MARKET WRAP: Sensex cracks 551 pts as rupee breaches 73/$; IT, autos fall
Among sectoral indices, the Nifty IT index settled 2 per cent lower led by a fall in the share prices of Tata Consultancy Services (TCS) and Infosys.
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The benchmark indices settled around 1.5 per cent lower amid a weak rupee, which slipped below 73 per dollar mark for the first time to hit an all-time low of 73.34 in intraday deals.
The Indian currency dropped to a record low in intraday trade on Wednesday as a sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the local unit.
The S&P BSE Sensex ended at 35,976, down 551 points while the broader Nifty50 index settled at 10,858, down 150 points.
Among sectoral indices, the Nifty IT index settled 2 per cent lower led by a fall in the share prices of Tata Consultancy Services (TCS) and Infosys.
Auto stocks down
Auto shares were in focus on Wednesday, with the Nifty Auto index slipping nearly 3 per cent led by a fall in shares of Eicher Motors, Maruti Suzuki and Mahindra & Mahindra. Eicher Motors hit a 52-week low of Rs 23,050, down 6.9 per cent in intraday trade. The stock settled 6.8 per cent lower at Rs 23,070.
RBI monetary policy
The Indian currency dropped to a record low in intraday trade on Wednesday as a sharp rise in global crude oil prices over the last two sessions weighed on sentiment for the local unit.
The S&P BSE Sensex ended at 35,976, down 551 points while the broader Nifty50 index settled at 10,858, down 150 points.
Among sectoral indices, the Nifty IT index settled 2 per cent lower led by a fall in the share prices of Tata Consultancy Services (TCS) and Infosys.
Auto stocks down
Auto shares were in focus on Wednesday, with the Nifty Auto index slipping nearly 3 per cent led by a fall in shares of Eicher Motors, Maruti Suzuki and Mahindra & Mahindra. Eicher Motors hit a 52-week low of Rs 23,050, down 6.9 per cent in intraday trade. The stock settled 6.8 per cent lower at Rs 23,070.
RBI monetary policy
Going ahead, investors will keep a close watch on the Reserve Bank of India's (RBI) decision on key interest rates. The RBI's monetary policy committee has started its three-day meeting from today to decide on the fourth bi-monthly monetary policy. After two successive hikes, the repo-rate currently stands at 6.50 per cent.
Global Markets
Asian shares ticked lower on Wednesday and the euro held at six-week lows as Italy’s mounting debt and Rome’s budget plan set it on a collision course with the European Union.
Investors remained jittery even as a new US-Mexico-Canada trade agreement appeared to ease global trade tensions. A controversial clause in the trilateral pact put the focus back on the Sino-US tariff dispute.
Japan's Nikkei eased 0.1 per cent on a stronger yen while South Korea's KOSPI index slipped 1.3 per cent.
(with Reuters inputs)
4:11 PM
MARKET COMMENT VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities
The RBI refused to open a special window for oil marketing companies, which impacted market sentiment. Rupee touched a new low of 73.40 to a dollar. The Sensex lost 550 points or 1.3% and hit the lowest level in the current downturn. Automobile stocks were battered, as fears of margin compression came to fore. Metal stocks, especially aluminum producers, were in limelight. World’s largest alumina refinery Norsk Hydro's closure buoyed aluminum players. Small-cap index bucked the trend and managed to close in positive on back of value buying.
4:09 PM
MARKET COMMENT HDFC Securities on auto sector
The relentless surge in fuel prices over the past few months and devastating flood in Kerala dampened PVs(-3% YoY) demand. Inventory has piled up to 40-45 days and all eye now focusing on festive season to drive up PV demand. However, revival in rural demand and festive season inventory build-up aided decent growth (+6%) in 2Ws. Despite higher fuel prices, CV demand remains healthy (+23%, M&HCV-26% and LCV22%) led by healthy freight availability and pick up in Ecommerce, white goods and infra segment.
We believe good monsoon, improving rural demand and upcoming festive season will augur well for automotive Industry and recent correction in stocks price provides a good entry opportunity. Our top picks in OEMs space are MSIL (extensive distribution network and strong rural franchise), Ashok Leyland (leadership in high tonnage trucks) and Bajaj Auto (diversified product and geographical mix)
3:41 PM
Sectoral Losers at NSE
3:39 PM
Gainers and Losers in BSE Sensex
3:34 PM
The S&P BSE Sensex ended at 35,976, down 551 points while the broader Nifty50 index settled at 10,858, down 150 points.
Market at close
The S&P BSE Sensex ended at 35,976, down 551 points while the broader Nifty50 index settled at 10,858, down 150 points.
3:21 PM
India's gold imports may rise in the fourth quarter as investors seek alternatives to faltering equity markets and a plunging rupee at the same time traditional buying will rise during the festival season, said multiple sources involved in the market. READ MORE
India's Q4 gold imports to jump as investors seek safer bets than stocks
India's gold imports may rise in the fourth quarter as investors seek alternatives to faltering equity markets and a plunging rupee at the same time traditional buying will rise during the festival season, said multiple sources involved in the market. READ MORE
3:05 PM
Gold hit highest in more than a week on Wednesday as the dollar softened and demand for the safe-haven metal got a boost on concerns surrounding Italy's plans to tackle budgetary deficit.
Spot gold was up 0.1 per cent at $1,203.31. Earlier in the session, the bullion touched the highest since Sept. 21 at $1208.31. It gained 1.3 percent on Tuesday in its biggest one-day percentage gain since Aug. 24. US gold futures were up 0.1 percent to $1,207.06 an ounce. READ MORE
Gold prices hit over one-week high on soft dollar, Italy woes
Gold hit highest in more than a week on Wednesday as the dollar softened and demand for the safe-haven metal got a boost on concerns surrounding Italy's plans to tackle budgetary deficit.
Spot gold was up 0.1 per cent at $1,203.31. Earlier in the session, the bullion touched the highest since Sept. 21 at $1208.31. It gained 1.3 percent on Tuesday in its biggest one-day percentage gain since Aug. 24. US gold futures were up 0.1 percent to $1,207.06 an ounce. READ MORE
2:49 PM
Mumbai Police seeks proof of trades from Sebi in Rs 55-bn NSEL scam probe
Hours after registering a First Information Report (FIR) in the Rs 56-billion National Spot Exchange (NSEL) scam, the economic offences wing (EOW) of the Mumbai Police wrote to the Securities and Exchange Board of India (Sebi) asking for proof of illegal trades. READ MORE
2:36 PM
Top losers at NSE
» More on Top Losers
| COMPANY | PRICE() | CHG() | CHG(%) | VOLUME |
| J KUMAR INFRA | 146.35 | -16.25 | -9.99 | 1336964 |
| M & M | 803.10 | -44.50 | -5.25 | 3998164 |
| ICICI SEC | 265.90 | -14.00 | -5.00 | 206375 |
| BOMBAY DYEING | 151.45 | -7.95 | -4.99 | 570839 |
| 8K MILES | 172.75 | -9.05 | -4.98 | 47109 |
2:15 PM
Auto stocks down; Eicher Motors hits 52-week low
Auto shares were in focus on Wednesday, with the Nifty Auto index slipping 1.5 per cent in intraday trade led by a fall in shares of Eicher Motors, Maruti Suzuki and Mahindra & Mahindra. Eicher Motors hit a 52-week low of Rs 23,072.75, down 6.8 per cent in intraday trade. The commercial vehicle sales by the company in September 2018 was up at 6,663 units against 6,083 units in the year-ago period. Royal Enfield sales also climbed 2 per cent at 71,662 units versus 70,431 units. READ MORE
1:59 PM
Market Check
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 36,254.17 | -271.97 | -0.74 |
| S&P BSE SENSEX 50 | 11,436.62 | -76.59 | -0.67 |
| S&P BSE SENSEX Next 50 | 31,761.27 | -149.07 | -0.47 |
| S&P BSE 100 | 11,155.22 | -71.40 | -0.64 |
| S&P BSE Bharat 22 Index | 3,480.28 | +5.23 | +0.15 |
1:45 PM
Govt considers special deposit scheme for NRIs to boost dollar inflows
India is considering a special deposit scheme for non-resident Indians to boost dollar inflows, news agency NewsRise reported on Wednesday, citing an unnamed finance ministry official. Economic Affairs Secretary Subhash Chandra Garg had said in June, if needed, the government could raise funds through foreign currency non-repatriable (FCNR) deposits, sovereign bonds or other routes to increase forex reserves. READ MORE
1:29 PM
IOB seeks shareholders' approval to issue preferential shares to govt
Indian Overseas Bank on Wednesday informed stock exchanges that it had sought its shareholders’ approval to issue equity shares of face value of Rs 10 each to the Government of India on a preferential basis, subject to applicable regulatory provisions. These would aggregate to Rs 21.57 billion, including share premium. READ MORE
Indian Overseas Bank on Wednesday informed stock exchanges that it had sought its shareholders’ approval to issue equity shares of face value of Rs 10 each to the Government of India on a preferential basis, subject to applicable regulatory provisions. These would aggregate to Rs 21.57 billion, including share premium. READ MORE
1:15 PM
MFs scout for foreign investment opportunities as domestic markets teeter
Domestic mutual funds are getting ready to launch schemes that will take exposure to foreign economies as strong global headwinds take a toll on the country’s economy. Experts say given the current economic conditions, investors must have at least 5-10 per cent exposure to foreign economies. They point out that a substantial level of investor exposure has been concentrated on domestic equities following the market rally seen in the last two years. READ MORE
12:58 PM
Debt-free companies perform better in bellwether market: Analysis
Companies that are able to finance their growth from internal accruals are doing significantly better than those depending on debt, shows an analysis of returns of companies that are part of the National Stock Exchange’s (NSE) bellwether Nifty50 index.
Business Standard looked at companies shortlisted on the basis of their cash flows, debt levels and proportion of assets funded internally, rather than through debt. READ MORE
Business Standard looked at companies shortlisted on the basis of their cash flows, debt levels and proportion of assets funded internally, rather than through debt. READ MORE
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First Published: Oct 03 2018 | 8:15 AM IST
