Share market HIGHLIGHTS: Sensex extends losses for 3rd straight day, Nifty ends below 10,150 as IT, pharma stocks drag

By: | Updated:Oct 23, 2018 4:25 pm

Share market HIGHLIGHTS: Sensex and Nifty extended losses for the third consecutive session on Tuesday tracking weakness in global markets, a weak rupee and sell-off in index heavyweights. The BSE Sensex slipped nearly 400 points intra-day, while the NSE Nifty tested the 10,100-level.

sensex, bse, nse, equitiesShare market HIGHLIGHTS: Check for Sensex, Nifty live updates here.

Share market HIGHLIGHTS today: Sensex and Nifty — the benchmark indices of the domestic equity markets — extended losses for the third consecutive session on Tuesday tracking weakness in global markets, a weak rupee and sell-off in index heavyweights. The BSE Sensex slipped below the 34,000-mark, plunging nearly 400 points intra-day to scale a low of 33,742.75 points. Index heavyweights Infosys, TCS, ICICI Bank, Asian Paints, Sun Pharma, and Reliance Industries collectively wiped off nearly 250 points from the Sensex index.

The BSE Sensex closed Tuesday’s trade 287.15 points or 0.84% lower at 33,847.23 points. The BSE market breadth was bearish, with 1,790 declines and 798 advances. On the National Stock Exchange, the Nifty tested the 10,100-level and hit an intra-day low of 10,102.35 points on Tuesday, dragged by heavy selling pressure in IT, media, pharma, PSU banks, metals, auto and FMCG sectors. The Nifty closed at 10,146.80 points, down 98.45 points or 0.96%.

Among major stocks, IndusInd Bank shares recovered after the private lender said it didn’t declare exposure to IL&FS as it waiting for resolution plan to take shape. RCom shares rallied nearly 4% after the Supreme Court allowed the firm time till December 15 to repay Rs 550 crore to Ericsson. Bajaj Finance shares rose marginally after the company reported a 54% rise in profit after tax for Q2 FY19 to Rs 923 croreAsian Paints shares fell to a 7-month low after the firm reported weak Q2 results (on Monday).

In the global markets, Asian shares slumped as a cocktail of negative drivers from Saudi Arabia’s diplomatic isolation to fresh worries about trade wars whacked sentiment across the region, said a Reuters report. South Korean stocks tumbled more than 2% on Tuesday, hitting their lowest in almost 20 months, as intensifying Sino-U.S. trade frictions and various geopolitical tensions soured sentiment across Asia.

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

16:21 (IST) 23 Oct 2018
PE investments ease to $14.60 billion in nine months of 2018: Report

Private Equity (PE) investments moderated to USD 14.60 billion during January-September period, owing to macroeconomic concerns, market volatility and valuations of companies, a report said on Tuesday. According to Grant Thornton's latest PE Dealtracker, 621 PE investments worth USD 14.60 billion were announced in the reported nine-month period of 2018. In the year-ago period, the value stood at USD 15.60 billion.

16:19 (IST) 23 Oct 2018
The market looks like a tug of war between bulls & bears : Epic Research

A volatile session was witnessed with a Doji Formation on a daily scale. A move in wider range of more than a percent was seen while the close has been to the open of a day. Indecisiveness at lower supports is seen making it a possible case of reversal in coming days. Nifty did breach its previous swing support placed at 10200- 10170 range and a Doji formation indicate exhaustion of bears at lower levels while bulls may capitalize. It will be important to see tomorrow's price action and a follow-up move.

Nifty has strong support at 10100 - 10050 levels given its a crucial support in this rally as the previous rally to 11700 saw a bottom being made at these levels only. Momentum indicators which are leading in nature already giving a positive divergence on the daily chart.

The present scenario in the market is like a tug of war between bulls and bears. A swift pullback is expected though it is a matter of time and patience. At this point, we are cautious for bulls, as said before, as a pullback can be seen in the market. Buying at lower levels should be seen with the retest of 10400 - 10350. A close below 10050 will negate this view.

-- Mustafa Nadeem, CEO, Epic Research

16:01 (IST) 23 Oct 2018
Q2 UPDATE: HCL Tech PAT up 5.7%, revenue up 7.1%

Q2 Performance key highlights:

  • Net profit Rs 2540 crore, up 5.7%
  • Revenue at Rs 14,861 crore, up 7.1% QoQ and 19.5% YoY
  • Net Income at Rs 2,540 crore; up 5.7% QoQ and 16.1% YoY
  • Revenue at US$ 2,099 million; up 2.1% QoQ and 8.9% YoY
  • Revenue in Constant Currency, up 3.0% QoQ and 10.5% YoY
  • Net Income at US$ 357 million, up 0.3% QoQ and 5.1% YoY

HCL Tech shares closed 2.79% higher at Rs 952.75 per share on the BSE.

15:41 (IST) 23 Oct 2018
NSE live! Nifty ends below 10,150; check top 5 gainers and losers

The NSE Nifty closed Tuesday's trade at 10,146.80 points, down 98.45 points or 0.96%, dragged by heavy selling pressure in IT, media, pharma, PSU banks, metals, auto and FMCG sectors.  Check out the top 5 gainers and losers:

15:35 (IST) 23 Oct 2018
CLOSING BELL: Sensex closes nearly 290 points lower; Nifty ends below 10,150

The BSE Sensex provisionally closed Tuesday's trade 287.15 points or 0.84% lower at  33,847.23 points. The NSE Nifty closed below the 10,150-mark. Check out the top Sensex gainers and losers:

15:26 (IST) 23 Oct 2018
Global markets UPDATE: World shares near one-year low, Europe's near two-year low

An ugly start to European trading pushed world shares towards their lowest level in a year on Tuesday, as negative drivers from Saudi Arabia's diplomatic isolation to worries about Italy's finances and trade wars piled on the pressure, said a Reuters report. Selling escalated from Wall Street into a heavy selloff in Asia before hitting Europe, which was facing a fifth day of uninterrupted declines. The tech sector posted the worst performance after chipmaker AMS plunged 17% as its outlook triggered alarm bells, but there was a broader force at play. The pan-European STOXX 600 was near a two-year low with almost half of its stocks now in bear-market territory -- down 20% from their peak. Germany's DAX also fell to late 2016 lows, London's FTSE was down near April lows, and MSCI's world share index was just two points of a one-year low.

15:24 (IST) 23 Oct 2018
Oil marketing companies stocks reverse losses as crude extends fall!

Shares of major oil marketing companies reversed their losses after crude oil prices extended their fall on Tuesday. Shares of Hindustan Petroleum rose over 4% during late afternoon trade deals after Brent crude slipped nearly 1.83% to $78.37/bbl. IOC shares traded higher marginally on the BSE. On the other hand, OIL share price was down nearly 3%.

15:18 (IST) 23 Oct 2018
Q2 IMPACT: HCL Tech shares down ahead of Q2 results

Shares of HCL Technologies traded 2.73% lower at Rs 953.25  per share on the BSE during late-afternoon trade on Tuesday. The company is expected to come out with its corporate results after market hours on Tuesday.

15:13 (IST) 23 Oct 2018
Sector UPDATE: PSU banks drag; Vijaya Bank gains 0.61%

PSU banks stocks traded in the red on Monday, led by losses in Indian Bank, Syndicate Bank, SBI, Canara Bank and PNB. Vijaya Bank was the only gainer on the Nifty PSU Bank index. Check all PSU banks stocks here:

15:09 (IST) 23 Oct 2018
Q2 Update: Baja FinServ, HCL Tech among major Nifty companies to declare quarterly results

These are the major Nifty companies that are expected to announce their quarterly earnings this week:

  • Tuesday: Bajaj Finance, Bajaj FinServ, HCL Tech
  • Wednesday: Bajaj Auto, Kotak Bank, Wipro
  • Thursday: Maruti, Bharti Airtel, Yes Bank
  • Friday: ICICI Bank, ITC, Dr. Reddy's Lab
14:47 (IST) 23 Oct 2018
Gold gains as Asian stocks slide; political tensions support

Gold prices rose on Tuesday as Asian shares faltered on worries over political tensions between Saudi Arabia and Western powers, uncertainties around Brexit and Italy's budgetary woes, bolstering the metal's safe-haven appeal, according to a Reuters report. Spot gold was up 0.8% at $1,231.40 an ounce at 0743 GMT. On Oct. 15, the bullion touched its highest since July 26 at $1,233.26. Asian shares slumped amid a cocktail of negative drivers from Saudi Arabia's diplomatic isolation to fresh worries about trade wars, with MSCI's broadest index of Asia-Pacific shares outside Japan down 2%.

14:44 (IST) 23 Oct 2018
Commodities UPDATE: Brent crude ease, slips to $79/bbl

Oil prices fell on Tuesday after Saudi Arabia said it would play a "responsible role" in energy markets, although sentiment remained nervous ahead of new U.S. sanctions on Iran's crude exports that start next month, a Reuters report said. Benchmark Brent crude oil was down 55 cents a barrel at $79.28 by 0735 GMT. U.S. light crude was 35 cents lower at $69.01. The U.S. sanctions on Iranian oil begin on Nov. 4, and Washington has said it wants to stop all of Tehran's fuel exports.

14:40 (IST) 23 Oct 2018
Q2 UPDATE: Bajaj Finance PAT up 54%, shares rise

Consolidated Performance key highlights:

  • Profit after tax for 02 FY19 grew by 54% to Rs 923 crore from Rs 598 crore in Q2 FY18.
  • Total income for 02 FY19 was up by 40% to Rs 4,296 crore from Rs 3,066 crore in 02 FY18.
  • Assets under Management (AUM) as of 30 September 2018 grew by 38% to Rs 1,00,217 crore from Rs 72,669 crore as of 30 September 2017
  • Gross NPA and Net NPA as of 30 September 2018 stood at 1.49% and 0.53% respectively.

Shares of Bajaj Finance traded 0.76% higher at Rs 2,134.45 per share on the BSE.

13:44 (IST) 23 Oct 2018
Global stocks UPDATE: Saudi stocks stumble amid Khashoggi killing fallout

Saudi Arabia's stock market dived in early trade on Tuesday, the opening day of a three-day investment conference, amid persistent investor concern about global reaction to the killing of journalist Jamal Khashoggi, said a Reuters report. The Saudi index fell 1.3% to 7,546 points in half an hour, with banks and petrochemical shares the biggest losers. US President Donald Trump said on Monday that he was still not satisfied with what he has heard from Saudi Arabia about the killing of Khashoggi in Turkey, but did not want to lose investment from Riyadh. Fresh stock exchange data released on Sunday showed foreigners sold a net 4.01 billion riyals ($1.07 billion) in Saudi stocks in the week ending Oct. 18.

13:20 (IST) 23 Oct 2018
TVS Motor Company share price rallies 5% on strong Q2 results

Shares of two-wheeler maker TVS Motor Company rallied on Tuesday afternoon, after the firm reported strong Q2 results. TVS Motor Company reported a revenue growth of 21.9% for the second quarter of FY 2018-19. Total revenue grew to Rs. 4994 crores in the current quarter of 2018-19 from Rs 4,098 Crores in the quarter ended September 2017. TVS Motor Company has reported a profit after tax of Rs 211.3 crore, in line with a CNBC TV18 poll. TVS Motor Company share price zoomed as much as 5.06% to an intra-day high of Rs 539.60 on NSE this afternoon, follwing robust Q2 earnings.

12:56 (IST) 23 Oct 2018
Ambuja Cements shares shed 4% ahead of September quarter results

Ambuja Cements share price tanked by more than 4% intra-day ahead of the firm’s quarterly results scheduled to be announced later today. Ambuja Cements shares fell to Rs 197.50. Ambuja Cements is likely to report a profit after tax (PAT) of Rs 350 crore for the September quarter, according to Motilal Oswal. Meanwhile, Prabhudas Lilladher expects PAT at Rs 271.7 crore for the Jul-Sep quarter.

12:42 (IST) 23 Oct 2018
Mindtree share price zooms 2.2% after JPMorgan upgrades stock

Shares of IT firm Mindtree surged as much as 2.2% on Tuesday following JPMorgan's stock upgrade. Mindtree share price rose 2.2% to hit the day's high at Rs 820 in the afternoon trade. After the recent fall, JPMorgan noted that the current price appears to be an attractive entry point for a p;otential 30% potential upside over 9-12 months. JPMorgan has a target price of Rs 1,050 on the shares. Mindtree shares have been on a falling spree, tanking by more than 18% low in the last 3 sessions. Mindtree has reported a 30.4% sequential growth in second quarter profit to Rs 206.3 crore and 7.1% growth in revenue at Rs 1,755.4 crore. 

12:26 (IST) 23 Oct 2018
RBL Bank reports 36% rise in Q2 net profit to Rs 204.54 crore

Private sector lender RBL Bank has reported a 36%  rise in net profit to Rs 204.54 crore. Net Interest Income (NII) zoomed up by 41% to  Rs 592.97 crore.  NIM improved to 4.08% up from 3.74% in Q2 FY18.  The results are seen to be in line with estimates, as an ET Now poll had anticipated net profit at Rs 202 crore for RBL Bank. RBL shares were trading down 1% at Rs 466.75.

12:12 (IST) 23 Oct 2018
RCom share price surges 3.6% after Supreme Court allows time till December 15 to repay Rs 550 crore to Ericsson

Shares of Anil Ambani-led Reliance Communications surged on Tuesday afternoon, after Supreme Court allowed the firm time till December 15 to repay Rs 550 crore to Ericsson. Reliance Communications share price gained 3.66% to hit an intra-day high of Rs 11.30. Earlier this month, Reliance Communications  had sought another 60 days for repayment of Rs 550 crore to unsecured creditor Ericsson, as its spectrum sale could not be completed due to factors beyond its control.

Also read: Big relief to Anil Ambani! RCom gets time till December 15 to pay Ericsson dues; shares surge

12:05 (IST) 23 Oct 2018
Paint stocks under pressure after weak Q2 results, Kansai Nerolac down to 52-week low

Paint stocks were trading under extreme pressure, with shares of Asian Paints, Kansai Nerolac Paints falling to multi-month lows. Kansai Nerolac share price fell by 8.43% to a fresh 52-week low of Rs 356.80 per share on the BSE after it reported a 15.65% decline in its net profit for the quarter under review. Apart from Asian Paints and Kansai Nerolac Paints, other paint stocks too put up a dull performance on Tuesday, with Berger Paints shares falling 6.92% to Rs 260.55 per share on the BSE. Shalimar Paints shares slipped 5.75% to an intra-day low of Rs 85.95 a piece on the BSE. 

Also read: Asian Paints share price falls to 7-month low after weak Q2 show; other paint stocks lose sheen

11:51 (IST) 23 Oct 2018
Expert take: Veteran investor Mark Mobius advises investors to stay away from companies with poor balance sheet, weak management

Emerging markets investor Mark Mobius says that investors must avoid firms with poor balance sheet and weak management. In the current times, some companies are real bargains while some are not, he told ET Now. "We are planning to invest in India via new fund. I believe markets have gone down a bit too far and seeing value emerge. Some companies are real bargains, some are not, Mark Mobius of Mobius Capital Partner said. 

11:43 (IST) 23 Oct 2018
Asian Paints shares extend fall, down to 7-month low

Asain Paints shares fell to a fresh 7-month low on Tuesday after weak Q2 results.  In the latest quarter, Asain Paints has reported a 3.2% fall to Rs 506 crore versus Rs 526.2 crore. Global firm Macquarie noted that the margin pressure is evident in Q2. The recent price hikes will alleviate some pressure, noted Macquarie. Macquarie has a nuetral rating on the shares with a target price of Rs 1,300. Asian Paints shares fell to an intra-day low of Rs 1,118.

11:23 (IST) 23 Oct 2018
IL&FS Investment Managers share price falls 5%; IL&FS says defualted on Rs 247 crore short term debt due on Oct 22

IL&FS Financial Services on Tuesday said that the firm has defaulted on Rs 247 crore short term debt due on Oct 22. Notably, the firm has also Defaulted on Rs 40 crore of CP due on Oct 22. Shares of IL&FS Investment Managers share price fell by 5% to hit intra-day low of Rs 6.52 on Tuesday afternoon. Yesterday, shares of private sector lender IndusInd Bank tanked by more than 8%,  in its biggest single day decline in a decade on IL&FS exposure threat. While Romesh Sobti has declined to provide an exact amount of exposure,  according to market estimates, IndusInd Bank has an exposure of more than Rs 1,000 crore to the holding company of IL&FS, where the lender had the rights over cash flows coming from the rights issue of IL&FS. 

11:09 (IST) 23 Oct 2018
Infosys, TCS shares contribtue to Sensex fall; down more than 2.5% each

IT behemoths TCS and Infosys were among the top contributors to Sensex fall on Tuesday afternoon, shedding more than 2.5% each. Infosys shares fell more than 2.6% to hit the day's low at Rs 661.40, while TCS shares tanked by more than 2.5% to Rs 1,855. Among the IT pack, Wipro shares too were trading under pressure, shedding 6.5% to hit the day's low at Rs 311.

10:56 (IST) 23 Oct 2018
HPCL, BPCL, IOC share price falls up to 5.2% after Nomura downgrade

Shares of India's oil majors HPCL, BPCL, IOC fell in the morning trade after Nomura downgraded the  oil marketing companies (OMCs) to 'neutral' from 'buy'. HPCL share price fell by more than 5.2% to hit the day's low at Rs 201.5. IOC shares fell 4% to day's low of Rs 125, while BPCL shares tanked by more than 4.2% to hit Rs 260.50. “India govt's decision to ask OMCs to absorb 1 rupee per litre on petrol/diesel is a big dent to the confidence on marketing reforms; with elections in 2019 and weak macros, investor confidence may not recover any time soon,” Nomura said.

10:43 (IST) 23 Oct 2018
Rupee weakens against US dollar to 73.79 down 23 paise

The domestic currency rupee depreciated 23 paise to 73.79 against the US dollar in early trade Tuesday as the American currency strengthened overseas. According to a PTI report, dealers attributed the rupee's fall to increased demand for the US currency from importers and sustained foreign fund outflows. Besides, domestic equity market opening with losses, also weighed on the rupee, they said.

Also read: Rupee falls 23 paise to 73.79 against US dollar in early trade

10:16 (IST) 23 Oct 2018
RIL shares extend fall for 3rd strainght day; under heightened pressure

Billionaire Mukesh Ambani-led Reliance Industries share price continued to slip for the third consecutive day on Tuesday. RIL share price slipped more 1.7% intra-day to Rs 1,043. The shares had slipped 4% intra-day on Monday — extending its Friday’s fall — even as weaker than expected Q2 earnings announcement continued to dampen investor sentiment. On Friday last week, RIL share price had plunged nearly 7% to an intra-day low of Rs 1,073.15 per share following Q2 results that failed to meet analysts expectations. In just two days of fall till yesterday's close, nearly Rs 54,800 crore of investors’ money was wiped off from the market.

10:00 (IST) 23 Oct 2018
IndusInd Bank's Romesh Sobti says not declaring exact IL&FS exposure as it will lead to more speculation

After NBFC scare shaved off as much as 7% from IndusInd Bank share price yesterday, MD &CEO Romesh Sobti says that the bank will not declare exact amount of exposure to IL&FS, as doing so will only lead to further speculation in the market. In an interview to CNBC TV18, Romesh Sobti said that InduInd Bank had exposure to definite cash flow based on the rights issue, but it didn't declare exposure to IL&FS as it waiting for resolution plan to take shape.  IndusInd Bank's stock price fell 8.5% on Monday as investors got jittery over the exposure. In its results press release, the lender had said that it has provided Rs 275 crore towards to IL&FS though the exposure has not turned bad.

09:53 (IST) 23 Oct 2018
IndusInd Bank shares recover 3.4% after yesterday's 8% fall

IndusInd Bank share price zoomed in the morning trade on Tuesday, after the stock had hit a 15-month low yesterday. IndusInd Bank shares gained as much as 3.4% in the morning to Rs 1,498. Macquarie  has retained an outperform rating on the shares with a target price of Rs 1,975. According to Macquarie, IndusInd Bank can easily manage some of the recent issues well; and the track record of managing asset quality has been good in the past. Last week, IndusInd Bank reported a 4.56% on-year rise in profit to Rs 920.25 crore for quarter ended September 30.

09:33 (IST) 23 Oct 2018
Asian Paints shares down 6% after weak Q2 results

Asian Paints shares shed more than 6.1% in the morning trade to hit the day's low at Rs 1,126.55.  In the latest quarter, profit fell 3.2% to Rs 506 crore versus Rs 526.2 crore in the latest quarter for Asian Paints. Global firm Macquarie noted that the margin pressure is evident in Q2. The recent price hikes will alleviate some pressure, noted Macquarie. Macquarie has a nuetral rating on the shares with a target price of Rs 1,300.

09:17 (IST) 23 Oct 2018
Sensex opens 200 points lower

09:06 (IST) 23 Oct 2018
Sensex Pre-open heat map

Share market on Monday: Profit booking by investors, along with a weak rupee on the back of rising crude oil prices, and consistent outflow of foreign funds, pulled the stock markets lower despite favorable global markets. The BSE Sensex, which surged over 400 points in early morning trade, shed over 614 points from the day’s high to close Monday’s trade at 34,134.38 points, down 181.25 points or 0.53% from its previous close. The NSE Nifty closed Monday’s trade at 10,245.25 points, down 58.30 points or 0.57%.
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