Markets Live: Sensex drops 463 points; Nifty ends at 10,303 points

Closing bell

The 30-share BSE index Sensex closed at 34,315.63, down 1.33 per cent or 463.95 points while the 50-share NSE index Nifty closed 1.43 per cent down at 10,303.55 points.

YES Bank slumped 6.06 per cent after the RBI denied its request for a second time on Wednesday to extend Chief Executive Rana Kapoor's term. The stocks of Reliance Industries dropped 4.11 per cent to Rs 1,1101.35 despite the company reporting its highest ever Q2 quarterly net profit. RIL reported its highest ever quarterly net profit of Rs 9,516 crore, a 17.4 per cent rise year-on-year.

BSE Sectoral indices

 

The 30-share BSE index Sensex is now trading at 34,259.13 points, down 492.46 points while the 50-share NSE index Nifty is down 161.35 points at 10,291.70 points.

 

Top losers and gainers

 

FinMin banking on CPSE acquisitions, buybacks to meet disinvestment target

 

The Finance Ministry is banking on merger and acquisitions among Central Public Sector Enterprises (CPSEs) and share buybacks by state-run companies to meet the Rs 80,000-crore disinvestment target for the current fiscal. Read more

Market rout continues

The BSE benchmark Sensex tumbled 637 points and the broader Nifty slipped below the 10,300-mark in late afternoon trade following heavy selling in blue chip Reliance Industries as well as financial stocks.

The 30-share Sensex, opened Friday distinctly weak at 34,563.29 and continued to slide to touch a low of 34,140.32 points (intra-day). The index was trading down 636.83 points, or 1.82 per cent at 34,142.75 at 1400 hrs. The gauge had lost 382.90 points Wednesday.

The 50-share NSE Nifty plunged 196.40 points, or 1.88 per cent, to 10,256.65.

Traders said Reliance Industries’ pre-tax earnings from the business declined for the second quarter in a row and this triggered the heavy selling in the counter.

Other big losers were Yes Bank, Hero MotoCorp, Bajaj Auto, Maruti Suzuki, Tata Motors, Coal India and L&T, falling by up to 5.91 per cent. - PTI

PTC India to ink PPAs

 

PTC India will sign medium-term power purchase agreements (PPA) for 1,900 MW coal-based power capacities with seven companies and five states by month-end under a pilot scheme. Under the scheme there would be no escalation of tariff during the three-year period on any account. The discoms can reduce load up to 55 per cent of agreed capacity. More on this

'Forced price cut has no impact on oil retailing plans'

 

The government move to make auto fuels cheaper by asking state-run oil companies take a hit will not impact Reliance Industries’ retail fuel expansion plans, a top official has said. The official also denied notions of the company going slow on fuel retailing side. Read more

RIL, HDFC under pressure

Index heavyweight Reliance Industries Ltd slid as much as 7 per cent after the company's gross refining margin hit a three-and-a-half year low. The broader NSE Nifty fell as much as 1.9 per cent to 10,249.60 in mid-session. At about 2.10 pm, the 50-share index was trading at 10,257.80, down 1.87 per cent or 195.25 points.

The Sensex too fell as much as 639.26 points to touch an intra-day low of 34,140.32. It is now trading down 597.36 points or 1.72 per cent at 34,182.22.

Both indexes are poised to end the week lower. Markets were shut on Thursday on account of a public holiday.

Shares of Indiabulls Housing Finance and Dewan Housing Finance Corp fell 15 per cent and 10 per cent, respectively.

“Markets are jittery. For companies that have come out with results, there seems to be a sell-on-news mood as there is nothing to look forward to in the near term,” said Deepak Jasani, head of retail research at HDFC Securities.ACC Ltd and Mindtree Ltd fell after disappointing September quarter results. -- Reuters

 

Govt decides to increase tenure of FSAs with steel industry

 

Coal India has decided to increase the tenure of fuel supply pacts to be signed with the steel industry to 10 years with a view to reducing the sector’s reliance on imports for the fuel. Read more

The 30-share BSE index Sensex plunged 597.68 points and is trading now at 34,181.90 against the previous close of 34,779.58. Among the sectoral indices, energy, information and technology shares were down up to 3.55 per cent.

The 50-share NSE index Nifty is down 191.15 points at 10,261.90 points.

 

Centre may soon come out with comprehensive gold policy

 

The government is expected to come out with a comprehensive gold policy soon to promote the metal industry and the gems and jewellery sector, which is a major contributor to the export basket. It is likely to focus on promoting domestic gold industry and exports of gems and jewellery. More here

RIL shares slump

 

Shares of Reliance Industries on Friday slumped 7 per cent despite the company reporting its highest ever quarterly net profit in the July-September quarter.

The stock opened lower and declined further by 6.59 per cent to Rs 1,073.15 on BSE. At NSE, shares of the company dived 7 per cent to Rs 1,070.25. Read more

Rupee recovers early losses

 

The rupee recovered from early losses to trade higher by 19 paise at 73.42 against the US currency in late morning session Friday on fresh dollar selling by exporters amid easing crude oil prices and a weakening greenback. More on this

Sensex down near 400 points

The 30-share BSE index Sensex is down 385.39 points or 1.11 per cent at 34,394.19 points against the previous close of 34,779.58 points. Reliance and YES Bank were major losers by over 4.5 per cent. The energy stocks plunged over 3 per cent. The 50-share NSE index Nifty was also in red, trading at 10,325.65 points, down 127.40 points or 1.22 per cent.

ACC falls most in nearly 2 years

 

Cement maker  ACC Ltd  falls as much as 8.4 per cent to Rs 1,410.05 in its biggest intraday per cent drop since Nov 2016. The September-quarter profit rose 15.7 per cent to Rs 206 cr ($28.02 million) but missed analysts' estimates.

MindTree sees biggest drop

 

The shares of MindTree Ltd plunge as much as 14.79 per cent at Rs 834.20 on a cautious macro outlook particularly in the UK market. The IT firm's stock marks biggest intraday per cent loss since Sept 2011.

Markets in red

 

Sensex is trading at 34,424.42 points, down 1.02 per cent. Reliance Industries and YES Bank are the major losers while Sun Pharma is the top gainer, up 1.42 per cent.

The Nifty is also trading in red at 10,342.25 points, down 1.06 per cent.

Nifty Call: Go short at 10,345 and 10,370 with a stop-loss at 10,405

 

The Nifty 50 futures contract is trading on a negative note. The contract opened with a wide 100-point gap-down at 10,337. Traders with high risk appetite can wait for a bounce back and go short at 10,345 and 10,370. Stop-loss can be placed 10,405 for the target of 10,220. More here

RBI relaxes banks' exposure limit

 

To ensure that the financial system does not face any liquidity constraints in the wake of the recent ripple effect of the debt default crisis at IL&FS, the Reserve Bank of India has upped banks' single borrower exposure limit for NBFCs (non-banking finance companies), which do not finance infrastructure. More on this

Wall St slides as Saudi Arabia, Italy add to economic concerns

 

US stocks fell more than 1 per cent on Thursday as the European Commission issued a warning regarding Italy's budget and concerns mounted over the possibility of strained relations between the United States and Saudi Arabia. Read more

Sensex down 300 points

Sensex is down 313.92 points or 0.90 per cent at 34,465.66 points. Asian Paints is the major gainer trading at Rs 1,279.10, up 1.82 per cent. Among the sectoral indices, energy, info-tech and Teck share are in red by up 3.27 per cent.

 

Nifty is trading at 10,341.95 points, down 111.10 points or 1.06 per cent.

 

FinMin affirms Oct 20 deadline to avail input tax credit

 

The Finance Ministry refuted concerns among businesses about reconciliation of returns and said the deadline to avail input tax credit (ITC) for last financial year will remain October 20. More on this

Gold imports up

 

Gold imports increased by about 4 per cent to $ 17.63 billion in the first half of 2018-19. Increase in gold imports pushed the country’s trade deficit to $ 94.32 billion in April-September 2018-19 as against $ 76.66 billion in the same period last year. Read more

Commodities market

 

Oil prices nudged higher on Friday but were set for a second weekly drop amid higher US crude inventories, an ongoing Sino-US trade war and concerns over the death of a prominent Saudi journalist. An unprecedented volume of Iranian crude oil is set to arrive at China's northeast Dalian port this month and in early November before US sanctions on Iran take effect. More on this

Sensex sheds 426 points; Nifty below 10,400 points

The 30-share BSE index Sensex is trading at 34,338.53 points, down 1.26 per cent against the previous close of 34,779.58. Reliance and YES Bank are the top losers shedding over 5 per cent and 7 per cent respectively.

 

The 50-share NSE index Nifty is down 1.41 per cent at 10,305.30 against the previous close of 10,453.05 points.

 

Gold edges higher

 

Gold prices nudged higher early Friday as Asian shares fell on renewed political and economic concerns, with the metal on track for its third straight weekly rise. More on this

YES Bank falls 7%

 

Yes Bank Ltd falls as much as 6.93 per cent to Rs 215.70 in BSE index after RBI denied extension to CEO Rana Kapoor. The Reserve Bank of India wants the private sector lender to appoint a successor to its Managing Director and CEO Rana Kapoor by February 1, 2019. In NSE index, the stock was trading at Rs 216.30, down 6.73%. Read more

 

China shares fall on weak sentiment

 

China stocks dropped on Thursday, while the Shanghai Composite index touched its lowest in nearly four years, amid investor concerns about lean domestic growth with the country's premier warning of increasing downward pressure. More on this

Markets in red

 

The benchmark BSE Sensex sank over 408 points in early trade Friday on heavy selling in IT, energy and banking stocks triggered by weak trends in global markets. The broader NSE Nifty dipped below the 10,400-mark as 32 of its constituents led by Indiabulls Housing Finance dropped.

RIL shares fall

 

Reliance Industries shares fall as much as 7% to Rs 1,070.25, lowest since October 11. The company posted a record quarterly profit on Wednesday, helped by strong profit from its petrochemicals business and telecoms unit Jio. Its gross refining margin in September quarter, or profit earned on each barrel of crude processed, fell to $9.50 per barrel, a 3-1/2-year low. RIL also halted imports of Iranian crude ahead of U.S. sanctions against Tehran's oil sector.

Rupee fall continues

 

At the Interbank Foreign Exchange, the rupee opened lower at 73.62 and slipped further to 73.64 against the dollar, showing a fall of 3 paise. The losses in the domestic currency were however limited as the US dollar weakened against some currencies overseas. Read more

NTPC to raise $150 mn in foreign currency loan

 

NTPC Ltd plans to raise USD 150 million in foreign currency term loan to finance its capital expenditure. The loan will be for a minimum term of 10 years and repayable in three equal instalments starting from the ninth year. The stock was trading at Rs 163.90, up 0.71 per cent in BSE. Read more

Top gainers and losers

 

Forex market

 

The euro hovered near a one-week low against the dollar on Friday. The dollar index, a gauge of its value against major peers, was 0.05 per cent higher at 95.96 on Friday, having closed on Thursday at its highest level since Aug 21. More on this

Opening bell

The 30-share BSE index Sensex opened 434.74 points down at 34,344.84 against the previous close of 34,779.58. The 50-share NSE index Nifty opened at 10,312.75 against the previous close of 10,453.05, down 140.3 points.

China's GDP growth slows down

 

China's third quarter economic growth slowed to its weakest pace at 6.5 per cent. The GDP reading was the weakest year-on-year quarterly growth since the first quarter of 2009 at the height of the global financial crisis. More here

Global markets

 

Asian stocks slipped further on Friday as China posted its weakest economic growth since the global financial crisis. The MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2 percent weaker following China's latest GDP reading. Read more