Sensex tanks 316 pts, Nifty ends below 10150 as Q2 GDP fails to lift spirit
All that happened in Friday's trade
 "Nifty")
Source: BSE
In a volatile trading session, the benchmark indices ended lower with the Nifty50 settling the first day of December expiry below 10,150 as economic growth data came in largely as expected, failing to boost a market weighed down by concerns about the country’s fiscal deficit and global risk factors such as rising crude prices.
Data late on Thursday showed India’s gross domestic product grew 6.3% in July-September, in line with expectations, as businesses started to overcome troubles after the bumpy launch of Goods and Services Tax (GST).
The data failed to lift sentiment as country's fiscal deficit reached 96% of the budgeted target for the fiscal year ending in March 2018, sending shares sharply lower on Thursday.
The Reserve Bank of India (RBI) is meeting next week at a time of rising concern about a rally in crude prices, which rose following OPEC’s decision to extend production curbs.
Overseas, European markets were trading lower, while Asian markets also ended in negative zone as investors awaited the US Senate’s vote on tax reform legislation.
4:10 PM
Jayant Manglik, President Retail Sales, Religare Securities
The benchmark indices pared early gains and witnessed continued selling pressure for the third straight consecutive session. India’s Q2 GDP data came in line with market expectations, but it failed to lift the market amid fiscal deficit and rising crude prices concerns. The broader market indices also reacted in line with the frontline index. All the major sectoral indices ended in red with metal, oil&gas, consumer durables and auto being the top losers.
In the near term, market may remain volatile given RBI policy next week and US Fed meet in the second week of December. With steady reform implementation and improved corporate earnings, India would continue to remain a preferred investment destination for FIIs and DIIs despite its premium valuations compared to other emerging markets. However, we advise traders to avoid overleveraging and keep their positions hedged until the outcome of RBI policy.
3:45 PM
Top Sensex gainers and losers
Source: BSE
3:40 PM
Markets at close
The S&P BSE Sensex ended at 32,832, down 316 points, while the broader Nifty50 settled at 10,121, down 104 points.
Source: BSE
The S&P BSE Sensex ended at 32,832, down 316 points, while the broader Nifty50 settled at 10,121, down 104 points.
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 32,832.94 | -316.41 | -0.95 |
| S&P BSE SENSEX 50 | 10,562.77 | -111.64 | -1.05 |
| S&P BSE SENSEX Next 50 | 35,098.12 | -376.02 | -1.06 |
| S&P BSE 100 | 10,593.22 | -112.21 | -1.05 |
| S&P BSE Bharat 22 Index | 3,677.43 | -34.56 | -0.93 |
Source: BSE
3:20 PM
Buzzing stock
UFO Moviez India dipped 7% to Rs 453 on the BSE after reporting 44% decline in net profit at Rs 11.3 crore in September quarter (Q2FY18), due to lower operational revenue. The company had a profit of Rs 20 crore in the same quarter last year. CLICK HERE FOR MORE
3:14 PM
Q2 GDP growth raises some hope, but meeting FY18 forecast still not easy
The Indian economy has to grow by at least 7.5 per cent in each of the remaining two quarters of the current financial year, if it has to come anywhere near the various growth forecasts made by different agencies. This is one message policy makers cannot ignore while they interpret the economic growth numbers for July-September 2017, released by the Central Statistics Office on Thursday. READ FULL ANALYSIS
3:05 PM
Top five Nifty losers in last leg of trade
Source: NSE
3:00 PM
Markets check
At 3:00 pm, the S&P BSE Sensex was trading at 32,889, down 259 points, while the broader Nifty50 was ruling at 10,143, down 83 points.
At 3:00 pm, the S&P BSE Sensex was trading at 32,889, down 259 points, while the broader Nifty50 was ruling at 10,143, down 83 points.
2:50 PM
Ashok Leyland zooms ahead in November
Automobile major Ashok Leyland has reported a 54 per cent jump in medium and heavy commercial vehicle (M&HCV) sales in November at 10,641 units over last year’s count of 6,928 units.
Light commercial vehicle (LCV) sales rose by 44 per cent to 3,819 units, from 2,646 units a year ago. READ MORE DETAILS
2:45 PM
Nifty Auto trades lower
Source: NSE
2:23 PM
BSE Smallcap index hits new high
The S&P BSE Smallcap index hit a new high of 18,411 in early morning trade on Friday on back of strong rally in pharmaceuticals, information technology (IT), restaurants, auto ancillary and consumer discretionary stocks. The index surpassed its previous high of 18,324.83, touched on November 29, 2017 in intra-day trade on the BSE. READ FULL REPORT
2:04 PM
Markets check
At 2:00 pm, the S&P BSE Sensex was trading at 33,064, down 85 points, while the broader Nifty50 was ruling at 10,205, down 21 points.
Source: BSE
At 2:00 pm, the S&P BSE Sensex was trading at 33,064, down 85 points, while the broader Nifty50 was ruling at 10,205, down 21 points.
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 33,073.07 | -76.28 | -0.23 |
| S&P BSE SENSEX 50 | 10,648.84 | -25.57 | -0.24 |
| S&P BSE SENSEX Next 50 | 35,566.06 | +91.92 | +0.26 |
| S&P BSE 100 | 10,688.42 | -17.01 | -0.16 |
| S&P BSE Bharat 22 Index | 3,715.84 | +3.85 | +0.10 |
Source: BSE
1:50 PM
Volume growth to spice up gains for Jubilant, Westlife
Stocks of quick service restaurants Westlife Development, Jubilant FoodWorks and Speciality Restaurants have been hitting their 52-week highs this week on expectations that improving demand and new offerings will sustain volume growth going ahead.
This, coupled with the recent trigger of revisions in the goods and services tax (GST) rate to five per cent from the earlier 18 per cent should help bring down overall prices. READ FULL ANALYSIS
1:30 PM
Edelweiss Securities on Q2 GDP
Real GVA for Q2FY18 came in at 6.1% YoY (Edelweiss expectation: 6.4%) vs 5.6% in the previous quarter. The uptick from previous quarter was mostly led by revival in manufacturing after sharp slowdown seen in last few quarters, suggesting that effect of temporary disruptions (GST/DeMon related) is waning. However, one area where weakness continues to linger is construction activity, which grew less than 3% even after stagnating in last two quarters. What is also worth highlighting is the considerable slowdown in the government services/spending during the quarter (government front-loaded the expenditure in Q1FY18).
Going ahead, we expect further pick up in GDP numbers, helped by supportive base effect and some revival in exports. However, construction weakness is persisting longer than we anticipated and chances of scale-back in government expenditure are rising amid weaker than anticipated revenues. Accordingly, we are revising our FY18 GVA growth forecast to 6.5% from 6.8% earlier.
1:16 PM
Existing investors may hold on to dynamic bond funds
Investment advisors were recommending dynamic bond funds to investors till as recently as August, when the Reserve Bank of India (RBI) had cut the repo rate by 25 basis points. These are funds where the fund manager changes the average duration of the portfolio actively to benefit from interest-rate changes. They are marketed as all-weather funds. Many of those who followed the experts’ advice would be a worried lot today. READ FULL ANALYSIS
1:02 PM
4 IPOs rally up to 125% after subdued listing in 2017
PSP Projects, Eris Lifesciences, Tejas Networks and Security and Intelligence Services (India) (SIS) rallied up to 125% against their issue price after making a weak debut on the bourses during the calendar year 2017 (CY17).
Except Tejas Networks, which gained 2.5%, the market price of the remaining three companies remained below their respective issue prices on the first day of their listings.
The strong financial performance and positive corporate announcements led the rally in these stocks post their listings. READ MORE
Representative Image (Photo: Shutterstock)
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First Published: Dec 01 2017 | 3:38 PM IST
