Sensex ends 141 points lower on fresh sell-off

Closing Bell

 

Sensex, Nifty slip into red

Bourses ended in the negative territory today on the back of renewed selling pressure in late trading session.

After opening firm, indices moved back and forth on alternative buying and selling in equities. However, traders decided to booked profits at the day's higher levels amidst making fresh selling commitments later in the day.

The sentiment did'nt improve much despite the easing of monetary policy by the RBI, which had cut the repo rate by 25 basis points.

Sectors that  dragged the markets were Healthcare, PSUs, Oil&Gas, Capital Goods, Metal, Realty and Auto, which declined in the range between 0.50% and 2.50%.

The BSE benchmark after  opening higher at 37,853.80, ranged between an intraday high of 37,919.47 and a low of 37,480.53, before being ended at 37,531.98, down by 0.38% or 141.33 points

On the other hand, the benchmark NSE index Nifty ended down by 48.35 points at 11,126.40.

Top losers in the Sensex pack included Tata Steel, ONGC, ITC, M&M, IndusInd Bank, Tata Motors, L&T, Sun Pharma and TCS, falling between 1.50 per cent and 2.50 per cent.

Bharat Petroleum Corporation (BPCL) shares fell nearly 5 per cent intraday today after the government cleared the way for privatisation of the company.This is the second straight day fall witnessed in the counter, after losing three percent in the previous trade.

The stock ended Rs 490, down by 24.750, or 4.80 per cent, on the BSE.

Shares of Edelweiss Financial Services Ltd (EFSL) on Monday ended 7 cent lower following a downgrade of its long-term debt instruments amid concerns over operating environment for NBFCs.

The company’s stock fell to its 52-week low level at Rs 76.30, on the BSE, before closing at Rs 78.50.

Shares of Ashok Leyland plunged over 5 per cent today after the company said it will suspend manufacturing operations at its various plants for up to 15 days in October. On the BSE, the stock slumped 5.50 per cent and ended at Rs 64.35.

 

 

Sensex stocks

 

 

3.15 pm

Edelweiss Financial Services shares fall 9 per cent on rating downgrade

 

Shares of Edelweiss Financial Services Ltd (EFSL) on Monday declined over nine per cent following a downgrade of its long-term debt instruments amid concerns over operating environment for NBFCs.

The company’s stock fell to its 52-week low level at Rs 76.30, on the BSE.

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3.10 pm

 

3.05 pm

Broker's call on IT sector

Emkay Global Financial Services

 

IT industry watch: Re-rating of Tier 1 companies that perform better

The valuation re-rating of Tier-I techs has continued through Current year 2019 despite EPS cuts, while Tier-II techs have seen valuations retreat to mean levels.

The sector has relatively outperformed, benefiting from investor concerns about other domestic sectors and the rupee’s depreciation recently.

Indian IT Services witnessed a revenue rebound through FY 17-19, supported by the cyclical recovery in IT spending and tax cuts in the US, with Tier-II techs seeing a stronger recovery. However, growth has moderated yet again in recent quarters on account of slowing global economic growth, trade issues, etc.

Increased focus of clients on cost optimization, along with the talent crunch, is driving a resurgence in offshoring. This is reflected in higher offshore hiring/attrition and emerging wage/margin pressures. Tier-II techs remain more vulnerable to this trend.

Prefer Tier-I’s over Tier-II techs on a relative basis

The brokerage firm preference in the sector is HCL Tech, Infosys,  TCS and TechM (all rated Hold), but preferred to sell Wipro. There are no Buy rated stocks in our Tier-II IT Services coverage.

HCL Tech’s Q1 net profit drops 7.6% to ₹2,220 crore

IT services firm to pay dividend of ₹2 per share

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2.35 pm

5 value stocks for you

Do you want to invest in stocks?  If yes, here are some fundamentally-sound stocks available at attractive valuations. Take your pick

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Market correction could be about half over, says JPMorgan

Economists see recession as avoidable in the middle of limited imbalances.

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Foreign investors pull out ₹3,000 cr from equities in just three trading sessions of October

Foreign portfolio investors have offloaded equities worth around ₹3,000 crore in just three trading sessions of October amid fears of global recession ...

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How Indian stock market may benefit from sell-off in US equities

FPI flows in to emerging markets such as India will increase once US stock market begins correcting

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2.30 pm

 

Sensex stocks

 

2.25 pm

 

 

2.15 pm

 

 

2 pm

Ashok Leyland shares fall 5 per cent

Shares of Ashok Leyland plunged over 5 per cent on Monday after the company said it will suspend manufacturing operations at its various plants for up to 15 days in October.

On the BSE, the stock slumped 5.29 per cent to Rs 64.50. The scrip plunged 5.36 per cent to Rs 64.40 on the NSE.

 

Ashok Leyland: Slowdown takes a toll

There’s fear that the woes, shared by many, run far deeper this time

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Ashok Leyland plans up to 15 days of no production

Ashok Leyland’s move aimed at aligning production with subdued demand for CVs

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1.40 pm

 

Zee stock rebounds as promoters liability down to Rs 4,000 cr

Shares of Zee Entertainment Enterprises rebounded after falling 14 per cent intraday today As lenders including Kotak Mutual Fund and SBI Mutual Fund sold their pledged shares in Zee Entertainment, promoter debt owned to the group of lenders has automatically gone down by about ₹1,500 crore with remaining debt standing at ₹4,000 crore

There was a market buzz that the promoters have increased their total pledge to 90 per cent along with loan liability of Rs 7,000 crore.

At 1.35 pm, the stock rebounded from morning lows and was being quoted at Rs 245.05, up Rs 8.25, or 3.50 percent, on the BSE today. The stock opened sharply lower at Rs 213.15 and immeditely touched an intraday low of Rs 203.70 in the morning trade and rebounded later.

Zee promoter liability down to ₹4,000 crore as MFs sell pledged shares

The sale of Zee Entertainment's pledged shares by mutual fund companies over the past few days has brought some respite to the company promoters as ...

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Zee Entertainment bets on subscription growth under new TRAI tariff regime

While most of the general entertainment channels in the country have seen a slight dip in subscriptions since the TRAI tariff order came into effect, ...

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1.25 pm

Britannia shares rise over 3.50%

The stock of Britannia went up over 3.50% today as the company has initiated a 10 per cent price hike in the dairy categories, a month back.

It is also looking at a 4-5 per cent price hike across categories to offset a similar rise in raw material costs.

At 1.25 pm, Britannia stock was up by Rs 99 or 3.50% at RS 2,943.30 on the BSE today.

Britannia to go for another round of price hike across categories

FMCG company’s consolidated PAT drops 4% to ₹249 cr

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Britannia Industries looks to expand ‘adjacencies’ portfolio

Food major to add croissants, cream wafers and salty snacks

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1.15 pm

NIFTY FMCG chart

 

 

1.05 pm

BPCL dives nearly 5 per cent

Bharat Petroleum Corporation (BPCL) shares fell nearly 5 per cent intraday today after the government cleared the way for privatisation of the company.

This is the second straight day fall witnessed in the counter, after losing three percent in the previous trade.

At 1 p.m, the stock was being quoted Rs 490, down by 25.20, or 4.90 per cent, on the BSE.

The government plans to sell its stake in BPCL to a strategic partner. It is expected that the disinvestment of BPCL will help meet a third of the government's Rs 1.05 lakh crore disinvestment target.

BPCL chart

Can BPCL attract Exxon’s of the world?

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12.40 pm

 

NIFTY BANK INDEX

 

Nifty Bank Chart

 

 

12.30 pm

 

12.25 pm

 

NIFTY SMALLCAP STOCKS

 

 

12.10 pm

 

NIFTY NEXT50 STOCKS

 

12.05 pm

Technical Analysis: Weekly Trading Guide

TOP FIVE STOCKS

 

SBI in strong bear grip (Rs 249.90). The stock posted some recovery in the month of September by appreciating to Rs 315 levels. However, the rally did not sustain

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Continue with SIPs in a volatile market

The plan mitigates timing risk, as investments are made automatically at fixed intervals

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Seven of top 10 companies lose over ₹1 lakh cr in market capitalisation

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11.50 am

 

Info Edge climbs 4.50%

Info Edge stock climbed over 4.50% on the bourses today following a report that the company would acquire 20.25% stake in Greytip Software for Rs 3.5 mn. The target company deals with in human resource and payroll solutions. The company clarified on the news of Zomato’s fundraising that no formal proposal has been sent to the Board.

On the BSE, the stock rose 4.50% at Rs 2,371.80 today.

Broker's Call: Info Edge (Buy)

JMFLInfo Edge (Buy)CMP: ₹2,255Target: ₹2,600Zomato reported strong revenue growth and improving profitability trends in 1HFY20. The month long saga of ...

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Info Edge to acquire Highorbit Careers for Rs 81 cr

Info Edge (India) Ltd, which owns online job portal Naukri, on Tuesday said it will acquire Highorbit Careers - that operates job portals iimjobs.com ...

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Info Edge Q1 net profit jumps 45% to Rs 64 cr

Info Edge, which runs online job portal Naukri.com, today reported over 45 per cent increase in standalone net profit to Rs 63.56 crore for the first ...

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11.40 am

Rupee slips against USD in early trade

The rupee opened on a weak note and declined by 21 paise to 71.09 against the US dollar in opening trade on Monday, as sustained foreign fund outflows weighed on investor community.

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Monetary easing is fine, but not enough

Lower rates and fiscal stimulus alone will not spur growth. Structural constraints, economic and financial, need to be addressed

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11.30 am

Aurobindo Pharma down 6% on receiving USFDA observations

Shares of Aurobindo Pharma crashes over 6 per cent in early trade on Monday on the US drug regulator's adverse observation.

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Aurobindo’s lipid-lowering drug recalled

Aurobindo Pharma Ltd has recalled 2,352 bottles of lipid-lowering Simvastatin tablets from the US market, according information available with the US ...

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Broker's call: Aurobindo Pharma (Buy)

Centrum BrokingAurobindo Pharma (Buy)CMP: ₹603.15Target: ₹870The management of Aurobindo Pharma expects its formulations business to outpace the ...

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11.15 am

BEML stock trades higher on new order

 

Public sector company BEML stock traded firm today after the company announced that it received order worth Rs 729 crore from Delhi Metro Corporation. The stock was up Rs 6.40 or 0.70% at Rs 947.75 on the BSE today. Volumes traded in the counter  were 19,000 shares as at 11.30 am on the BSE.

BEML bags ₹729 cr orders from Delhi Metro

BEML Limited, a Bengaluru-based public sector undertaking, has bagged ₹729 crore further orders from Delhi Metro Rail Corporation Limited (DMRC). The ...

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BEML sets up bogie traction motor run test facility for Metro

BEML has set up bogie traction motor run test facility for Metro at its Metro manufacturing unit in Bengaluru.The facility will help in improving ...

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BEML pares loss, eyes global sourcing deal with Lockheed

BEML Ltd, a public sector undertaking, has reduced its losses to Rs. 98.21 crore for the first quarter of FY20, against a loss of Rs. 162.6 crore in ...

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BEML-ATT   -  BEML

 

10.25 am

L&T Finance Holding shares rise on Crisil rating of NCDs, CP

 

Shares of L&T Finance Holding gained marginally in opening deals on Monday to Rs 81.15 or 0.7 per cent, after Crisil assigned its Rs 500-crore non-convertible debentures an 'AAA/Stable' rating, and reaffirmed the Crisil A1+ for its Rs 1,500-crore commercial paper.

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10.15 am

First-Hour Session

Domestic equity benchmark BSE Sensex jumped over 200 points and the Nifty rose 51 points in the first one-hour trading session today, driven by gains in banking, Financials, Telecom, and FMCG  stocks, amid positive global markets.

After opening higher of 37,583.80, the 30-share index fell immediately to a low of 37,534.54. However, some sudden buying spurt bolstered the equities. The Sensex was trading higher by 244.36 points, or 065%, at 37,917.67, while the broader Nifty rose 54.40 points, or 0.50 per cent, to 11,229.15.

Top gainers in the Sensex pack included YES Bank, HDFC Bank, Kotak Bank, ICICI Bank, Bharti Airtel, Tata Steel and SBI,rising between 1 per cent and 4.50 per cent.

 

 

 

Market correction could be about half over, says JPMorgan

Economists see recession as avoidable in the middle of limited imbalances.

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Why IRCTC’s initial public offering was a missed opportunity for the government

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10.05 am

NIFTY BANK CHART

 

10 am

 

The BSE benchmark Sensex was being quoted at 37,765.48, up 92.17 points, while the Nifty was up 15.55 pointst at 11,190.30.

 

 

9.55 am

How long will this bear market last?

Indian equity market has been in a bear’s grip for 20 months now. How much longer will this last? To what low can prices fall? We analysed market corrections since 1979 to get some answers.

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9.50 am

 

9.40 am

Reliance Securities

ICICI Bank (Buy)

Led by dwindling headwinds on asset quality front and improving balance sheet, ICICI Bank is expected to deliver sustained improvement across operating metrics.

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ToT highway project: ICICI Bank takes over ₹2,000 cr debt financing from Yes Bank

YES Bank had underwritten the debt portion of ₹5,000 crore last August helping the Macquarie Group to achieve financial closure for the NHAI project.

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ICICI Bank lowers MCLR by 10 bps

ICICI Bank, the second-largest private sector lender, has cut its lending rates by 0.10 per cent across all maturities, sources said on Wednesday.

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ICICI Bank targets 30% growth in retail loans in Karnataka this fiscal

ICICI Bank plans to grow its retail loan disbursement by 30 per cent in Karnataka during 2019-20, according to Anup Bagchi, Executive Director of the ...

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9.35 am

 

 

9.30 am

Sensex, Nifty slip

Domestic stock market opened firm on Monday but gave up its gains immediately in the first 15 minutes of trade. The sentiment did'nt improve much despite the easing policy stance from the RBI, which had cut the repo rate 25 basis points.

However, Asian markets went up today after data showed the US unemployment rate dropped to the lowest in almost 50 years

After opening higher at 37,853.80, the Sensex gave up its gains and being traded at 37,607.09, down by 67 points from its previous close of 37,673.31.

On the other hand, the benchmark NSE index Nifty was down by 32.80 points at 11,141.95. The Nifty opened firm at 11,196.20 and touched a high of 11,198.05 in the first few minutes of trade.

 

9.10 am

TOP 5 STOCKS ON NSE

 

 

9.05 am

Asian shares lifted by US jobs report, but caution seen on trade talks

Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.

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9 am

Foreign investors pull out ₹3,000 cr from equities in just three trading sessions of October

Foreign portfolio investors have offloaded equities worth around ₹3,000 crore in just three trading sessions of October amid fears of global recession and trade war.

READ MORE

Asia ex-Japan stocks headed for third weekly decline.   -  Getty Images/iStockphoto

 

 

 

8.55 am

 

Index Outlook: Indices are poised at key base

The recent euphoria in the market after the announcement of corporate tax cuts seems to be waning, as the bellwether indices — the Sensex and the Nifty — tumbled almost 3 per cent last week.

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Published on October 07, 2019