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MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Among sectoral indices, the Nifty IT index settled 2 per cent lower led by a fall in the share prices of Tata Consultancy Services (TCS) and Infosys.

SI Reporter  |  New Delhi 

The benchmark indices settled around 1.5 per cent lower amid a weak rupee, which slipped below 73 per dollar mark for the first time to hit an all-time low of 73.34 in intraday deals. The Indian currency dropped to a record low in intraday trade on Wednesday as a sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the local unit. The S&P BSE Sensex ended at 35,976, down 551 points while the broader Nifty50 index settled at 10,858, down 150 points. Among sectoral indices, the Nifty IT index settled 2 per cent lower led by a fall in the ...

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MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

MARKET COMMENT VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities The RBI refused to open a special window for oil marketing companies, which impacted market sentiment. Rupee touched a new low of 73.40 to a dollar. The Sensex lost 550 points or 1.3% and hit the lowest level in the current downturn. Automobile stocks were battered, as fears of margin compression came to fore. Metal stocks, especially aluminum producers, were in limelight. World’s largest alumina refinery Norsk Hydro's closure buoyed aluminum players. Small-cap index bucked the trend and  managed to close in positive on back of value buying.

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

MARKET COMMENT HDFC Securities on auto sector The relentless surge in fuel prices over the past few months and devastating flood in Kerala dampened PVs(-3% YoY) demand. Inventory has piled up to 40-45 days and all eye now focusing on festive season to drive up PV demand. However, revival in rural demand and festive season inventory build-up aided decent growth (+6%) in 2Ws. Despite higher fuel prices, CV demand remains healthy (+23%, M&HCV-26% and LCV22%) led by healthy freight availability and pick up in Ecommerce, white goods and infra segment.   We believe good monsoon, improving rural demand and upcoming festive season will augur well for automotive Industry and recent correction in stocks price provides a good entry opportunity. Our top picks in OEMs space are MSIL (extensive distribution network and strong rural franchise), Ashok Leyland (leadership in high tonnage trucks) and Bajaj Auto (diversified product and geographical mix)

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Sectoral Losers at NSE

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Gainers and Losers in BSE Sensex

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Market at close The S&P BSE Sensex ended at 35,976, down 551 points while the broader Nifty50 index settled at 10,858, down 150 points.

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

India's Q4 gold imports to jump as investors seek safer bets than stocks India's gold imports may rise in the fourth quarter as investors seek alternatives to faltering equity markets and a plunging rupee at the same time traditional buying will rise during the festival season, said multiple sources involved in the market. READ MORE

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Gold prices hit over one-week high on soft dollar, Italy woes Gold hit highest in more than a week on Wednesday as the dollar softened and demand for the safe-haven metal got a boost on concerns surrounding Italy's plans to tackle budgetary deficit. Spot gold was up 0.1 per cent at $1,203.31. Earlier in the session, the bullion touched the highest since Sept. 21 at $1208.31. It gained 1.3 percent on Tuesday in its biggest one-day percentage gain since Aug. 24. US gold futures were up 0.1 percent to $1,207.06 an ounce. READ MORE

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Mumbai Police seeks proof of trades from Sebi in Rs 55-bn NSEL scam probe Hours after registering a First Information Report (FIR) in the Rs 56-billion National Spot Exchange (NSEL) scam, the economic offences wing (EOW) of the Mumbai Police wrote to the Securities and Exchange Board of India (Sebi) asking for proof of illegal trades. READ MORE

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Top losers at NSE COMPANY PRICE() CHG() CHG(%) VOLUME J KUMAR INFRA 146.35 -16.25 -9.99 1336964 M & M 803.10 -44.50 -5.25 3998164 ICICI SEC 265.90 -14.00 -5.00 206375 BOMBAY DYEING 151.45 -7.95 -4.99 570839 8K MILES 172.75 -9.05 -4.98 47109 » More on Top Losers

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Auto stocks down; Eicher Motors hits 52-week low Auto shares were in focus on Wednesday, with the Nifty Auto index slipping 1.5 per cent in intraday trade led by a fall in shares of Eicher Motors, Maruti Suzuki and Mahindra & Mahindra. Eicher Motors hit a 52-week low of Rs 23,072.75, down 6.8 per cent in intraday trade. The commercial vehicle sales by the company in September 2018 was up at 6,663 units against 6,083 units in the year-ago period. Royal Enfield sales also climbed 2 per cent at 71,662 units versus 70,431 units. READ MORE

MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Market Check Index Current Pt. Change % Change   S&P BSE SENSEX 36,254.17 -271.97 -0.74   S&P BSE SENSEX 50 11,436.62 -76.59 -0.67   S&P BSE SENSEX Next 50 31,761.27 -149.07 -0.47   S&P BSE 100 11,155.22 -71.40 -0.64   S&P BSE Bharat 22 Index 3,480.28 +5.23 +0.15  

First Published: Wed, October 03 2018. 08:15 IST
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MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall

Among sectoral indices, the Nifty IT index settled 2 per cent lower led by a fall in the share prices of Tata Consultancy Services (TCS) and Infosys.

The benchmark indices settled around 1.5 per cent lower amid a weak rupee, which slipped below 73 per dollar mark for the first time to hit an all-time low of 73.34 in intraday deals. The Indian currency dropped to a record low in intraday trade on Wednesday as a sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the local unit. The S&P BSE Sensex ended at 35,976, down 551 points while the broader Nifty50 index settled at 10,858, down 150 points. Among sectoral indices, the Nifty IT index settled 2 per cent lower led by a fall in the ...

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