Sensex opened marginally higher but very quickly swung into the red while Nifty extended losses to open lower on Monday as most of the Asian shares fell in the early trade except Japan following the concerns about China’s economy. The benchmark Sensex lost as much as 288 points to hit a day’s low of 31,634.94 points and broader Nifty 50 shed 100 points to hit the day’s low of 9,864.6 points. The key equity indices Sensex and Nifty plunged heavily on Friday on a possibility of North Korea that it may conduct another hydrogen bomb test, this time in the Pacific Ocean. The benchmark Sensex shed 484 points to mark the day’s low of 31,886.09 points which is its biggest fall since 15 November 2016 — demonetisation period. The broader Nifty 50 index also fell, lost as much as 169 points to fell below 10,000 mark to 9,952.8 points.
Here are the live updates:
5:36 pm: All indicators point -large caps way forward; midcaps overheated say experts: Even as the markets continued their downward march on Monday, market experts say that they see it as the first major correction since the beginning of 2017. Many of the top voices are advising investors to go for large-caps, as the mid-caps appear to be overheated.
5:34 pm: Prataap Snacks Rs 482 crore IPO subscribed over twice on day 2; institution bids 4 times: Prataap Snacks Rs 482 crore IPO (initial public offer) which opened on September 22, was over-subscribed 1.17 times on the second day of the three-day bidding process on Monday.
5:20 pm: Godrej Agrovet Rs 1,200 IPO to open on 4 October: 5 key things to know: Godrej Industries agri-business company Godrej Agrovet Rs 1,200 crore IPO will open on 4 October, Wednesday.
5:19 pm: Government sees 24 pct jump in sugar output to 25 mn tonnes in 2017-18: The government is expecting about 24 per cent increase in the country’s total sugar output to around 25 million tonnes in the marketing year beginning next month on likely higher output in Uttar Pradesh and Maharashtra following good rains.
5:00 pm: HDFC Securities rates ITC stock as pick of the week; says, recent correction due to overreaction: HDFC Securities has rated ITC Ltd’s shares as ‘buy’ with sequential targets of Rs 300 and Rs 322 over the next three-four quarters.
3:52 pm: Top PE Funds Warburg Pincus, Bain eye $4 billion equity stake in Mankind: India’s fourth largest drug maker Mankind Pharma Ltd is reportedly looking to sell 15% equity stake in the company to raise funds to the tune of $4 billion. Top PE funds Warburg Pincus and Bain and Company have shown preliminary interest in the deal.
3:44 pm: Sensex settles 300 points down after falling 450 points in intraday to 1-month low: Sensex and Nifty fell heavily for the second consecutive day to close lower after partially recovering in the late afternoon trade.
3:09 pm: Gold extends losses, slumps Rs 100 on demand dent: The US dollar firmed up and the euro edged lower on political developments in Germany, easing demand from local jewellers at the domestic spot market, which mainly kept gold prices lower.
3:06 pm: Novartis India share buyback gets board approval; shares slump 8%: Novartis India received board approval to buy back up to 12.26% stake in the company at a price of Rs 670 per share.
3:05 pm: Prataap Snacks Rs 482 crore IPO fully subscribed on Day 2: Prataap Snacks Rs 482 crore IPO (initial public offer), which opened on September 22, got fully subscribed on the second day of the three-day bidding process on Monday.
2:52 pm: Sensex slumps 450 points to 1-month low: 7 reasons for 900-point drop in 2 days: Over the course of two trading sessions since Friday last week, BSE Sensex has lost 896 points. We take a look at seven reasons that hurt the market sentiment today.
2:15 pm: Mega oil PSU merger inches ahead: ONGC to acquire HPCL in bulk or block deals in Nov-Dec: Exploration giant ONGC will acquire the government’s 51.11 per cent stake in HPCL through bulk or block deal in November or December.
12:52 pm: Infibeam tumbles over 40%; KR Choksey says buy: Infibeam shares tumbled by more than 48% to hit the day’s low at Rs 87.15, after opening at Rs 142.85. However, despite investors dumping their positions in the stock, research and brokerage firm KR Choksey sees a lot of opportunity in the stock.
12.26 pm: Best Hedge Fund on India says Asia’s third largest economy will have seven good years in the next decade: The top-performing hedge fund focused on India isn’t scared by equity valuations that are the most expensive in 10 years and predicts Asia’s third-largest economy will have seven good years in the next decade.the next decade.
12:25 pm: NDTV stock zooms 5% again; locked in circuit despite takeover denial: Shares of New Delhi Television Ltd advanced 5% and hit the upper circuit again on Monday even after the company denied the reported takeover.
11:41 am: How Asia’s richest person spends his money? Well, he does not! Asia’s richest man and the CEO of e-commerce giant Alibaba Jack Ma’s worth is USD 46.9 billion. How Jack ma spends his money?
11:15 am: Indian stock markets moving towards short-term top, says Gautam Shah of JM Financial: The key equity indices Sensex and Nifty extended the Friday losses and fell heavily on Monday marking the first major bearish tone for the year 2017.
11:07 am: Is online revolution responsible for Toys ‘R’ Us running out of battery? Not entirely: Toys ‘R’ Us filed for bankruptcy on September 19, prompting many to believe that the online revolution was responsible for the company’s fate. However, a recent report on e-commerce sector showed that, contrary to popular belief, only 16 percent of sales in the toys and hobby sector are made online in the United States.
10:44 am: Capacit’e Infraprojects makes stellar debut; shares gain nearly 60% post listing: Construction firm Capacit’e Infraprojects made a stellar market debut on Monday after receiving an overwhelming response on its IPO last week. The company gained 59.6% at Rs 399 per share on the exchanges in the opening trade.
9:50 am: Coffee Day Enterprises shares tumble over 9% after I-T detects Rs 650 crore illegal income: Coffee Day Enterprises shares tumbled over 9% in an early trade on Monday after the Income Tax department detected Rs 650 crore concealed income from the documents seized during the raid last week.
09:40 am: Axis Capital bullish on Shoppers Stop shares after Amazon deal: Axis Capital maintained a buy call on Shoppers Stop, and revised the target price to Rs 550, from the target price of Rs 450, an upward revision of more than 22%, as the research and brokerage firm believes that the 5% stake sale to Amazon.com will reduce debt by more than Rs 180 crore.
9:30 am: Sensex slips nearly 300 points, Nifty falls below 9,900; PSU bank stocks worst loser: Sensex opened marginally higher but very quickly swung into the red while Nifty extended losses to open lower on Monday as most of the Asian shares fell in the early trade.
09:10 am: Stocks of GSK Pharma, Tata Global Beverages, REC will be in focus today: Sensex and Nifty are likely to open lower as most of the Asian shares fell in the early trade except Japan after investors turned their attention to global politics.