News Details

( 12/09/2018 13:17)
Markets turn flat as rupee stabilises; Axis Bank, M&M are top losers

The benchmark indices are trading flat to negative in the afternoon session as the rupee stabilised after hitting a record low of 72.91 against US dollar.

Among macro data pointers, July industrial production and August CPI inflation will be announced later in the day today. Industrial production rose to a five-month high of 7 per cent in June while CPI inflation fell to 4.17 per cent in July, lowest in nine months, driven by cheaper food items.

Globally, Asian stocks were pinned near 14-month lows on Wednesday, as investor confidence was chilled by the latest round of verbal threats in an intensifying US-China trade conflict.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.05 per cent, hovering near its lowest levels plumbed since July 2017 on Monday.

Tokyo's Nikkei fell 0.25 per cent and Australian stocks gave up 0.3 per cent, while South Korea's KOSPI managed to eke out a modest 0.15 per cent gain.

Back home, at 13:04 hours, BSE SENSEX was at 37357.34 down by -55.79 points or by -0.15 % and NSE Nifty was at 11264.5 down by -23 points or by -0.2 %.

The BSE Sensex touched intraday high of 37638.16 and intraday low of 37342. The NSE Nifty touched intraday high of 11340.1 and intraday low of 11250.2.

The top gainers of the BSE Sensex pack were Power Grid Corporation of India Ltd. (Rs. 191.00,+2.22%), ITC Ltd. (Rs. 303.45,+2.09%), Adani Ports & Special Economic Zone Ltd. (Rs. 371.55,+1.88%), Sun Pharmaceutical Industries Ltd. (Rs. 642.75,+1.85%), Vedanta Ltd. (Rs. 223.00,+1.64%), among others.

The top losers of the BSE Sensex pack were Axis Bank Ltd. (Rs. 634.80,-2.41%), Mahindra & Mahindra Ltd. (Rs. 918.15,-2.37%), Tata Motors Ltd. (Rs. 261.35,-2.19%), ICICI Bank Ltd. (Rs. 319.95,-2.04%), Bharti Airtel Ltd. (Rs. 373.35,-1.71%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2700, shares advanced were 817 while 1742 shares declined and 141 were unchanged.

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