Sensex skids 140 points, Nifty ends below 11,500 after testing 11,394 intraday; Yes Bank up 3%, HUL down 2%

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Updated:Sep 05, 2018 3:46:55 pm

Share Market Live: Indian stock markets (Sensex and Nifty) closed lower on Wednesday tracking the negative global cues with Sensex falling 140 points and Nifty finishing below 11,500 after India's August services sector activity fell from the 21-month high.

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

Share Market Today: Indian stock markets (Sensex and Nifty) closed lower on Wednesday tracking the negative global cues with Sensex falling 140 points and Nifty finishing below 11,500 after India’s August services sector activity fell from the 21-month high. BSE Sensex touched a day’s bottom at 37,774.42, down 383.50 points and Nifty hit a day’s low at 11,393.85, down 126.45 points. The seasonally adjusted Nikkei India Services Business Activity Index fell from July’s peak of 54.2 to 51.5 in August owing to weakest growth in new work in three months.

Indian equities started flat on Wednesday with Sensex opening slightly up in green and Nifty beginning marginally down in red following the declines in the regional Asian markets. Asian stocks tracked their global peers lower while the safe-haven dollar was broadly higher on Wednesday as worries over persistent trade conflicts curbed investor appetite for riskier assets, Reuters said in a report.

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    15:40 (IST)05 Sep 2018
    Closing bell

    Indian stock markets closed lower on Wednesday following the subdued global cues with Sensex losing 140 points and Nifty finishing below 11,500 after 11 days of trading above the psychological mark of 11,500. BSE Sensex ended at 38,018.31, down 139.61 points or 0.37% while NSE Nifty settled at 11,476.95, down 43.35 points or 0.38%. Shares of Reliance Industries, HDFC, HUL, Kotak Mahindra Bank, Infosys, L&T and TCS were the major negative point contributors to the headline indices Sensex and Nifty while stocks of Yes Bank, Tata Motors, Maruti Suzuki, ITC and Vedanta helped slightly to limit the losses.

    15:32 (IST)05 Sep 2018
    Yes Bank jumps 3%

    Shares of country's fifth-largest bank by asset size jumped more than 3% in the late trade on Wednesday and emerged as the top gainers among all the components of the benchmark Sensex index. From 27 August to 3 September (excluding 1&2 Sept.), regular analyst meetings have been taking place at Yes Bank's various offices worldwide. The stock of Yes Bank soared 3.26% to a day's high of Rs 345 on BSE today. Yes Bank stock was also the biggest positive point contributor to BSE Sensex index on Wednesday. 

    14:56 (IST)05 Sep 2018
    SEBI aims to strengthen market surveillance system

    Indian capital market regulator SEBI is planning to beef up its market surveillance system with the upgrade of its IT infrastructure. SEBI undertakes its market surveillance functions through integrated market surveillance system (IMSS) and collects data for suspicious market activities through multiple sources, including its network systems at exchanges and depositories. This system was put to use from 2013.

    13:55 (IST)05 Sep 2018
    Suresh Prabhu on new industrial policy

    The proposed new industrial policy, to be released soon, would help link domestic industry with the global supply chain, Commerce and Industry Minister Suresh Prabhu was seen as saying in a PTI report. "We are coming out soon with the new industrial policy. We are giving final touches to it. It has many components. One key element is how do you link industry with global supply chains," Suresh Prabhu said.

    12:39 (IST)05 Sep 2018
    Rupee hits fresh record low, nears 72/$ level, falls 33 paise against US dollar

    The Indian rupee pared all the morning gains in the afternoon deals and registered a new all-time low against US dollar at the foreign exchange market. The rupee plunged as much as 33 paise vs USD to a fresh record at 71.9012, the Bloomberg data showed. The domestic currency (rupee) is just 10 paise away from hitting the 72/$-mark.

    12:32 (IST)05 Sep 2018
    Sensex loses 38,000-mark, Nifty slips below 11,450

    Indian equity markets retreated in the early afternoon session after August services PMI fell from the 21-month high with Sensex losing 38,000-mark and Nifty skidding below 11,450. BSE Sensex was trading at 37,924.23, down 233.69 points or 0.61% while NSE Nifty was trading at 11,442.65, down 77.65 points or 0.67%. Shares of Reliance Industries, HDFC, Kotak Mahindra Bank, HUL, HDFC Bank, ICICI Bank, L&T were the biggest negative points contributors to Sensex while stocks of Yes Bank and ITC managed to cap losses. 

    11:09 (IST)05 Sep 2018
    Bharat Electronics: Unusually high trading volumes spotted

    Shares of the Bengaluru-based defence equipment manufacturer Bharat Electronics slipped nearly 9% on Wednesday and were the biggest losers among the 'A' group of BSE. Unusually high trading volumes were seen in the shares of BEL as the stock emerged as the most traded scrip on National Stock Exchange, India's biggest stock exchange by trading volume and turnover. About 3.15 crore equity shares of BEL exchanged hands on NSE, translating into a turnover of Rs 320 crore. The state-owned BEL is all set to hold its 64th Annual General Meeting of the company on 25 September 2018. 

    10:58 (IST)05 Sep 2018
    Pharma stocks rally

    In the subdued market conditions on Wednesday, NSE's pharma sector index was the only notable gainers among the 11 sectoral indices. The benchmark Nifty Pharma index surged 1% to 10,309 with shares of Biocon (up 4.46%), Aurobindo Pharma (up 1.67%), Sun Pharma (up 1.6%), Divi's Lab (up 1.53%), Cadila Healthcare (up 1.26%), Glenmark Pharma (up 1.1%), Dr Reddy's (up 0.77%) and Cipla (up 0.21%) being the major gainers. 

    10:11 (IST)05 Sep 2018
    Asian markets fall

    Asian stocks sank Wednesday after Wall Street declined on losses for tech and healthcare companies, an AP report said. The Shanghai Composite Index lost 0.5% to 2,737.63 and Tokyo's Nikkei 225 shed 0.3% to 22,631.17, Hong Kong's Hang Seng fell 1% to 27,683.34 and Seoul's Kospi retreated 1% to 2,313.26.

    09:38 (IST)05 Sep 2018
    Rupee recovers 18 paise

    The Indian rupee recovered marginally on Wednesday against the US dollar after finishing at a fresh record low on Tuesday. The rupee regained as much as 18 paise to 71.3862 per unit US dollar, the Bloomberg data showed. Earlier yesterday, the rupee marked an all-time low at 71.5737 against US dollar before closing down at 71.5650 on the interbank foreign exchange market. The rupee has been steeply depreciating against the US dollar since the beginning of February this year on the concerns such as rising crude oil prices, widening of fiscal deficit, Turkish economic crisis, global sell-off, capital outflows from Indian financial markets, implementation of LTCG tax on equity and equity-linked mutual funds, sanctions on Iran by US, ongoing trade war between US and China, and several other factors.  The rupee has fallen more than 12% against US dollar in the current year 2018 so far from a level of 63.67/$.

    09:31 (IST)05 Sep 2018
    Sensex, Nifty open flat

    The headline indices Sensex and Nifty started flat on Wednesday tracking the subdued Wall Street closing and weaker global cues. The market sentiments remain dull on the back of costlier crude oil, trade tariff deadline due today, rupee hovering near record lows and worries of capital outflows on AMRI's remark. BSE Sensex was trading at 38,230.59, up 72.67 or 0.19% while NSE Nifty was trading at 11,530.05, up 9.75 or 0.08%. 

    Earlier yesterday, US stocks tumbled as a drop in heavyweights Facebook and Nike added to worries over trade negotiations between the United States and other major economies, a Reuters report said. Nike shed 2.1%, top drag on the Dow Jones Industrial Average, as calls for a boycott of the sportswear giant gained traction on social media after it chose Colin Kaepernick as a face for adverts marking the 30th anniversary of its "Just Do It" slogan while Facebook fell 3% after brokerage MoffettNathanson downgraded the social media giant to "neutral" from "buy" citing revenue growth deceleration, the report added.
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