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Market Outlook

DAILY MARKET REPORT

Date 04.09.2018

MARKET COMMENTARY

Key equity indices settled lower, dragged down by banks and FMCG stocks, as the rupee slumped to a record low and oil prices rose sharply. A bout of volatility was seen in early trade as the key benchmark indices reversed initial gains to sink in red on negative Asian stocks. Key benchmark indices were off day's low in morning trade. A divergent trend was witnessed in mid-morning trade. Stocks continued to hover near the flat line in early afternoon trade. Key indices came off day's high and were trading near flat line in afternoon trade. Fresh selling pulled the key benchmark indices low in mid-afternoon trade. Indices cut losses after hitting intraday low in late trade. The market breadth, indicating the overall health of the market, was weak.Sensex ended down 154 points at 38,157 and the Nifty ended down 62 point at 11520. 

Overseas, European stocks declined on Tuesday as rising trade tensions and the sell-off in emerging market currencies, particularly in Argentina and Turkey, kept investors nervous. Asian stocks ended mixed, after a slightly turbulent trading day, with markets remaining uncertain over trade concerns and emerging market worries. US markets were closed yesterday, 3 September 2018 for the Labor Day holiday.

STOCKS IN NEWS.

Drug major Lupin fell 1.91%. Lupin announced the completion of a cGMP inspection carried out by the US FDA at its Tarapur facility. The inspection closed with one observation, a procedural deficiency. The inspection at the site was conducted between 27 and 31 August 2018 by three FDA investigators.

Persistent Systems rose 1.57% after the company announced that its US subsidiary,Persistent Systems Inc., has acquired Herald Technologies Inc. (or Herald Health), a start-up in the US, created to transform the data overload swamping healthcare professionals into clear and actionable insights. Herald Health is focused on implementation of proprietary platforms and related IT services for the healthcare industry.

Jet Airways (India) dropped 2.77% after the company announced that credit ratings firm, ICRA, has revised the long term rating (assigned to long term loans and non-convertible debentures) to [ICRA] BB (pronounced ICRA double B) (negative outlook) from [ICRA] BB+ (pronounced ICRA triple B plus) (negative outlook). The short term rating has been revised to [ICRA] A4 (pronounced ICRA A four) from [ICRA] A4+ (pronounced ICRA A four plus).

Yuken India rose 0.85%. Yuken India said that it has fixed Friday, 14 September 2018, as the record date for the purpose of determining the eligibility of members for issuance of bonus shares. The company will issue three bonus shares of Rs 10 each for every one fully paid-up equity shares of Rs 10 each held by existing shareholders.

IT stocks gained as the rupee hit record low against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

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