Sensex ends down 198 points at 38,106, YES Bank holds firm

Closing bell

The benchmark indices, the BSE Sensex and the NSE Nifty, settled lower at the close on Thursday.

The Sensex finished at 38,106, representing a loss of 198 points or 0.52 per cent on its previous close.

The Nifty ended at 11,313, down 46 points or 0.41 per cent on Tuesday' close. The market was shut for a public holiday on Wednesday.

In the Sensex pack, the YES Bank share ended up nearly 34 per cent, while Tata Motors gained over 6 per cent. ITC, PowerGrid and HCL Tech rose between 1.5-2 per cent during the session.

On the other hand, Vedanta lost 4.82 per cent, Tata Steel (3.41 per cent), IndusInd Bank (2.84 per cent, Kotak Bank (2.05 per cent) and HDFC Bank (2.04 per cent).

Among the BSE sectoral indices, the oil and gas sector index gained 1.85 per cent, while energy sector shares flared up 0.87 per cent. The realty sector shares gained 1.14 per cent during the session. On the other hand, the metal index sank 3 per cent, basic materials index was down 1.78 per cent and telecom fell 1.48 per cent.

Dollar weakens vs yen on US economic worries

The dollar eased on Thursday, sliding to fresh one-week lows against the euro and yen as investor anxiety deepened over fresh signs of slowing US economic growth and a broadening of global trade frictions.

The greenback fell overnight after data showed hiring by US private employers had cooled in September, the latest indicator that the Sino-US trade dispute is hurting the world's largest economy.

It remained wobbly in Asian hours, while stocks tumbled as investors grappled with the deepening global economic gloom. Click here to read in full the global forex markets report .

European shares bounce back from trade shock

The broader pan-European STOXX 600 index edged 0.1 per cent higher. File Photo

European shares steadied on Thursday after logging their worst day since last December on the slapping of US tariffs on a raft of European exports, with a bounce for Airbus and luxury goods makers pushing main indexes back into the black.

The blue-chip and wider STOXX 600 pan-European indexes sank almost 3 per cent on Wednesday after the World Trade Organisation approved 10 per cent tariffs on European-made Airbus planes and 25 per cent duties on goods ranging from French wine to Scotch whisky. Click here to read in full the European markets report.

Oil gives up gains on global growth concerns

Surprise US inventory build, weak demand outlook weigh. File Photo

Oil futures were largely flat on Thursday, reversing gains made earlier in the day, as fears over the worsening global economic outlook that hit prices hard in the previous session offset modest hopes for progress in resolving the US-China trade war.

Brent crude oil futures were 3 cents lower, or 0.1 per cent, to $57.66 a barrel by 0657 GMT, after tumbling 2 per cent in the previous session. Click here to read in full the crude oil market report .

Asian stocks slide on growth worries

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.38 per cent. File Photo

Asian stocks tumbled to a one-month low on Thursday as already-growing market fears about global growth were fanned by the US announcement of new import tariffs on products from the European Union.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.60 per cent. Japan's Nikkei stock index closed down 2.00 per cent, the biggest one-day decline since August 26. Australian shares slumped 2.07 per cent to a five-week low.

The pan-region Euro Stoxx 50 futures were down 0.38 per cent, while FTSE futures were off 0.34 per cent. Click here to read more on the global markets .

YES Bank’s group president Rajat Monga quits

Rajat Monga, the senior group president and former chief financial officer at the troubled lender  Yes Bank , has quit, chief executive Ravneet Gill said on Thursday.  The announcement came during a conference call with investors and analysts following a heavy plunge in the bank’s share price over the past few sessions. Click here to read in full the report on YES Bank  group president quits .

Benchmark indices edge down

The Sensex and Nifty, which recovered from their early lows in morning trade, have again dropped lower in the afternoon session.

The Sensex was trading at 38,122, down 183 points or 0.48 per cent lower than its Tuesday close, while the Nifty was at 11,309, down 50 points or 0.43 per cent softer.

YES Bank was the top gainer in the Sensex pack, spurting up by 23 per cent. Tata Motors drove up 5.5 per cent, followed by HCL Tech, ICICI Bank and ITC, which gained between 1.15-2 per cent.

Vedanta dropped 4.39 per cent during the session, followed by Tata Steel (down 2.66 per cent), IndusInd Bank (down 2.36 per cent), Axis Bank (down 1.86 per cent) and HDFC Bank (down 1.82 per cent).

Among the BSE sectoral indices, realty was the top performer, gaining 1.48 per cent, followed by oil and gas and energy sector shares, which rose 1.18 per cent and 0.56 per cent respectively.

On the other hand, the index was weighed down by losses in the metal index, which dropped 2.90 per cent, and telecom, which fell by 1.18 per cent. Finance and banking sector shares also took a hit, losing 0.97 and 0.79 per cent each.

Number of distressed real estate developers doubles after collapse of IL&FS

The number of Indian real estate companies tipped into insolvency has doubled in less than a year since the collapse of a key non-banking financial company (NBFC), an event often compared to the Lehman crisis that squeezed American funding markets a decade ago. Click here to read more on why the number of distressed real estate developers has doubled after the IL&FS collapse .

Why the Indian market is stable amidst a global sell-off

The Indian markets were relatively stable on Thursday. The Asian markets opened sharply lower, hollowing a huge sell-off in the US markets overnight. Share markets in Japan, Korea, Hong Kong, China, Singapore and Australia fell one to two per cent on Thursday due to the trade tension between the US and Europe.

However, the BSE Sensex and the Nifty slid just 0.17 per cent. The BSE MidCap and BSE SmallCap indices also slipped about 0.15 per cent.

Some of the stocks beaten down by alleged corporate governance issues such as YES Bank, CG Power and Indiabulls Housing Finance, made handsome gains today. Click here to read why the Indian market is stable amidst a global sell-off .

Nifty call: Sell below 11,342 with stop-loss at 11,445

Nifty 50 October futures (11,380)

Taking cues from the US market overnight, Asian stocks look weak in today’s session. The Nifty and the Sensex are also down marginally, trading lower by 0.15 and 0.3 per cent respectively. Notably, the Nikkei has fallen by 2 per cent today and the Hang Seng is down by a marginal 0.2 per cent.

The advances–declines ratio of the Nifty 50 index does not provide a definite clue on its future direction, as it currently stands at 24-26. India VIX, the volatility index, is considerably higher at 17.4 levels, up by 4 per cent in today’s session. Among the sectoral indices, the Nifty media and realty index are the top gainers, gaining 3.3 per cent and 2.8 per cent, respectively. The Nifty metal index, down by 1.8 per cent, is the top loser. Click here to read in full the Nifty call report .

IndiGo shares fall over 2% on arbitration proceedings

Shares of  IndiGo  on Thursday slumped over 2 per cent after one of the main promoters, Rahul Bhatia, moved for arbitration proceedings amid differences with co-promoter Rakesh Gangwal.

The airline stock declined 2.22 per cent at Rs 1829.35, on the BSE. On the NSE, the scrip plummeted 2.13 per cent at Rs 1,830.

On Tuesday, InterGlobe Aviation -- parent of the country’s largest airline IndiGo -- informed stock exchanges that Bhatia and his group InterGlobe Enterprises have submitted a request for arbitration on October 1 to the London Court of International Arbitration. Click here to read more on the IndiGo share price movement .

Sensex, Nifty trade steady

The benchmark indices, the Sensex and Nifty, traded steady near mid-session on Thursday.

The Sensex was at 38,215, down 89 points or 0.23 per cent, while the Nifty was 11,332, down 27 points or 0.24 per cent lower on Tuesday's close. The markets were shut for a public holiday on Wednesday.

YES Bank was the top gainer in the Sensex pack, spiking up 22 per cent, following a clarification from the CEO and MD, Ravneet Gill. Tata Motors gained over 5 per cent during the session, followed by HCL Tech, ICICI Bank and ITC, all of which rose over 1 per cent.

On the other hand, IndusInd Bank, Vedanta, Axis Bank, HDFC Bank and Tata Steel, lost between 1.3 and 2.6 per cent during the session.

Among the BSE sectoral indices, the realty index gained 2.84 per cent, followed by oil and gas (up 1.41 per cent) and energy (0.65 per cent). The metal index dropped 1.63 per cent, while finance was down 0.76 per cent, followed by the banking (down 0.58 per cent) and capital goods (down 0.55 per cent) index. 

According to an agency report, the BSE Sensex declined over 151 points in opening trade following weak Asian markets amid fresh trade war fears.

On Tuesday, the Sensex fell 361.92 points or 0.94 per cent to close at 38,305.41. The broader Nifty, too, closed lower by 114.55 points, or 1 per cent, at 11,359.90.

Weak American jobs data raised concerns about the global economy, while the WTO triggered fresh trade war fears after it allowed the US to impose tariffs on the European Union, experts said.

Foreign institutional investors (FIIs) offloaded shares worth a net Rs 1,298.56 crore on Tuesday, according to provisional exchange data. (with inputs from PTI)

Oil rebounds after jitters over economic outlook, US inventories

Surprise US inventory build, weak demand outlook weigh. File Photo

Oil futures rebounded on Thursday, reversing losses earlier in the day, as fears over the worsening global economic outlook that hit prices hard in the previous session gave way to modest hopes for progress in resolving the US-China trade war.

Brent crude oil futures edged 10 cents higher, or 0.2 per cent, to $57.79 a barrel by 0209 GMT, after tumbling 2 per cent in the previous session. US West Texas Intermediate (WTI) crude futures were up 23 cents, or 0.4 per cent, to $52.87 a barrel, after sinking by 1.8 per cent on Wednesday. Click here to read more on the global crude oil market .

NSE de-lists 7 stocks

The National Stock Exchange on Thursday announced the de-listing of seven shares with effect from October 17.

The stocks are Amar Remedies, Hindustan Dorr Oliver, Lanco Infratech, LML, Moser-Baer, Samtel Color and Supreme Tex Mart.

Dollar languishes as weak US jobs data sparks safety flight

Dollar sat near one-week lows on yen and euro.

The dollar nursed losses on Thursday, hitting near one-week lows against the euro and yen, amid signs of a slowdown in US economic growth and a deepening of global trade tensions.

The greenback fell overnight after data showed hiring by US private employers had slowed in September, the latest indicator that the Sino-US trade dispute is hurting the world's largest economy. The weaker-than-expected numbers follow a separate release on Tuesday that showed a sharp decline in factory activity that sent stock markets and bond yields tumbling.

“The trend certainly in US data had been consistently beating expectations, so the sudden reversal of fortunes has created a rapid re-assessment,” said Chris Weston, head of research at brokerage Pepperstone Group in Melbourne. “There is not a lot of good news to inspire the bulls.” Read more on the global forex markets here.

How Indian stock market may benefit from sell-off in US equities

Indian equities have put up a resilient show so far this morning. Despite fears of a sharp decline on Thursday morning, due to the sharp fall in US stocks in the last two sessions, both the Sensex and Nifty are attempting to stabilize around 0.80 per cent lower than Wednesday’s close, after an initial blip that took them about 1 per cent lower.  Click here to read in full the report on how the Indian stock market may benefit from sell-off in US equities .

YES Bank share recovers

The YES Bank share recovered sharply on Thursday after a clarification from the company management.

At 12.22 pm, the YES Bank share was trading 24 per cent higher at Rs 39.75 on the NSE.

In a conference call, the YES Bank CEO and MD, Ravneet Gill, attributed the massive crash in the stock price to the forced sale of Rs 10 crore equity shares by a large shareholder.

The bank had informed the BSE that Milestone Trusteeship Services had invoked its pledged shares.

Further, he clarified, that there was no relation between the fall in the share price and the bank's business.

Gill said Rajat Monga, the group president, had decided to move on and leave the company.

According to market players, the stock has been witnessing all-round selling from promoters, large investors, lenders and HNIs.

As most of the selling was over, one could see some short-covering in the stock. However, it was not yet a buy candidate, as it could see further volatility in the days ahead, they have cautioned.

The Q2 results could throw light on the bank's fundamentals, they added. _ Our Bureau

Rupee slips 28 paise to 71.35 against USD in early trade

The Indian rupee on Monday had closed at 71.60 against the US dollar. File Photo

The Indian rupee opened on a cautious note and fell 28 paise to 71.35 against the US dollar in early trade on Thursday amid rising crude oil prices and unabated foreign fund outflows.

Forex traders said weak opening in domestic equities and rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency.

At the Interbank Foreign Exchange, the rupee opened at 71.22 then fell to 71.35 against the US dollar, showing a decline of 28 paise over its previous closing.

The Indian rupee on Tuesday had closed at 71.07 against the US dollar. Click here to read in full the rupee report.

Sensex, Nifty narrow losses

The Sensex and Nifty, which dropped over 0.75 per cent at the open, have since narrowed their losses.

The Sensex was trading at 38,184, down 120 points or 0.31 per cent lower on its previous close. The Nifty was at 11,325, down 34 points or 0.30 per cent.

The top gainers in the Sensex pack were YES Bank, which shot up over 21 per cent, followed by Tata Motors up 4.29 per cent and  ICICI Bank, HCL Tech and TCS, all rising over 1 per cent each.

The laggards were led by Vedanta, Tata Steel, Axis Bank, HDFC Bank and L&T, which lost between 1.5 and 3 per cent.

Wall Street tumbles as trade war threatens US economy

All 11 major S&P sector indexes fell, with energy and financials each down more than 2 per cent. File Photo

Wall Street's main indexes suffered their sharpest one-day declines in nearly six weeks on Wednesday after employment and manufacturing data suggested that the US-China trade war is taking an increasing toll on the US economy.

Adding to trade concerns, the United States won approval on Wednesday to levy import tariffs on $7.5 billion worth of European goods over illegal EU subsidies handed to Airbus , threatening to trigger a tit-for-tat transatlantic trade war.

All 11 major S&P sector indexes fell, with energy and financials each down more than 2 per cent. The ADP National Employment Report showed private payrolls growth in August was not as strong as previously estimated, and said “businesses have turned more cautious in their hiring,” with small enterprises becoming “especially hesitant.” Click here to read in full the US markets report .

Asian stocks slide as US tariffs on EU fan growth worries

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.38 per cent. File Photo

Asian stocks skidded to a one-month low on Thursday after the United States opened a new front in its trade dispute with Europe by imposing tariffs, adding to already-growing market fears about global growth.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.78 per cent. Japan's Nikkei stock index fell 2.20 per cent, on course for its biggest daily decline in six months. Australian shares slumped 2.13 per cent to a five-week low.

US stock futures were up 0.25 per cent, but this did little to bolster sentiment after shares on Wall Street suffered their sharpest one-day decline in nearly six weeks on Wednesday, when the three major New York share indexes all lost more than 1.5 per cent. Click here to read more on the Asian markets report .

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened Thursday's session in the red.

The Sensex was quoting at 38,032, down 265 points or 0.70 per cent lower on Tuesday's close.

The Nifty opened at 11,267, down 92 points or 0.81 per cent lower than its previous close.

The markets were shut for a public holiday on Wednesday.

Today Pick: Mangalam Cement (₹313.9): Buy

The stock of Mangalam Cement jumped 10.5 per cent with above-average volume on Tuesday, breaking above a key barrier at ₹300. This rally provides investors with short-term perspective an opportunity to buy the stock at current levels.

In late July this year, the stock took support at ₹210 and reversed direction. Since then, the stock has been in a medium-term uptrend. While trending up, the stock had decisively breached its 50- and 200-day moving averages in mid-September and is trading well above these levels. Also in last September, the stock had conclusively surpassed a key resistance at ₹280, which later turned into a vital support. Click here to read in full Today's Pick on Mangalam Cement.

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