Stock Market LIVE: Sensex down 90 points; HDFC, Yes Bank top losers

The BSE Sensex trades lower by 90 points, while the Nifty 50 hovers near 11,020. Here are the latest updates from the markets. The BSE Sensex and NSE’s Nifty 50 traded marginally higher on Thursday amid mixed cues from global markets. Shares of aviation and consumer durable companies declined after the government on Wednesday increased import duties on 19 non-essential items. The rupee also strengthened against the US dollar.

In global markets, Asian stocks fluctuated as investors assessed commentary from the Federal Reserve that reaffirmed the US economy is strong enough to warrant another interest-rate increase by the end of this year. The dollar was steady, while oil prices rose, lifted by looming US sanctions against major crude exporter Iran. Here are the latest updates from the markets:

Market update: Nifty, Sensex trade lower

Bombay Stock Exchange Sensex traded lower by 89.35 points, or 0.24%, to 36,452.92, while the Nifty 50 fell 31.55 points, or 0.29%, to 11,022.25. The BSE MidCap and SmallCap indices underperformed the benchmark Sensex and fell 1.26% and 1.06%, respectively.

Infosys, Asian Paints,  Tata Steel and Bajaj Auto were among the major gainers, whereas Sun Pharma, Yes Bank,  HDFC and Maruti were among the top gainers.

Among the sectoral indices on BSE, IT, teck, metal and consumer durables advanced. Realty fell most at 2.75% followed by healthcare, capital goods and finance fell over 1%.

L&T power unit gets orders worth Rs 1,400 crore

Larsen and Toubro Ltd said that its power business has received two orders worth Rs 1,400 crore for setting up flue gas desulphurisation systems from NTPC at its Vindhyachal super thermal power plant in Madhya Pradesh and Darlipali super thermal power project in Odisha. Shares traded 0.89% down at Rs 1320.

Higher insurance fee is not the only spoke in wheel for 2-wheeler sales

Two-wheeler manufacturers are left with a tough choice to either pass on the costs to maintain their profit margins, or absorb some of it to support demand.

Finance stocks trade lower
Shares of financial services companies extended losses. The Nifty Finance Services Index was down 0.87% dragged mainly by Indiabulls Housing Finance and Edelweiss Financial Services, which fell over 6%. Bajaj Finance and IIFL fell over 2%. HDFC and ICICI Bank were down over 1%.

HCL Tech shares gain 1% over contract renewal with Anglo American
Shares of HCL Technologies rose as much as 1.23% to Rs 1,103.20 after the company on Wednesday announced a five-year infrastructure services contract with mining company Anglo American.

Commodity corner: Oil prices rise, gold rates edge up
Oil prices rose by 1% as investors focused on the prospect of tighter markets due to U.S. sanctions against major crude exporter Iran, which are set to be implemented in November. Front-month Brent crude futures were at $82.17 per barrel at 7.03am, up by 83 cents, or 1% from their last close. US WTI crude futures were at $72.41 a barrel, up 84 cents, or 1.2% from their last settlement.
Gold prices edged up early, supported as investors looked for bargains after the metal fell to a two-week low in the previous session following a U.S. interest rate hike. Spot gold had risen 0.2% to $1,196.21 an ounce as of 6.30am. On Wednesday, the metal touched its lowest since Sept. 11 at $1,190.13 an ounce. U.S. gold futures were up 0.1% at $1,200.40 an ounce.
London copper prices extended declines into a fourth session after a U.S. interest rate hike pushed the dollar higher and as industrial profits in top metals consumer China grew at their slowest pace since March. Three-month copper on the London Metal Exchange was down 0.4% at $6,257 a tonne as of 7.30am. Shanghai lead tumbled 1.8%, while nickel and aluminium both fell almost 1%.