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Closing bell
The Sensex closed lower by 32.83 points or 0.08 per cent at 38,690.10 and the Nifty down 15.1 points or 0.13 per cent at 11,676.80.
Profit-booking by funds and retail investors owing to August month derivatives expiry and weak global cues dampened investor sentiment. Weak rupee and rising crude oil prices also fuelled the downtrend.
Stock market gains came to a grinding halt on Thursday, held back by concerns that China will be left behind as the United States reaches trade agreements with other North American countries and Europe.
Pan-European stock index dropped 0.4 per cent on Thursday, dragging the MSCI world equity index, which tracks shares in 47 countries, off a five-month high.
As per provisional data, domestic institutional investors had bought shares worth Rs 1,114.36 crore, while foreign portfolio investors sold shares worth Rs 1,415.87 crore yesterday.
BSE sectoral indices
NSE sectoral indices
Sensex gainers, losers
Sensex movers, shakers
Top 5 Nifty gainers, losers
Global markets
Pan-European stock index dropped 0.4 per cent, dragging the MSCI world equity index, which tracks shares in 47 countries, off a five-month high. Earlier, a Reuters poll showed activity among China's manufacturers probably slowed for the third straight month in August. Read more
European markets
European shares fell back, tracking a decline in Asian shares, as weakness in Chinese markets eclipsed optimism that a NAFTA deal could be struck by Friday's deadline. The pan-European STOXX 600 extended early losses to 0.5 per cent by 0830 GMT. Read more
Bullion prices
Gold shot up by Rs 120 to Rs 31,200 per 10 gram at the bullion market due to increased buying by local jewellers and a firm global trend. However, silver held steady at Rs 38,300 per kg due to scattered enquiries from industrial units and coin makers. Read more
Sundaram Service Fund
Sundaram Mutual Fund plans to mop up ₹300-400 crore through launch of Sundaram Service Fund, its first open-ended equity offer in eight years. The NFO will be open for subscription till September 12 and will reopen for further subscription and redemption from September 26. Click here to read more
Retail stocks rally
A worker stacks food packets inside a retail outlet at a shopping mall in Kolkata August 12, 2014. India's core consumer price index was estimated to have risen 7.4 percent in July from a year earlier, in line with the 7.4 percent rise in June, according to a Reuters snap survey of three analysts on Tuesday. REUTERS/Rupak De Chowdhuri (INDIA - Tags: BUSINESS FOOD)
The shares of retail stocks Aditya Birla Fashion, Shoppers Stop, Future Consumer and Future Retail have gained 7-17 per cent in the last one week — higher than the 1.2 per cent and 1.4 per cent rise seen in Nifty 50 and Nifty 500, respectively — following a string of positive news, such as improved outlook for Aditya Birla Fashion’s businesses and interest of foreign retail giants in Indian e-commerce and retail companies. Click here to read more
Zydus Cadila has received final approval from the US health regulator to market Gemfibrozil tablets and Aripiprazole orally disintegrating tablets in the US. Shares of Cadila Healthcare, the listed entity of the group, were trading up 1.46 per cent at Rs 392.40 on the BSE. Read more
Laurus Labs has received approval for its Metformin Hydrochloride tablets of 500 mg, 850 mg and 1,000 mg from the US Food and Drug Administration. The company shares were trading up 0.98 per cent at Rs 443 on the BSE. Read more
Mock trading in commodity derivatives
The National Stock Exchange will conduct a mock trading session in commodity derivatives segment on Saturday. BSE had held mock trading in January. Read more
F&O contracts on Bharat-22 index
The Bombay Stock Exchange will introduce futures and options contracts on Bharat-22 index from September 3. Bharat-22 indexis a blend of shares of key central public sector enterprises, public sector banks and blue chip private companies like Larsen & Toubro (L&T), Axis Bank and ITC. Read more
Nalco pays record dividend
National Aluminium Company has declared its highest-ever dividend of 114 per cent, paying out ₹1,102 crore, for 2017-18 against 56 per cent for the previous year. The company has paid a total of ₹7,273.59 crore as dividend including ₹5,918.39 crore as the share of the Government of India. Read more
The Sensex was trading down by 70.93 points or 0.18 per cent at 38,652 and the Nifty down 29.65 points or 0.25 per cent at 11,662.25.
Profit-booking ahead of August month derivatives expiry and weak global cues dampened the trading sentiment. Weak rupee and rising crude oil prices also fuelled the downtrend.
Top five Sensex gainers were Tata Steel, Sun Pharma, ITC, ONGC and Vedanta, while the major losers were Kotak Bank, IndusInd Bank, YES Bank, Axis Bank and Reliance.
Among BSE sectoral indices, banking, realty, TECk and IT succumbed to selling pressure, while metal, FMCG, healthcare and infrastructure found investors' support.
Nifty 50 August Futures (11,659)
Traders with a near-term view can go short with a stop-loss at 11,705. The contract can test support at 11,650. A decisive fall below this level can pull it lower to 11,630 and then to 11,600 levels in the short term. Click here to read more
Banking with UPI 2.0
UPI 2.0 now allows users to link their overdraft account in addition to the savings and current accounts that were allowed in the first version. UPI will act as a digital channel to access the OD account. The user has the option of setting up a new UPI ID and Pin or using the existing credentials to which the current or savings account is linked. Click here to read more
Rupee pares early losses
The rupee recovered slightly from its record low of 70.82 hit earlier in the day but was still trading down by 13 paise at 70.72 on heavy month-end dollar demand and sustained foreign fund outflows. Read more
India set to become 5th largest economy
Union Finance Minister Arun Jaitley
Finance Minister Arun Jaitley says that India is expected to surpass Britain next year to become the world’s fifth largest economy. Read more
Domestic shares were trading marginally lower due to profit-booking in financials ahead of the expiry of futures and options contracts later in the day.
Gains in consumer and materials stocks were offset by losses in financials, and Asian stocks surrendered earlier gains as Chinese markets fixed on risks from the Sino-US trade war.
“There is obviously some profit-booking, plus the F&O (futures and options) expiry today, all those things might have led to some pause in the overall momentum,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Securities.
The Sensex was trading down 25.73 points or 0.07 per cent at 38,697.20 and the Nifty down 7.95 points or 0.07 per cent at 11,683.95.
Financial stocks like Kotak Mahindra Bank Ltd dropped 1.5 per cent to their lowest since August 24, while IndusInd Bank Ltd fell 1.6 per cent to its lowest since May 24.
“Banks were outperforming Nifty for the last 2 weeks, some profit-booking might have happened, especially given the F&O expiry. Bond yields have hit highest in two months, that is another reason of concern for banks to be down. The rupee impacted bond yields, which has impacted bank stocks,” Khemka said.
India's benchmark bond yield opened at 7.93 per cent from its previous close of 7.92 per cent, while the rupee extended its fall to hit a fresh low of 70.825 per dollar.
Consumer staples like ITC Ltd meanwhile rose 1.29 per cent and Hindustan Unilever Ltd gained 0.67 per cent. - Reuters
Hathway Cable raises Rs 100 cr via pref. issue
Technicians of Hathway Cable and Datacom Private Limited replacing the existing wire with optic fibres on Spur Tank Road at Egmore in Chennai June 26, 2003, after their service was disrupted in most part of Chennai from June 25, 2003, allegedly by saboteurs Photo: Vino John.
Hathway Cable and Datacom has raised closed to Rs 100 crore though allotment of equity shares to a promoter group entity on a preferential basis. Shares of Hathway Cable and Datacom were trading up 0.26 per cent at Rs 19 on the BSE. Read more
Greaves Cotton hits over 1-year high
Shares of Greaves Cotton Ltd shoot up as much as 11.9 per cent to 164.70 rupees, their highest in over a year. Greaves Cotton stock posted its biggest intraday percentage gain since November 2015. Read more
Auto firms to post sluggish growth
Auto firms are likely to see sluggish growth due to floods, and delayed festival. Automotive volume growth in August will remain subdued due to a delayed festive season, Nomura says in a note, with Maruti Suzuki India as the brokerage's long-term top pick. Read more
Goldman Sachs initiates coverage on Vedanta
Goldman Sachs has initiated coverage on Indian copper and aluminium producer, Vedanta Ltd, with a buy rating and a price target of Rs 280. The brokerage adds that positive zinc outlook and strong volumes will overshadow the current headwinds. Read more
IL&FS board okays ₹4,500-cr rights issue
The board of directors of IL&FS has approved a rights issue of 30 crore equity shares at ₹150 per share aggregating ₹4,500 crore. The issue will be completed by October 30. It has also approved the recapitalisation of group companies. Click here to read more
China stocks fall nearly 1%
China stocks fell, with investor confidence remaining weak amid signs of factory activity slowing under pressure from the trade spat with the United States. The CSI300 index fell 0.8 per cent, to 3,360.92 points, at the end of the morning session, while the Shanghai Composite Index lost 0.8 per cent, to 2,746.85 points. Read more
Spot gold down at $1,204
Gold prices inched lower amid expectations of higher US interest rates, but managed to hold above a key psychological level of $1,200 which acted as a strong support. Spot gold was down 0.2 per cent at $1,203.86 an ounce at 0329 GMT, after rising nearly 0.5 per cent in the previous session. Read more
Brent crude up at $77
Oil prices inched up , extending solid gains from the previous session, due to a fall in US crude inventories and expected supply disruptions from Iran and Venezuela. Brent crude oil futures were at $77.21 per barrel at 0114 GMT, up 7 cents from their last close. Read more
Forex market
Sterling rose to a four-week high of $1.3039, extending its gains after surging more than 1.2 per cent overnight, the largest daily gain since January 24. The dollar index against a basket of six major currencies struggled near a four-week low of 94.434 touched on Tuesday, dragged down by the pound's rally. Read more
The Sensex and Nifty were trading marginally down as investors turned cautious ahead of August month derivatives later today.
The BSE index was down 31.26 points or 0.08 per cent at 38,691.67 and the NSE index down 22.4 points or 0.19 per cent at 11,669.50.
Domestic sentiment was also hit as rupee crashed to a new record low of 70.82 against the dollar and as crude oil extends gains due to fall in US crude inventories and expected supply disruptions from Iran and Venezuela.
Weak global cues also aided the downtrend. Asian stocks surrendered earlier gains, with Chinese markets fixed firmly on risks from the Sino-US trade war and taking little comfort from an apparent easing in business tensions in North America and Europe.
L&T Finance Holdings drops 0.7%
Shares of L&T Finance Holdings were trading down 0.73 per cent at Rs 184.35 on the BSE. Following a strong open at Rs 185.95 against the previous close of Rs 185.70, the stock touched intraday high of Rs 187.05 and a low of Rs 183.90. In terms of equity volume, 9,57,219 shares exchanged hands on the NSE.
On Wednesday, ICRA had upgraded its rating on L&T Finance Holdings and its subsidiaries - L&T Finance, L&T Infrastructure Finance and L&T Housing Finance - to AAA from AA+, on strong operating performance in the last nine quarters and a strong risk framework.
The upgrade is based on the companies’ strong management team, diversified operations with consolidated entities, strong financial flexibility in raising funds at competitive rates and strong parentage.
What to watch
The board of directors of LG Balakrishnan & Bros will meet today to consider divesting its stake from a joint venture company - Renold Chain India Pvt Ltd, and to explore the potential acquisition of allied auto components business opportunities. LGB holds 25 per cent stake in the joint venture and the remaining 75 per cent remains with Renold Plc. Shareholders will closely watch the outcome of the board meeting and other business plans of the company. _ Our Bureau
RInfra shares fall 0.5%
Shares of Reliance Infrastructure were trading down 0.52 per cent at Rs 436.50 on the BSE. After opening higher at Rs 443.70 against the previous close of Rs 438.80, the stock touched intraday high of Rs 444.75 and a low of Rs 434.60.
On Wednesday, the company had completed the ₹18,800-crore deal for the sale of its Mumbai energy business to Adani Transmission. This will help RInfra pare its debt to ₹7,500 crore from ₹22,000 crore. Its chairman Anil Ambani announced the culmination of the deal which was struck in December last year.
Last week, RInfra had defaulted on payment of redemption of NCDs amounting to ₹133.38 crore but expects to settle it from the proceeds of this deal.
Broker's call
Indiabulls Venture
CUB (Buy)
CMP: 200.8
Target: ₹255
Tech stocks lead Wall Street rally
The S&P 500 and the Nasdaq hit record highs for the fourth straight session on Wednesday in a rally led by technology companies as investor sentiment was stoked by optimism over ongoing trade negotiations. Click here to read more
Benchmark indices turned flat after hitting new highs earlier in the day due to profit-booking by funds and retail investors ahead of August derivatives expiry later today.
At 9.25 am, the Sensex was down 37.38 points or 0.1 per cent at 38,685.55 and the Nifty down 19.55 points or 0.17 per cent at 11,672.35. The BSE index touched intraday high of 38,819.06 against the previous close of 38,722.93 and the NSE hit 11,697 against Wednesday's close of 11,691.90.
Top five Sensex gainers were ITC, Bharti Airtel, PowerGrid, Sun Pharma and Coal India, while the major losers were YES Bank, Axis Bank, Reliance, State Bank of India and Kotak Bank.
Among BSE sectoral indices, FMCG, power, realty and metal remained investors' favourite, while banking, oil & gas and PSU succumbed to selling pressure.
9.20 am
Rupee crashes to 70.82
The rupee today hit a new record low of 70.82, down 23 paise, against the US dollar on heavy month-end dollar demand and sustained foreign fund outflows. Click here to read more
Today's stock pick
Jindal Saw (₹92): Buy
The stock of Jindal Saw has been in the limelight this week and has surged 13.5 per cent so far. There is further room for the stock to rally. Investors with a short-term horizon can buy the stock at current levels. 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:
₹2078 • HDFC Bank
₹1410 • Infosys
₹312 • ITC
₹177 • ONGC
₹1294 • Reliance Ind.
₹309 • SBI
₹2065 • TCS
11707 • Nifty 50 Futures
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
9.00 am
The 30-share BSE index Sensex surged 221.88 points or 0.57 per cent to 38,944.81 on positive global cues.
Asian stocks rose as Wall Street hit record highs on hopes that the current North American Free Trade Agreement (NAFTA) negotiations will lead to a further easing of global trade tensions.
MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.1 per cent. Australian stocks added 0.15 per cent, and Japan's Nikkei rose to a three-month high, last trading up 0.45 per cent. South Korea's KOSPI was little changed.
US shares extended their rally on Wednesday, with the S&P 500 and the Nasdaq hitting record highs for a fourth straight session as technology stocks pushed indexes higher and promising NAFTA negotiations boosted investor confidence.
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