Sensex loses 85 points, Nifty ends at 11,557; ICICI Bank down 2%, Yes Bank dips 3.5%; Pfizer jumps 16%

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Updated:Aug 24, 2018 3:57:59 pm

Share Market Today: Indian stock markets (Sensex and Nifty) closed on a negative note on Friday but booked weekly gains with BSE Sensex finishing down 85 points and NSE Nifty settling in red following the losses in ICICI Bank, Infosys, Yes Bank, HDFC Bank and IndusInd Bank shares.

Share Market Today: A man walking past the National Stock Exchange building. (Image: Reuters)

Share Market Today: Indian stock markets (Sensex and Nifty) closed on a negative note on Friday but booked weekly gains with BSE Sensex finishing down 85 points and NSE Nifty settling in red following the losses in ICICI Bank, Infosys, Yes Bank, HDFC Bank and IndusInd Bank shares. Shares of Reliance Industries (up 0.66%), Vedanta (up 4.26%), HDFC (up 0.47%) and Axis Bank (up 1.23%) were the biggest positive points contributors to Sensex while ICICI Bank, Infosys, Yes Bank, HDFC Bank and IndusInd Bank collectively wiped out 144 points from the index.

The domestic markets went deeper into losses in the afternoon deals on Friday with BSE Sensex plunging 164 points and NSE Nifty falling well below 11,550-mark following the drop in ICICI Bank, ITC, Yes Bank and Infosys shares. Indian equity markets started flat on Friday with BSE Sensex and NSE Nifty falling in the negative territory within a minute of market opening following the subdued activity in the Asian stock markets.

A considerable fall in the heavyweight shares of ICICI Bank, ITC and Infosys steered the key equity indices in red while HDFC stock emerged as the only notable positive points contributor. Asian stocks fell on Friday after US-China trade talks ended without progress, with the markets braced for a speech by Federal Reserve Chairman Jerome Powell for hints on the direction of US monetary policy, Reuters said in a report.

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Highlights

    15:48 (IST)24 Aug 2018
    Closing bell

    Indian stock markets closed lower on Friday following the subdued global cues ahead of the speech of Jerome Power, Chairman, US Federal Reserve later today. BSE Sensex settled at 38,251.8, down 84.96 points or 0.22% while NSE Nifty concluded at 11,557.1, down 25.65 points or 0.22%. Shares of Vedanta surged as much as 4.26% to end at Rs 223 after Chairman Navin Agarwal, at Vedanta's Annual General Meeting, said Vedanta is set to pump in around $8 billion over the next three years on various projects across businesses.

    Shares of ONGC (up 1.83%), Axis Bank (up 1.23%), Wipro (up 0.97%), M&M (up 0.74%), Tata Steel (up 0.69%), Reliance Industries (up 0.66%) were the top gainers while shares of Yes Bank (down 3.5%), Hero MotoCorp (down 2.08%), ICICI Bank (down 2.02%), Adani Ports (down 2.01%), Sun Pharma (down 1.48%), Infosys (down 1.38%), IndusInd Bank (down 1.18%), Maruti Suzuki (down 0.76%), L&T (down 0.72%), Tata Motors (down 0.7%), SBI (down 0.65%) and HDFC Bank (down 0.53%) were the major losers among the Sensex components.

    Nine out of eleven sectoral indices of the National Stock Exchange closed in negative territory while Nifty Metal surged 1.88%. India Vix fell 3.35%. The stock of Pfizer (up 16.73%) was the biggest gainer whereas the share of Hexaware Tech (down 13.3%) was the biggest loser among the 'A' group of BSE.

    15:24 (IST)24 Aug 2018
    European shares trade flat

    European shares were little changed on Friday morning as investor digested the latest round of U.S.-China trade talks, which ended without a breakthrough but left open the hope of eventual progress, Reuters said in a report. Analysts said investors were also likely to exercise caution ahead of a speech later on Friday by Jerome Powell, in which the Federal Reserve chairman is expected to give fresh clues on the outlook for US monetary policy, the report said further. 

    14:45 (IST)24 Aug 2018
    Pfizer jumps 16%: Other major 'A' group gainers

    Shares of the Indian arm of the New York-based pharmaceutical firm Pfizer were the top gainers among the 'A' group of BSE and surged more than 16% to a day's high of Rs 3,385 on BSE today. A sharp spike in trading volumes was seen in Pfizer shares. Other major gainers were SREI Infrastructure Finance (up 13.7%) and BHEL (up 8%). Earlier yesterday, after the market trading hours, SREI Infrastructure Finance informed that a meeting of the board of directors has been scheduled on 5 September 2018 to consider the Q1 FY19 result of the company. 

    14:31 (IST)24 Aug 2018
    US dollar falls ahead of Jerome Powell speech

    The dollar fell on Friday, set for its biggest weekly decline since March as markets braced for a speech by Federal Reserve chair Jerome Powell for hints on the direction of monetary policy, while a gauge of global stocks barely budged, Reuters reported. Most major bourses in Europe registered gains of 0.1% apiece, although the exception was Britain's FTSE100 index, which fell 0.1% while the dollar index against a basket of six major currencies stood at 95.516, down 0.2% on the day, the report added. 

    13:13 (IST)24 Aug 2018
    People's Bank of China warns against illegal fundraising by cryptocurrency firms

    China's central bank issued a warning on Friday on the risks of illegal fund-raising by companies marketing virtual currencies and blockchain technology, a Reuters report said. In a post on its website, the People's Bank of China said those so-called "financial innovation" activities are akin to ponzi schemes, adding that people should hold a rational attitude towards blockchain rather than put blind trust in it, it added. 

    13:03 (IST)24 Aug 2018
    Sensex slips 160 points, Nifty trips below 11,550

    The domestic stock markets went deeper into losses after opening flat with BSE Sensex slipping more than 150 points and NSE Nifty tripping below 11,550 level. The benchmark Sensex made a day's low at 38172.77, down 164 points whereas the broader Nifty 50 index touched a day's bottom at 11,532, down 50.75 points. 

    Shares of Yes Bank (down 3.08%), Sun Pharma (down 2.7%), ICICI Bank (down 2.37%), Adani Ports (down 1.78%), IndusInd Bank (down 1.68%), Hero MotoCorp (down 1.37%), SBI (down 0.9%), ITC (down 1%), Infosys (down 0.73%), Bharti Airtel (down 0.64%), Maruti Suzuki (down 0.53%), Bajaj Auto (down 0.42%), Reliance Industries (down 0.4%), HDFC Bank (down 0.35%) and L&T (down 0.4%) were the major Sensex losers.

    12:16 (IST)24 Aug 2018
    NCLAT ruling on Tata Sons-Cyrus Mistry case

    While declining to pass any order on the conversion of Tata Sons into a private company from a public limited firm, NCLAT today asked Tata Sons not to force Cyrus Mistry to sell his shares in the company till his appeal is pending, a PTI report said. The National Company Law Appellate Tribunal (NCLAT) said that pending the litigation here, the Cyrus Mistry camp which was seeking a status quo over it cannot be "forced to sell shares", the report said further. 

    11:31 (IST)24 Aug 2018
    Turkish lira drops slightly

    The Turkish lira weakened slightly against the dollar in quiet holiday trade on Friday as a bitter standoff dragged on between Ankara and Washington over the fate of an American pastor being tried in Turkey, a Reuters report said. The lira eased to 6.1079 against the US dollar from a close of 6.0950, having weakened 1% on Thursday after Turkish President Tayyip Erdogan's spokesman accused the United States of waging "economic war", the report said further. 

    10:46 (IST)24 Aug 2018
    Ashok Leyland wins defence order

    The Chennai-based automaker Ashok Leyland today on Friday said that it has won a tender in the defence tracked vehicle space. 'As per the scope of work, the company will collaborate with Combat Vehicles Research and Development Establishment (CVRDE), Chennai, for manufacture, assembly and testing of light weight clutch for the design and development of weight optimised 1500 hp automatic transmission for main battle tanks,' Ashok Leyland said in a statement.

    10:29 (IST)24 Aug 2018
    Asian stock markets trade mix

    Asian shares were Friday following a listless session on Wall Street, where a slide in banks and industrial companies offset solid gains for the technology sector. A lack of progress in trade talks between the US and China was weighing on sentiment, an Associated Press report said. Japan's Nikkei 225 stock index jumped 0.6% to 22,554.19 and Australia's S&P ASX 200 gained 0.3% to 6,260 with a change of its prime minister, South Korea's Kospi was flat at 2,283.22 while the Shanghai Composite index shed 0.4% to 2,714.98 and Hong Kong's Hang Seng lost 0.7% to 27,599.46, the report added. 

    10:17 (IST)24 Aug 2018
    NSE Nifty Live: Top 10 Nifty gainers

    NSE Nifty Live: Indian equity markets traded cautiously in the mid-morning deals on Friday with the headline indices Sensex and Nifty trading marginally up in green. Shares of UPL (up 3.12%), Power Grid (up 2.08%), Coal India (up 1.26%), Grasim (up 1.17%), Bajaj Finance (up 1.15%), Axis Bank (up 1.07%), ONGC (up 0.9%), Bharti Infratel (up 0.76%), Ultratech Cement (up 0.74%) and Tata Steel (up 0.67%) were the major gainers out of all the components of Nifty 50 index. 

    09:49 (IST)24 Aug 2018
    Crude oil prices rise

    Crude oil prices rose on Friday on expectations that US sanctions on Iran will cut significant volumes of crude from the market towards the end of the year, but trading was muted due to the unresolved trade dispute between Washington and Beijing, a Reuters report said. Brent crude oil futures were at $74.93 per barrel, up 20 cents, or 0.3% and US West Texas Intermediate (WTI) crude futures were at $68.08 per barrel, up 25 cents, or 0.3%.

    09:47 (IST)24 Aug 2018
    Hexaware Tech: Biggest 'A' Group loser

    Shares of Mumbai-based IT company Hexaware Technologies were the biggest loser among the 'A' group of Bombay Stock Exchange and fell more than 16% on Thursday.  According to several media reports, the private equity firm Baring Private Equity Asia was set to sell nearly 8% stake in the company. The stock of Hexaware Technologies collapsed 16.58% to a day's bottom of Rs 415.2 on BSE today. 

    09:32 (IST)24 Aug 2018
    Indian rupee loses 13 paise against US dollar

    The Indian rupee weakened by 13 paise to 70.24 against the US dollar in opening trade today on increased demand for the American currency from importers and banks, PTI reported. A firm dollar in overseas markets, ahead of Federal Reserve Chairman Jerome Powell speech at the annual global central bank conference in Jackson Hole later in the day, weighed on the rupee, PTI report said citing unidentified forex dealers. Earlier yesterday, the rupee plunged by 30 paise to close at 70.11 per unit USD at the interbank foreign exchange market.

    09:15 (IST)24 Aug 2018
    Opening bell

    Indian stock markets started flat on Friday following the tepid stock market activity in the regional countries with Hong Kong's Hang Seng and China's Shanghai Composite trading in negative territory. BSE Sensex opened at 38,366.79, up 30.03 or 0.08% and NSE Nifty opened at 11,566.6, up 16.15 or 0.14%. 

    09:13 (IST)24 Aug 2018
    SGX Nifty trades well below 11,600

    The global indicator of NSE Nifty, SGX Nifty Futures was trading well below the 11,600 mark in the early deals on Friday, down 0.24% at 11,576.5 on the Singapore Exchange. The gauge has shuttled between a range of 11,611.5 and 11,550 earlier today. 

    Earlier yesterday, Wall Street's major indexes fell as trade-sensitive stocks were hit by a fresh round of tariffs in the trade dispute between the United States and China, Reuters said in a report. Despite ongoing talks, the two countries imposed tariffs on $16 billion worth of each other's goods, the report added. The Dow Jones Industrial Average fell 76.62 points, or 0.3% to 25,656.98, the S&P 500 lost 4.84 points, or 0.17% to 2,856.98 and the Nasdaq Composite dropped 10.64 points, or 0.13% to 7,878.46.