August F&O expiry: Sensex slips 33 pts; ADAG stocks rally, Rupee at 70.82/$
Among sectoral indices, the Nifty Auto index settled nearly 0.5 per cent lower due to a fall in share prices of Maruti Suzuki and Eicher Motors.
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The benchmark indices ended flat on Thursday on expiry of August Futures and Options (F&O) contracts.
The sentiment was also affected during the day after the rupee hit record low of Rs 70.82 against US dollar, making it the worst performing Asian currency in calendar year 2018 (CY18).
The S&P BSE Sensex ended at 38,690, down 33 points while the broader Nifty50 index settled at 11,677, down 15 points. Going ahead, investors will look forward to the June-quarter GDP data to be announced on August 31. For the quarter ended March 31, the GDP growth rate stood at 7.7 per cent.
Among sectoral indices, the Nifty Auto index settled nearly 0.5 per cent lower on Thursday due to a fall in share prices of Maruti Suzuki and Eicher Motors. The Nifty Bank index, too, slipped over 0.4 per cent led by fall in shares of private banks -- RBL Bank, IndusInd Bank, and Yes Bank. Reliance Industries (RIL) ended 1.6 per cent lower at Rs 1,274 on the BSE.
Rupee sinks to 70.82 per dollar
Continuing its free-fall, the rupee today weakened by another 23 paise against the dollar to trade at a lifetime low of 70.82 on strong month-end demand for the US currency amid sustained foreign fund outflows.
Reliance ADAG stocks in focus
Global Markets
The sentiment was also affected during the day after the rupee hit record low of Rs 70.82 against US dollar, making it the worst performing Asian currency in calendar year 2018 (CY18).
The S&P BSE Sensex ended at 38,690, down 33 points while the broader Nifty50 index settled at 11,677, down 15 points. Going ahead, investors will look forward to the June-quarter GDP data to be announced on August 31. For the quarter ended March 31, the GDP growth rate stood at 7.7 per cent.
Among sectoral indices, the Nifty Auto index settled nearly 0.5 per cent lower on Thursday due to a fall in share prices of Maruti Suzuki and Eicher Motors. The Nifty Bank index, too, slipped over 0.4 per cent led by fall in shares of private banks -- RBL Bank, IndusInd Bank, and Yes Bank. Reliance Industries (RIL) ended 1.6 per cent lower at Rs 1,274 on the BSE.
Rupee sinks to 70.82 per dollar
Continuing its free-fall, the rupee today weakened by another 23 paise against the dollar to trade at a lifetime low of 70.82 on strong month-end demand for the US currency amid sustained foreign fund outflows.
Reliance ADAG stocks in focus
Shares of Anil Ambani led Reliance Group (ADAG) companies were trading higher for the second straight day on the back of heavy volumes in an otherwise subdued market. Reliance Infrastructure, Reliance Power and Reliance Capital were up in the range of 3% to 6% on the BSE. READ MORE HERE
Global Markets
Asian stocks handed back earlier gains and fell on Thursday, with Chinese markets fixed firmly on risks from the China-US trade war and taking little comfort from an apparent easing in business tensions in North America and Europe.
The leaders of the United States and Canada expressed optimism on Wednesday that NAFTA negotiations would meet a Friday deadline for a deal, days after the US and Mexico reached a bilateral agreement.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.3 per cent, with broad gains across the region offset by losses in China. The Shanghai Composite Index slid 0.9 per cent and Hong Kong's Hang Seng fell 0.8 per cent.
Japan's Nikkei initially touched three-month high following gains on Wall Street but pared gains and was last up a modest 0.05 per cent. South Korea's KOSPI was a shade lower.
(With inputs from Reuters)
4:26 PM
MARKET COMMENT Jayant Manglik, President, Religare Broking
Nifty ended flat amid volatility on the F&O expiry day, while rollover and unwinding of derivatives positions kept the participants busy. In line with the benchmark index, sectoral indices also remained volatile and ended mixed.
We expect consolidation in Nifty ahead. However, there'll be no shortage of opportunities on stock-specific front. In absence of any major event on domestic front, global cues would dictate the market trend in near future. Traders should continue with stock-specific trading approach and prefer banks, auto and pharma for fresh buying.
We expect consolidation in Nifty ahead. However, there'll be no shortage of opportunities on stock-specific front. In absence of any major event on domestic front, global cues would dictate the market trend in near future. Traders should continue with stock-specific trading approach and prefer banks, auto and pharma for fresh buying.
3:38 PM
Nifty sectoral gainers and losers of the day
3:36 PM
BSE Sensex: RIL, Maruti Suzuki, IndusInd Bank among top losers of the day
3:34 PM
Market at close
The S&P BSE Sensex ended at 38,690, down 33 points while the broader Nifty50 index settled at 11,677, down 15 points.
The S&P BSE Sensex ended at 38,690, down 33 points while the broader Nifty50 index settled at 11,677, down 15 points.
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Kotak Institutional Equities maintains SELL on Reliance Industries
Our reverse valuation exercise suggests that investors have not only priced in a robust energy segment performance in RIL’s current valuations, but also ascribed the EV of leading players in key sectors that are being targeted by RIL’s platform narrative—Bharti’s India business (telecom), Avenue Supermarts (retail), Flipkart (e-commerce) and key players in the media sector (content ecosystem). The recent sharp rally leaves limited scope for disappointment on that narrative, which may not be ruled out given well-funded competition in key segments. Reiterate SELL.
Our reverse valuation exercise suggests that investors have not only priced in a robust energy segment performance in RIL’s current valuations, but also ascribed the EV of leading players in key sectors that are being targeted by RIL’s platform narrative—Bharti’s India business (telecom), Avenue Supermarts (retail), Flipkart (e-commerce) and key players in the media sector (content ecosystem). The recent sharp rally leaves limited scope for disappointment on that narrative, which may not be ruled out given well-funded competition in key segments. Reiterate SELL.
RIL is valued at $91 billion (Rs 6 lakh crore)
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2:02 PM
Market Check
(Source: BSE)
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 38,643.17 | -79.76 | -0.21 |
| S&P BSE SENSEX 50 | 12,216.34 | -24.25 | -0.20 |
| S&P BSE SENSEX Next 50 | 35,511.14 | +164.10 | +0.46 |
| S&P BSE 100 | 11,997.48 | -11.66 | -0.10 |
| S&P BSE Bharat 22 Index | 3,736.26 | +18.04 | +0.49 |
(Source: BSE)
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First Published: Aug 30 2018 | 8:15 AM IST
