Markets Live: Global meltdown hits Indian equities; Sensex ends down 343 points

Closing Bell

The Benchmark Sensex on Thursday slumped over 445 points initially, largely in sync with meltdown at other Asian markets following overnight losses at the Wall Street and fresh weakness in the rupee.

The 30-share BSE Sensex ended lower by 343.87 points, or 1 per cent, to 33,690.09 points. It had gained 186.73 points on Wednesday.

The Nifty too was down by 99 points at 10,124.90.

Besides, investors were also cautious ahead of the last session of October month expiry in the derivatives segment.

Brokers said negative cues from other Asian bourses after US markets plummeted Wednesday as a sharp drop in tech shares and worries about corporate earnings, triggered sell-off on the domestic exchanges here.

 

 

Dish TV india shares fell as much as 20 per cent today on weak second quarter results.

 

 

Shares of Bharat Heavy Electricals Ltd (BHEL) fell as much as `8 per cent to Rs 69.90, their biggest daily fall since September 21

State-run power plant equipment maker's Q2 net profit jumped 60 per cent to Rs 185 crore, but missed analysts' estimates of Rs 236 crore.

BHEL board to meet for results, buyback

 

 

Bayer Crop shares slump on Q2 results

Shares of Bayer CropScience slumped about 9 per cent on Wednesday, a day after the company posted a sharp drop in net profit for the quarter ended September 30.

 

Maruti Suzuki stock was down by Rs 51 or 0.75% at Rs 6,717.10 today after it reported 9.8 per cent decline in net profit to Rs 2,240.4 crore for the second quarter ended September 30.

Maruti Suzuki Q2 net profit dips 9.8% to Rs 2,240.4 cr

 

Markets witnessed a fresh sell-off in the last half-an-hour of trade and the Sensex plummeted by 396 points at 33,637.72. At the NSE, the Nifty was being traded at 10,114, down by 109 points.

The Nifty was down 91 points at 10,134.40.

 

 

The BSE Healthcare index was down 1.45% today as many of its stocks met with selling pressure in line with the overall weak trend.

Shares of Glenmark was down 2.65% at Rs 607.70, Sun Pharma was down 2.65% at Rs 555.35, Biocon was down 3.10% at Rs 624.50. However, Apollo Hospitals, IPCA Lab, Unichem Lab and Neuland Lab have traded in the green today.

 

The BSE IT index was up 0.55% at 13,840.18 as some of the Information Technology stock bucked the overall negative trend and achieved significant gains today. Intellect Design rose 10% to Rs 216.30, NELCO was up 5% at Rs 238.45, HCL Insys was up 4.70% at Rs 25.70, AxisCades gained 4.22% at Rs 67.90, Wipro, up 3.17% at Rs 319 and NIIT was up 2.30% at Rs 72.50.

 

 

BSE Smallcap index declined nearly 1 per cent today. Stocks that fell between 4 and 10 per cent today were RCom, JustDial, DCMSHRIRAM, Lakshmi Vilas,  Kwality, Bombay Dyeing, JSL, Linde India and MCX.

 

The BSE Auto index was down marginally as auto stocks looked mixed. While Bosch, Balkrishna Ind, Apollo Tyres and M&M have traded in the green, gaining between 0.50% and 2.50%, other counters such as Hero MotoCorp, Bharat Forge, Maruti,  MRF and Tata Motors fell between 0.80% and 5%.

 

 

 

 

The BSE Bankex plunged over 400 points at 27,601.16. Shares of SBI, Kotak Bank, Federal Bank, YES Bank, ICICI Bank, Axis Bank and HDFC Bank were down between 0.50% and 2.50% today. (See chart)

 

 

 

 

 

 

 

Nifty 50 October Futures (10,136)

The Sensex and the Nifty indices started the session with a gap-down open, after taking cues from the negative global markets. Following a sharp fall in the US markets, the Asian stocks commenced the session on bearish note. Read more on this

 

 

Heavyweights drag markets

Sensex saw a mild pull back of sorts probably due to some short-covering at lower levels. The BSE barometer bounced nearly 240 points from the low point of the day. However, the Sensex is still down by 259 points at 33, 763.80. Heavyweiighted stocks such as Maruti, ITC, HDFC Bank, Coal India, Tata Steel, Reliance and Hindustan UniLever shed between 0.70% and 1.5%.

 

Sensex down 386 points on weak global markets

Tracking the global meltdown in equities, the domestic market turned weak today and continued to hang on in the negative terrain during the mid-session.  After plunging over 450 points initially, the BSE Sensex was seen at 33,647.56, down 386.40 points or 1.05%.

At the NSE, the Nifty too was down 103 points at 10,121.15.

 

IDFC Bank, Lakshmi Vilas Bank fall on Sept-qtr loss

Shares of private sector lenders IDFC Bank and Lakshmi Vilas Bank fell as much as 3 per cent and 9.95 per cent, respectively, after they posted Sept-qtr loss on Wednesday.

IDFC posted Sept-qtr loss of Rs 370 crore, its first quarterly loss since stock market debut in Nov 2015 - as it set aside funds to comply with regulatory norms. The bank's gross bad loans as a percentage of total loans narrowed to 1.63 per cent as at Sept-end against 3.24 per cent in the prior quarter and 3.92 per cent in the same period a year ago

On the BSE, IDFC shares fell as much as 2.85 per cent to Rs 34.15

 

Lakshmi Vilas Bank posted its third consecutive quarterly loss of Rs 132, as its bad loans grew. Gross bad loans as a percentage of total loans widened to 12.31 per cent at September-end from 10.73 per cent in preceding quarter and 5.50 per cent in Sept year ago

Lakshmi Vilas shares declined 9.98 per cent to Rs 83.45 on the BSE

 

 

Reliance Industries hits 3-1/2-month low; may fall  further

Shares of Reliance Industries Ltd fell as much as 2.37 per cent to RS 1,021, lowest since July 11.

The stock has breached below the key support at Rs 1,032.05, the 76.4 per cent Fibonacci retracement level of the uptrend from June 28 low to August 29 high (wave 3)

The stock has also fallen below its 200-day exponential moving average, a bearish signal.

This suggests stock may fall up to the next support at Rs 993.15, the 86.4 pct retracement level. Trend Intensity rises to 22, suggests prices are trending downwards; MACD is also negative and below its signal line.

 

 

InterGlobe Aviation rebounds after sharp fall

Shares of InterGlobe Aviation (Indigo) Ltd fell as much as 3.7 per cent to Rs 786.65 in the morning session, but recovered later

At 12 noon, the stock was quoted at Rs 821.60, up 0.60%  on the NSE. Parent co of  airline IndiGo on Wednesday posted its first quarterly loss since market debut in 2015, hit by higher expenses for aircraft fuel and forex losses.

The company is also on the run to preserve cash, and said it would hold off buying any A320s aircraft and continue to rely on sale and leaseback

Citi expects an improvement in InterGlobe's H2 over H1, but forecasts a net loss of Rs 1,000 crore for FY19. Citi remains uncertain on extreme volatility in fuel prices and forex losses

 

 

 

With the markets falling over 450 points, all the BSE sectoral indices have turned red. Sectors such as Consumer Durables, Metal, Oil & Gas, BSE Teck, Private Banks, IT, Financial Services are plunged between 1% and 2.50% today. (see Chart)

 

 

 

BSE commodities derivatives hit peak of ₹578 cr on Tuesday

Bombay Stock Exchange’s newly introduced commodities derivatives trading platform with futures trading in gold and silver contracts logged ₹578 crore on Tuesday. Read more

 

 

 

Among the small-cap stocks, Bata India, CanFin Home and Ipca Lab bucked the overall weak trend as they gained between 0.50% and 2% today.

The Benchmark Sensex on Thursday slumped over 450 points , largely in sync with meltdown at other Asian markets following overnight losses at the Wall Street and fresh weakness in the rupee.

The 30-share BSE Sensex dropped by 442.34 points, or 1.30 per cent, to 33,591.62 points. It had gained 186.73 points on Wednesday.

Besides, investors were also cautious ahead of the last session of October month expiry in the derivatives segment.

The Nifty was down 134 points at 10,090.70.

Negative cues from other Asian bourses after US markets plummeted Wednesday as a sharp drop in tech shares and worries about corporate earnings, triggered sell-off on the domestic exchanges here.

Reflecting the overall bearish mood, all the sectoral indices, led by realty, metal, capital goods and bankex, were trading in the negative terrain with losses up to 1.85 per cent.

In the forex market, the rupee weakened by 14 paise to 73.30 against the US dollar due to increased demand for the US currency from importers.

 

 

Banking index down nearly 1%

Banking sector stocks also witnessed a fall wiping off yesterday's gains. The Bank Nifty was down 199 points at 24,864.75. All the bank stocks were down between 1 and 2 per cent with the exception to HDFC Bank and PNB. HDFC Bank was trading flat at Rs 1,992, while PNB was slightly up at Rs 66.05.

Nifty Bank Stocks

 

Domestic shares slumped wiping off yesterdaý's gains following fresh bouts of selling in Metal, Realty, IT, Banking, and Consumer Durables. Global markets nosedived after a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year.

 

 

 

Rupee down 21 paise

The rupee was quoted lower at 73.37, down by 21 paise against the dollar in early trades on Thursday on strong dollar demand amidst weak global markets. It ended yesterday at 73.16.

The domestic currency opened lower at 73.33, immediately touched a high of 73.30, before being traded at 73.37 against the greenback.

 

Metal index traded in the negative territory today tracking overall weakness in markets. The NSE Metal Index was down 1% at 3,314.65. Major  losers today were Hindalco, Welcorp, Tata Steel and VEDL (Table)

 

 

Realty index fell more the 1 per cent today. Stocks of Oberoil Realty was down 3% at Rs 419.50, IB RealEstate, down 2.90% at Rs 75.25 and Brigade lost 2.75% at Rs 175. (Table)

 

 

 

BHEL board to meet for results, buyback

The board of Bharat Heavy Electricals Ltd will meet on Thursday to consider a proposal for buyback of shares and the unaudited financial results for the quarter ended September 30, 2018. Read more

 

Day Trading Guide For October 25

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1991 • HDFC Bank

Read more

Markets opened lower tracking weak global markets. The BSE Sensex declined 254 points at 33,779, while the Nifty was down 76 points at 10,148.

Heavyweighted stocks fell in the opening trades. Stocks of Bharti Airtel, IndusInd Bank, Infosys, Vedanta, Adani Port, YES Bank, Tata Motors, Tata Steel, HDFC and Bajaj Auto, fell between 0.80% and 3 per cent. (See Table)

US markets declined with the major indices Dow and Nasdaq fell 2.4 per cent and 4.4 respectively.

 

 

Today's Pick: EID-Parry India (₹222.8): Buy

The stock of EID Parry India jumped 5.8 per cent accompanied by above average volume on Wednesday. Read more

 

 

Nikkei tumbles to more than 6-month low after Wall Street rout

Japan's Nikkei stumbled to the lowest level in more than six months early on Thursday after Wall Street erased its 2018 gains while a tumble by Nasdaq dragged down Japanese chip-related stocks. Read more

 

 

US markets fall Sharply, erase all of 2018 gains

U.S. stocks plunged again on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and S&P 500's gains for the year, as disappointing forecasts from chipmakers and weak home sales data fuelled jitters about economic and profit growth. Read more