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Sensex closes 163 pts lower, Nifty at 16,569; banks, metals, realty top drags

Market closing: Indian indices closed over 0.28% lower on Wednesday.Premium
Market closing: Indian indices closed over 0.28% lower on Wednesday.

Market closing: Sensex closed at 55,629.49, down 162.78 points, or 0.29%, while Nifty was at 16,568.85, down 45.75 points or 0.28%. Banks, metals, and realty were top drags. FMCG, IT, and pharma closed in green. 

Indian indices closed over 0.28% lower on Wednesday. Asian markets rallied on Wednesday as investors engaged in bargain hunting despite losses on Wall Street and a surge of the coronavirus Delta variant stoking fears about the global economic recovery.

 

18 Aug 2021, 03:57:04 PM IST

Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities

"Nifty gave a sharp correction after making a lifetime high of 16,701 and closed near its day low at 16,550 down by 60 points. Banknifty also closed below its key support level at 35,480 down by 380 points. Today's bearish movement indicates a beginning of a possible correction. Nifty has support at 16,480 and 16,450 levels below which it can test 16,350. Banknifty can test 35,200 and 35,000 in the next few days."

18 Aug 2021, 03:55:42 PM IST

Rupee rises 11 paise to close at 74.24 (provisional) against US dollar

18 Aug 2021, 03:37:23 PM IST

Market closing

Sensex closes 163 pts lower, Nifty at 16,569; banks, metals, realty top drags. FMCG, IT, pharma closed in green. On the 30-share Sensex, UltraTech, Bajaj Finance, Bajaj Finserv, and six other stocks closed in green, while Kotak Mahindra Bank, ICICI Bank, PowerGrid, and 18 other stocks closed in red.

Sensex at close
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Sensex at close
18 Aug 2021, 03:20:52 PM IST

ICICI Bank, HDFC top drags

Index contribution
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Index contribution
18 Aug 2021, 03:15:28 PM IST

Indian renewable energy developers raised $3.6 bn via green bonds in Jan-Jun

Indian renewable energy developers have issued green bonds worth 26,300 crore ($3.6 billion) in the first half of 2021 alone, beating previous one-year records, according to a study by the CEEW Centre for Energy Finance (CEEW-CEF). The study, supported by Bloomberg Philanthropies, also found that Indian developers have raised more than 78,200 crore ($11 billion) since 2014 through green bonds issued in international markets. Two of them, Greenko and ReNew Power, account for nearly 70% of all issuances by value. The findings highlight the potential of green bond markets to support India’s ambitious push to achieve energy independence by 2047, a target recently announced by Prime Minister Narendra Modi. (Read here)

18 Aug 2021, 03:07:58 PM IST

Banks, financials, realty top drags

Nifty sectoral indices
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Nifty sectoral indices
18 Aug 2021, 03:05:50 PM IST

Tega Industries IPO commentary: Yash Gupta, equity research associate, Angel Broking 

"MM group company, Tega industries is engaged in the business of mining, has filled DRHP (Draft papers) with SEBI (Securities exchange board of India) for the IPO, with an expected IPO size of 700- 750 crores. The majority of IPO size will consist of the offer for sale from the promoter group. Tega industries engaged in the business of providing comprehensive solutions related to Mining, mineral beneficiation, and bulk solids handling industries across different stages of mining and mineral processing. The overall company product portfolio comprises more than 55 mineral processing and material handling products. Tega industries are the second-largest producer of polymer based mill liners globally. Tega industries incorporated 5 decades ago in 1978 in India, in 2001 Swedish firm acquired the entire equity stake in the company. The IPO is expected to be launched in September 2021."

18 Aug 2021, 02:54:06 PM IST

Iron ore’s plunge deepens as bhp flags ‘stern test’ from China

Iron ore extended its rout as BHP Group warned it sees an increasing likelihood of “stern cuts" to China’s steel output this year. The prospect of much lower steel production in the second-half is “testing the bullish resolve of the futures markets," BHP wrote in a commodities outlook report on its website. Iron ore in Singapore has plunged by a third since spiking to an all-time high in May. China’s steel industry is under pressure after pledging to reduce output this year, a goal that requires huge second-half curbs to offset booming output earlier in 2021. Production in July was more than 8% lower year-on-year, data on Monday showed.

18 Aug 2021, 02:35:47 PM IST

Pizza Hut ties up with HUL to add Kwality Wall's ice cream, desserts in menu

Quick service restaurant Pizza Hut on Wednesday said it has partnered with Hindustan Unilever to add the FMCG firm's Kwality Wall’s ice cream and desserts to its dine-in as well as the delivery and takeaway menu. With this partnership, Pizza Hut expects to increase its average order value by 10% for orders that have Kwality Wall's ice cream and desserts, a joint statement said. Besides, Pizza Hut has become the first ever pizza QSR chain to offer ice creams and desserts across its owned and aggregator platforms, it added.

18 Aug 2021, 02:23:39 PM IST

Tencent second-quarter profit rises 29%, beats estimates

Chinese gaming and social media giant Tencent Holdings posted a 29% rise in second-quarter profit, a slower pace of growth after the coronavirus pandemic led to a boom in online gaming last year. Net profit for the three months through June came in at 42.6 billion yuan, above an average Refinitiv estimate drawn from 13 analysts of 34.4 billion yuan. Revenue climbed 20% to 138.3 billion yuan, in line with expectations. Sales from mobile games grew 13%. The results come amid investor concerns that Tencent will continued to be ensnared in an onslaught of regulatory actions that Chinese authorities have unleashed on several sectors with the tech industry being the hardest hit.

18 Aug 2021, 02:13:17 PM IST

Crisil raises India Inc's credit outlook to 'positive'

Crisil Ratings on Wednesday said a broad-based recovery is on for India Inc. currently, and upgraded its credit quality outlook to 'positive' from the earlier 'cautiously optimistic'. The rating agency said the credit ratio, which illustrates the number of upgrades to downgrades, rose to over 2.5 times in the first four months of the fiscal, as compared to 1.33 times in the second half of FY21. The rating agency said it has also done a study of 43 sectors, excluding the financial sector, accounting for 75% of the overall 36 lakh crore in outstanding debt, which shows that the current recovery is broad-based

18 Aug 2021, 02:04:06 PM IST

Ami Organics IPO commentary: Yash Gupta, equity research associate, Angel Broking

"Ami Organics IPO is expected to open next week. Gujarat based Ami organics is one of the leading speciality chemical manufacturer to raise around 665 crores via IPO in the last week of August 2021. Ami organics deal into speciality chemicals for Agrochemicals, Cosmetics & Polymers. The company is having a comprehensive portfolio of varied products, custom synthesis, or contract manufacturing in prospective projects. The company sells its product in India as well as in the international market. Ami organic reported revenue growth of 41% in FY2021 at 342 crore and profit after tax growth of 96% in FY2021 at 54 crore." 

18 Aug 2021, 01:44:11 PM IST

Tata Steel trades lower

Tata Steel's stock was trading at 1,503.00 each, down 0.04% at 1:44 pm. Tata Steel said it has commissioned its first steel Recycling plant in Rohtak, Haryana.

18 Aug 2021, 01:42:45 PM IST

Irctc gains

Irctc was trading at 2,741.20 apiece, up 2.67% at 1:40 pm. The government is considering a revamp of the private train tender process to attract more bids, Reuters reported citing an Indian government official familiar with the matter. 

18 Aug 2021, 01:23:21 PM IST

Lupin's institutional shareholders reject ESOP plan

Lupin's institutional shareholders have rejected a proposal to approve the Employee Stock Options (ESOP) 2021 scheme, according to media reports.

18 Aug 2021, 01:15:50 PM IST

Vishwaraj Sugar Industries announces 1:5 share split

Vishwaraj Sugar stock split: Vishwaraj Sugar Industries today informed Indian exchanges that its board has approved sub-division of the company shares. The BSE informed about the sugar manufacturing company's decision and said that company's board has approved split of its shares from existing face value of 10 into 2. Board's decision will become effective after the approval of the members of general meeting. (Read more)

18 Aug 2021, 01:09:52 PM IST

Billionaire Hindujas boost IndusInd collateral after shares drop

The billionaire Hinduja family pledged more of their stake in IndusInd Bank Ltd. to avoid triggering a covenant breach last quarter, according to people with knowledge of the matter, a renewed source of concern given they had to step in to repay such a loan following a market rout last year.  (Read here)

18 Aug 2021, 01:09:52 PM IST

Banking and finance driving grey-collar jobs: GigIndia

Over the past 18 months, propelled by the impact of covid-19’s first and second waves, GigIndia, a B2B on-demand gig platform for grey-collar jobs, has seen a significant rise in the adoption of the gig model by banking and finance companies. Increasing brand penetration in tier-II, -III and -IV cities, fixed costs and pent-up demand have triggered a surge in grey-collar gigs in sales, marketing, and customer support roles. (Read more)

18 Aug 2021, 01:05:39 PM IST

Amazon enters Indian wealth management with bet on Smallcase

Amazon.com Inc. has made its maiden investment in India’s wealth management sector, participating in a $40 million round by fintech startup Smallcase Technologies Pvt.The Bangalore-headquartered startup said the round was led by Faering Capital Pvt and also joined by another new investor PremjiInvest, the private investment office of technology billionaire Azim Premji. Existing backers including Sequoia Capital India and Blume Ventures also participated, bringing the total capital raised by the firm to over $60 million. (Read more)

18 Aug 2021, 01:00:09 PM IST

Gail India issues tender to buy and sell LNG for Sept and March: report

Gail (India) has issued a tender seeking to buy a liquefied natural gas (LNG) cargo for delivery into India and offering a cargo for loading from the United States, two industry people familiar with the mattersaid on Wednesday. It is seeking the cargo for September delivery into Dahej, India and has offered a cargo for loading from the Cove Point plant in the United States during March 4-6, one of the people said. The tender closes on 19 August, the person added. (Reuters)

18 Aug 2021, 12:58:43 PM IST

Coal India unions seek 50% rise in employee salaries

Trade unions at Coal India Ltd., the world’s largest miner of the fuel, have demanded a 50% increase in workers’ wages, potentially pushing up costs of the fuel that helps produce more than two-thirds of India’s electricity. The demand is backed by expectations for rising profits in coming years amid a reduction in staffing and plans to increase production, said D.D. Ramanandan, secretary at the Centre of Indian Trade Unions, one of the associations active in Coal India. The unions had their first meeting with management last month to discuss the matter and more meetings will be held before they reach a decision, he said in a phone interview. (Read more)

18 Aug 2021, 12:36:20 PM IST

Why these Tata group stocks are soaring — explained

Amid Indian indices slowly but steadily peaking news highs, three Tata group stocks — Tata Steel, Nelco and Tata Elxsi — have also registered stellar gains in recent trade sessions. In the last one month, Tata Steel share price has shot up around 18.50 per cent, Tata Elxsi shares went up around 11 per cent while Nelco stocks skyrocketed near 36 per cent. According to experts, reason for rise in these Tata group shares can be attributed to the better business outlook for the respective sectors they belong. They said that Tata Steel share price rise is due to the metal prices doubling in the last one year while Nelco and Tata Elxi belongs to IT sector where volume of business is expected to shot up post-Covid. They predicted further rise in these Tata group stocks. (Read more)

18 Aug 2021, 12:12:28 PM IST

Metals commentary: Copper- Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking

"LME Copper ended lower by 1.3% to close at $9,442 per tonne as appreciating US Currency and slow growth in China’s industrial sector continued to pressure the red metal prices. Industrial metal prices might remain under pressure as market analysts slashing their growth projections for China in the coming quarter might keep investors on the back foot.

18 Aug 2021, 12:08:23 PM IST

Jubilant Foodworks surges

Jubilant Foodworks' stock was trading at 4,057.65 apiece, up 4.32 at 12:03 pm. The quick service restaurants major reported 623 m net profit for the April-June quarter. The firm had posted 726 m net loss in the same quarter last year. The company’s performance came in the face of a second wave of the Covid-19 pandemic, which impacted its store openings across the country. The operator of the country’s largest restaurants chain under the Dominos brand, Jubilant’s operating revenue grew 131% to 8.8 bn from 3.8 bn in June 2020 quarter. 

18 Aug 2021, 12:08:23 PM IST

Stock picks: Angel Broking maintains ‘Buy’ on tractor maker Escorts

"Escorts is a prominent tractor player domestically with market share of 11.3% as on FY21. Considering record food-grain procurement by government agencies as well expectations of good Kharif crop in 2021, we expect the tractor industry will continue to outperform the larger automobile space in FY22 with Escorts being a key beneficiary."

18 Aug 2021, 11:59:26 AM IST

Sector Watch: Distilleries

United Spirits, UBL surge
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United Spirits, UBL surge
18 Aug 2021, 11:40:48 AM IST

Bharat Forge eyes entry into electric vehicle space 2- and 3-wheelers 

18 Aug 2021, 11:27:49 AM IST

SC to hear broadcasters' plea against Trai channel price regulations 

The Supreme court has agreed to hear a plea by broadcasters challenging Trai regulations prescribing channel price. The apex court has issued notice to Trai, seeking reply to the plea, CNBCTV18 reported.

18 Aug 2021, 11:19:55 AM IST

Tejas Networks trades lower

Tejas Networks' stock was trading at 375.00 each, down 0.98% at 11:18 am. Tejas Networks on Wednesday issued a statement in which the company clarified on reports of having business exposure in crisis-hit Afghanistan where Taliban after over two decades have taken control of the country's capital Kabul. Tejas Networks said that there are no customer orders from Afghanistan that are pending for execution. Also, there are no outstanding receivables from customers in Afghanistan. Further, the company said that it has no employees located in the region as well as there are no assets of the company which are located in Afghanistan. (Read more)

18 Aug 2021, 11:16:38 AM IST

Vedanta, Nalco top drags

Nifty Metal index
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Nifty Metal index
18 Aug 2021, 10:52:19 AM IST

Crude Oil Steadies After Four-Day Slump

Oil held a four-day drop driven by escalating concern that the spread of delta coronavirus variant is setting back the recovery in key economies, potentially jeopardizing a revival in energy consumption. West Texas Intermediate traded near $67 a barrel after retreating almost 4% in the longest losing run since March. Among recent data, U.S. retail sales fell in July by more than forecast and Chinese economic activity slowed last month. That’s spurred aversion to risk, hurting commodities, while aiding the dollar. U.S. crude stockpiles still seem to be dropping, however. The industry-funded American Petroleum Institute reported inventories fell 1.16 million barrels last week, including a draw at the key storage hub in Cushing, Oklahoma, according to people familiar with the data. Gasoline supplies shrunk by almost 2 million barrels. The U.S. government will follow with official data later on Wednesday. (Bloomberg)

18 Aug 2021, 10:33:43 AM IST

Eicher Motors, Bajaj Finance top gainers

Nifty top gainers/ losers at this hour
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Nifty top gainers/ losers at this hour
18 Aug 2021, 10:19:19 AM IST

Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

“The index is trading above the resistance level of 16,600. This should allow the Nifty to achieve it's next target of 16,800-16,850. A good support lies at 16,400 and hence any dip can be utilized to accumulate long positions."

 

18 Aug 2021, 10:09:11 AM IST

Petrol prices unchanged for over 30 days; diesel rates cut by 22 paise per litre. Check latest fuel rates

Diesel saw a price cut after being unchanged for 31 days. According to Indian Oil Corporation data, the price of diesel was slashed by 20 paise per litre. However, petrol prices have continued to remain unchanged for almost a month. A litre of diesel in Delhi is priced at 89.67 per litre on Wednesday. (Read more)

18 Aug 2021, 09:58:20 AM IST

Canara Bank trades lower

Canara Bank's stock was trading at 152.10, down 0.36% at 9:42 am. The bank approved opening of Qualified Institutions Placement (QIP) of equity shares of face value 10 each on Tuesday. The floor price for the QIP has been set at 155.58 per equity share. The bank may at its discretion offer a discount of not more than 5% on the floor price so calculated for the QIP, the public sector lender said in a regulatory filing today.

18 Aug 2021, 09:47:21 AM IST

Realty top drag

Nifty sectoral indices
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Nifty sectoral indices
18 Aug 2021, 09:36:42 AM IST

HDFC twins, RIL drive Sensex gains

Index contribution
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Index contribution
18 Aug 2021, 09:25:47 AM IST

HDFC Bank surges on RBI breather

HDFC Bank's shares were trading at 1,550.90 each, up 2.38% at 9:24 am. The Reserve Bank of India (RBI) has partially lifted restrictions imposed last December on HDFC Bank, allowing it to resume issuing credit cards, a person aware of the development said. However, restrictions on new digital launches remain. (Read here)

18 Aug 2021, 09:22:11 AM IST

India reports 35,178 new covid-19 cases

India reported on Wednesday 35,178 new covid-19 cases in the last 24 hours, a government statement said.

18 Aug 2021, 09:20:10 AM IST

Market opening

Sensex opened at 56,073.31, up 281.04 points, or 0.50%, while Nifty was at 16,691.95, up 77.35 points, or 0.47%. Banks, financials drive gains. On the 30-share Sensex, HDFC bank, UltraTech cement, and 18 other stocks opened in green, while ICICI Bank, Tata Steel, Infosys, and 6 other stocks opened in red.

Sensex at open
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Sensex at open
18 Aug 2021, 09:14:13 AM IST

Gold prices recover from 4-month lows but still down ₹9,000 from record highs

Gold and silver prices today edged higher in Indian markets but gains were muted due to flat global rates. On MCX, gold futures were up 0.2% to 47,374 per 10 gram while silver rates rose 0.37% to 63,462 per kg. In the previous session, gold had ended flat while silver had dipped 0.5%. Despite worries about global economic growth amid the surge in Delta variant of covid cases, gold struggled as the dollar strengthened. After hitting a nine-month high against the euro in the previous session, the dollar held on to recent highs against other major currencies. (Read more)

18 Aug 2021, 09:10:37 AM IST

Market pre-opening quote: Gaurav Udani, founder and CEO, ThincRedBlu Securities

"Nifty is expected to open positive at 16,650, up by 50 points since yesterday's close. Nitty has strong support at 16,480 and 16,450 levels. It may face some minor resistance at 16,680 and 16,720 levels. Buying on dips with strict stop-loss can be a good strategy." 

18 Aug 2021, 09:09:41 AM IST

Market pre-opening

The Sensex was at 56,051.06, up 258.79 points or 0.46%, while the Nifty was at 16,614.60, up 51.55 points or 0.31% at market pre opening.

Sensex at pre-open
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Sensex at pre-open
18 Aug 2021, 09:00:26 AM IST

Centre to ask states to offer up to 25% road tax rebate under new vehicle scrappage policy

The Centre will soon ask state governments to provide up to 25 per cent rebate on road tax for vehicles that are purchased after scrapping old vehicles under the new proposed scrappage policy, with Union minister Nitin Gadkari on Tuesday asserting that giving rebate is not a political but a public interest issue. While it was not immediately clear whether the quantum of road tax rebates would be made mandatory under the National Automobile Scrappage Policy, the Road Transport and Highways Minister said the issues related to the road tax rebate are a subject under the central government.

18 Aug 2021, 08:46:16 AM IST

Tejas Networks clarifies on Afghan exposure

Tejas Networks has said that it has no customer orders from Afghanistan that are pending for execution. Moreover, the company does not have any receivables pending from customers in Afghanistan, it clarified.

18 Aug 2021, 08:39:59 AM IST

Cryptocurrency prices today: Bitcoin, ether, dogecoin continue to fall. Check latest rates here

Cryptocurrency prices today continued to plunge with Bitcoin trading below the $46,000 level. Bitcoin prices declined over 2% to $45,114, as per CoinDesk. Bitcoin, the world's biggest and best-known cryptocurrency, is up over 54% this year (year-to-date). Ether, the coin linked to ethereum blockchain and the second largest crypto, was also trading with cuts of 4% at $3,038. Dogecoin, on the other hand, plunged nearly 10% to $0.29. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano also fell over the last 24 hours. (Read here)

18 Aug 2021, 08:30:21 AM IST

Stocks to Watch

Canara Bank, Tata Steel, HAL, HDFC Bank, Future Retail, among other stocks may be in the news today. (Read more)

18 Aug 2021, 08:10:50 AM IST

Market outlook

Markets are likely to be cautious on Wednesday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Tuesday, the BSE Sensex closed at 55,792.27, up 209.69 points or 0.38% and the Nifty was at 16,614.6, up 51.55 points or 0.31%

18 Aug 2021, 07:57:15 AM IST

New Zealand imposes lockdown

New Zealand began a strict nationwide lockdown as it faces an outbreak of the delta variant, which on Wednesday was linked to the worsening Covid-19 crisis in neighboring Australia as cases in New South Wales rose to a record high of more than 600. A further six cases have been identified in New Zealand, all connected to the single delta infection discovered Tuesday, Prime Minister Jacinda Ardern told reporters in Wellington. That was the first community case detected in the nation since February, with genome testing of the original case showing a clear link to the outbreak in Australia’s New South Wales state.

18 Aug 2021, 07:45:49 AM IST

Asian stocks fluctuate

Asian stocks and US equity futures wavered Wednesday and the dollar held a rally as investors assessed risks to the economic recovery from the resurgent coronavirus. MSCI Inc.’s gauge of Asia-Pacific shares fluctuated as it flirts with a fifth-straight daily drop. Equities made modest gains in Japan, China and Hong Kong. Overnight, U.S.-listed Chinese equities tumbled again on Beijing’s regulatory crackdown. U.S. equity contracts pared losses in the wake of the S&P 500’s largest decline in a month. Treasuries were little changed ahead of the release of the latest Federal Reserve minutes amid a highly uncertain outlook for yields. Traders are evaluating the spread of the delta virus variant, the prospect of reduced stimulus support and whether elevated inflation will prove transitory. New Zealand entered a lockdown after reporting its first community transmission since February. There are doubts now about whether the central bank will raise rates Wednesday, a hike earlier seen as a done deal. Investors are evaluating the outlook for global stocks after a 90% advance from last year’s pandemic lows, as the fast-spreading delta strain impedes reopening and fans worries that economic growth is peaking. Meanwhile, the Jackson Hole symposium next week -- the Fed’s most-prominent annual conference -- may offer clues about when and how the central bank will taper bond purchases.

S&P 500 futures were steady as of 10:48 a.m. in Tokyo. The S&P 500 fell 0.7%

Nasdaq 100 futures retreated 0.1%. The Nasdaq 100 fell 0.9%

Japan’s Topix index added 0.4%

Australia’s S&P/ASX 200 Index was steady

South Korea’s Kospi index increased 0.3%

Hong Kong’s Hang Seng Index rose 0.1%

China’s Shanghai Composite Index was little changed

18 Aug 2021, 07:32:25 AM IST

US indices close lower

Stocks posted their biggest decline in a month amid concern that the global economic recovery will lose momentum with further shutdowns to contain a coronavirus resurgence. Traders watched closely Federal Reserve Chair Jerome Powell’s remarks during a town hall with educators and students, where he noted the central bank’s “powerful tools" have limitations. Powell also said that Covid-19 will likely stay “for a while," and we’re not going back to a pre-pandemic economy. Policy makers will gather next week for the Jackson Hole symposium, the Fed’s most-prominent annual conference. The S&P 500 snapped a five-day rally. Giants Tesla Inc. and Facebook Inc. slid at least 2.2%, while Home Depot Inc. tumbled after the retailer posted weaker-than-expected results.

The S&P 500 fell 0.7% as of 4 p.m. New York time

The Nasdaq 100 fell 0.9%

The Dow Jones Industrial Average fell 0.8%

The MSCI World index fell 0.8%

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