Markets Live: Equity indices edge down, Sensex skids 160 points to 37291

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, …

12:25 pm

Oil prices drop on concern over US economy

Brent crude was up 64 cents, or about 1.1 per cent, at $59.28 a barrel at 0255 GMT. – Bloomberg

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of the US economy.

Brent crude was down 31 cents, or 0.5 per cent, at $60.18 a barrel by 0638 GMT, while US crude was down 18 cents, or 0.3 per cent, at $55.60 a barrel. Oil prices rose around 1.5 per cent in the previous session. Click here to read in full the global oil markets report.

12:15 pm

Indiabulls Housing Finance shares drop 8% on Nifty replacement

Shares of Indiabulls Housing Finance on Thursday dropped 8 per cent as Nestle India will replace the company in the benchmark Nifty 50 index from September 27.

The scrip tanked 7.97 per cent to Rs 420.80 on the NSE. Shares of Nestle India, however, rose 2.97 per cent to Rs 12,890.

Nestle India will replace Indiabulls Housing Finance in the benchmark Nifty 50 index from September 27, the National Stock Exchange (NSE) said on Wednesday.

“The replacement will also be applicable to Nifty 50 Equal Weight Index,” the bourse said in a release. – PTI

12:05 pm

Equities struggle on recession, Brexit fears

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record lows while stocks inched down on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15 per cent, Singapore shares hit eight-month lows, while Japan’s Nikkei shed 0.07 per cent.

On Wall Street, the S&P 500 gained 0.65 per cent on Wednesday, due in part to gains in the energy sector following a rebound in oil prices. But US stock futures lost 0.2 per cent in Asia. Click here to read in full the Asian markets report.

11:55 am

USFDA nod bodes well for Unichem Labs

Unichem Laboratories has received ANDA approval from the USFDA for Solifenacin Succinate Tablets, 5-mg and 10-mg to market (a generic version of Vesicare tablets of Astellas Pharma US, Inc). The tablets are indicated for the treatment of overactive bladder with symptoms of urinary incontinence, urgency, and urinary frequency. Unichem will commercialise the product from its Goa plant. Shareholders of the company will closely monitor the execution.

11:45 am

Shell makes Series-B funding in PRESPL

Global energy major Shell, along with SBI Ventures Neev Fund has jointly made a Series-B funding of Rs 55 crore in Mumbai based bio-energy company- PRESPL.

This is the first investment of the Anglo-Dutch behemoth in Indian a bio-energy firm, and has been directly cleared by the Shell management in the Netherlands. Shell clocked $ 388.4 billion in revenues for 2018. Click here to read in full the report on Shell’s Series-B funding in PRESPL.

11:25 am

Govt sops boost sugar stocks

Stocks of sugar companies soared in an otherwise bearish market, with the Cabinet clearing fresh export concessions for sugar mills.

On Wednesday, the Cabinet approved incentives of Rs 6,268 crore ($876.74 million) to encourage cash-strapped mills to export 6 million tonnes of sugar in the sugar marketing year starting from October 1.

Shares of Bannari Amman Sugar rose two per cent to Rs 1,150, Dhampur Sugar Mills was up 0.15 per cent at Rs 151, Shashi Sugar rose 5 per cent at Rs 8, Dharani Sugar was up 17 per cent at Rs 8 and Bajaj Hindustan Sugar was up 4 per cent at Rs 6.

India is expected to produce 285 lakh tonnes of sugar in this sugar marketing year. With an inventory of 145 lakh tonnes, the total sugar supply is expected to be the highest ever at about 430 lakh tonnes, exerting huge pressure on prices. _ Our Bureau

11:10 am

Gold, silver open firm as rupee remains weak

Quick funds: With NBFCs turning cautions to lending, many customers are option for gold loans, say players. – iStock.com

Gold and silver prices opened with marginal gains in the futures market on Thursday as currency pressure prevailed.

On Thursday, the rupee weakened further to inch towards the Rs 72 levels against the dollar. The Indian rupee opened lower at Rs 71.90 and depreciated further to Rs 71.95 in the early trades.

This comes despite Wednesday’s Cabinet announcements triggering positive sentiment for the sugar industry and farmers for increased incomes in the coming days and better job prospects through the 100 per cent contract manufacturing decision. Click here to read in full the domestic gold market report.

11:00 am

Company News: Kalpataru Power Transmission

Kalpataru Power Transmission informed the exchanges on Wednesday that it received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than 7 years ago. The company disagrees with the Bank’s position and intends to contest the proceedings vigorously, it added. Shares of Kalpataru Power slumped 6.95 per cent at ₹441.05 on the BSE on Wednesday.

10:45 am

Gold prices tick up on recession fears, trade uncertainty

Gold prices eked out gains on Thursday against the backdrop of recession fears, with traders tracking signs of progress on the US-China trade talks and global central banks for direction on interest rates.

Spot gold rose 0.2 per cent to $1,542.06 per ounce, as of 0331 GMT. On Wednesday, the bullion ended lower but remained around its over six-year peak of $1,554.56 hit on Monday. US gold futures were up 0.1 per cent at $1,550.80 an ounce. Click here to read in full the global gold report.

10:25 am

Rupee falls 17 paise against US dollar in early trade

Identification of currency notes is key to successful completion of cash-based transactions by visually impaired persons – FRANCIS MASCARENHAS

The rupee depreciated by 17 paise to 71.95 against the US dollar in early trade on Thursday, tracking a weak domestic equity market and persistent foreign fund outflows. Pessimism over US-China trade talks also put pressure on the domestic unit, forex dealers said.

However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee’s fall, they added. Click here to read in full the rupee report.

10:05 am

Sensex, Nifty trade on a weak note

The benchmark indices, the BSE Sensex and the NSE Nifty, were trading around 0.5 per cent lower in early session on Friday. The Sensex was at 37,291, down 160 points or 0.43 per cent lower, while the Nifty was at 11,003, down 42 points or 0.39 per cent weaker on its overnight close.

The top gainers on the Sensex were Sun Pharma, Vedanta, Tata Motors, Maruti and IndusInd Bank, while the laggards were YES Bank, ICICI Bank, HCL Tech, HDFC and Axis Bank.

The healthcare, metals, capital goods and auto sector shares rose between 0.3-0.55 per cent to prop up the BSE index, while the finance, capital goods, IT and technology sector shares weighed on the benchmark index, losing between 0.40-0.65 per cent during the session.

According to an agency report, the Sensex, which dropped over 250 points in early trade, was dragged by heavy selling in banking stocks ahead of the expiry of August derivatives amid weak cues from other Asian markets.

In the previous session, the BSE barometer settled 189.43 points, or 0.50 per cent, lower at 37,451.84. Similarly, the broader NSE Nifty fell 59.25 points, or 0.53 per cent, to 11,046.10.

During the day, investors can expect greater volatility in the market on the back of weekly and monthly expiration of the August futures and options (F&O) contracts, said Shrikant Chouhan, Head Technical Research, at Kotak Securities.

Foreign portfolio investors sold shares worth a net of Rs 935.27 crore on Wednesday, while domestic institutional investors purchased shares worth Rs 359.32 crore, provisional data showed.

The rupee, meanwhile, depreciated 18 paise against its previous close to trade at 71.95 in early session.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Korea and Japan were trading on a negative note in their respective late morning sessions.

Exchanges on Wall Street ended in the green on Wednesday.

Global oil benchmark Brent crude was trading 0.57per cent lower at 59.59 per barrel. (with inputs from PTI)

9:55 am

Oil prices pegged back by mounting concern over US economy

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of United States (US) economy. Click here to read in full the crude oil market report.

9:45 am

Yen on backfoot as returning confidence dulls safe-haven allure

The dollar held gains against the safe-haven yen on Thursday as ebbing recession worries soothed markets after earlier volatility although the pound nursed its losses as investors became increasingly worried about a hard Brexit. Click here to read in full the global forex markets report.

9:35 am

Why the stock of RBL Bank has fallen 40 per cent over the past month

RBL Bank has been the stock market darling ever since it hit the primary market in 2016. But the stock has come under severe pressure recently, losing about 40 per cent over the past month, since it announced its June quarter results. While the bank delivered strong performance, the management indicating possible deterioration in its asset quality in the next 2-3 quarters, had rattled investors. Click here to read in full the report on why the RBL stock has fallen 40 per cent over the past month.

9:25 am

Asian shares struggle on darkening global outlook

MSCI Asia-Pacific index up 1 per cent. File Photo – Reuters

Global bond yields flirted with record low levels while stocks struggled to recover on Thursday as economic turbulence from intensifying United States (US)-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. Click here to read in full the global markets report.

9:15 am

Opening bell

The Sensex and the Nifty opened Thursday’s session in the red. The Sensex was at 37,283, down 168 points or 0.45 per cent lower, while the Nifty was at 10,988, down 57 points or 0.52 per cent weaker.

9.00 am

Today’s Pick: Tata Global Beverages (₹280): Buy

The stock of Tata Global Beverages jumped 5 per cent breaking above a key resistance at ₹270 on Wednesday. This rally has strengthened the short-term uptrend and also provides traders with a short-term horizon an opportunity to buy the stock at current levels.

The stock has been in an intermediate-term uptrend since early February 2019 low at ₹177. During the uptrend, the stock had decisively breached a key resistance at ₹220 in May and continued to trend upwards. Short-term trend is also up for the stock. Click here to read in full Today’s Pick on Tata Global Beverages.

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Sensex gains over 100 points on positive global cues; TCS, Infosys, HCL Tech top gainers

Top gainers in the Sensex pack included TCS, Infosys, Hero MotoCorp, TechM, HCL Tech and PowerGrid, rising up to 2 per cent. While, Yes Bank …
Share Market Live, Stock Market Live, Nifty Live, NSE live, BSE live, Live Market Update, Market Today, स्टॉक मार्केट, शेयर बाजार, Indian Share Market Live, Indian Stock Market LiveShare Market Live, Stock Market Live, Nifty Live, NSE live, BSE live, Live Market Update, Market Today, स्टॉक मार्केट, शेयर बाजार, Indian Share Market Live, Indian Stock Market LiveThe 30-share was trading 100.23 points or 0.27 per cent higher at 37,502.72 at 0930 hours.

Domestic equity benchmark BSE Sensex rose over 100 points in early trade on Tuesday led by gains in IT stocks amid positive cues from global markets. The 30-share was trading 100.23 points or 0.27 per cent higher at 37,502.72 at 0930 hours; and the broader Nifty too rose 16.15 points or 0.15 per cent to 11,070.05 in morning trade.

In the previous session on Monday, the 30-share Sensex settled 52.16 points, or 0.14 per cent, higher at 37,402.49, and the NSE Nifty edged 6.10 points, or 0.06 per cent, up at 11,053.90.

Top gainers in the Sensex pack included TCS, Infosys, Hero MotoCorp, TechM, HCL Tech and PowerGrid, rising up to 2 per cent. While, Yes Bank, Bajaj Finance, IndusInd Bank, Axis Bank and Sun Pharma rose up to 4.50 per cent.

According to traders, domestic equities followed global stocks which rallied on expectations of stimulus measures from German and Chinese governments. Investors are also hoping for dovish comments from Federal Reserve Chair Jerome Powell in Jackson Hole, Wyoming, US, later this week. Elsewhere in Asia, Hang Seng, Shanghai Composite Index, Nikkei and Kospi were trading in the green in their respective late morning sessions.

Bourses on Wall Street ended significantly higher on Monday. Meanwhile, foreign portfolio investors sold shares worth a net of Rs 305.74 crore on Monday, while domestic institutional investors purchased shares worth Rs 386.23 crore, provisional data showed. On the currency front, the rupee depreciated 18 paise versus the dollar against its previous close to trade at 71.62 in early session. Brent crude futures, the global oil benchmark, rose 0.07 per cent to 59.78 per barrel.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

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Sensex opens 39.26 points higher; Mahindra, HDFC Bank, TCS, Infosys major gainers

The BSE index Sensex today opens 39.26 points higher at 37,441.75 against the previous close of 37,402.49, while NSE index opened flat at …

The BSE index Sensex today opens 39.26 points higher at 37,441.75 against the previous close of 37,402.49, while NSE index opened flat at 11,053.65 and slipped to red. Among major gainers are include Mahindra, HDFC Bank, TCS, Infosys and Mahanagar Gas, while losers include Britannia, Yes Bank, JSW Steel, IOC, Bharti Infra, Tata Motors and ICICI Bank.

Amid positive global markets, neutral domestic institutional investors (DIIs) and futures and options (F&O) and negative foreign institutional investors (FIIs) cues, market sentiment is cautious today, according to Anil Singhvi, Zee Business’ Managing Editor Anil Singhvi.

His market strategy suggests to buy MGL Futures with Stop loss 720 and target 750, 760. If BG Asia sells complete 10% stake, then MGL is a good buy at 730-750 range. Cover shorts and buy near to the block deal price.

Earlier on Monday, Sensex at the Bombay Stock Exchange (BSE) gained 52.16 points, or 0.14%, to settle at 37,402.49. Nifty, however, rose marginally by 6.10 points, or 0.06%, to end at 11,053.90. Bank Nifty was 30.90, or 0.11%, up and closed at 28,186.10.

On global front today, Asian shares extended their gains as hopes for stimulus in major economies tempered anxiety about a global recession, boosting riskier assets and drawing money from safe-havens such as bonds and gold, said a Reuters report, adding that MSCI`s broadest index of Asia-Pacific shares outside Japan rose 0.31%, while Japan`s Nikkei rose 0.45%. The improved mood was helped by a rally on Wall Street overnight, with the S&P 500 gaining 1.21%.

Watch Zee Business Live TV

Meanwhile, crude oil prices slipped today, but losses were limited as equity markets rallied and as traders reportedly hoped US-China trade tensions would ease. The United States said it would extend a reprieve that permits China`s Huawei Technologies to buy components from US companies, in a sign of a slight softening of the trade war between both countries, it added.

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After Market: Infosys, Quess Corp rally; 84 stocks show potential for rise

NEW DELHI: Dragged down by losses in bank, NBFC and energy stocks, equity benchmarks Sensex and Nifty ended in the negative territory on …
NEW DELHI: Dragged down by losses in bank, NBFC and energy stocks, equity benchmarks Sensex and Nifty ended in the negative territory on Friday ahead of the release of key macroeconomic data.

Sensex swung between gains and losses throughout the session as subdued quarterly numbers and concerns over the economy weighed on the risk appetite of investors.

“Volatility continued in the market given subdued expectation from quarterly results, which is increasing risk of a downgrade in future earnings. Investor’s remain focused on today’s CPI inflation data to get cues on interest rate trajectory. Lack of stimulus to the economy and premium valuation is influencing investors to have a cautious approach on the market,” said Vinod Nair, Head of Research, Geojit Financial Services.

Sensex closed the day with a loss of 86.88 points, or 0.22 per cent, at 38,736.23, with 13 stocks in the green and 17 in the red.

The Nifty index closed 30.40 points, or 0.26 per cent, down at 11,552.50. Overall, 22 stocks advanced and 28 declined in the Nifty pack.

With this, both Sensex and Nifty extended their weekly loss into the second week, falling 1.97 per cent and 2.18 per cent, respectively.

Let’s take a look at the highlights of Friday’s session:

Infosys rises ahead of Q1 numbers

Shares of Infosys closed 0.87 per cent up at Rs 727.10 ahead of June quarter numbers. Post-market hours, the IT heavyweight reported a 5.3 per cent year-on-year rise in profit at Rs 3,802 crore for the June quarter. Sequentially, profit fell 6.8 per cent.

IndusInd Bank falls 2%

IndusInd Bank said June quarter profit rose 38.30 per cent year-on-year to Rs 1,432.50 crore compared with a profit of Rs 1,035.72 crore net in the year-ago period. Analysts were largely projecting numbers in Rs 1,000-1,250 crore range, with ET NOW poll estimate at Rs 1,181 crore. However, the numbers failed to cheer the market as the stock fell 1.98 per cent to close at Rs 1,510.35.

Laurus Labs extends gains

Rising for a second consecutive session, shares of Laurus Labs closed the day 2.34 per cent higher at Rs 354.05 after it said the audit of its unit 4 at Visakhapatnam in Andhra Pradesh by the USFDA has been completed without any observations. In two sessions, the stock has gained 4.32 per cent.

Quess Corp jumps 9%

Shares of Quess Corp closed 9.27 per cent up at Rs 480.95 after the company’s board approved the preferential issuance worth Rs 51 crore at Rs 676 per share to Amazon.

Cox & Kings at a fresh all-time low

Shares of Cox & Kings fell for the 13th straight session to hit an all-time low of Rs 22.05 after rating agency Care downgraded the tour operator’s rating to ‘default’ grade. In the 13 sessions, the stock has eroded 56 per cent in market valuation. The company’s market value now stands less than Rs 400 crore.

230 stocks hit 52-week lows

As many as 230 stocks, including Blue Dart Express, Care Ratings, Century Plyboards, CG Power and Industrial Solutions, Force Motors, Glaxosmithkline Pharmaceuticals, Schaeffler India, HEG, Graphite India and Indiabulls Integrated Services, hit 52-week lows on BSE. On the other hand, SBI Life Insurance Company, Intellect Design Arena and East India Securities were among the 34 stocks that hit 52-week highs.

Nearly 200 stocks hit lower circuits

Cox & Kings, Manpasand Beverages, Ballarpur Industries, Technofab Engineering and Atlas Jewellery India were among the 198 stocks that hit 52-week lows on BSE, but as many as 152 stocks, including Reliance Communications, Avadh Sugar & Energy, Jaypee Infratech, GNA Axles and Magadh Sugar & Energy hit upper circuits.

84 stocks show potential for rise

Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 84 counters on BSE, signalling a potential rise for them in the coming sessions. Among those stocks were Indiabulls Real Estate, Phillips Carbon, Cox & Kings, Dwarikesh Sugar and Cipla. On the other hand, Syndicate Bank, Ceat, Parag Milk Foods, Monnet Ispat and Eris Lifesciences were among the 70 stocks that showed bearish crossovers.

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Five reasons why investor wealth plunged ₹2.2 tn on Sitharaman’s maiden Budget

Rajiv Singh, CEO of stock broking at Karvy Broking, told Reuters that many companies would need to increase their public shareholding, mostly by …

Equity benchmark indices tumbled on Friday as panic selling weighed in after Finance Minister Nirmala Sitharaman presented the Union Budget for 2019-20. The BSE S&P Sensex closed 395 points or one% down at 39,513 while the Nifty 50 dropped 136 points to 11,811.

The market capitalisation of BSE-listed companies plunged 2,22,579.67 crore to 1,51,35,495.86 crore.

Increase in public shareholding threshold: Presenting the Union Budget for 2019-20, Finance Minster Nirmala Sitharaman said it was the right time to consider increasing minimum public shareholding to 35% from 25%. This stoked fears about liquidity, PTI reported. Sitharaman unveiled the proposal while presenting the budget for the fiscal year ending March 31, 2020 to parliament. She said the government has asked the Securities and Exchange Board of India to consider the proposal, but did not give many other details, Reuters reported.

“From the capital markets perspective, the increase in minimum shareholding requirement from 25% to 35%, though required in a country with limited free float, could create supply in the markets, limiting the upside,” Dhiraj Relli, MD & CEO, HDFC Securities, told PTI.

“If enough time is given for achieving this, then it may have limited impact. However, India’s weight in MSCI and other global indices could rise following this, leading to benefit over the medium term,” Relli said.

“The big surcharge tax on high income group and possible squeezing of secondary market liquidity due to disinvestment and increased public shareholding is causing the stock market to fall today,” Amar Ambani, President & Research Head, YES Securities told PTI.

“While we need to await Sebi regulations regarding how much time will be given to these companies to meet with this minimum public shareholding norms, the overhang of this requirement of off-loading of promoter shareholding can have significant impact on the markets and the specific stocks,” Jagannadham Thunuguntla, Senior VP and Head of Research (Wealth), Centrum Broking, told PTI.

Rajiv Singh, CEO of stock broking at Karvy Broking, told Reuters that many companies would need to increase their public shareholding, mostly by selling of promoters’ stakes or additional equity issuance.

Many PSUs have not been able to meet even the 25% public shareholding norm till now, while there is already a lack of appetite for non-bluechip companies, traders told PTI.

No big stimulus: India plans to narrow its budget gap target to 3.3% of the gross domestic product for the financial year that started April 1 compared with 3.4% set in February’s interim plan. That is contrary to expectations that the government will spend more to boost a slowing economy.

“There’s no big fiscal stimulus plan, quite contrary to what many investors expected and that’s dragged the stocks down,” Vivek Ranjan Misra, head of fundamental research at Karvy Stock Broking Ltd. in Hyderabad, told Bloomberg. “To add to it, more levy on high net individuals has hurt sentiments further.”

“India has limited options to boost growth, exports, and the farm and manufacturing sectors,” Jigar Shah, head of research at Maybank Kim Eng Securities India Pvt. in Mumbai, told Bloomberg. “Earnings growth for Indian companies will be challenged by the slowing economy and other headwinds.”

Fears of inflation abound: Investors believed the Budget proposals did not contain any concrete proposals to ease liquidity crunch facing the financial markets. Though corporate taxes were cut to 25%, the government raised import tariffs on items such as gold and imposed additional duty on petrol and diesel which could fuel inflation, ANI reported.

IT stocks fall: Shares of IT companies fell with Tata Consultancy Services (TCS), Infosys, Wipro, and HCL Technologies down nearly 5% after the Budget proposed to extend the buyback tax at 20% to listed companies as well. “For a company like Tata Consultancy Services, if they are to raise the public holding to 35%, they will have to sell stocks for billions of dollars. This will have a lot of practical difficulty – it was not well thought out,” VK Vijayakumar chief investment strategist at Geojit Financial Services, told Reuters.

16 of 19 BSE sector indexes fall: Sixteen of the 19 sector indexes compiled by BSE Ltd. declined, led by a gauge of metal stocks. Eleven of these gauges retreated more than 2%.

Twenty-five of the 31 Sensex members and 43 of the 50 Nifty stocks dropped. Among the top 500 companies, more than four fell for each share that gained, Bloomberg reported.

At the BSE, 1,711 scrips declined and 770 advanced, while 127 remained unchanged.

From the 30-share pack, 24 companies fell, with Yes Bank emerging as the top loser, dropping 8.36%, followed by NTPC, M&M and Vedanta. At the National Stock Exchange, all sectoral indices were in the red except for FMCG and banking.

Yes Bank fell to its lowest since May 2014, the steepest among Sensex and Nifty members. The shares are down 51% this year amid the lender’s spat with the regulator and changes in management.

Investors also remained edgy after comments on Chinese and European currency manipulation by US President Donald Trump.

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