Sensex falls 169 points to end at 37,121 on higher crude oil prices, rupee’s weakness; Nifty below 11,250

By: | Updated:Sep 19, 2018 3:53 pm

Share Market Live: Indian stock markets (Sensex and Nifty) ended lower on Wednesday possibly due to costlier crude oil prices and rupee's weakness vs US dollar with Sensex plunging 169 points and Nifty finishing below 11,250.

Share Market Live: BSE Sensex shed 295 points on Tuesday on rupee?s weakness, higher crude oil prices and US-China trade war tensions. (Image: Wikimedia Commons)

Share Market Live: Indian stock markets (Sensex and Nifty) ended lower on Wednesday possibly due to costlier crude oil prices and rupee’s weakness vs US dollar with Sensex plunging 169 points and Nifty finishing below 11,250. BSE Sensex closed at 37,121.22, down 169.45 points while NSE Nifty ended at 11,234.35, down 44.55 points. Nine of the eleven sectoral indices on NSE concluded in red with Nifty Media, Nifty FMCG and Nifty Realty leading the losses.

The Nifty Metal index surged 1.2% after Reuters reported, citing unnamed government sources and an unidentified government document, that India’s steel ministry has proposed increasing the effective import duties on some steel products to 15% from 5% to 12.5%.

The domestic equity markets turned flat in the afternoon deals on Wednesday following the higher crude oil prices with Sensex, Nifty trading little changed led by the plunge in HDFC Bank, HDFC and Maruti Suzuki shares. Crude oil prices surged slightly with Brent crude oil trading at $79.17, up 14 cents or 0.18% a barrel and US WTI crude trading at $70.12, up 27 cents or 0.39% a barrel.

Earlier in the day, Sensex rose 240 points after rupee regained 27 paise against the US dollar in the opening deals. The wider share indicator NSE Nifty 50 retook the 11,300 mark following the uptick in shares of ITC, RIL, Infosys and HDFC Bank on Wednesday morning. According to the Bloomberg data, the Indian rupee registered sharp recovery against US dollar and made a day’s high at 72.4875, up 48 paise per unit US dollar from the previous closing of 72.9662 at the foreign exchange market.

Indian equities began higher on Wednesday tracking the regional Asian peers which rose in the early trading on the back of upbeat Wall Street, lower crude oil prices and the sharp recovery in Indian rupee. Asian stocks rose and US Treasury yields hovered near four-month highs on Wednesday, as investors looked past the latest escalation in the US-China trade conflict, seen by some market participants as less severe than expected, a Reuters report said.

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15:53 (IST)19 Sep 2018
Higher crude oil prices dent domestic equities

"Despite favourable global cues and recovery in rupee the domestic market continued to witness selling pressure due to higher oil price and yield. Additionally, flight of capital from domestic market in expectation of pickup in US economic growth and FED rate hike impacted the sentiment.  Market is likely to remain volatile considering higher oil price, widening CAD and upcoming RBI policy meet," said Vinod Nair, Head of Research, Geojit Financial Services.

15:40 (IST)19 Sep 2018
Closing bell

Indian equity benchmarks closed lower on Wednesday following the sustained strongness in crude oil prices and weakening in rupee value against US dollar with Sensex losing 169 points and Nifty finishing below 11,250. BSE Sensex settled at 37,121.22, down 169.45 points or 0.45% and NSE Nifty concluded at 11,234.35, down 44.55 points or 0.39%. Shares of HDFC Bank, HDFC, IndusInd Bank, Maruti Suzuki, ITC, Reliance Industries, Bharti Airtel, HUL and SBI provided the major negative points to the headline indices on Wednesday. 

15:29 (IST)19 Sep 2018
FBIL rupee reference rate

The Financial Benchmarks India Ltd (FBIL) on Wednesday fixed the reference rate of the rupee at 72.6781 against the US dollar and 84.9050 for the euro. The corresponding reference rates were for the same quotes were at 72.3796 and 84.7657, on Tuesday. 

13:53 (IST)19 Sep 2018
BSE to conduct mock trading in commodity derivatives on Saturday

The Bombay Stock Exchange (BSE) will conduct mock trading in live environment for commodity derivatives segment on Saturday as it prepares itself for the launch of trade in such products. "The exchange proposes to schedule mock trading session in live environment (for commodity derivatives segment) on Saturday, September 22, 2018," BSE said in a circular.

12:30 (IST)19 Sep 2018
Himachal Futuristic jumps 5% after company gets Rs 611 crore order from BSNL

Shares of the telecom gear maker Himachal Futuristic Communications jumped nearly 5% after the New Delhi-based company got advance purchase order worth Rs 611 crore from state-run BSNL for broadband connectivity in Madhya Pradesh. The stock of HFCL rose 4.72% to Rs 23.30 on BSE today. The contract is for survey, procurement, supply, trenching, laying, installation, testing and maintenance of optical fibre cable (OFC), accessories and GPON equipment in Madhya Pradesh under Centre's BharatNet programme, HFCL said in an exchange filing.

12:01 (IST)19 Sep 2018
Asian currencies gain

Most Asian currencies edged higher on Wednesday, shrugging off another round of tit-for-tat exchanges in the US-China trade war, while suspected central bank intervention supported the Indian rupee, a Reuters report said. The Chinese yuan allayed initial weakness at the open to strengthen 0.1% to 6.852 per dollar as Premier Li Keqiang assured markets China would not devalue the currency to boost exports, the report said further. The rupee strengthened 0.5% to 72.595 as traders suspected the Reserve Bank of India dollar selling after it hit yet another record low on Tuesday, the report added. 

11:01 (IST)19 Sep 2018
Reliance Nippon, HDFC AMC plunge up to 10% after SEBI cuts expense ratio for mutual funds

Shares of asset management companies fell in the trade on Wednesday after Indian capital market regulator SEBI slashed the expense ratio for mutual funds. The stock of Anil Ambani-led Reliance Nippon Life AMC crashed 10.3% to a lifetime low of Rs 192.1 while HDFC AMC shares collapsed 9.3% to their lowest 1,397 on BSE today. The Securities and Exchange Board of India in its board meeting held on Tuesday revised total expense ratio slab structure for mutual funds since its introduction in 1996. SEBI has capped the TER for equity-oriented mutual fund schemes at 1.25% and for other schemes at 1%. The TER cap for fund of funds will be at 2.25% for equity-oriented schemes and 2% for other schemes. 

10:15 (IST)19 Sep 2018
Asian markets trade higher

Asian shares were mostly higher Wednesday, despite jitters over the escalating trade dispute between the US and China, an Associated Press report said. Japan's benchmark Nikkei 225 added 1.4% in early trading to 23,741.29, Hong Kong's Hang Seng advanced 1.0% to 27,355.73, while the Shanghai Composite also jumped 1% to 2,726.27 while South Korea's Kospi slipped 0.3% to 2,303.34. 

10:12 (IST)19 Sep 2018
Titan plunges nearly 5%

Shares of the Tata Group's jewellery maker Titan Company fell nearly 5% after the global research and brokerage firm CLSA downgraded the stock to "sell" and slashed the target price. The stock of Titan Company tumbled 4.7% to over a 7-month low of Rs 786.1 on NSE. According to a Reuters report, CLSA has downgraded the stock to "sell" and has reduced the target price to Rs 720 per share from Rs 1,050 amid growth concerns after company missed Q1 guidance. "Worried of the impact of a potential hawkish stance on gold regulations which could weigh on Titan's premium valuation," unidentified CLSA analysts were quoted as saying in a Reuters report. 

09:15 (IST)19 Sep 2018
Opening bell

Indian stock markets started on a positive footing on Wednesday as investors seemed to have shrugged off the ongoing US-China trade war and lower crude oil prices. BSE Sensex opened at 37,432.93, up 142.26 points or 0.38% and NSE Nifty opened at 11,326.65, up 47.75 points or 0.42%. Shares of RIL, Infosys, ITC and HDFC Bank were the major positive point contributors.

09:08 (IST)19 Sep 2018
Rupee opens at 72.70 vs US dollar

The Indian rupee registered sharp recovery on Wednesday morning against the US dollar on positive domestic cues and lower crude oil prices. The rupee started at 72.6987, up 27 paise per unit US dollar at the interbank foreign exchange market, the Bloomberg data showed. Earlier yesterday, the rupee marked a fresh all-time low at 72.9675 vs USD and closed at 72.9662, down 46 paise on renewed US-China trade war, higher crude oil prices. The weakness in the domestic currency elevated after Reuters reported, citing an unidentified Finance Ministry source, that Indian rupee's "fair value" is seen at 72-73 vs US dollar.

09:00 (IST)19 Sep 2018
SGX Nifty trades in green

The global indicator of NSE Nifty, SGX Nifty Futures was trading little changed on Wednesday, up 0.21% at 11,339 on the Singapore Exchange. The gauge has travelled between a range of 11,346 and 11,282, earlier today. 

Earlier yesterday, Wall Street rebounded in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China with all three major US indexes closing higher following Monday's sell-off. The Dow Jones Industrial Average rose 184.84 points, or 0.71% to 26,246.96, the S&P 500 gained 15.51 points, or 0.54% to 2,904.31 and the Nasdaq Composite added 60.32 points, or 0.76% to 7,956.11.
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