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MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Among sectoral indices, the Nifty Pharma index rose 2.7 per cent led by a rise in Lupin and Dr. Reddy's Laboratories. The Nifty IT index, too, settled 1.8 per cent higher.

SI Reporter  |  New Delhi 

Markets, Stocks, BSE, NSE
Markets, Stocks, BSE, NSE

The benchmark ended flat on Friday amid weakness in the rupee, which hit a new low breaching 71 per dollar mark for the first time earlier in the day.

The S&P ended at 38,645, down 45 points while the broader Nifty50 index settled at 11,680, up 4 points.

Oil-to-telecom heavyweight Reliance Industries (RIL) settled 2.75 per cent lower at Rs 1,239 on the

Among sectoral indices, the Pharma index rose 2.7 per cent led by a rise in Lupin and Dr. Reddy's Laboratories. The IT index, too, settled 1.8 per cent higher led by Tech Mahindra and MindTree. However, Bank index slipped 0.15 per cent due to a fall in YES Bank's

hits 71 per dollar

The slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

Markets

Asian came under renewed pressure on Friday as a report US President Donald Trump was preparing to step up a trade war with Beijing sent Chinese lower and partially erased gains made in this week's rally.

Many emerging market currencies were also frail after Argentina's peso sank on Thursday despite the central bank's interest rate hike.

MSCI's broadest index of Asia-Pacific outside Japan dropped 0.7 per cent, for monthly drop of 1.5 per cent. Japan's Nikkei closed down 0.02 per cent. 

(with wire inputs)

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Nifty sectoral gainers and losers of the day

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

BSE Sensex: YES Bank, RIL among top losers of the day, Tata Motors top gainer

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Market at close The S&P BSE Sensex ended at 38,645, down 45 points while the broader Nifty50 index settled at 11,680, up 4 points.

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

J B Chemicals gains as board approves buyback J B Chemicals & Pharmaceuticals rose 1.51% to Rs 342.20 on BSE after the company's board of directors the buy-back of equity shares. The announcement was made during market hours today, 31 August 2018. READ MORE

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Equirus on Century Plyboards We expect CPBI to post a 18%/21% CAGR in both EBITDA/PAT over FY18-FY21E led by higher contribution from the Laminate and MDF segments. However, we expect some margin pressure due to higher chemical (RM) costs in laminates, and realization pressure in MDF as competition heats up in North India. We currently have an ADD rating on the stock with a Dec’19 target price of Rs 283.

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Top losers on BSE today COMPANY PRICE() CHG() CHG(%) VOLUME YES BANK 343.50 -18.40 -5.08 4233891 KIRLOSKAR OIL 297.80 -15.65 -4.99 7919 KWALITY 19.95 -1.04 -4.95 50184 J KUMAR INFRA 259.85 -10.15 -3.76 24828 TATA COMM 538.00 -20.50 -3.67 21605 » More on Top Losers

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

MUST READ ​Why India's world-beating growth is not enough to end its deep jobs drought The world’s fastest growing major economy isn’t growing nearly fast enough. That may seem like an absurd description for India, an economy the International Monetary Fund expects to expand 7.3 percent in the fiscal year through March 2019 and 7.5 percent in the next. Yet the reality is that even at its current pace, India is having trouble creating enough new jobs for its massive workforce or enough wealth to broaden its middle class READ MORE HERE

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Kotak Securities on Phoenix Mills

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

JM Financial on textiles sector In Jun’18, India’s market share in home textile exports to the US (sum of all products) decreased 5ppt YoY to 29%. In the same month, India’s market share in cotton sheets exports to the US (in USD terms) increased 2ppt YoY to 49%, while market share in terry towels declined significantly by 13ppt YoY to 33%. India’s exports to the US (in USD terms) in terry towels and cotton sheets declined 16.5%/7.2% YoY YTD, respectively. a) Extension of MEIS (4% export benefit), b) INR depreciation (10% YTD-CY18) and c) settling of market place disruption in the US are a welcome relief to the home textile exporters. High cotton prices (INR 134/kg) remain a key concern. Recovery in export volumes, increase in export subsidy (ROSL) and cotton price movement in the new season starting Oct’18 are the key monitorables. We remain positive on the space

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Sector watch: Automobiles India Ratings and Research (Ind-Ra) has maintained a stable outlook for the auto sector for the remainder of FY19. This is in line with Ind-Ra’s earlier expectations of moderate sales volume growth in the passenger vehicle (PV) segment, double-digit growth in the commercial vehicle (CV) segment and steady growth in the two-wheeler segment (2W) on a year-on-year basis.   While the growth momentum in CVs is likely to continue, thanks to improved economic activity, increased infrastructure development and improved mining activities, the growth rate is likely to moderate in 2HFY19 due to a higher base. Amid several regulatory changes undergoing in the industry, CV growth would remain susceptible to clarity regarding the new axle load norms and vehicle scrappage policy.

MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

L&T hits over two-month high; stock up 11% in two weeks Shares of Larsen & Toubro (L&T) hit an over two-month high of Rs 1,374 per share, up 2%, gaining 11% in the past two weeks after the company announced a share buyback proposal. In comparison, the S&P BSE Sensex was up 2% during the same period. The stock was trading at its highest level since June 4, 2018, on the BSE. READ MORE

First Published: Fri, August 31 2018. 08:15 IST
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MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Among sectoral indices, the Nifty Pharma index rose 2.7 per cent led by a rise in Lupin and Dr. Reddy's Laboratories. The Nifty IT index, too, settled 1.8 per cent higher.

The benchmark ended flat on Friday amid weakness in the rupee, which hit a new low breaching 71 per dollar mark for the first time earlier in the day.

The S&P ended at 38,645, down 45 points while the broader Nifty50 index settled at 11,680, up 4 points.

Oil-to-telecom heavyweight Reliance Industries (RIL) settled 2.75 per cent lower at Rs 1,239 on the

Among sectoral indices, the Pharma index rose 2.7 per cent led by a rise in Lupin and Dr. Reddy's Laboratories. The IT index, too, settled 1.8 per cent higher led by Tech Mahindra and MindTree. However, Bank index slipped 0.15 per cent due to a fall in YES Bank's

hits 71 per dollar

The slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

Markets

Asian came under renewed pressure on Friday as a report US President Donald Trump was preparing to step up a trade war with Beijing sent Chinese lower and partially erased gains made in this week's rally.

Many emerging market currencies were also frail after Argentina's peso sank on Thursday despite the central bank's interest rate hike.

MSCI's broadest index of Asia-Pacific outside Japan dropped 0.7 per cent, for monthly drop of 1.5 per cent. Japan's Nikkei closed down 0.02 per cent. 

(with wire inputs)

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