Share Market Highlights: Sensex ends 382 points lower, Nifty below 10,500; Yes Bank tanks 6.5%; NBFCs drag

By: | Updated:Oct 17, 2018 4:15 pm

Share market highlights: In a choppy trading session observed on Wednesday, the 30-shares Sensex closed 382 points lower, even as the broader Nifty closed below the psychological 10,500 level as financials and NBFC stocks dragged. 

Share market highlights: The 30-share Sesnex zoomed 380 points on open, while the broader Nifty 50 opened above the 10,700-mark.

Share market highlights: In a choppy trading session observed on Wednesday, the 30-shares Sensex closed 382 points lower, even as the broader Nifty closed below the psychological 10,500 level as financials and NBFC stocks dragged.

The domestic stock markets gave up early gains on Wednesday afternoon, tanking more than 782 points from day’s high. The BSE Sensex fell to day’s low of 34,727.14, even as shares of Maruti Suzuki, M&M, ONGC, Adani Ports fell more than 3% each. Yes Bank share price fell by 8% to hit the day’s low at Rs 228.5. A heavy sell-off was witnessed in housing financce companies, with shares of Indiabulls Housing Finance tanking 12.5% to hit day’s low of Rs 787, as liquidity fears spooked the stock markets on Wednesday afternoon.

Earlier, Asian equities got some welcome relief on Wednesday after upbeat U.S. earnings reports drove a rebound on Wall Street and helped restore a little faith in emerging market stocks and currencies, Reuters reported. The Dow Jones Industrial Average (DJIA) surged 547.87 points to 25,798.42, with UnitedHealth outperforming. The S&P 500 gained 2.1 percent to 2,809.92 as the tech and health care sectors jumped more than 2.5% each.

The results of billionaire Mukesh Ambani-led Reliance Industries will be in focus today. According to a Bloomberg poll, RIL’s consolidated net sales is expected to come in at Rs 1.41 trillion; net profit is estimated at Rs 9,630.20 crore by 10 brokers. We bring to you key highlights from today’s trading session.

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16:01 (IST) 17 Oct 2018
Expert take: Nifty to consolidate in range of 10,100-10,700

"Nifty recovered from 10150 levels and tested 10650-10700 levels. Crude has corrected from recent highs,  coupled with strength in the rupee has reduced the external risks to the markets. Profit booking was seen in today’s trading session after having rallied for 5-6 percent in the short term. We expect the broader markets to consolidate in the range of 10100-10700  for the next few weeks before giving a breakout on the upside. Currently momentum in seen in the IT and Pharma space while Auto and Realty trade with negative bias," Sahaj Agrawal of Kotak Securities said.

15:35 (IST) 17 Oct 2018
Sensex closes 382 points lower; Nifty below 10,500; Yes Bank, Maruti Suzuki, Adani Ports plunge up to 8%

The 30-share Sensex closed 382 points lower in a volatile trading session on Wednesday. The shares of Yes Bank, Maruti Suzuki, Adani Ports  plunged by up to 8% in the later afternoon trade. Notably, the Sensex has closed 826 points from day's high of 35,605.43. Meanwhile, the broader Nifty 50 closed below the crucial 10,500-mark, at about 10,451. 

15:10 (IST) 17 Oct 2018
Bluechips RIL, TCS, Maruti Suzuki, Yes Bank contribute most to Sensex fall

Even as the Sensex erased morning gains and contnues to extend losses, shares of  Reliance Industries, ICICI Bank, HDFC Bank and TCS have contributed most to the index's fall. We take a closer look at the chart. 

 

14:46 (IST) 17 Oct 2018
Midcap stocks reel under pressure as DHFL, Edelweiss, Reliance Capital shares drag

The BSE MidCap index plunged by more than 470 points from day's high as shares of Indiabulls Housing Finance, DHFL, Reliance Capital, IIFL and Cholamandalam Finance plunged by more than 8% each intra-day following liquidity concerns in the NBFC space. Indiabulls Housing Finance shares fell by more than 15% to hit the day's low of Rs 787, while DHFL share price corrected by over 12% to Rs 238.30, dragging the BSE Midcap Index. UBL share price rose by more than 6% intra-day to hit 1,232.75, and emerged as the biggest gainer in the BSE MidCap Index. 

14:28 (IST) 17 Oct 2018
Piramal Enterprises shares plunge 10% on reports that firm is considering billion dollar pharma business sale

Shares of Piramal Enterprises plunged by more than 10% intra-day on Wednesday after media reports said that the financial services-to-pharma conglomerate, is said to be weighing the sale of  its pharmaceutical services business for a valuation of $1 billion. Piramal Enterprises shares plunged to day's low of Rs 2096.05, down by more than 10%. 

14:16 (IST) 17 Oct 2018
Sensex plunges 571 points from day's highs; financials, auto stocks trade with losses

Sensex has plunged more than 571 points to day's low of 35,034 in a choppy afternoon session. Banking stocks are among the worst performers for the day, even as shares of ICICI Bank, IndusInd, Axis Bank and Yes baqnk fell up to 6% on Wednesday afternoon. All sectors except FMCG and IT are trading in the negative. Maruti Suzuki, M&M, Hero Motocorp plunge more than 2.2% each. 

13:20 (IST) 17 Oct 2018
Sensex turns negative; Yes Bank, Maruti Suzuki, Axis Bank among top losers

After starting the day on a postive note, the 30-share Sensex plunged to the negative zone, with shares of Yes Bank, Maruti Suzuki, and Axis Bank tanking by up to 8% in the afternoon trade. Yes Bank shares lost 8% to hit intra-day low of 228.5, after media reports said that  Yes Bank's board had recommended retrieving bonuses paid to MD and CEO Rana Kapoor for two years ended March 31, 2016 due to adverse observations made by India's central bank RBI. The Sensex gave up more than 450 points to trade below yesterday's close of 35,162. Sensex hit an intra-day low 35,138 in the afternoon. Meanwhile, Nifty plunged to day's low of 10,557.

12:58 (IST) 17 Oct 2018
KRBL shares recover after management clarifies that no red flags have been raised by auditors

After plunging to day's low of Rs 306, KRBL shares recovered more than 8% to Rs 345.45. In an interview to CNBC TV18, Anoop Gupta, joint MD at KRBL said, "Four months back, a lot of investors had told us to change the auditors. So, in the latest AGM, we decided to appoint Walker Chandiok as our auditor. SSAY & Assocaites said that they do not want to be jointly involved with Walker Chandiok. There were no red flags raised by the auditors."  

12:41 (IST) 17 Oct 2018
KRBL shares plunge 10% intra-day after firm announces resignation of auditors SSAY & Associates

KRBL share price tanked by as much as 10% intra-day to hit the day's low at Rs 306, after the firm announced that auditors SSAY & Associates. "This is to inform you that one of our Joint Statutory Auditors i.e. M/s S S A Y & Associates, Chartered Accountants, (Firm Registration No. 012493N) vide their letter dated October 16, 2018, (as attached) have resigned from the position of Joint Statutory Auditors of the Company with immediate effect due to some unavoidable circumstances," the firm said.

12:24 (IST) 17 Oct 2018
DHFL shares plunge 12%, Repco Home Finance share price down 11% as liquidity concerns drag NBFCs

Liquidity fears spooked the stock markets on Wednesday afternoon, with shares in the NBFC space shedding as much 15%. Indiabulls Housing Finance share price plunged by more than 15% on Wednesday to hit the day's low of Rs 787, while DHFL share price corrected by over 12% to hit intra-day low of Rs 238.30, and Repco Home Finance shares shed more than 11% to 323.80.  Indian markets have been facing a liquidity crunch with a depreciating rupee and higher oil prices. And, the recent string of defaults by non-banking financial firms on debt repayment has compounded worries, Reuters reported. "We should have followed how global markets behaved, but it is more to do with the sell-off. FIIs (foreign institutional investors) are selling regularly after a break of a day... All financials are getting hit badly, liquidity is again becoming tighter," AK Prabhakar, head of research at IDBI Capital told Reuters.

12:09 (IST) 17 Oct 2018
Indiabulls Housing Finance share price plunges 15% as NBFCs drag; Macquarie says buy

Indiabulls Housing Finance share price plunged by more than 15% on Wednesday to hit the day's low of Rs 787, even as the entire NBFC space was trading under heightened pressure. Indiabulls Housing Finance had reported a 21% on-year jump in net profit to Rs 1,044 crore. Taking stock of the plunge in the shares, global firm Macquarie said that the price is falling due to rumours of its exposure to Vatika, SuperTech and Radius. According to the firm, Indiabulls Housing is an opportunity for investors to buy at the current level. At  Rs 800 per share, it is trading below 2 times price-book ratio.

11:34 (IST) 17 Oct 2018
Sensex earses morning gains, down 400 points from day's high; Yes Bank slumps 6%

11:05 (IST) 17 Oct 2018
RIL vs TCS mcap: Reliance Industries share price jumps 1.3% ahead of Q2 results

After surpassing TCS on Tuesday, shares of RIL continued the strong rally on Wednesday as well and were trading at Rs 1172.20 a piece, up 0.83% in the early morning trade, after touching an intraday of Rs 1180.95, ahead of the company’s second quarter financial results to be announced later in the day.  Reliance Industries surpassed IT giant TCS to become the country’s most valued firm by market capitalisation. As per Tuesday’s close, Reliance Industries’ market capitalisation was recorded at Rs 7,37,576.57 crore on the Bombay Stock Exchange (BSE), up Rs 1,471.26 crore from that of Tata Consultancy’s market capitalisation of 7,36,105.31 crore on Tuesday, data available with the stock exchanged showed. 

Also read: RIL pips TCS again to become India’s most valued firm; Mukesh Ambani-led firm’s rise so far

10:54 (IST) 17 Oct 2018
Adani Group enters into agreement with Total, for fuel retail, LNG terminals

Adani Group has announced signing of an agreement with France-based energy giant Total for Liquefied Natural Gas (LNG) import terminals and fuel retail network. “Adani and Total have signed an agreement to jointly develop multi-energy offerings to the Indian energy market," a joint statement issued by the two companies said.

10:36 (IST) 17 Oct 2018
Rupee update: Rupee at 2-week high, Standard Chartered says can appreciate further

After the rupee gained  to hit hit a 2-week high of 73.41 against dollar, Standard Chartered said that rupee may appreciate to 73.25-73.50.  CPI was below expectations and trade balance surprised positively, the firm noted. After closing at 73.48 yesterday, the rupee strengthened by 6 paise to 73.42 against the US dollar in early trade on Wednesday on increased selling of the Us dollar by exporters and banks.

Also read: Rupee hits 2-week high of 73.41 against dollar on increased selling of USD by exporters

10:16 (IST) 17 Oct 2018
Expert take: Kotak Mutual Funds' Harsha Upadhyaya prefers retail banks over NBFCs

In an interview to CNBC TV18,  Kotak Mutual Funds' Harsha Upadhyaya said that he prefers retail private banks over NBFCs in the current market. He sees a possibilty of a further correction in the small and midcap space. Equity investments will continue to provide moderate returns in the near-term. He expects 12-15% growth this fiscal. 

09:54 (IST) 17 Oct 2018
Rupee gains to hit 2-week high; at 73.42 against USD

The domestic currency rupee strengthened by 6 paise to 73.42, a 2-week high, against the US dollar in early trade on Wednesday on increased selling of the American currency by exporters and banks.  Yesterday the rupee gained 37 paise close at 73.46 per dollar.

09:40 (IST) 17 Oct 2018
Infosys share price rallies 4% after strong Q2 resutls

Infosys share price rallied by nearly 4% after the IT bellwhether reported strong Q2 results.  Infosys share price gained 3.7% to hit an intra-day high of Rs Rs 721.8.  Yesterday, India’s second largest IT behemoth Infosys reported results for July-September quarter above street with street estimates as net profit came in 10.3% higher on year to Rs 4,110 crore.

09:20 (IST) 17 Oct 2018
Sensex opens 380 points higher; Nifty above 10,700; Infosys zooms 2% after Q2 results

The 30-share Sensex rallied on Wednesday, tracking strong Asian market cues, even as the broader Nifty 50 opened above the 10,700 level.

Infosys shares emerged as top gained in the Sensex post strong Q2 results announced yesterday.

09:09 (IST) 17 Oct 2018
Sensex pre-open: Heat map

09:00 (IST) 17 Oct 2018
RIL Q2 results to assume focus

The Q2 results of billionaire Mukesh Ambani-led Reliance Industries will be in focus today. According to a Bloomberg poll of seven brokers, RIL’s consolidated net sales is expected to come in at Rs 1.41 trillion; net profit is estimated at Rs 9,630.20 crore by 10 brokers. The results will be announced later this evening. RIL shares closed at Rs 1,166 on NSE yesterday afternoon. 

Share market yesterday:  The Sensex and Nifty gained for the third consecutive day yesterday riding on upbeat cues from the global markets, coupled with a recovery in the rupee and easing crude oil prices. Gains were led by banking stocks, followed by realty, auto, pharma, IT and metals stocks. The BSE Sensex closed Tuesday’s trade 297.38 points or 0.85% higher at 35,162.48 points, after gaining nearly 350 points to scale an intra-day high of 35,215.79 points intra-day. M&M, Adani Ports, ONGC, SBI, ICICI Bank, Axis Bank, Reliance and HDFC were among the top gainers on the Sensex index. HDFC Bank was the top drag on the Sensex index.
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