Markets Live: Sensex plunges 250 points; Nifty ends below 10,800 mark

Closing bell

The S&P BSE Sensex ended lower by 249.9 points or 0.69 per cent at 35,884.41 and the Nifty 50 down 84.55 points or 0.74 per cent at 10,784.95 on heavy selling in metal, auto, power and healthcare stocks.

Top five Sensex gainers were HUL, HDFC, HDFC Bank, Wipro and Reliance, while the major losers were Sun Pharma, Tata Steel, Vedanta, Tata Motors and M&M.

Domestic sentiment was hit as the Reserve Bank of India, in its fifth bi-monthly Monetary Policy meeting, has decided to keep the repo rate unchanged at 6.5 per cent. Consequently, the reverse repo rate under the LAF remains at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.

World stocks tumbled to one-week lows, as declines by long-dated US bond yields and a renewal of trade concerns stoked fears of a downturn in the world's biggest economy, the United States. MSCI's all-country index fell almost half a per cent.

As per provisional data, foreign portfolio investors sold shares worth Rs 55.89 crore, while domestic institutional investors were net sellers to the tune of Rs 521.38 crore on Tuesday.

Global stocks tumble to 1-week low

World stocks tumbled to one-week lows, as declines by long-dated US bond yields and a renewal of trade concerns stoked fears of a downturn in the world's biggest economy, the United States. European markets opened lower, with a pan-European index down 1.2 per cent. Read more

European shares drop to 2-week low

Worries about US bond markets signalling an impending recession and a still rumbling trade war between the world's two biggest economies sent European shares sinking further on Wednesday after a 3 per cent drop on Wall Street. The pan-European STOXX 600 was down 1.2 per cent. Read more

Tata Motors slumps 4%

Stocks of Tata Motors dropped nearly 4 per cent after S&P Global Ratings downgraded the credit rating of the auto giant and its British arm Jaguar Land Rover Automotive Plc. At 3.20 pm, the scrip was down 3.84 per cent at Rs 168.95 on the BSE. Read more

Rupee strengthens to 70.38

The rupee strengthened to 70.38 as the Reserve Bank of India, in its fifth bi-monthly Monetary Policy meeting, has decided to keep the repo rate unchanged at 6.5 per cent. The domestic unit hovered in a range of 70.75 and 70.38 before quoting at 70.43, up 6 paise at 2.55 pm local time. Read more

Metals fall on US-China trade woes

Most London base metals fell as trade tensions between the United States and China resurfaced, raising concerns over growth and future demand from top metals consumer China. Three-month copper on the London Metal Exchange fell 0.3 per cent to $6,189.5 a tonne by 0725 GMT. Read more

Pre-close trade

The S&P BSE Sensex was trading lower by 203.12 points or 0.56 per cent at 35,931.19 and the Nifty50 down 73.3 points or 0.67 per cent at 10,796.20. Barring IT, all other NSE sectoral indices were in the red with Nifty pharma, auto and media stocks being the top losers.

RBI keeps repo rate unchanged at 6.5%

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee has decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent.

Consequently, the reverse repo rate under the LAF remains at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent. The decision of the MPC is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

IOB to issue shares under ESPS

iob

 

Overseas Bank has decided to issue more than 18 crore shares to its staff under the employee stock purchase scheme. The lender's shares were trading 0.77 per cent up at Rs 14.45 on the BSE. Read more

MCX gold, silver

Gold prices fell Rs 198 to Rs 30,908 per 10 grams at the futures trade as speculators reduced their exposure due to weak global cues. Silver prices dropped sharply by Rs 240 to Rs 36,394 per kg. Read more

Metal stocks lose shine

Shares of metal companies Tata Steel Ltd, Vedanta Ltd, Steel Authority of India Ltd, Hindalco Industries Ltd and Jindal Steel and Power Ltd fell between 3.4 per cent and 6.5 per cent. Read more

Nifty 50 December Futures (10,834)

Traders can sell in rallies with a stop-loss at 10,860. Resumption of the downmove can drag the contract down to 10,815 and then to 10,800. A decisive fall below 10,800 can pull the contract lower to 10,775 and 10,750 in the near term. Read more

HUL sales to touch Rs 50K cr mark

Hindustan Unilever, which has acquired Horlicks and Boost, is likely to cross ₹50,000 crore-mark revenues by 2021, largely driven by the growth coming from its foods and refreshment category. HUL’s actual sales for the fiscal year 2018 was ₹33,926 crore and is estimated at ₹38,000 crore for FY 2019. Read more

Midsession trade

Benchmark indices were trading lower on weak Asian cues as sharp declines in long-term US Treasury yields and resurgent trade concerns stoked investor worries about global economic growth.

Domestic investors also remained cautious ahead of RBI policy decision later in the day, with analysts and economists expecting it to leave interest rates unchanged to support the economy.

Analysts said that there are now clearer economic reasons to avoid going higher. A pause in rate hikes would also be welcomed by Prime Minister Narendra Modi's ruling party as it prepares for an election next year.

The Sensex was trading lower by 227.33 points or 0.63 per cent at 35,906.98 and the Nifty down 79 points or 0.73 per cent at 10,790.50.

Shares of  Tata Steel Ltd, Vedanta Ltd, Steel Authority of India Ltd, Hindalco Industries Ltd and Jindal Steel and Power Ltd fell between 3.4 per cent and 6.5 per cent.

Industrial metals on the London Metal Exchange slipped on Wednesday as Washington-Beijing trade tensions resurfaced, raising concerns over demand in the world's top metals consumer China.

Prestige Estates - Sales pick up

The stock of realty player, Prestige Estate Projects, was up 25 per cent last week on the back of its strong September quarter results. Solid new sales value and volume growth of 28 per cent and 45 per cent respectively in the second quarter of FY19 meant that the markets gave a thumbs-up to the numbers. Read more

Gold pulls back from 5-week high

Gold prices retreated from more than five-week top hit in the previous session, as the dollar crawled higher. Spot gold was down 0.3 per cent at $1,234.71 per ounce as of 0422 GMT. Read more

Gabriel India - Buy

Many mid- and small-cap stocks have corrected sharply in the market volatility this year. Gabriel India is one among them. From ₹201 in the beginning of this year, the stock has lost about 35 per cent so far to touch ₹131 now. Read more

Nifty gainers, losers

Only eight out of the 50 stocks on the NSE index were in the green, with ITC Ltd's stock being the biggest drag on the index, declining 2.1 per cent.

Metals stocks lost shine, with Nifty metal index posting its worst intraday fall since October 11. The index lost as much as 3.5 per cent. Shares of Hindalco Industries Ltd and Vedanta Ltd were among the top losers on the indexes, falling up to 4.5 and 3.7 per cent, respectively.

Tata Motors Ltd shares fell as much as 3.5 per cent after S&P cut credit rating for the automaker and its British luxury car unit Jaguar Land Rover (JLR), citing weaker-than-expected profitability at JLR and uncertainties from Brexit.

Among losers, shares of integrated steel and power company Prakash Industries Ltd hit their lowest since April, 2017, after Enforcement Directorate attached its properties worth Rs 117 crore ($16.60 million) in coal block allocation case.

Domestic shares were trading lower tracking broader Asian markets, as Wall Street tumbled due to a sharp fall in long-term US Treasury yields and resurgent trade concerns sparked worries about global economic growth.

The Sensex was trading lower by 177.25 points or 0.49 per cent at 35,957.06 and the Nifty down 61.7 points or 0.57 per cent at 10,807.80.

Domestic investors also remained cautious ahead of outcome of the central bank's monetary policy meeting later in the day, with analysts and economists expecting it to leave interest rates unchanged to support the economy.

A Reuters poll of 70 economists predicted the Reserve Bank of India's monetary policy committee would hold its repo rate steady this week, and predicted only one more increase, most likely in March.

There are now clearer economic reasons to avoid going higher, analysts said. A pause in rate hikes would also be welcomed by Prime Minister Narendra Modi's ruling party as it prepares for an election next year.

Global equities have been shaken as a flattening US Treasury yield curve fans worries about a recession, and on growing doubts that Washington and Beijing will be able to clinch a substantive trade deal during a temporary cease-fire agreed at the weekend.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5 per cent.

The market is following the decline in the US market, which led to weakness in the Asian markets as well. Investors are also awaiting the Reserve Bank of India's policy meet outcome, said Krish Subramanyam, co-head, equity advisory at Altamount Capital.

“I see this more as some sort of profit taking across the board. Metals are under more selling pressure which may continue.”

Prakash Industries slumps to 20-month low

Shares of integrated steel and power company Prakash Industries Ltd fell as much as 10.3 per cent to Rs 83.10, their lowest since April 5, 2017 as ED has attached the company’s movable and immovable properties worth Rs 117 crore in coal block allocation case. Read more

Kesoram Industries falls to 2-month intraday low

Shares of Kesoram Industries Ltd fell as much as 7.9 per cent to Rs 89.60, their biggest intraday percentage loss since October 8. More than 1.4 million shares changed hands, vs 30-day moving average of 784,399 shares. Read more

Services PMI jumps to 4-month high

The country’s services purchasing managers’ index rose to 53.7 in November from 52.2 in October. Services PMI is prepared on the basis of a survey conducted among purchasing managers of over 400 private companies. Read more

Dollar remains under pressure

The dollar trimmed some of its recent losses but remained under pressure, as an inversion in part of the Treasury yield curve raises concerns about a potential US slowdown. Against a basket of six key rivals, the dollar edged up 0.1 per cent to 97.092, trimming this week's losses to 0.2 per cent. It was 0.6 per cent off a 17-month peak of 97.693 touched on November 12. Read more

The Sensex was trading lower by 227.55 points or 0.63 per cent at 35,906.76 and the Nifty down 81.35 points or 0.75 per cent at 10,788.15 on heavy selling in metal, power, auto and infrastructure stocks.

Top five Sensex gainers were HUL, HDFC, HDFC Bank, Adani Ports and TCS, while the major losers were Vedanta, Tata Motors, Coal India, Tata Steel and ITC.

Investors turned cautious ahead of RBI policy outcome later in the day. Most market participants expect the central bank to keep rates unchanged at its policy meet on Wednesday. However, some analysts expect the Reserve Bank to reduce the rate by a quarter percentage point given the fall in GDP to 7.1 per cent and weakening private consumption.

Asian stocks were dragged down by Wall Street's tumble as sharp declines in long-term US Treasury yields and resurgent trade concerns stoked investor worries about global economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.4 per cent.

Will RBI surprise markets with a rate cut?

Most market participants expect the central bank to keep rates unchanged at its policy meet today. However, some analysts expect the Reserve Bank to reduce the rate by a quarter percentage point given the fall in GDP to 7.1 per cent and weakening private consumption. Read more

Mallya offers to return 100% of public money

Vijay Mallya (file photo).

Fugitive liquor baron Vijay Mallya has appealed to various Indian banks to accept his offer to pay back 100 per cent of the principal loan amount he owes to them, days ahead of a UK court’s decision on his plea not to extradite him to India. Read more

Crude oil falls over 1%

Oil prices fell 1 per cent due to swelling US inventories and a plunge in global stock markets as Chinese government warned of increasing economic headwinds. International Brent crude oil futures were at $61.37 per barrel at 0240 GMT, down 71 cents, or 1.1 per cent from their last close. Read more

Nikkei slips to 1-1/2-week low

Japan's Nikkei slipped to a 1-1/2-week low after a sell-off on Wall Street and falling US bond yields revived worries about a slowdown in the global economy and corporate earnings growth. The Nikkei share average dropped 0.4 per cent to 21,946.94 at the midday break. Read more

The Sensex was trading lower by 169.64 points or 0.47 per cent at 35,964.67 and the Nifty down 60.7 points or 0.56 per cent at 10,808.80 on global sell-off as concerns over US-China trade war resurfaced.

Global equities have been shaken as a flattening US Treasury yield curve fans worries about a recession, and on growing doubts that Washington and Beijing will be able to clinch a substantive trade deal during a temporary cease-fire agreed at the weekend.

Top five Sensex gainers were HDFC Bank, HUL, Asian Paints, HDFC and ONGC, while the major losers were Tata Motors, Tata Steel, Vedanta, ITC and IndusInd Bank.

Asian stocks slid on Wednesday, dragged down by Wall Street's tumble as sharp declines in long-term US Treasury yields and resurgent trade concerns stoked investor worries about global economic growth.

Domestic investors were also cautious ahead of the outcome of the Reserve Bank of India’s fifth bimonthly monetary policy meeting for 2018-19.

As per provisional data, foreign portfolio investors sold shares worth Rs 55.89 crore on Tuesday and domestic institutional investors were net sellers to the tune of Rs 521.38 crore.

Rupee declines to 70.75

The rupee depreciated by 26 paise to 70.75 against the US dollar due to strengthening of the US dollar, foreign fund outflows and heavy selling in domestic equity market. It hovered in a range of 70.75 and 70.63 before quoting at 70.64. Read more

Stocks slide on falling US yields, trade woes

PO04July_MV_Bre+PO04_arrow-down.jpg.jpg

Asian stocks slid, dragged down by Wall Street's tumble as sharp declines in long-term US Treasury yields and resurgent trade concerns stoked investor worries about global economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.4 per cent. Read more

Insider trading charges come back to haunt Sun Pharma

When drugmaker Sun Pharma had bought Ranbaxy for $4 billion in 2014, Sun Chairman Israel Makov had rejected allegations of insider trading. Four years on, insider trading charges and more have come back to haunt Sun Pharma and they look unlikely to go away just yet, even as promoter and Managing Director Dilip Shanghvi sought to clarify the company’s position to allay investor fears. Read more

SEBI to tighten surveillance on MFs

SEBI will be conducting a close study to determine if there is any pattern in buying and selling by mutual funds in both debt and equity markets and gauge its overall impact on market sentiments. It is upgrading its integrated market surveillance system and IT infrastructure for the purpose. Read more

Broker's call

Anand Rathi

HUL (Buy)

CMP: ₹1,808.25

Target: ₹2,250

Click here to read more

Broker's call

Reliance Securities

Shree Cement (Buy)

CMP: ₹16,629

Target: ₹17,200

Click here to read more

Opening bell

The S&P BSE Sensex dropped 210.8 points to 35,923.51 against Tuesday's close of 36,134.31 and the Nifty 50 fell 61.9 points to 10,807.60 against 10,869.50.

Day Trading Guide

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2088 • HDFC Bank

₹684 • Infosys

₹281 • ITC

₹146 • ONGC

₹1151 • Reliance Ind.

₹282 • SBI

₹2009 • TCS

10907 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Today's stock pick

Ujjivan Financial Services (₹231.5): Buy

The stock of Ujjivan Financial Services jumped almost 6 per cent accompanied with above average volume on Tuesday. With this rally, the stock gives an opportunity to buy it from a short-term perspective. Read more

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