Stock market: The Sensex rose as much as 174.25 points to 36,898.99 at the day’s strongest level
The S&P BSE Sensex and NSE Nifty 50 indices erased intraday gains owing to weakness in banking and financial services shares. The Sensex fell 300 points from day’s high and Nifty 50 index fell below important psychological level of 10,900. HDFC, ICICI Bank, Tata Consultancy Services, Hindustan Unilever, Kotak Mahindra Bank and State Bank of India were among the biggest drags on the Sensex. Earlier in the day, the benchmarks opened higher and Sensex rose as much as 174 points from its previous close. On Wednesday, the Sensex and Nifty had ended 162 points (0.4 per cent) and 47 points (0.4 per cent) higher, rebounding after falling the most since July 8 in the previous session.
Here are the live updates on the financial markets (Sensex, Nifty and rupee) today:
Market Update: Sensex, Nifty Subdued Amid Weekly F&O Expiry
The Sensex and Nifty indices were trading on a subdued note in a narrow range amid weekly expiry of derivative contracts. The Sensex was down 44 points while Nifty was up 7 points at 10,851.
Weakness in banking and financial services was offsetting gains in auto, media, metal and pharma shares.
Seven of 11 sector gauges compiled by National Stock Exchange were trading lower led by the Nifty Realty index’s 1.84 per cent decline. On the flipside, Nifty Metal index was top sectoral gainer, up 1.76 per cent.
Bharti Airtel, Vodafone Idea Down Over 6% Since August 12
Bharti Airtel shares have declined 6.81 per cent and Vodafone Idea has dropped 6.34 per cent since the day Reliance Industries chairman Mukesh Ambani announced launch date of JioFiber at its AGM on August 12. Meanwhile, Reliance Industries shares have advanced 3.4 per cent since that day.
Oil Marketing Companies Gain On Lower Crude Prices
Shares oil marketing companies rose after Brent Crude fell 0.3 per cent to $60.52 per barrel.
- Indian Oil up 4.26% at Rs. 125.40
- Bharat Petroleum up 5.02% at Rs. 381.80
- Hindustan Petroleum Corporation up 3.77% at Rs. 266.90
Aditya Birla Capital Gains On Fund Raising Plan
Aditya Birla Capital rose as much as 2.2 per cent to Rs. 92.40 after the company’s board approved raising Rs. 2,100 crore via preferential issue of equity shares.
The company will issue 7.7 crore equity shares of face value of Rs. 10 each at a price of Rs. 100 for an aggregate consideration of Rs. 770 crore on a preferential basis to Grasim Industries, according to an exchange filing posted by Aditya Birla Capital.
The company will also issue 2.3 crore shares at Rs. 100 for total consideration of Rs. 230 crore on preferential basis to Surya Kiran Investments Pte. Limited, IGH Holdings Private Limited and Pilani Investment and Industries Corporation Limited, members of promoter group of the company.
At 12:16 pm, Aditya Birla Capital traded 1.44 per cent higher at Rs. 91.70.
Sensex, Nifty Erase Gains; Banking Shares Weigh
The S&P BSE Sensex and NSE Nifty 50 indexes erased intraday gains after banking shares came under selling pressure. The Sensex fell 47 points to 36,679 and the Nifty 50 index was up 2 points at 10,847.
Top Nifty losers
- HDFC down 2.57%
- ICICI Bank down 1.77%
- HCL Technologies down 1.21%
- Hindustan Unilever down 1.17%
- Tech Mahindra down 1.01%
Top Nifty gainers
- Tata Motors up 4.89%
- ONGC up 4.41%
- Coal India up 4.28%
- Bharat Petroleum up 3.97%
- NTPC up 3.10%
ONGC Surges 9% On Heavy Volumes
Shares of the state-run oil exploration company, ONGC, surged as much as 9 per cent to Rs. 129.80 on the BSE on the back of heavy trading volumes.
As many as 13 lakh shares changed hands on the BSE compared with an average of 5.24 lakh shares traded daily in the past two weeks.
Market Update: Sensex, Nifty Turn Flat; HDFC, ICICI Bank Among Laggards
The S&P BSE Sensex and NSE Nifty 50 indices came off intraday highs owing to weakness in ICICI Bank, HDFC, Kotak Mahindra Bank and Hindustan Unilever. The Sensex was up 73 points at 36,798 and Nifty was at 10,887, up 42 points.
Mid- and small-cap shares were outperforming their larger peers as Nifty Midcap 100 index rose 0.4 per cent and the Nifty Smallcap 100 index advanced 0.8 per cent.
The overall market breadth was positive as 1,181 shares were advancing while 463 were declining on the NSE.
Reliance Industries Rises Ahead Of JioFiber Launch
Reliance Jio Infocomm is set to launch its optical fiber-based fixed-line broadband service, JioFiber, on a commercial basis from today – the third anniversary of the launch of Reliance Industries’ telecom arm. At Reliance Industries’ 42nd annual general meeting last month, chairman and managing director Mukesh Ambani said the company had received more than 15 million Jio Fiber registrations from nearly 1,600 towns. (Read his full speech here)