MARKET WRAP: Sensex falls 509 pts, Nifty at 11,287 as rupee hits fresh low

The benchmark indices settled over 1 per cent lower as the rupee hit a new record low of 72.72 in intra-day deals.

The S&P BSE Sensex ended at 37,413, down 509 points while the broader Nifty50 index settled at 11,287, down 151 points. In the broader markets, both S&P BSE MidCap and S&P BSE SmallCap ended 1.4 per cent lower.

Shares of fast moving consumer goods (FMCG) companies were under pressure with Nifty FMCG index hitting its six-week low, falling 8% so far in the current month on the National Stock Exchange (NSE) on valuation concerns in intra-day deals. ITC, Godrej Consumer Products, Colgate Palmolive (India), Hindustan Unilever (HUL), Marico and Jubilant FoodWorks among the key FMCG stocks that lost up to 4% on the NSE.

Investors have lost a whopping Rs 4.2 trillion in the stock markets in past two trading sessions after the benchmark indices fell more than 2% as the rupee hit new lows, while fears of an escalation in the US-China tariff dispute continued to haunt investors in broader Asian markets. READ MORE

Market voice

Marc Faber, a renowned global investor and editor and publisher of ‘The Gloom, Boom & Doom Report' told Business Standard in an interview that he finds Indian stocks expensive at the current levels. READ THE FULL INTERVIEW HERE
 

Global Markets

Asian shares were struggling to avoid a ninth straight session of losses on Tuesday as the spectre of a further escalation in the Sino-US trade war haunted investors, while the pound perched at a five-week top on hints a Brexit deal might be nearer.
 

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.05 per cent but did hold above lows last visited in July last year. Shanghai blue chips dipped 0.2 per cent while South Korea fell 0.2 per cent as investors awaited the next round of trade hostilities.

(with Reuters inputs)

3:53 PM

MARKET COMMENT Jayant Manglik, President, Religare Broking

The bears continued to dominate on Tuesday, as the Indian equity benchmark indices fell sharply for second straight session. A continued sharp fall in rupee to a new record low (vs USD), firm crude oil prices and weak global cues impacted the sentiments on the domestic bourses and dragged the Nifty index down to an intra-day low of 11,274 before it closed the session at 11,288 levels. 

With lack of any positive triggers on the domestic bourses and ongoing global uncertainties, weakness in market could continue in the coming sessions. The near-term direction will be dictated by key domestic macro data like July IIP, Aug CPI (due Wednesday) & Aug WPI (due on September 14). Further, the strengthening crude oil prices, weakening INR (vs USD), widening CAD and mounting tensions over trade war is certainly a worrisome factor for the Indian market and could continue to induce high volatility in the index. We advise investors and traders to remain selective in stock picking

3:43 PM

Nifty FMCG index ends 2.4% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
GODREJ CONSUMER	1248.25	1298.10	-49.85	-3.84	1462477
ITC	297.20	306.55	-9.35	-3.05	25990181
UNITED SPIRITS	578.30	595.20	-16.90	-2.84	1961814
TATA GLOBAL	216.00	222.00	-6.00	-2.70	3504972
JUBILANT FOOD.	1353.30	1390.55	-37.25	-2.68	1061089

3:41 PM

Here's how the sectoral indices on NSE performed today

3:40 PM

BSE Sensex: Power Grid, Tata Steel top losers of the day

3:34 PM

Markets at close

The S&P BSE Sensex shut shop at 37,413.13, down509.04 points or1.34 per cent while the broader Nifty50 index of National Stock Exchange settled 150.60 points or 1.32 per cent lower at11,287.50. 

3:11 PM

NEWS ALERT Rupee hits fresh lifetime low of 72.72 per dollar

3:05 PM

Will not let manipulators cash in on market volatility: Sebi

Market regulator Securities and Exchange Board of India (Sebi) Tuesday warned that the manipulators will not be allowed to take advantage of the volatility in the stock market. READ MORE

2:55 PM

Unilever single holding company shares to start trading in December

Consumer goods giant Unilever said simplifying its parent company structure from two UK and Dutch legal entities into a single holding company would conclude in December, when shares in the new firm would start trading.

 

The Anglo-Dutch maker of Dove soap, Lipton teas and Ben & Jerry's ice cream said the simplification would be achieved through a UK scheme of arrangement and a Dutch legal merger. READ MORE

2:45 PM

Top losers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)
POWER FIN.CORPN.	81.50	-6.95	-7.86
MAX FINANCIAL	473.10	-31.30	-6.21
MAHINDRA CIE	279.35	-18.45	-6.20
SWAN ENERGY	150.10	-9.30	-5.83
CHOLAMAN.INV.&FN	1309.05	-77.95	-5.62

2:31 PM

Once-in-a-life deals fuel $100-billion mergers-and-acquisitions boom

The biggest mergers-and-acquisitions (M&As) boom in Indian history has investment bankers preparing for even more deal-making to come. Transactions involving Indian companies have reached $104.5billion in 2018, trouncing the previous annual record, with almost four months left in the year, according to data compiled by Bloomberg. The tally may surpass $100 billion again in 2019, said Sanjeev Krishan, a Gurgaon-based partner at PwC India, who focuses on private equity and deals. READ MORE

2:14 PM

Amidst falling rupee, RBI adds another 6.8 tonnes of gold to forex reserves

The Reserve Bank of India (RBI) has found solace in gold as its foreign currency reserves are concerned. In July, the central bank added another 6.8 tonnes of gold to its forex reserves which are the highest monthly addition to the reserves so far after 2009. READ MORE

1:59 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,765.74	-156.43	-0.41
S&P BSE SENSEX 50	11,918.44	-57.22	-0.48
S&P BSE SENSEX Next 50	34,197.05	-67.93	-0.20
S&P BSE 100	11,681.86	-51.01	-0.43
S&P BSE Bharat 22 Index	3,601.90	-18.58	-0.51

(Source: BSE)

1:48 PM

Global market check

INDEX	DATE	LATEST	PREV CLOSE	CHG(PTS)	CHG(%)
HANG SENG	10-09-2018	26613.42	26973.47	-360.05	-1.33
SHANGHAI COMPOSITE	10-09-2018	2669.49	2702.31	-32.82	-1.21
MERVAL	11-09-2018	29455.22	29811.22	-356.00	-1.19
TAIWAN WEIGHTED	10-09-2018	10725.80	10846.99	-121.19	-1.12
NZX 50 INDEX	10-09-2018	9048.63	9095.39	-46.76	-0.51

1:44 PM

Global markets update

 

Hong Kong's benchmark index Hang Seng slips into bear market; falls 20% from January high

1:35 PM

Unlisted companies have to issue new shares in demat form from Oct 2: Govt

Unlisted public companies have to compulsorily issue new shares in demat form beginning October 2, the government said Tuesday. Besides, transfer of shares has to be done only in the demat or electronic form.

This step has been taken for "further enhancing transparency, investor protection and governance in the corporate sector," the Corporate Affairs Ministry said in a release. READ MORE