSE, except energy and oil and gas, traded lower with realty, IT, teck, basic materials, metal, finance, auto and bankex falling between 2% and 2.98%. Oil and gas jumped 3.32% and energy was up 1.44%.ONGC, Yes Bank, Reliance and HPCL were among the top gainers, whereas SBI, Tata Steel, Indiabulls Housing Finance and Infosys were among the major losers. Gold prices inched higher today amid a fall in equity markets. Gold prices today rose Rs 130 to Rs 31,980 per 10 gram, supported by increased buying from local jewellers amid festive season demand.
- 1.52 pm IST Oil price extend losses as other markets fallOil prices fell to two-week lows on Thursday as it extended big losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing U.S. crude inventories rose more than expected. Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.Brent crude futures were down $1.32, or 1.6 percent, at $81.77 a barrel by 0543 GMT. They earlier touched their lowest since Sept. 27 at $81.35, after closing 2.2 percent lower on Wednesday.U.S. West Texas Intermediate (WTI) crude futures were down by $1.10, or 1.5 percent, at $72.07, having fallen to their lowest since Sept. 28. They dropped 2.4 percent in the previous session. Read more
- 1.27 pm IST European stock markets slide around 1.5% at openEurope’s main stock markets slid by around 1.5 percent at the start of trading on Thursday following heavier falls across Asia and on Wall Street. London’s benchmark FTSE 100 index slumped 1.4 percent to 7,049.31 points compared with Wednesday’s closing level. In the eurozone, Frankfurt’s DAX 30 dropped 1.3 percent to 11,558.98 points and the Paris CAC 40 shed 1.5 percent to 5,128.22 points. AFP
- 1.15 pm IST Falling oil prices will help Indian markets, says Equinomics ResearchG Chokkalingam, founder of Equinomics Research and Advisory, said oil prices are down around 5% from recent highs and this will benefit Indian markets. He is optimistic about a recovery in the Indian markets after global markets settle down. The Indian markets had fallen sharply even before the current global equity rout and the oil price fall will provide a cushion to the Indian markets on the downside, he added.
- 1.00 pm IST Stock market crash erodes over Rs 3 lakh crore from investor wealthAs the BSE benchmark index plummeted over 1,000 points during the morning trade Thursday, investor wealth got eroded by over Rs 3 lakh crore. The BSE benchmark Sensex Thursday crashed over 1,000 points to slip below the key 34,000-mark in early trade, tracking a global sell-off. Led by the sharp carnage in equities, the market capitalisation of BSE-listed companies slumped Rs 3,05,625.87 crore to Rs 1,35,59,695.82 crore in late morning trade. Read more
- 12.15 pm IST IndiGo, SpiceJet, JetAirways shares trade higherShares of airlines traded higher despite selloff in local markets. The government on Wednesday cut excise duty on jet fuel from 14% to 11% to help keep airfares under check and to give relief to airlines troubled by high fuel prices. A notification from the finance ministry’s revenue department said the revised duty will be effective from Thursday. Jet Airways shares were up 2.96% at Rs 194.75, InterGlobe Aviation gained 5.99% to Rs 790.40 and SpiceJet jumped 3.52% to Rs 70.50. Read more
- 11.58 am IST Aurobindo Pharma gets drug approval from USFDAAurobindo Pharma Ltd said that it has received final approval from USFDA to manufacture and market Azithromycin oral suspension 100mg /5 mL and 200 mg/5 ml. The product will be launched in November 2018. Aurobindo Pharma shares traded 1% down at Rs 770.45 per share.
- 11.15 am IST How investors react as stock rout hits AsiaThe sell-off that struck the US overnight ripped through Asian stock markets Thursday, with indexes in Japan, Hong Kong and China tumbling at least 3 percent. Here’s what investors and analysts are saying about the selloff:Going to Get Worse“I think this is going to get worse before getting better,” said Nader Naeimi, head of dynamic markets at AMP Capital Investors Ltd. “We are not buying the dip yet. We are staying with our core value positions including energy and banks, but have significant cash buffers and significant long the Japanese yen.”“We believe that ongoing structural deterioration in U.S.-China relations is likely to result in higher volatility in Asia going forward,” said Ross Cameron, head of the Japan office at Northcape Capital Ltd. “Volatility should be positive for active investors and stock pickers, as more opportunities arise to buy undervalued companies.”Mixed Earnings Outlook“The latest drop is reminiscent of February’s selling, which saw its recovery assisted by positive earnings results,” said Jingyi Pan, a market strategist at IG Asia Pte. “As for the upcoming earnings season commencing with major U.S. banks on Friday, the outlook is rather mixed thus adding to the uncertainty. It will be one worth watching for aid to the market given the proximity and it will be difficult to rule out further decline in the market absent positive factors.”No Crisis“We haven’t reached a crisis scenario,” said Lam of CEB International. “After all, corporate fundamentals are not that bad. It’s all because of these external uncertainties. Yes the economic data - especially from China -- may show some slowdown in the near future but the situation is still far away from a hopeless crisis.” Bloomberg
- 10.50 am IST Shares of oil companies gain as crude oil prices fallShares of oil and gas companies rise marginally despite a sharp sell-off in the market. HPCL was up 2.4%, Indian Oil, ONGC and GAIL India gained about 1% each. Oil prices fell to two-week lows as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected.“Oil prices falling becomes positive for the oil PSU pack on account of lower expectations of subsidy,” said Rohit Anuja, head of research at BOB Capital Markets. Reuters
- 10.36 am IST FMCG: September quarter earnings will be the second reality check
- 10.12 am IST Markets dealing with dual problems—macro worries and global woes“The US market went through a corrective phase, on doubts whether high valuation in select few stocks that drove the market higher were justified or not,” said Hemang Jani, senior vice-president and head of advisory at Sharekhan by BNP Paribas.“Indian markets are now dealing with dual problems – their own macro-economic worries, and now the global woes. I believe the weak sentiment will prevail for a while,” added Jani.
- 9.57 am IST Bandhan Bank shares down 7%Bandhan Bank shares traded 6.80% down at Rs 477.25 per share on BSE. The bank on Wednesday reported a 47.3% jump in its September-quarter net profit due to higher other income and net interest income. Net profit for the quarter stood at Rs487.65 crore against Rs331.09 crore a year ago. Read moreMoreover, the bank said it will soon submit its plan to bring down its promoter holding to comply with the Reserve Bank of India’s (RBI) directions, Chandra Shekhar Ghosh, the managing director and chief executive officer of the bank, said on Wednesday. Read more
- 9.25 am IST TCs shares fall 5% ahead of Q2 resultsShares of Tata Consultancy Services Ltd fell 5% to Rs 1,961 ahead of its September quarter earnings. TCS is estimated to post a sequential dollar revenue growth of 3.3% in the July-September period.
TCS has won a good number of deals, and its management remains cheerful. Unsurprisingly, TCS should report a third consecutive good quarter.https://t.co/HpQcVgP5sB— Livemint (@livemint) October 11, 2018
- 9.10 am IST Rupee hits fresh low of 74.46 a dollarThe Indian rupee plunged to a fresh low against the US dollar after the government cut excise duty second time in a week and amid sell-off in global markets. At 9.07am, the rupee was trading at 74.42 a dollar, down 0.26% from its Wednesday’s close of 74.22. The currency opened at 74.31 and touched a fresh low of 74.46 a dollar. The 10-year gilt yield stood at 7.999% from its previous close of 8.031%. Global markets fell as fresh concern about the impact of the trade war with China roiled technology and industrial shares.
- 9.02 am IST Global markets: Biggest stock sell-off since February The biggest stock sell-off since February rolled from the U.S. through Asia on Thursday, with benchmarks from Tokyo to Hong Kong seeing declines in excess of 3 percent. The dollar weakened against all major peers while the yen pushed higher and some emerging-market currencies came under pressure. Read more■ Japan’s Topix index tumbled 3.5% at the break in Tokyo.■ Hong Kong’s Hang Seng slid 3.2%. The Shanghai Composite Index dropped 2.6%.■ South Korea’s Kospi index slumped 2.8%.■ Australia’s S&P/ASX 200 Index declined 2%.■ S&P 500 futures dropped 0.6%. The S&P 500 Index declined 3.3%. The Nasdaq 100 lost 4.4% to the lowest since July 3.
- 8.45 am IST Commodity corner: Oil, gold, base metal fallOil: Oil dropped to extend big losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing U.S. crude inventories had risen more than expected. Brent crude futures were down 66 cents, or 0.8%, at $82.43 a barrel. US WTI crude futures were down 57 cents, or 0.8%, at $72.60 after dropping 2.4% in the previous session.Metals: Base metals prices fell sharply in Shanghai and London in early Asian trade, tracking a broad sell-off on equity markets as a gloomy macro-economic outlook raised concerns over demand growth. Three-month LME copper fell 1.1% to $6,171.50 a tonne. Shanghai aluminium and nickel both fell around 1.6 percent, while zinc slipped 1 percent.Gold: Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year. The declines came even as Wall Street suffered its worst drubbing in eight months. Spot gold was down 0.2 percent at $1,192.41 an ounce. US gold futures were up 0.2 percent at $1,195.70 an ounce. Reuters
- 8.25 am IST Opening bell: Cues to look out for before trading today■ US stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months. Asia markets fell sharply on Thursday morning, with the stock indexes in Shanghai, Hong Kong and Tokyo all down more than 3%.■ Onkar Singh Kanwar and his son Neeraj Kanwar, promoters of India’s second-largest tyre company Apollo Tyres Ltd, have drawn higher salaries in the four years since FY14 even as profitability and revenue declined in some years, data from the company’s annual reports show.■ Kishore Biyani-led Future Enterprises Ltd acquired a 55% stake in Mumbai-based fintech startup LivQuik Technology (India) Pvt. Ltd, which operates the QuikWallet mobile app.■ After pursuing an acquisition-led strategy for much of the past decade, Godrej Consumer Products Ltd (GCPL), the maker of Cinthol soaps and Hit insecticides, has now paused to take stock of its past investments, said a top executive.■ Bandhan Bank Ltd reported a 47.3% jump in its September-quarter net profit due to higher other income and net interest income. Net profit for the quarter stood at Rs487.65 crore against Rs331.09 crore a year ago.■ AirAsia India is close to appointing an executive from Tata Steel Ltd to head the troubled low-cost carrier as its local partner, Tata Sons, moves to take greater control of the company, two sources aware of the matter said.■ The re-launch of the once popular hatchback Santro, along with a new compact hatchback, can be instrumental to the company’s performance and profitability, especially when retail sales are slowing down due to worsening macroeconomic factors.■ Saudi Arabia, the world’s biggest oil exporter, will supply Indian oil buyers with an additional four million barrels of crude oil in November, several sources familiar with the matter said.■ Earnings corner: Tata Consultancy Services will be announcing its September quarter earnings today.
First Published: Thu, Oct 11 2018. 08 25 AM IST
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