Sensex crashes by over 550 points

The BSE Mid-cap Index is trading down 2.48% at 10,468, whereas BSE Small-cap Index is trading down 2.49% at 10,468.Some buying activity is seen in IT and teck sectors, while banking, capital goods, consumer durable, pharma, oli&gas and metal sectors are showing weakness on BSE.

The indices which were briefly in positive zone are back in the red following weakness in pharma sector among others. Slowing down from six month high level clocked in last month, India’s manufacturing business condition continued to stage expansion, but at a slower pace. This was mainly on account of softening pace of new orders. The Nikkei Manufacturing Purchasing Managers’ Index (PMI), compiled by Markit, slowed down to 52.3 in August from July’s 52.7. The 50-mark demarcates contraction from expansion.

At 2:14 PM, the S&P BSE Sensex is trading at 25,725 down 558 points, while NSE Nifty is trading at 7,797 down 175 points.

The BSE Mid-cap Index is trading down 2.48% at 10,468, whereas BSE Small-cap Index is trading down 2.49% at 10,468.

Some buying activity is seen in IT and teck sectors, while banking, capital goods, consumer durable, pharma, oli&gas  and metal sectors are showing weakness on BSE.

TCS, Infosys, Tech Mahindra, Cairn India, Sun Pharma and Bajaj-Auto are among the gainers, whereas PNB, Yes Bank, Idea Cellular, Asian Paint, Axis Bank and IndusInd  Bank are losing sheen on BSE.

The top gainers in the telecom space were Himachal Futuris (up -2.3%), Bharti Airtel Ltd  (up -2.5%), Tata Communication (up -3.1%), Mahanagar Tele (up -3.2%) and Shyam Telecom (up -3.9%)

The top losers in the telecom space were Gemini Comm Ltd (down 9.8%), Idea Cellular (down 4.7%), Tata Teleservice (down 4.3%), Reliance Com Ltd (down 4.3%) and Shyam Telecom (down 3.9%)

The top gainers in the Capital Goods space were Skf India Ltd (up 2.1%), Thermax Ltd (up 0%), Greaves Cotton (up -0.3%), Ingersoll Rand (up -0.4%) and Kirloskar Brothe (up -0.4%)

The top losers in the Capital Goods space were Gammon India Ltd (down 6.9%), Alstom T&D India (down 4.2%), Jyoti Structures (down 3.5%), Crompton Greaves (down 3.5%) and Bharat Electron (down 3%)

The top gainers in the IT sector were Tata Consultancy (up 1.4%), Infosys Ltd (up 1.1%), Tech Mahindra Lt (up 0.8%), Mphasis Ltd (up -0.4%) and Wipro Ltd (up -0.9%)

The top losers in the IT sector were Financial Techno (down 1.5%), Sasken Communica (down 1.3%), Hcl Tech Ltd (down 1.2%), Oracle Financial (down 1%) and Wipro Ltd (down 0.9%),

The top gainers in the Pharma space were Dishman Pharmace (up 2.7%), Torrent Pharma (up 0.7%), Sun Pharma Indu (up 0.7%), Natco Pharma Ltd (up 0.3%) and Ipca Labs Ltd (up 0.2%)

The top losers in the Pharma were Wockhardt Ltd (down 2.6%), Glenmark Pharma (down 2.5%), Lupin Ltd (down 2.5%), Emami Limited (down 2.3%) and Cipla Ltd (down 2.2%),


The top gainers in the Nifty were Tata Consultancy (up 1.4%), Infosys Ltd (up 1.4%), Sun Pharma Indu (up 0.7%), Oil & Natural Ga (up 0.6%) and Bajaj Auto Ltd (up 0.3%)
The top losers in the Nifty were Jaiprakash Assoc (down 6.2%), Punjab Natl Bank (down 6%), Bank of Baroda (down 5.8%), Kotak Mahindra (down 4.7%) and Axis Bank Ltd (down 4.7%),

The top gainers in the Mid-Cap index were United Breweries (up 5.9%), Upl Ltd (up 3.4%), Container Corp (up 2.7%), Bharti Infratel (up 2.5%) and Glaxosmithkline (up 2.1%)

The top losers in the Mid-Cap index were Idbi Bank Ltd (down 6.7%), Karnataka Bank (down 6.6%), Oriental Bank Of (down 6.1%), Motherson Sumi (down 5.8%) and Bank Of India (down 5.7%),

The top gainers in the Sensex were Tata Consultancy (up 1.4%), Infosys Ltd (up 1.1%), Oil & Natural Ga (up 0.5%), Ntpc Ltd (up 0.3%) and Ambuja Cements (up -0.1%)

The top losers in the Sensex were Dlf Ltd (down 3.9%), Reliance Capital (down 3.3%), Reliance Power (down 3.1%), Hindalco Ind (down 3.1%) and Housing Development Finance (down 3%),

The top gainers in the banking space were Indian Overseas Bank (up -1.7%), Icici Bank Ltd (up -2%), Hdfc Bank Ltd (up -2.4%), Allahabad Bank (up -2.6%) and State Bank Of India Ltd (up -2.8%)

The top losers in the banking space were Karnataka Bank Ltd (down 6.5%), Oriental Bank Of Commerce (down 6.4%), Punjab National Bank Ltd (down 5.9%), Bank Of India (down 5.9%) and Bank Of Baroda (down 5.8%),

The top gainers in the were Hubtown Ltd (down 0.9%), Omaxe Ltd (down 0.9%), Mahindra Lifespa (down 1.5%), Parsvnath Devel (down 2.2%) and Sobha Developers (down 2.3%)

The top losers in the were Anant Raj Indus (down 5.9%), Ansal Props & In (down 5.3%), Peninsula Land (down 3.6%), Unitech Ltd (down 3.3%) and Housing Developm (down 2.9%),

The top gainers in the oil & gas space were Essar Oil Ltd (up 9.2%), Shiv-Vani Oil & (up 1.7%), Indian Oil Corp (up 0.6%), Oil & Natural Ga (up 0.5%) and Cairn India (up 0.2%)

The top losers in the oil & gas space were Mangalore Refine (down 6.5%), Jindal Drilling (down 5.1%), Great Offshore L (down 3.4%), Gujarat State Petronet (down 2.9%) and Hindustan Oil (down 2.5%),

The top gainers in the auto space were Bajaj Auto Ltd (up 0.3%), Hero Honda Motor (up -0.8%), Tata Motors Ltd (up -1.1%), Eicher Motors (up -1.2%) and Maruti Suzuki In (up -1.3%)

The top losers in the auto space were Swaraj Mazda Ltd (down 2.4%), Mahindra & Mahindra (down 2%), Ashok Leyland (down 1.5%), Maruti Suzuki In (down 1.3%) and Eicher Motors (down 1.2%)

OMC stocks dip marginally

BPCL touched a low of Rs. 866 and is now down 1.3 percent at Rs. 872.

Shares of oil marketing companies (OMCs) are trading with a negative bias. On Monday, petrol price was cut by Rs. 2 per litre and diesel by 50 paise.

BPCL touched a low of Rs. 866 and is now down 1.3 percent at Rs. 872. HPCL slipped to a low of Rs. 824 and is now down 1.2 percent at Rs. 833.40. Indian Oil Corporationgained is now up 1.4 percent at Rs. 421, the high of the day.

Meanwhile, the BSE Sensex is down 203 points at 26,080.

Top mutual fund news of the day- September 1, 2015

Reliance MF has launched a new fund named Reliance Fixed Horizon Fund, XXIX, Series 5, a close-ended income scheme

Reliance MF has launched a new fund named Reliance Fixed Horizon Fund, XXIX, Series 5, a close-ended income scheme with the duration of 1,113 days from the date of allotment.

Axis MF has changed the exit load under Axis Short Term Fund w.e.f.August 28. The revised exit load will be 0.25% if redeemed within one month from the date of allotment.

UTI MF has launched a new fund named UTI Nifty Exchange Traded Fund, an open-ended exchange traded fund. The new fund offer (NFO)price for the scheme is Rs. 10 per unit.

SBI MF has launched a new fund named SBI Debt Fund Series B-25 (1,100 days), a close-ended debt scheme. The new fund offer (NFO) price for the scheme is Rs. 10 per unit. 

DoubleLine Capital, the investment firm overseen by Jeffrey Gundlach, on Monday opened a new mutual fund to give investors exposure to commodities markets and help them diversify.

About 43% of U.S. households owned mutual funds in mid-2014, compared to roughly 4% holding ETFs, notes Credit Suisse Group AG (ADR). Dana Saporta and Axel Lang of Credit Suisse’s Economics Research team in their August 27, 2015 research report “US Economics Digest” point out that mutual fund flows moderated in 2014 and during the first half of this year.

Coal India slips 1% after August output

The stock hit a high of Rs. 365.50 and a low of Rs. 358.30 on BSE today.

Coal India slipped nearly 1% to a low of Rs. 363 on the back of August output.
According to media reports, the company has started its consolidated output 36.18 million vs aim of 37.65 million.

The stock opened at Rs. 362 as against the previous close of Rs. 366.35 on BSE. It hit a high of Rs. 365.50 and a low of Rs. 358.30 on BSE today.

Total traded quantity on the counter stood at over 0.73 lk shares on BSE.

Meanwhile, the BSE Sensex is down 177 points at 26,106.

HDFC Bank down 1.43%; cuts its base rate by 35 bps

The stock opened at Rs.1027.45 against the previous close of Rs. 1028 on BSE. It has hit a high of Rs. 1027.45 and a low of Rs.1004.50 on BSE today.

Shares of HDFC Bank Ltd were trading lower around 1% at Rs.1013.40 on BSE today.  The bank has reduced its base rate or minimum lending rate by 35 basis points to 9.35 per cent.The new base rate is expected to be among the lowest lending rate in the banking sector.

The stock opened at Rs.1027.45 against the previous close of Rs. 1028 on BSE. It has hit a high of Rs. 1027.45 and a low of Rs.1004.50 on BSE today.

Total traded quantity on the counter stood at 0.30 lk shares on BSE.

Meanwhile, the BSE Sensex is down 251 points at 26,032.34.

Syngene International to set up new manufacturing facility at Mangalore SEZ

The estimated expenditure for setting up the facility is US $100 m

With reference to the media report "Syngene to spend $100m on new plant at Mangalore Sez." published in The Financial Express - August 29, 2015, Syngene International Ltd has clarified that the Company is planning to set up a new manufacturing facility at Mangalore SEZ and is in the process of acquiring 40 acres of land and obtaining necessary approvals. 

The estimated expenditure for setting up the facility is US $100 m and is contingent of various factors. We will intimate the exchanges with appropriate details in the 1st half of 2016 after completing the detailed engineering for the proposed project.

L&T Construction bags order worth Rs. 1,070 cr

Larsen & Turbo has won order for Rs. Rs. 1,070  crore. The Railway Business Unit, a part of the Transportation Infrastructure business of UH Construction, has won a major breakthrough railway order worth  Rs. 1070, crores (USD 161.37 Mn) in the Kingdom of Saudi Arabia. The order is from BACS consortium (Bechtel - Almabani - CCC - Siemens) for the construction of Ballastless Tracks for Riyadh Metro Lines -1 8: 2 on a Design 8: Build basis. This order has been won against stiff international competition and is in sync with L&T's strategy to expand their Railway Business into the Middle- East.

The project involves the construction of 62.86 KMs of double ballastless tracks in tunnels, viaducts, at­grade sections and three depots. The project is scheduled to be completed in 40 months.

The Transportation Infrastructure business comprises roads, runways (airside infrastructure) and elevated corridors, railways construction, railways systems and international infrastructure. It has grown steadily over the years and secured prestigious orders in the railways and roads segments. The business team has vast experience in project management , engineering design ft construction management which gives it a competitive edge. The business has a pan-India presence and is also present in GCC countries with multiple projects.

At 10:09 AM, the stock of the company is trading at Rs. 1,579. The stock is trading down 1.6% from its previous close which was at Rs. 1605. It hit a high at Rs. 1588 and low at Rs. 1564. The total traded quantity is 57,000 and two-week average quantity is 2.20 lakh.

Meanwhile, the BSE Sensex is down 216 points at 26,067.

16 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments

HDFC Bank: The bank has reduced its base rate or minimum lending rate by 35 basis points to 9.35 per cent, which is to be effective from September 1. The New base rate is expected to be among the lowest lending rate in the banking sector.

Sun Pharma: The pharma company announces successful completion of Opiates business acquisition in Australia. Sun Pharma now offers a rich basket of Opiates product line in addition to a large API portfolio and dosage formulations covering a broad range of chronic and acute prescription drugs.

Reliance Industries: The government has permitted to sell up to 1.2 lakh tonnes of LPG produced at its plants to private cooking gas marketers.

ICICI Bank and SBI: RBI has identified both the banks as systemically important banks in India, requiring these lenders to keep aside additional capital to cover risk.

Syngene International Ltd: The contract research arm of biotechnology major Biocon is planning to set up a new manufacturing plant in Mangalore with an investment of about $100 million (over Rs. 660 crore), as per media reports.

Financial Technologies Ltd: The company said has sold all rights of its technology platform used to run operations of a power bourse to Indian Energy Exchange (IEX) for Rs. 108 crore.

IOC, HPCL, BPCL: Fuel retailers have cut petrol and diesel prices by Rs. 2 a litre and Rs. 0.50 a litre respectively after aligning them with international prices and adjusting for foreign exchange rates.

Canara Bank: The bank has lowered its minimum lending rate by 0.10 per cent to 9.90 percent. The board has approved reduction in the base rate by 10 basis points from 10 per cent to 9.90 per cent for loans or advances effective from September 3, 2015.

Axis Bank: The bank has cut its deposit rates by up to 0.50 per cent across maturities. A cut in deposit rate is generally considered a precursor for reduction in lending rates.

Orient Green Power Ltd: The company has sought shareholders' approval for raising around Rs 250 crore by issuing shares on a preferential basis.

State Bank of India: The bank expects its accounts under the Jan Dhan scheme to break even next year given the healthy growth in average deposits in these accounts, while total deposits have more than doubled to Rs. 51 billion as of June-end.

Larsen & Toubro: The company has won a turnkey order for Rs. 15 bn water supply project from Public Health Engineering Department, Ajmer. 

INOX Leisure Ltd: The company has taken over operations of Multiplex Cinema Theatre located at Old Dharam Cinema Building, Kasturba Road, Opposite Jai Hind Press, Rajkot  having 3 Screens and 612 seats with effect from August 31, 2015.

Top economy news of the day- September 1, 2015

Indian economy grew at 7% in the first quarter of FY16, well below 7.5% growth recorded in the previous quarter and consensus estimate of 7.4%. The data shows growth was pulled down by agriculture, moderate rise in electricity generation, and lower government spending.

Indian economy grew at 7% in the first quarter of FY16, well below 7.5% growth recorded in the previous quarter and consensus estimate of 7.4%. The data shows growth was pulled down by agriculture, moderate rise in electricity generation, and lower government spending. 

Marking first major FDI offer in the railways, three global companies have submitted financial bids for setting up of a modern electrical locomotive factory in Madhepura in Bihar at the cost of nearly Rs 13bn. 

The Punjab government said it has received bids from as many as 18 companies for setting up solar projects in the state which will attract investment of Rs 35bn. 

The government is in the process of framing regulations for exploration and mining in offshore blocks, which contain minerals such as zirconium, titanium, thorium, tungsten and rare earth elements. 

Govt to pump Rs. 947 cr into Canara Bank

The Board of Directors of Canara Bank at a meeting held on Monday approved the proposal of issuing equity shares on a preferential basis to the Government in lieu of the capital infusion.

Canara Bank on Monday said that the Government will infuse an equity capital of Rs. 947 crore in the state-run bank. 

The Board of Directors of Canara Bank at a meeting held on Monday approved the proposal of issuing equity shares on a preferential basis to the Government in lieu of the capital infusion.

“Based on the letter received from the Government on infusion of capital funds, the Board of the bank, at its meeting held on 31st August 2015, has considered and approved the proposal regarding raising of capital amounting to Rs.947 crore by way of preferential allotment of equity shares in favour of the government,” the bank said in a filing to the stock exchanges.

Earlier this month, the Government had decided to infuse a total of Rs. 20,088 crore in 13 public sector banks, including SBI, Punjab National Bank, IDBI Bank, Bank of Baroda, Canara Bank, Indian Overseas Bank and Union Bank of India

Dow records worst monthly fall in more than 5 years

Lingering worries about China’s slowing economy, ongoing tension over Greece and the uncertainty over the timing of a rate increase by the Federal Reserve weighed on investor sentiment during August.

The Dow Jones Industrial Average ended August with the biggest monthly fall in more than five years, while the S&P 500 index and the Nasdaq Composite index recorded their largest monthly declines since May 2012.

Lingering worries about China’s slowing economy, ongoing tension over Greece and the uncertainty over the timing of a rate increase by the Federal Reserve weighed on investor sentiment during August.

The Dow was down 6.6% in August, its steepest percentage decline since May 2010 while the S&P 500 index recorded a 6.3% drop last month, its worst fall since May 2012.

The Nasdaq Composite index shed 6.9% in August.

China's Shanghai Composite index slid 12.5% in August while the Stoxx Europe 600 index posted their worst monthly drop since 2011.