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  1. Share market highlights: Sensex sheds 217 points; Nifty closes below 11,000; Tata Steel, Tata Motors shares tumble

Share market highlights: Sensex sheds 217 points; Nifty closes below 11,000; Tata Steel, Tata Motors shares tumble

Share market highlights: Sensex dropped by around 218 points or 0.60 per cent due to continued sell-off in banking, pharma, and metal stocks amid foreign fund outflows and weak Asian cues.

By: | Updated:Jul 16, 2018 4:36 pm
Share market highlights: The BSE Sensex had hit fresh all-time high in the early morning deals on Friday.

Share market highlights: Sensex dropped by around 218 points or 0.60 per cent due to continued sell-off in banking, pharma, and metal stocks amid foreign fund outflows and weak Asian cues. The broad-based Nifty cracked below the 11,000-mark as 35 of its constituents closed in the red, led by pharma and metal shares, PTI reported.

Investors turned cautious after India’s trade deficit widened to a more than three-and-a-half-year high of USD 16.6 billion due to costlier crude oil imports and inflation based on wholesale prices shot up to 5.77 per cent in June, the agency reported brokers as saying. Notably, Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,104.65 crore on Friday while domestic institutional investors (DIIs) net bought shares worth Rs 872 crore, as per provisional data.

Earlier,  the broader Nifty 50 opened lower at 11,002, down by more  than 15 points. Shares of PC Jeweller tanked by more than 30% after the company announced that it has withdrawn the Rs 424 crore buyback proposal. The shares tanked to the day’s low of Rs 83.95. Shares of IT major Infosys rallied by more than 5% to hit a record high, and crossed the Rs 3 lakh crore market capitalisation. The shares were trading at Rs 1,357.5 on NSE this afternoon. 

Asian shares were lower on Monday after data from China showed the world’s second-largest economy slowed slightly in the second quarter, and as investors remain cautious over the impact of the heated Sino-U.S. trade war, Reuters reported. Here are all the stock market highlights. 

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15:48 (IST) 16 Jul 2018
Expert take: Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund

Stock markets in India started the day on a positive note but quickly lost ground to bears to trade in the red, for the rest of the day. Mixed global cues couples with a disappointing inflation print at home, impacted investor sentiment. The annual rate of inflation based on monthly WPI, stood at 5.77% (provisional) for June, 2018 as against a print of 4.43% (provisional) in the previous month and 0.90% in June, 2017. Build up in inflation rate this financial year so far has been 2.49% compared to a build up rate of -0.44%, in the corresponding period of the previous year. A higher inflation rate in a flat to slowing growth environment can be detrimental for the economy. Barring the IT index, all other sectoral indices on the National Stock Exchange closed the day in the red.

15:36 (IST) 16 Jul 2018
Sensex sheds 217 points, Nifty closes below 10,950

The Sensex closed lower by more than 200 points on Monday to 36,323.77, while the broader Nifty 50 lost the 11,000 level to close at 10,936. Notably, shares of Tata Steel, Sun Pharma and Tata Motors lost more than 3% each. Shares of Infosys, NTPC and Hindustan Unilver closed up by more than 1.5%.

15:32 (IST) 16 Jul 2018
Senex close heat map

15:28 (IST) 16 Jul 2018
Gold prices recover

Gold prices recovered by Rs 60 to Rs 31,150 per 10 grams at the bullion market today tracking a firm trend overseas amid pick-up in buying by local jewellers. Silver also edged up by Rs 35 to Rs 39,950 per kg on increased offtake by industrial units and coin makers, PTI reported.

15:05 (IST) 16 Jul 2018
Stock markets at day's low

Sensex and Nifty were seen trading at day's low on  Monday, with the 30-share index losing nearly 200 points, while the broader Nifty was seen trading below the 10,450 level. The BSE MidCap is trading  lower by 2.3 percent or 348 points. Tata Steel has fallen nearly 6%, while Tata Motors is down by nearly 4.5%. 

14:02 (IST) 16 Jul 2018
LIC- IDBI deal

IDBI shares saw a steep decline after LIC board approved the proposed buyout from IDBI. LIC may not be required to bring in an open offer for IDBI Bank as public holding is very low, CNBC TV18 reported DEA as saying. LIC will increase its stake to 51% most likely via the preferential share route. Notably, the deal is yet to recieve cabinet approval.  The proposal has already been cleared by the insurance regulator IRDAI two weeks back as the insurance companies are not permitted to own more than 15 percent stake in the company under the current norms.

13:47 (IST) 16 Jul 2018
LIC board approves IDBI buyout

In its board meeting today, India's insurance major LIC approved the proposed buyout from IDBI. IDBI shares were seen trading lower by more than 5.3% in the morning. The proposal has already been cleared by the insurance regulator IRDAI two weeks back as the insurance companies are not permitted to own more than 15 percent stake in the company under the current norms.

13:25 (IST) 16 Jul 2018
Reliance Industries snaps 6-day losing streak

Shares of Mukesh Ambani-led Reliance Industries snapped a 6-day losing streak and fell by as much as 2% in the afternoon trade to Rs 1,078.25. Reliance Industries has achieved yet another feat by topping the Rs 7 lakh crore mcap. The market valuation of Reliance Industries on Friday surged past Rs 7 lakh crore mark in the morning trade, making it the second company after TCS to achieve this milestone.

13:00 (IST) 16 Jul 2018
Dr Reddy's lab shares tanks 11%

Shares of Dr.Reddy’s Laboratories tumbled nearly 11% in early trade on Monday after a US Court blocked the drugmaker from selling its generic version of Suboxone, which is used for the treatment of opioid dependence. Shares of the pharmaceutical company fell by 10.77% to a five-week low of Rs 2,069.95 per share on the National Stock Exchange in early trade on Monday.

12:38 (IST) 16 Jul 2018
Pakistani rupee tumbles

The Pakistani rupee dropped sharply in early trade on Monday in what appeared to be another devaluation by the central bank, two market analysts said, the fourth such intervention since early December. The currency was trading at around 125/126 per dollar at 10.30 am local time (0530 GMT) after closing at 121.5 per dollar on Friday, Reuters reported. 

12:18 (IST) 16 Jul 2018
June WPI data: WPI inflation widens to 5.77%

WPI data has been released for the month of June-18. The WPI inflation came in at 5.77%, a rise of 0.9%. In May, WPI had risen by 4.43% on the bank of increasing prices of petrol and diesel as well as vegetables.  June food Inflation came in at 1.56% as against 1.12%.  Notably, this represents a 4-1/2 year high of 5.77%, highest level since December 2013.

12:01 (IST) 16 Jul 2018
HUL shares trading strong ahead of Q1 results

HUL shares were seen trading strong on Monday afternoon ahead of its April to June quarter results. India's major FMCG major Hindustan Unilever (HUL),  is slated to announce its results for the June 2018 quarter today. A Bloomberg poll of 15 analysts has estimated HUL’s Q1 profit at Rs 1,540 crore and revenues at Rs 9,669 crore. 

11:56 (IST) 16 Jul 2018
Tata Global Beverages shares fall to day's low, shed 5%

Shares of Tata Global Beverages registered a steep decline in the morning trade tanking to the day's low. The shares fell by more than 5% to Rs 244.4.  In its latest annual report the firm said that Tata Starbucks improved sales by 28% in FY18 with robust in-store performance and new stores added during the year.

11:37 (IST) 16 Jul 2018
Kesoram Industries shares tank 3% on reports of alleged insider trading

The shares of BK Birla group company Kesoram Industries shed more than 3% on Monday on reports of alleged insider trading by the promoters. The directors and promoters have allegedly indulged in insider trading in the process short-changing minority shareholders hundreds of crores. The shares of the firm were seen trading at Rs 78, down by nearly 2.5% on NSE.

11:27 (IST) 16 Jul 2018
SEBI may tighten rules on auditor lapses

The market regulator said in a consultative paper: “There are certain fiduciaries such as practicing chartered accountants, company secretaries, cost accountants, valuers and monitoring agencies which are neither registered nor regulated by the Sebi.” The Securities and Exchange Board of India (SEBI) is planning to introduce tightened norms governing chartered accountants, company secretaries, cost accountants, valuers and third-party individuals hired by the listed companies to audit financial results.

Share market today:  The stock markets on Monday opened flat tracking domestic and global cues, with Sensex opening 20 points higher at 36,547. The broader Nifty 50 opened lower at 11,002, down by more  than 15 points. Shares of IT bellwhether Infosys, ICICI Bank, Tata Motors opened lower by more than 2%.

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