Mukesh Ambani’s RIL 112-point booster fuels 224-point gain in Sensex; Nifty ends above 11,500

By: | Updated:Sep 06, 2018 3:56 pm

Share Market Today: Indian stock markets (Sensex and Nifty) finally closed higher on Thursday with Sensex gaining 225 points and Nifty finishing above 11,500 with shares of RIL, Power Grid, Coal India and Sun Pharma rising more than 2%.

Share Market Today: Earlier yesterday, BSE Sensex fell more than 350 points intraday after rupee touched a lifetime low at 71.96 vs USD. (Image: Reuters)

Share Market Today: Indian stock markets (Sensex and Nifty) finally closed higher on Thursday with Sensex gaining 225 points and Nifty finishing above 11,500 with shares of RIL, Power Grid, Coal India and Sun Pharma rising more than 2%. Shares of Mukesh Ambani’s Reliance Industries Ltd (RIL) emerged as the biggest booster to both headline indices Sensex and Nifty as the stock contributed as much as 112 points out of the 224 point jump of Sensex.

Indian shares erased all the gains after the Indian rupee surpassed 72 per US dollar mark for the first time ever in Indian history. According to the Bloomberg data, the rupee made a lifetime low at 72.1050, down 35 paise against the US dollar. Following the turmoil in the domestic currency, BSE Sensex dropped 82.4 points to a day’s bottom of 37,935.91 while Nifty 50 fell 33.85 points to a day’s low of 11,443.10.

Indian equities geared up in the mid-morning deals on Thursday with Sensex soaring 164 points and Nifty firming above 11,500 while the rupee touched a low of 71.94, 2 paise away from the record low of 71.96 and 6 paise away from 72/$ mark. The domestic stock markets fell into negative territory after opening marginally higher on Thursday with Sensex and Nifty trading little changed following the negative Asian cues and tensions over US-China trade tariff dispute.

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15:47 (IST) 06 Sep 2018
Closing bell

Indian stock markets closed higher with Sensex rising 225 points and Nifty closing above 11,500 with shares of Mukesh Ambani's RIL providing the major boost to the headline indices. BSE Sensex ended at 38,242.81, up 224.50 points or 0.59% while NSE Nifty settled at 11,536.90, up 59.95 points or 0.52%. 

15:17 (IST) 06 Sep 2018
Foreign money flows into Asian equities not likely to be sustained

Overseas buying of Asian equities in August was the highest in seven months, but analysts doubt such inflows could be sustained if the Sino-U.S. trade dispute were to escalate, notwithstanding contagion from Argentina and other volatile emerging markets, a Reuters report said. Foreign investors bought a net $2.42 billion of Asian stocks last month, their biggest monthly purchase since January, data from seven stock exchanges showed with South Korea's and Taiwan's equity markets leading the region with inflows of $1.65 billion and $1.08 billion respectively, while Indian equities also received some inflows, the report said further. 

13:26 (IST) 06 Sep 2018
Bearish bets on Indian rupee reaches 5-year high

Bearish bets that the Indian rupee will weaken rose to their highest level in five years over the past two weeks, a Reuters poll showed, as the unit hit fresh lows, while most emerging currencies reeled from dollar strength and trade tension, a Reuters report said. With the index measuring the US dollar against a basket of currencies up more than 3% this year, though slightly weaker on Thursday, investors in emerging Asian units were spooked by tensions around global trade conflicts and fears of contagion from recession-hit Argentina and Turkey, it added. 

12:55 (IST) 06 Sep 2018
Big breaking! Rupee breaches 72/$ dollar mark

The Indian rupee breached 72/$ level in the afternoon deals on Thursday at the interbank foreign exchange market. The rupee touched a lifetime low at 72.1050 per unit US dollar, the Bloomberg data showed. The rupee is falling for the last seven straight days. Earlier on 29 August 2018, the rupee surpassed 71/$ mark and earlier in the same month, the domestic currency crossed 70 per unit USD for the first time. The rupee has depreciated by more than 13% in the current year so far and has been the worst performing currencies among Asia. Earlier yesterday, the rupee touched a low at 71.9650 before closing at 71.75, down 17 paise. 

12:13 (IST) 06 Sep 2018
Asian stock market tumble

Asian markets fell Thursday on fears that the US is on the verge of imposing tariffs on another $200 billion of Chinese goods in an escalating trade dispute, an Associated Press report said. Japan's benchmark Nikkei 225 lost 0.4% to 22,492.32, and the Kospi in South Korea dropped 0.1% to 2,288.89, Hong Kong's Hang Seng tumbled 1.2% to 26,911.65 and China's Shanghai Composite index was 0.7% lower at 2,686.81.

11:36 (IST) 06 Sep 2018
Crude Oil Prices Today

Crude Oil Prices Today: Crude oil prices dipped on Thursday as emerging market woes weighed on sentiment, while a deadline neared for a potential new round of US tariffs on another $200 billion of Chinese goods, a Reuters report said. US sanctions against Iran, however, prevented prices from falling further as they are expected to tighten the market after being implemented from November, Reuters reported citing unidentified traders. US West Texas Intermediate (WTI) crude futures were at $68.60 per barrel, down 12 cents, or 0.2% while Brent crude futures fell by 3 cents, to $77.24 a barrel, the report added.

10:41 (IST) 06 Sep 2018
Top buzzing stocks today, 6 September

BEL, RCom, NALCO, Idea Cellular, PNB among top buzzing stocks in trade today | Check why

10:38 (IST) 06 Sep 2018
Idea Cellular shares hit 9-1/2-year low

Shares of India's largest telecom company by market share Idea Cellular (Vodafone Idea) tumbled nearly 3% to a 9-1/2-year low on Thursday amid unusually heavy trading. The stock of Idea dropped 2.71% to a 9-1/2-year low of Rs 46.6 on National Stock Exchange. According to a Reuters report, Idea shares have broken below a support at Rs 49.8 and technical charts suggest that stock may fall up to a support at Rs 33.45, down 30% from the yesterday's closing of Rs 47.90 on NSE. Idea shares have lost as much as 56% in this year so far from a share price level of Rs 108.15 as of 29 December 2017. 

10:26 (IST) 06 Sep 2018
Aurobindo Pharma-Sandoz $900 million deal

The Hyderabad-based drug maker Aurobindo Pharma on Thursday said its US subsidiary has entered into an agreement to acquire commercial operations and three manufacturing facilities in the US from Sandoz Inc, USA, a Novartis Division, for $900 million. According to the exchange filings, Aurobindo Pharma has signed a definitive agreement to acquire certain assets from Sandoz Inc., USA comprising a market leading dermatology business and a portfolio of oral solid products along with commercial and manufacturing infrastructure in the US. 

"The acquisition will be on debt free and cash free basis and will be made through its wholly owned subsidiary, Aurobindo Pharma USA Inc. Aurobindo and Sandoz will enter into a transitional services agreement to support the ongoing growth plans of the businesses being acquired by Aurobindo," Aurobindo Pharma said in a regulatory filing. 

10:09 (IST) 06 Sep 2018
Indian rupee trades near all-time low against US dollar

The Indian rupee pared the morning gains and was trading near its record low level of 71.96 against US dollar on Thursday. The rupee opened at 71.6500, up 10 paise from yesterday's closing of 71.7562 apiece US dollar but failed to sustain the recovery and declined within minutes of trading. The rupee touched a day's bottom at 71.94 per unit US dollar, which was just 2 paise away from the all-time low of 71.96 and 6 paise away from the 72/$ mark. In the current year so far, the Indian rupee has been depreciated by more than 13% against US dollar, the highest decline among all the Asian currencies. Earlier yesterday, the rupee hit a lifetime low at 71.9650 before closing down 71.7562, down 17 paise. 

09:56 (IST) 06 Sep 2018
Equities roll! Sensex jumps 164 points, Nifty firms above 11,500

Indian equity markets went higher after trading flat on Thursday morning with BSE Sensex rising 164 points and NSE Nifty firming above 11,500 level with shares of Reliance Industries and Kotak Mahindra Bank contributing the most in the benchmark uptick. The S&P BSE surged as much as 164.46 points to a day's top of 38,182.77 whereas the broader Nifty 50 soared to a day's high of 11,519.95, up 43 points. Shares of Power Grid, Tata Steel, Coal India, Kotak Mahindra Bank and Reliance Industries were the major gainers rising up to 2.40% while stocks of Bharti Airtel, TCS, ONGC, HDFC Bank, Axis Bank and NTPC were the major laggards losing up to 0.90%. 

Earlier yesterday, The Nasdaq fell more than 1% dented by technology stocks after Facebook Inc and Twitter Inc executives defended their companies before skeptical US lawmakers, a Reuters report said. The Dow Jones Industrial Average rose 22.98 points, or 0.09% to 25,975.46, the S&P 500 lost 8.04 points, or 0.28% to 2,888.68 and the Nasdaq Composite dropped 96.07 points, or 1.19% to 7,995.17.
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