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Markets updates: Sensex closes 362 points lower, Nifty falls below 11,600; consumer durables, banking stocks lead losses

Markets Live: While Sensex closed 0.93% or 362 points lower at 38,600, Nifty lost 0.97% or 114 points to 11,598. YES Bank (5.30%), Tata Motors (4.49%), Bajaj Finance (2.33%)  were the top Sensex losers.


twitter-logo BusinessToday.In        Last Updated: May 6, 2019  | 16:21 IST
Markets updates: Sensex closes 362 points lower, Nifty falls below 11,600; consumer durables, banking stocks lead losses
Markets updates: Sensex closes 362 points lower, Nifty falls below 11,600; consumer durables, banking stocks lead losses

Benchmark indices Sensex and Nifty closed lower in trade  today as global markets attempted to gauge the effect of US President Donald Trump's tweet in which he threatened to raise tariff on Chinese goods. While Sensex closed 0.93% or 362 points lower at 38,600, Nifty lost 0.97% or 114 points to 11,598.

YES Bank (5.30%), Tata Motors (4.49%), Bajaj Finance (2.33%)  were the top Sensex losers. Of 30 Sensex stocks, 24 closed lower. India VIX touched 11% today and the market breadth was inclined towards the sellers. All the sectoral indices except IT were in red today.

Benchmark indices Sensex and Nifty pared losses after falling nearly 1% each in early trade. While Sensex was trading 300 points lower at 38,662, Nifty fell 90 points to 11,620. Sensex and Nifty tanked in early trade today in line with their Asian peers after US president Donald Trump threatened in a tweet to impose more tariffs on China, spooking investors who had been expecting good news on trade. Of 30 Sensex stocks, 26 were trading in the red. Tata Motors, YES Bank and Tata Steel were top Sensex losers. Banking, auto and metal stocks led the losses on benchmark indices.Meanwhile, rupee opened higher at 71.21 per dollar compared to its last close of 71.33.

Here's a look at live updates for the Indian share market today.

3: 30 pm: Sensex closes 362 points lower at 38,600, Nifty falls 114 points to 11,598.

3: 10 pm: Sensex trading 361 points lower at 38,601 and Nifty loses 110 points to 11,601.

3: 03 pm : Bank Nifty falls 306 points to 29,647 level. BSE bankex loses 291 points to trade at 33,152 level.

2: 20 pm: BPO firm Firstsource Solutions posted a 5.8 per cent rise in consolidated net profit to Rs 98.2 crore for the quarter ended March 2019. The company's net profit stood at Rs 92.8 crore in the corresponding period of the previous fiscal, Firstsource said. Its revenue from operations grew 10.6 per cent to Rs 964.2 crore in the reported quarter from Rs 871.3 crore in the corresponding period of the last year, it added. The company's board has recommended a dividend of Rs 2 per share for the financial year ended March 2019.

2:00 pm: China's top trade envoy is preparing to travel to the US for crucial talks, a senior Chinese official said despite President Donald Trump's surprise announcement, threatening to impose more punishing taxes on $200 billion worth of Chinese products due to slow progress in negotiations.

1: 30 pm : Crude oil prices fell 1.88 per cent to Rs 4,222 per barrel as participants reduced holdings amid a weak trend overseas. On the Multi Commodity Exchange, crude for delivery in May fell by Rs 81, or 1.88 per cent, to Rs 4,226 per barrel in a business volume of 20,586 lots.

1: 20 pm: Of 30 Sensex stocks, 25 were trading in red. Tata Motors (4.73%) , YES Bank (4.44%) and HDFC (2.42% )  were top Sensex losers. 

1: 10 pm:  Sensex trading 307 points lower  at 38,655, Nifty falls 97 points to 11,614.

1:00 pm: Bharti Airtel share price trading flat ahead of the telco's earnings set to be announced later in the  day. The stock rose just 0.45% to 332.60 on BSE.

12: 36 pm: Federal Bank share price nears 52-week high of 105 level after the lender reported an over two-fold jump in net profit for the March quarter at Rs 381.51 crore on account of lower provisioning and higher interest income. Federal Bank share price rose 4.81% to 102.45 level on BSE.

12:00 pm: Dr Reddy's Laboratories announces the launch of Testosterone gel, 1.62 percent (20.25 MG/1.25 G pump actuation) in the US market. The stock is trading 0.18 percent higher in midday trade.

11: 45 am: "Today's fall is by and large due to global factors," said Krish Subramanyam, co-head, equity advisory, at Altamount Capital. "Apart from that, the share market had a good run up in last couple of weeks. With corporate earnings trickling in, its just a reason for the markets to correct," he said.

11: 30 am: Shares of Yes Bank fell 5 per cent after ratings downgrade by ICRA. The scrip declined 4.72 per cent to Rs 167.30 on the BSE. On the NSE, shares dropped 5 per cent to Rs 167.05. The private sector lender had a double-whammy Saturday after domestic rating agency Icra downgraded its long-term ratings along with a negative outlook, citing a spike in its lower-rated advances and falling core capital buffers.

11: 05 am: Hindustan Unilever share price falls 1.86% to 1,661 on BSE after FMCG major Hindustan Unilever reported a 13.84 per cent rise in net profit to Rs 1,538 crore for the quarter ended March 31, helped by improvement in margins and volume growth.

10: 51 am: Sensex pares losses, trading 275 points lower at 38,620.  Nifty too falls 93 points to 11,619.

10: 40 am: China is considering to cancel the high-level trade talks with the US, multiple media reports have said, hours after President Donald Trump threatened to impose more punishing tariffs on $200 billion worth of Chinese products.

President Trump's remarks came on Sunday as the two countries locked in a longstanding trade war seemed near to striking a trade deal.

10: 15 am: E-commerce company Infibeam Avenues said it has terminated services of chartered accountancy firm SRBC & Co. LLP as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information. SRBC & Co LLP, an affiliate of global auditing firm EY, in a statement issued later in the day refuted charges and said it is open to a regulatory inspection and will respond to the regulators, as required.

9: 50 AM: Jet Airways share price trading 3.14% lower at 131 level on BSE. 

9: 45 AM: While 15 stocks hit their 52-week highs, 55 fell to their 52-week lows on BSE.

9: 40 am: JM Financial (Rs 108.01 crore), Reliance Industries (Rs 47.85 crore), and YES Bank  (Rs 13.55 crore) were the top stocks in terms of turnover on BSE.

9: 35 AM: The Shanghai Composite index sank 4.9%, briefly dipping 5% lower, and the Hang Seng in Hong Kong plunged 3.5%. Markets were closed in Japan. The future contract for the Dow Jones Industrial Average fell 1.9% to 25,996.00, while that for the S&P 500 also shed 1.9%, to 2,892.00.

Shares also fell sharply in Taiwan, Singapore, Australia and Indonesia.

9: 34 am: US President Donald Trump unexpectedly mounted pressure on China to reach a trade deal, saying he would hike US tariffs on Chinese goods this week.

9:32 am: PowerGrid (0.95%), Bharti Airtel (0.38%) were the top Sensex gainers. Top Sensex losers were Tata Motors (3.58%), Tata Steel (3.33%) and YES Bank (2.73%). On Friday, Sensex closed 18 points lower at 38,963 and Nifty fell 12.50 points to 11,712 level.

9:29 am : Market breadth was negative with 323 stocks trading higher compared to 816 falling on BSE. Meanwhile, mid cap and small cap indices were trading 99 points and 66 points lower in early trade.

9:27 am : Banking and auto stocks led the losses with their BSE indices falling 344 points and 188 points, respectively.

9:25 am: Metal stocks also fell 246 points with their index reaching 11,247 level.

9:20 am : On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 400 crore on Friday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 57.07 crore, provisional data available with BSE showed.

9: 15 am: While Sensex fell 400 points to 38,661 with 28 components in the red, Nifty lost 107 points to 11,605.

9: 05 am: Rupee opened higher at 71.21 per dollar compared to its last close of 71.33.

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