Global cues drag Sensex 144pts; RIL & HDFC Bank dip, ICICI up 7%

The sell-off continued on Monday as equity benchmarks lost over half a percent, in addition to 1.3 percent loss in last week as investors remained cautious ahead of September quarter earnings. Weakness across the globe and fall in index heavyweights drove the market down.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Markets » Local Markets

Oct 18, 2016, 07.56 AM | Source: Moneycontrol.com

Global cues drag Sensex 144pts; RIL & HDFC Bank dip, ICICI up 7%

The sell-off continued on Monday as equity benchmarks lost over half a percent, in addition to 1.3 percent loss in last week as investors remained cautious ahead of September quarter earnings. Weakness across the globe and fall in index heavyweights drove the market down.

Like this story, share it with millions of investors on M3

Global cues drag Sensex 144pts; RIL & HDFC Bank dip, ICICI up 7%

The sell-off continued on Monday as equity benchmarks lost over half a percent, in addition to 1.3 percent loss in last week as investors remained cautious ahead of September quarter earnings. Weakness across the globe and fall in index heavyweights drove the market down.

Post Your Comments

Share Cancel

16:00
Moneycontrol Bureau

The sell-off continued on Monday as equity benchmarks lost over half a percent, in addition to 1.3 percent loss in last week as investors remained cautious ahead of September quarter earnings. Weakness across the globe and fall in index heavyweights drove the market down.

The 30-share BSE Sensex was down 143.63 points at 27529.97 and the 50-share NSE Nifty fell 63 points to 8520.40. The broader markets also caught in bear grip as the BSE Midcap falling nearly a percent on weak breadth. About 1513 shares declined against 1298 advancing shares on the exchange.

The current fall is unlikely to impact the bull run, believe experts. The Nifty can fall another 100-200 points amid rangebound trade but that is a part of this bull run, they say.

"Bull market is still alive and well," Jagdish Malkani, member of NSE says. He believes that unless anything major happens globally, the market is likely to continue its upward movement.

According to Neelkanth Mishra of Credit Suisse, September 2016 results are likely to be weak, and the pace of cuts may pick up. He says add global volatility, and broader markets may stay rangebound till signs of a broad-based economic pick-up become visible. He remains cautious and watchful on broader markets for now.

European markets were under pressure as investors remained cautious ahead of earnings, key data and a European Central Bank (ECB) meeting later this week. France's CAC, Germany's DAX and Britain's FTSE fell 0.5-0.8 percent, at the time of writing this article. Most Asian markets too ended lower with China's Shanghai and Hong Kong's Hang Seng losing over 0.7 percent.

Back home, ICICI Bank was the biggest gainer, up 7 percent on hopes of repayment of loan from Essar Group after Essar Oil-Rosneft deal. SBI also gained half a percent.

Essar Group signed an agreement on Saturday to sell its Gujarat-based refining company along with its Vadinar Port to Russia's Rosneft and a consortium led by Trafigura and United Capital Partners (UCP). The Russian investors will acquire 98 percent in Essar Oil and have paid Rs 72,800 crore for the company's refining and retail assets, and Rs 13,300 crore for the Vadinar Port. This deal will help Essar substantially reduce its interest cost and debt.

Among others, HDFC Bank, Reliance Industries, HDFC, L&T, M&M, Tata Motors, Maruti Suzuki and Hero Motocorp lost 1-3 percent whereas NTPC gained 1.8 percent followed by ITC and HUL.

After quarterly earnings, UltraTech Cement was down 0.7 percent as operating profit margin missed analysts' expectations, which was 18.6 percent in Q2 against 20 percent estimated by CNBC-TV18 poll. Profit beat estimates, up 31.5 percent on other income and operational performance.

Housing finance company DHFL gained 2 percent after profit grew by 28.9 percent and total income 19.7 percent on yearly basis. Even the management is extremely optimistic about next 2 quarters.

Lakshmi Vilas Bank lost 0.4 percent as asset quality during July-September quarter weakened further. Gross non-performing assets increased to 2.7 percent from 2.14 percent and net NPA climbed to 1.87 percent from 1.3 percent on sequential basis.

In the broader space, Prozone Intu Properties shares were locked at 20 percent upper circuit after ace investor Radhakishan S Damani, the guru of Rakesh Jhunjhunwala, bought 1.29 percent stake in the company during July-September quarter.

Mirc Electronics also jumped 20 percent as investor Vijay Kishanlal Kedia purchased around 1.2 percent stake in the quarter gone by.

14:00
IOC, ICICI Bank, Force Motors, ITC, SBI, Infosys, Axis Bank and Nilkamal were the most active shares on exchanges.

Read More »

13:00
ICICI Bank, NTPC, Coal India, Axis Bank and SBI are top gainers while M&M, Bharti, Hero, HDFC Bank and Asian Paints are losers in the Sensex.

Read More »

12:00
HDFC Bank, HDFC, Asian Paints, Mahindra & Mahindra, Bharti Airtel, L&T and Adani Ports were down 1-2 percent whereas ICICI Bank remained top loser, up nearly 7 percent followed by Axis Bank, SBI, NTPC and HUL.

Read More »

11:16
Banks stocks like Axis Bank, ICICI and SBI are gaining on Essar oil deal. Essar Oil deal may directly benefit ICICI Bank's exposure. ICICI's 'watchlist loans' portfolio stands at around Rs 38723 crore.

Read More »

10:00
ICICI Bank extended rally to 5.5 percent on hopes of repayment of loan from Essar Oil. The deal with Russia's Rosneft will help Essar substantially reduce interest costs and debt.

Read More »

09:15
ICICI Bank, NTPC, Infosys, SBI and GAIL are top gainers while Reliance, Bajaj Auto, TCS and HDFC are losers in the Sensex.

Read More »

Buy, Hold, Sell ? Hear it first on M3
Global cues drag Sensex 144pts; RIL & HDFC Bank dip, ICICI up 7%

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login