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Oct 11, 2018 03:38 PM IST | Source: Moneycontrol.com

Closing Bell: Sensex ends 750 points lower, PSU banks drag Nifty below 10,250

At the close of market hours, the Sensex closed down 759.74 points or 2.19% at 34001.15, while the Nifty ended lower by 225.40 points or 2.15% at 10234.70.

  • Oct 11, 03:35 PM (IST)

    Market at Close A sell-off in global markets had its impact on the local market, as the Sensex closed over 700 points lower, while the Nifty ended just around 10,250-mark. 

    Weakness was visible among banking names, particularly in PSU banks along with metals, automobiles, pharmaceuticals, and IT names. A recovery in rupee from record lows failed to make any impact. 

    At the close of market hours, the Sensex closed down 759.74 points or 2.19% at 34001.15, while the Nifty ended lower by 225.40 points or 2.15% at 10234.70. The market breadth is negative as 824 shares advanced, against a decline of 1,736 shares, while 866 shares were unchanged.

    Yes Bank, ONGC, HPCL and IOC were the top gainers, while State Bank of India, Tata Steel, Indiabulls Housing Finance and Bajaj Finserv lost the most. 

  • Oct 11, 03:21 PM (IST)

    OMCs trade higher: Fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation shares were among biggest gainers on the Nifty50 after sharp decline in crude oil prices on Thursday.

    HPCL rallied 19 percent on top of 5.6 percent upside in previous session, BPCL gained 7.4 percent (3 percent in previous session and IOC was up 8 percent (1.55 percent).

    Oil prices traded around $86 a barrel few days back on supply concerns ahead of US' sanctions on Iranian oil effective from November, which fell to around $81 a barrel now.

  • Oct 11, 03:18 PM (IST)

    Hourly Losers | Find out shares which have lost the most during the last hour. 

      Hourly Losers  |  Find out shares which have lost the most during the last hour.  
  • Oct 11, 03:12 PM (IST)

    Market Check: Benchmark indices are trading under pressure in the final hour of trade with Nifty trading below 10,250 level.

    The Sensex is down 767.88 points at 33993.01, while Nifty is down 228.80 points at 10231.30. About 730 shares have advanced, 1728 shares declined, and 962 shares are unchanged. 

    All the sectoral indices are trading in red. Nifty PSU bank index down 5 percent, followed by pharma, metal and IT index down 3 percent, while auto is trading lower with 2.5 percent cut.

  • Oct 11, 02:53 PM (IST)

    GMR signs MoU with APGDC: Shares of GMR Infrastructure shed 4 percent Thursday. The company's subsidiary has signed MoU with APGDC for supply of piped natural gas.

    Kakinada SEZ, a subsidiary of GMR Infrastructure, signed a MoU (Memorandum of Understanding) with the Andhra Pradesh Gas Development Corporation (APGDC) to get access to piped domestic natural gas for its upcoming 10,500-acre zone.

  • Oct 11, 02:49 PM (IST)

    ASIAN PAINTS FALLS | Shares of Asian Paints slipped 2.6 percent intraday Thursday. Foreign research house BofAML has maintained buy with a potential upside of 35 percent.

    The research house keep a target of Rs 1,650 per share.

    According to firm, Pan-India check indicates swelling optimism about future growth and it expect a healthy H2FY19 led by solid festive season.

    Read the full report here

  • Oct 11, 02:26 PM (IST)

    Oil marketing companies are rising in trade today on the back of a fall in global crude prices. Take a look at the intraday chart of HPCL, BPCL and IOC.

     Oil marketing companies are rising in trade today on the back of a fall in global crude prices. Take a look at the intraday chart of HPCL, BPCL and IOC.
  • Oct 11, 01:50 PM (IST)
  • Oct 11, 01:25 PM (IST)

    MARKET OUTLOOK

    “Institutional Investors will be watching closely on quarterly financial results and taking calls on the future direction. It is expected, since equity market has corrected at good percentage, selective sectors would recover soon. We are anticipating the rural theme will continue do well. Anticipating the currency depreciation, we expect export oriented sectors like pharmaceuticals, information technology, agro chemicals, would do well going forward. Selective auto OEMs & auto ancillaries, FMCG would do well,” Saravana Kumar, Chief Investment Officer at LIC Mutual Fund said in a statement. 

  • Oct 11, 01:04 PM (IST)

  • Oct 11, 01:01 PM (IST)

    Market Update There has been a smart recovery in the market from its low points, with the Sensex trading over 450 points lower. The Nifty is back above 10,300-mark. 

    State Bank of India, Tata Steel, and Indiabulls Housing were the top losers, while Yes Bank, ONGC and HPCL have gained the most. 

    The Sensex is down 476.24 points or 1.37% at 34284.65, while the Nifty is lower by 141.30 points or 1.35% at 10318.80. The market breadth is negative as 765 shares advanced, against a decline of 1,535 shares, while 1109 shares were unchanged.

  • Oct 11, 12:46 PM (IST)

    RUPEE OUTLOOK

    “The rupee continues to make a new record low as the global and domestic equities experienced steep sell-off. Continued FII outflows from debt and equity market is keeping sentiments bearish. Though the crude oil prices have eased overnight, it is a temporary. As US sanctions on Iran begin from November, crude oil prices might continue to rise in the international market. This may pressurize the rupee in coming sessions. Focus would now shift to India’s macroeconomic data which will give further direction to the rupee,” Rushabh Maru, Research Analyst at Anand Rathi Shares and Stock Brokers said in a statement. 

  • Oct 11, 12:30 PM (IST)
  • Oct 11, 12:19 PM (IST)

    View on market fall: Dinesh Rohira, Founder and CEO at 5nance.com said, The Nifty index opened with huge gap-down on Thursday morning as it fell about 300 points weighed down by global selloff across the equity market worldwide. The Nifty index currently holds a strong support at 10100 levels which has been not breached so far despite a massive selloff in market.""

    "This deep selloff offers a perfect opportunity especially for value investors to beckon on discount price with view of keeping it on long-term basis. The current fall in market is relatively lower than what happen in 2008 financial crisis, and doesn’t give a material reason to fear. As past data indicate, in 2008 the Nifty fell by about 51.84% on CY basis, but rebounded by 71.46% in next CY 2009. Similarly, in CY 2011 the Nifty witnessed a fall of 24.90% but in a successive CY 2012 it bounced back by 27.35%."

    "The medium correction in equity market is healthy for a bull-market rally and investors should capitalized on this discount opportunity with systematic strategy", he added.

  • Oct 11, 12:15 PM (IST)

    JSW Steel output grows 6%: Company's crude steel output grew 6 percent to 4.18 million tonne (MT) during the quarter ended September 30, 2018. The Sajjan Jindal-led company had produced 3.94 MT crude steel in July-August 2017, it said in a statement, reports PTI.

    During the said quarter, there was a rise of 2 percent in production of flat rolled products at 2.96 MT as against 2.89 MT in the year-ago quarter, it said.

  • Oct 11, 12:07 PM (IST)

    Buzzing: Colgate Palmolive (India) share price gained 2.7 percent intraday Thursday after global brokerage firm CLSA upgraded the stock to Buy from Sell, citing attractive valuations.

    The research house also raised target price on the stock to Rs 1,265 from Rs 1,120, implying potential upside of 20 percent.

    Colgate has increased its growth focus and the promotion activity of the company is at best, it feels.

    It believes the worst for the company seems to be over now as wholesale market is stabilising and competition peaked. Currently Colgate's valuations are at a discount to its most peers. CLSA expects current valuations to sustain as outlook improves.

  • Oct 11, 11:54 AM (IST)

    Aurobindo Pharma gets USFDA approval: The company has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Azithromycin Oral Suspension 100 mg /5 mL and 200 mg/5 mL. Azithromycin oral suspension, a generic version of Pfizer Inc’s Zithromax oral suspension. 

    The product will be launched in November 2018. 

  • Oct 11, 11:48 AM (IST)

    View on market fall: ​Dheeraj Singh, Head of Investments- Taurus Asset Management Co said, “Indian stock markets have fallen sharply on Thursday. This is a continuation of the sharp fall we have witnessed in the stock prices over the last couple of weeks (except for one or two days of exception). 

    "While most of the earlier fall could be attributed largely to domestic factors - be it the IL&FS effect and fears of contagion thereon, or the ever increasing fuel prices due to the combined effect of weakening rupee and rising global crude prices etc. – the reason for today’s fall is clearly global with the US markets falling sharply after President Trump’s acerbic comments against the Federal Reserve and the consequent sharp fall witnessed in all the major Asian markets today,"he added.

    Additionally, two reports published on the eve of the annual IMF-World Bank meeting in Bali, Indonesia have also contributed to market jitters. An IMF report which predicts that the world economy will grow at a slower pace than what was expected earlier (3.7% vs the earlier  predicted 3.9%)  – led by the upcoming sanctions on Iran – and a World Bank report highlighting the risks of the extremely high debt levels (public and private) in the major economies of the world.
     
    Incidentally, the global debt report published by the World Bank shows India in a significantly favourable light as compared to both advanced as well as emergent economies. Combined Public and Private Debt for India stood at 125% of annual GDP, while the corresponding figure for a country like China was twice as much at 250% of annual GDP," he further said.

  • Oct 11, 11:45 AM (IST)

    IOC approves capex plan: Board of Directors of company has approved capex plan of Rs 7,315 crore for CGD projects in 7 geographical areas (Rs 5,463 crore), setting up of 33.5ktpa ethanol plant (Rs 520 crore) at Panipat refinery and laying of Paradip- Somnathpur- Hafdia Product Pipeline (Rs 1,322 crore). 

  • Oct 11, 11:33 AM (IST)

    Just IN | NTPC wins 160 MW solar project in Uttar Pradesh. The solar projects shall be set up by NTPC and shall add to the installed capacity of NTPC.

  • Oct 11, 11:21 AM (IST)

    ALERT | According to a report by news agency Reuters, Indian Oil has approved Rs 5,463 crore capital investment in city gas distribution projects. 

  • Oct 11, 11:20 AM (IST)

    Oil prices see a big fall:  Reuters is reporting that oil extended its losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing U.S. crude inventories had risen more than expected.

    Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused injuries and widespread destruction.

      Oil prices see a big fall:   Reuters is reporting that oil extended its losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing U.S. crude inventories had risen more than expected. 

 Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused injuries and widespread destruction.
  • Oct 11, 11:14 AM (IST)

    GRAPHITE STOCKS CONTINUE TO RALLY 

    Amid weak trades, graphite stocks such as HEG and Graphite India have extended their gains from Wednesday. Bank of America Merrill Lynch had initiated coverage on the stock with a buy call. It saw a potential upside of around 100 percent. 

       GRAPHITE STOCKS CONTINUE TO RALLY    

 Amid weak trades, graphite stocks such as HEG and Graphite India have extended their gains from Wednesday. Bank of America Merrill Lynch had initiated coverage on the stock with a buy call. It saw a potential upside of around 100 percent. 
  • Oct 11, 11:09 AM (IST)

  • Oct 11, 11:07 AM (IST)

    MARKET OUTLOOK | In near term, the downtrend is expected to continue with persisting volatility but over a medium-term Sumit Bilgaiyan, Founder of Equity99 expects the Sensex to maintain above 33,500, he said in an interview to Moneycontrol's Sunil Shankar Matkar. Read the full interview here

  • Oct 11, 11:05 AM (IST)

    BUZZ ALERT | Bandhan Bank’s shares are down around 8 percent even as the lender posted a good profit for the September quarter. It reported healthy 47.4 percent growth in profit for the July-September quarter compared to a year-ago. Profit at the private lender increased to Rs 488 crore during the quarter, from Rs 331 crore in the corresponding period last year.

      BUZZ ALERT |  Bandhan Bank’s shares are down around 8 percent even as the lender posted a good profit for the September quarter. It reported healthy 47.4 percent growth in profit for the July-September quarter compared to a year-ago. Profit at the private lender increased to Rs 488 crore during the quarter, from Rs 331 crore in the corresponding period last year.
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