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Sensex adds 305 points, Rupee jumps 100 paise vs USD on PM Modi review news, RBI intervention

Share Market Live: Indian stock markets (Sensex and Nifty) ended much higher on Wednesday on news of PM Modi holding an economic review meet on Saturday with Sensex gaining 305 points and Nifty concluding at 11,370 while Indian rupee registered a gain of Re 1 from the record low of 72.91.

<strong>Share Market Live</strong>: BSE Sensex has lost as much as 977 points in the last two days. (Image: Reuters)

Share Market Live: Indian stock markets (Sensex and Nifty) ended much higher on Wednesday on news of PM Modi holding an economic review meet on Saturday with Sensex gaining 305 points and Nifty concluding at 11,370 while Indian rupee registered a gain of Re 1 from the record low of 72.91. Prime Minister Narendra Modi is said to hold an economic review meeting on possibly on Saturday in which strategies to tackle with a weaker rupee and higher crude oil prices are likely to be discussed.

In the intraday trades, BSE Sensex topped a day’s high of 37,752.58, up 339.45 points while NSE Nifty logged a day’s high at 11,380.75, up 93.25 points. According to the Bloomberg data, the rupee regained as much as 100 paise to 71.9175 apiece US dollar from the all-time low of 72.9150.

Indian equities traded volatile up until mid-afternoon trades ahead of macro data with Sensex, Nifty trading and the Indian rupee hovering near all-time lows after touching a fresh record trough at 72.91 vs US dollar. BSE Sensex and NSE Nifty dropped into negative territory after regaining momentarily in the opening deals.

The domestic stock markets are likely to trade cautiously on Wednesday tracking the subdued activity in regional Asian peers and caution ahead of IIP and inflation data scheduled to be released after market trading hours today. Asian stocks slipped to 14-month lows on Wednesday, as investor confidence was chilled by the latest round of verbal threats in an intensifying US-China trade conflict, Reuters said in a report.

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Highlights

16:02 (IST)12 Sep 2018
Indian rupee vs US dollar value: Rupee resurges 100 paise from all-time low vs USD

Indian rupee vs US dollar: The Indian rupee staged huge recovery following the news of Narendra Modi's economic review meet and RBI's intervention in the forex markets to arrest the plunge in rupee value beyond 73/$ level. The rupee recoiled as much as 100 paise or Re 1 to a day's high of 71.9175 from the record low 72.9150, the Bloomberg data showed.

Indian rupee recoils vs US dollar after PM Modi mulls economic review meet; jumps Re 1 from record low

15:44 (IST)12 Sep 2018
Closing bell

Indian equity markets took a breather from the day's trough on news of Prime Minister holding an economic review this weekend with Sensex surging more than 300 points and Nifty finishing above 11,350. BSE Sensex settled at 37,717.96, up 304.83 points or 0.81% while NSE Nifty ended at 11,369.90, up 82.40 points or 0.73%. Shares of RIL, ITC, HDFC Bank, Kotak Mahindra Bank, Infosys, L&T, HUL, Sun Pharma, HDFC and SBI were the biggest positive point contributors to the benchmark Sensex adding about 333 points while a decline in share prices of Axis Bank and ICICI Bank wiped off as much as 50 points. 

14:48 (IST)12 Sep 2018
Indian stocks, rupee recover after PM Modi said mulls economic review meet on Saturday

Indian share market and currency market cheered back on the buzz that Prime Minister Narendra Modi may hold an economic review on Saturday. PM Modi is said to hold an economic review meeting on Saturday, TV channels reported citing news agencies. Following the development, the headline indices Sensex and Nifty bounced back from day's bottom very quickly. BSE Sensex surged as much as 325 points to a day's top of 37,738.38 while NSE Nifty added about 93.25 points to 11,380.75. Surprisingly, the Indian rupee, which was trading near all-time lows against US dollar, registered massive recovery after the news. The rupee regained as much as 75 paise at 72.1700 from the lifetime low of 72.9150, the Bloomberg data showed. According to a Reuters report, two traders have spotted mild intervention by the Reserve Bank of India in the session. 

13:30 (IST)12 Sep 2018
Sensex trades volatile ahead of IIP, inflation data: Major movers

The benchmark BSE Sensex was trading cautiously in the afternoon deals on Wednesday ahead of macroeconomic data due later today. Shares of Sun Pharma, Power Grid, ITC, HUL, Adani Ports, Vedanta, Wipro, Infosys, Tata Steel and Kotak Mahindra Bank were the top gainers rising up to 3.5% while ITC, Infosys and HUL provided the major positive points to Sensex. BSE Sensex was trading at 37,470.65, up 57.52 points or 0.15%. While, on the other hand, shares of Axis Bank, Tata Motors and M&M were the biggest negative point contributors to the index wiping out about 75 points. 

12:42 (IST)12 Sep 2018
Nifty may test support at 11,064

The wider share benchmark NSE Nifty 50 has declined more than 4% from its all-time high of 11,760.2 points on 28 August 2018 with blue-chip heavyweight stocks falling more than 5% during the same time. According to a Reuters report, Nifty may test a support at 11,064.24. The level is identified as the 38.2% Fibonacci retracement of the uptrend from 23 March low to 28 August high, Reuters said in a report. Nifty has broken below its 50-day exponential moving average (EMA) and the 23.6% Fibonacci retracement level, which suggests, decline may continue up to the next 38.2% retracement level, the report added. 

11:50 (IST)12 Sep 2018
China is "one of the bigger risks" to global economy, says Bank of England Governor

10 years of 2008 stock market crash! China is “one of the bigger risks” to global economy: BoE Governor

China’s financial system poses one of the bigger risks to global financial stability, Bank of England Governor Mark Carney said in an interview with the BBC to mark the 10th anniversary of the global financial crisis.

10:56 (IST)12 Sep 2018
Rupee makes comeback, regains 16 paise from all-time low vs US dollar

The Indian rupee recovered partly from the all-time lows in the mid-morning trades at the forex market on Wednesday following the decline in US dollar. According to a Reuters report, the US dollar fell on Wednesday as sources said Canada was ready to make a concession to the United States to resolve their talks over reworking the North American Free Trade Agreement, though lingering anxiety over US-China trade tensions weighed. The rupee touched a day's high at 72.75, up 16 paise from the all-time low of 72.9150 per unit US dollar, the Bloomberg data showed, but was still down 5 paise from the previous closing of 72.6950. The dollar index, which measures the greenback against six major currencies, was 0.07% lower at 95.185.

10:41 (IST)12 Sep 2018
ICICI Bank, Axis Bank plunge up to 3%

Shares of ICICI Bank and Axis Bank, India's second and third-largest private sector bank by asset size, declined more than 2% in the morning deals on Wednesday and provided the biggest negative points to Sensex and Nifty. The stock of ICICI Bank shed 2.17% to Rs 319.50 and the share Axis Bank slipped 3.15% to Rs 630 on BSE today. Following the plunge in share prices of Axis and ICICI Bank, the benchmark Nifty Bank index dropped 0.73% to 26,611.80 with 9 out of 12 components trading in negative territory. Shares of Bank of Baroda (down 3.7%) were the biggest losers among the index while Kotak Mahindra Bank (up 1.4%) was the only notable gainer. 

10:28 (IST)12 Sep 2018
Chinese stocks slip in trade

China stocks fell on Wednesday morning, dragging the Shanghai Composite and the blue-chip CSI300 indexes down to new multi-year lows, as worries over escalation in the US-China trade war hit investor sentiment, with China seeking WTO sanctions, a Reuters report said. At the midday break, the Shanghai Composite index was down 8.91 points or 0.33% at 2,655.89 after falling as low as 2,647.17 in the morning session, its lowest point since Feb. 29, 2016 while China's blue-chip CSI300 index was down 0.61% at midday, having earlier touched its lowest point since Aug. 8, 2016, the report added. 

09:54 (IST)12 Sep 2018
Asian markets fall

Asian shares fell on Wednesday as China delayed issuing licenses to American businesses hoping to operate in the country, as the threat of more trade tariffs from Washington loomed, an Associated Press report said. The approach of Hurricane Florence on the East Coast and upcoming sanctions on Iran's energy industry lifted oil prices. Benchmark U.S crude surged past $70 a barrel, the report said further. Japan's benchmark Nikkei 225 lost 0.4% to 22,571.76, and the Kospi in South Korea fell 0.2% to 2,279.70, Hong Kong's Hang Seng index was 0.2% lower at 26,372.02 and the Shanghai Composite index fell 0.3% to 2,656.26.

09:52 (IST)12 Sep 2018
Crude oil prices today

Crude oil prices today: Oil prices rose on Wednesday following a report that crude inventories in the United States fell and as looming sanctions against Iran raised expectations of tightening supplies, with top producer Russia warning of a "fragile" global crude market, Reuters reported. US West Texas Intermediate (WTI) crude futures were at $69.81 per barrel at 0047 GMT, up 56 cents, or 0.8%, from their last settlement whereas Brent crude futures climbed 24 cents, or 0.3%, to $79.30 a barrel, the report added. WTI futures gained 2.5% in the previous session while Brent has climbed for four straight days and gained 2.2% in the previous session.

09:23 (IST)12 Sep 2018
Sensex jumps 200 points, Nifty retakes 11,300

Indian equity markets recoiled marginally in the opening trades on Wednesday with BSE Sensex gaining more than 200 points and NSE Nifty retaking 11,300 following the rise in share prices of ITC, Infosys, RIL, HDFC. The benchmark Sensex surged as much as 225.03 points to 37,638.16 and was trading at 37,493.28, up 80.15 points or 0.21% whereas NSE Nifty topped 11,340.10 and was trading at 11,310.65, up 23.15 points or 0.21%. 

09:18 (IST)12 Sep 2018
Rupee strikes new record low against US dollar

The Indian rupee on Wednesday morning registered a fresh lifetime low nearing the 73 per US dollar mark at the interbank foreign exchange market. The rupee to dollar value was quoted at 72.9150 apiece US dollar, Bloomberg data showed. The domestic currency (rupee) extended losses very quickly after opening at a record low against the US dollar today. The rupee is now just 9 paise away from breaching the 73/$ level. The market sentiments were cautious ahead of IIP and inflation data scheduled to be released later today. 

Earlier yesterday, US stocks rose as Apple led a jump in technology shares and a gain of more than 2% in oil prices drove up energy shares. Apple rose 2.5%, boosting the three major indexes, a day ahead of its expected unveiling of new iPhone models. The Dow Jones Industrial Average rose 113.99 points, or 0.44% to 25,971.06, the S&P 500 gained 10.76 points, or 0.37% to 2,887.89 and the Nasdaq Composite added 48.31 points, or 0.61% to 7,972.47.

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