Market Live: Indices under pressure as Nifty slips below 10,300; NBFC stocks down 3-15%

All sectors are trading in the red, with maximum cuts seen in banks, auto, energy, IT, and metals space.

  

Dalal Street under pressure: The benchmark indices are trading under pressure as Nifty slipped below 10,300, while Sensex is down over 400 points.

The Sensex is down 441.29 points at 34,338.29, while Nifty down 156.10 points at 10,296.90.

E-car Sales Plunge 40% In FY18

Despite the massive government push towards electric mobility, e-car sales plunged 40 percent to a low of 1,200 units in FY18 over FY17, while e-two-wheeler sales zoomed 138 percent to 54,800 unit during the same period, says an industry report.

As of March 2018, there were 56,000 electric vehicles on the roads in the country, of which e-cars were a paltry 1,200 units, while the rest 54,800 units are two-wheelers, according to the data from the Society of Manufacturers of Electric Vehicles, the apex industry lobby for the e-vehicles industry.

In FY16, 20,000 electric two-wheelers were sold in the country, which increased to Rs 23,000 units in FY17, according to the data. In the same year, 2,000 e-cars were sold and remained stagnant in FY17.

Dish TV Hits Four-Year Low:

Direct to home television operator Dish TV shares fell as much as 6 percent in the morning to hit more than four-year low after Reliance Industries signed an agreement to acquire controlling stake in Hathway Cable and Den Networks.

The stock touched an intraday low of Rs 47.25, the lowest levels since May 2014. It corrected more than 10 percent in previous five consecutive sessions ahead of this deal and plunged 38 percent year-to-date.

Reliance Industries on Wednesday announced strategic investments in and partnership with cable television service operators Den Networks and Hathway Cable.

Bank of America Merrill Lynch said Dish TV is likely to be vulnerable to RIL's acquisitions. "We see pressure on high ARPU/HD subscribers which would pressure overall ARPU."

Market Update: The benchmark indices are regained some ground but still under pressure with Nifty trading below 10,350 marks, while Sensex is down 300 points.

Rupee Updates: After a flat opening Indian rupee is trading higher by 10 paise at 73.50 per dollar against Wednesday's close 73.60.

Buzzing: Shares of Dilip Buildcon touched a 52-week low of Rs 447.65 but gained nearly 5 percent intraday Friday as broking house Citi maintained buy with a potential upside of 107 percent. Citi cut target price to Rs 966 from Rs 1,271 per share.

Shares of NBFC companies, particularly in the housing finance space, were lower even as the RBI looked to ease norms for such companies. Investors are likely to have placed negative bets due to the Supertech announcement as well. 

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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