MARKET WRAP: Sensex slips 107 pts ahead of RBI policy outcome; banks fall

The benchmark indices ended lower on Tuesday ahead of the outcome of the Reserve Bank of India's (RBI) monetary policy meeting, which is due on Wednesday.

The three-day review meeting by the central bank began on Monday. Analysts expect RBI to support an economy that is losing momentum by leaving interest rates unchanged. In a sharp contrast, barely a month ago most economists and market experts were expecting a rate hike by the central bank. READ MORE

The S&P BSE Sensex ended at 36,134, down 107 points or 0.29 per cent, while the broader Nifty50 index settled at 10,869, down 14 points or 0.13 per cent.

Among the sectoral indices, the Nifty Bank index fell 0.61 per cent weighed by HDFC Bank and State Bank of India (SBI). The Nifty FMCG index, too, slipped 0.65 per cent led by a fall in Colgate Palmolive (India) and Hindustan Unilever. However, Nifty IT index rose 1.76 per cent led by Infosys, Wipro and Tata Consultancy Services (TCS).

In the broader market, S&P BSE Midcap index ended largely flat at 15,098, while S&P BSE Smallcap index settled a tad up at 14,514.

The rupee moved in a range of 70.32-70.67 per dollar during the day. It had opened 3 paise lower at 70.49 against the greenback. The domestic unit Monday had dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency as oil prices rebounded and the US currency gained strength.

Global Markets

Asian shares fell on Tuesday as a relief rally petered out amid rising doubts over whether China and the United States will be able to resolve trade differences.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent as Chinese equity markets struggled to move out of negative territory.

Chinese blue-chip shares in Shenzhen and Shanghai were slightly weaker, and the benchmark Shanghai Composite index edged barely higher. Shares in Hong Kong lost 0.3 per cent. Australia shares gave up 0.8 per cent and Seoul’s Kospi fell 0.6 per cent, while Japan’s Nikkei stock index was 1.3 per cent lower.

Oil Prices

Oil prices rose on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output.

US West Texas Intermediate (WTI) crude futures were at $53.35 per barrel, up 40 cents, or 0.8 per cent, from their last close. International Brent crude oil futures were up 40 cents, or 0.7 per cent, at $62.09 per barrel.

(with wire inputs)

3:38 PM

Top sectoral gainers and losers on NSE

3:37 PM

S&P BSE Sensex: Top gainers and losers

3:33 PM

Market at close

 

The S&P BSE Sensex shed 107 points to settle at 36,134 while NSE's Nifty50 index dropped 14 points to end at 10,870.

3:15 PM

Sun Pharma extends fall despite clarification on corporate governance issue

Shares of Sun Pharmaceutical Industries moved down by 3% to Rs 442 per share, falling 5% from their early morning high of Rs 465 apiece on BSE, even though the company made a clarification related to corporate governance and whistleblower issues. The stock had ended 7.5% lower at Rs 455 yesterday.
 

It was trading close to its 52-week low price of Rs 435 touched on May 22, 2018, in the intra-day trade. READ MORE

3:01 PM

India seen holding rates steady as inflation, growth soften

 

Analysts expect the Reserve Bank of India (RBI) to support an economy that is losing momentum by leaving interest rates unchanged at a policy meeting on Wednesday, when just over a month ago most of them had predicted a hike. Read more

 

2:47 PM

S&P BSE Oil and Gas index up over 1%

2:41 PM

Stocks that hit 52-week low on BSE500

COMPANY	LATEST	52 WK LOW	PREV LOW	PREV DATE	VOLUME
HSIL	204.70	200.60	202.00	03-DEC-2018	5612
IL&FS TRANSPORT	14.20	14.20	14.90	03-DEC-2018	44994
NAVKAR CORPORAT.	59.40	58.00	58.00	03-DEC-2018	4239
SHANKARA BUILD.	563.55	563.55	626.15	03-DEC-2018	436251
SPARC	242.55	240.00	245.65	03-DEC-2018	45352
TEXMACO RAIL	54.35	53.75	54.00	08-OCT-2018	50112
TIME TECHNOPLAST	102.45	102.00	104.55	03-DEC-2018	7793

 

2:29 PM

Sebi extends deadline for transfer of shares in demat form to April 1

 

Market regulator Sebi on Monday extended the deadline for transfer of shares of listed companies only in demat form to April 1. The last date has been extended after taking into consideration representations from shareholders as the initial deadline was to end on December 5. Shares in the demat form will maintain a transparent record of shareholding at firms amid rising concerns over beneficial ownership of entities In March, Sebi's board decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities will not be processed unless the securities are held in dematerialised form with a depository. Read more

2:16 PM

Domestic ETF assets jump 10-fold at Rs 895 billion in the past three years

 

The assets under management (AUM) of exchange-traded funds (ETFs) — both equity and debt — has seen a tenfold jump in the past three years. At the end of October, equity and debt ETF AUM in India stood at Rs 895 billion. Three years ago, it stood at Rs89 billion. Global ETF AUM recently crossed the $5-trillion mark. Read more

2:01 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,164.28	-76.72	-0.21
S&P BSE SENSEX 50	11,381.20	-8.57	-0.08
S&P BSE SENSEX Next 50	32,318.47	-24.91	-0.08
S&P BSE 100	11,138.03	-8.17	-0.07
S&P BSE Bharat 22 Index	3,434.04	+4.06	+0.12

1:46 PM

Sebi panel plans to allow direct listing of Indian cos on overseas bourses

 

A high-level panel on Tuesday recommended market regulator Sebi to allow direct listing of Indian companies on overseas bourses and of foreign firms on Indian exchanges. Currently, Indian companies can list their shares through depository receipts abroad, while foreign companies need to go through the Indian Depository Receipt route for listing of equities. Read more

1:32 PM

NEWS ALERT Government will not participate in open offer made by LIC for IDBI Bank 

1:28 PM

top losers in BSE500

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
SHANKARA BUILD.	563.55	-62.60	-10.00	433672
KWALITY	10.07	-0.52	-4.91	41649
IL&FS TRANSPORT	14.20	-0.70	-4.70	43838
J KUMAR INFRA	128.20	-5.20	-3.90	4664
QUESS CORP	704.35	-22.10	-3.04	3911

1:25 PM

Rattled nerves at India Inc lead to boom in overnight funds to Rs 123 bn

Corporate treasury departments in India have become so concerned about credit risk they’re increasingly parking their cash in securities maturing overnight.

 

Assets with overnight funds soared to 123 billion rupees ($1.8 billion) last month, from 39 billion rupees in September, as companies chose safety over returns in the wake of a rare debt default, data from Morningstar Investment Adviser India Pvt. show. Strong demand has seen five firms, including Reliance Nippon Life Asset Management Ltd., lining up new offerings. READ MORE

1:14 PM

Sun Pharma still not out of red; unsecured loan advances among key concerns

Dilip Shanghvi-led pharmaceutical major Sun Pharma denied allegations of insider trading and other lapses in corporate governance at a conference call on Monday to allay investor concerns. But brokerages point out that a few questions still remain unanswered. They say that until Sun Pharma re-evaluates some of its structures and transactions which weaken investor confidence, these issues will overshadow Sun Pharma's overall performance.

 

The stock on Tuesday remained stable in morning trade after falling 7.5 per cent in the previous session after Sebi sources said during the weekend that they were planning to reopen an insider trading case against the company that was settled in 2017. READ MORE