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  1. Share market HIGHLIGHTS: Sensex closes tad above 34,000, Nifty down 225 points; financials, IT stocks drag

Share market HIGHLIGHTS: Sensex closes tad above 34,000, Nifty down 225 points; financials, IT stocks drag

Share market today: The BSE Sensex closed Thursday's trade nearly 760 points lower at 34,001.15 points, while the NSE Nifty ended 225 points lower. Yes Bank was the only gainer on the Nifty bank index. Oil marketing companies gained, while financials, IT, metal stocks dragged the indices lower.

By: | Updated:Oct 11, 2018 4:43 pm
share market live today, stock market live today Stock market today: Sensex and Nifty are likely to witness a gap-down start. Check for live updates

Share market HIGHLIGHTS: The Sensex and Nifty on Thursday plunged to six-month lows amid a global market rout which triggered a sell-off in the domestic equity markets. The Sensex, which had plunged over 1,000 points in opening trade, closed 759.74 points, or 2.19%, lower at 34,001.15 points. The NSE Nifty recouped some of its early morning losses to close at 10,234.65 points, down 225.45 points or 2.16% lower.

The BSE market breadth remained bearish on Thursday, with 1,765 declines and 819 advances. Yes Bank, HUL and ONGC were the only Sensex losers, while Infosys, HDFC, TCS, HDFC Bank, SBI, ICICI Bank, Reliance Industries and ITC cumulatively wiped off over 500 points from the index. Yes Bank was the only gainer on the banking index.

IT major Tata Consultancy Services will be the first Nifty bluechip company to announce its corporate results for the second quarter ended September, 2018 today. Airline stocks traded higher today after the government on Wednesday cut excise duty on jet fuel or ATF to 11% from current 14% in a bid to give relief to the aviation industry that has been hit hard by high fuel prices. Oil marketing companies stocks bucked the trend and traded with gains riding on lower crude prices.

Oil fell to two-week lows on Thursday as it extended losses from the previous session amid a rout in global stock markets, with prices also hit by an industry report showing U.S. crude inventories rose more than expected, according to a Reuters report. In the global markets, the S&P 500 index on Wall Street witnessed its biggest intra-day fall in nearly eight months on the back of falling technology shares on fears of slowing demand. The Asian markets, too, tanked on Thursday tracking the overnight US markets losses.

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

16:42 (IST) 11 Oct 2018
Market fell to a six month low: Geojit Financial Services

"Market fell to a six month low after the US market dragged down yesterday due to concerns over FED rate hike trajectory and trade tensions. However, INR gained due to falling oil prices and slide in domestic bond yield. Oil prices declined in expectation of increased production and if this trend continues, the rupee may find some stability."

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

16:04 (IST) 11 Oct 2018
NSE live today: Check out the top Nifty gainers and losers

The NSE Nifty closed Thursday's trade lower by 225.45 points or 2.16% at 10,234.65 points with heavy losses in PSU banks, financial services, IT, metals and realty sectors. Check out the top 5 gainers and losers on the Nifty today:

15:56 (IST) 11 Oct 2018
In weak markets, any negative news always hurts the strength and sentiment: Bonanza Portfolio

"Sell-off in market has come from yesterday's events like Dow Jones falling by 400-500 points. Trump statement added the fuel to it. What we think is the range for Nifty is bound currently in between 10,000 on downside and 10,650 on the upside. In weak markets, any negative news always hurts the strength and sentiment."

"A couple of problems that are surfacing up are Liquidity for which government and RBI are making effort, some of NBFC loans are being bought by SBI. Midst of these, the uncertainty of impacts, wait of September quarter results and rise of crude oil and fall of the rupee to lowest level has made the market to worrisome mode. Current account deficit may be hitting yearly negative and capital account deficit to is a chance. 10,000 or 9,900 is a crucial support and also if another rise to 10,650 -700 and fall to 10,000 followed by a breach of 10,000 can have a severe impact. 200 weeks average of the market is at 9,200 which is as of now less possibility, but if crude hits too high and events like CAATSA sanctions, FII more sell off and earnings degrowth happen, then it is probable."

-- Pritam Deuskar, Fund Manager, Bonanza Portfolio

15:37 (IST) 11 Oct 2018
CLOSING BELL: Sensex closes 760 points lower; Nifty ends over 200 points down; banking stocks take a knock

The BSE Sensex closed Thursday's trade 760 points lower amid a global stock market rout. The Nifty ended over 200 points lower, dragged lower by banking stocks.

15:21 (IST) 11 Oct 2018
Sector UPDATE: Metals index slips 4%; Tata Steel, Vedanta down up to 5%

The Nifty metals index slipped 4% on Thursday, with shares of Tata Steel, Vedanta, Hindalco among others down up to 5%. Jindal Steel shares were down 8% on Thursday.

15:13 (IST) 11 Oct 2018
Market, Rupee slump due to external factors; govt to take action at appropriate time: Official

Attributing the slump in stock and currency markets to external factors, a finance ministry official on Thursday said more steps will be taken to check current account deficit (CAD) and hoped that the rupee would appreciate. 'What happened in US yesterday had a ripple effect here today. The IMF has downgraded global growth rate, US growth rate for next year, both these had impact on markets,' a PTI reported the official as saying. The government will take action at an appropriate time to check widening CAD and going forward there are indications that oil prices will fall, which will have positive implications on the rupee.

While the stock market benchmark Sensex in the early trade Thursday crashed over 1,000 points, the rupee fell to a record low of 74.45 to a dollar.

14:40 (IST) 11 Oct 2018
BSE live! Sensex near record lows again! Slips below 34,000

The BSE Sensex, which had recovered nearly 600 points from its day's low, slipped close to its day's low again during late-afternoon trade deasl. Around 2.38 pm, the Sensex traded at 33,874.99 points, down 885.90 points or 2.55%.

14:23 (IST) 11 Oct 2018
NSE live! All sectoral indices in red

The Nifty of the National Stock Exchange recovered almost 170 points from its day's low to trade at 10,217.80 points around 2.20 pm. All the sectoral indices on the NSE slipped into the red.

14:14 (IST) 11 Oct 2018
Rupee’s hidden rhythm!

Where will the rupee settle is an interesting question and there are no easy answers, says ArunaGiri N, Founder CEO and Fund Manager at TrustLine Holdings. Though at the current level of 72.60 , it is closer to fair value, he says one can’t rule out under-shooting to much lower level in the short-term as markets always do such manic moves, however irrational it could be. More so, with crude flirting around $80 level and money still rushing out of Emerging Markets (FII outflows from EMs), he adds.

Read the full article here: Is there a method to madness in Indian currency’s movement?

13:59 (IST) 11 Oct 2018
Stock market crash erodes over Rs 3 lakh crore from investor wealth

Led by the sharp carnage in equities, the market capitalisation of BSE-listed companies slumped Rs 3,05,625.87 crore to Rs 1,35,59,695.82 crore in late morning trade on Thursday.  Investor wealth had soared over Rs 3 lakh crore Wednesday as the stock market made a strong recovery, with the BSE benchmark index surging 461.42 points.

Read full story here: Sell-off impact! Stock market crash erodes over Rs 3 lakh crore from investor wealth

13:44 (IST) 11 Oct 2018
GLOBAL MARKETS update: European shares plunge to 20-month lows

European shares fell to their lowest level in more than 20 months on Thursday following a rout on Wall Street as jitters over rising U.S. Treasury yields sparked a broad selloff of risky assets, said a Reuters report. All sectors in Europe were trading in the red, with tech stocks bearing the brunt of the selling pressure after the big U.S. technology stocks that have been the driving force behing a multi-year bull market posted heavy losses overnight. Europe's tech index fell 2.4%, even though Ingenico rallied 8.5% after Natixis said it was examining a merger of its payments activities with the financial and payments firm.

13:38 (IST) 11 Oct 2018
We are overweight on IT and Pharma: Union AMC CEO

While the rupee fell to an intra-day low of 74.4825 per US dollar today, G Pradeepkumar, CEO, Union Mutual Fund, believes that the rupee depreciation might be beneficial for export oriented sectors like Information Technology (IT) and Pharma, depending on the hedges in place. "However, we emphasize that investors should consider business fundamentals in their decision making, rather than be purely driven by currency movements. We are overweight on IT and Pharma, based on their strong business fundamentals and attractive valuations, aided by favorable currency tailwind," he added.

Read the full interview here: Remain invested in stocks for at least 5 years if you want meaningful returns

13:30 (IST) 11 Oct 2018
Zee Entertainment hits one-month high after company posts robust Q2 revenue

Shares of Zee Entertainment Enterprises Ltd on Thursday rose 4.2% to a one-month high of Rs 479 after stellar Q2 results. The company on Wednesday  posted 22.7% rise in quarterly advertising revenue and 21.3% climb in subscription revenue for the second quarter ended September, 2018. Citi Group has raised target price to Rs 550 from Rs 540 rupees, saying that operating metrics for Zee5 have positively surprised and it could see the company as the best play on the macro trend of increasing online video consumption if it continues to execute in this manner.

13:25 (IST) 11 Oct 2018
Rupee recovers 40 paise from record low

The Indian rupee recovered 40 paise from its record low at 74.4825 per US dollar. During mid-afteroon trade, the rupee traded over 40 paise higher at 74.0575 against the US dollar from its day's low, Bloomberg data showed.

13:00 (IST) 11 Oct 2018
India's macroeconomic data will give further direction to the rupee: Anand Rathi Shares and Stock Brokers

"The rupee continues to make a new record low as the global and domestic equities experienced steep sell-off. Continued FII outflows from debt and equity market is keeping sentiments bearish. Though the crude oil prices have eased overnight, it is temporary. As US sanctions on Iran begin from November, crude oil prices might continue to rise in the international market. This may pressurize the rupee in coming sessions. Focus would now shift to India's macroeconomic data which will give further direction to the rupee."

--  Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers

Data like IIP for August and CPI for September month will be announced this Friday.

12:56 (IST) 11 Oct 2018
Sensex recovers 500 points from day's low

The 30-share Sensex has recovered from day's lows, and is now down by about 530 points from yesterday's close. Yes Bank and ONGC are the only stocks trading in the green. Earlier, Yes Bank shares surged over 14% during late-morning deals on Thursday, scaling an intra-day high of Rs 268.45 per share on the BSE. The Sensex has tanked by more than 1000 points in open, impacted by the ongoing global sell-off. The domestic currency rupee plunging to a fresh record low of 74.48 also weighed on the sentiment.

12:16 (IST) 11 Oct 2018
Yes Bank shares surge over 14%

Yes Bank shares surged over 14% during late-morning deals on Thursday, scaling an intra-day high of Rs 268.45 per share on the BSE. Yes Bank shares were on a gaining spree after the bank announced earlier this week that it has appointed a search committee to find Rana Kapoor’s successor. On Tuesday, Yes Bank shares had gained more than 4% intra-day after reports that promoters Rana Kapoor and Madhu Kapur have initiated moves to reach an out-of-court settlement.

Also read: Yes Bank share price zooms 4% after reports of promoter Rana Kapoor seeking out-of-court settlement

12:06 (IST) 11 Oct 2018
Sector UPDATE: NBFCs resume fall; Indiabulls Housing Finance falls over 5%

NBFC stocks resumed their fall on Thursday, with shares of Indiabulls Housing Finance falls over 5%. Shares of IIFL Holdings were down 5.51%, followed by Bajaj Finserv (-4.25%), Mahindra & Mahindra Financial Services (-3.78%) and Bajaj Finance (-3.20%). The NBFCs resumed their fall on Thursday after Wednesday's gains.

Read why NBFC stocks gained on Wednesday.

11:55 (IST) 11 Oct 2018
BSE live! Sensex further trims losses; Yes Bank and ONGC contributes

The BSE Sensex further trimmed some losses during the late-morning deals and traded at 34,010.19 points, down 750.70 points or 2.16%. ONGC and Yes Bank were the only two gaining stocks on the Sensex index.

11:52 (IST) 11 Oct 2018
Jet Airways shares zoom nearly 8%

Aviation stocks got a fillip on Thursday morning, with shares of Spicejet, Jet Airways, IndiGo gaining as much as 8% in the morning trade, after the government announced excise duty cut on turbine fuel yesterday. The Narendra Modi government announced excise duty cut on Aviation Turbine Fuel (ATF) from 14% to 11%, providing relief to the aviation industry from higher fuel prices.

Also read: Aviation stocks soar; Spicejet, Jet Airways, IndiGo share prices zoom up to 11% after ATF excise cut

11:33 (IST) 11 Oct 2018
Most Asian currencies weaken as global equities battered

Most Asian currencies were driven lower by a global sell-off in equities with the dollar also surprisingly losing ground, while safe-havens like the Japanese yen and U.S. debt received support, said a Reuters report. The sinking rupee hit yet another record low in early trade on Thursday, but steadied to 74.390 by late morning. Currencies of export-focused economies such as South Korea's won and Taiwanese dollar fell the most against the greenback, down 0.9% and 0.5%, respectively. Singapore's dollar strengthened 0.1% to 1.382, ahead of a key policy meeting on Friday while also gaining support from a weaker greenback, the report added.

11:18 (IST) 11 Oct 2018
Sector UPDATE: Nifty IT index down 3%; Infosys slips 3.49%

NSE live: The Nifty IT index slipped over 3% during the mid-morning trade deals on Thursday despite the Indian rupee plunging to record lows. Infosys shares were trading lower by over 3%, while TCS shares were down  2.60%. TCS will announce their second quarterly results later in the day.

11:02 (IST) 11 Oct 2018
India is fast losing its position as a relatively safe market: Equity99

"Global factors led to a 1000-point cut in the Sensex in opening trade today, which pushed the index below its crucial support at 34,000 while for the Nifty50, the cut was over 300 points. Overnight, US markets saw their worst decline in 8 months with rising Treasury yields and trade-related worries weakening risk appetite for equity investors... Most of the Asian markets are also in the same drop which weakness in US markets. Japan’s Nikkei sank 3.2 percent in early trading, which would be the biggest daily drop since March. The recent fall in rupee which pushed the currency below Rs 74/USD has made returns for foreign investors slightly unattractive. Also, it looks like a rotational trade is happening as money is moving from risk assets to risk-free assets."

"India which was considered a relatively safe market a few weeks ago and now is fast losing its position after the INR plunged to a record low and crude oil prices soared to new highs."

-- Rahul Sharma, Senior Technical Research Analyst, Equity99

10:46 (IST) 11 Oct 2018
NSE live! Over 200 stocks hit new 52-week lows

Amid a sharp sell-off in the Indian equity markets on Thursday, nearly 216 securities hit their new 52-week lows. Andhra Bank, Bank of Baroda, Bharti Airtel Limited, BSE, Hindustan Aeronautics Limited were among the stocks which touched new 52-week lows during morning trade session.

10:39 (IST) 11 Oct 2018
Gold nudges down as strong U.S. data boosts rate rise view

Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses, said a Reuters report. The marginal decline came even as Wall Street suffered its worst drubbing in eight months. Spot gold was down 0.2% at $1,192.58 an ounce at 0430 GMT. U.S. gold futures edged up 0.2% to $1,195.90 an ounce.

10:30 (IST) 11 Oct 2018
Sector UPDATE: Oil and gas stocks buck the trend; ONGC only Sensex gainer

Oil and gas stocks were trading with marginal gains on Thursday despite a sell-off in the markets tracking falling crude oil prices. Oil prices fell to two-week lows as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected, said a Reuters report. ONGC was the only Sensex gainer, trading 0.30% higher.

10:24 (IST) 11 Oct 2018
IMF chief defends rate hikes after Trump slams 'crazy' Fed

Central bank rate hikes were a "necessary development", International Monetary Fund chief Christine Lagarde said Thursday, a day after Donald Trump sent global markets tumbling by calling Fed increases "crazy", according to an AFP report said. "It is clearly a necessary development for those economies that are showing much improved growth, inflation that is picking up... unemployment that is extremely low," Lagarde told a press briefing at the IMF's annual meeting in Bali. "It's inevitable that central banks make the decisions that they make."

Trump's comments Wednesday triggered a sell-off on Wall Street, with Asian markets opening sharply lower on Thursday in response. "I think the Fed is making a mistake. It's so tight. I think the Fed has gone crazy," the US president said.

Also read: Global sell-off! Asian shares shattered by Wall Street rout, China’s yuan under fire

10:18 (IST) 11 Oct 2018
TCS shares slip 4.89% ahead of Q2 results

Shares of Tata Consultancy Services slipped over 4% during morning trade session on Thursday, ahead of its quarterly results announcement later in the day. TCS shares fell 4.89% to a low of Rs 1,943.05 per share on the BSE. Meanwhile, the BSE Sensex was trading 860.30 points or 2.47% lower at 33,900.59 points. The Indian stock market witnessed a sharp sell-off on Thursday amid a rout in global equities and a weak rupee.

10:12 (IST) 11 Oct 2018
Asia shares plummet after Wall St rout; Shanghai at near 4-year lows

Asian share markets sank in a sea of red on Thursday after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe, said a Reuters report. MSCI's broadest index of Asia-Pacific shares outside Japan plummeted 3.9% to its lowest since March 2017. Japan's Nikkei fell 4.4%, the steepest daily drop since March, while the broader TOPIX lost around $230 billion in market value. Shanghai shares dropped 4.3%, on track for their worst day since February 2016, to their lowest level since late 2014, while China blue chips slid 4%. Shares in Taiwan were among the region's worst-hit, with the broader index losing 6.2%.

Also read: Global sell-off! Asian shares shattered by Wall Street rout, China’s yuan under fire

10:07 (IST) 11 Oct 2018
Sector UPDATE: PSU Bank index down over 4%; SBI top drag

NSE live: The Nifty PSU Bank plunged over 4% during early morning trade on Thursday, with SBI shares being the worst drag on the Index. Shares of SBI plunged nearly 5%, followed by Union Bank, Indian Bank, Canara Bank shares. PNB was down over 3% while BoB was down 2.77%.

 

09:59 (IST) 11 Oct 2018
Airline stocks up after govt cuts excise duty on ATF to 11%

Airline stocks were trading higher on Thursday after the government cut excise duty on jet fuel to 11% in a bid to give relief to the aviation industry that has been hit hard by high fuel prices. InterGlobe Aviation shares were trading higher by 4.84%, while SpiceJet shares traded 2.94% up. Jet Airways were trading higher by 1.85% on the BSE. Excise duty on aviation turbine fuel (ATF) has been reduced to 11% from 14% with effect from October 11, a notification issued by the revenue department in the finance ministry said on Wednesday.

09:47 (IST) 11 Oct 2018
Rupee might be supported due to steep fall in Crude Prices

"Global equities are facing serious declines, after Wall street suffered its worst fall since Feb this year. DOW closed down 831points, pressured by technology stocks fearing slow demand. European markets such as DAX too faced the onslaught, closing down 264points. Asian markets today morning are following the same negative trend with both Nikkei & HangSeng down by 1010 pts and 961 points respectively. SGX Nifty Fut following them is 267 points down. Yes, a carnage seen across the markets. Influencers like aggressive Fed rate hikes going ahead, IMF forecasted slowing global growth, trade tensions, ….are taking a toll on global equities. Japanese equities reacting more due to Yen-rise (as uncertainty and risk aversion makes the entry again). Chinese Yuan has depreciated to 6.94, and as mentioned earlier a break-off from 7.0 level can have serious impact on emerging currencies."

"Other than Equity mayhem, which will be seen in domestic (onshore) market as well today, Rupee might be supported due to steep fall in Crude Prices (Brent at $ 81.55 per barrel), declining Dollar (Dollar Index at 95.24), and stabilising US bond yields. In all, harsh pounding of equities will be seen here today (compared to yesterday’s ‘recovery-day'), unless some actual visible measures are brought out by RBI/Govt machinery to counter the declines."

-- Hiren Sharma, Portia Advisory Services LLP

09:39 (IST) 11 Oct 2018
NSE live! Check out the most traded stocks

Adani Power emerged as the most traded stock by volume in the first 20 minutes of trade on Thursday. Check out the other stocks here:

09:35 (IST) 11 Oct 2018
RUPEE hits record low of 74.48/$

The Indian rupee hit a record low in early trade on Thursday, plunging to 74.48 against the US dollar,  amid a rout in global equities. The benchmark 10-year bond yield was down 3 basis points at 8% today. Meanwhile, in the domestic equity markets, the Sensex and Nifty plunged by 3% each to their six month lows.

 

Also read: Rupee plunges to record low of 74.48 against dollar on foreign fund outflows

09:20 (IST) 11 Oct 2018
OPENING BELL: Market crashes; Sensex slumps 1,000 points, Nifty plunges 300 points

The BSE Sensex opened over a 1,000 points lower on Thursday tracking negative global cues. The Nifty opened below the 10,200 level and tanked nearly 300 points.

09:16 (IST) 11 Oct 2018
MARKET PRE-OPEN: Sensex plunges over 700 points, Nifty below 10,200

The Sensex plunged over 700 points in the pre-open session on Thursday. The Nifty fell below the 10,200 level.

Share market on Wednesday: The domestic stock markets rallied on Wednesday, with the 30-share BSE Sensex zooming more than 450 points, even as the broader Nifty 50 closed above the psychological 10,450 mark. BSE Sensex closed at 34,760.89, up by more than 1.35%; while Nifty closed at 10,461, up by 1.54%.

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