Markets Live: Sensex tanks 393 points to intraday low of 37,129; Nifty drops by 110 points

Repo rate hike, US-China trade war fears rattle investor sentiment

3.55 pm

BSE gainers, losers

BSE sectoral indices

 

 

3.45 pm

Closing bell

The Sensex slumped 356.46 points or 0.95 per cent to a 1-week low of 37,165.16 and the Nifty dropped 101.5 points or 0.89 per cent to 11,244.70 on heavy selling in realty, auto and bank stocks due to 25 bps hike in repo rate by the RBI.

Click here to read more

Domestic sentiment was also dampened owing to fears of an escalating trade dispute between the United States and China which triggered a fall in bonds yields and stocks, particularly among exporters.

Click here to read more

Intraday, the S&P BSE Sensex touched a low of 37,128.99, down by 392.63 points against the previous close of 37,521.62.

 

Similarly, the Nifty50 dropped 109.5 points to a low of 11,236.70 against Wednesday's close of 11,346.20.

 

 

3.25 pm

Tata Equity PE: Playing it safe

 

As the stock market touches new highs, even a minor disappointment is sharply pulling down many stocks. More so, if these stocks are perched at high valuations. If you wish to play it safe in such times, Tata Equity PE, a value-oriented fund, is a good fit. Click here to read more

3.10 pm

Bullion prices

 

Gold tumbled Rs 365 to Rs 30,435 per 10 gram on the back of subdued global cues amid slump in demand from local jewellers.Silver declined by Rs 50 to Rs 39,000 per kg. Read more

3 pm

 

2.50 pm

European shares fall

 

The pan-European STOXX 600 was down 0.5 per cent by 0729 GMT, with Germany's top index dropping 1.1 per cent, as heavyweights Siemens and BMW tumbled. Click here to read more

 

2.35 pm

China, Hong Kong stocks drop

 

Chinese shares slid as Washington's threats of higher tariffs heightened investors' fears about the Sino-US trade war, and as a vaccine scandal and signs of slowing domestic growth undermined market confidence. At the close, the Shanghai Composite index was down 2 per cent at 2,824.53 in heavy trade and the blue-chip CSI300 index fell 2.3 per cent. Click here to read more

2.20 pm

The Sensex tumbled 334.11 points to intraday low of 37,187.51 against the previous close of 37,521.62 and the Nifty dropped 93.55 points to a low of 11,252.65 against 11,346.20 on heavy selling in realty, auto, TECk and bank stocks amid weak global cues.

 

2.10 pm

Maruti Suzuki: Facing roadblocks

 

Volume growth of 25 per cent, along with a 2 per cent rise in realisations due to a superior product mix, helped Maruti Suzuki record a 27.3 per cent year-on-year rise in revenues to ₹21,811 crore in the quarter-ended June 2018. The company saw some pressure on operating margins from the depreciation of the rupee versus the yen and a rise in input prices. Click here to read more

1.55 pm

Top Nifty gainers, losers

Nifty sectoral indices

 

1.40 pm

Sensex gainers, losers

Sensex movers, shakers

 

1.25 pm

Domestic shares were trading lower by 0.7 per cent on heavy selling in realty, auto and bank stocks due to repo rate hike by RBI, while escalating Sino-US trade spat also weighed on investor sentiment.

Click here to read the full text

The BSE index was down 250.35 points or 0.67 per cent at 37,271.27 and the NSE index down 70.8 points or 0.62 per cent at 11,275.40.

 

The stock market has recently been on a record-setting spree, with the NSE and BSE indexes adding about 6 per cent each last month.

“The market may consolidate 200 points below the record,” said Sanjiv Bhasin, Executive Vice-President, Markets and Corporate Affairs at India Infoline.

“Expect Nifty to climb down to 11,200-11,250 in August because of profit-booking,” he said.

However, local investors are bullish because of a revival in consumption and reductions in the Goods and Services Tax and Minimum Support Price for kharif crops.

Click here to read more

“We should be looking at mid-cap stocks which I believe could see gains over the next few months,” he said. - Reuters

1.15 pm

PFC gets Baa3 rating

 

Moody’s Investors Service has assigned a (P)Baa3 senior unsecured rating to the $1-billion medium-term note programme of state-owned Power Finance Corporation. Click here to read more

1.05 pm

Nifty 50 August futures (11,325)

 

The near-term outlook is unclear. Immediate resistance is at 11,335. If the contract manages to break above it, downside pressure may ease. Such a break can take the Nifty 50 futures contract higher to 11,370 or even 11,400 levels again. Click here to read more

12.50 pm

L&T Tech shares slump over 4%

 

Shares of L&T Technology Services Ltd fell as much as 4.3 per cent to Rs 1,423.35, their lowest in one week due to offer-for-sale by parent firm L&T. Click here to read more

12.35 pm

Gold futures

 

Gold prices edged higher by 0.20 per cent to Rs 29,480 per 10 grams at the futures trade as speculators built up fresh positions owing to a firm global trend. Read more

12.25 pm

Spot gold edges up to $1,219/ounce

 

Gold prices recovered as the US dollar edged lower against the Japanese yen. Spot gold was up 0.3 per cent at $1,218.86 an ounce at 0300 GMT, after losing 0.65 per cent in the previous session. Read more

 

12.15 pm

GDP growth forecast

GST is all set to boost the GDP growth further.   -  Getty Images/iStockphoto

 

India’s economic growth momentum is likely to pick up further in the April-June period and the country is expected to clock a GDP growth of 7.5 per cent in this financial year, says a Morgan Stanley report. Click here to read more

11.55 am

Forex market

 

The US dollar held onto most of its gains against major peers after the Federal Reserve gave an upbeat assessment of the world's biggest economy and stayed on course to gradually lift interest rates. The dollar index edged higher to trade at 94.660, well off a 3-1/2-week low of 94.084 hit last week. Read more

11.45 am

Global gold demand lowest since 2009

 

Global demand for gold fell 6 per cent in the first half of this year mainly due to a sharp decline in purchases by exchange traded funds, says the World Gold Council. Click here to read more

11.35 am

Benchmark indices were trading down by 0.6 per cent on heavy selling in auto, realty, banking and TECk stocks amid weak global cues.

 

 

Heavy selling by foreign institutional investors and domestic institutional investors after RBI hiked the repo rate yesterday dampened the domestic sentiment.

Click here to read more

The Sensex was down 225.33 points or 0.6 per cent at 37,296.29 and the Nifty down 66.25 points or 0.58 per cent at 11,279.95.

Top five Sensex gainers were PowerGrid, Sun Pharma, HUL, Coal India and IndusInd Bank, while the major losers were Bharti Airtel, Vedanta, Reliance, Maruti and HDFC.

 

Asian stocks tumbled as the latest escalation in the Sino-U.S. trade war hit Chinese shares, while global bond markets were rattled by increased borrowing by Washington and Japan's new tolerance for higher yields.

European shares are expected to fall, with financial spread-betters see Britain's FTSE, France's CAC, Germany's DAX opening 0.4 per cent lower.

11.25 am

IDBI Bank stake dilution

 

All India Bank Employees’ Association and the All India Bank Officers’ Association wants the Centre to reconsider its decision to bring down the equity holding in IDBI Bank Ltd to less than 51 per cent. Click here to read more

11.15 am

Bank Nifty

 

In the call option chain, the in-the-money Bank Nifty Call 27500 option was actively traded on Wednesday. The option price closed at Rs 223.25, down by Rs 170.25 or 43.25 per cent. However, the OI in the contract has risen sharply by 114.60 per cent. Click here to read more

11.05 am

India's gold demand to revive

Two-thirds of India's gold demand comes from rural areas, where jewellery is a traditional store of wealth. File Photo

 

India's gold demand is set to improve in the second half of 2018, after falling 6 per cent in the first half, as government steps to boost farmers' incomes are expected to lift rural buying power, says the World Gold Council. Click here to read more

10.50 am

Rupee hits 1-month high

 

The rupee strengthened by 17 paise to a fresh one-month high of 68.26 against the US dollar as the Reserve Bank of India has maintained its economic growth outlook. Read more

10.40 am

Nikkei edges down

 

Japan's Nikkei share average dipped after weak earning reports by companies such as Kobe Steel and in the wake of declines on Wall Street, but the losses were limited as banks performed strongly on the back of rising bond yields. Read more

10.30 am

 

 

Cupid has been awarded contract worth ₹40.09 crore by the South African Treasury department for supply of male (₹23.80 crore) and female (₹16.29 crore) condoms. The company shares were down 5.41 per cent at Rs 227.20 on the BSE. Read more

10.20 am

 

 

Shares of Hindustan Copper climbed as much as 3 per cent to Rs 66.90 as the Cabinet has approved a fresh issue of equity shares to raise ₹900.60 crore. After opening strong at Rs 65.45 against the previous close of Rs 64.90, the stock touched intraday high of Rs 66.90 and a low of Rs 64.65. In terms of equity volume, 1.9 lakh shares exchanged hands on the BSE. Read more

10.10 am

The S&P BSE Sensex plunged nearly 250 points and the Nifty50 trading below the 11,300-level on heavy selling in auto, metal, realty and banking stocks amid weak global cues.

 

 

FIIs and DIIs were on a selling spree after the RBI hiked the repo rate by 25 bps to 6.5 per cent yesterday.

The BSE index was down 239.45 points or 0.64 per cent at 37,282.17 and the NSE index down 67.25 points or 0.59 per cent at 11,278.95.

Top five Sensex gainers were Coal India, PowerGrid, Sun Pharma, IndusInd Bank and HUL, while the major losers were Vedanta, Tata Motors, Maruti, Tata Steel and YES Bank.

 

9.55 am

What to watch

 

ONGC, GIC Housing, MOIL, Pfizer are among 73 companies that will declare their quarterly results for the April-June period today. Read more

9.45 am

L&T's OFS for L&T Tech

 

The offer-for-sale by Larsen & Toubro of L&T Technology Services’ shares opened for non-retail investors today and for retail investors on Friday. Of the total issue size of 36,90,000, general category received bids for 26,205 shares. Read more

9.35 am

Broker's call

Anand Rathi

Ramkrishna Forgings (Buy)

CMP: ₹649.20

Target: ₹904

Click here to read more

9.30 am

Asian markets

 

Asian stocks dropped as the latest escalation in the Sino-US trade war hit Chinese shares, while global bond markets were rattled by increased borrowing by Washington and Japan's new tolerance for higher yields. Click here to read more

9.20 am

Fed leaves interest rates unchanged

file photo   -  Reuters

 

The US Federal Reserve kept interest rates unchanged on Wednesday but characterised the economy as strong, keeping the central bank on track to increase borrowing costs in September. Click here to read more

9.15 am

The 30-share BSE index Sensex opened lower by 111.61 points or 0.3 per cent at 37,410.01 and the 50-share NSE index Nifty down 32.55 points or 0.29 per cent at 11,313.65.

9.10 am

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:

₹2157 • HDFC Bank

S1

S2

R1

R2

COMMENT

2145

2130

2175

2190

Initiate fresh short positions with a fixed stop-loss if the stock reverses down from ₹2,175 levels

 

₹1353 • Infosys

S1

S2

R1

R2

COMMENT

1340

1325

1365

1380

Fresh long positions can be initiated with a stiff stop-loss if the stock rallies above ₹1,365 levels

 

₹301 • ITC

S1

S2

R1

R2

COMMENT

298

295

304

307

Near-term stance is bullish for ITC. Consider buying the stock in declines with a tight stop-loss at ₹298 levels

 

₹166 • ONGC

S1

S2

R1

R2

COMMENT

163

160

169

172

Make use of intra-day dips to buy the stock of ONGC while maintaining a fixed stop-loss at ₹163 levels

 

₹1191 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1175

1160

1205

1220

The stock currently tests a key resistance at around ₹1,200. Tread with caution in the near term

 

₹295 • SBI

S1

S2

R1

R2

COMMENT

290

285

300

306

Fresh long positions are recommended with a tight stop-loss only if the stock of SBI rallies above ₹300 levels

 

₹1975 • TCS

S1

S2

R1

R2

COMMENT

1955

1940

1995

2015

Initiate fresh long positions with a stiff stop-loss if the stock rebounds up from ₹1,955 levels

 

11374 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

11320

11270

11410

11450

Consider initiating fresh long positions with a tight stop-loss if the contract advances above 11,410 levels

 

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

Click here to view the full guide

9.05 am

Today's stock pick

 

Karur Vysya Bank (₹107.1): Buy

Investors with a short-term perspective can buy the stock of Karur Vysya Bank at current levels. On Wednesday, the stock had gained 6.8 per cent backed with good volume, conclusively breaching its 21- and 50-day moving averages. Click here to read more

Published on August 02, 2018