Sensex tumbles 468 points, Nifty ends below 11,450 after rupee crashes to 72.67/$; Axis Bank gains 1%

By: | Updated:Sep 10, 2018 4:05 pm

Share Market Today: Indian stock markets (Sensex and Nifty) ended in the deep red on Monday on the widening of India's current account deficit, renewed US-China trade war and rupee crashing to a record low of 72.67 with Sensex plummeting 468 points and Nifty finishing below 11,450.

Share Market Today: During the day, Sensex touched a low of 37882.83, down 507 points and Nifty bottomed to a low of 11,427.30, down 161.8 points. (Image: Reuters)

Share Market Today: Indian stock markets (Sensex and Nifty) ended in the deep red on Monday on the widening of India’s current account deficit, renewed US-China trade war and rupee crashing to a record low of 72.67 with Sensex plummeting 467 points and Nifty finishing below 11,450. During the day, Sensex touched a low of 37882.83, down 507 points and Nifty bottomed to a low of 11,427.30, down 161.8 points. At the time of stock market closing, the Indian rupee recovered partly from the all-time low of 72.67 and was trading at 72.3938, down 65 paise or 0.91% against USD.

According to the data available at Bloomberg, the rupee has touched a fresh lifetime low of 72.6738, down 93 paise or 1.3% from the Friday’s closing of 71.7388 per unit US dollar, earlier on Monday. Axis Bank shares (up 1% at Rs 651.55) were the only notable gainers among the constituents of Sensex on Monday after India’s third-largest private sector lender on Saturday said that the Reserve Bank of India (RBI) has approved the appointment of Amitabh Chaudhry as the Managing Director & CEO of the Axis Bank, for a period of 3 years, with effect from 1st January 2019 up to 31st December 2021.

Indian equities extended loss after opening slightly lower on Monday. The domestic markets traded cautiously on Monday on the fresh worries over US-China trade tariff war after US President Donald Trump intimidated tariffs on further $267 billion worth of Chinese goods on Friday last week and IIP and inflation data due later on the week and battered sentiments after India’s CAD widened to $15.8 billion in June quarter.

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15:51 (IST) 10 Sep 2018
Closing bell

Indian stock markets witnessed massive selling pressure on Monday after the current account deficit widened to $15.8 billion in the April-June period and tensions of a fresh trade war spat between US and China after US President Donald Trump hinted towards imposing additional tariffs on as much as $267 billion worth of Chinese products. BSE Sensex settled at 37,922.17, down 467.65 points 1.22% while NSE Nifty concluded at 11,438.10, down 151 points or 1.30%. In the intraday trades, the benchmark Sensex tumbled to a bottom of 37,882.83, down 506.99 points whereas broader Nifty crumbled to bottom of 11,427.30, down 161.8 points. 

15:27 (IST) 10 Sep 2018
Sensex dives 500 points

The benchmark Sensex tumbles 501 points in the late trade to a day's low of 37,888.62 while NSE Nifty touches 11,430.45, down 158.65 points. HDFC, RIL, HDFC Bank, ITC, M&M, SBI, Kotak Mahindra Bank, Sun Pharma wipes out 340 points out of the 501-point drop in the benchmark index.

14:57 (IST) 10 Sep 2018
Sensex down 400 points: A look at 30 stocks of the index

The S&P BSE Sensex was trading over 400 points lower from Friday's close below the psychological level of 38,000 after touching a day's bottom at 37952.55, down 437.27 points. Shares of Axis Bank were the only notable gainers among the 31 components of BSE Sensex while over a dozen heavyweight stocks were trading well below as compared to their respective previous closing share prices. The stocks of RIL, HDFC, HDFC Bank, M&M, ITC, Kotak Mahindra Bank, IndusInd Bank, SBI, Sun Pharma were the biggest negative point contributors to the key equity indices Sensex and Nifty. 

13:04 (IST) 10 Sep 2018
Rupee feels contagion effect of emerging market rout, may test 73.2 vs USD: Motilal Oswal Securities

"Rupee fell to fresh record low levels against the US dollar as panic buying by importers triggered further sell-off in the currency. Escalating trade war concerns between US and China is a still a hanging sword after US President announced that he has tariffs ready to go on $267 billion worth of Chinese imports in addition to the $200 billion of its goods already facing the risk of duties. Asian as well as the emerging currencies are under pressure and rupee is feeling the contagion effect of the same," Gaurang Somaiya, Currency Analyst, Motilal Oswal Securities Ltd said. 

"We expect that rupee could continue to feel the pain in the short term and intervention could restrict the pace but bias for the rupee is still negative. Rupee, in the short term, could test levels of 73.20 and break above 72.15 could negate the view for short term weakness," Gaurang Somaiya added.

12:44 (IST) 10 Sep 2018
Rupee's free-fall continues vs US dollar

The Indian rupee continued its free-fall against the US dollar on Monday as weakness persisted on the back of India's current account deficit widening to $15.8 billion in the April-June quarter and latest remarks by US President Donald Trump on the back of which emerging market currencies and equities took a back seat. The rupee collapsed as much as 93 paise per unit US dollar to a fresh record low of 72.6738, the latest Bloomberg data showed. However, the domestic currency saw a mild recovery in its value after touching lifetime low and was trading at 72.5350, down 80 paise or 1.11% from the previous closing of 71.7388 against US dollar. 

12:38 (IST) 10 Sep 2018
Sensex loses 38,000, Nifty touches 11,453 as stock market rout continues

Indian equity markets fell heavily in the afternoon deals on Monday following the pessimism with regard to emerging market equities and currencies after US President Donald Trump indicated that he is considering addtitional tariffs on about $267 billion worth of Chinese goods. Following the action by the POTUS, stock markets and currencies across Asia have been tumbling since the morning trade barring that of Japan's. The benchmark Sensex bottomed to 37,970.18, down 419.64 points while the wider share indicator Nifty 50 collapsed 135.25 points to hit a day's low of 11,453.85. 

A market-wide sell-off was observed in the domestic share markets as all the sectoral indices of NSE were trading in negative territory except Nifty IT index which is possibly trading up in green due to rupee's weakness against US dollar. The worries of capital outflows remain elevated under such tightened situations and also after India's current account deficit widened to $15.8 billion in June quarter of FY19 as compared to $15 billion in the same quarter of FY18 in value terms. Other than Nifty IT (up 0.14%) and Nifty Media (down 0.8%), all the sectoral indices of National Stock Exchange tumbled more than 1% with Nifty PSU Bank (down 2.17%) being the worst hit. 

The heavyweight shares of HDFC Bank, Reliance Industries, HDFC, ITC, Kotak Mahindra Bank, SBI, HUL and IndusInd Bank were the top drags on Sensex and Nifty today. As many as 1,538 stocks were trading in the negative zone out of the 2,651 total traded companies while 965 shares traded in positive zone and 148 traded unchanged on BSE. Notably, 100 shares surged to their respective 52-week highs whereas 97 bottomed to their respective 52-week lows. 

12:14 (IST) 10 Sep 2018
Asian markets under pressure

Asian shares were mostly lower on Monday after US President Donald Trump declared he was considering tariffs on an additional $267 billion in Chinese goods, ratcheting up tensions between the world's two biggest economies, an Associated Press report said. Japan's benchmark Nikkei 225 climbed 0.4% to 22,392.93, after the country's gross domestic product surpassed expectations by growing at a 3% annual rate in the April-June quarter and South Korea's Kospi gained 0.2% to 2,285.51 while Hong Kong's Hang Seng index tumbled 1.3% to 26,636.63 and China's Shanghai Composite index fell 1.1% to 2,673.88.

11:50 (IST) 10 Sep 2018
Asian currencies tumble on Trump's remark

Asian currencies traded lower on Monday as strong US jobs data supported the dollar, while confidence was eroded by US President Donald Trump once again raising the stakes in his country's trade dispute with China, Reuters reported. The dollar index edged higher to 95.464, after advancing more than 0.3% on Friday. According to a Reuters report, Inflationary concerns stemming from higher crude oil prices and India's perennial fiscal and trade deficits have seen the rupee cement itself as the region's worst performing currency and has also seen its benchmark 10-year bond yield rise to its highest since late 2014.

11:22 (IST) 10 Sep 2018
Singapore market slumps to 17-month low

Singaporean shares skidded to a 17-month low on Monday while the Philippines index fell for the fourth straight session, as sentiment in Asia remained dull amid an escalating trade feud between the United States and China after POTUS Donald Trump warned on Friday he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion of goods on top of $200 billion in imports primed for levies in coming days, a Reuters report said. 

11:21 (IST) 10 Sep 2018
Indian bonds and rupee under pressure

Indian bonds and the rupee slumped on Monday as emerging market assets came under renewed pressure amid the spectre of a rising dollar, higher crude oil prices and escalating global trade tensions, Reuters said in a report. The Reserve Bank of India (RBI) and its peers in other emerging economies have been forced to defend their currencies recently in the wake of a confluence of dollar-supportive events, the report added. The 10-year benchmark bond yield rose to 8.12%, its highest since 28 November, 2014 as a rise in global crude oil prices added to inflation concerns.

11:14 (IST) 10 Sep 2018
Moody's Investors Service on Indian Rupee

Rupee at 72/$: Rupee weakening "credit negative" for firms, says Moody's as INR plummets 13% vs USD in 2018

Sustained weakening of the rupee is “credit negative” for Indian companies which generate revenue in rupees but rely on US dollar debt to fund their operations, Moody’s Investors Service said Monday. The Indian rupee has depreciated 13 per cent so far in 2018 and has touched a historic low of Rs 72.32 to a dollar.

10:44 (IST) 10 Sep 2018
Axis Bank jumps 5% on Amitabh Chaudhary's appointment as MD & CEO

Shares of the Mumbai-headquartered private sector lender Axis Bank jumped nearly 5% after the country's third-largest private sector bank appointed Amitabh Chaudhary as its MD and CEO. Amitabh Chaudhary will take charge from January 2019 replacing Shikha Sharma. The stock of Axis Bank marked its biggest percentage gain in the last 5 weeks. Axis Bank shares surged 4.92% to a day's high of Rs 676.90 on BSE today. According to a Reuters report, Nomura said Amitabh Chaudhary's appointment is 'very positive' for Axis Bank, Citi said the probability of Axis Bank getting into life insurance manufacturing goes higher once Amitabh Chaudhary assumes charge while Macquarie maintained its 'Outperform' rating with a target price of Rs 639.05. Out of 24 of 47 brokerages rate the Axis Bank stock as 'buy' or higher, 16 as 'hold' and 7 as 'sell' or lower, Reuters reported citing Thomson Reuters data. 

"The board of directors (the board) of the bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Shri Amitabh Chaudhry as the Managing Director & CEO of the Bank, for a period of 3 years, with effect from 1st January 2019 up to 31st December 2021 (both days inclusive) and the terms and conditions relating to the said appointment, including remuneration," Axis Bank said in an exchange filing on 8 September 2018. 

10:07 (IST) 10 Sep 2018
Market plunges into deep red

The domestic share markets fell deeper into losses in the mid-morning deals with Sensex crashing more than 250 points and Nifty falling below 11,510. BSE Sensex touched a day's bottom at 38,104.72, down 285.10 points or 0.74% while NSE Nifty struck a day's low at 11,501.15, down 87.95 points or 0.76%. Shares of HDFC Bank, HDFC, RIL, ITC, Kotak Mahindra Bank, ICICI Bank were the major negative point contributors to Sensex and Nifty. 

10:04 (IST) 10 Sep 2018
Rupee weakness persists

According to a PTI report, a strong demand for the US dollar, buying by importers, mainly oil refiners in view of surging crude oil prices and capital outflows, weighed on the domestic currency. The US dollar strength against its rival currencies overseas amid fears of a possible escalation in the US-China trade conflict too put pressure on the rupee, PTI reported citing unidentified forex dealers.

09:16 (IST) 10 Sep 2018
Opening bell

Indian stock markets started marginally lower on Monday with Sensex and Nifty beginning in negative territory. BSE Sensex opened at 38,348.39, down 41.43 points or 0.11% while NSE Nifty opened at 11,570.25, down 18.85 points or 0.16%.  

09:13 (IST) 10 Sep 2018
Rupee hits new record low

The Indian rupee on Monday tumbled as much as 44 paise to hit a fresh record low against the US dollar at the interbank foreign exchange market. The rupee fell 44 paise to a fresh all-time low of 72.1812 per unit US dollar, the Bloomberg data showed. Earlier on Friday last week, the rupee traded near then record low but finally closed at 71.7388 after the Reserve Bank of India intervened strongly at 71.80 levels. 

09:04 (IST) 10 Sep 2018
Sensex last Week: From 03 to 07 September 2018

Sensex last week: Earlier last week from 3rd to 7th September, the benchmark Sensex ended the week in positive territory with shares of Bajaj-Auto, Tata Motors, Tata Steel, Reliance Industries, Hero MotoCorp, Bharti Airtel, Sun Pharma and Vedanta rising 1-6.5% whereas stocks of HUL, Yes Bank, SBI, ONGC, Maruti Suzuki, Asian Paints, Kotak Mahindra Bank, ITC, Power Grid, ICICI Bank, Adani Ports, L&T and IndusInd Bank plunged 1-8%. 

08:58 (IST) 10 Sep 2018
SGX Nifty drops 0.4%

The global indicator of NSE Nifty, SGX Nifty Futures was trading in negative territory, down 0.43% at 11,584.50 on the Singapore Exchange on Monday. The barometer has moved in a range of between 11,641.00 and 11,575.50, earlier today. 

Earlier yesterday, Wall Street's major indexes fell on US President Donald Trump raised the possibility of additional tariffs on Chinese imports and Apple Inc indicated that some of its products could be subjected to such levies, a Reuters report said. The Dow Jones Industrial Average fell 79.33 points, or 0.31% to 25,916.54, the S&P 500 lost 6.37 points, or 0.22% to 2,871.68 and the Nasdaq Composite dropped 20.19 points, or 0.25% to 7,902.54.
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