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MARKET WRAP: Sensex falls 509 pts, Nifty at 11,287 as rupee hits fresh low

In the broader markets, both S&P BSE MidCap and S&P BSE SmallCap ended 1.4 per cent lower.

SI Reporter  |  New Delhi 

Markets, Up, Down, BSE, NSE, Stocks
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MARKET COMMENT Jayant Manglik, President, Religare Broking The bears continued to dominate on Tuesday, as the Indian equity benchmark indices fell sharply for second straight session. A continued sharp fall in rupee to a new record low (vs USD), firm crude oil prices and weak global cues impacted the sentiments on the domestic bourses and dragged the Nifty index down to an intra-day low of 11,274 before it closed the session at 11,288 levels.  With lack of any positive triggers on the domestic bourses and ongoing global uncertainties, weakness in market could continue in the coming sessions. The near-term direction will be dictated by key domestic macro data like July IIP, Aug CPI (due Wednesday) & Aug WPI (due on September 14). Further, the strengthening crude oil prices, weakening INR (vs USD), widening CAD and mounting tensions over trade war is certainly a worrisome factor for the Indian market and could continue to induce high volatility in the index. We advise investors and traders to remain selective in stock picking Nifty FMCG index ends 2.4% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME GODREJ CONSUMER 1248.25 1298.10 -49.85 -3.84 1462477 ITC 297.20 306.55 -9.35 -3.05 25990181 UNITED SPIRITS 578.30 595.20 -16.90 -2.84 1961814 TATA GLOBAL 216.00 222.00 -6.00 -2.70 3504972 JUBILANT FOOD. 1353.30 1390.55 -37.25 -2.68 1061089 Here's how the sectoral indices on NSE performed today BSE Sensex: Power Grid, Tata Steel top losers of the day Markets at close The S&P BSE Sensex shut shop at 37,413.13, down509.04 points or1.34 per cent while the broader Nifty50 index of National Stock Exchange settled 150.60 points or 1.32 per cent lower at11,287.50.  NEWS ALERT Rupee hits fresh lifetime low of 72.72 per dollar

The benchmark indices settled over 1 per cent lower as the rupee hit a new record low of 72.72 in intra-day deals.

The S&P BSE Sensex ended at 37,413, down 509 points while the broader Nifty50 index settled at 11,287, down 151 points. In the broader markets, both S&P BSE MidCap and S&P BSE SmallCap ended 1.4 per cent lower.

Shares of fast moving consumer goods (FMCG) companies were under pressure with Nifty FMCG index hitting its six-week low, falling 8% so far in the current month on the National Stock Exchange (NSE) on valuation concerns in intra-day deals. ITC, Godrej Consumer Products, Colgate Palmolive (India), Hindustan Unilever (HUL), Marico and Jubilant FoodWorks among the key FMCG stocks that lost up to 4% on the NSE.

Investors have lost a whopping Rs 4.2 trillion in the stock markets in past two trading sessions after the benchmark indices fell more than 2% as the rupee hit new lows, while fears of an escalation in the US-China tariff dispute continued to haunt investors in broader Asian markets. READ MORE

Market voice

Marc Faber, a renowned global investor and editor and publisher of ‘The Gloom, Boom & Doom Report' told Business Standard in an interview that he finds Indian stocks expensive at the current levels. READ THE FULL INTERVIEW HERE
 

Global Markets

Asian shares were struggling to avoid a ninth straight session of losses on Tuesday as the spectre of a further escalation in the Sino-US trade war haunted investors, while the pound perched at a five-week top on hints a Brexit deal might be nearer.
 
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.05 per cent but did hold above lows last visited in July last year. Shanghai blue chips dipped 0.2 per cent while South Korea fell 0.2 per cent as investors awaited the next round of trade hostilities.

(with Reuters inputs)

First Published: Tue, September 11 2018. 08:15 IST
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MARKET WRAP: Sensex falls 509 pts, Nifty at 11,287 as rupee hits fresh low

In the broader markets, both S&P BSE MidCap and S&P BSE SmallCap ended 1.4 per cent lower.

The benchmark indices settled over 1 per cent lower as the rupee hit a new record low of 72.72 in intra-day deals.

The S&P BSE Sensex ended at 37,413, down 509 points while the broader Nifty50 index settled at 11,287, down 151 points. In the broader markets, both S&P BSE MidCap and S&P BSE SmallCap ended 1.4 per cent lower.

Shares of fast moving consumer goods (FMCG) companies were under pressure with Nifty FMCG index hitting its six-week low, falling 8% so far in the current month on the National Stock Exchange (NSE) on valuation concerns in intra-day deals. ITC, Godrej Consumer Products, Colgate Palmolive (India), Hindustan Unilever (HUL), Marico and Jubilant FoodWorks among the key FMCG stocks that lost up to 4% on the NSE.

Investors have lost a whopping Rs 4.2 trillion in the stock markets in past two trading sessions after the benchmark indices fell more than 2% as the rupee hit new lows, while fears of an escalation in the US-China tariff dispute continued to haunt investors in broader Asian markets. READ MORE

Market voice

Marc Faber, a renowned global investor and editor and publisher of ‘The Gloom, Boom & Doom Report' told Business Standard in an interview that he finds Indian stocks expensive at the current levels. READ THE FULL INTERVIEW HERE
 

Global Markets

Asian shares were struggling to avoid a ninth straight session of losses on Tuesday as the spectre of a further escalation in the Sino-US trade war haunted investors, while the pound perched at a five-week top on hints a Brexit deal might be nearer.
 
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.05 per cent but did hold above lows last visited in July last year. Shanghai blue chips dipped 0.2 per cent while South Korea fell 0.2 per cent as investors awaited the next round of trade hostilities.

(with Reuters inputs)

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