Indian benchmark stock indices opened lower than yesterday ahead of the ongoing uncertainty over the GST panel meet beginning from today in Srinagar, markets are also expected to reflect the outcome of the corporate earnings. The BSE Sensex opened lower, down 0.63% at 30,466.82 points, while the NSE Nifty was down 0.76% at 9,453.2 points. Yesterday India’s market capitalisation hit $2 trillion for the first time ever, the benchmark Sensex made a record lifetime high of 30,692.45 points while the broader Nifty 50 topped an all-time high of 9,532.6 points.
Meanwhile, Asian stocks fell on Thursday in line with global peers, and the dollar nursed deep losses against the yen as uncertainty mounted over US President Donald Trump’s future following reports that he tried to interfere with a federal investigation. Japan’s Nikkei shed 1.2 percent, Australian shares lost 1.1 percent and South Korea’s Kospi declined 0.5 percent.
Equities in Asia took cues from Wall Street, where the Dow and S&P 500 both sank about 1.8 percent overnight following reports that Trump tried to influence a federal probe. Yesterday, US stocks braced for their worst day in at least two months as reports of a memo by former FBI chief James Comey suggested that President Donald Trump tried to interfere with a federal investigation, setting off alarm bells on Wall Street.
Both the Dow and the S&P 500 fell below their 50-day moving average for the first time since late April. The S&P began the session by opening 0.74 percent lower, the largest gap down since March 30, 2009, when the index suffered a 0.84 percent drop at the start of trading.
The dollar index sank on Wednesday, erasing all of the gains since Trump’s election victory in November. The VIX, Wall Street’s “fear gauge”, shot up to 13.72, its highest level in nearly one month.
Here are the live updates:
05:00 pm: 49 stocks that hit their 52-week high on Thursday as stock markets ended lower. On Thursday’s Nifty move, Sameet Chavan (equity technical analyst, Angel Broking) said, “Today, for the first time after March 22nd, markets opened lower with a decent margin and eventually ended with a sharp cut of nearly 100 points on Nifty. Clearly, this was a rub off effect from the US bourses as we saw key indices there plunged overnight on the back of some political concerns with respect to their president Donald Trump. Technically speaking, we would continue with the positive bias as long as Nifty manages to hold the important support of 9372.”
04:30 pm: Three years after the BJP government led by Narendra Modi came to power in May 2014, Indian markets are booming. This bull run has been helped by various economic policy reforms and initiatives undertaken by Prime Minister Narendra Modi in the three years that he has been at the helm of affairs in the country.
Nifty 50, the broader of the two indices has grown from 7,203.00 points on 16 May 2014 to 9,525.75 points on 17 May 2017, giving a return of 32.25% in these three years and 21.04% in the last year alone. Similarly, Sensex grew from 24,121.74 points on 16 May 2014 to 30,658.77 points on 18 May 2017, giving a return of 27.10% in the three year period and 18.95% in the last one year. Here are the various policies reforms and initiatives of the Narendra Modi government that have helped the markets scale new highs.
04:00 pm: The GST Council today finalised tax rates on 80-90 per cent of goods and services under the four-slab structure with essential items of daily use being kept in the lowest bracket of 5 per cent. The Council, headed by Union Finance Minister Arun Jaitley and comprising representatives of all states, in the opening session of the two-day meeting also approved rules for the Goods and Services Tax (GST) regime that is scheduled to kick in from July 1.
Official sources said that 80-90 per cent of the items have been fitted in 5, 12, 18 or 28 per cent brackets. The fitments, they said, have been done in a way that there is no increase in tax incidence. So rates close to the present incidence of excise duty plus VAT or service tax has been considered to be the rate under the GST.
03:30 pm: Indian markets close after retrenching off the three days of continuous gains, BSE Sensex closed down 0.73% or 224 points at 30,434.79 points while NSE Nifty plummeted to end down 1.01% or 96 points at 9,429.45 points. Wipro (up 3.47%), TCS (up 3.38%) and Infosys (up 1%) ends in lead while Tata Motors (down 2.55%), Axis Bank (down 2.15%) and Dr Reddy’s (down 1.96%) dive on Sensex.
03:10 pm: Meanwhile in Srinagar, the meeting of the GST Council, headed by Jaitley and consisting of state finance ministers, kicked off today.Union Finance Minister Arun Jaitley assured the Jammu and Kashmir government of all possible help in restructuring the GST rollout for the state while respecting its special status under Article 370 of the Constitution. Jaitley promised that the Centre will do all it can in restructuring the GST implementation for Jammu and Kashmir keeping in mind the special status of the state, an official spokesman said here.
02:55 pm: Indian benchmark indices continue to tumble, BSE Sensex down 0.65% or 200 points at 30,457.87 points while NSE Nifty 50 slides down 0.95% or 90 points to 9,434.85 points.
02:40 pm: Shares of JK Lakshmi Cement today tumbled over 7 per cent after the company reported a 19.4 per cent decline in standalone net profit for the fourth quarter ended March 2017. The stock tanked 7 per cent to Rs 478.55 on the BSE after a weak opening.
02:20 pm: Tata Consultancy Services, India’s largest information technology services company, is buying back its equity shares at a mouth watering price of Rs 2,850, at a hefty premium of 16% over Wednesday’s closing price. However, the consensus seems to be that the investors would do well to sell shares in the open market and cash out before the buyback ends due to probably very low acceptance ratio. Especially, those planning to buy TCS shares now in the hope of earning quick buck via the buyback should stay away, as the record date was May 8, meaning that only those holding the shares on May 8 in the company records would be eligible to tender their stock.
01:50 pm: Indian markets continues to trade lower, BSE Sensex down 0.32% or 98 points at 30,559.98 points while NSE Nifty 50 down 0.76% or 72 points at 9,453.75 points. Despite the sell-off pressure and prevailing caution, the shares of ICICI bank hit a new 52-week high of Rs 311.9 on NSE.
01:30 pm: India Grid Trust’s InvIT IPO, sponsored by Sterlite Power Grid Ventures, bidding for which opened on BSE and NSE today, has been subscribed 9.56% so far on the second day of bidding. Of their respective quota of reserved shares, Institutional investors have bid 3.00%; while other investors have bid 17.43%. The total bids for subscription on BSE and NSE were around 1.2 crore as of 1:05 pm today.
01:15 pm: Shares of United Breweries Ltd fell almost 5 per cent today after the company reported a significant fall in standalone net profit at Rs 6.73 crore for the fourth quarter of 2016-17 fiscal. After making a weak opening, the stock further tanked 4.98 per cent to Rs 773 on BSE.
01:00 pm: Indian markets recover slightly but still trading in red, BSE Sensex down 0.35% or 106.7 points at 30,552.07 points while NSE Nifty 50 down 0.58% or 54.95 points at 9,470.8 points. Shares of TCS (up 3.75%) jump as Rs 16,000 crore buyback opens today.
12:50 am: IRB InvIT Fund, the first infrastructure trust to list on Indian exchanges, was trading near its issue price of Rs 102 after rising slightly in early trade. Shares of the fund opened at Rs 103.25 on the BSE, a marginal gain of 1.23% over its issue price. The IPO, with a goal to raise Rs 5,040 crore, had a price band of Rs 100-102 and for was open bidding from May 3 to May 5 during which had received a subscription of 8.57 times the available shares. The market lot for secondary market trading has been fixed at 5,000 units which translate into a minimum transaction amount of Rs 5,10,000 at issue price.
12:35 am: Hindustan Unilever (HUL) shares declined over 2 per cent on Thursday despite the FMCG major reporting a 6.19 per cent rise in standalone net profit at Rs 1,183 crore for the fourth quarter ended March 31 as compared to the standalone net profit of Rs 1,114 crore in the same period previous fiscal. The company said robust sales across various business segments helped the company posting a 6 per cent growth. The share price opened at Rs 1014 and touched a high and low of Rs 1014 and Rs 986, respectively, in trade so far. Sensex was trading 99.03 points down at 30,559.74 during the same time.
12:20 pm: Share prices of major pharmaceutical companies slid today after the National Pharmaceutical Pricing Authority (NPPA) issued show cause notices to 67 pharmaceutical companies for introducing 201 new brands without taking price approval. The notice accuses pharmaceutical companies of altering a drug formulation that comes under price control by tweaking the strength or dosage of the drug.
12:00 pm: Indian markets on the verge of covering the losses, BSE Sensex edges up from the day’s low of 30436.56 points to 30542.56 points, but still trade lower than the previous day’s close of 30,658.77 points, down 0.37% at 30,542.56 points while NSE Nifty 50 down 0.59% at 9,469.5 points.
11:40 am: The fast-changing political developments in the US made stocks uneasy here today even as the Sensex and the Nifty covered their early losses to an extent, but still traded lower. US President Donald Trump faced the toughest phase of his presidency so far over some of his executive decisions, throwing his ambitious future policies in doubt, which spoilt risk sentiment for investors.
11:10 am: Indian markets suffer the major loss, almost all the sectoral and broad market indices trade lower amid the heavy sell-off pressure and the ongoing GST panel meet in Srinagar.
10:35 am: The benchmark Sensex shreds off 180 points or 0.59% to trade at 30,477.92 points, 24 out of 30 constituents of Sensex trade in red while Wipro (up 2.33%), TCS (up 1.98%), Lupin (up 0.71%) lead the Sensex.10:50 am: Indian benchmark indices today opened in the negative, tracking weak global cues. At the opening, BSE Sensex slipped 101 points or 0.33% at 30466.82 points, while NSE Nifty50, the broader benchmark, fell 72.55 points or 0.76 to 9453.20 points. The Indian rupee opened lower by 19 at 64.34 per dollar versus previous close 64.15.
10:20 am: Shares of TCS (up 0.91%), Wipro (up 0.76%), Tech Mahindra (up 0.73%) and HCl Tech (0.36%) trade in green while Infosys (down 0.14%) trade lower on NSE Nifty 50. Yes Bank (down 2.35%), Axis bank (down 1.59%) and Kotak Mahindra bank (down 1.17%) while ICICI and IndusInd Bank (down 1.07% each) and HDFC bank (down 0.6%) drags the Bank nifty
10:05 am: Following the uncertain outcome of the GST panel meet, all the sectors loose sheen and are trading on weekly lows while IT resist. the benchmark index for the IT sector of NSE, Nifty IT trade higher up 0.49% at 10,488.35 points.
09:50 am: Markets extends the losses due to sell-off pressure, BSE Sensex loose 132 points or 0.43% to trade at 30,526.59 points while NSE Nifty 50 scrap off 53 points or 0.56% to trade at 9,472.75 points.
09:35 am: The sectoral indices of NSE majorly trade in red with Nifty Bank, Nifty FMCG, Nifty Metal, Nifty Realty, Nifty Auto witness major decline while Nifty IT and Nifty Media trade up.
09:15 am: Indian markets open lower following the caution over GST panel meet and uncertainty about the corporate earnings, the BSE Sensex down 0.63% at 30,466.82 points, while the NSE Nifty down 0.76% at 9,453.2 points. The Nifty 50 constituents, Bajaj Auto and Bank of Baroda are supposed to announce the Q4 earnings.
With Inputs from Reuters and PTI.