MARKET WRAP: Sensex slips 174 pts, Nifty at 11,692 as Rupee hits record low

In individual stocks, oil-to-telecom giant Reliance Industries (RIL) settled 1.8 per cent lower at Rs 1,294 level on the BSE.

3:42 PM

Nifty IT index ends 0.37% lower. Top loser:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
TATA ELXSI	1395.30	1417.60	-22.30	-1.57
INFOSYS	1409.10	1424.70	-15.60	-1.09
INFIBEAM AVENUES	232.40	234.75	-2.35	-1.00
HCL TECHNOLOGIES	1032.75	1040.75	-8.00	-0.77
TECH MAHINDRA	733.65	736.10	-2.45	-0.33

3:40 PM

Nifty sectoral gainers and losers of the day

3:38 PM

BSE Sensex: RIL, Coal India among top losers of the day, ONGC top gainer

3:35 PM

Market at close

The S&P BSE Sensex ended at 38,723., down 174 points while the broader Nifty50 index settled at 11,692, down 47 points.

3:12 PM

99.3% of demonetised notes are back; Rs 15.31 trillion returned, says RBI

As many as 99.3 per cent of the old 500 and 1,000 rupee notes, that was banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.

 

Of the Rs 15.41 trillion worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 trillion have been returned. READ MORE

2:58 PM

Prepare a list of the public sector banks that can be merged: Govt asks RBI

The government has asked its central bank to prepare a list of candidates for merger among 21 government-controlled lenders as it seeks to strengthen a banking system laden with bad debt, people familiar with the matter said.

 

In a meeting this month, finance ministry officials also asked the Reserve Bank of India to suggest a time frame for the consolidation, the people said, asking not be named as the information isn’t public. The move is aimed at creating fewer, better-capitalized lenders and improving regulatory oversight, they said. READ MORE

2:46 PM

Relief for Mistry as NCLAT admits plea against his removal from Tata Sons

The National Company Law Appellate Tribunal (NCLAT) today admitted a petition moved by ousted Tata Sons Chairman Cyrus P Mistry against a Mumbai-bench of the company law tribunal order upholding his removal. READ MORE

2:31 PM

Oil slips on rising US supply, Venezuela investment

Oil prices slipped on Wednesday, pulled down by a rise in US inventories and hopes that new investment could halt a plunge in Venezuela's output.

Benchmark Brent crude oil was down 20 cents at $75.75 a barrel. US light crude was 10 cents lower at $68.43 a barrel. READ MORE

2:16 PM

Gold edges higher, but rate hike views weigh on market

Gold prices inched up on Wednesday after a sharp fall in the previous session, but a firmer dollar on the back of expectations of higher US interest rates and lingering Sino-US trade tensions capped the precious metal's gain.

 

Spot gold was up 0.3 per cent at $1,204.43 an ounce. Prices hit their highest since Aug. 10 at $1,214.28 on Tuesday, but closed 0.8 per cent lower as US Treasuries rose after the United States and Mexico struck a trade deal. US gold futures were down 0.3 per cent at $1,210.60. READ MORE

Gold

1:59 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,837.01	-59.62	-0.15
S&P BSE SENSEX 50	12,275.63	-16.57	-0.13
S&P BSE SENSEX Next 50	35,369.56	+340.27	+0.97
S&P BSE 100	12,039.39	+3.69	+0.03
S&P BSE Bharat 22 Index	3,725.36	+13.80	+0.37

(Source: BSE)

1:46 PM

Coal India regaining investor confidence; delay in stake sale plan may help

Coal India (CIL) shares have risen about 11 per cent in a month, outperforming the 2.5 per cent rise by the S&P BSE Sensex. Given the improving outlook on the business front and reasonable stock valuations, analysts believe there are more gains ahead. READ MORE

1:31 PM

Aston Martin sets out plans to float on London Stock Exchange

Luxury carmaker Aston Martin intends to float on the London Stock Exchange, completing a turnaround after new models and a surge in volumes helped the iconic brand return to profitability following years of losses.

 

If successful it would become the first British-based carmaker to be listed in London for years, following the sale of such names as Jaguar, Bentley and Rolls-Royce to foreign owners. READ MORE

Aston Martin Volante

1:16 PM

Vedanta bags 41 oil, gas blocks in open acreage auction; stock up over 3%

Shares of Vedanta rose 3.45% to Rs 238.25 per share on the National Stock Exchange (NSE) in intra-day trade after the company got 41 blocks, out of the total 55 on offer, under the country's first round of oil and gas auctions under the Open Acreage Licensing Policy (OALP-I). READ MORE

12:59 PM

JSW Steel hits 52-week high after being included in the Nifty 50 index

Shares of JSW Steel jumped nearly 8% to hit a 52-week high of Rs 395.40 per share in intra-day trade on Wednesday in the National Stock Exchange (NSE) in an otherwise flat market, as the company was included in the benchmark Nifty 50 index. It will be replacing pharma company Lupin on September 28, 2018. READ MORE

12:46 PM

India's economy seen growing at steady 7.6 per cent pace in April-June: poll

India likely grew 7.6 per cent in the April-June quarter, propelled in part by an improvement in manufacturing and exports, a Reuters poll showed.

The median consensus in a poll of 50 economists put annual economic growth just a touch lower than the near two-year high of 7.7 percent in the January-March quarter. READ MORE

12:30 PM

Here's why stressed power accounts are unlikely to impact SBI numbers

 

With the Allahabad High Court not providing any relief on stressed power loans that are impacted by the Reserve Bank of India's (RBI's) February 12 order, one might have expected it would impact the share price of public sector banks (PSBs). On Monday, the Bank Nifty had risen 1.5 per cent on hope that the court would provide relief.

 

However, despite the lack of interim relief, the index fell only 0.3 per cent in Tuesday's trade. There are concerns that most PSBs and corporate-focused private banks would need to make additional provision for these loans. READ MORE

12:28 PM

Rollover data

·      Fertilisers, Cement, Automobile, Oil_Gas and Capital_Goods sectors witnessed higher rollovers compared to same day of previous expiry.

 

·      Telecom, Power, Realty, Media and Finance sectors witnessed lower rollovers compared to same day of previous expiry.

 

·      Highest rollover in current expiry: Fertilisers, Media, Power, Textile and Technology.

 

·      Lowest rollover in current expiry: Capital_Goods, Cement, Automobile, Infrastructure and FMCG.

(Source: Nirmal Bang report)

12:15 PM

WEB EXCLUSIVE How will the US-China trade war affect global markets and Indian equities

 

China and the US are engaged in a full-scale trade war as both sides lob threats of new trade tariffs at each other and implement them. The latest round of tit-for-tat tariffs by the United States and China has intensified the global debate about whether the world is facing a mere trade skirmish or heading rapidly toward a full-blown trade war. 

 

But what is really at stake may be even more fundamental. Either accidentally or by design, Donald Trump’s administration may have paved the way for a “Reagan moment” for the international trade regime. In the 1980s, US President Ronald Reagan initiated a military spending race with the Soviet Union that ended up altering the global balance of power in ways that affected many countries worldwide. READ MORE

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,876.00	-20.63	-0.05
S&P BSE SENSEX 50	12,283.53	-8.67	-0.07
S&P BSE SENSEX Next 50	35,276.28	+246.99	+0.71
S&P BSE 100	12,041.20	+5.50	+0.05
S&P BSE Bharat 22 Index	3,723.52	+11.96	+0.32

11:47 AM

BREAKING NEWS NCLAT admits Cyrus Mistry's plea against Tata Sons: Agencies

NCLAT issues notice to Tata Sons on Mistry's plea

11:33 AM

Equinomics Research on HCL Technologies (HCL Tech)

 

HCL Technologies (HCL Tech) in yesterday’s trade closed at Rs.1,041 levels, which is close to our target price of Rs.1,050 and has gained 15% from our initiation price of Rs.906. We continue to recommend a HOLD on the stock with a revised target price of Rs.1,150 (which is 15.5x its FY2020E EPS of Rs.74) as the recent depreciation of rupee is a positive development for IT stocks like HCL Technologies

11:32 AM

NEWS UPDATE Principal Financial Group has announced the completion of a full share buy-back of PNB’s shares giving Principal full ownership of the Principal PNB Asset Management Company Private Limited

11:31 AM

Artson Engineering hits upper circuit on purchase order from Thyssenkrupp

 

Shares of Artson Engineering hit its upper circuit at Rs 73 per share on BSE in early trade on Wednesday in an otherwise flat market.

 

The company said that it has received a purchase order from Thyssenkrupp Industries India of approximately Rs 150 million. The announcement was made after market hours Tuesday, August 28, 2018. READ MORE

11:16 AM

RUPEE ALERT The Rupee has fallen 9.3 per cent year-to-date, making it the worst performing Asian currency. 

11:13 AM

RUPEE ALERT Rupee hits record low of Rs 70.45/$

11:06 AM

Top BSE500 gainers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
INDBULL.REALEST.	153.60	10.95	7.68	977564
JSW STEEL	392.50	26.35	7.20	2507173
H D I L	30.80	2.05	7.13	1509803
FUTURE CONSUMER	52.30	3.45	7.06	2118165
COFFEE DAY ENTER	271.15	16.30	6.40	38647

10:50 AM

UTI MD Leo Puri's extension case: T Rowe Price takes petition back

 

US-based T Rowe Price on Tuesday withdrew its case filed in the Bombay High Court, seeking extension in tenure of former UTI Asset Management Company’s (AMC) managing director Leo Puri, and compliance with crossholding norms.

 

People in the know said the move came after the Finance Ministry and Securities and Exchange Board of India (Sebi) discussed various possibilities for out-of-court settlement with the involved parties. READ MORE

10:35 AM

Buzzing Stock

State Bank of India (SBI) gained 1 per cent after it said that the appropriate authority has accorded approval to explore and initiate the process of divestment upto 3.8958% of stake of SBI in National Stock Exchange of India (NSE) through secondary sale. 

10:20 AM

JSW Steel to replace pharma firm Lupin in Nifty 50 from September 28

 

NSE Indices, index provider for the National Stock Exchange (NSE), has included JSW Steel in the benchmark Nifty index. According to a press release on Tuesday, the steelmaker will replace pharma firm Lupin in the benchmark Nifty, with effect from September 28.

 

The inclusion of JSW Steel is expected to boost the steelmaker’s stock, given that several exchange-traded funds (ETFs) track the Nifty index. Shares of JSW Steel have already climbed 40 per cent in 2018 so far. READ MORE

10:10 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,935.95	+39.32	+0.10
S&P BSE SENSEX 50	12,300.78	+8.58	+0.07
S&P BSE SENSEX Next 50	35,296.12	+266.83	+0.76
S&P BSE 100	12,056.65	+20.95	+0.17
S&P BSE Bharat 22 Index	3,725.63	+14.07	+0.38