MARKET WRAP: Sensex declines 300 pts tracking global fall; IT, metals weigh
The Nifty Metal index, the top loser of the day, ended 2.8 per cent lower weighed by Jindal Steel & Power and Hindalco Industries
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The benchmark indices settled around 1 per cent lower on Tuesday tracking a fall in the global markets.
The S&P BSE Sensex ended at 35,475, down 300 points or 0.8 per cent, while the broader Nifty50 index settled at 10,656, down 107 points or 1 per cent.
Among the sectoral indices, the Nifty Metal index, the top loser of the day, ended 2.8 per cent lower weighed by Jindal Steel & Power and Hindalco Industries. The Nifty IT index slipped 2.2 per cent due to fall in Wipro and Infosys.
In key stocks, the private sector lender YES Bank fell 6 per cent to settle at Rs 192.50 on the National Stock Exchange (NSE) following its independent director Rentala Chandrashekhar's resignation. “Rentala Chandrashekhar, non-executive, independent director has tendered his resignation from the bank's board, on November 19, 2018, with immediate effect,” the bank said.
Shares of Adani Gas surged 4.8 per cent to end the day at Rs 81.40 per share on the BSE, on the back of heavy volumes on the BSE after the stock shifted to normal trading segment with effect from today from the restricted segment.
The rupee traded on a firm note on Tuesday, rising to a two-month high of 71.28 against US dollar in intra-day trade, up from its previous of 71.65 against the greenback.
The S&P BSE Sensex ended at 35,475, down 300 points or 0.8 per cent, while the broader Nifty50 index settled at 10,656, down 107 points or 1 per cent.
Among the sectoral indices, the Nifty Metal index, the top loser of the day, ended 2.8 per cent lower weighed by Jindal Steel & Power and Hindalco Industries. The Nifty IT index slipped 2.2 per cent due to fall in Wipro and Infosys.
In key stocks, the private sector lender YES Bank fell 6 per cent to settle at Rs 192.50 on the National Stock Exchange (NSE) following its independent director Rentala Chandrashekhar's resignation. “Rentala Chandrashekhar, non-executive, independent director has tendered his resignation from the bank's board, on November 19, 2018, with immediate effect,” the bank said.
Shares of Adani Gas surged 4.8 per cent to end the day at Rs 81.40 per share on the BSE, on the back of heavy volumes on the BSE after the stock shifted to normal trading segment with effect from today from the restricted segment.
The rupee traded on a firm note on Tuesday, rising to a two-month high of 71.28 against US dollar in intra-day trade, up from its previous of 71.65 against the greenback.
GLOBAL MARKETS
Asian stock markets skidded on Tuesday and Europe was expected to follow, pressured by sharp losses on Wall Street as technology firms tumbled on worries about slackening demand.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.2 per cent. Tech stocks were under pressure across Asia following US losses. In Seoul, Samsung Electronics fell 2 per cent and SK Hynix Inc dropped 3.5 per cent, while Japan's Tokyo Electron was down 1.8 per cent, Advantest lost 2.7 per cent and Sony Corp shed 3.1 per cent.
Japan's Nikkei slipped 1.1 per cent, with shares of Nissan Motor Co tumbling than 5 per cent after its Chairman Carlos Ghosn was arrested on Monday for alleged financial misconduct. He will be fired from the board this week.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.2 per cent. Tech stocks were under pressure across Asia following US losses. In Seoul, Samsung Electronics fell 2 per cent and SK Hynix Inc dropped 3.5 per cent, while Japan's Tokyo Electron was down 1.8 per cent, Advantest lost 2.7 per cent and Sony Corp shed 3.1 per cent.
Japan's Nikkei slipped 1.1 per cent, with shares of Nissan Motor Co tumbling than 5 per cent after its Chairman Carlos Ghosn was arrested on Monday for alleged financial misconduct. He will be fired from the board this week.
(with wire inputs)
3:46 PM
Nifty Metal ends 2.83% lower. Top losers:
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) | VOLUME |
| HINDALCO INDS. | 220.60 | 234.45 | -13.85 | -5.91 | 14748354 |
| JINDAL STEEL | 171.00 | 180.60 | -9.60 | -5.32 | 9297583 |
| TATA STEEL | 563.35 | 582.40 | -19.05 | -3.27 | 7632646 |
| S A I L | 62.35 | 64.30 | -1.95 | -3.03 | 8510468 |
| VEDANTA | 205.10 | 211.35 | -6.25 | -2.96 | 18612503 |
3:43 PM
Sectoral gainers and losers of the day on NSE
3:41 PM
BSE Sensex: gainers and losers of the day
3:33 PM
Market at close
The S&P BSE Sensex ended at 35,475, down 300 points or 0.8 per cent, while the broader Nifty50 index settled at 10,656, down 107 points or 1 per cent.
3:18 PM
Shares of metal companies were under pressure with Hindalco Industries and Jindal Steel & Power (JSPL) falling 5% each, while National Aluminum, Tata Steel, Vedanta, Steel Authority of India (SAIL) and JSW Steel were down 2% to 3% on the NSE, due to macro concerns. READ MORE
Metal shares under pressure; Hindalco, JSPL fall 5%
Shares of metal companies were under pressure with Hindalco Industries and Jindal Steel & Power (JSPL) falling 5% each, while National Aluminum, Tata Steel, Vedanta, Steel Authority of India (SAIL) and JSW Steel were down 2% to 3% on the NSE, due to macro concerns. READ MORE
3:07 PM
India's gold demand to remain muted in October-December quarter
After a satisfactory 10 per cent jump in July–September quarter, India’s gold demand is likely to remain subdued in the fourth quarter of calendar 2018. Gold prices are quoted at a discount of Rs 50-100 per 10 grams in India for over a month now. READ MORE
2:50 PM
Stocks at 52-week low:
» More on 52 Week Low
| COMPANY | PRICE() | 52 WK LOW | CHG() | CHG(%) |
| ASAHI INDIA GLAS | 267.25 | 267.15 | -4.05 | -1.49 |
| DEEPAK FERT. | 167.60 | 167.00 | -7.55 | -4.31 |
| GE T&D INDIA | 222.60 | 222.15 | -6.25 | -2.73 |
| JINDAL STAIN. | 44.30 | 43.80 | -2.40 | -5.14 |
| SECURITY & INTEL | 783.05 | 780.00 | -11.50 | -1.45 |
2:45 PM
S&P BSE Sensex top gainers and losers
2:32 PM
Oil India bucks trend after board approves buyback
Oil India rose 0.82% to Rs 202.70 on BSE after the company said its board approved the proposal to buyback 5.04 crore shares at Rs 215 each. The announcement was made after market hours yesterday, 19 November 2018. Meanwhile, the S&P BSE Sensex was down 198.99 points, or 0.56% to 35,575.89. Read more
2:21 PM
Deepak Fertilizers hits two-year low; down 20% in 1-week on weak Q2 results
Shares of Deepak Fertilisers & Chemicals hit two year low of Rs 167, down 5% on the National Stock Exchange (NSE), falling 20% in past one week, after it reported a 56% drop in net profit at Rs 190 million in September 2018 quarter (Q2FY19). The stock was trading at its lowest level since August 19, 2016. It tanked 62% from its 52-week high of Rs 437 hit on January 5, 2018, on the BSE in intra-day trade. Read more
2:06 PM
DHFL is trading over 4% lower ahead of Q2 earnings
2:01 PM
Market check
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 35,583.01 | -191.87 | -0.54 |
| S&P BSE SENSEX 50 | 11,168.95 | -75.81 | -0.67 |
| S&P BSE SENSEX Next 50 | 32,120.98 | -289.14 | -0.89 |
| S&P BSE 100 | 10,950.79 | -78.06 | -0.71 |
| S&P BSE Bharat 22 Index | 3,468.73 | -13.25 | -0.38 |
1:43 PM
BSE-S&P Dow Jones split: Index business a laggard in Indian markets
The end of BSE’s joint venture with global index provider S&P Dow Jones Indices has thrown a spotlight on the index business in India. It has been less of a success than the segment’s traction in global markets might have indicated. Large global index providers took in over two billion in revenues in the previous year, according to Bloomberg. It is a fraction of that in India. Year-on-year growth has also been limited and contribution to exchanges' earnings is minimal, shows an analysis of financial statements. Read more
1:30 PM
Derivatives strategies: A breakout above 10,800 would be a positive signal
The market continued to ride up. It is now testing resistance between 10,700 and 10,800. This zone is critical since the Nifty's 200-day moving average (200-DMA) is at these levels. A breakout above 10,800 would be a positive signal, with a possible upside till 11,000-plus. A crash would, on the other hand, have a downside till 10,300. Volumes have picked up with net institutional buying. FPIs are net positive while domestic institutions are selling. Breadth is negative, with advancing stocks outnumbered by declining stocks but it has improved. Read more
1:23 PM
Nissan shares fall on Carlos Ghosn's arrest over financial misconduct
Shares of Nissan Motor Co fell 6 per cent early on Tuesday, a day after the arrest of Chairman Carlos Ghosn sent shockwaves through the business world and threw into doubt the future of Japan's No.2 automaker and its global alliance.
Nissan said on Monday Ghosn was arrested for alleged financial misconduct and would be fired from the board this week. Ghosn is also chairman and chief executive of Nissan's French partner, Renault. READ MORE
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First Published: Nov 20 2018 | 8:05 AM IST