MARKET WRAP: Sensex slips 174 pts, Nifty at 11,692 as Rupee hits record low

The benchmark indices ended lower ahead of the August F&O expiry due on Thursday, as the Rupee hit a record low of 70.51 against the US dollar.

The S&P BSE Sensex ended at 38,723, down 174 points while the broader Nifty50 index settled at 11,692, down 47 points.

Among sectoral indices, the Nifty IT index ended 0.37 per cent lower weighed by a fall in Infosys and Tata Elxsi. The Nifty Bank index, too, slipped 0.16 per cent due to fall in IndusInd Bank and Yes Bank.

In individual stocks, oil-to-telecom giant Reliance Industries (RIL) settled 1.8 per cent lower at Rs 1,294 level on the BSE.

Rupee

The Indian rupee touched a record low of 70.51 to the dollar on Wednesday, tracking weakness in Asian peers and on strong month-end dollar demand back home.
 

The Reserve Bank of India likely sold dollars, though the force was mild, according to two senior forex officials at state-run banks.

GDP Data
 

Going ahead, investors will look forward to June-quarter GDP data to be announced on August 31. For the quarter ended March 31, 2018, the GDP growth print stood at 7.7 per cent. 

Global Markets

Asian shares crept marginally higher on Wednesday as optimism over the US-Mexico trade deal was quickly clouded by caution ahead of a looming deadline on tariffs with China.

MSCI’s broadest index of Asia-Pacific shares outside Japan eked out a rise of 0.2 per cent.

Chinese blue chips dipped 0.4 per cent as the country's state planner warned of increasing risks to the economy in the second half of the year.

Japan's Nikkei put on 0.2 per cent but shied away from stubborn resistance around 23,000, a level where it has failed repeatedly in recent months.

(with wire inputs)

3:42 PM

Nifty IT index ends 0.37% lower. Top loser:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
TATA ELXSI	1395.30	1417.60	-22.30	-1.57
INFOSYS	1409.10	1424.70	-15.60	-1.09
INFIBEAM AVENUES	232.40	234.75	-2.35	-1.00
HCL TECHNOLOGIES	1032.75	1040.75	-8.00	-0.77
TECH MAHINDRA	733.65	736.10	-2.45	-0.33

3:40 PM

Nifty sectoral gainers and losers of the day

3:38 PM

BSE Sensex: RIL, Coal India among top losers of the day, ONGC top gainer

3:35 PM

Market at close

The S&P BSE Sensex ended at 38,723., down 174 points while the broader Nifty50 index settled at 11,692, down 47 points.

3:12 PM

99.3% of demonetised notes are back; Rs 15.31 trillion returned, says RBI

As many as 99.3 per cent of the old 500 and 1,000 rupee notes, that was banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.

 

Of the Rs 15.41 trillion worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 trillion have been returned. READ MORE

2:58 PM

Prepare a list of the public sector banks that can be merged: Govt asks RBI

The government has asked its central bank to prepare a list of candidates for merger among 21 government-controlled lenders as it seeks to strengthen a banking system laden with bad debt, people familiar with the matter said.

 

In a meeting this month, finance ministry officials also asked the Reserve Bank of India to suggest a time frame for the consolidation, the people said, asking not be named as the information isn’t public. The move is aimed at creating fewer, better-capitalized lenders and improving regulatory oversight, they said. READ MORE

2:46 PM

Relief for Mistry as NCLAT admits plea against his removal from Tata Sons

The National Company Law Appellate Tribunal (NCLAT) today admitted a petition moved by ousted Tata Sons Chairman Cyrus P Mistry against a Mumbai-bench of the company law tribunal order upholding his removal. READ MORE

2:31 PM

Oil slips on rising US supply, Venezuela investment

Oil prices slipped on Wednesday, pulled down by a rise in US inventories and hopes that new investment could halt a plunge in Venezuela's output.

Benchmark Brent crude oil was down 20 cents at $75.75 a barrel. US light crude was 10 cents lower at $68.43 a barrel. READ MORE

2:16 PM

Gold edges higher, but rate hike views weigh on market

Gold prices inched up on Wednesday after a sharp fall in the previous session, but a firmer dollar on the back of expectations of higher US interest rates and lingering Sino-US trade tensions capped the precious metal's gain.

 

Spot gold was up 0.3 per cent at $1,204.43 an ounce. Prices hit their highest since Aug. 10 at $1,214.28 on Tuesday, but closed 0.8 per cent lower as US Treasuries rose after the United States and Mexico struck a trade deal. US gold futures were down 0.3 per cent at $1,210.60. READ MORE

Gold

1:59 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,837.01	-59.62	-0.15
S&P BSE SENSEX 50	12,275.63	-16.57	-0.13
S&P BSE SENSEX Next 50	35,369.56	+340.27	+0.97
S&P BSE 100	12,039.39	+3.69	+0.03
S&P BSE Bharat 22 Index	3,725.36	+13.80	+0.37

(Source: BSE)

1:46 PM

Coal India regaining investor confidence; delay in stake sale plan may help

Coal India (CIL) shares have risen about 11 per cent in a month, outperforming the 2.5 per cent rise by the S&P BSE Sensex. Given the improving outlook on the business front and reasonable stock valuations, analysts believe there are more gains ahead. READ MORE

1:31 PM

Aston Martin sets out plans to float on London Stock Exchange

Luxury carmaker Aston Martin intends to float on the London Stock Exchange, completing a turnaround after new models and a surge in volumes helped the iconic brand return to profitability following years of losses.

 

If successful it would become the first British-based carmaker to be listed in London for years, following the sale of such names as Jaguar, Bentley and Rolls-Royce to foreign owners. READ MORE

Aston Martin Volante

1:16 PM

Vedanta bags 41 oil, gas blocks in open acreage auction; stock up over 3%

Shares of Vedanta rose 3.45% to Rs 238.25 per share on the National Stock Exchange (NSE) in intra-day trade after the company got 41 blocks, out of the total 55 on offer, under the country's first round of oil and gas auctions under the Open Acreage Licensing Policy (OALP-I). READ MORE

12:59 PM

JSW Steel hits 52-week high after being included in the Nifty 50 index

Shares of JSW Steel jumped nearly 8% to hit a 52-week high of Rs 395.40 per share in intra-day trade on Wednesday in the National Stock Exchange (NSE) in an otherwise flat market, as the company was included in the benchmark Nifty 50 index. It will be replacing pharma company Lupin on September 28, 2018. READ MORE

12:46 PM

India's economy seen growing at steady 7.6 per cent pace in April-June: poll

India likely grew 7.6 per cent in the April-June quarter, propelled in part by an improvement in manufacturing and exports, a Reuters poll showed.

The median consensus in a poll of 50 economists put annual economic growth just a touch lower than the near two-year high of 7.7 percent in the January-March quarter. READ MORE