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Domestic stocks dropped sharply tracking negative global cues as fears of a potentially major escalation in the Sino-US trade conflict weighed on investor sentiment, while the rupee depreciated to a fresh low, bolstering inflation concerns.
The barometer index, the S&P BSE Sensex, lost 467.65 points or 1.22% to settle at 37,922.17. The Nifty 50 index lost 151 points or 1.30% to settle at 11,438.10. The Sensex ended below the psychologically important 38,000 mark after moving above and below that level in intraday trade.
Among secondary barometers, the BSE Mid-Cap index fell 1.68%, underperforming the Sensex. The BSE Small-Cap index fell 1.07%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1048 shares rose and 1684 shares fell. A total of 195 shares were unchanged.
Reliance Capital fell 3.93%. The company received Certificate of Registration from the Reserve Bank of India as Core Investment Company - Non-Deposit Taking Systemically Important Institution. The announcement was made after market hours on Friday, 7 September 2018.
RITES gained 3.3%. The company has secured an additional work of Rs 294.67 crore from Ministry of Railways for doubling of Dharmavaram Penukunda rail lines (41.5 Kms) in South Western Railways. Earlier, RITES was awarded doubling work for 90.2 Kms of Dharmavaram Penukunda rail lines in South Central Railways for a cost of Rs 666.38 Crores from Ministry of Railways. The work has been awarded to RITES on cost plus basis in which RITES will be paid fee at the rate of 8.5% of the cost of work. The announcement was made after market hours on Friday, 7 September 2018.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 72.38, compared with its close of 71.74 during the previous trading session.
Overseas, shares in Europe struggled to make gains while most Asian shares ended lower on Monday, as trade tensions between the US and China remain in focus. China's trade surplus with the United States widened to a record in August even as the country's export growth slowed slightly. Trade surplus hit $31.05 billion in August, up from $28.09 billion in July, customs data showed on Saturday, surpassing the previous record set in June. Over the first eight months of the year, China's surplus with its largest export market has risen nearly 15%, adding to tensions in the trade relationship between the world's two largest economies. China's annual export growth in August moderated slightly to 9.8%, the data showed, the weakest rate since March but only slightly below recent trends.
China's consumer inflation accelerated to a six-month high in August, driven by a faster increase in vegetable prices and softer decline in pork prices, official data showed Monday. The consumer-price index rose 2.3% in August from a year earlier, compared with a 2.1% gain in July, the National Bureau of Statistics said.
US stocks closed lower Friday after US President Donald Trump threatened tariffs on a further $267 billion worth of Chinese imports, on top of earlier promises to levy duties on $200 billion worth of Chinese goods. While the US tariffs on $200 billion Chinese goods have not been implemented, Trump said they could take place very soon, depending on what happens with them.
US jobs report that showed that 201,000 jobs were added in the month of August. The unemployment rate held steady at 3.9% and wage growth showed signs of accelerating.
#Mandhana Industries Ltd as expected hit another buyer freeze at Rs.7.85 in the NSE. It closed at Rs.7.61 in the BSE. It nearly doubled from the recommended price of Rs.4.65.
#A exit from the shares of Nitesh Estates Ltd was recommended to the Premium Members last week, near the recommended price with either no loss or no profit or with slight loss. The stock fortunately made an intraday high of Rs.7.35 yesterday (where I feel most of the Premium Members exited) before closing at Rs.7 in the BSE.
#Prajay Engineers Syndicate Ltd recommended to the Premium Members on 9th September, '18, hit the buyer freeze yesterday at Rs.11.18 in the BSE. It closed a tad below the UC in the NSE at Rs.11.50; with good volumes. The Indian real estate market is expected to touch US$ 180 billion by 2020. Housing sector is expected to contribute around 11% to India’s GDP by 2020. Retail, hospitality and commercial real estate are also witness an upward rise in the number of real estate deals in 2018, on the back of policy changes that have made the market more transparent.
#The shares of BHEL nearly broke the nearest support after a sell call or exit with profit was recommended to the Premium Members who are short term traders. BHEL is good only for the long term investors.
#I will be recommending another momentum counter this week, like Petron Engineering Ltd which hit the UC in the BSE at Rs.53.75 in the NSE. This stock was recommended to the Premium Members last Sunday. Those who want to know the name of the upcoming short term small cap scrip in advance and also get latest inputs on my earlier recommended counters, should subscribe to my Premium Service at the earliest.
Moreover, like every year, for this year also I have decided to give FESTIVE DISCOUNTS on the subscription rate of my Premium Information Service This offer will be valid till 31st December, '18.
~~with inputs from Capital Market - Live News...
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