Terrible Tuesday! Sensex tanks 509 points after rupee strikes new record low at 72.74 vs USD

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Updated:Sep 11, 2018 3:56:56 pm

Share Market Live: Indian stock markets (Sensex and Nifty) registered massive losses on Tuesday after the Indian rupee struck new record low at 72.74 vs US dollar with Sensex falling 509 points and Nifty concluding below 11,300 at 11,287.50.

Share Market Today: Earlier yesterday, BSE Sensex plunged more than 500 points intraday and closed below 38,000 level for the first time in three weeks. (Image: Reuters)

Share Market Today: Indian stock markets (Sensex and Nifty) registered massive losses on Tuesday after the Indian rupee struck new record low at 72.74 vs US dollar with Sensex falling 509 points and Nifty concluding below 11,300 at 11,287.50. During the day, in the late trading, the S&P BSE Sensex slipped as much as 561 points to a day’s bottom of 37,361.20 while NSE Nifty tripped 164.1 points to a day’s low at 11,274. According to the Bloomberg data, the Indian rupee slumped as much as 29 paise to a new all-time trough of 72.7388 per unit US dollar.

The market sentiments were cautious ahead of the major macroeconomic data scheduled to be released tomorrow including IIP and CPI inflation and the domestic currency (rupee) hitting a fresh lifetime low against US dollar seemed to have battered the situation further. Shares of ITC, HDFC Bank, RIL, HDFC, TCS, ICICI Bank were the major negative point contributors to the key equity indices Sensex and Nifty. ITC shares were the biggest drag Sensex and Nifty on Tuesday after the stock of India’s largest FMCG company tanked a little more than 3% in the trade following the weakness in most of the consumer goods shares.

Indian equities went flat after opening marginally higher on Tuesday with Infosys shares leading and ITC shares lagging among all the components of BSE Sensex index. Asian shares were struggling to avoid a ninth straight session of losses on Tuesday as the spectre of a Sino-US trade war haunted investors, while the pound perched near a five-week top on hints a Brexit deal might be nearer, Reuters said in a report.

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    15:43 (IST)11 Sep 2018
    Closing bell

    Indian share market ended much lower on Tuesday after trading marginally down up until the early afternoon deals as investors remain sceptical with regard to the development in trade tariffs by Trump's administration, Indian rupee touching fresh record low against US dollar, higher crude oil prices and emerging market rout. BSE Sensex closed at 37,413.13, down 509.04 or 1.34% while NSE Nifty concluded at 11,287.50, down 150.60 points or 1.32%. The benchmark Sensex has lost a whopping 976.69 points in last two days to 37,413.13 from a level of 38,389.82 whereas Nifty has shrunk to below 11,300 from a level of 11,589.1, down 301.6 points. 

    15:30 (IST)11 Sep 2018
    Global stocks mostly lower

    Major global stock markets were mostly lower Tuesday after Wall Street's gains as investors waited for a new US tariff hike in a trade battle with China, Associated Press said in a report. In early trading, Germany's DAX lost 0.1% to 11,971.94 and London's FTSE 100 fell 0.3% to 7,258.47 while France's CAC 40 was little-changed at 5,273.25.

    15:28 (IST)11 Sep 2018
    Sensex down 500 points: Biggest negative point contributors

    15:27 (IST)11 Sep 2018
    Emerging market equities plunge as US-China trade war worries remain

    Lingering trade war worries saw emerging-market stocks whither to a fresh 15-month low on Tuesday, though a tepid dollar gave currencies a chance to recover with Russia's rouble chalking up healthy gains before a central bank meeting later this week, a Reuters report said. MSCI's emerging-market index fell 0.5%, its ninth decline in the past 10 sessions. The brunt of the losses came from tech stocks across developing markets, which slipped more than half a percent. Export heavyweight Hong Kong lost 1%, in a bear market territory after losing more than 21% since its January peak, the report added. The Investor nerves have been raw since US President Donald Trump said he was ready to impose tariffs on virtually all Chinese imports into the United States, raising the chances that the trade row between the world's top two economies would hit global growth, the report said further. 

    15:16 (IST)11 Sep 2018
    Sensex plummets 532 points after rupee touches fresh record low

    The benchmark Sensex fell as much as 532 points after the Indian rupee touched fresh all-time low against US dollar. As per the latest data available with Bloomberg, the rupee registered a new lifetime low at 72.7388, down 29 paise from Monday's closing of 72.4450 against US dollar. BSE Sensex lost a whopping 532 points to a day's low of 37,389.99. Similarly, NSE Nifty slipped below 11,300 to a day's bottom of 11,279.35, down 158.75 points. 

    14:53 (IST)11 Sep 2018
    Big heavyweights crack

    Shares of big heavyweight stocks such as HDFC Bank, ITC, RIL, HDFC, TCS, Kotak Mahindra Bank, ICICI Bank and Maruti Suzuki fell sharply in the late dealings which steered the headline indices Sensex and Nifty to book major losses. HDFC Bank fell 1.93% to Rs 2,003; ITC fell 3.25% to Rs 296.25; HDFC fell 1.21% to Rs 1,861; RIL fell 1.19% to Rs 1,242.15; TCS fell 1.57% to Rs 2,048.45; Kotak Mahindra Bank fell 1.56% to Rs 1,206; ICICI Bank slipped 1.19% to Rs 329.10. 

    14:36 (IST)11 Sep 2018
    Sensex, Nifty extend weakness after rupee touches 72.64 vs USD

    Indian equity markets extended weakness in the late afternoon deals after Indian rupee touched a day's bottom of 72.64 against US dollar. BSE Sensex plunged to 37,547.08, down 375.09 or 0.99% while NSE Nifty slipped to 11,326.95, down 111.15 points or 0.97%. 

    13:34 (IST)11 Sep 2018
    Macquarie's top IT stock picks

    Global brokerage firm Macquarie believes that the benefit of the rupee’s fall will be varied across the Indian IT companies. Accordingly, it has picked Tata Consultancy Services (TCS) and Tech Mahindra as the top large-cap IT companies which will be the biggest beneficiaries of the decline in the rupee. Macquarie expects the companies to retain some benefits of a falling rupee and use the rest to increase SG&A (selling, general & administrative expense) efforts, fight pricing pressures on renewals.

    Check other top picks of Macquarie

    13:15 (IST)11 Sep 2018
    Yes Bank raises $400 million

    India's fifth-largest private sector lender Yes Bank on Tuesday said it has raised $400 million through a syndicated loan facility, borrowed out of its IFSC Banking Unit (IBU) in GIFT City. "The bank has tied up a three-year loan facility in a syndication led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank Ltd and Westpac Banking Corporation, ensuring representation from a diverse set of countries across Europe, Middle East, Asia and Asia-Pacific," Yes Bank said in a statement.

    12:53 (IST)11 Sep 2018
    Crude oil prices today

    Crude oil prices today: Oil prices rose on Tuesday amid looming US sanctions against Iran's petroleum industry, despite efforts by Washington to get other major suppliers to make up for the expected disruption, Reuters said in a report. Washington is putting pressure on other countries to also cut Iran imports, with close allies like South Korea and Japan, but also India, showing signs of falling in line, the report added. US West Texas Intermediate (WTI) crude futures were at $67.70 per barrel, up 65 cents, or 0.2% from their last settlement while Brent crude futures climbed 38 cents, or 0.5%, to $77.75 a barrel.

    12:22 (IST)11 Sep 2018
    Rupee trades firm vs US dollar

    The Indian rupee strengthened 0.2% to 72.315 against the US dollar after wavering either side of flat for much of the session as the domestic currency comes a day after it slid to a record trough, a Reuters report said. Despite Tuesday's pickup, the outlook for the rupee is relatively bleak, facing a stern challenge from a combination of higher oil prices, a widening current account deficit, and the Fed's rate hike cycle, the report added. DBS bank sees sustained pressure on the rupee from these factors is likely to push it towards 75 per unit US dollar. 

    11:45 (IST)11 Sep 2018
    Morgan Stanley's stock picks

    Morgan Stanley’s bullish bet on BFSI stocks: Picks 4 bank shares with ‘attractive valuations’

    India’s financial sector is set for a strong growth in the next twelve months, a global investment bank and financial services firm said Tuesday. Over the coming one year, country’s banking sector and NBFCs would post a robust 27% upside, Morgan Stanley said further.

    Check Morgan Stanley's top picks here

    11:18 (IST)11 Sep 2018
    Large-cap shares: Top gainers as Sensex, Nifty drift in red

    Large-cap shares today: Tata Power (up 3.8%), Cummins India (up 1.95%), Biocon (up 1.94%), REC (up 1.77%), Page Industries (up 1.63%), Bosch (up 1.47%), Bajaj Finserv (up 1.45%), PNB (up 1.39%), Ambuja Cement (1.32%), Federal Bank (1.19%), ACC (up 1.1%), Havells (up 1.04%), Siemens (up 0.99%), NMDC (up 0.87%), PEL (up 0.84%), Shriram Transport Finance (up 0.81%), M&M Financial Services (up 0.77%) and HDFC Life (up 0.73%) were the biggest gainers among the constituents of S&P BSE Sensex Next 50 index. Sensex at 37,885.34, down 36.83 points or 0.10% | Sensex Next 50 at 34382.10, up 117.12 points or 0.34%. 

    10:35 (IST)11 Sep 2018
    ITC plunges 3%

    Shares of the FMCG giant ITC plunged more than 3% on Tuesday morning following the decline in most of the consumer goods stocks. Shares of India's largest FMCG company ITC were the biggest negative point contributors to the headline indices Sensex and Nifty. The stock of ITC slumped 3.04% to a day's bottom of Rs 296.90 on BSE today. Shares of ITC alone wiped out more than 70 points from the BSE Sensex index. The benchmark Sensex was trading 37,877.41, down 44.76 points or 0.12%. Shares of Infosys, Axis Bank, RIL, M&M and SBI managed to limit the losses while HDFC, HDFC Bank, HUL, TCS and Kotak Mahindra Bank dragged. 

    10:30 (IST)11 Sep 2018
    10:15 (IST)11 Sep 2018
    Infosys rallies 1% after UBS raises target price

    Shares of India's second-largest IT company Infosys surged more than 1% after the global investment bank UBS raised the target price to Rs 865 maintaining a 'buy' rating. The stock of Infosys advanced 1.67% to a day's high of Rs 744.15 on BSE today. "Expect revenue acceleration in FY19, driven by an easing drag from retail and a modest improvement in banking in Q2-4 FY19," a Reuters report said citing UBS analysts' note. According to the report, the recent gain in Infosys shares is largely because of depreciating rupee while attrition remains a challenge. 34 of 45 brokerages rate the stock as "buy" or higher, eight as "hold" and three as "sell" or lower with a median target price of Rs 710, Reuters reported citing Thomson Reuters Eikon data. 

    10:06 (IST)11 Sep 2018
    Asian stocks trade mix

    Asian stocks were mixed Tuesday after Wall Street's gains as investors waited for a new U.S. tariff hike in a trade battle with China, an AP report said. The Shanghai Composite Index lost 0.3% to 2,661.33, while Tokyo's Nikkei 225 added 1% to 22,595.52, Hong Kong's Hang Seng retreated 0.3% to 26,538.58 and Seoul's Kospi shed 0.3% to 2,281.90. 

    Asia shares struggle to shake off trade war stress, pound rises on Brexit talk

    09:53 (IST)11 Sep 2018
    Indian rupee turns flat after gaining 17 paise against US dollar

    The Indian rupee pared all the morning gains and was trading flat at 72.4438 against the US dollar at the interbank foreign exchange market on Tuesday. The rupee started on a positive note today by regaining as much as 17 paise at 72.2763 per unit US dollar, the Bloomberg data showed. The weakness in US dollar weakness against some currencies overseas including the euro also supported the rupee, PTI reported citing unidentified dealers. Earlier yesterday, the rupee plunged to a new record low of 72.6738 apiece US dollar in intra-day trade before closing at 72.4450 on the back of renewed trade war worries and India's current account deficit widening to a 5-year high. 

    Rupee recovers mildly, opens 15 paise higher at 72.30 per US dollar

    09:47 (IST)11 Sep 2018
    Sensex, Nifty trade flat

    Indian equity markets traded flat on Tuesday after opening marginally higher with the headline indices Sensex and Nifty trading flat as shares of ITC plunged more than 2% while Axis Bank continued to gain after the appointment of Amitabh Chaudhary as new MD and CEO with effect from 1 January 2019. BSE Sensex was trading at 37,956.56, up 34.39 points or 0.09% whereas NSE Nifty was trading at 11,451.75, up 13.65 points, or 0.12%. Shares of Axis Bank, Sun Pharma, Infosys, M&M, Adani Ports, SBI, Bharti Airtel were the top gainers. 

    Earlier yesterday, US stocks mostly edged higher with the S&P 500 and Nasdaq rebounding to snap a four-day losing streak, although a drop in Apple kept gains in check, a Reuters report said. The Dow Jones Industrial Average fell 59.47 points, or 0.23% to 25,857.07, the S&P 500 gained 5.45 points, or 0.19% to 2,877.13 and the Nasdaq Composite added 21.62 points, or 0.27% to 7,924.16.