MARKET WRAP: Indices slip as financials weigh; Rupee hits new low of 70.3/$
The Nifty Bank index ended lower, slipping 0.70 per cent lower weighed by Bank of Baroda and Yes Bank.
 "markets, sebi")
The benchmark indices settled lower on Thursday led by a fall in the financial stocks after the rupee hit a record low of 70.32 per dollar.
The S&P BSE Sensex ended at 37,664, down 188 points while the broader Nifty50 index settled at 11,385, down 50 points.
HDFC, HDFC Bank, Vedanta, Tata Steel and Reliance Industries (RIL) were among the major losers in the S&P BSE Sensex.
The S&P BSE Sensex ended at 37,664, down 188 points while the broader Nifty50 index settled at 11,385, down 50 points.
HDFC, HDFC Bank, Vedanta, Tata Steel and Reliance Industries (RIL) were among the major losers in the S&P BSE Sensex.
Among sectoral indices, the Nifty Metal index was among top loser of the day, falling 2.27 per cent due to fall in Jindal Steel & Power and Steel Authority of India. The Nifty Bank index also ended lower, slipping 0.70 per cent lower weighed by Bank of Baroda and Yes Bank.
Rupee hits new low
The rupee on Thursday slumped 43 paise against the dollar to trade at a life-time low of 70.32 on strong demand for the US currency.
Investor sentiment got affected by a widening trade deficit on the domestic front and the broad rise in the US dollar versus other Asian peers.
Rupee hits new low
The rupee on Thursday slumped 43 paise against the dollar to trade at a life-time low of 70.32 on strong demand for the US currency.
Investor sentiment got affected by a widening trade deficit on the domestic front and the broad rise in the US dollar versus other Asian peers.
Global Markets
Asian shares pulled away from one-year lows on Thursday, after Beijing said it will hold trade talks with Washington this month, although Turkey’s currency crisis and fears of an economic slowdown in China kept most markets in the red.
MSCI’s broadest index of Asia-Pacific shares outside Japan stood down 0.3 per cent, after shedding as much as 1.1 per cent to hit its lowest since Aug. 11, 2017, while Japan's Nikkei swung into positive territory, up 0.2 per cent on the day.
China on Thursday said a delegation led by its vice commerce minister would travel to the United States for talks in late August at the invitation of Washington.
That helped Chinese stocks pare losses, with the Shanghai Composite Index and Hong Kong's Hang Seng index both down 0.4 per cent, having earlier fallen as much as 1.9 per cent and 1.7 per cent, respectively.
(with wire inputs)
3:41 PM
Nifty Metal index ends 2.27% lower. Top losers:
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) |
|---|---|---|---|---|
| JINDAL STEEL | 191.85 | 199.50 | -7.65 | -3.83 |
| S A I L | 74.45 | 77.40 | -2.95 | -3.81 |
| JSW STEEL | 328.15 | 341.10 | -12.95 | -3.80 |
| HIND.ZINC | 276.05 | 285.15 | -9.10 | -3.19 |
| NATL. ALUMINIUM | 68.10 | 70.25 | -2.15 | -3.06 |
3:38 PM
Nifty sectoral gainers and losers of the day
3:35 PM
BSE Sensex: HDFC, Vedanta among top losers of the day, Sun Pharma top gainer
3:33 PM
Markets at close
The S&P BSE Sensex ended at 37,664, down 188 points while the broader Nifty50 index settled at 11,385, down 50 points.
The S&P BSE Sensex ended at 37,664, down 188 points while the broader Nifty50 index settled at 11,385, down 50 points.
3:18 PM
Gold clawed back from a 19-month low on Thursday on short-covering and as the U.S. dollar softened following news that Beijing will hold trade talks with Washington late this month.
Spot gold was up 0.1 per cent at $1,175.07 an ounce. US gold futures were, however, down 0.2 per cent at $1,182.1. READ MORE
Gold recovers from 19-month low as US dollar softens
Gold clawed back from a 19-month low on Thursday on short-covering and as the U.S. dollar softened following news that Beijing will hold trade talks with Washington late this month.
Spot gold was up 0.1 per cent at $1,175.07 an ounce. US gold futures were, however, down 0.2 per cent at $1,182.1. READ MORE
3:07 PM
Japan, South Korea steel exports to India surge on tariffs, high-end demand
India is being hit by a wave of steel from producers in Japan and South Korea, a government document showed, as mills there redirect supply after U.S. President Donald Trump slapped an import duty on the alloy earlier this year.
During the first quarter of the fiscal year starting in April, India's steel imports from South Korea rose 31 percent from a year earlier, while those from Japan climbed 30 percent, according to an internal document from the Ministry of Steel. READ MORE
2:59 PM
Falling rupee returning to natural value, no reason to worry: Niti Aayog VC
Niti Aayog vice-chairman Rajiv Kumar today said the falling rupee is not a cause of worry as it is getting back to its natural value. READ MORE
2:44 PM
IT shares rally; Sonata Software, Zensar Technologies up over 10%
Shares of midcap information technology (IT) companies have rallied by up to 15% on the BSE after they reported a good set of numbers for the quarter ended June 2018 (Q1FY18).
IT shares are trading higher for the fourth straight day due to persisting weakness in the rupee.The Indian rupee hit record low of 70.32 per dollar on Thursday. READ MORE
2:30 PM
Base metals slide on global cues, sluggish demand
Base metal prices fell by up to Rs 3 per kg at the non-ferrous metals market today, tracking a weak trend overseas amid easing demand from consuming industries.
Traders said sentiment dampened after Shanghai base metals dropped sharply today, with copper and zinc plumbing fresh one-year lows after a broad sell-off in London in the previous session before bouncing back slightly on the news of fresh U.S.-China trade talks. READ MORE
Copper
2:17 PM
Why retail investors should diversify their portfolio and limit risky bets
The Securities and Exchange Board of India (Sebi) may soon impose limits on the trading positions that retail investors can take, based on their net worth. Retail investors will have to obtain a net worth certificate from a chartered accountant and submit it to their broker, and their trading limits will be decided accordingly. READ MORE
2:03 PM
Market Check
(Source: BSE)
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 37,746.91 | -105.09 | -0.28 |
| S&P BSE SENSEX 50 | 11,931.25 | -33.81 | -0.28 |
| S&P BSE SENSEX Next 50 | 33,701.17 | -107.47 | -0.32 |
| S&P BSE 100 | 11,666.96 | -33.57 | -0.29 |
| S&P BSE Bharat 22 Index | 3,579.95 | -4.05 | -0.11 |
(Source: BSE)
1:43 PM
11 fund houses sign up with Paytm Money as platform to go live this month
With Paytm’s mutual fund (MF) foray around the corner, 11 fund houses, accounting for 62 per cent of industry assets, have completed the paperwork and have been empanelled with Paytm Money.
The asset management firms to have signed up with the MF distribution platform include large-sized fund houses like ICICI Prudential MF, HDFC MF, Reliance MF, UTI MF, as well as relatively smaller fund houses such as Invesco MF, Mirae AMC and Mahindra MF. READ MORE
1:31 PM
Current market rally has been narrow. What should an investor do?
Over the past three months, the Nifty 50 index has rallied by around 5.5 per cent. But the rally has been very narrow which signals the last stages of a bull run.
Investors should maintain their asset allocation. If they have become overweight on equities, they should book profits and reduce exposure. They should also be mindful of valuations and avoid chasing momentum stocks trading at exorbitant valuations. READ MORE
1:18 PM
Following ace investors is a good idea, but don't always ape their bets
Ace investors like Rakesh Jhunjhunwala, Dolly Khanna, Mohnish Pabrai, Porinju Veliyath, etc, enjoy celebrity status within the investor community. Their fans have websites, social media pages and blogs dedicated to them, and their stock picks and portfolios are closely analysed. But following them blindly, without doing your own research, can lead to losses. READ MORE
12:59 PM
Top mutual fund CEOs say that the industry should focus on garnering more retail money across both equity and debt assets, and aim for scale as expenses for investors will come down because of competition and put pressure on margins The mutual fund (MF) industry has come a long way since 1993. How will you attract money going forward? READ MORE
BS Fund Cafe: 'No fund industry has as bright a future as India's'
Top mutual fund CEOs say that the industry should focus on garnering more retail money across both equity and debt assets, and aim for scale as expenses for investors will come down because of competition and put pressure on margins The mutual fund (MF) industry has come a long way since 1993. How will you attract money going forward? READ MORE
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First Published: Aug 16 2018 | 8:15 AM IST
