Markets Live: Sensex ends at two-month low of 37,121; Nifty closes at 11,234

Closing bell

The Sensex ended the session down by 169.45 points or 0.45 per cent at a near two-month low of 37,121.22 as cautious investors trimmed their portfolios, ignoring positive global cues and a recovery in rupee. The rupee appreciated 49 paise intra-day to 72.49.

The Sensex touched a intraday high of 37,530.63 and a low of 37,062.69. This is its lowest closing since July 26 when it had finished at 36,984.64.

The 30-scrip gauge had lost about 800 points in the previous two sessions, largely dragged down by rupee woes, unabated foreign fund outflows and escalating trade tensions between the US and China.

Sensex gainers, losers

 

The NSE Nifty closed lower by 44.55 points, or 0.39 per cent, at 11,234.35. Intraday, it hovered between 11,332.05 and 11,210.90.

 

 

Brokers said that the overall sentiment remained cautious owing to US-China trade conflict and surging crude oil prices.

As per provisional data, foreign portfolio investors sold shares worth Rs 1,143.73 crore and domestic institutional investors  picked up equities worth Rs 264.66 crore. - PTI

AMC stocks plunge

 

SEBI’s regulatory changes on the total expense ratio (TER) are set to impact the revenue and profitability of asset management companies. Two listed players − Reliance Nippon Life Asset Management and HDFC Asset Management − faced the brunt of the regulator’s move, plunging by 8-11 per cent on Wednesday.  Read more

MCX-Nickel

 

Nickel futures contract on the Multi Commodity Exchange continues to trade in a narrow sideways range. The contact has been stuck in the band between Rs 880 and Rs 914 per kg for over two weeks. Within this range, the contract fell to a low of Rs 886.6 on Monday and has bounced higher from there. It is currently trading at Rs 910. Read more

Dinesh Engineers IPO

 

Dinesh Engineers has fixed a price band of₹183-185 per share for its forthcoming initial stake sale, with the company expecting to raise about ₹185 crore at the upper end of the price band. The company’s initial public offering will open on September 28 and close on October 3. Read more

Pre-close trade

The Sensex was trading lower by 158.02 points or 0.42 per cent at 37,132.65 and the Nifty down 26.3 points or 0.23 per cent at 11,252.60.

Realty, consumer durables, FMCG and healthcare stocks succumbed to heavy selling pressure. On the other hand, metal, oil & gas, PSU and IT remained investors' favourite.

 

Top five Sensex gainers were Coal India, ONGC, Tata Steel, Hero MotoCorp and Kotak Bank, while the major losers were IndusInd Bank, Maruti, HDFC Bank, HDFC and HUL.

 

Tata Steel jumps to 4-month high

 

Tata Steel Ltd rose 2.62 per cent to Rs 628.8, its highest since May 17, and technicals suggest further upside. The stock broke above a resistance at Rs 624.5, the 23.6 per cent Fibonacci projection level of the uptrend from February 12, 2016 low to January 31, 2018 high. Read more

Asset management cos tank over 10%

 

Shares of asset management companies tumbled up to 10.3 per cent as the Securities and Exchange Board of India decided to slash the charges levied by mutual funds from investors. Reliance Nippon Life Asset Management dived 10.29 per cent to hit its one-year low level of Rs 192.10 on the BSE. HDFC AMC tumbled 9.29 per cent to Rs 1,397 -- its 52-week low. Read more

Heavy selling in consumer durables, FMCG, healthcare and realty stocks pulled the benchmark indices down 0.3 per cent. The Sensex was trading lower by 112.04 per cent or 0.3 per cent at 37,178.63 and the Nifty down 32.35 points or 0.29 per cent at 11,246.55.

On the other hand, metal, oil & gas, PSU and infrastucture stocks found investors' support.

 

 

Top five Sensex gainers were ONGC, Coal India, Hero MotoCorp, Tata Steel and Kotak Bank, while the major losers were IndusInd Bank, Maruti, YES Bank, Adani Ports and Reliance.

Metal stocks shine

 

Shares of metal companies jumped after Reuters reported that the government is considering raising the import duty on steel to support rupee. Nifty metal index rose as much 2.1 per cent, its biggest gain in nearly a week. Read more

Strides Pharma slips over 5%

 

Shares of Strides Pharma Science Ltd fell as much as 5.34 per cent to 472.40, their lowest since August 24 on USFDA observations. The stock posted biggest intraday fall since July 16. Read more

Maruti Suzuki hits 4-month low

 

Shares of Maruti Suzuki India Ltd, the country's largest automaker, fell as much as 1.9 per cent to Rs 8,237.25, their lowest since May 21, and chart suggests further downside. Read more

Nifty 50 September Futures (11,315)

 

September futures contract started the session with a gap-up opening at 11,348. After an initial decline, the contract marked an intra-day low of 11,313 and then bounced up. The contract has recorded an intra-day high of 11,373. Read more

Sensex gainers, losers

Top 10 Nifty gainers, losers

 

Benchmark indices slipped into the negative zone due to selling pressure in consumer durables, realty, FMCG and healthcare stocks despite firm global cues.

 

 

The Sensex was trading down 47.46 points or 0.13 per cent at 37,243.21 and the Nifty down 13.65 points or 0.12 per cent at 11,265.25.

Asian shares gained across the board as the initial 10 per cent US tariff on Chinese products was seen by some market participants as less severe than expected. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1 per cent.

The rupee strengthened 0.7 percent to 72.5350 per dollar on Wednesday, after hitting an all-time low of 72.99 in the previous session.

Rising global markets and steady crude oil prices helped the Indian rupee to recover, in turn boosting market sentiment, said Neeraj Dewan, Director at Quantum Securities.

“If there is no further domestic news flow and globally things are settling, we may see some recovery in the market.”

Gold import duty to be hiked

 

The government is set to hike the import duty on gold to 12-13 per cent from 10 per cent to control the widening current account deficit. It is also considering some policy measures to restrict gold imports. Read more

Trading hours not to be extended

 

The Securities and Exchange Board of India has put on hold the proposed extension of trading hours for equity markets. It has also announced changes to the total expense ratio structure of the domestic mutual fund.  Read more

AIBEA opposes ESOP

 

The All India Bank Employees' Association is opposed to the share sale of public sector banks’ capital to employees as it sees this as an attempt by the government to dilute its shareholding in these banks and boost its privatisation agenda. Read more

Liquidity woes in IL&FS

 

Moody’s Investor Services has said that rising liquidity worries at ailing IL&FS are credit negative for banks and debt market. This observation comes in the backdrop of IL&FS' subsidiary IL&FS Financial Services being barred from accessing the commercial paper market. Read more

Spot gold climbs to $1,202

 

Gold prices rose on Wednesday along with equities as the US dollar softened, with markets showing little worry over the latest escalation in US-China trade war. Spot gold climbed 0.3 per cent to $1,201.72 an ounce by 0455 GMT. US gold futures were up 0.3 per cent at $1,206.50 an ounce. Read more

Forex market

 

The Japanese yen stood near-two-month lows as financial markets took fresh US tariffs on Chinese goods in their stride and as US bond yields shot up to four-month highs on fears of higher inflation.

The yen dropped to a two-month low of 112.395 yen per dollar on Tuesday, edging closer to its July 19 trough of 113.18, which was its lowest in six months. It last stood at 112.34. Read more

Crude oil holds steady

 

Oil prices were steady as concerns that producers will not be able to respond to a shortfall in supply once US sanctions on Iran are enacted outweighed a gain in stockpiles in the United States. Brent crude futures were down 9 cents at $78.92 per barrel 0334 GMT, after rising 1.3 per cent in the previous session. Read more

Rupee strengthens to 72.49

 

The rupee rebounded by  49 paise to 72.49 against the US dollar on fresh selling of the US currency by exporters and banks. Easing crude oil prices and the dollar’s weakness against other currencies overseas helped the domestic currency rebound. Read more

Asian firms’ confidence slumps to 3-year low

 

Confidence among Asian companies slumped to the weakest in almost three years in the third quarter as businesses feared blow back from a worsening global trade war. Asian Business Sentiment Index fell to 58 for the July-September quarter, its lowest since the fourth quarter of 2015, from 74 three months before. Read more

The Sensex was trading higher by 91.03 points or 0.24 per cent at 37,381.70 and the Nifty up 33.3 points or 0.3 per cent at 11,312.20 on value-buying in recently-battered stocks, strengthening of rupee against the dollar and positive global cues.

Except consumer durables, all other BSE sectoral indices were trading in the green.

 

 

Top five Sensex gainers were Tata Steel, ONGC, Coal India, Hero MotoCorp and Asian Paints, while the major losers were Maruti, Wipro, HDFC Bank, HDFC and IndusInd Bank.

 

Future Market shares fall 1%

 

Future Market Networks has completed the acquisition of 50 per cent equity share capital of Future Retail Destination (viz. 1.5 crore equity shares of ₹10 each) held by IL&FS Township and Urban Assets. The company shares were down 1 per cent at Rs 79.30 on the BSE. Read more

Indian Hume shares down 0.45%

 

 

Indian Hume Pipe Company has received Letter of Acceptance for ₹221.72 crore from Madhya Pradesh Jal Nigam Maryadit for EPC work of various components of Indwar-1 Multi Village Rural Water Supply Scheme at Umaria and Katni on turnkey basis, including trial run & maintenance of the entire scheme for 10 years. The project is to be completed within 24 months and an agreement will be signed in due course in this regard. _ Our Bureau

Merger blues hit BoB, Vijaya Bank

 

The stock market gave a thumbs down to Bank of Baroda and Vijaya Bank on Tuesday after the government announced the mega merger plan involving Dena Bank with two banks. According to analysts, clarity on the share swap ratio will be the key factor. Click here to read more

Bank Nifty

 

Among the call option chain, the in-the-money Bank Nifty Call 26,400 option was actively traded on Tuesday. The option price ended down 70.70 per cent or Rs 326.60 at Rs 135.35. 

On the put option chain, the in-the-money Bank Nifty Put 26,600 option contract was the actively traded contract. Option price gained Rs 106.80 (162.50 per cent) and closed at Rs 172.50. Click here to read more

What to watch

 

The promoter of IRB Infrastructure Developers has bought 75 lakh units (or 1.29 per cent) in IRB InvIT at ₹75.60 a unit for approximately ₹57 crore. Following the acquisition, the promoter’s stake in the InvIT increased to 1.31 per cent. IRB Infrastructure shares were trading down 0.32 per cent at Rs 171.05.

IRB InvIT Fund has reported a net distributable cash flow of ₹177 crore in the first quarter of FY19, a total distribution of ₹3.05 per unit and an EBIDTA of ₹250 crore.

The Sensex was trading higher by 82.78 points or 0.22 per cent at 37,373.45 on value-buying in recently battered stocks, strengthening of rupee and positive global cues.

The index had lost almost 800 points in the previous two sessions as rupee woes and trade war worries spooked investors. The Nifty was up 25.7 points, or 0.23 per cent, at 11,304.60.

Except FMCG and consumer durables, all other BSE sectoral indices were trading in the green.

 

 

Top five Sensex gainers were Tata Steel, ONGC, Coal India, Axis Bank and Asian Paints, while the major losers were HDFC Bank, Maruti, Wipro, HDFC and HUL.

 

The rupee recovered from its record low by rising 28 paise to 72.70 against the dollar against the previous record low of 72.98.

As per provisional data, domestic institutional investors made purchases worth Rs 264.66 crore, while foreign portfolio investors offloaded shares worth Rs 1,143.73 crore on Tuesday.

What to watch

 

The open offer to shareholders of LKP Finance from Essel group (Dakshin Mercantile) opens today and closes on October 4. The latter plans to acquire up to 32.678 lakh shares, representing 26 per cent of the voting share capital of LKP Finance at ₹198 a share. The offer was mandatory after Essel group had entered into a definitive agreement to acquire up to 62 per cent equity in LKP Finance in May. The company shares were down 0.15 per cent Rs 195.05 on the BSE.

What to watch

 

RITES shares were trading up 2.6 per cent at Rs 254.40 on the BSE as the contract value for RITES for its wagon project has increased by ₹436 crore. The recently-listed RITES has been executing a project of the Indian Railways entailing setting up of a wagon workshop at Dalmianagar for which the initial contract price was ₹89 crore. Read more

Broker's call

Epic Research

Ramkrishna Forgings (Buy)

CMP: ₹659.50

TP: ₹875

Read more

PMS assets swell to Rs 14.8 lakh cr

 

The total assets handled by portfolio managers surged by 12 per cent to ₹14.79 lakh crore at the end of August against ₹13.24 lakh crore in August-end last year, registering a gain of ₹1.55 lakh crore or 12 per cent. Read more

 

Stock investors lose Rs 2.72 lakh crore

 

Stock investors became poorer by Rs 2.72 lakh crore in two days of market fall which saw the BSE benchmark index diving almost 800 points. On Tuesday, the Sensex had tumbled by about 295 points or 0.78 per cent to close at 37,290.67 due to increasing crude oil prices and mounting trade tension. It had lost 505.13 points or 1.33 per cent on Monday as rupee woes and trade war worries spooked investors. Read more

Asian markets

 

Asian stocks rose and US Treasury yields hovered near four-month highs, as investors looked past the latest escalation in the US-China trade conflict, seen by some market participants as less severe than expected.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent. Australian stocks added 0.35 per cent, South Korea's KOSPI climbed 0.1 per cent and Japan's Nikkei rose 1.45 per cent. Read more

Opening bell

The 30-share BSE index Sensex opened higher by 89.98 points at 37,380.65 against the previous close of 37,290.67 and the 50-share NSE index Nifty up 34.35 points at 11,313.25 against 11,278.90.

Day Trading Guide for Sept 19

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

₹1993 • HDFC Bank

 

₹719 • Infosys

 

₹302 • ITC

 

₹173 • ONGC

 

₹1217 • Reliance Ind.

 

₹274 • SBI

 

₹2070 • TCS

 

11310 • Nifty 50 Futures

 

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

 

Today's stock pick

V-Guard Industries (₹190.9): Sell

 

Investors with a short-term perspective can sell the stock of V-Guard Industries at current levels. On Tuesday, the stock tumbled 5 per cent with above average volume, decisively breaking a key support at ₹197. The stock has been in a medium-term downtrend since encountering a significant resistance at ₹250 in April 2018.  Read more