Sensex tanks 550 points; Nifty plunges to 10,858 as rupee hits record low of 73.42

Closing bell

The S&P BSE Sensex nosedived 550.51 points or 1.51 per cent to 35,975.63 and the Nifty dropped 150.05 points or 1.36 per cent to 10,858.25 on heavy selling in auto, TECk, IT and banking stocks.  Intraday, the Sensex hit a low of 35,911.82 and the Nifty touched 10,843.75.

 

 

Domestic sentiment was hit as the rupee breached the 73-mark for the first time to hit an all-time low of 73.42 (intra-day) against the US dollar. Rising crude oil prices and unabated foreign fund outflows dampened investor sentiment.

Oil hovered below a four-year peak, easing back from session highs after Reuters reported that Russia and Saudi Arabia had struck a private deal in September to raise output. But prices still found support from expectations that US sanctions on Iran that would take effect from November 4 keep supplies tight and strain the ability of major producers to pump more.

Benchmark Brent crude was up 8 cents at $84.88 a barrel at 1032 GMT but off its session peak of $85.33. The price hit $85.45 on Monday, its highest level since November 2014. US crude was up 3 cents at $75.26.

Traders also remained wary ahead of RBI monetary policy meet. The six-member Monetary Policy Committee, headed by RBI governor Urjit Patel, began three-day deliberations today to decide on the key policy rates amid expectations that it would go for a 25 basis points hike to counter the impact of rising oil prices on inflation.

Top five Sensex losers were M&M, TCS, Axis Bank, ICICI Bank and Maruti, while the only five gainers were YES Bank, Vedanta, Coal India, ONGC and Bajaj Auto.

As per provisional data, foreign funds sold shares worth Rs 1,842 crore, while domestic institutional investors bought equities worth Rs 1,805 crore on Monday.

Rupee trading weak at 73.25

 

The rupee dropped to a record low of 73.41 as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall. At 3.45 pm local time, the rupee was trading weak at 73.25 against Mondays close of 72.91. Read more

Inter-ministerial meet on rupee, trade deficit

 

Commerce and Industry Minister Suresh Prabhu will chair an inter-ministerial meeting on Thursday to discuss about the weakening of rupee and widening trade deficit. The meeting assumes significance as the rupee has hit an all-time high of 73.74 against the US dollar, which would raise the country’s import bill and widen the trade deficit. Read more

Bharat-22 ETF to be listed on an overseas exchange

The Government plans to list Bharat-22 ETF on an overseas stock exchange to unlock its value and raise foreign capital. It has already raised ₹22,900 crore through two tranches of Bharat-22 Exchange Traded Fund in the domestic markets. Read more

Sensex advances, declines

 

 

Pre-close trade

The S&P BSE Sensex nosedived 513.12 points to intraday low of 36,013.02 against the previous close of 36,526.14 and the Nifty50 dropped 138.55 points to 10,869.75 against Monday's close of 11,008.30.

Heavy selling in auto, TECk, IT and bank stocks pulled the benchmark indices down. Cautious approach adopted by traders ahead of RBI policy outcome on Friday dampened the domestic sentiment. Also, weakening of rupee to 73.41 (intraday) cast its shadow on investor sentiment.

Top five Sensex losers were M&M, TCS, Axis Bank, ICICI Bank and Maruti, while the major losers were YES Bank, Vedanta, Coal India, ONGC and Bajaj Auto.

 

MCX gold, silver

 

Gold prices went up by 1.56 per cent to Rs 31,070 per 10 grams at the futures trade. Silver prices climbed 2 per cent to Rs 39,213 per kg. Read more

The S&P BSE Sensex was trading lower by 364.54 points or 1 per cent at 36,161.60 and the Nifty50 down 96.25 points or 0.87 per cent at 10,912.05 on heavy selling in auto, TECk, IT and bank stocks amid weak global cues.

 

 

Top five Nifty losers were M&M, Bharti Infratel, Eicher Motors, TCS and Axis Bank, while the major gainers were YES Bank, Hindalco, Vedanta, HPCL and Indiabulls Housing Finance.

Azure Power gets funding

 

Azure Power has achieved financial closure for Rs 600 crore for its 200-MW solar park in Bhadla, Rajasthan ahead of schedule. Read more

L&T bags Rs 3,036 cr order

 

Larsen & Toubro’s buildings and factories business has bagged an order worth Rs 3,036 crore from Bangalore International Airport Ltd to construct Terminal-2 of the Kempegowda International Airport, Bengaluru. L&T shares were trading up 0.12 per cent at Rs 1,249 on the BSE. Read more

NBFC stocks continue to fall

 

Stocks of NBFCs have been on a free-fall, ever since the IL&FS crisis unfolded. Commercial papers of Dewan Housing Finance Company that were sold at a sharp discount in the secondary market triggered the massive sell-off. This has raised a wider concern over the liquidity problem for NBFCs. Click here to read more

The Sensex was trading lower by 188.13 points or 0.52 per cent at 36,338.01 and the Nifty down 53.4 points or 0.49 per cent at 10,954.90 on heavy selling in TECk, IT, auto and FMCG stocks amid weak global cues.

 

 

Top 10 Nifty gainers, losers

 

 

Traders remained cautious ahead of RBI monetary policy meet scheduled to begin today. Weakening of rupee to 73.41 against the dollar (intraday) also dampened the trading sentiment.

As per provisional data, foreign funds sold shares worth Rs 1,842 crore, while domestic institutional investors bought equities worth Rs 1,805 crore on Monday.

Sonata Software: Solutions at a click

 

Given the highly volatile market prevailing now, investors would be better off taking highly selective defensive bets, instead of bottom fishing in cyclicals. In this regard, Sonata Software appears a reasonable bet for investors with a two- to three-year horizon. Click here to read more

InterGlobe Aviation breaks support at Rs 810

 

Shares of InterGlobe Aviation Ltd broke the support at Rs 810, and according to technicals, the stock may test Rs 698. The stock fell as much as 4.3 per cent and broke a support at Rs 810. Support at Rs 810 is identified as the 86.4 per cent Fibonacci retracement level of the uptrend from February 11, 2016 low to April 20, 2018 high. Read more

Nifty 50 October Futures (10,988)

 

Traders with a near-term perspective can initiate fresh long positions on a strong rally above 11,000 levels with a fixed stop-loss. The contract can extend its corrective intra-day rally to 11,030 and 11,050 levels. Click here to read more

‘Rupee depreciation need not be fought at all times’

 

“Generally positive but some headwinds” were the words that Montek Singh Ahluwalia, former Deputy Chairman of the Planning Commission, used to sum up his impression of the Indian economy.  Formalisation involves bringing the informal units into the tax net and the regulatory net and this is definitely desirable. Click here to read more

Can the Centre’s white knights rescue IL&FS?

 

While the Centre has stepped in to supersede the IL&FS board, industry heavyweights tasked with turning around the company themselves come with some legacy issues. While all the six individuals are big names who have built reputations in their respective fields, shareholder advisory groups, corporate governance advocacy groups, and top former regulatory officials have raised some questions about their suitability for the job. Click here to read more

Refiners weigh options to deal with oil price rally

 

India’s oil refiners — both state-owned and private — are coming together to look at “common goals” as the galloping crude prices and the fresh bout of sanctions by the US on Iran from November throws up challenges for Asia’s third biggest economy and the world’s third biggest oil consumer. Click here to read more

Ipca Labs arm acquires 80% stake in Bayshore

 

Ipca Laboratories has acquired 80 per cent stake in US’ Bayshore Pharmaceuticals LLC by its subsidiary for $10.286 million (approx Rs 75.4 crore). The acquisition of the majority stake in Bayshore by Ipca Labs’ wholly-owned subsidiary, will enable the company to commercialise its registered generics drug products in the US market through this entity. Read more

Maruti Suzuki breaks support at Rs 7,398

 

Shares of Maruti Suzuki, the country's largest carmaker, broke support at Rs 7,398, and according to technicals, the stock may test Rs 7,068. The stock fell as much as 3.39 per cent to Rs 7,211.15 and broke a support at Rs 7,397.60. Read more

Bharti Infratel hits over 4-year low

 

Bharti Infratel shares hit over 4-year low, and chart suggests more downside. The stock fell as much as 5.5 per cent to Rs 252.75, its lowest since August 27, 2014. The stock had fallen 29.35 per cent this year, as of last close, while the broader NSE Index was up 4.54 per cent in the same period. Read more

Nikkei drops 0.5%

 

The Nikkei share average declined 0.5 per cent to 24,141.50 in midmorning trade, though it was still holding at 27-year highs. The weak yen trend paused as the Japanese currency attracted safety bids amid concerns over Italy's budget plan.

The Sensex was trading lower by 287.47 points or 0.79 per cent at 36,238.67 and the Nifty down 85.85 points or 0.78 per cent at 10,922.45 on heavy selling in auto, TECk, IT and consumer durables stocks amid weak global cues.

 

 

Domestic sentiment was hit as investors turned cautious ahead of RBI monetary policy meet scheduled to begin today. Weakening of rupee to 73.40 against the US dollar dampened the trading sentiment.

As per provisional data, foreign funds sold shares worth Rs 1,842 crore, while domestic institutional investors bought equities worth Rs 1,805 crore on Monday.

Top five Sensex gainers were YES Bank, Vedanta, ONGC, Tata Steel, and Adani Ports, while the major losers were M&M, TCS, Maruti, IndusInd Bank and Bharti Airtel.

 

Bank Nifty

 

Among the call option chain, the in-the-money Bank Nifty Call 25,000 option was the actively traded contract on Monday. The option price closed at Rs 897, up by 34.45 per cent. Open interest  jumped by 32.70 per cent. Traders have taken fresh long positions in the contract. Read more

Rupee at 73: Three factors causing the slide

 

Despite Centre’s recent slew of measures to stem the rupee’s decline against the dollar, including increasing import tariffs on various goods, the Indian currency crossed the 73-mark against the dollar on Wednesday. Here is a quick look at the key factors dragging the rupee lower in the near term. Read more

Sunteck Realty: Promising plots

 

The stock of Sunteck Realty has not corrected as steeply as other realty stocks such as Sobha, Oberoi Reality and Godrej Properties. The share price corrected by around 23 per cent, while other firms’ stocks declined by 30-40 per cent over the past few months. Factors such as favourable locations, ability to command better prices in the ultra-luxury and luxury residential segments and strong financials have helped Sunteck remain relatively resilient compared to peers. Click here to read more

Big savings in small packages

 

As one of the safest and most attractive long-term debt options, the Public Provident Fund has become more lucrative with the government increasing the interest rate for the October-December quarter to 8 per cent. In addition, the tax benefits of the product makes it a must-have for most investors’ portfolios. Click here to read more

Brent crude trading at $85/barrel

 

Oil prices were firm on expectations of a tighter market once US sanctions start targeting Iran's petroleum industry from next month, although a strong dollar and rising US crude supply curbed gains. Brent crude oil futures were trading at $84.89 per barrel at 0222 GMT, up 9 cents from their last close. Read more

The Sensex was trading lower by 246.57 points or 0.68 per cent at 36,279.57 and the Nifty down 86.65 points or 0.79 per cent at 10,921.65 on heavy selling in auto, TECk, consumer durables and IT stocks amid weak global cues.

 

 

Domestic sentiment was also hit as the rupee dropped to a record low.  A sharp rise in global crude oil prices over the last two sessions weighed on the rupee sentiment. The partially convertible rupee hit 73.34 per dollar in early trade, an all-time low, and sharply lower than its previous close of 72.93.

Top five Sensex gainers were YES Bank, Adani Ports, Tata Steel, Sun Pharma and Kotak Bank, while the major losers were Maruti, Wipro, M&M, ICICI Bank and TCS.

Investors turned cautious ahead of the three-day RBI policy review scheduled to begin today. As per provisional data, foreign funds sold shares worth Rs 1,842 crore, while domestic institutional investors bought equities worth Rs 1,805 crore on Monday.

Dollar at 1-month high

 

The dollar stood near a one-month high against its peers on Wednesday as concerns about political wrangling over Italy's budget plan rattled market sentiment and weighed on the euro. The euro was little changed at $1.1550 in Asian trade after retreating to a six-week low of $1.1505 overnight. Read more

Rupee hits record low of 73.34

 

The rupee dropped to a record low in opening deals as a sharp rise in global crude oil prices over the last two sessions weighed on the domestic sentiment. The partially convertible rupee hit 73.34 per dollar in early trade, an all-time low, and sharply lower than its previous close of 72.93. Read more

Dynamic asset allocation indices

 

NSE Indices has launched Nifty 50 & Short Duration Debt-Dynamic P/E index and Nifty 50 & Short Duration Debt-Dynamic P/B index that are designed to tactically combine equity and debt. The two newly launched Nifty dynamic asset allocation indices employ a dynamic, rule-based asset allocation mechanism, designed to tactically combine equity and debt. Read more

Opening bell

The 30-share BSE index Sensex opened lower by 76.71 points at 36,602.85 against the previous close of 36,526.14 and the 50-share NSE index Nifty down 62.7 points at 10,945.60 against 11,008.30.

SEBI orders forensic audit of J Kumar Infra books

 

SEBI has directed the stock exchanges to appoint an independent auditor to conduct forensic audit of J Kumar Infra Projects. It has directed the bourses to appoint an independent auditor to “further verify misrepresentation including of financial and/or business activities of J Kumar Infra”. Read more