BSE Sensex and NSE Nifty trade lower on Wednesday. Photo: Mint
Mumbai: Stocks fell nearly 1% on Wednesday, heading for a seventh straight session of losses which could be their longest losing streak in over nine months, as the rupee sunk to a more than six-month low on foreign fund outflows. Expectations of a rate hike by the US Federal Reserve and lingering North Korean worries also dented risk appetite.
A lower close on Wednesday would mark the longest losing streak for the indexes after a seven-day fall that ended on 22 December, 2016. Foreign investors have net sold $777 million worth of Indian shares so far this month. They sold nearly $2 billion worth of equities in August as stretched valuations and simmering North Korea tensions saw foreign investors pulling out.
Here are the latest updates from the market:
■ 1.18pm: BSE Sensex was trading lower by 203.35 points, or 0.64%, to 31,396.41, while the Nifty 50 dropped 69 points, or 0.70%, to 9,802.50.
■ 1.10pm: Cadila Healthcare said Zydus Cadila received final approval from USFDA for Indomethacin Extended-release capsules used for treating inflammatory conditions. The company’s shares were trading lower 2.80% at Rs461.
■ 1.05pm: ICICI Lombard General Insurance Co Ltd reversed its morning losses and was trading 5% higher to Rs 677.95. Earlier, it debuted 2.9% on discount after the general insurer’s Rs5,700-crore initial public offer (IPO) was subscribed nearly three times earlier this month
■ 12.35pm: Sensex was trading at 31348.21, down 251 points, or 0.8%, from its previous close while Nifty fell 0.7%, or 70.10 points. to 9801.40 points.
■ 11.58am: BSE Sensex fell by 174 points, or 0.55%, to 31,426, while the Nifty 50 dropped 50 points, or 0.51%, to 9,821.
■ 11.55am: Dabur India announced that it has partnered with Amazon to expand its footprint in the US market. Dabur India shares were trading 0.67% up at Rs310.15.
■ 11.52am: Larsen & Toubro said unit L&T Construction received orders worth Rs2,170 crore. L&T shares fell 0.92% to Rs1148.
■ 11.50am: KEC International Ltd said the company has secured orders worth Rs1,024 crore. Shares of KEC International were down 0.13% at Rs309.
■ 11.25am: BSE Sensex fell by 115 points, or 0.36%, to 31,485, while the Nifty 50 dropped 37 points, or 0.38%, to 9,834.
■ 11.23am: Pharma stocks fell. Divi’s Lab fell 6.4%, Sun Pharmaceuticals Industries Ltd 2.8%, Torrent Pharma 2.7%, Cadila Healthcare 2.3%, Wokhardt Ltd 3%.
■ 10.15am: Hindustan Unilever Ltd fell 2.3% to Rs 1190. On 27 September, Hindustan Unilever Ltd (HUL) said growth in rural India is yet to recover, highlighting the lingering, albeit fading, fallout of demonetisation and the crisis in agriculture. In an investor presentation made to the Arisaig Consumer Symposium, HUL chief executive Sanjiv Mehta said that in 2016-17, growth in rural markets lagged that in urban ones for the first time since 2011-12.
■ 10.42am: BSE Sensex fell by 174 points, or 0.55%, to 31,426, while the Nifty 50 dropped 55 points, or 0.56%, to 9,810.40.
■ 10.40am: Shares of ICICI Lombard General Insurance Co. Ltd debuted 2.9% lower on the bourses on Wednesday. ICICI Lombard shares opened 1.66% lower on the BSE at Rs650 apiece, compared to the issue price of Rs661, which was the upper end of the price band between Rs651-Rs661 per share.
■ 10.03am: BSE Sensex dropped 9 points, or 0.03%, to 31,591, while the Nifty 50 fell 6 points, or 0.06%, to 9,865.60.
■ 10.00am: Glenmark Pharmaceuticals said it received ANDA approval from the US Food and Drug Administration for Desonide Lotion,0.05%. The company’s shares edged up 0.02% to Rs612.95.
■ 9.50am: Shriram Transport Finance Co Ltd rose 3.4% to Rs1041, while IDFC Ltd fell 0.2%. According to an ET report, IDFC Ltd and the Shriram Group have decided to abandon the merger plan worked out in July this year as shareholder pressure and dilution fears forced them to examine a new, less complicated structure.
■ 9.27am: BSE Sensex opened higher by 83.74 points, or 0.27%, to 31,683.50, while the Nifty 50 rises 16.70 points, or 0.17%, to 9,888.20.
■ 9.25am: Divi’s Laboratories Ltd fell 7% to Rs893.70 after the company said observations in the form 483 issued by the US drug regulator against its Unit 2 of Visakhapatnam facility do not appear to be procedural in nature.
■ 9.23am: Den Network Ltd rose 10% to Rs 95.40 ahead of its AGM due later today. According to an ET report Reliance Industries in talks to acquire DEN Networks; move to help RIL launch home broadband, cable TV services soon.
■ 9.20am: Edelweiss Financial Services Ltd rose 5% to Rs292 after the company said its board approved raising up to Rs2,000 crore through various modes, including bonds, rights issue or qualified institutional placement.
■ 9.15am: The home currency opened at 65.38 a dollar. At 9.15am, the rupee was trading at 65.36 a dollar, up 0.14% from its Tuesday’s close of 65.45.
■ 9.13am: The 10-year bond yield was at 6.67%, compared to its previous close of 6.669%. Bond yields and prices move in opposite directions.
■ 9.10am: Asian currencies were trading lower. Malaysian ringgit was down 0.29%, Thai baht 0.23%, South Korean won 0.17%, Japanese yen 0.16%, Singapore dollar 0.07%, Philippines peso 0.06%. However, China renminbi was up 0.07%, Hong Kong dollar 0.05%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.08, up 0.11% from its previous close of 92.966.