Markets Live: Sensex sheds 188 points on global cues, weak macro data; Nifty ends at 11,385

Closing bell

The Sensex tumbled ended lower by 188.44 points, or 0.50 per cent, at 37,663.56, on weak global cues due to concerns over Turkey’s financial crisis amid sustained foreign fund outflows. The Nifty ended down by 50.05 points or 0.44 per cent at 11,385.05.

Falling of rupee to an all-time low of 70.40 per dollar (intra-day) also hit the domestic sentiment. Sentiment also took a hit after the country’s trade deficit soared to a near five-year high of $18 billion in July.  Markets were shut yesterday on account of Independence Day.

As  per provisional data, foreign institutional investors offloaded shares worth Rs 378.84 crore, while domestic institutional investors (DIIs) bought shares worth Rs 391.47 crore on Tuesday.

HDFC was the biggest drag with a drop of 2.5 per cent, followed by Kotak Mahindra Bank, which fell to its lowest since early May after the central bank had said on Tuesday that its preference shares issue to dilute promoter shareholding was not acceptable.

Sensex gainers, losers

Reliance Industries ended 0.9 per cent lower after the oil-to-telecom behemoth declared force majeure on gasoline exports from its Jamnagar site.

Top 5 Nifty gainers, losers

Global markets

Asian equities had hit one-year lows overnight as they tracked Wednesday's global falls and Tencent results disappointed, but a fresh recent high for the FTSE and modest gains elsewhere pulled Europe up early on. Read more

Bullion rates

(FILES) This file photo taken on October 05, 2012 shows Gold bars and coins displayed on a table at the Comptoir National de l'Or, a shop that buys, sales and estimates gold and jewellery in Paris. As stated in an AFP story on November 22, 2016, a Frenchman who inherited a big house from a dead relative got more than he bargained for when he discovered a glittering treasure trove of gold coins and bars worth millions stashed around the place.Squirrelled away in hiding places throughout the house, he came across thousands of gold coins and bars weighing 100 kilogrammes (220 pounds) in total."There were 5,000 gold pieces, two bars of 12 kilos and 37 ingots of 1 kilo," Nicolas Fierfort, a local auctioneer, told AFP, confirming a report in the local La Depeche newspaper. / AFP PHOTO / BERTRAND GUAY

Gold prices tumbled Rs 290 to Rs 30,340 per 10 grams at the bullion market due to weak global cues amid fall in demand from local jewellers. Silver followed suit and dropped by Rs 715 to Rs 38,000 per kg due to poor offtake by industrial units and coin makers. Read more

Gold recovers from 19-month low

Gold clawed back from a 19-month low due to short-covering and as the US dollar softened following news that Beijing will hold trade talks with Washington later this month. Read more

Sensex movers, shakers

The Sensex was trading down 155.95 points or 0.41 per cent at 37,696.05 and the Nifty down 45.4 points or 0.4 per cent at 11,389.70 as the country’s trade deficit soared to a near five-year high of $18.02 billion in July this year against a deficit of $11.45 billion during July 2017.

Negative global cues due to fresh concerns over Turkey's currency crisis and steep fall in rupee to 70.40 against the dollar also dampened the domestic sentiment.

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India Ratings lowers GDP growth estimate

Inflationary headwinds have prompted India Ratings to lower the growth projection for the current fiscal (2018-19) to 7.2 per cent. At the same time, the rating and research agency apprehends that populism on account of forthcoming election might upset the fiscal maths in the States. Read more

Sensex gainers, losers

Top Nifty gainers, losers

Domestic shares continued their downtrend as weakness in financials and materials were offset by gains in IT stocks after the rupee hit a fresh low against the dollar.

The Sensex was trading down 100.64 points or 0.27 per cent at 37,751.36 and the Nifty down 32.9 points or 0.29 per cent at 11,402.20.

The rupee fell to an all-time low of 70.40 against the dollar as sentiment weakened after July trade deficit widened and as the US dollar continued to strengthen against Asian peers.

Indian equities gapped lower at open, taking cues from US markets which had ended lower on Wednesday on risk-aversion following dismal earnings amid the Turkish lira contagion, but recovered soon as Asian peers tried to regain their footing after Beijing said it will hold trade talks with Washington.

“These are just minor knee-jerk reactions in the absence of major catalysts,” said Astha Jain, senior research analyst with Hem Securities in Mumbai.

“Markets are in the bullish territory and we do not expect any major reaction unless there are severe global or domestic triggers,” she added.

Jain expects the BSE Sensex to hit 38,200 and the NSE Nifty to touch 11,700 over the next one-month period in the absence of any strong negative factors.

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SBI’s asset quality still a worry

Negotiated settlement preferred choice, says SBI's Managing Director Anshula Kant

After much yo-yoing, the stock of SBI plummeted nearly 4 per cent, post its June quarter results. What initially appeared to be a lower-than-expected slippage number turned out to be a not-so-comforting addition to SBI’s bad loan book. Read more

Rupee sinks to 70.40

The rupee dropped to a record low of 70.40 with investor sentiment affected by a widening trade deficit on the domestic front and the broad rise in the US dollar versus other Asian peers. Read more

Nifty 50 August Futures (11,442)

The contract has recorded an intra-day high of 11,460 and faces difficulty in surpassing the key resistance at around 11,460. Only a strong rally beyond this resistance will alter the bearish stance and take the contract higher to 11,480 and 11,500 levels. Click here to read more

Kotak Mahindra Bank hits 12-week low

Shares of Kotak Mahindra Bank Ltd dropped as much as 3.3 per cent to Rs 1,250.60, their lowest since May 24. The Reserve Bank of India has rejected Kotak Mahindra Bank’s move to dilute promoter shareholding by allotting preferential shares. Read more

Sun Pharma gains over 2%

A bird flies past the logo of Sun Pharma installed on the facade of its corporate office in Mumbai, India, November 14, 2017. REUTERS/Shailesh Andrade

Shares of India's largest drugmaker rose as much as 2.1 per cent to Rs 614.4, their highest since May 24, 2017. CLSA has raised the price target to Rs 750 from Rs 600 with a 'buy' rating. Read more

Benchmark indices were trading marginally lower due to weak macroeconomic data, negative Asian cues and sustained foreign fund outflows. The Sensex was down 49.49 points or 0.13 per cent at 37,802.51 and the Nifty down 11.6 points or 0.1 per cent at 11,423.50.

Top five Sensex gainers were  Sun Pharma, Axis Bank, ICICI Bank, Infosys and Coal India, while the major losers were Kotak Bank, Vedanta, HDFC, Wipro and Tata Steel.

Among BSE sectoral indices, realty fell the most by 1.63 per cent followed by metal 1.33 per cent and consumer durables 0.69 per cent. On the other hand, healthcare gained 0.94 per cent, IT 0.76 per cent and auto 0.74 per cent.

Trade deficit

The sharp surge in imports led to worsening of trade deficit to $18.02 billion in the reporting month against $11.45 billion during July 2017.

Asian shares hit fresh one-year lows, while oil and precious metal prices also tumbled as Turkey's currency crisis and fears of an economic slowdown in China fanned worries about global growth. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.0 per cent.

RIL shares drop 1%

Shares of Reliance Industries dropped as much as 1 per cent to Rs 1,198.05 as the company has halted gasoline shipments from Jamnagar site. Up to Tuesday's close, RIL shares had risen 31.4 per cent YTD; the shares had hit a record high on August 9 at Rs 1,231.7. Read more

MMTC shares fall 3.3%

mmtc

Shares of MMTC Ltd fell 3.3 per cent to Rs 32.2, their biggest percentage loss since July 16. The company has reported 45.17 per cent decline in net profit at Rs 9.94 crore in the quarter ended June 2018 against Rs 18.13 crore during the previous quarter ended June 2017. Read more

Fortis Healthcare climbs nearly 3%

Shares of Fortis Healthcare rose as much 2.7 per cent to Rs 150.05, their highest since May 30 as the deal between Fortis Healthcare Ltd and Malaysia-based IHH group will most likely go through, with 99.69 per cent of votes by shareholders in favour of the deal. Read more

Jet Airways climbs over 4%

Shares of Jet Airways (India) Ltd jumped as much as 4.1 per cent to Rs 295, highest since August 9. According to a media report, US private equity firm Blackstone Group LP is in talks to acquire a stake in the frequent-flier loyalty programme of Jet Airways (India) Ltd. Read more

Bank Nifty

On the put option chain, the In-The-Money Bank Nifty Put 28,100 option contract was the most actively traded contract. The put option price was down 41.30 per cent at Rs 215. Click here to read more

The Sensex and Nifty were trading flat due to weak macroeconomic data, negative Asian cues and sustained foreign fund outflows. The S&P BSE index was up 2.6 points or 0.01 per cent at 37,854.60 and the Nifty50 up 7.2 points or 0.06 per cent at 11,442.30.

Among BSE sectoral indices, healthcare, IT, auto and TECk remained investors' favourite, while realty, metal, banking and consumer durables succumbed to selling pressure.

Top five Sensex gainers were Sun Pharma, Axis Bank, ICICI Bank, Bharti Airtel and Infosys, while the major losers were Kotak Bank, Vedanta, HDFC, Wipro and ONGC.

Dilip Buildcon jumps 5%

Shares of Dilip Buildcon Ltd rose as much as 4.8 per cent to Rs 888, their highest in over a week on strong results. Read more

Ashok Chawla, Chairman, NSE

Ashok Chawla, former bureaucrat and Secretary in the Finance Ministry, may be staring at a possible ‘conflict of interest’ situation due to his position as Chairman of the NSE and a board member of Jet Airways. Click here to read more

UTI AMC public issue

The UTI Asset Management Company could get the go-ahead to launch its long-pending initial public offering by early next year, as part of its attempts to bridge differences between the dissenting shareholders. Click here to read more

BSE sectoral indices

NSE sectoral indices

Sensex gainers, losers

Top Nifty gainers, losers

The Sensex wiped off their early losses but was still trading marginally lower on negative Asian cues, weak macroeconomic data and sustained foreign fund outflows.

At 10.25 am, the S&P BSE index was trading down 46.27 points or 0.12 per cent at 37,805.73 and the Nifty50 down 9.4 points or 0.08 per cent at 11,425.70.

Early trade

The Sensex fell over 207 points and the NSE Nifty slipped below the 11,400-mark on selling in metal, realty and banking stocks. The 30-share index dropped 207.03 points, or 0.54 per cent, to 37,644.97.

The gauge had gained 207.10 points in the previous session on Tuesday. The NSE Nifty fell below the 11,400-mark, shedding 58.15 points, or 0.50 per cent, to 11,376.95.

Financial markets were shut yesterday on account of Independence Day. Market sentiment turned weak as investors turned cautious as the country’s trade deficit soared to a near five-year high of $18 billion.

Trade deficit

The sharp surge in imports led to worsening of trade deficit to $18.02 billion in the reporting month against $11.45 billion during July 2017.

Over 57 per cent increase in oil import bill ($12.35 billion) and 41 per cent jump in gold imports to $2.96 billion during July is believed to be main reason behind high trade deficit.

Rupee hits new low

Brokers said apart from profit-booking in recent gainers by investors, a weak trend in Asian markets tracking losses on Wall Street amid fresh concern over Turkey’s currency crisis and the rupee’s fall to a new low of 70.32 against the dollar too dragged weighed on the investor sentiment.

Rupee hits fresh low of 70.32

The rupee dropped to a record low of 70.32 in early trade with investor sentiment affected by a widening trade deficit on the domestic front and the broad rise in the US dollar versus other Asian peers. Click here to read more

Asian markets

Chinese stocks continued to sag. File Photo

Asian shares hit fresh one-year lows, while oil and precious metal prices also tumbled as Turkey's currency crisis and fears of an economic slowdown in China fanned worries about global growth. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.0 per cent. Click here to read more

BSE moves Manpasand to Group A

Manpasand Beverages has been upgraded to ‘Group A’ by the BSE. Despite being placed under the Additional Surveillance Measure, the stock has been chosen for ‘Group A’. Click here to read more

KKR & Co plans to list on Indian bourses

Global investment firm KKR & Co plans to list its Indian operations in the country following an IPO, making it the first international PE firm to mull such a move. Click here to read more

Mrs Bector’s Food files for IPO

Mrs Bector’s Food Specialities has filed draft red herring prospectus with SEBI. The initial public offering comprises an offer-for-sale worth up to ₹800 crore by promoter Anoop Bector (up to ₹33.8 crore) and the remaining by other shareholders — Linus Pvt Ltd, Mabel Pvt Ltd, GW Crown PTE Ltd and GW Confectionary PTE Ltd. 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:

₹2089 • HDFC Bank

₹1408 • Infosys

₹307 • ITC

₹166 • ONGC

₹1210 • Reliance Ind.

₹294 • SBI

₹2001 • TCS

11463 • Nifty 50 Futures

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

Click here to view the full guide

The 30-share BSE index Sensex shed 193.65 points to 37,658.35 against the previous close of 37,852 and the 50-share NSE index Nifty dropped 54.45 points to 11,380.65 against 11,435.10.

Today's stock pick

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Investors with a short-term perspective can buy the stock of Mangalam Cement at current levels. After an intermediate-term downtrend from the January high of ₹479, the stock found support at its 52-week low of ₹178 in mid-July this year. Subsequently, the stock changed direction and has been in a short-term uptrend, backed with good volumes. Read more