Sensex falls 154 points as 2,000 of 2,900 traded stocks end in red ; IT stocks gain on rupee’s weakness

By: | Updated:Sep 04, 2018 4:20 pm

Share Market Today: Indian stock markets ended lower on Tuesday with Sensex plunging 154 points and Nifty closing below 11,550-level following the drop in SBI, ICICI Bank, HUL, HDFC Bank and ITC shares.

Share Market Today: The Bombay Stock Exchange building. (Image: Reuters)

Share Market Today: Indian stock markets ended lower on Tuesday with Sensex plunging 154 points and Nifty closing below 11,550-level following the drop in SBI, ICICI Bank, HUL, HDFC Bank and ITC shares. The domestic equity markets traded under pressure through the day on Tuesday after opening flat following the September 5 deadline regarding trade tariffs on China by Trump administration. The sentiments were further weakened after Indian rupee hit a fresh record low and worries escalated regarding capital outflows on AMRI comment, hinted towards $75 billion FPI investment moving out from India, on SEBI’s April circular.

Infosys shares hit a record high after the stock turned ex-bonus. The stock of Infosys surged as much as 4.41% to an all-time high of Rs 748.35 before closing up 2.64% at Rs 735.65 on BSE. The Indian rupee dipped about 33 paise against the US dollar to a fresh all-time low of 71.5363 per unit US dollar at the interbank foreign exchange market on Tuesday. According to the data available with BSE, of the total 2,911 total traded stocks on BSE, as much as 2,010 stocks ended in red, 766 managed to close in green while 135 settled unchanged. Notably, 147 shares hit their respective 52-week lows while 81 surged to their 52-week highs.

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15:54 (IST) 04 Sep 2018
Closing bell

Indian stock markets closed in negative territory after trading in red throughout the day with BSE Sensex plunging more than 150 points and NSE Nifty ending below 11,550 following the declines in heavyweight shares of SBI, HUL, HDFC Bank, ICICI Bank, ITC, IndusInd Bank, Asian Paints, Kotak Mahindra Bank, Yes Bank and Tata Motors. BSE Sensex ended at 38,157.92, down 154.60 points or 0.40% whereas NSE Nifty settled at 11,520.30, down 62.05 points or 0.54%.

Shares of Infosys (up 2.64%), TCS (up 1.86%), Axis Bank (up 1.39%), Wipro (up 1.42%), Reliance Industries (up 0.97%), HDFC (up 0.79%) were the only gainers among all the components of BSE Sensex index. 

All the sectoral indices of NSE closed in red barring Nifty IT (up 2.06%) with Nifty PSU Bank (down 3.55%), Nifty Media (down 2.95%), Nifty FMCG (down 2.08%), Nifty Metal (down 1.94%), Nifty Realty (down 1.85%), Nifty Auto (down 1.6%), Nifty Pharma (down 1.49%), Nifty Bank (down 1.4%), Nifty Private Bank (down 1.18%) and Nifty Financial Services (down 0.94%).

A market-wide sell-off was seen in Indian equities on Tuesday as all the broader market indices of NSE concluded in deep red with Nifty Next 50 (down 3.05%), Nifty Midcap 50 (down 3.08%), Nifty Midcap 100 (down 2.72%) and Nifty Smallcap 100 (down 2.59%). 

Shares of IRB, Network18, NCC, Inox Leisure, Reliance Power, Sun TV, TV18 Broadcast, Balkrishna Industries, Crompton, J&K Bank, IDFC Bank, L&T FH, Havells, Union Bank of India, Tata Power, Andhra Bank, MCX, Jai Corp, Syndicate Bank,  Capital First, Jindal Saw, BEML, CCL, India Cements, UBL, Tata Global Beverages, Oriental Bank of Commerce, DLF, JP Associates, Ambuja Cement, CG Power were the biggest losers among the 'A' group of BSE falling 5-9%.

15:01 (IST) 04 Sep 2018
US dollar gains strength

The US dollar extended gains across the board on Tuesday, rising nearly half a percent, as concerns about a possible escalation in trade conflict between the United States and China prompted investors to dump emerging market currencies, Reuters said in a report. The public comment period on a US proposal for new tariffs on Chinese goods is set to end on Thursday, after which US President Donald Trump can follow through on plans to impose tariffs on $200 billion more of Chinese imports, though it is unclear how quickly that will happen, the report added. 

13:51 (IST) 04 Sep 2018
Crude oil boiling again

Crude oil prices rose on Tuesday, with US crude breaking through $70 a barrel, after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane, Reuters reported. US light crude traded at $70.60 a barrel, up 80 cents from its close on 31 August while Brent crude was at $78.50, up 35 cents from Monday's close.

12:49 (IST) 04 Sep 2018
Indian stocks trade under pressure

Indian shares were little changed on Tuesday amid concerns of foreign fund outflows after the rupee hit a new low in its recent record-setting spree, while gains in IT stocks on the back of a weaker currency underpinned the market, a Reuters report said. 'The rupee is the main culprit,' AK Prabhakar, head of research at IDBI Capital was seen as saying in a Reuters report. The depreciating currency was forcing fund outflows, Prabhakar said further. Foreign investors sold equities worth a net $409 million on Monday after they offloaded $38.7 million last week, the report added.

12:26 (IST) 04 Sep 2018
Infosys, TCS, RIL boost Sensex, Nifty

Shares of heavyweight companies such as Infosys, TCS and Reliance Industries provided the major boost to the key equity indices Sensex and Nifty on Tuesday. Collectively, these 3 shares added more than 175 points to the headline index Sensex while a downtick in shares of HUL, ITC, IndusInd Bank, Kotak Mahindra Bank and Asian Paints wiped off 140 points out of the index. 

11:39 (IST) 04 Sep 2018
Asian currencies weaken

Most Asian currencies softened on Tuesday, led by losses in the Indonesian rupiah which remained under persistent selling pressure amid turbulence in emerging markets and global trade tensions, a Reuters report said. The rupiah fell a further 0.58% against the dollar to its lowest level since the Asian financial crisis two decades ago, despite the country's central bank intervening many times in the foreign exchange and bond markets in recent months to stabilise the currency, it added. 

10:46 (IST) 04 Sep 2018
Nifty Live: Infosys jumps 4%, other top gainers

Nifty Live: Indian equity markets traded under pressure in the mid-morning deals on Tuesday following the weakness among Asian markets on September 5 trade tariff deadline and AMRI's comment on SEBI's April circular. Infosys shares emerged as the top gainers among all the components of Sensex and Nifty on Tuesday after the stock turned ex-bonus. Infosys extended gains and jumped more than 4% to a new a record high of Rs 748.50 on NSE. Other major gainers were TCS (up 1.63%), HCL Tech (up 1.87%), Wipro (1.02%), Tech Mahindra (up 1.74%), Sun Pharma (up 0.87%), Tata Motors (up 0.6%), Reliance Industries (up 0.46%), Maruti Suzuki (up 0.33%) and HDFC (up 0.3%). 

10:36 (IST) 04 Sep 2018
Market sentiments remain weak on AMRI comment

Sentiment remained weak on sustained capital outflows by foreign funds after an investor lobby group named AMRI (Asset Management Roundtable of India) said on Monday that the immediate impact of the new SEBI KYC norms, if not amended, would flush out USD 75-billion FPI investment from the country within a short time-frame, a PTI report said. Following the development, SEBI on early Tuesday morning said in a statement, "It is preposterous and highly irresponsible to claim that $75 billion of FPI investment will move out of the country because of Sebi's circular issued in April 2018."

10:12 (IST) 04 Sep 2018
Preposterous to claim $75 bln FPI funds will move out of India on April circular: SEBI

With a lobby of FPIs trying hard to get the proposed changes to KYC norms withdrawn, market regulator SEBI Tuesday said it is "preposterous and highly irresponsible" to claim that USD 75 billion will move out of India because of the regulatory move, PTI said in a report. Some foreign portfolio investors (FPIs) are believed to have earlier expressed concerns over the proposed changes in rules, for which SEBI has already granted more time, the report added. 

09:57 (IST) 04 Sep 2018
Chinese stocks under pressure

China's stock markets extended losses on Tuesday, with investors concerned over slowing growth at home and the US set to impose fresh tariffs on $200 billion worth of Chinese imports as early as this week, Reuters reported. At the mid-day break, the Shanghai Composite index was down 1.55 points or 0.1% at 2,719.19, extending losses from five consecutive negative sessions while China's blue-chip CSI300 index was down 0.16%. 

09:55 (IST) 04 Sep 2018
Big recovery! Rupee regains 21 paise from record low

The rupee made a considerable recovery within an hour of hitting a fresh record low against US dollar on Tuesday. The rupee recoiled about 21 paise to a day's high of 71.1563 from the record low of 71.3725 at the foreign exchange market, the Bloomberg data showed. 

09:39 (IST) 04 Sep 2018
Infosys shares hit record high as stock turns ex-bonus

Infosys shares hit a record high on Tuesday after the stock of India's second-largest IT company turned ex-bonus with effect from today, 4 September 2018. The stock of Infosys rose as much as 2.37% to an all-time high of Rs 733.65 on BSE today. "This is to inform you that the members of the company through the postal ballot (physical/electronic voting) have approved issue of bonus shares/stock dividend," Infosys said in an exchange filing on 24 August. The board of directors have fixed Tuesday, September 4, 2018 as record date for the purpose of allotment of bonus shares/stock dividend, Infosys said further.

09:29 (IST) 04 Sep 2018
Forex Alert: Indian rupee hits fresh record low against US dollar

The Indian rupee continued its weakness against the US dollar on Tuesday and hit a new record low in the opening trades at the interbank foreign exchange market. The rupee made an all-time low at 71.3725, down 17 paise per unit US dollar, the Bloomberg data showed. Following this week's decline in the rupee value vs US dollar, the domestic currency has fallen about 12.1% against US dollar. In the previous month, the rupee lost as much as 3.57% or Rs 2.45 against the US dollar to 71 apiece USD as on 31 August from a level of 68.55 as on 31 July. 

09:15 (IST) 04 Sep 2018
Opening bell

Indian stock markets started mixed on Tuesday with Sensex gaining 148 points and Nifty beginning flat below 11,600-mark. BSE Sensex opened at 38,460.96, up 148.44 or 0.39% while NSE Nifty opened at 11,598.75, up 16.40 points or 0.14%. 

Asian shares fell in early trade on Tuesday, amid growing concerns over escalating international trade disputes and as emergency austerity measures in Argentina highlighted turbulence in emerging markets, a Reuters report said. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2% after European shares ended mostly flat, though a weak British pound helped to lift London's blue-chip FTSE almost 1%, the report added.
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