Market Live: Sensex tanks nearly 300 points, Nifty drops over 1%, banking stocks fall | Indian Share Market

Indian Share Market


Market Live: Sensex tanks nearly 300 points, Nifty drops over 1%, banking stocks fall

Mumbai: The BSE Sensex slumped over 250 points in early trade on Friday on heavy selling in banking, financial, capital goods and FMCG stocks amid sustained foreign fund outflows and weak global cues. The NSE Nifty also fell more than 100 points, or 1%. The rupee falling to a four-month low in early trade on heavy capital outflows over expectation of a rate hike by the US Federal Reserve.

Stocks in Asia dropped after a report that North Korea threatened with a hydrogen bomb test in the Pacific in response to fresh sanctions. Kim Jong Un warned of the “highest level of hard-line countermeasure in history” and his foreign minister suggested that could include testing a hydrogen bomb in the Pacific Ocean, Bloomberg reported. Here are the latest updates from the market:

■ 11.23am: BSE Sensex dropped 293 points, or 0.91%, to 32,077, while the Nifty 50 fell 114 points, or 1.12%, to 10,008.

■ 11.17am: All the sectorial indices are trading in red. The BSE bankex was down 1.54%, the metal index fell 2.48%, the BSE realty was down 2.13%. On the NSE, the Nifty Bank dropped 1.42%.

■ 11.15am: Dena Bank surged 5% after ET Now report said that the bank is in talks with Vijaya Bank for possible merger.

■ 11.10am: Tata Motors Ltd rose 2% to Rs 422. Tata Motors Ltd on Thursday launched the Tata Nexon, its first compact SUV offering, on Thursday. With prices starting at Rs5.85 lakh for petrol and Rs6.85 lakh for diesel variants, the Mumbai-based firm has pitted the Tata Nexon against the Maruti Suzuki Brezza, Ford Ecosport and Mahindra TUV 300. Prices of the Vitara Brezza diesel start from Rs7.27 lakh. It doesn’t have a petrol variant.

■ 10.44am: BSE Sensex sank 257 points, or 0.79%, to 32,113, while the Nifty 50 fell 98 points, or 0.97%, to 10,024.

■ 10.40am: Initial public offering of Prataap Snacks Ltd will open for subscription with a price band of Rs930-938. The IPO, which will see a fresh issue of Rs200 crore, aims to raise Rs482 crore through the share sale.

■ 10.35am: Jindal Steel & Power Ltd fell 4.2% to Rs145.45 after a news report said that Ravi Uppal will step down as the managing director and group chief executive officer of debt-laden steel maker JSPL by month-end after a five-year term.

■ 10.30am: Reliance Home Finance, demerged entity of Reliance Capital Ltd is listed on the exchanges at Rs109.20 on Friday, up 5%. Reliance Capital Ltd fell around 3%.

■ 10.00am: BSE Sensex fell 266 points, or 0.82%, to 32,103, while the Nifty 50 fell 91 points, or 0.90%, to 10,031.

■ 9.40am: Banking stocks fell. The Nifty Bank index slumped 1.15% to 24,514. Yes Bank Ltd fell 3.3%, Andhra Bank 2.8%, Central Bank 2.6%, Indian Bank 2.3%, South Indian Bank 2.3%, South Indian Bank 2%, ICICI Bank 2.1%, Karnataka Bank 2.1%

■ 9.42am: New Delhi Television Ltd rose 5% to Rs53.10 after an Indian Express report said that Ajay Singh, chairman and managing director for SpiceJet, may buy a controlling stake in NDTV of around 40% and the promoters Prannoy Roy and Radhika Roy will hold around 20% in the company.

■ 9.27am: BSE Sensex opens lower by 190 points, or 0.59%, to 32,180, while the Nifty 50 rises 68 points, or 0.68%, to 10,053.

■ 9.20am: Pharma stocks were trading higher. Dr Reddy’s Laboratories Ltd rose 1.5%, Sun Pharma 1.1%, Lupin Ltd 1%, Cipla Ltd 1%, Ipca Laboratories Ltd 3.4%, Ajanta Pharma 3.2%, Dr Reddy’s Lab 1.5% and Glenmark Pharma 1.3%.

■ 9.18am: KNR Constructions Ltd rose 5.2% to Rs223 after the company said its joint venture won order worth Rs 884.47 crore from Government of Telangana

■ 9.15am: The home currency opened at 64.93 a dollar and touched a low of 65.11, a level last seen on 5 April. The rupee was trading at 65.10 a dollar, down 0.50% from its Thursday’s close of 64.80.

■ 9.13am: The 10-year bond yield was at 6.683%, a level last seen on 19 May, compared to its previous close of 6.675%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading mixed. South Korean won was down 0.54%, Malaysian ringgit 0.25%, China Offshore 0.16%, Taiwan dollar 0.06%, Hong Kong dollar 0.05%. However, Japanese yen was up 0.64%, Philippines peso 0.25%, Indonesian rupiah 0.12%, China renminbi and Singapore dollar were up 0.05% each. The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.993, down 0.29% from its previous close of 92.259.

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