MARKET WRAP: Sensex slips 174 pts, Nifty at 11,692 as Rupee hits record low

In individual stocks, oil-to-telecom giant Reliance Industries (RIL) settled 1.8 per cent lower at Rs 1,294 level on the BSE.

12:30 PM

Here's why stressed power accounts are unlikely to impact SBI numbers

 

With the Allahabad High Court not providing any relief on stressed power loans that are impacted by the Reserve Bank of India's (RBI's) February 12 order, one might have expected it would impact the share price of public sector banks (PSBs). On Monday, the Bank Nifty had risen 1.5 per cent on hope that the court would provide relief.

 

However, despite the lack of interim relief, the index fell only 0.3 per cent in Tuesday's trade. There are concerns that most PSBs and corporate-focused private banks would need to make additional provision for these loans. READ MORE

12:28 PM

Rollover data

·      Fertilisers, Cement, Automobile, Oil_Gas and Capital_Goods sectors witnessed higher rollovers compared to same day of previous expiry.

 

·      Telecom, Power, Realty, Media and Finance sectors witnessed lower rollovers compared to same day of previous expiry.

 

·      Highest rollover in current expiry: Fertilisers, Media, Power, Textile and Technology.

 

·      Lowest rollover in current expiry: Capital_Goods, Cement, Automobile, Infrastructure and FMCG.

(Source: Nirmal Bang report)

12:15 PM

WEB EXCLUSIVE How will the US-China trade war affect global markets and Indian equities

 

China and the US are engaged in a full-scale trade war as both sides lob threats of new trade tariffs at each other and implement them. The latest round of tit-for-tat tariffs by the United States and China has intensified the global debate about whether the world is facing a mere trade skirmish or heading rapidly toward a full-blown trade war. 

 

But what is really at stake may be even more fundamental. Either accidentally or by design, Donald Trump’s administration may have paved the way for a “Reagan moment” for the international trade regime. In the 1980s, US President Ronald Reagan initiated a military spending race with the Soviet Union that ended up altering the global balance of power in ways that affected many countries worldwide. READ MORE

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,876.00	-20.63	-0.05
S&P BSE SENSEX 50	12,283.53	-8.67	-0.07
S&P BSE SENSEX Next 50	35,276.28	+246.99	+0.71
S&P BSE 100	12,041.20	+5.50	+0.05
S&P BSE Bharat 22 Index	3,723.52	+11.96	+0.32

11:47 AM

BREAKING NEWS NCLAT admits Cyrus Mistry's plea against Tata Sons: Agencies

NCLAT issues notice to Tata Sons on Mistry's plea

11:33 AM

Equinomics Research on HCL Technologies (HCL Tech)

 

HCL Technologies (HCL Tech) in yesterday’s trade closed at Rs.1,041 levels, which is close to our target price of Rs.1,050 and has gained 15% from our initiation price of Rs.906. We continue to recommend a HOLD on the stock with a revised target price of Rs.1,150 (which is 15.5x its FY2020E EPS of Rs.74) as the recent depreciation of rupee is a positive development for IT stocks like HCL Technologies

11:32 AM

NEWS UPDATE Principal Financial Group has announced the completion of a full share buy-back of PNB’s shares giving Principal full ownership of the Principal PNB Asset Management Company Private Limited

11:31 AM

Artson Engineering hits upper circuit on purchase order from Thyssenkrupp

 

Shares of Artson Engineering hit its upper circuit at Rs 73 per share on BSE in early trade on Wednesday in an otherwise flat market.

 

The company said that it has received a purchase order from Thyssenkrupp Industries India of approximately Rs 150 million. The announcement was made after market hours Tuesday, August 28, 2018. READ MORE

11:16 AM

RUPEE ALERT The Rupee has fallen 9.3 per cent year-to-date, making it the worst performing Asian currency. 

11:13 AM

RUPEE ALERT Rupee hits record low of Rs 70.45/$

11:06 AM

Top BSE500 gainers

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
INDBULL.REALEST.	153.60	10.95	7.68	977564
JSW STEEL	392.50	26.35	7.20	2507173
H D I L	30.80	2.05	7.13	1509803
FUTURE CONSUMER	52.30	3.45	7.06	2118165
COFFEE DAY ENTER	271.15	16.30	6.40	38647

10:50 AM

UTI MD Leo Puri's extension case: T Rowe Price takes petition back

 

US-based T Rowe Price on Tuesday withdrew its case filed in the Bombay High Court, seeking extension in tenure of former UTI Asset Management Company’s (AMC) managing director Leo Puri, and compliance with crossholding norms.

 

People in the know said the move came after the Finance Ministry and Securities and Exchange Board of India (Sebi) discussed various possibilities for out-of-court settlement with the involved parties. READ MORE

10:35 AM

Buzzing Stock

State Bank of India (SBI) gained 1 per cent after it said that the appropriate authority has accorded approval to explore and initiate the process of divestment upto 3.8958% of stake of SBI in National Stock Exchange of India (NSE) through secondary sale. 

10:20 AM

JSW Steel to replace pharma firm Lupin in Nifty 50 from September 28

 

NSE Indices, index provider for the National Stock Exchange (NSE), has included JSW Steel in the benchmark Nifty index. According to a press release on Tuesday, the steelmaker will replace pharma firm Lupin in the benchmark Nifty, with effect from September 28.

 

The inclusion of JSW Steel is expected to boost the steelmaker’s stock, given that several exchange-traded funds (ETFs) track the Nifty index. Shares of JSW Steel have already climbed 40 per cent in 2018 so far. READ MORE

10:10 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,935.95	+39.32	+0.10
S&P BSE SENSEX 50	12,300.78	+8.58	+0.07
S&P BSE SENSEX Next 50	35,296.12	+266.83	+0.76
S&P BSE 100	12,056.65	+20.95	+0.17
S&P BSE Bharat 22 Index	3,725.63	+14.07	+0.38