Selling among FMCG names along with PSU banks have weighed on the market. However, midcaps are outperforming the benchmarks so far.
With rupee witnessing a major fall against the dollar in recent months, non-resident Indians (NRIs) have begun scouting for property buys in India, according to reports
Market Update A sharp selloff has gripped the market in the past few minutes. The Sensex has fallen nearly 200 points, while the Nifty is trading near 11,000-mark.
Financials, particularly PSU banks, are dragging the indices along with automobiles and FMCG names. Nifty IT index is also down over 1 percent. Midcaps, too, have given up all their gains. The Nifty Midcap index is trading quarter of a percent lower.
Tata Motors, ITC, and HCL Tech are the top losers, while Yes Bank, IndusInd Bank, and Indiabulls Housing have gained the most.
The Reserve Bank of India is likely to raise interest rates in early October, despite relatively tame inflation, to prop up a retreating rupee, according to a Reuters poll of economists who also trimmed their near-term growth forecasts
Market Update: Benchmark indices have gave up all its morning gains with Nifty is trading around 11,050 mark, while Sensex is doing nearly 100 points.
Market breath is in favor of advances, as about 1242 shares have advanced, 887 shares declined, and 122 shares are unchanged.
Tata Motors, ITC, Maruti Suzuki, HUL and Wipro are the top losers on the Sensex.
Gayatri Projects bags 3 road projects: The company has been declared as L-l bidder for 3 road projects worth Rs 405 crore, awarded by the Bihar State Road Development Corporation and funded by prestigious Asian Development Bank.
These highway works are to be executed via the EPC model. They are also in close proximity to an ongoing highway project at Gaya.
Just In: Bank of Baroda has informed that meeting of board of directors has been convened on September 29, 2018 to consider the amalgamation proposal of Bank of Baroda, Vijaya Bank and Dena Bank.
Buzzing: Shares of Adani Green Energy added nearly 5 percent as company won tender for setting up a 300 MW wind generation project.
The project is to be set up anywhere in India and connected through Inter State Transmission System (-ISTS).
The tender was floated by Solar Energy Corporation of India (SECI) and which shall also be the PPA counterparty. The fixed PPA tariff is Rs 2.76/kWh for a period of 25 years and project is expected to be commissioned by Q2 FY2021.
BEL SHARES EXTEND SURGE ON REVENUE, OPERATING MARGIN GUIDANCE FOR FY19
According to a report by CNBC-TV18, the company has said it will maintain 12-15 percent revenue growth for next three years, while operating margin could growth 17-19 percent for the next three years.
Further, it could also report total order intake of Rs 18,000-20,000 crore in FY19.
Godrej Properties surges 3% Godrej Properties has announced the addition of a new project in Ghodbunder Road, Thane.
Spread across 4 acres, this project will offer approximately 65,000 square meters (approximately 0. 7 million square feet) of saleable area, the company told exchanges.
Shares of the firm are higher by 3 percent as a reaction to this development.
SEBI bans Seashore Securities from securities markets for 4 years
The Securities and Exchange Board of India (Sebi) has banned Odisha-based Seashore Securities and its six present and former directors from the securities markets for at least four years and directed them to refund over Rs 503 crore collected illegally from investors.
The present directors are Prashanta Kumar Dash, Sapna Jena and Gopal Chandra Sahu, while the former are Pravat Kumar Dash, Jyotirani Sarangi and Sudhanshu Shekhar Pati.
According to the order dated September 24, Seashore had issued and allotted redeemable preference shares (RPS) to a minimum of 76,758 investors during the financial years 2008-09, 2009-10, 2010-11, 2011-12 and 2012-13 and raised at least Rs 503.23 crore.
SUGAR STOCKS RALLY AHEAD OF CABINET MEET TO CONSIDER RS 4,500-CRORE PACKAGE
Shares of most of the sugar stocks are trading higher on Wednesday as Cabinet is likely to consider the Rs 4,500 crore package for sugar industry today.
Stocks including Shree Renuka, Bajaj Hindusthan Sugar, Balrampur Chini, Dalmia Sugar, EID Parry, Bannari Amman Sugar, Dwarikesh Sugar, Uttam Sugar, Rana Sugars, Andhra Sugars are rose upto 8 percent in today's trading session.
Market Update Benchmarks have given up all of their gains and are trading in the flat-to-negative terrain.
Selling among FMCG names along with PSU banks have weighed on the market. However, midcaps are outperforming the benchmarks so far.
The Sensex is down 24.61 points or 0.07% at 36627.45, while the Nifty is higher by 3.60 points or 0.03% at 11071.10. The market breadth is positive as 1,127 shares advanced, against a decline of 600 shares, while 98 shares were unchanged.
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