Market Live: Indices at day’s low, Nifty breaches 11,400; Vedanta, RIL fall

The S&P BSE Sensex plunged more than 300 points to break below 38,000 on intraday basis on May 8 largely weighed by weak global cues. The Nifty50 also breached 11,400 level on the downside.

NBCC (India) Limited has secured total orders of Rs 361.91 crore in April 2019.

Zee Ent tanks 12% on rumours; co says it is in advanced stage of stake sale

Zee Entertainment Enterprises shares plunged 12 percent intraday on May 8 even as the company said it was in advanced stage of stake sale process. The stock had fallen 4 percent on May 7.

170 BSE companies have hit their respective 52-week low today. They include BSE100 companies like Bosch, Cadila Healthcare, Godrej Consumer and Idea.

At least 10 BSE200 companies have hit their 52-week low (see below).

Rupee update: The rupee is down 19 paise or 0.27 percent at 69.62/$.

The broader market has also fallen in tandem with frontline markets. Nifty Midcap is down 0.75 perent and Nifty Smallcap has fallen 0.83 percent.

Reliance Industries is the biggest negative contributor, dragging Sensex over 300 points intraday.

It’s a forgetful day for media stocks. Nifty Media has crashed about 5 percent intraday. The fall is led by Zee Entertainment (-10.8 percent), Dish TV (-4.74 percent) and Sun TV (-4 percent).

Shares of CG Power and Industrial Solutions has rallied 13 percent after Yes Bank said it acquired a stake worth nearly Rs 300 crore in the company. Read more

Indoco Remedies said it has received approval from the UKMHRA (Medicines and Healthcare Products Regulatory Agency) for its new solid dosages manufacturing facility in Baddi, Himachal Pradesh(Baddi III unit). The inspection was held from 16th to 18th October, 2018.

Ratnamani Metals & Tubes Limited has received new order of Rs 255.15 Crores from Oil & Gas Sector for supply of Coated CS Pipes to be completed between September 2019 to March 2020.

Sensex heat map at this hour

All sectoral indices are trading in the red today, under pressure from heavy sell-off. Nifty Media is the biggest loser, down over 3 percent.

Natco Pharma said its marketing partner Alvogen has received the final approval of Abbreviated New Drug Application (ANDA) from the US Food and Drug Administration (FDA) for Nitroglycerin Sublingual Tablets USP, 0.3 mg, 0.4 mg, and 0.6 mg. Nitroglycerin sublingual tablets are used to treat episodes of angina (chest pain) in people who have coronary artery disease (narrowing of the blood vessels that supply blood to the heart).

Rupee Update:

Gold Update: Gold prices rose to their highest in more than a week on Wednesday as renewed worries over US-China trade dispute and its potential impact on global growth dented risk sentiment, stoking investors towards safe-haven assets.

Promoters of 30 BSE500 firms increased pledged holdings in March quarter; do you own any?

In total, the value of promoter pledged shares stood at Rs 1.95 lakh crore in March 2019. This is about 1.38 percent of the BSE-500 index’s total market cap

Neogen Chemicals lists at premium: Speciality chemicals maker Neogen Chemicals started off first trade with a whopping 16.7 percent premium on May 8, after a strong response to its initial public offering. The stock listed at Rs 251 on the BSE Limited, against issue price of Rs 215.

ABB Q1: Net profit down 41.3% at Rs 116.2 crore Vs Rs 197.9 crore; revenue down 5.9% at Rs 1,850 crore Vs Rs 1,966.3 crore, QoQ.

Donald Trump’s taxes show losses of $1.7 billion over a decade: Report

Trump’s federal tax forms from 1985 show he reported $46.1 million in losses from his main businesses, which consisted mainly of casinos, hotels and retail spaces in apartment buildings.

Buzzing: Shares of Alembic Pharmaceuticals rose 3 percent in the early trade on Wednesday after company entered into JV agreement with Chinese firms.

Market Opens: It is weak start for the Indian indices on May 8 with Nifty below 11,450.

At 09:17 hrs IST, the Sensex is down 239.22 points at 38037.41, while Nifty is down 65.20 points at 11432.70. About 208 shares have advanced, 451 shares declined, and 31 shares are unchanged.

Vedanta, Asian Paints, HDFC Bank, Tata Motors, SBI, RIL are among major losers on the indices, while gainers include Zee Entertainment, Gail, IndusInd Bank and Ceat.

All sectoral indices are trading in red led by metal, FMCG, auto, bank, energy, pharma and IT.

China Trade Data: April trade surplus at USD 13.84 billion, April imports up 4%, while exports down 2.7%, reported CNBC-TV18.