MARKET WRAP: Sensex slips 175 pts as rupee falls; Tata Motors falls 13%

Among the sectoral indices, the Nifty Auto index fell 2.6 per cent led by a sharp fall in Tata Motors.

3:43 PM

Sectoral trends on NSE

3:37 PM

S&P BSE Sensex: Top gainers and losers

3:34 PM

MARKET AT CLOSE

The S&P BSE Sensex closed 175 points down at 34,299.47 while NSE's Nifty50 index dropped 47 points to settle at 10,301. 

3:19 PM

NEWS ALERT International Energy Agency warns oil market is entering the red zone: News Reports

3:16 PM

Gold nudges up on risk aversion amid China worries

Gold prices edged higher on Tuesday as risk appetite fell, with Asian stocks slipping to 17-month lows amid concerns over a potential slowdown in China's economic growth.

 

Spot gold was up 0.2 per cent at $1,189.58 an ounce. On Monday, it fell 1.2 per cent, its biggest one-day percentage fall since Aug. 15, and also touched a more than one-week low of $1,183.19. US gold futures rose 0.4 per cent to $1,193.0 an ounce. READ MORE

3:00 PM

Govt denies media reports that OMCs might skip dividend payment this year

 

EconomiC Affairs Secretary S C Garg said in a Twitter post on Tuesday that media reports claiming state-run oil marketing companies might skip dividend payments to government were false. Some TV channels had earlier in the day reported citing sources that Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) were likely to skip their dividend payout for 2018-19, causing a hit of Rs 80-100 billion. Read More

2:46 PM

Nifty Metal index trades over 2% higher

2:30 PM

Are pipe companies a good investment idea?

 

Shares of pipe companies Supreme Industries, Astral Poly Technik and Finolex Industries rose on Tuesday after the global brokerage firm Jefferies initiated the coverage on them with a 'buy' rating. Shares of Astral Poly Technik climbed as much as 1.75 per cent in the intraday trade while those of Supreme Industries and Finolex Industries surged 2.60 per cent and 1.68 per cent, respectively. Read More

2:14 PM

National Housing Bank raises cap on refinancing to Rs 300 billion

 

The National Housing Bank (NHB) on Monday enhanced the limit to refinance eligible housing finance institutions to Rs 300 billion for 2018-19 in the wake of the present liquidity position of the sector. For the present financial year, between July 2018 and June 2019, the NHB had initially set the refinance target at Rs 240 million. This refinancing is a “credit flow” to the housing finance companies facing liquidity crunch following a series of defaults by group of companies of IL&FS Ltd. Read More

2:02 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,379.88	-94.50	-0.27
S&P BSE SENSEX 50	10,791.39	-33.93	-0.31
S&P BSE SENSEX Next 50	29,609.18	-273.36	-0.91
S&P BSE 100	10,507.32	-42.27	-0.40
S&P BSE Bharat 22 Index	3,221.50	-18.81	-0.58

(Source: BSE)

1:49 PM

IL&FS crisis: Microfinance sector likely to take a hit on cash crunch

Growth in the microfinance sector might get constrained due to lack of capital, as banks have stared becoming selective in lending and non-banking finance companies (NBFCs) face liquidity squeeze following the IL&FS crisis. While bigger Micro Finance Institutions (MFIs) depend upon banks and money market to raise funds, mid and smaller MFIs depend on non-banking finance companies.

 

The series of defaults by Infrastructure Leasing and Financial Services (IL&FS) and its lending arm on financial instruments almost freezed the financing of NBFCs. READ MORE

1:40 PM

Monnet Ispat up for 15th straight session; stock zooms over 100%

Shares of Monnet Ispat & Energy have locked in upper circuit for the 15th straight session, up 5% at Rs 45.85 on the BSE. Since September 14, 2018, the market price of Monnet Ispat & Energy has zoomed 105% from Rs 22.30, as the stock listed on the BSE after the Insolvency & Bankruptcy Code (IBC) proceedings. READ MORE

1:26 PM

WEB EXCLUSIVE Foreign brokerages turn cautious on Indian equities

 

Foreign brokerages such as Nomura, Goldman Sachs and Credit Suisse have turned cautious on Indian equities. In his recent co-authored report, Saion Mukherjee, head of India equity research at Nomura says he expects the markets to slide further from the current levels.

 

“The market valuations have corrected significantly from 18.8x at the peak in August 2018 to 16.1x one-year forward earnings currently. The valuations were stretched, given the rise in yields since the start of the year. To a large extent, the recent market fall has corrected the excesses in valuations. However, they are still not attractive enough and further 5 – 10 per cent downside in the near term cannot be ruled out,” Mukherjee wrote in a co-authored report with Neelotpal Sahu and Sanjay Kadam. READ MORE

Photo: Shutterstock.com

1:13 PM

NEWS ALERT

Rupee hits record low of 74.26/$ 

1:00 PM

Amid bear grip around NBFCs, liquidity concerns recede for PNB Housing

While the non-banking financial companies are in a bear grip, the stock of PNB Housing Finance bucked the trend, gaining 5.8 per cent in Monday’s trading session. Raising external commercial borrowings (ECBs) of $200 million, or Rs 14.7 billion, and liquidity position updates given by the company supported the sentiment for the stock. READ MORE

12:45 PM

Despite muted market sentiments, Titan's jewellery sales back on track

 

Despite the muted market sentiment, the Titan Company stock gained over 5 per cent in two trading sessions on expectations of a pick-up in the jewellery segment sales in the September quarter. The company had reported 6 per cent sales growth for the jewellery segment in the June quarter, the lowest in about eight quarters. The management, in a quarterly update, indicated it has recorded strong sales on the back of new product launches and studded diamond sales. Read More

12:30 PM

IMF cuts world economic growth forecasts as import tariffs, emerging market issues bite

 

The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows. The new forecasts, released on the Indonesian resort island of Bali where the IMF and World Bank annual meetings are getting underway, show that a burst of strong growth, fueled partly by U.S. tax cuts and rising demand for imports, was starting to wane. Read More

 

12:15 PM

Sugar stocks in focus; Uttam Sugar, Dwarikesh, Dhampur Sugar surge over 10%

 

Shares of sugar companies have rallied by up to 19% on the BSE on back of heavy volumes in an otherwise weak market. Uttam Sugar Mills, Dhampur Sugar Mills, Dwarikesh Sugar Industries, Thiru Arooran Sugars, KCP Sugar & Industries and Bajaj Hindustan Sugar were up in the range of 10% to 19% on the BSE. At 11:13 am; the S&P BSE Sensex was trading 0.21% lower at 34,404 points. In past one month most of the sugar companies have outperformed the market by surging up to 70% against 10% decline in the benchmark index. Read More

12:00 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,429.30	-45.08	-0.13
S&P BSE SENSEX 50	10,795.54	-29.78	-0.28
S&P BSE SENSEX Next 50	29,507.81	-374.73	-1.25
S&P BSE 100	10,505.49	-44.10	-0.42
S&P BSE Bharat 22 Index	3,226.87	-13.44	-0.41

11:45 AM

IL&FS jitters erode 12.5% of MF assets; AUM shrinks to Rs 22 trn in Sept

 

The crisis linked to Infrastructure Leasing & Financial Services (IL&FS) has hit the mutual fund (MF) industry hard, with 12.5 per cent, or Rs 3.16 trillion, of industry assets getting shaved off in a single month. Total assets under management (AUM) shrunk to Rs 22.04 trillion in September from Rs 25.2 trillion at the end of August. Most of the damage was due to record outflows from liquid and fixed-income schemes, where large investors invested. Read More

11:30 AM

Nifty Auto index trading over 2% lower

11:15 AM

Emami hits over three-year low; stock falls 11%

 

Shares of personal products company Emami hit an over three-year low of Rs 402, down 11% on the BSE on back of heavy volumes. The stock was trading at its lowest level since January 1, 2015, down 19% in the past four trading days. The trading volumes on the counter more than doubled with a combined 588,882 equity shares changed hands on the BSE and NSE so far. At 10:44 am; Emami was trading 9.5% lower at Rs 411 against 0.26% decline in the S&P BSE Sensex. Read More

11:01 AM

128 IPOs garner $5.24 billion till August this year, says EY report

 

As many as 128 initial public offerings garnered $5.24 billion this year until August and going forward the IPO momentum is expected to improve in the coming months, says an EY report.

 

According to the India IPO Market Insight report by EY, the IPO activity in the third quarter this year registered a significant decline vis-a-vis the corresponding period last year. Only three IPOs were launched on BSE and NSE in the third quarter of 2018 versus 11 public offerings in the same quarter of 2017. READ MORE

10:51 AM

NBFC stocks crash after RBI mulls stricter norms

 

The correction in non-banking financial companies (NBFCs) extended as investors dumped shares fearing that the proposed norms by the Reserve Bank of India (RBI) would impact growth and profitability. The central bank on Friday said it was looking to strengthen norms for NBFCs to avoid rollover risks. It also urged financial firms to reduce their dependence on short-term funding, and instead make use of long-term funding. READ MORE

10:35 AM

Britannia rises nearly 3% on announcement of bonus debentures

 

Shares of Britannia rose nearly 3 per cent in the early trade on Tuesday after the company's board announced it will give one free debenture worth Rs 30 in face value for one fully paid-up equity share. The company stated that “the company has completed 100 years of operations and is keen to reward its members for their continued support and belief”. It said it will utilise its accumulated profits of Rs 869 crore for the debenture issue. However, the record date has not been fixed yet. Read More

10:26 AM

Sugar stocks surge in trade

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
THIRU AROOR. SU.	28.00	24.10	3.90	16.18	2704
UTTAM SUG.MILLS	108.75	95.80	12.95	13.52	9730
DHAMPUR SUGAR	143.30	126.35	16.95	13.42	158805
DWARIKESH SUGAR	25.40	22.95	2.45	10.68	135861
DCM SHRIRAM INDS	178.00	161.30	16.70	10.35	3422

10:15 AM

Tata Motors hits 6-year low as JLR global sales decline 12% in September

 

Shares of Tata Motors hit a six-year low of Rs 201 per share, down 5% on the BSE in early morning trade on Tuesday, after the company-owned Jaguar Land Rover (JLR) on Monday, reported a 12.3% year on year (YoY) decline in global sales at 57,114 units in September, hit by lower demand in China. The stock was trading at its lowest level since July 26, 2012, on the BSE. “The company's sales in China declined by 46.2% during September as compared to the same month last year as ongoing market uncertainty resulting from import duty changes and continued trade tensions held back consumer demand,” JLR said in a press release. Read More

 

10:01 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,420.27	-54.11	-0.16
S&P BSE SENSEX 50	10,798.07	-27.25	-0.25
S&P BSE SENSEX Next 50	29,811.99	-70.55	-0.24
S&P BSE 100	10,523.37	-26.22	-0.25
S&P BSE Bharat 22 Index	3,244.46	+4.15	+0.13

9:46 AM

Currency check

Rupee slips to 74/$ after opening firm. Read More

9:45 AM

Unfazed investors buy more in September despite stock-market turmoil

 

Investors in Indian equity funds held tight and even bought more last month, seemingly unfazed by the selloff triggered by a tumbling currency and a crisis at a troubled lender. Stock funds took in Rs 111 billion ($1.5 billion) in September, the most since May, up from Rs 83 billion in August, data from the Association of Mutual Funds in India show. Read More