MARKET WRAP: Indices end flat ahead of no-confidence motion; IT stocks slip

Benchmark indices ended flat on Thursday, a day ahead of a no-confidence motion against the government.

Benchmark indices ended flat on Thursday with losses in IT and pharma stocks such as TCS, Mindtree offsetting gains in PSU Banks like SBI, Bank of Baroda, a day ahead of a no-confidence motion against the government.

On Friday, the parliament will debate a no-confidence motion tabled by opposition parties against the Prime Minister Narendra Modi’s government on Wednesday, the first day of the monsoon session.

The S&P BSE Sensex ended at 36,351, down 22 points while the broader Nifty50 index settled at 10,957, down 23 points.

Mid-cap IT stock Mindtree lost 12.2 per cent, its biggest intraday fall since September 2011. Larsen & Toubro Infotech and Hexaware Technologies were also trading lower. The stock ended over 8% lower

FMCG stocks, however, gained with the Nifty FMCG index gaining 0.7 per cent with ITC, Colgate Palmolive up over 1.5 per cent each.

Globally, Asian shares on Thursday struggled to hold earlier gains made after upbeat Wall Street earnings, as trade war jitters rattled China’s stock and currency markets, with the yuan hitting fresh one-year lows.

MSCI’s broadest index of Asia-Pacific shares outside Japan last stood up less than 0.1 per cent, giving up much of its earlier gains of 0.56 per cent. Japan’s Nikkei lost 0.13 per cent.

(with Reuters inputs)

3:41 PM

Nifty Pharma index ends 1.53% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)
CADILA HEALTH.	344.30	354.25	-9.95	-2.81
CIPLA	610.45	627.40	-16.95	-2.70
BIOCON	572.30	584.80	-12.50	-2.14
DR REDDY'S LABS	2027.00	2065.65	-38.65	-1.87
LUPIN	797.90	811.00	-13.10	-1.62

3:39 PM

Nifty sectoral losers of the day

3:36 PM

BSE Sensex: Vedanta, Yes Bank, RIL among top gainers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 36,351, down 22 points while the broader Nifty50 index settled at 10,957, down 23 points.

3:26 PM

RIL hits new high

3:22 PM

Hindalco records sharpest intra-day fall in 11 months; stock slips 8%

 

Hindalco Industries hit 52-week low of Rs 195, falling 8% in intra-day deal, its sharpest intra-day decline in past 11 months after the media report suggested that the company is likely to acquire Aleris for $ 2.5 billion.

 

Earlier on August 11, 2017, the stock of metal company slipped 8.2% during intra-day trade. The company and its Canadian arm, Novelis, is in process of raising debt for the said deal, the CNBC-TV18 reported quoting sources. READ MORE

3:15 PM

PC Jeweller tanks 43% in one week on withdrawal of buyback offer

 

Shares of PC Jeweller hit nearly four-year low of Rs 68 per share, falling 13% on the BSE in intra-day trade. In past one week, the stock tanked 43% from Rs 122 on July 12, as the company announced the withdrawal of proposed buyback offer due to the non-receipt of the NOC from the its bankers. The stock was trading at its lowest level since August 18, 2014.

 

The stock plunged 89% from its 52-week high level of Rs 457 recorded on January 16, 2018 in intra-day trade. Investors have seen their market cap erosion of Rs 204 billion to Rs 27.73 billion during the period. READ MORE

3:00 PM

UK watchdog tells banks to prepare for hard Brexit

 

Britain's banks and insurers must plan for a "hard" Brexit in case a transition period is not in place next March, a senior British regulator said on Thursday.

 

"With eight months until we exit the European Union in March 2019, it is important we all -- regulators and industry -- continue to plan for a range of scenarios," said Nausicaa Delfas, head of international strategy at the Financial Conduct Authority. READ MORE

2:45 PM

India a 'good place to hide' from trade war for this $10 billion fund

 

Ashburton Investments Ltd., which oversees $10 billion in global assets, is steadily acquiring stocks in medium-sized Indian companies that have been overlooked as investors targeted better-known companies.

 

India is a “good place to hide” as it’s not at “the heart of” the global trade-war volatility and exposed to the strengthening dollar, Jonathan Schiessl, the fund’s investment director, said in an interview. The country is relatively safer with “beta at multi-year lows,” and is still an outperformer among emerging markets with relatively better international flows, he said. READ MORE

2:31 PM

Prakash Ind down 5% on report of ED filing chargesheet in coal scam cases

 

Prakash Industries has locked in lower circuit of 5% at Rs 125 on the BSE with only sellers were seen on the counter after the media report suggested that Enforcement Directorate (ED) filed charge sheet in seven coal scam cases.

 

“We categorically state that we are unaware of any charge sheet having seen filed by the Enforcement Directorate as described in the news item published in the Economic Times referred to by you. That being so, the question of disseminating any information to the exchange does not arise,” Prakash Industries said on clarification on news report to BSE. READ MORE

2:16 PM

LIC-IDBI Bank deal: Large exposure to PSUs hurts insurer returns

 

Life Insurance Corporation (LIC) has bailed out several public sector companies — the acquisition of a majority stake in loss-making IDBI Bank being the latest — but these investments have resulted in the underperformance of the insurer’s equity portfolio.

 

The country’s largest insurer, which has large shareholdings in public sector undertakings (PSUs) and public sector banks (PSBs), has not been able to beat the benchmark BSE Sensex index. READ MORE

2:00 PM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	36294.35	36373.44	-79.09	-0.22
	14647.56	14705.78	-58.22	-0.40
	15101.44	15181.35	-79.91	-0.53
	15668.52	15814.66	-146.14	-0.92
	4229.84	4242.66	-12.82	-0.30

1:45 PM

Oil prices fall amid record US output, stockpile build

 

Oil prices dropped on Thursday after official data showed an unexpected rise in US crude stockpiles and as US output scaled record levels. Brent crude futures had fallen 21 cents, or 0.3 percent, to $72.69 a barrel. West Texas Intermediate (WTI) crude futures declined 7 cents, or 0.1 per cent, to $68.69.

1:34 PM

Top BSE500 losers

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
MINDTREE	953.45	-109.10	-10.27	392738
PC JEWELLER	71.20	-6.80	-8.72	3372088
8K MILES	347.15	-26.25	-7.03	87445
IFB INDS.	960.85	-65.70	-6.40	3743
L & T INFOTECH	1743.20	-111.00	-5.99	41018

1:16 PM

Bajaj Finance slips 5% on profit booking post Q1 results

 

Bajaj Finance dipped 5% to Rs 2,378 on the BSE in noon deal trade on profit booking after the company reported a consolidated net profit of Rs 8.36 billion for the quarter ended June 2018 (Q1FY19). It had a profit of Rs 4.61 billion in the same quarter year ago.

 

Net interest income (NII) during the quarter review increased 46% at Rs 25.78 billion against Rs 17.61 billion over the previous year quarter. READ MORE