MARKET WRAP: Sensex cracks 341 pts as banks, IT drag; YES Bank falls 9%
Catch all live market action here
 "global markets")
global markets
The benchmark indices settled around 1 per cent lower on Friday, led by a fall in the banking, information technology (IT) and fast-moving consumer goods (FMCG) stocks amid weakness in the Asian markets, which fell to a 20-month low.
The S&P BSE Sensex ended at 33,349, down 341 points, while the broader Nifty50 index settled at 10,030, down 95 points.
Among the sectoral indices, the Nifty IT index fell 1.9 per cent due to a fall in the shares of Infosys, Tata Consultancy Services (TCS) and HCL Technologies. The Nifty Bank index, too, declined 1.6 per cent weighed by YES Bank which fell 8.7 per cent after the private lender posted a fall of 3.8 per cent in net profit for the September quarter. The Nifty FMCG index settled 1.4 per cent lower dragged by ITC, which fell even as the company reported 11.92 per cent rise in standalone net profit to Rs 29.55 billion for the quarter ended September 30, 2018.
The S&P BSE Sensex ended at 33,349, down 341 points, while the broader Nifty50 index settled at 10,030, down 95 points.
Among the sectoral indices, the Nifty IT index fell 1.9 per cent due to a fall in the shares of Infosys, Tata Consultancy Services (TCS) and HCL Technologies. The Nifty Bank index, too, declined 1.6 per cent weighed by YES Bank which fell 8.7 per cent after the private lender posted a fall of 3.8 per cent in net profit for the September quarter. The Nifty FMCG index settled 1.4 per cent lower dragged by ITC, which fell even as the company reported 11.92 per cent rise in standalone net profit to Rs 29.55 billion for the quarter ended September 30, 2018.
Global Markets
Asian shares tumbled to 20-month lows and S&P futures fell sharply at the end of a turbulent week for financial markets on Friday, as anxiety over the outlook for U.S. corporate profits added to lingering fears about global trade and economic growth.
Chinese shares have been hit by volatility this week amid a string of official announcements and measures aimed at supporting the markets following a recent plunge. The heavy sell-off has raised concerns about risks posed by about $620 billion worth of shares pledged for loans. In Hong Kong, the Hang Seng index was 1.05 per cent lower, with tech shares dropping 2.72 per cent. Tech firms also fell in South Korea, where the broader market slid 1.62 per cent, deepening losses after the Kospi closed at its lowest level since January 2017 on Thursday.
(with Reuters inputs)
3:54 PM
Nifty Bank index falls 1.6%. Top loser:
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) | VOLUME |
| YES BANK | 180.70 | 198.35 | -17.65 | -8.90 | 95725292 |
| AXIS BANK | 537.70 | 561.05 | -23.35 | -4.16 | 9216939 |
| INDUSIND BANK | 1445.80 | 1491.10 | -45.30 | -3.04 | 2262994 |
| KOTAK MAH. BANK | 1158.60 | 1185.80 | -27.20 | -2.29 | 1841944 |
| IDFC BANK | 33.35 | 34.05 | -0.70 | -2.06 | 11684766 |
3:39 PM
Sectoral gainers & losers on NSE
3:38 PM
S&P BSE Sensex: Top gainers & losers
3:35 PM
Market at close
The S&P BSE Sensex shed 341 points or 1 per cent to settle at 33,349 while NSE's Nifty50 index slipped below 10,050 level to settle at 10,030, down 95 points or 1 per cent.
3:26 PM
STOCK ALERT
Shares of Indian Overseas Bank (IOB) jump 11% after Q2 loss narrows to Rs 4.87 million against Rs 12,225 million in the year-ago period.
Shares of Indian Overseas Bank (IOB) jump 11% after Q2 loss narrows to Rs 4.87 million against Rs 12,225 million in the year-ago period.
3:15 PM
ITC Q2FY19 profit up 12% at Rs 29.55 billion vs 26.40 billion
Diversified group ITC on Friday reported 11.92 per cent rise in standalone net profit to Rs 29.55 billion for the quarter ended September 30, 2018. The company had posted a net profit of Rs 26.40 billion in the second quarter of 2017-18, ITC said in BSE filing. READ MORE
3:01 PM
Oil prices fall as Saudis warn of looming oversupply, global markets slump
Oil prices fell on Friday and were heading for a third weekly loss, as Saudi Arabia warned of oversupply amid a slump in global equities and trade that clouds the outlook for fuel demand.
Brent crude futures were down 49 cents, or 0.6 per cent, at $76.40 a barrel. The global benchmark is on course for a weekly loss of over 4 per cent. US crude was down 59 cents, or 0.9 per cent, at $66.74. The US benchmark is set for a 3.5 per cent loss this week. READ MORE
2:46 PM
Reliance General Q2 profit up 20% at Rs 56 crore
Reliance General Insurance Company (RGI) Friday reported 20 per cent rise in profit at Rs 56 crore for the second quarter ended September 30, 2018. Gross written premium too surged 20 per cent to Rs 2,025 crore during the quarter, it said in a statement. READ MORE
2:27 PM
Nifty IT index hits four-month low; TCS, Infosys down 2%
Shares of frontline information technology (IT) companies were under pressure with the Nifty IT index hitting a four-month low on Friday. Tata Consultancy Services (TCS), Infosys and HCL Technologies from the Nifty IT index were trading lower in the range of 2% to 3% on the National Stock Exchange (NSE). READ MORE
2:15 PM
NEWS ALERT
ITC posts 11.9 per cent YoY rise in Q2 net profit at Rs 29.55 billion against Rs 28.19 billion in the year-ago period. Stock drops nearly 4 per cent.
ITC posts 11.9 per cent YoY rise in Q2 net profit at Rs 29.55 billion against Rs 28.19 billion in the year-ago period. Stock drops nearly 4 per cent.
2:04 PM
Market Check
(Source: BSE)
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 33,583.40 | -106.69 | -0.32 |
| S&P BSE SENSEX 50 | 10,559.52 | -33.48 | -0.32 |
| S&P BSE SENSEX Next 50 | 29,771.80 | -52.16 | -0.17 |
| S&P BSE 100 | 10,322.69 | -30.55 | -0.30 |
| S&P BSE Bharat 22 Index | 3,274.67 | -29.94 | -0.91 |
(Source: BSE)
1:49 PM
Trade war drawing China, Japan into an embrace? A $30-bn pact offers clues
China and Japan on Friday pledged to forge closer ties as both countries stood together at an "historic turning point", signing a broad range of agreements including a $30 billion currency swap pact, amid rising trade tensions with Washington.
Japanese Prime Minister Shinzo Abe and Chinese Premier Li Keqiang also agreed the two countries would work together to achieve denuclearisation on the Korean Peninsula. READ MORE
1:34 PM
Gold prices hit six-year high on festive buzz and firm global cues
Gold prices rose on Thursday by '125 to trade at a six-year high of '32,625 per 10 gram. The prices were buoyed by a pick-up in festive and wedding season demand by local jewellers, amid firm global trends and a weakening rupee.
Silver, however, remained weak, and fell by Rs130 to Rs 39,600 per kg due to slackened demand from industrial units. Silver coins remained unaltered at Rs76,000 for buying and Rs 77,000 for selling of 100 pieces. READ MORE
1:21 PM
Board of Equitas SFB to meet in November to finalise listing steps
Boards of Equitas Holdings and Equitas Small Finance Bank (ESFBL) will meet next month to finalise steps to listing of the lender to meet the RBI regulations.
ESFBL, wholly-owned subsidiary of Equitas Holdings, was granted licence to operate as small finance bank. Under the licensing norms, the bank has get listed within three years from the date of commencement of operations -- by September 4, 2019. READ MORE
1:01 PM
Sterlite Technologies extends gain on strong Q2 results
Shares of Sterlite Technologies have moved higher by 6% to Rs 346 per share, extending their 2% gain in the past two days in an otherwise weak market, after the company reported a strong 84% growth in net profit at Rs 1,310 million in September quarter (Q2FY19). It had a profit of Rs 710 million in the previous year quarter.
Revenues during the quarter review grew 39% at Rs 10.84 billion against Rs 7.79 billion in the corresponding quarter of last fiscal. EBITDA (earnings before interest, tax, depreciation and amortization) margin improved to 25.7% from 23% in the previous year quarter. READ MORE
Topics :
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Oct 26 2018 | 8:15 AM IST