MARKET WRAP: Sensex cracks 572 pts on global sell-off; IT, auto stocks drag

The benchmark indices declined over 1.5 per cent on Thursday tracking the weakness in the Asian markets.

The S&P BSE Sensex ended at 35,312, down 572 points, or 1.6 per cent, while the broader Nifty50 index settled at 10,601, down 182 points or 1.7 per cent.

Among sectoral indices, the Nifty Bank index slipped 1.2 per cent weighed by Punjab National Bank and IDFC Bank. The Nifty IT index fell 2.1 per cent weighed by Infibeam Avenues, Tech Mahindra and Infosys. The Nifty Auto index, too, ended 2.2 per cent lower pulled by Maruti Suzuki and Tata Motors.

In the broader market, S&P BSE MidCap index settled 1.5 per cent lower at 14,684 levels, while S&P BSE SmallCap index fell 1.3 per cent to 14,143 levels.

Rupee

The rupee traded on a weak note during the day, breaching the 71-mark against the US dollar to hit 71.14 amid strengthening of the greenback. Forex traders said the strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the local unit.

Global Markets

US stock futures and Asian shares slumped on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, feeding fears of a fresh flare-up in tensions between the two superpowers.

Japan’s Nikkei shed 1.9 per cent, closing at its lowest level since October 30. MSCI’s ex-Japan Asia-Pacific index lost 2.0 per cent. Hong Kong’s Hang Seng dropped 2.9 per cent while Shanghai shares dipped 1.7 per cent.

Canadian authorities said they had arrested Huawei’s global chief financial officer in Vancouver, where she is facing extradition to the United States.

The arrest is related to violations of US sanctions, a person familiar with the matter said, though officials have so far stayed mum on her allegations.

Oil Prices

Oil prices dipped on Thursday as stock markets slid and as traders eyed an OPEC meeting expected to result in a supply cut aimed at draining a glut that has pulled down crude by 30 percent since October.

International Brent crude oil futures were at $61.35 per barrel, down 21 cents, or 0.3 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $53.17 per barrel, down 28 cents, or 0.5 per cent.
 

(with wire inputs)

3:39 PM

Top sectoral gainers and losers on NSE

3:38 PM

S&P BSE Sensex: Top gainers and losers

3:35 PM

Market at close

The S&P BSE Sensex shed 572 points or 1.59 per cent to settle at 35,312 while NSE’s Nifty50 index dropped 182 points or 1.69 per cent to end at 10,601.

3:24 PM

NEWS ALERT Saudi Energy Minister: 1 mbpd cut will be sufficient to balance the market; still considering a number of options for production cut

3:22 PM

NEWS ALERT Saudi Energy Minister: As of now, we do not have an agreement, all options are on the table. Important to get Non-OPEC producers on board

3:15 PM

Gold declines on profit-taking, firm dollar

Gold prices edged lower on Thursday in range-bound trade as investors booked profits and the dollar strengthened, while palladium fell from a record high hit in the previous session.

 

Spot gold fell 0.2 per cent to $1,235.57 per ounce at 0823 GMT, while US gold futures were 0.1 per cent lower at $1,240.8 per ounce. READ MORE

3:09 PM

OPEC waiting for Russia before deciding how much oil to cut

OPEC has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.

 

Five delegates said the group was waiting for news from Russia as Energy Minister Alexander Novak had flown back from Vienna for a possible meeting with President Vladimir Putin. READ MORE

2:54 PM

NEWS ALERT Govt to infuse Rs 30.54 bn in Allahabad Bank

2:49 PM

China to immediately implement truce measures to resolve trade spat

China said Thursday it would "immediately" implement measures agreed under a trade war truce with the United States. The commerce ministry's remarks came days after US President Donald Trump and Chinese leader Xi Jinping agreed to give negotiators 90 days to resolve their trade spat. READ MORE

2:44 PM

Nifty IT index is trading over 2% lower weighed by Infibeam

2:27 PM

Chart Reading: Will Nifty Bank gain or lose strength in today's expiry?

 

Global cues impacted market trend on Thursday. The Open Interest (OI) data oscillated from longs to writing. The fall of approximately 500 points on Nifty Bank ranging from 26,644 to the current intra-day levels of 26,160 along with gap down have hurt the trading psyche. For today, as per intra-day chart, spot Nifty Bank has the resistance at 26,300 and 26,360. A sustainable move above 26,300 and decisive breakout above 26,360 will have an impact on Nifty Bank December current price of call (CE) 26,400. Read more

2:15 PM

Top losers in BSE500

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
NAVKAR CORPORAT.	51.75	-4.30	-7.67	30440
NCC	77.85	-6.00	-7.16	1678416
INDIABULLS HOUS.	729.00	-46.80	-6.03	444463
PC JEWELLER	64.15	-3.85	-5.66	1252260
ADANI POWER	50.95	-3.05	-5.65	1189476

2:02 PM

Web Exclusive Is Nifty IT index the best bet when frontline indices correct?

 

Nifty IT index has rebounded sharply from 200-day Exponential Moving Average (EMA) and is currently halted at 50-day EMA and 100-day EMA located at 14,690 and 14,630, respectively. The technical indicator Relative Strength Index (RSI) is hovering around 60-odd levels while Moving Average Convergence Divergence (MACD) is trending above zero line. Read more

1:47 PM

Rupee could slip to 75 against dollar by end-2019 on widening CAD: Fitch

Fitch Ratings said on Thursday it expects the Indian currency to weaken to 75 rupees against the U.S. dollar by the end of next year on a widening current account deficit and tighter global financing conditions. READ MORE

1:31 PM

Not just tariffs, Donald Trump also uses uncertainty as a trade war weapon

President Donald Trump has used tariffs as one of his most powerful tools for fighting his trade wars, but he’s also wielding leverage with another weapon: uncertainty.

 

Through his trade threats and the doubts he has raised about the future of even America’s longest-term economic relationships, Trump has created what could easily be called an uncertainty economy. And it is one that has baffled leading economists. READ MORE