Market Live: Sensex falls over 200 points, Nifty below 9,900, auto stocks rise

Mumbai: The benchmark BSE Sensex dropped on Monday, on fresh spell of selling by investors, taking weak cues from other Asian markets on escalating geopolitical tensions after North Korea’s latest nuclear test on Sunday. Sensex had gained 503.84 points in the previous three sessions. The NSE Nifty also fell.

Brokers said apart from profit booking in recent gainers by investors, a weak trend in Asian markets on mounting geopolitical tensions after North Korea said it had successfully tested a hydrogen bomb, pulled down the indices. Major losers among Sensex components were Adani Ports, Dr Reddy’s, Kotak Bank, Asian Paint, Sun Pharma, Infosys, HDFC Bank, Bharti Airtel, L&T, Hindustan Unilever, Hero MotoCorp, NTPC, HDFC Ltd, M&M and Tata Steel, losing by up to 1.88%.

Among other Asian markets, Japan’s Nikkei was down 0.86% while Hong Kong’s Hang Seng fell 0.49% in early trade. Shanghai Composite Index, however, was marginally up by 0.08%. The US Dow Jones ended 0.18% higher in Friday’s trade. Here are the latest updates

■ 11.58am: BSE Sensex trades lower by 215 points, or 0.67%, to 31,678, while the Nifty 50 falls 81 points, or 0.82%, to 9,893.

■ 11.20am: Adani group stocks trade lower. Adani Enterprises Ltd fell 2.9%, Adani Transmission Ltd 2.8%, Adani Power Ltd 2.8%, Adani Ports 2.3%.

■ 11.00am: Federal Bank rose 1.6% to Rs111.95. Jefferies India has initiated ‘buy’ rating on the stock and increased its target price to Rs140 a share from Rs110 earlier. “A revival in loan growth accompanied by cost-controls and aided by a better asset-quality has fired up the long desired turnaround, reflected in the re-rating of Federal Bank. A sales approach to business transformation is currently underway, but the outcomes are showing up. As always, turnarounds are great stories but risky; a few gaps need to be addressed, but we like the new energy in the bank,” the report said.

■ 10.27am: BSE Sensex trades lower by 122 points, or 0.38%, to 31,770, while the Nifty 50 rises 34 points, or 0.34%, to 9,940.

■ 9.36am: BSE Sensex trades lower by 38 points, or 0.12%, to 31,854, while the Nifty 50 falls 22 points, or 0.22%, to 9,952.

■ 9.30am: Coal India Ltd rose 1.4% to Rs241.65 after the company reported strong production and shipments numbers. Production in August rises to 37.63 million tonnes while shipments rose to 43.75 million tonnes.

■ 9.25am: TVS Motors Co Ltd rose 2% to Rs620.15 after the company said its sales rose 15% year-on-year to 3.17 lakh units.

■ 9.20am: GTPL Hathway Ltd rose 3.3% to Rs136.50 after the company said it got multiple orders worth Rs48.16 crore from Government of Gujarat.

■ 9.18am: Auto stocks trade higher after automobile manufacturers led by Maruti Suzuki posted robust passenger vehicles (PV) sales growth in August riding on strong consumer sentiment ahead of the festive season. Tata Motors Ltd rose 1.1%, Maruti Suzuki India Ltd rose 0.8%, Bajaj Auto Ltd 0.5%, Hero MotoCorp Ltd 0.5%.

■ 9.15am: The 10-year bond yield was at 6.493%, compared to its previous close of 6.483%. Bond yields and prices move in opposite directions.

■ 9.10am: The rupee opened at 63.93 a dollar. At 9.10am, the rupee was trading at 63.98 a dollar, up 0.09% from its Friday’s close of 64.03.

■ 9.00am: Asian currencies trade lower after North Korea’s test of a nuclear bomb on Sunday. US President Donald Trump threatened to increase economic sanctions and halt trade with any nation doing business with North Korea. South Korean won was down 0.61%, Indonesian rupiah 0.14%, Malaysian ringgit 0.09%, Thai baht 0.08%, Taiwan dollar 0.06% and Philippines peso fell 0.05%. However, Japanese yen was up 0.42%, China offshore 0.19% and China renminbi 0.16%.

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