Indian rupee inching towards 74/USD

Indian rupee inching towards 74/USD; hits fresh record low 73.81

USD-INR pair is expected to quote in the range of 73.60 and 74.20,

The Indian rupee slipped further to a fresh record low of 73.81 per dollar on the back of rising global oil prices, and concerns over current account deficit and capital outflows.

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CAPITAL BUILDER OPENING BELL

CAPITAL BUILDER OPENING BELL

NIFTY DOWN BY 103.55 @ 10754.70, 

BANKNIFTY DOWN BY 334.75 @ 24735.15, 

SENSEX DOWN BY 155.10 @ 35820.53

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Metal & mining stocks jump up to 5%; Vedanta, MOIL top gainers

Most metal & mining stocks were trading with decent gains in Wednesday's session, keeping the sectoral index higher. 

The Nifty Metal index was trading 2.3 per cent up at 3,609 around 12:15 pm. 

Shares of VedantaNSE 5.35 % (up 5.76 per cent), MOIL (up 5.67 per cent) and NMDC (up 4.63 per cent) were the top gainers in the metal index.

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Rupee recovers after report of talks on special dollar window for oil firms

The Indian rupee recovered sharply from record low levels on Wednesday after NewsRise reported that the government was in talks with the central bank for a special dollar swap window with some state-run fuel retailers. 

The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session.

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Indian rupee recovers over 40 paise from its all-time low; trades around 72.95/USD

Indian rupee has recovered over 40 paise from its all-time low of 73.41 per dollar touched in the early trade on Wednesday. 

It is trading lower by 5 paise around 72.96 per dollar.

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Sensex down 100 points; Axis Bank, Airtel stocks slip

Equity benchmark indices extended losses in the morning trade. 

Sensex was down 130 points at 36,097, while Nifty was lower by 71 points at 10,859. 

Infosys, ITC, and GAIL are among the top gainers and Kotak Mahindra Bank and J Kumar Infra have lost the most. 

Nifty Bank index has slipped nearly 1% led by IndusInd Bank and Axis Bank. Nifty Auto index, too, has slipped around 1% due to fall in TVS Motor.

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Indian rupee trades lower by 32 paise at 72.80 per dollar

After a lower opening Indian rupee slipped further and trading around day's low point. 

It is trading lower by 32 paise at 72.80 per dollar versus previous close 72.48.

It has touched 72.84 during the day, while its all-time low is 72.96 per dollar.

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Stock market update: Over 360 stocks hit 52-week lows on NSE

Over 360 stocks, including YES Bank, Maruti Suzuki, Hero MotoCorp, Tata Motors and Punjab National Bank, hit 52-week lows on NSE in Friday's session.

Apollo Tyres, Vodafone Idea, IDFC, Jet Airways (India), Arvind, Bank of Baroda, BEML, Can Fin Homes, Ceat, Castrol India, Indiabulls Real Estate, Jain Irrigation, JK Tyre, NBCC (India), NCC, NHPC, NIIT, Oriental Bank of Commerce, Syndicate Bank, Tata Communications, UCO Bank and V-Guard Industries also featured among stocks that touched 52-week lows today.

Equity benchmarks Nifty and Sensex were swinging between gains and losses amid firm Asian cues.

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Asian shares edge up in early trade after Wall Street gains

Japan's Nikkei stock index gained 1.1 percent, putting it within sight of a 2018 high of 24,129.34 points on Jan. 23.

Shares in Asia inched higher on Friday, following gains on Wall Street overnight after news of robust U.S. economic growth, with the chairman of the Federal Reserve saying the United States does not face a large chance of near-term recession.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.02 percent in early trade in Asia.

Australian shares were 0.5 percent higher, while Seoul's Kospi was down 0.5 percent after hitting three-month highs on Thursday.

The Dow Jones Industrial Average rose 0.21 percent to 26,439.93 on Thursday, the S&P 500 gained 0.28 percent to 2,914 and the Nasdaq Composite added 0.65 percent to 8,041.97.

Markets had expected Italy's economy minister, Giovanni Tria, to resist a spending push by Italy's coalition government, which took power in June.

The dollar index , which tracks the greenback against a basket of six major rivals, was up 0.1 percent at 95.003.

U.S. Treasury yields ticked lower. The yield on benchmark 10-year Treasury notes was at 3.0462 percent on Friday, compared with its U.S. close of 3.055 percent on Thursday.

US crude was 0.03 percent higher at USD 72.14 a barrel. Brent crude fell 0.1 percent to USD 81.63 per barrel.

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OPENING BELL: Sensex jumps 150 pts, Nifty50 nears 11,050; DHFL gains 3%, Apollo Tyres drops 3%

CAPITAL BUILDER OPENING BELL: 

NIFTY UP BY 30.55 @ 11008.10, 

BANKNIFTY UP BY 93.65 @ 25135.80, 

SENSEX UP BY 128.57 @ 36452.74

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Stocks in the news: Yes Bank, Glenmark, Adani Green, Bank of Baroda, Ulfex, Avenue Supermarts

Yes Bank | Glenmark Pharma | Adani Green | Bank of Baroda | Ulfex and Avenue Supermarts are stocks, which are in news today.

Here are the stocks that are in news today:

Bank of Baroda: Moody's affirms bank's ratings, outlook stable.

DLF reappoints KP Singh as chairman for 5 years w.e.f. october 1, 2018

Yes Bank Bank forms search & selection committee to identify new MD & CEO
Search & selection comprises of 3 existing board members and 2 external experts

To ask RBI to give Rana Kapoor time beyond Jan 31, 2019 as MD & CEO

IL&FS Transportation - Brickworks revised rating on NCD worth Rs 3,550 cr to BWR C(SO) from BWR BB-(SO)

Godrej Properties adds new residential project in Ghodbunder Road, Thane

NHPC: Unit 2 of Parbati-II HE Project (4 x 200 MW) in Himachal Pradesh has been successfully synchronised with the grid at 10-11 MW load. Further, the Load throw off test on Unit 2 has been carried out successfully at 25 percent load (50MW) and at 100MW (50 percent load).

Piramal Enterprises approved issue of compulsorily convertible debentures worth Rs 81 crore

Adani Green Energy has won tender for setting up 300 MW Wind generation project

Glenmark Pharma: Board meeting will be held on September 28 to consider opportunistic tenders or buybacks of any part of its Singapore listed foreign currency convertible bonds, being, its $200 million 2 percent resettable onward starting equity linked securities due June 28, 2022 issued in 2016 (FCC Bonds) and / or, its $200 million 4.5 percent senior notes due 2021 issued in 2016 (FCY Bonds).

Blue Dart Express: Company expands reach in order to deliver to every Indian Home by December 2018.

Central Bank of India's board meeting on September 28 to consider additional equity capital upto Rs 2,354 crore via pref equity issue to GoI

Minda Industries: Uno Minda appointed Sunil Bohra as Group Chief Financial Officer on retirement of Sudhir Jain.

Mahindra CIE approved scheme of merger between Bill Forge (Subsidiary) and Mahindra CIE

Cosmo Films: Company announced installation of a new solvent less lamination machine at its Karjan plant, Vadodara.

Sumeet Industries: Brickwork Rating India has revised rating of bank loan facilities of the company.

Uflex: FlexFilms forays into online space with the launch of its E-Commerce website FLEX-BuzzR to market its entire range of films in European region.

Majesco: Company appointed Adam Elster as Chief Executive Officer, effective October 1, 2018. Ketan Mehta, Majesco Co-Founder and current CEO, has decided to retire from the operational role after 36 years of service and will continue to serve Majesco as the Chairman of the company’s board of directors.

Avenue Supermarts: Company has issued Commercial Paper of Rs 65 crore; CRISIL has upgraded its rating on the long term bank facilities and non-convertible debentures of the company from AA/Positive to AA+/Stable.

Kallam Textiles: Board to consider Right Issue on September 29.

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Indian rupee trades higher at 72.63 per dollar

The Indian rupee opened flat at 72.70 per dollar versus previous close 72.69.
After a flat opening the rupee is trading higher by 6 paise at 72.63 per dollar versus previous close 72.69.

Yesterday rupee remained volatile as it was trade in a range of 72.57 - 72.96, within striking distance of its life-time low of 72.99.

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S&P 500 dips as chip stocks and utilities tumble

The Dow Jones Industrial Average fell 0.26 percent to end at 26,492.21 points, and the S&P 500 lost 0.13 percent to 2,915.56.

The S&P 500 fell on Tuesday as chipmakers were dented by ratings downgrades and utilities declined ahead of an expected Federal Reserve interest rate hike, offsetting a boost from the energy sector.

The S&P 500 energy index added 0.57 percent as Brent oil hit a four-year high, boosted by imminent US sanctions on Iranian exports, and OPEC and Russia's reluctance to raise output.

The Nasdaq Composite rose 0.18 percent to 8,007.47. Amazon.com Inc provided the greatest lift to the technology-heavy index, jumping 2.08 percent.

The S&P 500 posted 31 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 65 new highs and 54 new lows.

Volume on US exchanges was 6.6 billion shares, just below the 6.7 billion average over the last 20 trading days.

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Oil hits 4-yr high as Opec, Russia resist output rise

Brent crude oil prices hit a fresh four-year high on Tuesday amid looming U.S. sanctions against Iran and an apparent reluctance by OPEC and Russia to raise output to offset the expected to hit to supply.

Brent crude futures rose to $81.69 a barrel shortly after 0600 GMT, a level not seen since November 2014. They were still at $81.50 at 0655 GMT, up 30 cents, or 0.4 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $72.28 a barrel, up 20 cents, or 0.3 percent from their last settlement.

The United States from Nov. 4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.

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Wall Street falls as US-China tariffs kick in

The Dow Jones Industrial Average fell 181.45 points, or 0.68 percent, to 26,562.05, the S&P 500 lost 10.3 points, or 0.35 percent, to 2,919.37, and the Nasdaq Composite added 6.29 points, or 0.08 percent, to 7,993.25.

The S&P 500 and the Dow closed lower on Monday after a new round of US-China trade tariffs kicked in, dampening last week's hopes for talks between the two countries, and as investors awaited a widely expected interest rate hike by the Federal Reserve.

Seven of the S&P's 11 major sectors lost ground after US tariffs on some USD 200 billion worth of Chinese goods took effect, along with Beijing's retaliatory duties.

The S&P 500 posted 18 new 52-week highs and three new lows; the Nasdaq Composite recorded 43 new highs and 53 new lows.

About 6.96 billion shares changed hands on US exchanges compared with a 6.65 billion average for the last 20 sessions.

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NIFTY OUTLOOK FOR NEXT WEEK

Nifty index traded extremely volatile in a broader range of roughly 600 points last week and settled with loss of over 3%.

Selling pressure was witnessed across the board and it was further intensified on the last day which pushed bulls completely on the back foot.

Technically, indications are in favor of further fall in Nifty and possibility of re-testing 10900 is high while in case of bounce 11250-11400 would act as strong hurdles.

We advise traders to stay light and keep their derivatives positions hedged.

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Top five factors which could have contributed to the fall in markets

Default’ rumors of DHFL bonds:

DHFL crashed over 50 percent on concerns of liquidity crisis. However, the management clarified that the fundamentals of the company stay intact and the company is sitting on strong liquidity. 

The stock closed 42 percent lower at Rs 351.55.

“We are sitting on strong liquidity, we are extremely conservative on liquidity. Not a single repayment chew us, we always take care of interest rates and always ready for a couple of quarters ahead,” Kapil Wadhawan, CMD, DHFL


Yes Bank cracks on brokerage downgrade:
Another stocks which remained on sellers' list was Yes Bank. It dropped as much as 34 percent intraday to register its fresh 52-week low and record its worst fall since listing after the Reserve Bank of India (RBI) cut the tenor of Rana Kapoor, promoter, chief executive and managing director, to January 31, 2019.

Most brokerage firms, both global and domestic, downgraded the stock and reduced their target prices to reflect the near-term pain

DSP MF sells DHFL shares which fuelled liquidity concerns:

The management of DSP Mutual Fund told CNBC-TV18 that it sold DHFL paper worth Rs 200-300 crore recently in a bid to improve liquidity and reduce overall maturity.

Further, they added that the fund house has some exposure to IL&FS Group and added that they have already marked down holding on marked to market ratio

Rise in bond yields weighed on NBFCs:

The 10-year benchmark bond yield is currently trading above the 8 percent mark. A widening current account deficit as well as selling by foreign institutional investors are exerting upward pressure on bond yields.

The 10-year bond rose to 8.23 percent last week, its highest since Nov 14, 2014 while the rupee fell to a life-time low of 72.99 to the dollar on September 18, said a Reuters report. Rising bond yields will also have negative impact on NBFCs,

Technical Factors:

The Nifty50 which slipped below 100-days moving average and 100-days exponential moving average (EMA) bounced back from lows and formed a strong bearish candle. The index is now trading below crucial short-term moving averages such as 5-13, 20, and 50-EMA.

Nifty recovered by around 300 points from its panic lows but overall bears are keeping their tight grip on the market. The index has also broken its support placed at 11,171 and bulls will only be able to take control if the index reclaims 11333 zones, suggest experts.

“Nifty formed a strong Bearish candle on the daily scale with its biggest intraday fall in last many months. However it recovered by around 300 points from its panic lows but overall bears are keeping their tight grip on the market,”

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Closing Bell: Sensex ends volatile trade 279 pts lower, Nifty below 11,150; DHFL closes 45% lower

At the close of market hours, the Sensex closed down 279.62 points or 0.75% at 36841.60, while the Nifty ended lower by 91.30 points or 0.81% at 11143.10

Market at Close A largely volatile day has come to a close and indices have ended on a negative note. But they are off the day’s low points. The Nifty has managed to give up 11,200 in today’s trade. The Sensex has closed over 200 points lower.


The day began on a strong note as good global cues and stronger opening on the rupee boosted sentiment in D-Street.

The Sensex had risen 300 points in intraday trade. But a sharp selloff in the afternoon, led by a 50 percent crash in Dewan Housing Finance’s shares as well as on Indiabulls Housing weighed big on the market. The Sensex fell 1,000 points, while the Nifty had managed to breach 11,000-mark as well.

At the close of market hours, the Sensex closed down 279.62 points or 0.75% at 36841.60, while the Nifty ended lower by 91.30 points or 0.81% at 11143.10. The market breadth is negative as 596 shares advanced, against a decline of 2,071 shares, while 155 shares were unchanged.

Shares of DHFL ended 45 percent lower, while top losers include Yes Bank, Kotak Mahindra Bank, and Indiabulls Housing Finance, while the gainers include ONGC, Wipro, Bharti Infratel and BPCL.

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CAPITAL BUILDER UPDATE

CAPITAL BUILDER UPDATE : 

TOP GAINERS: 


COALINDIA +3.33%,

ONGC +2.81%,

GAIL +2.72%,


TOP LOSERS :


BAJAJFINSV -3.33%,

BHARTIARTL-3.17%,

 ZEEL-3.11%:

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Nikkei hits near 8-mth high, Topix also jumps; insurers rally after US yields rise

Japan's Nikkei extended its gains to near eight-month highs on Wednesday as investors took heart from a strong performance in Wall Street despite lingering trade war concerns, with financial stocks rallying after U.S. yields jumped.

The Nikkei share average ended 1.1 percent higher at 23,672.52, the best closing level since late January.

Investors say that another milestone is in sight, as the Nikkei edges closer to the 24,129.34 hit on Jan. 23, a break of which will put it at the highest point since November 1991.

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