Business Standard Podcast

Market Wrap, Nov 29: Sensex tanks 336 points, Nifty closes at 12,056

Fri, 29 Nov 2019 11:00:00 GMT

Expectations of slower GDP numbers for September quarter (Q2FY20) due later in the day and weak global cues weighed on investor sentiment on Friday with the benchmark indices sliding nearly a per cent. It is widely expected that the second quarter GDP print will slip below 5 per cent on subdued consumer demand, weakening private investment and falling exports courtesy global slowdown. The S&P BSE Sensex lost 336 points or 0.82 per cent to settle at 40,794 with YES Bank (down 2.50 per cent) being the top loser and Bharti Airtel (up over a per cent) the biggest gainer. During the day, the index hit a low of 40,664.18 levels. Reliance Industries (RIL), ICICI Bank, Hindustan Unilever (HUL), and State Bank of India (SBI) contributed the most to the index's fall. NSE's Nifty50 index closed the session at 12,056, down 95 points or 0.78 per cent. On a weekly basis, Sensex gained 0.54 per cent and Nifty added 0.66 per cent. In the broader market, Nifty Midcap 100 index ended flat at 17,222, up 0.06 per cent while Nifty SmallCap 100 index outperformed the benchmarks by settling nearly a per cent higher. Sectorally, except realty stocks, all the counters ended in the red. Media stocks tumbled the most, followed by PSU banks, metals and auto stocks. The Nifty Realty index ended a per cent higher at 282 levels. Buzzing stocks of the day: Zee Entertainment slipped nearly 6 per cent to end at Rs 293.55 apiece on the BSE. The stock has been under pressure on series of developments such as Subhash Chandra's resignation as chairman of the company and then stepping down of three directors. Shares of Future Group companies rallied in the trade a day after the Competition Commission of India (CCI) said it has approved Amazon.com NV Investment Holdings' proposal to acquire about 49 per cent share in Future Coupons (FCL) - a subsidiary of Future Group. Indiabulls Housing Finance rallied 13 per cent to Rs 377 during the day on the National Stock Exchange (NSE) after foreign portfolio investors (FPIs) bought nearly one percentage points stake in the company through open market. The stock of the housing finance company had zoomed 25 per cent on Thursday. However, the stock reversed gains in the intra-day deals to end at Rs 290, down over 13 per cent on the BSE. Global markets: Asian shares slipped, knocking a global stock index off its path to hitting an all-time peak as investors turned cautious, fearing a new US law backing Hong Kong protesters could torpedo efforts to end the US-China trade war. MSCI's broadest index of Asia-Pacific shares outside Japan fell more than 1 per cent. Hong Kong led the dip with losses of 2 per cent. South Korean shares lost 1.4 per cent and Japan's Nikkei eased 0.5 per cent. China's blue-chips gave up 1.3 per cent a day before the country reports manufacturing activity. In commodities, oil prices were mixed. Investors awaited a meeting of OPEC and its allies next week that may result in the extension of an output cut agreement to support the market.

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GDP growth numbers: Will there be some good news?

Fri, 29 Nov 2019 07:48:00 GMT

GDP data is slated to be released today, in the evening. This comes soon after Finance Minister Nirmala Sitharaman's statement in the Rajya Sabha where she said that the country was not in recession yet, and won’t ever be. However, a set of data arriving today may qualify the statement to some extent. As, the Ministry of Statistics and Programme Implementation (MoSPI) will release the data on gross domestic product (GDP) for the July to September quarter of the fiscal year 2019-20 (Q2FY20) today. The upcoming data will likely show the economy had its weakest performance last quarter in more than six years, with the growth rate dropping below the symbolically important 5% mark. It’s a culmination of several months of downbeat figures, from plunging car sales to shrinking factory output and an export slump. Why in India, 6% Economic Growth Is Cause for Alarm? India's economy probably expanded at its weakest pace in more than six years in the September quarter, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports. The median of a poll of economists showed annual growth in gross domestic product of 4.7 per cent in the quarter, down from 5.0 per cent in the previous three months and 7 per cent for the corresponding period of 2018. That would be the slowest pace since the March quarter of 2013. Besides, India was the world’s fastest-growing economy until last year, posting quarterly growth rates of as high of 9.4% in 2016. What is the government's take on it? To know more, listen to the podcast...

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Market Ahead, November 29: All you need to know before the Opening Bell

Fri, 29 Nov 2019 02:53:00 GMT

Global cues, macro data, and stock-specific action will be the key factors giving direction to the markets today. Investors will await the Gross Domestic Product (GDP) data for the September quarter, slated to be released later in the day, to get a clearer picture of the state of the economy. A Reuters poll of economists showed annual growth in GDP of 4.7 per cent in the quarter. Non-banking financial companies (NBFCs) may be in focus today on report that the government has strongly advocated direct intervention by the Centre in stressed NBFCs. Further, Karvy Stock Broking has approached the Securities Appellate Tribunal (SAT) against the Sebi order that barred it from taking up new clients. The matter will be heard by the tribunal today. These apart, market participants will also track the oil price movement, the Rupee's trajectory against the US dollar, and foreign fund flow. On Thursday, the S&P BSE Sensex gained 110 points to close at 41,130 levels - its fresh closing high. The Nifty50 index, too, scaled a fresh closing peak of 12,154 levels, up 54 points. Besides, Reliance Industries (RIL) created history as it became the first Indian company to hit Rs 10 trillion market capitalisation. In the currency market, the Rupee dropped by 27 paise to close at 71.62 per US dollar. GLOBAL CUES Asian shares ticked up on Friday, but the gains were capped as investors worried that US President Donald Trump signing into law a bill backing protesters in Hong Kong could fuel tensions with China. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.05 per cent in early Friday trade while Japan's Nikkei gained 0.27 per cent. Oil prices ended mixed on Thursday and Brent crude lost 14 cents at $63.92 a barrel.

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Market Wrap: Indices end at new closing peak; RIL m-cap hits Rs 10 trn

Thu, 28 Nov 2019 11:27:00 GMT

Equity market ended in the positive territory on Thursday - the last day of the November series of futures and options (F&O) contracts, led by ICICI Bank, Reliance Industries (RIL), TCS, and IndusInd Bank. The S&P BSE Sensex added 110 points or 0.27 per cent to close at 41,130 levels - its fresh closing high. IndusInd Bank (up over 2.50 per cent) was the biggest gainer on the index while HeroMotoCorp (down 2 per cent) emerged as the top loser. Reliance Industries (RIL) today became the first Indian company to hit Rs 10 trillion market capitalisation. The stock hit a new high of Rs 1,584 on the BSE. On the NSE, the Nifty50 index closed at its fresh closing peak of 12,154 levels, up 54 points or 0.44 per cent. The Nifty Bank index ended at 32,124 levels, up 0.8 per cent. In the broader market, both mid and smallcap stocks outperformed the market. The Nifty Midcap 100 index gained 1 per cent to end at 17,207 and the Nifty SmallCap 100 index settled at 5,759, up 0.6 per cent. Sectorally, except auto stocks, all the indices on the NSE ended in the green. Nifty PSU Bank index surged 3.44 per cent to 2,716 levels, followed by Nifty Metal index, which gained nearly 2 per cent to 2,654 levels. Buzzing stocks: Reliance Industries (RIL) on Thursday became the first Indian company to hit Rs 10 trillion market capitalisation (m-cap) after the stock price hit a new high of Rs 1,584 on the BSE. The oil-to-telecom conglomerate's m-cap zoomed to Rs 10,02,380 crore during the trade on the BSE. At close, the stock settled at Rs 1580, up over 0.65 per cent. Shares of Indiabulls Housing Finance zoomed 30 per cent to Rs 348 in the intra-day trade on the BSE on the back of heavy volumes. The stock of housing finance company zoomed 110 per cent from its low of Rs 166 touched on October 17, 2019. Shares of the company settled at Rs 334, up 25 per cent. In other news, India's economy probably expanded at its weakest pace in more than six years in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports. The median of a poll of economists showed annual growth in gross domestic product of 4.7 per cent in the quarter, down from 5.0 per cent in the previous three months and 7 per cent for the corresponding period of 2018. The Q2 GDP data is slated to be released on Friday. Global markets: A four-day rally that had lifted world stocks to near-record highs stalled on Thursday as a US bill backing Hong Kong’s protesters became law, provoking China’s ire and threatening to derail an interim trade deal between Washington and Beijing. Besides, Japanese retail figures slumped the most since 2015 as a sales tax hike dragged on the economy, exacerbating a slowdown caused by slowing exports and manufacturing. In commodities, oil prices fell for a second day on Thursday after official data showed US crude and gasoline stocks rose. Fresh tensions between the US and China, too, weighed on it.

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After WhatsApp snooping row, now Google warned 12,000 users

Thu, 28 Nov 2019 08:22:00 GMT

It’s not even a month ago that messaging giant Whatsapp revealed that an Israeli software called Pegasus had been used to spy on journalists and human rights activists globally. 121 Indians were among those spied on. Well, by this time you might be aware of the news, but if not, here’s a lowdown on it: Google said on Tuesday it has warned 12,000 users, including 500 from India, between July and September this year, about being targeted by ‘government-backed attackers’. What is a government-backed attack? It’s when a nation state helps cyber criminals with funds and access to resources to attack a specified target. Russia, North Korea, China, and Iran have been known to sponsor attacks through phishing and other means on people from different countries. In fact, in a blogpost, Google said its Threat Analysis Group (TAG) tracks more than 270-targetes or government-backed groups from over 50 countries, without naming any entity. TAG is a part of Google and YouTube’s broader efforts to tackle coordinated influence operations that attempt to game Google’s services. Google said it shares relevant threat information on these campaigns with law enforcement and other tech companies. Shane Huntley, one of the members of TAG, said in a blogpost that the affected users were spread across 149 countries, and the number was similar to (up or down 10 per cent) the number of warnings sent in the same period of 2018 and 2017. He said... Listen to the podcast to know more...

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Market Ahead, November 28: All you need to know before the Opening Bell

Thu, 28 Nov 2019 02:23:00 GMT

Traders may be in for a volatile session today due to the expiry of the November series of Futures and Options contracts. Apart from that, market participants will track global cues, stock-specific action, the rupee's trajectory, and foreign fund flow for market direction. Finance Minister Nirmala Sitharaman yesterday on Wednesday defended her handling of the economy, saying that while economic growth had slowed in the past few quarters, the country was not undergoing a recession. The finance minister also touched upon the difficulties in meeting the fiscal deficit, and indirectly signalled a fiscal slippage for the year. In stock-specific news, Zee Entertainment yesterday said three directors had resigned from its board, two of them citing related-party transactions, among other reasons, for quitting. Global markets: Stocks on Wall Street set all-time highs after a batch of US economic data brightened the economic outlook. The Dow Jones Industrial Average rose 0.15 per cent, the S&P 500 gained 0.42 per cent, and the Nasdaq Composite added 0.66 per cent. Asian share markets wobbled on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade, while Japan's Nikkei flitted in and out of positive territory. SGX Nifty, signaled a subdued start to the day for domestic indices. In commodities, oil eased on Wednesday although losses were limited by optimism that a U.S.-China trade deal would be reached soon. Brent crude futures settled at $64.06 a barrel, down 21 cents. Back home, equity benchmarks ended at fresh closing high on Wednesday. The S&P BSE Sensex climbed 199 points to end at 41,021, and the Nifty50 index closed at a record high of 12,101. According to analysts, traders should buy every dip keep a close eye on 12,000 where the maximum put open interest exists. However, 12,200 should act as a resistance. If Nifty is able to breach level of 12,200 it will lead to short covering move up to 12,270. Here's a trading idea by by CapitalVia Global Research Limited who recommend buying Maruti Suzuki India Limited above Rs 7,301 for the target of Rs 7,540 with stop-loss at 7,150.

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Market Wrap, Nov 27: Sensex ends above 41K for 1st time; Nifty holds 12,100

Wed, 27 Nov 2019 11:15:00 GMT

Continuing their bull run, equity benchmarks ended at fresh closing high on Wednesday, led by buying in financial, auto and metal counters. Optimism surrounding the signing of the first phase of a US-China trade deal also boosted investor sentiment. The S&P BSE Sensex climbed 199 points or 0.49 per cent to end at 41,021, - its fresh closing peak. Also, it was the for first time that the index settled above the crucial 41,000-mark. Sensex hit an all-time high of 41,120.28 in the intra-day trade on Tuesday. HDFC, Reliance Industries (RIL), SBI, HUL, and Maruti contributed the most to the index's gains today. Out of 30 constituents, 24 ended in the green. On the NSE, the frontline index Nifty closed at a record high of 12,100.70 with 37 constituents advancing and 13 declining. Nifty Bank, too, ended at a fresh closing high of 31,875.95 levels. In the broader market, midcaps outperformed the benchmarks while small-caps were subdued. The Nifty Midcap 100 index added 0.76 per cent to end at 17,043 levels while The Nifty SmallCap ended flat at 5,723, up just 0.04 per cent. Sectorally, barring realty and media stocks, all the indices ended in the green. PSU bank stocks gained the most with the Nifty PSU Bank index rising nearly 2 per cent to 2,625 levels. Nifty Auto index added 1.27 per cent to close at 8,203 levels. Buzzing stocks of the day: Shares of YES Bank climbed up to 9 per cent to Rs 68.85 during the session after the private sector lender announced that its board will meet on Friday to consider raising of funds. It ended at Rs 68.25 apiece, up 7.65 per cent. YES Bank also ended as the top gainer on the Sensex. Shares of automobiles along with auto ancillaries companies gained on reports that the Cabinet may consider approving scrappage policy in today's meet. Tata Motors, Mahindra & Mahindra, Bharat Forge and Ashok Leyland from the Nifty Auto index climbed 3 per cent each on the National Stock Exchange (NSE). Maruti Suzuki India, Eicher Motors, Hero MotoCorp, TVS Motor Company and Bajaj Auto were all up in the range of 1-2 per cent each. SBI regained 3 trillion market capitalisation. The stock ended at Rs 343.6, up nearly 2.50 per cent. RBL Bank hit a 2-month high of Rs 369, up 6 per cent in intra-day trade, on the BSE on report that the private lender is looking to raise up to Rs 2,000 crore through a QIP offering. The stock ended at Rs 368, up over 5.50 per cent. Global markets: European shares touched a four-year high in early trading, as comments from US President Donald Trump sparked hopes of an imminent resolution to the drawn-out trade war with China. Trump said on Tuesday that Washington was in the “final throes” of work on an initial trade agreement, adding to optimism from earlier in the day when Beijing said top negotiators from both countries had reached a consensus on “resolving relevant problems”. In Asia, however, China shares fell as weak industrial profit data highlighted growing strains on the economy. At the close, the Shanghai Composite index fell 0.1 per cent to 2,903.19 and the blue-chip CSI300 index was down 0.4 per cent, while most other Asian markets gained on hopes of a deal. In commodities, oil prices slipped after an industry report showed a surprise build-up in US crude inventories, but optimism surrounding the signing of the first phase of a US-China trade deal prevented a bigger slide in prices.

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All you need to know about Sensex reshuffle and how it affects investors

Wed, 27 Nov 2019 08:26:00 GMT

What are the latest changes On Friday, Asia Index announced that Automobile giant Tata Motors, Tata Motors DVR (Tata Motors with differential voting right ), along with lender Yes Bank, and natural resources major Vedanta will be dropped from the BSE's benchmark Sensex. In their places, UltraTech Cement, Titan Co Ltd and Nestle India will be added to the index. The changes will be effective from Monday, December 23, 2019, Asia Index said in a statement. Besides, UPL Ltd and Dabur India will find a place in the S&P BSE Sensex 50, replacing Indiabulls Housing Finance and Yes Bank. However, there was no change in the S&P BSE Bankex. Why does the reshuffle happen This is a part of the reconstitution exercise by Asia Index, which is a joint venture between S&P Dow Jones Indices and the BSE. This involves re-evaluation of the constituents of a particular index. It deals with addition and removal of stocks from the index and their re-ranking based on the current market situation. Since the Sensex shows which way the economy is heading, a periodic reshuffle of the 30-share portfolio is carried out. Some stocks are included while some others get the boot. Why were few stocks dropped from Sensex recently In the latest reshuffle Tata Motors was taken out of the index. This happened because the stock has under-performed the benchmark index amid slowdown in the the domestic automobile sector over the last few months. Shares of Tata Motors on Tuesday( Nov 26) closed 1.36 per cent lower at Rs 163.80 on the BSE. Similarly, the private sector lender Yes Bank has been going through a rough phase lately. This is because of the worries regarding asset quality. Yes Bank shares have dipped around 65 per cent till date. Shares of Yes Bank fell nearly 4 per cent in intraday trade on Monday after the announcement that it will be dropped from BSE benchmark Sensex from December 23. The year has not been a rewarding one for investors of the mining and metals stock Vedanta too, with the stock falling almost 30 per cent. How will this affect investors Most direct investors in stocks watch Sensex and Nifty closely for clues in the market. It is simply because the stocks in these are supposed to be the best, in performance, earnings and other key parameters. The moment a periodic reshuffle is carried out in the Sensex, there is a lot of buzz as retail investors carefully look at the stocks comprising these benchmark indices. Immediately, the ousted stocks start falling sharply, whereas the those coming in start rising. When a stock goes out or enters the index, number of global and domestic index funds alter their portfolio as they mirror the benchmark indices. And thereby they have to buy all the stocks in the index and in the same proportion. For stocks exiting the index, there is a sharp fall because fund managers want to/have to exit these stocks to balance their portfolios. As a result, they sell, sometimes in big tranches. So, from being over-owned, these stocks become under-owned. For individual retail investors, experts say buying one when it enters the index can be a good strategy. But, it has to be within a day or two of the announcement, as fund managers rush to rebalance their portfolios. If you miss the bus in the initial days, it makes more sense to wait for the first quarterly results. Listen to the podcast to know more

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Market Ahead,November 27: Top factors that could guide markets today

Wed, 27 Nov 2019 02:25:00 GMT

Traders are likely to witness a volatile session today due to the imminent expiry of the November series derivative contracts even as the latest development in the US-China trade talks may keep the overall sentiment positive. Market players will adjust their positions ahead of the weekly and monthly expiry of Futures and Options contracts tomorrow. The rebalancing of MSCI indices will be effective starting today. Berger Paints India, Colgate-Palmolive, DLF, HDFC Asset Management Company, ICICI Prudential Life Insurance, Info Edge, SBI Life Insurance and Siemens India will be added to MSCI India Index. Conversely, four stocks -- Glenmark Pharma, Indiabulls Housing Finance, Vodafone Idea and Yes Bank will be axed from the index. That apart, developments in Maharashtra with respect to the formation of the government could weigh on investor sentiment. On the US-China trade talks front, US President Donald Trump said the United States and China were close to an agreement on the first phase of a deal while stressing Washington’s support for protesters in Hong Kong, a point of contention between the world’s two largest economies. Consequently, US stocks crawled higher on Tuesday and all three major Wall Street indexes notched record levels. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite added about 0.2 per cent. Asian shares ticked higher in Wednesday's early trade. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.14 per cent. Australian shares added 0.46 per cent and Japan's Nikkei rose 0.41 per cent. The SGX Nifty, though, was trading with slight cut, indicating a flat to negative start for the domestic indices. Oil prices rose on Tuesday after news that U.S. and Chinese officials discussed trade. Brent crude futures gained 62 cents to settle at $64.27 a barrel. Back home, benchmark indices ended yesterday's session with minor cuts after touching record high during the day. The S&P BSE Sensex ended at 40,821 levels, down 68 points and NSE's Nifty50 index settled at 12,038, down 36 points. According to analysts, the bullish technical setup of Nifty is well-maintained and the index is heading towards the upside target of 12,300. Longs should be protected with the stoploss of 11900. Here's a trading idea by HDFC Securities who recommend buying Canara Bank at Rs 222.7 for the target of Rs 250 with stop-loss at Rs 214.

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Market Wrap, November 26: Sensex slips 68 pts, Nifty ends at 12,038

Tue, 26 Nov 2019 10:59:00 GMT

After touching record high during the day, benchmark indices ended Tuesday's session with minor cuts as investors creamed off profit. The S&P BSE Sensex ended at 40,821 levels, down 68 points or 0.17 per cent while NSE's Nifty50 index settled at 12,038, down 36 points or 0.30 per cent. In the opening deals, the 30-share index of BSE hit a new high of 41,120.28 levels. ICICI Bank (up over 2.50 per cent) ended as the top gainer on the index while Bharti Airtel (down over 4 per cent) emerged as the biggest loser. On the NSE, the broader Nifty50, too, scaled a fresh peak of 12,132.45 levels in the early trade. In the broader market, the Nifty Midcap 100 index slipped 0.85 per cent to end at 16,915 levels while the Nifty SmallCap 100 index lost 0.42 per cent to end at 5,721. Sectorally, media counters took the biggest hit, led by steep fall in ZEE Entertainment Enterprises (ZEEL) shares following the resignation of Subhash Chandra as Chairman of the company. The Nifty Media index declined 3.63 per cent to close at 1,889 levels. Next on the list was IT stocks as the Nifty IT pack lost over a per cent to 14,922 levels. India VIX settled nearly a per cent lower at 14.89 levels. Buzzing stocks of the day: Zee Entertainment Enterprises (ZEEL) slumped up to 9 per cent to Rs 312.50 on the BSE after its founder Subhash Chandra stepped down as the company's chairman. Chandra becomes non-executive director with immediate effect. The decision was taken following a board meet on Monday. The stock settled at Rs 320, down 7 per cent. Bharti Airtel shares declined over 4 per cent to Rs 432 on the BSE after rating agency ICRA downgraded the company’s long-term rating from "AA" to "AA-"on higher-than-anticipated provision for dues towards license fees on adjusted gross revenues (AGR) and spectrum usage charge. On the upside, shares of Aavas Financiers hit a new all-time high of Rs 1,840, up 8 per cent on the BSE, thus zooming more than 100 per cent so far in the calendar year 2019 (CY19), on the back of strong financial performance and sustained buying by foreign portfolio investors (FPIs). The scrip ended at Rs 1,817, up 6.30 per cent. Global markets: World stocks hit their highest in almost two years on Tuesday, keeping record highs in sight, following fresh signs that the United States and China were working to end a bitter trade war that has dealt a blow to the global economy. Besides, a strong Hong Kong debut for Chinese e-commerce giant Alibaba in the world's largest share sale of this year, boosted stock markets in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent to a one-week high. Australian shares were up 0.83 per cent, while Japan's Nikkei stock index rose 0.54 per cent. US stock futures edged 0.08 per cent higher in Asia after Wall Street’s three main stock averages closed at record highs on Monday, buoyed by hopes for a trade deal and by M&A activity. In European market, the pan-region Euro Stoxx 50 futures were up 0.03 per cent, German DAX futures were up 0.12 per cent, while FTSE futures were up 0.14 per cent on Tuesday. In commodities, oil prices rose as optimism returns to US-China trade talks.

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How Ola bike is gaining rider confidence in small towns

Tue, 26 Nov 2019 08:35:00 GMT

Ride-hailing major Ola, which is one of the earliest players to launch bike taxi service, is seeing huge demand in smaller cities and towns across several states. Ola Bike is quietly tapping India’s hinterland where users see bike taxis as the most convenient and cheapest mode of commute in the absence of proper taxi service. For example, Ola Bike is operating in towns such as Gaya, Bikaner, Mughalsarai, Tirupati, Ambala, Pathankot, Ajmer, etc. In tier II cities and beyond, bike taxi services are popular because of the lack of public transport infrastructure. Arun Srinivas, chief sales and marketing officer of Ola, says, “Ola Bike has seen large-scale adoption among people living in India’s hinterlands which have not had access to convenient, affordable and reliable on-demand transportation so far, unlike the larger cities.” Ola Bike, which was first launched in 2016, is now accessed by over 150 million users. The firm now claims Ola Bike has expanded to over 200 cities and towns across the country, with a network of over 300,000 bike-partners. The company is aiming to grow threefold of its current scale to over one million and grow deeper into India’s hinterland in the next 12 months. Most of this new growth is expected to come from the smallest towns and even villages, where the only mode of transport is state-run buses. Interestingly, around four out of every 10 Ola Bike trips are taken in small towns. Ola, which competes with US rival Uber, said the growth for its bike category had increased steadily from 20 per cent to 40 per cent in the past six months. Arun Srinivas said, Ola Bike is creating opportunities like never before for the youth of the nation. Because bike taxis are more affordable than cabs, and can zip through congested roads, they are popular among millennials. According to the company, Ola Bike on an average, is 30 per cent faster and 50 per cent more cost-effective than four-wheelers for distances between 6 and 8 kilometres. Listen to the podcast to know more

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Market Ahead, November 26: All you need to know before the Opening Bell

Tue, 26 Nov 2019 02:03:00 GMT

In the absence of any major domestic trigger, global cues and stock-specific action will guide the markets today. In company-specific news, Subhash Chandra stepped down as chairman of Zee Entertainment following a board meeting yesterday. In another development, aviation regulator DGCA has barred IndiGo, from operating Airbus A320 and 321 Neo aircraft having turbine blades built with titanium, which is prone to damage leading to mid-air engine shut down. There's more trouble for DHFL as the government has ordered a Serious Fraud Investigation Office probe into the company's affairs as well as of five real estate companies. DHFL also formally put off its board of directors' meeting earlier scheduled for Monday to approve the second quarter financial results. All the respective stocks will react to the developments today. Apart from this, oil price, rupee's trajectory, and foreign fund flow will also influence market direction. Global markets: Positive comments from the United States and China rekindled hopes in global markets that the world’s two largest economies could soon sign an interim deal to end their trade war. Asian stocks rose on Tuesday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent. Australian shares were up 0.6 per cent, while Japan's Nikkei stock index rose 0.78 per cent. In US, each of Wall Street’s three major averages kicked off the trading week with record closes on Monday. The Dow Jones Industrial Average rose 0.68 per cent, the S&P 500 gained 0.75 per cent, and the Nasdaq Composite added 1.32 per cent. The SGX Nifty was also trading higher in the early hours, indicating a flat to positive start for the domestic indices. In commodities, oil prices edged higher on Monday and brent crude futures ended the session up 26 cents at $63.65 a barrel. Back home, benchmark indices yesterday posted their biggest single-day gain in a month. The benchmark Sensex rose 530 points to end at 40,889, while the Nifty added 159 points to end at 12,074. Going forward, analysts say that Nifty has again started forming higher tops and bottoms. It has also finally provided a breakout from the crucial swing resistance of 12,040 levels. Traders can now buy Nifty for the target of 12,300 with stoploss at 12,000. Here's a trading idea by Anand Rathi Shares and Stock Brokers who recommend buying Piramal Enterprises at current levels for the target of Rs 1,950 with stop-loss at Rs 1,800.

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Market Wrap, November 25: Sensex jumps 530 pts; Nifty tops 12,050

Mon, 25 Nov 2019 10:55:00 GMT

Almost across-the-board buying and US-China trade talks optimism lifted benchmark indices nearly 1.50 per cent higher on Monday. The session witnessed some solid buying in blue-chips such as HDFC, Bharti Airtel, Axis Bank, Reliance Industries (RIL), and IndusInd Bank. On the global front, news reports that China and the United States were ‘very close’ to a phase one trade deal, boosted investor sentiment further. At close, the S&P BSE Sensex stood at 40,889, up 530 points or 1.31 per cent. During the day, the index hit an all-time high of 40,931.71 levels. Bharti Airtel (up 7 per cent) emerged as the top gainer on the index while ONGC (down over 2 per cent) was the biggest loser. Market breadth was in favour of buyers as out of 2,707 companies traded on the BSE, 1,418 advanced and 1,083 declined while 206 scrips remained unchanged. NSE's Nifty50 index ended at 12,079, up 165 points or 1.38 per cent. Broader market, too, participated in Monday's rally. The Nifty Midcap 100 index ended over a per cent higher at 17,055 levels while the Nifty Smallcap 100 pack gained 0.70 per cent to close at 5,741 levels. Sectorally, all but media stocks ended in the green. Metal stocks rallied the most on renewed hopes of positive developments in US-China trade talks. The Nifty Metal index climbed over 3 per cent to 2,599 levels. Auto and Pharma stocks were next on the list. On the downside, Nifty Media index slipped over 1.50 per cent to 1,946 levels. Buzzing stocks of the day: Shares of State Bank of India (SBI) hit an over three-month high of Rs 336, up over 2 per cent on the BSE. In the past nine trading days, SBI has outperformed the market by gaining 9 per cent after the Supreme Court judgement on Essar Steel resolution came in favor of financial creditors on November 15, 2019. Shares of Ashoka Buildcon zoomed 11.5 per cent to Rs 104.05 apiece during the day on the BSEc after the company's subsidiary bagged a project worth Rs 1,000 crore in the state of Telangana. Shares ened at Rs 96.45, up nearly 3.50 per cent. Shares of Adani Green Energy (AGEL) hit a new high of Rs 115, up 7 per cent on the BSE on the back of heavy volumes. The stock had rallied 10 per cent on Friday. Global markets: World shares staged a cautious rally on Monday as investors held out for some progress in US-China trade talks, while the dollar dipped after its latest rally on the back of strong US economic data. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.7 per cent, after losing 0.4 per cent last week. Japan’s Nikkei firmed 0.7 per cent, while Australian stocks rose 0.5 per cent and Shanghai blue chips 0.3 per cent. European shares rose for the second straight session. The pan-European index was up 0.7 per cent till the time of writing of this report, led by trade-sensitive miners. E-Mini futures for the S&P 500 added 0.2 per cent. In commodities, oil prices gained on US-China trade talks optimism.

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How the Karvy case brought another three dozen brokers under Sebi's radar

Mon, 25 Nov 2019 08:19:00 GMT

Market regulator Securities and Exchange Board of India (Sebi) on Friday night barred Karvy Stock Broking Ltd from acquiring new clients for its stockbroking business, following the alleged misuse of clients' securities worth ₹2,000 crore. This is one of the biggest cases of broker defaults in the equity segment and despite numerous regulations, Karvy is alleged to have misused client collateral for its own trades. In an effort to prevent further misuse of clients securities, Sebi barred the Hyderabad-based brokerage from acquiring any more clients till the regulator completes its investigations. Karvy was also been barred from acting on behalf of its existing clients. The practice has been rampant as many brokers enjoy powers of attorney on their clients’ demat accounts and are authorised to transfer client securities to the collateral account. The watchdog directed NSDL and CDSL not to to act upon any instruction given by Karvy in pursuance of power of attorney given by its clients. However, in view of the fact that Karvy manages a large number of clients, Sebi is ensuring smooth operations by asking depositories to monitor the movement of securities into and from the DP account of clients of KSBL. KSBL is among the country’s top 10 brokerage companies, with 244,000 customers. Broking is perhaps the only sizable business left with the group after it sold the registrar and transfer agency, Karvy Fintech, to American private equity investor General Atlantic for about Rs 1,000 crore last year. If any misuse of client money and shares by KSBL is established in Sebi’s investigation, it will be hard for the company to regain client trust, central to the business. Now, Sebi has trained guns on more brokers for misusing clients’ shares.Sources say the issue is not limited to just Karvy Stock Broking, with over three dozen more brokers under lens for misappropriating client funds to the extent of Rs 10,000 crore. Listen to the podcast to know more

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Market Ahead,November 25: Top factors that could guide markets this week

Mon, 25 Nov 2019 02:35:00 GMT

Any progress in the US-China trade negotiations, macro data, and stock-specific action will keep traders busy this week even as the expiry of November series derivative contracts is set to increase volatility in the equity markets. In terms of macro data, the July-September quarter gross domestic product (GDP) is scheduled to be released post market hours on Friday. Investors will also be on the lookout for any government announcement on economic policies and disinvestment. On Friday, Asia Index announced that Tata Motors, Tata Motors DVR, Yes Bank, and Vedanta will be dropped from the BSE's benchmark Sensex from December 23. In their places, UltraTech Cement, Titan Co Ltd and Nestle India will be added in the index. The respective stocks will react today. Also, the rebalancing of MSCI indices will take place on November 27. Berger Paints India, Colgate-Palmolive, DLF, HDFC Asset Management Company, ICICI Prudential Life Insurance, Info Edge, SBI Life Insurance and Siemens India will be added to MSCI India Index. Conversely, four stocks -- Glenmark Pharma, Indiabulls Housing Finance, Vodafone Idea and Yes Bank will be axed from the index. Investors will also keep a close eye on the Karvy saga. Market regulator Sebi on Friday barred Karvy Stock Broking Ltd from taking new clients with respect to stockbroking activities for alleged misuse of clients' securities. Markets would also be influenced by factors such as rupee-dollar trend, oil prices and investment pattern by overseas investors. Foreign portfolio investors continued their buying spree last week and have infused a net Rs 17,722 crore into the Indian markets in November so far. Global markets: Asian shares made guarded gains on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.26 per cent, Japan’s Nikkei firmed 0.8 per cent in early trade, while Australian stocks rose 0.5 per cent. The SGX Nifty was also trading higher in the early hours, indicating a flat to positive start for the domestic indices. In commodities, oil prices held near two-month highs and Brent crude futures firmed 19 cents to $63.58. On Friday, the Sensex inched slumped 216 points to close at 40,359, and the Nifty50 index ended 54 points lower at 11,914 level. According to analysts, traders should try to book profits at higher levels this week, as market has maximum call open interest at 12,000 which will act as major resistance levels for the weekly expiry, and 11,900 will act as support. Here's a trading idea by by CapitalVia Global Research Limited who recommend buying HDFC above Rs 2,242 for the target of Rs 2312 with stop-loss at Rs 2,198.

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Market Wrap Nov 22: Sensex loses 216 pts, Nifty ends at 11,914

Fri, 22 Nov 2019 10:38:00 GMT

Extending its slide for the second consecutive day, the domestic equity market ended with nearly half a per cent loss on Friday, mainly dragged by information technology (IT) shares. Besides, uncertainty on US-China trade deal talks, too, hurt sentiment. The S&P BSE Sensex lost 216 points or 0.53 per cent to end at 40,359 levels. During the day, the index hit a high and low of 40,653.17 and 40,276.83, respectively. Tata Steel (up over 4 per cent) was the top gainer on the index while IT major Infosys (down around 3 per cent) was the biggest loser. On the NSE, the broader Nifty50 index ended at 11,914, down 54 points or 0.45 per cent with 29 constituents declining and 21 advancing. In the broader market, the Nifty Midcap 100 index ended flat at 16,868, up just 5 points or 0.03 per cent while Nifty Small Cap 100 index ended at 5,702, down over 4 points or 0.08 per cent. India VIX declined over a per cent to 14.82 levels. Sectorally, IT stocks declined the most with the Nifty IT index ending 2 per cent lower at 14,996 after reports said Goldman Sachs has downgraded counters such as Tata Consultancy Services (TCS), Wipro, and Mphasis. The brokerage, as per reports, noted that the IT sector, as a whole, will face cyclical hiccup ahead and the current valuation of the sector is at premium to historical average. READ MORE Financial and FMCG stocks, too, ended in the negative territory. On the flip side, metal stocks witnessed sharp rally in the fag-end of the session. Nifty Metal index added over 2 per cent to 2,521 levels. BUZZING STOCKS Eicher Motors gained nearly 4 per cent to Rs 22,786 on the BSE, its highest level in the last eight months. Shares of Essel Propack advanced 6 per cent on the BSE to hit a record high level of Rs 164. The container & packaging company's stock has rallied 41 per cent in the past two weeks after reporting a strong set of numbers for the quarter ended September 2019 (Q2FY20). Shares of the company ended at Rs 154.65 apiece on the BSE. Network18 Media & Investments rallied 15.50 per cent to Rs 32 on the BSE, thereby surging over 24 per cent in the past two trading days on media reports that Sony was eyeing up to 30 per cent stake in Mukesh Ambani's media and entertainment company.

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Sony plans to buy stake in Network18 Media group. What next?

Fri, 22 Nov 2019 07:34:00 GMT

At present, Sony Corporation is in preliminary talks to buy up to 30 percent stake in Network18 Media & Investment Ltd. making it the second attempt by the group in 10 months for a local acquisition. What makes the Japanese giant so keen on this deal? Well, according to the sources, the Tokyo-based company seeks to tap booming demand for content in the South Asian nation. As a matter of fact, Network18, whose current portfolio includes VH1, Nickelodeon, MTV, CNBC TV18 and a range of other local language channels, as well as news portals such as Firstpost and Moneycontrol and news channels CNN-News18 and CNBC TV18, is just the ideal match for it. To know who gains what, listen to this podcast...

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Market Ahead, November 22: All you need to know before the Opening Bell

Fri, 22 Nov 2019 01:50:00 GMT

Global cues, stock-specific action, and oil price movement will give direction to the markets today. According to a Business Standard report, BPCL's Numaligarh Refinery may go to exploration major Oil India or Indian Oil Corporation as the government has decided to keep it with a public sector undertaking. The stocks of Oil India and Indian Oil Corporation may react to the reports in today's session. Apart from that, rupee's movement against the US dollar and foreign fund will also influence sentiment. In the primary market, Kerala-based CSB Bank will launch it's Rs 410 crore-initial public offer today. Analysts like the private lender's turnaround performance in this fiscal year, but remain cautious on its concentrated regional presence and a greater proportion of below 'BBB' rated loans. Global markets: Asian equities rose on Friday, but gains were capped by persistent worries over the status of trade negotiations between China and the United States.Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.12 per cent, Australian shares were up 0.52 per cent, and Japan’s Nikkei gained 0.1 per cent. In US, the S&P 500 dipped 0.16 per cent, and the Dow Jones and the Nasdaq Composite were down 0.2 per cent each. The SGX Nifty was also trading slightly lower in the early hours, indicating a flat start for the domestic indices. In commodities, oil prices rose more than 2 per cent on Thursday to the highest in nearly two months following a report that OPEC and its allies are likely to extend output cuts until mid-2020. Brent crude ended the session up $1.57 at $63.97 a barrel. Yesterday's market session: Benchmark indices ended in the red on Thursday. The S&P BSE Sensex ended 0.2 per cent lower at 40,575. On the NSE, the Nifty50 index ended at 11,968, down 0.26 per cent. Going forward, analysts say that Nifty seems to be forming an ending diagonal pattern on the hourly charts of which the last leg is still pending. So, in anticipation of the last leg up, one can buy Nifty for the target of 12,070 with a stop loss of 11,865. And before we wrap up, here's a trading idea by Anand Rathi Shares and Stock Brokers who recommend buying Lupin at the current market price for the target of Rs 825 with stop-loss at Rs 735.

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Market Wrap Nov 21: Sensex loses 76 pts, Nifty ends at 11,968

Thu, 21 Nov 2019 11:20:00 GMT

Benchmark indices ended in the red on Thursday largely due to profit-booking by investors in industry heavyweights like Bharti Airtel and Reliance Industries. Other blue-chips such as ITC, Axis Bank, Maruti, IndusInd Bank, and Tata Steel also witnessed selling during the day. The S&P BSE Sensex ended 76 points or 0.19 per cent lower at 40,575 with Tata Steel (down over 3 per cent) being the biggest loser and Hindustan Unilever (up 1 per cent) the biggest gainer. On the NSE, the Nifty50 index ended at 11,968, down 31 points or 0.26 per cent. In the broader market, the S&P BSE MidCap index slipped 0.73 per cent to end at 14,759 levels and the S&P BSE SmallCap index lost 57 points or 0.43 per cent to end at 13,357. Sectorally, media stocks rallied the most followed by realty counters. The Nifty Media index added 4 per cent to 1,939 levels. On the other hand, metal stocks cracked the most. The Nifty Metal index ended over 2 per cent lower at 2,470. Volatility index India VIX slipped over 2 per cent to 14.83 levels. Buzzing stocks of the day: Shares of Bharat Petroleum Corporation Limited (BPCL) slid nearly 6 per cent to Rs 514 on the BSE on Thursday after the Cabinet approved the strategic disinvestment of the government's entire 53.29 per cent stake in the firm. The stock opened almost a per cent higher to hit its fresh 52-week high level of Rs 549.70 before reversing its direction. Shares of Zee Entertainment Enterprises (ZEEL) surged up to 19 per cent to Rs 364 on the National Stock Exchange (NSE) on Thursday after the promoter Essel Group sold nearly 15 per cent stake in the company for Rs 4,343 crore. The stock ended at Rs 345, up over 12 per cent. Shares of infrastructure developers including IRB Infrastructure Developers,KNR Constructions, and NCC zoomed up to 19 per cent on the BSE on Thursday after the Union Cabinet on Wednesday amended rules regarding the Toll-Operate-Transfer (TOT) model of the highway monetisation programme. Global markets: Global stocks slid further on Thursday as the standoff between the US and China extended beyond trade, reducing the odds of a “phase-one” deal this year and forcing investors to seek shelter in safe-haven assets. The US House of Representatives on Wednesday passed two bills intended to support protesters in Hong Kong and send a warning to China about human rights. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent to a near three-week lows, with Hong Kong's Hang Seng tumbling 1.6 per cent while Japan's Nikkei dropped 0.5 per cent. Chinese mainland shares dropped 0.3 per cent. European shares extended their losses from Wednesday with the pan-European STOXX 600 and the trade-sensitive Germany's DAX 30 both sliding 0.7 per cent to fresh two-week lows. In commodities, oil prices dipped, paring some of their 2 per cent gains made on Wednesday.

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Biggest privatisation drive: Here's how govt plans strategic sale of 5 PSUs

Thu, 21 Nov 2019 07:51:00 GMT

In the biggest privatisation drive ever, the Union Cabinet on Wednesday approved the sale of government stake in five Central public-sector enterprises. This includes blue-chip oil firm Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India, on land cargo mover Container Corporation of India, THDC India, and North Eastern Electric Power Corp Ltd (NEEPCO). The sale of stake will include transfer of management control to the strategic buyers in each of these companies. Cabinet Committee approved sale of government's entire 53.29 per cent stake along with transfer of management control in the country's second biggest state owned refiner Bharat Petroleum Corp Ltd (BPCL) after removing Numaligarh refinery from its fold. Finance Minister Nirmala Sitharaman also announced that the Cabinet Committee on Economic Affairs (CCEA) had given approval for the government to reduce stake in certain state-owned companies to below 51 per cent, while retaining majority stake management control. These firms are those in which the centre already has a stake below 60 per cent, and could include Indian Oil, NTPC, Bharat Electronics, BEML, Engineers India, GAIL India and National Aluminum Co. This move is different from an outright privatisation as the centre will continue holding a majority stake and management control in these firms and they will still be classified as public sector enterprises These major divestment decisions were taken even as the government races against time to meet its highest ever divestment target of Rs 1.05 trillion for 2019-20. The Centre hopes that disinvestment proceeds will make up for some of the revenue shortfall that is expected this year. Listen to the podcast to know more

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Market Ahead, November 21: All you need to know before the Opening Bell

Thu, 21 Nov 2019 02:32:00 GMT

Investors will look at global cues, key Cabinet decisions, stock-specific developments, and oil price movement for market direction today. The Cabinet Committee on Economic Affairs yesterday approved the strategic disinvestment of the Centre’s entire stake in Bharat Petroleum, Shipping Corp, THDC India, and NEEPCO, and most of its stake in Container Corp while giving up management control in these companies. For the telecom sector, the Union Cabinet approved a two-year moratorium on payment of pending spectrum auction instalments. The latest move is expected to give more legs to the rally in the telecom sector which has been going on for the last four trading sessions after Bharti Airtel, Vodafone Idea, and Reliance Jio all announced they will soon raise their tarrifs. In company-specific news, the Reserve Bank of India (RBI) yesterday superseded the DHFL board over governance concerns and defaults on payment obligations. On the regulatory front, the Securities and Exchange Board of India has now made it mandatory for all listed companies to make public disclosures on loans defaults. Moving on to international developments, the minutes of the last US Fed meeting in October indicated that the Federal Reserve may not lower interest rates again anytime soon even though the officials stressed that risks to the US economy remained elevated. Global markets: Asian shares slid on Thursday as a fresh row between Washington and Beijing over U.S. bills intended to support protesters in Hong Kong could complicate their trade negotiation. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.16 per cent while Japan's Nikkei dropped 0.25 per cent. On Wall Street, all three major indexes fell, with the S&P 500 losing 0.38 per cent. The Dow Jones Industrial Average fell 0.41 per cent, and the Nasdaq Composite dropped 0.5 per cent. The SGX Nifty was also trading lower in the early hours, indicating a subdued start for the domestic indices. In commodities, oil prices surged more than 2 per cent on Wednesday after a better-than-expected U.S. crude inventories report. Brent crude futures settled at $62.40 a barrel, gaining $1.49. Yesterday, the S&P BSE Sensex climbed 0.45 per cent to settle at 40,652 and the broader Nifty50 index ended at 11,999, up 0.49 per cent. According to analysts, going forward, if Nifty is able to sustain above 12,000 in the coming trading sessions, it will be a set the path towards a newer high surpassing the previous high of 12,103. For this week, a range-bound movement seems likely with some profit booking in PSU bank stocks and pharma stocks. Here's a trading idea by CapitalVia Global Research Limited which recommends buying TCS above Rs 2,140 for the target of Rs 2,190 with stoploss at Rs 2,090.

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Market Wrap: Q2 numbers mostly on expected lines, says MOFSL's Khemka

Wed, 20 Nov 2019 12:26:00 GMT

Bulls continued to be in the driver's seat on Wednesday amid buying in index heavyweights such as Reliance Industries (RIL), IndusInd Bank, Sun Pharma, L&T, and HDFC Bank. The S&P BSE Sensex climbed 182 points or 0.45 per cent to settle at 40,652 with Sun Pharma (up around 6 per cent) being the top gainer. During the day, the index hit a fresh lifetime high of 40,816.38 levels; however, the index cooled off later. On the NSE, the broader Nifty50 index ended at 11,999, up 59 points or 0.49 per cent. In the broader market, the S&P BSE MidCap index gained over 37 points or 0.25 per cent to end at 14,868 and the S&P BSE SmallCap closed at 13,414.43 levels, up 10 points or 0.07 per cent. Sectorally, pharma stocks gained the most on the NSE, followed by media counters. The Nifty Pharma index surged over 3 per cent to 8,108 levels. The Nifty Media index, too, rallied over 3 per cent to 1,863 levels. Buzzing stocks of the day: Continuing its upswing, Reliance Industries (RIL) on Wednesday hit a fresh lifetime high of Rs 1,571 apiece on the BSE, up 4 per cent, thus nearing Rs 10 trillion market capitalisation (m-cap). On Tuesday, RIL became the first Indian company to cross the m-cap of Rs 9.50 trillion. The stock ended at Rs 1,547, up nearly 2.50 per cent. Shares of select public sector undertaking (PSUs) rallied up to 20 per cent on the BSE after the Government gave ‘in-principle’ approval for strategic disinvestment of 28 Central Public Sector Enterprises (CPSEs) with sale of majority stake of Government of India and transfer of management control. The list included names such as Hindustan Petroleum Corporation (HPCL) and Dredging Corporation of India. And, now our next segment: The September quarter results have come to an end. Some companies surprised us with their better-than-expected numbers while others disppointed with their sub-par or poor performance. To discuss this and the outlook of FY20, today we have with us Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services. Q1. How do you rate September quarter results? What were the major hits and misses? Q2. What are your estimates for FY20 and 21? To know the answers, listen to the podcast

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PSBs report Rs 95,700-crore frauds: Are banking frauds on the rise?

Wed, 20 Nov 2019 07:47:00 GMT

Public sector banks reported frauds of over Rs 95,700 crore in the first six months of the current financial year, Parliament was informed on Tuesday. Finance Minister Nirmala Sitharaman said that according to the Reserve Bank of India, PSBs reported 5,743 incidents of fraud involving a total amount of Rs 95,760.49 crore from April 1 to September 30 (based on the date of reporting). Nirmala Sitharaman told the upper house of parliament that among these 5,743 cases, most of them had taken place over the last several years, although 1,000 cases worth Rs 2,500 crores had just taken place. State Bank of India reported fraud of ₹25,400 crore followed by Punjab National Bank of ₹10,800 crore and Bank of Baroda of ₹8,300 crore, she said. In a written reply to another question, Minister of State for Finance Anurag Thakur told the Rajya Sabha that government-owned banks reported 26.1 per cent of all frauds worth over Rs 1 lakh brought to notice during 2018-19, while their lending share was 63.81 per cent in the aggregate gross advances of scheduled commercial banks. For the record, Rs 71,500 crore worth of frauds involving 6,801 cases were detected in financial year 2019. This is little more than what the govt wants to spend on merger of BSNL and MTNL as well as the recapitalisation package for PSBs. Listen to the podcast to know more

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Market Ahead, Nov 20: Top factors you need to know before the Opening Bell

Wed, 20 Nov 2019 02:13:00 GMT

Global cues, stock-specific action, and foreign fund flow will be the top factors that will give direction to the markets today. The rally in telecom stocks could continue for the fourth straight session after Reliance Jio joined rivals Vodafone Idea and Airtel in announcing an increase in tariffs over the next few weeks. The share price of Vodafone Idea has surged 130 per cent while Bharti Airtel has gained 25 per cent in the last three trading sessions after announcing tariff hikes. In another major news, private sector lender YES Bank has reported asset quality divergence of Rs 3,277 crore, based on receipt of the Reserve Bank of India’s (RBI’s) final risk assessment report for 2018-19. According to the bank, it has already classified as NPA Rs 1,259 crore as on September 30, setting aside Rs 346 crore of provisions. That apart, market participants will also track oil price movement, the value of rupee against the dollar, and foreign fund flow. Global markets: In US, major indexes fell from record levels on Tuesday as US President Donald Trump threatened to raise tariffs on Chinese imports if no deal is reached with Beijing. The Dow Jones Industrial Average fell 0.36 per cent, the S&P 500 lost 0.06 per cent, and the Nasdaq Composite added 0.24 per cent. Asian shares also lumbered lower on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.25 per cent. Japan's Nikkei eased 0.2 per cent and South Korea 0.4 per cent. The SGX Nifty was also trading lower in the early hours, indicating a subdued start for the domestic indices. In commodities, Brent crude futures stood at $60.91 a barrel early on Wednesday, after sliding 2.6 per cent overnight. Yesterday, benchmark indices ended with nearly half a per cent gains. The S&P BSE Sensex added 186 points to settle at 40,470, and the broader Nifty50 index ended at 11,940 levels, up 57 points. Here's a trading idea by Religare Broking who recommend buying HPCL around Rs 288-290 for a target of Rs 305 with stoploss at Rs 282.

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Market Wrap, Nov 19: Sensex gains 186 pts, Nifty50 ends at 11,940 levels

Tue, 19 Nov 2019 11:27:00 GMT

Benchmark indices ended with nearly half a per cent gains on Tuesday amid buying in counters such as Reliance Industries (RIL), Bharti Airtel, Axis Bank, HDFC Bank, and Infosys. Besides, PSU bank stocks continued to rally post the Supreme Court judgement on Essar Steel resolution in favor of financial creditors. The S&P BSE Sensex added 186 points or 0.46 per cent to settle at 40,470. With over 7 per cent gain, Bharti Airtel emerged as the biggest gainer on the index while YES Bank (down over 2.50 per cent) was the top loser. Of 30 stocks, 11 ended in the green and rest 19 in the red. On the NSE, the broader Nifty50 index ended at 11,940 levels, up 57 points or 0.47 per cent. Volatility index India VIX slipped over 2 per cent to 15.42 levels. In the broader market, the S&P BSE MidCap index lost 7 points or 0.05 per cent to end at 14,830 whereas the S&P BSE SmallCap index added 42 points or 0.31 per cent to settle at 13,405. Market breadth was in favour of declines as out of 2,732 companies traded on the BSE, 1,387 declined and 1,154 advanced while 191 remained unchanged. Sectorally, PSU bank stocks rallied the most with the Nifty PSU Bank index surging around 4 per cent to 2,589. Nifty Bank rose nearly 1 per cent to 31,236 levels. On the flip side, metal, FMCG and auto stocks slipped during the day. Buzzing stocks of the day: Reliance Industries (RIL) on Tuesday became the first Indian company to cross the market capitalisation of Rs 9.50 trillion after the company's stock rallied nearly 4 per cent intra-day to hit a fresh all-time high of Rs 1514.95 on the BSE. The stock ended at Rs 1509.80, up 3.50 per cent. Vodafone Idea and Bharti Airtel zoomed in the trade after the two firms announced they will hike tariffs, starting December 1. Shares of Bharti Airtel ended at Rs 439 on the BSE, up over 7 per cent while Vodafone Idea settled 35 per cent higher at Rs 6 apiece on the BSE. Shares of public sector banks (PSBs) continued to be in focus with most of the names rallying more than 10 per cent on Tuesday, extending their past two days' gain after the Supreme Court judgement on Essar Steel resolution in favor of financial creditors. Shares of SBI Life Insurance Company ended over 6 per cent lower at Rs 936 on the BSE after reports said 3.37 crore shares or 3.4 per cent equity worth Rs 3,222 crore of the company traded in multiple block deals at an average price of Rs 945 per share. Global markets: Asian share markets were mixed in subdued trade on Tuesday, pending clearer news on whether US-China negotiations will reach a preliminary accord to end the prolonged trade war between the world’s two largest economies. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, with Shanghai blue chips gaining 0.6 per cent and Hong Kong’s Hang Seng up 1 per cent. In commodities, oil prices fell for the second straight day.

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Market Ahead, November 19: All you need to know before the Opening Bell

Tue, 19 Nov 2019 02:28:00 GMT

In the absence of any major positive triggers both on the domestic and global front, investors are expected to remain cautious like in yesterday's session. Therefore, another range-bound session may be on the cards today with investors looking at global cues, the rupee's trajectory, oil price movement, and foreign fund flow for market direction. Major developments that may impact investor sentiment: According to a report in today's issue of Business Standard, the government is focusing on private investment, economic growth, and tax incentives for the 2020-21 Union Budget. As per the report, long-term capital gains tax may be scraped and the burden of dividend distribution tax could perhaps be shifted from companies to shareholders. In another news, telecom operators Vodafone Idea and Bharti Airtel have announced they will hike tariffs starting December 1, following record second-quarter losses reported by the two operators. The stocks may react to the development today. Also, according to a report by a business news portal, private equity firm Carlyle has launched a block deal to sell around a 3 percent stake in SBI Life Insurance. Carlyle currently holds 9 per cent stake in the company. Global markets: Asian shares started Tuesday softer in absence of any major trigger. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1 per cent. Japan's Nikkei was 0.2 per cent lower in early trade. Australia's S&P/ASX 200 index was flat. Wall Street’s main indexes were also mostly flat. SGX Nifty, on the other hand, was trading lower in early hours, indicating a negative start to the day for the domestic indices. In commodities, Brent crude futures fell 1.6 per cent to $62.29 a barrel. Yesterday, benchmark indices ended flat after a listless day. The S&P BSE Sensex ended at 40,284, down 73 points, while the broader Nifty50 index ended 1 point down at 11,894. For today, analysts recommend that traders should keep a positive bias and buy Nifty futures at every dip keeping close eye on 11,780. For now, 12,000 will act as a major resistance while 11,800 will provide support to the index. Here's a trading idea by CapitalVia Global Research Limited who recommend buying JSW Steel above Rs 257 for a target of Rs 258 with stoploss at Rs 243.

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Market Wrap, Nov 18: Sensex ends 73 pts lower; Airtel, Voda Idea rally

Mon, 18 Nov 2019 11:32:00 GMT

>> Indices end choppy day in the red; Sensex slips 73 pts; Nifty ends below 11,900; >> Telecom stocks continue to rally, Bharti Airtel hits 21-mth high; Voda Idea surges over 21% >> Glenmark Pharma jumps 21% on CLSA upgrade; & >> India not facing 5% slowdown, we are the fastest growing economy, says govt News in detail - Monday turned out to be a listless day for the benchmark indices; however, broader market witnessed some buying with the S&P BSE MidCap index surging nearly half a per cent. The S&P BSE Sensex ended at 40,284, down 73 points or 0.18 per cent with Bharti Airtel (up nearly 5 per cent) being the top gainer and YES Bank (down 4 per cent) the biggest drag. HDFC Bank, Reliance Industries (RIL), TCS, L&T, and Asian Paints contributed the most to the index's loss. During the day, Sensex hit a high and low of 40,542.40 and 40,221.97, respectively. Shares of telecom companies - Vodafone Idea and Bharti Airtel continued to surge after the government said it would not like any telecom operator in the country to shut operations. Bharti Airtel hit a 21-month high of Rs 420, up 7 per cent as most of the brokerages maintained a bullish stance on strong operating performance in September quarter (Q2FY20). The stock ended at Rs 409 on the BSE, up 4 per cent. Vodafone Idea zoomed naerly 21.50 per cent to Rs 4.47. In the broader market, the S&P BSE MidCap index outperformed the benchmarks by surging 65 points or around 0.5 per cent to end at 14,838. Glenmark Pharma was the top gainer on the index. The stock zoomed 21 per cent to Rs 365.50 apiece on the BSE after global brokerage firm CLSA upgraded the stock to 'buy' from 'sell'. On the NSE, the Nifty50 index ended below 11,900 level at 11,894, down 1 point or 0.01 per cent with 29 constituents advancing, 20 declining and 1 remaining unchanged. India VIX surged over 4 per cent to 15.67 levels, indicating increased volatility in the market. Sectorally, FMCG and auto counters ended in the red while metal stocks advanced the most followed by PSU bank stocks. The Nifty Metal index gained nearly 2 per cent to 2,543.50 levels and the Nifty PSU Bank index added around 1.50 per cent to 2,493-mark. Nifty outlook from Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas. According to the expert, the price action over the last few sessions suggests that the market is in a flux for the near term. Characteristically, the structure is developing as a Complex Correction as per the Elliott Wave Theory. The next leg of the correction is expected over the next few sessions as long as the Nifty trades below the near term resistance zone of 11973 – 12000. This means that the last week’s low of 11,802 is likely to be breached on the downside over the next couple of sessions & the index can tumble down to 11,700-11,600 subsequently. A quick look at the global markets Asian shares ticked higher on Monday after Beijing surprised markets by trimming a key interest rate for the first time since 2015, stirring speculation that further stimulus was on the way for the world’s second-largest economy. The news helped Shanghai blue chips recoup early losses to rise 0.8 per cent, though the initial reaction was cautious overall. MSCI's broadest index of Asia-Pacific shares outside Japan moved 0.3 per cent higher. Japan's Nikkei firmed 0.3 per cent, and was just short of its recent 13-month top. E-Mini futures for the S&P 500 held steady, as did EUROSTOXX 50 futures. In commodities, oil prices were supported after Brent touched a seven-week high on Friday. Brent crude futures firmed 4 cents to $63.34, while US crude added 4 cents to $57.76 a barrel.

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Here's how Indians can invest in Saudi Aramco, the world's biggest IPO

Mon, 18 Nov 2019 07:40:00 GMT

The state-owned oil giant Saudi Aramco announced on Nov 3 that it will be floating its IPO on the Riyadh stock market. This is more than three years after Crown Prince Mohammed bin Salman first raised the idea to offer shares in the world’s largest oil producer. Aramco will mainly rely on local demand -- one third of the offering is reserved for Saudi retail investors. They could offer 1-2% of its shares on the local bourse, raising as much as $20-40 billion. Since 2016, the company is targeting a $2 trillion valuation -- more than twice that of Apple. But on Sunday, Saudi Arabia put a valuation on Aramco of between $1.6 trillion and $1.71 trillion. Saudi Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth between $24 billion and $25.6 billion. This could just beat Chinese e-commerce giant Alibaba's record $25 billion New York stock market debut in 2014 -- currently the world’s largest IPO. The world’s biggest initial public offer opened on November 17, for institutional investors and will be open for subscription throughout the week till Dec. 4. For retail investors, the issue will open on November 28. Being an Indian citizen, you can still invest in the IPO Listen to the podcast to know if you should invest in it and how Indians can participate in this offering

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Market Ahead,November 18: Top factors that could guide markets this week

Mon, 18 Nov 2019 02:31:00 GMT

Progress in the US-China trade deal, other global cues, and macro numbers will be the top factors that will keep traders busy this week. Doubts about Sino-US trade talks emerged early last week, although optimism gradually returned as US officials sounded more positive. On Saturday, Chinese state media said the two sides had “constructive talks” on trade in a high-level phone call that included top officials from both sides. On Thursday, the minutes of the October policy meeting of the Federal Open Market Committee (FOMC) will be announced. Investors will look for any indication for future rate cuts. Apart from these, the start of the Winter Session of the Parliament from today brings with it hopes of any fresh stimulus to lift the economy. Any such announcement is set to perk up the investor sentiment. Market participants will continue to track foreign fund flow, rupee's trajectory, stock-specific movement, and oil price movement. Foreign portfolio investors have pumped in a net sum of Rs 19,203 crore into the domestic capital markets in the first half of November amid encouraging domestic and global factors. In another major development, the initial public offer by oil giant Saudi Aramco opened yesterday for institutional investors and will be open for subscription throughout the week. For retail investors, the issue will open on November 28. For today, Asian share markets got off to a muted start on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.06 per cent, Japan's Nikkei added 0.05 per cent. The SGX Nifty is indicating a flat to negative start for the domestic indices. In commodities, oil prices were supported after Brent touched a seven-week high on Friday. In early trade, Brent crude futures firmed 2 cents to $63.32, According to analysts, if bank stocks continue to see the kind of traction they saw last week, the Nifty may soon clock record highs. Thus, the bias remains positive and traders should stick to a ‘Buy on decline’ strategy. Here's a trading idea by Angel Broking Limited which recommends buying Lupin at current levels for a target of Rs.798 over the next few weeks. The stop loss should be fixed at Rs.710.

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MARKET WRAP: Indices pare gains; Sensex and Nifty close 0.2% higher

Fri, 15 Nov 2019 11:42:00 GMT

Equity market ended an action-packed day in the positive territory on Friday, though the benchmark indices trimmed most of their gains towards the end of the session. Shares of telecom companies - Vodafone Idea and Bharti Airtel surged amid hopes that the government would step in to help the ailing sector, a day after the two companies reported a combined loss of Rs 74,000 crore and warned their ability to operate and make profits would depend on relief from the country. Besides, rally in PSU banks post Supreme Court ruling in Essar Steel case and reports that important trade issues between India and the US have been resolved and the countries may sign initial trade package boosted investor sentiment. That apart, US-China trade deal hopes, too, cheered market particpants. The S&P BSE Sensex ended 70 points or 0.17 per cent higher at 40,357. During the day, the index hit a high and low of 40,650 and 40,308, respectively. Bharti Airtel (up around 8.50 per cent) emerged as the biggest gainer on the index while Hero MotoCorp (down nearly 2 per cent) was the top laggard. SBI, Bharti Airtel, HDFC Bank, Reliance Industries (RIL), and Sun Pharma contributed the most to the index's gains while ITC, TCS and Maruti were the top drags. In the broader market, the S&P BSE MidCap index ended at 14,773 levels, up 93 points or 0.63 per cent while the S&P BSE SmallCap index slipped 17 points or 0.13 per cent to end at 13,326. On the NSE, the Nifty50 index added 23 points or 0.20 per cent to end at 11,895 levels. Sectorally, PSU bank stocks advanced the most. Pharma counters came second on the list. Nifty PSU Bank index climbed 3.50 per cent to 2,463 levels. On the other hand, auto stocks bled the most with the Nifty Auto index falling 0.54 per cent to 8,147 levels. Volatility guage India VIX declined over 4 per cent to 14.96 levels. On a weekly basis, Sensex added 0.08 per cent while Nifty lost 0.10 per cent. Buzzing stocks of the day: Telecom major Vodafone Idea plunged 11.5 per cent to hit an all-time low of Rs 2.61 apiece on the BSE on Friday after the company reported a net loss of Rs 50,922 crore, the biggest ever loss in corporate India's history, due to outstanding payment related to adjusted gross revenues, or AGR. The stock, however, bounced back later and ended around 25 per cent higher at Rs 3.68 on the BSE. Bharti Airtel hit a 52-week high of Rs 398 during the day before settling at Rs 393, up around 8.50 per cent on the BSE. Shares of public sector banks (PSBs) inched higher at the bourses on Friday, with the Nifty PSU Bank index gaining more than 3 per cent after the Supreme Court said the NCLAT cannot interfere with the commercial decisions taken by banks in Essar Steel case.

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Why Vodafone-Idea is in trouble despite being India's No. 2 telecom firm

Fri, 15 Nov 2019 09:15:00 GMT

Vodafone Idea yesterday reported a massive net loss of Rs 50,922 crore for the July-September quarter, the highest-ever quarterly loss by an Indian company, on reports that the government has directed the telcos to clear their adjusted gross revenue dues within three months. Liabilities on account of AGR are estimated at Rs 25,678 crore. For the very same reason, Bharti Airtel also reported a pre-tax loss of Rs 31,334 crore for the September 2019 quarter, as compared with a pre-tax loss of Rs 1,998 crore a year ago. Vodafone Idea had posted a loss of Rs 4,974 crore in the year-ago quarter, while the loss in the June 2019 quarter was Rs 4,874 crore. The operator, which was formed by the merger of Vodafone Group Plc’s local unit with billionaire Kumar Mangalam Birla’s Idea Cellular Ltd, hasn’t seen any profit since the deal was announced in 2017. At Rs 24,000 crore now, Vodafone Idea’s net worth is down nearly 70 per cent, from the numbers reported at the end of June this year. The company’s net debt rose by 7 per cent during the period to Rs 1.07 trillion. This, analysts say, could trigger a rating downgrade, which could hit its ability to raise additional debt. This also puts the entire telecom exposure of Indian banks under risk. Shares of Vodafone Idea, India's No. 2 telecom operator, is under pressure, and ended 20 per cent down on the BSE Yesterday. In fact they has shed 22 per cent in intra-day trade, to hit a new low of Rs 2.90 on the exchange. The stock has tanked 28 per cent in the past two trading days after Vodafone Group CEO Nick Read warned that without government relief, its venture in India was in a "critical situation". Listen to the podcast to know why did Read make such a statement

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Market Ahead, Nov 15: Top factors you need to know before the Opening Bell

Fri, 15 Nov 2019 02:26:00 GMT

Investors will look at global cues, stock-specific action, the rupee's trajectory against the US dollar, and foreign fund flow for market direction today. Vodafone Idea yesterday reported a massive net loss of Rs 50,922 crore, the highest-ever for an Indian company, in the September quarter after it provided for payments related to adjusted gross revenues, or AGR. For the very same reason, Bharti Airtel also reported a pre-tax loss of Rs 31,334 crore for the quarter as compared to the pre-tax loss of Rs 1,998 crore in the year-ago quarter. In today's session, the stocks of both these companies will remain under pressure. Moreover, a small batch of 17 companies is scheduled to announce their September quarter numbers today. In another development, Moody’s has cut India's calendar year 2019 GDP growth forecast to 5.6 per cent from 6.2 per cent, citing a consumption slowdown. Global Cues: On Wall Street, the Dow Jones Industrial Average and Nasdaq Composite dropped marginally while the S&P 500 posted slim gains.Asian equities rose on Friday. Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.34 per cent. Japan's Nikkei added 0.58 per cent and Australian shares gained 0.53 per cent. The SGX Nifty was also trading higher in early trade, indicating a positive start for domestic indices. In commodities, oil prices were mixed on Thursday. Brent crude futures were trading 28 cents higher at $62.56 per barrel. Benchmark indices ended Thursday's volatile session in the positive territory. The S&P BSE Sensex gained 170 points to end at 40,286. On the NSE, the broader Nifty50 index ended at 11,870, up 30 points. After the Nifty closed above 11,850 levels, analysts now say that traders should buy it for the target of 12,000 with a stop loss of 11,780. Here's a trading idea by Anand Rathi Shares and Stock Brokers who recommend buying Infosys at current market price for a target of Rs 740 with stop-loss at Rs 685.

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MARKET WRAP: Sensex gains 170 pts; Nifty50 index ends at 11,870

Thu, 14 Nov 2019 10:53:00 GMT

The headlines first - >> Market ends Thursday's session in the green; Sensex gains 170 pts; >> Aurobindo Pharma hits 5-year low on USFDA observations for Hyderabad plant; >> Moody's cuts India's economic growth forecast to 5.6% for 2019; & >> WPI inflation eases to 0.16% in October due to subdued non-food prices News in detail - Benchmark indices ended Thursday's volatile session in the positive territory amid buying in select blue-chip counters such as ICICI Bank, HDFC Bank, Infosys, HDFC, and TCS (Tata Consultancy Services). Investor sentiment was largely subdued after retail inflation in October breached RBI's medium-term target of 4 per cent for the first time in 15 months. That apart, worries over telecom players, too, kept investors cautious. However, last hour buying lifted the market higher. The S&P BSE Sensex gained 170 points or 0.42 per cent to end at 40,286 with ICICI Bank (up around 3 per cent) being the top gainer and Vedanta (down around 3 per cent) the biggest loser. During the day, the index witnessed a swing of around 322 points. In the broader market, the S&P BSE MidCap index added 20 points or 0.14 per cent end at 14,680 while the S&P BSE SmallCap index ended at 13,344, down 0.01 per cent. On the NSE, the broader Nifty50 index ended at 11,870, up 30 points or 0.25 per cent. Sectorally, metal stocks cracked the most with the Nifty Metal index closing around 2 per cent lower at 2,508 levels. On the flip side, financial services stocks rallied the most. Nifty Bank gained over 0.7 per cent to settle at 30,764 levels. Volatility index India VIX slipped around 6 per cent to 15.50 levels. In other market statistics, market breadth was in favour of declines as out of 2,682 companies traded on the BSE, 1,507 advanced and 1,004 declined while 171 remained unchanged. As many as 54 securities hit their 52-week high on the BSE while 154 hit their one-year low. Stocks that made news today - Shares of Aurobindo Pharma hit an over five-year low of Rs 393, down 9 per cent on the BSE on Thursday after the company received a Form 483 from US Food and Drug Administration (USFDA) with 14 observations for its Hyderabad facility. The stock of drug company was trading at its lowest level since September 2014. The stock ended at Rs 395.55 apiece on the BSE, down nearly 9 per cent. ICICI Bank hit a new lifetime high of Rs 499.90 while Vedanta slipped 3 per cent to Rs 144 post Q2 results announcement. Shares of telecom services providers Vodafone Idea and Bharti Airtel plunged up to 22 per cent on report that the government has directed the telcos to clear their adjusted gross revenue (AGR) dues in 3 months.

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Here's the full story of the Sabarimala temple case so far

Thu, 14 Nov 2019 08:33:00 GMT

Supreme Court on Thursday said that restrictions on women in religious places was not limited to Sabarimala alone and was prevalent in other religions as well. The court referred all review pleas to a larger seven-judge bench seeking review of its 2018 ruling that allowed menstruating women to enter the Sabarimala temple in Kerala. A five-judge constitution bench headed by Chief Justice Ranjan Gogoi gave its judgment this morning after hearing as many as 65 petitions - including 56 review petitions and four fresh writ petitions and five transfer pleas - which were filed after its Sabarimala verdict sparked violent protests in Kerala. On September 28, 2018, the top court opened the gates of the Sabarimala Temple in Kerala dedicated to Lord Ayyappa to the women in the age group of 10-50, saying it was violative of their fundamental rights and constitutional guarantees. The court’s verdict sparked protests across Kerala, mainly led by caste outfits like the NSS and right-wing Hindu organisations of the Sangh Parivar. Meanwhile, this year, the temple is being opened for the two-month-long annual pilgrimage on November 16 and the verdict has come just two days before it. Listen to the podcast to know how the Sabarimala Temple Case evolved over time

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Market Ahead, November 14: All you need to know before the Opening Bell

Thu, 14 Nov 2019 02:23:00 GMT

Market participants will today look at corporate results, global cues, rupee's trajectory against the US dollar, and macro data for market direction. SpiceJet on Wednesday reported a loss of Rs 462 crore for the September quarter, its first quarterly loss during the current financial year on the back of higher costs during a seasonally weak quarter. Today, a total of 1,431 companies, including Apollo Hospitals, NBCC, and Bharti Airtel, are scheduled to announce their September quarter numbers. Traders will also keep a close eye on Rupee's level today after the domestic currency fell to over two-month low and crossed 72 against the US dollar on Wednesday. Moving ahead, data released yesterday showed that consumer prices rose at 4.6 per cent in October, the fastest rate since June last year. India's WPI inflation data for the month of October will be released today. Apart from these, telecom stocks will be in focus today after the Department of Telecommunications (DoT) told telecom operators to pay their revenue share dues within three months as directed by the Supreme Court. Global cues for the day: Asian stocks clung to tight ranges on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.01 per cent. Australian shares were up 0.12 per cent, while Japan’s Nikkei stock index fell 0.02 per cent. On Wall Street, the Dow Jones Industrial Average rose 0.3 per cent and the S&P 500 inched 0.07 per cent higher, both posting their record closing highs on Wednesday. In early trade, SGX Nifty was in the green, indicating a positive start for the domestic indices. In commodities, oil prices edged up on Wednesday and brent futures rose 31 cents to settle at $62.37 per barrel, On Wednesday, the S&P BSE Sensex slid 0.57 per cent to end at 40,116 levels while NSE's Nifty50 index slipped below 11,850-mark to end at 11,840, down 0.61 per cent. For today, analysts say that if Nifty breaches 11,800 level, it will lead to sell-off which opens risk of correction up to 11,650. Therefore, traders should be cautious and should sell on higher levels every spike keeping close eye on 12,000. Here's a trading idea by Tradebulls Securities who recommend selling Ujjivan Financial Services Limited at current market price for the target of Rs 250-240.

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Market Wrap, Nov 13: Sensex slides 220 pts, Nifty50 ends below 11,850-mark

Wed, 13 Nov 2019 11:49:00 GMT

The headlines first - >> Sensex slides 220 pts ahead of CPI inflation nos; Nifty ends below 11,850-mark; >> Indian GDP growth may slip further to 5% in FY20, says CLSA; >> Soon, the burden of dividend tax may shift from companies to investors; reports Bloomberg & >> Britannia surges 5% as Q2 net profit rises 33% YoY to Rs 403 crore. News in detail - Disappointing IIP figures for September, cautiousness ahead of the release of CPI inflation data for October and growing worries over US-China trade deal talks sent the benchmark indices over half a per cent lower on Wednesday. Besides, CLSA's statement that India's GDP may slip to 5 per cent in FY20, too, added to the investors' woes. The S&P BSE Sensex slid 229 points or 0.57 per cent to end at 40,116 levels while NSE's Nifty50 index slipped below 11,850-mark to end at 11,840, down 73 points or 0.61 per cent. IT major TCS (up around 4 per cent) emerged as the top gainer on the Sensex while YES Bank (down over 6.50 per cent) was the biggest loser. ICICI Bank, Axis Bank, Infosys, ITC, and SBI were the top contributors to the index's fall. Sectorally, all the indices on the NSE ended in the red. Media stocks bled the most with the Nifty Media index slipping over 4.53 per cent to 1,793.85 levels. Metal stocks came second on the list. In the broader market, the S&P BSE MidCap index lost 0.77 per cent to end at 14,660 levels while the S&P BSE SmallCap index closed at 13,344.69, down 153 points or 1.13 per cent. The buzzing stocks - Shares of Indian Hotels Company soared 6 per cent to Rs 156 on the BSE on Wednesday after the company reported EBITDA (earnings before interest, tax, depreciation and amortisation) margin improvement of 590 basis points (bps) at 17.7 per cent in September quarter (Q2FY20). EBITDA jumped 57 per cent year-on-year (YoY) to Rs 182 crore during the quarter. Both absolute EBITDA and EBITDA margin was highest in the last 10 years. Britannia Industries stock surged nearly 6 per cent to Rs 3,298 apiece on the BSE on Wednesday after the company on Monday posted a profit before tax (PBT) of Rs 498 crore for the second quarter ended September 30, 2019 (Q2FY19), up 8.5 per cent when compared with the corresponding period of the previous fiscal. The stock ended around 5 per cent higher at Rs 3,270.25 on the BSE. Shares of AU Small Finance Bank advanced over 13 per cent to Rs 811 on the BSE, hitting a new high of Rs 814.90 on the BSE on Wednesday on the back of heavy volumes. Sun TV ended over 11 per cent lower at Rs 470 on the BSE after higher operational expenses dragged the company's consolidated profit before tax (PBT) 26 per cent lower at Rs 400 crore, in September quarter (Q2FY20) on YoY basis.' In the global markets, Asian stocks and Wall Street futures fell as confusing signals over the extent of progress made in US-China trade talks and concern about intensifying unrest in Hong Kong hurt demand for risky assets.

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Why economists watered down India's July-Sept growth estimate to 4.2-4.7%

Wed, 13 Nov 2019 07:56:00 GMT

How low could Q2 FY20 growth really be? An SBI Research Report puts the number at a dismal 4.2%. A severe contraction in factory output has prompted observers of the Indian economy to downsize their GDP estimates. Most have put the headline number at 4.2-4.7 per cent. September saw the manufacturing sector, which makes up 78 per cent of the index, slow down at a faster pace. Industrial output in September contracted by 4.3 per cent for the second straight month, falling to an eight-year low. But this time around, service sector activity too has pulled down growth in Q2, economists said. State Bank of India (SBI) joins global agencies such as the ADB, World Bank, OECD, RBI and the IMF in downgrading India's FY20 growth rates. According to India’s largest public sector bank, India’s GDP growth will slow down further in the second quarter (July to August) after it hit a six-year low of 5% in the first quarter (April to June) of the current financial year. For the full fiscal year, it has given the lowest estimate so far, at 5 per cent. Nomura chief economist Sonal Varma has put the Q2 growth at 4.2 per cent, similar to what SBI has estimated. Listen to the podcast to know why have economists dialled down growth estimate

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Market Ahead, Nov 13: Top factors you need to know before the Opening Bell

Wed, 13 Nov 2019 02:05:00 GMT

A total of 696 companies including Pidilite, BHEL, Cadila Healthcare are scheduled to announce their September quarter numbers today. Another important factor is the release of India's CPI inflation data for the month of October. Apart from this, Vodafone Idea will be in focus today after the firm's global CEO Nick Read said the group's Indian venture may be headed for liquidation unless the government eases off on demands for mobile spectrum fees. Also, IT-major Infosys may react to another anonymous letter, levelling several personal allegations against CEO Salil Parekh Global cues for the day: Asian stocks fell in Wednesday's early trade on growing worries that US-China trade talks are stalling after President Donald Trump failed to deliver any new information about when the two countries would sign a trade deal. Trump also rattled some investors by threatening China with even more tariffs if they do not sign a deal. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent, Australian shares were down 0.17 per cent, while Japan's Nikkei stock index slid 0.38 per cent. On the Wall Street, the Dow Jones Industrial Average ended flat, while the S&P 500 gained a marginal 5 points. The Nasdaq Composite added 22 points. In early trade, SGX Nifty was trade with 26 points cut, indicating a negative start for the domestic indices. In commodities. oil prices ended Tuesday little changed. Brent crude futures ended the session down 12 cents at $62.06 a barrel. In the last session, the benchmark S&P BSE Sensex closed with a gain of 21 points at 40,345 levels. On the NSE, the Nifty50 managed to close above the psychological mark of 11,900, at 11,913, up 5 points. For today, analysts say the daily, as well as weekly momentum indicator MACD, is well in the buy mode for Nifty and the index is likely to inch towards 12,200 till 11,694 levels are held. Here's a trading idea by Anand Rathi Shares and Stock Brokers. Buy Bank of Baroda at current market price for the target of Rs 105 with stop-loss placed at Rs 91.50.

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Industrial output shrinks by 4.3%, steepest decline in eight years

Tue, 12 Nov 2019 08:28:00 GMT

First, the numbers. The country's industrial output shrunk by a staggering 4.3 per cent for the second month on the trot in September, recording its worst performance since the present series was launched in April 2012. In fact the decline was the steepest in eight years, and was only surpassed by a bigger drop way back in October 2011. What triggered such a huge fall? Major loss in manufacturing output and a deepening slowdown in capital goods production, among other factors, are the key reasons behind the latest contraction, which was much higher than the 1.4 per cent fall in August. In fact, the data released on Monday shows that the Index of Industrial Production (IIP) fell by the highest margin since October 2011. Beside this, mining output also fell by 8.4 per cent and electricity generation by 2.6 per cent in September. September saw the manufacturing sector, which accounts for 78 per cent of the IIP index, slow down to a much greater extent. That month, the sector's output contracted by 3.9 per cent, which was much higher than the 1.6 per cent contraction in August. Of the 23 sub-sectors within manufacturing, 17 recorded year-on-year contractions, up from 15 in the previous month. The IIP database showed that the contraction spread across all segments of the automobile sector, with motor vehicle production dipping by 25 per cent. Auto components, commercial vehicles and two-wheelers were flagged by the government as sectors pulling the overall IIP growth down. However, machinery production was down 18.2 per cent and the production of electronic goods remained contractionary, declining by 10.6 per cent in September. This, even after the government gave boost to manufacturing in a sustained manner over the past one year, through a series of benefits and a phased manufacturing programme aimed at reducing electronic imports. The capital goods segment contracted 20 per cent in September after a 21 per cent fall in August. Production in the category remained muted for the eighth-straight month despite government efforts to open up even more sectors to easier foreign direct investment (FDI) flows earlier this year. How have economists reacted to the crisis? To know more, listen to this podcast...

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Market wrap, Nov 11: Sensex ends flat; Nifty50 holds 11,900-mark

Mon, 11 Nov 2019 10:37:00 GMT

Top headlines at this hour: >> Indices end flat after a range-bound trade; Sensex settles 21 points higher at 40,345 level; Nifty50 holds 11,900-mark >> Shares of Jet Airways were locked in the lower circuit band of 5 per cent at Rs 22.2 on the BSE on Monday after reports suggested founder Naresh Goyal was under Serious Fraud Investigation Office's (SFIO) lens for siphoning off funds >> And in political news, With the Bharatiya Janata Party (BJP) declining Maharashtra governor's offer to form government in the state owing to its relations with its ally, the baton is now in Shiv Sena's hand. The Sena, which has 56 MLAs in the 288-member House, has time till 7:30 pm today to stake the claim News in detail: Post logging record highs during the previous week, markets consolidated on Monday as concerns over India's economic growth dented sentiment, while no fresh triggers kept indices range-bound. Additionally, fresh escalation of violence in Hong Kong coupled with uncertainty over whether the United States and China could end their damaging trade war kept investors on the sidelines. Buying in financial counters and select index heavyweights in the fag end of the session, helped the benchmark S&P BSE Sensex to close in the positive territory. The broader markets outperformed the frontline indices today, with the S&P BSE mid-cap index settling 43 points or 0.29 per cent higher at 14,774 level. The S&P BSE small-cap index, too, ended at 23 points, or 0.17 per cent, at 13,497 level. Stocks that reacted to news developments: >> Shares of Amara Raja Batteries surged 7 per cent to Rs 699 on the BSE on Monday, after the company reported 370 bps improvement in EBITDA margin at 17.2 per cent in the September 2019 quarter (Q2FY20) on account of softer commodity prices. The share settled at Rs 718.3, up 9.83 per cent. >> Shares of HDFC Asset Management Company gained ground for the third straight day, up 5 per cent in an otherwise subdued market, at Rs 3,345 on the BSE on Monday. The stock was trading at its highest level since its listing on August 6, 2018, and has zoomed 204.09 per cent from its initial public offer (IPO) price of Rs 1,100 per share. The share settled at Rs 3353.80, up 5 per cent. >> Shares of Affle (India) surged 10 per cent to Rs 1,538, in the intra-day trade, on the BSE on Monday after the company reported a healthy 41 per cent year on year (YoY) jump in EBITDA at Rs 21.7 crore in September quarter. Foreign brokerage firm Nomura, too, initiated coverage on the stock with a ‘buy’ rating and a target price of Rs 1,900 per share. The share settled at Rs 1496, up 7 per cent. MARKET HOLIDAY: Markets will remain closed on Tuesday on account of Guru Nanak Jayanti.

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Why IT giants are cutting jobs at mid, senior levels

Mon, 11 Nov 2019 08:00:00 GMT

India’s Information Technology sector is going through a tough phase. As a matter of fact, many tech giants are looking to layoff almost 5-8 per cent of their employees in the coming quarters. However, this wave of layoffs will hit the mid-senior employees hardest. What could be the reason? Sector experts say rising pressure on margins owing to price discounts on the core business, increased hiring in the US and the emergence of new technology areas are key reasons for such cost cutting. In view of the existing crisis, Kris Lakshmikanth, founder-head at executive search firm Head Hunters India spill the beans about the possible steps by the IT firms, in order to sustain in the crisis. He said, “It (reduction of personnel) is happening across all tier-I IT services companies. Employees in the senior project manager or delivery manager kind of roles, where the annual salary range is Rs 20-40 lakh, are facing the maximum risk. He added, “Typically, a large company is likely to reduce 10,000-20,000 people or 5 to 8 per cent of total employee count in phases.” However, this has already begun in companies like Cognizant, which has already announced to reduce 12,000 staffers in the next few quarters. While explaining the reason behind this major move, the Global Chief Executive of Cognizant, Brian Humphries said in an interaction, “What we are trying to do is to get back to the employee pyramid which has been eroded in the recent past. We will hire more fresh graduates and are increasing our freshers’ intake by 30 per cent over last year. So, we are getting the pyramid right, with less middle and senior management.” The US-headquartered entity has a little more than 70 per cent of its employees in India and it is eyeing a net cost saving of $350-400 million from various cost optimisations. As mentioned, the emergence of new technologies has also created a demand for the freshers. To this, Lakshmikanth of Head Hunters India said, “Senior managers on the delivery side of the business and (doing) less interface with clients are the vulnerable lot in the current situation. Top management is seeing them as redundant, due to their less familiarity with new-age technologies.” Following this, in the first six months of FY20, the IT services space saw a net addition of... To know more, listen to the podcast...

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Market Ahead, November 11: All you need to know before the Opening Bell

Mon, 11 Nov 2019 02:31:00 GMT

The last batch of September quarter earnings, global cues, and macro data will be the top factors that investors will watch for market direction in this holiday-truncated week. Equity markets will remain shut on November 12 for Guru Nanak Jayanti. Over 2,700 companies will announce their results this week including Britannia Industries, Aurobindo Pharma, Bharti Airtel, ONGC, and NALCO. Today, a total of 272 companies, including Hindalco and Coal India are scheduled to announce their September quarter results. In terms of macro numbers, industrial production data and manufacturing production data for September 2019 are scheduled to be released later in the day. Further, retail inflation is slated to be announced tomorrow, while WPI Inflation for October is scheduled to be released on Thursday. The domestic market came under heavy selling pressure in the last hour of the session on Friday. The S&P BSE Sensex lost 330 points to settle at 40,324.On the NSE, the Nifty50 slipped below 12,000-mark to end at 11,908, down 104 points. According to analysts, traders should try to book profits at higher levels in Nifty. The 12,000 level will act as a major resistance level for the week, and 11,800 will act as support. However, if Nifty is able to breach the 11,800 level, it will led to sell-off which will open risk of correction up to 11,650. Therefore, traders should be cautious and should sell on higher levels every spike keeping close eye on 12,100 As for today, Asian shares edged higher on Monday after U.S. President Donald Trump said over the weekend that trade talks with China were moving along “very nicely”, though uncertainty remained over whether a deal would be signed this year. Japan's Nikkei was up 0.2 per cent, while Australian shares rose 0.5 per cent. However, South Korea's KOSPI was off 0.2 per cent. That left MSCI’s broadest index of Asia-Pacific shares outside Japan 0.05 per cent firmer. SGX Nifty, though, was trading in the red in the early session, indicating a flat to negative start for domestic indices. In commodities, oil prices fell on Monday with Brent crude down 39 cents at $62.12 per barrel. And before we wrap up, here's a trading idea. CapitalVia Global Research Limited recommends buying Grasim Limited above Rs 802 for the target of Rs 870 with stop-loss placed at Rs 765.

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Ram Janma Bhoomi-Babri Masjid land title dispute: Verdict explained

Sat, 09 Nov 2019 10:43:00 GMT

The case over contested religious history which languished in the legal system for almost seven decades, has finally seen closure, as a five-judge Constitution Bench headed by the Chief Justice of India, Ranjan Gogoi pronounced its verdict. In a unanimous judgment, the Bench has allotted the land to the Ram Janmabhoomi Nyas for construction of a temple. The court also ordered that the Sunni Waqf Board be provided five acres of land at a prominent place in Ayodhya for construction of a mosque. The court also ordered the Central government to formulate a scheme within three months to implement this order. For at least four centuries, the site was worshiped by both the communities- Hindus and Muslims. However, in 1822, an official of the Faizabad court first claimed that the mosques stood on the site of a temple. On December 6, 1992, Babri Masjid in Ayodhya was demolished, changing India's political fabric forever. After almost 27 years, the Supreme Court has delivered its verdict on the Ram Janmabhoomi-Babri Masjid title dispute today. According to the reports of the Archeological Survey of India (ASI), the Babri Masjid, which was built in the early 16th century, was not constructed on vacant land. The conclusion was drawn on the basis of archaelogical evidence of a 12th century non-islamic structure being present on the disputed structure. The Chief Justice of India said that the rights of Ram Lalla to the disputed property is subject to the maintenance of peace and law and order and tranquility. However, the Supreme Court has asked the government to take measures for maintaining peace and harmony and law and order. With this judgement, the Supreme Court has given the message of unity in diversity, said the lawyer representing the Hindu Mahasabha... To know more, listen to the podcast

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Market wrap, Nov 8: Sensex sheds 330 pts on Moody's India outlook downgrade

Fri, 08 Nov 2019 11:25:00 GMT

Headlines of the day: >> Sensex slides 330 pts as Moody's cuts India's ratings to 'negative'; >> Moody's rating action unjustified, say experts; demand aggressive rate cut by RBI; >> Mahindra and Mahindra Q2 net profit drops 27% on sales drop; & >> Allahabad Bank's net loss widens in Q2 to Rs 2,114 cr After showing resilience in the early hours of the trade, stock market came under heavy selling pressure in the last hour of the session on Friday after global rating agency Moody's lowered India's outlook to 'negative' from stable. Further, reports that the rating agency has also revised outlook of IT majors Infosys and TCS along with six financial companies such as Exim India, HDFC Bank, Hero FinCorp, HUDCO and SBI to negative, too, spooked market participants. The S&P BSE Sensex lost 330 points or 0.81 per cent to settle at 40,324. During the day, the index hit a fresh lifetime high of 40,749.33. YES Bank (up nearly 4 per cent) emerged as the top gainer on the index while Sun Pharma (down over 4 per cent) was the biggest loser. TCS, Infosys, Reliance Industries (RIL), ITC, and Hindustan Unilever (HUL) were the top contributors to the index's fall. Of 30 constituents, 24 ended in the red and just 6 in the green. Market breadth remained in favour of declines as of 2,697 companies traded on the BSE, 1,472 declined and 1,047 advanced while 178 remained unchanged. On the NSE, the Nifty50 slipped below 12,000-mark to end at 11,908, down 104 points or 0.86 per cent. The index hit a high of 12,034.15 during the day. On a weekly basis, Sensex gained 0.39 per cent while Nifty added 0.14 per cent. Volatility index India VIX spiked over 4 per cent to 15.86 levels. In the broader market, the S&P BSE MidCap index lost 117 points or 0.79 per cent to end at 14,731 and the S&P BSE SmallCap closed 71 points or 0.53 per cent lower at 13,475 levels. Sectorally, barring realty and private banks, all the sectoral indices on the NSE ended in the red. Pharma stocks saw the steepest fall, followed by PSU banks and FMCG stocks. The Nifty Pharma index slipped over 2 per cent to 7,787.40 levels while Nifty PSU Bank index ended at 2,437, down neary 2 per cent. On the other hand, Nifty Realty ended 1.66 per cent higher at 281 levels. Nifty Private Bank index gained 0.70 per cent to settle at 16,996. Buzzing stocks: Shares of DLF surged 6 per cent to Rs 204 on the BSE after the company reported a strong set of numbers for the quarter ended September 2019 (Q2FY20). Additionally, stock of the real estate developer was also included in the MSCI Global Standard Index with effect from November 26, 2019. The stock ended at Rs 203.20, up 5.59 per cent. Shares of Raymond soared 20 per cent to Rs 808 on the BSE after the company announced its plan to demerge its core Lifestyle business and list it as a separate entity. Furthermore, the company announced to use the entire net proceeds from sale of land parcel by JKIT (its Associate Company) for deleveraging of its Balance Sheet. Shares of GAIL slipped nearly 4 per cent to Rs 127 on the BSE after the company posted a consolidated net profit of Rs 1,167.58 crore, down 34.7 per cent year-on-year (YoY) for September quarter of FY19. The company had posted net profit of Rs 1,788.98 crore in the year-ago period.

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Why experts feel Moody's outlook downgrade for India is unjustified

Fri, 08 Nov 2019 09:32:00 GMT

India’s credit ratings outlook was cut to negative from stable by Moody’s Investors Service today, on concerns that the government will not be able to help revive economic growth. Moody’s cited the country's growing debt burden and the government’s struggle to contain the budget deficit. Moody's has forecast a fiscal deficit of 3.7 per cent for financial year 2019-20 (FY20), which is higher than the government’s target of 3.3 per cent. The foreign currency rating was retained at Baa2, the second-lowest investment grade score. India’s growth outlook has deteriorated sharply this year, with the crunch that started out in the shadow banking industry spreading to retail businesses, the auto sector, home sales and heavy industries. Economists say that though Moody's cut is not really justified at this point, the move is a grim reminder of the state of the economy and the need to accept that all is not well. Given the economic slump, most economists have lowered the growth estimates and expect the RBI to be more aggressive in cutting rates going ahead. But there is a clear dichotomy between rating agencies assessment and stock market performance. While rating agencies always take into account the present situation, the markets are always forward-looking and believe that the Indian economy outlook is not that bleak. Listen to the podcast to know more

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Market Ahead, November 8: All you need to know before the Opening Bell

Fri, 08 Nov 2019 02:39:00 GMT

Corporate results and the latest signs of progress in US-China trade relation will be the top factors guiding investor sentiment today. China and the United States have agreed to roll back tariffs on each others’ goods as part of the first phase of a trade deal, officials from both sides said on Thursday, in further signs of progress. In the results corner, Tata Power, Mahindra & Mahindra, Bank of Baroda, and Nestle India are among the 180 companies scheduled to announce their September quarter results today. Analysts expect Bank of Baroda to report muted loan growth and marginally higher net interest income on a sequential basis. Reliance Securities, for instance, expects the net profit to decline 52.2 per cent QoQ to Rs 339.3 crore. Meanwhile, India’s credit ratings outlook was cut to negative from stable by Moody’s Investors Service on concern the government won’t be able to help stunted economic growth. Equity markets witnessed yet another record-breaking session on Thursday. The S&P BSE Sensex closed at a fresh closing peak of 40,653.74, up 184 points and the broader Nifty50 index closed above 12,000-mark at 12,016, up 50 points. Analysts say Nifty's close above the 12,000-mark is a positive in the short-term and it can be seen inching towards 12,200 with crucial support at 11,900 levels. On the global front, MSCI’s gauge of Asia-Pacific shares outside Japan edged up 0.2 per cent in early trade while Tokyo's Nikkei jumped 0.75 per cent to a 13-month high. On Wall Street, the Dow and S&P 500 notched record closing highs on Thursday after the latest developments in the US-China front. The Dow Jones Industrial Average rose 182 points, the S&P 500 gained 8.4 points, and the Nasdaq Composite added 24 points. SGX Nifty, though, was trading in the red in the early session, indicating a negative start for domestic indices. In commodities, oil rose above $62 a barrel on Thursday. Brent crude, the global benchmark, rose 55 cents to settle at $62.29 a barrel. Here's a trading idea. Anand Rathi Shares and Stock Brokers recommends buying Asian Paints at current market price for the target of Rs 1,900 with stop-loss placed at Rs 1,790.

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Market wrap, Nov 7: Bull run continues, Sensex ends at fresh closing peak

Thu, 07 Nov 2019 11:42:00 GMT

Headlines of the day: >> Dream continues on D-Street, Sensex ends at fresh closing peak, Nifty settles above 12K; >> China says it agreed with US to roll back existing tariffs in phases; >> Govt has no plans to participate in the rescue of DHFL, reports Reuters & >> Sun Pharma back in black in Q2, posts net profit of Rs 1,064 crore. Equity markets witnessed yet another record-breaking session on Thursday as investor sentiment remained buoyed on Rs 25,000 crore booster dose for the realty sector. That apart, reports that government may announce measures for the crisis-hit NBFCs also boosted investor confidence. On the global front, US-China trade truce news further bolstered risk appetite of the equity investors. The S&P BSE Sensex closed at a fresh closing peak of 40,653.74, up 184 points or 0.45 per cent, led by heavy buying in Reliance Industries (RIL), HDFC, ITC, Infosys, and HDFC Bank. Pharma major Sun Pharma (up 3 per cent) ended as the top gainer on the index after the company reported a profit of Rs 1,064 crore for September quarter of the current fiscal against loss of Rs 269.60 crore in the year-ago period. YES Bank, on the other hand, slipped over 3 per cent to Rs 66.5 after the global rating agency Moody’s placed the private lender’s foreign currency issuer rating of ‘Ba3’ under review for downgrade. In the broader market, the S&P BSE MidCap index climbed 102 points or 0.69 per cent to end at 14,848 levels while the S&P BSE SmallCap index closed at 13,546, up 73 points or 0.54 per cent. On the NSE, the broader Nifty50 index closed above the 12,000-mark at 12,016, up 50 points or 0.42 per cent. Of 50 constituents, 30 advanced while 20 declined. Volatility index India VIX fell over 4 per cent to 15.10 levels. Among the sectoral indices on the NSE, Nifty Metal index advanced the most, followed by Nifty Realty. Realty stocks rallied during the session after the Union Cabinet on Wednesday approved the setting up of a Rs 25,000 crore alternative investment fund (AIF) to revive around 1,600 stalled housing projects across top cities in the country. On the contrary, PSU bank stocks declined the most. The Nifty PSU Bank index slipped 1.50 per cent to settle at 2,482.35. Stocks that made news today: Shares of MSTC zoomed 20 per cent to Rs 148 on the BSE after the construction & engineering giant Larsen & Toubro (L&T) appointed the company as its selling agent. Spandana Sphoorty Financial (SSFL) surged 8 per cent to Rs 1,344 on the BSE in the intra-day trade on Thursday, rallying 23 per cent in one week after the micro finance company reported more-than-double net profit for the September quarter (Q2FY20). The stock ended at Rs 1,312.75, up over 5 per cent. Jindal Steel & Power (JSPL) hit an over four-month high of Rs 150, up 11 per cent on the BSE on Thursday on expectation of raw material benefits led by lower coking coal costs to offset the decline in steel prices in the near term. It ended over 10 per cent up at Rs 148.70. In the global markets, Europe’s share markets hit a more than 4-year peak and bond yields shuffled higher on Thursday, as Beijing signalled a ‘phase 1’ trade deal with the United States was close to being sealed. E-Mini futures for the S&P 500, which has already set a new record high this week, were also a solid 0.5 per cent better off. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan dipped a slight 0.2 per cent, just off a six-month high hit earlier in the week. Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks stalled after hitting their highest since May, while Shanghai blue chips eked out a 0.2 per cent rise. In commodities, oil prices rebounded on trade deal hopes.

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A Rs 25,000 cr push: Here's how govt plans to revive the real estate sector

Thu, 07 Nov 2019 06:08:00 GMT

In a cabinet meeting, on Wednesday, Finance Minister Nirmala Sitharaman approved setting up of a Rs 25,000-crore alternative investment fund (AIF) to revive around 1,600 stalled housing projects across top cities in the country. The AIF will be a special window to provide priority debt financing for completion of projects in the affordable and middle-income categories, she added. Except the projects that have already received orders from the National Company Law Tribunal (NCLT) for liquidation, the government has decided to include all projects declared as a non-performing assets and those which are facing insolvency proceedings at the NCLT. However, the funding will be possible only if they are registered under the Real Estate (Regulation and Development) Act or RERA. At present, the Mumbai Metropolitan Region and the National Capital Region are two of the worst-hit property markets in the country, with 95,000 and 195,000 stuck projects, respectively. In addition, about 55,000 units more are stuck in Tier-II cities. In view of the recent step taken by the union cabinet, the founder at PropEquity, Samir Jasuja said, “Almost 80 per cent projects in the NCR and the MMR will come to life.” Ajay Bodke, chief executive officer and chief portfolio manager at Prabhudas Lilladher, said the fund has the potential to act as a force multiplier to impart necessary push to revive economic activity in the nerve centres of the economy. While the government will act as a sponsor with its Rs 10,000-crore initial contribution to the category-II AIF, SBI and LIC will provide an additional Rs 15,000 crore for the fund, which will be initially managed by SBI Caps through escrow account. It will also be registered with market regulator SEBI and will support all RERA certified projects. Category-II AIFs typically invest in unlisted companies by raising funds from high net worth individuals (HNIs) and foreign portfolio investors (FPIs) through private equity, debt funds... To know more, listen to this podcast...

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Market Ahead, November 7: All you need to know before the Opening Bell

Thu, 07 Nov 2019 01:41:00 GMT

Investors will look at corporate results and stock-specific action for market direction today. Sun Pharma, HPCL, and BPCL are among the 148 companies scheduled to announce their September quarter results today. Yesterday, Tata Steel reported a loss of Rs 6.54 crore before tax on a consolidated basis in the September quarter against a profit of Rs 5,411 crore in the corresponding period last year, mainly due to a fall in realisations across geographies. Moreover, after yesterday's rally, realty stocks will again be in focus after the Union Cabinet approved the setting up of a Rs 25,000-crore alternative investment fund to revive around 1,600 stalled housing projects across top cities in the country. Market participants will also track global cues, foreign fund flow, the rupee's trajectory against the US dollar, and movement in oil prices. In Wednesday's session, buying in private banks and IT major Infosys propelled the benchmark S&P BSE Sensex to end at a record closing peak of 40,470, up 222 points. Nifty also rallied and reclaimed the crucial 12,000-mark during the session but ended at 11,961, up 44 points. Hereon, analysts advise traders to keep a positive bias and buy on every dip keeping a close eye on 11,880. The 12,000-mark will act as a stiff resistance but once broken the move may extend to 12,200 levels. On the global front, Asian shares paused near multi-month peaks on Thursday as reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated. MSCI’s broadest index of Asia-Pacific shares outside Japan was a shade lower, Japan's Nikkei started in the red, while South Korean stocks were 0.3 per cent down. US stocks ended little changed on Wednesday.The Dow Jones Industrial Average fell 0.07 points, the S&P 500 gained 2 points, and the Nasdaq Composite dropped 24 points. SGX Nifty indicated a flat to positive start for domestic indices. In commodities, oil prices dropped more than $1 a barrel on Wednesday after a much larger-than-expected build in U.S. crude inventories. Brent crude settled at $61.74 a barrel, losing $1.22 cents. And before we wrap up, here's a trading idea. CapitalVia Global Research Limited recommends buying Equitas Limited above Rs 100.30 for a target of Rs 112 with stop loss at Rs 95.

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Market Wrap, Nov 4: Bulls make a comeback, Sensex closes at record high

Wed, 06 Nov 2019 11:30:00 GMT

Headlines of the day: >> Bulls make a comeback, Sensex ends at record closing peak; >> Titan slumps 10% on weak Q2 nos, cut in guidance; >> Infosys ends over 2% higher as Nilekani assures action if whistleblower allegations proved; & >> Cairn gets 10-year PSC extension for Ravva block in Andhra Pradesh News in detail: Buying in private banks and IT major Infosys propelled the benchmark S&P BSE Sensex to end at a record closing peak of 40,469.78, up 222 points or 0.55 per cent on Wednesday. During the day, the index hit an all-time peak of 40,606.91 levels. Its NSE counterpart Nifty, too, rallied in the trade and reclaimed the crucial 12,000-mark during the session. The 50-share index, however, ended at 11,961, up 44 points or 0.37 per cent. HDFC Bank, ICICI Bank, HDFC, Infosys, Axis Bank, and L&T contributed the most to the Sensex's gain. ICICI Bank (up nearly 3 per cent) emerged as the top gainer on the index while Bharti Airtel (down over 3 per cent) was the biggest loser. During the day, ICICI Bank hit a new lifetime high of Rs 483.90 apiece. Among losers on the index, ONGC, Bajaj Finance, Reliance Industries (RIL), and Maruti - all slipped around a per cent each. Market breadth was marginally tilted in favour of sellers as out of 2,702 companies traded on the BSE, 1,283 declined and 1,221 advanced while 198 remained unchanged. In the broader market, both small and midcap indices underperformed the benchmarks. The S&P BSE MidCap index ended 0.15 per cent higher at 14,746 levels while the S&P BSE SmallCap index slipped 0.36 per cent to settle at 13,473. Among the sectoral indices on the NSE, realty stocks advanced the most with Nifty Realty index surging over 2 per cent to 273.85 levels after Finance Minister Nirmala Sitharaman said the Centre is working with the Reserve Bank of India (RBI) towards tweaking the existing laws to make them conducive for the real estate sector. Nifty Private Bank (up around 1.50 per cent) came second on the list. Nifty Bank index rallied over 1 per cent to 30,591-mark. On the downside, PSU banks slipped the most, followed by media and auto counters. Nifty PSU Bank index lost around a per cent to end at 2,516. Stocks that made news today: Infosys ended over 2 per cent higher at Rs 712.30 apiece on the BSE after the non-executive chairman Nandan Nilekani, during the company's concall, told investors that the company would take action if the allegations against it are substantiated. Shares of Titan Company slipped 10 per cent to Rs 1,156 during the session after the company reported a disappointing set of numbers for September quarter (Q2FY2) due to higher gold prices and weakness in the overall consumption. Shares of Sun Pharma surged as much as 5.37 per cent to Rs 453 during the day after the company announced it has entered into a licensing agreement with AstraZeneca UK Ltd. (AstraZeneca) to introduce certain novel ready-to-use (RTU) infusion oncology products in China. The stock, however, pared all its gains later in the day to end at Rs 427.55 apiece on the BSE, down over half a per cent. Global markets: Asian shares fell on Wednesday for the first time in four trading sessions as investors awaited new developments that might scale back a bruising trade war between the United States and China. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.12 per cent. Australian shares were down 0.55 per cent, Chinese stocks fell 0.25 per cent, Japan's Nikkei stock index rose 0.21 per cent. In Europe, the pan-region Euro Stoxx 50 futures were down 0.03 per cent, German DAX futures were down 0.06 per cent, while FTSE futures were down 0.29 per cent. In the US, stock futures edged up. In commodities, oil prices slipped after three-day rally on larger-than-expected US crude build.

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How recent snooping incident may affect the launch of WhatsApp Pay

Wed, 06 Nov 2019 06:48:00 GMT

Those waiting for a rollout of WhatsApp Pay in India might have to wait longer, as the government is planning a comprehensive safety audit of the payment platform. The messaging app has been testing its payments service in the country since last year with about a million users. According to top officials in the finance and IT ministries, a sensitive payments system like the Unified Payments Interface, or UPI, should not be on a platform whose security is possibly compromised. RBI officials who deal with fintech also fear that financial data of Indian users may not be safe on WhatsApp Pay. The proposed audit is likely to be conducted jointly by the IT ministry and the RBI. Systems for digital payment services need to be fool-proof, and the latest breach might not speak well of WhatsApp’s security. Listen to the podcast to know about the WhatsApp spyware attack

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Market Ahead, November 6: All you need to know before the Opening Bell

Wed, 06 Nov 2019 01:26:00 GMT

Corporate results and stock-specific action will be the top factors guiding investor sentiment today. Exide Industries, Cipla, Voltas, Tata Steel, and 75 other companies are scheduled to announce their September quarter results today. Yesterday, Titan reported a muted performance for the September quarter (Q2) on Tuesday after market hours because of higher gold prices and weakness in overall consumption. The stock will react today. Realty stocks may be in focus to Union Finance Minister Nirmala Sitharaman's comment that the sector needs the government’s attention and the Centre is working with the Reserve Bank of India (RBI) towards tweaking the existing laws to make them conducive for the sector. Besides, news agency Reuters said the Central Bureau of Investigation (CBI) had registered 42 new cases of bank fraud amounting to about Rs 7200 crore after conducting searches in 187 places across the country. These apart, market participants will also watch out for foreign fund flow, the rupee's trajectory against the US dollar, and movement in oil prices. Domestic indices yesterday snapped their seven-day gaining streak. The S&P BSE Sensex slipped 54 points to end at 40,248, while the broader Nifty50 ended at 11,917, down 24 points. According to analysts, Nifty has been consolidating for the last few sessions, and with the bullish “Cup and Handle” formation on the daily charts, the upside target of Nifty this month is 12,300 with support seen at 11800 level. On the global front, Asian shares were little changed on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was unchanged. Australian shares were up 0.14 per cent, while Japan's Nikkei stock index rose 0.35 per cent. US stocks paused in the overnight trade after the recent rally with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite all ending flat for the day. SGX Nifty, on the other hand, was trading lower indicating a negative start to the day for domestic indices. In commodities, oil prices rose more than 1 per cent on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports. Brent crude futures rose 83 cents to settle at $62.96 a barrel. And before we wrap up, here's a trading idea. HDFC Securities recommend buying Jubilant Foodworks at Rs 1,582 for the target of Rs 1,700 with stop loss at Rs 1,550

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Market Wrap, Nov 5: Sensex slips 54 pts; S&P BSE MidCap plunges over 1%

Tue, 05 Nov 2019 11:19:00 GMT

Headlines of the day: >> Indices snap 7-day gaining streak; Sensex slips 54 pts; >> Broader market underperform as S&P BSE MidCap plunges over 1 per cent; >> PNB ends over 5% lower as asset quality for Sept qtr worsens; & >> IndiGo to announce strategic deal with Qatar Airways Snapping their seven-day gaining streak, the benchmark indices ended in the red on Tuesday amid selling in private banks, auto and IT counters. The S&P BSE Sensex slipped 54 points or 0.13 per cent to end at 40,248 with YES Bank (up over 3 per cent) being the top gainer and IndusInd Bank (down over 2 per cent) the worst performer. During the session, the index witnessed a swing of 413 points. On the NSE, the broader Nifty50 ended at 11,917, down 24 points or 0.20 per cent with 27 constituents declining and 23 advancing. On the sectoral front, all the indices on the NSE but Nifty FMCG ended in the negative territory. Media stocks bled the most, followed by pharma and metal stocks. Nifty Media index slipped around 1.50 per cent to end at 1,839 levels. On the positive side, Nifty FMCG index ended 0.33 per cent higher at 32,361-mark. In the broader market, the S&P BSE MidCap index lost over a per cent to end at 14,724 while the S&P BSE SmallCap index ended at 13,522, down nearly a per cent. Stocks that made news today: Bajaj Finance hit a record high of Rs 4,256.30 apiece on the BSE. The stock ended over 2.50 per cent higher at Rs 4,230. The company on Monday launched its Rs 8,500 crore qualified institutional placement (QIP). The shares will be offered in the range between Rs 3,860 and Rs 3,900 apiece. Punjab National Bank (PNB) ended over 5 per cent down at Rs 64.75 on the BSE after the bank's asset quality worsened for the September quarter of FY20. The bank's gross non-performing assets (GNPA) ratio increased to 16.76 per cent in the recently concluded quarter from 16.49 per cent reported in Q1FY20. Similarly, NNPA increased to 7.65 per cent from 7.17 per cent. The public sector lender's slippages jumped 38 per cent sequentially from Rs 5,412 crore reported in Q1FY20 to Rs 7,460 crore in the quarter under review, the bank's management said. Shares of Dabur India rallied around 5 per cent to Rs 482 on the BSE after the company reported a better-than-expected 4.8 per cent year-on-year (YoY) volume growth in September quarter (Q2FY20). Analysts had forecast volume growth in the range of 3.0 - 3.5 per cent for the quarter. In a yet another news, India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on Nov 7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 4 per cent. The stock eventually ended nearly 2 per cent up at Rs 1,461.45 on the BSE. Global markets: Asian shares vaulted to six-month highs on Tuesday, surpassing their July peaks, as hopes that Washington may roll back some of the tariffs it has imposed on imports from China shored up optimism on the global economic outlook. European shares, too, gained in the trade. In commodities, oil prices steadied. Brent crude futures were down 1 cent at $62.12 a barrel after gaining 0.7 per cent in the previous session. US crude futures were down 9 cents at $56.45 a barrel. They gained 0.6 per cent on Monday.

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Why India opted out of RCEP and what are the implications

Tue, 05 Nov 2019 06:51:00 GMT

After seven years of negotiations to create the world’s largest free trade region, India on Monday closed door for the time being on the Regional Comprehensive Economic Partnership (RCEP), stating that joining the deal in its current form would have adversely affected its national interest. However, fifteen other nations in the regional grouping - 10 from ASEAN along with China, Japan, South Korea, Australia, and New Zealand - decided to go ahead with the deal after the conclusion of the summit in Bangkok, keeping the door open for India. At the third RCEP Summit held between October 31 and November 3 in Bangkok, PM Modi expressed his views on the proposed form of the agreement, which according to him, fails to meet the basic guiding principles of the RCEP. “It also does not satisfactorily address India’s outstanding issues and concerns. In such a situation, it is not possible for India to join RCEP agreement,” he asserted. In view of this, the joint statement issued by RCEP said “India has significant outstanding issues, which remain unresolved. All RCEP Participating Countries will work together to resolve these outstanding issues in a mutually satisfactory way. India’s final decision will depend on satisfactory resolution of these issues." The key concerns that remained unresolved are To know more, listen to this podcast...

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Market Ahead, November 5: All you need to know before the Opening Bell

Tue, 05 Nov 2019 02:24:00 GMT

Corporate results, global cues, macro data, and foreign fund flow would guide the market trajectory today. A total of 94 companies, including Titan, Tech Mahindra, Dabur India, and Punjab National Bank are scheduled to announce their September quarter earnings today. On the macro front, India's Services PMI data will be released later in the day. Yesterday, the benchmark Sensex closed at a new all-time high after seven straight days of gains. The index rose 137 points to end at 40,302, surpassing its previous record of 40,268 made on June 3. The broader Nifty50 index rose 51 points to end at 11,941. The index managed to close above the 11,900-mark in the last trading session. It has been forming wave E of the rising wedge pattern and is expected to inch towards the upper end of the rising wedge pattern. According to analysts, the short term target is 12,050-12,100 whereas the support is pegged at 11,800 levels. On the global front, Asian shares closed in on their July peak on Tuesday on increasing signs the United States and China are inching closer to a truce in their trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trade after hitting a four-month high the previous day. Japan's Nikkei rose 1.34 per cent to one-year high. On Wall Street, the S&P 500 gained 0.37 per cent to a record high of 3,078 while the Dow Jones and the Nasdaq also clinched all-time highs. The SGX Nifty, though, suggested a flat to negative start to the day for domestic indices. In commodity, oil prices rose on Monday. Brent crude futures settled at $62.13 a barrel, up 44 cents. Here's a trading idea by Anand Rathi Shares and Stock Brokers who recommend buying Biocon at the current market price for the target of Rs 282 with stop loss placed at Rs 249.

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Market Wrap, Nov 4: Bull run continues; Sensex up 137 points at record high

Mon, 04 Nov 2019 11:22:00 GMT

Headlines of the day: >> Bull run continues, Market rises for seventh straight day; >> Sensex adds 137 pts to end at record closing peak; >> HDFC consolidated net profit jumps 80% YoY in Q2; & >> Billionaire Ajay Piramal says he will step down from Shriram Capital Extending their gaining streak into the seventh session in a row, the benchmark indices settled with nearly half a per cent gains on Monday. Encouraging September quarter results, along with optimism over US-China trade deal aided bulls to stay in the driver's seat. The S&P BSE Sensex added 137 points or 0.34 per cent to end at a record closing high 40,301.96, with Infosys (up over 3 per cent) being the top gainer and Maruti Suzuki India (down 2.50 per cent) the worst performer. During the day, the index hit a fresh high of 40,483 levels. On the NSE, the broader Nifty50 index ended at 11,945, up 54.55 points or 0.46 per cent. Sectorally, media stocks tumbled the most on the NSE, followed by auto and FMCG counters. The Nifty Media index slipped over 3 per cent to 1,860.55 levels. On the contrary, metal stocks advanced the most. The Nifty Metal index rallied nearly 3 per cent to 2,634.60. In the broader market, the S&P BSE MidCap index ended flat at 14,892, up just 1.57 points or 0.01 per cent. The S&P BSE SmallCap index ended at 13,631, up 30 points or 0.22 per cent. Market breadth was in favour of advances as out of 2,755 companies traded on the BSE, 1,430 advanced and 1,152 declined while 173 remained unchanged. Stocks that made news today: Zee Entertainment Enterprises (ZEEL) ended nearly 5 per cent lower at Rs 294.80 apiece on the NSE after news reports said the company has denied reports about transfer of promoter shares to escrow accounts. Dish TV slipped around 11 per cent to Rs 14.45. Infosys ended over 3 per cent higher at Rs 709 after the company said on Monday it received no evidence to support the allegations in a whistleblower letter from last month. HDFC ended over 2 per cent higher at Rs 2,181 after it reported a standalone net profit of Rs 3,961 crore, up 60.5 per cent YoY, for the quarter ended September 2019 (Q2FY20) on the back of stake sale from Gruh Finance. On a consolidated basis, the HFC reported a profit of Rs 10,388 crore, up 80.38 per cent YoY from Rs 5,759.19 crore. In the global markets, Asian shares surged on Monday, with a broad regional gauge hitting more than 14-week highs, as growing optimism over US-China trade talks and upbeat US job data boosted global investors’ appetite for riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 1.08 per cent, touching its highest level since July 24. Hong Kong's Hang Seng rose 1.36 per cent, and Seoul's Kospi added 1.43 per cent. In mainland China, blue chips were up 0.72 per cent, and Australian shares were 0.27 per cent higher. Markets in Japan were closed for a holiday. In Europe, too, shares touched their highest level in nearly two years. In commodities, oil prices eased as concerns over economic data offset trade deal optimism. Brent crude futures for January fell 16 cents to $61.53 a barrel, while December US crude futures was at $56.04 a barrel, down 16 cents.

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All you need to know about the odd-even scheme in Delhi

Mon, 04 Nov 2019 07:39:00 GMT

There seems to be no end to the woes of people residing in Delhi and other parts of north India. On Monday morning, Delhi air quality was in 'severe-plus emergency' category. SAFAR, the government-run air quality monitoring and weather forecasting agency, said Delhi’s air quality index (AQI) was 708 at 6:30 am, which is 14 times the safe level of 0-50.. Gurgaon, Faridabad, Noida and Ghaziabad also saw their air quality in the severe-plus emergency overall category. NASA satellite imagery showed vast swathes of the northern plains, covering Punjab, Haryana, Delhi and Uttar Pradesh, blanketed under a smoky haze. Weather experts said any significant improvement in the situation is highly unlikely unless there is rainfall, which may occur on November 7 and 8 To tackle this, the odd-even scheme kick started today, with only even-numbered non-transport vehicles allowed on Delhi roads on the first day of the exercise. The impact of the scheme remains to be seen. The third edition of odd-even scheme will run till November 15. Listen to the podcast to know the list of exemptions, penalty, important rules and how prepared is the Delhi government for the Odd-Even Scheme 2019

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Market Ahead,November 4: Top factors that could guide markets this week

Mon, 04 Nov 2019 01:51:00 GMT

Market participants will eye domestic factors to steer through the trade this week. On Friday, the S&P BSE Sensex added 36 points to settle at 40,165 levels. On the NSE, the broader Nifty50 index ended at 11,899.50, up 22 points. Corporate earnings: HDFC, Tech Mahindra, Punjab National Bank, Dabur, and Eicher Motors are among over 650 companies scheduled to announce their September quarter earnings this week. On Monday, HDFC is slated to report its numbers amid expectations of net profit up to Rs 3,628 crore supported by gains from stake sale in Gruh Finance. It may, however, see a decline in credit growth due to slowdown in the real estate sector, according to analysts. On Friday, YES Bank posted its second-biggest quarterly loss of Rs 600.08 crore due to a one-off DTA adjustment of Rs 709 crore on account of change in corporate tax rate regime. Macro data: Investors would eye services PMI data for October month slated to be released on Tuesday, November 5. Besides, foreign exchange reserves for week ended November 1, and bank loan and deposits growth for the fortnight ended October 25 will be announced on November 8. US-China trade deal: Progress in US-China trade negotiations could affect investor sentiment. US commerce secretary Wilbur Ross said on Sunday that he was “quite optimistic” that remaining points in the first phase of the trade deal could be resolved soon, adding that the countries’ leaders still planned to meet later this month. FPI/DII inflow: Overseas investors pumped in a net Rs 16,464 crore into the Indian capital markets in October amid positive domestic and global cues. Inflow remained positive for the second straight month. Global cues: Asian shares rose to 14-week highs on Monday as growing optimism over US-China trade talks and upbeat US job data boosted global investors’ appetite. MSCI’s broadest index of Asia-Pacific shares outside Japan and Australian shares were up 0.2 per cent each in early trade, while Seoul's Kospi added 0.9 per cent. Markets in Japan were closed for a holiday. In the commodities market, oil prices, which had surged on hopes for a US-China trade deal, were a shade lower on Monday. Global benchmark Brent crude was off 0.10 per cent at $61.63 per barrel.

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Market Wrap, Nov 1: Market ends flat, Sensex adds 36 pts, Nifty at 11,900

Fri, 01 Nov 2019 11:18:00 GMT

Headlines of the day: >> Market ends flat, Sensex adds 36 pts, Nifty at 11,900; >> Dish TV, ZEE Entertainment jumps up to 29% >> Maruti Suzuki sales grows 4.5% in October; key segments report growth; & >> Oct GST collections remain subdued at Rs 95,380 cr despite festive season The news in detail: Benchmark indices ended Friday's volatile session on a flat note with positive bias. Buying in select hevyweights such as HDFC Bank, IndusInd Bank, ITC and Axis Bank helped indices end in the green. The S&P BSE Sensex added 36 points or 0.09 per cent to settle at 40,165 levels. During the day, the index hit a high and low of 40,283 and 40,014, respectively. IndusInd Bank (up 5 per cent) emerged as the top gainer on the index and YES Bank (down over 6 per cent) the worst performer. Out of 30 constituents, 15 ended in the green and rest 15 in the red. In the broader market, both midcaps and small-caps outperformed the benchmarks. The S&P BSE MidCap index ended at 14,891, up 26 points or 0.18 per cent while S&P BSE SmallCap index gained 43 points or 0.32 per cent at 13,601. Market breadth was tilted in favour of buyers as out of 2,767 companies traded on the BSE, 1,423 advanced and 1,172 declined while 171 remained unchanged. On the NSE, the broader Nifty50 index ended at 11,899.50, up 22 points or 0.19 per cent. On a weekly basis, Sensex gained 2.83 per cent while Nifty added 2.72 per cent. Sectorally, barring auto and IT stocks, all the sectoral indices on the NSE ended in the green. Media stocks jumped the most with the Nifty Media jumping nearly 8 per cent to 1,923.15 levels. Volatility index India VIX declined 4 per cent to 15.62 levels. Buzzing stocks: Dish TV and Zee Entertainment Enterprises (ZEEL) rallied up to 29 per cent on the BSE. According to a report by CNBC-TV18, the company has asked the lenders to put shares in an escrow account. Thursday's terrific performer YES Bank today declined over 6 per cent to settle at Rs 66.60 apiece on the BSE ahead of its September quarter results. IndusInd Bank ended 5 per cent higher at Rs 1,379.45 on the BSE after the bank announced selection of a potential successor to Ramesh Sobti, the current Managing Director and Chief Executive Officer (MD & CEO). It, however, did not name the successor. Sobti's tenure will end in March 2020, when he turns 70. Shares of Cochin Shipyard hit a 52-week high of Rs 412, up 6 per cent on the BSE after the company won contract worth Rs 3,000 crore. At close, the stock at Rs 409.50 apiece on the BSE, up over 5 per cent. On the downside, Indian Oil Corporation (IOC) shares slipped as much as 4.42 per cent to Rs 140.30 apiece on the BSE after the company reported 83 per cent year-on-year (YoY) decline in profit before tax (PBT) at Rs 814.48 crore for the quarter ending September, owing to higher inventory losses and a decline in refinery margin. It had recorded Rs 4,805.74 crore PBT during the same period last year. The stock ended at Rs 142.65 apiece on the BSE, up around 3 per cent. Global markets: Asian shares scaled three-month highs on Friday as a surprise bounce in Chinese manufacturing activity eclipsed doubts raised by a news report over whether the United States and China can reach a long-term trade deal. Hong Kong's Hang Seng added 0.65 per cent and Seoul's Kospi rose 0.77 per cent. The Nikkei underperformed, ending the day down 0.33 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan reversed early losses to touch fresh three-month highs, and was last up 0.4 per cent. Oil prices were little changed but set for a slide of about 4 per cent on the week hurt by rising global supply and concerns about future demand.

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Why India lost a major trade dispute with US at World Trade Organization

Fri, 01 Nov 2019 07:22:00 GMT

Upholding a complaint made by the United States, a World Trade Organization (WTO) panel ruled on Thursday that India’s export subsidies were illegal and should be removed. This was a crucial trade dispute, with WTO ordering all export promotion schemes in India to be stopped within the next four months. It also said the Special Economic Zones Scheme should be closed within the next six months. The US Trade Representative's Office said that the panel had agreed that India provided prohibited subsidies worth more than $7 billion a year to Indian exporters of steel products, pharmaceuticals, chemicals, IT products and textiles. Outbound trade fell by 6.57 per cent in September, to a three-month low, with the trade decline plaguing major foreign exchange earners like processed crude oil, and gems and jewellery exporters. Why US has cornered India at the multilateral platform?

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Market Ahead, November 1: All you need to know before the Opening Bell

Fri, 01 Nov 2019 01:54:00 GMT

A host of domestic and global factors would guide the market trajectory today. First, markets could react to the contraction in the core output data by record 5.2 per cent. The data released on Thursday after market hours raised concerns of slow economic growth in the second quarter of this fiscal year too. Furthermore, public sector banks could also react to Sebi's directive stating that all listed lenders will have to make disclosures pertaining to divergences and provisioning within a day of receipt of the RBI’s final risk assessment report. On the macro front, Manufacturing PMI for October, foreign exchange reserves data for week ended October 25, and October GST collection figures are scheduled to be released later today. Besides, sentiment could be dented by the World Trade Organization's verdict against India in a trade dispute with the US. It has ordered to stop all export promotion schemes within the next four months. On Thursday, the S&P BSE Sensex hit a fresh lifetime high of 40,392 in the intra-day deals but settled at 40,129, up 77 points or 0.19 per cent, while the Nifty50 added 37 points or 0.31 per cent to end at 11,881. EARNINGS ALERT Bank of India, Dr Reddy's Lab, JK Lakshmi Cement, and YES Bank are among the 33 companies scheduled to report their Q2 earnings today. Analysts expect the Bank to report a loss up to Rs 1,907.3 crore due to exposure to bankrupt companies like DHFL, McLeod Russel, and Cox & Kings. However, all eyes would be on the Board's decision with regards to the receipt of a binding offer worth $1.2 billion by a global investor. GLOBAL CUES Asian shares fell on Friday on fresh concerns over Sino-US trade prospects. Chinese officials doubt that a comprehensive long-term trade deal with Washington and US President Donald Trump is possible, Bloomberg reported. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.09 per cent, while Japan's Nikkei slid 0.63 per cent in early trade. On Wall Street, the Dow Jones fell 0.52 per cent, the S&P 500 lost 0.30 per cent and the Nasdaq Composite dropped 0.14 per cent during the overnight trade on Thursday.

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Market Wrap, Oct 31: Sensex ends 77 pts up at 40,129, Nifty ends at 11,881

Thu, 31 Oct 2019 11:39:00 GMT

The headlines - >> Market pares gains, Sensex ends 77 pts higher after scaling new peak during the day; >> YES Bank settles 24% higher after it gets $1.2-bn binding offer from global investor; >> IOC September quarter net profit slumps 83% to Rs 563.4 crore; & >> Former RBI Guv Raghuram Rajan responds to FM's comment, says two-thirds of his tenure was under BJP Now, the news in detail - After soaring over 340 points to hit a fresh lifetime high of 40,392 levels in the intra-day deals, the S&P BSE Sensex pared its gains to settle at 40,129, up 77 points or 0.19 per cent on Thursday, the last day of the October series of the futures & options (F&O) contracts. Markets witnessed sharp sell-off in the fag-end of the session after reports surfaced Chinese officials had doubts about whether it was possible to reach a comprehensive long-term trade deal with Washington and US President Donald Trump. YES Bank (up around 24 per cent) emerged as the biggest gainer on the Sensex after the lender said it has received a binding offer of US $1.2 billion from a global investor. On the downside, Tech Mahindra (down over 2 per cent) bled the most. Broader market outperformed the benchmarks. The S&P BSE MidCap index gained over 167 points or 1 per cent to settle at 14,865 while the S&P BSE SmallCap index closed at 13,558., up 127 points or nearly a per cent. On the NSE, the benchmark Nifty50 added 37 points or 0.31 per cent to end at 11,881. Sectorally, PSU banks and media counters advanced the most. The Nifty PSU Bank index gained nearly 4 per cent to end at 2,505 while the Nifty Media gained over 3 per cent to settle at 1,787. Voaltility index India VIX declined around 2 per cent to 16.30 levels. BUZZING STOCKS Shares of Tata Motors hit a five-month high of Rs 180, up 4 per cent on the BSE, zooming 42 per cent in the past four days, after it delivered a better-than-expected September quarter (Q2FY20) earnings show, with improvement in the operational performance at Jaguar Land Rover (JLR), its Britain-based luxury vehicle arm. The stock eventually closed at Rs 178, up 3.40 per cent. JK Tyre & Industries surged as much as 13.87 per cent to Rs 80 apiece on the BSE during the day. The company on Wednesday reported over three-fold jump in the consolidated net profit to Rs 167.70 crore in the September quarter driven by gains from deferred tax liability. At close, shares stood at Rs 75.60, up nearly 8 per cent. Tata Global Beverages ended nearly 9 per cent higher at Rs 317.30 after the company reported a strong set of numbers for the quarter ended September 2019 (Q2FY20). On the contrary, telecom majors Vodafone Idea and Bharti Airtel were under pressure, slipping up to 9 per cent during the day, after rating agencies underlined concerns emerging from the Supreme Court's ruling in the adjusted gross revenue (AGR) case. Vodafone Idea settled at Rs 3.89, up 2 per cent while Bharti Airtel ended at Rs 374, up over 1.50 per cent. In other development, Former RBI Governor Raghuram Rajan, who faced a stinging attack from Finance Minister Nirmala Sitharaman for presiding over the "worst phase" of the Indian banking sector, on Thursday reminded her that two-third of his tenure as the head of the central bank was under the BJP government. Rajan said during his term a clean up of the banking sector that was "clogging" with bad loans had begun and the job remains unfinished. In the global markets, Asian shares jumped to a three-month high and the dollar fell broadly after the Federal Reserve cut interest rates as expected and US Treasury yields declined. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.53 per cent to the highest since July 30. Hong Kong shares rose 0.93 per cent, while Japan’s Nikkei stock index rose 0.43 per cent. The pan-region Euro Stoxx 50 futures were up 0.08 per cent, German DAX futures added 0.1 per cent, while FTSE futures edged down 0.02 per c

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Jio in letter war with COAI over telecom stress

Thu, 31 Oct 2019 06:02:00 GMT

Reliance Jio slammed its peers, Bharti Airtel and Vodafone Idea, and questioned the telecom sector stress in a strongly worded letter to the Cellular Operators Association of India (COAI). This started on October 24, when the Supreme court dismissed a plea moved by the telecom operators, challenging the definition of adjusted gross revenue (AGR). The verdict allows the government to recover Rs 92,000 crore of AGR from the already financially stressed telecom industry that includes many operators who’ve already gone out of business or are under insolvency proceedings. However, the incumbent telcos Bharti Airtel and Vodafone Idea reacted strongly to the judgment. While Bharti believes it would weaken the viability of the telecom sector, Vodafone has said it may consider filing a review application. Shares of Bharti Airtel and Vodafone Idea reflected the verdict’s adverse impact on the telcos during that day, but recovered later. In view of this, the COAI had written to Communications Minister Ravi Shankar Prasad, on Tuesday, October 29, claiming that the Supreme Court (SC) judgment on the adjusted gross revenue (AGR) will lead to a monopoly in the sector and the government’s digitisation programme will suffer. But Jio has a different point of view! To know more listen to this podcast...

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Market Ahead, Oct 31: Top factors you need to know before the Opening Bell

Thu, 31 Oct 2019 02:31:00 GMT

Expiry of October series of Futures and Options (F&O) contracts and corporate results would dominate the investor sentiment on Thursday. Besides, a third interest rate cut by the US Federal Reserve could also lift indices. The Fed on Wednesday cut interest rates by 25 bps to a range between 1.5-1.75 per cent to ensure the US economy weathers a global trade war without slipping into a recession. It, however, signalled at a pause in the rate cut cycle. That apart, telecom stocks could see major movements today after Reliance Jio on Wednesday attacked incumbent operators saying the SC judgment will have no impact on the government’s digitisation programs, as operators were in any case not investing sufficiently. UK's Standard Life on Wednesday divested 4.95 per cent stake in HDFC Life Insurance Company for a little over Rs 5,750 crore through open market transactions. The US-based Capital Group is among the buyers which picked up shares of the insurance firm. Reliance General Insurance, part of Anil Ambani-led Reliance Group, has decided to withdraw its proposed initial share sale offer. The initial public offering (IPO) was slated for fresh issue of shares worth Rs 200 crore, besides an offer of sale of 79,489,821 shares by Reliance Capital. Rating agency CARE has downgraded its rating on Vodafone Idea Ltd’s long-term loans and debentures from “A” to “A-” and also paced the rating under watch with negative implications. The revision in long-term ratings factors in the Supreme Court’s (SC’s) recent ruling that telecom players have to include non-core revenues in their adjusted gross revenue (AGR) to calculate their license fee dues. Based on the court order, the Department of Telecommunications (DoT) can now raise its demand from Vodafone Idea to Rs 28,309 crore. On the macro front, India's infrastructure output print for September will be unveiled later today. On Wednesday, the S&P BSE Sensex added 220 points or 0.55 per cent to end at 40,052. On the NSE, the Nifty50 index ended at 11,844, up 57 points or 0.49 per cent. EARNINGS TODAY Indian Oil Corporation is scheduled to report its Q2 results today along with 40 other companies. GLOBAL CUES Asian shares and US stock futures edged higher on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent. Japan’s Nikkei stock index rose 0.41 per cent, but Australian shares fell 0.24 per cent. On Wall Street, the S&P500 gained 0.33 per cent to close at a record high. The Dow Jones Industrial Average rose 0.43 per cent, while the Nasdaq Composite added 0.33 per cent. In the energy market, oil futures extended declines on Thursday as a massive buildup in US crude stockpiles reinforced concerns about oversupply. Brent Crude was trading at $60.70 per barrel mark in the early trade.

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Market Wrap, Oct 30: Sensex climbs 220 points to end above 40,000-mark

Wed, 30 Oct 2019 11:18:00 GMT

Headlines of the day: >> Bull run continues on Dalal Street as Sensex climbs 220 pts to end above 40,000-mark; >> PSUs gain big, BHEL ends nearly 10% higher while BEML ends over 4% higher >> Piramal Ent seeks shareholders' nod to raise Rs 1,750 crore via CCDs; & >> GST collections for September as of October 29 stands at Rs 93,000 crore, as per TV reports. Bulls continued to dominate Dalal Street on Wednesday amid buying in select blue-chip counters such as SBI, TCS, Infosys, RIL, and ITC. The benchmark S&P BSE Sensex reclaimed the crucial 40,000-level as the investor sentiment remained upbeat amid better-than-expected September quarter results for key companies and reports that dividend distribution tax (DDT) may be scrapped and govt may review LTCG tax structure. The S&P BSE Sensex added 220 points or 0.55 per cent to end at 40,052. SBI emerged as the top gainer and YES Bank the biggest loser. During the day, the index hit a high and low of 40,178.12 and 39,805.11, respectively. In the broader market, the S&P BSE MidCap index ended at 14,697, up 0.65 per cent while the S&P BSE SmallCap index gained 0.36 per cent to settle at 13,431 levels. On the NSE, the Nifty50 index ended at 11,844, up 57 points or 0.49 per cent. Out of 50 components, 28 ended in the green and 22 in the red. Among the sectoral indices on the NSE, state-run banks advanced the most, followed by IT and FMCG counters. The Nifty PSU Bank ended at 2,413.40, up around 4 per cent. On the flip side, realty and media stocks slipped the most in trade. BUZZING STOCKS Shares of BEML surged 10 per cent to hit a fresh 52-week high of Rs 1,108 in the intra-day deals on the BSE on report that the government has started the divestment process of the state-owned commercial vehicles' company. The stock eventually settled at Rs 1,053 apiece, up over 4 per cent. State-owned Bharat Heavy Electricals Ltd (BHEL) zoomed 14 per cent to Rs 61.30 apiece on the BSE after global brokerage firm CLSA upgraded the stock to 'Buy' from 'Sell' owing to the benefits that the company could reap due to government's stake sale. The stock ended at Rs 59 apiece on the BSE, up nearly 10 per cent. Graphite India settled around 3.50 per cent lower at Rs 282.55 on the BSE after the company reported a sharp 83 per cent year-on-year (YoY) decline in the consolidated net profit at Rs 185 crore in September quarter, due to lower realisaton. The graphite electrode manufacturer had profit of Rs 1,113 crore in the year-ago quarter. United Bank settled 20 per cent higher at Rs 8.90 apiece after the lender posted profit of Rs 124 crore against loss of Rs 883.2 crore in the year-ago period. A quick look at the global markets: A rally in global shares stalled on Wednesday, with Asian shares slipping from three-month highs, as the prospect of a rate cut by the Federal Reserve was countered by worries a Sino-US first-stage trade deal could be delayed. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.33 per cent from Tuesday's three-month high while Japan's Nikkei lost 0.57 per cent after hitting a one-year high the previous day. China's CSI300 of Shanghai and Shenzhen shares fell 0.49 per cent. In commodities, oil prices slipped.

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A look at proposed changes in tax laws that could boost the stock market

Wed, 30 Oct 2019 07:55:00 GMT

The stock markets are likely to receive a shot in the arm, as the Prime Minister's Office and the Finance Ministry are planning to scrap dividend distribution tax and review the existing tax slabs and holding period for long-term and short-term capital gains. Issues related to securities transaction tax wil also be examined. The government and regulators have had a few rounds of discussion on the tax laws related to the equity markets in the past few days, official sources said. The Government believes DDT is a hindrance to the inflow of foreign investment in the country. The abolition of the DDT is one of the long-pending demands of market players, as it leads to double taxation. In a bid to ease tax compliance for investors infusing money in various asset classes, the government is reworking and rationalising the LTCG tax structure. Also, there was some buzz around lowering personal income tax. Listen to the Podcast to know more

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Market Ahead, October 30: All you need to know before the Opening Bell

Wed, 30 Oct 2019 01:53:00 GMT

Corporate results, expiry of October series of Futures and Options contracts due Thursday, and global cues would be the key factors determining the market trajectory today. Markets would watch out for the United States' Federal Reserve's interest rate decision slated to be declared later today. Investors are pricing in a 25 bps rate cut even as they await the Fed's comments on the economic outlook. Besides, the British government's decision to call for snap elections on December 12 to break the Brexit deadlock could affect sentiment. A bonanza is in the offing for the stock markets as the Prime Minister's Office (PMO) and the Finance Ministry are working on measures which may include dividend distribution tax (DDT) to be scrapped and a review of existing slabs and holding period of long term capital gains (LTCG), short term capital gains (STCG) and securities transaction tax (STT). Officials of Department of Economic Affairs (DEA) and Revenue Department in the Finance Ministry have held meetings in this regard with the Prime Minister's Office (PMO). Yesterday, the benchmark indices gained the most in three weeks on Tuesday as investors lapped up shares of blue chip companies amid reports that the government was planning to abolish the dividend distribution tax (DDT) The S&P BSE Sensex added 582 points or 1.48 per cent to end the session at 39,832 levels. On the NSE, the benchmark Nifty50 index settled at 11,786.85, up 160 points or 1.37 per cent. The Reserve Bank of India (RBI) has imposed a fine of Rs 1 crore on Bandhan Bank for not bringing down the promoters’ stake in the bank to 40 per cent in the stipulated time period. India will invest $100 billion in oil and gas infrastructure to meet energy needs of an economy that is being targeted to nearly double in five years, Prime Minister Narendra Modi said on Tuesday as he sought investment from oil kingpin Saudi Arabia and other nations to boost supplies. The rupee closed with a marginal rise of 6 paise at 70.84 against the US dollar as foreign fund inflows and lower crude oil prices rendered some support. Today's Nifty levels Benchmark indices hit a four-month high in the intra-day trade on Tuesday and formed a large bullish candle on daily charts. According to the pivot charts, the key support level for the Nifty is placed at 11,627, followed by 11,700 Intra-day trade recommendation: Religare Broking suggests BUYING HDFC at the current price. The target price is set as Rs 2,190 with a stop loss placed at Rs 2,070 EARNINGS ALERT Today, a total of 61 companies, including Concor, Tata Global Beverages, and Tata Chemical, are scheduled to announce their September quarter results. GLOBAL CUES On the global front, Asian markets were stuck in tight ranges early on Wednesday, as the prospect of a rate cut by the Federal Reserve was countered by worries that Sino-US first-stage trade deal could be delayed. The sentiment was dented after a US administration official said an interim trade agreement between Washington and Beijing might not be completed in time for signing in Chile next month as expected. -- Trends on SGX Nifty, the Singaporean exchange for Nifty Futures, suggest a positive start for the domestic indices. At 7:10 am, the index was trading 17 points higher at 11,823 level. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.16 per cent, while Japan's Nikkei slid 0.07 per cent. On Wall Street, the Dow Jones settled 0.07 per cent lower, the S&P500 slipped 0.08 per cent, and the Nasdaq Composite closed 0.59 per cent lower.

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Market Wrap,October 29: Sensex adds 582 pts, Nifty50 ends at 11,787

Tue, 29 Oct 2019 11:30:00 GMT

Solid buying in counters such as auto, banks, and metals helped benchmark indices settle with around 1.50 per cent gains on Tuesday. Investor sentiment got a major boost on better-than-expected September quarter results of companies such as Tata Motors, ITC, and State Bank of India (SBI). That apart, news reports that the government may scrap dividend distribution tax (DDT) also cheered market participants. Besides, optimism around US-China trade deal, too, aided the bulls. The S&P BSE Sensex added 582 points or 1.48 per cent to end the session at 39,832 levels, with Tata Motors (up over 16 per cent) being the top gainer and Bharti Airtel (down over 3 per cent) the biggest loser. The index reclaimed the crucial 39,800 level for the first time since July 5. Market breadth was in favour of advances as out of 2,677 companies traded on the BSE, 1,439 advanced and 1,027 declined while 211 remained unchanged. On the NSE, the benchmark Nifty50 index settled at 11,786.85, up 160 points or 1.37 per cent. Both the frontline indices rose to over four-month high. Volatility index India VIX jumped nearly 5 per cent to 16.35 levels. On the sectoral front, barring media stocks, all the indices on the NSE ended in the green. Nifty Auto index gained the most - up 4.29 per cent to 8,450. In the broader market, the S&P BSE MidCap gained 161 points or over 1 per cent to end at 14,603 while the S&P BSE SmallCap ended at 13,384, up 73 points or 0.55 per cent. BUZZING STOCKS Among individual stocks, HUL, ICICI Bank, and Reliance Industries (RIL) hit record highs during the session. Shares of Tata Motors jumped nearly 17 per cent to Rs 172.55 on the BSE on better-than-expected Q2 results. The auto major had settled over 16 per cent higher during the one-hour Muhurat Trading session on Sunday, that marked the beginning of new Samvat year - 2076. In the two trading sessions, the stock has jumped over 30 per cent. Shares of Bharti Airtel slipped up to 4 per cent in the opening deals on Tuesday after the company deferred its September quarter results till November 14 saying it needed more clarity on adjusted gross revenue (AGR) matter. The company was slated to release its financial results today. The stock settled at Rs 360, down nearly 3.50 per cent. Metal stocks such as Tata Steel, Jindal Steel, SAIL and JSW Steel advanced up to 9.5 per cent on the NSE on reports government could allow integrated steel producers to divert a portion of iron ore from their captive mines for use by other joint venture entities. That apart, optimism around US-China trade deal also boosted investor sentiment. GLOBAL MARKETS Asian shares crept to a three-month peak on Tuesday after Wall Street hit all-time highs amid hopes of progress in Sino-US trade talks and for another dose of policy stimulus from the Federal Reserve this week. MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.2 per cent and touched its highest since late July. In commodities, oil prices edged lower ahead of US stockpile numbers.

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After Jio's 4G and optical fibre, RIL to build $24 bn e-commerce giant

Tue, 29 Oct 2019 07:51:00 GMT

After Jio’s 4G network and optical fibre-based broadband connection with a speed of up to 1 Gigabit per second, Mukesh Ambani, chairman of Reliance Industries Limited (RIL), is now planning to disrupt the country’s e-commerce industry with a $24 billion digital-services behemoth. The Reliance Industries board approved a proposal to plow 1.08 trillion rupees ($15 billion) into the fully-owned subsidiary, which will, in turn, invest that amount in Reliance Jio Infocomm Ltd, the conglomerate’s telecommunications venture. A series of capital transfers would make Jio, which already has capital of 650 billion rupees, almost debt free by March 2020, the parent said on October 25. The move by Asia’s richest man is the latest sign of the Reliance group's focus on data and digital services for future growth, as it builds an online platform to take on the likes of Amazon.com and Walmart Inc’s Flipkart Online Services in India. Ambani told shareholders in August that the new businesses, including retail, are likely to contribute to half of Reliance’s earnings in a few years, from about 32 per cent now. With the new holding firm, Ambani is also readying the businesses for an initial public offering, which he has vowed to complete within five years. Ambani has also been stitching together a network of partners through acquisitions and stake purchases to build a backbone for his e-commerce plans. In the Indian e-commerce space, Flipkart India's net loss has widened by around 86 per cent, year-on-year. However, its total income rose by about 43 per cent, including the consolidated income of Flipkart Internet Private Limited, which was up 57 per cent and has reported lower losses. To know more, listen to this podcast...

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Market Ahead, October 29: All you need to know before the Opening Bell

Tue, 29 Oct 2019 03:24:00 GMT

September quarter earnings and progress in US-China trade negotiations would be the key factors driving markets on Tuesday. Besides, the Federal Reserve's two-day monetary policy meeting, that begins today, would be on investors' radar amid expectations of a third consecutive interest rate cut of 25 basis points. US President Donald Trump said on Monday he expected to sign a significant part of the trade deal with China ahead of schedule. Additionally, the US trade representative also said they were studying whether to extend tariff suspensions on $34 billion of Chinese goods. READ MORE Gains could, however, be capped by the EU's decision to postpone Brexit up to January 31. READ MORE That apart, movement of rupee against the US dollar, crude oil prices, inflows from FPIs and DIIs will also be closely watched. On Sunday, markets opened for a special one-hour Muhurat Trading session to mark the beginning of Samvat 2076. The benchmark S&P BSE Sensex closed 192 points, or 0.49 per cent higher, at 39,250 levels. On NSE, the broader Nifty50 index closed 43 points or 0.37 per cent, higher at 11,627-mark. EARNINGS TODAY About 18 companies are scheduled to announce their Q2FY20 results today. GLOBAL CUES Asian shares scaled a three-month high on Tuesday after Wall Street hit all-time peaks amid hopes of progress in Sino-U.S. trade talks and for another dose of policy stimulus from the Federal Reserve this week. Japan's Nikkei led the way with a rise of 0.6 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan crept up 0.2 per cent. On Wall Street, the S&P 500 gained 0.56 per cent to score a record closing peak, while the Dow rose 0.49 per cent and the Nasdaq inched up 1.01 per cent during the overnight trade on Monday.

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How govt's new rules on drug retailing will make your life safer and better

Mon, 28 Oct 2019 07:22:00 GMT

The government plans to soon make commonly used drugs available at local retail outlets, with their labelling containing important information — preferred dosage and side effects — in local languages. A new schedule is likely to be created under the Drugs and Cosmetics Act for OTC (over-the-counter) formulations so that these commonly-used medicines, which are not ‘prescription only’ and are relatively safe to use, can be governed. Making essential drugs easily available is important in a country like India, which has less than one doctor per 1,000 people. Also, nearly 74 per cent of the doctors in the country cater to a third of the urban population. The government also plans to bring all medical devices under the purvew of the Central Drugs Standard Control Organisation (CDSCO), in order to improve their quality and make them safer as well. Health ministry has issued a draft notification to define all medical devices, under the Drugs and Cosmetics Act. Listen to the podcast to know more

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Market Wrap, Oct 25: Sensex closes at 39,058, gains 12% in Samvat 2075

Fri, 25 Oct 2019 11:50:00 GMT

Headlines of the day: >> Market ends on a flat note, Sensex gains 11.6% in Samvat 2075; >> SBI Q2 profit jumps 3-fold to Rs 3,012 crore; stock jumps 7%; >> ICICI Bank hits new high, m-cap surpasses 3 trn-mark; & >> Piramal Enterprises to raise Rs 5,400 cr via rights, preferential allotment Now, the news in detail - Benchmark indices ended little changed on Friday; however banking stocks had a field day with the State Bank of India (SBI) jumping over 7 per cent (Rs 282) on 3-fold jump in its net profit at Rs 3,012 crore for the September quarter. YES Bank, too, rallied around 8 per cent to Rs 52 apiece on the BSE. The S&P BSE Sensex added 38 points or 0.10 per cent to end the Samvat 2075 at 39,058 levels. The NSE's Nifty50 index ended at 11,584, up just 1 point or 0.01 per cent. In the broader market, the S&P BSE MidCap index ended at 14,342, up around 3 points or 0.02 per cent while the S&P BSE SmallCap index lost 51 points or 0.39 per cent to close at 13,153. Among other buzzing stocks, ICICI Bank hit a new high of Rs 470.70 apiece on the BSE during the session with the market capitalisation (m-cap) surpassing Rs 3 trillion-mark. On the other hand, Piramal Enterprises tanked 17 in the afternoon deals on the BSE after the company announced capital-raising plan. The stock eventually settled at Rs 1,590 apiece, down around 8 per cent. Volatiity index India VIX slipped around 6 per cent to 15.30 levels. Among the sectoral indices on the NSE, PSU bank stocks advanced the most, followed by IT counters. The Nifty PSU Bank index gained 3.38 per cent to end at 2,300 levels. Nifty Bank rallied 1 per cent to 29,396-mark. How markets fared in Samvat 2075: Benchmark Sensex has logged 11 per cent gain in Samvat 2075. The Midcap and Smallcap indices, however, fell 7 per cent and 10 per cent respectively. The year saw sharp volatility with benchmark indices scaling new highs post the re-election of the Modi government. During Samvat 2075, the S&P BSE Sensex and the Nifty50 indices crossed the 40,000 and 12,000 levels respectively for the first time ever. However, economic slowdown, corporate defaults and stress in the financial sector saw the indices plunge. In the global markets, geopolitical tensions, muted economic data and mixed earnings stymied global stocks and weighed on crude oil prices on Friday with sterling hovering just above one week lows amid a new bout of Brexit anxiety. European stock markets opened broadly softer and the US futures pointed to a flat open on Wall Street. In Asia, Japan's Nikkei finished up 0.2 per cent and Chinese blue-chips gained 0.6 per cent while Hong Kong's Hang Seng fell 0.28 per cent. In commodities, oil prices fell on the day but were on track for strong weekly gains.

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SC rules out AGR definition change: What does it mean for telecom firms?

Fri, 25 Oct 2019 08:31:00 GMT

The 14-year-old case had mobile operators locked in a legal battle with the government over the definition of AGR, or adjusted gross revenue. While the telecom providers insisted that AGR only included revenue from core operations, Department of Telecom (DoT) maintained that AGR also included revenue from operations, other than core ones. AGR assumes significance because it is the basis on which the DoT calculates levies payable by operators. The Supreme Court on Thursday rejected definition of AGR given by the telecom firms. A three-judge bench headed by Justice Arun Mishra said the telecom service providers would have to pay now fines and penalties on the fees not paid. The apex court allowed the Centre to recover over Rs 92,000 crore from the already financially-stressed telecom industry. Banks are bracing for additional stress on their exposure to telecom service providers following the Supreme Court’s ruling. What does it mean for the incumbent telecom service providers? Listen to the podcast to find out

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Market Ahead, October 25: All you need to know before the Opening Bell

Fri, 25 Oct 2019 01:51:00 GMT

Corporate results, state assembly poll results, global cues, and stock-specific action will be the top factors giving direction to the equity markets today. The results of the Assembly polls in Haryana and Maharashtra that belied expectations of a Bharatiya Janata Party (BJP) sweep may impact investor sentiment. On Thursday, ITC beat Street estimates to post a 37 per cent rise in net profit to Rs 4,175 crore for the September quarter, primarily via the government’s tax benefit measures.Meanwhile, IndiGo's parent InterGlobe Aviation posted a net loss of Rs 1,062 crore for Q2FY20 as higher costs and mark-to-market losses took a toll on the bottom line. Market participants will react to both these results today. A total of 54 companies, including State Bank of India, Tata Motors, and Marico, are scheduled to announce their September quarter results today. SBI is expected to post a decent set of numbers with gains from the stake sale in SBI Life to compensate for any negative earnings’ impact due to mark-down of deferred tax asset. Yesterday, domestic indices ended flat. The S&P BSE Sensex lost 0.1 per cent, while the broader Nifty50 index settled 0.2 per cent lower. Today's Nifty levels According to analysts, Nifty has provided a buy crossover on the daily charts, hence wave 5 up is expected, so traders should buy for the target of 11,700 with a stop loss of 11,540. On the global front, British Prime Minister Boris Johnson conceded on Thursday for the first time that he would not meet his “do or die” deadline to leave the European Union next week. Despite this, Wall Street rose on Thursday. The Dow Jones Industrial Average fell 0.1 per cent, the S&P 500 gained 0.2 per cent, and the Nasdaq Composite added 0.8 per cent. Asian shares inched up on Friday in early trade. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.13 per cent higher. Australian shares added 0.66 per cent and Japan's Nikkei ticked up 0.15 per cent. The SGX Nifty, though, suggested a negative start to the day for domestic indices. In commodity, oil prices were lower with global benchmark Brent crude dipping 0.31 per cent to $61.48 per barrel.

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Market Wrap, Oct 24: Sensex ends 38 points lower; Nifty settles at 11,583

Thu, 24 Oct 2019 11:55:00 GMT

Headlines of the day: >> Blow to Bharti Airtel, Vodafone Idea as SC rejects appeal against AGR definition >> Sensex ends flat with negative bias, ends 38 pts lower; Nifty settles at 11,583 >> Bharti Airtel shares make a strong comeback, ends 3% higher after plunging 10% in the intra-day deals >> Maruti Suzuki Q2 profit dips 39% YoY to Rs 1,359 crore Benchmark indices ended flat with negative bias on Thursday amid selling in financial, IT and auto counters. Although, the session did witness some stellar stock-specific performances, the broader market remained weak. That apart, telecom companies came under heavy pressure during the day after the Supreme Court (SC) rejected their appeal against the Union government’s definition of Adjusted Gross Revenue (AGR). Although, Bharti Airtel made a smart comeback after slipping 10 per cent in the intra-day deals, Vodafone Idea plummeted over 23 per cent to Rs 4.33 apiece on the BSE. The S&P BSE Sensex lost 38 points or 0.10 per cent to end at 39,020, with Bharti Airtel (up over 3 per cent) being the top gainer and YES Bank (down nearly 6 per cent) the biggest loser. In the broader market, the S&P BSE MidCap index lost 57 points or 0.39 per cent to settle at 14,339 levels and the S&P BSE SmallCap index closed at 13,204, down 19 points or 0.14 per cent. Market breadth was in favour of declines as out of 2,619 companies traded on the BSE, 1,382 declined and 1,074 advanced while 163 remained unchanged. On the NSE, the broader Nifty50 index settled at 11,582, down 22 points or 0.19 per cent. Among the sectoral indices, all but realty stocks ended in the red. Nifty Realty gained nearly 1 per cent to end at 263.90 levels. PSU Bank stocks slipped the most, followed by private banks. The Nifty PSU Bank lost 3.45 per cent to close at 2,228.35. Stocks that made news today: Reliance Industries hit a new high of Rs 1,441 apiece on the BSE. At close, the stock stood at Rs 1,436, up over 3 per cent. Other heavyweights such as HCL Technologies (HCL Tech) and Asian Paints, too, gained in the trade. HCL Tech ended at Rs 1,119 on the BSE, up over 2 per cent, Asian Paints rose over 1 per cent to 1,791 on the BSE. Among others, shares of state-owned Mahanagar Telephone Nigam Limited (MTNL) advanced 5 per cent to Rs 6.19 apiece on the BSE after the Cabinet on Wednesday approved a Rs 70,000 crore relief package for the company and for Bharat Sanchar Nigam Ltd (BSNL). While approving the package for the two financially stressed entities, the Union Cabinet also drew up a timeline to merge them. IT major Infosys slipped over 2% to Rs 635.40 on the BSE after it said the US Securities and Exchange Commission (SEC) has launched a probe into whistleblower claims that the Indian software services firm used 'unethical practices' to boost revenue and profit.

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Stocks or SIPs, which is better in today's uncertain times?

Thu, 24 Oct 2019 08:25:00 GMT

If you are an investor or plan to become one, you might also be faced with the same question that everyone seems to be asking these days — where and how to invest? The news tells us that the economy is not doing very well, and the stock market has been behaving in a rather unpredictable manner. What is a safe way to invest? Should you invest directly in stocks or take the systematic investment plan (SIP) route? Business Standard Senior Associate Editor Joydeep Ghosh shares his insights on the most lucrative way to invest, particularly in today’s uncertain times.

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Podcast: Cabinet's Diwali bonanza for PSU telcos, fuel retailers, others

Thu, 24 Oct 2019 05:52:00 GMT

The Cabinet announced a major Diwali bonanza after market hours on Wednesday by approving a revival plan of BSNL and MTNL, easing fuel retail norms, regularising unauthorised colonies in Delhi and raising the minimum support price for rabi crops. It cleared the air on the fate of the two financially-stressed state-owned telecom companies, Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL), by approved a package of nearly Rs 70,000 crore, and drawing up a timeline for their merger. As part of the relief package, Rs 37,500 crore worth of the telco’s real estate assets will be monetised to retire debt, upgrade networks and offer a voluntary retirement scheme (VRS) aimed at reducing the companies’ employee strength by half. Some analysts believe the decision might not meaningfully revive both companies, but it will create some competition for private players and help contain operational costs. In another important decision for fuel-marketing companies, the Cabinet paved the way for new players in the sector. It scrapped the rule that mandated a company to commit at least Rs 2,000-crore investment in the petroleum sector. So, now, newer players like Total, Adani, and Saudi Aramco and even some super markets can open outlets for selling automobile fuel. To know more, listen to this podcast...

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Market Ahead, Oct 24: Top factors you need to know before the Opening Bell

Thu, 24 Oct 2019 01:55:00 GMT

Investors will today watch out for state assembly poll results, corporate results, and global cues for overall market sentiment. All exit poll data has predicted a return of Bharatiya Janata Party-led governments in Maharashtra and Haryana which may be seen positively by market participants. Counting of votes begins at 8 AM and you can follow it live on our website. Moreover, investors will continue to track India Inc's results. Yesterday, Engineering conglomerate Larsen & Toubro (L&T) reported a 14 per cent rise in its Ebitda for the September quarter at Rs 4,020 crore, on the back of better operational performance. In another major result, HCL Technologies reported a 4.4 per cent annual rise in net income in Q2 at Rs 2,651 crore. Investors will react to these results today. Today, a total of 87 companies, including Maruti Suzuki India, IndiGo, ITC, and PNB Housing Finance, are scheduled to announce their September quarter results. Analysts expect IndiGo to report robust growth in EBITDAR and revenue numbers for the recently concluded quarter, but see margins taking hit due to depreciating rupee. Besides, shares of oil marketing companies would be in focus today after Cabinet, on Wednesday, approved opening up fuel retailing norms to non-oil companies. Yesterday, domestic indices ended a lacklustre trade in the green. The benchmark S&P BSE Sensex settled 0.24 per cent higher at 39,059 level. On NSE, the broader Nifty50 index closed at 11,604-mark, up 0.14 per cent. Today's Nifty levels. Brokerages recommend traders to continue keeping a positive bias towards the market with 11,500 and 11,600 as major support levels while 11,700 will act as a stiff resistance. However, if somehow Nifty breaches the level of 11,700, it will lead to short covering move up to 11,850 levels. Therefore, traders should keep a positive bias and should buy at every dip keeping a close eye on 11,500. On the global front, EU member states on Wednesday delayed a decision on whether to grant Britain a three-month Brexit extension. Prime Minister Boris Johnson said if the deadline is deferred to the end of January, he would call an election. Despite this, US stocks edged higher. The Dow Jones Industrial Average rose 0.17 per cent, the S&P 500 gained 0.28 per cent, and the Nasdaq Composite added 0.2 per cent. Asian shares pulled ahead early on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent with Japan's Nikkei up 0.5 per cent at a one-year high. Australian shares climbed 0.5 per cent while South Korea's KOSPI inched 0.4 per cent higher. SGX Nifty is also indicating a positive start for the domestic indices. In commodity markets, Brent oil slipped 28 cents to $60.89.

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Market Wrap, Oct 23: Sensex up 95 pts, Nifty at 11,604; RBL Bank tanks 20%

Wed, 23 Oct 2019 10:56:00 GMT

Domestic indices ended Wednesday's lacklustre trade in the green supported by buying in select index heavyweights like HDFC, Maruti Suzuki, and ICICI Bank. The benchmark S&P BSE Sensex settled 95 points, or 0.24 per cent, higher at 39,059 level. 10 of the 30 shares listed on the index ended the day in the red. HCL Tech, up 4 per cent, settled the day as the top gainer, while Bharti Airtel, down 3.5 per cent, closed as the biggest laggard. The index touched an intra-day high and low of 39,196.67 and 38,866.08, respectively. On NSE, the broader Nifty50 index closed at 11,604-mark, up 16 points or 0.14 per cent. In the broader market, the S&P BSE mid-cap index settled 12 points, or 0.08 per cent, lower at 14,395 level. The S&P BSE small-cap index, on the other hand, closed 33 points, or 0.25 per cent, higher at 13,223 level. Sectorally, Nifty Auto and PSU Bank indices ended the day as top gainers, up between 1.3 to 1.8 per cent. On the downside, Nifty Media index slipped the most, down 1.3 per cent. Meanwhile, S&P Global Ratings said Wednesday that the risks of contagion are rising in the Indian financial sector and any failure of a large shadow lender could lead to a “solvency shock” to banks. India’s shadow lenders get a substantial part of their funding from banks, and the weaker ones have seen a sharp rise in their borrowing costs and a big drop in their equity values, the ratings firm said in a report. That could have knock on effects on India’s banks, especially if they are perceived to have governance issues. BUZZING STOCKS Shares of RBL Bank tanked 20 per cent to Rs 231, its fresh life-time, low on the BSE on Wednesday after the private sector bank posted its worst quarterly show for the July-September quarter (Q2FY20) since listing on August 31, 2016. The stock, which eventually settled 9.6 per cent lowe,r had reported a net profit at Rs 54 crore, down 74% YoY due to higher provisioning. Infosys slipped 4 per cent to Rs 615, but recovered later, on the BSE on Wednesday as sentiment continued to remain subdued due to window-dressing allegations by whistleblower groups. SBI Life Insurance Company today entered the coveted Rs 1 trillion market capitalisation (market-cap) club after its share price hit a fresh all-time high on the National Stock Exchange (NSE). The stock of the life insurance company hit a new high of Rs 1,012 on Wednesday in the intra-day deal.

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Whistle-blower complaint: Who got worst hit by the Infosys stock's freefall

Wed, 23 Oct 2019 07:43:00 GMT

Infosys dragged the benchmark indices lower following an anonymous whistle-blower complaint alleging that the company threw out the rule book to shore up profits and hide the company's true financial picture. Shares of Infosys shed over 16 per cent to Rs 643 apiece on the Bombay Stock Exchange on Tuesday. The stock contributed a staggering 451 points to the Sensex's fall, and eroded more than Rs 53,000 crore in investors' wealth. Market players said the Infosys episode would weigh on performance of its stock in the coming days. Listen to the podcast to know who took the biggest hit from the Infosys stock's freefall

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Market Ahead, October 23: All you need to know before the Opening Bell

Wed, 23 Oct 2019 02:41:00 GMT

The trend in the domestic equity market will today be dictated by corporate earnings, global cues, and stock-specific action. Private sector lender Axis Bank on Tuesday reported a 109 per cent rise in its profit before tax (PBT) for the September quarter. But the bank suffered a net loss of Rs 112 crore for the quarter due to a Rs 2,138-crore one-off deferred tax asset (DTA) which it decided to fully adjust the impact in this quarter itself. Kotak Mahindra Bank and RBL Bank also announced their results yesterday. Investors will react to all these results today. A total of 78 companies, including Torrent Pharma, Havells, HCL Tech, Larsen & Toubro, JSW Steel, Bajaj Auto, Biocon, are scheduled to announce their September quarter results today. Apart from these, market participants will continue to track oil price movement, rupee's trajectory against the US dollar and foreign fund flow. In Tuesday's session, Infosys dragged the benchmark indices lower following an anonymous whistle-blower complaint, which alleged that the company used irregular practices to shore up profits. The Sensex declined 0.9 per cent, to end at 38,964, while the Nifty slipped 0.6 per cent, to end at 11,588. Globally, U.S. stocks ended lower on Tuesday after British lawmakers rejected the government’s proposed timetable for passing legislation to ratify its deal to exit the European Union. The defeat in parliament made it unlikely that Britain would finalize its exit by Prime Minister Boris Johnson’s October 31 target. Johnson said it was up to the EU to decide whether it wanted to delay Brexit and for how long. The Dow Jones Industrial Average fell 0.15 per cent, the S&P 500 lost 0.36 per cent, and the Nasdaq Composite dropped 0.72 per cent. Asian shares also dipped in Wednesday's early trade. Japan’s Nikkei dipped 0.3 per cent and MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.17 per cent. As for SGX Nifty, it's indicating a flat to positive start for the domestic indices. At 7:15, the SGX Nifty was trading 8 points higher at 11,625. In commodities, oil prices rose on Tuesday after China signaled progress in trade talks with the United States. Brent crude oil settled up 74 cents, or 1.3 per cent at $59.70 a barrel.

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Market Wrap, Oct 22: Sensex loses 335 pts, Nifty slips below 11,600

Tue, 22 Oct 2019 11:28:00 GMT

Headlines of the day: >> Infosys sees biggest 1-day fall in over 6 yrs; stock tumbles over 16% as whistleblowers accuse of unethical practices; >> Sensex loses 335 pts, Nifty slips below 11,600; >> MCX the first bourse to offer one gram gold futures with delivery option; & >> Axis Bank reports loss in Q2, hurt by one-time tax charge The news in detail: Panic selling in IT services major Infosys along with profit-booking in recent outperformers sent the benchmark indices nearly a per cent lower on Tuesday. Shares of Infosys came under heavy pressure after the revelation that a group describing itself as ‘whistle-blower staffers’ had accused the management of hiding the true financial picture. The stock recorded its sharpest intra-day fall in more than six years. Earlier on April 12, 2013 it fell 22 per cent in the intra-day trade. The stock contributed 451 points to the benchmark S&P BSE Sensex's fall. The S&P BSE Sensex lost 335 points or 0.85 per cent to settle at 38,964, with ICICI Bank (up over 3 per cent) being the top gainer and Infosys (down over 16 per cent) the biggest loser. Out of 30 components, 15 ended in the red and rest 15 in the green. During the day, the index hit a high and low of 39,426 and 38,925, respectively. While Infosys, Bajaj Finance, and Bharti Airtel contributed the most to the index's fall, counters such as ICICI Bank, HDFC Bank, and HDFC supported the bulls. In the broader market, both the mid and small-caps indices pared morning gains; however, they fared better than the headline indices. The S&P BSE MidCap index ended at 14,407, down 13 points or 0.09 per cent. The S&P BSE SmallCap index gained around 64 points or half a per cent to settle at 13,190 levels. On the NSE, the broader Nifty50 index settled at 11,590, down 72 points or 0.62 per cent. Volatility index India VIX added around 5 per cent to 16.67 levels. On the sectoral front, IT stocks bled the most, followed by media, metal, and auto counters. Pharma stocks gained the most with the Nifty Pharma index rising around 2 per cent to 7,758 levels. Nifty Financial Services index advanced over 1 per cent to 13,352 levels. India’s weightage in the MSCI EM index is set to rise thanks to the possibility of addition of as much as three domestic stocks in the index. In a note on Tuesday, Morgan Stanley said SBI Life Insurance, ICICI Prudential Life and Siemens India are key inclusion candidates in the upcoming review. Also, the weightage of ICICI Bank is set to increase as the legroom for foreign portfolio investor (FPI) investment in the stock has gone up. All these changes get implemented, India’s weight in MSCI EM could rise by 37 basis points (bps) from the current level of 8.89 per cent, says Morgan Stanley. Also, passive inflows of more than $1.5 billion could come into India on account of these changes. MSCI EM is tracked by funds with assets of over $400 billion. The buzzing stocks of the day: Shares of Granules India surged 18 per cent to Rs 119.70 on the BSE on Tuesday after the company's net profit jumped 59 per cent year on year (YoY) to Rs 96 crore in September quarter (Q2FY20) on the back of strong operational performance. At close, the stock settled at Rs 114, up over 12 per cent. Shares of DLF traded higher for the seventh straight day on the BSE on the back of heavy volumes. The stock ended at Rs 178 apiece, up 5.60 per cent. Shares of HDFC Asset Management Company (AMC), HDFC Life Insurance, ICICI Lombard General Insurance Company and SBI Life Insurance Company were among 22 stocks from the S&P BSE 500 index hitting their respective all-time highs on the BSE on Tuesday.

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Podcast: Why RBI wants a risk-based insurance cover model for banks

Tue, 22 Oct 2019 05:56:00 GMT

Concerns over banks’ deposit insurance cover have increased lately, especially in view of the recent crisis at the Punjab and Maharashtra Co-operative Bank, or PMC. Now the question is how the Reserve Bank will build a better cushion for bank customers and also meet the increasing demand for capital. For one, the RBI has decided that deposit insurance cover needs to be raised. It has told its subsidiary, the Deposit Insurance and Credit Guarantee Corporation, to create a risk-based system for collecting premiums from banks to cover the deposit insurance of customers. To know more, listen to this podcast...

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Market Ahead, October 22: All you need to know before the Opening Bell

Tue, 22 Oct 2019 01:57:00 GMT

A host of factors, including corporate earnings, global cues, and stock-specific action will dictate the market trajectory today. Infosys will be the stock to watch out for. The IT major saw its American Depositary Receipts (ADRs) on the New York Stock Exchange sink by 16 per cent, after the revelation that a group describing itself as ‘whistle-blower staffers’ had accused the management of hiding the true financial picture. A similar fate may be waiting for the stock in domestic markets today. Markets resume trading today after an extended weekend and investors will react to and corporate results announced in the interim. This includes Reliance Industries which reported a 14.1 per cent rise in its consolidated profit before tax at Rs 15,055 crore for the September quarter of 2019-20, following a robust growth in the retail and digital service businesses. In another major result, private sector lender HDFC Bank reported a 17.47 per cent rise in its profit before tax for the quarter, riding on healthy loan book growth and other income. Net profit (after tax) rose about 27 per cent to Rs 6,345 crore, meeting analysts’ expectations. A total of 74 companies, including Asian Paints, Axis Bank, and Bajaj Finance, are scheduled to announce their September quarter results today. Another factor that may do investor sentiment some good is the exit polls for the recently-concluded Maharashtra and Haryana assembly polls that predicted a return of Bharatiya Janata Party-led governments in both the states. And although the votes will be counted on Thursday, the prospect of the same government continuing in both parties may be seen favourably by investors. Globally, U.S. President Donald Trump praised efforts to end the U.S.-China dispute, while White House adviser Larry Kudlow said tariffs scheduled for December could be withdrawn if talks go well. In Britain, the parliament’s speaker refused to allow a vote on Boris Johnson’s divorce deal with the European Union, suggesting the British prime minister faces further problems in Brexit ratification. Trends on SGX Nifty suggest a negative start to the domestic markets today. At 7:20 AM, the SGX Nifty was trading 55 points lower at 11,643 levels. Wall Street edged ahead on Tuesday amid cheery chatter about the chance of a Sino-U.S. trade deal. The Dow Jones Industrial Average rose 0.2 per cent, the S&P 500 gained 0.7 per cent, and the Nasdaq Composite added 0.9 per cent. Asian share markets also climbed. MSCI’s broadest index of Asia-Pacific shares outside Japan added a slight 0.13 per cent. Japan's Nikkei were trading flat at 22,700 while South Korean stocks rose 0.4 per cent In commodities, oil prices were near flat with Brent crude futures inching up 7 cents to $59.03.

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Podcast: What makes Mumbai airport so attractive for Adani group?

Mon, 21 Oct 2019 07:29:00 GMT

Gujarat-headquartered coal trader and mine developer Adani Enterprises is planning a major investment in airports, defence, and datacentre businesses. It is readying an investment of Rs 18,000 crore in its airports business through subsidiary Adani Airports Ltd. This includes Rs 10,000 crore in acquiring a large stake in Mumbai International Airport by 2026. The remainder Rs 8,000 crore is to be spent on developing Ahmedabad, Jaipur, Lucknow, Thiruvananthapuram, and Mangaluru airports. The Adani group and GVK are locked in a tussle for control of a 13.5 per cent stake in the company that operates the Mumbai airport. Listen to the podcast to know more about the Mumbai airport battle

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Market Wrap, Oct 18: Sensex up 246 pts; RIL hits Rs 9 trillion market cap

Fri, 18 Oct 2019 12:34:00 GMT

Extending their gaining streak into the sixth straight session, benchmark indices ended with over half a per cent gains on Friday even as global peers tumbled after China's GDP growth slipped to a 27-year low of 6 per cent. Industry heavyweights Reliance Industries (RIL), HDFC Bank, TCS, and Larsen & Toubro (L&T) helped benchmark S&P BSE Sensex settle at 39,298 levels, up 246 points or 0.63 per cent. YES Bank (up over 8 per cent) emerged as the top gainer on the index while Tata Motors (down 1 per cent) the biggest loser. In the broader market, both mid and small-caps outperformed the headline indices. The S&P BSE MidCap index added 253 points or 1.78 per cent to close at 14,420 while the S&P BSE SmallCap index ended at 13,127, up 213 points or 1.65 per cent. On the NSE, the broader Nifty50 index gained 75.50 points or 0.65 per cent to close at 11,662 levels. On a weekly basis, both Sensex and Nifty ended with 3 per cent gains. On the sectoral front, barring Nifty IT, all the other indices ended in the green. Relaty stocks advanced the most, followed by metal and PSU bank stocks. The Nifty Realty index climbed nearly 2 per cent to 262.80 levels. BUZZING STOCKS Reliance Industries (RIL), the oil-to-telecom behemoth, on Friday hit another milestone as the market capitalisation (m-cap) of the company breached the coveted Rs 9 trillion-mark, the first by any Indian company. The stock hit a high of Rs 1,428 during the session. At the time of writing of this report, the m-cap of the company stood at Rs 9,00,507 crore. At close, the stock stood at Rs 1,415 apiece on the BSE, up over 1 per cent. The m-cap of the company was 8,97,179.47 crore. Shares of Bharat Heavy Electricals (BHEL) surged 27 per cent to Rs 56.45 on the National Stock Exchange (NSE) in the intra-day deals on Friday amid reports the government may look to reduce stake in the company. The stock recorded its sharpest intra-day rally in more than a decade. The stock ended at Rs 54, up 22.22 per cent. Shares of Zee Entertainment Enterprises (ZEEL) slipped 9 per cent to Rs 240 in the intra-day deal on the BSE on Friday after the company reported lower-than-expected consolidated net profit for July-September quarterly (Q2) as it provided for an inter-corporate deposit (ICD) worth Rs 171 crore during the period. At close, the stock was down around 6 per cent at Rs 250. Shares of Alicon Castalloy surged 13 per cent at Rs 395 apiece on the BSE on Friday after the company signed multi-year contracts aggregating Rs 810 crore with leading global original equipment manufacturers (OEMs) and tier 1 suppliers such as Jaguar Land Rover, Daimler, Samsung SDI & MAHLE. At close, the stock was up 10% at Rs 383.

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State of the economy: How did we get here and how do we get out of it?

Fri, 18 Oct 2019 11:29:00 GMT

Earlier in October, the Monetary Policy Committee of the Reserve Bank of India announced its bimonthly monetary policy. It cut the key lending rate, repo rate by 25 basis points to 5.15%. The MPC also maintained an accomodative stance. What is repo rate and why does a cut in it matter? Well, repo rate is the rate at which India's central bank, RBI lends money to commercial banks. These banks then lend money to individuals, corporations, entrepreneurs for their individual or corporate needs. The repo rate thereby affects the interests you, I or a businessman or company will pay for any loans. It therefore affects the economy of the country. A lower repo rate means, lower cost of capital for the business. A lower cost of capital is supposed to make it possible for businesses to invest more and give a bump to the economic activity in the country. To cut a long story short, a repo rate cut is done to try and increase India's GDP growth. This latest cut was the fifth consecutive rate cut done by the RBI. This wasn't all. The rate cut was overshadowed a bit by another announcement by the RBI. This was the cut in the GDP growth forecast by the RBI from 6.9% (as it had predicted earlier) to 6.1% now. In other words, the RBI does not expect the economy to grow faster in the remaining part of this financial year and therefore it cut down its forecast for GDP growth. This has come at a time when we read stories about a major economic slowdown in the newspapers everyday. Just yesterday, Wall Street brokerage firm, Goldman Sachs, said that the present economic slowdown in the country is worse than the 2008 crisis. To get a deeper understanding of the issue, former Editor, Business Standard, A K Bhattacharya joins Ankur Bhardwaj in this special podcast. Tune in for more:

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How Indian companies with large investments in UK could benefit from Brexit

Fri, 18 Oct 2019 09:21:00 GMT

UK Prime Minister Boris Johnson said Britain and the European Union had agreed on what he calls a great new Brexit deal and urged lawmakers to approve it at the weekend. Britain and the EU have been racing to renegotiate the Withdrawal Agreement in time for an October 31 Brexit, but the deal still needs approval from parliament. In an extraordinary Saturday sitting, the first since 1982, parliament will vote on approving Johnson's deal. Britain is due to leave the EU on Oct. 31. The benchmark indices on Thursday rose by more than a per cent, capping their longest gaining streak in seven months after the European Union (EU) and the UK reached a historic Brexit deal. How does the new Brexit deal spell good news for Indian companies with large investments in UK? Listen to the podcast to find out

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Market Ahead, October 18: All you need to know before the Opening Bell

Fri, 18 Oct 2019 02:37:00 GMT

Top headlines --- >> Over to the Commons as UK and European Union reach Brexit deal >> IndiGo promoter Rahul Bhatia moves US court against co-promoter Rakesh Gangwal >> Govt asks PSBs to look for alternative resolution mechanism outside IBC >> Zee's Q2 net profit misses estimates on ICD write-off ******************** Nifty's level -- Nifty closed in the positive territory on Thursday. However, the move on the hourly charts appears to be a corrective one. Hence, the probability of a downside till 11,183 is quite high in the short term till the swing high of 11,425 levels aren’t taken off. Market cues for today -- Corporate earnings, global cues, and minutes of RBI's October monetary policy meeting will be the top factors that will steer the markets today. About 22 companies, including Reliance Industries, ICICI Lombard, and Ambuja Cements, are scheduled to report their September quarter earnings later in the day. With an improvement in refining margins, Reliance Industries is expected to report a strong quarter for the July-September period. Analysts expect refining to offset weakness in petrochemicals and a lower tax rate benefit for the retail and telecom businesses. Domestic indices may track the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal, but concern about the Chinese economy is likely to cap gains with data expected to show weaker growth. Trends on SGX Nifty suggest a negative start to the domestic markets today. Globally, Wall Street advanced on Thursday. The Dow Jones Industrial Average rose 0.09 per cent, the S&P 500 gained 0.28 per cent, and the Nasdaq Composite added 0.4 per cent. Asian stocks edged higher on Friday. MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1 per cent in early trade, echoing Wall Street's small gains. Australian shares were off 0.6 per cent, while Japan's Nikkei added 0.5 per cent. These apart, investors will take note of the Reserve Bank of India's minutes of the last monetary policy committee meeting scheduled to be released today for hints on further rate cuts. They will also track oil price movement, the rupee's value against the dollar and foreign investment by FIIs and DIIs will guide the market trajectory. Oil was mixed ahead of the China data, with U.S. crude up 0.1 per cent to $53.99 a barrel, but Brent crude easing by 0.13 per cent to $59.83 a barrel. Domestic equity markets rallied on Thursday. The benchmark S&P BSE Sensex added over 1 per cent to settle at 39,052 levels. On the NSE, the broader Nifty50 index ended at 11,586.35 levels, up over 1 per cent.

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Market Wrap, Oct 17: Sensex climbs 453 pts as UK, EU reach Brexit deal

Thu, 17 Oct 2019 11:31:00 GMT

Equity markets rallied on Thursday after UK President Boris Johnson said that Britain and the European Union had agreed a “great” new Brexit deal and urged lawmakers to approve it at the weekend. The UK PM tweeted "We’ve got a great new deal that takes back control — now Parliament should get Brexit done on Saturday so we can move on to other priorities like the cost of living, the NHS, violent crime and our environment." Following the news, stocks such as Motherson Sumi, and Tata Motors jumped in the last few minutes of the trade. That apart, buying in financial counters, too, lifted markets higher. The benchmark S&P BSE Sensex added 453 points or over 1 per cent to settle at 39,052 levels. YES Bank emerged as the top gainer on the index while HCL Tech the biggest laggard. On the NSE, the broader Nifty50 index ended at 11,586.35 levels, up 122 points or over 1 per cent. In the broader market, mid-caps outperformed the headline indices. The S&P BSE MidCap index surged 247 points or around 2 per cent to end at 14,167 levels, while the S&P BSE SmallCap index gained 114 points or 0.89 per cent to end at 12,914 levels. Sectorally, all the indices on the NSE but Nifty IT ended in the green. Auto counters advanced the most with the Nifty Auto index rising over 3 per cent to 7,914 levels. Nifty PSU Bank came second on the list with 3 per cent gains at 2,217 levels. Nifty IT, on the other hand, ended at 15,282 levels, down 0.41 per cent. Now, let's take a look at the buzzing stocks of the day - YES Bank rallied over 15 per cent to Rs 47 apiece on the BSE after news reports suggested Sunil Mittal, the founder and chairman of Bharti Enterprises, and founder promoters of the Hero Group, Sunil Munjal have shown interest in YES Bank. Auto stocks such as Tata Motors and Motherson Sumi advanced 13 per cent and 12 per cent, respectively on the NSE following Brexit deal news. HUL scaled new high in the trade after the company reported better-than-expected September quarter (Q2FY20) results. The stock ended at Rs 2108, up nearly 2 per cent on the BSE.

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Podcast: Full story of Ram Janmabhoomi-Babri Masjid Ayodhya dispute so far

Thu, 17 Oct 2019 10:42:00 GMT

Quick recap The Babri Masjid was built in the early 16th century. For at least four centuries, the site was worshiped by both the communities- Hindus and Muslims. However, in 1822, an official of the Faizabad court first claimed that the mosques stood on the site of a temple. As a result, the Nirmohi Akhara sect cited this statement in laying claim to the site later in the 19th century, leading to the first recorded incidents of religious violence at the site in 1855. In 1859, the British colonial administration set up a railing to separate the outer courtyard of the mosque to avoid disputes. The status quo remained in place until 1949, when idols of Rama appeared inside the mosque, allegedly placed there by the volunteers of the Hindu Mahasabha. This instigated an uproar, with both parties filing civil suits laying claim to the land. The placement of the idols was seen as a desecration by the Muslim community. The site was declared to be in dispute, and the gates to the Masjid were locked. On December 23, 1949, Gopal Singh Visharad, a devotee of ‘Ram Lalla’, filed a case in Faizabad court, claiming the ownership of the disputed land and to seek enforcement of the right to worship of Hindus at the disputed site. Following this, the government locked the site. In the same year, Paramahansa Ramachandra Das had also filed the lawsuit for continuation of worship and keeping the idols under the central dome of the Babri Masjid. The plea was later withdrawn. To know more, listen to the podcast...

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Has UDAY brought a new dawn for power discoms across India?

Thu, 17 Oct 2019 02:54:00 GMT

Uninterrupted power supply is a political hot potato that can bring a government down in an election. India also managed to electrify all villages during the first tenure of the Modi government. Now, the users in these newly electrified villages would also be expecting 24x7 power supply. The reality however is different as most of India has erratic power supply. Experts blame this on the poor health of power distribution companies or discoms. Poor discom infrastructure or poor financial health could be the reason for this erratic power supply. What is the cause of poor financial health and what has the government done to fix this issue? In Novemeber, 2015 the Modi government launched Ujjwala Assured Discom Yojana or UDAY to rescue the discoms in the country. The scheme had fixed targets that it sought to achieve by FY20. How has the scheme performed so far? Has discom health improved? Shreya Jai, special correspondent with Business Standard has tracked UDAY since inception and here she joins Ankur Bhardwaj to discuss the contours, successes and failures of UDAY. Tune in for more:

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Market Ahead, October 17: All you need to know before the Opening Bell

Thu, 17 Oct 2019 02:48:00 GMT

Top headlines of the day: >> IMF says US-China trade war will have 'real spillover effects' for EMs >> Jio accuses Airtel, Vodafone Idea of fraudulently claiming inter-connect charges; asks telecom regulatory authority to slap penalties >> VTB Group acquires rights to sell 10.71% stake in Zee Entertainment Enterprise to recover loan >> CRISIL reaffirms long-term rating of Indiabulls Housing Finance at 'AA+' >> Reports suggests, Bharti's Sunil Mittal and Hero Group's Sunil Munjal eye stake in Yes Bank Market cues: Markets are trading in the positive zone and are likely to maintain the up-move albeit in narrow range. The upside move on the Nifty could face resistance at 11,600 mark in the short-term. For today, market investors would eye corporate earnings to steer through the trade. About 19 companies, including DHFL, Zee Entertainment, Force Motors, and TVS Motors are scheduled to report their September quarter earnings later in the day. That apart, global cues, oil price movement, the rupee's value against the dollar and foreign investment by FIIs and DIIs will guide the market trajectory. Trends on SGX Nifty suggest a flat start to the domestic markets today. At around 7:00 am, the Singaporean Exchange for Nifty Futures was trading 5 points lower. Globally, Asian shares were trading flat on Thursday after soft U.S. retail sales data raised concerns about the health of the world’s largest economy and risk of global recession. Besides, investors would await concrete decision on Brexit. Hopes are high on the prospects that the United Kingdom and the European Union could strike a fresh deal to avoid a no-deal exit in the summit slated for Thursday and Friday. Both MSCI's broadest index of Asia-Pacific shares outside Japan and Japan's Nikkei were little changed in early trade. On Wall Street, US shares declined during the overnight trade on Wednesday. The Dow Jones slipped 0.08 per cent, the S&P500 declined 0.2 per cent, and the Nasdaq Composite settled 0.3 per cent lower. On Wednesday, the S&P BSE Sensex added 93 points or 0.24 per cent to settle at 38,599 level, while the broader Nifty50 index ended at 11,471.55 levels, up 43 points or 0.38 per cent.

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Market Wrap, Oct 16: Sensex gains 93 pts, Nifty ends at 11,472

Wed, 16 Oct 2019 11:44:00 GMT

Domestic equities ended Wednesday's lacklustre trading session in the positive territory. Buying in counters such as financials, energy and IT in the last twenty minutes of the trade lifted benchmark indices. The S&P BSE Sensex added 93 points or 0.24 per cent to settle at 38,598.99, with Bajaj Finance (up over 3.50 per cent) being the top gainer and Hero MotoCorp (down nearly 3 per cent) the biggest loser. HDFC, Bajaj Finance,Reliance Industries (RIL) and ICICI Bank contributed the most to the index's gains while ITC, Asian Paints, and Larsen & Toubro (L&T) emerged as the top drags. In the broader market, the S&P BSE SmallCap index settled at 12,799.92 levels, up 26 points or 0.21 per cent. The S&P BSE MidCap index, on the other hand, lost 20 points or 0.14 per cent to end at 13,920.41 levels. On the NSE, the broader Nifty50 index ended at 11,471.55 levels, up 43 points or 0.38 per cent. Sectorally, IT stocks gained the most, followed by media and realty stocks. The Nifty IT index ended at 15,361.30 levels, up over 1 per cent. On the flip side, PSU bank stocks slipped the most. The Nifty PSU Bank index ended at 2,150.10 levels, down nearly a per cent. Volatility index India VIX slipped 3.44 per cent to 16.27 levels. Among individual stocks, Bajaj Consumer Care surged 20 per cent to Rs 235, erasing its entire previous day’s fall of 15 per cent, on the BSE on Wednesday after Mutual Funds-led institutional investors bought more than 20 per cent stake from the promoters of the personal products company. Polycab India hit its highest level since listing in the intra-day deals today. The stock hit a high of Rs 737.45 apiece during the session. At close, the scrip stood at Rs 718.05 apiece on the BSE, up nearly 2 per cent. Shares of Bharat Petroleum Corporation (BPCL) climbed as much as 5.54 per cent to Rs 517.45 apiece on the BSE in the intra-day deals on Wednesday. The stock spurted after news reports suggested energy giant Saudi Aramco is likely to express its interest in the strategic sale of BPCL. The stock ended at Rs 511.95 apiece on the BSE, up nearly 4.50 per cent.

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Why tax officials are upset about govt's faceless assessment plan

Wed, 16 Oct 2019 07:15:00 GMT

The Centre’s plan of faceless assessment, which was introduced on October 7, does not seem to have down well with income-tax officials. As a matter of fact, they even sent a complaint letter to the Central Board of Direct Taxes (CBDT), claiming that the new scheme was implemented in a “hurry without considering the concerns of the majority of the stakeholders”. For more, listen to this podcast...

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Market Ahead, October 16: All you need to know before the Opening Bell

Wed, 16 Oct 2019 03:02:00 GMT

Markets are likely to trade in the positive territory on Wednesday as trends on SGX Nifty suggest a gap-up opening for the domestic indices. As per technical evidence, the Nifty index is now placed above its 20, 50, 100 and 200 DMAs, which indicates an upper hand for the bulls. Corporate earnings for the September quarter will be the key factor driving the markets today. About 11 companies, including Mindtree, are scheduled to declare their Q2 earnings later in the day. Investors may also react to the IMF's downward revision of India's FY20 GDP growth to 6.1 per cent from its earlier forecast of 7 per cent on the back of a slowdown in demand due to ailing NBFCs. That apart, development in the US-China trade negotiations, oil price movement, the rupee's trajectory against the dollar, and foreign fund flow will guide investors' sentiment. Globally, Asian shares took off on Wednesday as Britain and the EU made headway on a Brexit deal ahead of a leaders’ summit slated for Thursday and Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3 per cent. Japan's Nikkei jumped 1.7 per cent, and South Korea's KOSPI index climbed 0.7 per cent. On Wall Street, shares settled higher during the overnight trade on Tuesday. The Dow Jones gained 0.89 per cent, the S&P500 added 1 per cent, and the Nasdaq Composite settled 1.24 per cent higher. Back home, the S&P BSE Sensex rallied 292 points or 0.76 per cent to end at 38,506 levels while the NSE's Nifty50 index closed above the crucial 11,400-mark at 11,428, up 87 points or 0.77 per cent. The top headlines for the day -- >> Wipro, on Tuesday, posted a 35.1 per cent rise in its net profit at Rs 2,552 crore. During the quarter, consolidated revenues of the Bengaluru-headquartered firm rose 4 per cent on year-on-year (YoY) basis at Rs 15,125 crore >> Exports in September dropped to a three-month low of 6.57 per cent for the third time in the first six months of FY20. Imports, too, contracted for the fourth straight month by 13.85 per cent. >> Regulators working on tighter norms for promoter pledged share funds Intra-day trade recommendation by HDFC Securities The brokerage recommends BUYING ESCORTS at current market price for the target of Rs 660, and keeping a stop loss at Rs 610.

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Market Wrap, Oct 15: Sensex up 292 pts, Nifty ends at 11,428

Tue, 15 Oct 2019 11:23:00 GMT

Buying in select blue-chip counters such as HDFC Bank, HUL, ITC and Maruti lifted benchmark indices on Tuesday. Positive global cues, too, boosted investor sentiment. The S&P BSE Sensex rallied 292 points or 0.76 per cent to end at 38,506.09 levels while the NSE's Nifty50 index closed above the crucial 11,400-mark at 11,428.30, up 87 points or 0.77 per cent. Out of 30 components of the Sensex, 27 ended in the green and only 3 in the red. Vedanta (up 4 per cent) emerged as the biggest gainer on the index and Bharti Airtel was the top drag. In the broader market, the S&P BSE MidCap index closed at 13,940.15 levels, up 99 points or 0.72 per cent while the S&P BSE SmallCap index ended at 12,773.61, down 14 points or 0.11 per cent. Among the sectoral indices on the NSE, barring Nifty IT index, all the other indices ended in the green. Auto stocks advanced the most, followed by metal and private bank counters. The Nifty Auto index ended over 2 per cent higher at 7,688.25 levels. Volatility index India VIX declined 3.67 per cent to 16.79 levels. Buzzing Stocks Shares of Indiabulls Housing Finance (IBHFL) dipped 8 per cent to Rs 182 on the BSE on Tuesday, falling 13 per cent in the past two trading days, after Moody's Investors Service on Monday downgraded the corporate family rating (CFR) and the foreign-currency senior secured rating of the housing finance company to B2 from Ba2, citing funding challenges for the company. Shares of Bandhan Bank and Gruh Finance rallied by up to 9 per cent on the BSE on Tuesday ahead of record date for scheme of amalgamation. Shares of Gruh Finance will turn ex-date on Wednesday for the proposed amalgamation with Bandhan Bank. The share swap ratio for the amalgamation was fixed at 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance. Shares of Adani Transmission surged 14 per cent to Rs 255 on the BSE on Tuesday after the company said it has signed a share purchase agreement and completed the acquisition of the WRSS XXI (A) Transco Limited, incorporated by REC Transmission Projects Company. The stock was trading close to its 52-week high level of Rs 256, touched on November 28, 2018. Earnings Wipro on Tuesday posted a 35.1 per cent year-on-year (YoY) jump in its net profit at Rs 2,550 crore for the second quarter of the financial year 2019-20 (FY20). Gross revenue for the period came in at Rs 15,130 crore, up 4 per cent YoY. Earnings per share (EPS) for the quarter was Rs 4.3 per share and grew 36.7 per cent YoY, the company said in its statement.

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Why Banerjee, Duflo, Kremer were chosen for 2019 Economics Nobel

Tue, 15 Oct 2019 09:12:00 GMT

This year, three economists have jointly won the Nobel prize for economics — Abhijit Banerjee and Esther Duflo of the Massachusetts Institute of Technology (MIT), and Micheal Kremer of Harvard University. They have been awarded “for their experimental approach to alleviating global poverty”. A popular conception among economists is that they’re the high priests of the free market, downplaying the role of government and giving short shrift to the needs of the society’s poorest. A great many economists, however, defy this stereotype and spending their careers studying how to uplift the poorest citizens of the developing world through government action. Banerjee, Duflo and Kremer fall in this category. But, how has their work benefitted the developing world? Over the years, Banerjee, Duflo and Kremer have looked at programmes that nudge developing-world farmers to use more fertilizer, provide microcredit to slum residents, create quotas for women in the local government, provide deworming treatments for the poor, eradicate malaria, and many other targeted government interventions. In some cases — for example, with microfinance — the programmes haven’t lived up to their early promise. But many other initiatives have been successful in generating lasting benefits. To some, spending on programmes like parasite control or tutoring might seem like tinkering around the margins. It’s true that investment and industrialisation is what ultimately transforms poor countries into rich ones. But not in China and India, as both countries have demonstrated that such growth can often leave the poorest behind for a very long time. Banerjee and Duflo, the Nobel couple, noted that an educated, healthy, well-fed populace affects the rate of return on investment, and is thus crucial to kick-starting the process of rapid development. Meanwhile, in countries that haven’t yet started their industrialisation, alleviation of human suffering is the best that can be hoped for in the short term. So Banerjee, Duflo and Kremer’s work is crucial on multiple fronts. Banerjee, who is an Indian American economist, is firmly rooted in Indian economic policies and research, especially in the fields of microfinance and financial inclusion. Besides, he was also one of the advisors to Congress for its ambitious NYAY scheme, proposed ahead of the 2019 general elections. Banerjee and Duflo, along with co-authors Shawn Cole and Leigh Linden, studied a programme that hired tutors for underperforming students in India, as well as a computer-assisted learning programme, and concluded that both were effective. Duflo has also found big wage gains from public education spending in India, confirming the central role of schools for economic growth. How does this year’s prize differ from other years? Among notable things about this year’s prize is the type of research it has rewarded. Economists are often thought of as theorists, drawing supply and demand curves on their blackboards and ignoring the complex realities of the world outside. But recent decades have seen a broad shift towards empirical data analysis, as the question of cause and effect has become central to much of the profession. All three of them have also helped pioneer one of the most important new empirical techniques — randomised controlled trials. Instead of studying the impact that government programmes have on their own, they actually go into poor countries and create the programmes. However, this trend is not without critics. The critics argue that RCTs tend to have weak statistical power, and that without a solid understanding of why the programmes being studied have the effects they do, it will be very difficult to apply the lessons elsewhere. In a 2017 speech, 46-year-old Duflo, the youngest economist to ever win the Nobel, responded to the critics by redefining the whole idea of what economists should do. She likened development economists to plumbers,

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Market Ahead, Oct 15: Top factors you need to know before the Opening Bell

Tue, 15 Oct 2019 02:19:00 GMT

Markets may continue to remain volatile but trade in the positive territory on Tuesday as indices are likely to consolidate with a positive bias. According to analysts at Anand Rathi Shares and Stock Brokers, there is a high probability of a downside till 11,183 in the short term if the swing high of 11,425 levels isn't taken off. Corporate results of India Inc will be among the key factors guiding today's trade. Wipro, ACC, and Reliance Industrial Infra are among the 17 companies that are slated to report their Sept quarter earnings today. On the macro-front, Balance of Trade data for the month of September will also be released later in the day. Investors may also react to consumer inflation print, released post market hours on Monday, which came in at a 14-month high of 3.99 per cent. That apart, stock-specific developments, oil price movement, the value of rupee against the dollar and fund flow by FPIs and DIIs will steer the indices. Trends on SGX Nifty suggest a tepid start to the Indian equities market. The Singaporean Exchange for Nifty Futures was trading 21 points higher at around 7 am. Globally, Asian stocks and Wall Street futures inched higher on Tuesday as some investors held out hope that Britain still had a chance to avoid a messy exit from the European Union. The gains were, however, capped by the dearth of details around 'Phase-1' of the trade deal between the US and China. Also, US President Donald Trump imposed sanctions on Turkey on Monday due to its military incursion in Syria. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.01 per cent, Australian shares were up 0.12 per cent, while Japan's Nikkei stock index rose 1.38 per cent. On Wall Street, indices settled lower during the overnight trade on Monday. The Dow Jones slipped 0.11 per cent, the S&P500 dipped 0.14 per cent, and the Nasdaq Composite settled 0.10 per cent lower. Back home, the benchmark S&P BSE Sensex ended at 38,214 level, up 87 points or 0.23 per cent, while the broader Nifty50 index ended at 11,341-mark, up 36 points or 0.32 per cent on Monday. In the commodities market, Oil prices lost about 2 per cent on Monday on worries that global crude demand could continue to stay under pressure. Brent Crude Futures were trading tad bit higher the $59 per barrel mark in the early trade. Top headline and stocks that will remain in focus >> FMCG major HUL reported a 21 per cent YoY growth in net profit at Rs 1,848 crore in the Sept quarter of the current fiscal, sales improved by 6 per cent. >> Huawei India CEO told Business Standard in an interview, that it wants to tie up with Reliance Jio >> Tata Sons plans to reduce debt, step up investments with TCS dividend >> YES Bank completely exits Fortis Healthcare, sells 6.6% stake in a bulk deal >> BSE to suspend trading in Manpasand Beverages, Binani Industries, and 14 others from November 4 due to non-disclosure of quarterly results

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The roadblocks in the Modi govt's grand PSU disinvestment initiative

Mon, 14 Oct 2019 10:19:00 GMT

For starters, the Bharatiya Mazdoor Sangh (BMS), the trade union affiliated to the Rashtriya Swayamsevak Sangh (RSS), has strongly opposed the Centre's plans to privatise public-sector undertakings (PSUs). The BMS has, in fact, gone so far as to invite employee unions of all PSUs on 15th of November to discuss the future course of action against privatisation. But resistance to divestment is just the tip of the iceberg. The larger issue before the government is the slow pace at which its privatisation drive is progressing. Consider this: Six months into the current financial year, the Modi administration has been able to garner only Rs 12,357 crore, or 12 per cent, of its disinvestment target of over Rs one trillion. While the government's stake sale in Bharat Petroleum Corporation (BPCL) could clear the decks for ONGC to bring in a strategic private or foreign partner in its subsidiary Hindustan Petroleum, the Centre's method of dealing with the public sector universe is lopsided, and could impact the financial health of enterprises operating in this space. Consider this: A staggering 94 per cent of the over Rs six trillion infused into PSUs under the Modi government's first tenure was gobbled up by just four of the 250-odd state-run enterprises in the country. To make matters worse, the financial woes of BSNL, MTNL and FCI present another layer of the Modi government’s engagement with public sector organisations, which is both problematic and potentially harmful for its fiscal health. The government appears to be having second thoughts on a proposal from the department of telecommunications to bail out Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL), probably because the revival package cost is massive, estimated at over Rs 74,000 crore. Such a review is understandable. The suggestion that the two enterprises be closed down after offering a compensation package to their employees through a voluntary retirement scheme (VRS) is worth a closer look. And the cost of closing down would be cheaper as several employees are actually not direct recruits in the two organisations. According to one report, just about 10 per cent of the employees are direct recruits, mainly technicians and the cost of offering a VRS to them would not be huge. The remaining employees either belong to the Indian Telecom Services (ITS) or have been deputed from other public sector enterprises. Both firms have long been a drain on the public exchequer and on the state’s borrowing capacities, saddled as they are with insurmountable losses and huge manpower. There is little reason to imagine retaining the two firms in their current state. The emphasis must now be on how their assets can be sold so as to ensure higher productivity, and how their manpower can be absorbed elsewhere where necessary and let go otherwise.

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Market Ahead, October 14: Top factors that could guide markets this week

Mon, 14 Oct 2019 02:44:00 GMT

September quarter earnings, macro-data print, trade truce between the US and China, minutes of the RBI's October MPC review meeting, and other global cues are expected to steer markets during the week. Hindustan Unilever, SBI Life, Wipro, Mindtree, TVS Motors, Reliance Industries and HDFC Bank are among the 96 companies that are lined up to declare their Q2 earnings this week. In the primary market, Indian Railway Catering and Tourism Corporation will get listed at the bourses today. Remember, it's IPO received the highest ever subscription of 112 times among PSUs. That apart, investors would eye consumer and wholesale inflation print for the month of September, both to be released later today, to gauge the health of the economy. Besides, market participants could also react to weak industrial growth data released on Friday, post-market hours. The Index of Industrial Production (IIP) contracted by 1.1 per cent, a first since June 2017, and was the lowest in nearly 7 years. Also, investors would await India’s balance of trade number for the month of September, slated to be released on October 15. Starting today, the Finance Ministry will begin the budgetary exercise for the next fiscal year. As a part of this, the Finance Minister will today meet chiefs of Public Sector Banks (PSBs) to review fund flow to stressed NBFC and MSME sectors. Furthermore, minutes of the RBI's latest monetary policy meeting would be released on October 18th, which would be on investor's radar to understand the RBI's view on the economy. That apart, global cues, oil price movement, the rupee's value against the dollar, stock-specific development and fund flow by FPIs and DIIs will guide the market trajectory. On Friday, the S&P BSE Sensex added 247 points or 0.65 per cent to end at 38,127 levels, while the Nifty50 ended at 11,305 levels, up 70 points or 0.63 per cent. For today, trends on SGX Nifty suggest a negative start to the domestic indices. At 7:20 am, the Singaporean Exchange for Nifty Futures was trading 23 points lower. In the global markets, Asian shares pushed higher on Monday as signs of progress in the Sino-US trade standoff whetted risk appetites. Sentiment has been boosted after U.S. President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.5%, Australia's main index gained 0.9% and South Korea's Kospi firmed 1.3%. On Wall Street, the Dow Jones, the S&P500 and the Nasdaq Composite all settled over a per cent higher during the overnight trade on Friday. In the commodities market, oil prices were little changed on Monday, holding onto 2% gains from Friday amid renewed geopolitical tensions in the Middle East. The prices were hovering over $60 per barrel mark in the early trade. In the currency market, the level of rupee will be watched as global currencies strengthened due to global factors. While dollar strengthened after the United States and China reached 'Phase 1' in trade deal, the British pound surged on Friday on optimism about orderly Brexit. A last-minute meeting of British leaders is expected on Monday to discuss Brexit, ahead of EU Summit, scheduled for Thursday and Friday.

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Market Wrap, Oct 11: Sensex settles at 38,127; Nifty50 holds 11,300-mark

Fri, 11 Oct 2019 10:58:00 GMT

Top headlines at this hour >> Sensex settles nearly 250 points higher at 38,127 level; Nifty50 holds 11,300-mark >> Chief Metropolitan Magistrate Court sends Malvinder and Shivinder Singh to 4 days of police custody >> Infosys logs net profit of Rs 4,019 cr, in line with street estimates. It revised the FY20 revenue guidance upwards to 9-10% from 8.5-10% earlier. The news in detail The domestic market ended Friday's choppy trading session with decent gains supported by buying in industry heavyweights such as Infosys, HDFC. The benchmark S&P BSE Sensex ended the day at 38,127 level, up 247 points or 0.65 per cent. Infosys and Vedanta added 4 per cent each to settle as the top gainers at the 30-share index, while YES Bank settled as the top loser, down 3 per cent. On NSE, the Nifty50 index closed at 11,305 level, up 70 points or 0.63 per cent. Infosys, Cipla, and Vedanta, which gained between 4-5 per cent, were the top gainers at the 50-share index. On the downside, YES Bank, Indian Oil Corporation and GAIL settled as top losers, down in the range of 2-3 per cent. IT major Infosys reported a net profit of Rs 4,019 cr, up nearly 6 per cent QoQ, in line with street estimates. The Bengaluru headquartered firm declared an interim dividend of Rs 8 per share, and also revised the FY20 revenue guidance upwards to 9-10 per cent from 8.5-10 per cent. Overall, the market was slightly in favour of declines. A little over 1,300 stocks declined, relative to 1,100 stocks that advanced. Furthermore, nearly 270 stocks hit a 52-week low at the BSE, while only 38 stocks hit a 52-week high. For the week, the Sensex advanced 0.8 per cent, while the Nifty50 gained 0.9 per cent. All the sectoral indices, barring Nifty Media and Nifty Private Bank indices, ended the day in the green. The Nifty Metal index gained the most, up 2 per cent, followed by Nifty IT and Nifty Realty index. The broader market, today, slightly underperformed the benchmarks. The S&P BSE mid-cap index closed the day with a gain of 0.24 per cent, and the S&P BSE small-cap index settled 0.4 per cent higher. Top stocks that saw major movements today >> Shares of Bandhan Bank zoomed 20 per cent in the intra-day trade on the BSE on reports that the private lender would be included in the MSCI Global Standard index with effect from October 16. The eventually closed 15 per cent higher at Rs 583 per share. >> On the downside, shares of IndusInd Bank hit a 33-month low of Rs 1,192 apiece after the bank reported lower-than-expected loan growth in the July-September quarter of the current fiscal. The stock closed 0.5 per cent lower.

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Market Ahead, October 11: All you need to know before the Opening Bell

Fri, 11 Oct 2019 03:20:00 GMT

September quarter earnings and global cues will be the top factors guiding the markets today. Industry leader Tata Consultancy Services (TCS) yesterday reported weaker than expected numbers in the September quarter, indicating that double-digit growth may elude the Mumbai-based IT services company in FY20. This is despite record deal closures in several quarters. In Q2, TCS posted a net profit of Rs 8,042 crore, a 1.8 per cent rise over the corresponding period of the previous financial year while net profit declined by 1 per cent in sequential terms. About eight companies, including Infosys, are scheduled to release their September quarter earnings. Analaysts expect Infosys to further upgrade its revenue guidance for the current financial year when it reports its September quarter results later today. They said the Bengaluru-headquartered IT company remains on a firm footing given the recent deal momentum, strong positioning in clients and favourable arithmetic. You can read the full preview on what to expect from the results on our website. That apart, investors will also track industrial production data for the month of August slated to be released today after market hours. Globally, the hope that the US-China trade talks would yield at least a partial deal might boost investors' risk appetite. Top US and Chinese negotiators met on Thursday for the first time since late July to try to find a way out of a 15-month trade war. Besides, stock-specific developments, oil price movement, the value of rupee against the dollar and foreign fund flow will steer the market. On Thursday, the S&P BSE Sensex corrected by 298 points or 0.8 per cent to close at 37,880 levels, while the broader Nifty50 index settled at 11,235-mark,down 79 points or 0.7 per cent. The rupee ended flat at 71.06 per US dollar. On the global front, Asian shares were up in early trade on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent. Australian shares climbed 0.8 per cent, while Japan's Nikkei stock index gained 0.9 per cent. U.S. stocks rose during the overnight trade on Thursday on US-China trade deal optimism. The Dow Jones Industrial Average gained 0.57 per cent, the S&P 500 rose 0.64 per cent, and the Nasdaq Composite added 0.6 per cent. Early trend on SGX Nifty is also indicating a flat to positive start to the day for domestic indices. In the commodities market, Oil prices rose on Thursday. Global benchmark Brent crude futures settled up 78 cents at $59.10 a barrel. Top headlines for the day -- >> IRCTC may not boost IPO market amid turmoil in financial sector. According to the industry experts, a pick-up in the activity could be seen only in the first half of the coming year. >> India pursues China-led trade deal despite domestic opposition. Domestic producers' concerns that repercussions might flood Indian market with cheap Chinese imports. >> Revenue crunch prompts govt to consider GST rate hike on products that fall in the slab of 0 and 5% >> Ranbaxy ex-promoters Malvinder, Shivinder Singh arrested in Rs 740-cr fraud case >> Gem and jewellery export dips almost 8 per cent to Rs 1.3 trillion in first half. Experts says, the industry failed to gain from the US-China trade war.

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Podcast: Why Xi-Modi informal summit is important for India, China and Pak

Thu, 10 Oct 2019 12:40:00 GMT

Here's a quick look at the upcoming two-day meeting of Prime Minister Narendra Modi and Chinese President Xi Jinping starting tomorrow. To be held in Mamallapuram near Chennai, this will be the second informal summit between the two leaders. The first one had taken place in the Chinese city of Wuhan. Why is the summit important? Well, there are several reasons why this meeting is so keenly watched in India and China, and even Pakistan and other countries. The summit comes against the backdrop of tensions between India and its not-so-friendly neighbour Pakistan over revocation of the special status of Jammu & Kashmir under Article 370 of the Indian Constitution. Chinese President Xi has confirmed that the two-day informal summit is an attempt to provide guidance for bilateral ties between the two neighbours. He told Pakistani Prime Minister Imran Khan yesterday that China was paying "close attention" to the situation in Kashmir and the facts were clear. He also said that he hoped the "relevant parties" could solve the issue through peaceful dialogue. President Xi assured Khan that the friendship between China and Pakistan was "unbreakable and rock-solid" despite changes in the international and regional situation. Besides, after confirming Xi's visit to India, Chinese Vice-Foreign Minister Lou Zhaohui addressed a special media briefing in Beijing, where he said the Xi-Modi meeting would provide guidance for bilateral ties and devise a shared role in regional affairs, unlike their previous meeting which drew little personal commitment from the two leaders. What is India looking to achieve from the Xi-Modi meet? PM Modi would likely seek favourable terms for India's exports to China. Though China continues to ramp up its global imports, it has a massive trade deficit with India. And that remains a major policy concern for India. Okay, but why was Mamallapuram chosen for this meet? That is another interesting aspect. PM Modi chose Mamallapuram, located on the East Coast Road near Chennai instead of New Delhi, which is the usual venue for such high-level meetings. This was for various reasons — historical, practical, as well as strategic. Mamallapuram, also known as Mahabalipuram, gets its name from the word "Mamallan", which means ‘great warrior’. After the decline of the Gupta Dynasty, the Pallavas rose to power in South India, ruling from the third century until the end of the 9th century AD. The best period of their rule, between 650 and 750 AD, was called the Golden Age of the Pallavas, who were believed to be profound thinkers, and very powerful. The city has been a point of interest to archaeologists and other scientists all these years. In 2004, when the Indian Ocean tsunami hit the coast, several new scriptures and evidences of the ancient times came out even in the offshore areas of Mamallapuram. Apart from arts and architecture, the Pallavas dynasty — particularly the great king Narasimhavarman-I — was known to have been good in trading and building partnerships with other countries. Available literature shows that the Pallava Kings had a trade and defence relationship with China. There was understanding that these kings would help China in keeping a check on the growth of Tibet as a powerful nation during those years. A lot is expected to happen in the upcoming meeting over the next two days. Stay tuned for more updates!

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Market wrap, Oct 10: Sensex dips 298 pts as banks slide; Nifty at 11,235

Thu, 10 Oct 2019 11:24:00 GMT

Top headlines of the day >> Sensex settles nearly 300 points lower at 37,880 level amid brisk selling in banking stocks. The Nifty50, ended at 11,235 level, down 79 points. >> Bombay High Court allows Edelweiss AMC's plea for disclosure of all assets and liabilities of DHFL. The HC also noted that the existing restraint on DHFL on making payments to third parties will continue. >> IndusInd Bank on Thursday reported a 52 per cent rise in consolidated net profit at Rs 1,401 crore for September quarter. >> Finance Minister Nirmala Sitharaman met some depositors of the PMC Bank today. She said, the govt would consider introducing necessary amendments in the upcoming Winter Session of the Parliament w.r.t Co-operative Banks The news in detail Indian equities traded in the negative territory on Thursday as the RBI's rejection to the proposed Lakshmi Vilas Bank-Indiabulls Housing Finance merger pressed sell button at banking counters. The Nifty Bank index slipped over 800 points in the intra-day trade today, while the Nifty PSU Bank and Private bank indices, too, slipped nearly 3% in the intra-day trade. The benchmark S&P BSE Sensex ended the day at 37,880 level, down 298 points or 0.78 per cent. Bharti Airtel was the top gainer today, settling over 4 per cent higher, while IndusInd Bank settled as the top loser, down 6 per cent, after the bank's Q2 result missed street estimates. Of the 30 shares listed at the Sensex, 8 stocks advanced and 22 stocks declined. Overall, market breadth remained in favour of declines, with approximately 8 stocks declining for every 1 stock that advanced at the BSE. However, despite the weakness in the market, nearly 38 stocks managed to hit 52-week high at the BSE. On NSE, the Nifty50 index ended at 11,235 level, down 79 points or 0.7 per cent. Bharti Airtel, Grasim and Reliance Industries, which gained between 3-5 per cent, were the top gainers at the 50-share index. On the downside, IndusInd Bank, YES Bank and GAIL settled as top losers, down in the range of 4-6 per cent. All the sectoral indices ended the day in the red. Nifty PSU bank index lost the most, down 3%, followed by Nifty Private Bank and Nifty Realty index. Moving on to the broader market. Mid-caps took greater knock today, with the S&P BSE mid-cap index closing the day with nearly a per cent cut. The S&P BSE small-cap index, however, closed 0.57 pr cent lower. Stocks that saw major movements today >> Shares of Lakshmi Vilas Bank hit an all-time low and were locked in the lower circuit limit of 5 per cent at Rs 25.65 apiece on the BSE on Thursday after the RBI rejected the proposed amalgamation of lndiabulls Housing Finance (IBHFL) with the bank. >> On the upside, shares of Bharti Airtel and Vodafone Idea jumped 7 per cent and 17 per cent respectively in the intra-day trade today after Reliance Jio (RJio) on Wednesday said it would charge 6 paise per minute on off-net calls. As a result, analysts at Motilal Oswal Financial Services, said that Bharti Airtel and Idea could see an increase in EBITDA by nearly Rs 2,800 crore. Global cues In the global markets, Asian shares recovered from early losses as news reports raised hopes that the United States and China would settle some economic disputes. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.24 per cent while Japan's Nikkei rose 0.34 per cent. Shanghai shares also rose 0.49 per cent.

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Market Ahead, October 10: All you need to know before the Opening Bell

Thu, 10 Oct 2019 02:58:00 GMT

Market cues before today's trading session -- September quarter earnings, global cues, oil price movement, the value of rupee against the dollar and foreign fund flow will decide market trajectory today. A total of 6 companies are scheduled to release their September quarter earnings today. Investors will pay special attention to the TCS and Indusind Bank results. According to analysts, TCS is expected to benefit from a weaker rupee and stronger North American growth in the quarter. Globally, a report that the Chinese delegation was planning to leave Washington after just a day of minister-level meetings, instead of as originally planned on Friday may dent investor sentiment. On Wednesday, benchmark indices snapped 6-day losing streak on the back of a surge in bank stocks. The S&P BSE Sensex rose by 646 points or 1.72 per cent to close at 38,177.95 levels, while the broader Nifty50 index settled at 11,313.30-mark, up 187 points or 1.68 per cent. The rupee dipped 5 paise over its previous close to 71.07 against the US dollar. Now, let's see how the global markets have fared. On Wall Street, Microsoft led the Dow’s gain which advanced 2 per cent, while the S&P 500 and and the Nasdaq Composite gained around 1 per cent each. Asian stocks tumbled in early trade on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.31 per cent while Japan's Nikkei slip 0.11 per cent. Early trend on SGX Nifty is also indicating a negative start to the day for domestic indices. In the commodities market, Brent Crude Futures were trading at $58.32 per barrel mark. Top headlines for the day -- >> Weak rupee might aid TCS to advance its September quarter earnings >> RBI blocks the merging of Indiabulls Housing and Lakshmi Vilas Bank, making another bank in the row to face struggles in an already troubled sector. >> Apparel retailers' Q2 profit earnings likely to remain under pressure due to high discounts and weak consumer sentiment.

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Market wrap, Oct 9: Sensex jumps 646 pts, Nifty ends at 11,313; banks rally

Wed, 09 Oct 2019 11:44:00 GMT

The headlines - >> Market stages smart recovery after six days of losses, Sensex rallies 646 pts, Nifty ends at 11,313; >> DHFL hits over 10-year low after CDSL freezes promoters' shareholding; >> IT stocks slip ahead of TCS's Q2 results due tomorrow; & >> L&T, Whirlpool and Havells India among nine Indian firms that are expected to gain from an escalation in US-China trade tensions as the latter looks to shift manufacturing out of its country, says a recent report by Credit Suisse. And, now the news in detail - Snapping their six-day losing streak, the benchmark indices staged a smart comeback on Wednesday to end nearly 2 per cent higher, led by heavy buying in banking stocks. The S&P BSE Sensex added 646 points or 1.72 per cent to end at 38,177.95 levels with IndusInd Bank (up over 5 per cent) being the top gainer and YES Bank (down 5 per cent) the biggest loser. Out of 30 components in the index, 8 stocks ended in the red and rest 22 in the green. The broader Nifty50 index of the National Stock Exchange (NSE) ended at 11,313.30 levels, up 187 points or 1.68 per cent. Nifty Bank advanced a whopping 1,018.30 points or around 4 per cent to settle at 28,785.85 levels, with 11 out of 12 constituents ending in the green. India VIX, the volatility guage, dropped over 4 per cent to 17.09 levels. Among the sectoral indices on the NSE, barring IT, all the indices ended in the green. Nifty Private Bank index gained 3.47 per cent to 16,095 levels. Financial services, realty and metal counters, too, made merry in the trade. In the broader market, the S&P BSE MidCap index rallied 189 points or 1.38 per cent to end at 13,869.35 levels, while the S&P BSE SmallCap index closed at 12,796.47, up 83 points or 0.66 per cent. In other market statistics, the market breadth remained in favour of the bulls as out of 2,698 companies traded on the BSE, 1,281 advanced and 1,237 declined while 180 scrips remained unchanged. As many as 33 securities on the BSE hit 52-week high while 263 scrips hit their 1-year low. Further, around 148 companies on the BSE hit their upper circuit today while 276 hit their lower circuit limits. Stocks that made news today - Shares of Titan Company slipped 6 per cent to Rs 1,178 on the BSE during the session after the Tata Group company said that its revenue from the jewellery business could decline for the first time in the past four years in the September quarter (Q2FY20). The stock eventually settled at Rs 1,229 apiece, down 2.41 per cent. Shares of IndiaMART InterMESH surged around 18 per cent to end at Rs 2,261.55. Shares of Dewan Housing Finance Corporation (DHFL) hit an over 10-year low and were locked in the lower circuit limit of 10 per cent at Rs 26.05 on the BSE on Wednesday after PTI report suggested that Central Depository Services (CDSL) has frozen the company’s promoter shareholding as the company has not filed results for the first quarter. In the global markets, Asian stocks fell the most in a week on Wednesday as the United States and China’s broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.61 per cent. Chinese shares fell 0.32 per cent after briefly touching a five-week low.

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Podcast: From real estate to automobile, clear signs of economic slowdown

Wed, 09 Oct 2019 08:10:00 GMT

While a slowdown in the real estate and infra sectors continues to affect the sale of construction equipment, top automobile companies are having to cut their production. What’s more, experts believe that the government’s recent decision to lower the corporation tax rate might not be enough to aid corporate earnings in the September quarter. In a long-overdue move, Finance Minister Nirmala Sitharaman recently announced her government’s decision to reduce the rate of corporation tax for companies willing to forgo tax exemptions. Many thought this would have a significant and immediate positive impact on the sagging economy. However, top brokerages on Dalal Street differ. They say the tax rate cut may not boost corporate earnings in the second quarter of this financial year. The cut would be offset by reduced sales volumes and revenue contraction in sectors like automobile, energy, and metals & mining, they said. Meanwhile, the sale of construction equipment has seen a major slump since a crisis broke out at infrastructure financier IL&FS last year. The sales are expected to see a correction of 15-18 per cent by the end of this year. Talking of the automobile sector, even as Tata Motors insists that it has not yet taken a decision on the future of the Nano, the company has not produced even a single unit of the entry-level car in the past nine months. Only one unit of the Nano has been sold in the domestic market so far this year. Even the country’s largest automobile maker Maruti Suzuki has not been able to beat the slowdown. Reeling from a prolonged demand crunch, Maruti had to reduce its production by over 17 per cent in September. This was the eighth straight month of production cut for the car maker. A production cut was seen across segments — from mini and compact cars to mid-sized sedan, utility vehicles and light commercial vehicles. These developments, in spite of the various measures taken by government to bolster the flagging economy, could be seen as some sure signs a slowdown. These should also be a nudge for the government that more policy decisions might be needed to boost economic sentiment.

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Market Ahead, October 9: All you need to know before the Opening Bell

Wed, 09 Oct 2019 02:27:00 GMT

Market cues before today's trading session -- September quarter earnings, global cues, oil price movement, the value of rupee against the dollar and fund flow by FPIs and DIIs will be the driving force for the markets today. Markets will resume trading after a day's holiday and will watch out for Q2 results of about 6 companies, including Goa Carbon, that are scheduled to announce results later in the day. Investors with global equity exposure may eye minutes of the Federal Reserve's September monetary policy meeting scheduled to be released later today. Fed chair Jerome Powell, in a speech on Tuesday, flagged openness to further rate cuts. On Monday, the S&P BSE Sensex lost 141 points or 0.38 per cent to end at 37,532 levels, while the broader Nifty50 index settled at 11,126-mark, down 48 points or 0.43 per cent. According to analysts at Anand Rathi Shares and Stock Brokers, the Nifty index continues to form lower tops and lower bottoms, indicating that the bears have an upper hand. After slipping below short-term 20-DMA, Nifty now stares at 50-DMA -- at 11,087 -- for some support. The key support level for Nifty is placed at 11,081.47, followed by 11,036.53. As per trends on SGX Nifty, indices may see a flat to positive start today. Global markets were spooked on Wednesday after the U.S. imposed visa restrictions on Chinese officials and the added more Chinese companies to a trade blacklist. Remember, delegations from both the sides are scheduled to meet tomorrow to discuss the year-long trade dispute. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent. Japan's Nikkei slid 0.81 per cent and Australian shares were down 0.92 per cent On Wall Street, the Dow Jones fell 1.19 per cent, the S&P500 slipped 1.56 per cent, and the Nasdaq Composite declined by 1.67 per cent during the overnight trade on Tuesday. In the commodities market, Brent Crude Futures were trading at $57.99 per barrel mark. Top headlines for the day -- >> Q2 Nifty50 earnings could be one of the worst corporate results in recent years despite the corporate tax cut, say analysts >> S&P says, India's financial sector needs governance overhaul >> Leading depository CDSL has frozen shareholding of the promoters of debt-ridden DHFL due to a delay in the announcement of the company's financial earnings

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Market wrap, Oct 7: Indices slip for 6th straight day, Sensex loses 141 pts

Mon, 07 Oct 2019 11:35:00 GMT

The headlines - >> Market slips for sixth consecutive day, Sensex sheds 141 pts, Nifty ends at 11,126.40; >> YES Bank jumps 8% after reports say it is in talks with Microsoft Corp and two other technology companies to sell 15% stake; >> JSW Energy in talks to buy GMR's Odisha power plant for undisclosed sum; & >> FCI (Food Corporation of India) to be under a pile of Rs 3.3 trn outstanding subsidy and loans by FY20 And, now the news in detail - Monday turned out to another disappointing day for the domestic equity market as concerns over weak economic growth weighed on investor sentiment. The Reserve Bank of India (RBI) on Friday sharply cut the GDP growth forecast for FY20 to 6.1 per cent from 6.9 per cent, earlier. Besides, selling in counters such as pharma, metals, auto, PSU banks, and IT dragged the market lower. Additionally, uncertainty over US-China trade war on the global front, too, added to the investors' woes. Extending its losing streak into the sixth consecutive session, the S&P BSE Sensex lost 141 points or 0.38 per cent to end at 37,532 levels with YES Bank (up over 8 per cent) being the top gainer and Tata Steel (down 2.50 per cent) the biggest loser. ITC, TCS, L&T, HDFC duos, and Infosys contributed the most to the index's fall while Axis Bank, ICICI Bank and YES Bank gave the much-needed support. In the broader market, the S&P BSE MidCap index ended at 13,680.62, down 33 points or 0.24 per cent and the S&P BSE SmallCap index lost 96 points or 0.75 per cent to close at 12,713.02. On the NSE, the broader Nifty50 index settled at 11,126.40, down 48 points or 0.43 per cent. Volatility index India VIX rose over 1.50 per cent to end at 17.85 levels. On the sectoral front, pharma stocks bled the most, followed by metal, realty, and PSU bank stocks. The Nifty Pharma index closed at 7,148.95 levels, down 247.95 points or 3.35 per cent. Market will remain closed on Tuesday on account of Dussehra. Stocks that made news today - Shares of Adani Green Energy (AGEL) continued their upward journey on Monday to hit a fresh 52-week high of Rs 68.65, up 6 per cent in an otherwise weak market. The company on Friday raised $362.5 million through a dollar bond issuance. Zee Entertainment Enterprises (ZEE) hit an over six-year low of Rs 204, plunging 14 per cent during the day, after the company announced that its promoter Essel Media Ventures have pledged 10.71 per cent equity with VTB capital. However, the stock recovered from the day's low to end at Rs 251.50 apiece, up over 6 per cent. Shares of Aurobindo Pharmaceuticals, Bharat Heavy Electricals Limited (BHEL), Ambuja Cements, Grasim Industries, Zee Entertainment Enterprises, Glenmark Pharmaceuticals, Lupin and LIC Housing Finance were among the 34 stocks from the BSE500 index that hit their respective 52-week lows on the BSE during the session.

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Market Ahead, October 7: Top factors that could steer markets this week

Mon, 07 Oct 2019 02:30:00 GMT

Top headlines for today -- >> YES Bank plans to raise $1 billion by December through rights issue >> Corporate tax cut will not benefit banks, says PNB's MD & CEO S S Mallikarjuna Rao >> FPIs pull out Rs 3,000 crore from equities in 3 trading sessions of October Factors that will guide markets this week -- Corporate earnings, macro-data, trade talks between US and China, and FPI inflows will be some of the biggest factors which will guide investors' sentiment during the truncated week. Markets, that will remain shut on Tuesday on account of Dussehra, will watch out for Sept quarter results of large-cap companies like TCS, and Infosys, scheduled to be announced on Thursday and Friday, respectively. IndusInd Bank, Bajaj Consumer Care, and Goa Carbon are among the 21 other companies scheduled to announce their results this week. Besides, Industrial production data for the month of August 2019, slated to be released on Oct 11, will be on investors' radar to gauge the health of the economy. Globally, investors would eye US-China trade talks, scheduled to take place at the end of the week, along with minutes of the US Federal Reserve's latest monetary policy meeting, that are slated to be released on Wednesday. Other factors like stock-specific developments, movement of rupee against the US dollar, change in oil prices, and inflows from FPIs and DIIs will be closely watched. For today, trends on SGX Nifty suggest a flat to positive start for domestic indices. Shares in Asian markets, too, were trading higher on Monday after data showed that U.S. unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world’s largest economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.25 per cent, Japan's Nikkei stock index added 0.29 per cent, while Australian shares were up 0.48 per cent. On Wall Street, the Dow Jones, the S&P500 and the Nasdaq Composite added 1.4 per cent each during the overnight trade on Friday. Back home, markets fell on Friday after the Reserve Bank of India cut FY20 GDP forecast to 6.1 per cent from 6.9 per cent during its October monetary policy review meeting. The benchmark S&P BSE Sensex dropped 434 points or 1.14 per cent to settle at 37,673, while the Nifty50 ended at 11,175, down 139 points or 1.23 per cent.

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Market wrap, Oct 4: Sensex slips 434 pts after RBI policy review; banks dip

Fri, 04 Oct 2019 11:53:00 GMT

A 25 basis point (bps)-rate cut by the Reserve Bank of India (RBI) on Friday failed to cheer market participants as concerns over slowing economic growth dented investor sentiment. In its fourth bi-monthly monetary policy meet, the RBI's monetary policy committee (MPC) did cut the repo rate to 5.15 per cent for the fifth consecutive time; however, a sharp reduction in the GDP growth forecast to 6.1 per cent for the financial year 2019-20 (FY20) caught investors off guard. Benchmark indices, S&P BSE Sensex and NSE's Nifty50, lost over 1 per cent, thus taking their losing streak to the fifth consective session. The S&P BSE Sensex dropped 434 points or 1.14 per cent to settle at 37,673.31. Financial stocks led the decline with HDFC Bank, ICICI Bank, and Axis Bank falling up to over 3 per cent. On the NSE, the frontline index Nifty50 ended at 11,175, down 139 points or 1.23 per cent. On a weekly basis, Sensex shed nearly 3 pe cent while Nifty50 lost 2.93 per cent. On the sectoral front, Nifty Bank index slid nearly 700 points or 2.40 per cent to settle at 27,731.85 levels, with 10 out of 12 constituents ending in the red. Nifty IT index was the only sectoral index on the NSE that ended in the green. The Nifty IT index ended at 15,340.30, up 62 points or 0.41 per cent. In the broader market, the S&P BSE MidCap index lost 131 points or 0.94 per cent to settle at 13,713.79 levels, while the S&P BSE SmallCap index closed at 12,809, down 102 points or 0.79 per cent. Market breadth remained in favour of declines as out of 2,865 traded on the BSE, 976 advanced and 1,636 declined while 253 scrips remained unchanged. As regards monetary policy, the Finance Ministry on Friday said the Reserve Bank's decision to lower benchmark lending rate will complement recent measures taken by the government to accelerate growth. That's all we have for you in today's post-market podcast. For the latest news on business, markets, and more, log on to Business-Standard.com.

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Market Ahead, October 4: Top factors that could steer markets today

Fri, 04 Oct 2019 02:27:00 GMT

Top factors that could drive markets today Investors should expect another volatile trade today, as markets eye the Reserve Bank of India's bi-monthly monetary policy decision. While a rate cut is already priced-in, the quantum, growth outlook and comments thereafter, by the governor, on further policy easing will set the tone for markets. Interest rate-sensitive stocks, like automobiles and financials, could thus see major movements today. Besides, market participants will watch out for Services PMI data for the month of September slated to be released later in the day. That apart, stock-specific developments, global cues, movement of rupee against the dollar, crude oil prices and investments by FPIs and DIIs will guide the market trajectory. In a volatile trade on Thursday, markets ended in the red for the 4th consecutive session. The Nifty50, which took support at 200-DMA placed at 11,258, needs to trade above this level to arrest further slide. Yesterday, the S&P BSE Sensex lost 199 points or 0.52 per cent to settle at 38,107 level, while the Nifty index ended at 11,313-mark, down 47 points or 0.41 per cent. Globally, Asian stocks edged higher on Friday but the mood was cautious ahead of the U.S. jobs data. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.16%, Japan's Nikkei stock index rose 0.04% and Australian shares advanced 0.29%. On Wall Street, US shares ended higher during the overnight trade on Thursday after two Federal Reserve officials said that the Fed was open to further rate cuts. The Dow Jones settled 0.47% higher, the S&P500 gained 0.8%, and the Nasdaq Composite added 1.12%. Top headlines for the day >> Online railway ticket booking platform IRCTC's IPO was over-subscribed by 112 times, the highest for a state-owned company. >> August economic activity worse than 2008 financial crisis, says Nomura >> Economic Offences Wing of the Mumbai police arrested HDIL promoter Rakesh Wadhawan and his son Sarang Wadhawan on Thursday in PMC Bank scam case

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Single-use plastic: The world may be drowning in it but can we ban it?

Thu, 03 Oct 2019 11:38:00 GMT

Prime Minister Narendra Modi recently underlined his government’s intention to move away from single-use plastics in the coming years. While addressing the 14th meeting of the Conference of Parties to the United Nations Convention to Combat Desertification (UNCCD COP 14) in Greater Noida, Uttar Pradesh in September, he exhorted the delegates to initiate a global ban on single-use plastic. This led to speculation and worries that the government may announce a ban on single-use plastic on October 2, 2019 but India did not go ahead with such a ban. What exactly is single-use plastic? Why doesn’t the government simply go ahead and ban it? What are the alternatives to using single-use plastic? Business Standard’s Senior Associate Editor, Jyoti Mukul answers some of these questions in this podcast with host, Ankur Bhardwaj. Tune in for more:

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Market Wrap, Oct 3: Sensex loses 199 pts; YES Bank zooms 33%

Thu, 03 Oct 2019 11:27:00 GMT

Weak global cues, selling in index heavyweights such as HDFC twins, Infosys, and Axis Bank and cautiousness ahead of the release of RBI monetary policy due Friday weighed on the investor sentiment on Thursday. The benchmark S&P BSE Sensex lost 199 points or 0.52 per cent to settle at 38,106.87, with Vedanta (down around 5 per cent) being the top drag and YES Bank (up 33 per cent) the biggest gainer. During the day, the index hit an intra-day high and low of 38,310.93 and 37,957.56, respectively. Among individual stocks, YES Bank logged the biggest ever one-day gain after its chief executive officer (CEO) Ravneet Gill assured investors that the bank remains on solid financial footing. The stock ended at Rs 42.55 apiece on the BSE, up 33 per cent. Market breadth remained in favour of the bears as out of 2,651 companies traded on the BSE, 961 advanced and 1,530 declined while 160 scrips remained unchanged. In the broader market, the S&P BSE MidCap index closed at 13,844.48, down 42 points or 0.30 per cent while the S&P BSE SmallCap index shed 49 points or 0.38 per cent to end at 12,910.18. On the NSE, the Nifty50 index ended at 11,313.10, down 47 points or 0.41 per cent. Volatility index India VIX jumped nearly 6 per cent to 17.70 levels. Sectorally, most sectoral indices on the NSE ended in the red with metal stocks leading the decline. The Nifty Metal index slipped 3 per cent to 2,325 levels, with 14 out of 15 components ending in the red. Nifty Fin Service index dropped over 1 per cent to 12,843.55 levels. On the other hand, realty stocks surged the most with the Nifty Realty index gaining over 1 per cent to 250.90 levels. Top stocks that made news today - Shares of IndusInd Bank slipped for the fourth straight day, hitting an over two-year low of Rs 1,220 during the intra-day trade on concerns over exposure to stressed sectors. The stock eventually settled at Rs 1,256.60 apiece on the BSE. Shares of Abbott India hit an all-time high of Rs 11,297, up 4 per cent on the BSE on Thursday in an otherwise range-bound market, on hopes that high growth momentum will continue. The scrip ended at Rs 10,926, up over half a per cent. Paper stocks slipped up to 12% as govt shelves plan to ban single-use plastic. Further, as many as 165 securities on the NSE hit their 52-week low today. Just Dial witnessed the biggest spurt in open interest (OI) today at 22.91 per cent, followed by BPCL (up 16 per cent) and IndusInd Bank (also 16%). In the primary market, the IPO of IRCTC was subscribed 112 times till 4:00 pm. The issue closes today.

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Market Ahead, October 3: All you need to know before the Opening Bell

Thu, 03 Oct 2019 02:30:00 GMT

Top cues for today Equity markets are likely to take cues from Asian markets today as fresh trade war concerns could keep investors cautious. The United States has opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union. This, and fall in the US manufacturing activity to a 10-year low dampened sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.38%, while Japan's Nikkei stock index dropped 1.96%. Australian shares, too, declined by 2.19%. On Wall Street, US stocks fell to six-week lows. The Dow Jones, the S&P500, and the Nasdaq Composite, all, slumped nearly 2 per cent during the overnight trade on Wednesday. In the commodities market, Oil future extended their decline in Asia. Brent Crude Futures were trading at $57.7 per barrel0mark in the early trade. Domestically, markets would continue to track auto sales numbers, global cues, oil price movement, the rupee's trajectory against the dollar, and fund flow by foreign investors. Markets, which were closed on Wednesday, logged steep cuts during the intra-day trade on Tuesday. The S&P BSE Sensex slipped more than 700 points in the intra-day trade as economic picture continued to look weak with no improvement in auto sales figures, and a contraction in core industries' output data. Further, panic selling was seen at banking counters due to deepening of crisis at the Punjab and Maharashtra Cooperative Bank and Lakshmi Vilas Bank. The S&P BSE Sensex ended at 38,305, down 362 points or 0.94 per cent, while the Nifty50 index ended at 11,360, down 115 points or 1 per cent. For today, trends on SGX Nifty suggest a negative opening for the domestic markets. Top headlines and the stocks that could remain in focus -- >> Shadow bank woes may continue to haunt stock market after disrupting rally >> India not immune to the global slowdown, but fundamentals strong: WEF >> IndiGo co-founder Rahul Bhatia files for arbitration at London court against Rakesh Gangwal >> Experts expect RBI to go for 25-40 bps rate cut in the October monetary policy meeting, scheduled to be out tomorrow.

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Market Wrap, Oct 1: Sensex ends 362 pts lower; Nifty ends at 11,360

Tue, 01 Oct 2019 11:36:00 GMT

After tumbling around 2 per cent in the intra-day deals, the benchmark indices staged smart recovery in the fag-end of the session but still settled with nearly a per cent losses. The S&P BSE Sensex ended at 38,305.41, down 362 points or 0.94 per cent. The index recovered 376 points from day's low. YES Bank (down 23 per cent) emerged as the biggest drag on the index while HDFC Bank (up nearly 2 per cent) was the top performer. In the broader market, the S&P BSE MidCap index lost 218 points or 1.54 per cent to end at 13,886.42 levels while the S&P BSE SmallCap index ended at 12,959, down 212 points or 1.61 per cent. On the NSE, the benchmark Nifty50 index ended at 11,359.90, down 115 points or 1 per cent. Volatility index India VIX rose 5.22 per cent to settle at 16.70 levels. On the sectoral front, all the indices on the NSE ended in the red. Media counters bled the most, followed by realty, PSU banks and metal stocks. The Nifty Media index ended at 1,722.15 levels, down 77.85 points or 4.32 per cent. The initial public offering (IPO) of Indian Railway Catering and Tourism Corporation (IRCTC) was fully subscribed in the morning deals on Tuesday, the second day of the bidding process. Till 04:00 Pm, the issue was subscribed 2.59 times. The total bids received stood at 22.5 million equity shares while the total issue size stands at 20.2 shares. The retail investors' portion was subscribed a total of 3.23 times while NII (Non Institutional Investors) quota saw a subscription of 0.42 times, data available with BSE and NSE showed. Shares of rate sensitive sectors like banking, real estate and automobile companies came under heavy selling pressure on Tuesday, falling by up to 30 per cent on the National Stock Exchange (NSE). Shares of Bharat Petroleum Corporation (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India (Concor) rallied up to 14 per cent on the BSE in the intra-day deals after group of secretaries cleared disinvestment proposal of these public sector companies. The country's largest carmaker Maruti Suzuki India (MSI) on Tuesday reported a 24.4 per cent decline in sales at 1,22,640 units in September. The company had sold 1,62,290 units in September last year, MSI said in a statement.

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Here are the new loan rates and charges that SBI has introduced today

Tue, 01 Oct 2019 09:56:00 GMT

Are you an SBI account holder? If your answer is yes, then you must know about some of the most important changes that have been introduced from today, i.e, October 1. The State Bank of India has revised its service charges and also adopted the repo rate as the external benchmark for its floating-rate loans. Listen to the podcast to know more.

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Market Ahead, October 1: Top factors that could steer markets today

Tue, 01 Oct 2019 02:40:00 GMT

Top headlines for the day-- >> Centre to borrow Rs 2.68 trillion in the second half of 2019 >> Saudi Arabia assures Reliance, it will supply committed crude oil in Oct >> Sebi, Ministry of Corporate Affairs plan to turn up heat on rating firms >> Core sector output worst in 52 months; MPC may cut rates to prop up growth Market cues for the day Domestic markets may see a flat to mildly higher start on Tuesday as investors could react to the government's assurance that it would borrow within the budgeted Rs 7.1 trillion in the current financial year, and would stick to the fiscal deficit glide path. However, contraction of output -- from the eight core industries -- to an over 3.5 year low in Aug could cap gains. The output contracted by 0.5 per cent in Aug this year, as compared to a gain of 4.7 per cent last year. That apart, market participants would eye Manufacturing PMI for the month of September, scheduled to be released later in the day. Also, the Reserve Bank of India's MPC will begin its three-day fourth bi-monthly monetary policy review today. That apart, auto and cement stocks will be in focus as respective companies are slated to announce their Sept sales data today. On Monday, benchmark Sensex closed with a loss of 155 points, or 0.4 per cent, at 38,667 level, while the Nifty50 settled 38 points, or 0.33 per cent, lower at 11,474-mark. Globally, Asian shares ticked up on Tuesday. Sentiment got boosted after White House trade adviser Peter Navarro dismissed reports that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges. Japan's Nikkei rose 0.6 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.11 per cent. On Wall Street, US shares ended higher during the overnight trade on Monday. The Dow Jones settled 0.36 per cent higher, the Nasdaq Composite closed 0.75 per cent higher, and the S&P500 added 0.5 per cent. In the commodities market, oil prices were under pressure on fading concerns of supply shortfalls and conflicts in the Middle East. Brent Crude Futures were trading below $60 per barrel mark during the early trade. Intra-day trade recommendation by Anand Rathi Shares and Stock Brokers The brokerage recommends BUYING GODFREY PHILLIPS for the target of Rs 1,050, with a stop loss of Rs 880.

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Market Wrap, Sept 30: Sensex slips 155 pts; Indiabulls Hsg Fin tumbles 34%

Mon, 30 Sep 2019 11:26:00 GMT

Equity benchmark indices ended Monday's session in the negative territory, owing to heavy selling in banking, pharma and realty counters. Further, lack of any catalysts and subdued global cues, too, restricted market participants from making fresh bets. The S&P BSE Sensex lost 155 points or 0.40 per cent to settle at 38,667, with YES Bank (down 15 per cent) being the biggest drag and Bharti Airtel (up 5 per cent) the top performer. HDFC, ICICI Bank and HDFC Bank contributed the most to the index's loss while Infosys and Reliance Industries (RIL) gave the much-needed support. In the broader market, both small and mid-cap indices underperformed the frontline indices. The S&P BSE MidCap index ended at 14,104.13, down 162 points or 1.13 per cent while the S&P BSE SmallCap lost 161 points or 1.21 per cent to end at 13,171. On the NSE, the Nifty50 index closed at 11,477.25 levels, down 35 points or 0.31 per cent. Among the sectoral indices, Nifty Bank lost nearly 800 points or 2.59 per cent to end at 29,103.85. Nifty PSU Bank index hit 52-week low in the intra-day session. The index closed at 2,293.85 levels, down 82.50 points or 3.47 per cent. Pharma stocks, too, bled in the session with the Nifty Pharma index ending at 7,549.20, down 146 points or 1.90 per cent. IT stocks, on the other hand, logged impressive gains with the Nifty IT index surging around 2 per cent to settle at 15,527.55 levels. The Nifty FMCG index also ended in the green. Top stocks that made news today - Shares of Indiabulls Group companies were under pressure for the second consecutive trading day, after the Delhi High Court agreed to hear public interest litigation (PIL) seeking special investigation team (SIT) probe into Indiabulls Housing Finance. The stock saw its sharpest intra-day fall since listing, plunging 38 per cent to Rs 240, also its 52-week low on the BSE. At close, shares of the company stood at Rs 255.50, down 34 per cent. Lakshmi Vilas Bank hit lower circuit limit of 5 per cent to end at Rs 34.75 after RBI put the bank under Prompt Corrective action (PCA). YES Bank tumbled 15 per cent to settle at Rs 41.45 apiece. In another news, Reliance Capital Ltd will exit the lending business, group Chairman Anil Ambani said on Monday, sending its shares to over two-decade low. In the primary market, the IPO of IRCTC got off to a solid start as the issue got subscribed 73 per cent till 04:15 pm.

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The IRCTC offer for sale opens today. Should you subscribe?

Mon, 30 Sep 2019 10:02:00 GMT

Indian Railway Catering and Tourism Corporation, or IRCTC, the online ticketing, tourism and the catering arm of the Indian Railways, launched its initial public offering on Monday. The IPO is part of the government's ambitious disinvestment programme that targets raising Rs 1.05 trillion via this route in financial year 2019-20. The price band has been fixed at 315 to 320 rupees per equity share. Of the total issue size, about 160 thousand equity shares have been reserved for eligible employees. The issue opens today, September 30 and closes on October 3. At the higher end of the price band, the company aims to raise about 645 crore rupees. The minimum lot size is 40 shares. So, should you subscribe to the IPO? Listen to the podcast to know more

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Market Ahead, September 30: Top factors that could steer markets this week

Mon, 30 Sep 2019 02:38:00 GMT

Markets are expected to remain in the consolidation-mode, as investors watch out for key micro and macro-level developments through the week. During the truncated week, market participants would, first, eye the Reserve Bank of India's repo rate decision. The MPC, which is scheduled to meet on Oct 1, 3 and 4th, will announce its decision on the last day of the meeting. After a cut in the corporate tax rate by the Finance Minister, investors await whether or not the Central bank would change its stance and decide to cut short the rate cut cycle. Further, auto and cement sales data, for the month of September, would be released through the week, starting Tuesday, which could keep auto and cement stocks volatile. That apart, Infrastructure output for August, fiscal deficit for April-August period, and current account deficit and external debt for April-June quarter will be announced on Monday. Moreover, Manufacturing PMI for September month will be declared on Tuesday while Services PMI for September will be released on Friday. Globally, investors would eye progress in the US-China trade talks. Delegations from both the sides are likely to meet on Oct 10 and any development ahead of it would be keenly watched. Besides, the movement of rupee against the dollar, Brent crude oil price movement and investments by FPIs and DIIs will also be watched. Given all these developments, analysts advise investors to adopt a stock-specific trading approach and focus more on the index majors for short term trades. For today, investors should keep an eye on Reliance Annual General Meeting. In what is probably the first for any major corporation, the resolution professional for Reliance Communications will chair and address the shareholders on Monday. The AGMs of Reliance Capital, Reliance Infra, Reliance Power, Reliance Home Finance and Reliance Communication are slated for Monday. Also, Indian Railway Catering and Tourism Corporation (IRCTC), the online ticketing, tourism and the catering arm of the railways, is scheduled to launch its IPO on Monday. The IPO is entirely an offer for sale (OFS) where 2.01 crore equity shares will be put on the block. Trends on SGX Nifty were suggesting a quiet start for the domestic indices. On the global front, Asian shares were off to a cautious start on Monday as reports that the U.S. administration was considering delisting Chinese companies from the U.S. stock exchanges kept investors on the sidelines. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11% while Japan's Nikkei shed 0.61%. On Wall Street, the Nasdaq Composite slipped over 1 per cent during the overnight trade on Friday, the S&P500 dipped 0.53%, and the Dow Jones closed 0.26% lower. Back home, The S&P BSE Sensex lost 167 points or 0.43% to settle at 38,822 level while the Nifty50 index closed at 11,512-mark, down 59 points or 0.51%. Top headlines for the day >> HDFC Capital Advisors looks to raise $1 billion in affordable housing fund >> Govt may seek Rs 30,000 crore interim dividend from RBI >> Brickwork downgrades Peninsula Lands debentures from 'A' to 'BBB-' >> Investor flows shift to 'safer' corporate bond funds, say experts

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Market Wrap, Sept 27: Sensex loses 167 pts, Nifty ends at 11,512

Fri, 27 Sep 2019 11:49:00 GMT

Selling in select blue-chip counters such as HDFC, IndusInd Bank, TCS, L&T, ONGC, and Vedanta and weak global cues dragged the equity market lower on Friday. The S&P BSE Sensex lost 167 points or 0.43 per cent to settle at 38,822.57 while the Nifty50 index of the National Stock Exchange (NSE) closed the day at 11,512.40, down 59 points or 0.51 per cent. On a weekly basis, however, Sensex gained 2.12 per cent while Nifty added 2.11 per cent. In the broader market, the S&P BSE Mid-cap index ended at 14,266, down 90 points or 0.62 per cent and the S&P BSE Small-cap index lost 109 points or 0.81 per cent to settle at 13,332 levels. On the sectoral front, metal stocks slipped the most with the Nifty Metal index ending 2.64 per cent lower at 2,453.95 levels. Realty and pharma counters were the other leading losers of the day. Top stocks that made news today - Shares of YES Bank hit a fresh six-year low in the intra-day deals on Friday after YES Capital, one of the promoter entities of the private lender, sold nearly 2 per cent stake in the bank. The stock ended at Rs 49 apiece on the BSE, down over 4 per cent. Shares of Indiabulls Group were under pressure on Friday, falling by up to 19 per cent on the BSE on report that the Delhi High Court (HC) has issued notices to Indiabulls Housing Finance, Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) & the Ministry of Corporate Affairs (MCA). On the other hand, Bajaj Finance hit a new peak in the intra-day deals. Thus far in the calendar year 2019, Bajaj Finance has outperformed the market by surging 54 per cent, as compared to an eight per cent gain in the Sensex. Shares of the company settled at Rs 4,065.35, up 1.61 per cent. In other news, US-based PIMCO, one of the largest asset managers across the globe expects global gross domestic product (GDP) growth to slow further over the next several quarters and enter a ‘window of weakness’ as ongoing trade tensions and heightened political uncertainty in multiple jurisdictions continue to act as a drag on trade, manufacturing activity and business investment.

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India gears up for LPG shortage following attacks on Saudi Aramco

Fri, 27 Sep 2019 08:46:00 GMT

India is facing a peculiar situation. On the one hand, there is a surge in the demand for liquefied petroleum gas or LPG ahead of the festive season. On the other, there is an impending supply crunch, as Saudi Arabia, a key exporter of this cooking fuel, has had to drastically slash production following the attack on its Aramco facility. According to industry sources, a shortfall in assured LPG supply from Saudi Arabia has created a huge booking backlog across states such as Maharashtra, Karnataka, Punjab and Goa. The delivery of cylinders is taking 10 to 15 days in some of the states, LPG distributors said. Maharashtra is especially tricky as the state is going for Assembly elections on October 21. Listen to the podcast to know more

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Market Ahead, Spetember 27: All you need to know before the Opening Bell

Fri, 27 Sep 2019 02:31:00 GMT

Indian indices ended higher on Thursday and formed a bullish candle at the expiry of the September series of F&O contracts. A change from red candles, formed during the last three consecutive expiries, indicates that bulls are trying to take charge from the lower end. Positive global developments, rupee's 16 paise rise against the US dollar and a drop in crude oil prices gave a leg-up to investor sentiment yesterday, lifting the benchmark indices higher by over 1 per cent. The S&P BSE Sensex gained nearly 400 points to settle at 38,990 level, while the Nifty50 added 131 points to close at 11,571-mark. As for today, market participants could react to Finance Minister Nirmala Sitharaman's statement that India’s economic growth could pick up in the October-March period as consumer demand is likely to improve ahead of festivities. However, increased political uncertainty in the US could cap gains today. US President Donald Trump predicted sinking stocks and a reversal of economic gains if the impeachment inquiry proceeds. That apart, movement in oil prices, the rupee's trajectory against the dollar and capital flow by foreign investors would steer the market. FIIs and DIIs both were net buyers on Thursday and bought shares worth Rs 1,076 crore. Trends on SGX Nifty, too, suggest a weak opening for markets. Globally, Asian shares were trading weak during the early morning trade on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.09 per cent, while Japan’s Nikkei slid 0.54 per cent. On Wall Street, the Dow Jones and the S&P500 slipped up to 0.3 per cent during the overnight trade on Thursday. The Nasdaq Composite, too, settled 0.6 per cent lower. In the commodities market, Brent crude futures fell 0.53 per cent to hover around $62 a barrel-mark. Top headlines for the day: >> India braces for LPG supply crisis after the terror attack on Saudi Aramco >> New framework to bail out stressed financial companies likely today >> As many as 11 PSUs are working to issue their IPOs, says the additional secretary of Dipam. Intra-day trade recommendation by Anand Rathi Shares and Stock brokers -- The brokerage recommends BUYING RELIANCE INDUSTRIES for the target of Rs 1,370 with a stop loss of Rs 1,260.

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Market Wrap, Sept 26: Sensex climbs 396 pts, Nifty ends at 11,573

Thu, 26 Sep 2019 11:38:00 GMT

Making a sharp rebound, the equity benchmark indices ended the last day of the September series of futures & options (F&O) contracts on a positive note. Across-the-board buying and hopes of US-China trade truce boosted investor sentiment today. The S&P BSE Sensex climbed 396 points or 1.03 per cent to end at 38,989.74, with Vedanta (up 7 per cent) being the top gainer and YES Bank (down 5 per cent) the biggest loser. ICICI Bank, Reliance Industries (RIL), Larsen & Toubro (L&T), Mahindra & Mahindra (M&M) and Maruti contributed the most to the index's gains while Infosys, HUL and HDFC emerged the biggest drags. During the day, the benchmark index of the BSE hit an intra-day high and low of 39,158.07 and 38,676.11, respectively. On the NSE, the benchmark 50-share index Nifty ended at 11,573.30, up 133 points or 1.22 per cent. Among the sectoral indices on the NSE, barring IT, all the indices settled in the positive zone. Metal stocks rallied the most, followed by realty and auto stocks. The Nifty Metal index gained 4.32 per cent to end at 2,525. On the other hand, Nifty IT index ended at 15,317, down 0.29 per cent. Stocks that made news today - ICICI Bank’s market capitalisation (m-cap) inched towards Rs 3 trillion-mark as the stock of the private sector lender hit a new high of Rs 458, up 6 per cent on the BSE in the intra-day deals on Thursday. The stock closed at Rs 452, up 4 per cent. Shares of YES Bank dipped 5 per cent on the BSE to hit a six-year low of Rs 50.85 on Thursday despite the private sector lender assuring investors that it was on course to raise growth capital. The scrip ended 5 per cent lower at Rs 51 apiece. Shares of Bharat Petroleum Corporation Limited (BPCL) gained for the fifth straight day, on reports that the government was considering selling its stake to a global oil company. During the session, it traded at its highest level since February 2018. At close, shares of the company stood at Rs 480, up over 3 per cent.

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Market Ahead, September 26:Top factors that could guide markets today

Thu, 26 Sep 2019 02:49:00 GMT

Markets are expected to remain volatile today as investors adjust their positions for the Sept series of Futures and Options contracts, which expire today. As per technical evidence, a 'bearish belt hold' pattern was formed on the daily charts yesterday, suggesting indecisive move ahead. Market participants could also react to Sebi's notification easing the process for on-boarding of overseas investors. The notification simplified KYC requirements for FPis and permits them to carry out off-market transfer of securities On the global front, investors could react to US President Donald Trump's statement that a deal with China could happen sooner than people think. That apart, other global cues, stock-specific developments, rupee's trajectory against the dollar and investment by foreign investors would continue to steer market. Asian stocks were trading higher on Thursday as hopes of a trade deal between Washington and Beijing boosted demand for riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%, Japan's Nikkei rose 0.45%, and Australian shares were up 0.13%. On Wall Street, US shares ended higher during the overnight trade on Wednesday. The Dow Jones and the S&P500 gained 0.6% each, while the Nasdaq Composite added 1%. Back home, domestic indices slipped on Wednesday. The S&P BSE Sensex dipped 504 points, or 1.29%,to settle at 38,593 level. On NSE, the broader Nifty50 ended at 11,440-mark, down 148 points, or 1.28%. For today, trends on SGX Nifty suggest a flat to positive start for the domestic indices. Headlines and stocks that would remain in focus >> India, US fail to seal trade deal over differences on import duties >> Essel group promoters plan to sell non-media assets to repay debt >> Oil declines as Saudi Arabia restores output capacity ahead of schedule

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Market Wrap, Sept 25: Here's all that happened in the markets today

Wed, 25 Sep 2019 11:36:00 GMT

Indian equity markets continued to consolidate for second consecutive session on Wednesday as investors turned to profit-booking. Sentiment was also impacted as market participants adjusted their position ahead of expiry of Futures and Options (F&O) contracts for the September series on Thursday. That apart, markets took cues from Asian peers who were spooked by US lawmakers' decision to call for an impeachment inquiry into President Donald Trump. The S&P BSE Sensex slipped below the 39,000-mark to close 504 points, or 1.29 per cent, lower at 38,593 level. Power Grid Corp (up 4 per cent) managed to hold gains to end as the top gainer at the 30-share index, while State Bank of India (SBI) (down nerly 8 per cent) settled as the top laggard. 23 of 30 constituents ended the day in the red. On NSE, the broader Nifty50 ended at 11,440-mark, down 148 points, or 1.28 per cent. The index logged second biggest single-day fall this month. All the sectoral indices, except IT, ended the day with losses. Nifty PSU Bank index settled as the biggest loser, down over 6 per cent, followed by Nifty Auto index (down 4 per cent), and Nifty Realty index (down 3.5 per cent). Nifty IT index managed to settle 0.13 per cent higher. In the broader market, the S&P BSE Mid-cap closed at 14,225 level, down 255 points or 1.76 per cent. The S&P BSE Small-cap, on the other hand, dipped 205 points, or 1.5 per cent, to settle at 13,383 level. BUZZING STOCKS Shares of IndiaMART InterMESH continued their dream run at the bourses and hit a new high on the BSE on Wednesday in an otherwise weak market. The shares now trade at more than double the value of its issue price. The stock of India's largest online business-to-business marketplace was trading 6 per cent higher at Rs 1,971, extending its previous day’s 10 per cent rally on the BSE. The stock closed at Rs 1,855, down 0.69 per cent. Shares of Balrampur Chini Mills (BCML) were trading at nearly two-year high of Rs 174, up 3 per cent, on the BSE on Wednesday on expectations of improved operating performance. In comparison, the S&P BSE Sensex was down 1 per cent or 389 points at 11:00 am. The stock settled 2.23 per cent higher at Rs 171.6 apiece.

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Does India have much to gain from a possible trade deal with the US?

Wed, 25 Sep 2019 10:10:00 GMT

Ahead of a bilateral meeting with Prime Minister Narendra Modi, US President Donald Trump said the two countries will soon sign a limited trade accord, while a free trade agreement will be signed later. PM Modi said, as far as trade between India and the US is concerned, he is happy that India's Petronet has signed an MoU for an investment of $2.5 billion in the energy sector. After the meeting, Foreign Secretary Vijay Gokhale said Commerce Minister Piyush Goyal was in New York for discussions on a trade deal. Modi and Trump’s bilateral meeting, and the US president’s comments on a trade deal between the two countries, came on a day when Trump warned China about its trade practices. The US has continued to put pressure on India to initiate talks on a full-fledged free trade agreement (FTA) over the past year, but New Delhi has consistently pushed back. Commerce Department officials have argued that India stands to gain little from such a pact, as import duties for goods entering the US are already among the lowest in the world. Listen to the podcast to know more

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Market Ahead, September 25: All you need to know before the Opening Bell

Wed, 25 Sep 2019 02:52:00 GMT

Markets could remain volatile today as investors begin to roll-over their positions for the Sept series of F&O contracts, ahead of their expiry on Thursday. Technical evidence on daily charts, also, show the formation of 'Doji' candle, indicating an indecisive move for the indices in the near-term. Market participants would continue to react to global cues, stock-specific developments, rupee's trajectory against the dollar and investment by FIIs and DIIs. Foreign institutional investors sold shares worth Rs 828 crore, while domestic institutional investors bought shares worth Rs 473 crore in the Indian equity market on Tuesday. Moreover, investors with global exposure would watch out for the minutes of the Bank of Japan's monetary policy meeting, scheduled to be released today. The Central Bank of Japan left its key short-term interest rate unchanged at -0.1% at its September meeting. On Tuesday, the benchmark indices, back home, ended little changed as investors turned to profit-booking. The S&P BSE Sensex ended at 39,097 level, up just 7 points or 0.02 per cent, while the Nifty50 index ended at 11,588, down 12 points or 0.10 per cent. Globally, Asian stocks fell on Wednesday after the US lawmakers called for an impeachment inquiry into President Donald Trump. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 per cent, Japan's Nikkei fell 0.55 per cent, while Australian shares fell 0.66 per cent. On Wall Street, US shares declined on fears of prolonged political uncertainty, coupled with weakness in the consumer confidence sentiment. The Dow Jones fell 0.53 per cent, the S&P500 slipped 0.84 per cent, and the Nasdaq Composite declined by 1.5 per cent. Trends on SGX Nifty suggest a negative opening for the domestic indices. In the commodities market, oil prices declined to hover around $61 per barrel-mark. Top headlines and the stocks that could remain in focus >> Donald Trump says, US-India trade deal could be signed very soon. >> Direct tax code panel calls for branch profit tax on foreign companies >> Infosys ranks 3rd in Forbes' list of 'The World's Best Regarded Companies' >> Board of Kaveri Seed approved share buyback of up to 28 lakh shares or 4.44 per cent of equity shares

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Amit Shah moots idea of all-in-one ID, digital census: All you should know

Tue, 24 Sep 2019 13:23:00 GMT

Union Home Minister Amit Shah on Monday proposed the idea of a multipurpose identity card for citizens with all utilities like passport, Aadhaar, driving licence and bank accounts. Calling for creating 2021 Census data in digital form, Amit Shah said a mobile app would be used for the first time in the 2021 Census. He claimed, It would be a big revolution in the country’s Census exercise. Which card can serve the purpose? Listen to the podcast to know more

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Market Wrap, Sept 24: Sensex up just 7 points, Nifty ends below 11,600;

Tue, 24 Sep 2019 11:27:00 GMT

The benchmark indices ended little changed on Tuesday after two days of spectacular rally as investors booked profits. The S&P BSE Sensex ended at 39,097.14, up just 7 points or 0.02 per cent, with Infosys (up around 4 per cent) being the top gainer and SBI (down over 3.50 per cent) the biggest loser. During the session, the index hit an intra-day high and low of 39,306.37 and 38,913.06, respectively. Out of 30 components, 15 settled with gains and the rest 15 declined. In the broader market, the S&P BSE MidCap index ended 74 points or 0.51 per cent lower at 14,480.70 levels and the S&P BSE SmallCap index settled at 13,588.20, up 23 points or 0.17 per cent. On NSE, the benchmark Nifty50 index ended at 11,588.20, down 12 points or 0.10 per cent. Sectorally, IT stocks advanced the most, followed by FMCG and pharma counters. The Nifty IT index gained over 2 per cent to 15,338.65 levels. On the flip side, PSU bank stocks bled the most. Nifty Bank lost 383 points or 1.25 per cent to end at 30,183.10. BUZZING STOCKS Shares of Reliance Industries (RIL) rallied 5 per cent to Rs 1,298 in the intra-day deals on the BSE after Morgan Stanley maintained an 'overweight' stance on the stock. The foreign brokerage revised target price of RIL to Rs 1,469 from Rs 1,349, earlier. The stock, eventually, settled at Rs 1,278.55, up 3.22 per cent. Shares of the Multi Commodity Exchange of India Ltd. (MCX) surged as much as 10 per cent, to trade nearly two-year high of Rs 1,030, on the BSE on back of heavy volumes. At close, the stock price stood at Rs 992.05 apiece, up nearly 6 per cent.

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Market Ahead, September 24: All you need to know before the Opening Bell

Tue, 24 Sep 2019 02:37:00 GMT

After logging their biggest two-day gains ever, analysts expect markets to consolidate in the near term. Brokerage firm Religare Broking advises investors to stay cautious as markets are trading near peak valuations. According to the pivot charts, key support level for Nifty is placed at 11,482.7 and key resistance level to watch out for are 11,706.23. The benchmark indices remained in positive territory for the second consecutive session on Monday as investors continued their buying spree in the wake of government's decision to slash corporate tax rate. The S&P BSE Sensex reclaimed 39,000-mark, to close with gains of 1,075 points or 2.83 per cent at 39,090 level. On NSE, the Nifty50 index jumped 326 points or 2.89 per cent to settle at 11,600-mark. For today, trends on SGX Nifty, again, suggest a positive opening. At 6:50 am, the Singaporean Exchange for Nifty Futures was trading over 60 points higher. Stock-specific developments, oil prices, global cues and foreign capital investment by FIIs and DIIs would guide the market trajectory today. Overseas investors were strong buyers on Monday, lapping up shares worth Rs 2,684 crore. Globally, Asian shares were trading flat during the early morning trade. MSCI's broadest index of Asia-Pacific shares outside Japan was up just 0.03 per cent, while Japan's Nikkei ticked up 0.10%. On Wall Street, US shares, too, ended flat during the overnight trade on Monday. The Dow Jones settled 0.06 per cent higher, while the S&P500 and the Nasdaq Composite indices ended 0.01 per cent and 0.06 per cent lower. In the commodities market, oil prices dipped slightly. Brent crude futures were trading 0.45% lower to $64.48 a barrel. Top headlines and the stocks that could remain in focus-- >> RBI turns down Sebi plan for credit rating agencies' access to defaults >> Maruti Suzuki India, country's biggest car-maker, sees higher sales in Sept >> Reliance Capital's stake sale to Nippon Life to be completed by month-end >> SEBI imposed Rs 22 crore fine on Aurobindo Pharma, its promoter PV Ramprasad Reddy and other connected entities for violating insider trading norms.

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Market Wrap, Sept 23: Sensex up 1,075 pts; Nifty ends at 11,603

Mon, 23 Sep 2019 11:29:00 GMT

The breathtaking rally in markets continued on Monday with the benchmark indices ending nearly 3 per cent higher, thus logging their best ever two-day gains. Equities have been on fire since Friday after Finance Minister Nirmala Sitharaman announced reduction in effective corporation tax rates to 25 per cent from 35 per cent, earlier. The benchmark S&P BSE Sensex rallied 1,075 points or 2.83 per cent to settle at 39,090.03, with Bajaj Finance (up nearly 9 per cent) being the biggest gainer and Infosys (down 5 per cent) the worst performer. HDFC duos, ICICI Bank, L&T, ITC and Axis Bank contributed the most to the index's gains. On NSE, the Nifty50 index ended at 11,603.40, up 329 points or 2.92 per cent. The Nifty Bank index gained 1,566.90 points or 5.41 per cent to end at 30,548.45 levels. Volatility index India VIX zoomed nearly 11 per cent to 17.05 levels. Both the frontline indices -- Sensex and Nifty -- have surged 8 per cent in two trading sessions. Sectorally, IT and pharma counters bled in an otherwise strong market. The Nifty IT index dropped 2.88 per cent to 15,044.70 levels. Similarly, the Nifty Pharma index lost over 2 per cent to settle at 7,810.65 levels. Shares of consumer companies extended their gains logged on Friday, and jumped up to 11 per cent on the BSE on Monday, on expectation of an improved consumer demand after the government announced sharp cuts in corporate tax rates. Hindustan Unilever (HUL), Nestle India, Asian Paints, Avenue Supermarts (D-Mart), Bata India, Berger Paints, Titan Company, Voltas and Colgate-Palmolive India were among the notable stocks that hit their respective fresh all-time highs on the BSE today. In the broader market, the S&P BSE MidCap index gained 434 points or 3 per cent to close at 14,554.46 and the S&P BSE SmallCap index added 361 points or 2.73 per cent to end at 13,565.

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Podcast: All you need to know about Prime Minister Modi's US tour

Mon, 23 Sep 2019 08:35:00 GMT

PM Modi's US tour includes address to the business and the Indian-American communities, the United Nations General Assembly, among various other events. PM Narendra Modi is on a week-long visit in the United States from September 21 to 27. This will be PM Modi’s sixth visit to the US. On September 21, PM Modi arrived at the George Bush International Airport in Houston. There was a round-table meeting with oil-sector CEOs. On September 22, PM Modi attended the "Howdy, Modi" event at NRG stadium in Houston. Prime Minister Narendra Modi and US President Donald Trump met at an Indian-American rally in Houston, Texas, as their nations negotiate for easing trade tensions. Prime Minister Narendra Modi will address the United Nations Climate Action Summit in New York, today. Listen to the podcast to know more

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Market Ahead, September 23: All you need to know before the Opening Bell

Mon, 23 Sep 2019 02:37:00 GMT

The top headlines of the day: >> FM Sitharaman rules out any immediate plan for expenditure reduction >> Corporate tax rate cut may not benefit auto buyers, say analysts >> Credit rating agency CARE downgraded Reliance Capital's rating to "CARE D" for the company’s long-term debt program Moving on to the market cues for this week: Indices may continue to trade in the positive territory as sentiment is expected to remain positive post-Finance Minister Nirmala Sitharaman's announcement to cut effective corporate tax rate from 35% to 25%. Moreover, the FM's comments to keep the fiscal deficit target intact at 3.3% could further boost the market. Markets may, however, turn volatile during the later part of the week as investors would roll-over their positions for the Sept-series of Futures and Options contracts on Thursday. Investors would also eye Prime Minister Narendra Modi’s week-long visit to the United Nations General Assembly (UNGA) in the US. That apart, market participants would track progress in US-China trade talks after the two countries described their last week's talks as “productive” and “constructive”. Delegations from both sides will meet again later this week. Besides, oil price movement, rupee's value against the dollar, Deposit and bank loan growth print slated to be released later this week, investment pattern by foreign investors, and stock-specific developments would influence trading sentiment this week. For Monday, trends on SGX Nifty suggest a positive start for the domestic indices. Asian shares, too, started higher on hopes of an interim Sino-US tariff deal. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5%, Japan's Nikkei opened 0.2% higher while Australian shares added 0.5%. On Friday, benchmark indices back home logged their biggest gains in a decade. The benchmark S&P BSE Sensex added 1,921 points or 5.32% to settle at 38,015 level, while the Nifty50 index ended at 11,274 levels, up 569 points or 5.32%. On Wall Street, shares ended in the red during the overnight trade on Friday. The Nasdaq dipped 0.8%, while the Dow Jones and the S&P500 slipped over 0.5% each. In the commodities market, oil gained more than 1% as Middle East tensions remained elevated. Brent crude futures jumped 1.2%, to a little over $65 a barrel-mark. Here is an intra-day trade recommendation by Prabhudas Lilladher: The brokerage recommends BUYING LARSEN AND TOUBRO between Rs 1,550 – Rs 1,580 levels. The stop loss has been placed at Rs 1,280.

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Market Wrap, Sept 20: Here's all that happened in the markets today

Fri, 20 Sep 2019 11:08:00 GMT

It was a historic day for the equity markets on Friday as the frontline indices rallied over 5 per cent after Finance Minister Nirmala Sitharaman announced reduction in corporation tax. The FM announced that the effective corporate tax rate will be lowered to 25.75. Benchmark indices - S&P BSE Sensex and Nifty50 -- posted their biggest single-day gain in 10 years while the Nifty Bank and Nifty MidCap index posted the biggest-ever single-day gain. The market capitalisation of BSE-listed stocks saw an increase of nearly Rs 7 lakh crore. The benchmark S&P BSE Sensex added 1,921 points or 5.32 per cent to settle at 38,014.62, with Hero MotoCorp (up 13 per cent) being the top gainer and Power Grid Corporation (down over 2 per cent) the biggest loser. On NSE, the Nifty50 index ended at 11,274 levels, up 569 points or 5.32 per cent, with 44 out of 50 constituents advancing and 6 ending in the red. Volatility index India VIX dropped over 1 per cent to settle at 15.34 levels. In the broader market, the S&P BSE MidCap index gained 835 points or over 6 per cent to end at 14,120 and the S&P BSE SmallCap Index settled at 13,204.25, up 501 points or nearly 4 per cent. On the sectoral front, barring IT stocks, all the sectoral indices on the NSE ended in the green. The Nifty IT index settled 0.20 per cent lower at 15,491.05 levels. Shares of automobile and cement companies rallied the most, gaining up to 16 per cent on the BSE on Friday. Eicher Motors and Maruti Suzuki India surged 16 per cent and 11 per cent, respectively in the intra-day trade today. Meanwhile, Mahindra & Mahindra (M&M), Ashok Leyland, TVS Motor, Escorts, Tata Motors and Bajaj Auto from the automobiles added between 5 per cent and 8 per cent.

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Highlights of FM Nirmala Sitharaman's corporation tax rate cuts today

Fri, 20 Sep 2019 07:57:00 GMT

Nifty posts biggest single day gain in a decade after Finance Minister, Nirmala Sitharaman cuts corporate tax. The S&P BSE Sensex jumped over 1,930 points to 38,024 points while the NSE's Nifty50 index was ruling at 11,264, up 560 points. Sitharaman said the total revenue forgone on account of today's measures would be Rs 1.45 trillion per year. The minister announced sharp cuts in corporation tax among a series of announcements. Listen to the podcast to know more

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Market Ahead, September 20: All you need to know before the Opening Bell

Fri, 20 Sep 2019 02:28:00 GMT

Investors would eye any rate rationalisation by the GST Council, scheduled to meet later today, to give impetus to the distressed economy. Various sectors, including automobiles and biscuit manufacturers, have been demanding a rate cut to arrest a slowdown in sales. The fitment panel, however, has rejected rate cut demands for about 200 items — such as automobiles, biscuits, rusks, TVs (screen size more than 32 inches), footwear, mineral water, breakfast cereal, helmets, chemical fertilisers, and itra (perfume), a Business Standard report said. Moreover, reports suggest that finance minister Nirmala Sitharaman could, today, unveil measures, including review of import tariffs on certain items, to boost economic growth. That apart, markets would look at oil price movement, the rupee's trajectory against the US dollar, stock-specific action, and fund flow by FIIs and DIIs to steer through the day. Now let's see how the global markets have performed and what it means for the Sensex and Nifty. Asian share prices inched higher on Friday as economic stimulus around the world eased fears of economic deceleration. Resumption of trade dialogues between the US and China for the first time in nearly two months on Thursday, too, boosted investors' sentiment. Japan’s Nikkei rose 0.34 per cent, while South Korea's Kospi gained 0.18 per cent. On Wall Street, shares ended flat during the overnight trade on Thursday. The Dow Jones Industrial Average slipped 0.19 per cent to 27,095 levels, the S&P500 ended unchanged at 3,007, and the Nasdaq Composite settled 0.07 per cent higher at 8,183-mark. Back home, the S&P BSE Sensex lost 470 points or 1.29% to settle at 36,093 while the broader Nifty50 settled at 10,705, down 136 points or 1.25%. The top headlines for the day and stocks that will remain in focus -- >> The Organisation for Economic Co-operation and Development (OECD) slashes India's economic growth forecast from 7.2% to 5.9% for FY20. >> RBI Governor Shaktikanta Das said on Thursday there was space for rate cuts even as the government had little room for any fiscal expansion. >> Morgan Credits, the promoter firm of YES Bank, sold Rs 337 crore worth of shares of the lender in a bulk deal on Thursday.

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Of farm loans and waivers: Are they helping the Indian farmer?

Thu, 19 Sep 2019 14:43:00 GMT

On 13 September, Reserve Bank of India, released the Report of the Internal Working Group to Review Agricultural Credit. The report mentions in its preface, “agricultural credit plays a vital role in farm sector development and facilitates adoption of new technologies.” This report looks at various issues related to agricultural credit in the country. These include the impact of farm loan waivers on state finances. So, what are the issues the report highlights? Business Standard’s farm editor, Sanjeeb Mukherjee talks to Ankur Bhardwaj and helps us understand the report better. Click below to listen to the full podcast.

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Market Wrap, Sept 19: Sensex slumps 470 pts, Nifty ends at 10,705

Thu, 19 Sep 2019 11:18:00 GMT

Equities continued to slide on Thursday due to the absence of any positive triggers. The S&P BSE Sensex lost 470 points or 1.29 per cent to settle at 36,093.47, with YES Bank (down 16 per cent) being the biggest laggard and Tata Motors (up 2 per cent) the top gainer. During the session, the index hit an intra-day high and low of 36,613.93 and 35,987.80, respectively. Only 4 out of 30 constituents ended in the green while the rest 26 declined. Reliance Industries (RIL), ICICI Bank, TCS, HDFC and Infosys contributed the most to the Sensex's fall. In the broader market, the S&P BSE MidCap index dipped 154 points or 1.15 per cent to 13,285 levels, and the S&P BSE SmallCap index closed at 12,703.27, down 191 points or 1.48 per cent. ON NSE, the broader Nifty50 index settled at 10,705, down 136 points or 1.25 per cent. Volatility index India VIX surged nearly 2 per cent to settle at 15.60 levels. Sectorally, all the sectoral indices on the NSE ended in the red. Media stocks bled the most - 4.41 per cent to 1,786 levels, followed by PSU banks and metal stocks. Shares of paper manufacturers and jute product companies extended their gains and were trading higher by up to 10 per cent on the BSE in the early morning deals on Thursday on buzz around total plastic ban.

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Market Ahead, September 19: All you need to know before the Opening Bell

Thu, 19 Sep 2019 03:17:00 GMT

The US Fed's decision to cut interest rates by 25 basis points to a range of 1.75 per cent to 2 per cent will be the biggest factor giving direction to the markets today. This is the second time this year that the Fed has cut rates, althugh this time it has offered mixed signals on the next easing. The U.S. central bank said the rate cut was intended “to provide insurance against ongoing risks" including weak global growth and resurgent trade tensions. Meanwhile, it described the US economic outlook as "favourable". Later, during his news conference, Fed Chair Jerome Powell said the Fed did not see imminent recession, or think the central bank would cut rates to negative territory. Following the rate cut, the Wall Street closed higher on Wednesday. The Dow Jones rose 0.13 per cent, the S&P 500 gained 0.03 per cent, and the Nasdaq Composite dropped 0.11 per cent. Asian shares edged higher on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.03 per cent. Japan’s Nikkei rose 0.46 per cent, while Australian shares rose 0.23 per cent. Trends on SGX Nifty, the Singaporean Exchange for Nifty Futures, were suggesting a flat start to the domestic indices. Next, the Bank of Japan and Bank of England will announce their interest rate decisions later in the day. Back home, the Finance Minister's meet with heads of public sector banks today to review credit flow in the economy will be closely watched. In commodities, oil prices edged lower after Saudi Arabia said it would quickly restore full production. Brent crude oil futures settled at $63.60 per barrel, a 1.47 per cent decline. Factors such as the movement of rupee against the US dollar, oil price movement, foreign capital flows, and stock-specific action will also influence trading sentiment. On Wednesday, the S&P BSE Sensex ended at 36,564, up 0.23 per cent, and the Nifty50 index ended at 10,841, up 0.21 per cent. In the currency market, the rupee settled 54 paise higher at 71.24 against the US dollar. Top headlines for the day -- -- The overall advance tax collection grew by 6 per cent between April and mid-September as against 18 per cent in the year-ago period indicating a deepening economic slowdown. -- The Reserve Bank is looking at structuring the interest rate regime for housing finance companies, according to a Business Standard report -- The Union Cabinet on Wednesday banned all forms of nicotine-based electronic cigarettes in the country, citing potential risks posed to the youth and students -- The government has removed import duty on open cell panels and their key components which may allow TV manufacturers to cut prices by up to 3.5 per cent ahead of festive season. -- In an interview with Business Standard, Marc Faber, the Editor and Publisher of The Gloom, Boom & Doom report says the Indian economy can worsen further and that market valuation are too steep And before we wrap, here is a stock recommendation by CapitalVia Global Research -- The brokerage recommends buying Nestle above Rs 12,950 with a target of Rs 13,650. The stop-loss should be placed at Rs 12,500

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Market Wrap, Sept 18: Sensex gains 83 pts, Nifty ends at 10,841

Wed, 18 Sep 2019 11:04:00 GMT

Benchmark indices ended Wednesday's range-bound session in a positive territory; however, they pared their intra-day gains in the fag-end of the session. Although, decline in oil prices did give some impetus to the bulls, the broader market sentiment remained subdued after reports said the goods and services tax (GST) Council is unlikely to approve lowering the tax for auto sector. The S&P BSE Sensex ended at 36,564, up 83 points or 0.23 per cent, with Tata Steel (up 4 per cent) being the top gainer and ONGC (down 2 per cent) the worst performer. On NSE, the Nifty50 index ended at 10,841, up 23 points or 0.21 per cent. Out of 50 constituents, 33 advanced while 17 declined. Volatility index India VIX declined over 5 per cent to 15.17 levels. In the broader market, the S&P BSE MidCap ended 52 points or 0.39 per cent higher at 13,439.30 levels while the S&P BSE SmallCap index settled at 12,894.23, up 39 points or 0.30 per cent. Among the sectoral indices on NSE, realty stocks advanced the most, followed by metal and PSU bank stocks. On the contrary, media counters slipped the most in trade. BUZZING STOCKS Tobacco stocks rallied in the trade after Cabinet announced ban on e-cigarettes. Godfrey Phillips ended 5 per cent higher at Rs 989 apiece on the NSE while ITC added around 1 per cent to settle at 238.90. Hotel stocks, too, gained after reports said the Goods and Services Tax (GST) Council could cut rates for five-star hotels to provide relief to the hospitality industry. The Council is scheduled to meet on Friday, September 20.

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Key decisions likely to be taken at the GST Council meeting on Friday

Wed, 18 Sep 2019 09:40:00 GMT

With the government trying hard to reverse the economic slowdown, the GST Council is likely to make major announcements on Friday. The GST Council is likely rationalise rates for five-star hotels in its meeting on Friday, in a move that could provide a boost to the tourism industry. The fitment panel, consisting of Central and state officials, recommended a rate cut for outdoor catering from 18 per cent to 5 per cent, but without input tax credit. The panel also recommended rate rationalisation for match sticks in its final agenda circulated to council members. The meeting is likely to witness a heated debate over lottery rates, with the Centre pushing for one rate and Kerala batting for the continuation of the current dual structure. Listen to the podcast to know more

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Market Ahead, September 18: All you need to know before the Opening Bell

Wed, 18 Sep 2019 02:51:00 GMT

Ease in crude oil prices could come as a breather for investors, who have witnessed heavy sell-off during the past two days at D-Street. Oil prices cooled on Wednesday on Saudi Arabia's assurance that the oil supply would be fully restored by September-end, following attacks on its crude facilities over the weekend. Brent Crude Futures were hovering around $63 per barrel mark in the early trade. Sentiment could remain buoyed as reports suggest the finance ministry is planning fourth-set of announcements to give a leg-up to a struggling economy. News agency PTI reported that the announcements could be made in the next few days. Moreover, investors would track the outcome of the US Federal Reserve's meeting that is scheduled to conclude later today. US Treasury yields slipped on expectations of an interest rate cut by the US Fed. That apart, stock-specific action, rupee's value against the US dollar, and fund flow by FIIs and DIIs will continue to steer markets. Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.05% while Japan’s Nikkei slid 0.03%. Trends on SGX Nifty suggest a positive start for the domestic indices. On Wall Street, shares ended mildly higher during the overnight trade on Tuesday. The S&P500 gained 0.26%, while the Nasdaq Composite settled 0.4% higher. Back home, equity markets came under heavy selling pressure yesterday. The S&P BSE Sensex plunged 642 points or 1.73% to end at 36,481 level, while the Nifty50 lost 186 points or 1.69% to end at 10,818-mark. In the currency market, the Rupee touched an intra-day high of 71.97 per US dollar but eventually settled at 71.78-mark. Now let's move to the top headlines for the day, and stocks that are likely to remain in focus -- >> The broader equity markets remain richly valued despite the recent correction in stock prices, ruling out a pause in the selling by FPIs >> Sebi Chairman Ajay Tyagi is planning to meet top foreign portfolio investors in the US this month to understand their viewpoint on emerging markets and India. >> Bain Capital and TPG Capital expected to be in preliminary talks to acquire a minority stake in Tata group’s Tata Capital Financial Services (TCFSL). And before we wrap, here is an intra-day trade recommendation by HDFC Securities -- The brokerage recommends BUYING BRITANNIA Industries, up to Rs 2,650. The target has been set at Rs 2,800, while a stop loss has been placed at Rs 2,600.

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Zomato launches original video shows to take on Netflix, Hotstar, Amazon

Tue, 17 Sep 2019 13:15:00 GMT

Now you can watch 3-to-15-minute long videos on the Zomato app, with the country’s oldest online food aggregator announcing a foray into over-the-top (OTT) space, starting with 6 original shows. These short-format videos, which will be based on food, will be launched over a period of three months. The company has hired stand-up comedians and celebrity chefs like Sanjeev Kapoor, among others, for the shows. The food delivery platform’s OTT foray comes at a time when online marketplace Amazon is going big with Prime Video and Flipkart is working on its own content vertical. Listen to the podcast to know more

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Market Wrap, Sept 17: Sensex slides 642 pts amid rise in oil prices

Tue, 17 Sep 2019 11:19:00 GMT

Equity markets came under heavy selling pressure on Tuesday on fears that a spike in crude prices following attacks on Saudi oil facilities could hurt the economy further. India’s current account and fiscal deficit could take a hit if oil prices continue to rise after the attack, RBI Governor Shaktikanta Das had said on Monday. The S&P BSE Sensex plunged 642 points or 1.73 per cent to end at 36,481.09, with Hero MotoCorp (down over 6 per cent) being the worst performer and HUL (up 1 per cent) the bigggest gainer. Out of 30 constituents, 27 ended in the red and just 3 closed in the positive territory. During the session, the 30-share index hit a high and low of 37,169.56 and 36,419.09, respectively. HDFC, HDFC Bank, ICICI Bank, Axis Bank, Reliance Industries (RIL), and SBI emerged as the top contributors to the index's fall. On the flip side, Infosys, HUL, and Asian Paints gave the much-needed support. On NSE, the frontline index Nifty50 lost 186 points or 1,69 per cent to end at 10,818. Nifty Bank bled 723 points or 2.60 per cent to end at 27,132. Sectorally, all the indices on the NSE ended in the red. Auto stocks slipped the most, followed by realty and PSU bank scrips. The Nifty Auto index lost around 4 per cent to settle at 7,020.75 levels. Volatility index India VIX zoomed 7 per cent to end at 15.99. In the broader market, the S&P BSE MidCap index slipped 241 points, or 1.77 per cent, to 13,387 levels, and the S&P BSE SmallCap index lost 241 points or 1.84 per cent to close at 12,855. After pouring $45 billion into India’s stock market over the past six years on hopes that Modi would unleash the country’s economic potential, international money managers are now unwinding those wagers at the fastest pace on record. They’ve sold $4.5 billion of Indian shares since June, on course for the biggest quarterly exodus since at least 1999. BUZZING STOCK Shares of CG Power and Industrial Solutions hit an upper circuit band of 5 per cent at Rs 15.69 apiece on the BSE in the early morning deals on Tuesday, a day after private equity giant KKR India picked up nearly 10 per cent stake in the company for over Rs 89 crore. As per the latest bulk deal data on the NSE, KKR India Debt Opportunities Fund II and KKR India Financial Services Ltd acquired a total number of over 6.26 crore shares or around 10 per cent stake in CG Power.

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Podcast: Nirmala Sitharaman's various moves to help revive the economy

Tue, 17 Sep 2019 09:35:00 GMT

Various macroeconomic parameters have shown that the Indian economy is going through a rough patch. Amid criticism, Finance Minister Niramala Sitharaman has announced a slew of measures over the past few weeks to boost the economy. Sitharaman announced the merger of 10 major Public sector banks to form 4 bigger and stronger public lenders. This move will reduce the number of state-owned banks from 22 to 12 and should enhance banks’ credit capacity and increase their national and global presence. The minister said she would ensure there would be no job losses due to the merger. However, bank unions have opposed the move. Earlier, she had announced a partial rollback of enhanced surcharge on foreign portfolio investors. Also, she said that CSR violations would not be treated as a criminal offence. Apart from this, to help the struggling automobile sector, Sitharaman said internal combustion engine vehicles would be allowed to coexist with electric vehicles and not be phased out. Listen to the podcast to know more

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Market Ahead, September 17: All you need to know before the Opening Bell

Tue, 17 Sep 2019 02:28:00 GMT

The top headlines for the day -- >> Drone attacks at Saudi Aramco unit bring fresh troubles for emerging market investors >> Fin Min plans to release unspent money, boost demand amid an economic slowdown >> RBI governor Shaktikanta Das said on Monday, India's June quarter GDP growth at 5% came in as a surprise for the central bank. He said the RBI has set off an internal review to find out "where they went wrong" in the forecast numbers. The market cues for the day -- Developments in the Gulf region and the consequent movement in the oil prices would be keenly watched by investors today. Prices eased after the United States flagged the possible release of crude reserves to contain the soaring prices. Brent Crude Futures fell more than 1% on Tuesday but were trading near $68 per barrel mark. That apart, stock-specific action, the rupee's trajectory and foreign fund flow would steer the markets. Asian markets remained subdued on Tuesday, ahead of an expected rate cut from the US Federal Reserve scheduled to be announced later on Sept 18th. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%, Japanese stocks slid 0.48%, while Australian shares were down 0.18%. Trends on SGX Nifty, the Singaporean Exchange for Nifty Futures, were suggesting a flat start to the domestic indices. On Wall Street, US shares ended lower during the overnight trade on Monday. The Dow Jones shed 0.52%, the S&P500 fell 0.31%, and the Nasdaq slipped 0.28%. Back home, equity markets ended in the negative territory on Monday. The S&P BSE Sensex lost 262 points or 0.70% to close at 37,123 levels. On NSE, the Nifty50 index ended at 11,003.50, down 72 points or 0.65%. Stock recommendation by Anand Rathi Stock Brokers for today's intra-day trade -- >> The brokerage recommends BUYING DISH TV. The target price is set at Rs 25.8, with a stop loss placed at Rs 22.7.

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Market Wrap, Sept 16: Sensex sheds 262 pts; Nifty ends at 11,004

Mon, 16 Sep 2019 11:28:00 GMT

Equity market ended in the negative territory on Monday as oil prices surged the most in 28 years in the intra-day trade following attacks on key oil producer Saudi Arabia’s crude facilities over the weekend. Counters such as oil marketing companies (OMCs), tyre, paint and aviation stocks tumbled up to 7 per cent following the development. The S&P BSE Sensex lost 262 points or 0.70 per cent to close at 37,123 levels, with M&M(down 2.50 per cent) being the top loser and ONGC (up around 1.50 per cent) the biggest gainer. HDFC, Reliance Industries (RIL), SBI and L&T contributed the most to the Sensex's loss while TCS, HUL and Tech Mahindra were among the top gainers. In the broader market, the S&P BSE MidCap index slumped 38 points, or 0.27 per cent, to 13,628.07 levels, while the S&P BSE SmallCap index surged 83 points, or 0.64 per cent, to 13,096 levels. On NSE, the Nifty50 index ended at 11,003.50, down 72 points or 0.65 per cent. Out pf 50 constituents, 14 advanced and 36 declined. The session was highly volatile as India VIX, the volatility index, jumped around 6 per cent to 14.93 levels. Among the sectoral indices on NSE, PSU bank stocks slipped the most, followed by realty and financial services counters. The Nifty PSU Bank settled at 2,479.55 levels, down 32 points or 1.28 per cent. BUZZING STOCKS Among individual stocks, Eveready Industries hit an over five-year low of Rs 57 on the BSE after the company announced that Calcutta High Court has restrained from transferring, alienating or encumbering any of its assets till the application filed by Infrastructure Leasing & Financial Services (IL&FS) was disposed of. The High Court Order is likely to delay the company’s plan to sell its battery business to pare debt. Equitas Holdings slipped 13 per cent to Rs 102 on the BSE after the Securities and Exchange Board of India (Sebi) on Friday returned the draft scheme with regard to Equitas Small Finance Bank (ESFB), citing that it was not in compliance with the regulatory provisions.

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Market Ahead, September 16: All you need to know before the Opening Bell

Mon, 16 Sep 2019 02:49:00 GMT

This week could be another volatile one for Markets as investors would watch-out for key macro-data on the domestic front along with various global developments. Indices could first react to soaring oil prices, that surged nearly 20% on fears of supply disruptions following an attack on Saudi Arabia’s oil facilities. The attack, it is feared, could cut more than 5% of the global oil supply. Brent crude futures rose $7.06 a barrel or 11.7% from their last close on Friday to stand at $67.28 per barrel by 6:40 am. That apart, investors could react to measures announced by Finance Minister Nirmala Sitharaman, to boost housing and exports' sector. The government, on Saturday, announced a Rs 10,000 crore fund to give impetus to stalled non-NPA, non-NCLT realty projects. Besides, eyes would be on wholesale inflation print for August, scheduled to be released later today. D-Street would also track FM's meet with heads of public sector banks scheduled for Thursday, while it would eye decisions of the GST Council meeting, scheduled for Sept 20, to get clarity on whether the government would provide any rate cut to contain the auto-slowdown. Globally, the US Federal Open Market Committee will meet on Sept 17 and 18, amid hopes of another 25 bps rate cut to revive the World's biggest economy. Progress in the US-China trade dialogue would also be on investors' radar as any negative move could have a severe impact on the global economy and markets. Now let's see how global markets are faring today--- Stocks in Asia Pacific were trading mixed in the morning trade. The Shanghai Composite dipped 0.11%, Hong Kong’s index shed 0.95%, and South Korea's Kospi traded 0.26% higher. Markets in Japan are closed on Monday. On Wall Street, indices ended marginally lower. The S&P500 settled 0.07% lower during the overnight trade on Friday, while the Nasdaq slipped 0.2%. Back home, the S&P BSE Sensex closed 281 points, or 0.76%, higher at 37,385 while the broader Nifty50 settled at 11,076-mark, up 93 points, or 0.85%. For Monday, the trend on SGX Nifty suggests a gap-down opening for domestic indices. At 7:40 am, the Singaporean Exchange for Nifty Futures was trading 100 pts lower. The top headlines for the day --- >> Auto sector's rate-cut hopes fade as GST cess collection declines >> There aren't any immediate triggers to reverse market trend, Prakash Kacholia of Emkay Global Financial Services told Business Standard in an interview

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How to invest in new-age SIP variants when the market is turbulent

Fri, 13 Sep 2019 14:31:00 GMT

Are you having doubts about your ongoing systematic investment plans (SIPs) in mutual funds? If your answer is yes, you need to keep a check on investment platforms and fund houses that keeps launching SIP variants. In recent years, Indian investors have already adopted the mantra of investing through systematic investment plans (SIPs) in a big way. The industry has so far garnered 2.78 million SIP accounts. Fresh collection via the SIP route was Rs 8,324 crore in July 2019. In a regular SIP, you simply put in a fixed amount every month. When the market falls, your SIP buys a higher number of units, and when it rises it buys fewer units. However, for investors who aren't comfortable with this system, new-age tools offer enhancements to the structure. But what makes these new SIP variants so different? Listen to the podcast to know more

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Market Wrap, Sept 13: Sensex rallies 281 points, Nifty ends at 11,076

Fri, 13 Sep 2019 10:29:00 GMT

Benchmark indices surged in the last hour of Friday's trading session after trading in a range-bound manner for a major part of the day. The S&P BSE Sensex added 239 points or 0.8 per cent to 37,380 levels. Hero MotoCorp, ICICI Bank, Kotak Mahindra Bank, Maruti Suzuki India, and HCL Tech were the top gainers in the Sensex pack. The broader Nifty50 hovered around 11,080 levels, up 100 points, or 0.9 per cent. The Nifty sectoral indices, except three, were trading in the green. While Nifty Realty index rose the highest 1.6 per cent, Nifty Auto index also gained 0.9 per cent. On the other hand, Nifty Pharma index was the top loser, down 0.9 per cent. In the broader market, the S&P BSE MidCap index was trading flat at 13,610 levels. Meanwhile, the S&P BSE SmallCap index surged 64 points, or 0.5 per cent, to 12,970 levels. BUZZING STOCKS Shares of banks and non-banking financial companies (NBFCs) dropped up to 5 per cent in the morning deals on Friday, a day after Altico Capital India, a lender to real estate companies, said it has defaulted on interest payments to Mashreq Bank of Dubai. Shares of Khadim India Limited surged 18 per cent to Rs 276.10 apiece on the BSE on Friday, thus extending its rally for third straight day after the company announced, on Tuesday, the opening up of a subsidiary in Bangladesh.

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Market Ahead, September 13: All you need to know before the Opening Bell

Fri, 13 Sep 2019 02:41:00 GMT

Markets are likely to open in the green on Friday as trends on SGX Nifty suggest see a flat to a positive start. Benchmark indices are today expected to take cues from the global markets that surged as hints of progress in the US-China trade dispute and aggressive stimulus from the European Central Bank helped to counter worries about a global economic slowdown. The European Central Bank yesterday cut interest rates further below zero, to minus 0.5 per cent, and will start open-ended bond purchases at $22 billion a month starting November 1 as President Mario Draghi made a final run at reflating the euro-area economy. READ MORE Global markets were buoyed even further when US President Donald Trump said he preferred a comprehensive trade deal with China but did not rule out the possibility of an interim pact. Meanwhile, core consumer prices in US rose 2.4 per cent in August and jobless claims dropped more than expected. Wall Street advanced on Thursday, and the S&P 500 ended the session within striking distance of its all-time closing high. The Dow Jones rose 0.17 per cent, the S&P 500 gained 0.29 per cent, and the Nasdaq Composite added 0.3 per cent. Asian stocks advanced on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.2 per cent, while Japan’s Nikkei rose 0.4 per cent. Back home, industrial production growth slipped to 4.3 per cent in July, mainly on account of the poor show by the manufacturing sector, according to official data released on Thursday. Retail inflation inched up marginally to 3.21 per cent in August from 3.15 per cent in July. The Securities and Exchange Board of India (Sebi) is likely to defer the Budget proposal of raising minimum public shareholding in listed companies to 35 per cent, as per another Business Standard report. You can read both these reports in full on our website. In addition, investors will continue to track stock-specific action, the Rupee's trajectory, oil price movement, and foreign fund flow for cues. In the commodities markets, oil prices fell about 1 per cent on Thursday. Brent crude futures settled at $60.38 a barrel, shedding 43 cents. Now, let's quickly take a look at the top headlines for the day - >> States rule out GST rate cut on automobiles amid grim revenue situation; >> Bank credit growth slumps to 10.24%, deposits at 9.73%, shows RBI data; >> RIL's e-auction mechanism for new KG-D6 gas; bidding likely on Oct 11; >> Hindustan Unilever emerges front-runner for Dinshaw's Dairy Foods And before we wrap, here is a stock recommendation by CapitalVia Global Research Limited-- The brokerage recommends buying HDFC Bank above Rs 2,290 with a target Rs 2,350 and stop loss placed at Rs 2,240

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Market Wrap, Sept 12: Sensex slips 167 pts, Nifty ends at 10,981

Thu, 12 Sep 2019 11:15:00 GMT

After trading flat for most part of the session, benchmark indices witnessed sharp decline in the fag-end of the trade on Thursday as investors turned cautious ahead of European Central Bank's (ECB) policy meeting later in the day. It is widely expected that the ECB will deliver stimulus to arrest a slowing global economy. That apart, investors also await key macro data such as IIP (index of industrial production) numbers for July and retail inflation (CPI) print for August due later in the day. The S&P BSE Sensex shed 167 points or 0.45 per cent to settle at 37,104.28, with ICICI Bank (up 2 per cent) being the top gainer and YES Bank (down 5 per cent) the biggest loser. On NSE, the Nifty50 index slipped below the crucial 11,000 level to close at 10,981, down 55 points or 0.50 per cent. Out of 50 constituents, 15 advanced while 35 declined. Volatility index India VIX dropped over 3 per cent to end at 14.88 levels. In the broader market, the S&P BSE MidCap index lost 25 points, or 0.18 per cent, to close at 13,610.09 levels, and the S&P BSE SmallCap index rose 16 points, or 0.12 per cent, to 12,908 levels. Among the sectoral indices on NSE, auto stocks bled the most, followed by FMCG, realty and IT stocks. The Nifty Auto index ended at 7,288.90, down 135 points or 1.81 per cent. BUZZING STOCKS Walchandnagar Industries (WIL), the heavy engineering products company, hit an upper circuit limit of 20 per cent at Rs 72.15 apiece on the BSE after the company secured an order worth Rs 77.20 crore plus escalation from the Vikram Sarabhai Space Centre of Indian Space Research Organisation (ISRO). Zee Media ended 8 per cent higher after its chief financial officer (CFO) resigned with effect from close of business on September 13, 2019.

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Market Ahead, September 12: All you need to know before the Opening Bell

Thu, 12 Sep 2019 02:47:00 GMT

Markets are likely to see a positive start on Wednesday as trends on SGX Nifty suggest a firm opening for domestic indices. In another important cue, the US market ended higher in the overnight trade and the Asian market had a positive start to the day. On Wall Street, the Dow Jones rose 0.9 per cent, the S&P 500 gained 0.7 per cent, and the Nasdaq added 1 per cent. Asian stocks followed suit. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent and Japan’s Nikkei stock index rose 1 per cent. The surge in the global markets comes after US President Donald Trump agreed to delay an additional increase in tariffs on Chinese goods by two weeks. Yesterday, China had said it would exempt 16 types of U.S. products from import tariffs. Later in the day, investors will keenly watch the data on factory output (IIP) for July and retail inflation (CPI inflation) for August, set to be released later in the day, for cues as they continue to await further stimulus from the government to revive consumer sentiment. Investors also await a meeting of European Central Bank (ECB) later today. With growth slowing, the ECB has all but promised more support for the economy in one of the most closely watched meetings in years. Besides, market participants are expected to track stock-specific action, oil price movement, and the Rupee's trajectory, and investment by FIIs and DIIs to steer through the day. In the commodities market, Oil prices slumped more than 2 per cent after a report that Trump weighed easing sanctions on Iran, which could boost global crude supply. US crude settled down $2.87 at $55.75 per barrel and Brent settled at $60.81, down 2.52% on the day. Back home, the S&P BSE Sensex ended Wednesday's session 0.34 per cent higher at 37,271, and the Nifty50 index ended at 11,036, up 0.3 per cent. Now, let's take a look at the top headlines for the day - >> Ruias set to win back control of Mahan Power as ArcelorMittal bid falters; >> Airfares set to rise 7-9% as Jet Airways crisis squeezes capacity additions; >> Blackstone to invest Rs 15 bn in Allcargo unit to build warehouses in India; and >> Rating for Srei Infra Finance downgraded for debentures from AA to A+ And before we wrap, here is a stock recommendation by Tradebulls Securities-- The brokerage recommends selling Wipro at current market price of Rs 248.55, for the target of Rs 240. The stop loss is at Rs 254.

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Market Wrap, Sept 11: Sensex ends 125 pts higher, Nifty at 11,036

Wed, 11 Sep 2019 11:42:00 GMT

Benchmark indices ended Wednesday's range-bound session higher, lifted by public sector banks and metal stocks, thus extending their gains to three straight days. The S&P BSE Sensex added 125 points or 0.34 per cent to settle at 37,271. YES Bank (up 13 per cent), Tata Motors (up 10%), Maruti Suzuki India (up 4%), Tata Steel (up 4%), and Vedanta (up 3 per cent) were the top gainers in the Sensex pack. About 1,845 shares advanced, 777 shares declined, and 153 shares remained unchanged on the BSE. On NSE, the Nifty50 index settled at 11,036, up 33 points or 0.3 per cent. Majority of the Nifty sectoral indices ended higher. Nifty Realty index was up 4 per cent while Nifty PSU Bank and Nifty Auto indexes were up over 3 per cent each. On the other hand, Nifty IT index dipped 1 per cent. In the broader market, the S&P BSE MidCap index surged 140 points, or 1.04 per cent, to 13,635, while the S&P BSE SmallCap index settled at 12,892, up 182 points, or 1.43 per cent. Buzzing stock YES Bank shares zoomed 15 per cent to Rs 72.55 apiece in early morning trade on the BSE on Wednesday, on reports that the private lender's co-founder Rana Kapoor was in talks with One97 Communications, owner of Paytm, to sell his stake. Kapoor and his associate entities owned 10.6 per cent in the bank at the end of June 2019. Around 7.34 per cent of the Kapoor family stake has been pledged with Reliance Nippon Asset Management Company (RNAMC). Shares of Reliance Nippon Life Asset Management slipped up to 4 per cent to Rs 274.5 on the NSE on Wednesday after the company informed the exchanges that it would sell up to 3.15 per cent of equity shares for over Rs 505 crore on stock exchanges through 'Offer for Sale' route on September 11 and 12.

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A three-minute take on the global impact of 9/11 attack even after 18 years

Wed, 11 Sep 2019 08:39:00 GMT

On the September 11, 2001 at 8:46 am, a commercial jet plane flew into the North Tower of the World Trade Centre in New York. As the news was beamed across the world, people wondered whether the crash had been an accident or an act of terror. Some five minutes later, viewers watching the smoke billowing from the gash in the building were stunned to see a second jet plane dart into view and fly directly into the South Tower. Suddenly, it was clear that the United States was under attack. Over the next few days, the world learned that 19 al Qaeda terrorists, armed with box cutters and knives dodged airport security, and hijacked four planes. So what followed the attack? The 9/11 catastrophe set in motion a sequence of reactions and unintended consequences that continue to reverberate today. Some of the effects are - an unending war on terror, a sharp uptick in Western antagonism toward Muslims, the decline of US power and the eventual rise of leaders like the current US President Donald Trump. Weeks after 9/11, President George Bush invaded Afghanistan with the support of allies, and quickly toppled the Taliban government and crippled al Qaeda. In 2011, under President Barack Obama, US forces killed 9/11 mastermind Osama bin Laden. The US invaded Iraq in 2003, even though its dictator Saddam Hussein was not linked to 9/11. 9/11 also changed the world's opinion on India's fight against Pakistan-based terror groups. For years, terror attacks in India were regarded by the international community as localised affairs arising out of the long-held animosity between New Delhi and Islamabad and religious bigotry in the two countries. The 9/11 attacks shattered that myth.

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Market Ahead, September 11: All you need to know before the Opening Bell

Wed, 11 Sep 2019 02:42:00 GMT

Markets are likely to see a positive start on Wednesday as trends on SGX Nifty suggest a firm opening for domestic indices. Hopes of diminishing US-China tensions and reduced risk of no-deal Brexit prompted investors in Asia to take profit in risk-off trade ahead of key central bank policy meetings. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.10% while Japan's Nikkei was trading 0.6% higher during the early trade on Wednesday. On Wall Street, the S&P 500 ended little changed as a rally in energy and industrial shares countered a drop in the technology and real-estate sectors. The Dow Jones Industrial Average rose 0.28%, the S&P 500 gained 0.03%, and the Nasdaq Composite dropped 0.04% during the overnight trade on Tuesday. Besides, market participants are expected to track stock-specific action, oil price movement, and the Rupee's trajectory, and investment by FIIs and DIIs to steer through the day. In the commodities market, oil prices inched towards $63 per barrel mark, their highest levels in six weeks, after an industry report showed that US crude stockpiles fell by more than twice the amount that analysts had forecast. Investors, therefore, shouldn't lose sight of paint, OMCs, and tyre manufacturing companies. Back home, the S&P BSE Sensex ended Monday's session 0.44% higher at 37,145, and the Nifty50 index settled at 11,003, up 0.52%. Top headlines for the day, and stocks that are likely to remain in focus-- >> Finance Minister Nirmala Sitharaman on Tuesday said the government was conscious that it needed to respond to the demands of the automobile industry. >> YES Bank will be in focus in today's session after reports suggested that Rana Kapoor, the bank's co-founder, was in talks with One97 Communications, owner of Paytm, to sell his stake in the private sector lender. >> The year-long liquidity pain in the NBFC sector is set to linger on through the rest of the fiscal year owing to the deepening slump in the overall economy, an India-Ratings and Research report said. >> The Reserve Bank of India mandating banks to link certain loans to the external benchmark-based interest rate from October 1 is credit negative to the lenders as it will limit their flexibility in managing risks, Moody's Investors Service said on Tuesday Here is a stock recommendation by Anand Rathi Shares and Stock Brokers -- The brokerage recommends BUYING ITC at current market price, for the target of Rs 259. The stop loss is at Rs 240.

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Market Wrap, Sept 9: Sensex surges 164 pts, Nifty ends at 11,003

Mon, 09 Sep 2019 11:13:00 GMT

Extending their gains for the second straight day, equity benchmark indices ended in the positive territory on Monday led by buying in counters such as HDFC, Larsen & Toubro (L&T), ICICI Bank, Maruti and Bajaj Finance. The S&P BSE Sensex added 164 points or 0.44 per cent to settle at 37,145.45, with YES Bank (up over 4 per cent) being the top gainer and HCL Tech (down 1.50 per cent) the worst performer. On NSE, the Nifty50 index reclaimed the crucial 11,000 level to settle at 11,003.05, up 57 points or 0.52 per cent. Out of 50 constituents, 35 advanced while 15 declined. Volatility index India VIX slipped around 3 per cent to settle at 15.79. Market breadth was in favour of the bulls as out of 2,719 stocks traded on the BSE, 1,602 advanced, 935 declined while 182 remained unchanged. In the broader market, the S&P MidCap index surged 130 points, or 0.97 per cent, to 13,495 levels, and the S&P BSE SmallCap ended at 12,709.96, up 115 points or 0.92 per cent. On the sectoral front, all the indices on NSE, except Nifty IT index ended in the red. PSU bank stocks gained the most, followed by private bank and auto counters. The Nifty PSU Bank index gained 1.61 per cent to settle at 2,419.70. Among individual stocks, Dilip Buildcon zoomed 11 per cent to end at Rs 425.25 apiece on the BSE. The company has recently signed deal to sell 100 per cent equity in five Hybrid Annuity Model (HAM) projects to Cube Infra. Equitas Holdings ended over 6 per cent lower at Rs 108.55 apiece after Reserve Bank of India (RBI) denied to extend deadline for its subsidiary Equitas Small Finance Bank (ESFB), to get listed at the bourses. DHFL gained over 5 per cent to Rs 49 after it paid the entire pending amount to DSP Mutual Fund.

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A four-minute report card of the first 100 days of the Modi 2.0 govt

Mon, 09 Sep 2019 07:22:00 GMT

The Modi government 2.0 completed 100 days in office on September 30. 'Tezi se desh hit ke nirnay' - this is how Union Minister Prakash Javadekar summed up the first 100 days of the BJP-led government. While Prime Minister Narendra Modi said that the first 100 days had been of "development, trust and big changes" in the country, the Congress party claimed that the same period was defined by a different set of three letters - tyranny, chaos and anarchy. How has the government performed so far? While there are many hits, there are also a few misses. Politically, Modi has emerged much stronger after his party’s stunning victory in the 2019 Lok Sabha polls. But all has not been well under this government in the past 100 days. ALSO READ: The next 100 days The Indian economy has been the worst sufferer. The GDP growth in the first quarter of financial year 2019-20 slipped to the six-year low of five per cent. Meanwhile, the Indian rupee again became one of the worst-performing Asian currencies after depreciating 3.65 per cent against the dollar in August. This, too, is the steepest decline in the Indian currency in the last six years. The benchmark S&P BSE Sensex has tumbled over 7 per cent between 30th of May and 6th of September 2019. While 100 days aren't enough to assess the Modi government’s performance, it has, however, done more in the first 100 days of its second term than in its first.

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Market Ahead, Sept 09: All you need to know before the Opening Bell

Mon, 09 Sep 2019 02:37:00 GMT

Progress in trade-dialogues between the United States and China, macro-economic data, expectations of more stimulus measures from the government, foreign fund flow, oil price movement and the rupee's trajectory against the US dollar would steer indices this week. Markets, which will remain shut on Tuesday on account of Muharram, will await data on Industrial Production for the month of July, and CPI Inflation print for the month of August, scheduled to be released on September 12. Further, Wholesale Inflation data for the month of August is slated to be released on September 16. That apart, US economic adviser Larry Kudlow's comment that the talks between Washington and Beijing trade negotiators could "heat up" during meetings in October, could keep investors jittery. For Monday, trends on SGX Nifty suggest a flat to positive start for the domestic indices taking cues from Asian peers. Asian stocks registered modest gains on Monday, amid a cautious market mood as investors pinned expectations on likely stimulus to support growth in the world’s major economies. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1%, Australian stocks edged up 0.1%, South Korea's rose 0.8% and Japan's Nikkei was up 0.5%. Equity benchmarks settled with nearly a per cent gain on Friday. The S&P BSE Sensex added 337 points or 0.92% to close at 36,982 level, while the broader Nifty50 settled at 10,946-mark, up 98 points or 0.91%. On Wall Street, US indices ended flat during the overnight trade on Friday. The Dow Jones settled 0.2 % higher, while the Nasdaq Composite closed with gains of 0.17%. In the commodities market, oil prices rose above $61 per barrel after the US Federal Reserve Chairman Jerome Powell said the central bank will act "appropriately" to sustain an economic expansion in the world's biggest economy. Investors would also eye the OPEC meeting, scheduled for Sept 12, to track Brent's movement. ******************************* Now let's take a look at the top headlines and stocks that will remain in focus -- >> Auto industry may have to wait longer for GST cut on cars as weak revenue position has made the Council wary on rate-cut. >> 18 PSBs hit by 2,480 cases of fraud of over Rs 31,000 cr in Q1 >> India is unlikely to underperform emerging markets: Sanjay Mookim, India Equity Strategist for Bank of America Merrill Lynch told Business Standard in an interview. ******************************** Before we wrap, here is a stock recommendation by Angel Broking -- The brokerage rcommends buying Bharat Forge at current levels for a target of Rs 426. The stop loss can be placed at Rs 375.

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Market Wrap, Sept 06: Sensex surges 337 points; Maruti jumps 4%

Fri, 06 Sep 2019 11:28:00 GMT

Headlines >> Markets stage smart recovery, Sensex surges 337 points; >> Unhappy over 100% FDI in mining, coal workers to strike on 24 Sep; >> Finance Ministry against IOC acquiring govt stake in the BPCL, as per reports. And, now the news in detail. Equity benchmarks settled with nearly a per cent gain on Friday amid buying in industry heavyweights such as Reliance Industries (RIL), Axis Bank, Maruti, Infosys and HDFC Bank. That apart, positive global cues, too, boosted investor sentiment. The S&P BSE Sensex added 337 points or 0.92 per cent to close at 36,982, with Tech Mahindra (up around 4 per cent) being the top gainer and YES Bank (down nearly 2 per cent) the worst performer. On NSE, the frontline index Nifty50 settled at 10,946, up 98 points or 0.91 per cent. Volatility index India VIX slipped nearly 7 per cent to end at 16.08 levels. On a weekly basis, Sensex lost 0.94 per cent while NSE's Nifty50 index dropped 0.69 per cent. On the sectoral front, auto stocks rallied the most, followed by metal and media stocks. The Nifty Auto index ended at 7,102 levels, up over 2.61 per cent. Market breadth remained in favour of advances as out of 2,658 stocks traded on the BSE, 1,583 advanced and 921 declined while 154 scrips remained unchanged. In the global markets, Asian stocks gained, joining a global trend as investors took heart from firm US economic data plans hopes a meeting between US and Chinese negotiators next month signals an easing in trade tensions.

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Market Ahead, Sept 6: All you need to know before the Opening Bell

Fri, 06 Sep 2019 02:26:00 GMT

Top headlines-- >> Union Minister for Road Transport and Highways, Nitin Gadkari told Business Standard in an interview that he plans to relook at the financing models, and eyes raising Rs 85,000 crore through road asset monetisation over the next five to six years. >> Amalgamation of 10 public sector banks likely to take place on April 1, 2020. >> Finance ministry asks govt departments, PSUs to expedite capital expenditure. Market cues --- Investors may look at global developments to steer through the day. That apart, stock-specific action, oil price movement, and the Rupee's trajectory could influence investor sentiments. Trends on SGX Nifty suggest a positive start for the domestic indices on Friday, in-line with Asian peers. Global equity markets welcomed the United States and China's decision to hold high-level talks early in October, raising hopes for substantial progress in de-escalating the long, bitter trade conflict between the two. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%, Australian stocks gained 0.5%, South Korea's KOSPI rose 0.3 %, and Japan's Nikkei advanced 0.6%. During the overnight trade on Thursday, the Dow Jones added 1.4%, the S&P 500 climbed 1.3% and Nasdaq rose 1.75%. Back home, Benchmark indices ended Thursday's session on a flat note. The S&P BSE Sensex lost 80 points or 0.22% to end at 36,644 level, while the Nifty50 settled at 10,848-mark, up 3 points or 0.03% Stocks that will remain in focus-- >> Reliance Industries could show up-move today after it commercially launched Jio Fiber yesterday. In the welcome officer a Jio Fiber user gets TV, 4K set-top box, OTT app subscription and unlimited data and voice/video calling. >> IDBI Mutual Fund moves Bombay High Court against cash-strapped DHFL >> Adani Ports will open its equity shares buy-back today which will close on September 20. Here is a stock recommendation by Anand Rathi Shares and Stock Brokers -- The brokerage recommends buying ACC, for the target of Rs 1,508 with a stop loss of Rs 1,430.

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Red signal for NHAI: Understanding concerns about its rising debt

Thu, 05 Sep 2019 11:59:00 GMT

National Highway Authority of India (NHAI) has been in the news recently with both the Prime Minister’s Office and the CAG flagging some concerns. The financial stress that the NHAI is under, forced the PMO to suggest remedial measures. It asked NHAI to improve its operational performance and monetise its road assets. The CAG also raised red flags about the costs and sought a cost audit. CAG also wanted to curtail NHAI’s debt-raising measures as it was also debt for the government. What are the issues raised by PMO and the CAG? Why has the NHAI’s debt risen so much? Where do things stand today? To know all about the issue, listen to this podcast where Business Standard’s infra editor, Jyoti Mukul explains the concerns regarding NHAI.

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Market Wrap, Sept 05: Indices end on a flat note, Sensex sheds 80 points

Thu, 05 Sep 2019 11:09:00 GMT

Headlines: >> Markets end Thursday's session on a flat note, Sensex sheds 80 pts; >> No plan to ban petrol, diesel vehicles, says Union Minister Nitin Gadkari; and >> JSW Steel's Rs 19,700-crore bid for Bhushan Power & Steel gets NCLT nod Ignoring firm global cues, the domestic equity market ended Thursday's session on flat note. The S&P BSE Sensex lost 80 points or 0.22 per cent to end at 36,644 while NSE's Nifty50 index settled at 10,848, up 3 points or 0.03 per cent with 34 constituents advancing and 16 declining. On the sectoral front, realty stocks bled the most, followed by financial services counters. The Nifty Realty index slipped nearly 2 per cent to end at 256 levels. On the contrary, auto stocks gained the most. In the broader market, the S&P BSE MidCap index ended at 13,283 levels, up 19 points, or 0.15 per cent, and the S&P BSE SmallCap index gained 90 points or 0.72 per cent to settle at 12,496. Market breadth remained in favour of bulls as out of 2,585 companies traded on BSE, 1,451 advanced and 989 declined while 145 scrips remained unchanged. Shares of Oil and Natural Gas (ONGC) ended over 5 per cent higher after India's foreign secretary said on Wednesday that India and Russia are targeting $30 billion of annual trade by 2025. The two countries announced deals in sectors including energy, defence and shipping after a meeting between Russian President Vladimir Putin and Prime Minister Narendra Modi at an economic forum in Russia. Tata Motors zoomed over 8 per cent after its British arm Jaguar Land Rover (JLR) said it plans to launch 30 new or revamped vehicles in China in the next two years, seeking to build on a recent recovery in sales in the world's biggest auto market. European shares jumped to fresh one-month highs after news of US-China talks set for early October raised hopes of a de-escalation in their trade war before it further damages the world economy. The rally followed gains in Asia, with MSCI’s broadest index of Asia-Pacific shares outside Japan gaining as much as 1.08 per cent to reach its highest since August 2. US stock futures reversed early losses and rose 0.5 per cent.

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Market Ahead, Sept 5: Top factors that are likely to guide markets today

Thu, 05 Sep 2019 01:56:00 GMT

Trends on SGX Nifty suggest that domestic indices are likely to trade in the positive territory on Thursday as sentiment remained buoyed across Asian markets. Market players are expected to track global cues, stock-specific action, oil price movement, and the Rupee's trajectory today. Asian stocks perked up during the early morning trade on Thursday, as apparent progress in the political crises in Britain and Hong Kong gave investor confidence a shot in the arm. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.24%, while Japan's Nikkei was trading 1.5% higher. South Korea's Kospi, too, was up 0.95%. On Wall Street, too, indices rebounded during the overnight trade on Wednesday. The Dow Jones rose 0.91%, the S&P 500 gained 1.08%, and the Nasdaq Composite added 1.3%. In the commodities market, oil prices rose more than 4% on Wednesday, and Brent futures settled at $60.70 a barrel. Stocks that are likely to remain in focus-- >> Shares of Reliance Industries will be under investors' radar as the company will commercially roll-out Reliance Jio Fiber plans today. According to media reports, the telecom operator is likely to provide free set-top box with its every broadband connection to woo direct-to-home and cable TV customers. >> Shares of Wipro will be in focus today after the IT services company bagged an IT outsourcing contract worth around $300 million from ICICI Bank under which it would provide a comprehensive suite of services to the lender. >> India could miss its fiscal deficit target for the current financial year, despite receiving an additional dividend from the central bank, government officials told News agency Reuters. >> Moody's upgrades PNB's outlook to 'positive' from 'stable' Here is a stock recommendation by Tradebulls Securities -- The brokerage recommends BUYING Bharat Electronics at current market price, with a target price of Rs 115. Stop-loss has been placed at Rs 100.

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Market Wrap, Sept 04: Sensex climbs 162 pts, Maruti skids 4%

Wed, 04 Sep 2019 10:59:00 GMT

>> Market recovers after 2% slide in the previous session, Sensex climbs 162 points; >> Auto major Maruti to stop production at Gurugram, Manesar plants for two days; and >> Silver opens above Rs 50,000 a kg in Mumbai, gold at Rs 39,000-plus Buying in select blue-chip counters such as HDFC twins, ICICI Bank, State Bank of India (SBI) and Infosys helped benchmark indices to settle in the positive territory on Wednesday. The broader market sentiment, however, remained subdued amid disappointing macro data, continuous decline in auto sales and weak global cues. The S&P BSE Sensex gained 162 points or 0.44 per cent to settle at 36,725, with Bharti Airtel (up 3 per cent) being the top gainer and Maruti (down 4 per cent) the biggest loser. On NSE, the benchmark Nifty50 index closed at 10,845, up 47 points or 0.43 per cent. Out of 50 constituents, 30 advanced while 20 declined. India VIX, the volatility gauge, slipped around 5 per cent to 17.22-mark. In the broader market, the S&P BSE MidCap index added 18 points, or 0.14 per cent, to end at 13,264 levels, while the S&P BSE SmallCap index closed at 12,406, up 36 points or 0.29 per cent. Among individual stocks, Sun Pharma ended over 3 per cent down at Rs 426.40 apiece on the BSE after reports suggested that Securities and Exchange Board of India (Sebi) has ordered a forensic audit against the company to look into allegations of financial irregularities and lapses in corporate governance standards. And, now let's take a look at the global markets - Stocks followed a firmer Chinese lead on Wednesday after a report showed growth in the country’s service sector accelerating despite broader economic headwinds, while the pound halted its decline on hopes a no-deal Brexit may yet be averted. The Shanghai Composite Index added 0.3 per cent while the blue-chip CSI300 index gained 0.25 per cent. MSCI’s index of Asia-Pacific shares outside Japan snapped two days of losses and gained 0.6 per cent.

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After cars, now truck sales hit a speed bump; decline 60% in August

Wed, 04 Sep 2019 07:50:00 GMT

Sales and job losses have hit companies in Pimpri-Chinchwad, an automobile hub bordering Pune. Sales of medium- and heavy-duty commercial vehicles (M&HCVs), excluding buses, considered a barometer of economic activity, more than halved in August. The overall volume at India’s top four M&HCV makers — Tata Motors, Ashok Leyland, Volvo Eicher, and Mahindra & Mahindra — fell 59.5 per cent to 31,067 units during the month, compared with the year-ago period. Companies are now hinging their hopes on the festive season and a pre-buying ahead of the implementation of BSVI emission norms, which take effect on April 1, 2020. Listen to this podcast to know more

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Market Ahead, Sept 4: All you need to know before the Opening Bell

Wed, 04 Sep 2019 01:49:00 GMT

Fears of domestic as well as global economic slowdown may continue to weigh on investors' sentiment today. The US manufacturing data, released yesterday, showed contraction in August for the first time since 2016 stoking fears of a global recession amid rising trade tensions between China and the United States. Back home, investors would track Services PMI for the month of August, scheduled to be released later in the day. Manufacturing PMI, which was released on Monday, hit a 15-month low mirroring slowdown in the economy. That apart, movement of rupee against the dollar, that hit a fresh 2019 low of 72.4 per dollar, will be tracked. Besides, Brent crude oil price movement and investments by foreign portfolio investors and domestic institutional investors will be watched. >> Now let's see how the global markets have performed, and what it means for Sensex and Nifty. Asian stocks dipped early Wednesday after poor US economic soured investor sentiment already hurt by heightened trade war concerns. MSCI’s broadest index of Asia-Pacific shares outside Japan was a shade lower after losing 0.85% on Tuesday. Australian stocks lost 0.8% and Japan's Nikkei fell 0.3%. On Wall Street, the Dow Jones Index and Nasdaq closed over a per cent lower during the overnight trade on Tuesday, while the S&P500 ended 0.69 per cent lower. Domestically, the S&P BSE Sensex tumbled 770 points or 2.06% to settle at 36,563 level on the back of weaker-than-expected GDP numbers. On NSE, the benchmark Nifty50 index ended at 10,798-mark, down 225 points or 2.04%. Trends on SGX Nifty, however, suggest a flat to positive start for the indices. Now, let's take a look at the top headlines for the day and the stocks that will remain in focus-- >> Sales of medium- and heavy-duty commercial vehicles crashed 60% in August >> The value of new investment projects announced by Indian companies fell to Rs 11.30 trillion in FY19 compared to Rs 21.04 trillion in FY15. >> Copper prices hit a two-year low as signs of global slowdown stack up Before we close, here is a stock recommendation by HDFC Securities-- The brokerage recommends Selling Axis Bank at current market price, for the target of Rs 620, and keeping a stop loss at Rs 660 on a closing basis

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Market Wrap, Sep 03: Sensex nosedives 770 pts, Nifty settles below 10,800

Tue, 03 Sep 2019 11:00:00 GMT

A weaker-than-expected GDP growth for the first quarter of the financial year 2020 (Q1FY20) weighed on investor sentiment on Tuesday as the domestic equities ended with over 2 per cent losses. That apart, weak global cues also added to the woes. The S&P BSE Sensex tumbled 770 points or 2.06 per cent to settle at 36,563. Out of 30 constituents, 28 scrips ended in the red while only two closed in the green. On NSE, the benchmark Nifty50 index slipped below the crucial 10,800 level to end at 10,798, down 225 points or 2.04 per cent. Bank Nifty lost 604 points or 2 per cent to end at 26,824.15. Markets plummet on weak GDP nos; Sensex nosedives 770 pts, Nifty settles below 10,800 Rupee hits fresh 2019 low Government approves over Rs 9,000 crore capital infusion in IDBI Bank, stock jumps 6%. Market breadth remained in favour of declines as out of 2,608 scrips traded on BSE, 814 advanced, 1,615 declined while 179 remained unchanged. Volatility index, India VIX, jumped 11 per cent to settle at 18.14. In the broader market, the S&P BSE MidCap index ended at 13,246, down 222 points or 1.65 per cent while the S&P BSE SmallCap index ended at 12,370, down 165 points or 1.32 per cent. On the sectoral front, all the indices ended in the negative territory with PSU Bank index taking the hardest knock (down 5 per cent), followed by metal and realty indices. Among individual stocks, Tata Steel slipped 4 per cent to quote at Rs 331.40 after the company proposed to close two non-core business units in the United Kingdom. Auto stocks, too, fell in the trade after data showed that sales of four- and two-wheelers almost halved in August, compared to the equivalent month last year.

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Market Ahead, Sept 3: Top factors that are likely to guide markets today

Tue, 03 Sep 2019 02:13:00 GMT

Markets are likely to remain volatile as investors could react to June quarter GDP numbers, that came in at 6 year low of 5 per cent, government data revealed on Friday. Analysts expect the volatility to continue unless there are visible signs of economic revival. Moreover, stocks of Public Sector Banks will be in focus today after Finance Minister Nirmala Sitharaman, unveiled a mega-merger plan on Friday, after market hours. Under this, 10 public sector banks will be merged to form four large PSBs. Punjab National Bank, Canara Bank, Union Bank of India, and Indian Bank will be the four anchor banks. That apart, investors could react to global developments. New tariffs imposed by the US and China, that came into effect over the weekend, could keep investors jittery. The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday after China put new duties on the US crude. China has also lodged a complaint against the United States at the World Trade Organization over US import duties, the Chinese Commerce Ministry said on Monday. Additionally, Market participants will continue to track stock-specific action, oil price movement, and the Rupee's trajectory. Now let's see, how global markets have fared and what they mean for Sensex and Nifty --- Asian shares were trading flat during the early moring trade today. Japan's Nikkei was up 0.05 per cent, while South Korea's Kospi was trading 0.3 per cent higher. At around 7 am, SGX Nifty, the Singaporean Exchange for Nifty Futures, was trading lower indicating a flat to negative start for domestic indices. Back home, markets were shut on Monday on account of Ganesh Chaturthi. On Friday, the S&P BSE Sensex settled 264 points higher at 37,333 level while the broader NIfty50 closed at 11,023-mark, up 75 points. Now, lets look at the top headlines and are likely to move markets-- >> Jet Airways fails to find new suitor; further deadline extension for EoI unlikely >> Maruti Suzuki cuts production for 7th straight month in Aug >> Growth in manufacturing activity declined to a 15-month low of 51.4 in August owing to weak sales >> Road ministry seeks GST rate cut for hybrid cars and CNG vehicles to prop-up sales; totaal GST collection below Rs 1 trillion mark in Aug And before we wrap, here is a stock recommendation by Prabhudas Lilladher-- The brokerage recommends buying Tata Chemicals at current market price with a target price of Rs 640. The stop loss could be placed at Rs 545.

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Learn about the state of the Indian auto industry in three minutes

Mon, 02 Sep 2019 07:47:00 GMT

The automobile sector has been facing a severe slowdown for the past several months now to the point that a continuous decline in sales has ceased to surprise. In a clear sign that the slowdown in the economy is persisting, automobile sales in India crashed again by nearly a third in August 2019 over last year, marking the tenth straight month of decline. Numbers also indicate the upcoming festive season may not be enough to revive customer sentiment. Besides, contrary to automakers’ expectations that car sales have bottomed out, the worst may not be over yet. So, how bad was the auto sales crash in August? Maruti Suzuki's sales fell by a third, the worst show by the company ever. It sold a little more than 106,000 units this August, compared to about 158,000 units a year ago. Sales of mini cars, including the Alto and Wagon-R, stood at about 10,000 units, compared to almost 36,000 units in August 2018, down 72 per cent. Tata Motors’ sales in the domestic market declined 58 per cent over the corresponding period last year. The company sold a little more than 7,000 units this August, against over 17,000 last year. Hyundai Motor India's sales fell almost 17 per cent last month. Mahindra and Mahindra posted a near 32 per cent dip in sales.

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Podcast: Top business news of the week in five minutes

Fri, 30 Aug 2019 13:03:00 GMT

Amalgamating 10 govt banks into 4 entities in mega consolidation move: FM India is merging its state-run banks to form fewer and stronger lenders, as Prime Minister Narendra Modi looks to boost credit and revive economic growth from a five-year low. India's economic growth dips to 7-year low of 5% in April-June India's economic growth dropped to a seven-year low of 5 per cent in the April-June quarter of 2019-20 due to a sharp deceleration in the manufacturing sector and sluggish agriculture output, according to official data released on Friday. Slowdown cyclical, but deep reforms needed, says RBI The slowdown in the Indian economy could be cyclical, with deep structural problems requiring urgent reforms, according to the Annual Report of the Reserve Bank of India (RBI), released on Thursday. FDI norms have been eased for single brand retail, digital media, manufacturing The Union Cabinet on Wednesday relaxed the rules for single-brand retail, more than seven years after the foreign investment cap was removed for the segment to attract marquee foreign brands such as Gucci, Louis Vuitton, Ikea and others into the country. The latest government move is in line with the recent Budget announcements on FDI changes. RBI's approval of a record Rs 1.76 trillion surplus transfer to government The Reserve Bank of India on Monday decided to transfer a record Rs 1,23,414 crore of its surplus to the central government for the fiscal year 2018-19 or FY19 (July to June), and an additional Rs 52,637 crore of excess provisions as recommended by the Bimal Jalan committee on Economic Capital Framework. IT industry is on a hiring spree, adding a record number of employees in Q1 The Indian information technology industry added a record number of employees in the April-June quarter of the ongoing financial year, with around 85,000 new hires. This is the highest-ever net employee addition by the industry in a single quarter in six years, according to a recent report by equity research firm CLSA.

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Market Wrap, Aug 30: Sensex gains 264 pts ahead of FM's media briefing

Fri, 30 Aug 2019 10:56:00 GMT

Domestic indices remained volatile on Friday, but rallied in the fag-end of the session, ahead of the June quarter GDP numbers, due later in the day. Further, likely announcement by the Finance Ministry on merger of public sector banks (PSBs) increased buying interest at the counters. That apart, hopes of face-to-face trade talks between the United States and China helped ease market sentiment. The benchmark S&P BSE Sensex settled 264 points, or 0.71 per cent, higher at 37,333 level. HDFC twins, ITC, ICICI Bank, and Hindustan Unilever emerged as the top contributors to the index's gain, which were up in the range of 1-3 per cent. YES Bank, Sun Pharma, IndusInd Bank, and Tata Steel ended the day as top gainers, while Power Grid, ONGC, HCL Tech, and Larsen and Toubro were the top losers. Meanwhile, the broader Nifty50 ended at 11,023-mark, up 75 points or 0.68 per cent. Sectorally, all the indices on the NSE ended in the green. Nifty Pharma index ended the day as top gainer, up 2.4 per cent, followed by Nifty Metal index, up 1.8 per cent. In the broader market, the S&P BSE MidCap index closed at 13,468 level, up 134 points, or 1.01 per cent. The S&P BSE SmallCap index closed at 12,535 level, up 104 points, or 0.84 per cent. PUBLIC SECTOR BANK MERGER ON THE CARDS? Union Finance Minister Nirmala Sitharaman is scheduled to address media later in the day, where she is likely to announce mega plan for merging multiple set of public sector banks (PSB). The department of financial services in the finance ministry called a meeting, on Friday, with chief executives of ten public sector banks which are seen as top contenders for merger. The banks invited for consultations on Friday are: Union Bank of India, Canara Bank, Punjab National Bank, United Bank, Oriental Bank of Commerce, United Bank, Allahabad Bank, Corporation Bank, Syndicate Bank and Andhra Bank. Shares of PSBs ended mixed on the National Stock Exchange (NSE) on Friday. Oriental Bank of Commerce, Central Bank of India, Syndicate Bank and Allahabad Bank gained up to 6 per cent. On the other hand, State Bank of India (SBI), Union Bank of India, Bank of India, Indian Bank and Bank of Baroda were down between 1 and 2 per cent.

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BS Podcast: The 'NRC clock' is ticking for over 4 million people in Assam

Fri, 30 Aug 2019 10:12:00 GMT

The clock is ticking for over four million people in Assam. On Saturday, the government will release the final National Register of Citizens (NRC) list, over a year after the first list was declared. This list will determine whether a person residing in Assam is an Indian or a foreigner. The announcement of the final NRC list is likely to be the biggest development in Prime Minister Narendra Modi's second term, after the Centre's move to scrap special status from Jammu and Kashmir. What will happen to those whose names do not appear in the list? Those excluded from the final NRC will get a window of 10 months to prove their citizenship. Each person excluded will have a maximum of 120 days or four months from the date of publication of the final NRC to present his or her case at a Foreigners’ Tribunal, which has to dispose of the case within six months. If they fail to prove their identity, they will be sent to detention camps.

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Market Ahead, August 30: All you need to know before the Opening Bell

Fri, 30 Aug 2019 02:41:00 GMT

Investors may remain cautious today as they await the June quarter GDP numbers to be released later in the day. Data on forex reserves, infrastructure output, and bank loan growth will also be released today. According to an internal assessment by the Reserve Bank of India, the economy is expected to have grown at 5.5 per cent in the recently concluded quarter. The Reserve Bank of India (RBI), in its Annual Report released yesterday, has identified the slowdown in the Indian economy as 'cyclical', "with deep structural problems requiring urgent reforms". That apart, Market participants will continue to track global cues, stock-specific action, oil price movement, and the Rupee's trajectory. Concerns over an impending global recession could also influence investor sentiments. >> Now let's see how the global markets have performed, and what it meant for Sensex and Nifty. Overnight, Wall Street settled higher on Thursday after China’s commerce ministry said Beijing and Washington were discussing the next round of face-to-face talks scheduled for September. The Dow Jones, the S&P 500, and the Nasdaq Composite all added over 1 per cent each. Asian shares also ticked higher on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.4 per cent, Japan's Nikkei jumped 1 per cent while South Korea's KOSPI index gained 1.3 per cent. Back home, the benchmark indices ended lower on Thursday. The Sensex closed at 37,069 level, down 1.02 per cent, and the Nifty50 closed at 10,948-mark, down 0.89 per cent. Trends on SGX Nifty, however, suggest a flat start to the indices. Now, let's take a look at the top headlines for the day and the stocks that will remain in focus-- >> Bank stocks could be under pressure after the RBI's annual report revealed that bank frauds in FY19 increased by 15% YoY. The amount involved is likely to have jumped 74% >> Union Finance Minister Nirmala Sitharaman Thursday said the Centre will announce two more big steps in the coming days to give momentum to industry. >> Rating agency ICRA on Thursday terminated its Managing Director (MD) and Group Chief Executive Officer (CEO) Naresh Takkar’s employment, pending an inquiry by the Sebi.

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Market Wrap, Aug 29: Sensex slips 383 pts, Nifty below 11,000

Thu, 29 Aug 2019 11:27:00 GMT

Indices ended August series of Futures and Options (F&O) above 37,000 level at the S&P BSE Sensex, but below the psychological mark of 11,000 at the Nifty50. Markets remained choppy as fears of an impending global recession and worsening US-China trade relations marred investor sentiment. The benchmark Sensex closed at 37,069 level, down 383 points or 1.02 per cent, dragged by public sector banks. Sun Pharma, Vedanta, NTPC, and ONGC were among the nine stocks that settled in the green, while State Bank of India (SBI), YES Bank, HDFC, and Axis Bank ended the day as top drags. The broader Nifty50, on the other hand, closed at 10,948-mark, down 98 points or 0.89 per cent. Domestic investors also remained cautious ahead of GDP data for the April-June quarter (Q1FY20) due on Friday. According to a Reuters poll, Indian economy is set for weakest quarter of growth in five years. The poll median showed the economy was expected to have grown at a year-on-year pace of 5.7 per cent in the June quarter, a touch slower than 5.8 per cent in the preceding three months. Sectorally, Nifty PSU Bank index ended 2.5 per cent lower, followed by Nifty Financial Services index (down 1.7 per cent), and Nifty Bank index (down 1.6 per cent). Among the gainers, Nifty Pharma index closed 2.24 per cent higher, followed by Nifty Metal, up 1.4 per cent. In the broader market, the S&P BSE MidCap index slipped 22 points or 0.17 per cent to settle at 13,333 level. Meanwhile, the S&P BSE SmallCap index closed 78 points, or 0.62 per cent, lower at 12,430. BUZZING STOCKS Shares of Indiabulls Housing Finance cracked as much as 8 per cent on the National Stock Exchange (NSE) in the intra-day trade after the exchange announced that the company will be excluded from the benchmark index Nifty50, with effect from September 27. The stock eventually closed 0.35 per cent lower at Rs 455 apiece. On the flip side, Berger Paints hit a new high of Rs 372, up one per cent on the BSE on hopes of strong volume growth in decorative segment. It settled 1.04 per cent higher at Rs 370 per share.

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Nifty outlook & top investment bets by Naveen Kulkarni, Reliance Securities

Thu, 29 Aug 2019 04:16:00 GMT

After rallying for three straight days, equity market once again slipped into the negative territory on Wednesday as fears of global recession kept investors away from making fresh bets. On the domestic front, a host of measures announced by the Finance Minister Nirmala Sitharaman last week to revive economy did cheer market participants; however, will it bring about a material change in the stock market is something to be watched. To discuss this and more, we have with us Mr Naveen Kulkarni, head of research at Reliance Securities.

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Market Ahead, August 29: All you need to know before the Opening Bell

Thu, 29 Aug 2019 02:29:00 GMT

Investors may be set for volatile session today as the August series futures & options contracts expire and participants roll over positions to the September series. Weak global cues and the Rupee's trajectory will be other major factors affecting investor sentiment today. Trends on SGX Nifty, too, suggest a negative start for the domestic indices. On Wednesday, The benchmark S&P BSE Sensex closed Wednesday's session at 37,452 level, down 0.5 per cent, and The broader Nifty50 settled 0.53 per cent lower at 11,046 level. In the forex market, the rupee declined by 29 paise to close at 71.77 against the US dollar. Globally, Asian stocks struggled to recover on Thursday as economic turbulence 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 was flat in early trade while Japan's Nikkei rose 0.14 per cent. On Wall Street, the Dow rose 1 per cent and the S&P 500 gained 0.65 per cent, due in part to gains in energy sector following a rebound in oil prices. In a major news today, the Union Cabinet on Wednesday relaxed the rules for single-brand retail, more than seven years after the foreign investment cap was removed for the segment to attract marquee foreign brands such as Gucci, Louis Vuitton, Ikea and others into the country. Now, here are the stocks that should be on investors' radar-- -- Sugar stocks will be in focus today after the Union Cabinet yesterday approved an export subsidy of Rs 10.44 per kg which would enable mills to ship around six million tonnes (mt) of the sweetener in the coming season that starts from October. -- South America’s Synergy Group Corp is planning to pick up 49 per cent stake in Jet Airways. It will discuss co-investment options with its lenders and infrastructure companies, the group’s advisor told Business Standard. -- A preliminary enquiry by the SEBI has found no merit in allegation of violation of securities laws, levelled by a whistleblower, against pharmaceutical major Sun Pharmaceutical Industries.

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Market Wrap, Aug 28: Sensex dips 189 pts ahead of F&O expiry

Wed, 28 Aug 2019 11:37:00 GMT

Markets witnessed another volatile trading session on Wednesday as investors rolled-over their positions ahead of the August Futures & Options (F&O) series expiry due on Thursday. Besides, weak global cues and uncertainty over resumption of trade talks between the United States and China kept investors on the sidelines. The benchmark S&P BSE Sensex closed at 37,452 level, down 189 points or 0.50 per cent, dragged by heavyweight stocks like Reliance Industries, ICICI Bank, Maruti Suzuki, and HDFC Bank. 23 of the 30 shares listed at the index ended in the red. HCL Tech, Infosys, Tech Mahindra, and HDFC were the top gainers, while YES Bank, Tata Steel, Vedanta, and ONGC ended as the top laggards. In the intra-day trade, the Sensex cracked 392 points to hit a low of 37,249 level. The broader Nifty50, too, settled 59 points, or 0.53 per cent, lower at 11,046 level. The index hit an intra-day low of 10,988-mark, down 118 points. Sectorally, realty stocks gained the most, with the Nifty Realty index settling 2.4 per cent higher. This was followed by Nifty IT index which closed 1.3 per cent higher. On the downside, Nifty Metals index shed 3.4 per cent, followed by Nifty Auto index, down 2 per cent. In the broader market, S&P BSE Mid-cap index closed at 13,356 level, down 124 points or 0.92 per cent. The S&P BSE Small-cap index, too, dipped 80 points, or 0.64 per cent, to settle at 12,508 level. BUZZING STOCKS Shares of Hindustan Unilever (HUL) slipped as much as 2 per cent to Rs 1,824.15 apiece on the BSE in the early morning trade on Wednesday after the company said it has cut prices of its Lux, Lifebuoy and Dove soaps in the past month following muted growth in the category. Shares of Vadilal Industries were trading higher for the fourth straight day, up 4 per cent at Rs 682 on the BSE on Wednesday after the company reported a good set of numbers for the April-June quarter (Q1FY20). The stock was trading at its 52-week high levels. In the past four trading days, it has rallied 22 per cent, as compared to a 3 per cent rise in the S&P BSE Sensex.

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Market Ahead, August 28: All you need to know before the Opening Bell

Wed, 28 Aug 2019 03:00:00 GMT

Investors may see a volatile trade today as traders look to rollover positions ahead of the August F&O series expiry due on Thursday. That apart, global cues, rupee trajectory, stock-specific action, and oil price movement are expected to steer markets today. Trends on SGX Nifty, too, suggest a flat to positive start for the domestic indices. On Tuesday, the benchmark S&P BSE Sensex settled 0.39 per cent higher at 37,641. The broader Nifty50 closed at 11,105 mark, up 0.43 per cent. The rupee also gained 54 paise to see its biggest single-day gain in more than five months. It closed at 71.48 against the US dollar. Globally, Wall Street slipped during the overnight trade on Tuesday after China’s foreign ministry reiterated that it had not received any recent US telephone call on trade. The Dow Jones fell 0.48 per cent, the S&P 500 lost 0.33 per cent, and the Nasdaq Composite dropped 0.34 per cent. Shares in Asia, too, we're trading with marginal gains. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.03 per cent, Japan's Nikkei rose 0.04 per cent and Australia's shares rose 0.07 per cent. Now, here are the stocks that should be on investors' radar-- >> Realty stocks are likely to see some major movements today as Centre is readying a package to perk up the real estate sector. Quoting senior government officials, a Business Standard report said steps in real estate could include a task force to identify and revive stalled projects, easing of interest subvention norms, a new rental housing policy, among other steps. >> Telecom stocks, too, may remain in focus as Reliance Jio, Bharti Airtel and Vodafone Idea are unlikely to bid for 5G spectrum due to high costs. Before we wrap, here is a stock recommendation by Religare Broking-- The brokerage recommends buying Bajaj Finance at between Rs 3,325 and Rs 3,335. The target price is at Rs 3,520 with a stop loss placed at Rs 3,240. That is all we have for you today in the pre-market podcast. For more business and markets related news and updates, stay logged on to Business-Standard.com

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Market Wrap, Aug 27: Sensex up 147 pts, smallcaps outperform

Tue, 27 Aug 2019 11:05:00 GMT

Markets remained volatile but traded higher on Tuesday as the Reserve Bank of India's (RBI) decision to transfer Rs 1.76 lakh crore to the government's coffer lifted banking, NBFCs and automobile stocks. That apart, possible resumption in trade talks between the United States and China also boosted investors' sentiment. The gains were, however, capped by losses in the information technology stocks which dipped on a weaker rupee. The benchmark S&P BSE Sensex settled with gains of 147 points, or 0.39 per cent, at 37,641 level with Tata Motors, Tata Steel, YES Bank, and NTPC being the top gainers at the 30-share index. Bharti Airtel, Tech Mahindra, Infosys, and TCS, however, were the top laggards. On the other hand, the broader Nifty50 closed at 11,105 mark, up 48 points or 0.43 per cent. Sectorally, public sector banks, NBFCs, automobile, and metal stocks gained the most. Nifty PSU Bank index ended 2.51 per cent higher, followed by Nifty Metal index, up 2 per cent. Nifty IT index was the top loser, closing 1.35 per cent lower. In the broader market, S&P BSE small-cap fared better than S&P BSE mid-cap index. The former closed 202 points, or 1.63 per cent, higher at 12,589 level, while the latter settled at 13,480 levels, up 77 points or 0.53 per cent. BUZZING STOCKS Shares of HDFC Asset Management Company (AMC) surged 7 per cent to hit a new lifetime high of Rs 2,396 on the BSE in Tuesday's early morning trade on strong growth outlook and overseas investors buying. The stock surpassed its previous high of Rs 2,370, recorded on July 19, in intra-day trade. The stock closed 7.55 per cent higher at Rs 2,412 apiece. Shares of Infosys slipped 3 per cent to Rs 781 in the intra-day trade on the BSE on Tuesday after the information technology (IT) firm closed the buyback offer as it utilised almost full size of the issue approved. The stock settled 2.23 pe cent lower at Rs 785 per share.

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Can RBI's fund transfer allay fiscal concerns? Here's what you must know

Tue, 27 Aug 2019 08:59:00 GMT

In a move that could help the government bridge its fiscal deficit, the Central Board of the RBI has decided to transfer a staggering Rs 1.76 trillion of its surplus to the Centre for 2018-19. This amount is much more than the government's target of about Rs one trillion via disinvestment in FY20. Interestingly, this is the biggest-ever payout by the central bank. It includes Rs 1.23 trillion of surplus for 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework adopted at the RBI Board meeting. The higher surplus is due to long-term forex swaps and open market operations conducted by the central bank over the last fiscal. The surplus transfer was finalised in line with the recommendations of the committee under former RBI governor Bimal Jalan. RBI’s central board accepted all the recommendations of the panel. This alone will fill up more than half of the country’s estimated fiscal deficit.

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Market Ahead, August 27: All you need to know before the Opening Bell

Tue, 27 Aug 2019 02:35:00 GMT

Global cues and fiscal stimulus are likely to sway investor sentiment today. The Reserve Bank of India (RBI) on Monday decided to transfer a record Rs 1,23,414 crore of its surplus to the central government for the fiscal year 2018-19 or FY19 (July to June), and an additional Rs 52,637 crore of excess provisions as recommended by the Bimal Jalan committee on Economic Capital Framework (ECF). Besides, market participants will also track the Rupee's trajectory, which closed below the 72-mark to the dollar for the first time in nine months. The rupee weakened as foreign portfolio investors (FPIs) continued to pull out money despite the decision of the government to withdraw the surcharge imposed on their earnings in the Budget presented in July. FPIs sold equities worth Rs 752 crore on Monday. Additionally, investors will also track oil price movement and stock-specific action for market direction. And now, let's take a look at the key counters that are likely to trade actively in today's trading session - Interglobe Aviation will be in focus today as it holds its 16th annual general meeting (AGM) today where Rahul Bhatia, promoter of IndiGo, is expected to assure minority shareholders that all was well with the country’s largest airline. Jet Airways will also hog the limelight as the lenders on Monday decided to extend the deadline for submission of the expression of interest (EoI) to August 31. And, now let's take a look at global markets. Asian stocks tracked global peers higher on Tuesday while safe-haven bonds sold off as signs Sino-US trade hostilities might be easing helped restore investor confidence after the previous session’s rout. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2% after dropping 1.3% the previous day. South Korea’s KOSPI added 0.8% and Japan’s Nikkei rose 1%. In the overnight trade, US stocks rose more than 1 per cent as trade war fears eased. And, before we wrap up, here's a look at the top headlines for the day - >> Investor wealth rises by Rs 2.41 trn as market zooms on stimulus package >> Govt may contain fiscal deficit at 3% in FY20 after RBI's surplus transfer; >> Take-home salary may rise under new Employees' Provident Fund law; >> Ficci survey pegs India's GDP growth rate at 6.9% for the entire year; >> Spending on (MSMEs) by government is set to shoot up as the Nitin Gadkari-led ministry prepares a plan to boost the number of new ones being registered to an unprecedented 100,000 this fiscal year.

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Market Wrap, Aug 26: Sensex up 793 pts, Nifty at 11,058 level

Mon, 26 Aug 2019 10:59:00 GMT

Markets staged impressive gains on Monday lifted by banking, NBFCs, and realty stocks. Fiscal stimulus announced by the government on Friday, August 23, lifted sentiment at D-Street where investors rejoiced rollback of super-rich tax on FPIs, upfront capitalisation of public sector banks, and deferment of hiked registration fees for automobiles. That apart, the sentiment was also aided by a possible resumption in trade talks between the United States and China. The benchmark S&P BSE Sensex vaulted 843 points in the intra-day trade before settling at 37,494 level, up 793 points or 2.16 per cent. HDFC twins, ICICI Bank, ITC, and Larsen and Toubro were the top contributors towards the gains. HDFC, YES Bank, Bajaj Finance, and ICICI Bank were the top gainers at the 30-share index, while Vedanta, Sun Pharma, and Hero Moto Corp dipped the most. Meanwhile, the broader Nifty50 jumped 241 points in the intra-day deals to close above the psychological mark of 11,000 after three trading sessions. The 50-share index ended at 11,058 level, up 229 points or 2.11 per cent. While early morning gains were sold-into after weak global cues due to trade war concerns caught up with the investors, indices rallied again after US President Donald Trump said China wanted to resume trade talks. The news helped to trim losses at the Nifty metal index, which closed at 2,255 level, down 1 per cent. All other sectoral indices ended in the green. Nifty Financial Services index settled 4 per cent higher, followed by Nifty Realty index (up 3.68 per cent), Nifty Bank index (up 3.7 per cent), and Nifty private bank index (up 3.6 per cent). In the broader market, S&P BSE mid-cap index settled 207 points, or 1.5 per cent, higher at 13,409 level. Similarly, S&P BSE small-cap index, too, closed at 12,387 level, up 201 points or 1.68 per cent.

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Market Ahead, August 26: All you need to know before the Opening Bell

Mon, 26 Aug 2019 02:56:00 GMT

Investors are likely to see a firm beginning to the week as a slew of measures, including the rollback of super-rich tax on the foreign portfolio investors and upfront infusion of capital into the public sector banks, announced by finance minister Nirmala Sitharaman on Friday is expected to give the much-needed impetus to market sentiment. However, the gains may be capped due to weak global cues. US President Donald Trump, on Friday, announced he would hike existing tariffs, applied to about $250 billion worth of Chinese goods, to 30 per cent from 25 per cent as of October 1. He also said a new round of tariffs on $300 billion in goods will be taxed at 15 per cent, up from 10 per cent. Later in the week, market participants will adjust their futures and options (F&O) positions as August series contracts expire on Thursday. On Friday, the June quarter GDP numbers are scheduled to be released. Data on forex reserves, infra output, and bank loan growth will also be released on the same day. Globally, Asian shares were a sea of red on Monday amid Sino-US trade tensions. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.8%, and Australia slipped 1.7%. Japan’s Nikkei lost 2.3%. SGX Nifty, however, suggests a gap-up opening for the domestic indices today as the Singaporean Exchange for Nifty Futures was up 61 points at 7.40 am. On Friday, the S&P BSE Sensex had closed with gains of 0.6% at 36,701 while the Nifty50 settled up 0.8% at 10,829. Before we wrap, here are the top headlines for the day-- >> India leads Asian peers in risky corporate debt; interest payouts up 15% >> The RBI's board is scheduled to meet today amid expectations of taking up Bimal Jalan committee's report. At last, stock recommendation for the day by Angel Broking-- The brokerage recommends buying Bharat Electronics at current levels for a target of Rs 111 over the next few days. The stop loss can be placed at 92.40.

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Podcast: Sensex up 228 pts on reports govt may rollback higher tax on FPIs

Fri, 23 Aug 2019 11:21:00 GMT

Indices settled higher on Friday ahead of finance minister Nirmala Sitharaman's media address, scheduled later in the day, wherein measures to revive the economy, clarity on the possible rollback of super-rich tax on FPIs, and implementation of direct tax code (DTC) are expected. That apart, investors were also eyeing Federal Reserve chair Jerome Powell's speech at Jackson Hole, Wyoming for clarification on whether the US central bank remains on course to deliver another interest rate cut in next month. The benchmark S&P BSE Sensex settled 228 points, or 0.63 per cent, higher at 36,701 levels lifted by gains in metals, and public sector banks' stocks. Vedanta, YES Bank, ONGC, and M&M were the top gainers at the 30-share index, while IndusInd Bank, ITC, ICICI Bank, and Power Grid ended as top laggards. The broader Nifty50, too, closed at 10,829-mark, up 88 points or 0.82 per cent. For the week, both Sensex and Nifty50 settled in the negative territory for second week in a row, down 2 per cent each. Further, Nifty Bank index slipped 4.5 per cent this week, registering the biggest weekly fall in 11 months, while Nifty mid-cap index settled 3 per cent lower, its biggest monthly fall. Sectorally, indices for private bank and FMCG stocks ended in the red. Nifty media index ended as the top gainer, up 4.2 per cent, followed by Nifty metal index (up 3.3 per cent), and Nifty PSU bank index (up 2 per cent). Nifty FMCG and PSB indices closed with cuts of 0.35 per cent each. In the broader market, mid-cap scrips fared better than small-cap stocks. The S&P BSE mid-cap index settled 121 points, or 0.93 per cent, higher at 13,202 level, as against a gain of 67 points, or 0.55 per cent, at the S&P BSE small-cap index, which closed at 12,186 level. Shares of Future Retail slumped as much as 7.94 per cent to Rs 380.60 apiece on the BSE in the morning trade on Friday, a day after the company informed that American e-commerce giant Amazon.com is acquiring a 49 per cent stake in its group entity — Future Coupons. Shares of IndusInd Bank slipped for the fourth straight day, down 4 per cent to Rs 1,280 apiece, hitting a 30-month low on the BSE on Friday amid a weak market sentiment. The stock of the private sector lender was trading at its lowest level since February 3, 2017.

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Market Ahead, August 23: All you need to know before the Opening Bell

Fri, 23 Aug 2019 03:07:00 GMT

Fading hopes of a government stimulus, rupee movement against the US dollar, and global cues are likely to dominate investor sentiment today. Most investors were expecting the government to increase spending to shore up economic growth, however, comments by some government officials have dashed hopes of a big-bang stimulus. Yesterday, Chief Economic Advisor Krishnamurthy Subramanian said one could not expect the government to use taxpayers’ money to intervene every time some sectors go through “sunsets”. Commerce and Industry Minister Piyush Goyal said while fiscal stimulus was a good idea, the government would be criticised for leaving fiscal prudence. NITI Aayog Vice-Chairman Rajiv Kumar has described the current stress in the financial sector as “unprecedented”, saying that it made a case for "extraordinary steps" to deal with the crisis. That apart, market participants will also track oil price movement, foreign fund flow, and stock-specific action for market direction. Meanwhile, the International Monetary Fund (IMF) has raised doubts about India's tax revenue estimates and GDP growth target and has asked India to explain how it is confident of meeting its revenue estimates for the year, given the current state of economic growth and historical buoyancy. In the currency market, the rupee on Thursday plunged to its lowest level in 2019, closing at 71.81 against the dollar, 26 paise below its previous close. The benchmark S&P BSE Sensex dropped nearly 600 points to end at 36,473, while the Nifty ended at 10,741, down 177 points. And, now let's take a look at stocks that are likely to trade actively in today's session. Shares of Future Group companies may hog the limelight today after the company said American e-commerce giant Amazon.com is acquiring a 49 per cent stake in a group entity — Future Coupons Ltd. That apart, YES Bank may also be in focus today as news reports suggest it is looking for $1.9 bn of equity infusion. And, now let's take a look at the global markets. US equities ended little changed on Thursday. The Dow Jones rose 0.19 per cent, the S&P 500 0.05 per cent, and the Nasdaq Composite dropped 0.36 per cent. Stocks in Asia opened mixed on Friday. Shares in Japan and Australia were flat, while equities in South Korea dipped. At 07:52 am, Nifty futures on the Singapore Exchange (SGX) were trading 6 points or 0.06 per cent lower at 10,713, indicating a flat start for the Indian market today. And, before we wrap up, here's a quick look at the top headlines for the day - >> CBI court sends P Chidambaram to custody till August 26 in INX media case >> Sebi's move to ease norms for FPIs likely to attract West Asian banks; >> Falling share prices may hit govt's PSU divestment plan; and >> HSBC lays off 150 employees from India back offices for 'realignment'.

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Market Wrap, Aug 22: Sensex tumbles 587 pts, Nifty below 10,750

Thu, 22 Aug 2019 11:19:00 GMT

Markets continued to reel under pressure of the economic slowdown on Thursday with the benchmark S&P BSE Sensex and Nifty50 slipping nearly 700 and 190 points, repsectively from day's high to hit low of 36,391 and 10,718, respectively. Nifty Bank shed 800 points intra-day to close at the lowest level since February 2019. Former finance secretary Subhash Chandra Garg, said at an event that the GDP growth could slump to 5.5 per cent in the June quarter of FY20 and better way to address the concern was through interest rate cuts. At the same event, chief economic advisor Krishnamurthy Subramanian, said that the government "could not intervene everytime a sector goes through a sunset". The Sensex closed 587 points, or 1.59 per cent, lower at 36,473 with only 4 of the 30 components at the index trading in the green. YES Bank ended the day as the biggest loser, while Tech Mahindra emerged as the top gainer. The broader Nifty50, too, slipped 177 points, or 1.62 per cent lower, to close at 10,741-mark. Sectorally, all the sectors ended in the red except Nifty IT index, which gained on the back of a weaker rupee. The domestic currency slumped 40 paise intra-day to Rs 71.96/ US dollar, its lowest level of 2019. Nifty Realty index closed nearly 7 per cent lower, followed by Nifty Metal index (down 3.6 per cent), and Nifty PSU bank index (down 3.5 per cent). The Nifty IT index closed 0.23 per cent higher. In the broader market, the S&P BSE mid-cap closed 179 points, or 1.35 per cent, lower at 13,081 while the S&P BSE small-cap shed 271 points, or 2.19 per cent, to settle at 12,119 level. BUZZING STOCKS Shares of Hindustan Unilever (HUL) hit an all-time high of Rs 1,879, up 2 per cent on the BSE on Thursday, gaining 3 per cent in past three days in an otherwise weak market. The stock of fast moving consumer goods (FMCG) company surpassed its previous high of Rs 1,871, touched on December 17, 2018. Shares of Hathway Cable & Datacom (Hathway) were trading higher for the fourth straight day, up 18 per cent at Rs 38.60, also its 52-week high, on the BSE in intra-day deal on Thursday in an otherwise weak market on the back of heavy volumes. The stock has zoomed nearly 100 per cent in the last seven trading days since the announcement of Reliance's plan of rolling out fiber broadband service. Since, August 9, the stock has rallied 97 per cent from the level of Rs 19.60, as compared to 1 per cent decline in the S&P BSE Sensex.

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Sebi eases FPI norms: Here are the key takeaways from the meeting

Thu, 22 Aug 2019 08:34:00 GMT

The Securities and Exchange Board of India (Sebi) on Wednesday eased the regulatory and compliance framework for foreign portfolio investors (FPI) in a bid to boost investments and expedite the registration process for FPIs. Sebi also simplified KYC requirements for them and permitted them to carry out off-market transfer of securities. This is a much-needed boost to the FPI route, which had been languishing on account of multiple issues in the past few months However, the easing of FPI norms comes at a time when overseas investors have pulled out over $3 billion from the domestic markets since the Union Budget. Listen to this podcast for more

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Market Ahead, August 22: All you need to know before the Opening Bell

Thu, 22 Aug 2019 02:55:00 GMT

Investors are expected to react to market regulator Sebi's board decision to ease requirements for foreign portfolio investors (FPIs). The regulator said FPIs would no longer be required to meet the ‘broad-basing’ criteria, under which at least 20 investors were required to establish a fund. It also said, it would rationalise the framework for issuance of participatory notes (P-notes), an instrument once very popular with overseas investors. That apart, market participants will take cues from the minutes of the RBI's August monetary policy committee (MPC) meet released yesterday that showed that all three internal members had voted unanimously for a cut of 35 basis points to support economic growth. Besides, global cues, rupee trajectory, foreign fund flow, stock-specific action, and oil price movement would be on investors' radar. Now, let's see what global markets indicate for Sensex and Nifty. Asian shares edged higher on Thursday, taking cues from gains in the US stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, Japan's Nikkei added 0.4% and Australian shares 0.3%. At 8:00 am, SGX Nifty, the Singaporean Exchange for Nifty Futures, was down 22 points, indicating a flat to negative start for domestic indices. On Wednesday, the Sensex settled 0.72 per cent lower at 37,060 level, and the Nifty50 closed at the 10,919-mark, down 0.89 per cent. The Rupee closed at 71.55, up 16 paise against the US dollar. And, before we wrap, here's a look at the top headlines that are likely to move markets-- >> The government, on Wednesday said, it has set no deadline to ban the production of petrol, diesel vehicles or for automobile manufacturers to switch to EVs >> Government, on Saturday, is expected to hold meeting with economists to discuss economic slowdown. At last, stock recommendation for the day by Tradebulls Securities-- The brokerage recommends selling Tata Steel at current levels. The stock is expected to drift lower till Rs 321 price confluence zone. Hence, the stock can be sold with stop above previous sessions high of Rs 358.

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Market Wrap, Aug 21: Sensex declines 268 pts, Nifty50 at 10,919

Wed, 21 Aug 2019 11:21:00 GMT

Absence of any stimulus package to revive the weak consumer demand and lift the economy, coupled with fresh trade war concerns between the US and China hurt investors' sentiment on Wednesday. Financial and metal stocks dragged the benchmark S&P BSE Sensex and broader Nifty50, 305 and 110 points lower in the intra-day trade. The Sensex settled 268 points or 0.72 per cent lower at 37,060 level pulled down by consumer durables and banking stocks. Tata Motors, YES Bank, Tata Steel, and ONGC were the top laggards on the 30-share index while Hero Moto Corp, Maruti Suzuki, Infosys, and Tech Mahindra were the top gainers. The Nifty50, slipped to two-week low, to close at 10,919 mark, down 98 points or 0.89 per cent. Sectorally, all the counters closed in the red. The Nifty PSB index slipped the most, settling nearly 3 per cent lower, followed by loses in the Nifty metal index (down 2.8 per cent) and Nifty realty index (down 2 per cent). In the broader market, the S&P BSE mid-cap ended at 177 points, or 1.32 per cent, lower at 13,259 level. The S&P BSE small-cap, on the other hand, shed 180 points, or 1.43 per cent, to end at 12,390 level. BUZZING STOCKS Shares of CG Power and Industrial Solutions were locked in 20 per cent lower circuit for the second consecutive day at Rs 11.80 on the BSE on Wednesday after the detection of financial fraud in the company. Shares of Britannia Industries plunged nearly 4 per cent to hit a 52-week low of Rs 2,302 apiece on the BSE in intra-day trade on Wednesday, as worries over demand slump worsened. Parle Products, India's largest biscuit maker, said on Tuesday that it may be forced to layoff up to 10,000 people if the ongoing consumption slowdown persists. The stock closed 0.46 per cent lower at Rs 2,384 apiece.

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Market Ahead, August 21: All you need to know before the Opening Bell

Wed, 21 Aug 2019 02:46:00 GMT

Investors must brace themselves for another volatile trading session as global cues, rupee trajectory, and oil price movement are likely to steer market direction today. Besides, expectations of any announcement for a stimulus package to revive the economy is likely to keep investors on the sidelines. That apart, all eyes would be on the Reserve Bank of India's minutes of the latest Monetary Policy meeting, which is scheduled to be released later in the day. Remember, the central bank lowered the repo rate by 35 basis points to 5.40 per cent during its August meeting. Further, SEBI's board will meet in Mumbai today during which it may introduce a slew of reforms, including greater checks on credit rating agencies and for rewarding informants in insider trading cases with up to Rs 1 crore reward, among other things. Globally, US President Donald Trump said on Tuesday that he had to confront China over trade even if it caused short-term harm to the US economy. On Tuesday, the S&P BSE Sensex ended at 37,328 level, down 0.2 per cent. The broader Nifty50, too, slipped 0.33 per cent, to settle at 11,017 mark. And now, let's take a look at the global markets. Financial shares dragged US stocks lower during the overnight trade on Tuesday. The Dow Jones and the Nasdaq fell 0.7% each while the S&P 500 lost 0.8%. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2% during the early trade on Wednesday, while Japan's Nikkei slipped 0.6%. At 07:55 am, Nifty futures on the Singapore Exchange were trading 16.50 points lower at 11,012, indicating a negative start for the Indian market today. And, before we wrap, here's a look at the top headlines that are likely to move markets-- >> Morgan Stanley has cut FY20 GDP growth target for India to 6.3% from 6.5% >> Ministry of Civil Aviation has allowed IndiGo and SpiceJet to retain slots left vacant by Jet Airways till December, 2019 >> MCA has ordered probe against CG Power after auditors of the power equipment maker resigned a few months ago.

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Market Wrap, Aug 20: Sensex ends 74 pts lower; PSBs, metals decline

Tue, 20 Aug 2019 11:17:00 GMT

Sentiment at D-Street remained subdued on Tuesday as no stimulus was in sight for the staggering economy. Markets ended today's volatile session in the red with stocks of the public sector banks sliding the most. The losses were, however, capped by gains in the information technology, who gained on the back of a weaker rupee. The S&P BSE Sensex ended at 37,328 level, down 74 points or 0.20 per cent. Index heavyweights like Reliance Industries, ITC, and HDFC dipped over 1 per cent each to drag the benchmark indices lower. Maruti, Tata Motors, HCL Tech, and Infosys were the top gainers at the 30-share index, while YES Bank, IndusInd Bank, and ITC were the biggest losers. The broader Nifty50, too slipped 37 points, or 0.33 per cent, to settle at 11,017 mark. Sectorally, only three sectors ended in the green. Nifty PSB index closed 2.4 per cent lower, followed by Nifty metal index, down 1.7 per cent. On the contrary, Nifty auto index gained 1.2 per cent, followed by Nifty IT index, up 1.18 per cent. In the broader market, S&P BSE mid-cap ended at 13,437 level, down 81 points, or 0.6 per cent. The S&P BSE small-cap index, too, closed 79 points, or 0.62 per cent, lower at 12,570 level. Shares of YES Bank were trading lower for the second straight day, down 7 per cent at Rs 71 on the BSE on Tuesday. The stock has fallen 10 per cent in the past two days, despite the company successfully raising Rs 1,930 crore through the qualified institutional placement (QIP) route last week. The stock was trading 15 per cent lower than its QIP price. The private sector lender's share price is less than 1 per cent away from its 52-week low level of Rs 70.50, touched on August 14, 2019 in intra-day deal. Shares of Sterling and Wilson Solar (SWSL) debuted at Rs 706 apiece on the NSE, a discount of 9.48 per cent to the issue price of Rs 780. On the BSE, the stock listed at Rs 700, 10 per cent lower against the issue price. It, however, ended the session at Rs 725 levels. SWSL is promoted by the Shapoorji Pallonji Group and is the demerged Solar EPC Division of Sterling and Wilson (SWPL). The company commenced operations in 2011 as the Solar EPC Division of SWPL and demerged from SWPL with effect from April 1, 2017.

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Monsoon fury: Here're latest updates from the flood-ravaged states in India

Tue, 20 Aug 2019 10:31:00 GMT

Rains and landslides have flooded several states of the country. As Karnataka and Kerala in South India grapple with widespread destruction, northern states are bracing for the worst. Till Monday, rains had claimed at least 38 lives in Himachal Pradesh and Uttarakhand. Heavy showers and cloudbursts triggered landslides, leaving hundreds stranded in two hill states. A flood alert was sounded in parts of Delhi, Haryana, Punjab and Uttar Pradesh, with the Yamuna and other rivers flowing above the danger mark. The weather department has predicted that heavy downpour will continue at least until August 22. Listen to this podcast for more latest updates from some of the flood-ravaged states

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Market Ahead, August 20: All you need to know before the Opening Bell

Tue, 20 Aug 2019 02:34:00 GMT

Global cues, rupee trajectory, and oil price movement will be the top factors that will give direction to the markets today as investors continue to await measures from the government to spur growth. Stocks of non-banking financial firms may be in focus today after the government said such firms would no longer have to maintain a certain level of redemption reserves against them. On the taxation front, the Direct Tax Code (DTC) task force has recommended a significant increase in the highest income tax slabs, besides slashing the corporate tax rate to an even rate of 25 per cent for both domestic and foreign companies, as per a Business Standard report. Globally, senior White House officials are reportedly discussing a temporary payroll tax cut to boost the economy. The People’s Bank of China has already taken steps to lower corporate borrowing costs while Germany is reportedly prepared to increase fiscal spending. Yesterday, the S&P BSE Sensex ended 0.14 per cent higher at 37,402 levels, while the Nifty50, settled at 11,054 levels, up 0.05 per cent. In the currrency market, the Rupee tumbled 28 paise to close at an over six-month low of 71.43 against the dollar. Asian shares extended their gains on Tuesday as hopes for stimulus in major economies tempered anxiety about a global recession. MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.04 per cent, while Japan’s Nikkei jumped 0.47 per cent. The improved mood was helped by a rally on Wall Street overnight, with the S&P 500 gaining 1.21 per cent and the Dow Jones up 0.96 per cent. At 07:43 am, Nifty futures on the Singapore Exchange were trading 16.50 points lower at 11,040, indicating a negative start for the Indian market today. Here's a look at the top headlines for the day - -- RBI Governor Shaktikanta Das has said it's time to formally link lending rates to repo rate; -- Cash-strapped DHFL makes fresh default on Rs 1,571-crore bond repayments; -- PM Modi raises Imran Khan's 'extreme' anti-India rhetoric with Donald Trump; & -- Sebi to relax buyback norms for companies with HF, NBFC subsidiaries.

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Market Wrap, Aug 19: Sensex slips 316 pts from day's high, ends 52 pts up

Mon, 19 Aug 2019 11:12:00 GMT

Domestic indices pared gains in the afternoon trade to end flat on Monday. The benchmark S&P BSE Sensex rose 316 points to touch an intra-day high of 37,719 after hopes of a revivial package from the government lifted sentiment at D-Street. Sentiment was also supported by gains in the Asian markets. The S&P BSE Sensex ended 52 points, or 0.14 per cent higher, at 37,402 levels with buying being witnessed across the board. Sun Pharma, Tech Mahindra, Axis Bank, and L&T ended the day as top gainers at the 30-share index, while YES Bank, Power Grid, State Bank of India, and ONGC settled as top laggards. The broader Nifty50, settled at 11,054 levels, up 6 points or 0.05 per cent. Sectorally, pharma stocks gained the most, while public sector banks ended as the top losers. Nifty Pharma index closed 0.84 per cent higher, followed by gains in Nifty Media index, up 0.65 per cent, and Nifty Realty index, up 0.38 per cent. Nifty PSU Bank index settled 0.85 per cent lower. In the broader market, S&P BSE mid-cap closed at 13,518 levels, up 27 points, or 0.20 per cent. The S&P BSE small-cap index settled 64 points higher, or 0.51 per cent, at 12,649 levels. Shares of Coffee Day Enterprises, owner of cafe chain Cafe Coffee Day (CCD), were locked in the upper circuit of 5 per cent on the BSE on Monday after the company appealed to its lenders and creditors to give it sufficient time to honour its repayment obligations. News reports further suggested that the promoters of the company were planning to restart talks with beverage-firm Coca-Cola for selling a part of their stake in the company to pare debt. Shares of Godfrey Phillips India surged 9 per cent to Rs 1,088 apiece in the intra-day trade on Monday, rallying 53 per cent in past four trading days on the BSE after the company reported a more than double consolidated net profit at Rs 119 crore in April-June quarter (Q1FY20) on strong volume growth. The company, which is engaged in cigarettes and tobacco products business, had posted a profit of Rs 57 crore in the year-ago quarter.

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Market Wrap, Aug 16: Sensex settles 39 pts higher; IT, pharma stock decline

Fri, 16 Aug 2019 10:13:00 GMT

Markets ended flat on Friday dragged by uncertainty over announcement of any revival package by the government and weak global cues. Indices remained lacklustre for better part of the day, only to turn volatile in the afternoon trading session. The benchmark S&P BSE Sensex settled with gains of 39 points, or 0.10 per cent, at 37,350 levels led by banking and automobile stocks. The gains were, however, capped by losses in the technology and metal scrips. Power Grid, Maruti Suzuki, YES Bank, and IndusInd Bank were the top gainers at the 30-share index, while TCS, Vedanta, HCL Tech, and HDFC were the top laggards. The broader Nifty50, too, closed at 11,048-mark, up 18 points or 0.17 per cent. The Sensex and Nifty, each, slipped 0.6 per cent during the week, while Nifty Bank and mid-cap indices shed 1 per cent each during the period. Sectorally, public sector banks gained the most, with the Nifty PSU Bank index closing 1.5 per cent higher. This was followed by Nifty auto index, up 1.15 per cent. Nifty IT and pharma indices ended with cuts of 0.65 per cent and 0.77 per cent, respectively. In the intra-day trade, the Sensex and Nifty50 slumped to lows of 36,974 and 10,924 levels, down 337 points and 105 points respectively. In the broader market, S&P BSE mid-cap ended the day at 13,491 level, up 14 points or 0.10 per cent. Further, S&P BSE small-cap settled at 12,585 level, up 14 points, or 0.11 per cent. BUZZING STOCKS Shares of Aarti Industries slipped 8 per cent to Rs 1,595 on the BSE in the intra-day trade on Friday. The stock fell 9 per cent from its early morning high on profit-booking after the management lowered FY20 revenue/profit guidance considering slowdown in end-use industries. The stock closed at Rs 1591, down 8 per cent. Shares of Apollo Hospitals Enterprises rallied 7 per cent intra-day to Rs 1,454 apiece on the BSE on Friday, also its 52-week high, on strong June quarter results for FY20 (Q1FY20). The stock has surged 10 per cent at the bourses since Tuesday, when it reported more than double consolidated net profit at Rs 49 crore. The company had a profit of Rs 23 crore in the year-ago quarter. The stock is 6 per cent away from its all-time high level of Rs 1,544 touched on March 2, 2016. It ended at Rs 1471, up 8 per cent.

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All you should know about Modi's mega military reform in just 3 minutes

Fri, 16 Aug 2019 07:57:00 GMT

In a landmark military reform, Prime Minister Narendra Modi on Thursday announced that the country will now have a chief of defence staff (CDS) as head of the tri-services, a proposal pending since the Kargil conflict in 1999. In his Independence Day address from the ramparts of the Red Fort, the prime minister asserted that time has come to enhance synergy among the Army, Navy and the Indian Air Force to deal with security challenges facing India. Listen to this podcast for more

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Market Ahead, August 16: All you need to know before the Opening Bell

Fri, 16 Aug 2019 03:01:00 GMT

Global cues, corporate earnings, and report of a possible stimulus package by the government to counter the economic slowdown are likely to dominate Dalal Street proceedings on Friday. As per reports, the government might soon provide a broad stimulus package or a sector-specific booster dose. This comes after Prime Minister Narendra Modi's meet with Finance Minister Nirmala Sitharaman and officials of her ministry on Thursday. There might also be some relief to foreign portfolio investors from the super-rich surcharge. That apart, market participants will react to the June quarter earnings announced on Thursday and after market hours on Wednesday. Progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement are the important factors investors will keep an eye on. On Wednesday, the benchmark S&P BSE Sensex settled at 37,311 levels, up 0.96 per cent, while the broader Nifty50 climbed 0.95 per cent to end at 11,029 levels. In the currency market, the rupee rose 12 paise to end at 71.27 against the dollar on Wednesday. The US indices were lifted by upbeat retail sales data on Thursday. The Dow rose 0.39 per cent to 25,579, the S&P 500 gained 0.25 per cent to 2,848, and the Nasdaq dropped 0.09 per cent to 7,767. Asian shares were heading for weekly losses on Friday amid conflicting messages on the Sino-US trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.17 per cent. Japan's Nikkei fell 0.5 per cent, while Australia was heading for a weekly drubbing of 2.7 per cent. At 07:50 am, Nifty futures on the Singapore Exchange were trading 53.50 points or 0.49 per cent higher at 10,950.50, indicating a positive start for the Indian market today. And, before we wrap, here's a look at the top headlines for the day - >> Reliance Industries may buy more cable companies to aid JioFiber plans; >> UN Security Council to meet on Friday on India's moves in Kashmir; >> NBFCs will be in goodwill hunting mode for some time to come, day experts.

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Market Wrap, August 14: Sensex ends 353 pts higher; pharma stocks slip

Wed, 14 Aug 2019 11:08:00 GMT

· Markets make a strong comeback, Sensex surges 353 points while Nifty reclaims 11,000-mark to end at 11,029, up 104 points on across-the-board buying; · Nifty Pharma index hits 5-year low; Glenmark at 7-year low post Q1 results; · HDFC Life Insurance slumped 7% post block deal, but recovered later Benchmark indices ended nearly a per cent higher on Wednesday amid across-the-board buying and positive global cues. Investor sentiment got a major boost as the US President Donald Trump's decision to delay imposition of additional tariff on Chinese imports doused trade-war concerns. Further, benign inflation back home, opened room for more rate cuts by the Reserve Bank of India (RBI). The benchmark S&P BSE Sensex settled at 37,311 levels, up 353 points or 0.96 per cent, lifted by Reliance Industries, Infosys, ICICI Bank, and HDFC. Vedanta, Tata Steel, YES Bank, and Tech Mahindra were the top gainers on the index, while Sun Pharma, ONGC, Tata Motors, and Asian Paints emerged as the top laggards. The broader Nifty50 added 104 points, or 0.95 per cent, to end at 11,029. On the sectoral front, all the sectors, except pharmaceuticals, ended the day with gains. Nifty Pharma index shed 4 per cent in the intra-day trade to hit a 5-year low on BSE. The index ended 1.4 per cent lower. On the contrary, Nifty metal was the top gainer, up over 2 per cent, followed by Nifty public sector bank index, up over 1 per cent. In the broader market, S&P BSE mid-cap settled at 13,487 level, up 124 points or 0.93 per cent. The S&P BSE small-cap, on the other hand, closed at 12,580 levels, up 61 points or 0.48 per cent. Among individual stocks, shares of HDFC Life Insurance Company slumped as much as 7.5 per cent to Rs 490 apiece on the BSE in the early trade on Wednesday after reports said co-promoter Standard Life sold more than 3 per cent stake in the company via block deal. The stock, however, pared losses to end at Rs 515.20, down just 0.75 per cent. On the other hand, Dixon Technologies surged 19 per cent in the intra-day trade on the back of strong June quarter results before settling at Rs 2,347, up over 18 per cent. That's all we have for you in today's post-market podcast. For the latest news on business, markets, and more, please log on to Business-Standard.com

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Market Ahead, August 14: All you need to know before the Opening Bell

Wed, 14 Aug 2019 03:13:00 GMT

Global cues, rupee trajectory and the next leg of corporate earnings are expected to sway markets on Wednesday. US President Donald Trump yesterday backed off his September 1 deadline for 10 per cent tariffs on remaining Chinese imports. On the other hand, political unrest in Hong Kong and market rout in Argentina continues. Back home, the government yesterday announced a scheme for providing a one-time credit guarantee to public sector banks for purchase of pooled assets of non-banking financial companies (NBFCs) at fair value. That apart, the downward spiral continued for Indian automakers in July as sales fell by 18 per cent over the same month last year. Sales of passenger vehicles declined by 30.98 per cent, the steepest fall in two decades, and industry executives are now counting on a good monsoon to revive them in the festive season. On the macro-economic front, The wholesale price index (WPI) inflation data for July, which will be out today, will also be on investors' radar who will continue to track the progress in monsoon, foreign fund flow, and oil price. They will also follow the rupee's movement after it tumbled 0.85 per cent on Tuesday and closed at a six-month low of 71.40 a dollar. Yesterday, the Sensex fell 624 points to end at 36,958, while the Nifty 50 index dropped 184 points to close at 10,926. In the results corner, over 1,000 companies, including Grasim Industries, Indiabulls Real Estate, IDBI Bank, and Wockhardt are scheduled to announce their June quarter earnings today. And, now let's take a look at top trading ideas from HDFC Securities. The brokerage recommends buying Marico for a traget price of Rs 415 and stop loss of Rs 375. It also recommends buying Sun Pharma with the target price of Rs 470 and keeping stop loss at Rs 420. And now, here's an update from global markets. Wall Street stocks jumped overnight after Trump delayed the China tariffs. The Dow rose 1.44 per cent to 26,280, the S&P 500 gained 1.47 per cent to 2,926 and the Nasdaq added 1.95 per cent to 8,016. Asian shares joined the rally on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.4 per cent. Australian stocks gained 0.4 per cent, and Japan’s Nikkei rose 0.8 per cent. And before we wrap up, let's take a quick look at top headlines for the day - >> Tata Sons Chairman N Chandrasekaran gets Rs 65.25-crore remuneration for FY19; >> It will take 1-2 years to come out of economic slowdown, says former RBI Guv Bimal Jalan; >> ETF assets nearly triple in 2 yrs on back of steady inflow from EPFO, provident funds.

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Podcast: Superluxury items the latest victim of India's slowing economy

Mon, 12 Aug 2019 10:17:00 GMT

This January, after a decade-long tie-up with superluxury manufacturer Rolls-Royce Motor Cars, dealer group Navnit Motors called it a day. A distinguished Rolls-Royce showroom in the Atria Mall in Worli is gone, replaced by a Reliance Digital boutique. Sharad Kachalia, Navnit Motors’ director, points to declining sales. He even shut down the Rolls-Royce Ahmedabad showroom he opened in 2014 and Prime Minister Narendra Modi once visited it. But the gloom is in no way a reflection of the number of the wealthy. Listen to this podcast for more

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Market Wrap, August 6: Sensex gains 255 points ahead of govt-FPI meeting

Fri, 09 Aug 2019 11:28:00 GMT

Indices remained buoyed on Friday, ahead of the government's meeting with foreign portfolio investors (FPIs) and representatives from the financial sector, which was scheduled later in the day. Sentiment was further strengthened on reports that government could approach the Goods and Services Tax (GST) Council to relieve the auto-industry from tax payment for three-six months along with measures to relieve real estate sector. The benchmark S&P BSE Sensex soared 480 points intra-day to 37,807.5 level, while the Nifty50 zoomed 149 points to 11,181 mark. At close, the Sensex settled 255 points, or 0.68 per cent, higher at 37,582 levels lifted by gains in auto and banking counters. Maruti Suzuki, Vedanta, Bajaj Finance, and HDFC Bank were the top gainers while YES Bank, Tech Mahindra, Tata Steel, and ITC were the top laggards. The broader Nifty50, too, ended at 11,110 mark, up 77 points, or 0.7 per cent. Sectorally, metal, information technology (IT), pharma and public sector bank (PSBs) indices ended in the red while auto, private bank, realty, and FMCG scrips ended with gains. Nifty auto index was the top gainers, up 2 per cent, while Nifty metal index slipped 0.68 per cent. In the broader market, the S&P BSE mid-cap index ended 104 points, or 0.77 per cent, higher at 13,670 level. The S&P BSE small-cap index, on the other hand, settled 125 points, or 1 per cent, higher at 12,699 level. NBCC (India) shares tumbled 14 per cent to Rs 34 apiece, trading near the stock's five-year low price on the BSE on Friday on weak June quarter results. The state-owned construction & engineering company reported a 38 per cent drop in its consolidated net profit at Rs 51 crore in the June quarter (Q1FY20), due to poor performance by real estate segment. It had a profit of Rs 83 crore in the same quarter year ago. Shares of Page Industries hit an over two-year low of Rs 17,438, down 6 per cent intra-day on the BSE on Friday, after the company reported drop in net profit for the second quarter in a row, due to lower volume growth during April-June quarter (Q1FY20). The stock was trading at its lowest level since February 6, 2018.

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Market Ahead, August 9: All you need to know before the Opening Bell

Fri, 09 Aug 2019 02:51:00 GMT

In today's session, investors may react to reports that the government may exempt foreign portfolio investors from additional surcharge. Overseas investors have pulled out nearly Rs 22,000 crore from domestic equities since the surcharge decision was introduced in the Union Budget on July 5. Moreover, Finance minister Nirmala Sitharaman will today meet market participants including senior officials of foreign portfolio investors and mutual funds to ascertain views on current issues relating to financial markets. Investors will continue to react to June quarter earnings, first the ones declared yesterday after market hours and the 249 others scheduled to be announced today that includes Spicejet, Britannia Industries, MRF, BHEL, and Cadila Healthcare, among others. Analysts expect SpiceJet to post robust growth in net profit and earnings before interest, tax, depreciation, amortization and restructuring and rent cost (EBITDAR) margin in its Q1FY20 results. You can read our full preview on what analysts expect from SpiceJet's result on our website. Apart from this, investors will also track global cues, any progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement. They will also look out for the industrial production data for June which is set to be declared later today. The Sensex rose 1.74 per cent to end at 37,327, while the Nifty50 index gained 1.63 per cent to settle at 11,032 on Thursday. Now, let's take a look at the global markets. The US equities continued to rebound on Thursday. The S&P 500 registered its largest one-day percentage gain in about two months, with the Dow and the Nasdaq also climbing more than 1 per cent each. Asian shares caught the tail of a Wall Street rally on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent but was on track to lose 2.3 per cent for the week. Japan’s Nikkei average advanced 0.6 per cent, while Australian stocks stood flat and South Korean stocks gained 1 per cent. Nifty futures on Singapore Exchange (SGX) were trading 19 points or 0.17 per cent higher at 11,090 levels, indicating a positive start for the Indian market. And, before we wrap up, here're the top headlines for the day - >> The Coffee Day Enterprises board has appointed EY for forensic audit DHFL has informed the stock exchanges that it may not be able to repay due in the near future The Ministry of Corporate Affairs has said it would only look at whether the allegations of governance lapses were a management dispute or volation of companies law The board of Reliance Capital has denied all allegations raised by the erstwhile auditor PricewaterhouseCoopers (PwC) in its letter to the Ministry of Corporate Affairs.

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Market Wrap: Sensex up 637 pts on possible roll-back of higher tax on FPIs

Thu, 08 Aug 2019 11:27:00 GMT

The bulls on Dalal Street made a strong comeback in the last hour of the session on Thursday after reports said the government was looking to roll-back the recently imposed higher tax on the foreign portfolio investors (FPIs). The S&P BSE Sensex jumped 637 points or 1.74 per cent to settle at 37,327 levels with HCL Tech being the top gainer and Tata Steel the biggest laggard. Out of 30 constituents, 27 ended in the green and just 3 in the red. The broader Nifty50 index of the National Stock Exchange (NSE) reclaimed the crucial level of 11,000 to end at 11,032.45, up 177 points or 1.63 per cent. The Centre is likely to exempt foreign portfolio investors from an increase in taxes that was part of the Union Budget approved by Parliament but heavily criticised, a government official said on Thursday, Reuters reported. Sectorally, all indices on the NSE settled in the positive territory. Auto stocks rallied the most, followed by IT and PSU bank counters. The Nifty Auto index ended 6,998.45, up 3 per cent. In the broader market, the S&P BSE Midcap index gained 57 points or 0.42 per cent to settle at 13,566 while the S&P BSE SmallCap index ended at 12,574.25, up 92 points or 0.74 per cent. BUZZING STOCKS Shares of HCL Technologies gained 7 per cent to Rs 1,094 apiece on the BSE after the company posted double-digit revenue growth in the first quarter of the financial year 2019-20 (Q1FY20). In constant currency (CC) terms, the company’s revenue grew 17 per cent year-on-year (YoY) and 7.7 per cent on sequential basis. Shares of Affle India made a strong debut on the bourses and were listed at Rs 930 on the BSE, a premium of 25 per cent against the issue price of Rs 745. On the National Stock Exchange (NSE), the stock opened at Rs 926, a 24 per cent increase against the issue price. The stock, however, pared its early gains to settle at Rs 875 apiece on the BSE.

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Article 370: Pakistan halts trade with India, expels envoy, shuts airspace

Thu, 08 Aug 2019 09:33:00 GMT

Pakistan announced on Wednesday that it is expelling the Indian High Commissioner and suspending bilateral trade with its nuclear-armed neighbour, days after New Delhi revoked the special status of Jammu and Kashmir. "We will call back our ambassador from Delhi and send back their" envoy, foreign minister Shah Mehmood Qureshi announced in televised comments, while a government statement declared that Pakistan will suspend trade in a downgrading of diplomatic ties between the arch rivals. Listen to this podcast for more.

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Market Ahead, August 8: All you need to know before the Opening Bell

Thu, 08 Aug 2019 02:36:00 GMT

Corporate earnings and global cues will be the biggest factors giving direction to the markets today. As many as 175 companies, including Page Industries and Ultratech Cement, are scheduled to announce their June quarter earnings today. Market participants will continue to track the Kashmir situation, the progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement. They will also react to the results announced yesterday post the market hours. HCL Technologies posted an 8.2 per cent year-on-year (YoY) decline in its June quarter net profit at Rs 2,230 crore while revenue rose 18.4 per cent rise YoY to Rs 16,425 crore. Tata Steel reported a lower-than-expected consolidated net profit of Rs 702 crore. This was down 64 per cent for the same period last year, even as its India operations took a hit. Yesterday, the Sensex fell 0.8 per cent to end at 36,690 while the Nifty50 index dropped 0.9 per cent to close at 10,856 as the RBI reduced the annual growth forecast for the economy and cut interest rate to help revive demand. The rupee edged lower by 8 paise and closed at 70.89 against the US dollar. In the primary market, the initial public offer of Sterling & Wilson Solar Limited was subscribed 32 per cent on the second day of bidding on Wednesday. Now, let's take a look at the global markets. The US markets fell on Wednesday as investors rushed into the safety of US government bonds, fearing that the US-China trade war will inflict broad damage on the global economy. The Dow fell 0.09 per cent to 26,007, the S&P 500 gained 0.08 per cent to 2,884 and the Nasdaq Composite added 0.38 per cent to 7,863. Early Thursday, Asian share markets were wobbly. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.03 per cent while Japan's Nikkei inched up 0.1 per cent. In commodity markets, oil prices slipped to near seven-month lows. International benchmark Brent crude futures fell 2.5 per cent to $57.44 a barrel, while US crude dropped 2.5 per cent to $52.31. Nifty futures on Singapore Exchange (SGX) are trading 7.50 points or 0.07 per cent higher at 10,872 levels, indicating a flat to positive start for the Indian market.

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Market Wrap: Sensex dips 286 pts, Nifty ends at 10,856 despite RBI rate cut

Wed, 07 Aug 2019 10:16:00 GMT

A 35-basis point (bps) rate cut by the Reserve Bank of India (RBI) failed to lift the investor sentiment on Wednesday as the benchmark indices ended in the red. The S&P BSE Sensex lost 286 points or 0.77 per cent to settle at 36,690.50, with HUL being the top gainer and M&M the biggest loser. The broader Nifty50 index ended the session at 10,855.50, down 93 points or 0.85 per cent. On the sectoral front, rate-sensitive stocks took the biggest knock with Nifty Bank, Nifty Auto and Nifty Realty slipping 1 per cent to 2 per cent. Volatility gauge, India VIX climbed nearly 5 per cent to 16.88 levels. The broader market fared better than the benchmark indexes. The S&P BSE MidCap index slipped 60 points, or 0.44 per cent, to 13,509, while the S&P BSE SmallCap index ended at 12,482 level, down 14 points or 0.11 per cent. RBI POLICY The Reserve Bank of India's (RBI's) monetary policy committee (MPC) on Wednesday decided to reduce the repo rate by 35 basis points (bps) to 5.40 per cent to help revive the economy. It was the fourth straight rate cut by the central bank in 2019. The marginal standing facility (MSF) rate and the Bank Rate has been adjusted to 5.65 per cent. Consequently, the reverse repo rate now stands at 5.15 per cent. The six-member committee lowered the FY20 GDP (gross domestic product) growth forecast to 6.9 per cent from 7 per cent, earlier. The central bank maintained its accommodative stanc BUZZING STOCKS Shares of Mahindra & Mahindra (M&M) hit an over five-year low on the BSE in intra-day trade on Wednesday after the company reported a 26 per cent decline in its consolidated net profit before exceptional items at Rs 918 crore for June quarter (Q1FY20). The stock eventually settled at Rs 518.45, down nearly 6 per cent.

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Remembering Sushma Swaraj: Four decades of politics in just 4 minutes

Wed, 07 Aug 2019 02:38:00 GMT

“Thank you Prime Minister. Thank you very much. I was waiting to see this day in my lifetime,” Sushma Swaraj said in her last missive on Twitter on Tuesday. She was referring to Modi government's Kashmir decision. Just hours after her tweet, she passed away at AIIMS, New Delhi following a cardiac attack. Sushma Swaraj was 67. Her death has left people across India devasted. A powerful orator and an easily accessible politician, Swaraj was loved by one and all. She leaves behind a legacy of a leader who helped the diaspora in distress with her revolutionary social media outreach. Sushma Swaraj was admired and respected across party lines. Her sudden death triggered a wave of shock and grief with leaders cutting across political spectrum paying glowing tributes to the astute leader. Listen to the podcast to know the great leader's political journey spanning four decades.

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Market Ahead, August 7: All eyes on RBI MPC meet outcome

Wed, 07 Aug 2019 02:38:00 GMT

All eyes are set on the Reserve Bank of India’s monetary policy committee today which is widely expected to reduce policy rate further to help revive the economy. As per a survey by Reuters, almost 80 per cent of 66 economists polled expected RBI to cut the repo rate by 25 bps. Besides, Kashmir situation, next leg of corporate earnings, and global cues will continue to sway investor sentiment. They will also react to Indiabulls Housing Finance and other corporate results announced yesterday after market hours as well as keep tabs on the progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement. The S&P BSE Sensex ended Tuesday's session at 36,977, up 0.75 per cent, and the Nifty50 closed at 10,948.25 levels, up 0.79 per cent. The rupee edged lower by 8 paise and closed at 70.81 against the US dollar. In the results corner, as many as 147 companies, including HCL Tech, Mahindra & Mahindra, Lupin, Voltas, Tata Steel, and Siemens are scheduled to announce their June quarter earnings today. And, now news from the primary market. The IPOs of microfinance lender Spandana Sphoorty Financial as well as Sterling & Wilson Solar were subscribed 30 per cent and 10 per cent, respectively, on Tuesday. Spandana’s Rs 1,200-crore issue closes today and Sterling’s Rs 3,125-crore offering will close tomorrow. Now, let's take a look at the global markets. US stocks jumped over 1 per cent on Tuesday as China stepped in to stabilize the yuan. Asian shares steadied slightly on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05 per cent in early trade, while Japan's Nikkei bucked the trend to slip 0.26 per cent. In the commodities market, oil prices weakened, with Brent crude slipping to seven-month lows over worries about weakening world demand. Brent crude futures fell 0.36 per cent to $58.73 a barrel. Nifty futures on Singapore Exchange (SGX) were trading 39.50 points or 0.36 per cent lower at 10,923 levels, indicating a negative start for the Indian market. And, before we wrap up, here're the top headlines for the day - >> IndiGo spat resurfaces, Gangwal says he won't vote to expand board; >> NSE, SGX receive Sebi, Monetary Authority of Singapore's approval for creating trade link at Gift City; >> Govt asks NCLT to freeze assets of IL&FS arm's audit partners Deloitte, BSR;

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Market Wrap, Aug 6: Indices trim gains, Sensex ends 277 pts higher

Tue, 06 Aug 2019 11:31:00 GMT

Shrugging off weak global cues, the domestic equity market ended with decent gains on Tuesday ahead of the Reserve Bank of India (RBI) monetary policy announcement due tomorrow. The S&P BSE Sensex, which hit an intra-day high of 37,242, up 542 points, retreated sharply in the fag-end of the session to settle at 36,977, up 277 points or 0.75 per cent. YES Bank emerged as the top gainer while Reliance Industries (RIL) was the biggest loser on the index. HDFC, Larsen & Toubro (L&T), ICICI Bank, Axis Bank and Bajaj Finance were the major contributors to the index's gains. On the NSE, the frontline index Nifty50 failed to reclaim the crucial psychological level of 11,000 and ended at 10,948.25 levels, up 86 points or 0.79 per cent. Out of 50 components of the index, 35 ended in the green while 15 declined. As per analysts, market participants are hoping for a rate cut tomorrow which infused some optimism in the market. Additionally, reports that Finance Minister Nirmala Sitharaman will meet representatives of various sectors over the coming days, following which the Centre will announce sector-specific measures or interventions also boosted investor sentiment. Sitharaman also said the government was ready to hear FPIs' views on any issues. Sectorally, all the indices on the NSE, barring Nifty Media and Nifty IT, ended with robust gains. Realty stocks advanced the most, followed by banks and auto. In the broader market, the S&P BSE MidCap index ended 193 points or 1.44 per cent higher at 13,569 levels while the S&P BSE SmallCap closed at 12,495, up 211 points or 1.72 per cent. BUZZING STOCKS DHFL rallied as much as 40 per cent in the intra-day trade after the cash-strapped company finalised and placed a resolution plan to its lenders on Tuesday. The stock, eventually, settled at Rs 55.40 apiece on the BSE, up 32 per cent. CLICK TO READ FULL ARTICLE Shares of Zee Entertainment Enterprises (ZEEL) ended lower for the seventh straight session on Tuesday. The stock slipped 8 per cent to Rs 305 on the BSE in the intra-day trade, before settling at Rs 312.50, down over 5.50 per cent.

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Kashmir 2.0 in Modi 2.0: Five key points you shouldn't miss on J&K, Ladakh

Tue, 06 Aug 2019 04:39:00 GMT

Rajya Sabha on Monday approved a resolution revoking the special constitutional status of Jammu and Kashmir and passed a Bill to split the state into two Union Territories, as Home Minister Amit Shah promised to restore full statehood after normalcy is restored in the militancy-hit region. Under Article 370 of the Constitution, Jammu and Kashmir enjoyed complete autonomy and the state legislature was free to draft its own laws except in the areas of communications, defense, finance, and foreign affairs. Also, Indian citizens were prohibited from purchasing land in the state. So, what will exactly change in J&K if the Lok Sabha today passes the Reorganisation Bill? Listen to the Podcast.

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Market Wrap: J&K developments, trade war send Sensex tumbling 418 points

Mon, 05 Aug 2019 11:18:00 GMT

Tensions in the northern state of Jammu and Kashmir coupled with simmering trade war concerns between the United States and China led to broad-based sell-off at D-street on Monday as benchmark indices plunged up to 675 points at the S&P BSE Sensex and 215 points at the Nifty50 intra-day. Benign corporate earnings and sluggih economic activity furter contributed to fresh-five month lows during the volatile trade. The Sensex ended 418 points, or 1.13 per cent, lower at 36,700 levels dragged by selling across public sector banks and metal counters. YES Bank, Tata Motors, Power Grid, and Reliance Industries were the top laggards while Bharti Airtel, Tech Mahindra, TCS and Bajaj Auto gained the most during the day. The Nifty50, too, slipped 135 points, or 1.23 per cent, to settle at 10,863 mark. India VIX, the volatility index, rose 15 per cent intra-day. The Narendra Modi government on Monday moved to scrap provisions under Article 370 of the Indian Constitution, which grants a special status to the state of Jammu & Kashmir in the Union of India. It has decided that Jammu and Kashmir would be turned into a Union Territory with a legislature, similar to Delhi and Puducherry, and the Ladakh division would be made a separate Union Territory without legislature, akin to Chandigarh and most other Union Territories. In the broader-market, S&P BSE Mid-cap dipped to 13,376 level, down 170 points, or 1.26 per cent. The S&P BSE Small-cap closed at 12,285 level, down 212 points, or 1.7 per cent. Sectorally, all but Nifty IT index ended with cuts. Nifty auto, metal, PSU bank, realty, private bank, and financial services indices ended between 1.4 to 2 per cent lower. NIfty IT index settled 0.63 per cent higher at close. Shares of Nestle India rallied 4 per cent intra-day to Rs 11,912 apiece, in an otherwise weak market, on the BSE on Monday after the company reported a good April-June quarter (Q2CY19) results. The fast moving consumer goods (FMCG) company also declared a dividend of Rs 203 per share, including a special dividend of Rs 180 per share. The stock was trading close to its record high level of Rs 12,026 touched on July 1, 2019 on the BSE in the intra-day deal.

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Article 370 out: What govt's move to reorganise J&K means and what's next?

Mon, 05 Aug 2019 10:15:00 GMT

Union Home Minister Amit Shah on Monday announced the scrapping of Article 370 of the Constitution, which provides a special status to the state of Jammu and Kashmir. The government also moved a Bill proposing the bifurcation of the state into two Union Territories - first, Jammu and Kashmir, which will have a legislature like Delhi, and second Ladakh, which will not have a legislature like Chandigarh. The official notification on the matter was signed by President Ram Nath Kovind. Meanwhile, J&K remains on edge, with some of its leaders including ex-chief ministers Omar Abdullah and Mehbooba Mufti under house arrest. Listen to this podcast for more.

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What's happening in Kashmir: 10 points you should know in just 3 minutes

Mon, 05 Aug 2019 05:16:00 GMT

Jammu and Kashmir has been on the edge following deployment of additional security forces in the state last week. Speculation has been rife that the Centre has plans to do away with Article 35A, which gives exclusive rights to the state's residents in government jobs and land. The administration of Jammu and Kashmir, which is under President's rule, has ordered curtailment of the annual Amarnath Yatra and asked pilgrims and tourists to leave the Kashmir Valley, citing terror threat. Outstation students, studying in the NIT in Srinagar, have also been asked to leave the campus and go home and not to return till further order. Listen to this podcast for more.

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Market Ahead, August 5: All you need to know before the Opening Bell

Mon, 05 Aug 2019 02:59:00 GMT

RBI policy meet, June quarter results, macroeconomic data, and global cues are the key factors that will sway market sentiment this week. This apart, progress in monsoon, foreign fund flow, oil price, and the movement of rupee against the US dollar will also be on investors' radar. They will keep an eye out for various domestic and global macroeconomic prints set to be released this week, including India-Market PMI services and IIP figures. Companies will continue to roll out June quarter earnings. The big ones include Indiabulls Housing Finance, Titan, HCL Tech, Mahindra & Mahindra, and Tata Steel. Investors will react to these and other major results announced post market hours on Friday and during the weekend that includes results of ITC, Nestle, Care Ratings and JK Cement. Today, as many as 100 companies, including the likes of Bombay Dyeing, SRF, Tata Power, and Torrent Power are scheduled to announce their June quarter earnings today. Now, let's focus on the primary market. Microfinance lender Spandana Sphoorty Financial will launch its Rs 1,200-crore initial public offering (IPO) today. Spandana’s business is a new one, with almost no baggage of the past. Additionally, markets will react negatively to any escalation on the US-China trade war front, revived last week by US President Donald Trump who announced 10 per cent tariffs on $300 billion Chinese imports. Now, let's take a look at the global markets. Asian shares extended their losses on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25 per cent. Japan's Nikkei slipped 1.1 per cent, while Australian shares were also down. In the commodities market, oil prices were pulled down on demand worries. Brent crude was down 50 cents at $61.39 a barrel while US crude was down 24 cents at $55.42 a barrel. And now, here're the top headlines for the day - >> Govt moves SC to make NCLT judges stick to deadline for resolving cases; >> Embassy may call off stake-purchase deal with Indiabulls Real Estate; >> Economic slowdown is cyclical; growth will pick up in 1-2 yrs: Bimal Jalan; >> Deloitte quits as auditor of crisis-hit DHFL

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Market Wrap, Aug 2: Sensex ends 100 pts up, Nifty below 11,000

Fri, 02 Aug 2019 11:30:00 GMT

Fresh trade war concerns between the United States and China weighed down investors' sentiment on Friday leading to a sluggish trade through the day. The benchmark S&P BSE Sensex and the broader Nifty50 plummted 411 points and 131 points respectively during the intra-day trade before staging a smart recovery during the last trading hour. Indices inched higher on reports that the PMO took stock of the steep sell-off being witnessed in the market since the presentation of the Union Budget 2019-20. Reports suggested that PMO met officials from the Finance Ministry on Thursday to discuss concerns raised by the FPIs and even considered proposals submitted by them. The Sensex closed at 37,118 level, up 100 points, or 0.27 per cent with Bharti Airtel, Asian Paints, Bajaj Auto, and Maruti being the top gainers. On the other hand, Tata Steel, SBI, Vedanta, and ONGC ended the day with steep losses. The broader Nifty50 failed to hold the psychological 11,000-mark to end at 10,997, up 17 points, or 0.16 per cent. In the broader markets, S&P BSE Mid-cap closed at 13,547 level, up 20 points, or 0.15 per cent while the S&P BSE Small-cap settled 55 points, or 0.44 per cent, lower at 12,496 level. Sectorally, metals slipped the most as risks to global economy increased after US President Donald Trump imposed fresh tariffs Chinese imports. The index dipped 2.16 per cent at close, followed by Nifty PSU Bank, down 1.12 per cent. Among the gainers, Nifty Auto index ended 1.26 per cent higher, followed by Nifty IT index, which gained 0.57 per cent on the back of weaker rupee. State Bank of India (SBI), on Friday, was back in the black and reported a net profit of Rs 2,312 crore for the June quarter of 2019-20 (Q1FY20) on the back of healthy growth in advances and stable asset quality. The bank had reported a net loss of Rs 4,875.9 crore in the corresponding quarter of the previous fiscal (Q1FY19) and a PAT of Rs 838.4 in the March 2019 quarter (Q4FY19). Shares of Bharti Airtel climbed 5 per cent to Rs 339 apiece in Friday's early morning trade on the National Stock Exchange (NSE) in an otherwise weak market after the telecom operator reported an improved margin and industry-best average revenue per user (ARPU) for the June quarter (Q1FY20).

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Market Ahead, August 2: All you need to know before the Opening Bell

Fri, 02 Aug 2019 02:52:00 GMT

Fresh trade war concerns could weigh investors' sentiment today as US President Donald Trump, in a tweet last night, said that Washington would slap fresh tariffs of 10% on the remaining $300 billion worth of Chinese imports from Sept 1. That apart, corporate results, global cues, and update on monsoon will give direction to the market today. Globally, Wall Street fell after Trump's tweet. The Dow Jones Industrial Average lost 1.05 per cent, the S&P 500 fell 0.9 per cent and the Nasdaq Composite dropped 0.79 per cent in the overnight trade on Thursday. Asian stocks, too, tumbled in the early trade. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.51 per cent while Japan's Nikkei tumbled 1.91 per cent. SGX Nifty, the Singaporean exchange for Nifty Futures, also suggests a negative start for the indices. On Thursday, indices hit fresh five-month lows with the S&P BSE Sensex slipping below the 37,000 mark and the broader Nifty50 breached 11,000 mark in the intra-day trade. The Sensex ended 463 points, or 1.23 per cent, lower at 37,018 level while the Nifty50 ended the day with losses of 138 points, or 1.24 per cent, at 10,980 mark. Now, lets see the stocks that are likely to remain in focus today-- >> Bharti Airtel reported its Q1 result yesterday, after market hours, and posted a loss of staggering Rs 2,866 crore. However, revenue was up 2.8 per cent at Rs 15,345 crore. >> Auto stocks may be in focus as data showed that sales in July continued to go down amid poor demand. >> Public lender SBI is scheduled to report its June quarter result today and is expected to clock a net profit of Rs 5,934.5 crore as compared to a net loss of Rs 4,875.9 crore in Q1FY19. In total, 82 companies are scheduled to declare their Q1 results today. You can read full coverage on these results and other companies on our website. At last, here are the top headlines-- >> DSP Mutual Fund has initiated legal action against DHFL to recover dues >> Lenders are unwilling to provide extra funds to the beleaguered Jet Airways >> GST collections were back above the Rs 1 trillion mark in July despite a subdued central and state GST revenue mop-up.

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Market Wrap, Aug 1: Sensex ends 463 pts lower, Nifty below 11,000

Thu, 01 Aug 2019 11:23:00 GMT

Thursday's carnage on D-Street dragged indices to fresh five-month lows with the S&P BSE Sensex slipping below the 37,000 mark. On the other hand, the broader Nifty50, too, breached 11,000 mark in the intra-day trade. The Sensex plunged 787 points intra-day to hit a low of 36,694, while the Nifty50 shed 204 points to touch 10,881 mark. Mixed corporate earnings, weak domestic and global cues, and continuous selling by foreign portfolio investors (FPIs) were among the key reasons for the fall. The Sensex ended 463 points, or 1.23 per cent, lower at 37,018 level after recovery in stocks like Maruti Suzuki, Reliance Industries, HDFC twins, and Hindustan Unilever helped the index to pare losses partially. Vedanta, State Bank of India, Tata Motors, and Bharti Airtel were the top laggards at close, while Maruti Suzuki, Reliance Industries, Power Grid, and Bajaj Auto ended the day as top gainer. The Nifty50, too, ended the day with losses of 138 points, or 1.24 per cent, at 10,980 mark. In the broader market, the S&P BSE Mid-cap slipped 117 points, or 0.86 per cent, to end at 13,526 level while the S&P BSE Small-cap settled at 12,552 level, down 140 points, or 1.1 per cent. Sectorally, all the indices ended in the red, barring the Nifty Auto index. Nifty Metal index slipped the most, ending the day with a cut of over 3 per cent, followed by Nifty PSU Bank index, down 2.66 per cent. NIfty Auto index ended the day flat. Wipro shares climbed 4 per cent to Rs 276 in early morning trade on the BSE on Thursday in an otherwise weak market after the company said it'll begin its Rs 10,500-crore share buyback programme on August 14 and close on August 28. Shares of Delta Corp hit an over two-year low of Rs 141 per share, down 8 per cent intra-day on the National Stock Exchange (NSE) on Thursday, after foreign portfolio investors (FPIs) offloaded about 1 percentage point stake in the company through open market. The stock was trading at its lowest level since May 23, 2017, when it hit a low of Rs 139 apiece on the NSE in intra-day deals.

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Market Ahead, August 1: Top factors that are likely to guide markets today

Thu, 01 Aug 2019 02:35:00 GMT

Investors will look at US Fed rate cut, corporate results, and macroeconomic data for market direction today. They will also react to major results announced yesterday, including by DLF and Allahabad Bank among others. The biggest factor though will be the US Federal Reserve lowering interest rates for the first time in more than a decade by 25 basis point to a range of 2 per cent to 2.25 per cent. Although, Fed Chair Jerome Powell later poured cold water on expectations of a lengthy easing cycle by saying the easing was "not the beginning of a long series of rate cuts". You can read special stories on the US Fed's rate cut that cover the highlights, reasons for the rate cut and much more on our website. Investors will also keep a tab on the Markit PMI manufacturing data for India, US, and UK to be released later in the day. A total of 53 companies, including Bharti Airtel, Godrej Consumer Products, and Marico are scheduled to declare their June quarter results today. Analysts expect a marginal growth in Bharti Airtel's Q1 revenue and average revenue per user (ARPU) on a sequential basis. You can read the full preview of Bharti Airtel's result on our website. Auto stocks may also be in focus today after the government agreed to first target highly-polluted urban cities in its plan for the transition to electric vehicles (EVs). Now, let's see how the global markets fared overnight and they mean for Sensex and Nifty. Powell's comments post the rate cut sent US equity markets into a tailspin. Overnight, the Dow and the Nasdaq lost 1.2 per cent each while the S&P 500 declined 1.1 per cent. Asian shares fell to six-week lows on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.4 per cent and Japan's Nikkei also fell 0.4 per cent. South Korea's KOSPI slipped 0.5 per cent while Australian shares declined 0.3 per cent. As for SGX Nifty, it's indicating a positive start for the negative indices. In the end, we have some stock calls for you: Tradebulls Securities recommends buying Havells at the current market price of Rs 645 for the target of Rs 667 and Rs 710. CapitalVia Global Research recommends buying HCL Techology above Rs 1,035 for a target of Rs 1079.90. Stop loss should be placed at Rs 999.70

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Market Wrap: Indices end in the green but witness worst July in 17 years

Wed, 31 Jul 2019 10:27:00 GMT

The benchmark BSE S&P Sensex and broader Nifty50 gained nearly 450 points and 146 points respectively from lows to end in the green on Wednesday. Domestic indices traded lower for better part of the day but saw sharp surge during the last trading hour. Weak corporate earnings, economic slowdown and tax issues continued to weigh down investment sentiment. The Nifty50 slipped to the lowest level since March 6, 2019 to hit an intra-day low of 10,999 mark. As per reports, markets witnessed the worst July in 17 years, managing to hold gains slightly better than the one seen in 2002. While Sensex slipped 4.9 per cent, and Nifty50 shed 5.7 per cent in July, Nifty Midcap in logged worst performance in 17 years. The Sensex gained 84 points, or 0.22 per cent, to end the day at 37,481 levels with IndusInd Bank, Tata Steel, YES Bank, and Hero MotoCorp being the top gainers. Axis Bank, Bharti Airtel, Reliance Industries and NTPC, on the other hand, slipped the most during the day. The broader Nifty50, too, ended at 11,118 mark, up 32 points, or 0.29 per cent. In the broader market, S&P BSE Mid-cap closed the day with gains of 97 points, or 0.72 per cent, at 13,643 mark. The S&P BSE Small-cap settled 42 points, or 0.34 per cent, higher at 12,692 levels. Sectorally, only media, financial services and realty ended in the red. Nifty Metal index was the lead gainer, closing 2.42 per cent higher, followed by Nifty PSU Bank index, up 1.73 per cent. Nifty media slipped the most, down 2.92 per cent. Shares of Coffee Day Enterprises, the parent company of India's largest coffee chain Cafe Coffee Day (CCD), hit lower circuit limit of 20 per cent for the second consecutive day on Tuesday, after news reports said the body of the company's founder VG Siddhartha has been found from the Nethravathi river. Shares of Gujarat Gas zoomed 17 per cent to Rs 192 in Wednesday's early morning trade on the BSE in an otherwise weak market after the company reported a strong 92 per c

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V G Siddhartha: A lot happened over coffee for the CCD founder

Wed, 31 Jul 2019 05:41:00 GMT

The body of Cafe Coffee Day founder V G Siddhartha, who had gone missing, was found on Wednesday in the Netravati river in Dakshina Kannada district of Karnataka after 36 hours of intense search, officials said. Two days prior to his disappearance, the coffee baron had left behind a note to his employees that revealed he was in deep debt. The mountain of debt was impairing his business as working capital requirements could not be met. It led him to sale his stakes in IT firm Mindtree that gave him some room to manoeuvre. "I have failed to create the right profitable business model despite my best efforts. I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me. I fought for a long time but today I gave up as I could not take any more pressure...," his note read. Listen to podcast for more

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Market Ahead, July 31: All you need to know before the Opening Bell

Wed, 31 Jul 2019 02:38:00 GMT

Investors will look at June quarter results, global cues, and macroeconomic data for market direction on Wednesday. They will also react to major results announced on Tuesday after market hours that includes results of Axis Bank, Tech Mahindra, and Hero MotoCorp. Expectations were high from Axis Bank which posted a net profit of Rs 1,370 crore in the June quarter, a 95 per cent year-on-year growth, although it didn’t match the Street’s expectations ofRs 1,860 crore profit, largely because of elevated provisioning. Tech Mahindra reported a 6.8 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 959 crore for the quarter ended June 30. It had posted profit of Rs 897.9 crore in the year-ago period. Sequentially, the numbers dropped 15 per cent. Hero Moto Corp posted a 35.89 per cent increase in consolidated net profit at Rs 1,256.69 crore for the first quarter on the back of a one-off exceptional gain of Rs 737.48 crore. You can read our full coverage on these results and companies on our website. A total of 88 companies, including Eicher Motors, Ashok Leyland, and Indian Oil Corporation, are scheduled to declare their June quarter results today. Bank stocks may be in focus today after the Reserve Bank of India allowed domestic banks to directly sell their bad loans in manufacturing and infrastructure sectors to investors abroad as part of one-time settlement exercises. The growth data of eight core sectors in June will also be out today. And, let's take a look at top trading ideas from HDFC Securities. The brokerage recommends selling IndusInd Bank at the current market price with the target price of Rs 1,260 and a stop loss of Rs 1,380. Another stock the brokerage is bearish on is Reliance Industries (RIL). It recommends selling the stock at CMP, for the target of 1110, keeping a stop loss at 1230 on closing basis. Globally, the US Federal Reserve is widely expected to cut interest rates later in the day. On the other hand, US President Donald Trump has warned China against waiting out his first term to finalize any trade deal, saying if he wins re-election in the November 2020 US presidential contest, the outcome could be no agreement or a worse one. Now, let's see how the global markets fared overnight and they mean for Sensex and Nifty. Major Wall Street stock averages ended slightly lower on Tuesday after Trump's China threat. Asian shares weakened in early trade on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.04 per cent while Japan's Nikkei slid 0.84 per cent. As for SGX Nifty, it's indicating a positive start for the negative indices.

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Market Wrap, July 30: Nifty ends below 11,100, Sensex sheds 289 pts

Tue, 30 Jul 2019 11:12:00 GMT

Domestic market hit a two-month low at the benchmark level, while Nifty500, in the broader market, hit a three-month low on Tuesday as weak corporate earnings and continuous selling by foreign portfolio investors knocked off investment sentiment. Frontline indices, which hit an intra-day low of 37,359 and 11,073 at S&P BSE Sensex and Nifty50 respectively, were dragged down by banking and financial stocks, followed by weakness in metal and auto counters. Indices shrugged-off optimism in the global markets ahead of the US Federal Reserve's policy decision, scheduled to be announced on Wednesday. The benchmark S&P BSE Sensex lost 289 points, or 0.77 per cent, to close at 37,397 level. Only eight out of the 30 stocks in the index ended in the green. YES Bank, IndusInd Bank, Hero Motocorp, and State Bank of India slipped the most while Bharti Airtel, TCS, HCL Tech, and L&T managed to hold gains. Nifty50, on the other hand, slipped below its 200-DMA level intra-day, to close below the psychological level of 11,100. It eventually settled at 11,085-mark, down 104 points or 0.93 per cent. In the broader market, S&P BSE Mid-cap slipped 217 points, or 1.58 per cent, to settle at 13,546 level. The S&P BSE Small-cap, too dipped, 276 points, or 2.13 per cent, to close at 12,650 level. Sectorally, all the indices barring IT, ended in the red. Nifty PSU bank index tumbled the most, down 5 per cent at close. This was followed by losses in the Nifty Metal index (down 3.25 per cent), and Nifty Auto index (down 2 per cent). Nifty Bank, Private Bank, Realty, and Pharma closed with losses of over 1.5 per cent each. Nifty IT managed to end with gains of 0.65 per cent. Cafe Coffee Day (CCD) founder and former Karnataka Chief Minister, SM Krishna's son-in-law, V G Siddhartha, is suspected to have jumped off a bridge in Mangaluru on Monday night, the Times of India reported on Tuesday. In his last letter to the Coffee Day Enterprises' board of directors dated July 27, its co-founder V G Siddhartha said he had fought for a long time, but was giving up as he could not take any more pressure from one of the private equity partners who was forcing him to buy back shares. Siddhartha, who is missing since Monday night, had said that "tremendous pressure" from other lenders had made him succumb to the situation. Shares of Coffee Day Enterprises plunged 20 per cent to hit the lower circuit limit of Rs 154.05 on the BSE in the opening deals on Tuesday.

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Will Unitech homebuyers get their dream homes? Well, there is a proposal

Tue, 30 Jul 2019 06:26:00 GMT

In a ray of hope to over 16,000 harassed homebuyers, the Centre told the Supreme Court on Monday that National Buildings Construction Corporation (NBCC) Ltd was willing to take up the stalled housing projects of the cash-strapped real estate major Unitech Ltd. A bench, comprising Justices D Y Chandrachud and M R Shah, was informed by Attorney General K K Venugopal appearing for the Centre, that state-owned NBCC Ltd was ready to act as project management consultant for the stalled housing projects of Unitech. The top law officer said the Centre has proposed a high-powered committee, headed by a former High Court judge, to oversee the construction of the stalled projects and the panel can also have a retired technocrat who would assist it in its functioning. Listen to the podcast to know more about the NBCC's porposal:

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Market Ahead, July 30: All you need to know before the Opening Bell

Tue, 30 Jul 2019 02:30:00 GMT

Investors will eye quarterly earnings and global cues for market direction on Tuesday. They will also react to major results announced on Monday after market hours. A total of 72 companies are scheduled to declare their June quarter results today. That includes Tech Mahindra which analysts may report a weak set of numbers for the June quarter. In line with industry peers, the company is expected to see a dip in operating margin, owing to rupee appreciation, wage hikes, visa fees and Comviva seasonality. Another big name scheduled to declare results today is Hero Motocorp which may report a decline in revenue as well as profit due to falling volumes amid a sector-wide slowdown. Private lender Axis Bank may report an over 150 per cent rise in net profit for the quarter on improved loan growth and increased net interest income (NII). You can read our full preview for all three companies and what analysts expect to be on our website. Globally, all eyes will be on the US Federal Reserve which will begin its two-day policy review later in the day at which it is widely expected to lower interest rates by 25 basis points. Apart from these, market participants will continue to track the progress in monsoon, foreign fund flow, oil price, and the movement of rupee against the US dollar. Now, let's see how the global markets fared overnight and they mean for Sensex and Nifty. US stocks on Monday took a breather ahead of an expected interest rate cut by the Fed, falling between 0.1 to 0.4 per cent. Asian stocks edged up on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.15 per cent. South Korea's KOSPI advanced 0.2 per cent and Japan's Nikkei added 0.7 per cent. As for SGX Nifty, it's indicating a positive start for the domestic indices. Next, let's go through today's top headlines -- The RBI plans to discuss the government's proposal to raise foreign currency debt on August 16 -- The state Bank of India on Monday cut its deposits rates for fresh cunds across segments -- Former RBI governor Bimal Jalan has warned that the higher income taxes the government introduced in its Budget could lead to a flight of funds from the country -- Internatinal rating agency Moody's has warned that the heightening growth slowdown and the lingering crisis at non-banking lenders post fresh challenges to their asset quality -- U.S. trade negotiators open a new round of talks with China in Shangai later in the day.

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Market Wrap, July 29: Sensex slips 196 pts, Nifty gives up 11,200

Mon, 29 Jul 2019 11:07:00 GMT

Shares of automobile manufacturers crashed at the bourses on Monday after reports said that the government intended to hike registration and renewal charges for internal combustion vehicles. The sector was also marred by the Goods and Services Tax (GST) council's decision to cut tax rate on electric vehicles from 12 per cent to 5 per cent. Weak June quarter performance by corporates and Finance Minister Nirmala Sitharaman's comments that the government was not relooking at the FPI surcharge proposal dented investment sentiment. The Sensex ended 196 points, or 0.52 per cent, lower at 37,686 levels pulled down by automobile manufacturers stocks. Tata Motors, Vedanta, Bajaj Auto, and Maruti were the top laggards at the close while ICICI Bank, IndusInd Bank, and HCL Tech ended the day as top gainers. On the other hand, Nifty50 gave up the psychological level of 11,200 mark to settle at 11,189 mark, down 95 points, or 0.84 per cent. The Sensex touched an intra-day low of 37,519 while the Nifty50 hit a low of 11,152. In the broader market, S&P BSE MidCap ended 93 points, or 0.67 per cent, lower at 13,763 levels while the S&P BSE SmallCap closed 135 points, or 1.03 per cent, lower at 12,926 levels. Among individual stocks, shares of Indiabulls group companies were under pressure on Monday, falling by up to 10 per cent intra-day on the BSE, after Rajya Sabha member Subramanian Swamy sent a letter to Prime Minister Narendra Modi, accusing the group of laundering more than Rs 1 lakh crore. The group, however, rejected the charges. Sectorally, all the indices ended in the red barring Nifty IT index. Nifty Auto index was the worst performing index, closing over 3.6 per cent lower. This was followed by losses in Nifty Metal index (down 2.8 per cent) and Nifty Pharma index (down 1.8 per cent). Nifty Realty, PSU bank and FMCG indices were down close to a per cent. Nifty IT index ended 0.17 per cent higher.

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Foreign currency overseas sovereign bonds: All you should know

Mon, 29 Jul 2019 06:56:00 GMT

Finance Minister Nirmala Sitharaman in Budget 2019-20 announced that the government would start raising a part of its gross borrowing programme from external markets in foreign currencies. She added that India's sovereign external debt-to-GDP level is among the lowest globally at less than 5 per cent. The idea, however, has been criticised by many including economists and allies of the ruling BJP alike, as they argued that it could create long-term economic risks by exposing the government's liabilities to currency fluctuations. Even Swadeshi Jagran Manch (SJM), the economic wing of the RSS, has opposed the idea of issuance of sovereign bonds overseas. The government intends to mobilise about Rs 70,000 crore through this route as part of diversification of government's resource mobilisation and leaving more funds for the private sector. Listen to podcast for more.

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Market Ahead, July 29: Top factors that are likely to guide markets today

Mon, 29 Jul 2019 02:39:00 GMT

Quarterly earnings, global cues, and stock-specific movement will shape the market direction today. Kansai Nerolac Paints and DLF are among the 71 companies scheduled to declare their June quarter results today. Investors will also react to major results announced on Friday post-market hours and during the weekend. Improvement in asset quality led ICICI Bank to report a consolidated net profit of Rs 2,514 crore for the June quarter on Saturday, against Rs 4.93 crore profit in the year-ago period. In today's session, Auto stocks may be in focus after the Goods and Services Tax (GST) Council on Saturday cut tax rates on electric vehicles from 12 per cent to 5 per cent, whereas for EV chargers, it was reduced tax from 18 per cent to 5 per cent. The new rates will be effective from August 1. Globally, all eyes would be on the US Federal Reserve which will begin its two-day policy review on Tuesday. As per a Reuters poll, a quarter-point interest rate cut in July is almost a done deal. Any development on the same would affect investor sentiment, hence shaping the market direction. Apart from these, market participants will continue to track the progress in monsoon, oil price, and the movement of rupee against the US dollar. Now, let's see how the Asian markets have started and what they mean for Sensex and Nifty. Asian shares got off to a cautious start on Monday as markets look forward to a likely cut in the US interest rates this week and whether or not the Federal Reserve signals yet more are in the pipeline. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in slow trade. Japan’s Nikkei dipped 0.1 per cent. As for SGX Nifty, it's indicating a flat to negative start for the domestic indices. Furthermore, Affle India IPO will open today. The IPO will be the first offer under the new Unified Payment Interface (UPI) mechanism, which was made mandatory for the retail investor category with effect from July 1. To know if you should subscribe to the issue or give it a pass, read our analysis of the company profile and analysts recommendations for the IPO on our website. We also have a special story on how you can cope with the mid- and small-cap meltdown that started in 2018 but doesn't seem to end even after almost one and half years. For more special stories like these and for the latest news on business, markets, and more, stay logged on to Business-Standard.com. Thanks for tuning-in.

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Market Wrap, July 26: Sensex snaps 6-day losing streak, up 52 pts

Fri, 26 Jul 2019 11:11:00 GMT

Domestic indices ended Friday's lackluster trade with marginal gains. The benchmark S&P BSE Sensex and broader Nifty50 traded range-bound for better part of the day tracking corporate earnings and weakness in global markets. The Sensex ended 52 points, or 0.14 per cent, higher at 37,883 levels pulled up by automobile manufacturers, banking and financial stocks. YES Bank, Bajaj Finance, Hero Moto Corp, and M&M ended the day as top gainers while Vedanta, HDFC, Bharti Airtel, and Reliance were the top laggards at the close. On the other hand, Nifty50 settled at 11,284 mark, up 32 points, or 0.29 levels. In the broader market, S&P BSE MidCap ended 73 points, or 0.53 per cent, higher at 13,856 levels while the S&P BSE SmallCap closed 29 points, or 0.22 per cent, higher at 13,060 levels. Sectorally, all the indices ended in the green barring Nifty IT index. Nifty Auto index was the top performing index, closing with gains of over 2 per cent. Nifty Bank, including private bank and public sector bank indices, and Nifty Pharma ended with gains of a per cent each. Nifty IT index closed with a cut of 0.82 per cent. Punjab National bank (PNB) on Friday reported a profit of Rs 1,018.63 crore for the quarter ended June 30, 2019 (Q1FY20) against loss of Rs 940 crore registered in the corresponding quarter of the previous fiscal. Maruti Suzuki reported a consolidated net profit of Rs 1,376.8 crore for June quarter as compared to Rs 2,015.1 crore from the same period previous year. The company attributed this to lower sales volume and higher depreciation expenses.

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Market Ahead, July 26: All you need to know before the Opening Bell

Fri, 26 Jul 2019 02:44:00 GMT

The major factors shaping the market direction today will be corporate results, global cues, and update on monsoon. As many as 54 companies are scheduled to declare their June quarter results today. Among them is the country's largest carmaker Maruti Suzuki which, according to analysts, may post weak numbers due to the slowdown in demand and plummeting volumes which would offset the gains due to higher net realization. As for Bajaj Auto, although the company has reported a rise in volumes in an otherwise subdued quarter for auto firms, analysts expect the inferior product mix and higher discounting to drag down the company's profit. You can read more on what analysts expect from both the results on our website Business Standard.com Investors will also react to the major results announced yesterday after market hours. Tata Motors did far worse than expected in the June quarter, with a consolidated loss of Rs 3,680 crore. A high cost base and negative operating leverage, coupled with rising levels of competitive intensity across markets, led to the disappointment. Today, agri sector stocks may also be in focus after a weather department official yesterday said India is likely to get above-average rainfall in the next two weeks. On the other hand, Bank of Baroda is back in black after reporting a net profit of Rs 710 crore in its June quarter on account of higher non-interest income. Yesterday, the S&P BSE Sensex closed at 37,831 level, down 0.04 per cent. The broader Nifty50, too, shed 0.17 per cent to settle at 11,252 levels. Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty. Wall Street fell on Thursday on weak corporate results and after the ECB failed to cut rates. Asian share prices opened a tad lower on Friday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.15 per cent while Japan's Nikkei dipped 0.3 per cent. SGX Nifty is indicating a negative start for the domestic indices. Next, we have a derivative strategy pick for you by HDFC Securities who recommend buying TATA STEEL August 430 Put at Rs 14 & simultaneously sell 410 Put at Rs 8 with a lot size of 1061.

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Market Wrap, July 25: Sensex, Nifty end lower; Tata Motors dips 5%

Thu, 25 Jul 2019 11:06:00 GMT

Markets ended July Futures & Options (F&O) series below 38,000-mark at the S&P BSE Sensex and below 11,300 at the NSE Nifty50. Indices ended Thursday's volatile session in the red with corporate earnings and F&O contract expiry guiding the markets' trajectory throughout the day. The S&P BSE Sensex closed at 37,831 level, down 17 points, or 0.04 per cent with Tata Motors, Bajaj Finance, Reliance Industries, and Tata Steel being the top laggards. On the other hand, Vedanta, Sun Pharma, IndusInd Bank and Axis Bank were at the higher end of the spectrum. The broader Nifty50, too, shed 19 points, or 0.17 per cent, to settle at 11,252 levels. In the broader market, the S&P BSE MidCap closed 73 points, or 0.53 per cent, higher at 13,783 levels, while the S&P BSE SmallCap slipped 12 points, or 0.09 per cent, to end at 13,031 levels. Sectorally, most of the indices ended in the green barring auto, metal and public sector bank indices. Nifty Pharma index gained the most and ended the day with gains of 2.31 per cent, followed by Nifty Media index, up 1.14 per cent. On the contrary, Nifty Metal and Nifty PSB indices slipped 0.83 per cent each at close. Shares of Tejas Networks plunged 14 per cent to Rs 111, also its all-time low on the BSE on Thursday, after it reported a sharp 87 per cent drop in its consolidated net profit at Rs 6 crore in June quarter (Q1FY20). The fall in profit came in on the back of weak revenue due to deferment of spending on government projects. The company had registered profit of Rs 45 crore in the year-ago period. Shares of ICICI Prudential Life Insurance Company (ICICI Pru) rallied 7 per cent to Rs 408 on the BSE on Thursday in an otherwise subdued market, after reporting 27 per cent year-on-year (YoY) growth in value of new business (VNB) at Rs 309 crore in the June quarter (Q1FY20). The stock was 5 per cent away from its 52-week high level of Rs 428 touched on August 7, 2018 in intra-day trade.

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Market Ahead, July 25: All you need to know before the Opening Bell

Thu, 25 Jul 2019 02:39:00 GMT

As many as 43 companies are scheduled to declare their June quarter results today. Analysts expect Tata Motors' revenue and bottom-line to be hit by the decrease in volume across all segments and see a 28-30 per cent year-on-year (y-o-y) fall in net profit and 13-16 per cent dip in revenue for the period under review. On the other hand, Bank of Baroda is expected to post stronger numbers on standalone basis while analysts would eye results for the merged entity. You can read more on what analysts expect from both the results on our website Business Standard.com Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty. US stocks pushed higher overnight after a series of weaker-than-expected purchasing manager index readings in the United States and Europe on Wednesday bolstered hopes of a Fed rate cut. Although the Dow fell 0.29 per cent to 27,270, the S&P 500 gained 0.47 per cent to 3,020 and the Nasdaq Composite added 0.85 per cent to 8,321. Asian shares, however, were cautious. Japan’s Nikkei gained 0.5 per cent, Australia’s benchmark index hit a new 12-year top, while MSCI’s broadest index of Asia-Pacific shares outside Japan were unchanged. SGX Nifty is indicating a positive start for the domestic indices. Next, let's see what today's top headlines are -- IndiGo's warring promoters Rahul Bhatia and Rakesh Gangwal have agreed on a board structure that gives higher representation to Bhatia’s InterGlobe Enterprises (IGE). However, the board has agreed to strengthen the policy on related-party transactions, as demanded by Gangwal. The Union Government has approved Trai's to levy a total penalty of Rs 3,050 crore on Bharti Airtel and Vodafone Idea for refusing to provide points of interconnection to Reliance Jio. DHFL has defaulted on bond repayments worth Rs 8.07 crore on July 23, as per an exchange filing. Credit rating agency Icra has downgraded ratings on Yes Bank’s bonds worth ₹32,911.7 crore, citing an increase in stressed assets and lack of debt resolutions. And finally, most mid-tier IT companies have put up a dismal performance in the first quarter of the financial year 2019-20 (Q1FY20), nudging brokerages to not only slash target prices for stocks, but also downgrade their ratings. We have a special story exploring the road ahead for these companies, and what you, the investor, should do about these stocks. For this article, more news and market updates, log on to Business-Standard.com

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Market Wrap, July 24: Sensex sheds 135 pts, Nifty below 11,300

Wed, 24 Jul 2019 11:24:00 GMT

Domestic markets ended Wednesday's trading session with losses as weak corporate earnings and sluggish economic outlook dented investors' sentiment. Indices slipped for the fifth session in a row dragged by metals, banking and automobile stocks. The benchmark S&P BSE Sensex closed at 37,848 level, down 135 points, or 0.36 per cent with IndusInd Bank, Tata Motors, Bajaj Finance, and Tata Steel being the top laggards. On the contrary, Asian Paints, HDFC, Hindustan Unilever, and HDFC Bank were the top gainers at the 30-share index. Furthermore, the broader Nifty50 slipped below the psychological level of 11,300 to settle at 11,271, down 60 points, or 0.53 per cent. The indices touched intra-day lows of 37,708 at the Sensex and 11,230 at the Nifty. In the broader market, the S&P BSE MidCap closed 206 points, or 1.48 per cent, lower at 13,710 levels while the S&P BSE SmallCap slipped 163 points, or 1.23 per cent, to end at 13,043 levels. Sectorally, stocks of autos, metals and public sector banks slipped the most. Nifty Metal index settled over 2 per cent lower, followed by Nifty Auto index, down 1.95 per cent. The PSU Bank, Pharma and Realty indices ended lower in the range of 1-1.7 per cent. Among the gainers, only Nifty FMCG and Media indices ended in the green with gains of 0.01 per cent and 1.6 per cent respectively. BUZZING STOCKS Shares of HDFC Life Insurance Company soared 5 per cent intra-day to hit a new 52-week high of Rs 533 apiece on the BSE on Wednesday. The stock has surged 9 per cent in past two days after the company reported a strong 47 per cent year on year (YoY) growth in the new business premium at Rs 3,926 in the first quarter of fiscal 2020 (FY20). Shares of Vodafone Idea slipped below its face value of Rs 10 at Rs 9.90, down 6 per cent on the BSE on Wednesday on the back of heavy volumes. The stock of the telecom services provider hit an all-time low on the bourses. Thus far in the current calendar year 2019, shares of the company have more than halved from the level of Rs 23 on poor earnings and high debt. In comparison, the S&P BSE Sensex has risen 5 per cent during the same period.

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Market Ahead, July 24: Top factors that are likely to guide markets today

Wed, 24 Jul 2019 02:23:00 GMT

Corporate earnings and global cues will continue to dominate investor sentiment today. They will first react to major results announced Tuesday post-market hours. In that regard, Larsen & Toubro (L&T) and Hindustan Unilever (HUL) will be in focus. L&T’s net profit for the June quarter rose 21 per cent on the back of improved performance. FMCG major HUL reported its lowest volume growth in seven quarters owing to moderation in consumer demand while net profit rose 15 per cent year-on-year to Rs 1,755 crore. Besides, market participants may also react to the International Monetary Fund lowering India's FY20 growth forecast by 30 basis points to 7 per cent, citing subdued domestic demand. Additionally, they will continue to track the progress in monsoon, oil price, and the movement of rupee against the US dollar. Benchmark indices dipped 0.13 per cent each on Wednesday. The S&P BSE Sensex settled at 37,983 levels, while the broader Nifty50 ended at 11,331-mark. The rupee closed with a marginal 2 paise drop at 68.94 against the US dollar. And now, let's take a look at global markets. The US market gained on Tuesday, lifted by corporate results and optimism over the US-China trade talks. The Dow Jones rose 0.65 per cent to end at 27,349, while the S&P 500 gained 0.68 per cent to 3,005. Asian shares also nudged higher on Wednesday. Japan’s Nikkei added 0.4 per cent in early trade, while Australian stocks rose 0.6 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.04 per cent. SGX Nifty is indicating a flat start for the domestic indices. In the results corner, around 44 companies, including Asian Paints, Canara Bank, and Jubilant Foodworks, are scheduled to declare their June quarter results later in the day. Let's go through top headlines for the day -- >> India is set to break into the club of the 50 most innovative nations once the Global Innovation Index (GII) is launched on Wednesday; >> Modi govt proposes major labour law changes for ease of compliance >> Retail investors raise bets on penny stocks despite high investment risk >> Foreign portfolio investors (FPIs) may look at participatory notes (p-notes) for making fresh investments in India, to sidestep the additional surcharge levied in the Budget.

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Market Wrap, July 23: Sensex slips 48 pts; HUL Q1 profit up 14.5%

Tue, 23 Jul 2019 11:16:00 GMT

Indices slipped for fourth consecutive session on Tuesday as weak corporate earnings, hinting at an economic slowdown, kept investors' sentiment muted. Heavy selling in select bluechip stocks like HDFC twins and State Bank of India (down 2 per cent each), and Reliance Industries and HCL Tech (down 1 per cent each) dragged indices lower during the last hour of trade. The benchmark S&P BSE Sensex settled below the 38,000 mark at 37,983 levels, down 48 points, or 0.13 per cent. State Bank of India (SBI), HDFC, Bajaj Auto, and HDFC Bank tumbled the most on the 30-share index while Power Grid Corporation, Hero Moto Corp, ITC, and Asian Paints closed the day as the top gainers. The broader Nifty50, too, ended at 11,331 mark, down 15 points, or 0.13 per cent. In the broader market, S&P BSE MidCap closed at 13,915 levels, down 79 points, or 0.56 per cent while the S&P BSE SmallCap index gained 49 points, or 0.38 per cent, to settle at 13,206 levels. Indian investors bucked the trend being witnessed in Asian markets and focused on domestic factors to steer through the trade. The sentiment remained negative on the back of heavy selling by foreign investors post Budget announcement and negative management commentary during the quarterly results. Sectorally, NIfty IT index traded in the green through the day on a weaker rupee. At close, Nifty PSU Banks were the biggest losers, with the index settling over 3 per cent lower followed by Nifty Financial Services index (down 0.72 per cent) and Nifty Pharma index (down 0.70 per cent). Nifty Realty index was the gainer at close, up 0.99 per cent, followed by Nifty IT index (up 0.29 per cent). BUZZING STOCKS Shares of TVS Motor Company hit an over two-year low of Rs 361, down 5 per cent in Tuesday's early morning trade on the BSE after reporting a 3 per cent decline in net profit at Rs 142 crore for the first quarter of fiscal 2020 (Q1FY20), on muted volume, and higher depreciation, interest cost and tax rate. Hindustan Unilever (HUL) on Tuesday reported a 14.5 per cent rise in its consolidated net profit at Rs 1,792 crore for the quarter ended June 30, 2019. It had logged a profit of Rs 1,565 crore in the year-ago period. On standalone basis, net profit came in at Rs 1,755 crore, up 14 per cent YoY.

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Market Ahead, July 23: All you need to know before the Opening Bell

Tue, 23 Jul 2019 02:36:00 GMT

Corporate earnings will continue to be the biggest factor in shaping the market direction today while investors will also look out for global and other domestic cues. About 46 companies, including Hindustan Unilever, Larsen & Toubro, and Zee Entertainment Enterprises, are scheduled to declare their June quarter results today. Hindustan Unilever (HUL) is expected to post steady numbers for Q1FY20 owing to its shift towards natural products and increasing premiumisation amid slowdown in the consumption space. You can read our full preview on what analysts expect from HUL on our website. Investors will also react to major results announced yesterday after market hours. TVS Motor Company reported a 3 per cent decline in net profit at Rs 142.30 crore for the first quarter ended June 30 as compared to a net profit of Rs 146.61 crore in the year-ago period. Additionally, market participants will continue to track the progress in monsoon, oil price, and the movement of rupee against the US dollar. Benchmark indices extended their losing streak on Monday. The S&P BSE Sensex lost 0.8 per cent to settle at 38,031, while the broader Nifty50 index slipped 0.72 per cent to 11,337 levels. Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty Expectations of policy easing by the Federal Reserve propped up US stocks on Tuesday, with the S&P 500 edging up towards a record high overnight. Asia followed suit. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.02 per cent. Japan's Nikkei rose 0.25 per cent, while South Korea's KOSPI gained 0.2 per cent. SGX Nifty is also indicating a positive start for the domestic indices. Let's go through top headlines for the day -- DHFL filed its audited results for the March quarter yesterday, and revealed that its auditors had raised several red flags around its numbers. The National Housing Bank has asked housing finance companies to desist from offering loans that involve servicing by builders on behalf of borrowers As per a Business Standard report, IndiGo promoter Rahul Bhatia may meet SEBI chairman Ajay Tyagi later this week. And finally, here's a stock call by Prabhudas Liladher. The brokerage is bullish on Reliance Industries and says traders can look to initiate longs at current levels for a target of Rs 1385 and the stop loss should be fixed at Rs 1220.

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Market Wrap, July 22: Sensex tumbles 306 pts as financials drag

Mon, 22 Jul 2019 10:28:00 GMT

Extending their losing streak to the third session in a row, the domestic stock market ended lower on Monday with the frontline indices tumbling nearly a per cent amid selling in bluechip counters such as HDFC duos, Bajaj Finance, Hindustan Unilever (HUL) and ITC. The S&P BSE Sensex lost 306 points or 0.80 per cent to settle at 38,031 with HDFC (down 5 per cent) being the biggest loser and YES Bank (up nearly 9.50 per cent) the top gainer. The broader Nifty50 index of the National Stock Exchange (NSE) slipped 82 points or 0.72 per cent to settle at 11,337 levels. In the broader market, the S&P BSE MidCap index slipped 84 points, or 0.60 per cent, to 13,994.18, while the S&P BSE SmallCap index ended at 13,157 levels, down 154 points or 1.15 per cent. The S&P BSE Smallcap index hit its lowest level since February 2017 during the trade. READ MORE Analysts attributed an investor-unfriendly Budget, coupled with muted June quarter earnings among the major factors behind nervousness in the market. Moreover, weak global cues also added to the investors' woes. Volatility index India VIX surged 4.49 per cent to 13.07, signalling increased volatility in the market. Sectorally, financial services stocks tumbled the most, followed by banks, FMCG and realty stocks. The Nifty Financial Services index shed 341 points or 2.57 per cent to settle at 12,893.75 levels. HDFC, Bajaj Finserv and Edelweiss Financial Services plunged up to 6 per cent. BUZZING STOCKS Shares of Cox & Kings were frozen at 5 per cent lower circuit for the 19th straight day on the BSE to hit a new low of Rs 16.30 on Monday after Brickwork Ratings downgraded the rating to BWR D for non convertible debentures (NCDs) issue amounting to Rs 50 crore of the company. Shares of RBL Bank continued to reel under pressure, down 5 per cent, to Rs 470 in intra-day trade on Monday. The stock has fallen 19 per cent in the past two trading days after the bank, on Friday, said it expects some challenges on some of their exposures in the near term. Shares of the bank ended at Rs 478.05 apiece, down 4.46 per cent on BSE. YES Bank, on the other hand, gained 9.50 per cent to settle at Rs 91.15 apiece on the BSE

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Market Ahead, July 22: Top factors that are likely to guide markets today

Mon, 22 Jul 2019 02:40:00 GMT

Today, the benchmark indices may take hint from their global peers which moved higher after expectations of a rate cut by Federal Reserve strengthened. Another big factor affecting the investor sentiment today will be the Union government's stance on the "super-rich" tax on FPIs, which Finance Minister Nirmala Sitharaman yesterday said will remain undiluted. Investors will continue to track the June quarter earnings. Reliance Industries and InterGlobe Aviation, IndiGo's parent company, are among the 27 companies scheduled to announce their results today. You can read our preview on what analysts expect from the results on our website www.businessstandard.com Yesterday, the benchmark S&P BSE Sensex closed 0.81 per cent lower at 38,897 level. The broader Nifty50, too, ended at 11,597 mark, down 0.78 per cent amid fresh trade war concerns and mixed June quarter earnings. Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty US stocks moved higher on Thursday as comments from New York Fed President John Williams helped cement expectations for an interest rate cut. Asian stocks took clues from Wall Street to inch higher. Australian stocks added 0.4 per cent, South Korea’s KOSPI rose 0.8 per cent and Japan’s Nikkei advanced 1 per cent. And, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent. SGX Nifty is also indicating a positive start for the domestic indices. Let's go through top headlines for the day -- -- The controversial super-rich tax on foreign portfolio investors (FPIs) that are organised as trusts will stay undiluted, Finance Minister Nimala Sitharaman said on Thursday as Parliament passed the Finance Bill, 2019 -- An independent review of IndiGo’s related-party transactions has found no major procedural lapses by the company -- The interim resolution professional (IRP) handling Jet Airways insolvency has received claims of more than Rs 24,000 crore from its lenders, vendors, travel agents, and employees -- Insurance companies exposed to DHFL's debt papers have approached the Irdai to get a go-head from the regulator for participating in the inter-creditor agreement for DHFL, as per a Business Standard report. And finally, here's a commodities call by Tradebulls Securities, who recommend selling gold with target of 34,280 and stoploss of 35,100 closing basis

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Market Wrap, July 19: Sensex plunges 560 pts; third biggest fall in 2019

Fri, 19 Jul 2019 11:24:00 GMT

Markets saw the third-worst fall of 2019 on Friday as benchmark indices S&P BSE Sensex and Nifty50, both, fell to two-month low. The indices touched intra-day lows of 38,271 level at Sensex and 11,399 mark at Nifty. 'Super-rich tax' concerns on FPI, trade war tenions and weak corporate earnings contributed to the fall. The Sensex tanked 560 points, or 1.44 per cent, to close at 38,337 levels with 26 of the 30 stocks listed at the index ending in the red. IndusInd Bank, Bajaj Finance, M&M, and YES Bank were the top laggards while only NTPC, TCS, PowerGrid and ONGC ended in the green. The Nifty50, too, lost 178 points, or 1.53 per cent, to settle at 11,419 mark. Of the 50 stocks listed at the index, only 7 stocks advanced while the remaining 43 declined. In the broader market, S&P BSE MidCap closed 285 points, or 2 per cent, lower at 14,078 level while the S&P BSE SmallCap slipped 248 points, or 1.83 per cent, at 13,310 levels. Sectorally, all the indices ended in the red. Nifty Auto index, too, tanked to two-month low to end 3.31 per cent lower. This was followed by losses in Nifty Private Bank index and Nifty Pharma index, down 2.45 per cent and 2.23 per cent respectively. The Nifty Auto index hitting a three-year low on Friday. Thus far in the calendar year 2019, auto index slipped 21 per cent, against 5 per cent rise in the benchmark index. M&M, Motherson Sumi Systems, TVS Motor Company, Exide Industries, Escorts, MSIL, Eicher Motors, Hero MotoCorp, Bosch and Ashok Leyland have seen market value erosion of more than 22 per cent during the period. Shares of RBL Bank tanked as much as 13.75 per cent in the afternoon session on Friday after releasing June quarter results for the financial year 2019-20 (FY20). The lender reported healthy set of numbers for the period under review but said it expects to face some challenges on some of its exposures in the near term. Reacting to it, investor sentiment took a hit, thus dragging the stock nearly 14 per cent lower during the trade.

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Market Ahead, July 2019: All you need to know before the Opening Bell

Fri, 19 Jul 2019 02:28:00 GMT

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Market Wrap, July 18: Sensex slips 318 pts, Nifty below 11,600

Thu, 18 Jul 2019 11:23:00 GMT

Bears took charge at D-Street on Thursday as fresh trade war concerns and mixed April-June quarter earnings eroded investors' confidence. Heavy selling was witnessed across the board with stocks of public sector banks, automobiles and metals slipping the most. The benchmark S&P BSE Sensex closed 318 points, or 0.81 per cent, lower at 38,897 level with YES Bank, Tata Motors, ONGC, and Maruti being the top laggards. In an otherwise weak market, only HDFC, HDFC Bank and ITC remained the top gainers. The broader Nifty50, too, ended at 11,597 mark, down 91 points, or 0.78 per cent. In the broader market, S&P BSE MidCap closed 179 points, or 1.23 per cent lower at 14,364 level while the S&P BSE SmallCap lost 158 points, or 1.15 per cent, to settle at 13,558 level. Sectorally, PSU Banks slipped the most with the index closing 3.18 per cent lower. This was followed by Nifty Auto index (down 2.74 per cent) and Nifty Metal index (down 2.46 per cent). Nifty Financial Servcies index closed 0.11 per cent higher. BUZZING STOCKS Shares of YES Bank plunged up to 15 per cent to Rs 84 per share iin early morning deals on the BSE on Thursday after the private sector lender reported 91 per cent YoY decline in net profit in the April-June quarter of financial year 2019-20. The stock was trading at its lowest level since April 21, 2014. Shares of Mindtree plunged 10 per cent to Rs 675, also its fresh 52-week low, in Thursday's early morning trade on the BSE, after the company’s consolidated net profit more than halved to Rs 93 crore in June quarter (Q1FY20), as compared to previous quarter. It had reported a profit of Rs 198 crore in the March quarter (Q4FY19).

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Kulbhushan case: ICJ verdict a win, but diplomacy may be India's best bet

Thu, 18 Jul 2019 07:23:00 GMT

In a reprieve for Indian national Kulbhushan Jadhav, the International Court of Justice (ICJ) on Wednesday ordered Pakistan to make an "effective review and reconsideration" of the conviction and death sentence of Jadhav and to also grant consular access. Forty-nine-year-old Jadhav, a retired Indian Navy officer, was sentenced to death by a Pakistani military court on charges of "espionage and terrorism" after a closed trial in April 2017. Here's what the ICJ said in its verdict and what it means:

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Market Ahead, July 18: Top factors that are likely to guide markets today

Thu, 18 Jul 2019 02:51:00 GMT

June quarter earnings, global cues, and stock-specific action are likely to dominate investor sentiment today. On Wednesday, Wipro, YES Bank, and Mindtree announced their June quarter results. Wipro reported a 12.6 per cent rise in consolidated net profit at Rs 2,387.6 crore on a year-on-year (YoY) basis while its consolidated revenues rose 5.3 per cent to Rs 14,716 crore. YES Bank, on the other hand, reported a 91 per cent YoY decline in net profit at Rs 113.8 crore because of a mark-to-market provisioning of Rs 1,109 crore for bad loans and decline in non-interest income. And, Mindtree posted a 41.4 per cent YoY rise in consolidated net profit to Rs 92.7 crore while revenues rose 11.9 per cent to Rs 1,834.2 crore for the quarter. The market will react to all these results. Foreign fund flow, crude oil prices and rupee movement against the US dollar could also steer indices. On Wednesday, the benchmark S&P BSE Sensex rose 0.22 per cent to 39,216 levels. The Nifty50 also gained 0.21 per cent to close at 11,687 levels. The rupee ended 11 paise lower at 68.82 against the US dollar. In the global market, US stock indices fell on Wednesday over trade war worries. The Dow Jones fell 0.42 per cent to 27,220, the S&P 500 lost 0.65 per cent to 2,984 and the Nasdaq Composite dropped 0.46 per cent to 8,185. Tracking the Wall Street, Asian shares wobbled in early Thursday trading. MSCI’s broadest index of Asia-Pacific shares outside Japan was down a touch, while Japan’s benchmark Nikkei fell 1.3 per cent and Australian shares dropped 0.4 per cent. In the results corner, ACC, Colgate Palmolive, DB Corp, and 12 other companies are scheduled to announce their June quarter results today. Next up are some stock calls by top brokerages: Tradebulls Securities recommends buying Hindustan Petroleum for the target price of Rs 309 and stop loss at Rs 290. And, now let's have a look at the top headlines at this hour - -- Govt clears changes to insolvency law; secured lenders to get preference -- Jalan panel proposes 'nominal' transfer of RBI funds to govt over 3-5 years -- Inflow of $25-billion foreign cash riding on three key FPI proposals include increasing the public float in listed companies to 35 per cent from 25 per cent, increasing the minimum statutory limit for FPI investment in a firm from 24 per cent to the sectoral foreign investment, and lowering government holding in listed public sector undertakings.

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Market Wrap, July 17: Sensex up 85 pts, broader mkts underperform

Wed, 17 Jul 2019 11:15:00 GMT

Domestic markets ended Wednesday's choppy trading session with gains. Corporate earnings kept indices volatile with buying being witnessed in select public sector banks and information technology (IT) scrips. Fresh trade war concerns between the Unites States and China also kept the markets jittery. The benchmark S&P BSE Sensex added 85 points, or 0.22 per cent, to settle at 39,216 levels with State Bank of India, Tech Mahindra, HCL tech and IndusInd Bank being top gainers. On the contrary, YES Bank, Maruti, ONGC and NTPC were at the lower end of the spectrum. Market breadth was in favour of decline. Of the 2,650 companies traded, shares of 1,123 companies advanced and that of 1,355 declined. Mere 172 shares settled unchanged. The broader Nifty50 too gained 25 points, or 0.21 per cent, to close at 11,687 levels. Shares of 21 companies advances, 27 declines and 2 remain unchanged. In the broader market, the S&P BSE MidCap ended at 14,542 levels, down 22 points, or 0.15 per cent. The S&P BSE SmallCap too ended 10 points, or 0.07 per cent lower at 13,716 levels. Sectorally, PSU banks were the biggest gainers with the Nifty PSU Bank index closing 1.36 per cent higher. This was followed by gains in FMCG sector (up 0.81 per cent) and IT sector (up 0.53 per cent). The Nifty Auto index was the top laggard with the index settling over 1 per cent lower. BUZZING STOCKS Shares of DCB Bank plunged 14 per cent to Rs 205 in Wednesday's early morning trade on the BSE after the private sector lender reported a sub-par performance in June quarter (Q1FY19) led by decline in loan growth, sequential rise in fresh slippages and non-performing assets (NPAs), and continued pressure on margin. Shares of HDFC Asset Management Company (AMC) hit a record high of Rs 2,129, up 7 per cent intra-day on the BSE on Wednesday, after the company reported a 42 per cent year-on-year (YoY) jump in net profit at Rs 292 crore in the June quarter of fiscal year 2019-20 (Q1FY20). The strong profit growth was led by lower expenses and higher other income, the company's financial data show.

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BS on Ground podcast: Is this it for Dhoni, or is there more?

Wed, 17 Jul 2019 08:21:00 GMT

As curtains fell on ICC World Cup 2019 with England finally lifting the trophy for the first time on a final that technically ended in a tie, there have been questions, apprehensions and concerns over what's next for India cricket team and MS Dhoni in particular. Despite playing his part up to an extent, Dhoni was off colour throughout the tournament and that brings into the picture that one questions that critics love to ask -- Is it time? There can be numerous arguments on this but as things stand, the 'captain cool' may now have to consider passing the gloves to a suitable successor.\ But it's not just Dhoni, even the Indian middle order couldn't fare well in this World Cup and this puts more pressure on Virat Kohli and team management to pick a stable side and give players more chances to cement their place. Although the reported rift in the Indian camp can be avoided for now, considering it's natural for such reports to come to the fore after World Cup exit, but it does leave the space for one to see how nonplussed the skipper and management have been when it comes to fixing the middle-order woes, and the players have been without a definite role. All this, and more in this BS podcast. Follow the BS on Ground channel on Google Podcast, Apple Podcasts and Spotify for more from the world of sports

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Market Ahead, July 17: All you need to know before the Opening Bell

Wed, 17 Jul 2019 02:40:00 GMT

Investors will track June quarter earnings and global cues in today's trading session. India’s fourth-largest software company, Wipro, is scheduled to release its June quarter results today and analysts expect a moderate revenue growth along with a fall in the earnings before interest and taxes (EBIT) margin. Additionally, Mindtree, YES Bank, and 10 other companies are scheduled to announce their June quarter results today. On Tuesday, the benchmark S&P BSE Sensex rose 0.6 per cent to 39,131 levels, while the broader Nifty50, too, settled 0.6 per cent higher at 11,661 level. Now, let's see how the global markets have fared overnight and what they mean for Sensex and Nifty SGX Nifty is indicating a negative start for the domestic indices. US President Donald Trump on Tuesday said he could impose more tariffs on China. And although the Fed chief Jerome Powell reiterated his dovish stance, saying the central bank “will act as appropriate to sustain the expansion" to the US growth, Trump's trade comments weighed the indices down. The Dow Jones Industrial Average fell 0.09 per cent to 27,336, the S&P 500 lost 0.34 per cent to 3,004 and the Nasdaq Composite dropped 0.43 per cent to 8,223. Asian shares drifted lower on Wednesday after a lacklustre performance by Wall Street. Early action was muted with MSCI’s broadest index of Asia-Pacific shares outside Japan off 0.18 per cent. Japan’s Nikkei eased 0.3 per cent and South Korea 0.8 per cent. Next up are some stock calls by top brokerages: HDFC Securities recommends buying Biocon at current market price of Rs 258 for a target of Rs 275 with the stop loss at Rs 247 And now, let's go through top headlines for the day - - 10-year bond yield hits lowest level since demonetisation, closes at 6.33% - Jet Airways lenders to set rules to weed out casual bidders - As corporate earnings slow down, brokerages raise red flags on valuation - Mindtree is not being snatched, coming under bigger tree: L&T CEO & MD S N Subrahmanyan

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Market Wrap, July 16: Sensex adds 234 pts, Nifty holds 11,650

Tue, 16 Jul 2019 11:10:00 GMT

Domestic indices ended higher on Tuesday lifted by broad-based gains led by sectors like financial, realty and FMCG sectors. The upside, however, was capped by losses in the information techology (IT) sector. The benchmark S&P BSE Sensex settled 234 points, or 0.60 per cent, higher at 39,131 level with YES Bank, Tata Motors, Sun Pharma and NTPC being the top gainers. Among losers, TCS, Mahindra and Mahindra and HCL Technologies lost the most. The broader Nifty50, too, ended with gains of 73 points, or 0.63 per cent, at 11,661 level. The indices touched intra-day highs of 39,174 level at the Sensex and 11,670 level at the Nifty50. In the broader market, S&P BSE MidCap ended 99 points, or 0.69 per cent, higher at 14,565 level while S&P BSE SmallCap added 37 points, or 0.27 per cent to close at 13,726 level. Sectorally, all the sectors ended in the green except IT and media. The Nifty realty index ended the day nearly 2 per cent higher, followed by Nifty PSU Bank index (up 1.37 per cent), Nifty FMCG index (up 1 per cent) and Nifty Metal index (up 0.69 per cent). Nifty IT index ended the day with a loss of 0.59 per cent. BUZZING STOCKS Shares of Dewan Housing Finance Corporation (DHFL) dipped 8 per cent in Tuesday's trade to hit an intra-day low of Rs 44.5 on the National Stock Exchange (NSE), after reports suggested that the company's auditors have sought more financial information from the management. However, the counter revovered and was trading 2.7 per cent higher at Rs 49.8 levels at 10:15am. The stock had tanked 29 per cent on Monday to 10-year low. Shares of Ashok Leyland dipped up to 4 per cent to trade at Rs 82.10 per share in the early morning deals on Tuesday after the company announced closure of its Pantnagar plant due to weak demand and outlook for the industry. In a regulatory filing, the heavy vehicle manufacturer said that the plant will remain closed between July 16 and July 24.

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Market Ahead, July 16: Top factors that are likely to guide markets today

Tue, 16 Jul 2019 02:29:00 GMT

Investors may react primarily to June quarter earnings, global cues, and stock-specific action in today's trading session. HDFC Asset Management Company, TV18 Broadcast, DCB Bank and seven other companies will announce their June quarter results today. Yesterday, the S&P BSE Sensex settled 0.41 per cent higher at 38,897 levels while the broader Nifty50 too gained 0.31 per cent at 11,588 levels. Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty SGX Nifty is indicating a flat to negative start for the domestic indices. Asian shares inched up in early trade on Tuesday as traders awaited US retail sales data and more corporate earnings to gauge the health of the world’s biggest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.04 per cent. Australian shares were up 0.1 per cent and Japan's Nikkei stock index dipped 0.36 per cent. In the US, the benchmark S&P 500 index ended little changed while Nasdaq hit a new high on Monday as the earnings season kicked-off. The Dow Jones Industrial Average rose 0.1 per cent to 27,359, the S&P 500 gained 0.02 per cent to 3,014.3 and the Nasdaq Composite added 0.17 per cent to 8,258. Let's go through top headlines for the day -- -- Mindtree is scheduled to hold a crucial annual general meeting (AGM) today where the company may face questions from the shareholders on its future strategy under the new promoter Larsen & Toubro. -- The wholesale price index-based inflation rate softened to a 23-month low of 2.02 per cent in June, data released yesterday showed -- Also, Jet Airways’ first meeting of creditors will be held today. And finally, here's a stock call by Anand Rathi Shares and Stock brokers, who recommend buying Apollo Hospitals with a target of 1450 and a stop loss at 1335.

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Market Wrap, July 15: Sensex gains 160 pts; broader markets underperform

Mon, 15 Jul 2019 11:14:00 GMT

Positive global sentiment lifted pharma and information technology stocks on Monday. Consequently, markets ended in the positive territory. Encouraging Chinese GDP data for April-June quarter boosted investors' sentiment as it suggested the world’s second-biggest economy may be starting to stabilise. The S&P BSE Sensex settled 160 points, or 0.41 per cent, higher at 38,897 levels with Infosys, Sun Pharma, Tech Mahindra and Maruti being the top gainers. On the contrary, IndusInd Bank, L&T, ITC and Bharti Airtel were the top laggards. The broader Nifty50 too settled with gains of 36 points, or 0.31 per cent, at 11,588 levels. In the broader market, the S&P BSE MidCap settled 88 points, or 0.61 per cent, lower at 14,466 levels while the S&P BSE SmallCap closed 87 points, or 0.63 per cent, lower at 13,689 levels. Sectorally, Nifty IT was the biggest gainer, closing nearly 3 per cent higher while Nifty Pharma index closed 1 per cent up. Among the laggards, Nifty PSU banks took the biggest knock, down 2.5 per cent followed by losses in the FMCG index (down 0.59 per cent). Infosys reacted to the Q1FY20 results announced post market hours on Friday, with the stock rising over 7 per cent to close at Rs 779 levels on the National Stock Exchange (NSE). An uptick in demand for its digital services, apart from a momentum in the large deal space, prompted company to raise its FY20 revenue guidance to 8.5-10 per cent from 7.5-9.5 per cent as guided earlier. BUZZING STOCKS Shares of Allahabad Bank tanked 15 per cent to Rs 40 on the BSE on Monday's early morning trade after the state-owned lender on Saturday reported fraud of Rs 1,775 crore by Bhushan Power and Steel to the Reserve Bank of India (RBI). Shares of Dewan Housing Finance Corporation (DHFL) were locked in the lower circuit of 10 per cent at Rs 62 on the BSE on Monday after the company reported a standalone net loss of Rs 2,223 crore for the quarter ending March 2019 (Q4F19), owing to higher provisioning. The non-banking finance company had posted net profit of Rs 134 crore in the same quarter last fiscal.

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Market Ahead, July 15: All you need to know before the Opening Bell

Mon, 15 Jul 2019 02:43:00 GMT

In today's trading session, investors may react primarily to June quarter results, macro numbers, and stock-specific action. Bajaj Consumer Care, Tata Metaliks, and Gujarat Hotels are among the eight companies set to declare their June quarter results today. Also, India's Wholesale price inflation and balance of trade data for June will be out today. Traders may also react to the industrial production data for May and retail inflation prints for June that were released after market hours on Friday. On a global scale, China will present its second-quarter GDP numbers later in the day. On Friday, the benchmark S&P BSE Sensex closed at 38,736 levels, down 0.22 per cent, while the broader Nifty50 settled at 11,552 levels, down 0.26 per cent. Global Markets SGX Nifty is indicating a flat to negative start for the domestic indices. Asian shares started the week on a softer note on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan was a shade lower at 524.9 points. Australian shares slipped 0.8 per cent while South Korea’s inched 0.3 per cent lower. In the US, all three major indexes posted record closing highs on Friday. The S&P 500 closed above the 3,000 level for the first time. The Dow Jones rose 0.9 per cent, to 27,332, the S&P 500 gained 0.46 per cent, to 3,014 and the Nasdaq Composite added 0.59 per cent, to 8,244 Top headlines for the day Infosys announced their June quarter earnings after market hours on Friday and reported a 5.26 per cent year-on-year rise in its net profit at Rs 3,802 crore. After months of delay, DHFL on Saturday released its standalone unaudited results for the March 2019 quarter in which the crisis-hit firm reported a net loss of Rs 2,223 crore. The board of InterGlobe Aviation will seek clarification from co-promoter Rakesh Gangwal on his allegations at the board meeting on July 19.

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Market Wrap, July 12: Sensex down 87 pts, Nifty holds 11,550

Fri, 12 Jul 2019 11:00:00 GMT

Domestic indices ended Friday's choppy session in the negative territory. The markets remained range-bound, in the positive territory, for most part of the day but were dragged lower by index heavyweights like HDFC Bank, Axis Bank, Larsen & Toubro, and Bajaj Finance. The benchmark S&P BSE Sensex closed at 38,736 levels, down 87 points or 0.22 per cent. Among the gainers, YES Bank, Tata Steel, Sun Pharma and Vedanta topped the charts while ONGC, Bajaj Finance, ONGC and L&T were at the lower end of the spectrum. The broader Nifty50 too settled with cuts. The 50-share index settled at 11,552 levels, down 30 points, or 0.26 per cent. In the broader market, the BSE MidCap index ended 59 points, or 0.41 per cent, higher at 14,554 levels while the BSE SmallCap index closed 22 points, or 0.16 per cent, higher at 13,776 levels. Sectorally, banking, financial services and FMCG counters were under pressure. The Nifty Bank index closed 0.37 per cent lower followed by Nifty Financial Services index, down 0.29 per cent. Among gainers, Nifty metals, pharma and realty counters were up between 0.4-0.7 per cent. BUZZING STOCKS Shares of KPR Mill dipped up to 6 per cent to Rs 570 in early morning deals on the BSE on Friday after the textile company withdrew buyback proposal due to the tax proposed on buyback obligations in the Finance Bill 2019. Shares of Eris Lifesciences hit a lifetime low of Rs 450, down 8 per cent in early morning trade, on the BSE on Friday as the pharmaceutical company's stock turned ex-date for buyback today.

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Market Ahead, July 12: All you need to know before the Opening Bell

Fri, 12 Jul 2019 02:29:00 GMT

In today's trading session, investors will react to a host of key factors including June quarter results, India-US trade talks, macro numbers, and global cues. US trade officials will restart talks with their Indian counterparts today amid uncertainty over issues ranging from data localisation to recent tariffs imposed by New Delhi. The investors will also watch closely the data for industrial production for May and consumer (CPI) inflation for June to be released later in the day. Apart from these, foreign fund flow, stock-specific action, crude oil prices and rupee movement against the US dollar could also steer indices. In yesterday's session, markets snapped selling spree at D-Street. The benchmark S&P BSE Sensex settled 0.7 per cent higher at 38,823 levels. The broader Nifty50 too settled 0.73 per cent higher at 11,583 levels. Now, let's see how the global markets have fared and what it means for Sensex and Nifty. Nifty futures on the SGX Nifty are signalling a negative start for the indices back home today. Asian shares pulled back on Friday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.05 per cent in early deals. Japan's Nikkei stock index also trimmed 0.11 per cent. The Dow and S&P 500 rose on Thursday to close at record highs. The Dow Jones rose 0.85 per cent, to 27,088, the S&P 500 gained 0.23 per cent, to 2,300. Let's shift our focus to corporate earnings now. Infosys, IndusInd Bank, Reliance Industrial Infrastructure and seven other companies will declare their Q1FY20 results today. After TCS missed Street estimates on revenue and margin front, all eyes are now on Infosys that is slated to release its June 2019 quarter results today. Next up is a technical call Nandish Shah of HDFC securities recommends Buy Sun Pharma July 400 Call at Rs 10 & simultaneously sell 420 call at Rs 3.6.

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Market Wrap, July 11: Sensex up 266 pts as financials, auto stocks rally

Thu, 11 Jul 2019 11:08:00 GMT

Markets snapped selling spree at D-Street on Thursday as possible interest rate cuts by the United States' Federal Reserve lifted sentiments across the Asian markets. The benchmark S&P BSE Sensex settled 266 points, or 0.69 per cent, higher at 38,823 levels. Hero Moto Corp, IndusInd Bank, Tata Motors, and Vedanta were the top gainers on the 30-share index while Tech Mahindra, ICICI Bank and Axis Bank were the top laggards. The broader Nifty50 too settled 84 points, or 0.73 per cent, higher at 11,583 levels. Broad-based buying, led by rate-sensitive stocks like realty, banking and auto scrips, lifted both the benchmark indices, S&P BSE Sensex and the broader Nifty50, to 38,892 and 11,599 levels respectively. The indices were up 261 points and 80 points respectively from lows. In the broader market, the S&P BSE Mid-Cap closed 80 points, or 0.56 per cent, higher at 14,495 levels. Similarly, the S&P BSE Small-Cap settled 56 points, or 0.41 per cent, higher at 13,755 levels. Sectorally, all the indices ended in the green. Nifty Auto and PSU Bank indices ended 1.86 per cent and 1.72 per cent higher respectively, followed by gains in the Nifty metal (1.77 per cent), pharma (1.26 per cent). BUZZING STOCKS Shares of Religare Enterprises were locked in the 10 per cent upper circuit at Rs 42.95 per share on the BSE on Thursday after the company announced its plan to sell Religare Finvest to TCG advisory for an undisclosed amount. Shares of GTPL Hathway zoomed 20 per cent to Rs 64.80 in intra-day trade on the BSE on Thursday after the digital cable television and broadband services provider's consolidated net profit more-than-doubled at Rs 29 crore for the quarter ended June 2019 (Q1FY20). It had posted a profit of Rs 13 crore in the year-ago quarter.

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Market Ahead, July 11: Top factors that are likely to guide markets today

Thu, 11 Jul 2019 02:35:00 GMT

In today's trading session, investors will react to June quarter earnings and Federal Reserve Chairman Jerome Powell's hint at a possible rate cut later this month. In an appearance before his Congressional overseers on Wednesday, Powell confirmed that the US economy is still under threat and that the central bank stands ready to “act as appropriate”. That apart, foreign fund flow, stock-specific action, crude oil prices and rupee movement against the US dollar could also steer indices. Now, let's see how global markets have fared. Asian stocks rose on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, while Japan's Nikkei added 0.15 per cent, and South Korea's KOSPI climbed 0.7 per cent. The SGX Nifty is also signalling a positive start for the indices back home today. In US, the Dow Jones rose 0.29 per cent to 26,860, the S&P 500 gained 0.45 per cent to 2,993 and the Nasdaq Composite added 0.75 per cent to 8,203. In commodities, US oil futures hit their highest in over a month on Thursday. US WTI crude futures were up 11 cents at $60.54 a barrel, while Brent crude futures were down 5 cents at $66.96 a barrel. Next up are some technical calls Tradebulls Securities recommends buying HDFC Bank at current market price of Rs 2389 with a target of 2434 with stop loss at 2366. CapitalVia Global Research recommends selling Hindustan Unilever at current market price 1705 for the target of 1680 with stop loss at 1725

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Market Wrap, July 10: Sensex sheds 177 pts, Nifty below 11,500

Wed, 10 Jul 2019 10:55:00 GMT

Indices ended Wednesday's volatile session in the negative territory. Spooked by fresh trade war concern between India and the United States, markets remained flat with a positive bias for better part of the day. They, however, saw sharp decline during last trading hour. The benchmark S&P BSE Sensex ended 174 points, or 0.45 per cent, lower at 38,557 levels with Bajaj Finance, Tata Steel and Tata Motors being the top losers. On the contarry, YES Bank, Sun Pharma and ICICI Bank were the top gainers for the day. The broader Nifty50, too, settled 57 points, or 0.49 per cent, lower at 11,498 levels. The Sensex dipped as much as 256 points intra-day while the Nifty50 lost up to 80 points today. In the broader market, the S&P BSE Mid-Cap slipped 110 points, or 0.75 per cent, to close at 14,414 levels while the S&P BSE Small-Cap ended 103 points, or 0.75 per cent, lower at 13,699 levels. Sectorally, all the indices, except Nifty Private Bank index, closed in the red. Nifty auto, metals, PSU bank and realty counters closed nearly 1.5 per cent lower each. This was followed by losses in Nifty IT and Nifty FMCG indices, which were down 0.81 per cent and 0.54 per cent respectively. BUZZING STOCKS Shares of IndiGo, India’s largest airline, nosedived as much as 17.54 per cent to hit a low of Rs 1,291 apiece on the BSE in the early morning deals on Wednesday after promoters Rahul Bhatia and Rakesh Gangwal made serious allegations against each other, forcing the Securities and Exchange Board of India (Sebi) to intervene. Shares of Manpasand Beverages were locked in 5 per cent lower circuit at Rs 38.85 apiece on Wednesday after the company’s auditor Mehra Goel & Co. resigned owing to the ongoing Goods and Services Tax (GST) scam investigations against the company.

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Market Ahead, July 10: All you need to know before the Opening Bell

Wed, 10 Jul 2019 02:37:00 GMT

Indices may react to US President Donald Trump's tweet last evening saying that India has long had a "field day" imposing tariffs on American products, which is "no longer acceptable" to the US. Investors will also keenly watch Federal Reserve Chair Jerome Powell's testimony to the US Congress later in the day for possible future rate cut hints. Apart from these, stock-specific action will be closely monitored. Tata Consultancy Services (TCS) will be in focus after it announced its June quarter numbers post market hours on Tuesday. The IT bellwether posted a net profit of Rs 8,131 crore, a 10.8 per cent rise on a year-on-year (YoY) basis. However, a stronger rupee proved to be a drag on the operating margin, which fell 90 basis points sequentially. In another key development, IndiGo promoters Rahul Bhatia and Rakesh Gangwal have made serious allegations against each other, forcing the Securities and Exchange Board of India (Sebi) to intervene. Gangwal, who holds 36.68 per cent, has sought permission to hold an extraordinary general (EGM) meeting, alleging that the company has participated in objectionable related-party transactions (RPTs) and has not complied with corporate governance standards. On Tuesday, markets pared losses and ended the session on a flat note. The Sensex closed 10.25 points higher at 38,731 levels, while the broader Nifty50 settled 2.7 points lower at 11,556 levels. The rupee settled lower at 68.55 against the US dollar. In the results corner, GTPL Hathway, Himachal Futuristic Communications, and Inditalia Refcon are some of the companies that are scheduled to announce their Q1FY20 results today. In the global cues, Asian shares inched ahead on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.2 per cent while South Korea climbed 0.6 per cent. However, Japan's Nikkei lagged with a loss of 0.15 per cent. Wall Street was dully circumspect ahead of the Powell testimony, with the Dow ending Tuesday down 0.08 per cent, while the S&P 500 added 0.12 per cent and the Nasdaq was up 0.54 per cent.

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Market Wrap, July 9: Indices end flat, Nifty holds 11,550

Tue, 09 Jul 2019 11:05:00 GMT

Markets witnessed a volatile trade on Tuesday as investors looked for clarity on issues of taxation on share buyback and surcharge on FPI investment. Furthermore, waning rate cut hopes from the US Fedral Reserve dented sentiment across Asian markets. Markets pared losses and ended the session on a flat note. The Sensex closed 10.25 points, or 0.03 per cent, higher at 38,731 levels with TCS, HCL Tech and ITC being the top laggards. On the contrary, Bajaj Finance, Sun Pharmaceuticals and Hero Moto Corp were the top gainers on the Sensex. The broader Nifty50, too, settled 2.7 points, or 0.02 per cent, lower at 11,556 levels. The Sensex hit an intra-day low of 38,436, down 285 points, while the Nifty50 skid 98 points to touch 11,461 mark. In the broader market, S&P BSE Mid-Cap ended 92 points, or 0.63 per cent, higher at 14,524 levels while the BSE Small-Cap gained 7 points, or 0.05 levels, to settle at 13,802 levels. Sectorally, FMCG and information technology counters took the biggest knock with the respective indices settling nearly 0.95 per cent each. Among gainers, Nifty Realty and Pharma indices closed 2.75 and 2.62 per cent higher respectively followed by Nifty PSU Bank index which was up 1.55 per cent. BUZZING STOCKS Shares of Titan Company slumped as much as 13 per cent to Rs 1,094 apiece on the BSE in the opening deals on Monday after the company reported a lower-than-expected growth in jewellery business during April-June quarter (Q1FY20) owing to a tough macro-economic environment with consumption taking a hit. Shares of consumer discretionary companies were under pressure on Tuesday on concerns over lower-than- expected earnings for April-June quarter (Q1FY19), due to a tough macro-economic environment. Mindtree shares extended losses on Tuesday and slipped 4 per cent intra-day to hit a new 52-week low of Rs 736. The downward trend, which led to a fall of 17 per cent in the stock's value in the past two days, began after three founders of the Bengaluru-based IT services company resigned following a change of control.

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Market Ahead, July 9: Top factors that are likely to guide markets today

Tue, 09 Jul 2019 02:31:00 GMT

After the carnage on the D-street yesterday, investors may be staring at another subdued day in the markets today as concerns over certain Union Budget proposals, weak global cues, and June quarter earnings continue to dominate investor sentiment. On Monday, the benchmark S&P BSE Sensex and the broader Nifty50 registered their biggest single-day-fall in four years. The Sensex closed 2 per cent lower at 38,720 levels while the Nifty, too, settled 2.14 per cent, lower at 11,559 levels. Budget proposal to increase minimum public shareholding of listed companies to 35 per cent, tax on buybacks, and surcharge on foreign portfolio investors have spooked the market. Globally, fading expectations of an aggressive rate cut by the Federal Reserve after solid gains in US jobs for June has dampened investor sentiment. Also, the Q1FY20 results season begins today with Tata Consultancy Services (TCS) slated to announce results later in the day. Now, let's see how the global markets have fared. Asian stocks struggled to rebound on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.1 per cent in early trade. Japan’s Nikkei rose 0.5 per cent. US stocks fell on Monday with the Dow falling 0.43 per cent to 26,806, the S&P 500 down 0.48 per cent to 2,976 and the Nasdaq Composite dropped 0.78 per cent to 8,098. In commodity markets, oil fell on Tuesday amid worries over the outlook for demand. Brent crude futures were down 0.3 per cent at $63.90 a barrel while the US WTI crude futures were 0.4 per cent, at $57.46 a barrel.

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BS on Ground podcast: Battle of mettle in World Cup 2019 semi-finals

Mon, 08 Jul 2019 14:25:00 GMT

With the ICC World Cup 2019 inching to conclusion, we're left with four teams -- India, Australia, England, and New Zealand -- and two matches away to find out who will battle it out at the grand spectacle at Lord's for the title and glory. Now that India have gone past all the woes, including injuries, opening combination and the number four conundrum, it looks like all is well in the camp and Virat Kohli and the rest of the team is all set to make it to the Lord's, and, hopefully, lift the trophy. The hosts and favourites, England, too, have managed to get their act together at just the right time as they get the better of India and thrashed New Zealand to announce their arrival in the semis. On the other hand, Australia, who face England in the second semi-final, have suddenly been hit by injury to batsman Usman Khawaja and their ace pacer Mitchell Starc, too, looked uncomfortable in their last league match. Hence, Aaron Finch have a lot to fix before the team hit the ground (Edgbaston) on July 11. New Zealand, the silent conquerors, seems to be losing their sheen as cracks are visible in batting line-up with bowlers finding it difficult to compensate from just one end. It remains to be seen if it's going to be a cakewalk for India as the two sides collide at Old Trafford in Manchester on July 9. All this, and more in this BS podcast. Follow the BS on Ground channel on Google Podcast, Apple Podcasts and Spotify for more from the world of sports.

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Market Wrap July 8: Sensex tanks 793 points; Nifty holds 11,550

Mon, 08 Jul 2019 11:14:00 GMT

It was a bloodbath on D-street on Monday as markets fell for a second consecutive day with the benchmark S&P BSE Sensex and the broader Nifty50 registering their biggest single-day-fall in four years. The Sensex plummeted 908 points intra-day while the Nifty50 shed 288 points. Union Budget 2019 triggered the fall as it failed to cheers investors. Proposals like surcharge on high income generating groups, increased threshold of minority shareholding from 25 per cent to 35 per cent and no specific announcement to revive consumption dampened investment sentiment. Furthermore, weak global cues and expectation of another muted quarter dragged the markets down. In two days, investors have lost Rs 4.95 trillion market capitalization. Markets pared losses partially before the end of trading session. The Sensex closed 793 points, or 2 per cent, lower at 38,720 levels with Bajaj Finance, ONGC, NTPC and Hero MotoCorp being the top laggards. Of the 2,669 companies being traded on the BSE, shares of 571 companies advanced, 1,953 declined and 145 remained unchanged. The Nifty50, too, settled 252 points, or 2.14 per cent, lower at 11,559 levels. Of the 50 companies on the 50-share index, shares of 5 companies advanced and 45 declined. In the broader market, S&P BSE Mid-Cap ended 293 points, or 2 per cent, lower at 14,432 levels while the BSE Small-Cap dipped 347 points, or 2.46 levels, to settle at 13,794 levels. Sectorally, public sector banks (PSU banks) took the biggest knock with the Nifty PSU Bank index settling nearly 6 per cent lower. This was follwoed by losses in realty, auto, financial services and metal counters which were down up to 4 per cent. NO index ended in the green. Nifty Bank, Nifty Auto, Nifty Financial Services, and Nifty Realty indexes were all down over 2 per cent. BUZZING STOCKS Shares of automobile manufacturers, including auto ancillary companies, were reeling under pressure with the Nifty Auto index hitting 52-week low on Monday after no major direct measure to revive demand growth for the sector was announced in the Union Budget for the financial year 2019-20 (FY20). Shares of Punjab National Bank (PNB) slipped 10 per cent intra-day to quote at Rs 73 on the BSE on Monday after the state-owned bank reported a fraud of Rs 3,805 crore by Bhushan Power & Steel Ltd (BPSL).

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Market Ahead, July 8: All you need to know before the Opening Bell

Mon, 08 Jul 2019 02:27:00 GMT

The markets may feel the overhang of the Union Budget which was presented last week by Finance Minister Nirmala Sitharaman. However, as the week passes by, investors will shift their focus to June quarter earnings, which kicks off this week, with IT giants TCS and Infosys announcing their numbers on July 9 and 12, respectively. The D-street will also watch closely crucial macroeconomic indicators like the data for industrial production for May and CPI inflation for June to be released on Friday. That apart, global cues, progress in monsoon, foreign fund flow, crude oil prices and rupee movement against the dollar could also steer indices. On Friday, the benchmark S&P BSE Sensex closed 395 points lower at 39,513 levels, while the broader Nifty50 index tanked 136 points to end at 11,811 levels as Modi government's Union Budget failed to cheers investors. Now, let's see how the global markets have fared -- SGX Nifty is indicating a negative start to the day for domestic indices back home. Asian shares slipped on Monday as investors wagered on a less aggressive policy easing in the United States. MSCI's broadest index of Asia-Pacific shares outside Japan stumbled 0.3 per cent, with South Korea's KOSPI off 1 per cent and Australian shares down 0.4 per cent. Japan's Nikkei faltered 0.6 per cent. US stocks dipped on Friday, as the S&P 500 snapped a three-day streak of record closes, following an unexpectedly strong US payrolls report that led investors to reassess how dovish a stance the Federal Reserve may take at its next meeting. The Dow Jones fell 0.16 per cent to 26,922, the S&P 500 lost 0.18 per cent to 2,990 and the Nasdaq Composite dropped 0.1 per cent to 8,162. In commodity markets, oil prices rose with Brent crude futures up 9 cents at $64.32 per barrel while US crude added 8 cents to $57.59. Next up are some technical calls -- Angel Broking recommends buying Colgate Palmolive for a target of Rs 1,250 with the stop loss at Rs 1,137. CapitalVia Global Research recommends buying SBI at current market price of Rs 371 with a target of 395 and a stop loss at 365.

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Budget 2019: T N Ninan and A K Bhattacharya break it down in this podcast

Fri, 05 Jul 2019 12:43:00 GMT

The Narendra Modi govt on Friday presented its first Budget in its second term. India's first full-time Finance Minister, Nirmala Sitharaman, presented it in Parliament earlier in the day and delivered one of the longest Budget speeches ever. The Finance Minister made some important announcements during the course of her 2:15-hour-long speech. While the government announced changes in regulations for housing finance companies by bringing them under the ambit of the Reserve Bank, it also announced sops for start-ups and reduced corporation tax for companies with a turnover of up to Rs 400 crore from 30 per cent earlier to 25 per cent. FM Sitharaman's Budget has been called a reform-minded Budget, with focus on fiscal prudence. What are the big takeaways from Budget 2019? T N Ninan and A K Bhattacharya discuss this in this podcast as they break down the budget. We hope you enjoy the discussion on Budget 2019. Keep following Business Standard podcasts on Google Podcast, Spotify and business-standard.com for the latest from the world of economy, business, industry, markets, politics and sports.

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Market Wrap: Sensex tanks 395 pts as Budget 2019 fails to cheer investors

Fri, 05 Jul 2019 11:09:00 GMT

Domestic indices plummted on Friday as Modi government's Union Budget for 2019-20 failed to cheers investors. Even though the markets opened higher with the benchmark S&P BSE Sensex zooming past the 40,000 mark to hit 40,032, the index fell over 500 points from the highs. The S&P BSE Sensex closed 395 points, or 0.99 per cent, lower at 39,513 levels with the YES Bank, NTPC and Mahindra & Mahindra being the top laggards. The broader Nifty50 index tanked 136 points, or 1.14 levels, to end at 11,811 levels. In the broader market, S&P BSE Mid-Cap ended 208 points, or 1.39 per cent, lower at 14,726 levels while the S&P BSE Small-Cap dipped 195 points, or 1.36 levels, to settle at 14,142 levels. Sectorally, all the indices ended in the red except Nifty PSU bank and Nifty Bank index that gained after the finance minister announced that the government will pump in Rs 70,000 crore into public sector banks (PSBs) to strengthen them and enhance their lending capacity. Metals, realty and auto counters were the biggest losers after the Budget proposed import duty hike for auto-parts, metals and other equipment used for manufacturing capital goods. Each index slipped over 3 per cent. PSU Bank index closed 0.18 per cent higher after gaining nearly 4 per cent intra-day on government's proposal to recapitalize banks. Shares of GM Breweries hit a 52-week low of Rs 455, down 8 per cent, in Friday's early morning trade on the National Stock Exchange (NSE), after the company reported a 27 per cent decline in net profit at Rs 16 crore in the first quarter of fiscal 2019-20 (FY20), due to higher raw material cost. The company engaged in breweries & distilleries had posted a profit of Rs 22 crore in June 2018 quarter

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How Modi 2.0 Budget impacts your pocket: A quick view in just 5 minutes

Fri, 05 Jul 2019 09:40:00 GMT

It was one of the longest budget speeches, peppered with Urdu, Hindi and Tamil couplets, when the country's first full-time woman Finance Minister Nirmala Sitharaman's addressed Lok Sabha on Friday. All through her 2 hours 17 minutes long maiden budget presentation, Sitharaman did not pause to have a sip of water. The budget proposals were welcomed with frequent thumping of desks by the treasury benches with Prime Minister Narendra Modi too joining the members. Listen to this podcast for the key announcements on personal tax and sectors by the finance minister and how it impacts your pocket.

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Economic Survey highlights and Budget 2019 expectations in just 6 minutes

Fri, 05 Jul 2019 03:40:00 GMT

India needs to almost double its annual spending on infrastructure at $200 billion and the real challenge lies in harnessing private investment, said the Economic Survey 2018-19 tabled in Parliament on Thursday. To achieve the target of $10 trillion economy size by 2032, a robust and resilient infrastructure system is required, supported by adequate private investments To know more about the highlights of the Economic Survey and expectations from the Budget 2019, listen to this podcast

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Market Ahead, July 5: All you need to know before the Opening Bell

Fri, 05 Jul 2019 02:38:00 GMT

All eyes will be on Finance Minister Nirmala Sitharaman today who will present the Budget 2019 in the Parliament. Markets will react to her speech and the proposals she makes. So, what can you expect from the budget? Well, market experts expect the government to lay out a growth-oriented budget to pump-prime the economy. They say the priority should be to arrest the declining growth momentum and the crisis of confidence by being a little expansionary this time. Since inflation is expected to be benign in the short-to-medium term, many experts feel the government should let go of the fiscal deficit target of 3.4 per cent set in the Interim Budget in February 2019. In terms of volatility, markets typically witness huge swings on Budget day. This time, however, investors can expect a relative calm if the volatility gauge is anything to go by. The India VIX index ended at 13.53, down 1.2 per cent on Thursday. The index has cooled off sharply from May’s high of 28.7. Market players say the low reading signals that traders aren’t expecting any big move. Chief Economic Advisor Krishnamurthy Subramanian released his maiden Economic Survey yesterday where he outlined a model to make the economy grow 8 per cent a year, which is needed for the GDP to touch $5 trillion by 2024-25 as envisaged by PM Narendra Modi. For the current fiscal year, he pegged growth at 7 per cent, only 0.2 percentage higher than 6.8 per cent growth in FY19. So, what else can you expect from the budget? How will the proposals impact your portfolio? To know these and more, visit our Business Standard's LIVE MARKET BLOG where leading market experts will decode the Budget 2019 in real time and offer tips on where to invest.

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Market Wrap July 4: Indices end higher ahead of Budget 2019

Thu, 04 Jul 2019 11:21:00 GMT

Domestic indices ended Thursday's trading session in the green ahead of the Union Budget presentation on Friday, July 5. The S&P BSE Sensex ended 69 points, or 0.17 per cent, higher at 39,908 levels with Bharti Airtel, Tata Motors and IndusInd Bank being the top gainers. The broader Nifty50 too settled at 11,947 levels, up 30 points, or 0.25 per cent. In the broader market, S&P BSE Mid-Cap ended 0.19 per cent lower at 14,918 levels while the S&P BSE Small-Cap gained 0.12 per cent, to settle at 14,329 levels. Sectorally, public sector banks' scrips gained the most with the index scaling 2 per cent intra-day. It ended 1.31 per cent higher. This was followed by gains in realty counters. The biggest losers at the bourses were metal and pharma scrips with their index sliding 1.11 per cent and 0.64 per cent respectively. BUZZING STOCKS Shares of Uniply Industries rallied nearly 5 per cent to Rs 66.50 apiece in the early morning trade on Thursday, a day after Kuwait-based multi-family office investment firm Markab Capital WLL announced acquisition of a controlling stake in the company. The offer values the company at an enterprise value of over Rs 1,550 crore on a fully diluted basis. Shares of IndiaMART InterMESH (IML) made a strong debut on the bourses, by listing at Rs 1,180, 21 per cent higher against its issue price of Rs 973 apiece on the National Stock Exchange (NSE) and BSE.

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Market Ahead, July 4: Top factors that are likely to guide markets today

Thu, 04 Jul 2019 02:31:00 GMT

Investors will keep a close eye on the Economic Survey, which will be tabled in Parliament later today. The Union Budget will be presented tomorrow. India's services sector shrank for the first time in 13 months in June, due to weak sales and high taxation, showed the Nikkei PMI, which fell to 49.6 points in June, down from 50.2 in May. Back home, monthly auto sales data, progress in monsoon, foreign fund flow, crude oil prices and rupee movement against the US dollar will continue to influence investor sentiment. The Sensex ended Wednesday's session 23 points higher at 39,839 levels while the broader Nifty50 too settled at 11,917 levels, up 6 points. Another key development is that IndiaMART InterMESH will make its debut on bourses today. GLOBAL CUES SGX Nifty is indicating a flat to positive start for the benchmark indices back home. Asian stocks advanced on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent as did Japan’s benchmark Nikkei, and Australia was up 0.6 per cent. As for the US markets, stocks rose on Wednesday, with each of the major indexes closing at a record high. The Dow rose 0.67 per cent to 26,966, the S&P 500 gained 0.77 per cent to 2,996 and the Nasdaq Composite added 0.75 per cent to 8,170.23. In the commodities market, oil prices slipped on Thursday. Brent crude futures traded down 0.4 per cent at $63.58 per barrel, while US crude futures fetched $57.15 per barrel, down 0.3 per cent.

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Market Ahead, July 4: Top factors that are likely to guide markets today

Thu, 04 Jul 2019 02:31:00 GMT

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Market Wrap July 3: Indices end flat ahead of Economic Survey

Wed, 03 Jul 2019 11:22:00 GMT

Trading on Wednesday remained range-bound as investors remained on the sidelines a day before the new government tables the Economic Survey in the Parliament on Thursday, July 4. The S&P BSE Sensex ended 23 points, or 0.06 per cent, higher at 39,839 levels with Indusind Bnak, L&T and ITC being the top gainers. The broader Nifty50 too settled at 11,917 levels, up 6 points, or 0.05 per cent. In the broader market, S&P BSE Mid-Cap ended 16 points, or 0.11 per cent higher at 14,962 levels while the S&P BSE Small-Cap gained 37 points, or 0.26 per cent, to settle at 14,320 levels. Sectorally, information technology (IT) scrips were under pressure with the index with ending 0.90 per cent lower. This was followed by losses in pharma and metal counters. Nifty public sector bank index settled 1.72 per cent higher followed by realty and media index, up close to a per cent each. BUZZING STOCKS Shares of oil marketing companies (OMCs) such as Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) gained in the early trade on Wednesday as the crude oil prices fell over 4 per cent in Tuesday's session. Other beneficiaries of the lower oil prices such as tyre and paint stocks, too, rallied in the trade. Dewan Housing Finance Corporation Limited (DHFL) shares rose 7 per cent to Rs 81 in Wednesday's early morning trade on the BSE on report that its lenders were willing to consider the proposal of extending a fresh loan of Rs 12,000-18,000 crore over a year to the cash-starved mortgage lending firm.

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Market Ahead, July 3: All you need to know before the Opening Bell

Wed, 03 Jul 2019 02:28:00 GMT

The biggest factor swaying the investor sentiment today will be the Union Budget which Finance Minister Nirmala Sitharaman will present in the Parliament on Friday. The Economic Survey will be tabled tomorrow. Investors will also keenly watch the Nikkei Services PMI and Market India PMI Composite for June to be released later in the day. In global development, the US on Tuesday threatened the European Union with tariffs on $4 billion of additional EU goods, days after reaching a trade truce with China. Back home, monthly auto sales data, progress in monsoon, foreign fund flow, crude oil prices and rupee movement against the US dollar could also steer indices. The Sensex ended Tuesday's session 130 points higher at 39,816 levels, while the broader Nifty50 added 45 points at 11,910 levels. -- Now, let's see how the global markets have fared SGX Nifty is indicating a positive start for the benchmark indices back home. Asian shares were subdued in morning trade. MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan's Nikkei was down 0.4 per cent in early trade. As for the US markets, the stocks managed modest gains on Tuesday after holding near the unchanged mark for much of the session. The Dow rose 0.26 per cent, to 26,787, the S&P500 gained 0.29 per cent to 2,973 and the Nasdaq Composite added 0.22 per cent, to 8,109. In the commodities market, oil prices edged higher on Wednesday. Brent crude futures were trading up 0.8 per cent, at $62.88 a barrel, and US crude futures were up 0.7 per cent at $56.62 a barrel.

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Market Wrap July 2: Sensex ends 130 pts higher, Nifty tops 11,900

Tue, 02 Jul 2019 11:06:00 GMT

Domestic indices ended Tuesday's volatile trade with gains. The indices traded in the red for better part of the day, tracking concerns on weak global growth across world markets coupled with rising trade tensions. The losses were, however, pared against last hour buying in select stocks such as HDFC twins, Infosys, Reliance and ONGC. The S&P BSE Sensex ended 130 points, or 0.30 per cent, higher at 39,816 levels with ONGC, HDFC and Bharti Airtel being the top gainers. The broader Nifty50 too settled with gains of 45 points, or 0.38 per cent, at 11,910 levels. In the broader market, S&P BSE Mid-Cap ended 56 points, or 0.38 per cent higher at 14,945 levels while the S&P BSE Small-Cap gained 0.52 points to settle at 14,283 levels. Sectorally, realty scrips were under pressure with the index with ending 1.5 per cent lower. This was followed by losses in pharma and bank counters. Nifty IT index settled nearly a per cent higher followed by metal index, up 0.52 per cent. BUZZING STOCKS Shares of ICRA slipped nearly 6 per cent to Rs 3,027 apiece in the opening deals on Tuesday, a day after the board of rating agency asked its Managing Director (MD) and Chief Executive Officer (CEO) Naresh Takkar to go on indefinite leave, pending an enquiry into concerns raised by the market regulator the Securities and Exchange Board of India (Sebi). Cox & Kings shares were locked in the 5 per cent lower circuit in the early trade on the BSE on Tuesday to quote at an all-time low price of Rs 32.95 apiece after it defaulted on Rs 50 crore commercial paper. The stock has now fallen for six consecutive trading sessions.

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Market Wrap July 1: Sensex surges 292 pts, Nifty tops 11,850

Mon, 01 Jul 2019 11:33:00 GMT

Domestic indices ended at a three-week closing high on Monday tracking positive global sentiment stemmed from trade truce between the US and China. Heavy buying was witnessed across finanicals, banking, automobiles and realty stocks. The S&P BSE Sensex ended 292 points, or 0.74 per cent, higher at 39,686 levels with Tata Motors, Bajaj Auto and HDFC being the top gainers. The broader Nifty50 too ended the session with gains of 77 points, or 0.65 per cent, at 11,866 levels. In the broader market, S&P BSE Mid-Cap ended 81 points, or 0.54 per cent higher at 14,889 levels while the S&P BSE Small-Cap gained 43 points, or 0.30 per cent, to settle at 14,283 levels. Sectorally, realty led the rally with a gain of over 2 per cent. This was followed by gain in automobiles, pharma and bank counters, which rose about a per cent each. BUZZING STOCK Eveready Industries shares were locked in the 5 per cent lower circuit at Rs 76 on the BSE on Monday after Price Waterhouse & Co Chartered Accountants LLP (PwC) quit as company's auditors on Friday due to their "inability" to obtain sufficient audit evidence of inter-company deposits and its recovery. Shares of Reliance Infrastructure (RInfa) slipped 10 per cent to Rs 50 in early morning trade on the BSE on Monday after rating agency Brickwork downgraded the company’s bank loan facilities of Rs 1,151 crore to 'BWR D' from 'BWR C'.

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What will pinch your pocket and what will be cheaper from today

Mon, 01 Jul 2019 10:01:00 GMT

Did your spending take a hit between January and June? The first half of 2019 is over and today, the latter half begins. Auto major Mahindra & Mahindra (M&M) said it will hike price of its range of personal vehicles by up to Rs 36,000 across models with effect from July 1. The State Bank of India (SBI) said it would offer repo rate-linked home loans from July 1, 2019. Listen to this podcast to know about the list of products and services that might either pinch your pockets or ease your expenses in the coming months

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BS on Ground podcast: Chinks showing in India's 'mighty' batting armour?

Fri, 28 Jun 2019 12:31:00 GMT

The ICC Cricket World Cup is inching closer to the semi-final stage and the picture is increasingly becoming clear. Australia, New Zealand and India are almost through to the next stage, even as the mystery around the fourth semi-finalist continues. England's consecutive losses against Sri Lanka and Australia has revived the hopes of Sri Lanka, Bangladesh and Pakistan, and the upcoming matches will hold the key. For the teams that are fighting for a slot right now, there would be no room for a lapse any more. West Indies, Afghanistan and South Africa are already out of the contest but these sides could ruin the other teams’ chances. Meanwhile, the Pakistan cricket team has seen a sudden resurgence and become the talk of the town, especially since the Sarfaraz Ahmed-led team defeated a strong New Zealand side. India, the only unbeaten team now, suffered a scare against Afghanistan and chinks were seen in their armour, when their mighty batting line-up, especially the middle order, failed to impress in their match against Windies. Questions are being raised over the inclusion of Vijay Shankar, who has not been able to impress much with his so-called three-dimensional abilities. Many are also suggesting that Rishabh Pant, who has been warming the benches since his inclusion to the squad after Shikhar Dhawan's injurury, should instead be picked. It remains to be seen whether the side would be able to continue their winning streak as they face England in their next fixture on Sunday (June 30). For now, it's certain that India's bowling unit has been exceptional, but is that enough? Let’s take a look at all this, and what more to expect as the contest intensifies in this BS podcast. Follow the BS on Ground channel on Google Podcast, Apple Podcasts and Spotify for more from the world of sports.

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Market Wrap June 28: Sensex slumps 192 pts, Nifty below 11,800

Fri, 28 Jun 2019 11:05:00 GMT

Benchmark indices erased their early gains to close Friday's session lower, dragged down by metal stocks. The benchmark S&P BSE Sensex closed 192 points, or 0.48 per cent, lower, with YES Bank, IndusInd Bank, Tata Motors, Reliance Industries, and ONGC the top losers. The broader Nifty50 index slipped 53 points, or 0.45 per cent, to 11,789. The market breadth remained in favour of sellers. About 919 stocks declined and 822 advanced on the NSE. On a weekly basis, however, the indices gained with the Sensex closing 0.5 per cent higher and the Nifty climbing 0.6 per cent. Among Nifty sectoral indices, only three closed the day in the green. Nifty Metal, down 1.1 per cent, took the deepest cuts while the Nifty Private Bank index dipped 0.6 per cent. In the broader market, the S&P BSE MidCap index settled 45 points, or 0.3 per cent, lower at 14,808, while the S&P BSE SmallCap index lost 10 points, or 0.07 per cent, to 14,239.. BUZZING STOCKS Shares of Cox & Kings were locked in the 10 per cent lower circuit for the third straight day on Friday to quote at Rs 36 apiece on the BSE after the company defaulted on commercial paper worth Rs 150 crore. Shares of Sadbhav Infrastructure Projects (SIPL) tanked 18 per cent to hit a record low of Rs 59 on the BSE on Friday after Care Ratings downgraded the credit rating of the firm's wholly-owned subsidiary, Rohtak-Hissar Tollway Private Limited (RHTPL), from 'BB+' to 'D'. The stock, however, recovered to Rs 72.60, up 0.8 per cent, by the end of the session. Dewan Housing Finance Corporation Limited (DHFL) shares dipped 11.75 per cent to Rs 72.10 on the BSE on Friday, after the company deferred the release of its March 2019 quarter (Q4) results which were schedueled to be announced on Saturday (June 29) to July 13.

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Trump's 'higher tariff' claim: High on emotion, low on facts

Fri, 28 Jun 2019 06:14:00 GMT

India's "very high" tariffs on US goods are "unacceptable" and must be withdrawn, President Donald Trump demanded Thursday ahead of his crucial meeting with Prime Minister Narendra Modi on the sidelines of the G-20 Summit in Japan which is likely to be dominated by trade frictions. President Trump, championing his 'America First' policy has been a vocal critic of India for levying "tremendously high" duties on US products, has described the country as a "tariff king". "I look forward to speaking with Prime Minister (Narendra) Modi about the fact that India, for years having put very high Tariffs against the United States, just recently increased the Tariffs even further. This is unacceptable and the Tariffs must be withdrawn!" Trump said in a tweet early this morning. Listen to this podcast for more.

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Market Ahead, June 28: All you need to know before the Opening Bell

Fri, 28 Jun 2019 02:32:00 GMT

Investors will, on Friday, keep a keen eye on the two-day G-20 Summit, that begins today, where the US President Donald Trump and Chinese President Xi Jinping are expected to meet amid the ongoing trade tensions. Asian shares were holding gains during the early morning trade on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.02 per cent while Japan’s Nikkei was down 0.28 per cent. On Wall Street, indices ended mixed. The Dow Jones Industrial Average slipped 0.04%. The S&P500 gained 0.38% while the Nasdaq Composite index rallied 0.73%. Trends on SGX Nifty, the Singaporean exchange for Nifty Futures, however, suggest a positive start for the Indian markets. On Thursday, benchmark indices ended marginally lower on June F&O contract expiry. The S&P BSE Sensex dipped 6 points to close at 39,586. The broader Nifty50, too, shed 6 points to end at 11,841. After yesterday’s session, daily charts formed a bearish candle resembling a Shooting Star pattern. The short term trend of Nifty, however, remains positive with range-bound movement Here are the top news that could move the markets today – >> Markets regulator Sebi has tightened norms for Mutual Fund to secure investors >> India’s monsoon rain remains 24% below average this week >> Consumer loans may be the next big concern for NBFCs, says RBI report

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Market Wrap June 27: Sensex, Nifty end marginally lower on F&O expiry day

Thu, 27 Jun 2019 11:24:00 GMT

Benchmark indices ended with marginal cuts on the last day of the June Futures & Options (F&O) series in Thursday's volatile session. The benchmark S&P BSE Sensex was little changed from its previous day's close, up 6 points to 39,586, with Tech Mahindra, HCL Tech, Reliance Industries, ITC, and Infosys the biggest BSE losers. The broader Nifty50 index also dipped 6 points to 11,842. The market breadth, however, was tilted in favour of buyers. About 1,014 stocks advanced and 743 declined on the NSE. In a volatile session, Sensex rose to 39,817 while Nifty reclaimed the 11,900 level but failed to hold the same. The Nifty sectoral indices traded mixed on Thursday. Nifty Realty and Nifty Auto gained the most 1.9 and 1.1 per cent, respectively, while Nifty IT took the deepest cut, down 0.68 per cent. The broader market fared better. The S&P BSE MidCap index settled 54 points, or 0.36 per cent, higher at 14,853, while the S&P BSE SmallCap climbed 75 points, or 0.5 per cent, to 14,249. BUZZING STOCKS Shares of CreditAccess Grameen (CAGL) has surged 8 per cent to Rs 562 on the BSE on Thursday in early morning trade after the company completed a direct assignment of Rs 139 crore on June 26. By the day's end, the stock settled 0.18 per cent higher at Rs 521.10. Shares of Cox & Kings were locked in lower circuit for the second straight day, down 10 per cent at Rs 40 after Brickwork Ratings downgraded credit rating of the company's non convertible debenture issue which highlighted delays in debt reduction and increase in receivables. State Bank of India (SBI) shares rose 1.1 per cent higher at Rs 362.05 on the BSE, after the state-owned lender said its board will consider raising capital additional tier-1 capital.

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Market Ahead, June 27: Top factors that are likely to guide markets today

Thu, 27 Jun 2019 02:34:00 GMT

Early trade in Asia and trends on SGX Nifty, the Singaporean exchange for Nifty Futures, suggest a flat start for the Indian indices. Asian peers were trading flat on Thursday as confusion shrouded after US President Donald Trump said on Wednesday that a trade deal with China was possible this weekend but warned he was prepared to impose higher tariffs on virtually all remaining Chinese imports if talks fail. On Wall Street, the Dow Jones Industrial Average slipped 0.04% during the overnight trade on Wednesday. The S&P500 dipped 0.12% while the Nasdaq gained 0.32%. Back home, Markets ended at a two-week closing high on Wednesday. The benchmark S&P BSE Sensex settled 157 points higher at 39,592 while the broader Nifty50 index closed 51 points higher at 11,848. After yesterday’s session, Index formed a big body bullish candlestick pattern indicating current momentum to continue unless Nifty trades below 11,750 levels. Top news that could move the markets today – >> India adds 5 million new investors in 1 year >> Coca-Cola looks at picking stake in Café Coffee Day >> Nifty is nearing record high but only 15 stocks are bringing in value >> Jet Airways, Reliance Power are among the 34 stocks that will exit F&O segment from June 28

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Market Wrap June 26: Sensex closes 157 pts higher, Nifty near 11,850

Wed, 26 Jun 2019 11:02:00 GMT

Benchmark indices ended higher for the second consecutive session on Wednesday, lifted by gains in metal stocks. The benchmark S&P BSE Sensex settled 157 points, or 0.4 per cent, higher at 39,592, with Vedanta, Powergrid, Sun Pharma, YES Bank, and Tata Steel among the top gainers The broader Nifty50 index also crossed the 11,800-mark and closed the day at 11,848, up 51 points, or 0.43 per cent. About 1,418 shares advanced, 1,051 declined, and 170 remained unchanged on the NSE. All the Nifty sectoral indices except Nifty IT and Nifty FMCG ended with gains, led by Nifty Metal, up 2.7 per cent, and Nifty PSU Bank index, up 1.88 per cent. In the broader market, the S&P BSE MidCap index climbed 117 points, or 0.8 per cent, to 14,792, while the S&P BSE SmallCap was ruling around 14,175, up 66 points, or 0.47 per cent. BUZZING STOCKS Shares of SBI Life Insurance Company hit a 52-week high of Rs 715 per share, up 6 per cent intra-day, on the BSE on Wednesday with heavy buying being seen at the counter in respose to excessive bids being received for stake sale. The stock closed the day 6.17 per cent higher at Rs 716.55. Dewan Housing Finance Corporation (DHFL) shares dipped 9 per cent to Rs 68.70 on the BSE during intra-day trade on Wednesday after the company said it has defaulted on unsecured commercial paper (CP) of Rs 225 crore that matured on Tuesday. The stock, however, recovered to close 5.77 per cent higher at Rs 79.75.

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It's showtime for Pompeo and his 'Modi Hai To Mumkin Hai' confidence

Wed, 26 Jun 2019 06:11:00 GMT

US Secretary of State Mike Pompeo met Prime Minister Narendra Modi on Wednesday and discussed various aspects of the bilateral relationship to strengthen the India-US strategic partnership. Pompeo, who arrived here last night, will hold detailed discussions with External Affairs Minister S Jaishankar in the afternoon and have a working lunch with him. The two sides will hold high-level engagements on matters of mutual interest including bilateral, regional and global issues. Pompeo's visit to India comes in the backdrop of escalating tensions between the US and Iran and trade differences between New Delhi and Washington. Listen to this podcast for more.

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Market Ahead, June 26: All you need to know before the Opening Bell

Wed, 26 Jun 2019 02:35:00 GMT

Indian indices could remain volatile today as investors are expected to roll over their positions ahead of the expiry of June series Futures and Options contract due on Thursday. Markets may further track sluggishness in the global markets. Asian stocks slipped on Wednesday after Federal Reserve chief Jerome Powell said that the central bank was “insulated from political pressures,” pushing back against US President Donald Trump’s demand for a significant rate cut. Japan’s Nikkei retreated 0.6% while South Korea’s KOSPI shed 0.1%. Trends on SGX Nifty, the Singaporean exchange for Nifty Futures also suggested a flat start for the indices with a negative bias. Powell’s comments coupled with uncertainty over US-China trade talks also dragged US indices lower during the overnight trade on Tuesday. The Dow Jones Industrial Average lost 0.6% to settle at 26,548 while S&P500 slipped 0.95% to end at 2,917. The Nasdaq composite index too lost 1.5% to close at 7,885. Back home, the benchmark S&P BSE Sensex, on Tuesday, settled 312 points higher at 39,435 while the broader Nifty50 index settled 97 points higher at 11,796. After yesterday’s session, daily charts showed the formation of a long bull candle from the near support levels of 11,650. Further upwards move is expected with Key resistance levels placed between 11,800 and 11,850 levels for the next 1-2 sessions.

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Market Wrap June 25:Sensex ends 312 pts up, Nifty at 11,796; RIL top gainer

Tue, 25 Jun 2019 11:07:00 GMT

Benchmark indices halted their two-day losing streak to settle 0.8 per cent higher in Tuesday's session, lifted by gains in heavyweights like Reliance Industries and HDFC. The S&P BSE Sensex rose 312 points, or 0.8 per cent, to 39,435, with Reliance, NTPC, Axis Bank, Tata Steel, and Powergrid among the top gainers. The broader Nifty50 index settled 97 points, or 0.83 per cent, higher at 11,796. The market breadth was in favour of buyers. About 911 stocks advanced and 834 shares declined on the NSE. All the Nifty sectoral indices ended the session in the green, with Nifty Metal and Nifty PSU Bank gaining 1.7 and 1 per cent, respectively. In the broader market, the S&P BSE MidCap index added 96 points, or 0.6 per cent, to end at 14,674, while the S&P BSE SmallCap climbed 45 points, or 0.32 per cent, at 14,108. BUZZING STOCKS SBI Life Insurance shares dipped 5 per cent to Rs 674.90 on the BSE on Tuesday, as BNP Paribas Cardif's offer-for-sale (OFS) opened today. The floor price has been fixed at Rs 650 per share. READ MORE Trent shares jumped 2 per cent to hit a new high of Rs 436 apiece on the BSE on Tuesday, extending Monday's rally of 5 per cent, after the company said it was seeking shareholders' approval to allot up to 24.65 million equity shares to Tata Sons. The stok ended the day 1.47 per cent higher at Rs 432.25.

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Market Ahead, June 25: Top factors that are likely to guide markets today

Tue, 25 Jun 2019 02:21:00 GMT

Global cues and early trends of Nifty futures on the Singapore Exchange (SGX) indicate a flat start for the domestic stocks on Tuesday. Stocks in Asia were largely tepid in the early trade, as investors looked toward a meeting between the US President Donald Trump and Chinese President Xi Jinping set to happen later in the week. On Wall Street, US stocks ended mostly lower as losses by healthcare companies overshadowed gains in the technology sector. The Dow Jones Industrial Average rose 0.03 per cent, to 26,728 while the S&P 500 lost 0.17 per cent to settle at 2,945 levels. The Nasdaq Composite dropped 0.32 per cent to close at 8,005.70 levels. In the commodity market, oil prices were steady supported by worries over conflict between Iran and the United States but pressured by concerns about a potential decline in demand for crude. Back home, the benchmark S&P BSE Sensex on Monday settled 72 points lower at 39,123 while the broader Nifty50 dipped 24 points to 11,700. And, now the top market headlines from today's newspaper - Sebi plans to tighten rules of pledging shares by promoter group entities; Number of penny scrips, ie. stocks quoting in single-digits surge over 50 per cent since 2018 while those in high-denominations drop; Loans sanctioned by NBFCs drop 31% in Q4 due to loss of investor confidence; In the primary market, the initial public offer of IndiaMART InterMESH was subscribed 50 per cent on the first day of the offer on June 24. And, now in stocks to watch today, we have SBI Life, steel stocks, ERIS Lifesciences, IFCI.

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BS on Ground podcast: Changed equations and shocks as ICC CWC enters week 3

Mon, 24 Jun 2019 12:52:00 GMT

With the ICC Cricket World Cup 2019 entering its third week, equations have started changing, thanks to some strong performances, a few upsets, and also some heartbreaks. Bangladesh chased down a massive 322-run target against Windies on Shakib Al Hasan's century. Later, they repeated the show against Australia, even more emphatically, but fell short of the target by 49 runs. England scored a mountain of runs against Afghanistan — only three runs shy of the 400-mark — and won easily. But the same side failed to chase a not-so-great target of 233 runs against Sri Lanka, as Lasith Malinga scalped four wickets. Surprisingly, a formidable Indian batting line-up, with greats like Rohit Sharma, Virat Kohli and M S Dhoni faced a reality check, with minnows Afghanistan first restricting them to just 224 runs and then nearly chasing the target. If India were able to save their blushes, they had Jasprit Bumrah’s precision and Mohammed Shami’s last-minute havoc to thank for it. Meanwhile, New Zealand skipper Kane Williamson calmly took his team to victory in crucial matches against South Africa and West Indies, with a century in each match. And, Pakistan got back to winning ways by defeating South Africa on the back of Mohammad Amir's heroics. And then, there was a heartbreaking image whose memory will endure for a long time: A distraught Carlos Brathwaite sitting on ground, almost in tears, after nearly taking West Indies past the target against New Zealand. Windies lost the thriller by just 5 runs Let’s take a look at all this, and what more to expect as the contest intensifies in this BS podcast. Follow the BS on Ground channel on Google Podcast, Apple Podcasts and Spotify for more from the world of sports.

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Market Wrap, June 24: Sensex, Nifty end marginally lower in volatile trade

Mon, 24 Jun 2019 10:29:00 GMT

Benchmark indices closed Monday's session with marginal cuts, dragged down by metal stocks, amid weak global cues and rise in oil price. The benchmark S&P BSE Sensex settled 72 points, or 0.18 per cent, lower at 39,123, with ONGC, Tata Steel, Vedanta, Bajaj-Auto, and Tech Mahindra among the biggest losers. The broader Nifty50 dipped 24 points, or 0.2 per cent, to 11,700. Market breadth remained in favour of declines with NSE advance decline ratio at 2:3. Only two out of the 11 Nifty sectoral indices ended the day in the green, with Nifty Metal, down 1.3 per cent, and Nifty Realty, down 1 per cent, taking the deepest cuts. In the broader market, the S&P BSE MidCap slipped 46 points, or 0.3 per cent, to 14,578, while the S&P BSE SmallCap index slipped 21 points, or 0.15 per cent, to 14,063. BUZZING STOCKS Piramal Enterprises rose 5 per cent to Rs 1,986 on the BSE in early morning trade after a Business Standard report said that Japanese conglomerate SoftBank was in final stages of talks with Piramal group to invest $1 billion. The stock ended the session 3 per cent higher at Rs 1,945.60. Shares of Glenmark Pharmaceuticals hit a 52-week low of Rs 467, down 7 per cent on the BSE in the early morning trade on Monday after the US health regulator USFDA cited deficiencies in the Drug Master File pertaining to one of the active pharmaceutical ingredients (API) and in manufacturing facilities. The stock settled at Rs 460.60, down 7.92 per cent.

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Market Ahead, June 24: All you need to know before the Opening Bell

Mon, 24 Jun 2019 02:21:00 GMT

Heightened tensions between the United States and Iran, Chinese President Xi Jinping's meeting with the US President Donald Trump at the G-20 summit, expiry of June series Futures and Options (F&O) contracts, and May fiscal deficit data would be the key events driving markets this week. The US on Saturday decided to impose further sanctions on Iran after the Gulf country shot down the former’s military drone last week. Back home, the sudden resignation of the Reserve Bank of India (RBI) Deputy Governor Viral Acharya before the scheduled end of his term is likely to be on the investors' radar. Additionally, India’s infrastructure output print, progress in monsoon, foreign fund flow, crude oil prices and rupee movement against the dollar could steer indices. On Friday, the benchmark S&P BSE Sensex crashed 407 points to 39,194 while the broader Nifty50 index settled 108 points lower at 11,724. The rupee fell 14 paise to settle at 69.57 against the US dollar. Global cues Asian shares were trading lower during the early morning trade on Monday. Japan’s Nikkei was trading 0.2 per cent lower while South Korea’s Kospi was down 0.06 per cent. On Wall Street, the indices slipped during the overnight trade on Friday. The Dow Jones Industrial Average settled 34 points lower at 26,719 while the S&P500 closed 4 points lower at 2,950. The Nasdaq shed 20 points to end at 8,032. In the commodities market, oil prices climbed on Monday as tensions remain high between Iran and the US. Brent futures were up 0.6 per cent at $65.57 a barrel by 6:15 am.

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Market Wrap, June 21: Sensex ends 407 pts lower, Nifty below 11,750

Fri, 21 Jun 2019 11:16:00 GMT

Benchmark indices ended lower on Friday, wiping out previous session's gains, amid weakness in auto stocks, as uncertainty around the US-China trade negotiations and rising oil prices outweighed investor euphoria around the US Federal Reserve’s hints at future rate cuts. The benchmark S&P BSE Sensex crashed 407 points, or 1.03 per cent, to 39,194, with YES Bank, Maruti Suzuki, HDFC, Hero MotoCorp, and Sun Pharma leading the list of losers. The broader Nifty50 index settled 108 points lower at 11,724. All the NSE sectoral indices except Nifty PSU Bank finished the session with losses, with Nifty Pharma and Nifty Auto, down 1.46 and 1.22, respectively dipped the most. About 1,157 shares advanced, 1,292 declined, and 167 remained unchanged on the NSE. On a weekly basis, the Sensex closed the week 0.65 per cent lower while the Nifty50 slipped 0.84 per cent. In the broader market, the S&P BSE MidCap index lost 56 points, or 0.3 per cent, to 14,625, while the S&P BSE SmallCap rose 19 points, or 0.14 per cent, to 14,084.. BUZZING STOCKS Aurobindo Pharma shares slipped 8 per cent to Rs 579 on the BSE in early morning trade on Friday after the company received a warning letter from US health regulator for its Unit XI, API (Active Pharmaceutical Ingredients) manufacturing facility in Srikakulam, Andhra Pradesh. The stock ended the day 3.92 per cent lower at Rs 602.35. Sobha stocks dipped 11 per cent to Rs 500 on BSE on Friday after more than four per cent total equity of the real estate developer changed hands via block deals in early morning trade. By the end of the session, the stock was down 7.39 per cent lower to Rs 520.30.

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Market Ahead, June 21: All you need to know before the Opening Bell

Fri, 21 Jun 2019 02:20:00 GMT

Soaring crude oil prices due to tensions between the US and Iran are likely to guide markets on Friday. On Thursday, Tehran shot down a US military drone flying over Strait of Hormuz, souring relations. Moreover, Goods and Services Tax (GST) council meeting, foreign fund flow, rupee value against the US dollar and global cues could affect investors’ sentiment. Additionally, markets may also react to the Reserve Bank of India’s (RBI) comments on slowing economic growth despite tepid inflation revealed in the minutes of its June policy meeting, which was released post-market hours on Thursday. On Thursday, the benchmark S&P BSE Sensex ended at 39,601, with a gain of 489 points while the Nifty50 closed at 11,831, rising 140 points. The rupee ended at 69.44, compared to the previous day’s close of 69.7. GLOBAL CUES Asian stocks struggled on Friday as anxiety over Sino-US trade negotiations clouded the investor mood in the region. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent while Japan’s Nikkei was flat. On Wall Street, indices ended higher on a possible rate cut next month. The Dow Jones added 249 points to settle at 26,753 while the Nasdaq gained 64 points to close at 8,051. The S&P500 rose 28 points to end at a record high of 2,954. In the commodities market, oil prices rose on Friday. Brent crude was up 0.6 per cent at $64.84 a barrel by 6 am.

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Market Wrap, June 20: Sensex zooms 489 pts, Nifty over 11,800

Thu, 20 Jun 2019 11:22:00 GMT

Indian shares recouped early losses to end Thursday's session with over 1 per cent gain as financial stocks, following Fed’s rate-cut hints, offset losses in IT counters triggered by a report of U.S. move to cap H1-B work visas. That apart, reports of monsoon hitting drought hit Maharashtra also boosted sentiment. As per a Reuters report, India’s annual monsoon has covered some parts of the western state of Maharashtra and conditions are becoming favourable for further advancement into the southern part of the country. The benchmark S&P BSE Sensex zoomed 489 points, or 1.25 per cent, to 39,602, with YES Bank, IndusInd Bank, Sun Pharma, Larsen & Toubro, and ICICI Bank leading the list of gainers. Out of the 30 BSE Sensex scrips, only NTPC, ITC, HDFC Bank, and Hindustan Unilever ended Thursday's session with losses. The broader Nifty50 index ended higher. Nifty Pharma gained the most 3.06 per cent, while Nifty Auto and Nifty PSU Bank indices also climbed over 2 per cent each. In the broader market, the S&P BSE MidCap index added 237 points, or 1.6 per cent, to settle at 14,680, while the S&P BSE SmallCap index rose 146 points, or 1.05 per cent, to 14,065. BUZZING STOCKS YES Bank shares tumbled to a double-digit value of Rs 98.75 per share, down 4.6 per cent intra-day, for the first time in almost half a decade as investors’ sentiment eroded due to the bank’s exposure to debt-laden companies. However, the stock ended the day 11 per cent higher at Rs 114.55. Shares of Adani Green rallied 3.66 per cent to Rs 41.10 on Thursday, a day after the company announced that its wholly-owned subsidiary Adani Renewable Energy Park (Gujarat) has bagged 600 MW wind-solar hybrid projects in an auction conducted by state-run Solar Energy Corporation of India (SECI).

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Looking for H-1B visa? Trump all set to make it nearly impossible for you

Thu, 20 Jun 2019 06:38:00 GMT

The United States has told India it is considering caps on H-1B work visas for nations that force foreign companies to store data locally, three sources with knowledge of the matter told Reuters, widening the two countries' row over tariffs and trade. The plan to restrict the popular H-1B visa programme, under which skilled foreign workers are brought to the United States each year, comes days ahead of US Secretary of State Mike Pompeo's visit to New Delhi. Listen to this podcast for more.

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Market Ahead, June 20: Top factors that are likely to guide markets today

Thu, 20 Jun 2019 02:16:00 GMT

US Federal Reserve's decision to keep the interest rates steady will be the biggest factor driving markets on Thursday. On Wednesday, the US central bank held rates in the June policy but signaled rate cuts later in the year. Moreover, markets may further react to the Bank of Japan and the Bank of England's interest rate outcomes due later in the day. Additionally, minutes of the Reserve Bank of India's (RBI) latest policy meeting, slated to be released today, progress in the US-China trade dialogues, foreign fund flow, oil prices and rupee value against the dollar will also steer indices. On Wednesday, the benchmark S&P BSE Sensex closed 66 points higher at 39,113 while the broader Nifty50 ended absolutely flat at 11,691. The rupee inched up 2 paise to end at 69.68 against the US dollar GLOBAL CUES Asian shares were trading higher on Thursday with Japan’s Nikkei ruling 0.33 per cent higher. South Korea’s Kospi was, however, trading 0.08 per cent lower. On Wall Street, the indices inched up during the overnight trade on Wednesday. Dow Jones Industrial Average added 38 points to settle at 26,504 while the S&P500 ended 9 points higher at 2,926. The Nasdaq too gained 33 points to close the session at 7,987. In the commodities market, oil prices rose over 1 per cent on Thursday as official data showed greater than expected fall in the US crude inventories. Brent crude futures had risen 1.3 per cent to $62.64 by 6:00 am.

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Market Wrap, June 19: Sensex ends volatile session with minor gains

Wed, 19 Jun 2019 11:04:00 GMT

Benchmark indices ended Wednesday's volatile session little changed, as the last hour buying offset the sudden fall in benchmark indices. The benchmark S&P BSE Sensex closed at 39,113, up 66 points, or 0.17 per cent, with Tata Steel, Kotak Bank, NTPC, HDFC, and Powergrid pocketing the highest gains. Nifty ended absolutely flat at 11,691. Nifty sectoral indices traded mixed. Nifty Realty gained the most 1.1 per cent, while Nifty Pharma and Nifty Auto, down 1.6 and 1.1 per cent. The broader market underperformed the benchmarks, with the S&P BSE MidCap index settling 100 points, or 0.7 per cent, lower at 14,443, while the S&P BSE SmallCap index tumbled 194 points, or 1.37 per cent, to 13,919. BUZZING STOCKS Shares of Jet Airways (India) hit a fresh all-time low of Rs 28.60, down 29 per cent, in early morning trade on the National Stock Exchange (NSE) on Wednesday ahead of National Company Law Tribunal (NCLT) hearing later in the day on insolvency plea filed by the lenders. The stock ended the day 18 per cent lower at Rs 33.10. Shares of Jain Irrigation Systems (JISL) tanked 22 per cent to Rs 21.25 on the National Stock Exchange (NSE) on Wednesday after rating agency India Ratings and Research (Ind-Ra) downgraded the company’s long-term issuer rating to ‘IND BBB’ from IND A-“ with negative outlook. By the end of the session, the stock had slid to 28.1 per cent lower at Rs 19.70.

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Market Ahead, June 19: All you need to know before the Opening Bell

Wed, 19 Jun 2019 02:16:00 GMT

Hopes of a trade truce between the US and China is likely to guide investor sentiment on Wednesday. In a Twitter post, US President Donald Trump said he "had a very good telephone conversation with President Xi of China" and they will be having an extended meeting next week at the G-20 in Japan. Moreover, investors will keenly await the Fed meet outcome due later in the day. il prices, foreign fund inflow and movement of rupee against the US dollar could also move indices. On Tuesday, the benchmark S&P BSE Sensex rose 86 points to 39,046 while the broader Nifty50 index climbed 19 points to 11,691.5. The rupee Tuesday appreciated by 21 paise to close at 69.70 against the US dollar. GLOBAL CUES Asian share markets jumped on Wednesday as investors hoped that the Federal Reserve would open the door to future rate cuts. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6 per cent while Japan’s Nikkei rose 1.5 per cent. South Korea’s Kospi gained 1.1 per cent. On Wall Street, indices rallied during the overnight trade on Tuesday. The Dow Jones Industrial Average added 353 points to close at 26,465 while the S&P500 gained 28 points to settle at 2,918. The Nasdaq rallied 109 points to end the session at 7,954. In the commodities market, oil prices soared during the morning trade. Brent crude futures were up 0.6 per cent, at $62.48 a barrel by 6:00 am. They rose 2 per cent on Tuesday

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Market Wrap, June 18: Indices snap 4-day losing streak, Sensex up 86 pts

Tue, 18 Jun 2019 11:17:00 GMT

Benchmark indices halted their four-day losing streak to end Tuesday's session higher, lifted by gains in financials and IT stocks. The benchmark S&P BSE Sensex rose 86 points, or 0.2 per cent, higher to 39,046, with Vedanta, Coal India, Power Grid, ICICI Bank, and HCL Tech among the top gainers. Out of the 30 BSE scrips, 20 ended the day in the green. Nearly 966 shares advanced, 1,571 declined, while 124 remained unchanged. The broader Nifty50 index climbed 19 points, or 0.17 per cent, to 11,691.5. Of the 11 Nifty sectoral indices, four ended the session in the red. Nifty IT index gained the highest 0.58 per cent, followed by Nifty Metal index, up 0.5 per cent. In the broader market, the S&P BSE MidCap index ended the day at 11,543, up 12 points, or 0.08 per cent, while the S&P SmallCap index tumbled 60 points, or 0.4 per cent, to 14,113. BUZZING STOCKS Dabur India stocks slid 5 per cent to Rs 382 in morning deals on the BSE on Tuesday after global brokerage firm Goldman Sachs downgraded the stock to 'sell' from ‘neutral’. The stock ended the day 3.23 per cent lower at Rs 387.85. Shares of Jet Airways crashed 41 per cent to Rs 40.45 on Tuesday, after State Bank of India (SBI) - led lenders’ consortium moved National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the airline.

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Encephalitis deaths, Bihar's vulnerability & minister's insensitivity

Tue, 18 Jun 2019 06:45:00 GMT

Six more children died in Bihar's Muzaffarpur district on Monday, taking the toll due to suspected Acute Encephalitis Syndrome (AES) to 103 and prompting the state government to announce a slew of measures to tackle the situation. According to a release issued by the district administration, 18 deaths were reported from the Kejriwal hospital and 85 from the Sri Krishna Medical College and Hospital (SKMCH), where Union Health Minister Harsh Vardhan had visited the patients on Sunday and assured their families of all possible help from the Centre. While doctors have maintained that the deaths occurred due to AES, state officials claimed that most of the victims, below the age of 10, have died due to hypoglycemia -- a condition caused by low level of blood sugar, electrolyte imbalance due to high temperature and extreme humidity. Listen to this podcast for more.

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Market Ahead, June 18: Top factors that are likely to guide markets today

Tue, 18 Jun 2019 02:19:00 GMT

The two-day US Federal Reserve’s monetary policy meeting, which begins today, is likely to be on the investors' radar on Tuesday. Additionally, trade tensions, fears of a confrontation between Iran and the United States, oil prices, movement of rupee against the US dollar, progress in monsoon and funds inflow will also play a key role. On Monday, dampened investment sentiment due to weak monsoon and trade tensions between the US and India dragged benchmark indices to one-month closing low. The S&P BSE Sensex ended at 38,960, down 491 points and the broader Nifty50 closed at 11,672, down 151 points. The rupee depreciated by 11 paise, falling for the third-straight session, to close at 69.91 per US dollar. Global cues Asian peers capped gains on Tuesday, trading cautiously ahead of the Federal Reserve’s interest rate meeting. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 per cent. Australian stocks added 0.1 per cent while Japan’s Nikkei dipped 0.05 per cent. On Wall Street, indices ended higher during the overnight trade on Monday. The Dow Jones Industrial Average added 23 points to close at 26,112 while the S&P500 gained 3 points to settle at 2,890. The Nasdaq too rallied 48 points to end at 7,845. In the commodities market, oil prices gained 0.08 per cent during the early morning trade on Tuesday after dipping 1.7 per cent on Monday on fanning global demand. At 7 am, the Brent Crude futures were trading at $60.99 per barrel.

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Market Wrap, June 17: Sensex tanks 491 points, ends below 39k

Mon, 17 Jun 2019 11:09:00 GMT

Benchmark indices slipped on Monday, dented by losses across sectors, after India slapped higher tariffs on certain US products in retaliation to Washington’s decision to remove certain trade privileges for New Delhi. The government, after dragging its feet for almost a year, decided to increase tariffs on 29 high-value US agricultural and industrial imports by up to 50 per cent. The investor sentiment was further dampened by patchy monsoon and the government’s ability to bolster a slowing economy. The benchmark S&P BSE Sensex ended the day 491 points, or 1.25 per cent, lower at 38,961, with Tata Steel, Tata Motors, ONGC, Vedanta, and Sun Pharma topping the list of losers. Only YES Bank, Coal India, and Infosys out of the 30 BSE constituents ended the session in the green. The broader Nifty50 index dipped 151 points, or 1.28 per cent, to 11,672. All the Nifty sectoral indices closed Monday's session with losses, with Nifty Metal, down 2.87 per cent, and Nifty Auto, down 1.69 per cent, taking the deepest cuts. Moreover, Nifty Bank, Nifty Fin Service, Nifty Pharma, Nifty PSU Bank, and Nifty Private Bank, all dipped over 1 per cent. In the broader market, the S&P BSE MidCap index settled at 14,531, down 190 points, or 1.29 per cent, while the S&P BSE Smallcap index skidded 193 points, or 1.35 per cent, to 14,173. Buzzing stocks Shares of Reliance Infrastructure (RInfra) hit an over 28-year low of Rs 52.70, down 10 per cent on the BSE on Monday in the early morning trade after the auditors raised questions about the company’s ability to continue in business. The stock ended the day 4.72 per cent lower at Rs 56.50. Shriram Transport Finance Company shares dipped 6.54 per cent to Rs 1,014 on the National Stock Exchange (NSE) on Monday after Piramal Enterprises sold its entire 9.96 per cent stake in the company through open market.

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Market Ahead, June 17: All you need to know before the Opening Bell

Mon, 17 Jun 2019 02:18:00 GMT

Trade war will be one of the biggest factors for markets this week. India has raised tariffs on 28 items exported from the US with effect from Sunday in retaliation to America’s withdrawal of preferential access for Indian products from June 5. Additionally, US Federal Reserve’s interest rate decision, and the Reserve Bank of India’s (RBI) minutes of the monetary policy meeting, slated to be announced on Wednesday, June 19 and Thursday, June 20, respectively will remain in focus. Moreover, Current Account Balance data, GST council meeting, progress in monsoon, foreign fund inflow, oil prices, and rupee value against the dollar will also be keenly watched. On Friday, the benchmark S&P BSE Sensex ended 289 points lower at 39,452 while the broader Nifty50 index tumbled 91 points to 11,823. The rupee fell by another 30 paise to close at 69.80. Global cues Stocks in Asia traded lower on Monday tracking weak global cues. Japan’s Nikkei 225 declined 0.25 per cent in early trade while South Korea’s Kospi shed 0.26 per cent. On Wall Street, indices ended Friday’s session lower. The Nasdaq shed 40 points to end at 7,797, the S&P500 lost 5 points to close at 2,887 and the Dow Jones Industrial Average slipped 17 points to settle at 26,090. In the commodities market, oil prices were trading higher in the morning trade on Monday. Brent Crude Futures were trading at $62.25, up 0.39 per cent against Friday’s close.

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ICC Cricket World Cup: India vs Pakistan on 16th, abandoned games, and more

Fri, 14 Jun 2019 12:30:00 GMT

The second week of ICC Cricket World Cup 2019 saw three matches getting washed out and the teams sharing the points. As the tournament is progressing, the points table is getting interesting by the day. New Zealand is sitting comfortably on the top of the table, while Afghanistan are yet to open the account. The rain has played a huge spoilsport. Interesting matches like India vs New Zealand, Pakistan vs Sri Lanka, South Africa vs West Indies, Bangladesh vs Sri Lanka. got washed out. It would have been a good test for New Zealand to face India, while Pakistan and Bangladesh would have fancied their chances against Sri Lanka. India, on the other hand, beat Australia comfortably. However, the team suffered a huge blow as Shikhar Dhawan was ruled out of the World Cup for three weeks because of a broken thumb. Rishabh Pant has been called as his replacement. Another frustrating and controversial thing in the world cup has been the bails. At least four times in this world cup the bails did not dislodge after the ball hit the stumps. There have been various views about it but this will need some looking into. In this BS on Ground podcast, the members of the BS Sports Team discuss India’s match against Pakistan to be played on Sunday and the combination that India can play against them. To listen to our insights on the ICC Cricket World Cup 2019, subscribe to the BS ON GROUND channel on Google Podcast, Spotify and Apple Podcasts.

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Market Wrap, June 14: Last hour sell-off drags Sensex 289 pts lower

Fri, 14 Jun 2019 11:25:00 GMT

A selloff towards the fag end of Friday's session dragged the benchmark indices lower after a range-bound trade for most part of the day. Reliance Industries and banking stocks remained the top drags for the indices with the Bank Nifty dipping 1.17 per cent. The benchmark S&P BSE Sensex ended 289 points, or 0.73 per cent, lower at 39,452, after touching an intra-day low of 39,363. Only five out of the 30 BSE constituents ended the day in the green, with IndusInd, Bharti Airtel, Kotak Bank, Axis Bank, and Tata Motors taking the deepest cuts. The broader Nifty50 index tumbled 91 points to 11,823. About 808 shares advanced, 1686 shares declined, and 144 shares remained unchanged on the NSE. On a weekly basis, both the Sensex and Nifty slipped 0.5 per cent each. All the Nifty sectoral indices ended Friday's session with losses. Nifty Realty, down 2.1 per cent, was among the top losers, while Nifty Bank,Nifty Auto, Nifty FMCG, and Nifty Private Bank, all slipped over 1 per cent. In the broader market, the S&P BSE MidCap index was down 1 per cent to 14,721, while the S&P BSE SmallCap ended the day 110 points, or 0.76 per cent, lower at 14,366. BUZZING STOCKS RITES shares rallied 6.05 per cent to Rs 293.65 on the BSE on Friday after the company said its board will meet on June 24, 2019 to consider bonus issue proposal. Gruh Finance shares slipped 8 per cent to Rs 285 on the BSE in early morning trade after the promoter Housing Development Finance Corporation (HDFC) sold more than 4 per cent of the company's paid-up capital in the open market. However, the stock ended the day 5.4 per cent lower at Rs 291.85.

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Budget 2019: Expectations, likely announcements by Sitharaman on July 5

Fri, 14 Jun 2019 07:21:00 GMT

The Union Budget for 2019-20 is likely to spell out roadmap for banking reforms, including consolidation of the state-owned lenders, with a view to enable the sector to play a pivotal role in pushing India towards USD 5 trillion economy, sources said. The first Budget of Modi 2.0 government is scheduled to be presented on July 5 by Finance Minister Nirmala Sitharaman on the backdrop of India's economy hitting 5-year low growth of 6.8 per cent in 2018-1 Listen to this podcast for more.

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Market Ahead, June 14: All you need to know before the Opening Bell

Fri, 14 Jun 2019 02:06:00 GMT

Wholesale inflation (WPI) print for May, due later in the day, will be keenly awaited by the investors on Friday. Additionally, crude oil prices, rupee value against the US dollar and FII flows are also expected to steer indices. On Thursday, the stock market ended on a flat note. The S&P BSE Sensex closed 15 points lower at 39,741 while the broader Nifty50 settled at 11,914-mark, up just 8 points. The rupee dived 16 paise to close at 69.50 against the US dollar. Global cues Asian stocks held their ground on Friday after Wall Street gained on a surge in oil prices. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. Australian stocks edged up 0.05 per cent while Japan’s Nikkei dipped 0.1 per cent. On Wall Street, the indices ended in the green during the overnight trade on Thursday. The Dow Jones Industrial Average rose 102 points to 26,107, the S&P 500 gained 12 points to 2,892 and the Nasdaq Composite added 44 points to settle at 7,837. In the commodities market, oil prices eased after witnessing a sharp rally on Thursday due to attacks on two oil tankers in the Gulf of Oman. Brent crude futures were down 0.3 per cent at $61.14 a barrel by 6:10 am.

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Market Wrap, June 13: Here's all that happened in the markets today

Thu, 13 Jun 2019 11:22:00 GMT

Markets ended flat on Thursday weighed down by banking and auto stocks. Weak global cues and rising retail inflation too contributed to a lackluster trade. The S&P BSE Sensex closed 15 points or 0.04 per cent lower at 39,741 levels dragged by select blue-chip counters like IndusInd Bank, Reliance Industries, YES Bank and Infosys. While PowerGrid and M&M were the top gainers, YES Bank and IndusInd slipped the most. The broader Nifty50 settled just above the psychological level of 11,900 at 11,914 mark, up 8 points or 0.07 per cent. Among sectoral indices, while public sector banks, metals and IT stocks slid, realty and financial services stocks soared. The S&P BSE Sensex touched an intra-day low of 39,461 levels while the Nifty50 drifted to 11,817 levels during the day before staging a limited recovery. The broader market, S&P BSE Mid Cap settled 49 points lower at 14,873 levels while S&P BSE Small Cap lost 72 points to close at 14,476 levels, taking deeper cuts than benchmark indices. Buzzing stocks Shares of Jet Airways (India) slipped 15 per cent to Rs 93 apiece during the morning deals on Thursday to hit a fresh lifetime low on the BSE and National Stock Exchange (NSE). The fall comes on the back of the exchanges' decision to switch deals on the stock to ‘trade-to-trade’ segment with effect from June 28, 2019 till further notice. Shares of Indiabulls Group companies soared up to 16 per cent from their respective intra-day lows on the BSE on Thursday after Abhay Yadav, the petitioner who had filed a public interest litigation (PIL) against the housing finance major for siphoning off funds worth Rs 98,000 crore, withdrew the writ petition in the Supreme Court.

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Market Wrap, June 12: Sensex snaps 3-day gaining streak, slips 194 pts

Wed, 12 Jun 2019 11:10:00 GMT

Markets ended Wednesday’s choppy session with losses after registering gains for three consecutive days amid selling in banking and financial services counters. Investor sentiment also took a hit on weak global cues. The benchmark S&P BSE Sensex closed at 39,757 levels, down 194 points or 0.48 per cent with Tata Steel and ONGC being the top gainers while YES Bank and Maruti Suzuki were the top stragglers. The market breadth remained in favor of decline with 122 shares advancing and 320 shares slipping. The broader NSE Nifty50 settled at 11,906 levels, down 59 points or 0.5 per cent. While realty stocks took the hardest beating, with the index sliding over 2 per cent, banks, financial services and auto stocks skid over a per cent each. Metal scrips were the only sectoral gainer, rising 0.3 per cent. The S&P BSE Sensex touched an intra-day low of 39,623 levels while the Nifty50 drifted to 11,866 levels during the day before staging a partial recovery. In the broader market, the S&P BSE Midcap settled 118 points lower at 14,922 levels while the BSE Smallcap ended 70 points lower at 14,549 levels. Buzzing stocks Shares of newly-listed Neogen Chemicals hit a new high of Rs 337, up 10 per cent on the BSE in an otherwise weak market on Wednesday. The stock, which got listed on the bourses on May 8, 2019, has rallied 57 per cent against its issue price of Rs 215 per share. The stock finally settled at Rs 364 per share, up 18.48 per cent. Indiabulls Housing Finance dropped out of the club of 100 most valued companies in terms of market capitalisation (market-cap) after a sharp decline in stock price over the past few sessions. The fall comes on the back of reports alleging that the firm has misappropriated Rs 98,000 crore of public money.

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Online fund transfer via RTGS/NEFT made free: All you need to know

Wed, 12 Jun 2019 05:44:00 GMT

The Reserve Bank of India (RBI) on Tuesday directed banks to withdraw the charges levied on the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) transactions with effect from July 1. "The banks are advised to pass on the benefits to their customers for undertaking transactions using the RTGS and the NEFT systems with effect from July 1, 2019," said the RBI in a notification. The directive has been issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007). Listen to this podcast for more.

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Market Ahead, June 12: CPI and IIP nos to be the key triggers on Wednesday

Wed, 12 Jun 2019 02:04:00 GMT

Consumer inflation (CPI) and Industrial Production (IIP) numbers for May and April, respectively will be the key data points that investors will track on Wednesday. Besides, global developments, oil prices and rupee value against the dollar will also be watched. On Tuesday, the benchmark S&P BSE Sensex rose 166 points, or 0.42 per cent, to 39,950 while the broader Nifty50 index added 43 points, or 0.36 per cent, to 11,966. The rupee recovered by 21 paise to 69.44 against the US dollar. GLOBAL CUES Asian share markets got off to a cautious start on Wednesday after US President Donald Trump said he was holding up a trade deal with China till Beijing agrees to four or five major points. MSCI’s broadest index of Asia-Pacific shares outside Japan was up a slim 0.1 per cent while Japan’s Nikkei traded flat. Australian shares were up 0.3 per cent. On Wall Street, the indices settled marginally lower during the overnight trade on Tuesday. The Dow Jones Industrial Average settled 14 points lower at 26,049 while the S&P500 ended at 2,886, down 1 point. The Nasdaq also closed 0.6 points lower at 7,822. In the commodities market, oil prices fell on Wednesday, weighed down by a weaker oil demand outlook and a rise in the US crude inventories. Brent crude futures were down 1.22 per cent at $61.53 a barrel by 6:00 am.

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Market Wrap, June 11: Bank, metal stocks lift Sensex , Nifty over 11,950

Tue, 11 Jun 2019 10:22:00 GMT

Benchmark indices ended higher, lifted by bank and metal stocks, for third consecutive trading session on Tuesday that also saw Sensex and Nifty reclaim the 40,000-mark and 12,000-mark, respectively, during intra-day trade although the indices settled at lower levels by the end. The benchmark S&P BSE Sensex rose 166 points, or 0.42 per cent, to 39,950, with Tata Motors, ONGC, YES Bank, IndusInd Bank, and Vedanta among the top gainers. Only seven out of the 30 BSE constituents ended the day in the red. The broader Nifty50 index added 43 points, or 0.36 per cent, to 11,966. About 1,141 shares advanced, 1,393 declined, and 153 remained unchanged on the NSE. Among Nifty sectoral indices, only Nifty FMCG and Nifty Pharma indices were trading in the red, with Nifty PSU Bank, up 1.69 per cent, leading the list of gainers, followed by Nifty Metal index, up 1.32 per cent. In the broader market, the S&P BSE MidCap index jumped 118 points, or 0.79 per cent, to 15,040, while the S&P BSE SmallCap index rose 34 points, or 0.24 per cent, to 14,619. BUZZING STOCKS Shares of all listed Indiabulls Group companies were under pressure, falling up to 10 per cent on the BSE during the early morning trade on Tuesday after media reports alleged Indiabulls Housing Finance Limited (IHFL) for misappropriating Rs 98,000 crore of public money. Shares of Sterlite Technologies surged 12 per cent to Rs 193 in intraday trade on the BSE on Tuesday on the back of heavy volumes after promoter Twin Star Overseas removed entire pledge on the company's shares. The share ended the day 10.81 per cent higher at Rs 191.75.

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Modi 2.0 'Na Khaunga, Na Khane Dunga' drive takes 12 top taxmen's jobs

Tue, 11 Jun 2019 06:16:00 GMT

The government has dismissed from service 12 senior income tax officers, including one of the ranks of the joint commissioner, on charges of corruption and professional misconduct The government has dismissed from service 12 senior income tax officers, including one of the ranks of the joint commissioner, on charges of corruption and professional misconduct. The list is topped by a Joint Commissioner rank officer against whom there are serious complaints of corruption and extortion from businessmen accused of helping a self-styled godman It also includes an IRS officer in the post of Commissioner (Appeal) in Noida, who was accused of sexual harassment to two lady IRS officers of Commissioner rank. Listen to this podcast for more.

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Market Ahead, June 11: Top factors that are likely to guide markets today

Tue, 11 Jun 2019 02:03:00 GMT

US-China trade war is likely to be on the investors' radar on Tuesday. US President Donald Trump said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with Chinese President Xi Jinping at the G20 summit. Additionally, oil prices, movement of rupee against the US dollar and FII flows will also play a key role. On Monday, the S&P BSE Sensex rose 169 points, or 0.43 per cent, to 39,785 while the broader Nifty50 index added 52 points, or 0.44 per cent, to settle at 11,923. The rupee closed 19 paise lower at 69.65 against the US dollar on Monday. GLOBAL CUES Asian stocks made modest gains on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent. South Korea’s KOSPI added 0.15 per cent and Japan’s Nikkei edged up 0.05 per cent. On Wall Street, indices ended higher after weak US jobs data bolstered hopes of a rate cut from the Federal Reserve. During the overnight trade on Monday, the Dow Jones Industrial Average added 79 points to end at 26,063 while the S&P500 gained 13 points to close at 2,887. The Nasdaq too ended 81 points higher at 7,823. In the commodities market, oil prices stabilised on Tuesday on expectations that producer group OPEC and allies will withhold supply to prevent prices from tumbling.

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Market Ahead, June 10: All you need to know before the Opening Bell

Mon, 10 Jun 2019 02:10:00 GMT

Macro numbers including inflation data for May and industrial production data for April will be the key monitorables for investors this week. While the retail inflation and IIP (index of industrial production) numbers will be released on Wednesday, the wholesale inflation print will be released on Friday. Besides, the liquidity situation in the NBFC sector, progress in monsoon, oil prices, rupee value against the US dollar and global cues will also dominate investor sentiment. On Friday, the S&P BSE Sensex gained 86 points or 0.22 per cent to close at 39,616, while the Nifty50 rose 27 points or0.23 per cent to end at 11,871. The Sensex and Nifty50, however, lost 0.25 per cent and 0.44 per cent, respectively on a weekly basis. The rupee on Friday closed 20 paise weaker at 69.47 per one US dollar against Thursday’s close. Global cues Asian shares traded higher on Monday after the US President Donald Trump backed off his plan to impose tariffs on Mexican goods. Japan’s Nikkei was up 218 points, while South Korea’s Kospi added 5 points. On Wall Street, the Dow Jones added 263 points on Friday to end at 25,984 while the S&P500 closed 30 points higher at 2,873. The Nasdaq gained 126 points to settle at 7,742. In the commodities market, oil prices rose after expectations firmed up regarding supply cuts by OPEC and Russia. Brent crude futures were at $63.71 at 5:45 am, 0.7 per cent above Friday’s close.

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Market Wrap, June 7: Sensex up 86 pts, Nifty at 11,871 in volatile session

Fri, 07 Jun 2019 11:39:00 GMT

Benchmark indices ended Friday's volatile session with marginal gains, lifted by HDFC twins and bank stocks amid weakness in pharma counters. The S&P BSE Sensex rose 86 points, or 0.2 per cent, to 39,616, with IndusInd Bank, Bajaj Finance, Mahindra & Mahindra, State Bank of India, and ICICI Bank being the top gainers. Only 12 of the 30 BSE constituents ended the day in the green. The broader Nifty50 index added 27 points, or 0.23 per cent, to 11,871. About 1058 shares advanced, 1390 shares declined, and 146 shares remained unchanged on the NSE. The Nifty sectoral indices traded mixed, with Nifty Fin Service index gaining the most 0.9 per cent, while the Nifty Pharma index slipped the most 1.2 per cent. In the broader markets, the S&P BSE MidCap index dipped 25 points, or 0.17 per cent, to 14,906, while the S&P BSE SmallCap index was down 16 points , or 0.1 per cent, to 14,657. BUZZING STOCKS Shares of Eros International Media on Friday plunged 20 per cent to hit a new low of Rs 42.50 despite the company's clarification on credit rating downgrade by CARE Ratings, which had cut its long-term loan facilities ratings from 'BBB-' to 'D'. Shares of Manappuram Finance slipped 10 per cent in the intra-day trade to quote Rs 124 apeice on the BSE on Friday after markets regulator, Securities and Exchange Board of India (Sebi), issued notice to five Asset Management Companies (AMCs) alleging insider trading in favour of the company. The stock, however, pared some of its losses later in the day to settle at Rs 131.90, down 4.18 per cent.

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That was IT! Azim Premji, the software czar who believes in joy of giving

Fri, 07 Jun 2019 06:07:00 GMT

It’s the end of a long era at Wipro as Azim Premji, chairman of the software major, calls it a day, handing over charge to his elder son, Rishad, after leading the company for more than 50 years. The Bengaluru-headquartered company on Thursday announced Premji, 75, will step down as executive chairman on July 30. He, however, will continue to be on its board as non-executive director for five years starting from July 31, 2019. He was conferred the title founder chairman of the company. “Rishad Premji, chief strategy officer and member of the board, will take over as the executive chairman of the company (effective July 31),” Wipro said in a statement. Listen to this podcast for more.

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Market Ahead, June 7: All you need to know before the Opening Bell

Fri, 07 Jun 2019 02:32:00 GMT

Fear of contagion looming over India's financial sector after the latest default on interest payments by Dewan Housing Finance Corporation (DHFL) will continue to weigh on investor sentiment on Friday. Additionally, progress in trade dialogues between the United States and Mexico, oil prices and movement of rupee against the US dollar will also play a key role. On Thursday, benchmark indices posted their biggest one-day loss in 2019 despite the monetary policy committee (MPC) of the Reserve Bank of India (RBI) reducing the repo rate by 25 basis points to 5.75 per cent in its June policy meet. The S&P BSE Sensex slipped 554 points to 39,530 while the broader Nifty50 index tumbled 178 points, to 11,844 levels. The rupee closed at 69.27 per US dollar. GLOBAL CUES In Asian markets, MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.04 per cent higher. Japan’s Nikkei firmed 0.3 per cent, but South Korea’s Kospi slipped 0.5 per cent. On Wall Street, the indices ended in the green during the overnight trade on Thursday on optimism that the US and Mexican officials could crack a deal soon. The Dow Jones added 181 points to settle at 25,721 while the S&P500 gained 17 points to close at 2,843 levels. The Nasdaq ended 40 points higher at 7,615. In the commodities market, oil prices moved further away from five-month lows hit earlier this week. Brent crude futures were up 0.8 per cent at $62.17 a barrel by 6:10 am.

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ICC Cricket World Cup: Early observations and India's chances this time

Thu, 06 Jun 2019 14:54:00 GMT

The ICC World Cup 2019 started on a high note, with hosts England handing South Africa not only a defeat but such broken nerves that they have yet to recover fully. As expected, most participating teams had an eventful week. Australia managed to get the better of Afghanistan, but not without a fightback from the newbies. Sri Lanka disappointed with their performance in both of their first two matches. Pakistan crumbled under pressure in their first match but did not take too long to bounce back and show their mettle. India, when they finally began their belated campaign, they beat South Africa to start on a high. Among the main points of discussion this World Cup are bouncy English pitches and limited swing. At the same time, spinners like Yuzvendra Chahal, Adam Zampa and Mohammad Nabi have shown that it's not just about pace this time. Overall, teams like Bangladesh, West Indies, and Afghanistan have stood out in the first week, in spite of favourites England, Australia and India. In this BS on Ground podcast, the members of the BS Sports Team discuss the start of India’s campaign on a winning note, and also dwell on the possibilities in the coming week: A much bigger challenge awaits India as they would play against Australia and New Zealand next week. To listen to our insights on the ICC Cricket World Cup 2019, subscribe to the BS ON GROUND channel on Google Podcast, Spotify and Apple Podcasts.

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Market Wrap, June 6: Sensex tanks 554 pts, biggest one-day fall in 2019

Thu, 06 Jun 2019 11:28:00 GMT

Benchmark indices posted their biggest one-day loss in 2019, dragged down by financials and bank stocks even though the monetary policy committee (MPC) of the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points (bps) to 5.75 per cent in the second bi-monthly monetary policy meet of the financial year 2019-20 (FY20). Financials drop post DHFL crisis, liquidity issues, and trimmed GDP growth projections were among the major factors that dragged the markets lower on Thursday. The benchmark S&P BSE Sensex slipped 554 points, or 1.38 per cent, to 39,530, with IndusInd Bank, Tata Steel, YES Bank, Larsen & Toubro, and State Bank of India were among the top losers. Only eight of the 30 BSE Sensex constituents ended the day in the green. The broader Nifty50 index tumbled 178 points, or 1.48 per cent, to 11,844. All the Nifty sectoral indices ended Thursday's session with losses, led by Nifty PSU Bank, down 4.9 per cent, and followed by Nifty Private Bank, down 2.29 per cent. In the broader market, the S&P BSE MidCap index tumbled 269 points, or 1.77 per cent, to 14,931, while the S&P BSE SmallCap index settled at 14,673, down 238 points, or 1.6 per cent. Buzzing stocks Shares of Dewan Housing Finance Corporation (DHFL) tanked 15.86 per cent to Rs 93.90, hitting an over five-year low on the BSE after rating agencies downgraded its commercial papers (CP), citing delays in debt servicing. The stock was trading at its lowest level since December 23, 2013 on the BSE. Shares of Eros International Media were hammered by heavy selling during the early morning deals on Thursday after ratings company CARE cut its long-term loan facilities ratings from 'BBB-' to 'D'. The stock was locked in the lower circuit of 20 per cent at Rs 53.10 per share on the BSE, which was also its lifetime low.

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Here's how PM Modi is planning to fix India's job, growth problems

Thu, 06 Jun 2019 06:01:00 GMT

With the spectre of slowdown haunting the economy and rising unemployment, Prime Minister Narendra Modi on Wednesday constituted two new Cabinet committees under his chairmanship to spur economic growth and investmentb and employment. The five-member Cabinet Committee on Investment and Growth includes Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Road Transport and Highways and of MSME Minister Nitin Gadkari and Railway Minister Piyush Goyal. Another 10-member Cabinet Committee on Employment and Skill Development has been formed as well. Listen to this podcast for more.

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Market Ahead, June 6: All eyes on RBI MPC meet outcome

Thu, 06 Jun 2019 02:11:00 GMT

The Reserve Bank of India’s (RBI) June monetary policy decision, due later in the day, will be the biggest trigger for markets on Thursday. The RBI is widely expected to reduce the repo rate by 25 basis points (bps), a third in a row. Moreover, oil price, movement of rupee against the US dollar and global developments will also be keenly watched. Markets were shut on Wednesday on account of Eid-ul-Fitr. On Tuesday, the S&P BSE Sensex slipped 184 points to 40,084 levels while the broader Nifty50 index slumped 67 points to 12,022-mark. The rupee settled unchanged at 69.26 against the US dollar. GLOBAL CUES Asian shares got off to a hesitant start on Thursday with MSCI’s broadest index of Asia-Pacific shares outside Japan dipping 0.01 per cent in early trade. Japan’s Nikkei remained flat. On Wall Street, indices ended in the green during the overnight trade on Wednesday. The Dow Jones Industrial Average added 207 points to close at 25,539 levels, while the Nasdaq gained 48 points to settle at 7,575-mark. The S&P500 added 23 points to close at 2,826 levels. In the commodities market, US crude futures sank into a bear market on Wednesday, falling more than 20 per cent below their April peak, as global-growth worries gripped the financial markets. At 6:45 am today, the US WTI was trading at $51.67 a barrel while Brent Crude futures were trading at $60.58 per barrel.

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Market Wrap, June 4: Sensex slips 184 pts, Nifty ends at 12,022

Tue, 04 Jun 2019 11:12:00 GMT

Benchmark indices ended Tuesday's session with losses, weighed down by tech stocks, as investors booked profit after both Sensex and Nifty's close at heady heights in the previous session. The S&P BSE Sensex slipped 184 points, or 0.46 per cent, to 40,084, with Hero MotoCorp, HCL Tech, TCS, Asian Paints, and IndusInd Bank leading the list of losers. Out of the 30 BSE constituents, 16 ended the day in the red. The broader Nifty50 index slumped 67 points to 12,022. The market breadth was in favour of sellers. About 990 stocks declined and 789 shares advanced on the NSE. Among Nifty sectoral indices, only Nifty Metal and Nifty PSU Bank indices ended the day in the green. Nifty IT took the deepest cut, down 1.56 per cent, while Nifty Media and Nifty Pharma also slipped over 1 per cent. In the broader market, the S&P BSE MidCap index dipped 33 points, or 0.2 per cent, to settle at 15,200, while the S&P BSE SmallCap closed at 14,911, down 28 points, or 0.19 per cent. BUZZING STOCKS Shares of GE Power India surged 5 per cent to Rs 930 on the BSE on Tuesday in early morning trade, after the company announced winning a contract worth Rs 738 crore from Aravali Power Company Private Limited. Aravali Power Company Private Limited is a Joint venture company of NTPC, Haryana Power Generation Company and Indraprastha Power Generation Company. The stock ended the day 2.32 per cent higher at Rs 905. Shares of Manappuram Finance hit a new high of Rs 141, up 5 per cent on the BSE in intra-day trade on Tuesday on the back of heavy volumes in an otherwise subdued market before ending the day at Rs 138.90, up 3.43 per cent. Tuesday was the last trading day ahead of the RBI monetary policy outcome on Thursday, as the stock market will be closed on Wednesday on account of Eid-al-Fitr. Two-thirds of 66 economists polled by Reuters expect the MPC to wrap up on Thursday by cutting the repo rate by 25 basis points.

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Market Ahead, June 4: Top factors that are likely to guide markets today

Tue, 04 Jun 2019 02:13:00 GMT

The Reserve Bank of India’s bi-monthly monetary policy meeting, that began on Monday with the decision due on June 6 (Thursday), will be keenly watched by the investors on Tuesday. According to news reports, expectations are that at least a 25 basis points (bps) rate cut can be expected in the June policy. Additionally, movement of rupee against the US dollar, FII inflows, crude oil prices, and global developments will also play a key role. On Monday, benchmark indices S&P BSE Sensex and the Nifty50 settled at their fresh closing peaks of 40,268 and 12,089 levels, respectively. In the intra-day trade, the indices hit their respective lifetime highs of 40,309 and 12,103. The rupee appreciated by 44 paise to 69.26 against the US dollar. Global cues Asian stocks were trading cautiously on Tuesday with Japan’s Nikkei and South Korea’s Kospi losing 0.1 per cent each in the early morning deals. On Wall Street, the Dow Jones Industrial Average added 5 points, during the overnight trade on Monday, to settle at 24,820 while the Nasdaq slipped 120 points to close at 7,333 levels. The S&P500 shed 8 points to end at 2,744 levels. In commodities, oil prices fell amid a global economic slowdown triggering calls in the producer club OPEC for supply cuts to be extended. Brent crude futures were at $60.88 at around 6:00 am, 0.7 per cent below last session’s close.

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Market Wrap, June 3: Sensex ends above 40k-mark for first time

Mon, 03 Jun 2019 11:08:00 GMT

Benchmark indices Sensex and Nifty hit new closing highs on Monday, lifted by gains in heavyweights such as the HDFC twins and Reliance Industries, as fall in crude oil prices and hope of rate cut by the RBI's Monetary Policy Committee (MPC) to arrest growth slowdown lifted investor sentiment. The fourth-quarter growth numbers have forced many analysts to weigh in on a definite rate cut at Thursday’s monetary policy review, a Business Standard report said. The indices also hit their respective fresh all-time highs in intra-day trading, with Sensex touching the 40,308.90 level and Nifty at 12,103.05. The benchmark S&P BSE Sensex closed 553 points higher at 40,268 levels, with Hero MotoCorp, Bajaj Auto, IndusInd Bank, Asian Paints, and Hindustan Unilever leading the list of gainers. Out of the 30 BSE constituents, only ITC, NTPC, and ICICI Bank ended the day in the red. The market breadth, however, was in declines, as out of the 2,769 companies traded on the BSE, 1,193 advanced, 1,416 declined, and 160 remained unchaged. The broader Nifty50 index ended the day 166 points, or 1.39 per cent, higher at 12,089 levels. Among sectoral indices, only Nifty Media ended Monday's session with losses, with Nifty Auto, Nfity Fin Service, Nifty FMCG, Nifty IT, and Nifty Metal, all gaining over 1 per cent. In the broader market, the S&P BSE MidCap index rose 136 points, or 0.9 per cent, to end the day around 15,232 levels, while the S&P BSE SmallCap index gained 71 points, or 0.48 per cent, to settle at 14,938 levels. BUZZING STOCKS Shares of Hero MotoCorp (HMCL) rose 6.01 per cent to Rs 2842.5 on the BSE on Monday after the company reported a 13.5 per cent rise in sales to 652,028 units in May over the previous month. The company had sold 574,366 units in April 2019, it said in a BSE filing. Shares of aviation companies were in focus after they rallied up to nearly 8 per cent on the BSE during the early morning trade on Monday. Heavy volumes of shares were being traded at the bourses after Indian Oil Corporation slashed Aviation Turbine Fuel (ATF) price, which makes up 40 per cent of an airline's cost structure, for the first time in the past five months.

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Market Ahead, June 3: All you need to know before the Opening Bell

Mon, 03 Jun 2019 01:58:00 GMT

The Reserve Bank of India’s (RBI) monetary policy decision, which will be announced on June 6, along with the release of manufacturing and services PMI numbers as well as auto sales figures for May will guide the markets in the holiday-truncated week. Besides, markets are expected to react to weak GDP numbers released on Friday, global trade war concerns, crude oil prices and rupee movement against the US dollar. On Friday, the S&P BSE Sensex ended 118 points lower at 39,714 levels while the broader Nifty50 index finished at 11,923, down 23 points. On a weekly basis, both the indices posted a gain of 0.8 per cent. The rupee closed at Rs 69.69 per US dollar against Thursday’s close of Rs 69.87. GLOBAL CUES Asian share markets slipped to multi-month lows on Monday on mounting trade tensions across the globe. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trade, while Japan’s Nikkei skidded 1.1 per cent to a four-month low. On Wall Street, the Dow Jones fell 355 points during the overnight trade on Friday to close at 24,815 while the S&P500 lost 37 points to end at 2,752 levels. The Nasdaq, too, lost 114 points to end the session at 7,453 levels. In the commodities market, oil prices fell more than 1 per cent on Monday to extend losses of over 3 per cent from Friday. Brent crude futures were at $60.97 at 6:15 am, down 1.7 per cent from last session’s close.

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Market Wrap, May 31: Sensex slips 118 pts, Nifty ends at 11,922

Fri, 31 May 2019 11:16:00 GMT

Benchmark indices ended Friday's session with cuts, dragged down by bank stocks, after giving up the early gains during which they reclaimed the crucial 40,000 and 12,000 levels, respectively. The S&P BSE Sensex ended the day 118 points, or 0.3 per cent, lower at 39,714 levels, with YES Bank, ITC, Vedanta, Mahindra & Mahindra, and NTPC leading the list of losers. The benchmark index slid almost 700 points off day's intra-day high, 40,122, but also staged a recovery to cut the losses. Out of the 30 BSE constituents, 19 ended the session in the red. The broader Nifty50 index finished at 11,923, down 23 points, or 0.19 per cent. On a weekly basis, both Sensex and Nifty posted a gain of 0.8 per cent. NEW GOVERNMENT & PORTFOLIO ALLOCATION Putting rest to all speculation, the President of India on Friday released the portfolio details of new Cabinet, a day after Narendra Modi took oath as the country's 16th Prime Minister. There were expectations that Amit Shah, a seasoned stock broker and a key architect of NDA's victory for the second consecutive time will be handed over reigns of the Finance Ministry. This is after Arun Jaitley expressed his desire to stay away from any role in the new government citing health reasons. However, Nirmala Sitharaman has been appointed the new Finance Minister, while Amit Shah will handle the Home Ministry. BUZZING STOCKS Shares of Hindustan Petroleum Corporation (HPCL) hit a 52-week high of Rs 330, up 4 per cent, before ending the day 2.05 per cent higher at Rs 234.15 on the BSE, lifted by strong earnings in March quarter (Q4FY19) and fall in crude oil prices. In comparison, the S&P BSE Sensex was up 5 per cent during the same period. Coal India shares rallied as much as 4.11 per cent in the morning deals on Friday, a day after the company reported an impressive 362.46 per cent jump in its net profit at Rs 6,024.23 crore for the quarter ended March 31, 2019. The stock ended the session 0.18 per cent higher at Rs 253.35.

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Market Ahead, May 31: All you need to know before the Opening Bell

Fri, 31 May 2019 02:09:00 GMT

The gross domestic product (GDP) numbers for the fourth quarter as well as the financial year 2018-19, which is slated to release later in the day, will be on investors' radar on Friday. Additionally, Q4 results, rupee movement against the US dollar, crude oil prices and other global developments will also be closely tracked. On Thursday, the benchmark S&P BSE Sensex index closed 330 points higher at 39,832 levels while the broader Nifty50 index settled at 11,946 levels with a gain of 85 points. Narendra Modi takes oath as PM for the 2nd time On Thursday, Narendra Modi took oath as the 16th prime minister of India during a swearing-in ceremony at Rashtrapati Bhawan in New Delhi. Along with him, 57 mianisters including 25 cabinet ministers also took the oath. Corporate earnings As many as 11 companies are slated to declare their March quarter numbers today. Global cues Asian shares extended a month-long slide on Friday after US President Donald Trump slapped tariffs on all goods from Mexico. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent while Japan’s Nikkei fell 1.2 per cent in early trade. On Wall Street, the Dow Jones Industrial Average added 43 points to close at 25,170 levels during the overnight trade on Thursday. The S&P500 added 6 points while the Nasdaq gained 20 points to settle at 2,789 and 7,568 levels respectively.

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Market Wrap, May 30: Sensex up 330 pts on F&O expiry day; Nifty at 11,946

Thu, 30 May 2019 10:48:00 GMT

Benchmark indices on Thursday resumed their record closing run after one-day drop on the back of gains made in index heavyweights Reliance Industries and HDFC twins on the expiry day of May series Futures & Options (F&O) contracts. The benchmark S&P BSE Sensex index closed 330 points, or 0.84 per cent, higher, at 39,832 levels, with NTPC, Bharti Airtel, Bajaj Finance, TCS, and YES Bank leading the list of gainers. Out of the 30 BSE constituents, 21 ended the day in the green. The broader Nifty50 index settled at 11,946 levels, with a gain of 85 points, or 0.71 per cent. The market breadth was in favour of buyers. About 877 stocks advanced and 872 shares declined on the NSE. The Nifty sectoral indices traded mixed in the day. Nifty Fin Service Index was the top gainer among the indices, up 1.16 per cent, while Nifty Auto index took the deepest cut, down 0.56 per cent. In the broader market, the S&P BSE MidCap index rose 60 points, or 0.40 per cent, to settle at 15,061, while the S&P BSE SmallCap index finished the day 30 points, or 0.2 per cent, higher at 14,964 levels. BUZZING STOCKS Voltamp Transformers on Thursday rose 12.75 per cent to Rs 1,216.65 on the BSE, supported by the 10 per cent rally after the company recommended a total dividend of Rs 22.50 per share for the year ended March 31, 2019. Shares of Manpasand Beverages continued their downward spiral on Thursday, slipping 9.94 per cent to hit an all-time low of Rs 57.10 per share on the BSE. The stock took the beating after some of its officials, who are under judicial custody following search by the Goods and Services Tax (GST) department, were denied bail. The stock has tanked 48 per cent in the last four trading sessions.

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Modi swearing-in: Raisina Hill gears up for its biggest-ever event

Thu, 30 May 2019 06:59:00 GMT

Prime Minister Narendra Modi on Thursday held a final round of consultations with BJP president Amit Shah and is learnt to have given shape to his council of ministers ahead of the swearing-in ceremony of his new government in the evening. The list of union ministers is likely to be sent to the Rashtrapati Bhavan soon, sources said. Capping a landslide election victory, Modi will take oath along with a new council of ministers for a second term at 7 pm. Modi and Shah have held several rounds of discussions in the last two days ahead of government formation. Sources said Modi government 2.0 is likely to have representation from most allies and showcase the party's newfound strength in different regions. Listen to this podcast for more.

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F&O expiry to US-China trade war, top factors that may drive market today

Thu, 30 May 2019 01:49:00 GMT

The expiry of May series F&O contracts and US-China trade war concerns will be key triggers for indices on Thursday. Q4 results, FII inflow, crude oil prices and the movement of rupee against the US dollar will also be closely tracked. Benchmark indices ended Wednesday's session with losses. The S&P BSE Sensex slipped 248 points, or 0.6 per cent, to settle at 39,502, while the broader Nifty50 index ended the day at 11,861 levels. The rupee settled 14 paise lower at 69.83 per US dollar against Tuesday's close of Rs 69.68. RESULTS CORNER Coal India, ONGC and SAIL are among the 1,267 companies slated to declare their March quarter results for the financial year 2018-19 (FY19) today. GLOBAL CUES Asian stocks were trading with losses on Thursday as rhetoric from Beijing and Washington over trade matters kept alive investor concerns. MSCI’s broadest index of Asia-Pacific shares outside Japan stood little changed while Japan’s Nikkei was down 0.5 per cent and Australian stocks shed 0.66 per cent. US stocks tumbled in the overnight trade. The Dow Jones Industrial Average slipped 221 points to end at 25,126 while the S&P500 lost 19 points to settle at 2,783 levels. The Nasdaq too shed 60 points to close at 7,547 levels. In commodities, oil prices climbed on Thursday after an industry report showed a decline in US crude inventories. Brent crude futures were up 3 cents at $69.48.

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Market Wrap, May 29: Sensex, Nifty snap three-day record closing run

Wed, 29 May 2019 11:17:00 GMT

Benchmark indices ended Wednesday's trading session with losses ahead of the May series futures , thereby breaking the three-day streak when they closed at record high levels, ahead of expiry of May series F&O contracts. Bank, auto, and metal stocks suffered the deepest cuts. The benchmark S&P BSE Sensex index slipped 248 points, or 0.6 per cent, to settle at 39,502, with State Bank of India, Tata Motors, Tata Steel, ICICI Bank, and Maruti Suzuki being the top losers. Only nine out of the 30 BSE constituents ended the day in green. The broader Nifty50 index gave up the 11,900-mark, and finished the day at 11,861 levels. Among Nifty sectoral indices, only Nifty IT managed to stay in the green zone, with Nifty PSU Bank index, down 2.8 per cent, falling the most, followed by Nifty Metal, down 1.9 per cent. In the broader market, the S&P BSE MidCap index slumped 126 points, or 0.8 per cent, to trade around 15,001 levels, while the S&P BSE SmallCap dipped 86 points, or 0.57 per cent, to end at 14,934. BUZZING STOCKS Logistics stocks were in focus in early morning trade on the BSE on Wednesday on the back of heavy volumes amid expectations of earnings improvement. Adani Gas shares hit a new high of Rs 174 before ending the day 2.6 per cent higher at Rs 167.45 on the BSE on the back of strong numbers in March quarter (Q4FY19) results. In comparison, the S&P BSE Sensex was up 0.65 per cent during the same period.

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'TMC exodus in 7 phases': BJP's Mission West Bengal & the story so far

Wed, 29 May 2019 06:19:00 GMT

Three West Bengal MLAs, including BJP leader Mukul Roy's son Subhrangshu Roy, and over 50 municipal councillors, most of them from the Trinamool Congress, joined the saffron party Tuesday as it works to consolidate its position in the state following its impressive show there in Lok Sabha polls. The MLAs who joined the BJP at a press conference are TMC's Tusharkanti Bhattacharya and CPI(M)'s Debendra Nath Roy, besides Roy who was suspended from the state's ruling party for "anti-party" activities after the general elections results were announced. BJP general secretary and its in-charge for the state affairs Kailash Vijaywargiya and Mukul Roy told reporters that more MLAs from the TMC, which is headed by West Bengal Chief Minister Mamata Banerjee, will join the saffron party in the coming days. Listen to this podcast for more.

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Market Ahead, May 29: All you need to know before the Opening Bell

Wed, 29 May 2019 01:55:00 GMT

Weak global cues and expiry of May series F&O contracts (due Thursday) are likely to sway investor sentiment on Wednesday. Additionally, Q4 results, crude oil prices and the movement of rupee against the US dollar will also be closely tracked. Benchmark indices ended Tuesday's session with marginal gains, but at record high levels for the third consecutive session. The S&P BSE Sensex settled 66 points or 0.17 per cent higher at 39,750 while the broader Nifty50 index ended the day at 11,929, up 4 points or 0.03 per cent. The rupee settled 18 paise lower at 69.69 per US dollar against Monday's close of Rs 69.51. RESULTS CORNER Nearly 650 companies including Adani Power, IDFC, and NBFC are slated to declare their March quarter results for the financial year 2018-19 (FY19) today. GLOBAL CUES Asian shares fell on Wednesday amid fears of global economic downturn with US-China trade tensions showing no signs of abating. MSCI’s broadest index of Asia-Pacific shares outside Japan was last down 0.4 per cent while Japan’s Nikkei faltered 1.4 per cent. In the overnight trade, US stocks settled lower. The Dow Jones Industrial Average slipped 237 points to close at 25,349 levels while the S&P500 ended 24 points lower at 2,802 levels. The Nasdaq ended 30 points lower at 7,607 levels. In commodities, oil prices slipped in the early trade. Brent crude futures were at $69.85 at 6:31 am, down 26 cents, or 0.4 per cent, from the last session’s close.

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Market Wrap, May 28: Here's all that happened in the markets today

Tue, 28 May 2019 11:07:00 GMT

Benchmark indices ended Tuesday's volatile session with marginal gains, to close in the green and at record levels for the third consecutive session. The indices were either flat or in the red for majority of the day, but were pulled up by a buying spree in the last half an hour. The S&P BSE Sensex settled 66 points, or 0.17 per cent, higher at 39,750 levels, with YES Bank, Coal India, Infosys, Powergrid, and Vedanta being the top gainers. Out of the 30 BSE constituents, 17 ended the day with losses. The broader index Nifty50 index ended the day at 11,929 levels, up 4 points or 0.03 per cent. The market breadth remained in favour of buyers. About 961 shares advanced and 793 stocks declined on the NSE. Seven Nifty sectoral indices were in the red by the end of today's session. Nifty PSU Bank took the deepest cut, down 0.7 per cent, while Nifty Media and Nifty IT indices gained almost 2 per cent and 1.3 per cent, respectively. In the broader market, the S&P BSE MidCap index was trading 13 points or 0.09 per cent higher at 15,127 while the S&P BSE SmallCap index was trading at 15,020, up 61 points or 0.41 per cent. BUZZING STOCKS Shares of aviation companies were in focus with InterGlobe Aviation, the operator of IndiGo, hitting a new high of Rs 1,716, up 3 per cent, on the BSE in Tuesday's early morning trade, after its quarterly profit surged five-fold in March quarter (Q4FY19). However, the stock ended the session with losses, down 0.2 per cent at Rs 1,659.10. Shares of Natco Pharma hit a new low of Rs 482, down 8 per cent on the BSE in early morning trade, after the company reported a decline in net profit for the second consecutive quarter, due to lower revenue growth The stock, however, recovered the losses to finish with 1 per cent gain at Rs 530.50

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Rahul Gandhi's resignation reports and the search for 'suitable successor'

Tue, 28 May 2019 06:16:00 GMT

A crucial meeting of the Congress Working Committee (CWC) on Saturday unanimously rejected Rahul Gandhi’s offer to resign as party president after the Lok Sabha poll debacle and authorised him to overhaul and restructure the party at all levels. The meeting deliberated on the reasons behind the Congress’s defeat in the elections for four hours with various leaders, urging Rahul Gandhi to continue to provide leadership to the party. According to latest media reports, Congress President Rahul Gandhi continues to insist on quitting as party chief. Listen to this podcast for more.

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Market Ahead: Q4 nos to F&O expiry, top factors that may drive market today

Tue, 28 May 2019 02:00:00 GMT

March quarter results will keep the investors busy on Tuesday as over 380 companies are slated to unveil their earnings today. Moreover, trading is expected to be volatile ahead of the expiry of May series F&O contracts (due Thursday). Additionally, movement of rupee against the US dollar, oil prices and global developments are also expected to be keenly watched. Benchmark indices finished Monday's session at a record closing high with the S&P BSE Sensex settling 249 points higher at 39,683 levels. The broader Nifty50 broke past the 11,900-mark to end the day at 11,925, up 81 points. The rupee on Monday closed at 69.50 per US dollar against Friday’s close of 69.52. RESULTS CORNER Sun Pharma, Punjab National Bank, SpiceJet, and IRCON International are among the prominent names that are scheduled to declare their Q4FY19 numbers today. GLOBAL CUES Asian shares were mostly up in the early trade on Tuesday, tracking gains in European shares. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.07 per cent while Japan’s Nikkei stock index gained 0.41 per cent. Wall Street was shut on Monday on account of Memorial Day. In commodity markets, oil prices were mixed, pressured by a weakening economy, especially in China.

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Market Wrap, May 27: Sensex gains 249 points, Nifty at 11,925

Mon, 27 May 2019 11:14:00 GMT

Benchmark indices finished Monday's session at a record closing high, lifted by HDFC twins and Larsen & Toubro. The S&P BSE Sensex settled 249 points, or 0.6 per cent, higher at 39,683, with Tata Steel, YES Bank, NTPC, Larsen & Toubro, and Axis Bank among the top gainers. Out of the 30 BSE constituents, 12 ended in the red. The broader Nifty50 broke past the 11,900-mark to end the day at 11,925, up 81 points, or 0.68 per cent. The market breadth was tilted in favour of buyers. About 1,331 stocks gained and 470 shares declined on the NSE. Among sectoral indices, eight of the 11 indices finished the session in the green, with Nifty Metal, Nifty Realty and Nifty PSU Bank, all rising over 2 per cent. The broader markets fared even better. The S&P BSE MidCap index gained 1.1 per cent or 169 points to settle at 15,114 levels, while the S&P BSE SmallCap index rose 260 points, or 1.8 per cent, to finish at 14,959. BUZZING STOCKS Manpasand Beverages (MBL) shares were on Monday locked in lower circuit, down 20 per cent at Rs 88, on the BSE, with huge sell orders on the counter, after the company’s top management was arrested in a Rs 40 crore Goods and Services Tax (GST) fraud case. Lupin shares slipped 2.5 per cent to Rs 744.10 on the BSE after the US health regulator classified the inspection of the company's Goa facility as Official Action Indicated (OAI).

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ICC Cricket World Cup 2019: Who are the favourites?

Mon, 27 May 2019 08:51:00 GMT

The General Election is behind us and India can now focus on what is really important, the ICC Cricket World Cup 2019. India last won the trophy in 2011. Can it bring it back home? Who are the favourites this world cup and who are the players to watch out for. In the latest episode of BS On Ground, host Ankur Bhardwaj puts these questions to feature writer, Dhruv Munjal. Tune-in to the podcast for the details. Subscribe to Business Standard On Ground and Business Standard podcasts on Spotify, Google Podcasts or Apple Podcasts for the latest from the world of sports, economy, business, markets or politics.

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Market Ahead, May 27: All you need to know before the Opening Bell

Mon, 27 May 2019 03:14:00 GMT

As the election-related uncertainties are over, investors will now shift their focus to the Union Cabinet formation that is expected to take place this week. Additionally, the next batch of corporate earnings, GDP growth data, movement of rupee against US dollar, and global cues will guide the markets this week. Last week, markets celebrated the return of Narendra Modi govt with the benchmark indices and Bank Nifty touching all-time highs. The S&P BSE Sensex crossed 40,000 for the first time ever and Nifty crossed 12,000 in intraday. On a weekly basis, Sensex and Nifty rallied nearly 4 per cent each and ended at record closing highs of 39,435 and 11,844, respectively. Corporate earnings Close to 2,500 companies will announce their Q4 earnings this week, These include Punjab National Bank, Adani Ports, InterGlobe Aviation (IndiGo), SpiceJet, BHEL Global cues Asian stocks edged up early in the early trade on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1 per cent with Japan’s Nikkei climbing 0.2 per cent. On Wall Street, US stocks ended up to 0.3 per cent higher. The Dow Jones gained 95 points to close at 25,586 while the S&P500 ended 4 points higher at 2,826 levels. The Nasdaq closed 9 points higher at 7,637. Commodities In commodities, oil prices rose today as ongoing supply cuts kept markets relatively tight.

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Return of PM Modi: What is the economic challenge for his new government?

Mon, 27 May 2019 01:54:00 GMT

Prime Minister Narendra Modi is back in the saddle with an even bigger mandate. With the political challenge taken care of - at least in the short term - will the new governement embark on the path of factor market reforms? Will disinvestment be a major theme for the new government with PSUs being privatised? Are Income Tax rates going to be revised or will fiscal maths prevent that from happening? Will the much contested Goods and Services Tax see some tweaks now? Are rising crude prices a threat for the economy? Is the US-China trade war a major challenge for the new government? Host Ankur Bhardwaj puts these questions to A K Bhattacharya. Tune-in to this podcast to find the answers

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The Chessboard - Ep 8: When Narendra Modi changed Indian politics forever

Fri, 24 May 2019 12:08:00 GMT

Prime Minister Narendra Modi-led BJP stormed to a majority once again in General Election 2019. The results declared on Thursday, 23 May show complete decimation of the Congress-led UPA. The BJP increased its seats from 282 in 2014 to more than 300 this time. The NDA total exceeds 350, nearly two-thirds majority in the Lok Sabha. The Congress-led UPA won less than 100 seats. Rahul Gandhi, Congress president, lost from his family’s pocket borough of Amethi. He was beaten by BJP’s Smriti Irani. The BJP defied all expectations and swept nearly all of Hindi speaking India. It made big inroads into West Bengal with a staggering 40% vote share. It increased its seats even in south India. Host Ankur Bhardwaj is joined by Business Standard’s Political Editors, Aditi Phadnis and Archis Mohan who try to make sense of the mandate. Tune in to listen to the discussion. For more exciting news and insights from the world of politics, follow The Chessboard by subscribing to the Business Standard channel on Spotify and Google Podcast.

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Market Wrap, May 24: Indices end at record closing highs; Sensex up 623 pts

Fri, 24 May 2019 11:09:00 GMT

The benchmark indices ending Friday's session at record closing highs, after investors' optimism was boosted by Narendra Modi-led National Democratic Alliance (NDA's) return to power the previous day. While the gains were across the board, bank stocks and financials made the highest contribution to the indices' rise. The S&P BSE Sensex ended the day 623 points, or 1.6 per cent, higher at 39,435, with ICICI Bank, Larsen & Toubro, Bharti Airtel, Vedanta, and Tata Motors leading the list of gainers. Oout of the 30 BSE constituents, only Hindustan Unilever and NTPC ended the day in the red. The broader Nifty50 index rose 187 points to settle at 11,844. About 1823 shares advanced, while 676 declined, and 150 shares remained unchanged on the NSE. This was the benchmark indices' biggest weekly gain in 2019. India VIX, a measure of voltality in Nifty, slipped 40 per cent in the last two days, registering its biggest 2-day fall in five years. In the broader market, the S&P BSE MidCap index jumped 295 points, or 2 per cent, to hover at 14,945 levels, while the S&P BSE SmallCap closed at 14,670 levels, up 347 points, or 2.4 per cent. All the Nifty sectoral indices ended the day with gains, with Nifty PSU Bank gaining the maximum 5.6 per cent, while Nifty Realty also rose 4.4 per cent. BUZZING STOCKS Shares of JMC Projects (India) surged 15 per cent to Rs 136 apiece in the opening trade on the BSE on Friday after the company secured new orders worth of Rs 616 crore for residential and commercial projects in South India. KEI Industries traded higher for the fifth straight day, up 5.6 per cent at Rs 491.95 on the BSE on Friday, after the company reported a strong operational performance in the March quarter (Q4FY19).

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Market Ahead, May 24: Top factors that are likely to guide markets today

Fri, 24 May 2019 02:07:00 GMT

Sentiment around Narendra Modi led-National Democratic Alliance (NDA)’s win in the 2019 Lok Sabha elections will continue to influence markets on Friday. On Thursday, the NDA stumped the opposition by winning 350 of 543 seats. Apart from this, the next batch of March quarter results, crude oil prices, movement of rupee against the US dollar and trade tensions between the US and China will also be on the investors' radar. MARKETS ON THURSDAY NDA’s return supported the markets to hit record highs in the intra-day trade on Thursday with the BSE S&P Sensex surpassing 40,000 levels and the broader Nifty50 scaling 12,000-mark. The indices, however, closed at 38,811 and 11,657 levels, slipping 299 and 81 points, respectively. The rupee closed at Rs 70.02 per US dollar, down 36 paise. CORPORATE RESULTS About 170 companies are slated to announce their Q4 numbers today including Ashok Leyland, Bata, and Indraprastha Gas. GLOBAL CUES Asian shares were near four-month low on weak global cues. MSCI's broadest index of Asia-Pacific shares outside Japan stood flat, down 0.9 per cent so far in the week. On Wall Street, the Dow Jones Industrial Average fell 286 points to close at 25,490 levels while the S&P 500 lost 34 points to settle at 2,822 levels during the overnight trade on Thursday. The Nasdaq dropped 123 points to settle at 7628 levels. In commodities, oil prices stabilised amid OPEC supply cuts and tensions in the Middle East.

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Market Wrap: Sensex plunges 1,313 pts from record high on profit booking

Thu, 23 May 2019 10:57:00 GMT

Benchmark indices tumbled over 1,000 points from its intraday high as investors booked profits at higher levels that saw Sensex and Nifty hitting 40,000 and 12,000 levels, respectively, over optimism surrounding the National Democratic Alliance (NDA's) likely return to power after the 2019 Lok Sabha election. The S&P BSE Sensex hit the 40,000 mark on Thursday, after trends showed Narendra Modi - led National Democratic Alliance (NDA) sweeping to power in the Lok Sabha elections 2019. While most experts had predicted Modi-led NDA to come back to power for the second consecutive term, markets, they said, had been discounting this. The S&P BSE Sensex slipped almost 299 points, or 0.7 per cent, at 38,811 levels, with Vedanta Limited, ITC, Tata Motors, HDFC Bank, Bajaj Finance, leading the list of losers. Out of the 30 BSE constituents, 16 ended in the red. The broader Nifty50 index dipped 0.7 per cent to end the day at 11,657 levels. Sectorally, all the indices on NSE, except Nifty Media and Realty, settled lower at the day's end, with Nifty FMCG bleeding the most 1.7 per cent, followed by Nifty Metal 1.48 per cent. The Nifty Bank index, which hit 31,000-level earlier in the day, dipped 118 points to 30,409 levels. In the broader market, the S&P BSE MidCap index dropped 21 points, or 0.15 per cent, at 14,650 levels, while the S&P BSE SmallCap index concluded the day 16 points, or 0.11 per cent, lower at 14,353 levels. BUZZING STOCKS IndusInd Bank shares surged 8 per cent to Rs 1,640 in early trade on Thursday on the BSE before ending the day 5 per cent higher on expectation that the bank would return to normalcy in terms of earnings momentum after the entire exposure to IL&FS was classified as non-performing asset (NPA) in the fourth quarter of fiscal 2018-19 (Q4FY19). Shares of Adani Group companies surged up to 14 per cent intra-day on the BSE on Thursday as trends showed the Narendra Modi-led National Democratic Alliance (NDA) leading the vote counts for the 2019 Lok Sabha election.

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Market Wrap, May 22: Sensex holds 39k ahead of Lok Sabha poll result

Wed, 22 May 2019 11:13:00 GMT

Benchmark indices ended Wednesday's session with minor gains amid volatile trade as investors turned cautious on the eve of the Lok Sabha 2019 election outcome. After hitting an intra-day high of 39,249.08, Sensex finally settled 140 points, or 0.36 per cent higher at 39,110 while Nifty50 ended the day at 11,738, up 29 points or 0.25 per cent. India VIX, a gauge of voltality on the NSE, touched a 4-year high of 30.18 in intra-day deals. IndusInd, Sun Pharma, Bajaj Auto, Bharti Airtel, and Coal India were the BSE's top gainers. Out of the 30 constituents, 25 ended in the green. The market breadth remained in favour of buyers. About 969 stocks advanced and 770 shares declined on the NSE. Only three out of the 11 Nifty sectoral indices ended the day in red, with Nifty Private Bank registering the maximum gain of 0.8 per cent while Nifty Bank rose 0.7 per cent. In the broader market, the S&P BSE MidCap index dipped 24 points, or 0.2 per cent, to settle at 14,672, while the S&P BSE SmallCap rose 77 points, or 0.5 per cent, to end the day at 14,369. BUZZING STOCKS Dewan Housing Finance Corporation (DHFL) plunged as much as 18 per cent to Rs 107 in the early trade on Wednesday on the BSE after the non-banking finance company (NBFC) stopped accepting fresh public deposits and renewals of existing deposits. The stock, however, pared some losses to end the day 12 points, or 9.4 per cent lower, at Rs 117.65. Shares of Jet Airways (India) rallied 5 per cent to Rs 158.55 apiece on the BSE on Wednesday on the back of heavy volumes being traded on the hopes of the airline's revivial. The share has surged 32 per cent so far in this week.

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Market Ahead, May 22: All you need to know before the Opening Bell

Wed, 22 May 2019 01:48:00 GMT

Lok Sabha 2019 election result, which is slated to be declared tomorrow (May 23), will continue to sway investor sentiment on Wednesday. Besides, March quarter results, movement of rupee against the US dollar, crude oil prices, and other global developments will also be closely tracked. Profit-booking during the last trading hour on Tuesday dragged the benchmark indices lower by over 1 per cent. The S&P BSE Sensex ended the day 383 points down at 38,970 while the broader Nifty50 index slipped 119 points to close at 11,709. CORPORATE EARNINGS Bank of Baroda, Ashoka Buildcon, and Cipla are scheduled to declare their Q4FY19 results today along with 135 other companies. GLOBAL CUES Asian stocks were off to a tepid start on Wednesday with MSCI’s broadest index of Asia-Pacific shares outside losing about 0.15 per cent in trade. South Korea’s KOSPI fell 0.45 per cent while Japan’s Nikkei edged up 0.05 per cent. On Wall Street, the Dow Jones added 197 points to close at 25,877 levels, while the S&P500 inched up 24 points to end at 2,864 levels. The Nasdaq, too, gained about 83 points to end at 7,786 levels. In commodities, oil prices eased on Saudi Arabia’s assurance that it would keep the supply balanced. Brent crude futures were down 0.5 per cent at $71.81 a barrel at around 6 am.

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Market Wrap, May 21: Sensex down 383 pts, Nifty at 11,709 in volatile trade

Tue, 21 May 2019 11:11:00 GMT

Benchmark indices ended around 1 per cent lower on Tuesday as the previous day's exit poll euphoria gave way to profit-booking by investors, including in some index heavweights. The indices hit a record-high at opening, with the S&P BSE Sensex touching the 39,571.73-mark while Nifty reached 11,883.55 levels, before trimming gains in a volatile session that saw India VIX rise over 8 per cent. The S&P BSE Sensex ended the day 383 points lower at 38,970, with Tata Motors, Maruti Suzuki, IndusInd Bank, Mahindra & Mahindra, and Bharti Airtel emerging as the top losers. Only three out of the 30 constituents of BSE ended the day in the green. The broader Nifty50 also slipped 119 points to settle at 11,709. The market breadth remained in the favour of sellers with about 1,145 stocks declining and 609 stocks advancing on the NSE. All the sectoral indices ended the day in red, with Nifty Auto and Nifty Media taking the biggest hits, down 2.52 per cent and 2.32 per cent, respectively. In the broader market, the S&P BSE MidCap index lost 0.84 per cent, or 124 points, to settle at 14,695, while the S&P BSE SmallCap index dipped 88 points, or 0.61 per cent, to rule at 14,293. BUZZING STOCKS Bajaj Finance entered the elite club of companies with a market capitalisation (market-cap) of Rs 2 trillion after the company's stock price hit a new high on the BSE in intra-day trade on Tuesday. The stock hit a new high of Rs 3,485, up 2.3 per cent on the BSE. At 09:53 am; Bajaj Finance's market-cap stood at Rs 2.01 trillion, the exchange data shows. Torrent Pharmaceuticals shares slipped 8 per cent to Rs 1,525 on the BSE in the early morning trade on Tuesday after it reported a consolidated net loss of Rs 152 crore in March quarter (Q4FY19). The drug firm had posted a consolidated profit of Rs 228 crore in the year-ago quarter

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Will Google's decision to suspend business with Huawei affect your device?

Tue, 21 May 2019 06:12:00 GMT

US internet giant Google, whose Android mobile operating system powers most of the world's smartphones, said on Sunday it was beginning to cut ties with China's Huawei, which Washington considers a national security threat. In the midst of a trade war with Beijing, President Donald Trump has barred US companies from engaging in telecommunications trade with foreign companies said to threaten American national security. The measure targets Huawei, a Chinese telecoms giant in Washington's sights, that is listed by the Commerce Department among firms with which American companies can only engage in trade after obtaining the green light from the authorities. The ban includes technology sharing. Listen to this podcast for more.

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Market Ahead, May 21: Top factors that are likely to guide markets today

Tue, 21 May 2019 01:57:00 GMT

The optimism that ruling Bharatiya Janata Party (BJP) is set to come to power again in the 2019 Lok Sabha elections will continue to dominate investor sentiment on Tuesday. However, weak global cues such as escalating trade tensions between the US and China and volatile crude oil prices may dent positive sentiment. Besides, March quarter earnings and the movement of rupee against the US dollar will also play a key role. On Monday, the S&P BSE Sensex ended the day 1,422 points higher at 39,352 levels while the broader Nifty50 gained 421 points to settle at 11,828. The rupee closed at Rs 69.74 a dollar. Corporate earnings About 97 companies are scheduled to announce their Q4FY19 results today including Tech Mahindra, DLF, Cochin Shipyard, and Jindal Steel and Power. Global Cues Asian stocks were trading near four-month low on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early trade with Japan’s Nikkei trading 0.5 per cent lower. On Wall Street, the Dow Jones fell 84 points to 25,680 levels while the S&P500 fell 19 points to end at 2,840 levels. The Nasdaq, too, shed 114 points to close at 7,702. In commodities, oil prices inched up on Tuesday as tensions between the US and Iran escalated. Brent crude futures were at $72.07 per barrel at 6:00 am up 0.1 per cent from their last close.

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Market Wrap, May 20: Sensex up 1,422 pts, most in 10 years; Nifty at 11,828

Mon, 20 May 2019 11:17:00 GMT

Benchmark indices ended Monday's session at record closing high, surging almost 4 per cent, a day after exit polls predicted the return of the Narendra Modi-led National Democratic Alliance (NDA) to power. In the process, the S&P BSE Sensex reclaimed the 39,000-mark, while the Nifty Bank posted its biggest one-day gain. The S&P BSE Sensex ended the day 3.75 per cent, or 1,422 points, higher at 39,352 levels, with State Bank of India, YES Bank, IndusInd Bank, Larsen & Toubro, and YES Bank leading the list of gainers. Infosys and Bajaj Auto, however, settled in the red. The market breadth remained in favour of buyers as 2,018 stocks advanced and 611 declined, The broader Nifty50 gained 421 points, or 3.7 per cent, to settle at 11,828. BIGGEST GAIN POST EXIT POLLS SINCE 1999 Monday's gain is also the biggest gain for the benchmark indices after exit poll results since the 1999 Lok Sabha elections. On the previous exit poll day -- May 13, 2014 -- the S&P BSE Sensex and Nifty50 were up 2.4 per cent each. Polling for the seventh and final phase of Lok Sabha (LS) elections 2019 ended on Sunday evening, with most exit polls predicting the Bharatiya Janata Party’s (BJP’s) phir ek baar Modi sarkar, or ‘once more Modi government’ slogan likely to get vindicated on the counting day on Thursday (May 23). All the Nifty sectoral indices remained in the green, with the Nifty PSU Bank index gaining the highest 7.9 per cent while the rest were up 0.6 to 5.7 per cent. In the broader market, the S&P BSE MidCap index gained 493 points, or 3.57 per cent, to end at 14,819, while the S&P BSE SmallCap index was up 3.6 per cent, or 493 points, higher at 14,381. BUZZING STOCKS Shares of Adani Group companies surged up to 17 per cent intra-day on the BSE on Monday supported by heavy buy volumes after exit polls predicted the Bharatiya Janta Party (BJP)-led National Democratic Alliance (NDA) to form government on May 23. Shares of public sector banks were on a roll with Nifty PSU Bank index surging 7 per cent intra-day on the National Stock Exchange (NSE) amid expectations that the ruling National Democratic Alliance (NDA) may retain power at the Centre. Indian Bank, Bank of Baroda, Bank of India (BOI), Canara Bank, Allahabad Bank and Syndicate Bank were up more than 7 per cent each on the NSE.

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Exit polls go beyond Modi wave, predict 'TsuNaMo': A 4-minute wrap-up

Mon, 20 May 2019 05:10:00 GMT

Most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls with varying numbers as the seven-phase polling in the general elections ended Sunday Two exit polls telecast by Times Now gave the NDA 296 and 306 seats, while they projected 126 and 132 for the Congress-led UPA The CVoter-Republic exit poll has forecast 287 and 128 seats for the NDA and UPA respectively However, Neta-News X predicted that the National Democratic Alliance could fall short of the majority and win 242 seats. It gave the UPA 164 seats Elections to 542 seats of the Lok Sabha ended Sunday. The majority mark is 272 An exit poll on News 18 forecast that the NDA will win 292-312 seats while it gave 62-72 seats for the UPA Many exit polls predicted that SP-BSP alliance in Uttar Pradesh is likely to trump the BJP in the country's politically most crucial state. The BJP had won 71 and its ally Apna Dal two of its 80 seats in 2014 The saffron alliance may not touch even half way mark of 40 in Uttar Pradesh this time, some exit polls said. The counting of votes will take place on May 23. Listen to this podcast for more.

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Market Ahead, May 20: All you need to know before the Opening Bell

Mon, 20 May 2019 02:18:00 GMT

Lok Sabha 2019 election results will be the biggest trigger for the markets this week. On Sunday, most exit polls showed Prime Minister Narendra Modi is likely to return to power after a mammoth general election that ended yesterday. Markets are expected to react to the exit polls when the trading resumes on Monday. Counting of votes will begin on May 23. Apart from this, March quarter earnings, crude oil prices, and US-China trade dialogues will also dominate investor sentiment. On Friday, the benchmark S&P BSE Sensex ended 537 points or 1.24 per cent higher at 37,931, while broader Nifty50 ended at 11,407 mark, up 150 points or 1.13 per cent. The rupee closed at Rs 70.22 per US dollar, depreciating 31 paise on a weekly basis. Corporate earnings About 658 companies are scheduled to declare their Q4FY19 numbers this week including BPCL, HPCL, Tata Motors and Tech Mahindra. Global cues Asian equities rose from a five-month low during early trade on Monday. Japan’s Nikkei index was up 0.34 per cent while South Korea’s Kospi index advanced 0.57 per cent. On Friday, US shares ended lower. The Dow Jones was down 0.38 per cent to end at 25,764 while the S&P500 slipped 0.58 per cent to close at 2,860. The Nasdaq was down 1.04 per cent to close at 7,816 levels. Oil prices jumped by 1 per cent on Monday after Saudi Energy Minister Khalid al-Falih indicated that oil producing countries would continue to limit supplies. Brent crude futures were at $72.98 a barrel around 5:30 am, up 1.1 per cent, from their last close.

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Market Wrap, May 17: Sensex up 537 pts; Nifty over 11,400

Fri, 17 May 2019 11:27:00 GMT

Sensex and Nifty surged on the final day of a volatile week on Friday with both the benchmark indices gaining over a per cent each ahead of exit polls outcome on Sunday. The benchmark Sensex zoomed almost 1.5 per cent, up 537 points, to close at 37,931, with Bajaj Finance, Hero MotoCorp, Maruti Suzuki India, Kotak Bank, and Bajaj Auto registering the biggest gains. Market breadth remained in favour of buyers with the advance-decline ratio at 3:2. Kotak Mahindra, ICICI Bank, HDFC twins, and ITC were the biggest contributors in Sensex's march to the north. The broader Nifty50 also surged 1.33 per cent, or 150 points, to end the day at 11,407. About 1,029 stocks advanced and 723 shares declined on National Stock Exchange. Among sectoral indices, only three indices remained in the red, with Nifty Media gaining the highest 3.53 per cent. Nifty Bank, Nifty Auto, Nifty Finance Service, Nifty FMCG and Nifty Private Bank all rose more than 2 per cent. In the broader market, the S&P BSE MidCap gained 153 points, or 1.08 per cent, at 14,308.36, while the S&P BSE SmallCap also rose 70 points, or 0.51 per cent, at 13,887. Bajaj Finance shares hit a fresh all-time high of Rs 3,262, up 5 per cent, in early morning trade on the BSE on Friday after the company reported a better-than-expected profit and net interest income (NII) in March quarter. Aurobindo Pharma shares fell 6 per cent to Rs 682 in early morning trade on the BSE on Friday after the drug firm announced that the American drug regulator classified the inspection of the company’s API intermediates facilities of Unit I, IX and XI as Official Action Indicated (OAI).

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Donald Trump's immigration plan and how it will affect Indians

Fri, 17 May 2019 06:50:00 GMT

US President Donald Trump has proposed a sweeping change to the immigration system to make it "merit-based" favouring professionals and well-educated people who will be high earners. Unveiling his plan at the White House on Thursday, he said the current immigration system discriminates against "genius" and "brilliance" and that he wanted to correct this with a new system he called "Build America Visa" that favours those with demonstrated potential. The plan is modelled on the immigration systems of Canada, Australia and New Zealand, which prioritise admission based on points awarded for various qualifications. Listen to this podcast for more.

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US-China trade talks to Q4 nos, top factors that may drive markets today

Fri, 17 May 2019 02:10:00 GMT

Crude oil prices, March quarter earnings, and US-China trade tensions would be the key monitorable for investors on Friday. On Thursday, the benchmark S&P BSE Sensex rose 279 points to close at 37,393 levels. The broader Nfity50 index added 100 points to settle at 11,257 mark. The rupee closed marginally higher at Rs 70.03 per dollar, up 30 paise against Wednesday’s close of Rs 70.33. CORPORATE RESULTS Bajaj Auto, Dr. Reddy’s Laboratories, Indian Oil Corporation, and Zee Learn are among the 84 companies that are scheduled to report their Q4FY19 results today. GLOBAL CUES Asian shares were trying to hold steady on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent and was off a 15-week trough. Japan’s Nikkei bounced 0.7 per cent in early trade, while the main Australian index added 0.5 per cent. On Wall Street, indices ended higher during the overnight trade on Thursday adding about a per cent each. While Dow Jones Industrial Average added 215 points to settle at 25,863 levels, S&P500 closed 25 points higher at 2,876. Nasdaq was up 76 points to end at 7,898 levels. CRUDE CHECK Oil prices extended gains on Friday as rising tensions in the Middle East stoked fears of potential supply disruptions. Brent crude futures were at $72.82 a barrel around 6:00 am, up 0.3 per cent, from their last close.

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Market Wrap, May 16: Sensex up 278 points, Nifty over 11,250

Thu, 16 May 2019 11:12:00 GMT

Investors went on a buying spree in the last hour thus pulling benchmark indices, which remained range-bound for most part of the day, into the green with over 200 points and 100 points gain for Sensex and Nifty, respectively. The benchmark S&P BSE Sensex rose 279 points to close at 37,393, with Bajaj Finance, Tata Motors, Infosys, Vedanta, and ONGC raking in the highest gains. Out of the 30 BSE constituents, 21 ended in the green. The broader Nfity50 index added 100 points to reclaim psychological 11,250 level and end the day at 11,257. Market breadth, however, remained in favour of sellers. About 898 stocks declined and 841 advanced on the NSE. Among sectoral indices, only one index ended the day in red, with Nifty Media, Nifty Metal, and Nifty Realty rising 2.26 per cent, 1.17 per cent, and 1.1 per cent, respectively. In the broader market, the S&P BSE MidCap index rose 37 points, or 0.27 per cent, to finish the day at 14,155, while the S&P BSE SmallCap index climbed 35 points, or 0.25 per cent, at 13,817. BUZZING STOCKS Bajaj Finance shares rose 3.64 per cent at Rs 3,111.80 on the BSE after reporting its January-March quarter earnings (Q4FY19) today. Lupin shares dipped 6 per cent to Rs 736 on Thursday before making a recovery to end the day 0.22 per cent lower at Rs 781.35, on the BSE, after the drug company reported lower-than-expected net profit of Rs 290 crore for March quarter (Q4FY19). Analysts, on an average, had expected profit of Rs 455 crore for the quarter. Tata Chemicals (TCL) shares surged 8.38 per cent higher at Rs 603.45 on the National Stock Exchange (NSE) on Thursday after the company announced demerger of its consumer products business into other group firm Tata Global Beverages (TGBL).

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Waiting for the monsoon? The IMD prediction and all you need to know

Thu, 16 May 2019 06:01:00 GMT

The monsoon is likely to be delayed this year as its arrival expected on 6 June, five days after its normal onset date, the India Meteorological Department said on Wednesday. "This year, the statistical model forecast suggests that the monsoon onset over Kerala is likely to be slightly delayed," the IMD said. "The southwest monsoon onset is likely to set over Kerala on 6th June with a model error of plus or minus 4 days." "Conditions are becoming favourable for advance of southwest monsoon over the southern part of Andaman Sea, Nicobar Islands and adjoining southeast Bay of Bengal during May 18-19," it added. The normal onset date for monsoon over Kerala is 1 June, which also marks the official commencement of the four-month rainfall season. The IMD and private weather agency Skymet were unanimous on the prediction of the late arrival of monsoon this year. The Skymet had said on Tuesday that the monsoon would hit the Kerala coast on 4 June, with an error margin of two days. Listen to thispodcast for more.

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Market Ahead, May 16: All you need to know before the Opening Bell

Thu, 16 May 2019 01:53:00 GMT

March quarter earnings, crude oil prices, and developments in trade deal negotiations between the US and China would be the key factors affecting investors’ sentiments on Thursday. On Wednesday, the benchmark S&P BSE Sensex dipped 204 points to 37,115 levels while the broader Nifty50 slipped below the psychological level of 11,200 to settle at 11,157 mark, down 65 points. The rupee closed at Rs 70.34 per dollar, up 10 paise against Tuesday’s close of Rs 70.44. CORPORATE RESULTS Bajaj Finance, Bank of India, Hindalco and JK Tyre and Industries are among the 70 companies that are slated to release their March quarter results today. GLOBAL CUES Asian shares steadied on Thursday on news that US President Donald Trump is planning to delay tariffs on auto imports. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, with both Australia and South Korea little changed. On Wall Street, the indices ended higher during the overnight trade. The Dow Jones Industrial Average gained 116 points to settle at 25,648 levels while the S&P500 inched up 16 points to close at 2,851 levels. The Nasdaq closed 88 points higher at 7,822 levels. CRUDE CHECK Oil prices edged up on the prospect of mounting tensions in the Middle East hitting global supplies. Brent crude rose 0.7 per cent to $72.25 a barrel, while US West Texas Intermediate (WTI) crude fetched $62.45 a barrel, up 0.7 per cent.

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Market Wrap, May 15: Sensex, Nifty end lower after last hour selloff

Wed, 15 May 2019 11:09:00 GMT

Benchmark indices ended with losses, dragged down by metal stocks, on Wednesday due to last hour sell-off after a volatile session. India VIX, the gauge for voltality, rose 5.4 per cent during the day. The benchmark S&P BSE Sensex dipped 204 points, or 0.55 per cent, at 37,115, with HDFC, Tata Motors, IndusInd Bank, ICICI Bank, and YES Bank weighing the indice down. Out of the 30 constituents of BSE, 25 ended in the red. The broader Nity50 index ended 65 points, or 0.58 per cent, lower to settle at 11,157. About 1,084 stocks declined and 659 advanced on the NSE. Among sectoral indices, all but two indices in the red, with Nifty Media index and Nifty Metal indices plummeting 3.74 per cent and 2.1 per cent, respectively. In the broader market, the S&P BSE MidCap slipped 95 points, or 0.67 per cent, at 14,117, while the S&P BSE SmallCap ended the day 62 points, or 0.45 per cent, lower at 13,782. Buzzing stock Jet Airways (India) shares slipped 4.18 per cent to Rs 123.70 on Wednesday on the BSE after top executives of the cash-strapped airline resigned with immediate effect. Shares of Union Bank of India plunged as much as 10.03 per cent to Rs 71.30 apiece in the intra-day trade on Wednesday after the state-run lender said its net loss widened to Rs 3,370 crore in the fourth quarter of 2018-19, mainly on account of higher provisioning. The company had registered a net loss of Rs 2,583.38 crore in the same quarter of the preceding fiscal.

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War of words over Kolkata violence during Amit Shah's roadshow: Key facts

Wed, 15 May 2019 05:34:00 GMT

Clashes broke out between BJP supporters and student activists and those of the Left and Trinamool Congress Chatra Parishad (TMCP) during Amit Shah's roadshow in the city on Tuesday, officials said. Trouble began after stones were pelted at Amit Shah's convoy as it passed through College Street and the arterial Bidhan Sarani on its way to Swami Vivekananda's residence in north Kolkata, a little over 3.5 km from Esplanade in the heart of the city, where it began. A scuffle broke outside the Calcutta University campus on College Street, when student activists of both the Left and the TMCP shouted slogans against Shah, they said. They showed black flags and waved posters with "Amit Shah go back" written on them. The police controlled the scuffle. A clash took place outside Vidyasagar college and university hostel when TMCP activists threw stones at Shah's convoy, the officials said. Listen to this podcast for more...

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Market Ahead, May 15: Top factors that are likely to guide markets today

Wed, 15 May 2019 01:49:00 GMT

Global factors such as developments in US-China trade negotiations, Chinese industrial output and retail sales data and crude oil price movement are expected to drive markets on Wednesday. On the domestic front, corporate earnings for the March quarter will continue to be on the investors' radar. Benchmark indices snapped their nine-day losing streak on Tuesday to settle higher. The S&P BSE Sensex ended the day 228 points higher at 37,319 while the broader Nifty50 index finished 74 points higher at 11,222. Rupee closed eight paise higher at Rs 70.44 per dollar against Monday’s close of Rs 70.52. RESULTS CORNER Over 80 companies including Central Bank of India, Jubilant FoodWorks, Lupin, and Vivanta Industries are scheduled to announce their Q4FY19 results today. GLOBAL CUES Asian stocks wobbled around three-and-a-half-month low on Wednesday after US President Donald Trump insisted on Tuesday that trade talks with China had not collapsed. MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.05 per cent with South Korea’s KOSPI slipping 0.1 per cent and Japan’s Nikkei shedding 0.4 per cent. On Wall Street, indices closed at a one-month-high during the overnight trade on Tuesday, rallying close to a per cent each. The Dow Jones Industrial Average ended 207 points higher at 25,532 while the S&P500 closed 23 points up at 2,834 levels. The Nasdaq gained 87 points to end at 7,734 levels. In commodities, Brent crude futures were trading at $71.05 a barrel, down 0.27 per cent from their previous close, during the early morning trade on Wednesday.

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Market Wrap, May 14: Sensex jumps 227 pts, Nifty over 11,200

Tue, 14 May 2019 11:09:00 GMT

Benchmark indices snapped their nine-day losing streak, helped by gains in Reliance, ITC. and State Bank of India, to end Tuesday's volatile session with gains. The S&P BSE Sensex ended the day 228 points, or 0.61 per cent, higher at 37,319, with Sun Pharma, Bharti Airtel, Vedanta, IndusInd Bank, and State Bank of India among the top gainers. Of the 30 BSE constituents, 14 ended in the red. The broader Nifty50 index finished 74 points, or 0.66 per cent, higher at 11,222. About 897 stocks advanced and 875 shares declined on the NSE. Among sectoral indices, only Nifty IT index ended the day in red, down 1.2 per cent, while the Nifty PSU Bank index made the maximum gain, up almost 3 per cent, while Nifty Pharma index also rose 1.5 per cent. In the broader market, the S&P BSE MidCap index rose 88 points, or 0.62 per cent, at 14,213, while the S&P BSE SmallCap index was up 42 points, or 0.30 per cent, at 13,844 level. BUZZING STOCKS Shares of Tata Steel traded lower for the ninth straight day on Tuesday, down 0.39 per cent on the BSE, at Rs 462.75 apiece. The stock has been falling ever since concerns over the European Commission's (EC) likely rejection for the proposed joint venture between the company's European arm and ThyssenKrupp surfaced. Jet Airways (India) slumped 7.42 per cent to Rs 129.10 on the BSE on Tuesday on a news report that Etihad Airways had put in stiff conditions in its bid that includes substantial write down of the Rs 9,000-crore loan.

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The Chessboard - Episode 7: The politics of the land of the five rivers

Tue, 14 May 2019 09:00:00 GMT

In the seventh episode of Business Standard’s politics podcast, The Chessboard, host Ankur Bhardwaj and Political Editor, Archis Mohan discuss the final phase of voting that will take place on Sunday, 19 May. 59 Lok Sabha constituencies will elect their MPs on 19 May and this includes the 13 seats in the state of Punjab. A little over two years after assembly elections in 2017, how is the political situation in the state? Can AAP retain its four seats in the state? Can Shiromani Akali Dal make its presence felt? Or is it the Congress party in pole position? As we get closer to the day of the results, political leaders around the country are meeting their peers in other parties. The Telangana CM, K C Rao met DMK boss, Stalin recently. Is a political realignment happening in India in anticipation of the results? The Prime Minister was in the news for his comments on advising the Indian Air Force to attack Balakot in cloudy conditions and for his statement on the use of emails and digital cameras in the late 1980s. Tune in for a detailed discussion on these issues. For more exciting news and insights from the world of politics, follow The Chessboard by subscribing to the Business Standard channel on Spotify and Google Podcast.

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Row erupts over Kamal Haasan's 'India's first terrorist was a Hindu' remark

Tue, 14 May 2019 06:29:00 GMT

(MNM) founder Kamal Haasan has stoked a possible controversy, saying free India's first "terrorist was a Hindu," referring to Nathuram Godse who killed Mahatma Gandhi. Addressing an election campaign here last night, the actor-politician said he was one of those "proud Indians" who desires an India with equality and where the "three colours" in the tricolour, an obvious reference to different faiths, "remained intact." "I am not saying this because this is a Muslim-dominated area, but I am saying this before a statue of Gandhi. Free India's first terrorist was a Hindu, his name is Nathuram Godse. There it (terrorism, apparently) starts," he said. Haasan said he had come here "seeking answers for that murder," referring to Gandhi's assassination in 1948. "Good Indians desire for equality and want the three colours in the tricolour to remain intact. I am a good Indian, will proudly proclaim that," he added Listen to this podcast for more...

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Market Ahead: Indices likely to open lower as US-China trade war heats up

Tue, 14 May 2019 01:47:00 GMT

US-China trade tensions will be the biggest driver for indices on Tuesday along with volatile crude oil prices and March quarter earnings. China on Monday retaliated against Washington’s decision to hike tariff on $200 billion worth of Chinese goods and ordered higher tariffs on $60 billion of US goods. Consumer price index (CPI) inflation, which touched a six month high of 2.92 per cent in April, is likely to weigh on investor sentiment. Wholesale price index (WPI) inflation numbers, due for release today, is also expected to inch up. The domestic equity market fell for the ninth consecutive session on Monday. The S&P BSE Sensex tumbled 372 points to settle at 37,091 levels, while the Nifty50 plummeted 131 points to give up 11,200 mark and close at 11,148. The rupee closed at Rs 70.52 per dollar, down 61 paise against Friday’s close of Rs 69.91. CORPORATE RESULTS Of the 60 companies that are scheduled to announce their Q4 earnings for 2018-19, Indian Bank, Nestle India, Union Bank of India and Zee Entertainment will be in focus. GLOBAL CUES Shares in Asia extended losses on Tuesday following sharp falls on Wall Street overnight as the trade war between two major world economies escalated. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.4 per cent, touching its lowest level since February 15. Australian shares were also down by 1.2 per cent while Japan’s Nikkei stock index slid 1.9 per cent. On Monday, the Dow Jones Industrial Average fell 2.38 per cent to 25,325, the S&P 500 lost 2.41 per cent to 2,812 and the Nasdaq Composite dropped 3.41 per cent to 7,647 levels. OIL PRICES Oil prices inched higher on Tuesday. At 07:00 am, Brent crude futures were trading at $70.31 a barrel, up 0.11 per cent while WTI futures were ruling at $61.16, up 0.20 per cent.

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BS ON GROUND: Reflections on the good, bad and ugly from IPL 2019

Mon, 13 May 2019 14:20:00 GMT

Indian Premier League 2019 (IPL 2019), the 12th edition of the T20 cricket extravaganza, ended on Sunday, with Mumbai Indians beating arch rivals MS Dhoni-led Chennai Super Kings in a last-ball thriller to clinch their fourth title. From R Ashwin’s 'Mankading', which raised a debate over ‘spirit of the game’, to questionable umpiring that had CSK captain MS Dhoni losing his cool, we saw it all happening in the 12th IPL edition. In episode 1 of BS on Ground, a Business Standard podcast on talking points from the world of sports, we discuss all these and more. We look at what went wrong for Virat Kohli’s Royal Challengers Bangalore and how the Delhi franchise emerged as one of the top performers after adding 'Capitals' and omitting 'Daredevils' to their name. Know all about the player who stood out in IPL 2019 with their vital contributions and how the Indian team going for ICC World Cup 2019 looks. For more exciting news and insights from the world of sports, follow BS on Ground by subscribing to the Business Standard channel on Spotify and Google Podcast.

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Market falls for 9th straight session, suffers worst losing streak in 8 yrs

Mon, 13 May 2019 11:04:00 GMT

A last hour sell-off prompted the benchmark indices to end lower for the ninth consecutive session that also marked the markets' longest losing streak in over eight years. The S&P BSE Sensex tumbled 372 points, or 0.99 per cent lower, to end the day at 37,091, with Sun Pharma, YES Bank, Tata Steel, IndusInd Bank, and Tata Motors being the biggest losers. Only six of the 30 BSE constituents ended the day in green. The NSE Nifty 50 fared worse, plummeting 131 points, or 1.16 per cent, to give up 11,200 and settle at 11,148 levels. About 1,429 stocks declined and 352 shares advanced on the NSE. The broader markets were worse-off, with the S&P BSE MidCap index sliding 1.84 per cent, or 265 points, to close at 14,125, while the S&P BSE SmallCap index fared the worst, down 304 points, or 2.15 per cent at 13,802 levels. Except the Nifty IT index, all the sectoral indices ended in the red, with Nifty PSU Bank index (down 5 per cent), Nifty Pharma index (down 4.37 per cent), and Nifty Media (down 3.78 per cent), taking the deepest cuts. BUZZING STOCKS Shares of State Bank of India (SBI) were trading 2 per cent higher at Rs 314 during the early morning trade on Monday, after the bank reported healthy March quarter numbers for 2018-19 before ending the day 0.42 per cent lower at Rs 306.75. Eicher Motors slipped 7.69 per cent to Rs 18,766.35 apiece on the BSE on Monday, after the company reported weak operational performance during the March quarter of 2018-19 (Q4FY19). The EBITDA (earnings before interest, tax, depreciation and amortization) margin contracted to 27.4 per cent, down 164 basis points on sequential basis and 415 bps on yearly basis. Shares of Delta Corp, which is engaged in casino gaming business, plunged almost 13 per cent at Rs 186.40 on Monday on the back of heavy volumes. Earlier in the day. the stock hit its lowest level of Rs 182 since September 25, 2017.

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Ashwin's 'Mankading' to Dhoni losing his cool: IPL 2019 in just 5 minutes

Mon, 13 May 2019 05:55:00 GMT

From R.Ashwin's mankading to Mumbai Indians claiming the top position, Indian Premier League (IPL) 2019 not only saw intense sporting action but also witnessed a fair share of drama and controversies. We take a look at five moments of the Indian Premiere League 2019. Listen to this podcast for more.

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US-China trade talks to Q4 nos, top factors that may drive market this week

Mon, 13 May 2019 01:58:00 GMT

Developments in the US-China trade dialogues, corporate earnings and inflation data for April will guide investment sentiment this week. Besides, crude oil prices and movement of rupee against the US dollar will also be closely tracked. The S&P BSE Sensex ended 96 points, or 0.26 per cent, lower at 37,463 levels on Friday. The broader index Nifty50 gave up the crucial 11,300 mark and slipped 23 points, or 0.20 per cent, at 11,279. On a weekly basis, the Sensex lost 3.8 per cent while Nifty shed 3.6 per cent. The rupee closed at Rs 69.91 per dollar on Friday. Q4 RESULTS AND CORPORATE DEVELOPMENT More than 400 companies are scheduled to declare their March quarter earnings for the financial year 2018-19 this week. Of these, HDFC, Idea, ITC, Zee Media, Bajaj Finance and Muthoot Finance will be in focus. This apart, all eyes will be on L&T's open offer for Mindtree. Market regulator Sebi is yet to give its nod to the open offer that was set to commence on May 14. If it doesn't give its approval to the company, the open offer cannot start. LOK SABHA ELECTIONS Lok Sabha polls will continue to dominate investors' thinking. While 59 Lok Sabha constituencies voted on May 12, the last phase will take place on May 19. The votes will be counted on May 23. GLOBAL CUES US stock futures fell and Asian shares slipped in early trade on Monday. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.2 per cent, nearing its two-month low marked on Thursday. Japan’s Nikkei average sunk as much as 1 per cent to hit its lowest level since March 28. US President Donald Trump tweeted late on Sunday that the United States was “right where we want to be with China,” adding that Beijing “broke the deal” and then sought to renegotiate. The US indices closed in the green on Friday. BRENT CRUDE Oil futures edged down on Monday, pressured by fears over global economic growth amid a standoff in Sino-US trade talks. Brent crude futures were at $70.49 a barrel at 5:43 am, down 0.2 per cent, from their last close.

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Market Wrap, May 10: Indices end volatile session in the red

Fri, 10 May 2019 11:20:00 GMT

Benchmark indices ended Friday's volatile session in the red, thus recording fall for the eighth straight day and third consecutive week, as investors remained cautious ahead of the US-China trade negotiation outcome. The benchmark S&P BSE Sensex ended the day 96 points, or 0.26 per cent, lower at 37,463, with Tata Consultancy Services (TCS), HCL Tech, Tata Steel, IndusInd Bank and Infosys contributing the most to the indice's fall. Twenty-one of the 30 constituents of BSE ended the session with losses. The broader index Nifty50 gave up the crucial 11,300 mark and slipped 23 points, or 0.20 per cent, at 11,279. About 1,187 shares advanced, 1,270 shares declined, and 162 shares were unchanged. On a weekly basis, Sensex and Nifty post biggest weekly loss since October 2018, falling over 3 per cent each. Among sectoral indices, both Nifty IT and Nifty Metal dipped more than 1 per cent. However, Nifty PSU Bank gained 2.5 per cent, the highest among the gainers. The broader indices fared better than their benchmark peers with the S&P BSE MidCap index ending 34 points, or 0.24 per cent, higher at 14,390, while the S&P BSE SmallCap index was ruling at 14,106, up 29 points or 0.21 per cent. BUZZING STOCKS HCL Technologies slipped over 4 per cent to Rs 1,08.05 on the BSE after the company announced a 100 basis point (bps) cut in the estimated operating margin (OM) for FY20 as against FY19. State Bank of India (SBI) shares rose nearly 3 per cent to Rs 308.05, bouncing back from day's low of Rs 292 in intra-day trade on the BSE, after the bank reported improvement in assets quality in last quarter of financial year 2018-19 (Q4FY19)

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Some relief for Amrapali, Unitech home buyers but still a tough road ahead

Fri, 10 May 2019 05:53:00 GMT

The Supreme Court on Thursday asked the government to look into the possibility of it taking over the Unitech Group and complete the pending housing projects to protect the interest of home buyers. A two-judge bench headed by Justice DY Chandrachud said it would like to hear Attorney General KK Venugopal's views in the matter. The government could look at the possibility of completing these housing projects, which would be a relief for home buyers, who had invested their hard-earned savings into it. The court’s order came a day after its another on Wednesday said that ownership of Amrapali group in its various housing projects would taken away and would be handed over to Noida and Greater Noida authorities which will complete construction and hand over possession to buyers. Listen to this podcast for more.

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Market Ahead, May 10: All you need to know before the Opening Bell

Fri, 10 May 2019 02:04:00 GMT

Apprehensions ahead of the US-China trade deal decision are likely to keep investors on tenterhooks on Friday. Moreover, March quarter results and a depreciating rupee will also be on their radar. On Thursday, the benchmark S&P BSE Sensex lost 230 points, or 0.6 per cent, to settle at 37,559 levels. The broader Nifty50 closed above the crucial level of 11,300 at 11,302. It lost 58 points or 0.5 per cent. The rupee ended at Rs 69.94 per US dollar against Wednesday’s close of Rs 69.71. EARNINGS TODAY Country’s largest state-run bank, State Bank of India (SBI) is scheduled to announce its Q4FY19 numbers today along with Canara Bank, Allahabad Bank, Eicher Motors and L&T. In all, 56 companies will announce their last quarter earnings of the financial year 2018-19 (FY19) on Friday. GLOBAL CUES Asian shares firmed up from two-month lows on Friday on hopes that Washington may suspend its plan to raise tariffs on $200 billion worth of Chinese goods. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.2 per cent while Japan’s Nikkei rose 0.4 per cent. On Wall Street, S&P 500 index lost 8.7 points (0.3 per cent) to end at 2,871 levels, while Nasdaq ended 33 points (0.4 per cent) lower at 7,910 levels. Dow Jones Industrial Average, too, shed 139 points (0.54 per cent) to close at 25,828 levels. OIL PRICES US oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck. Brent crude futures were at $70.85 a barrel at 5:51 am, up 0.7 per cent, from their last close.

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Market Wrap, May 9: Sensex dips 230 pts, RIL at 2-mth closing low

Thu, 09 May 2019 11:26:00 GMT

Benchmark indices ended lower on Thursday for the seventh straight session with heavyweights like Reliance Industries (RIL) and Coal India leading the list of losers even as United States and China prepare to start trade deal negotiations later in the day. RIL that slipped nearly 3.4 per cent on the BSE to Rs 1,255 levels and hit its lowest closing level in two months. In the process, TCS overtook the Mukesh Ambani-controlled RIL to become the ost valued company on market-capitaliasation (m-cap) basis. At the index level, S&P BSE Sensex slipped 230 points, or 0.61 per cent, to end the day at 37,559. Out of the 30 index constituents, only 12 ended in the green. The broader Nifty50 index dipped 58 points, or 0.51 per cent, to finish at 11,302. "We remain cautious on the Indian markets and expect it to remain volatile in the near term on back of on-going Q4FY19 earnings season. Investors’ focus would be on domestic macro data (IIP) which is scheduled tomorrow," said Jayant Manglik, President - Retail Distribution, Religare Broking. Adding: "Globally, progress of trade talks between US and China, behavior of crude oil prices and fluctuation in currency will be on investor’s radar. Given uncertain market conditions, we advise traders & investors to be selective in stock picking." Among sectoral indices, Nifty Media was the biggest winner, up 3.58 per cent, while Nifty Metal index remained under pressure throughout the day and finished 1.4 per cent lower. In the broader market, the S&P BSE MidCap index fell 28 points, or 0.19 per cent, at 14,355, while the S&P BSE SmallCap index ended 53 points, or 0.38 per cent, lower at 14,076. BUZZING STOCKS Shares of YES Bank fell about 2.5 per cent to Rs 157 on the BSE during the early morning trade on Thursday before ending the day six per cent higher at Rs 170.30 even though rating agency India Ratings (Ind-Ra) downgraded the bank’s long-term ratings even as it reaffirmed the short term rating. Avadh Sugar & Energy shares surged 13 per cent to Rs 518 in early morning trade on the BSE on Thursday after the company announced that the board will meet on Monday (May 13) to consider maiden bonus issue. However, the share ended the day 8.75 per cent at Rs 499.75.

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Surgical strikes during the UPA rule: The claims and counter-claims

Thu, 09 May 2019 06:01:00 GMT

Congress leaders including from former Prime Minister Manmohan Singh claimed that several surgical strikes were conducted by army during the previous UPA rule. “Multiple surgical strikes took place during our tenure, too. For us, military operations were meant for strategic deterrence and giving a befitting reply to anti-India forces than to be used for vote garnering exercises, Singh had said in an interview to a newspaper. Congress leader Rajiv Shukla had told reporters at an AICC briefing last week that six surgical strikes were conducted during the period of Manmohan Singh government. PM Modi in a rally slammed the Congress for telling "lies" aand said the party does surgical strikes only "in video games" Listen to this podcast for more..

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US-China trade talks to Q4 nos, top factors that may drive market today

Thu, 09 May 2019 01:47:00 GMT

Trade deal negotiations between the United States and China along with March quarter results and rupee movement will be keenly watched by the investors on Thursday. On Wednesday, the benchmark indices, S&P BSE Sensex and Nifty50 lost 488 points and 138 points, respectively to settle at 37,790 and 11,359 levels. The rupee fell for the third consecutive day to Rs 69.71 against the US currency amid weak global growth sentiment. It depreciated by 28 paise. EARNINGS CORNER Q4FY19 results of HCL Technologies, Apollo Tyres, Indian Overseas Bank and PNB Housing Finance will be closely tracked among the 55 companies that are scheduled to announce their quarterly results during the day. GLOBAL CUES The two-day meeting between Washington and Beijing will begin today to finalise the contours of the trade deal. While delegates from China are yet to meet their American counterparts, media reports have suggested that the Trump administration has “done the paperwork” to hike tariffs on $200 billion worth of goods from Friday. On Wall Street, the benchmark S&P 500 fell during the overnight trade on Wednesday for the third day in a row. The Dow Jones Industrial Average ended 2.24 points higher at 25,967 levels, the S&P 500 lost 4.63 points to close at 2,879 and the Nasdaq dropped 20.44 points to end at 7,943 levels. Among Asian stocks, Japan’s Nikkei was trading 197 points lower in the early trade on Thursday while Korea’s KOSPI was down 17.16 points. OIL PRICES Oil prices dropped in the early trade amid concerns over the escalating trade battle between the United States and China. Brent crude oil futures were at $69.92 a barrel at 6:32 am, down 0.63 per cent from their previous settlement.

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Market Wrap, May 8: Sensex plunges 488 pts, Nifty ends at 11,359

Wed, 08 May 2019 11:16:00 GMT

Benchmark indices ended lower for the sixth consecutive session on Wednesday amid across-the-board selling and weak global cues. The S&P BSE Sensex lost 488 points or 1.27 per cent to settle at 37,790 with Reliance Industries (RIL) being the top loser and Asian Paints the biggest gainer. RIL alone contributed around 153 points to the Sensex's fall. The broader Nifty50 index of the National Stock Exchange (NSE) slipped below the crucial 11,400 level to end at 11,359, down 138 points or 1.2 per cent. Out of 50 constituents, 40 ended in the red and just 10 in the green. SECTOR WATCH All the sectoral indices on NSE ended in the red. Media stocks took the hardest knock, followed by realty and PSU bank stocks. The Nifty Media index settled at 2,134, down 101 points or 4.53 per cent. STOCKS THAT MADE NEWS Reliance Industries: Shares of Reliance Industries (RIL) hit an eight-week low on the BSE on Wednesday. The stock has lost 7 per cent in the past three trading days. It ended at Rs 1,299.45 apiece on BSE, down over 3 per cent. READ MORE Essel Group shares: Shares of Subhash Chandra-led Essel Group companies were under pressure on Wednesday with Zee Entertainment Enterprises (ZEEL) and Dish TV India falling more than 8 per cent each on the BSE. The fall comes despite the group's assurance that the stake sale process of Zee Entertainment Enterprises was at an "advanced stage." At close, ZEEL stood at Rs 333, down 10 per cent while Dish TV India settled nearly 2 per cent lower at Rs 31. Vodafone Idea: Vodafone Idea shares hit a new low of Rs 13.65, down 12 per cent on Wednesday, declining 17 per cent in past two trading days on the BSE, on back of two-fold jump in trading volumes. The stock ended at Rs 14.35, down over 7 per cent. BROADER MARKET In line with benchmarks, the S&P BSE MidCap index shed 139.50 points or 1 per cent to end at 14,383 while the S&P BSE SmallCap closed the day at 14,129 levels, down 172 points or 1.21 per cent.

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Bad news for India engineers and IT professionals looking for US job

Wed, 08 May 2019 06:21:00 GMT

The Trump administration is proposing a hike in the H-1B visa application fee to increase funding for the expansion of an apprentice programme, which trains American youths in technology related activities, Labour Secretary Alexander Acosta told US lawmakers. Testifying before a Congressional committee on annual budget of the Department of Labour for the fiscal year 2020 beginning October 1, 2019, Acosta, however, did not give details of the proposed increase in H-1B filing fee and as to which categories of applicants it would be enforced on. Arguing that foreigners hurt American workers by competing for jobs and driving down wages, the Trump administration has tighten the noose around the H-1B visa program. Listen to this podcast for more.

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Market Ahead, May 8: Top factors that are likely to guide markets today

Wed, 08 May 2019 01:54:00 GMT

Weak global cues amid escalated trade tension between the US and China is likely to keep the Indian indices edgy on Wednesday. Additionally, March quarter earnings for the fiscal year 2018-19 and crude oil prices could affect the market sentiment today. On Tuesday, the S&P BSE Sensex ended 324 points, or 0.84 per cent, lower at 38,277 levels while the broader Nifty50 lost over 200 points, or 0.87 per cent, to settle the day at 11,498 levels. The rupee depreciated 3 paise to close at Rs 69.43 per US dollar amid foreign fund outflows. Earnings today About 43 companies are scheduled to declare their Q4 results today including Titan, Tata Communications, Dhanlaxmi Bank and Gillette. Global cues Oil prices stabilised on early Wednesday as markets remained relatively tight amid US sanctions on crude export from Iran and Venezuela. US West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 6:27 am, 0.3 per cent above their last settlement. Brent crude oil futures were also 0.1 per cent up at $69.94 per barrel against their last close. Asian stocks dropped during early morning trade with Japan’s benchmark index Nikkei slipping 1.52 per cent and Korea’s KOSPI dipping 0.65 per cent. US stocks, too, witnessed sharp sell-off during the overnight trade on Tuesday. Dow Jones Industrial Average fell 1.8 per cent to 25,965 levels, Nasdaq slipped 1.96 per cent to 7,964 and S&P 500 shed 1.65 per cent to close at 2,884 levels.

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Market Wrap, May 7: Last-hour selling drags Sensex lower by 324 points

Tue, 07 May 2019 11:04:00 GMT

Investors on Tuesday went on a last-hour selling spree to bring down the benchmark indices which ended with substantial losses for the second consecutive day. Bank stocks and industry heavyweights like Reliance Industries, ICICI Bank, ITC, Tata Motors and Indian Oil Corporation (IOC) dragged the indices down with the Nifty50 giving up 11,500 level. The S&P BSE Sensex ended the day 324 points, or 0.84 per cent, lower at 38,277, with Tata Motors, ICICI Bank, Bharti Airtel, Reliance Industries, and Vedanta among the top losers. Only seven of the 30 constituents of the BSE ended the day with gains. The broader Nifty50 lost over 200 points, or 0.87 per cent, to settle the day at 11,498. advance decline Among sectoral indices, only Nifty IT ended in green. The Nifty Media index was the top loser, down 2.74 per cent while the Nifty PSU Bank index also slipped 2.2 per cent. In the broader market, the S&P BSE MidCap index erased 144 points, or 0.98 per cent, at 14,523, while the S&P BSE SmallCap index ruled at 14,302, down 122 points, or 0.85 per cent. BUZZING STOCKS Shares of home-grown FMCG firm Marico ended the day 5.59 per cent higher at Rs 359 on the BSE after the company reported strong set of numbers for the fourth quarter (January-March) of the financial year 2018-19 (FY19). Shares of ICICI Bank slipped 3.77 per cent during the day at Rs 386.25, a day after the lender reported 5 per cent fall in net profit for the quarter ended March 2019 (Q4) to Rs 969 crore. The decline in profit was due to higher operating expenses and treasury income plunging to Rs 156 crore versus Rs 2,685 crore a year-ago padded with Rs 3,320 crore of profit from stake sale in ICICI Securities

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The Chessboard Episode 6: The battle moves north; who's in pole position?

Tue, 07 May 2019 10:18:00 GMT

In episode six of the Chessboard, host Ankur Bhardwaj speaks to Archis Mohan about the battle in the northern states of Delhi, Haryana, Madhya Pradesh and the Prime Minister’s comments about former Prime Minister, Rajiv Gandhi. 118 Lok Sabha constituencies are going to vote in two phases now. 59 of them will vote on Sunday, 12th May. All the seven seats in Delhi will vote on that day. Is it a triangular fight? Is the BJP way ahead of the competition? Has the Congress managed to recover strength in the city-state or is the AAP the real contender? In Haryana, all ten seats will vote on 12 May as well. Will the voting be influenced by caste reservation riots from few years ago? Is caste polarisation an issue? In Madhya Pradesh, why did BJP not repeat its senior MP and former Lok Sabha Speaker, Sumitra Mahajan as a candidate from its stronghold, Indore? And, in the big battle in Bhopal why was BJP forced to bring terror accused Pragya Thakur as a candidate against former Chief Minister, Digvijay Singh? In a speech, Prime Minister Narendra Modi attacked former Prime Minister, Rajiv Gandhi as well. The attack was criticised for being uncivil. For a detailed discussion on all these issues, tune into the podcast.

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The controversy over Modi's Rajiv remark and the 'politics of love and hug'

Tue, 07 May 2019 05:37:00 GMT

While addressing an election rally in Uttar Pradesh on May 4, PM Modi had hit out at Rahul Gandhi, saying: "Your father was termed 'Mr Clean' by his courtiers, but his life ended as 'Bhrashtachari No 1'." He was apparently referring to Bofors scam, in which Rajiv Gandhi was an accused. Congress president Rahul Gandhi said on Monday that despite Narendra Modi insulting his father Rajiv Gandhi, he only had love for the prime minister. "He is the prime minister of the country, but insults a martyr (Rajiv Gandhi). I told him whatever hatred you have for me...you can belittle me, you can say whatever you say about my father, mother, grandfather, grandmother. Whatever hatred you direct against me, I will only return it with love," Gandhi said. Listen to this podcast for more.

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Market Ahead, May 7: All you need to know before the Opening Bell

Tue, 07 May 2019 01:52:00 GMT

Escalating trade tensions between the US and China along with March quarter earnings for FY19 would be the key factors for investors to watch today. Besides, global cues including movement in crude oil price could affect market sentiment. Frontline indices in the Indian equity market were under pressure on Monday amid plummeting Asian indices. The S&P BSE Sensex ended the day 363 points, or 0.93 per cent, lower at 38,600 levels while the broader Nifty50 index gave up the psychological level of 11,600 to settle at 11,598 levels, down 114 points, or 0.97 per cent. The domestic currency depreciated by 18 paise to Rs 69.40 against a US dollar on Monday. EARNINGS CORNER Companies including ABB, CEAT, and Vedanta are scheduled to declare their results today along with 30 other companies. GLOBAL CUES The US administration has blamed China for a crack in the trade talks even as it believed that “a deal on tariffs was possible”. Among Asian markets, Japan’s Topix index fell 0.9 per cent, while Australia’s S&P/ASX 200 index rose 0.4 per cent. South Korea’s Kospi index dropped 1.5 per cent. The US markets fell during the overnight trade on Monday losing up to 0.5 per cent. The Dow Jones Industrial Average shed 66 points to settle at 26,438 while the S&P 500 index lost 13 points to close at 2,932 levels. Nasdaq closed 40 points lower at 8,123 levels. OIL PRICES Oil futures edged lower in the early trade after a gain on Monday. US crude fell 0.2 per cent to $62.12 and Brent crude was 0.3 per cent lower at $71.00 per barrel.

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Market Wrap, May 6: Sensex tumbles 363 pts, Nifty below 11,600

Mon, 06 May 2019 11:17:00 GMT

The benchmark indices made a subdued start to the week with metal stocks taking the heaviest hit after US President Donald Trump's comment that he would raise tariffs on $200 billion of goods to 25 per cent on Friday from 10 per cent. Trump's action came as a major Chinese delegation is expected to arrive Wednesday in Washington for the latest round of talks to end the trade war between the world's two biggest economies -- a round billed as the last one and possibly leading to a deal to end the conflict. The S&P BSE Sensex ended the day 363 points, or 0.93 per cent, lower at 38,600, with YES Bank, Tata Motors, Bajaj Finance, Tata Steel, and HDFC among the top losers. Only five of the 30 constituents of the BSE were in green. The broader Nifty50 index, was down 114 points, or 0.97 per cent, at 11,598. About 1,146 stocks declined and 588 shares advanced on National Stock Exchange. Only Nifty IT index finished the day in the green while all other sectoral indices ended in the red. Nifty Media index and Nifty Metal index were the top losers, down 2.18 per cent and 2.03 per cent, respectively. Voltality-measuring index, India VIX, also rose sharply to 10.23 per cent on the day. In the broader market, the S&P BSE MidCap index dipped 117 points, or 0.79 per cent, at 14,666, while the S&P BSE SmallCap index finished at 14,424, down 124 points, or 0.85 per cent. BUZZING STOCKS Cadila Healthcare shares hit a 52-week low of Rs 292, down 4 per cent in early morning trade on Monday after getting 14 observations from US health regulator for its Moraiya plant. However, the stock recovered later in the day to end 1.22 per cent higher at Rs 307.70. Shares of YES Bank slipped 5.3 per cent to Rs 166.30 after rating agency Icra downgraded the bank's tier-I and tier-II bonds and infrastructure debt on deterioration in the credit quality of large ticket borrowers.

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When Trump shattered calm in global markets with tariff tweets

Mon, 06 May 2019 05:39:00 GMT

US President Donald Trump announced Sunday that the United States would raise tariffs on $200 billion of Chinese goods to 25 per cent this week, because trade talks are moving "too slowly". The two sides have imposed tariffs on USD 360 billion in two-way trade since last year. But Trump and Chinese leader Xi Jinping agreed to a truce in December to refrain from further escalation. As recently as last week, the US had depicted the trade talks as going well. Listen to this podcast for more.

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Q4 nos to US-China trade talks, top factors that may drive market this week

Mon, 06 May 2019 02:18:00 GMT

Corporate action, crude oil prices, the US-China trade talks, phase 5 of the 2019 Lok Sabha elections and macro-data on industrial production would be the key triggers for Indian indices this week. India's Service PMI for the month of April 2019 will be out on May 6 followed by Industrial Production and Manufacturing production for April Month (YoY) on May 10 Benchmark indices, BSE Sensex and NSE Nifty, both remained range bound during the past week and closed at 38,963, and 11,712 levels respectively. On a weekly basis, the Sensex was down 0.26 per cent, while the Nifty closed 0.36 per cent lower. Earnings corner Over 150 companies, including Marico, SBI, and IOC, are scheduled to declare their March quarter earnings this week. Banking and telecom majors ICICI Bank and Bharti Airtel, respectively, will declare their results later today. Lok Sabha elections Voting for phase 5 of the 2019 Lok Sabha elections will be held today in about 51 seats across Bihar, Jharkhand, Uttar Pradesh, West Bengal, Madhya Pradesh, Rajasthan, and Jammu and Kashmir. FII & DII data Most of the rally witnessed during the past week was supported by foreign institutional investors (FIIs), who remained net buyers during the week to the tune of Rs 311.45 crore. The domestic institutional investors (DIIs) were net sellers as they continued to prefer profit booking, and sold Rs 4.6 crore worth of equities in the last week. Oil and Rupee Brent crude futures were trading at $69.11 a barrel at 6.45 am on Monday, down 2.46 per cent. The domestic currency closed at Rs 69.22 against a dollar on Friday, against Thursday’s close of Rs 69.35. Global cues The US President, Donald Trump’s, “surprise pressure” on China to reach a trade deal would create turmoil in the markets across the globe. Trump has said he would raise tariffs on $200 billion of goods to 25 percent on Friday from 10 per cent. In early Asian trade, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2 per cent. During the overnight trade, Dow Jones Industrial Average was up 0.75 per cent to settle at 26,505, S&P500 was up 0.96 per cent at 2,946 and Nasdaq gained 1.58 per cent to settle at 8,164 levels.

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Tracking Fani: When nation's worst cyclone in 20 years shook parts of India

Fri, 03 May 2019 06:28:00 GMT

Cyclone Fani made a landfall in Puri on Odisha coast this morning on Friday which triggered heavy rainfall coupled with high velocity winds with speed of 175 kmph in vast areas. Large areas in the seaside pilgrim town of Puri and other places were submerged with water as heavy rains battered the entire coastal belt of the state. Several trees were uprooted and thatched structures destroyed at some places including Bhubaneswar. According to the Joint Typhoon Warning Centre, Cyclone Fani is billed as the most severe cyclonic storm since the super cyclone of 1999 that claimed close to 10,000 lives and left a trail of destruction in vast swathes of Odisha, Listen to this podcast for more

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Market Ahead: March quarter earnings, global cues top factors for today

Fri, 03 May 2019 01:54:00 GMT

March quarter earnings will continue to dominate investor sentiment on Friday. Besides, The Bank of England's status quo on interest rates and an increase in its economic growth forecast are also expected to guide markets. Data on India’s foreign exchange (Forex) reserves, which will be made public later in the day, will also be keenly awaited. On Thursday, benchmark indices, S&P BSE Sensex and NSE Nifty50, dropped 50 points and 23 points, respectively to settle at 38,981 and 11,725 levels. Rupee closed at Rs 69.35 against a dollar. EARNINGS CORNER About 24 companies including Hindustan Unilever, Tata Chemicals, Century Textiles, Cholamandalam Financial Holdings and L&T Technology Services are scheduled to declare their Q4 numbers for the financial year 2018-19 (FY19) today. GLOBAL CUES Oil prices eased further on Friday as concerns of oversupply gripped the commodity market. The Brent crude was trading at $70.54 a barrel at 6:45 am. While the Asian share markets were subdued on Friday amid thin holiday trade, the US stocks ended in the red during the overnight trade. The Dow Jones Industrial Average fell 122 points to end at 26,308. S&P 500 and Nasdaq, too, dropped 6.21 and 12.87 points, respectively to end at 2,918 and 8,037 levels. The UK’s Bank of England kept its interest rate steady at 0.75 per cent but signaled more frequent rate increases than what the market currently expects in the future, subject to the UK’s “smooth exit” from the European Union. It projected a decline in unemployment, greater excess demand than previously predicted and fall in the near-term inflation outlook.

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Market Wrap: Sensex, Nifty end marginally lower after a volatile session

Thu, 02 May 2019 10:14:00 GMT

Benchmark indices ended marginally lower on a volatile day with India Vix rising 5.19 per cent to 22.96 on Thursday in which IT and Pharma stocks dragged the indices down. The Sensex ended the day 50 points, or 0.13 per cent, lower at 38,981 levels, with TATA Motors, ICICI Bank, IndusInd Bank, Infosys and HCL Tech among the biggest losers. Nifty50 failed to hold the 11,750 level and closed at 11,725 levels, down 23 points, or 0.20 per cent. Among sectoral indices, Nifty IT index was the biggest loser, down 1.8 per cent, led by a fall in Infosys, TCS and HCL Technologies. The Nifty Media index also dipped over 1 per cent. The broader market fared worse with the S&P BSE MidCap index tumbling 91 points, or 0.61 per cent, to 14,798, while the S&P BSE SmallCap index ended the dat at 14,593, down 31 points, or 0.21 per cent. Escorts shares slipped 7.5 per cent to Rs 684 after the farm equity major reported a 15 per cent decline in tractor sales to 5,264 units in April 2019. The company had sold 6,186 tractors in the same month last year. READ MORE Jet Airways (India) shares skid 20 per cent to hit its 52-week low of Rs 123 on the BSE in early morning trade, on report that bidders have not shown interest in following up their offers for the debt-laden airline with a few days left to submit their final bids. The stock is trading close to its all-time low level of Rs 115 touched on March 12, 2009 in intra-day trade. READ MORE Ashok Leyland shares rose 4 per cent to Rs 90.40 on the National Stock Exchange (NSE), after the company reported 10 per cent rise in the domestic vehicles sales at 13,141 units in April 2019. The commercial vehicles company had sold 11,951 vehicles in domestic market during the same month last year.

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Global terrorist Masood Azhar: A big, long-awaited gain for India

Thu, 02 May 2019 06:02:00 GMT

The United Nations on Wednesday listed Pakistan-based Jaish-e-Mohammed chief Masood Azhar as a global terrorist after China lifted its hold on the proposal. "Big, small, all join together. Masood Azhar designated as a terrorist in UN Sanctions list. China had put a hold in March on a fresh proposal by the US, UK and France to impose a ban on the chief of the JeM, which claimed responsibility for the deadly Pulwama terror attack. Prime Minister Narendra Modi Wednesday said the UN decision to declare Masood Azhar as a global terrorist is a big success for India's efforts to root out terrorism and proved that the country's voice can no longer be ignored on the global stage. Listen to this podcast for more

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Market Ahead, May 2: Top factors that may guide market direction today

Thu, 02 May 2019 02:01:00 GMT

Oil prices, Fed meet outcome, auto sales numbers, rupee movement and March quarter earnings will be key triggers for the Indian indices on Thursday. Markets will resume trading today after a day’s off on account of Maharashtra Day. BSE Sensex, on Tuesday, closed at 39,032, down 36 points, or 0.09 per cent while the broader Nifty50 slid 6.5 points, or 0.06 per cent, to end at 11,748. Rupee closed at Rs 69.56 per dollar. India’s Manufacturing Purchasing Manager’s Index (PMI) data is also due for release later today. Earnings corner Close to 40 companies will release their Q4 earnings for the financial year 2018-19. These will include Bandhan Bank, Bombay Dyeing, Dabur, MRF, and Tata Power. Global cues Oil prices will be under watch as the US’ decision against oil import from Iran will come into effect from today. Trump administration, last month, had ended waivers given to oil importing countries. Oil prices dipped on Thursday after data showed record US crude oil production even as oil markets, outside of the US, remained tense. Spot Brent crude futures were at $72.09 per barrel, down 0.1 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan was off 0.1 per cent, trading in a tight band. Indices in Japan and China were shut and will resume trading from next Tuesday and Monday respectively. US indices ended marginally lower after the Federal Reserve kept interest rates unchanged in the target between 2.25 per cent and 2.5 per cent, against expectations of “precautionary cut” to stoke inflation. The Dow Jones Industrial Average ended at 26,430, down 163 points, S&P500 shed 22 points to close at 2,924. Nasdaq ended 46 points lower at 8,050.

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What you need to know about the NSE co-location issue

Wed, 01 May 2019 08:59:00 GMT

The stock market regulator has asked India’s largest stock exchange by traded volume NSE to pay over Rs 1000 crore over a scandal which allowed some brokers to make money through gaining preferential access to the stock exchange servers. A look at the exchange disclosures shows that it has provided for nearly Rs 2000 crore as provisions, pending directions from the Securities and Exchange Board of India (Sebi). Listen to this podcast for more

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Market Wrap: Sensex, Nifty pare losses, end flat; YES Bank slips 30%

Tue, 30 Apr 2019 09:36:00 GMT

The benchmark indices closed Tuesday's session marginally lower. Both Sensex and Nifty spent the majority of their day in the negative zone, with the former sliding almost 300 points at one point, dragged down by financials. However, buying in metal stocks and OMCs lifted the indices in the last hour of trade but couldn't pull the indices out of the red zone. The S&P BSE Sensex ended the day at 39,032, down 36 points, or 0.09 per cent, with YES Bank, IndusInd Bank, Hero MotoCorp, Maruti Suzuki India, and Powergrid being among the top losers. The broader Nifty50 also slid 6.5 points, or 0.06 per cent, to 11,748. About 1,326 stocks fell and 468 shares declined on the NSE. Among sectoral indices, the biggest loser was the Nifty PSU Bank index, down 3.34 per cent, while Nifty Realty also fell 2.3 per cent. The broader markets undperformed the benchmark indices, with the S&P BSE MidCap index slipping 175 points, or 1.16 per cent, to 14,889, while the S&P BSE SmallCap index was ruling at 14,625, down 189 points, or 1.27 per cent. BUZZING STOCKS YES Bank shares tanked 29.2 per cent to Rs 168 on the National Stock Exchange (NSE) after the bank reported a whopping Rs 1,506 crore net loss for the March quarter (Q4FY19) as provisions soared over nine times. The private sector bank posted its first-ever quarterly loss during the quarter. It had posted a profit of Rs 1,179 crore in the year-ago period. Eveready Industries shares plunged 20 per cent to Rs 116.85 after rating agency India Ratings and Research (Ind-Ra) downgraded the company's long-term credit rating with negative outlook.

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The Chessboard - Ep 5: What explains the violent politics in West Bengal?

Tue, 30 Apr 2019 08:30:00 GMT

In episode 5 of Business Standard’s podcast on politics, the Chessboard, Ankur Bhardwaj and Archis Mohan discuss the four phases of voting, the BJP’s mojo and the violent nature of politics in West Bengal Nearly all of south and west of India has voted. In the east only West Bengal has not completed polling yet. With mostly north Indian and Hindi speaking states going to vote in the coming three phases, how is the chessboard of Indian politics placed? 375 seats have now voted. Less than 200 remain and mostly in territory that was completely dominated by the ruling Bharatiya Janata Party in 2014. Has the BJP regained its mojo? West Bengal sends 42 members to the Lok Sabha. The Trinamool Congress won 34 of these. Congress party won 4. The CPM had 2 while the BJP also had 2. Voting in the state is accompanied by violence. What explains this violent streak of Bengali politics? For more on all of these questions, tune in.

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SBI's new rules to come into effect from May 1: Key things to know

Tue, 30 Apr 2019 05:43:00 GMT

In a first-of-its-kind initiative, the nation's largest lender State Bank Friday announced linking of its savings deposits rates and short-term loans to an external benchmark--the repo rate of the Reserve Bank. The new rates will be effective May 1, the bank said in a statement. But the move will not benefit all its depositors as the new rate is applicable only to those with a balance of over Rs 1 lakh in their accounts. Listen to this podcast for more

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Market Ahead, April 30: All you need to know before the opening bell

Tue, 30 Apr 2019 02:23:00 GMT

Corporate earnings, macroeconomic data, auto sales’ numbers, and global cues will be key factors affecting market sentiment this week. Close to 149 companies, including Ambuja Cement, Concor, TVS Motors, Britannia Industries, Bandhan Bank, Dabur India, MRF, Hindustan Unilever, Tata Chemicals and Aditya Birla Capital will declare their March quarter numbers during the truncated week. Monthly auto sales’ figures, which have been muted for a couple of months now, will be released on Wednesday. Furthermore, the Reserve Bank of India (RBI) will release Monetary and Credit Information review, Federal Fiscal Deficit and Infrastructure Output report (YoY) on Tuesday. The foreign exchange reserves data, to be released on Friday will also be keenly watched by investors as foreign institutional investors (FIIs) bought shares worth Rs 4,500 crore during the past week and remained net buyers. Domestic institutional investors (DIIs), however, remained in the net sellers’ category. They sold Rs 3,675.97 crore worth of equities during the last week. Indian markets were shut on Monday, April 29, on account of 2019 Lok Sabha polls in Mumbai. They will also remain shut on Wednesday, May 1, on account of Maharashtra Day. Globally, oil slipped during early trade on Tuesday after the US pressed OPEC to cover the shortfall caused due to economic sanctions on Iran. Brent crude futures were at $71.86 per barrel at 6:33 am, down 0.3 per cent, from their last close. Rupee closed at Rs 70.01 a dollar, about 25 paise stronger, on April 26 (Friday). US Federal Reserve's two-day policy meet, which begins today with the decision due tomorrow, will also be keenly watched by investors. Besides, China’s factory output numbers will also influence sentiment. Asian shares fell on Tuesday as investors await US Federal Reserve policy decision. MSCI's broadest gauge of Asia-Pacific shares outside Japan was off 0.1 per cent, weighed by weakness in Korean shares which fell 0.4 per cent. During the overnight trade in the US, both S&P 500 and Nasdaq indices ended at record closing highs of 2,943.03 level and 8,161.85 level, respectively. Dow Jones Industrial Average, however, eked out a 0.04 per cent gain to end at 26,554.39 level.

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Why it is getting tougher for H-1B visa holders to switch jobs

Mon, 29 Apr 2019 05:29:00 GMT

The Trump administration had earlier announced a new rule related to the filing of H-1B visas, asserting that it is more efficient, effective and helps in attracting the best talent in the US. In another setback for H1B visa holders in the United States, switching jobs may lead to their immediate exit from the nation, along with a three to ten years bar on entering the US. Listen to this podcast for more.

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Market Wrap, April 26: Sensex gains 336 pts; Nifty above 11,750

Fri, 26 Apr 2019 11:07:00 GMT

A late surge in the benchmark indices, lifted by gains in financials and metals, took Sensex nearly 300 points, up almost 1 per cent, higher and Nifty beyond the 11,750-mark after a rangebound morning trade. The Sensex was up 336.47 points, or 0.87 per cent, at 39,067, with Tata Steel, ICICI Bank, Axis Bank, TCS and State Bank of India among the top gainers. 12 of the 30 constitutents ended in the red while the rest 18 finished the day in the green. Nifty50 too registered gain in the late hours to end at 11,755, up 113 points, or 0.9 per cent. About 1,085 shares advanced, 1,410 shares declined, and 153 shares remained unchanged. On sectoral basis, only Nifty Auto, Nifty Media, and Nifty Realty indices ended in red. The biggets gainers were Nifty Metal, Nifty Bank, and Nifty Private Bank indices that rose 1.86 per cent, 1.53 per cent, and 1.46 per cent, respectively. Among broader markets, S&P BSE MidCap index slipped 66 points, or 0.44 per cent, to end at 15,064 while S&P BSE SmallCap index also closed in the red, down 25 points, or 0.17 per cent, at 14,813.38. Maruti Suzuki India shares slipped 1 per cent to Rs 6,832.15 on the BSE after the company reported a weak set of numbers for the March quarter (Q4FY19). GHCL rose 7.25 per cnt to Rs 259 on the back of heavy volumes after the company reported a healthy 44 per cent year-on-year (YoY) growth in net profit at Rs 119 crore in the March quarter (Q4FY19). Shares of Tata Steel rallied almost 7 per cent to Rs 545 on the BSE after the company reported a better-than-expected consolidated net profit of Rs 2,295 crore in the March quarter (Q4FY19).

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Podcast: Your last chance to buy a Maruti diesel car is now!

Fri, 26 Apr 2019 05:50:00 GMT

India's largest carmaker Maruti Suzuki India (MSI) has said that it will discontinue sale of diesel cars in the country from April next year, coinciding with the transition of the automobile industry to stricter BS VI emission norms. The auto major currently gets 23 per cent of its total sales in the domestic market from diesel cars. It sold a total of 4.63 lakh diesel units last fiscal. Some of the company's models like Vitara Brezza and S-Cross currently come with a diesel engine option only. Others like Swift, Baleno, Dzire, Ciaz and Ertiga also have petrol versions in addition to the diesel trims. MSI has also decided to pull the plug on the diesel version of its light commercial vehicle Super Carry from next year. It would be only available in petrol/CNG version going ahead. Listen to the podcast for more...

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Q4 earnings to a weaker rupee, top factors that may drive market today

Fri, 26 Apr 2019 02:30:00 GMT

A weaker rupee, soaring crude oil prices and Q4 earnings will affect the market sentiment on Friday ahead of a long weekend. About 18 companies will declare their March quarter numbers for the year 2018-19, including YES Bank, HDFC Asset Management Company, HDFC Life Insurance, Hero MotoCorp, and Piramal Enterprises. Markets remained flat for the most part of Thursday’s trading session but witnessed heavy sell-off during the last trading hour. Benchmark indices, S&P BSE Sensex and NSE Nifty50 tanked 324 points and 84 points, respectively. While the Sensex settled at 38,731 level, Nifty managed to hold above the psychological level of 11,600 to end at 11,642. Markets will remain shut on Monday on account of Phase 4 of the 2019 Lok Sabha polls where Mumbai goes to vote. In the forex market, the rupee slipped 39 paise to close at 70.2 per dollar. GLOBAL CUES Oil prices, which touched $75 per barrel in the intra-day trade on Thursday, dipped in the early trade on Friday on the expectation of higher supply by Organization of Petroleum Exporting Countries (OPEC) countries to offset curb on Iran export. Brent crude futures were at $74.00 per barrel at 6:45 am, or 0.4 per cent, from their last close. Asian shares got off to a subdued start ahead of the release of US’ GDP numbers, due later in the day. Moreover, the Bank of Japan (BoJ) held its monetary policy steady at a rate review on Thursday and said its super-low rates will last another year. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent. In the overnight trade, US stocks ended mixed. The Dow Jones Industrial Average lost 135 points to close at 26,462, while the S&P500 slipped 1 point to end at 2,926 level. Nasdaq gained 17 points to settle at 8,119 level.

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Market Wrap, April 25: Sensex tanks 324 points; Brent hits $75/bbl

Thu, 25 Apr 2019 10:23:00 GMT

Benchmark indices ended Thursday's session in the red, led by losses in financials and metal stocks, after witnessing a sharp last hour sell-off on March series futures & options contracts while brent oil hit $75 per barrel for the first time in 2019. Brent oil rose above $75 per barrel as quality concerns forced the suspension of some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran. The BSE Sensex ended the day 324 points, or 0.83 per cent lower, with Tata Steel, Vedanta, Maruti Suzuki, State Bank of India and Coal India being the top losers. Nifty50, too, pared gains to finish at 11,642, down 84 points, or 0.72 per cent. The market breadth remained in favour of sellers with 963 stocks declining and 777 shares advancing on the NSE. Among sectoral indices, only Nifty Realty index ended in the green, with Nifty Metal index ending 1.86 per cent lower. The Nifty PSU Bank index also declined 1.56 per cent. In broader market, the S&P BSE Midcap index fell 88 points, or 0.58 per cent, to 15,130, and the S&P BSE Smallcap index dropped 8 points, or 0.05 per cent, to 14,839. UltraTech Cement shares hit 52-week high of Rs 4,510, up 3 per cent, in early morning trade on Thursday, and have surged 7 per cent in the past two trading days on the BSE, after the company reported strong performance in the March quarter (Q4FY19). Six companies - Reliance Industries (RIL), HCL Technologies, Titan Company, Bajaj Finserv, UltraTech Cement, and UPL - from the Nifty50 index hit their respective fresh record highs on the National Stock Exchange (NSE) on Thursday. Shares of sugar companies rallied up to 12 per cent on the BSE in early morning deal on the back of heavy volumes on hopes that sweetener output may fall in 2019-20 due to low rains.

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Why India is against Belt & Road forum, China's biggest diplomatic event

Thu, 25 Apr 2019 05:51:00 GMT

China will hold its second Belt and Road Forum (BRF) from Thursday to showcase its trillion-dollar Belt and Road Initiative (BRI) without India's presence for the second consecutive time, while 37 heads of the state and government, including from Pakistan, would attend the three-day grand event. The BRI was launched by Chinese President Xi Jinping when he came to power in 2013. It aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes. The CPEC, which connects Gwadar Port in Pakistan's Balochistan with China's Xinjiang province, is the flagship project of Xi's ambitious BRI. India has been boycotting the BRI to protest over the $60 billion China-Pakistan Economic Corridor (CPEC) being laid through the Pakistan-occupied Kashmir. For more, listen to this podcast...

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Market Ahead, April 25: All you need to know before the opening bell

Thu, 25 Apr 2019 02:23:00 GMT

March quarter earnings and Futures & Options (F&O) contract expiry will keep the domestic investors busy on Thursday coupled with Japan’s interest rate decision. About 22 companies are slated to announce their Q4 numbers during the day, including Axis Bank, Maruti Suzuki India, Biocon, Cochin Malabar Estate, Indiabulls Ventures, Nestle India, SBI Life Insurance and Tata Steel. Benchmark indices, BSE Sensex and NSE Nifty50, saw sudden recovery during the last trading hour on Wednesday to end 490 points and 150 points higher, respectively. In the forex market, the rupee on Wednesday declined by 24 paise to close at 69.86 against the US dollar. GLOBAL CUES Oil prices fell on Thursday as record US output and rising crude stockpiles dampened the impact of tighter US sanctions on Iran and producer club OPEC’s continued curbs on supply. Brent crude futures were at $74.35 per barrel, down 0.3 per cent, at 06:07 am from their last close. In the equity markets, Asian shares dipped in the early trade on Thursday after a surprise deterioration in German business morale triggered fears of slowing global growth. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent, while Japan’s Nikkei average edged up 0.3 per cent to 22,264.81 points. During the overnight trade, US indices shrugged off some earnings’ misses but ended lower at the end of the session. While Dow Jones Industrial Average ended 59.3 points lower at 26,597.05, S&P500 slipped 6.43 points to close at 2,927.25. Nasdaq, too, lost 18.81 points to end at 8,102 levels.

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Market Wrap, April 24: Sensex ends over 39k, Nifty up 150 pts

Wed, 24 Apr 2019 11:10:00 GMT

A last hour surge led by gains in financials and IT stocks helped the benchmark indices snap their 3-day losing streak and close Wednesday's session at day's high. The BSE Sensex ended the day at 39,055, up 490 points, or 1.27 per cent, with the highest gains in HCL Tech, ONGC, IndusInd Bank, YES Bank and Bharti Airtel. Out of 30 components, 23 scrips ended in the green and rest seven in the red. Broader index Nifty50 surged 150 points to close at 11,726. About 1,232 shares advanced while 1,237 shares declined, and 157 shares remained unchanged. Market breadth was in favour of advances with advance-decline ratio at 1:1 In the broader market, the S&P BSE Midcap index ended with a gain of 65 points, or 0.43 per cent, at 15,218 while the S&P BSE Smallcap index ended at 14,847, up 61 points or 0.42 per cent. Among sectoral indices, only the Nifty Auto index ended in red, with the Nifty PSU Bank index being the biggest gainer, up 1.5 per cent. ACC shares ended the day at Rs 1,600.70, a decline of 3.67 per cent on the National Stock Exchange (NSE) after the company reported a lower-than-expected operating performance in the quarter ended March, 2019 or Q1CY19. Shares of Oil and Natural Gas Corporation (ONGC) hit a 6-month high of Rs 170, up 4 per cent, in intra-day trade on Wednesday, and ended the day at Rs 168.35, a gain of 2.81 per cent, on the expectations of strong earnings in the January-March quarter (Q4FY19). Indiabulls Real Estate surged 10 per cent to close the day at Rs 115.70 on the NSE on the back of heavy volumes after the company said it has decided to divest Century, the parent company that houses Hanover Square property, London. The company has decided to focus only on Mumbai & National Capital Region (NCR) markets.

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Jobs aplenty in Indian IT sector? Know companies who are hiring the most

Wed, 24 Apr 2019 05:52:00 GMT

Tata Consultancy Services (TCS), Infosys and Wipro together did a net addition of 64,805 (after taking into account the attrition) in the financial year ended March 31, 2019, when compared to an addition of 9,864 in FY18 and 48,350 in FY17. Aggressive hiring is expected to continue in this financial year because these players are trying to cash in on the emerging demand in the market. This is expected to lift the employee hiring numbers, especially the fresher intake, by the top three players. For more, listen to this podcast.

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Market Ahead: Q4 nos to F&O expiry, top factors that may drive market today

Wed, 24 Apr 2019 02:20:00 GMT

Investors are likely to take cues from crude oil prices, March quarter earnings and movement of rupee against the US dollar on Wednesday. Moreover, trading is expected to remain volatile ahead of the expiry of Futures and Options (F&O) contracts of April series. Q4 numbers will be announced by 15 companies including Hexaware Technologies, Indiabulls Housing Finance, ICICI Prudential Life Insurance Company, M&M Financial Services, Muthoot Capital Services, Shriram City Union Finance, and Ultratech Cement. In the primary market, the initial public offer (IPO) of specialty chemicals firm Neogen Chemicals opens today. Rupee, on Tuesday, closed at Rs 69.63 against a dollar, marginally higher than Monday’s close of Rs 69.67. The S&P BSE Sensex and Nifty traded flat for the most part of the day on Tuesday, seeing selling pressure only during the last trading hour. While the former closed 80 points lower at 38,565, the latter slipped 18 points to close at 11,576 level. India VIX, a gauge to measure the volatility in the Indian equity market touched an intra-day high of 3 per cent. GLOBAL CUES Oil prices inched lower on Wednesday after markets were assured of “adequate global supply” despite the US announcing no “reissue of waivers” against Iran sanctions. Brent crude futures were at $74.24 per barrel at 6:28 am, down 27 cents, or 0.4 per cent from their last close. Asian markets rallied after upbeat earnings helped the Nasdaq and S&P 500 indices record closing highs on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trade in Asia. Japan is also due to release its Industry activity index today. In the US markets, Dow Jones Industrial Average rose 0.52 per cent to 26,647.97. S&P 500 and Nasdaq Composite added 0.91 per cent and 1.35 per cent each to close at 2,934.31 and 8,123.25, respectively

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The curious case of 'rise' and 'ban' of Tik Tok in India explained

Mon, 15 Apr 2019 06:45:00 GMT

The Supreme Court today said that it will not interfere in the Tik Tok matter as the Madras High Court is hearing it on Tuesday. Madras High Court on April 4 directed the Central Government to ban popular Chinese video app TikTok, saying it was "encouraging pornography". The order also directs the media from telecasting videos made using the app. TikTok, an app that allows users to create and share short videos with special effects, has over 54 million monthly active users in India. To know more about Tik Tok and the ongoing controversy over it, do listen to this podcast

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Electoral Bonds will curb or lead to more black money? The story so far

Fri, 12 Apr 2019 07:34:00 GMT

The Supreme Court has directed all political parties to furnish receipts of electoral bonds and details of identity of donors in a sealer cover to the Election Commission. The order was passed on a plea of an NGO which challenged the validity of the scheme and sought that either the issuance of electoral bonds be stayed or names of donors be made public to ensure transparency in the poll process. As per provisions of the scheme, electoral bonds may be purchased by a person, who is a citizen of India or incorporated or established in India. To know more about electoral bonds and the controversy behind them, do listen to this podcast

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Huge discount, cashback on iPhone XR: Know how much it will cost you now

Fri, 05 Apr 2019 06:59:00 GMT

There's finally some good news if you are looking to buy one of the latest iPhones. Starting today, Apple will start selling the iPhone XR at a price of Rs. 59,90 as compared to the earlier price of Rs 76,900. Not just this, under this limited time offer, HDFC debit and credit card holders will be eligible for 10 percent additional cash back which brings the effective price in India down to an attractive Rs. 53,900.This is for the entry level iPhone XR (64GB variant) To know more about the discount offered on other variants and why apple has finally reduced the selling price of its phones, tune in to this podcast.

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