Closing bell: Sensex drops 179 points, Nifty settles below 10,600

BSE Sensex and NSE’s Nifty 50 closed lower on Thursday. Photo: Reuters

  • Mumbai: Indian benchmark indices BSE Sensex and NSE’s Nifty 50 declined for the second straight session on Thursday ahead of the expiry of June derivatives contracts, and as escalating trade war concerns continued to pressure global stocks. The Indian rupee slipped to a record low against the US dollar, following further spike in oil prices and concerns of higher inflation and widening fiscal deficit. European stocks traded lower, tracking losses in Asian markets as investors continued to grapple with US strategy toward Chinese trade and investment. Here are the highlights from the markets:
  • 3.33 pm ISTClosing bell: Sensex, Nifty fall for 2nd dayBSE Sensex closed lower by 179.47 points, or 0.51%, to 35,037.64, while the Nifty 50 fell 82.30 points, or 0.77%, to close at 10,589.10. BSE MidCap and SmallCap, however, shed 1.62% and 1.50%, respectively.All the sectoral indices on BSE, except metal and telecom, declined with oil and gas, consumer durables, energy and realty losing over 2%.Mahindra, NTPC, Bharti Airtel and Kotak Bank were among the top gainers, whereas ICICI, Tata Motors, HPCL and Tech Mahindra were among the major losers.

  • 3.10 pm ISTDBS sees rupee falling past 71/dollar on rising oilDBS sees current-account gap widening past 2% of GDP and the rupee weakening beyond 71 per dollar by next June
    • 3.03 pm ISTAdani Ports buys 97% stake in Marine Infrastructure DeveloperAdani Ports and SEZ Ltd said that it has signed a share purchase agreement to buy a 97% stake of Marine Infrastructure Developer Pvt. Ltd. Adani Ports shares were down 0.66% at Rs362.30.

    • 2.38 pm ISTMarket update: Sensex, Nifty fall nearly 1%BSE Sensex traded lower by 235.23 points, or 0.67%, to 34,981.88, while the Nifty 50 fell 106.90 points, or 1%, to 10,564.50.

    • 2.03 pm ISTMarkets expect RBI intervention in currency“Weakening at this pace shatters confidence. Markets expect RBI to manage the currency more effectively. The pressure on INR is high, thus in the absence of major action from regulators, 70 levels can be seen,” the head of currency and debt trading at a foreign bank, said. “The RBI has been effectively managing (the rupee) over the years, and they do have ample firepower to manage sharp falls.”(Reuters)

    • 1.50 pm ISTVarroc Engineering IPO subscribed 117% so far on last dayThe initial public offering or IPO of Varroc Engineering, which opened on Tuesday, will close on Thursday. Varroc Engineering is offering shares at a price band of Rs 965-967, with lot size of 15 shares and in multiples thereof. At the upper end of the price band, the public issue will fetch Rs 1,955 crore. At 12:45pm, the Varroc Engineering IPO was subscribed 117%, according to NSE data. Investors can apply upto a maximum of Rs 2 lakh in the retail category and above Rs 2 lakh in the non-institutional (HNI) category. Read more

    • 1.35 pm ISTEuropean stock markets drop at openEurope’s main stock markets dropped at the start of trading on Thursday, with London’s benchmark FTSE 100 index down 0.5% to 7,584.87 points. In the eurozone, Frankfurt’s DAX 30 shed 0.5% to 12,289.81 points and the Paris CAC 40 slid 0.4% to 5,308.44 compared with Wednesday’s closing levels.(AFP)

    • 12.57 pm ISTIDBI Bank revises home loan slabIDBI Bank has revised its home loan slab from existing Rs30 lakh to Rs35 lakhs, effective 18 June, in line with new home loan PSL norms issued by RBI. The bank now offers interest rate of 8.5% pa for housing loans up to Rs35 lakhs.

    • 12.30 pm ISTIkea selects Gati as logistic partner for Hyderabad storeGati Ltd said that furniture retailer IKEA has chosen Gati as its logistic partner for its first India store in Hyderabad. Gati shares were trading 2.29% down at Rs74.55.(Reuters)

    • 12.08 pm ISTRBL Bank buys remaining stake in Swadhaar FinserveRBL Bank Ltd said that it has acquired an additional 39.52% stake in Swadhaar Finserve Pvt. Ltd, increasing its total holding to 100%. Swadhaar Finserve provides comprehensive financial services and products, particularly loans and savings products, to low-income households and microenterprises across India. RBL Bank shares rose 0.59% to Rs547.90.

    • 11.53 am ISTICICI Bank investors lose over $2.50 billion in four daysICICI Bank investors have lost over $2.50 billion in the last four sessions after a whistleblower complaint said that the Chanda Kochhar-led private lender inflated profits by at least $1.3 billion over 8 years by delaying provisioning for 31 NPA accounts.ICICI Bank shares are down more than 10.81% in last four sessions, eroding ₹ 17300 crore in market capitalization. At 11.46 am, the stock was trading at near three-month low of ₹ 274 a share, down 1.76% from previous close. Year to date, the stock has declined nearly 12.8%. Read more

    • 11.35 am ISTMarket update: Sensex, Nifty trade lowerBSE Sensex traded lower by 92.08 points, or 0.26%, to 35,125.03, while the Nifty 50 fell 35.85 points, or 0.34%, to 10,635.55. BSE MidCap and SmallCap fell 0.61% and 0.83%, respectively.Fifteen out of 19 sectoral indices on BSE declined with realty, consumer durables, energy and power losing most. IT, teck, metal and auto gained. M&M, Infosys, ONGC and HDFC Bank were among the top gainers, whereas Coal India, ICICI Bank, Power Grid and HDFC were major losers.

    • 11.25 am ISTIndian Bank withdraws dividendShares of Indian Bank fell 2.10% to Rs340.20 after the bank said it has decided to cancel a dividend payment of Rs6 previously announced.

    • 11.00 am ISTInfosys shares hit all-time high as rupee slides record lowShares of Infosys Ltd surged over 2% to touch a fresh record high on Thursday as the rupee weakened past the 69 mark for the first time to hit a record low against the US dollar. The rupee opened at 68.89 and hit an all time low of 69.09 a dollar—breaching the earlier low of 68.86 hit on 24 November 2016, following further spike in crude oil prices and concerns of higher inflation and widening current account deficit. Read more

    • 10.25 am ISTMarket update: Sensex, Nifty trade flatBSE Sensex traded higher by 10.47 points, or 0.03%, to 35,227.58, while the Nifty 50 fell 8.30 points, or 0.08%, to 10,663.10.

    • 10.13 am ISTUS curbs on oil imports from Iran is a new worry for IndiaIran’s share in India’s import volumes was 10.4% in FY18 and analysts say US curbs could put upward pressure on oil prices

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    • 9.40 am ISTTata Steel shares rise over 1%Tata Steel Ltd shares rose 1.10% to Rs549.20 after Reuters reported that the company and Thyssenkrupp AG are nearing a €15 billion ($17.4 billion) deal this week to combine their European assets into a global steel giant. Tata Steel Europe’s labour representatives are also close to approving the deal, added the report.

    • 9.25 am ISTShares of OMC, aviation and tyre companies fall as oil prices riseShares of Oil marketing companies, aviation and tyre companies fell after international crude oil prices spiked further. Hindustan Petroleum Corp Ltd fell 5%, Bharat Petroleum Corp Ltd declined 5%, Indian Oil Corp Ltd 4%. Among Aviation companies, Jet Airways India Ltd slipped 2%, SpiceJet Ltd 2.2%, Indigo 1.1%. Among Tyre stocks, MRF Ltd fell 0.2%, Apollo Tyres Ltd 3%, JK Tyre & Industries Ltd 2.2%.

    • 9.18 am ISTMarket update: Sensex, Nifty open lowerBSE Sensex traded lower by 21.87 points, or 0.06%, to 35,195.24, while the Nifty 50 fell 19.95 points, or 0.19%, to 10,651.45.

    • 9.13 am ISTRupee hits all time low against US dollarThe rupee slipped to a record low against the US dollar, following further spike in oil prices and concerns of higher inflation and widening fiscal deficit. The home currency opened at 68.89 and hit an all time low of 68.90 a dollar. Last time, the rupee hit an all-time closing low of 68.825 on 28 August 2013. The all-time intraday low of 68.8625 seen on 24 November 2016.(Ravindra N. Sonavane/Mint)

    • 8.45 am ISTOpening bell: Cues to look out for before trading today■ US stocks closed lower on selling in shares of financials and technology companies. S&P 500 was down 0.86% at 2,699. Asian markets opened lower on growing worries about trade war fears.■ The board of India’s insurance regulator—Insurance Regulatory and Development Authority of India, or IRDA—will meet on Friday to discuss a possible easing of rules to facilitate IDBI Bank sale to Life Insurance Corporation of India (LIC), reports Mint, citing two people aware of the development.■ ICICI Bank Ltd issued hundreds of letters of credit (LCs) to entities related to its troubled corporate borrowers to help them avoid loan default, a whistleblower complaint said, pre-empting the need to set aside money for non-performing assets (NPAs), reports Mint.■ Thyssenkrupp AG and Tata Steel Ltd are nearing a €15 billion ($17.4 billion) deal this week to combine their European assets into a global steel giant, reports Reuters.■ State Bank of India (SBI) has closed six foreign branches and is in the process of closing down another nine branches as part of rationalisation of overseas operations, reports PTI.■ HCL Technologies Ltd will be acquiring Wolfsburg-based H&D International Group for Euro 30 million, as it looks to expand presence in the European market, reports Business Standard.■ JSW Steel Ltd announced plans to invest Rs7,500 crore until March 2020 to increase the production capacity at its Vijayanagar facility in Karnataka to 13 million tonnes per annum, reports PTI.■ Puranik Builders Ltd, a major real estate developer with projects in Mumbai and Pune, on Wednesday filed the draft prospectus for its initial public offering (IPO), which will see the company raise Rs810 crore.

 

Source:-.livemint