MARKET: Sensex tanks 714 pts on global cues, state poll outcome uncertainty

The benchmark indices settled around 2 per cent lower on Monday following a sell-off in the global markets and due to uncertainty over the outcome of state assembly elections, due on Tuesday.

Exit polls, which came on Friday, predicted a tight finish between the Bharatiya Janata Party (BJP) and the Congress in Madhya Pradesh and Chhattisgarh and a win for the opposition party in Rajasthan. READ MORE HERE

The S&P BSE Sensex ended at 34,960, down 714 points or 2 per cent, while the broader Nifty50 index settled at 10,488, down 205 points or 1.92 per cent.

Among sectoral indices, the Nifty Bank index settled 1.9 per cent lower weighed by Axis Bank, Punjab National Bank and ICICI Bank. The Nifty IT index, too, fell 1.7 per cent dragged by Infibeam Avenues, Infosys and Tata Consultancy Services (TCS).

In the broader market, both the S&P BSE Midcap index and S&P BSE SmallCap index settled 1.8 per cent lower each to 14,446 and 13,846 levels respectively.

Weak rupee

The rupee traded on a weak note slipping to 71.44 against the US dollar in intra-day trade on Monday, down from its previous close of 70.82.

Global Markets

Losses in global stock markets snowballed on Monday, with US equity futures and Asian shares sliding on worries over slowing growth and fears that a rise in tensions between Washington and Beijing could torpedo chances of a trade deal.

MSCI’s broadest index of Asia-Pacific shares outside Japan slid 1.5 per cent to a near three-week low. The Shanghai Composite Index retreated 0.6 per cent. Australian stocks lost 2.2 per cent, brushing the lowest level since December 2016, and South Korea's KOSPI fell 1 per cent. Japan's Nikkei shed 2.1 per cent.
 

Oil Prices

Brent crude oil rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut from January.

International Brent crude oil futures were at $62.02 per barrel, up 35 cents, or 0.6 per cent, from their last close.  US West Texas Intermediate (WTI) crude futures were weaker, however, dropping 12 cents from their last settlement to $52.59 per barrel, weighed by surging US output as the booming American oil industry is not taking part in the announced cuts.

(With Reuters input)

3:48 PM

Sectoral losers of the day on NSE

3:46 PM

BSE Sensex: gainers and losers of the day

3:33 PM

Market at close

The S&P BSE Sensex ended at 34,960, down 714 points or 2 per cent, while the broader Nifty50 index settled at 10,488, down 205 points or 1.92 per cent.

3:14 PM

Gold futures weaken to Rs 31,557 per 10 gram

Gold prices fell Rs 38 to Rs 31,557 per 10 gram in futures trade Monday as speculators reduced exposure despite a firm trend in the precious metal overseas. At the Multi Commodity Exchange, gold for delivery in February next year traded lower by Rs 38, or 0.12 per cent, to Rs 31,557 per 10 gram in a business turnover of 14,809 lots. READ MORE

3:10 PM

NEW FUND OFFER

Aditya Birla Sun Life AMC Limited (formerly known as Birla Sun Life Asset Management Company Ltd.), a subsidiary of Aditya Birla Capital Limited (formerly known as Aditya Birla Financial Services Ltd.), and investment manager to Aditya Birla Sun Life Mutual Fund (ABSLMF) announced the launch of Aditya Birla Sun Life Nifty Next 50 ETF (“the ETF”), an open ended scheme tracking Nifty Next 50 Index. The ETF offers investors an opportunity to invest in the next rung of 50 stocks below Nifty 50. The ETF will hold all the securities forming the Nifty Next 50 Index in the same proportion of the index. 

The new fund offer would open for subscription on December 11, 2018 and would close at the end of business hours on December 17, 2018. The ETF will reopen for continuous sale and repurchase within five business days from the date of allotment. The investment objective of the scheme is to provide returns that closely correspond to the total returns of securities as represented by Nifty Next 50 Index, subject to tracking errors

(Source: Company release)

2:58 PM

SoftBank's blockbuster IPO reaches $23.5 billion after extra share sale 

 

SoftBank Corp priced its initial public offering (IPO) at 1,500 yen per share and will sell an extra 160 million shares to meet solid demand, a regulatory filing showed, raising 2.65 trillion yen ($23.5 billion) in Japan's biggest-ever IPO. That makes the share sale one of the largest of all time globally, just shy of the record $25 billion that Chinese e-commerce firm Alibaba Group Holding Ltd raised in 2014. Read more

2:50 PM

Brent oil rises after deal to cut supply, but 2019 outlook weakens

 

Brent crude oil futures rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut from January. Despite this, the price outlook for next year remains muted on the back of an economic slowdown. International Brent crude oil futures were at $62.03 per barrel, up 36 cents, or 0.6 per cent, from their last close. Read more

2:40 PM

Nifty Financial Service index is trading 2% lower

2:21 PM

Stocks that touched 52-week low on BSE500

COMPANY	LATEST	52 WK LOW	PREV LOW	PREV DATE	VOLUME
ADVANCE. ENZYME.	167.25	165.00	166.10	09-OCT-2018	13061
AMARA RAJA BATT.	695.10	683.30	688.00	06-DEC-2018	16113
ASHOK LEYLAND	100.25	97.70	101.20	06-DEC-2018	1179392
B H E L	63.90	63.55	64.40	07-DEC-2018	665309
BAJAJ CORP	343.90	341.10	342.00	29-OCT-2018	2074
BALKRISHNA INDS	885.20	853.45	882.00	07-DEC-2018	50612
BHARAT FORGE	504.00	489.40	502.05	07-DEC-2018	80145
CIPLA	512.20	503.95	508.10	22-MAY-2018	63640
COAL INDIA	236.10	228.50	236.55	07-DEC-2018	233847
DEEPAK FERT.	138.25	135.85	141.25	07-DEC-2018	36390

2:16 PM

Jet Airways extends fall as ICRA downgrades credit rating

 

Shares of Jet Airways have slipped 6% to Rs 258 on Monday, extending its previous week’s 10% decline, after the rating agency ICRA on Friday downgraded cash-strapped airline's long-term ratings from 'B' to 'C', the second such action by it since October. The short-term ratings have, however, been reaffirmed to 'A4'. Jet Airways, the largest loser among aviation stocks, as compared to a 3% fall in SpiceJet and 2% decline in InterGlobe Aviation at 01:40 pm. In comparison, the S&P BSE Sensex was down 1.5% at 35,141 points. Read more

 

2:02 PM

S&P BSE Sensex top gainers and losers

1:49 PM

How will the state poll outcome impact the market sentiment on Tuesday?

 

We firmly believe that the results of state elections, which would be declared on Tuesday (11th December), do not matter much for the stock markets. There may be a knee-jerk reaction in the markets depending upon the outcome, but it shouldn’t give any fear for the markets for two reasons. Firstly, the objectives of state elections are different from those of general elections. While state elections are generally influenced by anti-establishment waves and local political issues, the elections for the Lok Sabha are largely fought for all-India leadership. Click here to read more

1:37 PM

Realty stocks crack

COMPANY NAME	LATEST	HIGH	LOW	CHG ( )	CHG(%)	VALUE (  CR)	VOLUME
NBCC	49.25	51.95	48.00	-2.65	-5.11	2.87	583000
UNITECH	2.09	2.20	2.09	-0.10	-4.57	0.05	260429
INDBULL.REALEST.	71.70	73.35	70.70	-3.55	-4.72	1.45	202734
H D I L	20.50	21.05	20.25	-0.85	-3.98	0.40	196604
DLF	166.75	169.70	165.00	-5.80	-3.36	2.59	155540

1:35 PM

Top losers today

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
INFIBEAM AVENUES	40.65	-3.75	-8.45	2141100
NLC INDIA	69.40	-5.95	-7.90	133405
INDIABULLS VENT.	339.45	-27.40	-7.47	39697
ADANI POWER	48.90	-3.55	-6.77	672642
KOTAK MAH. BANK	1204.25	-78.00	-6.08	772231

1:34 PM

Morgan Stanley bets on emerging markets

Our thesis is that EMs have maintained a favourable domestic policy mix and, with external headwinds receding, growth will be well supported even as DM growth slows. The growth differential will therefore swing back in EMs’ favour. 

Risks to outlook: The risks to the outlook are four-fold: (1) A repeat of 2018 with USD strength, (2) US recession triggered by corporate credit risks, (3) trade tensions and (4) political risks in EM.

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, New York January 20, 2015. REUTERS