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F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Among sectoral indices, the Nifty PSU Bank index ended nearly 2% lower led by a fall in the shares of Punjab National Bank, Bank of India and Syndicate Bank.

SI Reporter  |  New Delhi 

The markets ended lower on Thursday, the last day of expiry of futures & options contracts for the June series. Sentiment wasa also impacted by firm crude oil prices and the rupee that hit a record of over 69 to the US dollar. The S&P BSE Sensex ended at 35,038, down 179 points, while the Nifty50 index settled at 10,589, down 82 points. Among sectoral indices, the Nifty PSU Bank index ended nearly 2% lower led by a fall in the shares of Punjab National Bank, Bank of India and Syndicate Bank. RUPEE The rupee fell to an all-time low against the US dollar in trade ...

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F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

MARKET COMMENT Jayant Manglik, President, Religare Broking  Nifty remained under pressure and lost over half a percent on the F&O expiry day. Participants were already in the cautious mood from the beginning and weak global cues combined with the news of rupee trading at new record low against the US dollar further worsened the sentiment. Almost all the sectoral indices traded in line with the benchmark and closed lower.   Continuous global pressure and deteriorating macroeconomic condition on local front are responsible for the recent correction. And, we may see further pressure in the days to come. However, oversold positions may result in some rebound in between. Traders should limit leveraged trades and wait for clarity

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Nifty PSU Bank index settled 1.95% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) PUNJAB NATL.BANK 72.80 76.75 -3.95 -5.15 SYNDICATE BANK 39.20 41.00 -1.80 -4.39 BANK OF INDIA 85.15 88.70 -3.55 -4.00 ORIENTAL BANK 71.70 73.90 -2.20 -2.98 UNION BANK (I) 79.80 81.35 -1.55 -1.91

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Nifty sectoral losers

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

BSE Sensex: ICICI Bank, Tata Motors, RIL among top losers

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Market at close   The S&P BSE Sensex ended at 35,038, down 179 points while the broader Nifty50 index settled at 10,589, down 82 points.

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

COMMODITY WATCH Crude oil We have seen dramatic rise in the crude oil prices in the last couple of months due to geo-political concern. There are supply issues from Venezuela, Libya and Canada. US has asked countries to cut imports of Iranian oil from November. So the crude oil prices are moving higher in the international market. On the other hand, the rupee has depreciated to all time low levels. As a result, crude oil prices touched Rs 5000 on the MCX yesterday. The rupee is expected to depreciate in coming sessions due to steady capital outflows and worsening macroeconomic conditions. Hence, we expect that crude oil prices might trade in a range of Rs 4800 to Rs 5200 on the MCX in coming sessions (Source: Anand Rathi Commodities)

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

BSE Smallcap index hits 9-month low; 111 stocks tank over 50% in CY18 Shares of smallcap companies continue to be under pressure with the S&P BSE Smallcap index hitting nine-month low, down for the fourth straight trading day on the BSE on Thursday. Thus far in calendar year 2018 (CY18), the S&P BSE Small-cap index has underperformed by falling 18%, as compared to 14% decline in the S&P BSE Midcap and 3% rise in the S&P BSE Sensex. READ MORE

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Where is the rupee headed? The Indian rupee is set to weaken beyond 71 per dollar by June next year as the country’s current-account deficit widens on rising oil prices, said Taimur Baig, chief economist at DBS Group Holdings Ltd.   Rising US interest rates, a stronger dollar and fears of a trade war will spur flows into traditional safe-haven liquid currencies, Baig said in an interview. External funding pressures due to slowing capital flows will also keep the rupee under pressure, he added. READ MORE

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Top losers in BSE500: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) KRBL 308.50 348.75 -40.25 -11.54 M R P L 79.15 86.95 -7.80 -8.97 V-MART RETAIL 2336.00 2547.75 -211.75 -8.31 JAIN IRRIGATION 80.50 86.75 -6.25 -7.20 TECH MAHINDRA 668.95 714.00 -45.05 -6.31

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Oil price update US oil prices steadied on Thursday, pulling back from 3-1/2-year highs, but supply remained tight with investors concerned by the prospect of a big fall in crude exports from Iran due to U.S. sanctions.   US light crude was 15 cents lower at $72.61 per barrel, after hitting $73.06 on Wednesday, its highest since November 2014. Benchmark Brent was unchanged at $77.62 a barrel. READ MORE

F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

COMMENT Nitasha Shankar, Sr. Vice President and Head of Research at YES Securities on rupee The sectors that are looking good due to the fall in the rupee are of course the export oriented ones including IT and Pharma. However we believe this could mean further weakness for the oil marketing companies which have already been languishing under the pressure of higher crude prices

First Published: Thu, June 28 2018. 08:15 IST
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F&O expiry: Nifty ends at 10,589, PSU banks fall; rupee hits record low

Among sectoral indices, the Nifty PSU Bank index ended nearly 2% lower led by a fall in the shares of Punjab National Bank, Bank of India and Syndicate Bank.

The markets ended lower on Thursday, the last day of expiry of futures & options contracts for the June series. Sentiment wasa also impacted by firm crude oil prices and the rupee that hit a record of over 69 to the US dollar. The S&P BSE Sensex ended at 35,038, down 179 points, while the Nifty50 index settled at 10,589, down 82 points. Among sectoral indices, the Nifty PSU Bank index ended nearly 2% lower led by a fall in the shares of Punjab National Bank, Bank of India and Syndicate Bank. RUPEE The rupee fell to an all-time low against the US dollar in trade ...

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