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Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

All that happened in today's trade

SI Reporter  |  New Delhi 

market flat, sensex, bse, nse, nifty, stock

A steep fall in index heavyweight ITC and a negative lead from pushed the domestic market lower on Tuesday, away from record highs while investors bet more on individual stocks amid the season.

Meanwhile, dollar fell to a 10-month low on Tuesday, bearing the brunt of a selloff triggered by another setback to US President Donald Trump's agenda and scaled back expectations for another rate hike at Federal Reserve this year.

4:05 PM Vinod Nair of Geojit Financial Services says: If we keep aside two stocks (ITC and Reliance Industries), the market was largely positive. But still there is chance of further consolidation in the near-term due to stock specific reactions as a result of weak Q1 result. Currently FY18 EPS forecast is very high at 20% while preview for Q1 is dull which will lead to downgrade.

3:49 PM

Life Insurance Corporation (LIC) has reduced its stake in Tata Global Beverages by 2.14 per cent, selling 1.35 crore shares in the market.
 
The public sector insurer, which had 9.85 per cent stake earlier, brought down its shareholding in the company to 7.70 per cent by selling shares between July 20, 2016, and July 4, 2017, Tata Global Beverages (TGBL) said in a filing to BSE.

3:47 PM Nifty Realty also added to the losses, down over 1% dragged by Unitech, Indiabulls Real Estate, DLF and Prestige Realty

3:45 PM Among global peers, MSCI All-Country World index was little changed while US stock futures were off 0.1%.

3:44 PM Cement maker ACC hit a record high, rising as much as 3.5% in intra-day, after it posted about 33% growth in June-quarter consolidated profit, beating analysts' estimates. The stock later pared gains to end 0.5% higher for the day

3:43 PM Shares of other cigarette makers such as Godfrey Phillips India also slipped over 10% to their lowest in nearly three months.

3:43 PM Consumer staple stocks accounted for nearly two-third of the losses on the Nifty, with Nifty FMCG index posting its biggest intraday percentage fall ever.

3:42 PM Top gainers and losers on BSE Sensex

1

3:40 PM HUL announces Q1:  PAT at Rs 1,283 crore; revenue at Rs 9,094 crore

hindustan unilever


3:31 PM Benchmark indices ended the day lower with Sensex down over 300 points and Nifty below 9,850 dragged by index heavyweight ITC, which fell over 15% intra-day after GST Council increased cess on tobacco products.

Sentiment was further hurt by global peers. They also struggled with European shares off more than 0.4% as a set of disappointing results from the likes of Ericsson and Lufthansa soured the mood.

The S&P BSE Sensex ended the day at 31,711, down 364 points while the broader Nifty50 index settled at 9,827, down 89 points.

In broader markets, both BSE Midcap and BSE Smallcap indices ended the day 0.6% lower.

3:17 PM Nifty Bank erases intra-day gains, hovers around 24,000

3:12 PM Market Watch: Advance-decline ration worsens to 3:7, with 1,688 declines against 950 advances

3:02 PM Markets extend losses in the last leg of trade dragged by index heavyweight ITC after GST Council decide to increase cess on tobacco yesterday.

At 3:00 pm, the S&P BSE Sensex was trading at 31,722, down 352 points while the broader Nifty50 index was ruling at 9,821 down 94 points

In broader markets, BSE Midcap and BSE Smallcap indices fell 0.6% each.

2:24 PM HUL Preview: Edelweiss Securities says that they expect HUL to record a volume decline of nearly 1-2% YoY on a base of 4% YoY (volumes grew 4% YoY in Q4FY17 on a base of 4% YoY) owing to impact in CSD sales and destocking in wholesale channel owing to GST.

Click here to know what other brokerages say

HUL
HUL

2:22 PM

HCL Infosystems surged 17% in intra-day after the company clarified on reports of tying up with Apple
 
“As part of the overall strategy, the company keeps evaluating various strategies from time to time to create value for shareholders. In line with the same, the company had decided to move from Single brand to Multi brand distribution model in our Consumer Distribution business,” the company said in a filing.

 

2:19 PM Market Check: At 2:16 pm, the S&P BSE Sensex was trading at 31,856, down 217 points while the broader Nifty50 index was ruling at 9,867 down 48 points

In broader markets, BSE Midcap and BSE Smallcap indices were a little changed.

2:15 PM Reliance Industries fell 2% amid reports that the government has ordered RIL, Shell, and ONGC to pay a combined $3 billion as penalty over an arbitration award regarding the Panna Mukta Tapti (PMT) oil field.

Click here for full report

ril


1:45 PM Ultratech Q1: Standalone PAT at Rs 898 crore; Revenue at Rs 7,929 crore 

Stock gains over 1.5% post Q1

Manufacturing growth outlook rises

12:54 PM Five companies – Hindustan Unilever (HUL), Maruti Suzuki India, Adani Ports and Special Economic Zone (SEZ), ACC and Power Grid Corporation – from the Nifty50 index hit their respective all-time highs on the National Stock Exchange (NSE) in intra-day trade on Tuesday. Click here for full report

HUL Chart


hul
hul

12:50 PM Indian economy is expected to grow at 7.2% this financial year, up from 6.8% in 2016, says a World Bank report. According to the report, though the anxiety about the festering twin-balance sheet problem persists, the economy may grow at an even higher 7.5% the year after.

12:49 PM ITC tanks 15% intra-day as GST Council increases cess on cigarettes. Should you sell the stock? READ HERE



12:25 PM Extending losses for third session in a row, Nifty FMCG index fell over 6% in today's trade, dragged mainly by the index heavyweight ITC, which was down over 11% 

12:23 PM Market Check:At 12:22 pm, the S&P BSE Sensex was trading at 31,832, down 242 points while the Nifty50 was ruling at 9,857, down 58 points.

In broader markets, Both BSE Midcap and BSE Smallcap indices were a little changed.

11:47 AM Nifty Bank hits fresh record high of 24,129

nifty-bank
nifty-bank

11:08 AM Nifty FMCG slips over 6%, posts biggest ever intraday fall 

FMCG
FMCG

11:01 AM The market breadth, indicating the overall health of the market, turned positive from negative. On BSE, 1,080 shares rose and 1,014 shares fell. A total of 114 shares were unchanged. 

10:03 AM

MARKET CHECK
 
At 10:00 am, the Sensex was trading at 31,886, down 188 points, while the broader Nifty50 was ruling at 9,876, down 39 points.

9:58 AM Nifty IT is the only sectoral index that is trading over 1% higher. TCS, Infosys and Wipro gain the most, up over 1% each. 

9:49 AM ACC gained over 35 to Rs 1809 after the cement producer reported an about 33% rise in June-quarter consolidated profit, boosted by higher cement sales volume. CLICK HERE FOR FULL REPORT

9:43 AM In the broader market, the BSE Midcap and the BSE Smallcap indices traded flat for second session in a row. 

9:37 AM S&P BSE Sensex heatmap 

heatmap
heatmap

9:32 AM Bharti Airtel was the top gainer and rose nearly 3% to Rs 429 after the telecom major said it has infused more than Rs 30,000 crore in the last two years on boosting its network infrastructure. 

Bharti Airtel, airtel

9:23 AM

ITC hogs limelight
 
The stock was the top loser and tumbled over 14% to Rs 276 after the GST Council raised the cess on cigarettes to address an anomaly under the new tax regime that had resulted in lower tax incidence than before. 

Cigarette, Tobacco, BAT

9:20 AM MARKETS@OPEN

At 9:20 am, the S&P BSE Sensex was trading at 31,788, down 286 points, while the broader Nifty50 was ruling at 9,853, down 62 points.

9:15 AM

Stocks in focus
 
Cigarette stocks, HUL, RIL, ONGC, Ultratech Cement and Coal India  

9:12 AM STOCK WATCH: ITC tumbles 10% in pre-open trade

9:08 AM

Option Strategy on Hindalco
 
Put writing at 205 and 210 strike could provide the support. CLICK HERE FOR DETAILS

9:05 AM Buy Bharat Financial with a target price of Rs 885, says Prabhudas Lilladher. CLICK HERE FOR MORE STOCK PICKS

9:02 AM

Technical picks
 
Buy DHFL, ICICI Bank and HDFC, says Chandan Taparia of Motilal Oswal Securities. CLICK HERE FOR DETAILS

9:01 AM

ITC GST implications: Tax rates hiked; gains lost
 
The incremental cess will mean that earnings will be downgraded as we do not believe the company will take huge price hikes. While the company could still take some price hikes but we believe consensus expectations for FY18 earnings growth will be trimmed to around 10% from the current expectations of 16-18% growth. The stock is likely to react negatively, but considering the tremendous pricing power of the category and relatively cheap valuations we continue to remain buyers. Our target price is Rs 345: Naveen Kulkarni, Co-Head of Research, PhillipCapital

9:00 AM

Nifty outlook by Chandan Taparia
 
The index has to continue to hold 9,900 zone to witness an up move towards 9,950-10,000 zones while on the downside supports are seen at 9,850 then 9,820 mark. Index has been making higher top – higher bottom formation and supports are gradually shifting higher which has a bullish implication for ongoing market trend.

8:57 AM Markets on Monday: The FIIs were net buyers of stocks worth Rs 328.61 crore while the DIIs were net sellers of stocks worth Rs 447.4 crore

8:56 AM Crude oil futures edged higher, with US crude rising 0.2% to $46.10 per barrel and Brent crude adding 0.1% to $48.49. Crude prices had skidded about 1% on Monday as investors held out for strong indications that an OPEC-led effort to drain a glut was proving effective. 

Oil, NELP, OAL
.

8:56 AM

Chart check:
 
The markets are likely to open on flat note. All emerging markets are trading in red. The coming session is likely to witness a range of 9,850 on declines and 9,980 on advances: SMC Global

8:55 AM Results today: UltraTech Cement, Hindustan Unilever, Crisil, Sundaram Finance

8:55 AM The dollar edged down 0.1% on the day to 112.53 yen, well below its nearly four-month high of 114.495 touched last week.

Dollar
Dollar

8:54 AM

IDBI Capital on ACC results
 
ACC continues its winning streak from newly commissioned plants in east. Doubtless, ramping them up surprises us with higher volume. Yet, the realisations were below expectations. the patterns in inventory gains—ahead of GST on-going quarter—are unclear. Adding to that, energy and freight handling weighed on operating costs. Yet headline EBITDA was way ahead of our expectations. We continue to maintain HOLD rating on the stock.

8:53 AM At 8:52 am, the SGX Nifty was trading at 9,912, down 32 points or 0.33%.

8:48 AM

Asian markets
 
Asian shares stepped back from more than two-year highs. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%, a day after scaling its loftiest levels since April 2015. Japan's Nikkei stock index dipped 0.4% as markets resumed trading after a public holiday on Monday and caught up to a stronger yen. China's Shanghai Composite and Hong Kong's Hang Seng indices were also down 0.4% and 0.2%, respectively.

8:46 AM

Wall Street update
 
The Dow Jones Industrial Average fell 8.02 points, or 0.04% to 21,629.72, the S&P 500 lost 0.13 points, or 0.01% to 2,459.14 and the Nasdaq Composite added 1.97 points, or 0.03% to 6,314.43.

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Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

All that happened in today's trade

All that happened in today's trade
A steep fall in index heavyweight ITC and a negative lead from pushed the domestic market lower on Tuesday, away from record highs while investors bet more on individual stocks amid the season.

Meanwhile, dollar fell to a 10-month low on Tuesday, bearing the brunt of a selloff triggered by another setback to US President Donald Trump's agenda and scaled back expectations for another rate hike at Federal Reserve this year.
image
Business Standard
177 22

Sensex sees biggest fall since Nov, 2016, Nifty ends below 9,850; ITC drags

All that happened in today's trade

A steep fall in index heavyweight ITC and a negative lead from pushed the domestic market lower on Tuesday, away from record highs while investors bet more on individual stocks amid the season.

Meanwhile, dollar fell to a 10-month low on Tuesday, bearing the brunt of a selloff triggered by another setback to US President Donald Trump's agenda and scaled back expectations for another rate hike at Federal Reserve this year.

image
Business Standard
177 22