Nifty ends 1% lower, fails to hold 10,100 mark, Sensex down 252 points

All that happened in the market today

Benchmark indices  fell on Monday, dragged by energy stocks such as Indian Oil Corp Ltd (IOC) and Bharat Petroleum Corp Ltd (BPCL) which declined on reports the refiners may buy stakes in GAIL (India) Ltd.
The S&P BSE Sensex ended at 32,923, down 253 points while the broader Nifty50 index settled at 10,094, down 101 points.

Shares in both IOC and BPCL dropped over 4 percent each, with IOC hitting its lowest since January 2017.

The market participants will closely watch key developments in the parliament this week following the no-confidence motion moved by Telugu Desam Party (TDP) after it broke away from the BJP-led NDA following the Centre's refusal to grant Special Category status to Andhra Pradesh.

In major political development, the N Chandrababu Naidu-led TDP and Y S Jaganmohan Reddy-led Yuvajana Shramika Rythu Congress Party (YSR Congress Party) on Monday were all set to push their notices of no-confidence motion against the Narendra Modi government in the Lok Sabha, as they continued their respective agitations for the granting of a special-category status to Andhra Pradesh. However, the no-confidence motions were not introduced as the Lok Sabha was adjourned till Tuesday.

In the global markets, Asian share markets slipped into the red on Monday as caution gripped investors in a week in which the Federal Reserve is likely to hike US interest rates and perhaps signal that as many as three more lie in store for the rest of the year.

Japan’s Nikkei extended early losses to drop 1.3 per cent, while the MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent.

(with wire inputs)

3:46 PM

Nifty Metal ends 2.67% lower

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
NMDC	117.85	126.30	-8.45	-6.69	9696169
HIND.COPPER	67.30	71.70	-4.40	-6.14	2724668
JINDAL STAIN .HI	177.50	188.85	-11.35	-6.01	273471
S A I L	68.85	72.85	-4.00	-5.49	22150121
TATA STEEL	574.00	600.20	-26.20	-4.37	12540239

3:44 PM

Nifty Realty cracks 2.94%

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)	VOLUME
DLF	214.15	226.30	-12.15	-5.37	6787728
UNITECH	6.10	6.35	-0.25	-3.94	16893168
INDBULL.REALEST.	196.60	204.65	-8.05	-3.93	3682537
PHOENIX MILLS	586.65	608.65	-22.00	-3.61	97687
OBEROI REALTY	493.65	511.20	-17.55	-3.43	207255

3:37 PM

Sectoral

3:35 PM

BSE Sensex: Power Grid Corporation of India top gainer while Tata Steel top loser for the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 32,923, down 253 points while the broader Nifty50 index settled at 10,094, down 101 points.

3:26 PM

TV Today Network falls 13% after board nod for sale of radio business

TV Today Network (TVTNL) has dipped 13% to Rs 460 on the BSE in noon deal trade after the company said its board granted in principle approval for sale of radio business of the company to Entertainment Network India (ENIL) as a going concern, by way of a slump sale. READ MORE

3:15 PM

Gold loses sheen on subdued global cues, muted demand

Gold prices drifted lower by Rs 110 to Rs 31,180 per 10 grams at the bullion market, tracking a weak trend overseas amid slackened demand from local jewellers. READ MORE

3:00 PM

UltraTech to buy Binani Cement, seeks end to insolvency proceedings

UltraTech Cement today said it has entered into an agreement with Binani Industries to buy 98 per cent stake in its debt ridden subsidiary Binani Cement Ltd (BCL) which is going through insolvency proceedings.

 

In a filing to the stock exchange, UltraTech said it will issue a comfort letter to provide Rs 7,266 crore to Binani Industries Ltd for ending insolvency proceedings against Binani Cement. READ MORE

2:51 PM

Europe Trade

European markets were lower, as investors looked ahead to a trading week in which the Federal Reserve is likely to hike interest rates.

 

France's CAC, Germany's DAX and Britain's FTSE were down around 1 per cent each.

2:36 PM

Buy into international funds when Indian equity returns run dry

 

At a time when the trailing three-month return for most equity fund categories have turned negative, one category that is still in the positive is international funds (return 4.22 per cent; source: Value Research), underlining the ability of these funds to act as portfolio diversifiers.

 

Like most investors globally, Indian investors too have a home bias. The bulk of their portfolio is invested in India and they are often reluctant to invest abroad. The home bias tends to get more pronounced when the Indian markets are doing well. According to experts, however, having a 10-20 per cent (of the equity portfolio) exposure to international funds can make your investment journey smoother by counterbalancing the underperformance in Indian markets. READ MORE

2:19 PM

IPO Subscription

The initial public offer (IPO) of Bandhan Bank has been oversubscribed 2.30 times so far on the final day of bidding.

 

The Rs 4,473-crore IPO has received bids for 19.17 crore equity shares against the total offer size of 8.35 crore shares, as per data available on the NSE website.

 

The reserved portion of qualified institutional buyers has oversubcribed 6.08 times while the portion set aside for non-institutional investors has subscribed 0.67 times and retail 0.83 times.

2:02 PM

Market Check

 

S&P BSE Sensex	32,937.03		-0.72%
Nifty 50	10,108.60		-0.85%
S&P BSE 200	4,417.88		-1.14%
Nifty 500	8,901.10		-1.15%
S&P BSE Mid-Cap	15,957.60		-1.61%
S&P BSE Small-Cap	17,223.31		-2.01%

1:49 PM

BSE Smallcap: Shilpa Medicare, United Bank of India among top gainers, JBP industries top loser

1:36 PM

Accrual funds: Rates are usually 150-200 bps more than bank fixed deposits

Indian bond market and debt fund investors have suffered reverses over the past six months. The interest rate cycle reversed in Q3, 2017-18, and started rising, after a long period when rates fell. Crude oil prices started falling in September 2014 and by December 2014, the Reserve Bank of India (RBI) was in rate-cutting mode. READ MORE

1:18 PM

Gateway Distriparks hits 52-week low on FPI selling

Shares of Gateway Distriparks hit a 52-week low of Rs 187 per share, down 3.6%, extending their Friday’s 5% decline on the BSE, after the foreign portfolio investor (FPI) Morgan Stanley reduced its stake in the company through open market. READ MORE