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Market slumps on weak global stocks
(11-Oct-2018, 16:41 Hours IST)  

Domestic stocks dropped amid a sell-off in global stocks. The barometer index, the S&P BSE Sensex, lost 759.74 points or 2.19% to 34,001.15. The Nifty 50 index fell 225.45 points or 2.16% to 10,234.65. The Sensex settled a tad above the psychological 34,000 level after sliding below that level in intraday trade. Metal and mining stocks declined. Shares of state-run oil and gas firms rose as global crude oil prices declined. Aviation stocks rose after the government cut excise duty on aviation turbine fuel.

The Sensex, lost 759.74 points or 2.19% to 34,001.15. The index hit high of 34,325.18 and low of 33,723.53 during the day.

The Nifty 50 index fell 225.45 points or 2.16% to 10,234.65. The index hit high of 10,335.95 and low of 10,138.60 during the day.

Among secondary barometers, the BSE Mid-Cap index fell 2.34%. The BSE Small-Cap index fell 1.41%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 819 shares rose and 1765 shares fell. A total of 147 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Metal index (down 3.77%), the S&P BSE IT index (down 3.21%) and the S&P BSE Realty index (down 3.16%) underperformed the Sensex. The S&P BSE Oil & Gas index (up 2.88%), the S&P BSE FMCG index (down 0.94%), the S&P BSE Consumer Durables index (down 1.47%), outperformed the Sensex.

State Bank of India (down 5.74%), Mahindra & Mahindra (down 4.44%), Infosys (down 3.61%) and Adani Ports & Special Economic Zone (down 3.31%) were the major Sensex losers.

ONGC (up 2.86%), Yes Bank (up 2.54%) and Hindustan Unilever (up 0.75%) edged higher from the Sensex pack.

Metal and mining stocks declined. Tata Steel (down 4.6%), Vedanta (down 4.45%), JSW Steel (down 3.95%), Steel Authority of India (Sail) (down 2.84%), Hindustan Zinc (down 2.63%), Jindal Steel & Power (down 8.26%), Hindalco Industries (down 4.56%) and NMDC (down 1.36%) edged lower. National Aluminium Company (up 0.82%) and Hindustan Copper (up 8.08%) rose.

Software giant TCS fell 3.1%. The company will announce its Q2 September 2018 earnings today, 11 October 2018.

Shares of state-run oil and gas firms rose as global crude oil prices declined. Among oil marketing companies (PSU OMCs), HPCL (up 14.7%), Indian Oil Corporation (up 5.39%) and BPCL (up 5.11%) edged higher.

Shares of state-run oil exploration and production firm ONGC gained 2.86%. Shares of state-run gas transmission major GAIL (India) rose 3.98%.

Aviation stocks rose after the government cut excise duty on aviation turbine fuel or jet fuel to 11% from 14%. Interglobe Aviation (up 3.25%), SpiceJet (up 3.16%) and Jet Airways (India) (up 1.11%) edged higher.

The Central Government on being satisfied that it is necessary in the public interest announced cut in excise duty on aviation turbine fuel. The notification was issued by the government after market hours yesterday, 10 October 2018. The notification shall come into force with effect from today, 11 October 2018.

Jet fuel constitutes about 40% of an airline's operating costs. Prices of jet fuel are directly linked to crude oil prices.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.11, compared with its close of 74.21 during the previous trading session. Rupee hit a record low of 74.50 in early deals today.

Overseas, European stocks were sharply lower, as a sell-off in US equities dragged down global markets. In Europe, Brexit is largely in focus after the European Union's chief Brexit negotiator, Michel Barnier, struck an optimistic tone on a deal for the UK's eventual withdrawal from the bloc, saying an agreement was achievable as soon as next week.

Asian shares slumped on Thursday after Wall Street suffered its worst drubbing in eight months. Investors are turning their attention to Chinese trade data due Friday for a read on whether the trade dispute is seeping through in the data. They'll also be keeping an eye on inflation data scheduled for Thursday in the US.

US stocks slumped to close sharply lower Wednesday as the Dow Jones Industrial Average sank and the S&P 500 had its worst day since February as technology stocks went into a freefall. Investors spooked by rising bond yields dumped equities in all sectors, triggering a broad market rout. The surge in bond yields made stocks look less attractive compared to bonds while also threatening to curb economic activity and profits.

President Donald Trump reportedly knocked the US Federal Reserve for continuing to raise interest rates despite some recent market turbulence. Trump's comments on the central bank Wednesday came a day after he said he did not like what they were doing in terms of monetary policy.

In the latest US economic data, the producer-price index rose 0.2% in September, while the core PPI was up 0.4%. Separately, wholesale inventories in the US rose 1% in August.

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