MARKET SUMMARY OF 17 SEP 2018

BUY HEXAWARE ABOVE 469 TG 473,478 SL 464

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The benchmark indices settled over 1 per cent lower on Monday taking cues from their global peers, which fell amid reports that the US was about to announce a new round of tariffs on Chinese imports.The S&P BSE Sensex ended at 37,586, down 505 points while the broader Nifty50 index settled at 11,378, down 137 points.That apart, a weak rupee also affected sentiment. The domestic currency slipped to an intra-day low of 72.62 against the greenback earlier in the day. The domestic unit on Friday had surged by 34 paise to close at a one-week high of 71.84 against the US dollar on positive macro data and hopes of policy intervention by the government to defend the volatile currency.In key stocks, Reliance Industries (RIL) fell over 2.3 per cent, while Sun Pharmaceutical Industries (Sun Pharma) cracked over 2.7 per cent. Financial stocks such as HDFC, HDFC Bank, State Bank of India (SBI) and Axis Bank fell by up to 2.5 per cent.Among sectoral indices, the Nifty FMCG index settled 1.4 per cent lower weighed by fall in share prices of Godrej Industries and Procter & Gamble Hygiene and Health Care.

Investor sentiment also took a hit as global financial services company Goldman Sachs said India's world-beating stock market run is over. It has downgraded domestic stocks to the equivalent of a hold rating from buy. This is the first time it has lowered Indian stocks since 2014. Shares of sugar companies climbed as much as 20 per cent in the intraday trade on Monday. Sugar stocks have been on a rising spree ever since the government approved an over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol in a bid to cut surplus sugar production and reduce oil imports.The Cabinet Committee on Economic Affairs (CCEA) last week raised the procurement price of ethanol derived from 100 per cent sugarcane juice to Rs 59.13 per litre from the current rate of Rs 47.13.The price for ethanol produced from B-heavy molasses (also called as intermediary molasses) was hiked to Rs 52.43 a litre from the current Rs 47.13 but that for ethanol produced from C-heavy molasses was reduced marginally to Rs 43.46 from Rs 43.70, said a PTI report.

TOP GAINERS:BPCL,TECHM.IOC

MAJORLOOSERS: SUNPHARMA,BAJFINANCE,TITAN