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Closing Bell: Nifty holds 10,000, Sensex dips 340 points, ITC, TCS, Infosys, Axis Bank top drags, Reliance bats for the bulls

Closing Bell: Nifty holds 10,000, Sensex dips 340 points, ITC, TCS, Infosys, Axis Bank top drags, Reliance bats for the bulls

Closing Bell: Nifty holds 10,000, Sensex dips 340 points, ITC, TCS, Infosys, Axis Bank top drags, Reliance bats for the bulls
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Summary

Indian shares extended losses at close on Friday to hit a fresh seven-month low, in line with broader Asia as investors fled for safety amid lingering fears about global trade and economic growth. The broader NSE Nifty came close to test the key psychological level of 10,000 points, shedding as much as 1.2 percent to its lowest since March 26. The benchmark BSE Sensex declined 1.1 percent to its lowest since April 5. Asian shares fell to a 20-month low despite a bounce on Wall Street overnight, highlighting fragile investor confidence. IT giants Infosys Ltd and Tata Consultancy Services Ltd (TCS) were the top drags on Friday. This blog will keep you posted on the latest updates and developments from the stock markets today:

Live Updates

Sensex gainers and losers: Yes Bank falls 9%, Axis Bank 4%, IndusInd Bank 3%, TCS 3%##Sensex gainers and losers: Yes Bank falls 9%, Axis Bank 4%, IndusInd Bank 3%, TCS 3%

Closing Bell: Nifty holds 10,000, Sensex dips 340 points, ITC, TCS, Infosys, Axis Bank top drags, Reliance bats for the bulls

Closing Bell: Sensex, Nifty close 1% lower, Nifty holds 10,000##Closing Bell: Sensex, Nifty close 1% lower, Nifty holds 10,000


The Sensex ended 341 points lower, or 1.01 percent, to close at 33,349, while the Nifty settled at 10,030, down by 95 points, or 0.94 percent. TCS, Infosys, ITC, Axis bank were top drags on indexes, while Reliance and HDFC batted for the bulls. Bank Nifty ended below 25,000, at 24,421, falling nearly 400 points, or by 1.6 percent. 

Kirloskar Oil gains 10% as July-September PAT jumps 38% on year##Kirloskar Oil gains 10% as July-September PAT jumps 38% on year

Shares of Kirloskar Oil Engines rose 10 percent as the company's July-September net profit jumped 38 percent on year to Rs 412.3 million. The company's net revenue from operations rose to Rs 7.6 billion in July-September from Rs 6.5 billion in the year-ago period. At 3pm, shares of the company traded 8.6 percent higher at Rs 221.15. 

Dr. Reddy's reports Q2 margin at 340 bps, bottomline above 70%##Dr. Reddy's reports Q2 margin at 340 bps, bottomline above 70%

Market update: Sensex, Nifty slip further dragged by IT, FMCG and bank stocks##Market update: Sensex, Nifty slip further dragged by IT, FMCG and bank stocks


Indian shares extended losses ahead of close dragged by IT, FMCG and bank stocks. The Sensex traded at 33,424.44, down by 265.65 points, or 0.79 percent, while the Nifty slipped by 74 points, or 0.73 percent, to trade at 10,051.45. Midcaps also turned red erasing gains from the afteroon trade. The Nifty MidCap traded lower by 0.20 percent, while the BSE MidCap also slipped 0.18 percent. Among index gainers, UPL, Tata Motors, Titan, Bajaj Auto, Reliance, Tata Steel and Hero MotoCorp surged by up to 3.6 percent. Yes Bank, JSW Steel, HCL Technologies, Axis Bank, Grasim, IndusInd Bank, Infosys and ONGC traded lower by up to 9 percent. 

ITC shares trade weak after in-line Q2 results##ITC shares trade weak after in-line Q2 results


Shares of ITC traded at Rs 278.25, declining by 3.23 percent. The index heavyweight stock has trended lower through the day. The FMCG major's Q2 earnings came in-line with market expectations. It reported Q2 earnings with net profit at Rs 2,955 crore Vs CNBC-TV18 poll of Rs 2,907 crore. Cigarette revenue went up 10.4 percent at Rs 5,026 crore against Rs 4,554 crore on YoY basis, while Cigarette EBIT has been up 8.7 percent at Rs 3,579 crore against Rs 3,292 crore on YoY. Hotels revenue is up 20.8 percent at Rs 362.5 crore against Rs 300.2 crore YoY.

Banking Secretary Rajeev Kumar: Govt to soon announce measures to curb liquidity, asset quality issues##Banking Secretary Rajeev Kumar: Govt to soon announce measures to curb liquidity, asset quality issues

Market update: Sensex, Nifty dip 0.7%, ITC shares fall 2.5%##Market update: Sensex, Nifty dip 0.7%, ITC shares fall 2.5%

The Nifty traded lower by 70 points, or 0.68 percent, at 10,055, while the Sensex dipped 163 points, 0r 0.49 percent, to 33,526. Shares of ITC traded lower at Rs 280.25, dipping 2.52 percent. The stock was the top drag on indexes, along with Infosys and TCS. Yes Bank, Axis Bank, HDFC Bank, ONGC were other laggards. Gains in Reliance and HDFC limited losses to some extent. 

Ujjian, Equitas trade at record lows##Ujjian, Equitas trade at record lows

Edelweiss Financial Services recovers from 52-week low, stock 5% up, Nifty turns green##Edelweiss Financial Services recovers from 52-week low, stock 5% up, Nifty turns green


Shares of Edelweiss Financial Services traded at the day's high of Rs 140.55, rising nearly 5 percent on the NSE at 12.23 pm. The share price jumped 10 percet from a 52-weel low of Rs 128.50 intra-day. Meanwhile, the Nifty traded in the green just above flatline, at 10,128, up by 3 points, or 0.03 percent. The Sensex also reduced its losses, with the 30-share BSE index trading at 33,623, down by 67 points, or 0.20 percent. 

Tyre stocks gain on high volumes; Ceat outperforms peers##Tyre stocks gain on high volumes; Ceat outperforms peers

Ujjivan Financial sinks 19.5% on plans to list bank arm##Ujjivan Financial sinks 19.5% on plans to list bank arm

Shares of Ujjivan Financial Services plummeted 19.5 percent to hit their record low of Rs 177.35 after the company said it will list its small finance bank arm on the stock exchanges. Brokerage firm Macquarie said the listing of the small finance bank subsidiary will lead to investors attaching a holding company discount to shares of Ujjivan Financial Services, which implies that its stock will have a lower valuation compared to its subsidiary. A holding company discount exists because of limited free-float of the stock, tax inefficiency related to a holding company and additional administrative costs. As per RBI mandate, Ujjivan Small Finance Bank must list on the stock exchanges by January 31, 2020. The company said it will approach the RBI for an approval to merge with its subsidiary Ujjivan Small Finance Bank closer to the listing of the arm. At 11.50 am, shares of Ujjivan Financial Services were down 17.4 percent at Rs 177.15. (Cogencis)

Bharti Airtel shares recover, Sensex, Nifty cut losses##Bharti Airtel shares recover, Sensex, Nifty cut losses

Shares of Bharti Airtel traded at Rs 301.25, nearly 2 percent up on the NSE at 11.10 am. The stock recovered from the day's low of Rs 287, after opening at Rs 297.10. Meanwhile, benchmark indexes reduced their losses with the Nifty trading down by 54 points, or 0.53 percent, at 10,071. The Sensex traded at 33,549.81, down by 140 points, or 0.42 percent. 

Here's what CNBCTV18's poll on ICICI Bank's Q2 results says##Here's what CNBCTV18's poll on ICICI Bank's Q2 results says

Indiabulls Housing down 6% for 2nd session##Indiabulls Housing down 6% for 2nd session

Shares of Indiabulls Housing Finance fell over 6 percent, declining for the second straight trading session. It traded at Rs 684.50, down by nearly 0.7 percent at 10.35 am. The stock opened at 691 and fell to the day's low of Rs 645.25. 

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