MARKET WRAP: Indices end lower, Nifty settles at 10,930; YES Bank falls 10%
In broader markets, the S&P BSE MidCap fell 1.6 per cent to settle at 14,763, while the S&P BSE SmallCap declined 3.4 per cent to end at 14,431.
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The benchmark indices ended marginally lower on Friday, weighed down by automobile and information technology (IT) stocks.
The S&P BSE Sensex ended at 36,227, down 97 points, while the broader Nifty50 index settled at 10,930, down 47 points.
In sectoral indices, the Nifty IT index settled 1.1 per cent lower due to a fall in the shares of Infibeam Avenues which crashed 71 per cent to end at Rs 57.90. The Nifty Auto Index, too, fell 2.3 per cent driven by fall in Hero MotoCorp, Apollo Tyres and Mahindra & Mahindra.
Among individual stocks, YES Bank stock fell 9.7 per cent to Rs 183.45 on the BSE. The stock had hit a 52-week low of Rs 166.15 during the day.
The S&P BSE Sensex ended at 36,227, down 97 points, while the broader Nifty50 index settled at 10,930, down 47 points.
In sectoral indices, the Nifty IT index settled 1.1 per cent lower due to a fall in the shares of Infibeam Avenues which crashed 71 per cent to end at Rs 57.90. The Nifty Auto Index, too, fell 2.3 per cent driven by fall in Hero MotoCorp, Apollo Tyres and Mahindra & Mahindra.
Among individual stocks, YES Bank stock fell 9.7 per cent to Rs 183.45 on the BSE. The stock had hit a 52-week low of Rs 166.15 during the day.
In broader markets, the S&P BSE MidCap fell 1.6 per cent to settle at 14,763, while the S&P BSE SmallCap declined 3.4 per cent to end at 14,431. The shares of midcap and smallcap companies continued to remain under pressure on Friday, with the S&P BSE Midcap (14,619.99) and the S&P BSE Smallcap (14,325.21) indices hitting their respective 52-week lows in intra-day trade on the BSE.
Global Markets
Japan’s Nikkei hit a 27-year high on Friday, taking heart from a boost for the dollar after the Federal Reserve chairman said he did not expect a near-term recession and strong gains on Wall Street overnight.
Japan’s Nikkei stock index rose as high as 24,286.10 points, reaching its highest levels since November 1991, on renewed optimism about the global economy and hopes of a boost to exporters’ earnings from a weaker yen. It was last up 1.5 per cent.
Japan’s Nikkei stock index rose as high as 24,286.10 points, reaching its highest levels since November 1991, on renewed optimism about the global economy and hopes of a boost to exporters’ earnings from a weaker yen. It was last up 1.5 per cent.
Shares elsewhere in Asia also rose, with MSCI’s broadest index of Asia-Pacific shares outside Japan adding 0.1 per cent. Shares in China were higher ahead of a week-long national holiday. Blue chips gained 1.1 per cent and the country’s main Shanghai Composite index was 0.9 per cent higher.
(with Reuters inputs)
3:37 PM
Sectoral gainers and losers on NSE
3:34 PM
BSE Sensex: YES Bank, Hero MotoCorp among top losers of the day
3:31 PM
Market at close
The S&P BSE Sensex ended at 36,227, down 97 points, while the broader Nifty50 index settled at 10,930, down 47 points.
3:19 PM
Gold hits six-week trough; set for longest monthly losing streak in two decades
Gold hit a fresh six-week low on Friday as the dollar firmed after upbeat U.S. economic data supported the Federal Reserve's resolve for steady interest rate hikes, putting the metal on track for its longest monthly losing streak since January 1997. Gold was down about 1.6 percent in September, its sixth straight monthly loss.
Spot gold was flat at $1,182.48. The metal touched its lowest since Aug. 17 at $1,180.34 an ounce earlier in the session, dipping further from a six-week low of $1,181.61 hit on Thursday. READ MORE
3:06 PM
Diagnostics firm Metropolis Healthcare files IPO draft papers with Sebi
Diagnostics company Metropolis Healthcare has filed its draft papers with market regulator Sebi for its initial public offering (IPO).
The IPO is of up to 1,52,69,684 equity shares, consisting an offer for sale of up to 50,17,868 equity shares by Sushil Kanubhai Shah and up to 1,02,51,816 equity shares by CA Lotus Investments, according to the draft red herring prospectus (DRHP) filed with the Sebi. READ MORE
2:47 PM
YES Bank, Maruti Suzuki, Eicher Motors, Hero MotoCorp hit 52-week lows
Shares of four companies – YES Bank, Maruti Suzuki, Eicher Motors and Hero MotoCorp – from the Nifty 50 index hit their respective 52-week lows on the National Stock Exchange (NSE) on Friday in intra-day trade. Shares of YES Bank hit an over two-year low of Rs 184, down 9% on the BSE in intra-day trade, falling 50% in past one month. The stock of private sector lender was trading at its lowest level since May 10, 2016. READ MORE
2:27 PM
ICICI Securities on banking sector
The financial services sector has entered turbulent times after a phase of strong lending growth, particularly in NBFCs and HFCs. Amid concerns on high slippages, frauds and NPA divergences, PSU banks continued to remain under pressure (down 19.1% YTD) while private banks continued their outperformance. NBFCs, on the other hand, have outperformed the banking sector led by balance sheet growth and profitability. Hence, they traded at higher P/B multiples. Therefore, their witnessing a sharp correction in recent sessions on the back of concerns over liquidity tightness in money market and higher cost of funds is somewhat justified. The fall was triggered after reports that Infrastructure Leasing & Financial Services (IL&FS) had defaulted on its repayments.
2:21 PM
Infibeam extends slide, bleeds 63%
2:13 PM
2:02 PM
Market Check
(Source: BSE)
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 36,196.79 | -127.38 | -0.35 |
| S&P BSE SENSEX 50 | 11,386.87 | -82.21 | -0.72 |
| S&P BSE SENSEX Next 50 | 31,558.95 | -710.46 | -2.20 |
| S&P BSE 100 | 11,102.68 | -105.72 | -0.94 |
| S&P BSE Bharat 22 Index | 3,461.90 | -30.01 | -0.86 |
(Source: BSE)
1:59 PM
Kotak Institutional Equities on technology sector
Accenture reported an exceptional August 2018 quarter (4QFY18) with 11% revenue growth in constant currency (c/c). After growing at 10.5% in c/c in FY2018 (8% on organic basis), Accenture has guided for 5-8% revenue growth in FY2019. The moderation bakes in a more volatile global environment. Read-through for Indian IT — the demand environment is robust. Companies with strong digital competencies and portfolio aligned to growth areas will likely report strong growth.
1:58 PM
Elara Capital on Cipla
Recent niche approvals in the US add comfort on Cipla’s ability to grow its US business, and this reinforces our stance that growth drivers are intact and likely to be reflected in near-term earnings. We expect earnings to improve, given the US scale-up, reducing cost and business rationalization. The new team aims to focus on 20 core markets.
To add to its pipeline of 101 ANDA pending approvals, the firm is building a pipeline in respiratory generics and complex oncology injectables to be monetized from FY19. We reiterate Accumulate with a new target price of Rs 680 from Rs 663 on 23x (from 24x) September FY20E P/E. We have broadly kept our estimates for FY19-20 unchanged and we introduce FY21 estimates.
To add to its pipeline of 101 ANDA pending approvals, the firm is building a pipeline in respiratory generics and complex oncology injectables to be monetized from FY19. We reiterate Accumulate with a new target price of Rs 680 from Rs 663 on 23x (from 24x) September FY20E P/E. We have broadly kept our estimates for FY19-20 unchanged and we introduce FY21 estimates.
1:56 PM
HEAT MAP (SENSEX)
1:44 PM
NEWS ALERT Poll panel to announce election schedule for 5 states next week, according to TV reports
1:34 PM
NEWS ALERT Finance minister Jaitley: GST revenue buoyancy in consuming states over 14%
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First Published: Sep 28 2018 | 8:17 AM IST
