Sensex plunges 174 points, Nifty ends below 11,700-mark on last hour sell-off; RIL, HDFC Bank drag

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Updated:Aug 29, 2018 3:52:50 pm

Share Market Today: Indian stock markets (Sensex and Nifty) ended lower on Wednesday following the last hour sell-off in heavyweight shares with BSE Sensex losing 173.7 points and NSE Nifty concluding below 11,700-mark.

Share Market Today: A man walking past the Bombay Stock Exchange building. (Image: Reuters)

Share Market Today: Indian stock markets (Sensex and Nifty) ended lower on Wednesday following the last hour sell-off in heavyweight shares with BSE Sensex losing 173.7 points and NSE Nifty concluding below 11,700-mark. Indian equity markets fell deeper into negative territory in the late trades with BSE Sensex plunging 205 points and NSE Nifty slipping below 11,700-mark following the drop in RIL, HDFC Bank and Infosys shares. The domestic stock markets traded flat in afternoon deals with Indian rupee hovering near its all-time low of 70.57 against the US dollar.

The Indian rupee hit a fresh all-time low against US dollar in the early afternoon deals and made a record low at 70.5713, the Bloomberg data showed. Shares of Anil Ambani’s telecom company RCom (Reliance Communications) dropped a little more than 6% on Wednesday.

Indian equities started on a flatter note on Wednesday flat with BSE Sensex and NSE Nifty mostly trading in negative territory changed following losses in HDFC Bank, TCS, Infosys and HDFC shares. The domestic markets are likely to witness a subdued trade after flat Wall Street closing and caution prevailing ahead of April-June GDP data due on Friday, 31 August 2018. Asian shares crept marginally higher on Wednesday as optimism over the U.S.-Mexico trade deal was quickly clouded by caution ahead of a looming deadline on tariffs with China, Reuters said in a report.

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    15:47 (IST)29 Aug 2018
    Closing bell

    India's share markets closed on a negative note on Wednesday after trading marginally lower to flat throughout the day with BSE Sensex losing 174 points and NSE Nifty closing below 11,700. The last hour sell-off in the heavyweight shares such as RIL, HDFC Bank, Infosys and IndusInd Bank steered the key equity indices to close in red. The market sentiments remained sour on Wednesday after the Reserve Bank of India hinted towards upside risks in headline inflation, the impact of demand-supply dynamics in the international crude oil market and worries of current account deficit. Following the release of RBI's annual report, the Indian rupee crashed to a fresh all-time low of 70.5713 against the US dollar. The market participants seemed to have cautious ahead of first quarter GDP data due on Friday, 31 August 2018 and the F&O expiry tomorrow. The 30-share barometer Sensex ended at 38,722.93, down 173.70 points or 0.45% while the broader Nifty 50 index settled 46.60 points or 0.40% at 11,691.90. 

    15:27 (IST)29 Aug 2018
    Sensex skids more than 200 points

    BSE Sensex tumbled more than 200 points in the late afternoon trading on Wednesday after heavyweight stocks plunged on possible profit-booking amid looming Turkish economic crisis. The benchmark Sensex fell 204.98 points to a day's low of 38,691.65 with RIL, HDFC Bank and Infosys leading the index losses.

    14:45 (IST)29 Aug 2018
    Reliance Industries falls 1.75%

    Reliance Industries Ltd (RIL) share price fell 1.75% in the afternoon deals on Wednesday. Shares of the market capitalisation leader Reliance Industries slipped into negative territory at 12:35 pm after trading in green for about half of the day on Wednesday. A sudden spike was seen in the trading volumes of Reliance Industries shares after 12:30 pm. Shares of the billionaire Mukesh Ambani-controlled Reliance Industries Ltd touched a day's bottom of Rs 1,295.15, down 1.75% from the previous closing of Rs 1,318.20 on BSE while the stock tumbled to a day's low of Rs 1,295.05, down 1.82% from the previous closing of Rs 1,319 on NSE. About 90.7 lakh equity shares of RIL have been traded till now on both BSE and NSE. The stock of RIL was the biggest drag on the key equity indices Sensex and Nifty. The benchmark Sensex was trading at 38,811.74, down 84.89 points out of which RIL shares contributed 64.36 negative points out of the 84.89-point plunge. 

    14:33 (IST)29 Aug 2018
    Plunging Indian rupee vs US dollar good for Indian pharmaceutical companies

    Indian pharma stocks have rallied over last 3 months, led by signs of improving earnings trajectory in Q4 and forex tailwinds from a depreciating rupee, Reuters reported citing unidentified Goldman Sachs analysts. Correlation of rupee-dollar rate to pharma index has shot up, as investors have added exposure to likely beneficiaries, Goldman Sachs said further. Stabilising US drug price erosion trends and closing of long-drawn regulatory compliance issues are fundamental drivers to optimism, Goldman Sachs added. 

    13:16 (IST)29 Aug 2018
    Moody's on Indian economy

    The global credit rating agency Moody's Investors Service on Wednesday said there are risks of India breaching the 3.3% fiscal deficit target for the current financial year as higher oil prices will add to short-term fiscal pressures. “Higher oil prices add to short-term fiscal pressures, following cuts in the goods and services tax on some items and relatively high increases in minimum support prices for some crops. We see risks that the deficit will be wider than budgeted,” Moody's Investors Service said in a statement.

    12:51 (IST)29 Aug 2018
    Crude oil prices fall

    Oil prices fell on Wednesday, pulled down by a reported rise in U.S. crude inventories and hopes that a plunge in Venezuela's output could be halted, a Reuters report said. International Brent crude oil futures were at $75.69 per barrel, down 26 cents, or 0.3% from their last close while US West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.2% at $68.41 a barrel, it said further. 

    12:42 (IST)29 Aug 2018
    Govt okays to transfer 15% stake of Bharti Airtel in DTH arm to Warburg Pincus

    Bharti Airtel on Wednesday said its DTH arm Bharti Telemedia has received government's approval for transfer of its 15% stake to private equity firm Warburg Pincus. "...Bharti Telemedia Limited, a subsidiary of the company, has been granted the approval dated August 28, 2018, from the Ministry of Information and Broadcasting for transfer of its 15 per cent stake to an affiliate of Warburg Pincus," Bharti Airtel said in an exchange filing. 

    12:15 (IST)29 Aug 2018
    HDFC Bank falls 1%

    HDFC Bank shares fell more than 1% in the afternoon trades on Wednesday and were the biggest negative point contributors to the BSE Sensex index. The stock of India largest bank by market capitalisation and nation's second largest bank by asset size HDFC Bank was the biggest drag on NSE Nifty 50, Nifty Bank, Nifty Financial Service and Nifty Private Bank indices on Wednesday. HDFC Bank share price dropped 1.09% to a day's bottom of Rs 2,074 on BSE while the stock touched a day's low of Rs 2,073.5, down 1.02% on NSE. 

    11:42 (IST)29 Aug 2018
    Rupee hits record low vs USD; new all-time low: 70.51/$

    The rupee fell further after hitting a record low earlier today and crashed to a fresh all-time low of 70.5188, down 41 paise against US dollar, the Bloomberg data showed. 

    11:34 (IST)29 Aug 2018
    Rupee at new record low

    The Reserve Bank of India likely sold dollars, though the force was mild, Reuters reported citing two senior forex officials at state-run banks. "The RBI is not trying to protect any level unlike when the rupee was at 69 and it was trying to protect that level," a Reuters report said citing an unidentified official. "It is just supplying dollars in small amounts," the report added. 

    11:13 (IST)29 Aug 2018
    Rupee extends losses, hits another record low vs USD

    The rupee collapsed a little more than 34 paise to a new record low of 70.4512 against US dollar.

    11:05 (IST)29 Aug 2018
    Rupee hits fresh record low against USD

    The Indian rupee slumped to a fresh record low against US dollar in the early afternoon deals at the foreign exchange market on Wednesday.  According to the latest Bloomberg data available, the rupee made an all-time low at 70.4012, down 29 paise from the previous closing of 70.1050. The rupee had touched a record low at 70.3950, earlier this month. The domestic currency (rupee) has fallen 2.6% against USD in August so far.

    10:34 (IST)29 Aug 2018
    Top stocks in news today

    Stocks in news today: SBI, Jet Airways, Bharti Airtel, Vedanta, IDBI Bank, JSW Steel to be in focus

    SBI: State Bank of India has proposed to sell 3.89% stake in the National Stock Exchange of India Ltd (NSE) as part of capital raising exercise.

    10:19 (IST)29 Aug 2018
    Breaking | Anil Ambani's RCom down 6%

    The stock of Anil Ambani's telecommunication firm RCom (Reliance Communications) shed more than 6% to a day's bottom of Rs 17.2 on BSE on Wednesday. More than 3.05 crore equity shares exchange hands on both NSE and BSE within 1 hour of stock market trading. 

    10:11 (IST)29 Aug 2018
    Rupee nears record low, 5 paise away from all-time low

    The Indian rupee extended losses in the mid-morning deals on Wednesday and fell near to its record low against the US dollar at the foreign exchange market. The rupee weakened by 25 paise to a day's bottom of 70.3550 vs US dollar, the Bloomberg data showed. The rupee had made an all-time low at 70.3950 apiece USD, earlier this month. 

    10:06 (IST)29 Aug 2018
    JSW Steel hit record high on Nifty inclusion news; Lupin falls

    Shares of JSW Steel, one of India's major steelmakers, rose more than 3% to a record high on Wednesday after its stock is all set to replace the drugmaker Lupin with effect from 28 September 2018. The stock of JSW Steel surged as much as 3.66% to an all-time high of Rs 379.6 on NSE while the stock of Lupin fell about 2.1% to Rs 883.3, registering its biggest intraday percentage loss since 10 August 2018. According to Reuters report, out of the 31 brokerages covering the stock of JSW Steel, 21 rate the stock as 'buy' or higher, 5 'hold'and 3 'sell' or lower with a median target price of Rs 370.

    09:52 (IST)29 Aug 2018
    Yes Bank off from day's low

    Shares of India's fifth-largest private sector lender Yes Bank recovered sharply from the day's bottom within half an hour of stock market opening on Wednesday. The stock of Yes Bank was trading at Rs 370.85, down 0.13%. Earlier in the day, Yes Bank shares made a low at Rs 362.35, down 2.42%. While on yesterday, Yes Bank stock lost 3% to Rs 371.35 on BSE. 

    09:46 (IST)29 Aug 2018
    Asian markets gain

    Asian stock markets edged higher Wednesday after Wall Street gained on strength in technology and retailing shares, an AP report said. Tokyo's Nikkei 225 rose 0.5% to 22,927.35 points and Hong Kong's Hang Seng added 22 points to 28,373.74 while the Shanghai Composite Index was off 2 points at 2,775.89 and Seoul's Kospi gained 2 points to 2,305.98.

    09:30 (IST)29 Aug 2018
    Southeast Asian markets down

    Most Southeast Asian stock markets fell on Wednesday as a lack of supportive cues and caution ahead of a looming deadline on tariffs with China hurt risk sentiment, Reuters reported. A new set of tariffs may kick in next week as the deadline for public comment on U.S. President Donald Trump's plan to impose 25% tariffs on another $200 billion of Chinese goods is on Sept. 5, the report added. 

    09:23 (IST)29 Aug 2018
    Opening bell

    Indian equity markets fell into negative territory within minutes of starting on a flat on Wednesday with BSE Sensex and NSE Nifty trading in the red. The benchmark Sensex was trading at 38,924.59, up 27.96 points or 0.07% while NSE Nifty was trading at 11,725.6, 12.90 points or 0.11%. 

    09:06 (IST)29 Aug 2018
    Rupee falls 23 paise vs USD

    The Indian rupee dropped nearly 23 paise against the US dollar in the opening session on Wednesday at the interbank foreign exchange market. The domestic currency (rupee) made a low at 70.3338, down 23 paise from the previous closing of 70.1050 per unit US dollar, the Bloomberg data showed. 

    08:57 (IST)29 Aug 2018
    SGX Nifty Futures in red

    The global indicator of NSE Nifty, SGX Nifty Futures was trading little changed, down 0.13% at 11,787 on the Singapore Exchange on Wednesday. The barometer has shuttled between a range of 11,820 and 11,779.5, earlier today. 

    Earlier yesterday, the S&P 500 and the Nasdaq edged up to record closing highs for the third consecutive session as investors struggled over whether to take profits following a rally on positive developments in trade disputes which have vexed the markets, a Reuters report said. The Dow Jones Industrial Average rose 14.38 points, or 0.06% to 26,064.02, the S&P 500 gained 0.78 points, or 0.03% to 2,897.52 and the Nasdaq Composite added 12.14 points, or 0.15% to 8,030.04.