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Sensex slips 139 pts, Nifty manages to hold 10,800

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The 30-share BSE Sensex declined 139.34 points to 35,599.82 and the 50-share NSE Nifty slipped 48.70 points to 10,808.

Benchmark indices ended lower on Thursday as investors looked cautious ahead of ECB policy rate decision due later in the day after the US Federal Reserve raised interest rate by 25 basis points.

Rate hike in the Federal Reserve System in the US and a widening current account deficit closer home snapped a 3-day winning run in the equity markets on Thursday.

TCS, Infosys, SBI, ICICI Bank, Axis Bank, Titan Company, Vedanta and L&T were under pressure while Lupin, Sun Pharma, Cipla and Coal India gained.

The nifty Midcap index ended flat NSE Nifty managed to stay above 10,800-mark despite losing half a per cent.

Both IT and PSU Bank sub-indices lost 1.5 per cent during the day’s trade. Pharma which gained 2 per cent was the only sector to finish in the green.

Strides Shasun, Divis Labs, Wockhardt, Alembic Pharma, Torrent Pharma, Westlife Development, Jubilant Foodworks, KPIT Tech, NIIT Tech, MMTC, Dredging Corporation, Jubilant Industries, ITDC, VIP Industries, Venkys, Tata Global, Ashok Leyland gained up to 20 per cent.

Mindtree, Sun TV, M&M Financial and Manappuram Finance were under pressure.

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Sensex rises over 250 pts, Nifty reclaims 11,400 mark

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Mumbai | The benchmark Sensex staged a strong comeback in early trade today gaining over 250 points on widespread buying by participants in metal, realty and banking stocks after the US and China agreed to resume trade talks last night.

Taking positive cues from global equities, the 30-share index was trading higher by 262.91 points, or 0.69 percent, at 37,926.47. The index had lost 188.44 points in the previous session. The NSE Nifty reclaimed the 11,400 mark, by rising 62.15 points, or 0.55 percent, to 11,447.20.

All sectoral indices, led by metal, FMCG, realty, auto, banking, PSU, healthcare, infrastructure, power, capital goods, oil and gas and IT, recovered up to 1.38 percent.

Major gainers were Vedanta, Tata Steel, ITC, Yes Bank, Adani Ports, Tata Motors, Axis Bank, SDBI, ICICI Bank, RIL and Asian Paints, rising up to 2.13 percent

While, Wipro, Bharti Airtel, Bajaj Auto and HDFC were trading in the negative zone, falling up to 0.70 percent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 133.78 crore while foreign portfolio investors (FPIs) sold shares worth a net of Rs 825.08 crore yesterday, provisional data showed.

Investor sentiment turned positive after the US and China agreed to resume trade talks last night, traders said.

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump’s demand to drastically reduce the USD 375 billion trade deficit.

Elsewhere in Asia, Japan’s Nikkei rose 0.44 percent and Hong Kong’s Hang Seng was up 0.46 percent, while Shanghai Composite Index was down 0.39 percent.

US stocks rallied to close higher yesterday. The US Dow Jones Industrial Average ended 1.58 percent higher yesterday.

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Rupee plummets to historic low of 70.09 on Turkish lira collapse

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Mumbai  |  Reversing all its early gains, the rupee today collapsed to a lifetime low of 70.09 against the US dollar, falling 16 paise amid fears that Turkish economic crisis could lead to a global financial meltdown.

The ongoing currency turmoil in Turkey has dampened investors’ sentiments globally. Investors are turning to the dollar as a safe haven with Turkeys currency lira crisis continuing since the last week.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 per cent, to a record low of 69.93 against the US currency.

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Rupee recovers from life low, up 23 paise

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Mumbai | The rupee recovered from all-time low of 69.91 and strengthened by 23 paise to 69.68 against the US dollar in opening trade at the interbank foreign exchange market today on some macroeconomic boost.

Yesterday, the rupee had plunged by Rs 1.08, or 1.57 percent, to a record low of 69.91 against the US currency amid fears that Turkish currency turmoil could turn out into global financial crisis.

In a ray of hope for domestic economy, latest data showed that retail inflation fell to 9-month low of 4.17 percent in July on declining vegetable prices which may prompt the Reserve Bank to pause interest rate hike in its next monetary policy review.

In the last two reviews, the RBI had raised the key repo rate by 0.25 percent each on inflationary concerns. The next bi-monthly policy is to be unveiled on October 5. Stock markets opening with gains also boosted the domestic currency, dealers said. However, the dollar’s strength against some currencies overseas capped the gains of the domestic unit.

Meanwhile, the benchmark BSE Sensex recovered 184.93 points, or 0.49 percent, to 37,829.83 points in early trade today.

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