Markets Live: Sensex drops 140 points on weak global cues; HUL down 2.4%, Kotak Bank 1.7%

Closing bell

Domestic shares ended lower, with the BSE index posting its sixth straight session of losses, as the rupee fell to a new low. The rupee hit an intraday low of 71.968 against the dollar as simmering trade tensions continued to hurt emerging market currencies.

The Sensex ended lower by 139.61 points or 0.37 per cent at 38,018.31 and the Nifty down 43.35 points or 0.38 per cent at 11,476.95.

Reliance Industries Ltd, down 1.2 per cent, was the top drag on the index. Consumer goods maker Hindustan Unilever Ltd dropped 2.4 per cent to its worst close since June 28.

Domestic sentiment was also hit as a looming deadline in the US-China trade conflict kept the dollar near two-week highs, inflicting fresh losses on emerging markets and sending world stocks lower for the fourth day in a row.

Global markets

A looming deadline in the US-China trade conflict kept the dollar near two-week highs, inflicting fresh losses on emerging markets and sending world stocks lower for the fourth day in a row.

The greenback's rise -- up almost 8 per cent since end-March -- has sent emerging markets reeling, with MSCI's emerging equity benchmark falling for the sixth day in a row and down 1.6 per cent on the day while an index of emerging market currencies shed 0.4 per cent to 15-month lows. Read more

Bullion prices

Gold rallied by Rs 200 to Rs 31,400 per 10 gram at the bullion market due to increased buying by local jewellers and a firm global trend. However, silver lost Rs 250 to Rs 37,600 per kg due to reduced offtake by industrial units and coin makers. Read more

Rupee likely to fall further

The decline in rupee, which closed at yet another all-time low on Tuesday, may continue further, State Bank of India has cautioned. The rupee is weakening amid foreign portfolio investors selling in the Indian financial markets, rising oil prices and widening current account deficit. Read more

The Securities and Exchange Board of India is planning to beef up its market surveillance system by upgrading its IT infrastructure. It has invited applications from interested companies to upgrade the IT infrastructure. Read more

Tech revolution in insurance

After fintech, ‘insurtech’ is the next logical step in a series of technological disruptions in the economy, joining the ranks of cleantech, healthtech, agritech, smart mobility and edutech, among others. The domestic insurance market, with a penetration of around 3.49 per cent, is expected to witness hyper growth from its current market size of $60 billion to $160 billion over the next decade. Click here to read more

Sensex gainers, losers

Top 5 Nifty gainers, losers

Domestic shares edged down in line with broader Asia, with consumer goods and realty leading the losses, while the rupee fell to a fresh low as simmering trade tensions continued to hurt emerging market currencies.

The broader NSE index was trading down 64.55 points or 0.56 per cent at 11,455.75 on track for a third consecutive session of losses. The benchmark BSE index, down 206.89 points or 0.54 per cent at 37,951.03, was headed for its sixth straight session of losses.

Stock markets in Asia tracked global peers lower as heightened worries over international trade conflicts curbed investor appetite for riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan was down over 1 per cent as of 0529 GMT.

The rupee fell to a new low of 71.8 against the dollar. The Reserve Bank of India likely intervened mildly in the forex markets to ease the pressure on rupee.

Fresh worries on corporate growth

The Indian rupee continued to lose ground against the US dollar last week. The weakening rupee and the widening current account deficit threaten access to credit for India Inc, raising questions over the revival in capex cycle. Click here to read more

Muthoot Finance jumps to 7-month high

Muthoot Finance jumped as much as 7.5 per cent to Rs 429.70, in its biggest intraday percentage gain since February 8. More than 2.9 million shares changed hands, 4.7 times the 30-day average of 627,100. Read more

SPARC jumps nearly 5%

Shares of Sun Pharma Advanced Research Company jumped as much as 4.8 per cent to Rs 404.9, their biggest daily percentage gain in nearly a week. expects to file with the US Food and Drug Administration its new drug application for cancer drug Taclantis by Q4 2019. Read more

A guide to weathering volatility

First and foremost, it is imperative for an investor to get his/her asset-allocation strategy right. Market volatility has increased after several years of calm. Living with market volatility is a lot easier when you have the right asset allocation in place. Click here to read more

Axis Regulator Saver

SEBI’s recent directive on categorisation and rationalisation of mutual fund schemes has brought in more uniformity in the characteristics of similar types of schemes. One of the categories under the SEBI directive is ‘conservative hybrid fund’, which is suitable for investors with medium risk profile, wanting some equity exposure. Click here to read more

Domestic shares edged down in line with broader Asia, with banks and consumer goods stocks leading the losses, while the rupee fell to a fresh low as simmering trade tensions continued to hurt emerging market currencies.

The broader NSE index was trading down 103.05 points or 0.89 per cent at 11,417.25 on track for a third consecutive session of losses. The benchmark BSE index, down 313.58 points or 0.82 per cent at 37,844.34, was headed for its sixth straight session of losses.

Hindustan Unilever Ltd, down as much as 2.2 per cent at a near 10-week low, was the biggest drag on the Nifty 50. Coal India Ltd, down 2.7 per cent at a near five-week low, was the top loser on the index. Heavyweight lenders HDFC Bank Ltd, Kotak Mahindra Bank Ltd and ICICI Bank Ltd fell between 0.7 and 1.3 per cent.

Meanwhile, gold financing company Muthoot Finance jumped 10 per cent in its biggest intraday percentage gain since March 2017 after posting a 43 per cent growth in June-quarter profit

Stock markets in Asia tracked global peers lower as heightened worries over international trade conflicts curbed investor appetite for riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan was down over 1 per cent as of 0529 GMT.

The rupee fell to a new low of 71.8 against the dollar. The Reserve Bank of India likely intervened mildly in the forex markets, two traders told Reuters, to ease the pressure on the rupee.

“Clearly, markets at this point are very toppish. Not many people have valuation comfort at these levels. So, taking some money off the table is completely part of the course,” said Tirthankar Patnaik, India Strategist at Mizuho Bank.

The NSE index had been on a record-setting run over the last two months, marking fresh highs 11 times in August alone. Meanwhile, the BSE index is Asia's top performing index this year, thanks to strong June-quarter earnings.

IDFC Bank shareholders approve merger

Shareholders of IDFC Bank have cleared the amalgamation of Capital First, Capital First Home Finance and Capital First Securities with the private sector lender. “The resolution approving the amalgamation was passed by the equity shareholders with an overwhelming majority of 99.98 per cent votes in favour of the resolution,” IDFC Bank had said in a regulatory filing on Tuesday. Read more

Rupee slide spells bad news for students

The rupee’s slide spells bad news for scores of Indian students in the US and other dollar-driven European countries. With the rupee breaching the 71 mark against the dollar, there is increasing concern not only among the students, but also their parents back home. Click here to read more

Nifty 50 September Futures (11,489)

Traders with a near-term perspective can make use of intra-day rallies to go short with a fixed stop-loss at 11,530 levels. The contract can find support at 11,475 levels. A strong decline below this level can drag it lower to 11,450 levels. The next key supports below 11,450 are at 11,420 and 11,400. On the upside, resistances at 11,500, 11,525 and 11,550 can limit the contract’s rally. Read more

Saudi Arabia aims to keep crude in $70-80 band

FILE PHOTO: Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo

Saudi Arabia wants oil to stay between $70 and $80 a barrel for now as the world's biggest crude exporter strikes a balance between maximising revenue and keeping a lid on prices until US congressional elections. Read more

Gold edges up from 1-week low

Gold edged up, after slipping to a more than one-week low in the previous session, as the dollar eased despite concerns of an escalation in the trade conflict between the United States and China. Spot gold rose 0.2 per cent to $1,193.31 at 0355 GMT, after touching a more than one-week low at $1,189.20 on Tuesday. Read more

Jet Airways falls to 4-week low

Shares of Jet Airways (India) Ltd fell as much as 3.2 per cent to Rs 263, their lowest since August 10, as a report said that it has delayed paying the salaries for some staff. Read more

Crisil withdraws D rating on RInfra NCDs

Crisil has withdrawn its ‘Default’ rating on the ₹585 crore non-convertible debentures and ₹125 crore bonds of Anil Ambani-led Reliance Infrastructure Ltd at the company’s request and on receipt of confirmation from its statutory auditors. Read more

Services PMI drops

Following the manufacturing sector, services sector also seems to be in the slow lane as the Purchasing Manager Index dropped to 51.5 in August as against 54.2 in July. Still, it is sixth successive month of expansion. Click here to read more

Fortis: Shivinder drags Malvinder to court

Shivinder Singh (left) and Malvinder Singh

The Fortis Healthcare saga has seemingly taken an ugly turn as the younger brother Shivinder Singh of the company's founding family has dragged his elder brother to court amid allegations of the latter’s oppression and mismanagement of group companies. Click here to read more

Benchmark indices wiped off their initial gains as the rupee dropped to a fresh all-time low of 71.79 against the dollar. Weak global cues and persistent DII outflows weighed on the domestic sentiment.

The Sensex was trading down 121.02 points or 0.32 per cent at 38,036.90 and the Nifty down 39.45 points or 0.39 per cent at 11,480.35.

Top five Sensex gainers were Sun Pharma, Wipro, ITC, YES Bank and Bajaj Auto, while the major losers were Coal India, HUL, ONGC, Kotak Bank and Tata Motors.

Among BSE sectoral indices, realty, consumer durables, capital goods and infrastructure succumbed to heavy selling, while IT, healthcare and TECk found investors' support.

As per provisional data, FPIs had bought shares worth Rs 32.64 crore, while DIIs sold shares worth Rs 21.41 crore on Tuesday.

'SEBI cannot take action against auditors of listed cos'

The CA Institute has opposed SEBI’s proposal to categorise chartered accountants as fiduciaries in the securities market, noting that there is no specific statutory provision under the SEBI Act to take action against auditors of listed companies. Click here to read more

'Preposterous to say FPI rules will result in $75-billion outflow'

The Securities and Exchange Board of India has refuted the claims made by Nishith Desai Associates and foreign investor lobby group Asset Managers Roundtable of India that $75 billion will flow out of India if it implements its ban on non-resident Indians and persons of Indian origin from holding beneficial ownership in foreign portfolio investment vehicles. Click here to read more

Dollar holds firm

The dollar largely held onto gains as the lingering threat of a major escalation in the trade conflict between the United States and China weighed on risk sentiment. The dollar index was steady at 95.403 after hitting a two-week high of 95.737 during the previous session. Click here to read more

Crude oil dips to $69

Oil prices fell, partly reversing a strong jump from the previous day, as the impact of a tropical storm on US Gulf coast production was not as strong as initially expected. WTI crude futures were at $69.47 per barrel at 0139 GMT, down 40 cents, or 0.6 per cent, from their last settlement. Read more

Bank Nifty

Bank Nifty September futures contract plunged 376.50 points to end at 27,637.95. The underlying value of the contract closed at 26,430.75. Among the call option chain, the In-The-Money Bank Nifty Call 27,400 option was the actively traded contract on Tuesday. The option price closed at Rs 205, down by 60 per cent. Click here to read more

Rupee rebounds to 71.38

The rupee recovered from its all-time low of 71.58 and strengthened by 20 paise to 71.38 against the US dollar on fresh foreign capital inflows. The domestic currency had ended weak by 37 paise at a fresh lifetime low of 71.58 on persistent trade worries and macro concerns. Read more

Benchmark indices turned choppy on weak global cues. The Sensex was trading up 16.73 points or 0.04 per cent at 38,174.65 and the Nifty down 9.15 points or 0.08 per cent at 11,511.15.

Top five Sensex gainers were Sun Pharma, YES Bank, Wipro, Bajaj Auto and Infosys, while the major losers were Coal India, HUL, ONGC, Vedanta and Bharti Airtel.

Among BSE sectoral indices, consumer durables fell 1.19 per cent followed by realty 1.04 per cent, metal 0.68 per cent and capital goods 0.64 per cent. On the other hand, healthcare gained 0.67 per cent, IT 0.47 per cent and TECk 0.28 per cent.

Early trade

The 30-share Sensex recovered by 76.85 points, or 0.20 per cent, to 38,234.77 in early trade on fresh buying by foreign investors and strengthening of rupee against the dollar. The gauge had lost 738.71 points in the previous five sessions.

Brokers said fresh buying by foreign portfolio investors and recovery in the rupee supported the market at the outset. However, sustained selling by domestic institutional investors and weak Asian cues due to trade war concerns weighed on investor sentiment.

As per provisional data, FPIs had bought shares worth Rs 32.64 crore, while DIIs sold shares worth Rs 21.41 crore on Tuesday.

What to watch

The boards of Housing & Urban Development Corporation, SREI Infrastructure Finance and Varroc Engineering will consider quarterly results for the period ended June today. Read more

Amazon m-cap hits $1 trillion

America’s online shopping giant Amazon, which has a sizeable presence in India, on Tuesday became the second US company to hit $ 1 trillion in stock market value. Silicon Valley-based Apple was the first US company to do so less than a month ago. Read more

JK Paper has lifted the lockout declared on August 31. Some of the contract workers at JK Paper’s unit JKPM at Rayagada, Odisha, who had resorted to illegal and unlawful activities of stoppage of work threat, have now called off such activities, and accordingly, the lockout has been lifted on September 4. The company shares were trading down 1.6 per cent at Rs 169.05 on the BSE. Read more

Lumax Cornaglia Auto Technologies Private Ltd, a 50:50 joint venture between Lumax Auto Technologies and Cornaglia Group of Turin, Italy, has inaugurated an R&D centre at a new location in Chakan, Pune. Shares of Lumax Auto were trading down 0.98 per cent at Rs 202.60 on the BSE. Read more

Broker's call

HDFC Securities

HG Infra (Buy)

CMP: ₹238.95

Target: ₹386

Read more

Asian markets

Stock markets in Asia tracked their global peers lower while the safe-haven dollar hovered near a two-week high as heightened worries over international trade conflicts curbed investor appetite for riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5 per cent.  Read more

Tata Capital to raise Rs 7,500 cr

Tata Capital Financial Services plans to raise Rs 7,500 crore through issue of non-convertible debentures. The issue which carries an interest of 8.70 per cent to 9.10 per cent will open for subscription between September 10 and 21. Click here to read more

Opening bell

The 30-share BSE index Sensex opened higher by 46.91 points at 38,204.83 and the 50-share NSE index Nifty up 6.65 points at 11,526.95 against 11,520.30.

Today's stock pick

MCX is the country’s top commodity bourse. File Photo

Investors with a short-term perspective can sell the stock of Multi Commodity Exchange of India at current levels. The stock has been in a long-term downtrend since encountering a key resistance at around ₹1,400 in December 2016. Click here to read more

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:

₹2052 • HDFC Bank

₹735 • Infosys

₹309 • ITC

₹174 • ONGC

₹1242 • Reliance Ind.

₹296 • SBI

₹2093 • TCS

11573 • Nifty 50 Futures

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