Nifty sees biggest % fall of 2017, ends at 9,963; Sensex tanks 447 points

All that happened in today's trade

3:50 PM

Anand James, Chief Market Strategist, Geojit Financial Services 

 

With global equity markets in risk-off mode over Korean tensions, the ongoing weakness has gained momentum. Approaching F&O expiry has also added to liquidation pressure. With the FIIs continuing to be net sellers, investors are also fretting on the impact on fiscal deficit targets if government were to go overdrive on with economic revival plans.

3:49 PM

Sectoral trend 

Source: NSE

3:46 PM

Top Sensex losers and gainers 

Source: BSE

3:43 PM

Broader markets underperform 

 

The BSE Midcap and the BSE Smallcap indices tanked nearly 3% each.  

3:40 PM

Markets at close

 

The S&P BSE Sensex ended 447 points down at 31,922, while the broader Nifty50 settled at 9,964, down 157 points.

3:28 PM

Economy booster package should stimulate pvt investment: Ex-RBI chief

 

Former Reserve Bank of India Governor C. Rangarajan on Friday said the package the government is looking at to revive the economy should be partly to raise capital expenditure and look at problems preventing private investments from rising. READ FULL REPORT

3:20 PM

Volatility index 

India VIX rose over 10% to 12.86. 

Source: NSE

3:14 PM

European markets

European shares steadied on Friday amid fresh tensions over North Korea but remained near recent highs ahead of this weekend’s general election in Germany, where conservative Chancellor Angela Merkel is expected to win a fourth term. The pan-European STOXX 600 index fell 0.1%. 

3:04 PM

Debt-laden banks 'concern' for economy: Jaitley

 

India will make efforts to find resources to support debt-laden banks to help them fund economic growth, Finance Minister Arun Jaitley told a meeting of bankers on Friday. Jaitley said stressed bank assets have become a "concern" for the economy. Bad loans have crimped the ability of Indian lenders to offer new credit. READ FULL REPORT

2:50 PM

Buzzing stock 

 

Dena Bank gained nearly 3% to Rs 31.80 on news reports that Vijaya Bank and Dena Bank have expressed interest in a merger and are discussing synergies. READ MORE

2:32 PM

Adhunik Industries hits 52-week low

 

Adhunik Industries hits 52-week low of Rs 83.55, tanked 20% on BSE after the Securities Appellate Tribunal (SAT) directed the market regulator and stock exchanges to reverse their decisions all dated August 7, 2017 qua the appellant forthwith. READ MORE

2:17 PM

Nifty slips below 9,900 mark 

Source: NSE

2:06 PM

Broader markets underperform 

The BSE Midcap and the BSE Smallcap indices underperformed to lose 2% each. 

2:05 PM

Markets check

 

At 2:00 pm, the S&P BSE Sensex was trading at 31,994, down 375 points, while the broader Nifty50 was ruling at 9,987, down 134 points. 

1:41 PM

Kotak Securities on VIP Industries

 

We initiate coverage on VIP Industries (VIP) which is the market leader in the organized luggage industry in India with more than 50% market share, manufacturing and supplying a wide range of hard sided and soft-sided luggage. We expect the company to maintain a strong growth momentum with increasing penetration of luggage bags and back-packs, healthy GDP growth, improving disposable income, increased air and rail travel and with increased use of luggage as a gifting tool. We estimate revenue CAGR of 17% and earnings CAGR of 28% over FY17 to FY20E with improvement in operating margins and return ratios. We believe VIP would be one of the major beneficiaries of healthy GDP growth, rising income level, changing life style and implementation of GST. We initiate coverage on the stock with a TP of Rs 325 valued at 30x FY19 earnings.