Opening Bell (23 Oct 2018)

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Last-hour selling drags Sensex lower, Nifty gives up 10,250; RIL down 4%

At the close of market hours, the Sensex closed down 181.25 points or 0.53% at 34134.38, while the Nifty fell 58.20 points or 0.56% at 10245.30.

Weakness in the last hour of trade dragged equity benchmarks to low points. The Nifty ended the session below 10,250-mark, while the Sensex shed over 180 points.

Against this, the market had a strong start, with the Sensex and Nifty having risen a percent each.

Financials gave up all of their gains and were a lag on the benchmarks.

Along with them, energy, IT, and metals were the big losers. Sell-off in midcaps, too, added to the weakness, with the Nifty Midcap index falling over a percent lower.

There was some weakness among index heavyweights such as Reliance Industries. The stock ended 4 percent lower, while IndusInd Bank fell around 9 percent down.

The day had begun on a strong note as some positivity after the recent fall may have lead to more buying. A fall in crude prices may have aided the momentum as well. But soon the market turned choppy, witnessing some wild swings as well.

Sell-off in the last hour dragged the indices to low points.

At the close of market hours, the Sensex closed down 181.25 points or 0.53% at 34134.38, while the Nifty fell 58.20 points or 0.56% at 10245.30. The market breadth was negative as 832 shares advanced, against a decline of 1,758 shares, while 980 shares were unchanged.

ICICI Bank, NTPC, Indiabulls Housing and Eicher Motors are the top gainers, while IndusInd Bank, Reliance Industries, and BPCL lost the most.

Stocks in News

Alembic Pharmaceuticals closed down 5 percent as investors turned wary of the stock after it declared September quarter results. The stock had risen in the morning after successfully clearing the first USFDA inspection.

Shares of Persistent Systems fell 15 percent despite good September quarter numbers declared by the company on October 21. Investors could be wary of the fall in dollar revenue by the firm.

Biocon gained 2 percent after CHMP (Europe’s medicines agency) issued a positive opinion recommending approval of Ogivri.

Hindustan Zinc reported second quarter net profit at Rs 1815 crore, down 29.5 percent against Rs 2,584 crore in the same quarter last fiscal. The stock fell a percent.

UltraTech Cement’s stock fell 4 percent after brokerage houses said earnings missed estimates on lower volume and higher cost. They expect 8-47 percent upside in the stock.

Indiabulls Ventures locked in 5% lower circuit ahead of board meet for preferential issue

Unichem Laboratories share price rallied 2 percent after the US health regulator cleared Pithampur and Roha facilities.

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NCDEX SUPPORT & RESISTANCE LEVEL

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Sensex, Nifty trade with marginal gains; Indiabulls Hsg, DHFL, RIL most active stocks

The market has given up half of its gains and is trading off the high points. The Sensex is higher by around 150 points, while the Nifty is around 10,350.

Selling is visible in the information technology segment, with the Nifty IT index falling around a percent. Banks, automobiles, consumption and pharma have lost some of their sheen at this point. The midcap index, meanwhile, has given up almost all of its gains. 

The Sensex is up 179.94 points or 0.52% at 34495.57, while the Nifty is higher by 50.20 points or 0.49% at 10353.70. The market breadth is positive as 855 shares advanced, against a decline of 423 shares, while 2281 shares were unchanged.

HDFC Bank, Adani Ports, Indiabulls Housing and Bajaj Finance are the top gainers, while Yes Bank, TCS, and Tech Mahindra have lost the most. 

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Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-nifty-trade-with-marginal-gains-indiabulls-hsg-dhfl-ril-most-active-stocks-3068771.html

Opening Bell (22 Oct 2018)

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INTERNATIONAL MARKET UPDATE

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Indices under pressure as Nifty slips below 10,300; NBFC stocks down 3-15%

The rupee recovered from early losses to trade higher by 19 paise at 73.42 against the US currency in late morning session on fresh dollar selling by exporters amid easing crude oil prices and a weakening greenback.

Dealers said the Reserve Bank of India's steps to ease liquidity concerns of NBFCs also helped the domestic currency.

At the Interbank Foreign Exchange, the rupee opened lower at 73.62, but soon recovered the lost ground and jumped 19 paise to touch a high of 73.42 on increased selling of the American currency by exporters and banks.

The rupee sentiment also received a boost after a steep fall in Brent crude prices Thursday following a surprise jump in US stockpiles and lingering worries about Chinese growth outlook.

Stocks in Asia fell on Friday as global sentiment soured on issues ranging from trade worries, Italy's 2019 budget, higher US interest rates and growth concerns in China that led to a slump in Chinese shares in the previous session. Early in the trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was 0.4 percent weaker following losses on Wall Street overnight, reported Reuters.

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Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-indices-under-pressure-as-nifty-slips-below-10300-nbfc-stocks-down-3-15-3062251.html