Sensex Today: Sensex ends 167 points lower, Nifty at 11,512 mark, Indiabulls group stocks under pressure

Opening Bell

Equity indices opened marginally lower on Friday, although recovered early losses to trade on bullish grounds by the first hour of morning trade.

FII/DII

Foreign institutional investors (FIIs), who were net sellers for the last few sessions, bought equities worth a net Rs 737.17 crore on Thursday, according to provisional exchange data. 

Market Update

Domestic stocks declined in the early trade amid weak global cues. Market benchmark BSE Sensex was down by 14.91 points or 0.04 per cent at 38,974.83 while the broader NSE Nifty slipped by 18.3 points or 0.16 per cent to 11,552.90.

Oil prices decline

Brent crude oil prices eased after a quick recovery in Saudi Arabia's production which was hit by attacks at its refineries. The Brent North Sea crude declined 0.8 per cent to USD 62.21 per barrel.

Rupee opens lower

The rupee slipped to 70.93 against the US currency in opening trade on Friday amid a stronger dollar in overseas markets.

The domestic currency was trading lower by 5 paise at 70.93 at 0925 hrs against the US currency. The rupee moved in a range of 70.93 to 70.89 at the interbank foreign exchange market in opening trade.

It had closed at 70.88 on Thursday on foreign fund inflows.

Rupee vs Dollar: Rupee slips to 70.93 against USD amid stronger dollar in overseas markets

FM:Economic growth to improve by second half of FY20

 India’s economic growth is likely to pick up in the October-March period as consumer demand is expected to improve, Finance Minister Nirmala Sitharaman said on Thursday.

Sithraman in a press conference in New Delhi told reporters that lenders have enough liquidity and retail credit growth is likely to pick up in the festival season starting October. India’s economic growth in April-June fell to a six year low of 5%.

 

Liquidity isn't a problem: FM Sitharaman

Yesterday, FM briefed the media after her meeting with members of the banking sector and a few housing finance companies and non-banking finance companies. Sitharman said that none of those present spoke of a crunch in liquidity, and she expected demand to rise during the festival season.

The Finance Minister said that even if there was a problem in liquidity, it was in the wholesale financing, and not in the retail.

 FM expects economy to be back on track in next 6 months.

'Liquidity isn't a problem': FM Sitharaman calls meeting with private banks, NBFCs 'tonic-like'

Nestle India replaces Indiabulls Housing in Nifty 50 today

Nestle India has replaced Indiabulls Housing Finance in the benchmark Nifty 50 index today.
“The replacement will also be applicable to the Nifty 50 Equal Weight Index," NSE had said in a release.

Market Update

Sensex Today: Equity indices turned bearish on Friday, amid weak global cues. As of 1030 IST, Sensex trades 100 points lower at 38,862 level and Nifty50 trades 40 points lower at 11,528 level.

According to traders, market volatility has heightened as concerns over US President Donald Trump's impeachment inquiry has made investors nervous around the globe.

 

Auto stocks trading lower

Auto stocks were trading in the red on Friday, with  scrips like Mahindra & Mahindra (down 1.67 per cent) , Hero MotoCorp (down 1.24 per cent) , Bosch (down 0.98 per cent) and Eicher Motors (down 0.90 per cent)

 

Global Market Update

Benchmark indices are trading lower on Friday, on account of weak global cues. Asian markets opened on a soft note, as the release of a whistleblower complaint against U.S. President Donald Trump heightened uncertainties about the global economy, already reeling from Sino-U.S. trade war. Nikkei and Hong Kong Index declined 0.5% each.  On the Singaporean Exchange, SGX Nifty declined 0.3%.


On Wall Street, US Dow Jones declined 0.3% on concern of US-China trade war as investors awaited the next developments in a week dominated by political dramas and a lack of clarity over trade.


 

Sensex pack: Gainers/Losers

Top losers in the Sensex pack in early trade included Yes Bank, Tata Motors, Vedanta, Tata Steel, Asian Paints, ONGC, ICICI Bank, Kotak Bank, IndusInd Bank and Hero MotoCorp, shedding up to 3 per cent.

On the other hand, ITC, NTPC, Infosys, Bajaj Finance, SBI, HCL Tech, HDFC and Maruti rose up to 2 per cent.

Gold trades rangebound

Gold turned rangebound as traders look cautiously at global developments, amid high geopolitical tensions, continued global economic slow-down.

 

Strides Pharma hits fresh 52-week low

Strides Pharma stock fell 6% to hit a new 52-week low of Rs 308 on Friday's trading session, after the Pharmaceutical firm announced that it has received an Information Request (IR) from the USFDA to provide test data related to Nnitrosodimethylamine (NDMA) impurities in Ranitidine tablets.

Reacting to the lastest developements, the share pric eof Strides Pharma fell 6% to the day's low of Rs 308.60, agaisnt the last closing price of Rs 328.60, also its fresh 52-week low. the stock has fallen 13.56% in the last 5 trading sessions and tardes lower than 5, 20, 50, 100 and 200-day moving averages.

Strides Pharma Science announced that while the company conducts the relevant tests mandated by the USFDA, it has suspended sales of ranitidine tablets in the US market until such time it has clarity of next steps as would be indicated by the USFDA. Ranitidine tablets was amongst the top 5 products sold by the company in the USA, as per company's earlier filing.

Rupee update

Between June 28, 2019 and March 29, 2019, there was an appreciation in the value of Rupee against the US dollar by 0.1 per cent.

FDI/FPI

The net foreign direct investment to India increased substantially and the net foreign portfolio investment turned positive in Q1 of 2019-20 in comparison to the corresponding period in 2018-19. In Apr-Jun 2019, FDI inflow stood at Rs 14,491 cr against Rs 9,572 cr recorded in Apr-Jun 2018 and Rs 7,144 cr in Apr-Jun 2017 . Similarly, FPI inflows recorded during Apr-Jun 2019 stood at Rs 3,938 cr aginst the negative balance of Rs -8,145 cr in Apr-Jun 2018, although lower than Rs 12,452 cr recorded in Apr-Jun 2017.

Public Debt for the Q1 FY20

As per Quarterly Report on Public Debt Management – Q1 FY20 (April to June 2019), Public debt accounted for 89.4% of total outstanding liabilities at end-June 2019. Nearly 28.9% of the outstanding dated securities had a residual maturity of less than 5 years.

The total liabilities (including liabilities under the ‘Public Account’) of the Government, increased to Rs 88,18,392 crore at end-June 2019 from Rs 84,68,086 crore at end-March 2019.

The gross fiscal deficit (GFD) of the Central Government for 2019-20 has been budgeted, in
the Regular Budget, at Rs 7,03,760 crore or 3.3 per cent of GDP as compared to Rs 6,34,398 crore or 3.4 per cent of GDP in 2018-19 RE.

Gross and net market borrowings of the Central Government for FY20 have been budgeted at
Rs 7,10,000.0 crore and Rs 4,23,122.0 crore.

Q-o-Q Total Central Govt debt has increased 4.1% by Q1FY20.

FIR against Lakshmi Vilas Bank board members for 'cheating, conspiracy', shares locked at lower circuit

The shares of Lakshmi Vilas Bank were locked at 5% lower circuit on Friday's trading session after the Economic Offences Wing in New Delhi registered a First Information Report (FIR) against the board members of the Lakshmi Vilas Bank (LVB).

The FIR is based on a complaint filed by Religare Finvest Limited (RFL) pertaining to adjustment of their deposits to the dues of RHC Holding Pvt. Ltd and Ranchem Pvt Ltd. The bank is considering appropriate legal measures to counter the same.
 

Unitech slips 5% on show-cause notice from Noida authority

 
Shares of Unitech tanked to a 52-week low of Rs 0.61, hitting 5 % lower circuit on Friday after the real-estate company announced in a clarification notice to the excahnges that it was issued a show-cause notice by the Noida authority.

The share price has tumbled 78% in the last year. As per the filing, the company is in the process of exploring appropriate legal recourses.


 

NTPC declares commercial operation of unit 1 of Lara Super Thermal Power Station, shres rise 2%

National Thermal Power Corporation Limited rose 2.1% to the intrday high of Rs 119.10, after the PSU informed to the exchanges that the Unit-1 (800MW) of Lara Super Thermal Power Station (2*800MW) will be declared on commercial operation w.e.f 00:00 hours of 30th Sep, 2019.

The filing added," With this, the commercial capacity of Lara Super Thermal Power Station, NTPC and N~PC group will become 800 MW, 47325 MW and 55786 MW respectively".