Stock Market

Sensex drops 300 points, Nifty below 11,500 amid weak global cues, growth worries

   Download Android App    Share in      FullScreen   CheckVideos

NEW DELHI: Profit-booking after a massive two-day rally and warning of Asia-wide slow down from Asian Development Bank (ADB) pulled domestic equity markets lower in early trade on Wednesday. Increased prospects of prolonged political uncertainty in the world’s largest economy following an impeachment inquiry into President Donald Trump also kept investors on edge. Asian markets traded lower following this development with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.2 per cent.

Japan's Nikkei fell 0.55 per cent, while Australian shares fell 0.66 per cent. The ADB sharply cut its growth estimate for India to 6.5 per cent from 7 per cent.

It, however, maintained India’s 7.2 per cent growth projection for next year. Around 9.40 am, Sensex was down over 300 points or 0.78 per cent at 38,790.

NSE barometer Nifty slipped 92 points to breach the 11,500-mark. Broader market toed the headline indices with Nifty Midcap trading 0.7 per cent down and Nifty Smallcap 0.5 per cent. Biggest Nifty gainers were Powergrid, Zee Entertainment, HCL Tech, TCS and Reliance Industries.

Zee entertainment was up 4 per cent in the early trade after reports of HDFC AMC, Franklin Templeton and Birla Sun Life Mutual Fund giving more time to the promoters of Essel Group to repay outstanding loans. Yes Bank was also trading higher after the Rana Kapoor-controlled Morgan Credits (MC) said it has paid Rs 792 crore to Reliance Nippon Asset Management (RNAM). Barring realty and IT, all sectors on NSE were trading in the red.

Nifty Auto, Nifty Bank, Nifty Metal and Nifty Financial Services were down about 1 per cent each. Escalating trade tensions between the United States and China have darkened the outlook for developing Asia, with the region expected to grow slower than previously predicted this year and next, the Asian Development Bank said on Wednesday. Developing Asia, a group of 45 countries across Asia and the Pacific, will likely grow 5.4 per cent this year and 5.5 per cent next year, down from 5.7 per cent and 5.6 per cent growth forecast in July, the ADB said in an update to its Asian Development Outlook report. Growth in the region was 5.9 per cent in 2018. BROKERAGE RADAR25 Sep, 2019Here's a look at changes brokerages made to their price targets on stocks, and the sectoral commentary they made in the last 24 hours:CLSA ON VARUN BEVERAGES25 Sep, 2019⦁ Consolidation phase over; balance sheet parameters to improve ⦁ Focus shifts from territory consolidation ⦁ Managing focusing on improving return ratios ⦁ Expects VBL to focus on market share gains in the acquired territories ⦁ Maintains BUY, raise target price to Rs 860MORGAN STANLEY ON TVS25 Sep, 2019⦁ Maintain Underweight, Target at Rs 326/share ⦁ Believe share price will fall relative to Index ⦁ Competitive intensity high in 2-W industry very high ⦁ Risk-reward looks unattractive to usUBS ON HDFC LIFE25 Sep, 2019⦁ Maintain Neutral, Target at Rs 580/share ⦁ Monthly premium trends beating expectations ⦁ Margin to continue trending higher YoY ⦁ Raise price target from Rs 470 to Rs 580JP MORGAN ON CONCOR25 Sep, 2019⦁ Maintain Overweight, Target at Rs 600/share ⦁ Management eyes significant growth opportunities in Rail ⦁ Concor trades at 20x FY21E core EPS




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Stock Market


21