Absence of any stimulus package to revive the weak consumer demand and lift the economy, coupled with fresh trade war concerns between the US and China hurt investors' sentiment on Wednesday. Financial and metal stocks dragged the benchmark S&P BSE Sensex and broader Nifty50, 305 and 110 points lower in the intra-day trade.
The Sensex settled 268 points or 0.72 per cent lower at 37,060 level pulled down by consumer durables and banking stocks. Tata Motors, YES Bank, Tata Steel, and ONGC were the top laggards on the 30-share index while Hero Moto Corp, Maruti Suzuki, Infosys, and Tech Mahindra were the top gainers. The Nifty50, slipped to two-week low, to close at 10,919 mark, down 98 points or 0.89 per cent.
Sectorally, all the counters closed in the red. The Nifty PSB index slipped the most, settling nearly 3 per cent lower, followed by loses in the Nifty metal index (down 2.8 per cent) and Nifty realty index (down 2 per cent).
In the broader market, the S&P BSE mid-cap ended at 177 points, or 1.32 per cent, lower at 13,259 level. The S&P BSE small-cap, on the other hand, shed 180 points, or 1.43 per cent, to end at 12,390 level.
BUZZING STOCKS
Shares of CG Power and Industrial Solutions were locked in 20 per cent lower circuit for the second consecutive day at Rs 11.80 on the BSE on Wednesday after the detection of financial fraud in the company. READ MORE
Shares of Britannia Industries plunged nearly 4 per cent to hit a 52-week low of Rs 2,302 apiece on the BSE in intra-day trade on Wednesday, as worries over demand slump worsened. Parle Products, India's largest biscuit maker, said on Tuesday that it may be forced to layoff up to 10,000 people if the ongoing consumption slowdown persists. The stock closed 0.46 per cent lower at Rs 2,384 apiece. READ MORE
GLOBAL CUES
European stocks opened higher on Wednesday as hopes for more monetary and fiscal stimulus helped assuage worries about global recession, political turmoil in Italy and endless trade wars.
In Asia, Japan's Nikkei closed 0.28 per cent lower, South Korea's Kospi added 0.22 per cent, and China's Shanghi ended 0.01 per cent higher.
(With inputs from Reuters)
CATCH ALL THE LIVE UPDATES
Auto Refresh
03:40 PM
Sectoral losers and gainers on the NSE
03:39 PM
Top losers and gainers on the S&P BSE Sensex
03:35 PM
CLOSING BELL
The S&P BSE Sensex shed 268 points or 0.72 per cent to settle at 37,060.37 while NSE's NIFTY50 index ended at 10,919, down 98 points or 0.89 per cent.
03:24 PM
MARKET CHECK | Tata Steel loses over 4%
03:15 PM
NDTV's Prannoy Roy, wife, former CEO booked for alleged FDI norms violation
The agency has also booked the media outlet's former CEO Vikramaditya Chandra under charges of criminal conspiracy, cheating and corruption, they said. It is alleged that the company floated 32 subsidiaries in several tax haven countries to bring foreign funds to India through sham transactions, they said. READ MORE
NDTV, in a statement, said Radhika and Prannoy Roy (pictured) believed the Sebi order was based on an incorrect assessment of the situation and a
02:55 PM
NEWS ALERT | Revenue Secretary holds detailed discussions with banks of easing of tax compliances: CNBC TV18
02:52 PM
Fiscal stimulus a good idea but govt will be criticised for leaving fiscal prudence behind, says Piyush Goyal: CNBC TV18
-- Will continue on the path of fiscal prudence: Goyal
02:48 PM
NEWS ALERT | P&G Hygiene's June quarter results
-- Net profit up 36.4% at Rs 61 cr vs Rs 44.5 cr (YoY)
-- Revenue up 21.5% at Rs 637.3 cr (YoY)
-- Ebitda down 22.8% at Rs 64.8 cr (YoY)
-- EBITDA Margin at 10.2% vs 16% (YoY)
02:40 PM
NEWS ALERT | Govt looking to fast-track new FTA agreement: Piyush Goyal
-- Seen a lot of 'muck' and irregularities coming out to the fore in the last 5 years
-- Working on bringing back the mojo in the economy
02:32 PM
Contributions to S&P BSE Sensex's fall today
02:20 PM
Stocks that hit 52-week low on the BSE
COMPANY PRICE(RS) 52 WK LOW CHG(RS) CHG(%)
ALLAHABAD BANK 32.35 32.05 -2.50 -7.17
ANDHRA BANK 18.30 18.15 -0.65 -3.43
ASAHI INDIA GLAS 182.30 178.20 -2.95 -1.59
B H E L 48.35 47.45 -1.60 -3.20
BANK OF INDIA 64.75 64.30 -1.85 -2.78
» More on 52 Week Low
02:12 PM
Grasim Industries down over 4%
02:09 PM
NEWS ALERT | ITC said to consider bid for stake in Coffee Day: CNBC TV18
01:53 PM
Tata Motors extends loss, down over 9% now
01:51 PM
Indiabulls Housing Finance slips over 4%
01:48 PM
MARKET CHECK | S&P BSE Midcap index slips 1%
01:34 PM
PVR, TVToday, DEN Networks: Media stocks that can do well in the near-term
PVR is trading above the 200-weekly moving average (WMA) since 2012. It corrected in 2018, but has seen buying around its 200-WMA. Although the stock is trading above the 200-WMA placed at Rs 1,238 levels, one can look for opportunities considering this as a support level. CLICK TO READ FULL REPORT
algo trading
01:26 PM
Parle may cut up to 10,000 jobs, slash production as slowdown bites
A sharp drop in Parle's biscuit sales means the company may have to slash production, which may result in layoffs of 8,000-10,000 people, Mayank Shah, category head at Parle, said in a telephone interview from Mumbai. READ MORE
01:23 PM
MARKET CHECK | Realty stocks slip in trade
01:12 PM
Nestlé India likely to be included in Nifty: ICICI Securities
Nestlé India is likely to be included in the Nifty from the October series. The announcement for the same from the NSE is expected to be made sometime in the coming sessions;
In a new announcement from NSE, stocks which are permitted to trade in NSE platform but are not listed in NSE will also be considered for inclusion in the indices;
Considering the above parameter, along with the other considerations, Nestlé India is most likely to replace Indiabulls Housing Finance from the Nifty 50 stocks. Nestlé is likely to have a weightage of near 1.0% in Nifty after inclusion.
01:07 PM
Jet Airways case | Costs of Dutch Administrator should be borne by CoC: NCLAT observes
-- CoC stands for committee of creditors
01:05 PM
MARKET CHECK | Coal India trades near day's low
12:53 PM
NEWS ALERT | Kajaria Ceramics' board to consider merging Kajaria tiles with Co, on August 26: CNBC TV18
12:47 PM
NEWS ALERT | Vedanta evaluating fundraising options for capex in oil and gas biz: CNBC TV18
12:45 PM
Nifty PSU Bank index is trading 2% lower
12:39 PM
Nestle India, Trent, GSK Consumer hit fresh highs in weak market
Shares of Nestle India, GlaxoSmithKline (GSK) Consumer Healthcare, and Trent hit their respective new highs on the BSE in intra-day trade on Wednesday in an otherwise weak market. In comparison, the S&P BSE Sensex was down 0.46 per cent at 37,157 points at 12:08 pm. Nestle India gained 4 per cent to Rs 12,397, and surpassed its previous high of Rs 12,266, recorded on August 9. READ MORE
Nestlé India
12:31 PM
BHEL slumps over 3%, trades at day's low
12:29 PM
Reliance Securities on Consumer sector
The companies in the consumer sector reported mid-single digit volume growth in 1QFY20. Demand environment remained subdued for the second consecutive quarter, while the management commentaries continued to remain cautious for the near-term. Most consumer companies reported strong operating performance. We believe the ongoing phase of moderation in growth (not slowdown as widely feared) is temporary, as we expect the demand to revive in the coming quarters with the beginning of festive season.
Our top pick: HUL.
12:20 PM
Rupee can depreciate another 4% against the USD by 2019-end
The rupee appears to be moving down quite sharply since 31 July, which was when the US Federal Reserve announced a rate cut even though our forex reserves have been increasing ($430 billion for the week ended August 9, as against $411.9 billion at the start of the financial year). READ MORE
12:13 PM
Market check
The Sensex settled 268 points or 0.72 per cent lower at 37,060 level pulled down by consumer durables and banking stocks. Tata Motors, YES Bank, Tata Steel, and ONGC were the top laggards on the 30-share index while Hero Moto Corp, Maruti Suzuki, Infosys, and Tech Mahindra were the top gainers. The Nifty50, slipped to two-week low, to close at 10,919 mark, down 98 points or 0.89 per cent.
Sectorally, all the counters closed in the red. The Nifty PSB index slipped the most, settling nearly 3 per cent lower, followed by loses in the Nifty metal index (down 2.8 per cent) and Nifty realty index (down 2 per cent).
In the broader market, the S&P BSE mid-cap ended at 177 points, or 1.32 per cent, lower at 13,259 level. The S&P BSE small-cap, on the other hand, shed 180 points, or 1.43 per cent, to end at 12,390 level.
BUZZING STOCKS
Shares of CG Power and Industrial Solutions were locked in 20 per cent lower circuit for the second consecutive day at Rs 11.80 on the BSE on Wednesday after the detection of financial fraud in the company. READ MORE
Shares of Britannia Industries plunged nearly 4 per cent to hit a 52-week low of Rs 2,302 apiece on the BSE in intra-day trade on Wednesday, as worries over demand slump worsened. Parle Products, India's largest biscuit maker, said on Tuesday that it may be forced to layoff up to 10,000 people if the ongoing consumption slowdown persists. The stock closed 0.46 per cent lower at Rs 2,384 apiece. READ MORE
GLOBAL CUES
European stocks opened higher on Wednesday as hopes for more monetary and fiscal stimulus helped assuage worries about global recession, political turmoil in Italy and endless trade wars.
In Asia, Japan's Nikkei closed 0.28 per cent lower, South Korea's Kospi added 0.22 per cent, and China's Shanghi ended 0.01 per cent higher.
(With inputs from Reuters)
CATCH ALL THE LIVE UPDATES
Auto Refresh
03:40 PM
Sectoral losers and gainers on the NSE
03:39 PM
Top losers and gainers on the S&P BSE Sensex
03:35 PM
CLOSING BELL
The S&P BSE Sensex shed 268 points or 0.72 per cent to settle at 37,060.37 while NSE's NIFTY50 index ended at 10,919, down 98 points or 0.89 per cent.
03:24 PM
MARKET CHECK | Tata Steel loses over 4%
03:15 PM
NDTV's Prannoy Roy, wife, former CEO booked for alleged FDI norms violation
The agency has also booked the media outlet's former CEO Vikramaditya Chandra under charges of criminal conspiracy, cheating and corruption, they said. It is alleged that the company floated 32 subsidiaries in several tax haven countries to bring foreign funds to India through sham transactions, they said. READ MORE
NDTV, in a statement, said Radhika and Prannoy Roy (pictured) believed the Sebi order was based on an incorrect assessment of the situation and a
02:55 PM
NEWS ALERT | Revenue Secretary holds detailed discussions with banks of easing of tax compliances: CNBC TV18
02:52 PM
Fiscal stimulus a good idea but govt will be criticised for leaving fiscal prudence behind, says Piyush Goyal: CNBC TV18
-- Will continue on the path of fiscal prudence: Goyal
02:48 PM
NEWS ALERT | P&G Hygiene's June quarter results
-- Net profit up 36.4% at Rs 61 cr vs Rs 44.5 cr (YoY)
-- Revenue up 21.5% at Rs 637.3 cr (YoY)
-- Ebitda down 22.8% at Rs 64.8 cr (YoY)
-- EBITDA Margin at 10.2% vs 16% (YoY)
02:40 PM
NEWS ALERT | Govt looking to fast-track new FTA agreement: Piyush Goyal
-- Seen a lot of 'muck' and irregularities coming out to the fore in the last 5 years
-- Working on bringing back the mojo in the economy
02:32 PM
Contributions to S&P BSE Sensex's fall today
02:20 PM
Stocks that hit 52-week low on the BSE
COMPANY PRICE(RS) 52 WK LOW CHG(RS) CHG(%)
ALLAHABAD BANK 32.35 32.05 -2.50 -7.17
ANDHRA BANK 18.30 18.15 -0.65 -3.43
ASAHI INDIA GLAS 182.30 178.20 -2.95 -1.59
B H E L 48.35 47.45 -1.60 -3.20
BANK OF INDIA 64.75 64.30 -1.85 -2.78
» More on 52 Week Low
02:12 PM
Grasim Industries down over 4%
02:09 PM
NEWS ALERT | ITC said to consider bid for stake in Coffee Day: CNBC TV18
01:53 PM
Tata Motors extends loss, down over 9% now
01:51 PM
Indiabulls Housing Finance slips over 4%
01:48 PM
MARKET CHECK | S&P BSE Midcap index slips 1%
01:34 PM
PVR, TVToday, DEN Networks: Media stocks that can do well in the near-term
PVR is trading above the 200-weekly moving average (WMA) since 2012. It corrected in 2018, but has seen buying around its 200-WMA. Although the stock is trading above the 200-WMA placed at Rs 1,238 levels, one can look for opportunities considering this as a support level. CLICK TO READ FULL REPORT
algo trading
01:26 PM
Parle may cut up to 10,000 jobs, slash production as slowdown bites
A sharp drop in Parle's biscuit sales means the company may have to slash production, which may result in layoffs of 8,000-10,000 people, Mayank Shah, category head at Parle, said in a telephone interview from Mumbai. READ MORE
01:23 PM
MARKET CHECK | Realty stocks slip in trade
01:12 PM
Nestlé India likely to be included in Nifty: ICICI Securities
Nestlé India is likely to be included in the Nifty from the October series. The announcement for the same from the NSE is expected to be made sometime in the coming sessions;
In a new announcement from NSE, stocks which are permitted to trade in NSE platform but are not listed in NSE will also be considered for inclusion in the indices;
Considering the above parameter, along with the other considerations, Nestlé India is most likely to replace Indiabulls Housing Finance from the Nifty 50 stocks. Nestlé is likely to have a weightage of near 1.0% in Nifty after inclusion.
01:07 PM
Jet Airways case | Costs of Dutch Administrator should be borne by CoC: NCLAT observes
-- CoC stands for committee of creditors
01:05 PM
MARKET CHECK | Coal India trades near day's low
12:53 PM
NEWS ALERT | Kajaria Ceramics' board to consider merging Kajaria tiles with Co, on August 26: CNBC TV18
12:47 PM
NEWS ALERT | Vedanta evaluating fundraising options for capex in oil and gas biz: CNBC TV18
12:45 PM
Nifty PSU Bank index is trading 2% lower
12:39 PM
Nestle India, Trent, GSK Consumer hit fresh highs in weak market
Shares of Nestle India, GlaxoSmithKline (GSK) Consumer Healthcare, and Trent hit their respective new highs on the BSE in intra-day trade on Wednesday in an otherwise weak market. In comparison, the S&P BSE Sensex was down 0.46 per cent at 37,157 points at 12:08 pm. Nestle India gained 4 per cent to Rs 12,397, and surpassed its previous high of Rs 12,266, recorded on August 9. READ MORE
Nestlé India
12:31 PM
BHEL slumps over 3%, trades at day's low
12:29 PM
Reliance Securities on Consumer sector
The companies in the consumer sector reported mid-single digit volume growth in 1QFY20. Demand environment remained subdued for the second consecutive quarter, while the management commentaries continued to remain cautious for the near-term. Most consumer companies reported strong operating performance. We believe the ongoing phase of moderation in growth (not slowdown as widely feared) is temporary, as we expect the demand to revive in the coming quarters with the beginning of festive season.
Our top pick: HUL.
12:20 PM
Rupee can depreciate another 4% against the USD by 2019-end
The rupee appears to be moving down quite sharply since 31 July, which was when the US Federal Reserve announced a rate cut even though our forex reserves have been increasing ($430 billion for the week ended August 9, as against $411.9 billion at the start of the financial year). READ MORE
12:13 PM
Market check
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