MARKET WRAP: Sensex rises 224 pts, Nifty ends at 11,537; RIL, pharma cos up

The benchmark indices ended higher on Thursday as the rupee pared some of its intra-day losses and recovered after hitting a new all-time low.

The S&P BSE Sensex ended at 38,243, up 224 points while the broader Nifty50 index settled at 11,537, up 60 points.

Among sectoral indices, Nifty Pharma index settled 2.7 per cent higher led by Aurobindo Pharma and Biocon.

In individual stocks Reliance Industries (RIL) rose 2.7 per cent higher to end the day at Rs 1,259 on the BSE.

Rupee hits 72/$

Earlier in the day, the Indian rupee breached the crucial 72 to the dollar mark, extending losses as a rout in emerging markets kept investors on edge. The rupee fell to a record low of 72.11 to the dollar at one point, with strong bids for dollars coming after 70 was hit, traders said. READ MORE

Global Markets

Asian shares skidded for a sixth straight session on Thursday, oil slipped and safe-haven gold gained with investor confidence shaken by turmoil in emerging markets and jitters over a potentially severe escalation in the US-China trade war.

 
MSCI's broadest index of Asia-Pacific shares outside Japan dropped more than 1 per cent to hit a one-year trough of 515.24 points. Japan's Nikkei slipped 0.4 per cent while Australian shares faltered 1.1 per cent. China's blue-chip index fell 1.2 per cent while Hong Kong's Hang Seng index stumbled 1.5 per cent.

(with Reuters inputs)

3:40 PM IST Nifty Pharma index ends 2.72% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) AUROBINDO PHARMA 759.30 696.95 62.35 8.95 BIOCON 662.95 624.05 38.90 6.23 CADILA HEALTH. 422.35 401.95 20.40 5.08 DIVI'S LAB. 1317.00 1278.05 38.95 3.05 CIPLA 662.10 646.55 15.55 2.41

3:37 PM IST Nifty sectoral gainers and losers of the day

3:35 PM IST BSE Sensex: RIL, Coal India, Sun Pharma among top gainers of the day

3:32 PM IST Market at close The S&P BSE Sensex ended at 38,243, up 224 points while the broader Nifty50 index settled at 11,537, up 60 points.

3:16 PM IST Sun Pharma, Glenmark Pharma, Hikal hit 52-week highs; Aurobindo surges 8% Shares of pharmaceutical companies were back in focus with Sun Pharmaceutical Industries and Glenmark Pharmaceuticals hitting their respective 52-week highs on the National Stock Exchange (NSE).   Aurobindo Pharma has rallied 8%, while Biocon, Divi’s Laboratories, Cadila Healthcare and Cipla from the Nifty Pharma index gained in the range of 2.5% to 4% on the NSE. READ MORE

3:02 PM IST Wipro gains for seventh straight trading day; stock up 16% in one month Shares of Wipro were up for the seventh straight day, rising to Rs 322, up 1% on the BSE. In past three trading days, the stock has risen 4% after the information technology (IT) services firm on Sunday announced that it has won its largest contract to date from US-based human resources (HR) and financial solutions company Alight Solutions LLC. The stock hit a high of Rs 328 during intra-day trade on Monday, September 3, 2018. READ MORE

2:46 PM IST JPMorgan, BlackRock warn contagion hitting emerging markets First came the Argentine selloff. Then Turkey. And before long, assets from South Africa to Brazil and Indonesia were getting hit in a selling stampede across emerging markets.   It’s a phenomenon that has a cadre of investors and strategists from JPMorgan Chase & Co to BlackRock Inc reaching for a single word: contagion. READ MORE

2:33 PM IST Top gainers in BSE 500: COMPANY PRICE() CHG() CHG(%) H U D C O 59.95 4.30 7.73 AUROBINDO PHARMA 747.90 51.80 7.44 GRANULES INDIA 120.70 8.05 7.15 KIRLOSKAR OIL 270.45 12.85 4.99 TORRENT POWER 261.00 12.35 4.97 » More on Top Gainers

2:22 PM IST NEWS ALERT Telangana Assembly dissolved: Governor E S L Narasimhan accepts recommendation of Cabinet;  K Chandrashekar Rao to continue as caretaker Chief Minister

2:21 PM IST NEWS ALERT Telangana assembly dissolved: Chief Minister K Chandrashekar Rao reaches Governor's house to submit resignation

2:14 PM IST With RBI's policy rate hike, housing finance firms to face tough time With the Reserve Bank of India expected to further raise its policy rate (up 50 basis points thus far in FY19) amid macro hiccups, some non-banking finance companies might pass these on.   However, housing finance companies (HFCs) are expected to find this difficult, given stiff competition in their segment. READ MORE

2:00 PM IST Market Check Index Current Pt. Change % Change   S&P BSE SENSEX 38,124.00 +105.69 +0.28   S&P BSE SENSEX 50 12,036.14 +23.35 +0.19   S&P BSE SENSEX Next 50 34,353.99 +144.03 +0.42   S&P BSE 100 11,787.74 +26.81 +0.23   S&P BSE Bharat 22 Index 3,642.55 -8.93 -0.24 (Source: BSE)

LIVE UPDATES

Nifty Pharma index ends 2.72% higher. Top gainers:

COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
AUROBINDO PHARMA 759.30 696.95 62.35 8.95
BIOCON 662.95 624.05 38.90 6.23
CADILA HEALTH. 422.35 401.95 20.40 5.08
DIVI'S LAB. 1317.00 1278.05 38.95 3.05
CIPLA 662.10 646.55 15.55 2.41

Nifty sectoral gainers and losers of the day


BSE Sensex: RIL, Coal India, Sun Pharma among top gainers of the day


Market at close

The S&P BSE Sensex ended at 38,243, up 224 points while the broader Nifty50 index settled at 11,537, up 60 points.
Sun Pharma, Glenmark Pharma, Hikal hit 52-week highs; Aurobindo surges 8%

Shares of pharmaceutical companies were back in focus with Sun Pharmaceutical Industries and Glenmark Pharmaceuticals hitting their respective 52-week highs on the National Stock Exchange (NSE).
 
Aurobindo Pharma has rallied 8%, while Biocon, Divi’s Laboratories, Cadila Healthcare and Cipla from the Nifty Pharma index gained in the range of 2.5% to 4% on the NSE. READ MORE

Wipro gains for seventh straight trading day; stock up 16% in one month

Shares of Wipro were up for the seventh straight day, rising to Rs 322, up 1% on the BSE. In past three trading days, the stock has risen 4% after the information technology (IT) services firm on Sunday announced that it has won its largest contract to date from US-based human resources (HR) and financial solutions company Alight Solutions LLC. The stock hit a high of Rs 328 during intra-day trade on Monday, September 3, 2018. READ MORE

JPMorgan, BlackRock warn contagion hitting emerging markets

First came the Argentine selloff. Then Turkey. And before long, assets from South Africa to Brazil and Indonesia were getting hit in a selling stampede across emerging markets.
 
It’s a phenomenon that has a cadre of investors and strategists from JPMorgan Chase & Co to BlackRock Inc reaching for a single word: contagion. READ MORE

Top gainers in BSE 500:

COMPANY PRICE() CHG() CHG(%)
H U D C O 59.95 4.30 7.73
AUROBINDO PHARMA 747.90 51.80 7.44
GRANULES INDIA 120.70 8.05 7.15
KIRLOSKAR OIL 270.45 12.85 4.99
TORRENT POWER 261.00 12.35 4.97
» More on Top Gainers
NEWS ALERT Telangana Assembly dissolved: Governor E S L Narasimhan accepts recommendation of Cabinet;  K Chandrashekar Rao to continue as caretaker Chief Minister
NEWS ALERT Telangana assembly dissolved: Chief Minister K Chandrashekar Rao reaches Governor's house to submit resignation
With RBI's policy rate hike, housing finance firms to face tough time

With the Reserve Bank of India expected to further raise its policy rate (up 50 basis points thus far in FY19) amid macro hiccups, some non-banking finance companies might pass these on.
 
However, housing finance companies (HFCs) are expected to find this difficult, given stiff competition in their segment. READ MORE

Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 38,124.00 +105.69 +0.28
 
S&P BSE SENSEX 50 12,036.14 +23.35 +0.19
 
S&P BSE SENSEX Next 50 34,353.99 +144.03 +0.42
 
S&P BSE 100 11,787.74 +26.81 +0.23
 
S&P BSE Bharat 22 Index 3,642.55 -8.93 -0.24

(Source: BSE)
Devangshu Datta Nifty index weights skew returns

In the last 12 months, the Nifty has returned 15 per cent in rupee terms, with the breakout of the last month having resulted in 3 per cent gains. In dollar terms, the returns in the past year amount to about 3 per cent. By any standards, that's a big bull market. Or is it? READ HERE

Why a start-stop approach to SIPs could hurt your crucial financial goals

Last year when Avantika Singh, 26, a London-based computer chip designer visited India, she was impressed by the returns that mutual funds were giving, and decided to invest in them. All the three funds that an agent sold her were small-cap, because, he said, they would give her higher returns over the long term. Today, with the one-year SIP returns of all small-cap funds, barring one in the negative, she is wondering whether she made a wrong investment decision. READ MORE

Paper stocks rally; West Coast, Star Paper, Seshasayee Paper up over 7%

Shares of paper manufacturing companies were in focus with West Coast Paper Mills, Star Paper Mills, Seshasayee Paper, Emami Paper, and Balkrishna Industries rallying between 7% and 9% on good demand outlook. READ MORE

Rupee hits 72/$; Pharma stocks gain


Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 38,008.69 -9.62 -0.03
 
S&P BSE SENSEX 50 12,003.67 -9.12 -0.08
 
S&P BSE SENSEX Next 50 34,274.28 +64.32 +0.19
 
S&P BSE 100 11,756.54 -4.39 -0.04
 
S&P BSE Bharat 22 Index 3,635.64 -15.84 -0.43

RUPEE ALERT Rupee at record low, breaches 72 against US dollar
Troubled times to last a while longer for emerging markets, say hedge funds

Hedge funds haven’t been this bearish for years.
 
In the last month, funds quickly sold down their positions in emerging markets to levels last seen in August 2015, when China scared the world with a surprise devaluation, and early 2016, when Beijing terminated a silly experiment with circuit breakers in a futile attempt to rescue the stock market. READ MORE

Market regulator Sebi mulls diluting controversial FPI KYC norms: Sources

The market regulator, Securities and Exchange Board of India (Sebi), may soon dilute some of the controversial provisions notified in its April 10 circular on foreign portfolio investors (FPIs).
 
Sources say the regulator is mulling exempting people of Indian origin (PIOs) from the ambit of the new Know Your Customer (KYC) norms. Publicly pooled funds could get more leeway with regards to investment ceilings in individual companies. READ MORE

Markets at noon

Index Current Pt. Change % Change
 
S&P BSE SENSEX 38,067.67 +49.36 +0.13
 
S&P BSE SENSEX 50 12,016.95 +4.16 +0.03
 
S&P BSE SENSEX Next 50 34,297.80 +87.84 +0.26
 
S&P BSE 100 11,768.96 +8.03 +0.07
 
S&P BSE Bharat 22 Index 3,640.17 -11.31 -0.31

Adani Enterprises trades ex-date for spin off; rebounds 15% from day's low
 
Shares of Adani Enterprises has moved higher by 7% to Rs 161, bouncing back 15% from its early morning low on the BSE on back of heavy volumes on Thursday. The stock of Adani group Company turned ex-date for spin off its gas sourcing and distribution business into a new company called Adani Gas. READ MORE
Sebi may soon pave the way for startup listings under separate segment
 
The Securities and Exchange Board of India (Sebi) may soon bring in a slew of changes to make it attractive for startups to list on the bourses.
 
Among other things, the regulator may broaden the definition of startups to include non-tech companies and allow them to list directly on the main board of stock exchanges under a separate segment. READ MORE
Pharma index gains; top gainers in the pack

Aurobindo Pharma gains 5% on acquisition of Sandoz's US business
 
Shares of Aurobindo Pharma has rallied 5% to Rs 732 on Thursday, extending its Wednesday’s 2% gain on the BSE, after the company announced the acquisition of Sandoz's generic business in the US for $900 million.
 
“The company announces the signing of a definitive agreement to acquire certain assets from Sandoz Inc., USA ("Sandoz"), a Novartis Division, comprising a market leading dermatology business and a portfolio of oral solid products along with commercial and manufacturing infrastructure in the US,” Aurobindo Pharma said in a press release. READ MORE
New motor norms trigger for ICICI Lombard, will gain most among insurers
 
Stock of ICICI Lombard General Insurance Company (ICICI Lombard) has risen 4.6 per cent to Rs 836.35 since August 30, even though the broader markets and Nifty Financial Services index are under pressure. Expected benefits from the revised motor third-party insurance policy have been the reason for the upward move of the sole listed general insurance company.
 
While the motor segment accounts for over 40 per cent of the company’s product mix, third-party segment’s share is 17-18 per cent and own-damage policies comprise 25-26 per cent. READ MORE
Nifty Media index tanks 5%; Zee Entertainment, Sun TV hits 52-week lows
 
Shares of media companies were under pressure with Nifty Media index tanked 5% in intra-day trade, hitting 20-month low on the National Stock Exchange (NSE) on growth concerns.
 
Zee Entertainment Enterprises (ZEEL) and Sun TV Network hits their respective 52-week lows have tanked up to 9%, while Dish TV India, INOX Leisure and Den Networks were trading lower in the range of 1% to 35 on the NSE. READ MORE
Angel Broking files offer document with Sebi for IPO to raise Rs 6 billion
 
Angel Broking filed its offer document with markets regulator Securities and Exchange Board of India (Sebi) on Wednesday. The company is looking at an initial public offering (IPO) of equity to raise Rs 6 billion, half of which would be new funds.
 
Sources say the offer will value Angel Broking around Rs 25 billion. READ MORE
Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 38,144.22 +125.91 +0.33
 
S&P BSE SENSEX 50 12,049.99 +37.20 +0.31
 
S&P BSE SENSEX Next 50 34,442.36 +232.40 +0.68
 
S&P BSE 100 11,803.95 +43.02 +0.37
 
S&P BSE Bharat 22 Index 3,658.09 +6.61 +0.18

(Source: BSE)
Interview of the day Successful fund managers will eventually set up own AMCs: Sunil Singhania
 
The mutual fund industry has seen a spate of exits of star fund managers. The trend will continue says Sunil Singhania, who quit Reliance Mutual Fund, to set up Abakkus Asset Manager. In an interview to Samie Modak during CFA Society’s third India Wealth Management Conference, says running a hedge fund allows more flexibility to manage money sophisticated money. Read full interview here


MUST READ Was not aware of Videocon's deals with husband, says Chanda Kochhar
 
ICICI Bank’s Managing Director and Chief Executive Officer Chanda Kochhar, facing allegations of conflict of interest and non-adherence to the code of conduct, has denied the charges levelled against her by markets regulator Securities and Exchange Board of India (Sebi).
 
In her reply to a show-cause notice issued by Sebi, Chanda Kochhar said she was not aware of the business dealings between husband Deepak Kochhar, promoter of NuPower Renewables, and Videocon group promoter Venugopal Dhoot. READ MORE

Illustration by Ajay Mohanty

Nifty sectoral trend


BSE Sensex opening gainers and losers


Market at open
 
At 9:15 AM, the S&P BSE Sensex was trading at 38,128, up 110 points while the broader Nifty50 was ruling at 11,501, up 24 points.
Top trading ideas by Prabhudas Lilladher:
 
BUY INDUSIND BANK
CMP: Rs 1,854.85
TARGET: Rs 1,970
STOP LOSS: Rs 1,800
 
The stock has witnessed a decent correction from the peak of 2038 to show signs of bottoming out at around 1825 levels which is also very near to the significant 200 DMA moving average and we anticipate a bounce from here on. The RSI has also hit the oversold zone and is poised for an upward move and with the chart looking attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 1970 keeping a stop loss of 1800.
 
NEWS ALERT Rupee opens a tad up at 71.68 per dollar

Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 38,305.35 +287.04 +0.76
 
S&P BSE SENSEX 50 12,109.23 +96.44 +0.80
 
S&P BSE SENSEX Next 50 34,395.15 +185.19 +0.54
 
S&P BSE 100 11,849.92 +88.99 +0.76
 
S&P BSE Bharat 22 Index 3,683.31 +31.83 +0.87

Nifty outlook by Prabhudas Lilladher
 
Nifty after correcting from 11,750 to 11,394, has taken the support of 11400 levels, from where a bounce can be expected up to 11,550. The support for the day is seen at 37,760/11,400 while resistance is seen at 38,250/11,540. Bank Nifty, too, has corrected by 1,250 points with banks like IndusInd & Yes Bank, for now, have taken the support of 200 DMA. Bank Nifty would have a range of 27,120-27,630. The rupee too has approached its resistance of 72 from where some recovery can be anticipated.
Today's picks
 
BPCL 
Current price: Rs 350 
Target price: Rs 345
 
Keep a stop at Rs 353 and go short. Add to the position between Rs 346 and Rs 347. Book profits at Rs 345.
 
Sun Pharma 
Current price: Rs 664 
Target price: Rs 675
 
Keep a stop at Rs 658 and go long. Add to the position between Rs 672 and Rs 674. Book profits at Rs 675.
 
Global factors behind Rupee fall, no need for knee-jerk reaction: Jaitley
 
Finance Minister Arun Jaitley said on Wednesday that the upheaval in oil prices and the rupee was due to global factors, and the government will not take any decision out of panic that could be misconstrued as a ‘knee-jerk’ reaction.
 
Jaitley was addressing a press conference – his first after his recovery from a kidney transplant surgery – after a meeting of the Union Cabinet. His comments come even as prices of petrol and diesel have reached a record high and the rupee has touched a lifetime low of 71.97 versus the dollar. READ MORE
Rupee ends off record low at 71.75/$
 
After hitting fresh lows of 71.97 per US dollar, the Indian rupee on Wednesday, managed to recover over 20 paise to close at 71.75 per US dollar. The currency hit a fresh record low of 71.97 intraday on the back of a surge in crude oil prices along with sharp rise in the US dollar as well. The closing value of rupee is lower than the positive start it had to previous close. It opened higher by 18 paise at 71.40 per dollar.
SGX Nifty
 
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 30.5 points or 0.27 percent. Nifty futures were trading around 11,534-level on the Singaporean Exchange.
Oil prices fall on emerging market woes, looming tariff deadline
 
Oil prices fell on Thursday as emerging market woes weighed on sentiment, while a deadline neared for a potential new round of US tariffs on another $200 billion of Chinese goods.
 
US West Texas Intermediate (WTI) crude futures were at $68.47 per barrel, down 25 cents, or 0.4 per cent, from their last settlement. International Brent crude futures fell 27 cents, or 0.4 per cent, to $77.0 a barrel.
Asian shares extend losses on trade, emerging market anxiety
 
Global equities remained under pressure with stocks in Asia down for the sixth straight day on Thursday amid fragile investor confidence in the wake of turmoil in emerging markets and anxiety about a major escalation in the US-China trade conflict.
 
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.26 per cent to hit its lowest since mid-August. Japan's Nikkei slipped 0.58 per cent while Australian shares fell 0.95 per cent.
Nasdaq falls as US lawmakers grill Facebook, Twitter executives
 
The Nasdaq fell more than 1 per cent on Wednesday, dented by technology stocks after Facebook and Twitter executives defended their companies before skeptical US lawmakers. Twitter shares dropped 6.1 per cent. Facebook shares fell 2.3 per cent, contributing heavily to both the Nasdaq’s and the S&P 500’s declines. The Dow, however, eked out a slight gain.
 
The Dow Jones Industrial Average rose 22.51 points, or 0.09 per cent, to 25,974.99, the S&P 500 lost 8.12 points, or 0.28 per cent, to 2,888.6 and the Nasdaq Composite dropped 96.07 points, or 1.19 per cent, to 7,995.17.
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