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Closing Bell: Sensex slumps 700 points, Nifty below 10,800 on global sell-off, Reliance, Infosys, ICICI Bank, HDFC Bank, TCS, ITC drag

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Indian shares slumped 2 percent on Friday, tracking broader Asian weakness amid fragile investor sentiment. The Sensex slumped nearly 700 points to trade below the 36,000 level, while the Nifty slipped below 10,800, declining by almost 200 points. PSU downstream companies of HPCL and BPCL, Coal India, NTPC, Tata Motors were among major gainers, while IOC, UPL, Indiabulls Housing, Zee Entertainment, Maruti Suzuki, Asian Paints, Infosys, ICICI Bank and Yes Bank dipped. Here are the main highlights from the stock markets today:

Closing Bell: Sensex slumps 700 points, Nifty below 10,800 on global sell-off, Reliance, Infosys, ICICI Bank, HDFC Bank, TCS, ITC drag
  • Sensex heatmap at close: NTPC top gainer, Wipro top loser##Sensex heatmap at close: NTPC top gainer, Wipro top loser

    Closing Bell: Sensex slumps 700 points, Nifty below 10,800 on global sell-off, Reliance, Infosys, ICICI Bank, HDFC Bank, TCS, ITC drag
  • Closing Bell: Sensex, Nifty shed 2%, only 5 Nifty stocks in the green##Closing Bell: Sensex, Nifty shed 2%, only 5 Nifty stocks in the green

    The Sensex settled at 35,742, down by 689 points, or 1.89 percent, while the Nifty closed 200.70 points lower, or 1.83 percent, to settle at 10,751. Benchmark indexes turned negative for the week. Only 5 stocks advanced on the NSE frontline index. HPCL, BPCL, Coal India, NTPC, PowerGrid Corp, gained by up to 2.31 percent. IOC, UPL, Adani Ports, ZEEL, Maruti Suzuki, dipped by up to 5.44 percent. The Nifty MidCap plunged 1.58 percent and the BSE MidCap declined 1.79 percent. Reliance Industries, TCS, Infosys and HDFC twins dragged indexes, while ICICI Bank and HDFC Bank contributed around 300 points to Nifty Bank fall.  

  • Bank unions call for strike; demand better pay, withdrawal of BoB, Vijaya bank, Dena Bank merger##Bank unions call for strike; demand better pay, withdrawal of BoB, Vijaya bank, Dena Bank merger


    A union of public sector bank officers has called for a strike on Friday, demanding immediate wage revision and protesting merger of the state-owned banks. The strike call given by the All India Bank Officers’ Confederation (AIBOC) expected to hit banking operations across the country. While the United Forum of Bank Unions (UFBU), an umbrella body of the top nine bank unions, has also decided to observe a strike on December 26.

    Read full report here

  • Zee Entertainment down 9% this week, worst hit among Nifty 50##Zee Entertainment down 9% this week, worst hit among Nifty 50


    Shares of Zee Entertainment Enterprises were the worst hit on the Nifty 50 index this week, down nearly 9 percent after the Bank of America Merrill Lynch downgraded the company's shares. The foreign brokerage said that the company is susceptible to de-rating, given its lack of technological expertise in an intensely competitive market for digital content. The brokerage had also slashed the target price for the shares by more than 20 percent to Rs 375.

  • Sensex, Nifty turn negative for the week##Sensex, Nifty turn negative for the week

  • Aurobindo Pharma receives USFDA approval, Sensex falls over 500 points, Nifty gives up 10,800##Aurobindo Pharma receives USFDA approval, Sensex falls over 500 points, Nifty gives up 10,800

    Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Potassium Chloride ExtendedRelease tablets, 8 mEq (600 mg) and 10 mEq (750 mg). Shares traded at Rs 717.80, down by 1.07 percent on the NSE at 2.23 pm. Meanwhile, benchmark indexes extended losses with the Sensex falling over 552 points, or 1.52 percent, to 35,870.20. The Nifty declined 170 points, or 1.55 percent, to trade at 10,781.

  • UPL down 4% due to concerns over weak demand in Europe##UPL down 4% due to concerns over weak demand in Europe


    Shares of UPL fell over 4 percent due to concerns about a slowdown in demand in Europe, even as the company said that the drought in Europe would not impact its sales. The stock had fallen earlier this week due to concerns that a drought situation and heat waves in Europe earlier in the year might impact demand for agrochemical products. Europe accounts for about 13 percent of the company's sales. 

  • Texmaco Rail off lows on Rs 5 billion order win, Sensex slips below 36,000##Texmaco Rail off lows on Rs 5 billion order win, Sensex slips below 36,000

    Shares of Texmaco Rail & Engineering were off lows after the company won an order worth Rs 5 billion from the Indian Railways in a tender for 1,621 wagons. At 1.20 pm, shares of the company traded 1.1 percent lower at Rs 59.10. So far today, 886,363 shares of the company exchanged hands on NSE, higher than the one-month, three-month and six-month daily average volumes. Meanwhile, the Sensex slipped below 36,000, trading at 35,980, plunging by 451 points, or 1.24 percent, while the Nifty50 dipped 137 points, or 1.25 percent, to trade at 10,814.

  • HPCL received license of 12 geographical areas for city gas distribution, says CMD Suran##HPCL received license of 12 geographical areas for city gas distribution, says CMD Surana


    CNBC-TV18 spoke to MK Surana, chairman and managing director at Hindustan Petroleum Corp Ltd (HPCL) about the prospects for OMCs for the rest of the financial year. Surana also spoke about the company's gas distribution business after getting license of 12 areas.

    Click to read and watch full interview here

  • Bharti Infratel falls as Bharti Airtel may sell stake##Bharti Infratel falls as Bharti Airtel may sell stake

    Shares of Bharti Infratel fell over 4 percent to Rs 250 as promoter Bharti Airtel intends to sell stake in the telecom infrastructure company. Bharti Airtel has decided to transfer 32 percent of its stake in tower arm Bharti Infratel to its wholly owned subsidiary Nettle Infrastructure Investments to monetise the stake later. After the transfer of about 591.87 million shares is completed, Bharti Airtel's stake in Bharti Infratel will fall to 18.33 percent, while that of Nettle Infrastructure will rise to 35.18 percent.

  • Voltas shares under pressure, falls 1.5%##Voltas shares under pressure, falls 1.5%


    Voltas shares declined 1.5 percent in morning on Friday after Motilal Oswal cut its earnings estimates for current as well as next financial year.

  • Indian Hume Pipe surges 8% on Rs 5 billion order##Indian Hume Pipe surges 8% on Rs 5 billion order

    Shares of Indian Hume Pipe Co gained 8 percent to hit their six-month high of Rs 368.30 after the company said it has received an order worth Rs 5.03 billion from Andhra Pradesh Drinking Water Supply Corp for a project in Guntur district. The company said the drinking water supply project is expected to be completed in two years. On Thursday, shares of the company traded 3.5 percent higher at Rs 353.30. So far in 2018, the stock has shed 21 percent. 

  • CG Power surges over 7% to 1-month high##CG Power surges over 7% to 1-month high


    Shares of CG Power and Industrial Solutions surged over 7 percent to a one-month high of Rs 43.15 spurred by hopes of the company showing better October-December results. Shares of the company were up 5 percent at Rs 42.20, with around 9.3 million shares traded on the NSE versus a daily average of 3.8 million shares. However, so far in 2018, shares of CG Power have fallen 55 percent.

  • Indiabulls Real Estate jumps 4%##Indiabulls Real Estate jumps 4%


    Shares of Indiabulls Real Estate rose nearly 4 percent in early trade after selling its 50 percent stake in two office spaces in Gurugram to the US-based Blacktone Group for Rs 464 crore. The company had said in November that it has signed a non-binding agreement to divest its 50 percent stake in two office assets in Udyog Vihar, Gurugram, but had not named the buyer.

  • Most heavyweight stocks on Nifty trade with cuts##Most heavyweight stocks on Nifty trade with cuts

  • Market update: Sensex, Nifty extend losses, IOC falls 6%##Market update: Sensex, Nifty extend losses, IOC falls 6%

    Indian shares extended losses on Friday, after a largely flat start, draged by sustained selling across most sectors. The Sensex traded at 36,043, down by 388 points, or 1.07 percent at 10.32 am. The Nifty slipped below 10,900, trading at 10,828.90, lower by 123 points, or 1.12 percent. Broader markets fell in tandem with frontline indexes with the Nifty MidCap and BSE MidCap declining over 1 percent each. Only Nifty Metal and PSU Banks advanced, while BSE Realty saw the worst fall among 41 declining sectors. The sectoral index dipped 1.73 percent, while BSE Oil & Gas, BSE Consumer Durables, Nifty CPSE, BSE IT were major losing sectors. Among gainers, only 4 stocks led by Tata Motors advanced. Other gaining shares were Grasim, Tata Steel and UltraTech Cement. IOC, Bharti Infratel, Maruti Suzuki, UPL and Infosys were among the top losers, falling between 5.65 and 2.44 percent. In the currency market, the rupee traded at 69.85 against the US dollar at 10.37 am. 

  • IOC slumps 4% as stock trades ex-dividend##IOC slumps 4% as stock trades ex-dividend


    Shares of Indian Oil Corp fell over 4 percent as the stock traded ex-dividend today. Shares generally trade weak when the stock goes ex-dividend, as stock prices fall by nearly the same amount as the dividend announced. The company had announced an interim dividend of Rs 6.75 per share and the record date for the dividend is December 25.

  • Punjab & Sind Bank jumps 14%##Punjab & Sind Bank jumps 14%

    Shares of Punjab & Sind Bank jumped more than 14 percent to hit an intra-day high of Rs 35.25, reversing its trend of 4 days of consecutive fall. The stock opened with a gain of 12.62 percent at Rs 33.75. The smallcap public sector bank has jumped nearly 20 percent this month but for the last 1 year, it has underperformed, giving negative returns of 28 percent. Shares of Punjab & Sind Bank traded at Rs 34.35, up by 11 percent on the NSE at 9.53 am. The Nifty50 traded lower by 5 points at 10,946.

  • Market gains from opening levels, Nifty above 10,950, Sensex around 36,450##Market gains from opening levels, Nifty above 10,950, Sensex around 36,450

  • PVR shares up 1% on reports of opening new multiplex in Noida##PVR shares up 1% on reports of opening new multiplex in Noida

    Shares of PVR are higher by a percent after it announced the opening of a new multiplex at Ansal Plaza in Greater Noida, UP.

  • NDTV hits upper circuit after signing deal with Taboola##NDTV hits upper circuit after signing deal with Taboola


    Shares of NDTV are locked in 10 percent upper circuit after it signed a deal with Taboola, a content discovery platform. The five-year deal ties NDTV Convergence exclusively to Taboola and involves a minimum guarantee of more than Rs 300 crore for NDTV Convergence. 

  • Infosys, HDFC top index losers in opening trade##Infosys, HDFC top index losers in opening trade

  • Opening Bell: Sensex, Nifty start flat, Indiabulls Housing Fin surges##Opening Bell: Sensex, Nifty start flat, Indiabulls Housing Fin surges 


    The Sensex was down by 50 points, or 0.1 percent, to trade at 36,381, while the Nifty slipped by 10 points, or 0.1 percent, to 10,941 at 9.20am. Midcaps outperformed, rising one quarter of a percent. Among sectors, Nifty IT index is down around half a percent, while energy and pharma are in the negative zone. Automobile names are trading in the green. Indiabulls Housing Finance shares moves upwars of 1.6 percent. Bharti Airtel also rose 1.45 percent. M&M, Hindalco and Tata Motors were other major gainers. Among index losers, IOC, Infosys, HDFC, Titan and Asian Paints slipped by up to nearly 4 percent.  

  • Rupee opens at 69.72 against the US dollar, Sensex, Nifty trade flat##Rupee opens at 69.72 against the US dollar, Sensex, Nifty trade flat

    The rupee has opened flat at 69.72 per US dollar against its Thursday's close of 69.70 per US dollar. It slipped from the opening level to trade near 70 per dollar mark in initial trade. Meanwhile, the Nifty settled at 10,944, down by over 7 points, or 0.1 percent, while Sensex was up by 17 points, or 0.05 percent, to trade at 36,449.

  • Here’s how brokerages rate Axis Bank, Voltas, Infosys and other stocks##Here’s how brokerages rate Axis Bank, Voltas, Infosys and other stocks

    Antique on Axis Bank:
    See improvement in credit cycle and strong CASA ratio with new leadership in place.
    Co would focus on realigning its liabilities, scaling up its retail assets.
    Maintains BUY call, target raised to Rs 770 from Rs 680 per share.

    Motilal Oswal on Voltas:
    Cut earnings estimate by 3% for FY19 and FY20. 
    Have factored in lower sales in UCP segment. 
    Build in flattish growth from the UCP segment in FY19. 
    Maintains NEUTRAL call, target at Rs 600 per share.

    Nomura on ICICI Bank:
    Maintains BUY, target raised to Rs 450 from Rs 415 per share.
    Nearing the end of the last credit recognition cycle. 
    Business model is much more granular than it has ever been.
    Expect PPoP growth to accelerate to 20%+ over FY19-21.
    Loan CAGR seen at 16-17% and NIM improvement by 15 bps over FY19-21.

    Morgan Stanley On IT Services:
    Accenture results point to a stable demand environment. 
    Macro outlook likely to remain uncertain as in the past quarter.
    Lack of positive surprises in Accenture results could be negative for sentiment. 
    Macro commentary remains unchanged.
    Growth in 2019 budgets could moderate a bit.

    Morgan Stanley on Infosys:
    EQUAL-WEIGHT call, target at Rs 759 per share.
    Believe the announcement of a new CFO was largely anticipated.
    Expect the transition to be a smooth one.

    Morgan Stanley on Coal India:
    OVERWEIGHT call, target at Rs 296 per share.
    Estimate total payout of Rs 20 per share for FY19.

    Credit Suisse on Bharti Airtel:
    Maintains NEUTRAL, target at Rs 335 per share.
    Company to monetise a significant stake in Bharti Infratel.
    Monetisation to help co maintain leverage at current levels.

    Axis Capital on IT Services:
    Accenture Q1 ahead of consensus expectation and at the top end of guidance.
    Beat driven by momentum in communication media and technology, resources and Pdts
    Raised lower-end of the guidance with FY19 growth guidance now at 6-8%.
    Momentum in outsourcing and healthy N America growth positive read-through for Indian IT.
    Retain our preference for Infosys and Tech Mahindra
    BUY call on Infosys with a target of Rs 860 per share.
    BUY call on Tech Mahindra with a target of Rs 870 per share.

    JP Morgan on TCS:
    Confident about FY20 despite looming macro headwinds.
    Solid positioning and biz model will enable it to tide over macro pressures better. 
    Lower growth in FY20 may not be factored in at current valuations. 
    Stay NEUTRAL on the stock.

    JP Morgan on Pidilite Industries: 
    Growth levers in place; valuations cap upside. 
    Expect 18% EPS CAGR over FY19-21.
    Volume growth recovery encouraging and should be sustained.
    Premium valuations are supported by strong franchise benefits.
    Raise FY20/21e EPS by 3%-5% led by better margin assumptions. 
    NEUTRAL call, target price at Rs 1,120 per share.

  • Oil prices sink to lowest in a year as stock markets fall##Oil prices sink to lowest in a year as stock markets fall

    Oil prices fell about 3 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a US interest rate rise knocked stock markets. Brent crude futures fell $1.53 to $55.71 a barrel, a 2.7 percent loss, by 10:55 a.m. EST (1555 GMT). US West Texas Intermediate (WTI) crude futures fell $1.55 to $46.62 a barrel, a 3.2 percent loss.

    Read full report from here

  • Top stocks to watch out for on December 21: Infosys, Bharti Airtel, Tata Motors##Top stocks to watch out for on December 21: Infosys, Bharti Airtel, Tata Motors

    ABG Shipyard: The lenders of debt-laden ABG Shipyard on Thursday rejected a proposal by Liberty House to 51 percent equity of the company, said sources familiar with the matter.

    Infosys, Bharti Airtel: Tech giant Infosys on Thursday appointed Nilanjan Roy as its chief financial officer (CFO), the company said in a statement. Roy, who was the global chief financial officer of Bharti Airtel, will join the Bengaluru-headquartered company on March 1, 2019.

    Bharti Airtel: Telecom operator Bharti Airtel board on Thursday constituted a committee to explore options for raising funds to strengthen company's balance sheet. According to reports, the company has plans to raise around $2 billion.

    Tata Motors: Home-grown auto major Tata Motors on Thursday joined hands with self-drive rental car firm Zoomcar to offer the electric version of its compact sedan Tigor in Pune city as part of the shared mobility plans.


    Check out more hot stocks for today

  • 10 things you need to know before the opening bell##10 things you need to know before the opening bell

    Wall Street: US stocks slid on Thursday, with the Nasdaq on the cusp of confirming bear market territory, as the Federal Reserve's plan to continue its balance sheet reduction and the threat of a partial government shutdown fuelled investor anxieties. At its session low, the Nasdaq had tumbled 2.85 percent, pushing the tech-heavy index more than 20 percent below its Aug. 29 closing high. The index, along with the Dow and the benchmark S&P 500, pared losses as the session continued. The Nasdaq ended down 19.5 percent from its closing high, just shy of confirming a bear market.

    Asia stocks: Early Friday, E-Mini futures for the S&P 500 were off another 0.25 percent, while MSCI’s broadest index of Asia-Pacific shares outside Japan went flat. South Korean stocks slipped 0.3 percent and Japan's Nikkei 0.5 percent. The Nikkei had already hit a 15-month low on Thursday when the U.S. Federal Reserve largely retained plans to increase interest rates despite mounting risks to growth.

    Oil: Oil prices slid just over 4 percent overnight, bringing Brent’s losses since its October top to 37 percent. And the dollar suffered its biggest one-day drop on the yen since November 2017 as investors stampeded to safe havens.

    Dollar: The dollar hovered near a one-month low against its peers on Friday, weighed down by a subdued outlook toward US interest rates and the economy, while risk aversion in the broader markets boosted the yen. The dollar index against a basket of six major currencies stood near 96.30 after falling to 96.168 overnight, its lowest since Nov. 20. The index has lost roughly 1.2 percent this week.

    Check out more market opening cues

  • Here's what CLSA's Chris Wood says in Greed & Fear report##Here's what CLSA's Chris Wood says in Greed & Fear report

  • Lenders reject Liberty House bid for ABG Shipyard##Lenders reject Liberty House bid for ABG Shipyard


    The lenders of debt-laden ABG Shipyard on Thursday rejected a proposal by Liberty House to 51 percent equity of the company, said sources familiar with the matter. London-based metals group Liberty House had offered to repay lenders Rs 5,600 crore over 10 years but 98 percent lenders rejected the offer, sources told CNBC-TV18, requesting anonymity.

    Read full report here