MARKET WRAP: Indices end flat ahead of no-confidence motion; IT stocks slip

Benchmark indices ended flat on Thursday, a day ahead of a no-confidence motion against the government.

3:41 PM

Nifty Pharma index ends 1.53% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)
CADILA HEALTH.	344.30	354.25	-9.95	-2.81
CIPLA	610.45	627.40	-16.95	-2.70
BIOCON	572.30	584.80	-12.50	-2.14
DR REDDY'S LABS	2027.00	2065.65	-38.65	-1.87
LUPIN	797.90	811.00	-13.10	-1.62

3:39 PM

Nifty sectoral losers of the day

3:36 PM

BSE Sensex: Vedanta, Yes Bank, RIL among top gainers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 36,351, down 22 points while the broader Nifty50 index settled at 10,957, down 23 points.

3:26 PM

RIL hits new high

3:22 PM

Hindalco records sharpest intra-day fall in 11 months; stock slips 8%

 

Hindalco Industries hit 52-week low of Rs 195, falling 8% in intra-day deal, its sharpest intra-day decline in past 11 months after the media report suggested that the company is likely to acquire Aleris for $ 2.5 billion.

 

Earlier on August 11, 2017, the stock of metal company slipped 8.2% during intra-day trade. The company and its Canadian arm, Novelis, is in process of raising debt for the said deal, the CNBC-TV18 reported quoting sources. READ MORE

3:15 PM

PC Jeweller tanks 43% in one week on withdrawal of buyback offer

 

Shares of PC Jeweller hit nearly four-year low of Rs 68 per share, falling 13% on the BSE in intra-day trade. In past one week, the stock tanked 43% from Rs 122 on July 12, as the company announced the withdrawal of proposed buyback offer due to the non-receipt of the NOC from the its bankers. The stock was trading at its lowest level since August 18, 2014.

 

The stock plunged 89% from its 52-week high level of Rs 457 recorded on January 16, 2018 in intra-day trade. Investors have seen their market cap erosion of Rs 204 billion to Rs 27.73 billion during the period. READ MORE

3:00 PM

UK watchdog tells banks to prepare for hard Brexit

 

Britain's banks and insurers must plan for a "hard" Brexit in case a transition period is not in place next March, a senior British regulator said on Thursday.

 

"With eight months until we exit the European Union in March 2019, it is important we all -- regulators and industry -- continue to plan for a range of scenarios," said Nausicaa Delfas, head of international strategy at the Financial Conduct Authority. READ MORE

2:45 PM

India a 'good place to hide' from trade war for this $10 billion fund

 

Ashburton Investments Ltd., which oversees $10 billion in global assets, is steadily acquiring stocks in medium-sized Indian companies that have been overlooked as investors targeted better-known companies.

 

India is a “good place to hide” as it’s not at “the heart of” the global trade-war volatility and exposed to the strengthening dollar, Jonathan Schiessl, the fund’s investment director, said in an interview. The country is relatively safer with “beta at multi-year lows,” and is still an outperformer among emerging markets with relatively better international flows, he said. READ MORE

2:31 PM

Prakash Ind down 5% on report of ED filing chargesheet in coal scam cases

 

Prakash Industries has locked in lower circuit of 5% at Rs 125 on the BSE with only sellers were seen on the counter after the media report suggested that Enforcement Directorate (ED) filed charge sheet in seven coal scam cases.

 

“We categorically state that we are unaware of any charge sheet having seen filed by the Enforcement Directorate as described in the news item published in the Economic Times referred to by you. That being so, the question of disseminating any information to the exchange does not arise,” Prakash Industries said on clarification on news report to BSE. READ MORE