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Closing bell
The Sensex ended lower by 154.60 points or 0.4 per cent at 38,157.92 and the Nifty down 62.05 points or 0.54 per cent at 11,520.30 as the rupee extended decline to a record low and oil prices rose sharply.
The rupee, which tumbled to a record low of 71.54 on the dollar on Tuesday, is Asia's worst performing currency so far this year due to higher oil prices, turbulence in emerging markets and simmering global trade tensions.
Asian stocks had reversed earlier losses helped by a 1.3 per cent late spurt from Shanghai, though Europe moved back into the red as gains for Italian and Spanish bank shares faded and the major London, Frankfurt and Paris bourses faltered.
Top five Sensex gainers, losers
Except IT and TECk, all other BSE sectoral indices ended in the negative zone.
Global markets
A rebound in Chinese shares and a rally in Italian bonds bolstered Europe's spirits on Tuesday, though the pressure remained firmly on emerging market currencies as the dollar shifted up through the gears again.
Asian stocks had reversed earlier losses helped by a 1.3 per cent late spurt from Shanghai, though Europe moved back into the red as gains for Italian and Spanish bank shares faded and the major London, Frankfurt and Paris bourses faltered. Read more
Rupee hits fresh low of 71.54
The rupee continued its decline in afternoon trade, hitting a fresh low, as it fell in line with other emerging market currencies as broad dollar strength and simmering trade tensions put pressure on risk assets.
The partially convertible rupee was trading at 71.52/53 per dollar at 0958 GMT versus its previous close of 71.22/23. The unit touched a life low of 71.54 a little earlier. Read more
Bullion rates
Gold eased by Rs 50 to Rs 31,200 per 10 gram at the bullion market due to subdued demand from local jewellers amid a weak overseas trend. However, silver rose Rs 150 to Rs 37,850 per kg owing to scattered enquiries from industrial units and coin makers. Read more
Markets plunge on SEBI foreign fund rules
Indian markets fell sharply on Monday after a set of fund managers raised fresh concerns over an April circular from the market regulator related to tighter rules on foreign funds ownership by entities of Indian origin, which they said could lead to massive dollar outflows from the economy. Read more
Bhushan Steel ex-promoter to remain out on interim bail
The Supreme Court has said Neeraj Singal, former promoter of Bhushan Steel, will remain out on interim bail granted by the Delhi High Court in a Rs 2,500-crore fraud case. A Bench comprising Justices A. M. Khanwilkar and D. Y. Chandrachud, however, stayed the operation of the Delhi High Court judgment and transferred to itself the plea filed by Singal in the high court for adjudication. Read more
Risk-reward ratio of market remains unattractive
Valuations near historical highs imply that the market is pricing in sharper earnings growth than is likely. The risk-reward for the market remains unattractive at current levels, says an UBS report. Read more
LIC-IDBI Bank deal
LIC board has taken a decision on the modalities for increasing stake in debt-ridden IDBI Bank to 51 per cent. The process is to be completed, so the board took necessary decisions, says Economic Affairs Secretary S C Garg. Read more
Canara Robeco Emerging Equities
In the current market scenario, investors with a moderate risk appetite can opt for funds with exposure to both large- and mid-cap stocks. Canara Robeco Emerging Equities, a former mid-cap fund, has now become a large- and mid-cap fund. Click here to read more
TCS m-cap hits Rs 8 lakh cr mark
Tata Consultancy Services has become the second Indian company to attain a market valuation of over Rs 8 lakh crore mark following a surge in its share price. During the afternoon trade, company's m-cap stood at Rs 8,01,550.50 crore on the BSE. Read more
BSE sectoral indices
Sensex gainers, losers
The Sensex was trading down 118.69 points or 0.31 per cent at 38,193.83 and the Nifty down 53.5 points or 0.46 per cent at 11,528.35. Sustained capital outflows, weak rupee, rising oil prices and negative global cues due to trade war fears dampened the domestic sentiment.
The currency, which declined to a fresh trough of 71.375 per dollar on Tuesday, has been Asia's worst performing currency so far this year with a drop of more than 10 per cent due to higher oil prices, turbulence in emerging markets and simmering global trade tensions.
“The rupee is the main culprit,” said AK Prabhakar, head of research at IDBI Capital, adding that the depreciating currency was forcing fund outflows.
Foreign investors sold equities worth a net $409 million on Monday after they offloaded $38.7 million last week.
Nifty 50 September Futures (11,613)
A fall below the immediate support at 11,600 can drag the contract down to 11,580 and then to 11,550 levels. Next key supports below 11,550 are placed at 11,530 and 11,500. On the upside, a decisive rally beyond 11,650 can take the contract higher to 11,675 and 11,700 levels. Click here to read more
Indian airlines losses may hit $1.9 bn this year
Indian airlines are expected to post combined losses of up to $1.9 billion this financial year led by full-service carriers like Air India and Jet Airways driven by rising costs and low air fares, says aviation consulting firm CAPA India. Read more
Indo-US 2+2 talks
India’s continued oil imports from Iran in the light of the US sanctions kicking in from November, steps taken by the country to lower its trade surplus with Washington and defence collaborations will feature prominently in New Delhi’s agenda in the first Indo-US 2+2 dialogue on Thursday. Read more
'India to buy Iranian oil'
India is allowing state refiners to import Iranian oil with Tehran arranging tankers and insurance after firms including the country's top shipper Shipping Corp of India halted voyages to Iran due to US sanctions. Click here to read more
Indian Bank: A resilient player
Investors wanting to bet on the gradual recovery in the banking sector can buy the stock of Indian Bank, that is delivering better on most metrics among the PSBs. While the bank’s return ratios may not be on a par with some of the stronger private sector banks, inexpensive valuations make it attractive. Click here to read more
Jamna Auto: In the fast lane
While many mid- and small-cap stocks have seen valuations catapult, Jamna Auto Industries, a supplier of springs and other suspension products for commercial vehicles, is among the few that are reasonably valued. It now trades at 22 times its trailing 12-month earnings, cheaper than other auto component peers such as Sundram Fasteners, Wheels India and Lumax Industries. Click here to read more
Airline stocks drop
HYDERABAD, INDIA - DECEMBER 24, 2014: A SpiceJet Boeing 737 on the tarmac at Rajiv Gandhi International Airport. SpiceJet is an Indian low-cost airline owned by the Sun Group of India.
Airline stocks dropped on higher overnight oil prices. Shares of Jet Airways (India) Ltd, Interglobe Aviation Ltd and SpiceJet Ltd fell 1.3 per cent to 3.6 per cent. Read more
MCX gold, silver
Gold prices drifted down by 0.27 per cent to Rs 30,244 per 10 grams at the futures trade as speculators trimmed their positions owing to a weak global trend. Silver prices declined by 0.17 per cent to Rs 37,559 per kg. Read more
Domestic shares were trading flat on sustained capital outflows, weak rupee, rising crude oil prices and negative global cues. The Sensex was up 53.51 points or 0.14 per cent at 38,366.03 and the Nifty down 6.75 points or 0.06 per cent at 11,575.60.
Top five Sensex gainers were Infosys, TCS, Wipro, Reliance and Axis Bank, while the major losers were HUL, Asian Paints, IndusInd Bank, Coal India and Adani Ports.
Among BSE sectoral indices, FMCG, metal, PSU and consumer durables succumbed to selling pressure, while IT and TECk remained investors' favourite.
Spot gold down at $1,199.20
Gold prices inched down as the dollar hit a one-week high on the back of intensifying global trade tensions and economic worries in emerging markets. Spot gold was down 0.1 per cent at $1,199.20 an ounce at 0347 GMT, while US gold futures had dropped 0.1 percent to $1,205 an ounce. Read more
SEBI objects to FPI claims
With a lobby of FPIs trying hard to get the proposed changes to KYC norms withdrawn, the Securities and Exchange Board of India has said it is “preposterous and highly irresponsible” to claim that $75 billion will move out of India because of the regulatory move. Click here to read more
Forex market
The dollar and the yen strengthened as investors bid up safe haven assets amid tensions around global trade and strains in emerging market currencies. The dollar index against a basket of six currencies was 0.1 per cent higher at 95.236 as of 0115 GMT, nearing its highest level since August 27. Read more
Sensex gainers, losers
Top 5 Nifty gainers, losers
The Sensex fell over 200 points from intraday high of 38,518.56 on foreign fund outflows, surging global crude oil prices, weak rupee amid negative global cues.
Sentiment remained weak on sustained capital outflows by foreign funds after an investor lobby group named AMRI (Asset Management Roundtable of India) had said on Monday that the immediate impact of the new SEBI KYC norms, if not amended, would flush out $75-billion FPI investment from the country within a short time-frame. The organisation also warned that it would have severe impact on stocks and rupee.
Brokers said rising global crude oil prices, which went past the $78 per barrel mark, and weak rupee weighed on the market sentiment.The rupee hit a fresh record low of 71.37 against the US dollar due to strong demand for the American currency and sustained capital outflows.
Meanwhile, foreign portfolio investors had sold shares worth Rs 21.13 crore and domestic institutional investors also sold equities to the tune of Rs 542.12 crore on Monday.
WTI crude rises to $70
US oil prices edged up, rising back past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane. US West Texas Intermediate crude futures were at $70.04 per barrel at 0034 GMT, up 24 cents, or 0.3 per cent from their last settlement. Read more
China stocks extend losses
China's stock markets extended losses, with investors concerned over slowing growth at home and the US set to impose fresh tariffs on $200 billion worth of Chinese imports as early as this week. At the mid-day break, the Shanghai Composite index was down 1.55 points or 0.1 per cent at 2,719.19. Read more
Nikkei remains flat
Japan's Nikkei was basically flat in a choppy trade on Tuesday morning as lingering global trade concerns caused many investors to remain risk averse. The Nikkei share average was fractionally down at 22,712.22 in mid-morning trade, after switching frequently between positive and negative territory. Read more
Shares of Beardsell rallied as much as 14 per cent to Rs 41 as the company has bagged contracts worth $3.57 million (₹25 crore) from the Pharmaceuticals Fund and Supply Agency, an Ethiopian government agency, for supply of items. The supply has to be completed by December 31.
Despite opening weak at Rs 35.20 against the previous close of Rs 36, the company shares touched a high of Rs 41 and a low of Rs 35.20 on the BSE. In terms of equity volume, 1,591 shares exchanged hands on the BSE. Read more
L&T Infotech OFS
The offer-for-sale window of L&T Infotech by Larsen & Toubro opened on Monday. L&T plans to sell 59 lakh shares (base issue) and an additional option to sell up to 46.27 lakh shares (oversubscription). The issue received bids for 2.98 crore shares from institutional investors.
The offer is open for retail investors on Tuesday, while non-retail investors can modify their bids. The floor price is ₹1,700/share. As of June-end, L&T held 81.54 per cent stake in L&T Infotech.
What to watch
Easun Reyrolle, Muthoot Finance and Kalyani Investment Company will declare their results today. The board of Muthoot Finance will consider fund-raising via issue of redeemable non-convertible debentures up to ₹5,000 crore (including unissued portion from previous approval of ₹2,000 crore) through private placement. Easun Reyrolle had reported a loss of ₹6.89 crore in the March quarter; for fiscal FY18, it had reported a loss of ₹21.46 crore. - Our Bureau
Indsil Hydro Power and Manganese’s 21 MW hydro electric power plant at Rajakkad, Idukki District, has partially resumed operations. The company has restarted one out of three generators. Further service and repair works are continuing with the aim to restore full operation. The company shares were trading down 2.16 per cent at Rs 95 on the BSE. - Our Bureau
Bank Nifty
Bank Nifty August contract had lost 254.10 points to end at 27,962.60 yesterday. The underlying value of the contract closed at 27,819.50. Nifty Private Bank index shed 1.16 per cent, while the Nifty PSU Bank index ended lower by 0.96 per cent. Click here to read more
NCC has received four new orders totalling ₹3,592.5 crore (exclusive of GST) in August. Of this, two orders worth ₹671.5 crore pertain to the buildings division, one order of ₹2,850 crore to the roads division, and one order of ₹70.9 crore for the water & environment division. The company shares were trading down 0.63 per cent at Rs 102.95. Read more
Dynacons Systems & Solutions has won a contract worth ₹58 crore of Hospital Management Information System from the Municipal Corporation of Greater Mumbai. The company shares were trading p 2.5 per cent at Rs 39 on the BSE. Read more
Broker's call
Narnolia
Shriram Transport (Buy)
CMP: ₹1,315.05
Target: ₹1,649
Domestic shares slipped into the negative zone due to weak global cues. Weakening of rupee to 71.37 against the dollar also dampened the trading sentiment.
The Sensex was trading down 90.80 points or 0.24 per cent at 38,221.72 and the Nifty down 32.60 points or 0.28 per cent at 11,549.75.
Top five Sensex gainers were Infosys, TCS, PowerGrid, Tata Motors and NTPC, while the major losers were HUL, Vedanta, Adani Ports, ITC and Bharti Airtel.
Barring IT, TECk and consumer durables, all other BSE sectoral indices were trading in the red. Among them, FMCG fell the most followed by metal, realty, and healthcare.
9.25 am
Asian markets
Other Asian markets were steadier, as were E-Minis for the S&P 500. File Photo
Asian shares fell in early trade, amid growing concerns over escalating international trade disputes and as emergency austerity measures in Argentina highlighted turbulence in emerging markets. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 per cent. Click here to read more
9.15 am
Opening bell
The 30-share BSE index Sensex opened higher by 50.89 points at 38,363.41 against Monday's close of 38,312.52 and the 50-share NSE index up 11.05 points at 11,593.40 against 11,582.35.
9.10 am
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:
₹2074 • HDFC Bank
₹1433 • Infosys
₹313 • ITC
₹177 • ONGC
₹1230 • Reliance Ind.
₹306 • SBI
₹2055 • TCS
11641 • Nifty 50 Futures
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
9.05 am
Today's stock pick
Future Retail (₹574.4)
The outlook for the stock of Future Retail is bullish. The stock surged 3.3 per cent on Monday, breaching decisively the key resistance level of ₹560. The stock has been broadly range-bound between ₹450 and ₹650 over the last several months. Click here to read more
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