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MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

The Nifty Auto index declined 2.4 per cent led by fall in Tata Motors and Hero MotoCorp

SI Reporter  |  New Delhi 

Stock market

The benchmark indices settled around 1 per cent lower on Monday tracking weakness in the Asian markets and rise in global oil prices.

The S&P BSE Sensex ended at 34,813, down 346 points (-0.98 per cent), while the broader Nifty50 index settled at 10,482, down 103 points(-0.97 per cent).

Among the sectoral indices, the Nifty PSU Bank index fell 2.1 per cent weighed by Oriental Bank of Commerce. The Nifty Auto index, too, declined 2.4 per cent led by fall in Tata Motors and Hero MotoCorp. However, the Nifty IT index rose 0.7 per cent led by a rise in the share prices of Tech Mahindra and Infosys.

Titan Company is ended 6 per cent higher at Rs 899 on the BSE after the company reported an 8.34 per cent rise in consolidated net profit at Rs 301.11 crore for the quarter ended September 30, 2018, dragged by provisions made for its corporate deposits in the IL&FS group. Total income during the quarter under review stood at Rs 4,595.13 crore verus Rs 3,603.01 crore in the corresponding period last fiscal.

Weak rupee

The rupee traded on a weak note on Monday slipping below the 73-per US dollar mark to hit 73.06 in intra-day trade, down from its previous close of 72.49 against the greenback.

Global Markets

Asian shares drifted lower on Monday as signs of softening demand in China rekindled anxiety about the outlook for world growth, but Saudi Arabia’s plans to cut production helped to halt a slide in oil prices.

MSCI's broadest index of Asia-Pacific shares excluding Japan fell 0.5 per cent, giving up early gains. Japan's Nikkei stock index ended 0.09 per cent higher.

Oil prices

Brent crude oil prices jumped by 2 per cent on Monday after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen crude decline by 20 percent since early October.

Front-month Brent crude futures, a benchmark for global oil prices, were at $71.59 per barrel, up by 2 per cent from their last close. US West Texas Intermediate (WTI) crude futures rose 1.5 per cent to $61.08 per barrel.

(with Reuters input)

MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

MARKET COMMENT Jayant Manglik, President, Religare Broking Markets failed to hold the early gains and lost nearly a percent, pressurized by weak global cues. Participants were in profit taking mood from the beginning and mostly sectoral indices traded in tandem with the benchmark index. The decline was wide spread and broader market indices too ended with loss of nearly a percent each.    Local headwinds combined with feeble global cues are keeping the participants on edge. Traders have no option but to align their position according to the prevailing sentiment and maintaining a balanced approach in trading. Also, we advise keeping close watch on upcoming macroeconomic data, earnings and global markets for cues

MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

Top sectoral gainers and losers on NSE

MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

S&P BSE Sensex: Top gainers & losers

MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

Market at close The S&P BSE Sensex shed 346 points to settle at 34,813 while NSE's Nifty50 index slipped below the 10,500 level to end at 10,482, down 103 points.

MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

NEWS ALERT Britannia: consolidated revenue growth of 13% for the Quarter at Rs. 2,855 crores

MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

NEWS ALERT Brittania Q2FY19 net profit at Rs 303 cr, up 16% on year

MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

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MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

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MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

Buyback offer spurs Bharti Airtel's dollar-denominated bonds to 5-year high   Bharti Airtel Ltd.’s dollar-denominated bonds due in 2023 surged the most in five years after the company offered to buy back the securities at above the market price amid the risk of a rating downgrade. India’s second-biggest mobile phone carrier will pay $985 per $1,000 principal amount plus accrued interest for any or all of the $1.5 billion of March 2023 notes in the tender offer, according to a company filing over the weekend. Read more

MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

Eicher Motors declines ahead of September quarter earnings

MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

Sugar stocks gain in weak market; Balrampur Chini, Dhampur Sugar up over 8% Shares of sugar companies were trading higher by up to 13% on the BSE in an otherwise weak market on hopes of posting better than expected operating numbers in coming quarters on the back of firming sugar prices, gains arising from sugar inventory revaluation, higher profitability from their distillery and co-gen segment.   Balrampur Chini Mills, Dalmia Bharat Sugar and Industries, Dhampur Sugar Mills, Uttam Sugar Mills, Triveni Engineering & Industries, Dwarikesh Sugar and Thiru Arooran Sugars were up in the range of 5% to 13% on the BSE. READ MORE

First Published: Mon, November 12 2018. 08:15 IST
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MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

The Nifty Auto index declined 2.4 per cent led by fall in Tata Motors and Hero MotoCorp

The benchmark indices settled around 1 per cent lower on Monday tracking weakness in the Asian markets and rise in global oil prices.

The S&P BSE Sensex ended at 34,813, down 346 points (-0.98 per cent), while the broader Nifty50 index settled at 10,482, down 103 points(-0.97 per cent).

Among the sectoral indices, the Nifty PSU Bank index fell 2.1 per cent weighed by Oriental Bank of Commerce. The Nifty Auto index, too, declined 2.4 per cent led by fall in Tata Motors and Hero MotoCorp. However, the Nifty IT index rose 0.7 per cent led by a rise in the share prices of Tech Mahindra and Infosys.

Titan Company is ended 6 per cent higher at Rs 899 on the BSE after the company reported an 8.34 per cent rise in consolidated net profit at Rs 301.11 crore for the quarter ended September 30, 2018, dragged by provisions made for its corporate deposits in the IL&FS group. Total income during the quarter under review stood at Rs 4,595.13 crore verus Rs 3,603.01 crore in the corresponding period last fiscal.

Weak rupee

The rupee traded on a weak note on Monday slipping below the 73-per US dollar mark to hit 73.06 in intra-day trade, down from its previous close of 72.49 against the greenback.

Global Markets

Asian shares drifted lower on Monday as signs of softening demand in China rekindled anxiety about the outlook for world growth, but Saudi Arabia’s plans to cut production helped to halt a slide in oil prices.

MSCI's broadest index of Asia-Pacific shares excluding Japan fell 0.5 per cent, giving up early gains. Japan's Nikkei stock index ended 0.09 per cent higher.

Oil prices

Brent crude oil prices jumped by 2 per cent on Monday after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen crude decline by 20 percent since early October.

Front-month Brent crude futures, a benchmark for global oil prices, were at $71.59 per barrel, up by 2 per cent from their last close. US West Texas Intermediate (WTI) crude futures rose 1.5 per cent to $61.08 per barrel.

(with Reuters input)

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