Market Live: Sensex falls over 100 points, Nifty below 9,850, oil exploration stocks gain

BSE Sensex and NSE Nifty trade lower on Tuesday. Photo: Reuters

Mumbai: Market made a subdued start on Tuesday, in line with a sluggish Asian opening, as North Korea worries made investors cautious. FMCG, consumer durables, banking and PSU banking were in the red, losing by up to 0.32%. The rupee weakened by 18 paise to a fresh six-month low of 65.28 against the dollar in early trade.

Brokers said that apart from continuous foreign fund outflows, Asia saw losses the US and North Korea ratchet up their war of words over Pyongyang’s nuclear programme, which led to slide in the key indices. In the Asian region, Hang Seng fell 0.05%, while Japan’s Nikkei shed 0.10% in early trade. Shanghai Composite was also down 0.16%. The US Dow Jones Industrial Average fell 0.24% on Monday.

Here are the latest updates from the markets:

■ 10.59am: BSE Sensex fell by 143 points, or 0.45%, to 31,484, while the Nifty 50 lost 45 points, or 0.45%, to 9,828.

■ 10.55am: Oil marketing companies were trading lower while Oil exploration stocks gained after international crude oil prices rose. Oil marketing companies like Bharat Petroleum Corp Ltd fell 4%, Hindustan Petroleum Corp Ltd 3%, Indian Oil Corp Ltd 2.6%. Oil exploration stocks like Dolphin Offshore Enterprises gained 11%, Aban Offshore 7.7%, Selan Exploration Technology 6%, Hindustan Oil Exploration Company 5% and Jindal Drilling & Industries Ltd 5%.

Oil prices extended gains on Tuesday, with Brent crude hitting a 26-month high, supported by Turkey’s threat to cut crude flows from Iraq’s Kurdistan region to the outside world, Reuters reported.

■ 10.31am: BSE Sensex fell by 73.26 points, or 0.23%, to 31,553.37, while the Nifty 50 lost 29 points, or 0.29%, to 9,843.70.

■ 10.25am: Madhucon Projects Ltd rose 7% to Rs 28.70 after Mint reported that Canadian asset manager Brookfield Asset Management Inc. is in talks with infrastructure company Madhucon Projects Ltd to acquire toll roads worth up to Rs2,000 crore.

■ 10.23am: Deep Industries Ltd rose 10% to Rs 234.40 after huge block deal. Around 8.96 million shares or 28% stake of the company changed hands in a block deal, Bloomberg reported. However, details of the buyers and sellers were not known.

■ 9.50am: BSE Sensex traded little changed at 31,618.74, down 7.89 points, or 0.02%, while the Nifty 50 fell 13.80 points, or 0.14%, to 9,855.80.

■ 9.48am: Hindustan Unilever Ltd fell 2% to Rs 1222.55. The company said in a presentation to the exchanges that subdued consumer markets, demonetization and introduction of goods and services tax were key challenges in the last few quarters. Volatile commodity costs also created a challenging environment. Trade situation improving gradually, wholesale channel now stabilizing.

■ 9.45am: Banking stocks fell. Central Bank of India fell 1.7%, Karnataka Bank 1.2%, State Bank of India 0.9%, RBL Bank 0.8%, Punjab National Bank 0.8%, Bank of Baroda 0.8%, South Indian Bank 0.7%, Federal Bank 0.7%, Bank of India 0.6%.

■ 9.26am: BSE Sensex opens lower by 43.85 points, or 0.14%, to 31,582.87, while the Nifty 50 fell 17.75 points, or 0.18%, to 9,854.85.

■ 9.25am: Aviation stocks fell after Brent crude hit highest level since July 2015. Jet Airways India Ltd declined 3%, SpiceJet Ltd fell 3.1% while InterGlobe Aviation Ltd 0.5%.

■ 9.20am: IFCI Ltd rose 3.5% to Rs 23.60 after the company said it approved sale of 0.86% stake in NSE to investors.

■ 9.17am: DS Kulkarni Developers Ltd fell 5% to Rs 24.40 after the company said its board will meet on 3 October to consider financial restructuring.

■ 9.15am: The rupee opened at 65.22 a dollar and touched a low of 65.27 - a level last seen on 24 March. At 9.15am, the rupee was trading at 65.19 a dollar, down 0.16% from its Monday’s close of 65.12.

■ 9.13am: The 10-year bond yield was at 6.632%, compared to its previous close of 6.619%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading lower. South Korean won was down 0.36%, Indonesian rupiah 0.2%, Philippines peso 0.17%, Malaysian ringgit 0.15%, Thai baht 0.15%, Taiwan dollar 0.08%. However, Japanese yen was up 0.1%, Singapore dollar 0.05%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 92.574, down 0.08% from its previous close of 92.648.

With inputs from PTI