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Closing Bell: Sensex, Nifty end sharply lower, Kotak Mahindra, HDFC, Reliance biggest drag, Sun Pharma, Jet Airways rise

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The Sensex settled at 37,663.56, sharply lower by 188.44 points, or 0.50 percent, while the Nifty 50 dipped below the 11,400 markt, to settle at 11,385.05, down by 50.05 points, or 0.44 percent. The benchmark indexes opened in the red tracking weak global cues and as the Indian rupee hits a record low against the dollar on Thursday. All sectors except IT, auto and pharma were trading lower with banks and financial stocks being among top drags. Midcaps too ended in the red. Here are the main highlights and developments from the stock markets today:

Closing Bell: Sensex, Nifty end sharply lower, Kotak Mahindra, HDFC, Reliance biggest drag, Sun Pharma, Jet Airways rise
  • Sun Pharma, Bharti Airtel among top Sensex gainers##Sun Pharma, Bharti Airtel among top Sensex gainers

    Closing Bell: Sensex, Nifty end sharply lower, Kotak Mahindra, HDFC, Reliance biggest drag, Sun Pharma, Jet Airways rise
  • Closing Bell: Sensex, Nifty close sharply lower##Closing Bell: Sensex, Nifty close sharply lower

    The Sensex settled at 37,663.56, sharply lower by 188.44 points, or 0.50 percent, while the Nifty 50 dipped below the 11,400 markt, to settle at 11,385.05, down by 50.05 points, or 0.44 percent. The benchmar indices slipped further in the last hour of trade after recovering from opening levels. Kotak Mahindra Bank was the top loser, shedding nearly 4 percent after the RBI rejected its preferential issue. The bank contibuted nearly 140 points to NiftyBank's fall, while HDFC, Kotak Mahindra Bank, Reliance Industries contributed 45 points to Nifty's decline. 

     
  • Jet Airways shares spike over 6% on Blackstone Group deal##Jet Airways shares spike over 6% on Blackstone Group deal

    Shares of Jet Airways trade higher by 6.18 percent at Rs 300.80, gaining Rs 17.50 in value, on the BSE at 3.17 pm. The aviation company's stock spiked after reports of Blackstone Group LP to buy stake in co’s loyalty programme Jet Privilege Private Ltd, valued at Rs 3000-4000 crore rupees. The deal would be dependant on Jet Airways securing adequate funding for its airline operations. Jet Airways, Etihad Airways jointly own Jet Privilege.

  • Maruti Suzuki increases price of cars upto Rs 6,100 ex-showroom Delhi, w.e.f August 16##Maruti Suzuki increases price of cars upto Rs 6,100 ex-showroom Delhi, w.e.f August 16

  • Market update: Sensex, Nifty extend losses ahead of close##Market update: Sensex, Nifty extend losses ahead of close

    The BSE Sensex trades 166 points down, or by 0.44 percent, to 37,685, while the NSE Nifty 50 is lower by nearly 42 points, or 0.37 percent, to 11,393.25.

  • GAIL India hits over 21-yr high; technicals suggest more upside##GAIL India hits over 21-yr high; technicals suggest more upside


    State-run gas utility GAIL (India) Ltd’s shares rise as much as 5.16 pct to Rs 399.4, their highest since March 20, 1997. Stock breaks above a resistance at Rs 392.2, the 38.2 percent Fibonacci projection level of the uptrend from August 25, 2015 low to December 28, 2017 high. Breakout is supported by volume as the 5-day average volume is 46 percent higher than its 50-day average. Breakout suggests the stock may now rise up to the next resistance at Rs 421, the 50 percent projection level. Stock’s wave pattern suggests it is in the initial wave of a five-wave uptrend. MACD is positive and above its signal line. Stock is up 1.35 percent this year as of last close, underperforming the broader NSE Index’s 8.6 percent gains in the same period. (Reuters)

  • Market update: Sensex, Nifty cut losses, weak rupee weighs on indexes##Market update: Sensex, Nifty cut losses, weak rupee weighs on indexes

    Indian markets cut losses ahead of the last hour of trading on Thursday but still trade lower on account of weakness in rupee against the dollar. The BSE Sensex was trading at 37,749.56, down by over 102 points, or 0.27 percent, while the NSE Nifty 50 was above 11,400, trading at 11,403.25, nearly 32 points down, or 0.28 percent. Meanwhile, the Nifty IT index today hit its lifetime high of 15122.65 points, aided by shares of Infosys touching hit a lifetime high of Rs 1,432 as the Indian rupee extended losses against the US dollar. So far in 2018, shares of Infosys have risen 37 percent, while those of Tata Consultancy Services have risen 48 percent. Tech Mahindra has risen 33 percent. These three stocks have outperformed the Nifty IT, which has gained 29 percent so far in 2018. Among the under-performers, were shares of HCL Technologies having risen 12.2 percent so far this year, while those of Wipro have declined 11 percent in the same period.

  • Bharti Airtel among Sensex gainers##Bharti Airtel among Sensex gainers


    Bharti AXA Life Insurance & Airtel Payments Bank announce alliance to offer 'Pradhan Mantri Jeevan Jyoti Bima Yojana'. Bharti Airtel shares jump over a percent to Rs 370.55 at 1.41 pm on the BSE. Meanwhile, benchmark indexes, the Sensex and the Nifty 50 slipped lower in the afternoon trade on Thursday after the Indian rupee touched a new low of 70.39 against the dollar. Midcaps too have failed to sustain recovery seen around noon and have slipped lower in the red. BSE MidCap is down by 0.28 percent. Only Auto, FMCG, IT, Pharma and PSU Bank trade in the green. Nifty Metal is down by 2.22 percent. BSE Telecom is flat, higher by just 0.05 percent.

  • Sensex down by 125 points, Nifty below 11,400 on rupee slide to 70.39/$##Sensex down by 125 points, Nifty below 11,400 on rupee slide to 70.39/$

  • Worst over, says banking secretary Rajiv Kumar, PSU Bank stocks rise##Worst over, says banking secretary Rajiv Kumar, PSU Bank stocks rise

    The Nifty PSU Bank index rose 1.3 percent today after banking secretary Rajiv Kumar said that the "worst is over" for state-owned banks in terms of asset quality. The secretary said asset quality and operating profit of state-owned banks are improving, adding that the government will provide additional capital to these banks whenever required. Shares of IDBI Bank, Punjab National Bank, Union Bank of India, Canara Bank, Allahabad Bank, and State Bank of India rose 0.9-4.2 percent. At 1.05 pm, the Nifty PSU Bank index was up 1.1 percent. (Cogencis)

  • MMTC falls on weak June quarter results##MMTC falls on weak June quarter results

    Shares of MMTC Ltd were down 3.3 percent at Rs 32.2, their biggest percent loss since July 16 after the company on Tuesday reported a 45 percent fall in June quarter profit to Rs 9.94 crore. Revenue from operations fell to Rs 5,088 core from Rs 6,320 crore last year. Stock is down nearly 32 percent this year as of last close. Shares traded at Rs 32.35, down by 3.14 percent at 1 pm on the BSE.

  • HDIL shares jump 16% after strong June earnings##HDIL shares jump 16% after strong June earnings

    Shares of Housing Development & Infrastructure Ltd (HDIL) rose 16 percent to hit their three-month high of Rs 30.10 after the company reported strong earnings for the quarter ended June. On Tuesday, the stock had risen 11.4 percent after the company reported a net profit of Rs 2.47 million for April-June as against Rs 75.4 million in the year-ago period. The consolidated revenue from operations was Rs 1.7 billion as against Rs 858.2 millio in the year-ago period. At 12.30 pm, shares of HDIL traded 13 percent higher at Rs 29.30. (Cogencis)

  • Dilip Buildcon rises on strong Q1 results##Dilip Buildcon rises on strong Q1 results

    Shares of Dilip Buildcon Ltd rose as much as 4.8 percent to Rs 888, its highest in over a week, after the construction and engineering company's profit more than doubled to Rs 255 crore ($36.34 million). Revenue from operations for the quarter surged 46.4 percent to Rs 2,436 crore. More than 252,700 shares traded vs 30-day average of 398,635 shares. As of last close, stock up 61.8 percent in the last 12 months. Shares traded at Rs 853, rising by 1.05 percent on the BSE at 12.46 pm.

    Meanwhile, the BSE Sensex trades lower by 42 points, or 0.11 percent, to 37,809.47, while the Nifty 50 was down by 13 points, or 0.11 percent, to 11,422.40. Nifty MidCap was up by 0.33 percent, while the BSE MidCap was higher by 0.22 percent. Nifty Bank trades lower by 0.24 percent, however, PSU Bank surged by 1.16 percent. Nifty Private Bank was lower by 0.26 percent. 

  • Buzzing stocks: Zensar up over 10%, Cyient, Bhushan Steel, Sonata Soft also rise##Buzzing stocks: Zensar up over 10%, Cyient, Bhushan Steel, Sonata Soft also rise

  • Kerala floods impact: Muthoot Finance, Manappuram Finance trade lower##Kerala floods impact: Muthoot Finance, Manappuram Finance trade lower


    Kerela-based companies such as Muthoot Finance, Manappuram Finance, and Kitex slipped up to 2 percent in morning trade on Thursday amid worsening flood situation in the state, Moneycontrol reported. Muthoot Finance was trading 0.68 percent, Manappuram Finance was down by 1.01 percent while Kitex Garments was trading 1.7 percent lower, it added. 

    Also, keep track of all the latest updates and developments from the state in our Kerala floods live blog

  • Reliance becomes the company with highest weightage in Nifty after 6 years##Reliance becomes the company with highest weightage in Nifty after 6 years

  • Market update: Sensex, Nifty trade flat, Kotak Mahindra Bank slips 3%##Market update: Sensex, Nifty trade flat, Kotak Mahindra Bank slips 3%

    Market trades flat, recovering from the day's low seen in early trade on Thursday. The BSE Sensex was trading near flat-line, down by 0.21 points to 37,851, while the NSE Nifty 50 is down by 0.80 points, at 11,434 at 11.25 am. Shares of Kotak Mahindra Bank were down by nearly 3 percent, leading the laggards on the BSE index, followed by Vedanta which was down by 2.46 percent. HDFC was lower by 1.52 percent, Wipro at 1.52 percent lower, HDFC Bank slipped lower to 0.83 percent. Shares of Sun Pharma, Axis Bank, ICICI Bank, Coal India, Infosys gained by up to 2.26 percent. BSE MidCap wsa flat at 0.16 percent higher, while Small Cap index rose 0.40 percent. On the NSE, MidCap was higher by 0.17 percent, while sectoral indices led by pharma, IT, Auto, PSU Bank and FMCG traded in the green. Pharma was up by 1.02 percent. Nifty Realty was the top drag, down by 1.51 percent, along with Nifty Metal at 1.39 percent. Media, Fin Service, and Nifty Bank were also down by up to 0.72 percent. 

  • Vedanta falls nearly 3.5%, Nifty Metal slips over 1.5%##Vedanta falls nearly 3.5%, Nifty Metal slips over 1.5%


    Shares of Vedanta declined by 3.35 percent to Rs 207.90 on the BSE at 10.19 am after global base metal prices fell sharply over rising concerns of slowdown in emerging markets, including China. The ongoing trade tussle between Beijing and Washington trade tussle further weighed on sentiments. On Wednesday, copper prices, a leading indicator of global economic health, slipped into a bear market. Shares of Hindustan Zinc, Vedanta, Hindalco Industries, JSW Steel, Jindal Steel & Industries, SAIL, Tata Steel and MOIL also fell. Nifty Metal sank 1.70 percent. Meanwhile, market trades flat after recovering from early losses with the BSE Sensex down by 27 points or 0.07 percent to 37,824, while the NSE Nifty 50 was lower by 5.45 points, or 0.05 percent, to 11,429.

  • Axis Bank, Sun Pharma lead among Sensex gainers, Kotak Mahindra Bank among losers##Axis Bank, Sun Pharma lead among Sensex gainers, Kotak Mahindra Bank among losers

    Closing Bell: Sensex, Nifty end sharply lower, Kotak Mahindra, HDFC, Reliance biggest drag, Sun Pharma, Jet Airways rise
  • Market update: Sensex, Nifty trade lower##Market update: Sensex, Nifty trade lower

    The BSE Sensex was trading lower at 37,736.53, down by 115.47 points, or 0.31 percent, while the Nifty 50 was at 11,403.70, slipping by 31.40 points, or 0.27 percent at 9.45 am. 

  • Rupee recovers from lows##Rupee recovers from lows

  • Opening Bell: Sensex, Nifty open in the red, Nifty Bank falls sharply##Opening Bell: Sensex, Nifty open in the red, Nifty Bank falls sharply

    The BSE Sensex and the NSE Nifty 50 opened in the red tracking weak global cues and as the Indian rupee hits a record low against the dollar on Thursday. The Sensex was trading over 202 points lower, down over half a percent, to 37,649.13, while the Nifty 50 shed nearly 38 points, or 0.33 percent, to 11,397, falling below the 11,400 mark at 9.16 am. All sectors except IT and pharma were trading lower in the initial trade. Nifty Bank dropped 0.66 percent while midcaps were trading lower by 0.35 percent.

  • Market opens in the red as Rupee trades at record low, banks underperform##Market opens in the red as Rupee trades at record low, banks underperform

  • Rupee opens at a record low of 70.19 against the dollar, slips further to 70.26/$##Rupee opens at a record low of 70.19 against the dollar, slips further to 70.26/$

    The Indian rupee opened at a record low of 70.19 against the dollar and it further slipped to 70.26 in initial trade. On Tuesday, the home currency closed at 69.89. It hit 70 to the dollar for the first time on Tuesday, falling 15 paise intraday due to sharp depreciation in the Turkish lira. The rupee has fallen more than 9 percent year-to-date and around 2 percent in August.

  • Sebi plans to stipulate framework for timely disclosure of loan default##Sebi plans to stipulate framework for timely disclosure of loan default

    Markets regulator Securities and Exchange Board of India (Sebi) is looking to stipulate a framework for timely and detailed disclosures of loan defaults by listed entities to enhance transparency. Several companies and rating agencies have come under the regulatory scanner for failing to make timely disclosure about the loan default risks.

  • Gold prices sink to 19-month low amid strong dollar##Gold prices sink to 19-month low amid strong dollar


    Gold prices shed over one percent on Thursday to hit their lowest in more than 19 months, with the US dollar holding steady near a recent peak as concerns about a Turkey crisis and China's economic health weighed on emerging market currencies.

  • Here is a list of stocks that will be on radar today##Here is a list of stocks that will be on radar today

  • Here's a list of brokerages' calls on specific stocks##Here's a list of brokerages' calls on specific stocks

    Downside risks include a sharp decline in VSF prices, says JPMorgan on Grasim; OVERWEIGHT at a TP of Rs 1,350.

    Outlook for the VSF business remains constructive, says MS on Grasim; OVERWEIGHT at a TP of Rs 1,329.

    Volume growth to be robust in both VSF & chemicals businesses, says DB on Grasim; BUY at a TP of Rs 1,380.

    RBI says issuance of Perpetual Non-Cumulative Preference Shares does not meet promoter holding dilution requirement, says Citi on Kotak Mahindra Bank; BUY at a TP of Rs 1,565.

    RBI rejects promoter holding reduction Via PNCPS issuance, says MS on Kotak Mahindra Bank; OVERWEIGHT at a TP of Rs 1,435.

    RBI rejection could impact the stocks’ performance, says GS on Kotak Mahindra Bank.

    Adjusted for lower R&D spend & tax rate, Q1 performance in-line with estimates, says Macquarie on Sun Pharma; NEUTRAL at a TP of Rs 522.

    Q1 earnings ahead of estimates on strong traction in US, says Citi on Sun Pharma; NEUTRAL at a TP of Rs 600.

    Focus is on operating profits & avoiding lumpy corporate provisions, says Macquarie on ICIC Bank; OUTPERFORM at a TP of Rs 416.

  • Sun Pharma, Dr Reddy's Labs in focus after USFDA nod##Sun Pharma, Dr Reddy's Labs in focus after USFDA nod

    Sun Pharma has recieived the US Food and Drug Administration nod for Immunosuppressant, Cequa solution (0.09% strength), while Dr Reddy's Labs for cancer drug, Imatinib Mesylate (100-400 mg).

  • Rupee: Turns on a dime, read Latha Venkatesh's detailed analysis##Rupee: Turns on a dime, read Latha Venkatesh's detailed analysis