Share Market Update: Sensex ends 360 points lower, Nifty below 11,359; CG Power locked 5% lower

Rupee opens higher

The Indian rupee has opened higher by 14 paise at 70.73 per dollar in the early trade on Tuesday, as compared to its previous close of 70.87 against the Amercian currency yesterday.

Gold price declines

Gold fell to a two-month low on the back of a robust U.S. dollar, last trading at $1,468.50 per ounce

Global Market Update

Asian shares are trading in the bullish territory. Japan's Nikkei rose 0.74% while MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.24% and Australia's benchmark by 0.25%.

U.S. stock futures ESc1 rose 0.35% in Asia, a day after the S&P 500 .SPX gained 0.50%. 

Oil prices on a decline

Oil prices rebounded in early Asian trade on Tuesday after production at the world’s largest oil producers fell in the third quarter, although demand concerns continued to keep a keep a lid on prices.

Brent crude futures, the global oil benchmark, fell 1.83 per cent to trade at USD 60.78 per barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell 3.3% on Monday before rise 0.39% early on Tuesday to $54.28 per barrel.

Sensex pack gainers/losers

 


The Sensex gain was led mainly by Yes Bank, Axis bank, ICICI Bank, PowerGrid, Tata Motors and HDFC Bank.

On the other hand, ONGC, Bharti Airtel, TCS, HCL Tech, Infosys and Tech Mahindra were among the the scrips trading in the red.

BPCL at 52-week high

Shares of BPCL climbed to a 52-week high after media reports suggested that in a  disinvestment move, a panel of secretaries has proposed that the government to exit 4 public sector undertakings (PSUs) fuel retailers namely Bharat Petroleum, Shipping Corporation of Indi of India, and power companies THDC and NEEPCO. Additionally, they have also proposed the government to reduce its holding in Concor from around 55% to 25%.

 

FII/DII

Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained bearish with net selling logged at Rs 469.40 crore from Indian equities while domestic institutional investors (DIIs) bought Rs 504.69 crore on Tuesday.

 

PNB Housing Finance at 52-week low

Shares of PNB Housing Finance fell 4.6% to touch a 52-week low of Rs 556.70 on Tuesday after the housing lender announced resignation of chairman of the company.

 

Market Update

Sensex Today: Equity benchmark indices have turned bullish after the first hour of trade, with Sensex rising 160 points to 38,820 and Nifty trading 45 points higher at 11,520 level.

IRCTC IPO subscribed 112% on Day 2

IRCTC IPO has been subscribed 1.12 times, meaning 12% higher above the full extent by 10:45 IST, amounting to 2.25 cr total bids recieved against the toal issue size of 2.106 cr on its second day of bidding process, Oct 1, 2019, the data available on exchanges show.

The Retail Individual Investors (RIIs) segment has been 2.23 subscribed times, totalling 155 lakh against 70 lakh offered shares. Employee bids received has also been oversubscribed by 1.15 times, amounting to 1.8 lakhs shares against the reserved 1.6 lakh shares. This is followed by 0.21 times subscription reponses recieved in Non Institutional Investors (NII)

India Sept Nikkei Manufacturing PMI remains unchanged

India September Nikkei Manufacturing PMI remained unchanged at 51.4 compared to previous month.

The eight core industry output falls to 0.50% in Aug from year earlier following de-growth in coal, cement, crude output. Today, the PMI for September moth will be released, which could be lower than August 51.4.
 

Sectors update

Sensex Today: IT, metal, banking realty are currently dragging the index down while media, pharma, FMCG, auto, financial services and energy are helping the broder indices recover losses.

BPCL hits new 52-week high, Concor rises 8% on reports of disinvestment

A group of secretaries Panel on disinvestment has approved sale of government’s entire shareholding in four public sector companies – Bharat Petroleum Corp Ltd (BPCL), Shipping Corp of India (SCI), THDC India and NEEPCO. The government holds 53.3% stake in BPCL, 54.8% in Concor and 63.75% in SCI. It also cleared a sale of 30% equity of Container Corp of India (Concor) from the government holding.  

Reacting as per the latest media developement,s share prcie of the PSu listed companies zoomed up, with BPCL hitiig a fresh 552-week high if Rs 511 on the bourses and Concor rising almost 8% against its previous close.

BPCL, Concor stocks hit fresh 52-week highs on reports of disinvestment, Shipping Corp rises 14%

 

Nifty pack gainers/losers

The top gainers of the NSE Nifty pack were Bharat Petroleum Corporation Ltd. (5.63%), YES Bank Ltd. (2.42%),, Housing Development Finance Corporation Ltd. (2.04%), Mahindra & Mahindra Ltd. (1.78%), Eicher Motors Ltd. (1.78%), among others.

The top losers of the NSE Nifty pack were Indiabulls Housing Finance Ltd. (7.93%), IndusInd Bank Ltd. (4.64%), Bharti Airtel Ltd. (2.41%), Grasim Industries Ltd. (2.02%), Tata Consultancy Services Ltd. (1.82%), among others

Market Update

Sensex Today: Equity benchmark indices have turned volatile by the afternoon session of Tuesday, with Sensex trading flat around the 36, 680 level and Nifty trying to hold 11,500 mark.

Chinese listed companies in US bounce bank from lows

Chinese companies listed in the U.S. bounced back as the White House downplayed reports it was looking to delist them. Chinese companies looking to list on the Nasdaq, however, will face tighter restrictions.

The Trump administration issued a partial -- and qualified -- denial to the revelation that it is discussing imposing limits on U.S. investments in Chinese companies and financial markets as China vowed to continue opening its markets to foreign investment.

Mahindra's Auto Sector sells 43,343 vehicles in Sep19

Mahindra’s overall automotive sales (Domestic + Exports) stood at 43,343 vehicles in September 2019, compared to 55,022 vehicles during September 2018. Numbers were ahead of Nomura expectation of 36,000 units.

Commenting on the performance, Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M Ltd. said, “We are positive that this festive season, with the onset of Navratra, will augur well for us and the automotive industry. This, in addition to factors such as the good monsoon and recently announced positive government initiatives should help revive the industry in the short term.”

Shares of Mahindra and Mahindra were trading 3.43% higher to the intraday high of Rs 566 on BSE, after the annoucnement.

Market fails to hold gains, declines over 1%

Sensex Today: Equity indices has fallen over 1%, with Sensex tanking 400 points to 38,200 level and Nifty declining 130 points at 11,350 mark.

Delhi HC issues notice to Prashant Bhushan for dismissal of the PIL

Indiabulls Housing Finance recovered from losses, declining 4% currently as against 11% intraday low after the company declared that Delhi HC issued notices to Prashant Bhushan on applications filed by Indiabulls Housing Finance Limited for Perjury and for dismissal of the PIL today.

The filing added," Taking a serious note of the apparent perjury committed by Prashant Bhushan, the court directed him to file replies within 10 days and has listed the applications for hearing on 24th October 2019 on which date the court will also consider the application filed by Indiabulls Housing Finance for dismissal of the PIL."

Manpasand Beverages hits new and all time low

Dhirendra Singh, promoter and director of Manpasand Beverages has filed an FIR against 7 people in the matter of hostile takeover of the company.

, 3 directors of Manpasand Beverage’s resign namely Bipin Rathod, Uday Kamath and Jitendra Dhivare, where in the resigning directors have stated didsatisfaction with CMD’s decisions.

Responding to the news, shares of Manpasand beverages declined 4.93% to the lower circuit band at Rs 7.13, new 52 week and all time Low. There are no bidders and only sellers offering the stock currently.