Share market HIGHLIGHTS: Sensex ends 792 pts down, Nifty at 10,316; rupee hits 74/$ for 1st time as RBI holds rates

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Updated:Oct 05, 2018 4:58:36 pm

Share market today: The Sensex and Nifty posted their biggest weekly decline in over two years on Friday after, in a surprise move, the Reserve Bank of India (RBI) today kept the repo rate unchanged at 6.5%. The announcement sent the rupee diving below the 74/$ mark for the first time ever, while the stock market tumbled.

share market live, sensex live, stock markets, nifty liveShare market live: The outcome of the RBI monetary policy will be in focus today.

The Sensex and Nifty posted their biggest weekly decline in over two years on Friday after, in a surprise move, the Reserve Bank of India (RBI) today kept the repo rate unchanged at 6.5%. The announcement sent the rupee diving below the 74/$ mark for the first time ever, while the stock market tumbled. The Sensex slumped 966 points to an intra-day low of 34,202.22 points, while the Nifty tanked over 330 points to an intra-day low of 10,261.90 points.

The benchmark BSE Sensex closed Friday’s trade 792.17 points or 2.25% lower at 34,376.99 points. Reliance Industries alone wiped off over 200 points from the Sensex index. Other major losers on the Sensex were HDFC, ITC, ONGC, ICICI Bank, SBI, Maruti Suzuki, LT, Axis Bank, M&M and Kotak Bank. The NSE Nifty closed at 10,316.45 points, down 282.80 points or 2.67%. All sectoral indices, barring the Nifty IT index, closed in the red.

The Reserve Bank of India (RBI) today kept the repo rate unchanged at 6.5%. However, the MPC changed the stance from ‘Neutral’ to ‘Calibrated Tightening’. RBI’s move came as a surprise for the equity markets as market watchers and top economists were widely expecting a 25 basis point hike once again after June and August. Oil and gas stocks continued to drag the equity markets lower, coupled with negative global cues and a weak rupee.

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Share Market Live Updates: Sensex, Nifty, Indian Rupee vs US Dollar, Latest Stock Market News, NSE, BSE

16:16 (IST)05 Oct 2018
Maintaining caution and buying quality stocks in dips is the key: Equity 99

"In our view, market has already factored in all the negatives and discounted already. So, we don't expect any major movement further. It could go sideways after a sharp move before the festivities begin. Keep a closer look at the major events as the sentiments are weak and even a small event could be taken adversely by the investors. Maintaining caution and buying quality stocks in dips is the key."

-- Rahul Sharma, senior research analyst, Equity 99

16:14 (IST)05 Oct 2018
Status quo policy was quite surprising: Geojit Financial Services

"Status quo policy was quite surprising while under shooting inflation and recent fuel tax cut may give some leeway to the cautious sentiment. However, rupee weakened further and market dived to lower lows as risk of fiscal deficit and rise in US bond yield still impacting the outflow of foreign money."

-- Vinod Nair, Head of Research, Geojit Financial Services

16:13 (IST)05 Oct 2018
Rupee recovers 40 paise from record low

The Indian rupee recovered almost 40 paise from its day's low to trade at 73.8150 against the US dollar, Bloomberg data showed. The rupee had breached the 74/$ mark for the first time on Friday and plunged to a low of 74.2238 against the greenback after the RBI held its key lending rates and changed its stance to 'calibrated tightening'.

15:54 (IST)05 Oct 2018
RBI policy's impact on stock markets: HDFC Securities says

"Contrary to most expectations, the RBI’s MPC chose to keep repo and reverse repo rates unchanged at its meet on October 05, 2018. It seemed to be influenced by risks to future growth from tighter financial conditions and encouraged by softer inflation projections. In the process the MPC chose to go contrary to the stance of most other Central Banks which may not be conducive for the value of Rupee. However, the MPC changed its stance from 'Neutral' to 'Calibrated Tightening'. The stock markets which would in normal case be happy with no hike, resumed its fall after a small bounce, as if the markets were waiting to sell-off post the event whatever be the outcome. Markets would closely watch the crude oil price trend and interest rates trajectory in the US for clues to reverse its current trend”.

-- Deepak Jasani, Head Retails Research at HDFC Securities.

15:51 (IST)05 Oct 2018
Share market update: Sensex, Nifty's biggest weekly decline in two years after RBI holds rates

Sensex and Nifty, the two benchmark indices of the domestic equity markets, posted the biggest weekly decline in over two years on Friday. The Sensex and Nifty extended their fall after the RBI, in a surprise move, kept the key lending rate unchanged at 6.5% and changed stance to 'calibrated tightening'. The Nifty tanked 282.80 points to close at 10,316.45 points, while the BSE Sensex closed at 34,376.99 points, down 792.17 points.

The Nifty is down 614points and the Sensex down 1850 points this week, posting the biggest ever weekly fall in absolute terms, reported CNBC TV18.

15:40 (IST)05 Oct 2018
NSE Live! Hindustan Petroleum top drag on NSE; check top 5 gainers, losers

The NSE Nifty closed Friday's trade at 10,316.45 points, down 282.80 points or 2.67%. Infosys was the top gainer on the Nifty 50, while Hindustan Petroleum was the top drag, down 24.50%.

 

15:34 (IST)05 Oct 2018
CLOSING BELL: Sensex closes nearly 800 points lower, Nifty ends over 2.67% lower

The Sensex closed Friday's trade nearly 800 points lower after diving almost 966 points intra-day. The NSE Nifty ended with 2.67% losses. Only 3 stocks out of the top 30 Sensex stocks ended in the green.

15:28 (IST)05 Oct 2018
RBI holds rates: what economists say

"The status quo decision along with a slight downside revision to inflation comes as a surprise given the sharp upside risks to the inflation trajectory in the months ahead on the back of elevated crude oil prices and weaker Rupee. We believe inflation is expected to overshoot RBI’s estimate in 2H (3.9-4.5%) by 20-30bps. Additionally, tightening global financial conditions may further weigh on Rupee. We continue to expect 25-50bps of rate hikes in the rest of FY19 to ensure financial stability amid global and domestic headwinds."

--Upasana Bhardwaj- Senior Economist, Kotak Mahindra Bank

15:26 (IST)05 Oct 2018
RBI policy impact: Sensex continues downward spiral, falls over 900 points; auto stocks take a knock

The BSE Sensex continued to tank during the last 15 minutes of trade and fell over 900 points to an intra-day low of 34233.24 points. Rate-sensitive auto stocks took a knock after the RBI held interest rates on Friday. Check out the stocks here: 

15:22 (IST)05 Oct 2018
RBI policy impact: Nifty nosedives 300 points, now below 10,300!

The NSE Nifty nosedived 322 points to a low of 10,276.30 points in late-afternoon trade deals on Friday after the RBI, in a surprise move, kept the key lending rate unchanged at 6.5% and changed stance to 'calibrated tightening'. All the sectoral indices on the NSE slipped into the red, barring the IT index. The Nifty PSU Bank lost the most, down 4.65%.

15:13 (IST)05 Oct 2018
BSE live! Sensex extends fall, plummets over 700 points

The BSE Sensex extended its fall and plunged 720 points to an intra-day low of 34,438.75 points after the RBI, in a surprise move, kept the key lending rate unchanged at 6.5%. Market watchers and top economists were widely expecting a 25 basis point hike once again after June and August.

15:09 (IST)05 Oct 2018
NSE live: Nifty tanks over 200 points; PSU banks stocks slip up to 7%

The NSE Nifty traded 215.40 points or 2.03% lower at 10,383.85 points after the RBI held its key lending rate on Friday. PSU banks stocks slipped up to 7% on the NSE. Check the stocks here:

15:05 (IST)05 Oct 2018
RUPEE tumbles 52 paise to record low of 74.10/$

The Indian rupee breached the 74/$ mark for the first time and fell 52 paise to hit a fresh record low of 74.1038 against the US dollar after the RBI on Friday, in a surprise move, kept  the key lending rate unchanged at 6.5%. Market watchers and top economists were widely expecting a 25 basis point hike once again after June and August. 

15:00 (IST)05 Oct 2018
RBI holds rates, changes stance: Banking stocks stay mixed

Banking stocks mostly stayed mixed on Friday after the RBI held its key lending rate unchanged. The Nifty Bank index was trading higher at 0.15%. The PSU Bank index was trading lower by 2.65%, with shares of Central Bank (-5.25%), Indian Bank (-5.03%), BoB (-3.58%), SBI (-3.08%) and Canara Bank (-2.25%) down up to 5% on the index. On the other hand, the Nifty Private Bank index was trading slightly higher by 0.09%.

14:54 (IST)05 Oct 2018
Sensex recovers after 600 point fall

The Sensex recovered marginally to trade at 34,848.80 points, down 320.36 points or 0.91% supported by healthy buying in IT and Teck stocks. The benchmark BSE Sensex had plunged over 600 points to a low of 34,562.52 points after the Reserve Bank of India (RBI) in its fourth Monetary Policy Committee (MPC) meeting of FY19 kept the key lending rate unchanged at 6.5% and changed its stance to ‘calibrated tightening’.

14:39 (IST)05 Oct 2018
BREAKING: Rupee tumbles below 74/$ for first time

The Indian rupee hit the 74/$ mark for the first time on Friday after the RBI kept repo rate on hold at 6.5%. The rupee dived to a low of 74.07 per US dollar immediately after the announcement.

14:36 (IST)05 Oct 2018
BREAKING NEWS: RBI keeps repo rate on hold at 6.5%; Sensex plummets 600 points

The Reserve Bank of India (RBI) in its fourth Monetary Policy Committee (MPC) meeting of FY19 kept the key lending rate unchanged at 6.5% and changed stance to 'calibrated tightening'. Following the announcement, the Sensex plummeted over 600 points to a low of 34,562.52 points.

14:08 (IST)05 Oct 2018
Share market update: Sensex recovers 100 points ahead of MPC meet outcome

The BSE Sensex recovered over 100 points from its day's low to trade at 34,791.56 points, down 377.60 points or 1.07% during the mid-afternoon session on Friday. The NSE Nifty, too, recovered marginally to trade 166.70 points or 1.57% lower at 10,432.55  points. ONGC continued to lead the losers on the Sensex, down 15%. 

13:47 (IST)05 Oct 2018
MPC Preview: Edelweiss Securities

"The upcoming policy will test the MPC’s juggling act as it struggles to manage the domestic macro and micro dynamics. Balancing inflationary expectations, anchoring FX expectations amid weakening INR and monetary tightening by peer EMs would call for higher policy rates. On the other hand, tighter domestic financial conditions ahead would call for primary liquidity infusion via OMOs of more than Rs 1tn in 2HFY19. We expect MPC to raise rates by 25bps in October policy (with continuation of neutral stance) and still signal adequate liquidity infusion to manage acute system liquidity deficit ahead. However, we reckon that NBFC money market space would probably require a more targeted liquidity approach. We think RBI is unlikely to cut CRR as yet as an additional liquidity tool."

-- Madhavi Arora, Economist, FX & Rates- Edelweiss Securities Ltd.

13:36 (IST)05 Oct 2018
IL&FS Group stock update: 2 companies defy broader market trend; up 10%

Shares of two of IL&FS group companies on Friday defied broader market sentiments and gained as much as 10% on the bourses after the newly appointed board said it will take all necessary steps to preserve the value of the group, reported PTI. The scrip of IL&FS Engineering and Construction Company touched its upper circuit limit of Rs 25.32, up 10% over its previous closing price. Shares of IL&FS Investment Managers also witnessed similar trend and jumped by 5% to touch its upper circuit limit of Rs 10.39 on the BSE.

However, stocks of IL&FS Transportation Networks opened on a weak note and then lost further ground to trade at Rs 30.25, down 10% over its last close. The government-appointed board of crippled infra lender IL&FS group, which held a marathon five-hour meeting here Thursday, said it will take all necessary steps to preserve the value of the group and its 348 subsidiaries. It also said the board will meet regularly to draft road map for the future for the systematically important entity.

13:18 (IST)05 Oct 2018
Market update: Sensex falls 500 points ahead of RBI policy meet outcome; Nifty hits low of 10,406.85

The BSE Sensex fell over 500 points to an intra-day low of 34663.86 points in mid-afternoon trade deals on Friday. The Nifty tested the 10,400 level. The equity markets extended their losses on caution ahead of the outcome of the RBI MPC meet due at 2 pm.

13:12 (IST)05 Oct 2018
RBI Monetary policy update: Will RBI pull the trigger again?

The Reserve Bank of India (RBI) is holding its fourth Monetary Policy Committee (MPC) meeting of FY19 against the backdrop of the sharp depreciation in the rupee, rising crude oil prices, intense pressure on current account deficit (CAD) and liquidity issues. Market watchers and top economists are expecting a 25 basis point hike for the third time in a row.

Catch all live action here! 3rd back-to-back repo rate hike on cards? Last day of 4th MPC meeting of FY19 today

12:55 (IST)05 Oct 2018
NSE Live: Nifty IT index in green; Infosys, Wipro, TCS shares gain

The Nifty IT index traded with gains on Friday, with shares of HCL Technologies, Infosys, Wipro and TCS trading with gains of up to 1%. The NSE Nigty traded 167.45 points or 1.58% lower at 10,431.80 points. 

12:25 (IST)05 Oct 2018
GLOBAL stocks update: Australian shares gain, but in red for week despite modest relief for financials

Australian shares edged higher on Friday, supported by gains from the scandal-hit financial sector which managed to advance for a second session, but not enough to stop the benchmark from a weekly loss, reported Reuters. The S&P/ASX 200 index closed 0.2% higher at 6,185.5. The benchmark is off 0.4% for the week, despite gaining over the last two sessions, including a 0.5% rise on Thursday. Financial stocks rose 0.4%, though for the week the index lost 1.4 % reflecting relentless pressure after a months-long inquiry revealed widespread misconduct in the sector. The country's number two lender Westpac Banking Corp rose 0.5%, while National Australia Bank inched 0.2% lower.

12:02 (IST)05 Oct 2018
BUZZING STOCKS: Check out the most trending stocks today

ONGC, Idea Cellular, Kwality, Central Bank were among the top trending stocks on the BSE in the first half of trade today. The BSE Sensex was trading lower by 364.27 points or 1.04% at 34,804.89 points.

11:59 (IST)05 Oct 2018
Dilip Buildcon receives orders worth Rs 476 crore

Highways builder Dilip Buildcon (DBL) Friday said it has won orders worth Rs 476.02 crore for Bhopal and Indore Metro Rail project. "DBL has received letter of acceptance (LoA) for Bhopal and Indore Metro Rail project, phase-I, valued at Rs 247.06 crore and Rs 228.96 crore, respectively, by the Madhya Pradesh Metro Rail Co. Ltd, Urban Administration and Development Department, Bhopal (MP)," the company said in a BSE filing.

Shares of Dilip Buildcon were trading 0.08% higher at Rs 626.10 per share on the BSE.

11:55 (IST)05 Oct 2018
ICICI Bank fall after 4% rise on Thursday

Shares of ICICI Bank fell over 1% in morning deals on Friday after surging over 4% on Friday. Shares of ICICI Bank ended 4.07% higher at Rs 315.95 on the BSE on Thursday after Chanda Kochhar stepped down as managing director (MD) and chief executive officer (CEO) of the bank. Kochhar will be succeeded by Sandeep Bakhshi for a period of five years up to October 3, 2023.

11:45 (IST)05 Oct 2018
Sector UPDATE: PSU banks down ahead of RBI monetary policy; Central Bank, Indian Bank down upto 5%

PSU banks shares traded in the negative ahead of the outcome of the RBI monetary policy. Central Bank, Indian Bank and Bank of Baroda shares were down up to 5%. IDBI Bank, on the other hand, traded 1.14% higher on the Nifty PSU bank index.

11:41 (IST)05 Oct 2018
Kotak Institutional Securities cuts FY2019-20 EPS estimates for OMCs by 9-15%

"We cut our FY2019-20 EPS estimates for OMCs by 9-15% for now, factoring in (1) lower marketing margins on auto fuels for FY2019, (2) our assumptions of higher crude prices and a weaker Rupee, (3) lower underlying refining margins and (4) other minor changes. In our view, the earnings estimates for OMCs lose significance now given the material sensitivity to modest changes in marketing margins, which becomes tough to predict in the current environment. A further Rs0.5/liter reduction in marketing margins on auto fuels, will impact FY2019-20 EPS of BPCL by 18%, HPCL by 24-25% and IOCL by 14%," Kotak Securities said in a note.

"We cut our TPs to Rs275 for BPCL, Rs185 for HPCL and Rs120 for IOCL from Rs375, Rs285 and Rs150 respectively valuing the stocks at 5X EV/EBITDA multiples instead of 5.5X earlier. Our fair valuation corresponds to 0.9-1.3X forward book value for these companies, which is perhaps more reliable than earnings estimates. A sharp moderation in crude price can ease out concerns for OMCs and is a key risk to our negative stance, but it seems unlikely in the near term," it added.

11:29 (IST)05 Oct 2018
Reliance Industries shares slip 4% today as oil & gas stocks remain under pressure

Shares of Reliance Industries slipped nearly 4% to a low of Rs 1076 per share on the BSE as oil and gas stocks remained under pressure on Friday. OMC stocks continued to bleed for the second consecutive session on Friday,  after the government on Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices by reducing excise duty. Mukesh Ambani-led Reliance Industries shares marked its steepest fall in 2018 amid rising trade volumes on Thursday. The shares of the oil-to-telecom led conglomerate dropped the most in over two years, down 7.18% to a low of Rs 1,118.55 on the NSE. 

11:22 (IST)05 Oct 2018
NSE live: Check out the most traded stocks on the NSE

IOC was the most traded stock on the NSE by volume in the first 2 hours of trade on Friday, followed by Hindustan Petroleum, BPCL and RCom stocks.

11:10 (IST)05 Oct 2018
Reliance Capital subsidiary receives approval from IRDAI for new health insurance business

Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital, on Friday announced that it has received R3 approval from IRDAI for its new health insurance business. The new company will commence operations by the December quarter of 2018, the company said in a statement.Around 11.08 am, shares of Reliance Capital traded at Rs 274.05, up 1.86%.

Also read: Anil Ambani’s latest foray: Reliance Health Insurance gets final nod from IRDAI

10:59 (IST)05 Oct 2018
GLOBAL MARKET update: Hong Kong stocks extend falls on tech selloff; Lenovo plummets

Hong Kong stocks fell for a fourth straight session on Friday, dragged by a selloff in technology stocks on fears that these companies will be the latest casualties in the escalating U.S.-China trade war, Reuters said in a report. The Hang Seng Index was down 0.42% at 26,512.65, while Chinese H-shares listed in Hong Kong fell 0.47% to 10,497.99. China's financial markets are closed for the National Day holiday and will resume trade on Oct. 8. Shares in Lenovo Group Ltd and ZTE Corp plunged on Friday, hurt by concerns their sales could suffer in the wake of a Bloomberg report that U.S. companies' systems had been infiltrated by malicious computer chips inserted by Chinese spies.

10:40 (IST)05 Oct 2018
Titan shares surge over 5% on healthy Q2 update

Titan Company shares surged 5.13% during morning trade deals on Friday after the company announced that its jewellery business has picked up the growth in the second quarter ended September 2018. Shares of the company rose 5.13% to a high of Rs 815.95 on the BSE. "The Company continued to execute well across ail its businesses in the second quarter and witness the gains in market share on the back of well laid out strategies for each of its businesses," Titan said in a statement on Thursday. "While the Watch business carried on its good run from the first quarter, the growth in the Jewellery business picked up very well after a relatively soft growth in Q1'19," it added.

10:33 (IST)05 Oct 2018
BSE live: Sensex extends losses; falls 362 points intra-day

The BSE Sensex extended losses and plunged 362 points to a fresh intra-day record low of  34806.86 points during mid-morningv deals on Friday, dragged lower by oil and gas stocks. ONGC was trading lower by over 10%, while Sun Pharma was the top gainer on the Sensex.

10:29 (IST)05 Oct 2018
Porinju's take on Centre's recent decision on auto fuels

10:25 (IST)05 Oct 2018
Oil prices rise ahead of U.S. Iran sanctions

Oil prices rose on Friday, as traders focused on U.S. sanctions against Iran's crude exports that are set to start next month to tighten global markets, said a Reuters report. The gains helped claw back some of the losses from the previous session due to rising U.S. inventories and after Saudi Arabia and Russia said they would raise output to at least partly make up for expected disruptions from Iran. International benchmark Brent crude oil futures were at $84.90 per barrel at 0431 GMT, up 32 cents, or 0.4% from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 43 cents, or 0.6%, at $74.76 a barrel.

09:57 (IST)05 Oct 2018
RUPEE update: Indian rupee recovers 6 paise against US dollar ahead of RBI policy outcome

The Indian rupee recovered 6 paise to 73.52 against the US dollar at the forex market Friday ahead of the RBI's monetary policy outcome amid fresh selling by exporters as the government stepped in to reduce oil prices, said a PTI report. Dealers said besides fresh selling of the US dollar by exporters, the greenback's weakness against some currencies overseas supported the rupee. The domestic currency closed at a record low of 73.58, down by 24 paise or 0.33% on Thursday, marking its third straight session of losses. Meanwhile, the benchmark BSE Sensex dropped by 231.16 points, or 0.66%, to 34,938 in opening trade.

Read more: Rupee recovers 6 paise against US dollar ahead of RBI policy

09:55 (IST)05 Oct 2018
Sector UPDATE: Oil marketing companies stocks continue to bleed; Hindustan Petroleum down 21%

OMC stocks continued to bleed for the second consecutive session on Friday, with shares of Hindustan Petroleum trading 21% lower in early morning trade deals. Most of the oil and gas stocks plunged over 20%  after the government on Thursday announced a Rs 2.50 per litre cut in petrol and diesel prices by reducing excise duty. On Friday, BPCL was trading down by 21%, IOC was down 14%, ONGC down 12.61%, Gail down 11%, OIL down 10% and Reliance was down nearly 2%.

09:39 (IST)05 Oct 2018
Sector UPDATE: FMCG biggest loser among sectoral indices

The Nifty FMCG index fell the most among sectoral indices on the National Stock Exchange in early morning trade deals on Friday.  The Nifty lost 1% in opening trade deals and scaled a low of 10,447.95 points.

Share market's on Thursday: Bloodbath in the domestic equity markets continued for the second consecutive session on Thursday, with the BSE Sensex slumping 953 points to an intra-day low of 35,022.12 points and the Nifty slipping below the 10,600-level. On Thursday, the BSE Sensex plunged 806.47 points or 2.24% to close at 35,169.16 points. The NSE Nifty closed 259 points or 2.39% lower at 10,599.25 points.
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