MARKET WRAP: Sensex cracks 287 points; Sun Pharma falls 5%, TCS dips 3%
The Nifty IT index fell 2.8 per cent led by fall in share prices of Wipro, Infosys and Tata Consultancy Services (TCS). The Nifty Pharma index declined 2.9 per cent weighed by Sun Pharmaceuticals.
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The benchmark indices ended lower on Tuesday weighed by IT and pharmaceutical stocks amid weak Asian markets.
The S&P BSE Sensex ended at 33,847, down 287 points, while the broader Nifty50 index settled at 10,147, down 98 points.
Among sectoral indices, the Nifty IT index fell 2.8 per cent led by fall in share prices of Wipro, Infosys and Tata Consultancy Services (TCS). The Nifty Pharma index, too, declined 2.9 per cent weighed by Sun Pharmaceutical Industries.
The S&P BSE Sensex ended at 33,847, down 287 points, while the broader Nifty50 index settled at 10,147, down 98 points.
Among sectoral indices, the Nifty IT index fell 2.8 per cent led by fall in share prices of Wipro, Infosys and Tata Consultancy Services (TCS). The Nifty Pharma index, too, declined 2.9 per cent weighed by Sun Pharmaceutical Industries.
The rupee traded on a weaker note during the day, slipping to 73.82 per dollar in intra-day trade, up from its previous close of 73.56 per dollar due to steady capital outflows and strengthening of the American currency.
Among individual stocks, Asian Paints fell 4.8 per cent lower to Rs 1,142.45 on the National Stock Exchange, after the company reported 14.4 per cent fall in second-quarter profit, which missed analysts' estimates, hurt by higher expenses. Net profit fell to Rs 493 crore ($67.02 million) in September quarter from Rs 576 crore a year earlier, the company said in a statement. Revenue from operations rose over 8.5 per cent to Rs 4639 crore while total expenses rose about 11 per cent in the quarter.
Global Markets
Asian shares slumped on Tuesday as a cocktail of negative drivers from Saudi Arabia's diplomatic isolation to fresh worries about trade wars whacked sentiment across the region.
Selling in Asia erased gains made in rally of the previous two sessions, which were led by China stimulus hopes, with the MSCI's broadest index of Asia-Pacific shares outside Japan dropping 2.2 per cent. Declines in many regional benchmark indexes also exceeded 2 per cent.
South Korea's Kospi and Hong Kong's Hang Seng both fell 3 per cent while Japan's Nikkei lost 2.7 per cent. MSCI's index for the region including Japan hit the lowest level since May 2017.
South Korea's Kospi and Hong Kong's Hang Seng both fell 3 per cent while Japan's Nikkei lost 2.7 per cent. MSCI's index for the region including Japan hit the lowest level since May 2017.
(with Reuters input)
3:39 PM
Top sectoral gainers & losers on NSE
3:38 PM
BSE Sensex: Top gainers & losers
3:36 PM
Market at close
The S&P BSE Sensex slipped 287 points or 0.84 per cent to end at 33,847 while NSE's Nifty50 index ended at 10,147, down 98 points or 1 per cent.
3:23 PM
Emerging market guru Mark Mobius, who recently retired from Franklin Templeton, talks about the liquidity crunch that has hit India following the IL&FS default. In his keynote address at Morningstar Investment Conference, he says India needs to move quick on cutting down bureaucratic hurdles so that new investments can come in and improve the liquidity situation. Among other things, he delves deeper on his own investment philosophy and what makes him think that environment, social and governance – ESG – is the next big investment theme. READ MORE
India quickly catching up with China, but still some work left: Mark Mobius
Emerging market guru Mark Mobius, who recently retired from Franklin Templeton, talks about the liquidity crunch that has hit India following the IL&FS default. In his keynote address at Morningstar Investment Conference, he says India needs to move quick on cutting down bureaucratic hurdles so that new investments can come in and improve the liquidity situation. Among other things, he delves deeper on his own investment philosophy and what makes him think that environment, social and governance – ESG – is the next big investment theme. READ MORE
Mark Mobius
3:13 PM
Sebi mulls standardisation for PMS schemes by setting up industry body
The Securities and Exchange Board of India (Sebi) is deliberating on setting up an industry body to draw up best practices for portfolio managers and introducing a standard template to bring uniformity in the way they market their schemes. The discussions are preliminary.
At present, PMS providers file an offer document for filing with Sebi and release quarterly statements to existing clients mandatorily. READ MORE
3:00 PM
Market check
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 33,787.94 | -346.44 | -1.01 |
| S&P BSE SENSEX 50 | 10,596.59 | -122.22 | -1.14 |
| S&P BSE SENSEX Next 50 | 29,836.02 | -436.41 | -1.44 |
| S&P BSE 100 | 10,356.72 | -124.34 | -1.19 |
| S&P BSE Bharat 22 Index | 3,290.20 | -22.97 | -0.69 |
2:43 PM
Asian Paints: Benefits of lower GST in Q2 come at cost; volumes surge 12%
Asian Paints’ September 2018 quarter (Q2) numbers show that benefits of higher volumes have come at a cost. Consolidated net profit reported by the paint major was not only 14.8 lower than the year-ago quarter but also below the street’s expectations. High inflationary pressure, besides expected start-up cost on its new Mysuru plant, hurt the company’s bottom-line. Read more
2:30 PM
BSE500 index hits 52-week low
The S&P BSE 500 index hit a 52-week low of 13,409, down 1.3% on the BSE on Tuesday after a sharp decline in consumer discretionary goods & services, infrastructure, information technology (IT), cement, pharmaceutical and financial sector stocks. The index has fallen below its previous low of 13,453.81 touched on October 11, 2018, in intra-day trade. Read more
2:15 PM
BSE to introduce weekly F&O contracts Sensex 50 from Friday
Leading stock exchange BSE will introduce weekly futures and options contracts on Sensex 50 index from Friday.
The bourse will introduce 7 weekly futures and options contracts expiring on every Thursday of the week, excluding monthly expiry week, BSE -- formerly known as Bombay Stock Exchange -- said in a circular. READ MORE
2:01 PM
Market Check
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 33,788.97 | -345.41 | -1.01 |
| S&P BSE SENSEX 50 | 10,598.36 | -120.45 | -1.12 |
| S&P BSE SENSEX Next 50 | 29,770.32 | -502.11 | -1.66 |
| S&P BSE 100 | 10,355.16 | -125.90 | -1.20 |
| S&P BSE Bharat 22 Index | 3,279.66 | -33.51 | -1.01 |
1:46 PM
TVS Motor Q2 profit drops on higher commodity prices
Auto manufacturer TVS Motor Co Ltd posted about 1 percent fall in second-quarter profit on Tuesday, dented by higher commodity prices.
Profit came in at 2.11 billion rupees ($28.64 million) in the quarter ended Sept. 30, compared with 2.13 billion rupees a year ago, beating analysts' estimates of 2.10 billion rupees READ MORE
1:31 PM
ITD Cementation firms up after winning orders
ITD Cementation India rose 1.62% to Rs 112.85 at 10:43 IST on BSE after the company said it won orders valued over Rs 1066 crore from Airports Authority of India, Vizhinjam Port, Visakhapatam Port, Mumbai Metro and Rail Vikas Nigam. The announcement was made after market hours yesterday, 22 October 2018. Meanwhile, the S&P BSE Sensex was down 130.69 points, or 0.38% to 34,003.69. Read more
1:15 PM
S&P BSE Sensex heatmap
1:00 PM
Bandhan Bank, Hindustan Aeronautics, Infibeam Avenues hit new lows
Shares of recently listed companies like Bandhan Bank, Hindustan Aeronautics (HAL), Dixon Technologies, H G Infra Engineering, Indostar Capital Finance, Mas Financial Services, and Bharat Dynamics have hit their respective lowest levels since listing. Except, Bandhan Bank and Dixon Technologies, the remaining five companies were trading 13% to 51%, below their issue price. Read more
12:45 PM
Nifty Pharma index trading 1.50% lower weighed by Biocon and Sunpharma
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First Published: Oct 23 2018 | 8:00 AM IST
