Share Market Update: Sensex ends 198 points lower, Nifty at 11,313; Indigo falls nearly 5%

YES Bank, Tata Motors, CG Power, Zee Entertainement and Hero MotoCorp were the top Sensex gainers, while worst performers in te morning session were Centrum  Capital, Indiabulls Real Estate, Godrej Industries, Delta Corp and Piramal Enterprises.
 

YES Bank share price recovered all its losses from previous session today. YES Bank share gained 24% to Rs 39.95 in early trade today.  YES Bank share closed 22.80% lower in Tuesday's trading session amid report its promoters sold another 2.16% stake in the bank.

On Tuesday, benchmark indices Sensex and Nifty recovered from day's low point and ended 1% lower each, amid heavy selling in realty, media and banking stocks.Overall 23 out of 30 scrips on S&P Sensex and39  out 50 stocks on Nifty50 ended on a bearish territory on Tuesday. Sectorally, over 4% decline was registered in realty, PSU banking stocks and media stocks and over 2.5% fall in bank and metal, infra and CPSE scrips.

Share Market Update: Sensex ends 360 points lower, Nifty below 11,359; CG Power locked 5% lower


 

Share Market Live:  Sensex lost over 200 points to trade at 38,095 and Nifty50 traded 62 points lower at 11,300 mark. Sectorally, while auto, IT, PSU bank and realty indices help recover losses, financial services, FMCG, metal and pharma indices dargged the brodaer indices further down. Yesterday, the equity market was closed on Wednesday on account of Mahatma Gandhi Jayanti. On Tuesday, Sensex ended 362 points or 0.94% lower at 38,305 and Nifty lost 114 points or 1% to 11,359.

Yesterday, the equity market was closed on Wednesday on account of Mahatma Gandhi Jayanti.
 

The Indian rupee opened on a cautious note and fell 28 paise to 71.35 against the US dollar in early trade on Thursday amid rising crude oil prices and unabated foreign fund outflows. At the Interbank Foreign Exchange, the rupee opened at 71.22 then fell to 71.35 against the US dollar, showing a decline of 28 paise over its previous closing.

Forex traders said weak opening in domestic equities and rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency. The Indian rupee on Tuesday had closed at 71.07 against the US dollar.

Rupee vs Dollar: Rupee slips to 71.35 per USD amid rising crude oil prices





 

Asian stocks, already under pressure from growing global growth fears, tumbled on Thursday after New York markets slumped overnight because the United States opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.38%. Japan's Nikkei stock index dropped 1.96% and Australian shares declined 2.19%.


U.S. stock futures were up 0.21%, but this did little to bolster sentiment after shares on Wall Street suffered their sharpest one-day decline in nearly six weeks on Wednesday.

Brent crude futures, the global oil benchmark, rose 0.03 per cent to USD 57.71 per barrel.

Oil future extended their decline in Asia as a bigger-than-expected increase in U.S. crude inventories and growing evidence of slowing economic growth point to lower energy demand.

Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained bearish with net selling logged at Rs 1,298.56 from Indian equities while domestic institutional investors (DIIs) bought Rs 1,503.02 crore on Tuesday.

 

 The Tata Motors stock has risen 5.46% the day's high of Rs 121.65 and fallen almost 3% to the day's low of Rs 112 on the BSE today.

Tata Motors' sales in the domestic & international market, for the month of September 2019, stood at 36,376 vehicles, compared to 69,991 units during September 2018. Total MHCVs sales including MHCV Truck, Buses and International Business stood at 7,055 units compared  to 19,441 units last year.

Gold prices traded higher earlier in the day and rose 1%.

Gold slipped on Thursday in Asia but regained the $1,500 level overnight, while Spot gold, rose 0.02% to $1,499.59 per ounce.

Gold futures prices rebounded too in trade today, tracking sell-off in equities and fresh concerns around trade war front.

As per commodity analysts, this fresh sell-off in global equities amid weak domestic cues is likely to keep safe-haven metal prcie up in the near term.



 

Welspun India announced on Sept 1 that it has repayed Rs 284 cr of term loans, along with other instalments which were due as the quarter end on stand alone basis. With this prepayment, the company has standalone outstanding terms loan at Rs 1080 cr. Despite the positive announcement Welspun India stock tardes 1.4% lower intarday at Rs 51.30 on BSE

 

The Reserve Bank of India (RBI) is expected to cut benchmark interest rates on Friday. This will be the fifth consecutive rate cut by the MPC this year, that has so far cut the repo rate by 110 basis points.

As per analysts, RBI is predicted to lower its key lending rate or the repo rate by 25 basis points (bps) to 5.15%, which would take cumulative cuts so far this year to 135 bps.

In its August MPC meet, the central bank had cut the repo rate by 35 basis instead of its  usual practice of tweaking interest rates by 25 basis points (bps) or 50 bps.

Although the bigger concern remains on the fact that the banks are ultimately passing only a fraction of the RBI's interest rate-cuts to their customers.

Lakshmi Vilas Bank (LVB), on Wednesday, announced that Supriya Prakash Sen resigned from the directorship of the Bank, on personal grounds.

The resignation comes days after the RBI initiated prompt corrective action against the private sector lender on September 28.

"It is informed that Smt. Supriya Prakash Sen has resigned from the directorship of the Bank on 02nd October, 2019," the regulatory statement added. Sen had been appointed an additional director on the board in June 2019.
 
In a separate letter, she confirmed that there was no other reason for her to step down,  and added that," I am unable to take up this formal and legal responsibility due to other personal priorities and commitments at this point in time."

Shares of LVB declined and locked at 5% lower circuit of Rs 31.40 by the opening bell  on Thursday, with no buyers and only sellers offering the stock. LVB stock has lost overall 18% in the last 4 days of consecutive fall.

 

Shares of GMR Infrastructure Limited had a rend reversal after 2 days of fall and rose 3.36% intraday to rs 16.90 on the BSE, as the 'Construction & Engineering' entity announced that it has received the proposed equity investment from Tata Group, GIC affiliate and SSG affiliate for its subsidiary GMR Airports Limited on October 1.


"Competition Commission of India has been received vide its letter dated October 01, 2019 for the proposed equity investment from Tata Group, GIC affiliate and SSG affiliate at GMR Airports Limited, subsidiary of the Company," the regulatory filing read.

Interglobe Aviation or IndiGo shares fell nearly 5% on Thursday's trade after the airline's co-founder Rahul Bhatia moved for arbitration proceedings amid differences with co-promoter Rakesh Gangwal on shareholders' agreement and articles of association.

With a gap-down chart pattern, the Indigo stock opened 3.31% lower at 1809.00, against the previous close of Rs 1870.85. Later, the Indigo stock fell 4.95% to the intraday low of Rs 1778.25. The stock has lost over 3% of its value in the last 3 days of a bearish trend.

"This dispute relates to claims of the IGE Group against the RG Group regarding, inter-alia, compliance with the shareholders agreement and the articles of the association of the company and damages.

 

Cox and Kings shares were locked at 5% lower circuit on Thursday after media reports suggested that the troubled tour operator cancelled European group tours at the last minute because of the financial crisis and asked nearly asked hundreds of staff to leave at its Mumbai-headquartered office.

The stock price of Cox and kings that have lost 97% of its value year-to-date, locked 5% lower at Rs 3.49 since the opening bell today, against the previous close of Rs 3.67 on the BSE. At the volume size of 5.20 lakh shares, there are 2.61 lakh sellers offering with no buyers bidding on the stock. The stock trades mere 0.39 points away from its 52-week low of Rs 3.10.
 

Share Market Update: Benchmark indices Sensex and Nifty closed on a negative note Thursday amid weak global equities. While Sensex ended 198 points lower at 38,106, Nifty50 closed 42 points lower at 11,313 mark. Sectorally, financial services, FMCG, metal and pharma indices ended in red, while auto, IT, PSU bank and realty indices closed in the green.

 

Benchmark indices Sensex and Nifty started on a negative note today amid lower Asian markets staring at prospects of weak global growth on the ongoing trade war between US and China.