Sensex snaps 3-day gaining streak to end 190 pts lower, Nifty at 9,912

All that happened in today's trade

3:59 PM

Anand James, Chief Market Strategist, Geojit Financial Services 

 

The North Korean impasse did curtail risk appetite, especially with markets looking for cues to further the uptrend. Markets will however take positive cues from the cabinet reshuffle done over the weekend. It holds the potential for economic reforms reaching ground level, with less than two years before general elections.

3:42 PM

Sectoral trend

All but two sectors settled trade in red.  

Source: NSE

3:39 PM

Sensex heatmap at close

Source: BSE

3:37 PM

Broader markets

 

The BSE Midcap and the BSE Smallcap indice shed 0.7% each. 

3:36 PM

Markets at close

The Sensex was trading at 31,702, down 190 points, while the broader Nifty50 was ruling at 9,912, down 61 points. 

3:26 PM

Nifty regains some lost ground, trades above 9,900

Top five Nifty losers 

Source: NSE

3:24 PM

Oil prices fall

 

Benchmark global oil prices fell on Monday after a powerful North Korean nuclear test triggered a shift away from crude markets to assets perceived to be safer, such as gold.

 

Brent crude futures, the international benchmark for oil prices, were down 68 cents, or 1.3% at $52.07 a barrel.

3:19 PM

Asian markets

 

Sunday’s test, and reports from Seoul that Pyongyang was making preparations for another missile launch, sparked another warning from Washington and drove South Korea’s stock market more than 1% lower. Japan’s Nikkei lost almost 1%. 

 

Driven by the Korean losses, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.75%. Hong Kong's Hang Seng was down 0.7%, while China's Shanghai Composite bucked the trend to gain 0.3% at close. 

3:15 PM

Europe trades lower

 

European markets were trading lower as North Korea's latest nuclear test prompted investors to rush to safe-haven assets. The pan-European STOXX 600 index and euro zone blue chips both fell more than 0.5% on opening before recovering some poise, while the UK’s FTSE slipped 0.2%. 

3:12 PM

Commodities enter super boom cycle

 

Global commodity markets, especially for resource commodities, have entered a super boom cycle, with no signs of breaks anytime soon. This means that Indian industries would have to bear with high raw material prices; users should prepare to pay more even as, in some cases, the impact is felt with some lag. READ FULL REPORT

 

3:08 PM

Volatility index 

 

India VIX snapped three-session long losing streak to clock its biggest yearly gain. The index added over 13% to 13.9550.  

Source: NSE

3:04 PM

Markets check

At 3:00 pm, the Sensex was trading at 31,689, down 203 points, while the broader Nifty50 was ruling at 9,905, down 69 points. 

2:49 PM

SC stays Jaypee insolvency proceedings

 

The Supreme Court has stayed the National Company Law Tribunal's (NCLT's) order initiating insolvency proceedings against Noida-based Jaypee Infratech. The decision comes as a relief to over 30,000 homebuyers whose position became ambiguous after the August 9 NCLT order as their status was unclear under the Insolvency and Bankruptcy code. READ MORE

2:29 PM

Gold jumps to 10-month high 

 

Gold prices hit their highest in nearly 10 months on Monday after North Korea's latest and most powerful nuclear test drove investors towards safe-haven assets. CLICK HERE FOR FULL REPORT

1:53 PM

Buzzing stock

 

Infosys promoters, including iconic co-founders N R Narayana Murthy and Nandan Nilekani, have offered to sell as many as 1.77 crore shares -- worth up to Rs 2,038 crore -- in the company's Rs 13,000 crore buyback offer. 

 

The stock slipped nearly 3% to Rs 893 in intraday trade. 

 

1:35 PM

Demonetisation doubts

 

Three questions the govt must answer after RBI revealed number of demonetised notes that it got back. READ THEM HERE

1:22 PM

Urjit Patel navigates the most difficult year in RBI's history

 

One year after, and an eventful year at that, Patel hasn’t really opened up to bankers and the media as much as they would have liked him to. But he has not shied away from talking tough on several issues — be it farm debt waivers or asking for more capital from the government for banks to take a deep haircut on bad debt resolution. Patel has also made it clear that the RBI’s autonomy would be upheld. READ MORE

 

1:00 PM

Nifty Auto

The Nifty Auto index fell 0.9% after gaining nearly 2 %on Friday when most automakers reported August sales numbers. Hero MotoCorp, which reported a 10% rise in sales, was trading 1.7% lower.

Source: NSE

12:42 PM

KG Denim tumbles

KG Denim tumbled 10.08% to Rs 62.90 on BSE after net profit fell 90.2% to Rs 0.91 crore on 3.9% decline in net sales to Rs 146.74 crore in Q1 June 2017 over Q1 June 2016.

12:19 PM

India's petrol and diesel prices among Southeast Asia's costliest

Petrol and diesel were selling at Rs 69.26 and Rs 57.13 a litre last Friday, prices much higher than what prevailed on the same day in southeast asian nations such as Malaysia and Indonesia and neighbouring countries like Pakistan, Nepal, Sri Lanka, Bhutan.
 

The difference between the petrol and diesel prices of India and Malaysia is mind boggling. Petrol price of Rs 32.19 a litre in Malaysia was less than half what prevailed in India last Friday. The diesel price in the Southeast Asian country at Rs 31.59 a litre was 44% lower compared to India.
 

On the same day, petrol and diesel were available in Indonesia at prices that were 41% and 24% lower compared to India.

 

12:04 PM

Will D-Mart live up to the Street's expectations?

The Avenue Supermarts stock, which runs the retail chain under the D-Mart brand, has been hitting new highs on a regular basis on strong operational performance and expectation that the company will continue to post robust net profit growth over the next two to three years. The stock has already gained 63 per cent since listing. 

 

Says an analyst at a domestic brokerage. “I don’t think people are looking at one year forward earnings. The reason for the sharp run in price could be low floating stock, strong business model, promoter quality, and the scarcity premium such businesses bring among others. On a fundamental basis, the one year forward estimates cannot be justified, those buying now are looking at a scalable business from a 3-5 year holding period.”

READ FULL STORY HERE

11:47 AM

BUZZING STOCK

AU Small Finance Bank rose 1.18% to Rs 557.55 on BSE after the bank said it obtained certificate of registration to act as a corporate agent from the insurance regulator.

11:29 AM

Railway stocks rise

Railway related stocks gained up to 5% intraday after Piyush Goyal became Railway Minister in recent Cabinet reshuffle.

 

BEML, Titagarh Wagons, Texmaco Rail, Stone India and Kernex Microsystems gained between 1-5% on hopes of major developments in railway sector by Goyal who has done great job in coal sector.

Rajdhani Express. Photo: Reuters

11:14 AM

LISTING

Apex Frozen Foods, that deals in aquaculture products, made a stellar debut on the bourses on Monday by listing at Rs 199.90 on the BSE, over 14% premium to its issue price of Rs 175. 

 

The stock rallied as much as 20% against issue price to hit its upper circuit of Rs 209.85 on the BSE. READ MORE

10:53 AM

USFDA Approval

Shares of Cadila Healthcare rose 2% intraday as it has received final approval from USFDA.

 

Zydus Cadila has received the final approval from the USFDA to market Mycophenolate Mofetil for injection USP, 500mg/vital.

10:39 AM

Order WIn

 

GTPL Hathway rose 2.95% to Rs 136 on BSE after the company said it bagged multiple orders worth Rs 48.16 crore from Government of Gujarat.

10:27 AM

BUZZING STOCK

Coal India gained over 2% after the coal miner said that India is not facing any scarcity of coal and the output of the compnay is more than the country's power demand. The mining behemoth's interim Chairman and Managing Director Gopal Singh also said that there would be no privatisation of the state-owned mining major. 

 

10:16 AM

India most expensive market on forward earnings multiple

 

India is now the most expensive market in the world, as measured by its price-to-earnings multiple for the next one year. Nifty 50 companies traded at a price-to-earnings (P/E) multiple of over 20 times based on calendar year 2017 dollar estimates, making India the most expensive market in the world, data collated from Bloomberg and a brokerage report showed. 

 

Benchmark Nifty and Sensex were the top performing indices year to date, behind only Mexico, with the Nifty 50 clocking a gain of 29.3%

 

10:03 AM

Adani Enterprises slips

Adani Enterprises fell over 2% after reports that the company appears to be at odds with the state of Queensland over royalties for its Carmichael coal project, just days after the Indian company said it would soon break ground on the Australian mine.

 

Queensland is still negotiating with Adani over the details of its royalties agreement for the mine, despite a deal being officially reached on May 30, the Guardian Australian reported on Sunday citing a state government spokesperson.

READ FULL REPORT HERE

Gautam Adani

9:54 AM

Equity-oriented MF schemes to offer high double-digit returns to investors

Domestic mutual funds bought stocks worth close to Rs16,500 crore in August, the highest ever equity investments in a single month, as households moved from physical assets to financial assets, driven by positive real rates, improving equity returns and better growth prospects, ET reported.

 

Equity-oriented mutual fund (MF) schemes continue to offer high double-digit returns to investors. In the past one year, barring pharmaceutical funds, international funds and information technology (IT) funds, all other sectoral fund categories have not only yielded double-digit returns, but also performed better than the key stock indices. 

 

During the same period, the Nifty 50 and the BSE Sensex delivered returns of 13.48% and 12.06%, respectively. 

 

READ FULL REPORT HERE