MARKET WRAP: Sensex loses 156 pts on weak global cues; Nifty ends at 10,738
The S&P BSE Sensex shed 156 points or 0.43 per cent to settle at 35,854 amid heavy selling in select blue-chip counters such as L&T, ICICI Bank, TCS and HDFC twins.
 "SMEs, banks, foreign exchange, markets, forex, small and medium price industries,")
SMEs at large do not understand forex and the concept of hedging, which banks often exploit. (Photo: iStock)
Taking cues from global equities, the domestic equity market ended in the red for the third consecutive day on Monday. The S&P BSE Sensex shed 156 points or 0.43 per cent to settle at 35,854 amid heavy selling in select blue-chip counters such as L&T, ICICI Bank, TCS and HDFC twins.
The NSE's Nifty50 index dropped 57 points or 0.53 per cent to end at 10,738. Out of 50 constituents, 38 declined while 12 advanced.
Among the sectoral indices, metal stocks lost the most with the Nifty Metal index ending 1 per cent lower at 2,939.35. The Nifty Bank index lost 0.75 per cent to end at 27,248.25. On the other hand, pharma stocks bucked the trend and closed over half a per cent higher.
In the broader market, the S&P BSE MidCap index settled at 15,102, down 75 points or 0.49 per cent while the S&P BSE SmallCap index ended 64 points or 0.44 per cent lower at 14,536.
Buzzing Stocks
Buzzing Stocks
Shares of Jet Airways (India) surged 19 per cent to Rs 301 per share on Monday, gaining 24 per cent in the last two trading sessions on the National Stock Exchange (NSE), on reports that founder and chairman Naresh Goyal was likely to step down from the company's board and give up majority control. The stock ended 16 per cent higher at Rs 294.40 apiece on BSE.
Shares of GAIL (India) hit a three-month low of Rs 322 apiece, down 5 per cent on the National Stock Exchange (NSE) on concerns of weak December quarter earnings. Since November 5, post-September quarter (Q2FY19) results, GAIL has underperformed the market by falling 12 per cent. In comparison, the Nifty 50 index was up 2 per cent during the same period. The stock, eventually, settled at Rs 325.20 apiece on NSE, down 4 per cent.
Shares of Avenue Supermarts, which owns and operates D-Mart supermarket chain, settled 11 per cent lower at Rs 1,396 after it reported a disappointing set of numbers for the quarter ended December 31, 2018 (Q3FY19). The company has posted 2.1 per cent year-on-year (YoY) growth in net profit at Rs 257 crore. It had a profit of Rs 252 crore in the same quarter last fiscal.
Global Markets
World stock markets stumbled and commodities took a hit on Monday after a shock contraction in Chinese trade pointed to deepening cracks in the world’s second-biggest economy and sparked fresh fears of a sharper slowdown in global growth. Latest data from China showed imports fell 7.6 percent year-on-year in December when analysts had predicted a 5 per cent rise, while exports dropped 4.4 per cent, confounding expectations for a 3 per cent gain.
MSCI's broadest index of Asia-Pacific shares outside Japan slid 1 per cent from Friday's 1-1/2 month top for its biggest single-day percentage drop since Jan 2, with Chinese and Hong Kong shares the worst hit.
(with wire inputs)
3:42 PM
Sectoral gainers and losers of the day
3:39 PM
Gainers and losers of the day on BSE Sensex
3:36 PM
Market at close
The S&P BSE Sensex ended at 35,854, down 156 points or 0.44 per cent, while the broader Nifty50 index settled at 10,738, down 57 points or 0.53 per cent.
3:23 PM
Bharti Airtel in talks to buy Telkom Kenya: sources
India's Bharti Airtel is in talks to buy Telkom Kenya, the East African nation's smallest telecoms operator, to create a stronger challenger to market leader Safaricom, three industry sources told Reuters on Monday.
London-based Helios Investment, which owns a 60 percent stake in Telkom, is looking to partly cash out of the investment which it entered in 2015, the sources said. READ MORE
3:20 PM
Jet Airways shares jump after report chairman likely to step down
Shares in India's Jet Airways jumped over 18 percent on Monday after a report that founder and chairman Naresh Goyal was likely to step down from the board of the embattled company and give up majority control.
CNBC TV18, citing sources, reported on Monday that Jet was likely to finalise a resolution plan with its lenders this week, and that Goyal would trim his 51 percent stake to 20-25 percent and agree to voting rights on his stake being capped at 10 percent, in a bid to save the debt-laden carrier. READ MORE
3:16 PM
Valuations remain stretched for Indian equities but foreign brokerages are optimistic that improved macros and the pick-up in corporate earnings growth may help Indian equities to end the year with gains. The elections might bring in volatility but are unlikely to bring sharp swings in the long run.
Here are factors, they say, could impact Indian equities in 2019
Earnings growth may help Indian equities in 2019, say foreign brokerages
Valuations remain stretched for Indian equities but foreign brokerages are optimistic that improved macros and the pick-up in corporate earnings growth may help Indian equities to end the year with gains. The elections might bring in volatility but are unlikely to bring sharp swings in the long run.
Here are factors, they say, could impact Indian equities in 2019
3:05 PM
NEWS ALERT | Ravneet Gill in race for YES Bank as Rana Kapoor's successor, reports ET Now
2:56 PM
GAIL hits three-month low; stock down 5%
Since November 5, post-September quarter (Q2FY19) results, GAIL has underperformed the market by falling 12 per cent. In comparison, the Nifty 50 index was up 2 per cent during the same period. Read more
Shares of GAIL (India) hit a three-month low of Rs 322 apiece, down 5 per cent on the National Stock Exchange (NSE) on Monday on concerns of weak December quarter earnings. The stock was trading at its lowest level since October 5, 2018, when it touched a 52-week low of Rs 295 in the intra-day trade.
Since November 5, post-September quarter (Q2FY19) results, GAIL has underperformed the market by falling 12 per cent. In comparison, the Nifty 50 index was up 2 per cent during the same period. Read more
2:39 PM
Top gainers and losers on S&P BSE Sensex
2:30 PM
Eveready Industries extends rally on reports of promoter stake sale plan
Shares of Eveready Industries India rose 7 per cent to Rs 219 apiece, bouncing back 8 per cent from their early morning low on the BSE on Monday amid reports that BM Khaitan - led Williamson Magor has rolled out sale plan for flagship company, a leader in dry cell batteries and flashlights. Eveready Industries, however, did not confirm or deny the said media report. “The Company has always been updating the Exchanges regularly with all the events, information, etc. are required to be intimated under Regulations 30 of SEBI (LODR) Regulations, 2015 concerning the Company as may be reasonably required,” Eveready Industries said on clarification on news report on Saturday, January 12, 2019. Read more
Shares of Eveready Industries India rose 7 per cent to Rs 219 apiece, bouncing back 8 per cent from their early morning low on the BSE on Monday amid reports that BM Khaitan - led Williamson Magor has rolled out sale plan for flagship company, a leader in dry cell batteries and flashlights. Eveready Industries, however, did not confirm or deny the said media report. “The Company has always been updating the Exchanges regularly with all the events, information, etc. are required to be intimated under Regulations 30 of SEBI (LODR) Regulations, 2015 concerning the Company as may be reasonably required,” Eveready Industries said on clarification on news report on Saturday, January 12, 2019. Read more
2:17 PM
Brick & mortar retailers to get a 150-200 bps topline boost: CRISIL Ratings
Revenue growth of brick & mortar (B&M) retailers could increase 150-200 basis points (bps) in fiscal 2020, as e-retailers re-engineer business models to conform to the revised – and more stringent – regulations, which would slow down their revenue growth.
2:05 PM
Market check
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 35,773.62 | -236.22 | -0.66 |
| S&P BSE SENSEX 50 | 11,210.78 | -81.36 | -0.72 |
| S&P BSE SENSEX Next 50 | 32,427.64 | -198.65 | -0.61 |
| S&P BSE 100 | 11,001.76 | -78.07 | -0.70 |
| S&P BSE Bharat 22 Index | 3,435.47 | -50.68 | -1.45 |
1:54 PM
Slowing growth? RBI needs to lower its FY19 projection to 7%, says SBICap
The Reserve Bank of India needs to soften its economic growth narrative and lower its projections for the current fiscal year. That’s the view of Mumbai-based SBICap Securities Ltd. after data released Jan. 11 showed industrial production in November grew 0.5 per cent from a year ago, much lower than the expected 3.6 per cent. READ MORE
1:45 PM
Soon, listed firms may not get to have chairmen, MDs from the same family
The Securities and Exchange Board of India (Sebi) may not allow family members, close relatives or related parties of the chairman of a listed firm from becoming managing director (MD), and vice versa, according to a source privy to the development.
At present, several companies have merged the two posts as CMD (chairman-cum-managing director). READ MORE
1:34 PM
Top losers on BSE500
» More on Top Losers
| COMPANY | PRICE() | CHG() | CHG(%) | VOLUME |
| AVENUE SUPER. | 1434.40 | -134.55 | -8.58 | 263213 |
| V-MART RETAIL | 2249.00 | -112.35 | -4.76 | 491 |
| FEDERAL BANK | 91.15 | -4.25 | -4.45 | 1314186 |
| GAIL (INDIA) | 324.25 | -14.85 | -4.38 | 235922 |
| L&T FIN.HOLDINGS | 135.70 | -5.90 | -4.17 | 470244 |
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First Published: Jan 14 2019 | 8:03 AM IST
