Market HIGHLIGHTS: Sensex, Nifty end day on strong note after Middle tensions ease

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Updated:Jan 09, 2020 6:52:00 pm

Sensex, Nifty ended on a strong note on Thursday as both the US and Iran showed a potential walk away from further escalating tensions in the Middle East.

ICICI Bank was the top gainer in the Sensex pack, followed by SBI, M&M, IndusInd Bank, Maruti Suzuki, Asian Paints and RIL.

Market HIGHLIGHTS: Sensex, Nifty ended on a strong note on Thursday as both the US and Iran showed a potential walk away from further escalating tensions in the Middle East. Sensex jumped almost 400 points to start at 41,216.67 while Nifty rose 1.16% to open at 12,166. The 30-share BSE index rose 634.61 points, or 1.55 per cent, to end at 41,452.35. Similarly, the broader Nifty jumped 190.55 points, or 1.58 per cent, to 12,215.90. ICICI Bank was the top gainer in the Sensex pack, followed by SBI, M&M, IndusInd Bank, Maruti Suzuki, Asian Paints and RIL. TCS, HCL Tech, NTPC, and Sun Pharma were the top laggards. Except IT, all sectoral indices closed in the green. Realty was the top gainer among all the indices. The market breadth favoured advances and the advance-decline ratio was at 3:1. The volatility index closed with a cut of over 10 per cent in the trade.

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Highlights

    17:31 (IST)09 Jan 2020
    Sensex jumps over 600 pts after US-Iran tensions ease; how Trump helped share market to rebound

    The benchmark equity indices bounced back after the US-Iran tensions appeared to ease, with Sensex and Nifty posting the biggest single-day gains in three months. The 30-share BSE index rose 634.61 points, or 1.55 per cent, to end at 41,452.35. Similarly, the broader Nifty jumped 190.55 points, or 1.58 per cent, to 12,215.90. 

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    17:31 (IST)09 Jan 2020
    Fitch says removing Bharti Airtel from ratings watch to depend on Supreme Court ruling

    Fitch Ratings on Thursday said removing Bharti Airtel Ltd from its Rating Watch Negative (RWN) will depend on the Supreme Court ruling on a review petition filed by telecom companies against being asked to pay backdated statutory dues after considering non-telecom revenues. Fitch assigned a rating of ‘BBB-‘ to the company’s proposed US dollar senior unsecured convertible notes. 

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    17:30 (IST)09 Jan 2020
    Nominal agri growth will double, real growth will fall; Modi’s doubling farmer income still a dream

    India’s agriculture GVA is once again estimated to remain below 3 per cent even as Prime Minister Narendra Modi had assured to double farmers’ income by 2022. The Ministry of Statistics and Programme Implementation released the first advance estimates of national income, earlier this week, that showed real GVA growth in the agricultural sector will remain 2.8 per cent in the current fiscal, which is further below the deteriorated level of 2.9 per cent in FY19. The real GVA growth of agri sector may fall for the consecutive fourth year this time. However, driven by high food prices, the nominal GVA growth in the agriculture sector is estimated to more than double in the current year.

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    17:30 (IST)09 Jan 2020
    China’s economy czar going to Washington to sign trade deal

    China’s economy czar will visit Washington next week for the signing of an interim trade deal, the government said Thursday. Vice Premier Liu He, Beijing’s chief envoy in talks with Washington over their tariff war, had been expected to attend the signing but the Commerce Ministry’s statement was the first official confirmation. Washington postponed planned tariff increases following the announcement of the “Phase 1” deal in October. But earlier punitive duties imposed by both sides on billions of dollars of each other’s goods stayed in place, dampening global trade and threatening to chill economic growth.

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    17:29 (IST)09 Jan 2020
    Air India sale: Govt to release EoI, Share Purchase Agreement in a week

    As the government desperately tries to off load state-run carrier Air India, it is expected to release the Expression of Interest and Share Purchase Agreement (SPA) for the airline in a week, CNBC TV-18 reported. The government also approved the EoI and SPA for the airline this week as the airline’s dues mount to Rs 80,000 crore. To that extent, the bidders will be given about 45 days for submission of proposals, Hardeep Singh Puri, Minister of Civil Aviation, told the news channel, adding that while the government has been trying to sell Air India for a while now, the first attempt failed because it was not a politically right time. 

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    13:28 (IST)09 Jan 2020
    Lifestyle, electronics items sell more on brick and mortar shops than Amazon, Flipkart: CCI

    While e-commerce has been gaining dominance in the Indian retail sector with the emergence of e-tailers such as Amazon and Flipkart, certain product categories still sell more on offline stores. For electronic/electrical appliances and lifestyle-related products including apparel, shoes, accessories and fashion products, “online is more of a supplementary channel, brick and mortar sales being the predominant mode of sales,” CCI said in its report titled Market Study on E-commerce in India.

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    11:11 (IST)09 Jan 2020
    What Indians are not buying: FMCG pain to continue; these products under worst pressure

    FMCG companies are likely to continue facing headwinds of an economic slump for six more months as revival is only expected after Q3FY21. “With few definite signs of improvement in the economy in the myopic future, we do not expect much improvement in Indian FMCG sector until Q3FY21,” a CARE Ratings report said on Wednesday. While categories such as dairy and consumer goods are under pressure, the personal care category is expected to bear most of the brunt of a demand slowdown and its revival is expected at least after the next six to seven months.

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    09:46 (IST)09 Jan 2020
    US-Iran tensions: Rupee breaches 72, but settles at 71.70 vs dollar

    Following the Iranian attack on US bases and subsequent spike in oil prices, the rupee once again breached the 72-mark against the dollar, but recouped to close at Rs 71.7063. It has remained volatile over the past few days over expectation of an inflated import bill due to rising oil prices. Meanwhile, Brent crude price rose as high as $71.75 per barrel intraday, and was trading at $68.78 per barrel around 5.15 pm on Wednesday. On Tuesday, it had come down to $68.27. Since Thursday, the rupee had depreciated 0.467%, while Brent prices shot up 3.7% during the period.

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    09:46 (IST)09 Jan 2020
    Gold continues to glitter as geopolitical crisis deepens further

    Spot price for gold rose 1.5% on in India to touch Rs 40,977 for 10 gm, as markets woke up to retaliatory attack by Iran on US airbases in Iraq. In international markets, spot prices for gold hit a near seven-year high to touch $1,600/ounce before coming off.

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    09:45 (IST)09 Jan 2020
    Modi govt brings in private firms to push ‘Make in India’; allows commercial coal mining

    To push Narendra Modi’s flagship scheme ‘Make in India’, the cabinet has today passed an ordinance to remove the end-use restrictions on private coal mining. The move will thus allow commercial mining of coal by private companies by promulgating the Mineral Laws Amendment Ordinance 2020. The cabinet said that the Coal India Limited (CIL) has been allotted adequate coal blocks to ramp up production and has been provided with a production target of 1 billion tonnes by 2023-24. 

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    09:45 (IST)09 Jan 2020
    Economic Slowdown: World Bank projects India’s growth to 5% for FY 2019-20

    The World Bank has projected a five per cent growth rate for India in the 2019-2020 fiscal, but said it was likely to recover to 5.8 per cent in the following financial year. The growth rate for Bangladesh has been projected to remain above seven per cent through the forecast horizon and, in Pakistan, it is projected to languish at three per cent or less through 2020 as macroeconomic stabilisation efforts weigh on economic activity, the bank said in its latest edition of the Global Economic Prospects.

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    09:44 (IST)09 Jan 2020
    Govt gives companies three more months to inform about significant beneficial owners

    The ministry of corporate affairs (MCA) has extended the time offered to companies to provide information about persons who control 10% or more stake in the entity by 3 months. The process of informing the MCA about significant beneficial owners (SBOs) is part of the exercise to bring in more transparency about persons with significant control over a firm.

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    09:44 (IST)09 Jan 2020
    Coal blocks in India no longer ‘captive’; Steel, power firms may bid for mines

    Dozens of captive coal mines with abundant reserves of the fuel could be up for grabs soon, without any end-use restrictions, as the Cabinet on Wednesday decided to promulgate an ordinance amending the relevant Act, with an aim to revive investor interest in the sector.

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    09:43 (IST)09 Jan 2020
    Jet Airways insolvency: IDBI Bank and IOB say cant fund the process further

    The insolvency proceedings of grounded Jet Airways have hit yet another snag after two of its lenders, IDBI Bank and Indian Overseas Bank, on Wednesday sought an exemption from releasing funds as they are under the central bank’s prompt corrective action (PCA) framework.

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    09:28 (IST)09 Jan 2020
    SBI trading at top; TCS languishing at bottom on Sensex

    SBI with 2.24% growth trading at 327 holds the top position currently while TCS with 0.81% loss trading at 2236.  Yesterday's top gainer Bharti Airtel trading at 5th position with 1.68% gain.

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