Sensex Today: Sensex ends 161 points higher, Nifty at 10,844; Tata Steel, BPCL, IOC top gainers

Market Update

 The slowdown in GDP, core sector, auto numbers and the PMI Manufacturing triggered the sharp fall in the indices. Widening trade rift globally and a weak rupee also took its toll on the markets.

(Kotak Securities)

FII/DII

Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained bearish with net selling logged at Rs 2,016.20 crore from Indian equities while domestic institutional investors (DIIs) bought Rs1,251.35 crore on Tuesday.

 

RBI's task force recommends moves to ease credit markets

A task force set up by India's central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors (FPIs) to directly purchase distressed loans from banks.

A task force set up by India's central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors (FPIs) to directly purchase distressed loans from banks.

RBI recommends developing a secondary market for corporate loans

Auto sales data

Sales data from India’s top six car makers, including Suzuki Motor Corp’s and Toyota Motor Corp’s Indian businesses, shows that passenger vehicle sales for August fell 34% compared with the same period a year ago. These six manufacturers make up more than 90% share of the market. (Reuters)

 

Global Market Update

Elsewhere in Asia, MSCI’s index of Asia-Pacific shares outside Japan snapped two days of losses and gained 0.5%. Shanghai Composite Index added 0.45% while the blue-chip CSI300 index gained 0.5%. While some markets in Asia enjoyed gains, sentiment in the wider region remained subdued amid worries about a global recession

S&P 500 futures edged up with Treasury yields after U.S. equities retreated and bonds rose overnight. The dollar was little changed.

Australian stocks lost 0.75% and Japan’s Nikkei was little changed.

 

Pre-open session

On BSE, Sensex pre-opens 20 points up at 36,588, against the last closing of 36,562.91 and Nifty on NSE trades up at 10,819 against the last close of 10,797

Rupee opens at 72.19 per dollar

Indian rupee, the domestic currency, opens at 72.19 against the dollar from its last close of 72.40 per dollar.

Opening Bell

Sensex Today: Sensex opened 7 points lower at 36,575 against the previous close of 36,562 and Nifty  started the day's trade at 10,790, registering 7 points decline against the previous close of 10,797

Sector Update

Sensex Today: On the sectoral front, while buying interest in FMCG, IT and media indices that provided mild support to trend, high selling pressure in Pharma, realty and banking stocks dragged index down

 

Market Update

Sensex Today: Benchmark indices Sensex, Nifty  trade lower on Wednesday, backed by strong selling ineterst in Pharma, realty and banking stocks by investors. Currently, Sensex trades 100 points lower at 36,519 and Nifty trades 31 points lower at 10,766.
 

India's gold imports hit lowest level in 3 years

India's gold imports in August plunged 73% from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import duty curtailed retail purchases of the precious metal, a government source said on Wednesday.

Lower imports by the world's second biggest consumer could cap gains in global prices that are trading near their highest level in over six years, but help the south Asian country in bringing down the trade deficit and supporting rupee.

India's gold imports hit lowest level in 3 years on high domestic prices, import duty

Cox & Kings said to consider sale of European hotel chain Meininger

As per media reports, Cox & Kings is exploring a potential sale of European hospitality chain Meininger Hotels as it seeks to cut debt.
 

Shares of Cox & Kings, which defaulted on some of its borrowings earlier this year, have fallen 98% over the last 12 months to give it a market value of about $10.4 million from $0.7bn. #MOMarketUpdates

— Motilal Oswal Financial Services Ltd (@MotilalOswalLtd) September 4, 2019

Sun Pharma declines on reports of SEBI orders for forensic audit

The Securities and Exchange Board of India (SEBI) has ordered a forensic audit against Sun Pharma to look into allegations of financial irregularities and lapses in corporate governance standards. SEBI has been poring over Sun Pharma's books of accounts to look into red flags raised by the whistleblower in his complaint.

Reacting to the news, Sun Pharmaceuticals Industries Ltd is currently trading at Rs423, down by Rs16.45 or 3.74% from its previous closing of Rs439.45 on the BSE.

Equity indices turn green

Sensex Today: Benchmark indices Sensex, Nifty, after opening choppy, turned green by the first hour of trading session on Wednesday, backed by strong buying interest in PSU banking, metal, FMCG and banking stocks by investors.

Currently, Sensex trades 55 points higher at 36,620 and Nifty trades 14 points higher at 10,812.



 

Morgan Stanley cuts 'Target Price' on YES Bank

Shares of Yes Bank slipped 2% to Rs 57.60 against the previous close of Rs 58.80 on BSE after Morgan Stanley remained underweight on the private lender and also cut the target price to Rs 55 from Rs 95 per share.



 

Market Update

Sensex Today: Benchmark indices Sensex, Nifty have turned choppy in Wednesday trading session owing to high volatility and currently trade sideways.  Buying interest can be seen in PSU Bank, FMCG, IT and media indices that provide mild support to trend, while high selling pressure in Pharma and realty stocks has dargged the indices down.

Tata Communications gains on partnership with Neeco for IoT services

Shares of Tata Communications opened with a gain of 4.34% today and rose 3.6% to touch an intraday high of Rs 428.4 on BSE after the company said it has entered into an arrangement with Neeco for Internet of Things (IoT) services.

"Neeco Global ICT Services has become a customer of Tata Communications to take to market and deliver IoT services for enterprises in Europe," company said in a press release.

Market Update

Sensex Today: Benchmark indices Sensex and Nifty, after a choppy early trading session Wednesday, currently trade on a bearish note, with Sensex falling over 100 points to 36,455 and Nifty trading at 10,754, declining by 43 points. Buying interest can be seen in PSU Bank, FMCG, IT and media indices that provided mild support to trend, while high selling pressure in Pharma and realty stocks has dragged the indices down.

President Trump warns China over delaying trade talks.

President Donald Trump on Tuesday warned China over delaying trade talks.

"We are doing very well in our negotiations with China. While I am sure they would love to be dealing with a new administration so they could continue their practice of 'ripoff USA' (USD 600 B/year), 16 months plus is a long time to be hemorrhaging jobs and companies on a long-shot...., Trump said in a tweet Tuesday.

Rupee rebounds 19 paise to 72.18 against US dollar

The rupee rebounded 19 paise to 72.20 against the US dollar in early trade on Wednesday, amid weakening of the American currency in overseas market.

The rupee on Tuesday had dropped sharply by 97 paise to more than nine-month low of 72.39 against the US dollar as heavy sell-off in the domestic equity market, weak macro environment and a stronger greenback kept investors edgy.

At the interbank foreign exchange on Wednesday, the rupee opened at 72.20, registering a rise of 19 paise over its previous close of 72.39. The domestic unit was later trading at 72.185 against the dollar at 1120 hrs.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 98.92.

Rupee vs dollar: Rupee rebounds 19 paise to 72.18 against US dollar