Market at Close:
A dramatic recovery in the rupee has helped benchmarks surge to the high points. The Indian currency surpassed the level of 72 per US dollar-mark, leading to a massive buying among investors. The Sensex managed to end over 300 points higher, while the Nifty rose above 11,350-mark.
Sharp buying among major sector such as banks, FMCG, infrastructure, metals, and pharmaceuticals led to the upmove on Sensex and the Nifty. The Nifty Midcap index rose over one-third of a percent. The likes of HDFC Bank, Reliance and ITC, among others, rallied and helped the indices have a strong close.
At the close of market hours, the Sensex ended higher by 304.83 points or 0.81% at 37717.96, while the Nifty soared 83.40 points or 0.74% at 11370.90. The market breadth is negative as 1,123 shares advanced, against a decline of 1,503 shares, while 200 shares were unchanged.
Power Grid, Adani Ports and ITC were the top gainers, while Axis Bank and Tata Motors lost the most.
Oil hits OMCs, aviation cos:
Shares of the state-run oil marketing companies Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) fell more than a percent each on rising crude oil prices and sustained volatility in the Indian rupee against the US dollar.
Aviation companies such as Jet Airways and InterGlobe Aviation also corrected over a percent as oil constitutes bigger portion of their operating expenses.
Crude oil prices have gradually been rising on reports of decline in US crude inventories and likely supply tightening ahead of US sanctions on the Iranian oil which will come into effect from November this year.
KIOCL soars 11%:
Shares of KIOCL soared over 11 percent after the company said it will be considering a buyback proposal at its Board Meeting on September 18, 2018. The Board of Directors will be meeting on that day to discuss the issue.
Rupee continues to surge:
Rupee is tradingnear the day's high point, as it recovered 80 paise from its record low of 72.91 per dollar.
Currenly it is trading at 72.19 per dollarafter hitting a day's high of 72.11 per dollar.
HSBC maintains buy on Oil India, ONGC:
Research house HSBC has maintained buy rating on Oil India with a potential upside of 33 percent. The firm raise target to Rs 270 from Rs 253 per share.
It also maintained buy on ONGC with a target of Rs 240. It sees potential upside of 43 percent.
The upside from higher oil is to be offset by risks of higher costs and subsidy burden.
HDFC Asset Management falls 1%; Citi initiates neutral call with potential upside of 14%
Research house Citi has initiated coverage on HDFC Asset Management Company with neutral rating. It kept target price of Rs 1,850. It sees potential upside of 14 percent.... Read More
ECONOMIC DATA ALERT:
Trade deficit for August has been reported at at USD 17.4 billion against USD 18.02 billion previous month, CNBC-TV18 reported, quoting agencies.
HDFC Life gets a new MD:
HDFC Life names Vibha Padalkar as its new MD & CEO.
Market Update:
A major recovery in the Indian rupee, following reports that Prime Minister Narendra Modi will be holding a meeting over the weekend to review the economic situation and the rupee condition as well. Further, the reports add that there could be measures rolled out after the meeting as well. The Indian currency is massively off its lows and has recovered over 57 paise.
Buying counters are buzzing in the afternoon trade, with gains seen in FMCG, metals, pharmaceuticals, and energy names. The Nifty Midcap index is back in the green as well, up over quarter of a percent.
The Sensex is up 240.98 points or 0.64% at 37654.11, while the Nifty is higher by 65.90 points or 0.58% at 11353.40. The market breadth is negative as 923 shares advanced, against a decline of 1,538 shares, while 161 shares were unchanged.
JUST IN:
The Indian rupee has staged a massive recovery of over 47 paise after TV reports emerged that PM Modi will be holding a meeting to discuss economic scenario as well as the rupee. Some announcements on the fiscal and rupee front are likely, it added.
Image: BloombergOMCs, AIRLINES TAKE A HIT POST SURGE IN CRUDE PRICES:
Shares of oil marketing companies and airlines were hit on Wednesday as oil prices inched up towards USD 80 per barrel.
High prices imply higher fuel costs for airlines, while in case ofOMCs, the procurement costs go up, leading to a surge in input cost for them.
HPCLandBPCLare down over 3 percent, while carriers such as Jet Airways andInterGlobeAviation (IndiGo) have lost up to 3 percent as well.SpiceJetis seeing a shade of green.
Oil prices rose on Wednesday following a report of declines in US crude inventories and as looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global crude market.
Market Update:
Some sluggishness is visible on the market on Wednesday afternoon, with the Nifty hovering around 11,250-mark. The Sensex is down around one-tenth of a percent.
Banks, automobiles, and pharmaceuticals are weighing on the indices. A fall in HDFC Bank and Reliance Industries, two big index heavyweights, is also slightly weighing on the market.
The Sensex is down 61.99 points or 0.17% at 37351.14, while the Nifty is lower by 29.70 points or 0.26% at 11257.80. The market breadth is negative as 739 shares advanced, against a decline of 1,676 shares, while 133 shares were unchanged.
Power Grid and ITC are the top gainers, while Axis Bank, M&M, HPCL and BPCL have lost the most on the back of higher crude prices.
SWEET RALLY:
Sugar stocks are witnessing some upmove after the Cabinet decided to hike ethanol prices by up to 25 percent. The likes of Mawana Sugar, Ugar Sugar, Shree Renuka and Balrampur Chini, among others, are reacting positively.
FIRST REACTION:
Sugar industry body, ISMA, has hailed the Cabinet decision to increase ethanol prices by up to 25 percent. Calling it an excellent move, Abinash Verma of Indian Sugar Mills Association told CNBC-TV18 that the move will attract many mills to divert sugar business to ethanol.
Cabinet meet update:
The Cabinet has approved increasing ethanol price by up to 25 percent, CNBC-TV18 has reported.
JUST IN:
News agency PTI is reporting, quoting sources, that the Cabinet has approved a new procurement policy to ensure MSP (minimum support price) to farmers
Buzzing stock:
Shares of Diligent Media Corporation rose 3.7 percent intraday Wednesday as company executed an agreement for sale of its non-core assets.
The company executed an agreement to assign, for sale/ assignment of company's non-core assets comprising of leasehold land admeasuring approximately 13,803 square meters adjacent to the company's Printing press at Navi Mumbai, Maharashtra, along with building and fixtures thereon and rights attached thereto to Pioneer eLabs or any other entity owned or controlled (with majority beneficial interest) by P. Sridhar Reddy at a consideration of Rs 54.44 crore.
The above sale / assignment shall be subject to the approval of the shareholders of the company at the ensuing annual general meeting scheduled on September 21, 2018 and shall require further approval of or no-objection from the lessor viz. Maharashtra Industrial Development Corporation (MIDC).
JUST IN:
After seeing a good recovery, the Indian currency has erased most of its gains and is inching towards the low points. The rupee is trading around 72.82 per US dollar. It had touched a record low of 72.92 per US dollar in morning trade.
Image Courtesy: BloombergMarket Update:
The benchmark indices are trading flat to positive in the afternoon sessions with Nifty trading below 11,300.
The Sensex is up 45.40 points at 37,458.53, while Nifty is up 2 points at 11289.50. About 775 shares have advanced, 1569 shares declined, and 117 shares are unchanged.
HDFC Bank, HDFC, Infosys, ITC and TCS are the positive contributors to the Sensex.
Buzzing:
Shares ofDiligent Media Corporationrose 3.7 percent as company executed an agreement for sale of its non-core assets.
The company executed an agreement to assign, for sale/ assignment of company's non-core assets comprising of leasehold land admeasuring approximately 13,803 square meters adjacent to the company's Printing press at Navi Mumbai, Maharashtra, along with building and fixtures thereon and rights attached thereto to Pioneer eLabs or any other entity owned or controlled (with majority beneficial interest) by P. Sridhar Reddy at a consideration of Rs 54.44 crore.
Rupee Update
Indian rupee is trading around 72.71 per dollar, recovered 20 paise from a record low of 72.91 tested in the morning trade.
It opened 11 paise lower at 72.80 perdollar versus previous close 72.69.
UBS maintains buy on Tata Steel, neutral on JSW Steel:
Foreign broking house UBS has maintain buy rating on Tata Steel with a potential upside of 27 percent. It raised target to Rs 750 from Rs 710 per share.
Research house maintain neutral call on JSW Steel and raise target to Rs 425 from Rs 360. It sees potential upside of 8 percent in the company's share price.
According to UBS, India volume and price environment are strong, while external pressures look to be limited for now.
It still see Tata Steel as an attractively valued relative to peers.
A2Z Infra Engineering bags order:
The company has been awarded a contract by Nepal Electricity Authority, a Government of Nepal Undertaking for execution of the design, supply, Installation/Erection, Testing and Commissioning of 11/0.4 kV distribution system in Nepal for an aggregate of USD 11,651,643.11 and NPR 160,028,901.60 including custom duty and VAT, in aggregate equivalent to approx. value of Rs 94,87,00,000.
At 11:40 hrs A2Z Infra Engineering was quoting at Rs 19.50, up Rs 0.55, or 2.90 percent.
Kolte-Patil Developers has received massive response from the home buyers for its newly launched project ORO Avenue at Life Republic.
The project witnessed a sales of 500 units with booking value of Rs 186 crore since its launch in August 2018.
Buzzing stock:
Shares of Idea Cellular added 3 percent intraday Wednesday as research firm Deutsche Bank maintained buy on company with potential upside of 116.5 percent.
Research house keep a target of Rs 100 per share.
According to the firm, leverages are remain the key concern for the merge company.
It expect funding gap on a cash flow basis to be around Rs 7100 crore, while funding gap to increase net debt by Rs 3600 crore.
Crude at $100?
Global research firm HSBC is not ruling out Brent crude prices touching USD 100 per barrel as well. This, it said, is due to lack of global scare capacity.
It observed that crude market risks still look skewed to the upside. Based on these, it has raised price assumptions from USD 70 per barrel to USD 80 per barrel in 2019 and USD 85 per barrel in 2020.
Having said that, it has a target of USD 75 per barrel on the Brent crude for 2021 and beyond.
M&M falls:
Shares ofMahindraandMahindra(M&M) fell as much as 2.86 percent after a US regulator announced a probe into a complaint filed by Fiat Chrysler.
The stock touched an intraday high of Rs 951.00 and an intraday low of Rs 913.50.
The US International Trade Commission (ITC) on September 11 said it will investigate the patent of M&M'sROXORvehicle following Fiat Chrysler's complaint.
Fiat Chrysler Automobiles NV has filed a complaint alleging that M&M infringed upon the intellectual property rights of its Jeep design.
Kolte Patil gains:
Shares of real estate firm, Kolte Patil, rose around 3 percent on Wednesday morning as ivnestors cheered good sales in its Pune project.
The company informed the exchanges that it sold 500 units in its Pune project, ORO Avenue, from its launch in August 2018.
Market Update:
Pharmaceuticals have reversed their losses and trading in the green, while FMCG and IT sectors are also seeing a rally. The positive moves in these sectors, along with a rally in index heavyweights such as ITC, HUL and HDFC Bank are helping the indices stay in the green zone.
The Sensex is up 75.45 points or 0.20% at 37488.58, while the Nifty is higher by 15.00 points or 0.13% at 11302.50. The market breadth is negative as 768 shares advanced, against a decline of 1,374 shares, while 106 shares were unchanged.
JUST IN:
It is a good pullback on the rupee from its low points. The currency is trading around 72.78 per US dollar. This is a recovery of 13 paise on an intraday basis. Image: Bloomberg.com
Buzzing stock:
Shares of Wipro rose 1 percent intraday Wednesday as company announced partnership with Duck Creek Technologies, the P&C insurance industry's leadinSaas software provider.
Wipro and Duck Creek Technologies announced a relationship whereby Wipro will be able to offer a broad array of implementation services and related software and data solutions for its insurance industry customers around the world.
Wipro will offer systems integration, configuration, and support services for the Duck Creek Platform, which includes solutions for policy, rating, billing, claims, data insights, and digital engagement.
Market Update:
Volatility has continued on D-Street on Wednesday morning. The Nifty is hovering around 11,300, while the Sensex is marginally higher.
The Sensex is up 57.50 points or 0.15% at 37470.63, and the Nifty up 14.30 points or 0.13% at 11301.80. The market breadth is negative as 666 shares advanced, against a decline of 1,334 shares, while 96 shares are unchanged.
Power Grid and HUL are the top gainers, while M&M, Tata Motors and HPCL have lost the most.
Buzzing stock:
Shares of SME Marshall Machines gained almost 5 percent after investor Ashish Kacholia raised his stake in the small medium enterprise (SME).
The stock hit a 52-week high of Rs 43.35 on the NSE, up 4.96 percent from the previous close.
Kacholia increased his stake in the firm to 8 percent from 3.2 percent.
The investor has bought 6,99,000 shares of the company at Rs 41.88 per share through open market transactions, on top of his holding of 4.65 lakh shares as of September 7.
JUST IN:
The Cabinet is likely to discuss raising select ethanol prices by Rs 5 per litre, CNBC-TV18 reported, quoting NewsRise.
Airtel falls 2%:
Shares of Bharti Airtel was down nearly 2 percent intraday Wednesday after the company received a demand notice towards penalties for March quarter.
The telecom operator confirmed that company has received demand notices towards penalties totalling to a sum of Rs 11 lakh in respect of 6 circles namely, Maharashtra, Assam, West Bengal, Tamil Nadu, Kolkata and Gujarat for the quarter ending March 2018.
These penalties are towards routine parameters such as accessibility of call center, percentage of calls answered by the operators and metering and billing credibility, company said in release.
Market update:
Equity benchmarks have seen another bout of selling and have given up all of their gains. Weakness is visible among all sectors, with banks, auto, metals and pharmaceuticals seeing a big fall. The midcap index is also trading lower, adding to the sentiment. The Nifty FMCG and Nifty IT index are the outliers and are trading in the green.
The Sensex is up 8.64 points or 0.02% at 37421.77, while the Nifty is down 3.80 points or 0.03% at 11283.70. The market breadth is negative as 696 shares advanced, against a decline of 1050 shares, while 84 shares were unchanged.
Take a look at the Sensex'sheatmap.
Buzzing stock:
Shares of IRB Infra rose over 2 percent after reports indicated that toll collection on Mumbai-Pune Expressway will continue for another 12 years. The company is the contractor to collect the toll and maintain the highway. Take a look at the stock's one-year chart.
Market Update:
Support from a rally in index heavyweights such as ITC, HUL, Infosys and HDFC is helping the market trade higher, even as other sectoral indices are trading in the red.
The Sensex is up 114.17 points or 0.31% at 37527.30, while the Nifty is up 24.90 points or 0.22% at 11312.40. The market breadth is negative as 723 shares advanced, against a decline of 859 shares, while 79 shares were unchanged.
Just NOW:
The rupee has seen a marginal pullback from the low points of the day. After dipping to 72.91 per US dollar, the currency is trading around 72.83, a recovery of almost 10 paise.
Rupee outlook:
Irene Cheung of ANZ Research believes a further downside could be possible on the rupee. The market is paying attention to data which is coming up in the next couple of days, she told CNBC-TV18. Until there is some weakening of dollar or data starts to improve in India, relief may not be likely, she further told the channel.
Buzzing stock:
Shares of Sun Pharmaceuticals are down over a percent after the company clarified on its inspection at its Mohali plant.
In an exchange filing, it said, that the US Food and Drug Administration (FDA) is conducting an inspection and it began on September 10, 2018.
Market opens:
Equity benchmarks have begun the day on a flat note, with the Nifty trading below 11,300 in the opening tick. The Sensex is trading marginally higher. Banks are taking a hit this morning, with the Bank Nifty trading lower by one-third of a percent. Pharmaceuticals are also trading in the red. Meanwhile, after days of a fall in FMCG names, the Nifty FMCG index is up around one-third of a percent. Meanwhile, in the broader markets, Nifty Midcap is trading flat with a negative bias.
The Sensex is up 37.83 points or 0.10% at 37450.96, while the Nifty is down 0.70 points or 0.01% at 11286.80. The market breadth is narrow as 422 shares advanced, against a decline of 408 shares, while 46 shares are unchanged.
Alert:
The rupee has extended its fall after a record low opening. The currency is trading at 72.91 per US dollar and is inching closer to 73 per dollar mark.
Rupee at another record low:
Another record low for rupee as it opened 11 paise lower at 72.80 perdollar on Wednesday versus previous close 72.69.
On Tuesday, after a positive start the rupee touched a new record low of 72.73 before it settle at 72.69 per dollar, down 24 paise from the Monday's close of 72.45.
The fall in the rupee is mainly due to rebound in oil prices, and capital outflows on the back of worries overglobal trade war.
Market at pre-open:
Pre-opening rates indicate that the Nifty is trading currently above 11,300-mark, while the Sensex is higher by over 100 points.
The rupee at a fresh record low of 72.75 per US dollar and has extended its fall to 72.8675/USD.
Ten-year benchmark government bond yields are trading at 8.21 percent.
