INDIAN EQUITY MARKET WRAP UP-03 SEP 2018

Closing Bell: Sharp selloff in the last hour pushes Nifty below 11,600, Sensex ends over 300 points lower.

It was an anti-climax for the market on Monday, as benchmarks closed nowhere near to the levels they had opened at. In fact, a sharp selloff in the last hour erased all the gains, with the market closing at low points of the day. The Nifty managed to give up 11,600, while the Sensex fell around 300 points.

While FMCG were one of the big laggards through the day, weakness among banks, along with IT, pharmaceuticals, energy, and infrastructure sectors also weighed on the indices. Investors also rushed to sell midcaps, as the Nifty Midcap shed around 0.40 percent, after rising a percent in the morning.

At the close of market hours, the Sensex fell 332.55 points or 0.86% at 38312.52, while the Nifty ended lower by 98.10 points or 0.84% at 11582.40. The market breadth is negative as 1,347 shares advanced, against a decline of 1,409 shares, while 199 shares were unchanged.

Wipro, Adani Ports and Dr Reddy’s were the top gainers, while HUL, Power Grid, and Bajaj Finance lost the most.

HEADLINES OF THE DAY

Share price of Godrej Consumer Products touched 52-week high of Rs 1,469, rising 1.5 percent as company divested entire stake in its UK business.

MTNL's plans to seek approval of shareholders for raising authorised share capital to Rs 10,000 crore and borrowing powers by almost 40 per cent will aid the state-owned corporation's 4G plans and provide it the firepower to compete in the market, its chairman P K Purwar has said.

LIC board to meet tomorrow to decide IDBI Bank stake hike plan.

Reliance Infrastructure has won Rs 200 crore arbitration award against National Highway Authority of India (NHAI).

The crucial resistance for Nifty spot is now seen at 11750 and above this 11900 Support for the immediate term is now placed at 11550 next support will be 11350.

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