MARKET WRAP: Sensex rises 224 pts, Nifty ends at 11,537; RIL, pharma cos up

Among sectoral indices, Nifty Pharma index settled 2.7 per cent higher led by Aurobindo Pharma and Biocon.

3:40 PM

Nifty Pharma index ends 2.72% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
AUROBINDO PHARMA	759.30	696.95	62.35	8.95
BIOCON	662.95	624.05	38.90	6.23
CADILA HEALTH.	422.35	401.95	20.40	5.08
DIVI'S LAB.	1317.00	1278.05	38.95	3.05
CIPLA	662.10	646.55	15.55	2.41

3:37 PM

Nifty sectoral gainers and losers of the day

3:35 PM

BSE Sensex: RIL, Coal India, Sun Pharma among top gainers of the day

3:32 PM

Market at close

The S&P BSE Sensex ended at 38,243, up 224 points while the broader Nifty50 index settled at 11,537, up 60 points.

3:16 PM

Sun Pharma, Glenmark Pharma, Hikal hit 52-week highs; Aurobindo surges 8%

Shares of pharmaceutical companies were back in focus with Sun Pharmaceutical Industries and Glenmark Pharmaceuticals hitting their respective 52-week highs on the National Stock Exchange (NSE).
 

Aurobindo Pharma has rallied 8%, while Biocon, Divi’s Laboratories, Cadila Healthcare and Cipla from the Nifty Pharma index gained in the range of 2.5% to 4% on the NSE. READ MORE

3:02 PM

Wipro gains for seventh straight trading day; stock up 16% in one month

Shares of Wipro were up for the seventh straight day, rising to Rs 322, up 1% on the BSE. In past three trading days, the stock has risen 4% after the information technology (IT) services firm on Sunday announced that it has won its largest contract to date from US-based human resources (HR) and financial solutions company Alight Solutions LLC. The stock hit a high of Rs 328 during intra-day trade on Monday, September 3, 2018. READ MORE

2:46 PM

JPMorgan, BlackRock warn contagion hitting emerging markets

First came the Argentine selloff. Then Turkey. And before long, assets from South Africa to Brazil and Indonesia were getting hit in a selling stampede across emerging markets.

 

It’s a phenomenon that has a cadre of investors and strategists from JPMorgan Chase & Co to BlackRock Inc reaching for a single word: contagion. READ MORE

2:33 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)
H U D C O	59.95	4.30	7.73
AUROBINDO PHARMA	747.90	51.80	7.44
GRANULES INDIA	120.70	8.05	7.15
KIRLOSKAR OIL	270.45	12.85	4.99
TORRENT POWER	261.00	12.35	4.97

2:22 PM

NEWS ALERT Telangana Assembly dissolved: Governor E S L Narasimhan accepts recommendation of Cabinet;  K Chandrashekar Rao to continue as caretaker Chief Minister

2:21 PM

NEWS ALERT Telangana assembly dissolved: Chief Minister K Chandrashekar Rao reaches Governor's house to submit resignation

2:14 PM

With RBI's policy rate hike, housing finance firms to face tough time

With the Reserve Bank of India expected to further raise its policy rate (up 50 basis points thus far in FY19) amid macro hiccups, some non-banking finance companies might pass these on.

 

However, housing finance companies (HFCs) are expected to find this difficult, given stiff competition in their segment. READ MORE

2:00 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,124.00	+105.69	+0.28
S&P BSE SENSEX 50	12,036.14	+23.35	+0.19
S&P BSE SENSEX Next 50	34,353.99	+144.03	+0.42
S&P BSE 100	11,787.74	+26.81	+0.23
S&P BSE Bharat 22 Index	3,642.55	-8.93	-0.24

(Source: BSE)

1:46 PM

Devangshu Datta Nifty index weights skew returns

In the last 12 months, the Nifty has returned 15 per cent in rupee terms, with the breakout of the last month having resulted in 3 per cent gains. In dollar terms, the returns in the past year amount to about 3 per cent. By any standards, that's a big bull market. Or is it? READ HERE

1:30 PM

Why a start-stop approach to SIPs could hurt your crucial financial goals

Last year when Avantika Singh, 26, a London-based computer chip designer visited India, she was impressed by the returns that mutual funds were giving, and decided to invest in them. All the three funds that an agent sold her were small-cap, because, he said, they would give her higher returns over the long term. Today, with the one-year SIP returns of all small-cap funds, barring one in the negative, she is wondering whether she made a wrong investment decision. READ MORE

1:16 PM

Paper stocks rally; West Coast, Star Paper, Seshasayee Paper up over 7%

Shares of paper manufacturing companies were in focus with West Coast Paper Mills, Star Paper Mills, Seshasayee Paper, Emami Paper, and Balkrishna Industries rallying between 7% and 9% on good demand outlook. READ MORE

12:58 PM

Rupee hits 72/$; Pharma stocks gain

12:44 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,008.69	-9.62	-0.03
S&P BSE SENSEX 50	12,003.67	-9.12	-0.08
S&P BSE SENSEX Next 50	34,274.28	+64.32	+0.19
S&P BSE 100	11,756.54	-4.39	-0.04
S&P BSE Bharat 22 Index	3,635.64	-15.84	-0.43

12:43 PM

RUPEE ALERT Rupee at record low, breaches 72 against US dollar

12:32 PM

Troubled times to last a while longer for emerging markets, say hedge funds

Hedge funds haven’t been this bearish for years.

 

In the last month, funds quickly sold down their positions in emerging markets to levels last seen in August 2015, when China scared the world with a surprise devaluation, and early 2016, when Beijing terminated a silly experiment with circuit breakers in a futile attempt to rescue the stock market. READ MORE

12:13 PM

Market regulator Sebi mulls diluting controversial FPI KYC norms: Sources

The market regulator, Securities and Exchange Board of India (Sebi), may soon dilute some of the controversial provisions notified in its April 10 circular on foreign portfolio investors (FPIs).

 

Sources say the regulator is mulling exempting people of Indian origin (PIOs) from the ambit of the new Know Your Customer (KYC) norms. Publicly pooled funds could get more leeway with regards to investment ceilings in individual companies. READ MORE

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,067.67	+49.36	+0.13
S&P BSE SENSEX 50	12,016.95	+4.16	+0.03
S&P BSE SENSEX Next 50	34,297.80	+87.84	+0.26
S&P BSE 100	11,768.96	+8.03	+0.07
S&P BSE Bharat 22 Index	3,640.17	-11.31	-0.31

11:45 AM

Adani Enterprises trades ex-date for spin off; rebounds 15% from day's low

 

Shares of Adani Enterprises has moved higher by 7% to Rs 161, bouncing back 15% from its early morning low on the BSE on back of heavy volumes on Thursday. The stock of Adani group Company turned ex-date for spin off its gas sourcing and distribution business into a new company called Adani Gas. READ MORE

11:30 AM

Sebi may soon pave the way for startup listings under separate segment

 

The Securities and Exchange Board of India (Sebi) may soon bring in a slew of changes to make it attractive for startups to list on the bourses.

 

Among other things, the regulator may broaden the definition of startups to include non-tech companies and allow them to list directly on the main board of stock exchanges under a separate segment. READ MORE

11:15 AM

Pharma index gains; top gainers in the pack

11:00 AM

Aurobindo Pharma gains 5% on acquisition of Sandoz's US business

 

Shares of Aurobindo Pharma has rallied 5% to Rs 732 on Thursday, extending its Wednesday’s 2% gain on the BSE, after the company announced the acquisition of Sandoz's generic business in the US for $900 million.

 

“The company announces the signing of a definitive agreement to acquire certain assets from Sandoz Inc., USA ("Sandoz"), a Novartis Division, comprising a market leading dermatology business and a portfolio of oral solid products along with commercial and manufacturing infrastructure in the US,” Aurobindo Pharma said in a press release. READ MORE

10:45 AM

New motor norms trigger for ICICI Lombard, will gain most among insurers

 

Stock of ICICI Lombard General Insurance Company (ICICI Lombard) has risen 4.6 per cent to Rs 836.35 since August 30, even though the broader markets and Nifty Financial Services index are under pressure. Expected benefits from the revised motor third-party insurance policy have been the reason for the upward move of the sole listed general insurance company.

 

While the motor segment accounts for over 40 per cent of the company’s product mix, third-party segment’s share is 17-18 per cent and own-damage policies comprise 25-26 per cent. READ MORE

10:30 AM

Nifty Media index tanks 5%; Zee Entertainment, Sun TV hits 52-week lows

 

Shares of media companies were under pressure with Nifty Media index tanked 5% in intra-day trade, hitting 20-month low on the National Stock Exchange (NSE) on growth concerns.

 

Zee Entertainment Enterprises (ZEEL) and Sun TV Network hits their respective 52-week lows have tanked up to 9%, while Dish TV India, INOX Leisure and Den Networks were trading lower in the range of 1% to 35 on the NSE. READ MORE

10:15 AM

Angel Broking files offer document with Sebi for IPO to raise Rs 6 billion

 

Angel Broking filed its offer document with markets regulator Securities and Exchange Board of India (Sebi) on Wednesday. The company is looking at an initial public offering (IPO) of equity to raise Rs 6 billion, half of which would be new funds.

 

Sources say the offer will value Angel Broking around Rs 25 billion. READ MORE

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,144.22	+125.91	+0.33
S&P BSE SENSEX 50	12,049.99	+37.20	+0.31
S&P BSE SENSEX Next 50	34,442.36	+232.40	+0.68
S&P BSE 100	11,803.95	+43.02	+0.37
S&P BSE Bharat 22 Index	3,658.09	+6.61	+0.18

(Source: BSE)

9:45 AM

Interview of the day Successful fund managers will eventually set up own AMCs: Sunil Singhania

 

The mutual fund industry has seen a spate of exits of star fund managers. The trend will continue says Sunil Singhania, who quit Reliance Mutual Fund, to set up Abakkus Asset Manager. In an interview to Samie Modak during CFA Society’s third India Wealth Management Conference, says running a hedge fund allows more flexibility to manage money sophisticated money. Read full interview here