MARKET WRAP: Sensex ends 305 pts higher, Nifty at 11,370 as rupee recovers

Among sectoral indices, the Nifty FMCG index ended 2.5 per cent led by a rise in the share prices of GlaxoSmithKline Consumer Healthcare and ITC.

4:10 PM

MARKET COMMENT Jayant Manglik, President, Religare Broking

After correcting sharply over the last two sessions, the Indian equity benchmark indices staged a smart comeback, led by a sharp recovery in the Rupee (vs USD) from record lows of 72.91. After trading in a narrow range during first half, the Nifty index bounced back sharply post noon from intra-day low from 11,250 and ended the session near the day’s high at 11,370 levels, up 0.7%.

The broader market indices exhibited a mix picture with BSE Smallcap underperforming the benchmark and closing lower by 0.3%, while BSE Midcap ended higher by 0.5%. Barring Realty & Banks, which underperformed, all the other sectoral indices ended in the green with FMCG, Metals & Capital Goods being the top gainers. Globally, most Asian indices ended on a weak note, while European markets were trading flat to marginally higher.

 

Despite today’s upmove, we continue to remain cautious on the Indian markets. Key macro data like IIP & CPI, movement of crude oil prices, currency (INR vs USD) and global developments, especially on the trade war front will dictate the market trend in the coming sessions. Traders should strictly hedge their positions, as we expect volatility to increase in the coming sessions

3:44 PM

Nifty FMCG index ends 2.53% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
GODREJ CONSUMER	866.70	832.17	34.53	4.15
GLAXOSMITH C H L	7409.95	7144.25	265.70	3.72
ITC	306.70	297.20	9.50	3.20
UNITED BREWERIES	1319.05	1281.05	38.00	2.97
TATA GLOBAL	221.30	216.00	5.30	2.45

3:40 PM

Sectoral gainers & losers of the day

3:38 PM

BSE Sensex: Top gainers & losers

3:34 PM

Market at close
 

The S&P BSE Sensex gained 305 points or 0.81 per cent to settle at 37,718 while NSE's Nifty50 index ended 82 points or 0.73 per cent higher at 11,370. 

3:17 PM

KIOCL gains 11% as board mulls share buyback proposal

Shares of KIOCL have moved higher by 11% to Rs 195 per share on the BSE after the state-owned company announced that its board will meet on Tuesday, September 18, 2018, to consider share buyback proposal. The stock bounced back 16% from its intra-day low of Rs 168 touched in early morning deal. READ MORE

3:02 PM

10 years of Lehman: Is the next global financial crisis already brewing?

As financial market participants reflect on the 10th anniversary of Lehman Brothers' collapse, the consensus is there will be no repeat of the near-death experience, largely because authorities simply will not allow it.

 

The once-in-a-generation financial meltdown and economic catastrophe were so grave that, to borrow from ECB chief Mario Draghi, they will do whatever it takes to make sure it does not happen again. Painful lessons have been learned. READ MORE

2:46 PM

Sun Pharma shares gain 4% after declining 7% in past three days

Shares of Sun Pharmaceutical Industries have moved higher by 4% to Rs 655 per share, bouncing back 6% from their early morning low of Rs 620 per share on the BSE on Wednesday.
 

The stock of drug firm has fallen 7% in past three trading days till Tuesday, on reports that company received six observations by US Food and Drug Administration (FDA) for Halol unit and inspection of the company’s Mohali facility. READ MORE

2:31 PM

10 years of financial crisis: Ghost of Lehman haunts emerging markets again

The flood of liquidity that supported the global financial system after the fall of Lehman Brothers has turned into a pain-point for emerging markets (EMs) 10 years later.

 

Tightening liquidity conditions in developed markets (DMs) has raised the spectre of EM outflows, contributing to a rout which has seen the Turkish lira and the Argentine peso fall over 40 per cent and the Indian rupee hit a record low by going past the 72-mark against the dollar. READ MORE

2:20 PM

Exports up 19.21% in August; Trade Deficit at $17.4 bn

India's exports grew by 19.21 per cent to USD 27.84 billion in August on account of healthy performance by sectors such as petroleum. Merchandise imports too rose by 25.41 per cent in August to USD 45.24 billion due to the rising crude oil prices, leaving a trade deficit of USD 17.4 billion. READ MORE

2:04 PM

Top gainers in Nifty 50 index:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
SUN PHARMA.INDS.	652.90	630.40	22.50	3.57
ITC	305.05	297.20	7.85	2.64
POWER GRID CORPN	191.45	186.90	4.55	2.43
HIND. UNILEVER	1624.90	1590.65	34.25	2.15
HINDALCO INDS.	236.35	231.60	4.75	2.05

2:02 PM

NEWS ALERT Rupee firms 60 paise from lifetime low of 72.91 against dollar. Currently trading at 72.34/$

2:00 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,601.75	+188.62	+0.50
S&P BSE SENSEX 50	11,866.06	+58.02	+0.49
S&P BSE SENSEX Next 50	33,882.19	+149.97	+0.44
S&P BSE 100	11,621.93	+56.02	+0.48
S&P BSE Bharat 22 Index	3,583.87	+12.62	+0.35

(Source: BSE)

1:57 PM

NEWS ALERT: Govt official say, not ruling out RBI rate hike in October, according to media reports

1:56 PM

NEWS ALERT: Govt may announce measures on rupee, oil post meet, media reports say

1:55 PM

NEWS ALERT: PM Modi may hold economic review meet this weekend, news reports say

1:46 PM

Co-location case: Sebi directs senior NSE officials to stay 'out of action'

Securities and Exchange Board of India (Sebi) has directed the NSE to keep four senior officials, served show-cause notices (SCN) in the co-location case, out of action. Sources said these four key managerial personnel (KMP) will have to remain out of the bourse’s “sensitive” and “confidential” matters until the probe is complete. The move is to ensure a fair trial in the colo case, which is nearing conclusion. READ MORE

1:31 PM

This stock has zoomed 300,000% in 25 years

Leading auto component manufacturer, Motherson Sumi, completed 25 years of its listing on the BSE on September 09. The company manufactures automotive wiring harnesses, mirrors for passenger cars and supplies plastic components and modules to the automotive industry.

 

To commemorate its 25 years of listing, the company's board has recommended the issue of bonus shares in the ratio of 1:1 – that is one share as bonus for each share held by investors – subject to regulatory approvals. READ MORE

1:15 PM

Apollo Tyres, Jet Airways among 37 stocks in BSE500 index to hit 52-wk lows

Shares of Apollo Tyres, GIC Housing Finance, Sun TV Network, Vodafone Idea, BEML, Bharat Electronics, IL&FS Transportation Networks (ITNL) and Bharti Infratel were among 37 stocks from the S&P BSE 500 index hitting their respective 52-week lows on the BSE on Wednesday.

 

Shares of all three listed state-owned oil marketing companies (OMCs) – Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation – along with aviation companies Jet Airways and InterGlobe Aviation (IndiGo) have hit 52-week lows due to rising crude oil prices. READ MORE

12:53 PM

Sugar stocks rise

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
GAYATRI SUGARS	3.15	3.00	0.15	5.00
EMPEE SUGARS	2.35	2.24	0.11	4.91
DHARANI SUGARS	13.55	13.26	0.29	2.19
AVADH SUGAR	377.70	369.95	7.75	2.09
SIR SHADI LAL	35.25	34.65	0.60	1.73

12:51 PM

NEWS ALERT Cabinet approves new procurement policy to ensure MSP to farmers

12:45 PM

JP Associates hits fresh 52-week low on reports of insolvency proceedings

Shares of Jaiprakash Associates (JP Associates) hit a fresh 52-week low of Rs 9.32 per share, down 8%, extending their 12% decline in past four days on reports that ICICI Bank filed insolvency case against the company. READ MORE

12:29 PM

How to demat your physical shares before the December 5 deadline ends

If you're still holding your shares in physical form, you must act fast to get them digitalised. That is because Sebi issued a notification on June 8, barring the transfer of securities that have not been de-materialised. Anything that remains on paper cannot be transferred after December 5. The only exception to this rule is the transfer of physical shares under a will in the case of the shareholder's death. READ MORE

12:13 PM

Web Exclusive Sliding rupee, rising oil make analysts cautious; book profit now, they say

Rising oil prices that are closing on $80 per barrel mark once again and a sliding rupee that is nearing an all-time low of 73 to a US dollar have dented the stock market sentiment with the S&P BSE Sensex slipping nearly 1,000 points in the last two trading sessions.
 

The developments have made analysts cautious, who suggest investors’ should book partial profit at the current levels and avoid fresh investment in the markets till rupee and oil prices stabilise. READ MORE

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,491.61	+78.48	+0.21
S&P BSE SENSEX 50	11,825.58	+17.54	+0.15
S&P BSE SENSEX Next 50	33,652.47	-79.75	-0.24
S&P BSE 100	11,576.39	+10.48	+0.09
S&P BSE Bharat 22 Index	3,565.97	-5.28	-0.15

11:45 AM

Multiple cost headwinds for tyre makers; week rupee may wash profitability

 

Tyre stocks are down by five to 11 per cent over the past month on input cost worries. Natural rubber (NR) prices in India have moved up by eight per cent over the past four months, on supply issues, including the impact from floods in Kerala.

 

The price in rupee terms of imported rubber has risen by four per cent in the same period, due to the rupee's sharp depreciation. READ MORE

11:30 AM

ABB India hits 6-month high; stock up 18% in one week

 

Shares of ABB India were trading higher for the fifth straight day, up 6% at Rs 1,474 on the BSE in an otherwise range-bound market on the back of heavy volumes.

 

The stock of power and automation technology firm hit its 6-month high has surged 18% as compared a to 1.5% decline in the S&P BSE Sensex. It was trading at its highest level since March 7, 2018. READ MORE

11:15 AM

IL&FS MF's exposure under scanner; firm says in good position to repay dues

 

The IL&FS group has come under scanner of the Reserve Bank of India (RBI) because of its exposure to group firms and mounting debt burden. However, sources said market regulator Securities and Exchange Board of India (Sebi) may also step in.

 

The bone of contention is IL&FS Infrastructure Debt Fund’s (IDF) high exposure to its own group’s renewable businesses. The IDF, run by IL&FS MF, has more than 30 per cent of AUM in two of its schemes exposed to IL&FS Solar Power and IL&FS Wind Energy (IWEL). READ MORE

11:00 AM

Nifty pharma index rises; top gainers in the pack

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
SUN PHARMA.INDS.	640.10	630.40	9.70	1.54	3832335
DIVI'S LAB.	1259.50	1244.65	14.85	1.19	391114
DR REDDY'S LABS	2538.65	2524.45	14.20	0.56	392781
LUPIN	945.20	940.30	4.90	0.52	1695443
CADILA HEALTH.	409.90	408.90	1.00	0.24	888554

10:45 AM

JSPL and NMDC key gainers from higher domestic steel pellet prices

 

Domestic steel pellet prices recently hit their multi-year highs on strong demand from China and supply-related constraints.

 

The continued shutdown at Brazilian pelletiser Samarco’s mines and force majeure by Swedish player LKAB is disrupting third-party supplies of 55-60 million tonnes per annum (MTPA), supporting steel pellet prices, say analysts. READ MORE