You are here: Home » News-CM » Equities » Market Report
Business Standard

NBFCs shares tumble

Business Finance

Capital Market 

Key indices continued to trade near day's low in morning trade. At 10:33 IST, the barometer index, the S&P BSE Sensex, was down 819.72 points or 2.36% at 33,941.17. The Nifty 50 index was down 268.05 points or 2.56% at 10,192.05. Selling was triggered by dismal global cues.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.405, compared with its close of 74.21 during the previous trading session. Rupee hit a low of 74.50 in early deals today.

Among secondary barometers, the BSE Mid-Cap index was down 2.31%. The BSE Small-Cap index was down 2.07%.

The market breadth, indicating the overall health of the market, was quite weak. On BSE, 421 shares rose and 1606 shares fell. A total of 86 shares were unchanged.

Metal shares tumbled. Jindal Steel & Power (down 6.29%), Tata Steel (down 5.44%), Hindalco Industries (down 4.6%), JSW Steel (down 4.15%), Vedanta (down 4.01%), Steel Authority of India (down 3.59%), NMDC (down 2.96%), Hindustan Copper (down 2.1%), Hindustan Zinc (down 2.05%) and National Aluminium Company (down 1.57%), edged lower.

Shares of non-banking financial companies (NBFCs) slumped. Indiabulls Housing Finance (down 7.78%), Shriram Transport Finance Corporation (down 5.79%), Bajaj Finserv (down 5.17%), Cholamandalam Investment and Finance Company (down 5.12%), Mahindra & Mahindra Financial Services (down 4.53%), Bajaj Finance (down 4.49%), Muthoot Capital Services (down 4.35%), IIFL Holdings (down 4.15%), LIC Housing Finance (down 3.94%), Reliance Capital (down 3.68%), IDFC (down 2.82%), Muthoot Finance (down 1.07%) and Manappuram Finance (down 0.81%), edged lower. Edelweiss Financial Services was up 2.23%.

Overseas, Asian shares slumped on Thursday after Wall Street suffered its worst drubbing in eight months.

Trading in US index futures indicated that the Dow Jones Industrial Average could slump 272 points at the opening bell today, 11 October 2018.

US stocks slumped to close sharply lower Wednesday as the Dow Jones Industrial Average sank and the S&P 500 had its worst day since February as technology stocks went into a freefall. Investors spooked by rising bond yields dumped equities in all sectors, triggering a broad market rout. The surge in bond yields made stocks look less attractive compared to bonds while also threatening to curb economic activity and profits.

President Donald Trump reportedly knocked the US Federal Reserve for continuing to raise interest rates despite some recent market turbulence. Trump's comments on the central bank Wednesday came a day after he said he did not like what they were doing in terms of monetary policy.

In the latest US economic data, the producer-price index rose 0.2% in September, while the core PPI was up 0.4%. Separately, wholesale inventories in the US rose 1% in August.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 11 2018. 10:35 IST