Market HIGHLIGHTS: Sensex surges 270 points, Nifty gains ground; L&T up on strong Q3 results

By: |
Updated:Jan 23, 2020 3:56:28 pm

Bharti Airtel had jumped to its 52-week high of 524 and the highest level achieved after October 2007 after the government’s approval to hike the FDI limit up to 100 per cent.

Sensex had lost 208 points or 0.50 per cent to close at 41,115.38 on Wednesday.

Market LIVE: Benchmark indices Sensex, Nifty had traded in green throughout the day after a brief opening session when Nifty was trading in the red. The 30-share index Sensex finished the day having surged 271 points or 0.61 per cent at 41,386.40. On the other hand, Nifty gained 73 points or 0.60 per cent to reach the closing bells at 12,179.90 on Thursday. Larsen & Turbo (LT) consolidated its position at the top of the Sensex pack with 2.83 per cent growth riding on the back of strong Q3 results. Tech Mahindra slumped to the bottom of the Sensex losing 1.33 per cent. 22 stocks out of the 30 on the Sensex pack finished Thursday in green.

Meanwhile, the deadline given by the government to the telecom companies to pay adjusted gross revenue (AGR) ends today and barring Reliance Jio, all companies have asked the government to wait for the Supreme Court order before clearing the dues. Telcos had filed a petition in the Supreme Court to seek more time to pay the contentious charge the government has sought from them for using spectrum licenses and other services.

 

Live Blog

Highlights

    15:04 (IST)23 Jan 2020
    Sebi to tap artificial intelligence, big data analytics to curb market manipulations, says Chairman Ajay Tyagi

    Sebi is acquiring capabilities to monitor and analyse social media posts to keep a tab on possible market manipulations, its Chairman Ajay Tyagi said on Thursday. He said the capabilities will involve use of artificial intelligence, machine learning, big data analytics and natural language processing tools to spot market manipulation.

    Full story

    15:02 (IST)23 Jan 2020
    Shriram Capital holds off plan to merge with its NBFC arm RBI request

    Shriram Capital Ltd. has held off a plan to merge with its shadow lending arms after the Reserve Bank of India requested the group to cut its stake in its insurance business, according to people familiar with the matter. The unlisted Shriram Capital, which counts billionaire Ajay Piramal and private equity firm TPG Capital as investors, was planning to combine with its publicly traded units Shriram Transport Finance Co. and Shriram City Union Finance Ltd.

    Full story

    15:01 (IST)23 Jan 2020
    Piyush Goyal says he would have bought Air India, if he could; calls it a goldmine

    Even as the government desperately tries to sell debt-laden Air India, union minister Piyush Goyal on Thursday said that a well-managed and efficient airline is nothing short of a goldmine.

    Full story

    14:32 (IST)23 Jan 2020
    Swiggy’s shocking admission. Yes, online food is costlier than restaurants

    Food aggregator Swiggy has acknowledged the difference between the food prices in the restaurant and that displayed online as several users point out the same on social media platforms. However, the company denied its involvement in hiking rates and said “we play no part in the invoice … all components of the bill in the invoice are levied by the restaurant. If the restaurant is willing they may charge it differently,” it said in a reply to a customer who pointed out the difference in pricing on Twitter. 

    Full Story

    14:31 (IST)23 Jan 2020
    PhonePe turning into super app: Forays into insurance segment targeting travellers

    Walmart-owned digital payments company PhonePe on Thursday launched an insurance offering in partnership with Bajaj Allianz General Insurance. The company has started with travel insurance for leisure and business travellers to buy while travelling abroad across 220 countries offering sum insured of up to $1 million.

     Full story

    14:24 (IST)23 Jan 2020
    Modi’s ‘Sabka Vishwas’ rakes in big success: Cadbury maker pays up hefty sum to settle tax dispute

    Narendra Modi government’s flagship Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 has brought in a windfall to the exchequer, with Cadbury chocolate maker Mondelez India Foods Pvt Ltd settling a long-pending tax dispute by paying up a hefty sum of Rs 439 crore. 

    Full story

    11:59 (IST)23 Jan 2020
    Budget 2020: What FM Sitharaman can do for health, life and motor insurance

    The Indian insurance industry experts believe that this year’s budget will be very important for the insurance sector as in the year 2019, the industry witnessed several key announcements and regulatory changes across all sectors, including Health, Life and Motor insurance. 

    Full story

    11:39 (IST)23 Jan 2020
    Re 1 for 1 GB: Mukesh Ambani’s Reliance Jio gets tough competitor in Bengaluru start-up

    A Bengaluru based start-up could emerge as a tough competition for Mukesh Ambani’s Reliance Jio with the former offering 1 GB data for as low as Re 1. Incepted in 2016, the same year as Jio launched its services, WiFi Dabba aims to provide “reliable and affordable service” and fix connectivity issues.

    Full story

    11:38 (IST)23 Jan 2020
    Rupee trades marginally lower; Union Budget, RBI monetary policy to set future direction

    The rupee opened marginally lower at 71.22 against the US dollar on Thursday as compared to the previous close of 71.19 a dollar.  At 10.55 AM, the rupee was trading flat at 71.20 against the US dollar, down 0.01 per cent. On the year to date (YTD) return basis, the Indian rupee has weakened by 0.24 per cent. “We expect USDINR to trade between 70.80-71.60 levels till month-end and the further course of action will depend on the upcoming budget and RBI monetary policy,” V K Sharma, Head PCG & Capital Markets Strategy said.

    Full story

    10:50 (IST)23 Jan 2020
    SBI chairman Rajnish Kumar is sure of “some solutions will emerge” to save Yes Bank from failing

    The head of India’s biggest lender said he’s certain “some solutions will emerge” to steady Yes Bank Ltd., which has been on a prolonged quest to raise new capital. “Yes Bank is a significant player in the market with an almost $40 billion balance sheet,” State Bank of India Chairman Rajnish Kumar told Bloomberg Television in Davos. “I have a feeling that it will not be allowed to fail,” he added.

    Full story

    10:49 (IST)23 Jan 2020
    Analyst Corner: High infra spend may drive cement demand growth

    Front-ended price hikes to support margins; north players well placed. In CY19, the cement sector was plagued with worries related to weakening demand overshadowing pricing-led EBITDA growth. Only three cement companies from our coverage universe (JK Cement, Ramco and Shree) outperformed the Nifty.

    Full story

    10:48 (IST)23 Jan 2020
    EFIL to raise up to Rs 250 cr via NCDs

    Edelweiss Finance & Investments (EFIL), the NBFC arm of Edelweiss group, on Wednesday announced the public issue of secured redeemable non-convertible debentures (NCDs) to raise up to Rs 250 crore for onward lending and other purposes. NCDs offer an effective yield of up to 10.25% per annum.

    Full story

    10:48 (IST)23 Jan 2020
    Sensex jumps over 200 points, Nifty above 12,150; Axis Bank, Infy, M&M top gainers

    Benchmark equity market indices Sensex and Nifty opened marginally higher on Thursday taking cues from their Asian peers and falling crude oil prices in the international market. Around 9.50 AM, BSE S&P Sensex jumped 234 points or 0.57 per cent to trade at 41, 350 points, while broader Nifty 50 index was ruling 54 points or 0.45 per cent higher at 12,161 points.

    Full story

    10:47 (IST)23 Jan 2020
    Gold trades flat on Thursday amid concerns of flu-like virus in China

    Gold futures on Thursday opened flat on the concern of the spread of new flu-like virus in China which supported the safe-haven metal.

    Full story

    Next Stories
    1Sebi comes out with new framework to check non-compliance of listing rules
    2Government falls short of its oil production and natural gas output targets again
    3Sensex extends losses to 3rd day, down over 200 pts; here’s why markets are falling