Share Market highlights: Sensex ends 280 pts up, Nifty above 11,000; ICICI Bank, VEDL top gainers

By: |
Updated:Sep 13, 2019 3:45:23 pm

Share Market highlights: The headline Sensex and Nifty ended higher on Friday afternoon, aided by a rally in heavyweight financials.

Sensex, equity markets, FMCG, NSE benchmark, US, China, Asian markets, Nifty, foreign portfolio investors, BSE sensexThe SGX Nifty was trading 10 points up at 11,002 indicating a positive opening for Sensex and Nifty.

Share Market highlights: The headline Sensex and Nifty ended higher on Friday afternoon, aided by a rally in heavyweight financials. The Sensex closed 281 points higher at 37,285, while the Nifty ended the session near the 11,100-mark. ICICI Bank, VEDL, ONGC shares emerged among the biggest gainers, jumping up to 3%. Sun Pharma, Bharti Airtel shares were among the biggest losers, shedding up to 1.5%. Asian stocks advanced on Friday 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. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.2%, while Japan’s Nikkei rose 0.4%, Reuters reported. We bring to you highlights.

Live Blog

Highlights

    15:45 (IST)13 Sep 2019
    BSE live: Sensex ends 280 pts up, Nifty above 11,000; ICICI Bank, VEDL top gainers

     The headline Sensex and Nifty ended higher on Friday afternoon, aided by a rally in heavyweight financials. The Sensex closed 281 points higher at 37,285, while the Nifty ended the session near the 11,100-mark. ICICI Bank, VEDL, ONGC shares emerged among the biggest gainers, jumping up to 3%. Sun Pharma, Bharti Airtel shares were among the biggest losers, shedding up to 1.5%. A look at LIVE Sensex heatmap.

    13:07 (IST)13 Sep 2019
    BSE live: Sensex under pressure, Nifty below 11,000; Bharti Airtel, Yes Bank top losers

     The headline Sensex and Nifty came under pressure in the afternoon trade on Friday. The Sensex was down 25 points to 37,090, while the Nifty was trading below the 11,000-mark at 1.00 pm. Bharti Airtel, Yes Bank, HDFC Bank shares emerged among the biggest losers, shedding up to 3.5% on Friday morning. Tata Motors, Heromotocorp shares were among the top gainers, jumping up to 1%. A look at LIVE Sensex heatmap.

    12:46 (IST)13 Sep 2019
    Let us sell water bottles: Industry asks not to put single-use plastic ban on small PET bottles

    As the government has waged a war against single-use plastic bottles, various industry leaders have sought the removal of the proposed ban on PET water bottles of 200 ml and less, which they claim are 100% recyclable. The Packaging Association for Clean Environment (PACE) and the All India Association of Natural Mineral Water Industries have requested the government to reconsider the proposed ban as PET water bottles been listed by the Central Pollution Control Board (CPCB) in to be banned items along with 11 other products, CNBC-TV18 cited sources as saying. CPCB’s larger list consists of items such as thin carry bags, non-woven carry bags, small wrapping, straws, plastic cups, etc.

    Full Story

    12:06 (IST)13 Sep 2019
    IMF on India’s economic growth: It’s ‘much weaker’ than expected

    Amid concerns on slowdown, IMF (International Monetary Fund) said that India’s economic growth is ‘much weaker’ than expected owing to a host of factors including uncertainty in the corporate and environmental regulations. It comes at a time when the country’s GDP recorded a dismal 5 per cent growth in the first quarter of FY20, mainly on account of weakness in the manufacturing sector. The growth stands at a six-year low with the previous low posted at 4.3 per cent in March 2013. “Again, we will have a fresh set of numbers coming up, but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-bank financial companies and risks to the outlook are tilted to the downside, as we like to say,” IMF spokesman Gerry Rice said on Thursday.

    11:08 (IST)13 Sep 2019
    Investors' last best hope fast fading away as slowdown grips India, other emerging nations

    The power of consumers is becoming the last best hope for emerging market investors as global recession risks rise. But even that’s starting to crack. Consumption makes up about 60% of gross domestic product across many developing economies, with Brazil and Mexico among those leaning hardest on households, data from the Organisation for Economic Co-operation and Development show.

    Full Story

    10:31 (IST)13 Sep 2019
    Zomato suspends Infinity Dining after row with hotels; no date for revival on cards yet

    Months after food aggregator Zomato launched its paid subscription program Infinity Dining, the company has suspended the same for an indefinite time following a row with NRAI, a Zomato spokesperson told Financial Express Online. While the company has not permanently shut curtains for the program, no concrete date for its revival has been set yet and the Deepinder Goyal-founded company is working to get it live again.

    Full Story

    10:25 (IST)13 Sep 2019
    ICICI Securities: ‘Add’ on Dr Lal Pathlabs with revised TP of Rs 1,370

    High growth visibility justifies premium valuation: We remain positive on Dr Lal Pathlabs’ (Dr Lal) long-term outlook considering its strong brand franchise with sustainably high revenue growth (14-15%), expansion potential, strong FCF generation and higher return ratios. We believe organised players like Dr Lal would be the biggest beneficiaries of increasing penetration and rising share of the organised sector in diagnostics market. Management has maintained its guidance of mid-teen revenue growth, which would be largely driven by volumes. We expect mid to high teen volume growth and marginal decrease in realisation as share of bundled tests increase. Maintain add with a revised target price of Rs 1,370 (earlier Rs 1,180).

    Full story

    09:58 (IST)13 Sep 2019
    LIC pips private insurers in first-year premium growth during April-August

    In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). Market participants say that, growth in insurance was largely due to the surge in group non-single business and individual single premium business in the April-August period.

    Full story

    09:49 (IST)13 Sep 2019
    RBI increases banks’ loan exposure limit to single NBFC

    The RBI on Thursday increased loan exposure limit of banks to a single NBFC (excluding gold loan companies) from 15 per cent to 20 per cent of its capital base, a move that will help increase credit supply to the crisis-ridden shadow banking sector. According to the extant ‘Large Exposures Framework (LEF)’, banks’ exposure to a single non-banking financial company (NBFC) is restricted to 15 per cent of their available eligible capital base, while general single counter-party exposure limit is 20 per cent, which can be extended to 25 per cent by banks’ boards under exceptional circumstances..

    Full story

    09:30 (IST)13 Sep 2019
    Yes bank share price extends losses after Wednesday's rally on reports of Rana Kapoor selling stake

    Shares of private sector lender  Yes Bank extended decline on Friday morning, following Wendesday's mega rally on reporta that founder Rana Kapoor is in talks with Paytm to sell his stake. Yes Bank shares are down about 3% to Rs 65.30 on BSE. The stock, which rose 13.5 percent on Wednesday, has lost more than 50 percent of its value in the last three months amid corporate governance and asset-quality concerns. Yesterday, the shares ended at Rs 67.95.

    Track live stock price: Yes Bank 

    09:24 (IST)13 Sep 2019
    BSE live: Sensex down 50 points, Nifty below 11,000; HDFC Bank, Yes Bank top losers

    The headline indices Sensex and Nifty opened lower on Friday, tracking mixed global cues. The Sensex was down 55 points to 37,050, while the Nifty was trading below the 11,000-mark at 9.20 am. Yes Bank, HDFC Bank shares emerged among the biggest losers, shedding up to 3.5% on Friday morning. Tata Motors, Heromotocorp shares were among the top gainers, jumping up to 1%. A look at LIVE Sensex heatmap.

    09:10 (IST)13 Sep 2019
    Equity investment: Market has little interest in several large-cap stocks

    The low valuations of many large-cap private and PSU stocks suggest that the market is not excited about their prospects. However, it would appear that even their majority shareholders (promoters) have an indifferent view of the valuations as most have hardly made any attempts to address the market’s concerns (real or perceived). This is quite odd as the companies/promoters will require the support of capital markets given their funding and leverage issues. Companies can do little about the nature of their businesses but the benefits of the right ESG practices should be obvious to the majority shareholders of all companies irrespective of their underlying businesses. Hence, we are quite puzzled by the approach of the companies.

    Full story

    08:59 (IST)13 Sep 2019
    Jet Airways: Synergy Group emerges lone suitor for grounded airline

    The Synergy Group, a majority stakeholder in South American Avianca Airlines, has emerged as the sole contender for the beleaguered Jet Airways. The group was the only party to sign a non-disclosure agreement (NDA) to get access to Jet’s financials for conducting due diligence. The resolution professional (RP) for the grounded airline has set up meetings between the Synergy Group, Jet’s lenders and the ministry of civil aviation over the next week. The group, led by Bolivian-born entrepreneur German Efromovich, is searching for an Indian partner. The RP has identified at least two Indian firms which can partner with Synergy Group, one person involved in the process said.

    Full story

    08:58 (IST)13 Sep 2019
    Comforting numbers: July IIP up 4.3%, August inflation at 3.21%

    Industrial production beat analysts’ expectations to grow at 4.3% in July from just 1.2% in the previous month, while retail inflation inched up by just 6 basis points sequentially to hit 3.21% in August, offering some comfort to policy-makers, as they struggle to spur faltering economic growth by reversing a collapse in private demand. Data released by the Central Statistics Organisation on Thursday showed capital goods output, although notorious for volatility, contracted for a seventh straight month through July, suggesting investments were still in doldrums. Consumer durables shrank for a second consecutive month, mirroring the drop in sales of automobiles, among others, and indicating a decline in urban demand. 

    Full story

    08:46 (IST)13 Sep 2019
    Trai gets it wrong: Bundling beneficial for both consumers, producers

    Bundling is back in the news, and possibly for the wrong reasons. The Telecom Regulatory Authority of India (TRAI) has, once again, taken a rather dim view of bundling in the broadcasting industry, presumably in consumer interest. They say bundling is non-transparent, costly, and subscribers end up paying for channels they do not watch. While the allegation might have some traces of truth, the reality is much more complex. Besides, the alternative that is sought to be put in place doesn’t really deal with the initial problem, in some cases, making the situation worse.

    Full story

    08:45 (IST)13 Sep 2019
    Surviving shocks: Markets are in the hands of politicians

    Last month’s drop in long-term Treasury yields spooked many market watchers who fear recession and another prolonged period of sluggish economic growth. But they’re watching the wrong threat. While low interest rates in the early part of this decade were caused by economic pessimism—high unemployment and excess debt in the wake of the great recession—low interest rates today are more reflective of political uncertainty and pessimism. A change in the trajectory of interest rates is more likely to come from a change in the political environment than a change in the economic environment.

    Full story

    08:45 (IST)13 Sep 2019
    South Korea’s Moon, Trump expected to meet at UN amid hopes for new North Korea talks

    South Korean President Moon Jae-in and U.S. President Donald Trump are expected to hold a summit at the United Nations this month, Moon’s office said on Friday, amid hopes for a restart of talks aimed at dismantling North Korea’s nuclear weapons programme. Seoul and Washington are working to fix a date for the meeting during Moon’s trip to New York for the U.N. General Assembly from Sept. 22-26, Moon’s spokeswoman Ko Min-jung told a briefing. The announcement came days after North Korea said it was willing to reopen denuclearisation talks with the United States within the month.

    Full story

    08:44 (IST)13 Sep 2019
    Gold treads water as trade optimism lifts risk assets

    Gold prices were little changed on Friday, on track for a third weekly decline as optimism over the U.S.-China trade talk fanned risk sentiment, while palladium hovered around a record peak on concerns about tight supplies of the autocatalyst metal. Spot gold was trading flat at $1,497.81 per ounce, as of 0105 GMT. Prices have dropped about 0.6% so far this week, poised for a third consecutive weekly decline. U.S. gold futures dropped 0.1% to $1,505.50. * Palladium hit a record peak of $1,621.55 on Thursday on concerns over tight supplies due to possible labour issues in South African mines.

    Full story