Market Live: Sensex slumps 180 points, Nifty below 10,100, banking stocks fall

BSE Sensex and NSE Nifty fall on Thursday. Photo: Mint

Mumbai: The BSE Sensex fell more than 180 points on Thursday after trading marginally higher in the opening trade. The broader NSE’s Nifty also fell and traded below 10,100. The rupee weakened over 10-week low against the US dollar. Pharma stocks were up in opening trade, whereas the shares of Coal India and Bharti Airtel fell.

The US Federal Reserve signalled that it still expects one more increase by the end of the year despite a recent bout of low inflation. The Fed, as expected, also said it would begin in October to reduce its approximately $4.2 trillion in holdings of US Treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis, Reuters reported. Here are the latest updates from the markets:

■ 10.20am: Banking stocks fell. Andhra Bank fell 4%, Bank of India 3%, Syndicate Bank 2.6%, Karnataka Bank 2.6%, Punjab National Bank 2.3%, Canara Bank 2.1%, Allahabad Bank 2.1%, ICICI Bank 2%, Oriental Bank of Commerce 2%, Indian Bank 2%, Bank of Baroda 1.8% and South Indian Bank 1.7%.

■ 10.12am: BSE Sensex dropped by 138 points, or 0.43%, to 32,262, while the Nifty 50 fell 61 points, or 0.60%, to 10,080.

■ 10.10am: Dr Reddy’s Laboratories Ltd surged over 6.5% to Rs2,462.90 after the company said it got establishment inspection report from US drug regulator for its Srikakulam plant.

■ 10.06am: Shares of Ltd. debuted nearly 2% lower on the bourses on Monday, after the online match maker’s Rs500 crore initial public offer (IPO) was subscribed 4.4 times last week.

■ 10.00am: Novartis India Ltd rose 5.2% to Rs682.20 after the company said its board to meet on 25 September to consider buyback of shares.

■ 9.46am: Dr Reddy’s Laboratories Ltd rose 3% to Rs2,385 after brokerage firm Morgan Stanley upgrades stock to “overweight” from “equal weight” and increased its target price to Rs3,133 from Rs2,798 a share.

■ 9.43am: Coffee day enterprises Ltd fell 4% to Rs232.50 after the company said IT Department conducted searches at multiple locations of the company premises CNBC reported.

■ 9.26am: BSE Sensex opened higher by 37 points, or 0.12%, to 32,438, while the Nifty 50 rises 10 points, or 0.10%, to 10,151.

■ 9.23am: India Tourism Development Corp. Ltd surged 12% to Rs642.40 after the company said it is in pact for transfer of Lalitha Mahal Palace Hotel, Mysore to Government of Karnataka. The stock gained for second sessions and rose 25% in this period. So far this year it advanced nearly 190%.

■ 9.20am: Tata Steel Ltd rose 1% to Rs697.05. German steelmaker Thyssenkrupp AG and Tata Steel Ltd have agreed to merge their European steel operations to create the continent’s second-biggest maker of the alloy, concluding one-and-a-half years of tortuous negotiations. The deal will not involve any cash, Tata Steel said. Both groups will contribute debt and liabilities to achieve an equal shareholding and remain long-term investors.

■ 9.15am: The rupee opened at 64.50 a dollar and touched a low of 64.53—a level last seen on 12 July. The rupee was trading at 64.48 a dollar, down 0.34% from its Wednesday’s close of 64.27.

■ 9.13am: The 10-year bond yield was at 6.604% compared to its previous close of 6.577%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading lower. South Korean won was down 0.39%, Malaysian ringgit 0.32%, Indonesian rupiah 0.29%, China renminbi 0.23%, Japanese yen 0.21%, Singapore dollar 0.21%, Taiwan dollar 0.11%, Thai baht 0.1%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.579, up 0.08% from its previous close of 92.51.

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