Closing Bell: Sensex, Nifty continue downtrend dragged by weak rupee, higher oil prices##Closing Bell: Sensex, Nifty continue downtrend dragged by weak rupee, higher oil prices
Equity indices ended lower for yet another session, sharply extending losses in the last hour of trade as the Indian rupee weakened to fresh low against the dollar at 71.50. Firming up crude oil prices additionally weighed on investor sentiments. The BSE Sensex ended 155 points or 0.40 percent lower at 38,158, while the NSE Nifty 50 settled above 11,500 mark, closing at 11,520, down by 62 points, or 0.54 percent. Sustained selling was seen in midcaps with the Nifty MidCap plunging 540 points or 2.72 percent, while the BSE MidCap dipped 437 points or 2.60 percent. Barring IT and Teck, almost all major sectoral indices ended sharply lower. Nifty Bank shed 1.40 percent, while PSU Bank slumped 3.55 percent.
Asian markets end higher##Asian markets end higher
Most Asian equity indices ended higher because buying shifted to developed markets as investors fretted that the contagion from the sell-off in Argentina could intensify the rout seen in emerging market assets. Chinese blue-chip stocks gained after five straight days of losses, with real estate and banking stocks faring the best. Japan's Nikkei ended flat, while Hong Kong's Hang Seng surged nearly a percent. Shanghai Composite surged over a percent. South Korea's Kospi ended below half a percent.
Cyient recovers after Indian Army order, off from day's low##Cyient recovers after Indian Army order, off from day's low
Shares of Cyient traded lower by just a percent at Rs 729.35 after reports that the company has won order from the Indian army for SpyLite Mini Unmanned Aerial System (UAS) in joint venture With BlueBird. After opening at Rs 739.40, the stock has traded between a high of Rs 763 and a low of Rs 726.80.
Meanwhile, equity indices recovered from the day's losses. The BSE Sensex traded lower 0.40 percent or by 140 points to trade at 38,172, while the NSE Nifty 50 was lower by 0.53 percent, or 61 points, to trade at 11,521.
IDBI Bank falls 3%, no clarity from LIC over open offer##IDBI Bank falls 3%, no clarity from LIC over open offer
Shares of IDBI Bank fell nearly 3 percent today due to lack of clarity from Life Insurance Corporation (LIC) of India on whether it will make an open offer to acquire majority stake in the bank. At 3 pm, shares traded at Rs 59.90, down by 2.04 percent on the BSE.
Reliance Infrastructure trades lower by 3%##Reliance Infrastructure trades lower by 3%
Shares of Reliance Infrastructure traded lower by 3.15 percent to Rs 457.60, losing Rs 14.90 in value. The Reliance Anil Dhirubhai Ambani Group company along with Astaldi consortium has signed an agreement with the Maharashtra government for Versova Sea link project.
L&T Infotech surges nearly 6%, read here why##L&T Infotech surges nearly 6%, read here why
Larsen & Toubro Infotech shares surged 5.75 percent to trade at Rs 1,873, higher by Rs 101.80 on the BSE at 2.47 pm. Shares hit and intra-day high of Rs 1,920, after opening at the day's low of Rs 1,769. The spike in shares came on the back of offer for sale (OFS) by its parent company being oversubscribed. L&T sold an additional 4.63 million shares of L&T Infotech through the over-subscription greenshoe option in the ongoing offer-for-sale, taking the total offer size to 10.53 million shares, after the non-retail portion was over-subscribed on Monday. The offer for sale, which opened for non-retail investors on Monday, saw bids for 29.80 million shares as against 9.47 million shares on offer, as per data on the exchanges. L&T will now offload 6.1 percent stake in L&T Infotech as against 3.4 percent earlier, the parent company said. Bids for 1.05 million shares on offer for retail investors opened today. The OFS by the parent comes on the back of 67 percent gains in the stock so far this year. (Cogencis)
Market update: Sensex, Nifty extend losses as rupee weakens against the dollar, crude prices up##Market update: Sensex, Nifty extend losses as rupee weakens against the dollar, crude prices up
The BSE Sensex traded 141 points lower or 0.37 percent to 38,172, while the NSE Nifty 50 was down by 62 points or 0.53 percent to trade at 11,520 at 2.25 pm. Indices turned sharply negative as the Indian rupee weakened against the dollar to 71.35. Meanwhile, crude prices firmed up with brent rising 1.27 percent to 79.07.
Reliance Home Finance surges 6% to hit 1-month high##Reliance Home Finance surges 6% to hit 1-month high
Shares of Reliance Home Finance rose 6 percent to hit their one-month high of Rs 68.40 after the company said it is in talks with overseas institutional investors to sell a stake. Shares traded at Rs 64.80, up by 0.39 percent on the BSE at 2.23 pm.
Long positions in TCS as weak rupee to aid margins##Long positions in TCS as weak rupee to aid margins
On a day when Tata Consultancy Services shares hit a lifetime high, the September future contracts of the stock also rose with open interest in the contract up nearly 5 percent as the sharp fall in the rupee could boost the company's performance. The company has in the past said gains from the depreciation of the rupee will be used to achieve its goal of having operating margins of 26-28 percent. TCS had reported consolidated operating margin on 25 percent in April-June. In the cash segment, the stock was up 2.3 percent at Rs 2,100.80. In the option segment, the highest open interest was in the 2,100 strike price with the premium rising over 103 percent. (Cogencis)