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Indian equity benchmark Sensex closed over 600 points lower from day's high and clocked its longest losing streak in over three months.
The 31-stock index closed 0.86 percent lower at 38,312.52 and the NSE Nifty 50 Index closed below 11,600, down 0.84 percent.
The market breadth was tilted in favour of sellers. Ten out of 11 sectoral gauges compiled by NSE fell, led by NSE Nifty FMCG Index's 2.4 percent decline. On the flipside, NSE Nifty Media Index was the top sectoral gainer, up 0.5 percent.
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To ensure its penalties don’t go unpaid, India’s market regulator – SEBI plans to recover fines even when appeals are pending provided its orders have not been stayed, according to two people with direct knowledge of the matter. (Read the full story here)
Shares of the graphite electrode manufacturer rose as much as 3.6 percent to Rs 1,049.
The company’s wholly owned subsidiary in the Netherlands signed an investment agreement for the acquisition of up to 46 percent stake in General Graphene Corporation, an unlisted U.S. company involved in the development of Graphene for commercial applications, according to its stock exchange notification. They will invest up to $18.6 million in multiple tranches in cash.
The stock traded at seven times estimated forward earnings per share compared to 15.8 times for two-year historical average, according to Bloomberg data.
Shares of Reliance Infrastructure pared losses and traded 0.6 percent higher at Rs 480.75 as of 12:15 p.m. The company bagged a Rs 200 crore arbitration award against NHAI, according to its stock exchange notification.
The Relative Strength Index (RSI) was 75, indicating that the stock may be overbought, Bloomberg data showed.
Shares of Balkrishna Industries fell the most in three months after it announced a surprise capital expenditure plan of Rs 1,700 crore.
The company’s board at its meeting on Saturday, approved a capex plan of $100 million to set up a new plant in the U.S., according to its stock exchange notification. (More details here).
Global investors in August bought the most Indian bonds in seven months, showing signs of returning to a market they’d abandoned for the better part of 2018. The inflow brought no joy for currency traders as the rupee hit multiple new lows in the past two weeks. (Read the full story here),
Mahindra & Mahindra Ltd.’s farm equipment's sales rose 7 percent on a yearly basis in August, after it sold 16,641 units during the period, according to its stock exchange notification.
Key sales highlights (YoY):
Shares of M&M fluctuated between gains and losses to trade at Rs 964.60 as if 11:10 a.m.
The Nikkei India Purchasing Managers Index fell to 51.7 in August, from 52.3 in the previous month, according to a statement by IHS Markit that compiles the index.
A reading below 50 indicates contraction in activity, while a number above it signals expansion. Manufacturing activity in the country has remained above the 50-point-mark for the thirteenth consecutive month.
Shares of Bajaj Auto rose as much as 2.3 percent to trade at over a one-month high at Rs 2,807.
The company sold 4.37 lakh units last month, an increase of 30 percent from the year-ago period, according to its stock exchange filing. This was the highest ever monthly sales that the company recorded so far, it said.
Key sales highlights (YoY):
Shares of the information technology company rose as much as 0.7 percent to Rs 1,053.95.
The company partnered with ScienceLogic to bring artificial intelligence operations to its customers. The company will use ScienceLogic’s automation engine along with its machine learning powered software DRYiCE.
The stock traded at 14.5 times estimated forward earnings per share compared to 13.6 times for two-year historical average, Bloomberg data showed.
A quick look at corporate insider trades reported last Friday.
— BloombergQuint (@BloombergQuint) September 3, 2018
Read: https://t.co/Pj6hexBbCp pic.twitter.com/kXjmWpxKeT
It seems there isn't any respite in sight for the rupee which continues to test new lows against the greeback. The dollar index is back in the green and most regional peers are trading lower. Implied opening from forwards suggest the pair may open at around 70.7250. It may trade in a range of 70.50 - 71.20 in the day.
If currency market is in turmoil, bonds too aren't in great shape. Yield on the 10-year note climbed 8 basis points in the last week, rising to 7.95 percent. RBI Deputy Governor BP Kanungo also flagged that too much dependence of state and central governments on borrowing has led to this increase. Dealers see the 10-year yield in the range of 7.92- 8 percent in the session.
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