Closing Bell

The BSE benchmark Sensex plunged over 750 points on Thursday  on heavy selling in IT, auto, banking and telecom stocks, taking cues from weak global equity markets. Wall Street has seen worst losses in eight months led to broader risk aversion, a rise in market volatility and concerns over overvalued stock markets with rapidly rising dollar yields. After a weak start with over 1,000-point fall, the BSE 30-share barometer that plummeted below the 34,000-mark to hit a low of 33,723.53, and ended at 34,001.15, down by 759.74 points, or 2.19 per cent.

On the NSE, the Nifty declined 225.45 points, or 2.16%, at 10,234.65.

BSE CHART

 

 

NIFTY AUTO

 

 

NIFTY BANK INDEX

NIFTY IT INDEX

 

 

Stock indices continued to trade in the negative territory from the morning. Though there was a mild pullback of sorts, but that could not be sustained as fresh selling from DIIs and investors dragged the markets.

The Sensex was at 33,918, down 842 points from yesterday's closing level. The Nifty too has shed 245 points to trade at 10,196.

 

Sensex, Nifty still trade in the red

On the Nifty, the decliners have far outnumbered the advancing scrips. The number of declining scrips was 41 against the advancers which were eight.

The NSE Nifty was quoted at 10,217.60 points, down 242 points from its previous close.

The Sensex was trading at 34,024, down by 736 points. All the sectoral indices were in the red with the exception to Oil and Gas indices. The BSE Oil and Gas sector index rose 315.80 points at 12, 834.75

Titagarh Wagons makes binding offer to buy Kolkata yard of bankrupt Bharati Defence

 

Mumbai-listed Titagarh Wagons Ltd has made a binding offer to buy the Kolkata yard of bankrupt shipbuilder Bharati Defence and Infrastructure Ltd, the National Company Law Tribunal (NCLT), which is hearing the insolvency case, was told on Wednesday. Read more

Sensex after having crashed down by 1,000 points initially, slowly gathered its strength at lower levels of the day, made some mild recovery, but still holds on to the negative ground.

At 1.40 pm, the BSE Sensex was at 34,220.65, down by 540.24 points.

In the similar fashion, the Nifty on the NSE was trading at 10,313.55, down 146.55 points.

Top laggards today were IndiaBulls Finance, SBI, Tata Steel, Bajaj Finance, Infosys, HCL Tech, Hindalco, Grasim and TCS.

BSE SECTORAL INDICES

 

TOP GAINERS ON NIFTY

 

TOP LOSERS ON NIFTY

 

Rupee recovers

The rupee which fell in early trades on Thursday recovered smartly in the afternoon session.  At 1.25 pm, the domestic unit was trading at 74.12, up 9 paise versus the dollar. It ended yesterday at 74.21. Earlier, the rupee had hit a new record low of 74.50 against the US dollar.  Read more

IMF chief defends rate hikes after Trump slams Fed

IMF chief Christine Lagarde on Thursday defended central bank rate hikes in a veiled rebuke to Donald Trump after the US president blamed “crazy” Fed policies for contributing to financial market turmoil. Lagarde’s comments came as a global market sell-off rolled on following Trump’s comments, underscoring rising financial volatility that the IMF will address at its annual meetings this week in Bali. Read  more

 

Stock market crash erodes over Rs 3 lakh cr from investor wealth

 

As the BSE benchmark index plummeted over 1,000 points during the morning trade Thursday, investor wealth got eroded by over Rs 3 lakh crore. The BSE benchmark Sensex on Thursday crashed over 1,000 points to slip below the key 34,000-mark in early trade, tracking a global sell-off. Read more

MobiKwik to enter wealth management with Clearfunds acquisition

 

Mobile wallet turned full stack fintech platform, Mobikwik, has entered into the wealth management business with acquisition of online wealth management platform Clearfunds. Read more

Sensex, Nifty trim losses

Benchmark indices Sensex and Nifty were up a shade in the afternoon session. The Sensex was quoting at 34,086, down 673 points or 1.94 per cent lower. Nifty  was at 10,257, down 202 points or 1.94 per cent lower.

Rupee was trading at 74.40, down by 19 paise versus the dollar. It ended yesterday at 74.21. The domestic unit fell due to the sell-off in equity markets across the globe.

YES Bank and ONGC were the two stocks in the green on the Sensex. The major losers were SBI, Tata Steel, IndusInd Bank, M&M and Infosys.

On the BSE, oil and gas was the only sectoral index in positive territory. The top losers were metals, realty, IT, banking, technology and auto sectors.

 

Sensex, Nifty trade weak; both down over 2%

Equity indices saw a mild pull-back move in the mid-session that could be due to some short-covering from traders.

In the mid-session, the BSE was trading at 34,022 points, down 738.25 points or 2.12%  and the broader Nifty which slipped below the 10,200-mark initially, was being quoted at 10,237, down 222.30 points, or 2.13 per cent.

Earlier, the BSE Sensex crashed over 1,030 points to slip below the key 34,000-mark in the opening trading session, tracking a global sell-off as the rupee hit yet another record low of 74.50 against the US dollar.

Traders attributed the carnage in domestic bourses to the sell-off in international bourses after US stocks tumbled on heavy correction in tech stocks, fresh concerns over Fed rate hike and looming impact of the US’ trade war with the China.

 

Oil & Gas shares rise on lower crude price

The BSE Oil & Gas sectoral index was trading in the green today. The index was quoted higher by 43 points at 12,562.30.

Shares of Indian oil and gas companies rise on the back of lower crude oil price. Oil prices fell to two-week lows as they extended big losses from the previous session amid a rout in global stock markets.

HPCL gained 4.30% at Rs 188.40, BPCL was up 1.25% at Rs 268.35, ONGC was up 1% at Rs 150.25. However, Reliance Ind was down by 2.35% at Rs 1,076.40 and OIL has shed 1.55% at Rs 195.90.

BSE OIL & GAS Index

 

 

HEG stock surges over 9 per cent

The stock of HEG surged over 9 per cent today bucking the weak trend in the domestic equity market. The Hindu BusinessLine carried the buy recommendation of HEG stock in the Broker's call section.

At 11.40 am, HEG rose 9.25% at Rs 4,230 on the BSE today.

Broker's call: HEG (Buy)

We initiate coverage of HEG with a ‘Buy’ rating and PO (price objective) of ₹6,700 - an upside potential of 110 per cent, plus an 8.5 per cent forecast dividend yield. It has seen a significant rise in profitability over the last 12 months as graphite electrode (GE) prices have risen fivefold. Read more

 

Public sector bank SBI stock met with selling pressure on heavy volumes on Thursday. At 11.30 am, SBI was trading at Rs 265, having lost 4.70 per cent on the BSE. The volumes traded in the counter were as much as 10.90 lakh shares.

 

Tata steel declined 5 per cent today in line with the falling equity market. A global sell-off triggered fresh bout of selling in the domestic market and in heavyweight stocks.

At 11.10 am, Tata Steel was down 5.17 per cent at Rs 552.50 on the BSE

 

Morgan Stanley plans to tie up with a start-up in India

 

American multinational investment banking and financial services major Morgan Stanley will host Asia’s first CTO Innovation Summit in Bengaluru. The company plans to tie up with one start-up in India, out of 16 start-ups shortlisted, to develop new and innovative solutions to help it navigate the technology roadmap. Read more

 

Sensex, Nifty down over 2%

At 11 am, the Sensex was trading at 33,945 points, down 815 points or 2.34%

The broader Nifty which slipped below the 10,200-mark initially, was being quoted at 10,027.80, down 252.30 points, or 2.41 per cent.

Traders attributed the carnage in domestic bourses to the sell-off in international bourses after US stocks tumbled on heavy correction in tech stocks, fresh concerns over Fed rate hike and looming impact of the US’ trade war with the China.

Rising 10-year US treasury bonds, jumping above 3 per cent last week and the International Monetary Fund (IMF) slashing its global growth forecast and weakness in emerging markets, too spooked investors .

 

 

Trump calls stock sell-off ‘a correction’, says Federal Reserve is ‘crazy’

US President Donald Trump said that Wednesday's stock market sell-off was in fact a long-awaited “correction,” and that the Federal Reserve, which has been raising US interest rates, had gone “crazy.”

Trump's use of the word correction to describe the sell-off could be significant. A stock market correction is defined as a decline of at least 10 per cent from the high point of the past 52 weeks, suggesting that major US indices have further to fall. Read more

 

Aviation stocks rise after cut in jet fuel tax

Shares of Indian airlines bucked the weak trend in the overall market and posted gains on Thursday after the Government had agreed to cut the factory gate tax on jet fuel to 11 per cent from 14 per cent

On the NSE, InterGlobe Aviation stock rose as much as 7.30 per cent to Rs 798.90, Jet Airways gained as much as 4.2 per cent to Rs 197.10, while SpiceJet stock rises as much as 3.82 per cent to Rs 70.70 Read more

 

Depreciating rupee, rising crude, tight liquidity to dampen Q2 show

 

Most analysts have turned cautious on India Inc’s Q2 performance. TCS is the first major company to declare its quarterly results on Thursday, while Bandhan Bank reported a strong performance on Wednesday. Its net profit zoomed 47 per cent for the quarter ended September 30, 2018. However, analysts fear depreciating rupee and rising crude oil prices will impact the corporate’s performance. Read more

Sensex, Nifty down over 2%

Both Sensex and Nifty were trading lower by over 2 per cent in the morning session on Thursday. Sensex was down 891 points lower or 2.56 per cent lower at 33,869 points. Nifty dropped 271 points  or 2.59 per cent lower at 10,188.

Asian share markets sank on Thursday after Wall Street suffered its worst drubbing in eight months. 

On Wall Street, the S&P500's sharpest one-day fall since February wiped out around $850 billion of wealth as technology shares tumbled on fears of slowing demand. The S&P 500 ended Wednesday with a loss of 3.29 per cent and the Nasdaq Composite 4.08 per cent, while the Dow shed 2.2 per cent.

BSE SECTORAL INDICES

 

Broker's call: HEG (Buy)

We initiate coverage of HEG with a ‘Buy’ rating and PO (price objective) of ₹6,700 - an upside potential of 110 per cent, plus an 8.5 per cent forecast dividend yield. It has seen a significant rise in profitability over the last 12 months as graphite electrode (GE) prices have risen fivefold. Chinese limits on steel production and efforts to cut pollution are lifting steel output by Electric Arc Furnaces (EAF). High entry barriers and limited needle coke supplies mean we see capacity staying tight and a multi-year period of high prices and profit. With 99 per cent of revenue from electrodes, 2/3 as exports, HEG is the purest play on the global sector. Read more

 

RBI, NHB, SBI open liquidity taps to boost NBFC lending

 

The Reserve Bank of India (RBI), its subsidiary National Housing Bank (NHB), and State Bank of India (SBI) have opened the liquidity taps to ensure that lenders, especially non-banking finance companies (NBFC), do not face restraints in lending in the traditionally busy season of October-March due to liquidity issues. Read more

Jindal Steel charts ₹300-cr capacity expansion

 

Jindal Stainless Steel is investing about ₹300 crore in expanding the capacity at its factories in Haryana and Odisha, in preparation for the demand in both flat and long product segments. Read more

Wall Street tumbles as US yields soar, investors shun risk

 

US stocks tumbled on Wednesday, with the S&P 500 and the Dow marking their biggest daily declines since February 8, and technology stocks were at the centre of the carnage as rising US Treasury yields sent investors fleeing from risky assets. Read more

Oil extends losses as other markets fall, stockpiles climb

 

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing US crude inventories rose more than expected. Read more

Rupee down 25 paise

The rupee fell in the opening session on Thursday erasing yesterday's gains to hit a new record low of 74.50 against the US dollar. 

The rupee opened lower at 74.37, against yesterday's close of 74.21. Later, it moved further down to touch a low of 74.50 before being quoted at 74.46 at 9.25 am.

The domestic currency slipped tracking weak equity markets amidst strong dollar demand from importers. 

The BSE Sensex fell sharply by 853 points in the morning trade which aided the negative sentiment for the domestic currency.

Strengthening of dollar against other currencies overseas also weighed on the rupee.

Dollar steady, yen at October highs

 

The dollar was steady against a basket of currencies on Thursday after spooked investors drove US stocks to their worst fall in nearly eight months overnight. The dollar index, a gauge of its value against six major currencies, fell 0.11 per cent to 95.407 on Thursday, after hitting a high of 95.79 in the previous session. Read more

Asian markets shattered by Wall St rout, yuan under fire

Asian share markets sank in a sea of red on Thursday after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe. Read more

Bank Nifty Calls see uptick in demand

 

Banking stocks made a smart recovery on Wednesday in line with the buoyancy in the overall market. Markets shrugged off prolonged weakness, taking cues from a report that RBI had decided to inject Rs 12,000-crore liquidity into the system through purchase of government bonds on October 11 to meet the festival season demand for funds. Read more

 

Sensex, Nifty open in red

The benchmark indices Sensex and Nifty opened Thursday's session in the red. The Sensex was quoting at 33,915 points or 845 points lower in early session. This represented a loss of 2.43 per cent. The Nifty 50 opened 290 points lower at 10,169.

On Wednesday, the Sensex gained 461 points, or 1.35 per cent, to close at 34,760. The Nifty rose 159 points, or 1.54 per cent, to close  yesterday's session at 10,460. The rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar.

Today's Pick

DCB Bank (₹150.3): Buy

 

Investors with a short-term horizon can buy the stock of DCB Bank at current levels. Since encountering a key resistance at ₹180 in early September, the stock started declining. However, the key support at ₹140 halted the down-move and cushioned the fall. Read more

Day Trading Guide October 11

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

₹1966 • HDFC Bank

₹700 • Infosys

₹270 • ITC

₹148 • ONGC

₹1102 • Reliance Ind.

₹278 • SBI

₹2043 • TCS

10465 • Nifty 50 Futures

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

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