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Sensex Falls more than 500 Points in early trade

04 Oct 2018 : 01:44 Comments: 0 Views: 
Posted by Webmaster
Rupee opens: The Indian rupee opened at fresh record low of 73.60 per dollar versus on THursday previous close 73.34 per dollar.

Yesterday the rupee ended at record closing lower 73.34, down by 43 paise versus Monday’s closing 72.91 per dollar.

Market Opening:

Bears kept tight control on Dalal Street as the market cracked further in opening on Thursday, with the Sensex falling 518.42 points to 35,457.21.

The 50-share NSE Nifty fell 155.10 points to 10,703.20. The market breadth weakened further as about four shares declined for every share rising on the BSE.

Gainers and Losers:

Index heavyweights Reliance Industries, HDFC, TCS, HDFC Bank and Infosys fell 1-3 percent. Bajaj Finance, IOC, ICICI Bank, Eicher Motors, M&M, Maruti Suzuki and Bajaj Finserv slipped 2-4 percent.

Only two stocks were trading in the green. L&T gained 1.8 percent and Hindalco rose 0.3 percent.

Rupee Hits Record Low:

The rupee collapsed to a fresh low of 73.77 against the US dollar, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.

Meanwhile, state-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.

At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.

The international benchmark Brent crude breached the $86 per barrel level, near its four-year high.

Nomura Maintains Buy on Tata Motors

From September, Nomura expected global wholesale volume growth trajectory for Jaguar Land Rover to improve.

Currently the brokerage house has factored in 4 percent growth in overall JLR volumes in FY19. "Healthy orderbook for I-Pace & XE’s ramp-up in China should lead to a better second half of FY19."

Nomura has maintained Buy call on the stock with a target price at Rs 356 per share.

Market Update

Benchmark indices continued to reel under selling pressure with the Sensex falling 465.63 points or 1.29 percent to 35,510 on the back of crude oil prices hitting multi-year highs and rupee touching record lows.

The 50-share NSE Nifty slipped 140.80 points or 1.30 percent to 10,717.50. About 2.5 shares declined for every share rising on the BSE.

All sectoral indices traded in the red barring metals which have been rising for last couple of sessions due to rising commodity prices in international markets.

Nifty Bank, Auto, Financial Service, IT and Realty indices were down more than 1 percent.

Broader markets also caught in bear trap as the Nifty Midcap and Smallcap indices declined over a percent.

L&T Hydrocarbon Consortium Bags Order From ONGC; Stock rallies 3%

L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen Et Toubro, in consortium with Baker Hughes, a GE company and McDermott International, Inc. has received the subsea contract for India's Oil & Natural Gas Corporation's (ONGC) largest deepwater oil & gas project, the development of block DWN-98/2 in the Krishna Godavari basin.

The integrated subsea package includes the supply of all subsea production systems (SPS), including 34 deepwater trees, and the installation of subsea umbilicals, risers and flowlines (SURF) at a water depth of between 984 feet (300 meters) and 10,500 feet (3,200 meters).

HDFC Earns Rs 787 crore From Stake Sale in MF Arm

Mortgage lender HDFC said it earned Rs 787 crore from selling stake in the initial public offer (IPO) of HDFC Asset Management Company.

During the September quarter, the proceeds from the stake sale in the IPO of HDFC Asset Management Company after "net of expenses and tax stood at Rs 787 crore", it said in a filing to the stock exchanges.

According to the filing, income from dividend for the September quarter was Rs 6 crore compared to Rs 537 crore in the corresponding quarter. The latter amount included Rs 433 crore from HDFC Bank.

In the current year, dividend from HDFC Bank amounting to Rs 511 crore was received in the first quarter of the financial year, as per the filing, reports PTI.

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