Markets Live: Sensex ends 173 points lower at 38,723; Coal India slumps 2.6%, RIL 1.8%

Sensex gainers, losers

Nifty gainers, losers

BSE sectoral indices

 

 

Closing bell

Domestic shares ended lower on Wednesday, following two successive record closing highs, dragged by energy giants such as Reliance Industries Ltd and Coal India Ltd.

The benchmark BSE index closed down 173.70 points or 0.45 per cent at 38,722.93 and the broader NSE index ended 46.6 points or 0.40 per cent lower at 11,691.9.

Weak global cues due to US-China trade war fears and cautious approach adopted by traders ahead of August F&O expiry dampened the trading sentiment.

Reliance fell from record highs earlier in the session to close 2 per cent lower. It had gained for the last seven sessions. Coal India ended 2.1 per cent lower after three sessions of gains.

The rupee touched a record low of 70.58 to the dollar, tracking weakness in Asian peers along with strong month-end dollar demand back home.

 

 

Suven Life Sciences has been granted a product patent each by China and Eurasia corresponding to a new chemical entity (NCE) for the treatment of disorders associated with neurodegenerative diseases. Read more

The Sensex was trading down by 163.23 points or 0.42 per cent at 38,734.14 and the Nifty down 48.85 points or 0.42 per cent at 11,689.65.

Weak global cues due to US-China trade war fears and cautious approach adopted by traders ahead of August F&O expiry dampened the trading sentiment.

Top five Sensex gainers were State Bank of India, ONGC, Tata Steel, Tata Motors and Wipro, while the major losers were Coal India, Reliance, PowerGrid, YES Bank and NTPC.

 

Among BSE sectoral indices, metal, realty, PSU and oil & gas remained investors' favourite, while TECk, healthcare, IT and consumer durables succumbed to selling pressure.

 

 

Is the rupee really overvalued?

 

The rupee is once again making headlines by repeatedly testing the 70 level against the dollar. And with this, the debate over whether the rupee has depreciated enough or should decline further, has also revived. Click here to read more

Bhushan Steel ex-promoter to be released

 

The Delhi High Court has granted interim relief to Bhushan Steel’s erstwhile promoter Neeraj Singal, arrested by the Serious Fraud Investigation Office for allegedly siphoning off funds worth Rs 2,000 crore, by directing his release on bail. Read more

Oil prices to put pressure on twin deficit

 

Moody’s says that higher oil prices and interest rates will put pressure on India’s twin deficit – fiscal and current. However, the good news is that the gross domestic product growth remains robust. Click here to read more

MCX gold

 

Gold prices went up by Rs 25 to Rs 30,260 per 10 gram at the futures trade as speculators raised their bets owing to a firm global trend. Gold for delivery in December was trading higher by Rs 25, or 0.08 per cent, at Rs 30,260 per 10 gram, in a business turnover of one lot. Read more

UPL hits over 2-month high

 

Shares of agrochemicals maker UPL gained as much as 3.65 per cent to Rs 678, highest since June 19. According to technicals, the stock broke above a resistance at Rs 663.55, the 23.6 per cent Fibonacci projection level of the uptrend from February 12, 2016 low to August 1, 2017 high. Read more

Sensex gainers, losers

 

BSE sectoral indices

Among BSE sectoral indices, realty index gained the most by 2.08 per cent, followed by metal 2.05 per cent, PSU 1.1 per cent and power 0.48 per cent. On the other hand, TECk index fell 0.37 per cent, IT 0.32 per cent, FMCG 0.13 per cent and consumer durables 0.03 per cent.

 

 

 

Benchmark indices were trading lower, following record-setting gains in the previous two sessions, as losses in IT stocks offset an advance in energy and materials shares.

The Sensex was down 64.97 points or 0.17 per cent at 38,831.66 and the Nifty down 26.65 points or 0.23 per cent at 11,711.85.

The rupee touched a record low of 70.57 to the dollar, tracking weakness in Asian peers along with strong month-end dollar demand back home.

The NSE index has been setting successive record highs for the past two months, while the BSE index has been Asia's top performer this year even when accounting for the rupee's decline.

“The correction is nowhere close to a concern in terms of the long-term growth story. Minor corrections should not be viewed as anything serious or a reversal,” said Gaurang Shah, head investment strategist, Geojit Financial Services.

SBI Small Cap

 

Investors with a long-term perspective and an appetite for high risk can invest in SBI Small Cap Fund through the Systematic Investment Plan route. Earlier called SBI Small and Midcap, the fund underwent a name change in mid-May 2018 as per SEBI’s new classification norms. Click here to read more

Nifty 50 August futures (11,727)

 

The near-term outlook will remain bearish as long as the contract trades below 11,750 levels. Traders with a near-term view can go short with a stop-loss at 11,750 levels. A strong fall below the immediate support level of 11,725 can drag the contract down to 11,700. Click here to read more

'99.4% of demonetised notes returned'

 

Close to 99.40 per cent of specified bank notes of Rs 500 and Rs 1,000 denominations, which were scrapped in the November-December 2016 period, have been returned from circulation, according to the Reserve Bank of India's annual report. Read more

Rupee crashes to 70.57

 

The rupee collapsed to a lifetime low of 70.57 by plunging 47 paise against the dollar on strong month-end demand for the American currency amid foreign fund outflows. Read more

 

NCLAT admits Mistry's plea

 

The National Company Law Appellate Tribunal has admitted a petition moved by outsted Tata Sons Chairman Cyrus P Mistry against a Mumbai Bench of the National Company Law Tribunal order upholding his removal. Click here to read more

Nalco shares jump 3%

 

Shares of state-owned National Aluminium Co Ltd jumped 3 per cent to Rs 77.20, their highest level in three months. HSBC Global Research has initiated coverage with a “buy” rating and a target price of Rs 90. Read more

TTK Prestige jumps 7%

 

Shares of kitchen appliances maker TTK Prestige Ltd jumped as much as 7 per cent to Rs 6,888.8. The stock posted its biggest intraday percentage gain since January 17. Read more

JSW Steel hits record high

 

Shares of JSW Steel Ltd jumped as much as 3.66 per cent to a record high of Rs 379.60. According to NSE Indices, the company will replace drugmaker Lupin Ltd in the Nifty 50 index from September 28. Read more

Benchmark indices were trading marginally lower after hitting record highs earlier in the day as investors turned cautious ahead of August month derivatives expiry on Thursday. Mixed global cues due to US-China trade tensions continue to weigh on the domestic sentiment.

US and Chinese officials had ended two days of talks last week with no major breakthrough as their trade war escalated with activation of another round of duelling tariffs.

The Sensex was trading down 25.94 points or 0.07 per cent at 38,870.69 and the Nifty down 10.5 points or 0.09 per cent at 11,728.

Top five Sensex gainers were ONGC, State Bank of India, YES Bank, Vedanta and Tata Steel, while the major losers were Coal India, IndusInd Bank, HDFC Bank, NTPC and Infosys.

 

As per provisional data, foreign funds sold shares worth Rs 161.05 crore, while domestic institutional investors offloaded shares to the tune of Rs 199.28 crore yesterday.

Spot gold edges up to $1,202

 

Gold prices edged up after falling as much as 1 per cent in the previous session, but Sino-US trade tensions continued to drag on the precious metal. Spot gold was up 0.1 per cent at $1,202.46 an ounce at 0112 GMT. Read more

Dollar inches up from 4-week low

 

The dollar inched higher after dipping to a four-week low overnight, but relief over a US-Mexico trade deal was dimmed by concerns that the China-US trade war will drag on for some time. The dollar index against a basket of six major currencies was barely changed at 94.720 as of 0315 GMT, after trading as low as 94.434 during the US session, its lowest since July 31.  Read more

Brent crude edges up to $76

 

Oil markets were buoyed by falling supplies from Iran ahead of US sanctions but held in check by rising production outside the Organization of the Petroleum Exporting Countries. International Brent crude oil futures were at $76 per barrel at 0257 GMT, up 5 cents from their last close. Read more

Asian markets

 

Asian share markets were left in limbo as optimism over the US-Mexico trade deal was quickly replaced by caution ahead of a looming deadline on tariffs with China. Japan's Nikkei rose 0.3 per cent, while EMini futures for the S&P 500 added 0.11 per cent. Read more

Sensex gainers, losers

Top five gainers were Vedanta, ONGC, State Bank of India, Tata Steel and Tata Motors, while the major losers were Coal India, HDFC Bank, IndusInd Bank, Infosys and TCS.

 

Benchmark indices turned choppy after hitting record highs earlier in the day due to profit-booking by investors ahead of August month derivatives expiry on Thursday. Also, mixed cues from global markets dampened the trading sentiment.

At 10.45 am, the Sensex was trading up 6.51 points or 0.02 per cent at 38,903.14 and the Nifty down 3.85 points or 0.03 per cent at 11,734.65.

Early trade

The S&P BSE index hit a new life-time high of 38,989.65, extending its record-setting spree for a third session, on buying by domestic investors and short-covering ahead of August futures and options (F&O) expiry.

The 30-share index rose 93.02 points, or 0.23 per cent, to hit a new high of 38,989.65, bettering its previous intra-day record of 38,938.91 hit yesterday.  The gauge has rallied 644.83 points in the previous two sessions.

As per provisional data, foreign funds sold shares worth Rs 161.05 crore, while domestic institutional investors offloaded shares to the tune of Rs 199.28 crore yesterday.

Hathway Cable pref. issue

 

The board of directors of Hathway Cable and Datacom will meet today to consider and determine the issue price of the preferential issue. The company plans to issue a maximum of 3.095 crore shares on a preferential basis to Hathway Investments. Shareholders of Hathway Cable will be keen to know the issue price and the quantum the company plans to raise through the preferential issue. - Our Bureau

What to watch

 

Amtek Auto, Anant Raj, Atlas Cycle (Haryana), Electrosteel Steels, Nahar Capital & Financial, PTC India Financial and Unitech, will declare their results today.

While Anant Raj, PTC India Financial and Nahar Capital will declare the results for the June quarter, Amtek Auto will declare the unaudited results for the quarter and nine months ended December 31, 2017. Electrosteel Steels and Anant Raj will announce FY18 and Q1 FY19 results. - Our Bureau

HCL to turn ex-date for buyback

 

Shares of HCL Technologies will turn ex-date on Thursday for the proposed ₹4,000-crore buyback, which will be at ₹1,100 a share. Its board had earlier approved the buyback of up to 3.64 crore fully paid-up equity shares, representing 2.61 per cent of the company’s outstanding shares as on March 31, 2018.

Investors wishing to participate need to own the company’s shares by Wednesday, as the buyback is through the tender route on proportionate basis. - Our Bureau

 

 

Future Market Networks has acquired 100 per cent equity share capital of Jeremia Real Estate Pvt Ltd. The paid-up share capital of JREPL is ₹1 lakh. The company acquired JREPL to use it as a special purpose vehicle in due course for its business purposes. - Our Bureau

 

 

Birla Corporation has informed the exchanges that the power purchase agreement executed with AMPSolar Farms Private Ltd for the acquisition of 2,600 equity shares of ₹10 each (i.e. 26 per cent of the paid-up capital) has been mutually terminated since the open access approval to the project under PPA was not granted by Rajasthan state authorities. In view of the above, 2,600 equity shares of AMPSolar Farms acquired on January 4, 2018, under the Group Captive Scheme, is being transferred back to the company. - Our Bureau

Broker's call

Equity99

IOL Chem (Buy)

CMP: ₹123.55

Target: ₹150

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Wall Street edges up

 

The S&P 500 and the Nasdaq edged up to record highs for the third consecutive session on waning trade jitters that have vexed the markets for much of the year. Read more

FPIs, MFs invest 75% of their funds in top 40 stocks

 

The majority of India’s wealth in the capital market is pooled into the top 40 listed companies. Data from the recently published annual report of SEBI show that the top 40 stocks in terms of market capitalisation account for nearly three-fourths of the total holding of both domestic mutual funds and foreign portfolio investors in India. Click here to read more

The 30-share BSE index Sensex opened lower by 13.62 points at 38,883.01 against Tuesday's close of 38,896.03 and the 50-share NSE index down 0.35 point at 11,738.15 against 11,738.50.

Day Trading Guide

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

₹2096 • HDFC Bank

 

₹1424 • Infosys

 

₹311 • ITC

 

₹174 • ONGC

 

₹1318 • Reliance Ind.

 

₹304 • SBI

 

₹2065 • TCS

 

11752 • Nifty 50 Futures

 

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

Today's stock pick

Essel Propack (₹124.5): Buy

Investors with a short-term perspective can buy the stock of Essel Propack at current levels. On Tuesday, the stock jumped 4.8 per cent accompanied with an extraordinary volume, breaking above a significant medium-term resistance at ₹120. Read more