The Centre"s approach to Insolvency and Bankruptcy Code has costs https://t.co/wsPJR4nh1R— Livemint (@livemint) June 14, 2018
Stock Market Today: Sensex, Nifty close lower on hawkish Fed outlook
BSE Sensex closed 139.34 points lower at 35,599.82, while the Nifty 50 ended 48.65 points down at 10,808.05. Here are the highlights from the markets
Last Modified: Thu, Jun 14 2018. 05 00 PM IST
- 3.35 pm ISTClosing bell: Sensex, Nifty break three-day losing streak
- 3.13 pm ISTLupin shares rise 3% after USFDA drug approval
- 2.53 pm ISTSun Pharma shows signs of bottom formation
- 2.25 pm ISTIs economic policy uncertainty rearing its head again globally?
- 2.00 pm ISTICICI Bank moves NCLT against Punj Lloyd
- 12.52 pm ISTEuropean stock markets drop at open
- 12.22 pm ISTWPI inflation rises to 4.43% in May
- 12.10 pm ISTMarket update: Sensex falls 250 points
- 11.53 am ISTThe Centre’s approach to Insolvency and Bankruptcy Code has costs
- 11.30 am ISTMintree shares fall 4%, Citi downgrades stock
- 11.07 am ISTHDFC Bank shares trade higher after FDI approval
- 10.52 am ISTRuchi Soya shares rise 5% on Adani bid
- 10.40 am ISTVakrangee hits 5% upper circuit ahead of earnings
- 10.14 am ISTDr. Reddy’s Labs shares gain for 6th session
- 10.08 am ISTMarket update: Sensex, Nifty extend losses
- 9.42 am ISTOberoi Realty shares down 2%
- 9.30 am ISTICICI Prudential shares down over 2% on ICICI Bank stake sale plan
- 9.18 am ISTMarket update: Sensex, Nifty open lower
- 9.15 am ISTRupee trades marginally higher against US dollar
- 9.12 am ISTStocks in focus today
- 9.10 am ISTOpening Bell: Global cues before trading today
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 declined on Thursday, breaking a three-day winning streak, tracking losses in global markets after the US Federal Reserve raised interest rates and took a more hawkish tone in Wednesday’s policy statement. Moreover, concerns about US-China trade frictions kept investors on edge, Reuters reported. The rupee weakened for the third session against the US dollar after India’s current-account deficit widened more than expected in the last quarter. Here are the highlights from the markets:
- 3.35 pm IST Closing bell: Sensex, Nifty break three-day losing streakSE Sensex closed lower by 139.34 points, or 0.39%, to 35,599.82, while the Nifty 50 fell 48.65 points, or 0.45%, to close at 10,808.05. BSE MidCap was down 0.08%, while SmallCap edged up 0.07%.Fifteen out of 19 sectoral indices on BSE declined with IT losing most at 1.40%, teck 1.32%, consumer durables 0.89% and capital goods 0.81%. Healthcare gained most at 1.47%. On NSE, Nifty PSU Bank Index fell 1.44%.Sun Pharma, Yes Bank, IndusInd Bank and Dr Ressy’s Labs were among the major gainers, whereas ICICI Bank, TCS, Adani Ports and SBI were top losers
- 3.13 pm IST Lupin shares rise 3% after USFDA drug approvalLupin Ltd said that it has received final approval from USFDA for Drospirenone, Ethinyl Estradiol, Levomefolate calcium tablets and Levomefolate calcium tablets, generic version of Bayer HealthCare Pharmaceutical Inc.’s Beyaz tablets. Lupin shares rose 3.16% to Rs897.10.
- 2.53 pm IST Sun Pharma shows signs of bottom formationSun Pharmaceutical Industries Ltd, which has lost more than a third of its market capitalisation in the last three years, shows signs of reversal in downtrend. Sun Pharma shares show signs of a double bottom formation, bouncing from Rs435 last month, a level at which it took support in August 2017.A surge in stock’s daily volume also supports the pattern. The five-day average volume is nearly double its 30-day average, which itself is 36% higher than its 200-day average. The stock’s 20-day exponential moving average(EMA) cuts above its 50-day EMA—a bullish sign. Sun Pharma stock’s trend intensity (TI) indicator rises to 20, suggesting stock is in early stages of an uptrend.The stock is expected to test resistance at Rs614 as long the support at Rs545 holds—the two levels are identified as the 23.6% and 14.6% Fibonacci retracement level of the downtrend from 7 April 2015 high to 14 August 2017 low. A break above Rs614 will confirm the double bottom pattern and may lead to gains towards the next resistance at Rs726.(Reuters)
- 2.25 pm IST Is economic policy uncertainty rearing its head again globally?Policy uncertainty is rearing its head again. The Global Economic Policy Uncertainty Index spiked to 172.56 in May, the highest level seen so far in this calendar year. This came ahead of several global events in June.This index constructed by three US-based economists—Scott Ross Baker, Nick Bloom and Steven J. Davis—tracks the general state of the economy as it relates to businesses. It can include broad economy-wide conditions or specific economic conditions of a particular industry. Read more
- 2.00 pm IST ICICI Bank moves NCLT against Punj LloydShares of Punj Lloyd Ltd plunged 15.26% to Rs14.15 after ICICI Bank Ltd on Thursday moved the National Company Law Tribunal against the company seeking initiation of insolvency proceeding for recovery of outstanding dues of Rs 852 crore. A two judge NCLT bench headed By M.M Kumar issued a notice to Punj Lloyd.
- 12.52 pm IST European stock markets drop at openEurope’s main stock markets slid at the start of trading on Thursday, with London’s benchmark FTSE 100 index down 0.6% to 7,658.53 points. In the eurozone, Frankfurt’s DAX 30 shed 0.7% to 12,806.07 points and the Paris CAC 40 lost 0.6% to 5,420.39, compared with the closing levels on Wednesday.Thursday’s weak open followed similar losses in Asia and on Wall Street after the Federal Reserve hiked US interest rates and signalled several more rises through to the end of next year.(AFP)
- 12.22 pm IST WPI inflation rises to 4.43% in MayIndia’s wholesale price inflation rose 4.43% in May driven by higher fuel prices, government data showed. WPI inflation in April stood at 3.18% and 2.26% in May last year.
- 12.10 pm IST Market update: Sensex falls 250 pointsBSE Sensex traded lower by 240.19 points, or 0.67%, to 35,498.97, while the Nifty 50 fell 76.15 points, or 0.70%, to 10,780.55. BSE MidCap and SmallCap declined 0.52% and 0.23%, respectively.All the sectoral indices on BSE, except healthcare, declined with IT, teck, oil and gas, power and energy losing over 1%. Sun Pharma, Dr Reddy’s Labs, HDFC Bank and Yes Bank were major gainers, whereas SBI, Adani Ports, ICICI Bank and TCS were top losers.
- 11.53 am IST The Centre’s approach to Insolvency and Bankruptcy Code has costsThe Banking Regulation (Amendment) Act, 2017 undercuts the credibility of institutions and the predictability of the law.
- 11.30 am IST Mintree shares fall 4%, Citi downgrades stockShares of Mindtree Ltd slide as much as 3.87% to Rs990.10, their biggest intraday percentage fall since 2 May. Citi Research downgrades the stock to “sell” from “neutral and increased the price target to Rs970 from Rs875.Mindtree’s business has seen good turnaround, but this is priced into strong returns delivered in past six months, said Citi in a note. “While near-term visibility looks decent, any slowdown from its top customer—which contributed 18% to overall revenues in Q4—is a risk.”Eight of the 27 analysts covering the stock have a “buy” or higher rating, 9 have “hold” while 10 rate it at “sell” or lower; median PT is 850 rupees, showed Thomson Reuters data. Up to Wednesday’s close, stock had risen 68% compared with a 20.3% gain in the Nifty IT index this year.(Reuters)
- 11.07 am IST HDFC Bank shares trade higher after FDI approvalShares of HDFC Bank Ltd rose as much as 0.47% to Rs2045. The cabinet on Wednesday cleared one of the largest foreign direct investment (FDI) proposals before it—a plan by HDFC Bank Ltd to raise Rs24,000 crore, the largest by any company. The bank will raise the fund through a combination of preferential allotment and qualified institutional placement. Of this, the bank will raise Rs8,500 crore by selling shares to its parent Housing Development Finance Corp. Ltd, India’s largest mortgage lender.
- 10.52 am IST Ruchi Soya shares rise 5% on Adani bidShares of Ruchi Soya Industries Ltd jumped as much as 4.95% to hit their upper at Rs13.37 after the company on Wednesday disclosed that the committee of creditors declared Adani Wilmar Ltd as the highest bidder for the acquisition of bankruptcy-hit edible oil firm. Baba Ramdev-promoted Patanjali Ayurved was the second winner. Mint first reported the development on Wednesday.
- 9.42 am IST Oberoi Realty shares down 2%Shares of Oberoi Realty Ltd fell 2.4% to Rs515. The company said it is raising capital from large investors through a qualified institutional placement (QIP). In a stock exchange filing, Oberoi Realty said that it has set a floor price of Rs509.29 per share for the QIP offering. On 5 June, at its annual general meeting, shareholders of Oberoi Realty approved a resolution to allow the company to raise as much as Rs2,000 crore through various routes, including a QIP.(Ravindra Sonavane/Mint)
- 9.30 am IST ICICI Prudential shares down over 2% on ICICI Bank stake sale planShares of ICICI Prudential Life Insurance Co. Ltd fell 2.2% to Rs401.45 after parent ICICI Bank said it will sell up to 2% stake in its life insurance subsidiary ICICI Prudential. The sale, likely in one or more tranches, will help the bank raise Rs1,180 crore. Analysts believe the share sale will enable ICICI Bank to boost its provision coverage ratio (PCR), which is the lowest among large banks. PCR is the proportion of funds that a bank sets aside against bad loans.(Ravindra Sonavane/Mint)
- 9.15 am IST Rupee trades marginally higher against US dollarThe Indian rupee on Thursday was trading marginally higher against US dollar in opening trade. At 9.15m, the rupee was trading at 67.59 against the US dollar, up 0.08% from its previous close of 67.64. The currency opened at 67.56 a dollar. The 10-year bond yield stood at 7.929% from its Wednesday’s close of 7.93%. Bond yields and prices move in opposite directions.(Ravindra Sonavane/Mint)
- 9.12 am IST Stocks in focus todayHDFC Bank gets nod to raise Rs24,000 croreThe cabinet cleared one of the largest foreign direct investment (FDI) proposals before it—a plan by HDFC Bank Ltd to raise Rs24,000 crore.ICICI Bank to sell 2% stake in ICICI Prudential LifePrivate sector lender ICICI Bank said it will sell up to 2% stake in its life insurance subsidiary ICICI Prudential Life Insurance Ltd. The sale will help the bank raise Rs1,180 crore.Bayer begins process to buy up to 26% in MonsantoBayer group has launched the process to acquire up to 26% additional stake in Monsanto India, following its global acquisition of the US biotech major, reports PTI.Mahindra Electric looking to join hands with cab aggregators to shore up salesMahindra Electric Mobility Ltd said it will join forces with fleet operators and cab aggregators such as Zoomcar, Ola and Uber to shore up sales of its electric passenger vehicles, reports Mint.(R. Sree Ram/Mint)
- 9.10 am IST Opening Bell: Global cues before trading todayAsian stocks open lower, investors await US trade tariffsAsian shares opened lower after the US Federal Reserve raised interest rates. Moreover, concerns about US-China trade frictions are also keeping investors on edge, reported Reuters. The US president is expected to meet his advisors on imposition of tariffs on Chinese goods. Overnight, US markets closed lower, with S&P 500 closing 0.4% lower at 2,775.Fed raises interest rates amid stronger inflationThe Federal Reserve raised interest rates on Wednesday, a move that was widely expected but still marked a milestone in the US central bank’s shift from policies used to battle the 2007-2009 financial crisis and recession.In raising its benchmark overnight lending rate a quarter of a percentage point to a range of between 1.75% and 2%, the Fed dropped its pledge to keep rates low enough to stimulate the economy “for some time” and signalled it would tolerate above-target inflation at least through 2020.(R. Sree Ram/Mint)
First Published: Thu, Jun 14 2018. 09 13 AM IST