MARKET WRAP: Sensex sheds 262 pts; Nifty ends at 11,004; OMCs slip up to 7%

All that happened in markets today.

11:09 AM

Nifty PSU Bank index off day's lows

11:02 AM

Market check

10:57 AM

Phoenix Mills hits 52-week high; rises over 4%

10:51 AM

NEWS ALERT | China's August industrial output growth falls to 17-1/2 year low: Reuters

-- Industrial output growth weakened to 4.4% YoY in August

-- Growth slowest since February 2002

-- Industrial growth was 4.8% in July

10:49 AM

Eveready's plan to sell battery business to pare debt tied in legal knots

Eveready initiated discussion early this year with some companies, including Energizer and Duracell, to sell its battery business to pare debt. Though Eveready informed the stock exchanges last week that no definitive decision had been taken, Duracell is believed to have emerged as the frontrunner and an offer of Rs 1,600-1,700 crore is under discussion. READ MORE

10:47 AM

Pharma stocks gain in an otherwise weak market

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)
BIOCON	233.25	233.90	228.40	0.70	0.30
WOCKHARDT	339.60	345.00	308.80	24.95	7.93
VIVIMED LABS.	17.75	17.75	17.00	0.10	0.57
SUN PHARMA.INDS.	424.90	427.50	420.50	1.65	0.39
SYNCOM FORMUL.	0.81	0.82	0.80	-0.01	-1.22
SUVEN LIFE SCIE.	302.90	304.75	274.65	26.35	9.53
GLENMARK PHARMA.	379.25	381.95	364.80	10.40	2.82
SEQUENT SCIEN.	87.05	87.25	82.20	3.20	3.82
LUPIN	773.50	780.00	761.65	9.50	1.24
IND-SWIFT LABS.	46.75	46.95	46.50	0.35	0.75

10:35 AM

Equitas Holdings tanks 17% as Sebi rejects draft scheme for Small Fin Bank

Shares of Equitas Holdings slipped 17 per cent to Rs 97 on the BSE on Monday after the Securities and Exchange Board of India (Sebi) on Friday returned the draft scheme with regard to Equitas Small Finance Bank (ESFB), citing that it was not in compliance with the regulatory provisions. The market regulator advised the company to re-submit the same after ensuring compliance with the provisions mentioned in the Sebi circular. READ MORE

Equitas Holdings

10:27 AM

Oil-linked stocks slip as crude prices surge after Saudi oil disruption

Oil marketing companies (OMCs), paint, and tyre stocks came under heavy pressure on Monday after crude oil prices surged more than 10 per cent following attacks on two Saudi Arabian plants that slashed output in the world's top producer by half. US President Donald Trump blamed Iran for the attack, thus raising the possibility of a military strike on the country.

 

West Texas Intermediate jumped 10.68 per cent to $60.71 and Brent climbed 11.77 per cent to $67.31 in early Asia trading following the blasts at facilities run by state-owned giant Aramco. Brent oil prices hit a 28-year high, rallying to over $71 per barrel mark. READ MORE HERE

10:21 AM

PGIM India funds down 21-30% after downgrade of Anil Ambani's firm

The ratings downgrade of Anil Ambani group firm Reliance Business Broadcast News Holdings (RBBNH, which owns Business Broadcast News) has led to a steep drop in the net asset values (NAVs) of mutual fund (MF) schemes with concentrated exposure to its debt papers.

 

Two of PGIM India’s funds saw a 21-30 per cent drop in NAVs on Friday, following the downgrade. As of end-August, 23 schemes had Rs 583 crore of exposure to RBBNH’s debt papers, data sourced from Rupeevest showed. READ MORE

10:12 AM

Iron ore prices may decline to $60 on weak Chinese demand, says JSW Steel

JSW Steel Ltd., India’s most valuable steel producer, is predicting declines for iron ore next year as demand from biggest consumer China eases and supplies recover.

 

Prices may trade between $80 and $85 a ton for the rest of 2019 before sliding to $60 to $65 next year, Seshagiri Rao, joint managing director of the Mumbai-based mill, said. The key steel-making raw material has benefited from “speculation” and there is no reason why ore should be trading at elevated levels of about $95, he said. READ MORE

10:08 AM

Brent oil sees biggest intra-day jump in 28 years. Can the up move sustain?

Brent crude oil prices jumped 20 per cent in trade on Monday to around $71 a barrel – their biggest intra-day jump since 1991 – as attacks on a Saudi Aramco facility halted production of 5.7 million barrels of crude a day. This is more than half of Saudi Arabia's global daily exports and nearly 5 per cent of the world's daily crude oil production. READ MORE HERE 

10:04 AM

Prabhat Dairy falls 10% on profit booking as board approves delisting plan

Shares of Prabhat Dairy slipped 10 per cent to Rs 71 in the early morning trade on the BSE on Monday after the company's board approved and recommended its delisting proposal, with a floor price of Rs 63.77 per share.

 

On September 5, the company had informed the bourses that it was mulling to voluntarily delist the equity shares of the company from stock exchanges. Between September 3 and 13, the stock of the packaged foods company had rallied 37 per cent, as compared to a 2.2 per cent rise in the S&P BSE Sensex. READ MORE

9:57 AM

NEWS ALERT | Granules enters into agreement with Ajinomoto OmniChem N.V for divestment in Granules OmniChem: BSE filing

9:49 AM

YES Bank dips over 2%

9:40 AM

EXPERT COMMENT | Arun Kumar, Market Strategist, Reliance Securities

"The early morning sentiments for global equity markets are negative due to the attack on one of the Saudi crude facilities. Indian equities is particularly sensitive to changes in crude prices and USDINR & these have adversely opened. We do expect incremental pain as the day progresses. Any selling pressure on Nifty 50 index below 10,950 is likely to lead to  panic selling."