Share market HIGHLIGHTS: Check for Sensex, Nifty live updates hereShare market HIGHLIGHTS: Sensex and Nifty — the benchmark indices of the domestic equity markets — closed Thursday’s trade on a negative note as a global market rout, along with derivatives expiry, spooked investors. The BSE Sensex fell to its lowest level in over six months, dropping below the 33,700-level for the first time since April. The NSE Nifty slipped below the 10,100 mark for the first time in nearly seven months.
The BSE Sensex closed Thursday’s trade lower by 343.87 points or 1.01% at 33,690.09 points. Index heavyweights HDFC, Reliance Industries, HDFC Bank, Bharti Airtel, SBI, ICICI Bank, LT, Sun Pharma and Vedanta wiped off nearly 300 points from the headline index. The BSE market breadth was bearish, with 1,569 declines and 937 advances. The BSE mid-cap index closed 0.58% and the small-cap index ended 0.98% lower. Bharti Airel was the top index loser, closing nearly 7% lower.
The NSE Nifty closed October series 99.85 points or 0.98% lower at 10,124.90 points. The Nifty Bank index closed Thursday’s trade 0.98% lower. All the sectoral indices, barring the IT index, closed in the red on the National Stock Exchange. Among major Nifty companies, India’s largest car manufacturer Maruti Suzuki India reported Q2 results above street expectations as net profit came in at Rs 2,240 crore, down by 9.8% on year. JSW Steel reported a net profit of Rs 2,087 crore year-on-year.Yes Bank and Bharti Airtel are expected to declare their Q2 results after market hours.
Highlights
Nifty Forms another Doji on the daily chart as indecisiveness prevails amid volatility. A volatile session with a wider range as the Indian market was following the global negative cues to open gap Down. The selling pressure was clearly visible across the board with sectors like Pvt banks, PSU, Media, Pharma and real estate losing as much as 2% by closing hours. The selling pressure spanned to Broader indices while already bleeding space such as Midcap, Small Cap, and Energy joined the wagon shredding a percent.
Technically, This is a typical noisy market in the near term and has all the characteristics of the same. Gaps, up and Down, indecisiveness, Doji formations. Not to mention, the day of expiry of a contract. All this was added as it was an opportunity for writers to jump in and eat the premiums. This may be in place for a while as the market tries to pull itself out for a directional play based on a change in consensus. One must understand it is not an opportunity for going long aggressively but also not on the short side as supports, very important, are just a few points away.
Nifty must close below 9950 for the continuation of the trend while any bounce from these levels will be swift and fast. We remain cautious and sidelined. A change instance will only be either on a breach of 9950 or 10200.
-- Mustafa Nadeem, CEO, Epic Research
It was yet another day of losses on the bourses as investors once again took to selling Indian equities. Despite a small recovery yesterday, benchmark indices were unable to trade with strength and succumbed to selling pressure. Negative global stocks also impacted domestic sentiment. Both the benchmark Sensex and the Nifty finally closed the day with losses of nearly 1%. Most Asian stocks declined as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs. US stocks dropped yesterday, 24 October 2018 as mixed corporate earnings and weak housing data fueled anxiety that rising prices will crimp economic growth. All the sectoral indices on the National Stock Exchange closed in the red.
-- Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund
State-run power major BHEL has announced a share buyback programme for Rs 1,628 crore. The buyback offer will be made using the tender offer route and about 18.93 crore shares aggregating to 5.16% of the total paid equity share capital – will be bought back. Take a look at the key details of the massive buyback programme here: Record date announced; key things about mega PSU stock repurchase
Shares of Dish TV India Ltd plunged nearly 20% to Rs 35.90 on the NSE on Thusrday. The shares fell to their lowest in over 8 years after the company reported an 8.5% fall in net profit. The stock posted its sharpest intra-day drop since March, 2008. Dish TV share price is down 45.3% this year.
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NIIT share price closed 2.05% higher at Rs 72.35 per share on the BSE.
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PVR Shares closed at Rs 1,286, up 0.29% on the BSE.
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JSW Steel share price closed 0.40% higher at Rs 353.45 per share on the BSE.
The NSE Nifty ended the October series down by nearly 1% at 10,124.90 points. Check out the top five gainers and losers today:
Sensex and Nifty — the benchmark indices of the domestic equity markets — closed Thursday’s trade on a negative note. The BSE Sensex closed at 33,690.09 points, down 343.87 points or 1.01% lower, while the NSE Nifty ended nearly 1% down at 10,124.90 points.
Eurozone shares proved relatively resilient to a global sell-off on Thursday, managing modest gains despite heavy losses in U.S. and Asian markets. Dow Futures traded higher by more than 200 points.
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Shares of OBC traded 6.82% higher at Rs 66.55 on the BSE.
Oil prices steadied on Thursday, recovering from an early sell-off after Asian and European stock markets plunged in the wake of Wall Street's biggest daily decline since 2011, said a Reuters report. Brent crude oil fell 82 cents, or 1.1%, to a low of $75.35 before recovering to trade around $76.32, up 15 cents, by 0910 GMT. The global benchmark has lost more than $10 a barrel since hitting a high of $86.74 on Oct. 3. U.S. light crude was unchanged at $66.82 after touching an intraday low of $65.99, down 83 cents.
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Maruti Suzuki shares traded at Rs 6,669 per share on the BSE, down 1.47%.
Also read: Maruti Suzuki net profit drops 9.8% on-year to Rs 2,240 crore: Key figures in a nutshell
InterGlobe Aviation share price dropped over 5% in early morning trade on Thursday after the company reported its first quarterly loss since its listing in November 2015. However, Indigo shares recovered by nearly 8% from its lows during the day’s trade on value buying. Interglobe Aviation, the operator of low-cost carrier IndiGo, on Wednesday reported a net loss of Rs 652 crore for the quarter ended September against a profit of Rs 551 crore during the same period last year.
Read full story here: IndiGo share price recovers 8% from day’s low after morning plunge on Q2 loss; here’s what brokerages say
Tata Steel has not seen much impact due to the global "tariff war", Chief Executive T.V. Narendran said on Thursday. The company expects to complete the deal to buy Usha Martin within the next six months, Reuters reported Narendran as saying, adding that the company's debt to EBITDA ratio remains unchanged. The CEO said Tata Steel keen on acquiring Bhushan Power for the price at which they bid. The company expects global steel prices to stabilise soon and sees steel imports from Turkey and Ukraine, Narendran said.
Tata Steel shares were trading 1.05% lower at Rs 544.05 per share on the BSE.
London copper prices fell for a third straight session on Thursday, hitting a two-week low as the metal considered to be an economic bellwether tracked a slump in global equity markets, said a Reuters report. Copper has been losing ground on concerns of a slowdown in top metals consumer China, which pledged to support illiquid private companies after third-quarter GDP growth slowed to 6.5%, the lowest since 2009.
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Shares of HCL Infosystems traded 7.13% higher at Rs 26.30 per share on the BSE.
Shares of NBFC firm L&T Finance Holdings plunged on Thursday, despite the firm reporting stellar Q2 results, however, business was affected by exposure to IL&FS in the latest quarter. LTFH noted that four issues including Kerala deluge, Infrastructure Leasing & Financial Services (IL&FS), rumors of Supertech default and prevailing liquidity position affected the industry in Q2FY19. Notably, L&T Finance Holdings share price plunged by more than 12.6% intra-day to hit fresh 52-week low of Rs 110.65 on NSE this afternoon. In the latest quarter, L&T Finance Holdings has reported a 65% rise in net profit to Rs 560 crore from Rs 338 crore a year earlier.
Read more here: L&T Finance Holdings share price plunges 13% despite strong Q2 results; IL&FS concerns at play?
The Nifty IT index was the only index trading in the green amid a carnage in the Indian equity markets on Thursday. Wipro shares gained over 3% after the company announced its Q2 earnings on Wednesday.
Oil prices were dragged lower on Thursday by a plunge in global stock markets, with U.S. stocks posting the biggest daily decline since 2011 to wipe out the year's gains, said a Reuters report. Front-month Brent crude oil futures were at $75.76 a barrel at 0621 GMT, 41 cents, or 0.5%, below their last close. U.S. West Texas Intermediate (WTI) crude futures were at $66.45 a barrel, 37 cents, or 0.6%, below their last settlement.
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Shares of Bharat Heavy Electricals traded 3.82% lower at Rs 73.05 per share on the BSE.
The NSE Nifty AUto index hit a fresh 52-week low on Thursday amid a sector-wide sell-off in the domestic equity markets. Motherson Sumi Systems was the top drag, followed by shares of Eicher Motors, Bharat Forge, Tata Motors and Ashok Leyland.
Australian shares sank across the board on Thursday to end at a more than one-year low, with metals and mining leading the descent after Wall Street's biggest daily decline since 2011 set the bearish tone, said a Reuters report. The S&P/ASX 200 index fell for a fifth straight session, closing 2.8% down at 5664.1. The Australian metals and mining index fell 3.5% to a more than one-month closing low.
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"Our India business has delivered organic volume growth of 11.7% during this period on the back of strong peak season sales. PAT increased by 31% YoY driven by strong volumes in India as well as in the international operations," Ravi Jaipuria, Chairman, Varun Beverages Limited, said in a statement.
Varun Beverages shares traded lower 0.37% at Rs 746.30 per share.
The Nifty PSU bank index traded with loses on Thursday. SBI shares fell over 2%, followed by Syndicate Bank (-1.11%), Central Bank (-1.01%), Indian Bank (-0.97%) and Bank of Baroda (-0.83%). Bank of India shares traded down by 2.11%.
Billionaire Sunil Mittal-led Bharti Airtel share price plunged on Tuesday ahead of its Q2 results scheduled to be announced later today. Notably, Bharti Airtel share price plunged 4.93% this morning to intraday low of Rs 301, as the firm is expected to post its first quarterly loss in 15 years. In view of the extreme competition in the telecom space, especially from Mukesh Ambani-led Reliance Jio, brokerage firms expect the firm to report its first quarterly loss in 15 years.
Read the full story here: Sunil Mittal firm may post first loss in 15 years
The NSE Nifty slipped below the 10,100-mark during the mid-morning trade deals on Thursday. The Nifty fell below the psychologically important mark for the first time in nearly seven months on the back of a huge sell-off amid a global markets rout. The Nifty is down nearly 4% this year.
Reliance Industries share price continued to decline for the sixth consecutive day on Thursday, with the stock falling below 200-DMA. RIL fell over 2% to a low of Rs 1023 per share on the BSE, even as the Sensex dived over 300 points.
The BSE Sensex slipped below the 33,700-mark to hit a low of 33,683.38 points intra-day as selling intensified amid a global rout. The Sensex breached the mark for the first time in over six months.
Shares of Yes bank rose 1.45% to a high of Rs 206.95 per share on the BSE ahead of its quarterly results announcement later during the day. Currently, the shares traded at Rs 204.20 per share, up 0.10%.
After a slump in U.S. stocks, Asia’s main equity gauge has finally succumbed, entering a bear market overnight. The region’s equities have already lost more than $4.9 trillion in value this year, and Thursday isn’t looking pretty, according to a Bloomberg report. The MSCI Asia Pacific Index fell 2.1% at 9:34 am in Hong Kong, taking its slide from a January peak to 22%. Japan’s Topix index plunged 2.9%, heading for its lowest close since September 2017, while the Nikkei 225 Stock Average lost 3.5%.
Read the full story here: Asian stocks lose $5 trillion so far this year with no end in sight
Wipro share price surged nearly 3% on Thursday. The IT services major on Wednesday posted a 13.8% decline in consolidated net profit at Rs 1,889 crore for the July-September quarter of 2018-19. Earnings per share for the quarter was Rs 4.19. The IT services segment revenue was reported at Rs 14,380 crore (USD 2 billion). "We expect revenue from IT services business (in October-December 2018 quarter) to be in the range of USD 2,028 million to USD 2,068 million... This translates to sequential growth outlook of 1-3 per cent," the company said in a statement.
Oil prices fell by around one percent on Thursday, coming under pressure from sharp selloffs in global stock markets, with U.S. stocks posting the biggest daily decline since 2011 to wipe out the year’s gains, according to a Reuters' report. Front-month Brent crude oil futures were at $75.42 a barrel at 0043 GMT, 75 cents, or 1%, below their last close. U.S. West Texas Intermediate (WTI) crude futures were at $66.23 a barrel, 59 cents, or 0.9%, below their last settlement.
Read the full story here: Crude oil prices fall amid global stock markets slump
Rupee opened weak in the early trade Thursday, losing 19 paise at 73.34 per US dollar versus 73.15 yesterday. On Wednesday, plunge in global crude oil prices supported the rupee as it ended 41 paise higher against Tuesday’s close of 73.56.
Read the full story here: Rupee opens 19 paise weak at 73.34 against US dollar
L&T Finance Holdings was among the most traded stock by volume in the first 15 minutes of trade on the NSE today. Check out the other stocks here:
The BSE Sensex and NSE Nifty nearly 1% lower in opening trade on Thursday in line with global stocks. Check out the top gainers and losers on the Sensex.
The U.S. Indices have tumbled again Wednesday on the same reasons of fears of slowing global growth, rising interest rates and plateauing profits.
While the Dow and the S&P 500 have turned negative for the year, by 0.6%and 0.7% respectively, the Nasdaq has entered correction territory, falling more than 10% for the year.
The dollar index has risen by about 0.3%, challenging the nascent recovery in the Rupee. Our Nifty, which closed with gains of 0.8% yesterday will again be under pressure on the opening trade. Today is also the settlement day for October derivatives. Rollovers are in line with recent months and that is unlikely to put pressure on the markets. Support for the nifty comes in at recently formed bottom of 10102.
-- HDFC Securities
The BSE Sensex traded over 200 points in the pre-open session on Thursday. The rupee opened nearly 19 paise lower at 73.2962 against the US dollar.