Markets Live: Sensex ends marginally lower; IT, healthcare stocks slump

Closing bell

Benchmark equity indices gave up early gains to end a tad lower as the losses in pharma and information technology shares offset the gains in energy, banking and metal stocks.

 

 

The Sensex swung nearly 365 points both sides on heavy buying and selling during the session. The 30-share index, after a gap-up opening at 35,330.14 points, hit a high of 35,351.88 points at the outset on the back of sliding global crude oil prices and recovery in rupee.

 

However, a weak trend in most other Asian markets and a lower opening of European markets, triggered selling on the domestic bourses, dragging the Sensex into negative terrain to hit a low of 34,986.86. The index finally settled 2.50 points, or 0.01 per cent down at 35,141.99. It had rallied 332 points on Tuesday.

 

Similarly, the broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.

Top five Sensex gainers were Maruti, Asian Paints, ONGC, State Bank of India and IndusInd Bank, while the major losers were Sun Pharma, Kotak Bank, TCS, M&M and Infosys.

 

European markets

 

European shares sank to their lowest in two weeks after data that showed the German and Japanese economies contracting in the third quarter fuelled worries about global growth amid a plunge in oil prices. Read more

Global oil market faces surplus

 

Global oil supply will outpace demand throughout 2019, as a “relentless” rise in output swamps growth in consumption that is at risk from a slowing economy, says the International Energy Agency. Read more

Bullion rates

 

Gold prices slipped by Rs 150 to Rs 31,900 per 10 gram on weak global cues and muted spot demand. Silver ready held steady at Rs 37,450 per kg on scattered support, while weekly-based delivery dropped by Rs 443 to Rs 36,219 per kg on speculative selling.  Read more

Pre-close trade

 

Sensex gainers, losers

 

Top 10 Nifty gainers, losers

 

Customers to be benefited from SEBI's decisions

A Balasubramanian, CEO, Aditya Birla Sun Life AMC Limited

 

A veteran in the Indian mutual fund industry, A Balasubramanian, CEO, Aditya Birla Sun Life AMC Limited, has played an active role in its evolution over the last three decades. He takes pride in the fact that he began his career as a trader in the company way back in 1995, moving on to becoming a debt fund manager, CIO, and then CEO in 2009. Click here to read more

Gainers, losers

Oil marketing companies such as Hindustan Petroleum Corp Ltd, Bharat Petroleum Corp Ltd and Indian Oil Corp Ltd were the top percentage gainers on the NSE index, with the shares rising in a range of 8.7-12.4 per cent.

Aviation stocks also climbed, with Interglobe Aviation Ltd rising 6.6 per cent to an 11-week high. Consumer durable stock Hindustan Unilever Ltd was among the top percentage gainers on both the indexes, rising as much as 3.4 per cent to its highest since September 3.

 

Stronger rupee pushed the Nifty IT index 3.1 per cent lower to a two-week low, as shares in software services exporters such as Infosys Ltd and Tata Consultancy Services Ltd declined 3.8 per cent and 3.4 per cent, respectively.

 

Pharmaceutical stocks were also under pressure, with the Nifty Pharma index slipping 1.6 per cent. Sun Pharmaceutical Industries fell as much as 5.1 per cent to a near four-month low after reporting a surprise quarterly loss on Tuesday.

The Sensex was trading lower by 122.07 points or 0.35 per cent at 35,022.42 and the Nifty down 35.35 points or 0.33 per cent at 10,547.15 as gains in oil & gas, PSU, power and FMCG were offset by losses in IT, TECk, healthcare and realty counters.

 

 

Domestic sentiment was hit as WPI inflation jumped to a four-month high of 5.28 per cent in October. Slump in Brent crude to below $65 eased concerns over widening current account deficit. The rupee strengthened to 71.99 on lower crude prices and on the central bank's announcement to buy bonds via open market purchases.

Oil marketing companies surged as crude prices receded, while IT and pharmaceutical stocks weakened due to stronger rupee.

MCX gold, silver

 

Gold prices were down by Rs 86 at Rs 30,960 per 10 grams at the futures trade as speculators reduced their exposure despite a firm trend in precious metal overseas. Read more

Spot gold edges up to $1,203

 

Gold prices inched up as the US dollar retreated from a 16-month high touched earlier in the week, amid a surge in euro and sterling on a draft Brexit agreement.  Spot gold rose 0.1 per cent to $1,202.85 per ounce at 0657 GMT. Read more

SpiceJet climbs over 3%

HYDERABAD, INDIA - DECEMBER 24, 2014: A SpiceJet Boeing 737 on the tarmac at Rajiv Gandhi International Airport. SpiceJet is an Indian low-cost airline owned by the Sun Group of India.

 

SpiceJet shares were trading higher by over 3% despite the airline posting a second straight quarterly loss on higher fuel expenses and a weak rupee. Read more

NSE sectoral indices

Top 10 Nifty gainers, losers

 

Benchmark indices pared most of the early gains to trade slightly higher as a slump in oil prices lifted stocks of oil marketers, but a fall in IT counters due to a firm rupee capped the gains.

Domestic sentiment was muted as WPI inflation jumped to a four-month high of 5.28 per cent in October, mainly due to spike in petrol and diesel prices, even as food prices softened.

The Sensex was trading up 46.65 points or 0.13 per cent at 35,191.14 and the Nifty up 10.65 points or 0.1 per cent at 10,593.15.

“The way crude has broken structurally, it might lie in a low range - the moment it's below $70, its very good for us,” said Rusmik Oza, senior vice-president and head of fundamental research at Kotak Securities in Mumbai.

“This should have a soothing effect on the currency going forward.”

Nifty 50 November Futures (10,640)

 

Traders with high risk appetite can go long. Stop-loss can be placed at 10,610 for the target of 10,700. Revise the stop-loss higher to 10,655 as soon as the contract moves up to 10,675. Read more

Tata Steel hits 7-week high

 

Tata Steel rose as much as 3.6 per cent to Rs 610.60, highest since September 28. HSBC has kept “buy” rating with a price target of Rs 890. Read more

Ashok Leyland falls to over 1-month low

 

Ashok Leyland Ltd's shares fell as much as 8.8 per cent to Rs 108.5, their lowest since October 11, as the company had on Tuesday posted a lower-than-expected 37.5 per cent rise in Q2 profit due to higher raw material costs. Read more

Sun Pharma falls to 4-month low

 

Shares of Sun Pharmaceutical Industries, India's largest drugmaker by market capitalisation, fell as much as 4.1 per cent to Rs 538.65, their lowest since July 17.   The stock was the top percentage loser on the NSE index. Read more

Benchmark indices trimmed their early gains as WPI inflation rose to a four-month high of 5.28 per cent in October, mainly due to spike in petrol and diesel prices, even as food prices softened.

The Sensex was trading up 59.59 points or 0.17 per cent at 35,204.18 and the Nifty up 21.55 points or 0.2 per cent at 10,604.05.

 

 

WPI inflation jumps to 4-month high

 

The wholesale price index-based inflation rose to a four-month high of 5.28 per cent in October, mainly due to spike in petrol and diesel prices, even as food prices softened. WPI inflation stood at 5.13 per cent in September and 3.68 per cent in October last year. Read more

Modi meets US Vice-President

Prime Minister Narendra Modi shakes hand with U.S. Vice President Mike Pence during their bilateral meeting in Singapore, on November 14, 2018. – REUTERS

 

Prime Minister Narendra Modi met US Vice-President Mike Pence in Singapore on Wednesday on the sidelines of the East Asia Summit and the two leaders are expected to discuss bilateral ties, including defence cooperation and the need for maintaining a free and open Indo-Pacific. Read more

HPCL rallies over 12%

 

Shares of Hindustan Petroleum Corp Ltd, Bharat Petroleum Corp Ltd and Indian Oil Corp Ltd jumped 8.7 per cent-12.4 per cent as oil prices slumped.  Read more

Benchmark indices were trading higher as a slump in oil prices lifted the stocks of oil marketers, but a fall in IT counters due to a strong rupee capped the gains.

 

 

The rupee rebounded to 71.99 supported by a fall in global oil prices and on the central bank's announcement a day earlier that it would buy bonds via open market operations.

“The way crude has broken structurally, it might lie in a low range - the moment it's below $70, its very good for us,” said Rusmik Oza, senior vice-president and head of fundamental research at Kotak Securities in Mumbai.

“This should have a soothing effect on the currency going forward.”

The broader NSE index was up 38.2 points or 0.36 per cent at 10,620.70, while the benchmark BSE index was higher by 129.89 points or 0.37 per cent at 35,274.38. Oil marketing companies surged as crude prices receded, while IT and pharmaceutical stocks weakened due to stronger rupee.

 

“The market might be seeing a rotation from IT and pharma stocks to oil marketing companies,” Oza said, adding that the fear than NSE might break 10,000 might recede now, given the softening of oil prices.

“We were among the most impacted by higher crude and currency depreciation, along with China, so when these factors reverse, we will be among the biggest beneficiaries.”

NCLAT approves UltraTech's offer

 

The National Company Law Appellate Tribunal has approved the revised bid from UltraTech Cement for Rs 7,900 crore for the purchase of debt-ridden Binani Cement. Read more

LME copper edges down

 

Three-month copper on the London Metal Exchange was down 0.2 per cent at $6,060.5 a tonne, as of 0334 GMT, while Shanghai's most-traded copper futures contract edged up 0.1 per cent to 48,950 yuan ($7,044.99) a tonne. Read more

LODR regulations

File Photo

 

CII has suggested that SEBI must take a relook at its norm requiring Chairman and Managing Director/CEO of listed companies to be unrelated. It says that the norm requiring that the Chairman and MD/CEO should not be related could be ‘onerous’ and moreover may not be required. Read more

MFs receive 42% more via SIP route

Mutual Funds will now have to adopt a full-trail model of commission in all schemes

 

Retail investors have continued to remain buoyant with SIP flows into mutual funds reaching to ₹7,985 crore in October, a surge of 42 per cent from the year-ago level, despite stock market volatility on the back of rupee depreciation and rising crude oil prices. Read more

SEBI tightens norms for credit rating agencies

 

SEBI has asked credit rating agencies to analyse the deterioration in the liquidity conditions of the issuer and take into account any asset-liability mismatch while reviewing ratings.  Read more

The Sensex was trading higher by 87.04 points or 0.25 per cent at 35,231.53 and the Nifty up 24.3 points or 0.23 per cent at 10,606.80 on heavy buying in oil & gas, PSU, FMCG and bank stocks amid weak global cues.

 

 

Domestic sentiment was buoyed as Brent crude tanked 6.8 per cent on Tuesday easing concerns over widening current account deficit and inflation. Strengthening of rupee to 71.99 on RBI bond buy announcement also boosted investor sentiment.

Top five Sensex gainers were Bharti Airtel, HUL, Asian Paints, IndusInd Bank and Tata Steel, while the major losers were Sun Pharma, Infosys, TCS, Wipro and Axis Bank.

As per provisional data, domestic institutional investors bought shares worth Rs 335.78 crore, while foreign institutional Investors (FIIs) offloaded shares worth Rs 494.95 crore.

Forex market

 

The euro and sterling climbed higher as investor confidence rose on news Britain had struck a draft divorce deal with the European Union after more than a year of talks. The rise in the euro and sterling led investors to take profits on the US dollar, which has retraced from a 16-month high. Read more

 

Sensex gainers, losers

 

Crude oil struggles to gain footing

 

Brent crude was down 0.2 per cent at $65.33 per barrel after tanking 6.8 per cent on Tuesday and set an eight-month trough of $64.61. Brent had soared to a four-year high of $86.74 early in October as the market braced for US sanctions on Iran, but prices have sunk nearly 25 per cent since then. Read more

The Sensex turned lower after hitting over 200 points in early trade due to profit-booking by investors at higher levels. At 10.25 am, the Sensex was trading down by 92.12 points or 0.26 per cent at 35,052.37 and the Nifty down 17.9 points or 0.17 per cent at 10,564.60.

The BSE index jumped 201 points, or 0.57 per cent, to 35,345.49 points in early trade. The gauge had gained 332 points on Tuesday.The Nifty jumped 68.25 points, or 0.64 per cent, to 10,650.75 as Brent crude plunged nearly 7 per cent to a one-year low of $65 a barrel easing concerns over widening current account deficit and inflation. Strengthening of rupee to 72.18 also boosted the domestic sentiment in early trade.

Rupee rebounds to 71.99

 

The rupee rebounded to 71.99, boosted by a fall in global oil prices and on the central bank's announcement to buy bonds via open market purchases. It hovered in a range of 72.17 and 71.99 before quoting at 72.16, up 51 paise. Read more

Asian markets

 

Concerns over global growth pushed MSCI's broadest index of Asia-Pacific shares outside Japan down 0.07 per cent. Australian stocks fell 0.5 per cent, South Korea's KOSPI lost 0.2 per cent and Japan's Nikkei added 0.3 per cent. The Dow and S&P 500 had ended slightly lower on Tuesday. Read more

Linde India board meet today

 

Linde India board will meet today to consider the unaudited financial results for the September quarter. Besides, it will also consider a proposal for voluntary delisting made by its promoter BOC Group Ltd. The company shares were trading higher by 7.48 per cent at Rs 665 on the BSE. Read more

Sasken Tech drops over 2%

 

Shares of Sasken Technologies were down 2.24 per cent at Rs 702.20, as it has received an assessment order for a tax demand of ₹68 crore (including interest) from the Income Tax department for the Assessment Year 2016-17. Read more

Lupin shares fall marginally

 

Lupin has received approval for its Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules from the US Food and Drug Administration (FDA) to market a generic version of AstraZeneca Pharmaceuticals LP’s (AstraZeneca) Pulmicort Respules Inhalation Suspension. The company shares were down 0.13 per cent at Rs 852 on the BSE. Read more

Broker's call

Elara Capital

Sobha (Buy)

CMP: ₹454.40

Target: ₹600

Click here to read more

Opening bell

The S&P BSE Sensex opened higher by 122.4 points at 35,266.89 against Tuesday's close of 35,144.49 and the Nifty50 up 43.55 points at 10,626.05 against the previous close of 10,582.50.

Today's Pick

 

The outlook for the stock of Radico Khaitan is bullish. The stock surged over 7 per cent on Tuesday breaking above a key resistance level of ₹420.  Read more

 

Day Trading Guide

 

₹1929 • HDFC Bank

 

₹665 • Infosys

 

₹276 • ITC

 

₹156 • ONGC

 

₹1099 • Reliance Ind.

 

₹279 • SBI

 

₹1935 • TCS

 

10608 • Nifty 50 Futures

 

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