Sensex, Nifty snap four-session gaining streak, down 1% on N Korea tensions

All that happened in Tuesday's session

4:46 PM

JP Associates, Videocon, others may be referred to NCLT

Stocks of JP Associates, Videocon, Ruchi Soya and Uttam Galva etc tanked up to 14% on news reports that these companies will be referred to The National Company Law Tribunal (NCLT) if debt issue does not get resolved by Mid-December. READ MORE

3:52 PM

Anand James, Chief Market Strategist, Geojit Financial Services

 

Concerns of heavy floods in the financial capital and the heavy selling by FIIs in equities over the past one month ensured that risk appetite was down to a trickle, especially as Asian markets were in a sea of red following North Korea threats. The speeding process of NPA resolution may provide some respite to the market ahead of the F&O expiry, after it managed to hold the crucial 60-DMA level.

3:41 PM

Sensex heatmap at close

Source: BSE

3:38 PM

Market breadth

 

The broad market depicted weakness. There were more than two losers for every gainer on BSE. On the BSE, 1,717 shares fell and 841 shares rose. A total of 142 shares were unchanged.

3:36 PM

Broader markets

 

The BSE Midcap and the BSE Smallcap indices shed 0.8% and 1%, respectively. 

3:35 PM

Markets at close

 

The Sensex settled at 31,388, down 362 points, while the broader Nifty50 ended at 9,796, down 116 points. 

3:29 PM

Nifty PSU Bank leading sectoral loser 

Source: NSE

3:28 PM

Bitcoin value crosses Rs 3 lakh

 

Bitcoin, a leading crypto currency price has crossed Rs. 3 lakh mark on Indian exchanges today morning. At present price quoted on Zebpay, oldest and largest Bitcoin Indian Exchange is Rs 3,00,230 per unit while globally it just fell from $4500 and quoting at $4370. On Unocoin, another big Indian exchange Rs.3, 02,000 per unit

3:21 PM

Market Comment

 

There is good reason for this euro strength to prevail as bouts of risk-off are likely to persist. North Korea’s missile did not fall out of a clear sky; the test launch was likely a ‘retaliation’ to the annual joint military exercises between South Korea and the US, which saw Kim Jong-un as reason to reiterate that the North is also ready should it ever come to an armed conflict. While Japan did not try to shoot down the missile, PM Abe was quick to fire back with words, calling the test launch an “unprecedented, grave and serious threat”. Japan has called an emergency meeting of the UN Security Council (Source: Rabobank International)

3:20 PM

Oil prices gyrate on US hurricane damage 

 

Flooding from tropical storm Harvey caused ongoing large-scale US refinery outages on Tuesday, while crude prices rose on the back of supply disruptions in Colombia and Libya.

 

US West Texas Intermediate (WTI) crude rose 30 cents, or 0.6% to $46.87 a barrel, after falling more than 2% in the previous session. International Brent crude futures were up 29 cents, or 0.6% at $52.18 per barrel.

3:16 PM

Stocks tumble as North Korea tensions escalate; euro tops $1.20

 

World stocks tumbled and safe-haven assets jumped on Tuesday after North Korea fired a missile over northern Japan, fuelling worries of fresh tension between Washington and Pyongyang.

 

The pan-European STOXX 600 index fell more than 1% to a six-month low, also weighed down by the surge of the euro above a key level, while US futures fell as much as 0.85% on the missile news before paring losses CLICK HERE FOR MORE

global markets

3:15 PM

HCL Info bucks trend

HCL Infosystems gained over 3% to Rs 48.60 on BSE after the company's board approved rights issue of shares for raising equity capital aggregating up to Rs 500 crore.

3:12 PM

Nandan Nilekani vs Vishal Sikka: A check on Infosys' performance CLICK HERE FOR MORE

3:11 PM

I-T department slaps Rs 7,900-cr penalty on Vodafone over tax dues

 

The income-tax department has slapped a unit of billionaire Li Ka-shing's CK Hutchison Holdings with a penalty of Rs 7,900 crore. The penalty is on a tax demand of the same amount over a 2007 deal in which it had sold its India mobile phone business to Vodafone Group Plc CLICK HERE FOR THE STORY

3:10 PM

Markets check

 

At 3:05 pm, the Sensex was trading at 31,390, down 360 points, while the broader Nifty50 was ruling at 9,799, down 113 points. 

3:07 PM

Ruchi Soya, Uttam Galva, Monnet Power, Nagarjuna Oil, SEL Manufacturing, Shakti Bhog, East Coast Energy, Videocon, JP Associates, Unity Infra may be sent to NCLT: TV reports

3:05 PM

Prabhudas Lilladher on the financial sector

 

Margin headwinds have increased in last few quarters especially with the MCLR regime introduced in last financial year coupled with higher refinancing of corporate loans as credit demand remains muted and banks remain flush with liquidity, leading to rapid yield erosion. 

 

Asset quality issues have added to pressure on yields of banks mainly corporate book dominated but is likely to slow as slippages are expected to slow down going ahead. 

 

RBIs interest data points out that MCLR has been much more effective mechanism to pass on the interest rate cuts, although deposits flow from demonetisation has been the major factor for higher MCLR cuts in last few months. 

 

Banks have utilised savings rate cut to stem up the pressure on MCLR, but we believe margin pressure are here to remain high as further shift towards MCLR takes place

3:05 PM

China stock markets unfazed by North Korea

 

China’s major shares indexes moved only marginally on Tuesday as investors paused for breath after a recent rally. After two sessions of solid gains, there was some profit-taking on Chinese exchanges on Tuesday.

The CSI300 index fell 0.2% to 3,834.54 points while the Shanghai Composite Index gained 0.1 percent to 3,365.23 points.

3:00 PM

European markets hit six-month lows

 

European markets were trading lower on rising tension in North Korea. The pan-European STOXX 600 index fell more than 1% to a six-month low, also weighed down by the surge of the euro above a key level. France's CAC 40 and Britain's FTSE 100 were also down over 1% each. READ FULL REPORT HERE

2:46 PM

Buzzing stock

Reliance Infrastructure surged nearly 8% to Rs 520 on reports that renewable energy firm Greenko is in talks to buy the company's electricity business in Mumbai.

2:30 PM

Volatility index

India VIX rallied over 7% to 13.5

Source: NSE

2:15 PM

NTPC divestment gets off to flying start

 

The government's 5% stake sale in NTPC on Tuesday got off to a flying start with 86 per cent of shares reserved for institutional investors getting subscribed by afternoon. READ MORE

2:03 PM

Top five losers on Nifty

Source: NSE

1:54 PM

Nifty dips below 9,800

Source: NSE

1:44 PM

Proprietary trades drive GIFT City volumes

 

Trading volumes at stock exchanges set up at the GIFT City, an international financial services centre (IFSC), are seeing a gradual uptick. But, the bulk of the volumes are on account of proprietary trading by brokers, while participation by overseas investors is yet to take off in a big way. READ FULL REPORT HERE 

1:24 PM

Sectoral trend 

All sectoral indices were trading in red in noon deals 

Source: NSE

1:06 PM

Market Check

 

Equity benchmarks extended losses in afternoon trade with Sensex was down 300 points at 31,451, while the broader Nifty 50 index was trading at 9,817, down 95 points

12:51 PM

Bharti Airtel completes acquisition of Tikona Digital Networks

 

Bharti Airtel fell over 1% after it announced that the telecom major has completed the acquisition of shares of Tikona Digital Networks. With the said acquisition of shares, Tikona Digital Networks has become a wholly owned subsidiary of Bharti Airtel.

 

The transaction for the trading of the spectrum in Rajasthan circle is still pending for approval from the DoT.

12:35 PM

PSU Banks erase losses

PSU Banks erased lossed to turn green agter falling almost 1% in the early morning deals. The Nifty PSU Bank index is currently trading 0.3% higher.

Source: NSE

12:20 PM

Suryalakshmi Cotton Mills tumbles

Suryalakshmi Cotton Mills tanked 6.44% to Rs 93 on BSE after net profit fell 92.9% to Rs 0.52 crore on 8.8% decrease in net sales to Rs 171.98 crore in Q1 June 2017 over Q1 June 2016.