Share market HIGHLIGHTS: Sensex closes 79 points lower, Nifty at 10,585; Yes Bank gains 5%, Airtel top loser

By: | Updated:Nov 09, 2018 4:22 pm

Share market HIGHLIGHTS: The BSE Sensex closed Friday's trade lower by nearly 80 points, while the NSE Nifty 50 ended at 10,585.20 points. Yes Bank gained 5%, while Bharti Airtel was the top loser on both the Sensex and Nifty.

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Stock market HIGHLIGHTS: Amid weakness in the global markets and heavy selling pressure in IT, metals, realty, PSU banks and FMCG sectors, Sensex and Nifty — the benchmark indices of the Indian equity markets — closed Friday’s trade in the negative territory. While the headline indices slipped, the broader markets outperformed, with the S&P BSE mid-cap index gaining 0.66% and the small-cap index ending Friday’s trade 0.58% up.

The BSE Sensex closed trade 79.13 points or 0.22% lower at 35,158.55 points. Reliance Industries, Infosys, TCS, ITC, HDFC Bank and SBI together wiped off nearly 200 points from the Sensex. However, the market breadth remained slightly bullish as 1,339 companies advanced compared to 1,199 declines. On the National Stock Exchange, the broader Nifty 50 fell by 13.20 points or 0.12% to end at 10,585.20 points. The Bank Nifty closed 0.13% higher.

Global stocks were heading for their biggest drop in two weeks and emerging market currencies also slipped on Friday as a confident U.S. central bank and weak Chinese data hit demand for risky assets, said a Reuters report. However, the Indian rupee bucked the trend and gained 0.4% to the dollar as markets caught up after on-shore trading was closed on Wednesday and Thursday for public holidays. Brent crude dropped under $70 for the first time since April.

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16:09 (IST) 09 Nov 2018
Rupee strengthens as crude slips

Rupee appreciated further, up nearly 50 paise from its previous close, as brent crude fell to a seven-month low on Friday.  The rupee traded at 72.5538 per US dollar, up 46 paise, Bloomberg data showed. Benchmark Brent crude oil fell below $70 a barrel for the first time since early April, down more than 18 percent since reaching four-year highs at the beginning of October.

16:00 (IST) 09 Nov 2018
Brent oil drops under $70 for first time in seven months

Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand from of lower economic growth and trade disputes, said a Reuters report. Benchmark Brent crude oil fell below $70 a barrel for the first time since early April, down more than 18% since reaching four-year highs at the beginning of October. Brent fell 66 cents to a low of $69.99 a barrel before recovering slightly to trade around $70.10 by 1010 GMT, down 3.5% for the week and more than 15% this quarter. U.S. light crude oil was 55 cents lower at $60.12, down 4.7% this week and off more than 20% since early October, putting it officially in "bear market" territory, borrowing a definition commonly used in stock markets.

Read here: Brent crude falls below $70 a barrel for the first time in seven months

15:41 (IST) 09 Nov 2018
NSE live! Check out the top Nifty gainers and losers

Amid heavy selling pressure in IT, metals, realty, PSU banks and FMCG sectors, the NSE Nifty 50 on Friday closed trade at 10,585.20 points, down 13.20 points or 0.12%. Here are the top 5 gainers and losers on the Nifty today:

15:34 (IST) 09 Nov 2018
CLOSING BELL: Sensex closes 79 points lower, Nifty ends at 10,585, Yes Bank gains 5%

The BSE Sensex closed Friday's trade lower by nearly 80 points, while the NSE Nifty 50 ended at 10,585.20 points. Yes Bank was the top gainer on both the Sensex and Nifty.

15:29 (IST) 09 Nov 2018
GLOBAL MARKETS: Stocks poised for biggest drop in two weeks on U.S. and China concerns

Global stocks were heading for their biggest drop in two weeks and emerging market currencies also slipped on Friday as a confident U.S. central bank and weak Chinese data hit demand for risky assets, said a Reuters report. MSCI's gauge of stocks across the globe fell half a percent, its biggest drop since Oct. 26, as the U.S. Federal Reserve held interest rates as expected but indicated that another rate increase is likely in December. While the decision to hold rates was anticipated by markets, some participants had expected a more cautious approach from the central bank after a stock market rout in October. But the Fed indicated a December increase is a distinct possibility in a robust economy. That contrasts sharply with China, where cooling producer price inflation and falling car sales suggested an economy struggling to gain traction.

15:27 (IST) 09 Nov 2018
Amara Raja Q2 net profit falls 5.49% to Rs 120.23 cr

Amara Raja Batteries Friday reported 5.49% decline in standalone net profit at Rs 120.23 crore in the second quarter ended September 30, 2018. The company had posted standalone net profit of Rs 127.22 crore in the year-ago period, Amara Raja Batteries said in a regulatory filing. Total income for the period under review stood at Rs 1,767.29 crore. It was at Rs 1,439.73 crore. The company said its total expenses in the second quarter were higher at Rs 1,582.5 crore as against Rs 1,249,01 crore in the same period last fiscal.

14:14 (IST) 09 Nov 2018
BSE live! Sensex extends losses; Infosys, RIL top index drags

The BSE Sensex extended losses in the mid-afternoon trade session on Friday. Infosys, Reliance Industries, TCS and ITC were the biggest index drags. Check out the Sensex gainers and losers here.

14:11 (IST) 09 Nov 2018
Rupee trades at day's high

The rupee appreciated 42 paise to its day's high at 72.58 against the US dollar during the mid-afternoon trade session on Friday. Easing crude prices and a weak dollar led to the gains in the domestic currency. The rupee rose over 40 paise to 72.58 per US dollar from it's Tuesday's close at 73.0038 against the greenback, Bloomberg data showed.

14:05 (IST) 09 Nov 2018
Govt not seeking Rs 3.6 lakh cr from RBI: DEA Secretary

The government on Friday said it is not seeking Rs 3.6 lakh crore capital from the Reserve Bank but is only in a discussion for fixing appropriate economic capital framework of the central bank. "Lot of misinformed speculation is going around in media. Government's fiscal math is completely on track. There is no proposal to ask RBI to transfer Rs 3.6 or 1 lakh crore, as speculated," Economic Affairs Secretary Subhash Chandra Garg tweeted. He said the only proposal "under discussion is to fix appropriate economic capital framework of RBI."

Read the full story here: Government has no proposal to ask RBI for Rs 3.6 lakh crore, fiscal math on track, says Subhash Chandra Garg

14:02 (IST) 09 Nov 2018
Inflows into equity mutual funds highest since February 2018

Data from the Association of Mutual Funds of India showed that inflows into equity mutual funds in October was the highest since February 2018. Flows into equity mutual funds for the month of October rose 31% to Rs 14,783 crore, data showed today. AMFI said mutual funds saw a net inflow of Rs 35,529 crore in Octobe. Inflows into equity MFs rose from Rs 11,251 crore in September to Rs 14,783 crore in October.

13:41 (IST) 09 Nov 2018
Reliance raises Rs 3,000 cr through debentures

Reliance Industries Friday said it has raised Rs 3,000 crore through a privately placed debenture issue. The unsecured, non-convertible redeemable debentures offered 8.95% return with a 10-year maturity, the company said in a regulatory filing. The notes "shall be redeemed at par at the end of 10 years from the date of allotment -- November 9, 2028," it said. RIL shares traded 1.18% lower at Rs 1097.50 per share on the BSE.

13:32 (IST) 09 Nov 2018
Modi government’s unique disinvestment: What is enemy property? How the sale will be carried out?

In a bid to boost disinvestment receipts, the Cabinet on Thursday gave its approval to sell Enemy Property worth Rs 3,000 crore. The ‘in principle’ approval is according to the Enemy Property Act, 1968. The proceeds from the sale of these shares will be deposited as disinvestment proceeds in the Government Account maintained by the Ministry of Finance. What is enemy property? How the sale will be carried out? Where will the proceeds be used?

Read the full story here: Modi government’s unique disinvestment: Enemy share sale to fetch Rs 3,000 crore; here’s what it means

13:23 (IST) 09 Nov 2018
Q2 update: Indian Bank net profit down 66.8%

Key highlights:

  • Net profit down 66.8% at Rs 150.1 crore vs Rs 451.5 crore YoY
  • NII up 12% at Rs 1731 cr vs 1543.7 cr YoY
  • Provision coverage ratio at 60.8% vs 64.4% QoQ
  • Gross NPA at 7.16% vs 7.20% QoQ
  • Gross NPA at Rs 12,334 crore v 11,828 cr QoQ
  • Net NPA at Rs 7,060 cr vs Rs 5,999 crore YoY

India Bank shares were trading 5.76% lower at Rs 247 per share on the BSE.

13:18 (IST) 09 Nov 2018
Asian currencies weaken as Fed stays on hawkish path, rupee bucks trend

Most Asian currencies weakened against the dollar on Friday as the greenback gained after the U.S. Federal Reserve reaffirmed its hawkish monetary policy stance and stayed on course for a December interest rate hike, said a Reuters report. Local currencies have seen significant sell-offs this year as investors gravitated towards higher U.S. bond yields after the Fed raised key rates three times this year on the back of a robust U.S. economy. The dollar dipped on Wednesday as traders scaled back their expectations of more pro-business policy moves from U.S. President Trump after the Democratic Party took control of the House of Representatives in the mid-term elections. However, India's rupee gained 0.4 percent to the dollar as markets caught up after on-shore trading was closed on Wednesday and Thursday for public holidays

12:27 (IST) 09 Nov 2018
Oil in bear market as supply rises, demand outlook weakens

Oil markets stabilised on Friday but remained weak as rising supply and concerns of an economic slowdown pressured prices, with U.S. crude down by around 20% since early October, said a Reuters report. U.S. West Texas Intermediate (WTI) crude oil futures were at $65.73 per barrel at 0629 GMT, 6 cents above their last settlement. WTI is set for a fifth weekly fall, down 4% so far this week. Front-month Brent crude oil futures were at $70.84 a barrel, 19 cents above their last close. Still, Brent is poised for an almost 3% drop for the week, its fifth straight week of decline. Both Brent and WTI have fallen by around 20% from the four-year highs they reached in early October.

12:10 (IST) 09 Nov 2018
Q2 UPDATE: Vimta Labs net profit up 60.7%

Key highlights:

  • Net profit up 60.7% at Rs 6.9 crore vs Rs 4.3 crore YoY
  • Revenue up 23.2% at Rs 53.8 crore vs Rs 43.7 crore YoY

Vimta Labs shares were trading 4.10% higher at Rs 289.65 per share on the BSE.

12:05 (IST) 09 Nov 2018
Q2 UPDATE: India Cements revenue up 9.4%

Key highlights:

  • Net profit down 94% at Rs 1.4 crore vs Rs 23.7 crore YoY
  • Revenue up 9.4% at Rs 1387 crore vs Rs 1268.3 crore YoY
  • EBITDA at Rs 155 crore
  • EBITDA margin at 11.2% vs 14.3% YOY
  • Finance Cost at Rs 11.8 crore on foreign currency fluctuation

India Cements share were trading 2.71% higher at Rs 96.50 per share on the BSE.

11:57 (IST) 09 Nov 2018
Sugar stocks climb on plan to export 2 million tonnes of raw sugar to China

Shares of Indian sugar producers Dhampur Sugar Mills Ltd, Balrampur Chini Mills Ltd, Ugar Sugar Works Ltd, E.I.D-Parry (India) Ltd post gains in range of 3-5% on today after the trade ministry on Thursday said the country plans to export 2 million tonnes of raw sugar to China from next year. After a decade, India will next year resume exporting raw sugar to China as it eyes overseas markets to shed surplus stocks that have muted prices and created financial distress in mills. According to a government statement, India plans to export 2 million tonnes of sugar to China to cut trade deficit with the neighbouring country.

Also read: Sweet news for sugar stocks! India to resume exports of 2 mn tonnes to China in 2019, shares surge up to 7%

11:19 (IST) 09 Nov 2018
Sector UPDATE: IT shares trade lower as rupee appreciates; Infosys top loser

The Nifty IT index was the top loser among NSE sectoral indices during mid-morning trade deals on Friday. Infosys was the top drag on the index, while Infibeam, Mindtree, Tech Mahindra and HCL Technologies shares gained.

11:16 (IST) 09 Nov 2018
BSE live: Sensex recovers over 250 points from day's low; check top gainers & losers

The BSE Sensex recovered over 250 points from its day's low at 35,011.23 points to trade on a flat-to-positive note during the mid-morning trade deals on Friday.  Gains were led by index heavyweights like Asian Paints, Yes Bank, Sun Pharma, Tata Motors, Axis Bank, Adani Ports, and Hero MotoCorp. Infosys was the top loser on the index.

11:12 (IST) 09 Nov 2018
US Fed keeps rates unchanged; what lies next?

Even as the US Federal Reserve keeps rate unchanged in line with expectations at its Thursday meeting, and hinted that a rate hike could come in next month, UBS notes that expectations of Fed rate tightening is one of the key macro concerns for Indian investors. “We expect the current pattern of a hike a quarter to continue through Q1 of next year,” HDFC Securities said in a note. “Higher Fed rate expectations, rising US Treasury yields and ongoing US/China trade tensions have weighed on fund flows into emerging markets (EM) and widened India’s financial stability risks,” UBS said in a recent note.

Read the full story here: US Fed keeps rates unchanged; UBS sees rate tightening, trade war among key investor concerns in India

10:34 (IST) 09 Nov 2018
Sector UPDATE: PSU Bank index trades in green; SBI only loser

The Nifty PSU Bank index traded in the gree, with shares OBC, Bank of India, Union Bank, Canara Bank and Syndicate Bank leading the gains. SBI waqs the only loser on the index.

09:56 (IST) 09 Nov 2018
Rupee rises 35 paise to 72.65 against US dollar in early trade

The rupee appreciated 35 paise to 72.65 against the dollar in early trade Friday, following US mid-tem election results and easing crude oil prices, said a PTI report. Forex traders said the rise was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas. They said the US mid-tem election results which showed Democrats wresting the House of Representatives from the ruling Republican party, also supported the rupee. Moreover easing crude prices also helped the local unit. Brent crude, the international benchmark was trading at USD 70.70 per barrel.

09:53 (IST) 09 Nov 2018
Stocks in focus: GAIL shares rise 1.2%

Shares of state-owned gas utility GAIL rose by 1.2% to a high of Rs 379.20 per share on the BSE in early morning trade today after the company on Thursday said it has purchased steel pipes worth Rs 1,100 crore for laying the Barauni-Guwahati gas pipeline, putting on fast track the implementation of the project that will connect the north-east with the national gas grid. Work on the 729-km pipeline, which will act as a branch line from the prestigious Pradhan Mantri Urja Ganga pipeline project, will commence from December, the company said in a statement here.

09:47 (IST) 09 Nov 2018
Nifty LIVE: Check out the top gainers and losers

The NSE Nifty marginally trimmed its opening losses and traded 25.65 points or 0.24% lower at 10,572.75 points in early morning trade today. Bharti Infratel was the top gainer on the Nifty, while Bharti Airtel was the top loser. Check out other gainers and losers here:

 

09:42 (IST) 09 Nov 2018
UPDATE on Dredging Corp: key things to know about the cabinet decision

Shares of state-run Dredging Corporation of India surged 10% in the morning trade on Friday, after the Narendra Modi-led government approved the sale of its entire stake to a consortium of four ports. Dredging Corp shares zoomed more than 9.6% in the morning trade on Friday to hit the day’s high at Rs 383. 

Read the full story here: Key things to know about Dredging Corp's sale

09:36 (IST) 09 Nov 2018
Stocks in focus: Bharti Airtel shares drop 6%

Shares of telecom company Bharti Airtel dropped nearly 6% to an over one-week low of Rs 288.7 per share on the National Stock Exchange after Moody's Investors Service on Thursday placed Bharti Airtel's rating on review for downgrade, following low levels of profitability and expectation of weak cash flow. Moody's has placed on review for downgrade the 'Baa3' issuer and senior unsecured rating of Bharti Airtel and the ratings on the backed senior unsecured notes issued by Bharti's wholly-owned subsidiary, Bharti Airtel International (Netherlands) B V, the US-based agency said in a statement.

Read here: Bharti Airtel share price cracks 6% after Moody’s puts company under review for downgrade

09:33 (IST) 09 Nov 2018
Global markets UPDATE: Asia stocks pull back from one-month high as Fed tempers rally

Asian stocks pulled back from a one-month high on Friday as the Federal Reserve appeared poised to deliver another interest rate hike next month, paring gains made earlier this week after U.S. midterm elections triggered a global equities rally, said a Reuters report. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1% and was headed for a loss of 1% for the week. On Thursday, the index hit its highest level since Oct. 8. Australian stocks slipped 0.4 %, South Korea's KOSPI edged down 0.3% and Japan's Nikkei shed 0.8%. Hong Kong's Hang Seng lost 1.9% and the Shanghai Composite Index fell 0.8%.

The US Fed held interest rates steady on Thursday but remained on track to continue gradually raising borrowing costs, pointing to healthy economic prospects that were marred only by a dip in the growth of business investment. Read the full story here: US Federal Reserve holds interest rates steady, says economy remains on track

09:30 (IST) 09 Nov 2018
NSE Live! Check out the most traded stocks

The NSE Nifty, which opened below the 10,600-mark, traded lower by 22.65 points or 0.21% at 10,575.75 points minutes later. During the first 15 minutes of trade, Infibeam Avenues emerged as the most traded stock on the NSE by volume. Check out the other stocks here:

09:27 (IST) 09 Nov 2018
Stocks in focus: Dredging Corp shares surge 10%

Shares of Dredging Corporation surged nearly 10% to a high of Rs 383.15 per share on the BSE in early morning trade on Friday following the Cabinet decision on Thursday to sell Dredging Corporation of India to a clutch of state-owned port trusts. The proposed sale of 6.5 crore enemy shares in 996 companies could fetch the government close to Rs 3,000 crore at current valuation. The government holds 73.4% in the Visakhapatnam-based Dredging Corporation, whose market-cap at Wednesday’s close was Rs 975 crore.

Read the full story here: Modi government’s disinvestment drive: Dredging Corporation, enemy shares up for sale

09:24 (IST) 09 Nov 2018
OPENING BELL: Sensex drops 200 pts in opening trade, Nifty below 10,600; Bharti Airtel falls 4%

The Sensex and Nifty -- the benchmark equity indices -- opened in the negative territory on Friday tracking weak cues from the Asian markets. Shares of Bharti Airtel dropped 4% in early trade.

09:17 (IST) 09 Nov 2018
Rupee viewpoint: likely to remain in the range of 72.37-73.09

Today USDINR is likely to remain in the range of 72.37 (stretched 72.03) to 73.09 (stretched 73.26). Dollar Index rises again, now at 96.70, as the FED in its policy yesterday kept the rates unchanged but reaffirmed gradual hikes sighting healthy economy. DOW closed flat with just 10points, Asian markets are reflecting declines with Nikkei & HangSeng down by 253 & 557 points respectively - cautious with FED stance of monetary tightening going forward. Post U.S. Mid-Term elections & Pre-FOMC policy, major currencies including Rupee were up against the Dollar, but gave up gains with FOMC-Policy release. U.S. Treasury Bond yields have risen with 10Y now at 3.223% - as caution prevails.

The Indian domestic markets will re-open today after two days of holidays (though had a brief equity-Mahurat Trading on 7th Nov). Local markets may not be as aggressive but will remain cautious.

Positive's for Indian Rupee:-

- Brent Crude is below $71 per barrel, now at $70.66 (this can restrict negative influencer’s mentioned below)

- Good GST collections

Negative’s:

- Dollar strength

- Chinese Yuan declines

- Equities are down

-- Hiren Sharma, Portia Advisory Services LLP

09:13 (IST) 09 Nov 2018
PRE-OPEN: Sensex, Nifty start on a flat note; rupee opens at 72.71/$

The BSE Sensex rose 50 points, while the Nifty traded above the 10,600-mark in the pre-open trade session on Friday. The rupee opened at 72.7063 per US dollar, Bloomberg data showed.

09:06 (IST) 09 Nov 2018
Viewpoint : Markets to digest recent gains

Auspicious omens of falling crude oil prices and stronger Indian currency greeted the investors on Muhurat day.

The WTI crude has entered into bear market territory with commodity closing 21% from its October high, we expect Crude to consolidate here and not continue its slide.

On Wednesday, the US markets digested the news of the mid-term election that saw a division of power, with the Republicans increasing their lead in the Senate and the Democrats getting back control of the House of Representatives. Historically, this grid lock has not deterred the markets from doing well. In fact the 3rd year of the U.S. presidency has seen the strongest markets.

The U.S. Federal Reserve kept rates unchanged at its Thursday meeting but appeared committed to continuing the gradual process of lifting rates and removing accommodation. We expect the current pattern of a hike a quarter to continue through Q1 of next year.

Our markets are likely to consolidate recent gains. Divestment of a portion of ‘enemy shares’ and dredging corporation is likely to improve sentiment on PSU shares today.

Traders will keep an eye on maturing CPs from NBFCs. If these instruments are successfully redeemed, the fears of liquidity contagion can be put to rest and markets can move on to stock specific developments. Nifty has support at 10450 and face a steep resistance at 10700 levels.

-- HDFC Securities

Muhurat trading session on Wednesday: During the special trading session on Wednesday, the BSE Sensex ended 245.77 points or 0.70% higher at 35,237.68 points, while the NSE Nifty closed at 10,598.40 points, up 68.40 points or 0.65%. 28 of the 30-share Sensex stocks ended in the green. Automobile stocks were among the major gainers; with shares of Mahindra & Mahindra gaining more than 2%, Tata Motors, Bajaj Auto and Hero MotoCorp rose around 1.2%, and Maruti Suzuki was up close to 1%.
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