MARKET WRAP: Sensex sheds 378 pts, Nifty ends below 10,700; JSPL tanks 7%
The S&P BSE Sensex lost 378 points or 1.05 per cent to settle at 35,514 with HCL Tech (up 0.50 per cent) being the top gainer and ONGC (down 3.59 per cent) the worst laggard.
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Weak global cues, nervousness ahead of the start of third quarter corporate earnings and selling in metals, auto, IT and financial counters triggered another 1 per cent decline in the domestic stocks on Thursday. Equities on Wednesday, too, shed around 1 per cent.
The S&P BSE Sensex lost 378 points or 1.05 per cent to settle at 35,514 with HCL Tech (up 0.50 per cent) being the top gainer and ONGC (down 3.59 per cent) the worst laggard. HDFC, Reliance Industries (RIL), Larsen & Toubro and HDFC Bank contributed the most to the index's fall while Bajaj Auto, Asian Paints and Hindustan Unilever advanced the most.
Out of 2,726 companies traded on BSE, 957 advanced and 1,619 declined while 150 stocks remained unchanged.
On NSE, the broader Nifty50 index slipped below 10,700 level to close at 10,672, down 120 points or 1 per cent. Out of 50 components, 42 ended in the red and just eight in the green.
As many as 41 securities hit 52-week lows on NSE. The list included names such as Bharat Forge, Hinduja Ventures, and Lux Industries. On the contrary, four stocks hit their 52-week high.
Sectorally, metal stocks cracked the most followed by media, auto and IT stocks. The Nifty Metal index slipped 68 points or 2.25 per cent to settle at 2,960.40, with all the 15 constituents declining. JSPL, Hindalco and Tata Steel fell between 3-7 per cent.
In the broader market, The S&P BSE MidCap index lost 156 points or 1 per cent to settle at 15,076 while the S&P BSE SmallCap index closed at 14,573, down 86 points or 0.58 per cent.
BUZZING STOCKS
Sectorally, metal stocks cracked the most followed by media, auto and IT stocks. The Nifty Metal index slipped 68 points or 2.25 per cent to settle at 2,960.40, with all the 15 constituents declining. JSPL, Hindalco and Tata Steel fell between 3-7 per cent.
In the broader market, The S&P BSE MidCap index lost 156 points or 1 per cent to settle at 15,076 while the S&P BSE SmallCap index closed at 14,573, down 86 points or 0.58 per cent.
BUZZING STOCKS
Shares of Vijaya Bank and Dena Bank tanked up to 20% on the BSE on Thursday following an unfavorable share-swap ratio on their merger with Bank of Baroda.
Dena Bank plunged 20% to Rs 14.40 on the BSE. The stock was trading close to its 52-week low of Rs 13.75 touched on July 16, 2018, in intra-day trade. Click here to find out what experts have to say on swap ratio
Shares of Jet Airways (India) slipped over 6% to Rs 247 on Thursday, falling over 11% in the past two trading days on BSE, after the rating agency ICRA on Wednesday downgraded the airline’s Rs 10,963 crore loan and debenture ratings. “ICRA has revised the long-term rating (assigned to long-term loans and non-convertible debentures) to D from C. The short-term rating has been revised to D from A4,” Jet Airways said in a statement.
The rupee was trading on a weak note having slipped to 70.52 against the dollar in intra-day trade. On Wednesday, the domestic unit crashed 75 paise, its first loss in last four sessions, to close at 70.18 amid strengthening of the greenback and heavy selling in domestic equities.
Global Markets
US stock futures fell and Asian shares wobbled on Thursday after a rare revenue warning from Apple Inc added to worries about slowing global growth and weaker earnings.
MSCI's broadest gauge of Asia-Pacific shares outside Japan fell 0.4 per cent after an early attempt at a bounce. Japanese markets were closed for holidays but Nikkei futures dropped 1.9 per cent. Shares in China and Hong Kong see-sawed between gains and losses as investors waited for Beijing to roll out fresh support measures for the cooling Chinese economy.
(with Reuters input)
3:37 PM
Sectoral losers on NSE
3:35 PM
Gainers and losers of the day on S&P BSE Sensex
3:32 PM
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Market at close
The S&P BSE Sensex ended at 35,514, down 378 points or 1.05 per cent, while the broader Nifty50 index settled at 10,672, down 120 points or 1.11 per cent.
3:21 PM
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Maggi ban case: SC revives govt's case in NCDRC against Nestle India
The Supreme Court on Thursday revived the government's case in the NCDRC against Nestle India seeking damages of Rs 640 crore for alleged unfair trade practices, false labelling and misleading advertisements.
A bench headed by Justice D Y Chandrachud said the report of CFTRI (Central Food Technological Research Institute, Mysuru), where the testing of the samples of Maggi were done, will form the basis for the proceedings. READ MORE
3:17 PM
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Yashpal Gupta named MD & CEO of Repco Home Finance for three years
Repco Home Finance Ltd has appointed Yashpal Gupta, the present Chief Operating Officer of the company, as additional director in the capacity of Managing Director and Chief Executive Officer for a period of three years.
The home finance firm in a regulatory filing has said that the appointment comes into effect on January 3, 2019, and is for a period of three years ending January 2, 2022, subject to the approval of the shareholders. READ MORE
3:11 PM
An Indian parliamentary panel on Thursday asked the central bank to review its rules on capital requirement for banks beyond the limits under the global Basel III capital regulations, which could improve their lending ability. READ MORE![]()
India parliamentary panel asks RBI to review capital needs for banks
An Indian parliamentary panel on Thursday asked the central bank to review its rules on capital requirement for banks beyond the limits under the global Basel III capital regulations, which could improve their lending ability. READ MORE
2:54 PM
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Web Exclusive Bank merger: Swap ratio fair for Dena, not for Vijaya Bank, say analysts
The Union Cabinet on Wednesday approved the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda. After the merger, the merged entity will be India’s second-largest public-sector bank and third-largest lender. The banks also fixed a share-swap ratio for the merger and aim to close the deal by April 1.
On January 2, the Bank of Baroda (BoB) board approved the merger of Dena Bank and Vijaya Bank with it using the following share-swap ratios:
The Union Cabinet on Wednesday approved the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda. After the merger, the merged entity will be India’s second-largest public-sector bank and third-largest lender. The banks also fixed a share-swap ratio for the merger and aim to close the deal by April 1.
On January 2, the Bank of Baroda (BoB) board approved the merger of Dena Bank and Vijaya Bank with it using the following share-swap ratios:
(a) 402 equity shares of BoB for every 1,000 equity shares of Vijaya Bank, and
(b) 110 equity shares of BoB for every 1,000 equity shares of Dena Bank. Click here to read more
2:42 PM
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Web Exclusive Commodity exchanges extend trading hours: Here's what experts feel about it
The country's commodity bourses — Multi Commodity Exchange (MCX), National Commodity & Derivatives Exchange (NCDEX) and Indian Commodity Exchange (ICEX) extended the time for trading in agricultural commodity derivatives by an hour from Monday, December 31, 2018, despite agitations by a section of traders.
The daily trade now commences an hour early at 9 am and goes on till 5 pm. Globally, referential commodities — both non-agri and agri ones — continue to have their trading hours between 9 am and 11.30 pm / 11.55 pm and 9 pm respectively. Read more
2:29 PM
Total 40 securities touched 52-week low on NSE
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Top losers on BSE500
» More on Top Losers
| COMPANY |
PRICE( ) |
CHG() | CHG(%) | VOLUME |
| DENA BANK | 14.50 | -3.45 | -19.22 | 2335330 |
| VIJAYA BANK | 47.70 | -3.35 | -6.56 | 293468 |
| JINDAL STEEL | 149.20 | -8.85 | -5.60 | 1106704 |
| JET AIRWAYS | 250.30 | -13.45 | -5.10 | 759757 |
| PVR | 1526.00 | -62.90 | -3.96 | 23545 |
2:04 PM
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Nifty Metal index touches 18-month low as Tata Steel hits 52-week low
Shares of metal companies were trading lower for the third day in a row on concerns of deteriorating Chinese demand outlook that weighed on commodity prices.
Nifty Metal index was down 1.6% to 2,979 levels in the intra-day trade, hitting 18-month low on the National Stock Exchange (NSE). Nifty Metal index has fallen 5% in the past three trading days, as compared to a 1.4% decline in the Nifty 50 index. It was trading at its lowest level since June 30, 2017. Jindal Steel and Power (JSPL), NMDC, APL Apollo Tubes, Tata Steel, Hindalco, JSW Steel, Steel Authority of India (SAIL) were down in the range of 1% to 5% on the National Stock Exchange (NSE). Read more
1:52 PM
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Ahmedabad set to hit capital market with Rs 200 cr municipal bonds
Following the likes of Pune, Indore, Bhopal and Hyderabad, now Ahmedabad is set to hit the capital market with municipal bonds within the first fortnight of January 2019. Ahmedabad Municipal Corporation (AMC) is banking on the two AA+ ratings that it bagged recently, along with a rise in revenue streams to attract investments on the instrument. According to Vijay Nehra, municipal commissioner, AMC, the Rs 200 crore taxable municipal bond would be the city's fifth after it had raised one each in 1998, 2002, 2004 and 2005. Read more
1:36 PM
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Banks likely to recover bad loans worth 700 billion rupees by March-end: Arun Jaitley
India's Finance Minister Arun Jaitley said on Thursday commercial banks were likely to recover 700 billion rupees ($9.95 billion) of bad loans by the end of March, helped by resolution of 12 large cases. Some of the big cases such as Bhushan Power and Steel Ltd and Essar Steel India Ltd are in advanced stages of resolution, and are likely to be resolved in this financial year, Jaitley said in a blog post on Facebook. Read more
1:21 PM
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Eicher Motors nears 52-week low on weak December sales; down 12% in 2 days
Shares of Eicher Motors hit three month low of Rs 20,321, down 4% on the BSE, falling 12% in the past two trading sessions after Royal Enfield (RE) reported a weak set of numbers for the month of December 2018. The stock was trading near its 52-week low of Rs 20,301 touched on October 4, 2018, in intra-day trade.
The company reported a 13% year-on-year (Y-o-Y) decline in total sales at 58,278 units in December 2018. It had sold 66,968 motorcycles during the same month last year. On a month-on-month basis, the volume declined by 11%. It sold 65,744 motorcycles in November 2018. Read more
1:07 PM
Top gainers and losers on S&P BSE Sensex
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First Published: Jan 03 2019 | 8:17 AM IST
