Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark equity indices — Sensex and Nifty — ended the intraday trade on a negative note. Sensex tanked 330.13 points to end at 40,323.61, while Nifty settled near 11,900 on the last day of the week. Earlier in the day, Moody’s Investors Service cut India’s credit ratings to negative. The agency has projected a budget deficit of 3.7 per cent of the GDP in the current fiscal year, which exceeds the government’s budget estimate of 3.3 per cent. Slower growth and cut in corporate tax rate are also seen as reasons for low annual revenue. India’s foreign currency rating has also been retained at Baa2, which is the second-lowest grade score.
Share Market Highlights: Sensex tanks over 300 points, Nifty settles near 11,900
Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark equity indices -- Sensex and Nifty -- ended the intraday trade on a negative note.
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This article was first uploaded on November eight, twenty nineteen, at fifty-two minutes past eight in the morning.
With the mining leases of 329 private mines slated to expire on March 31, apex mineral body FIMI believes that iron ore, a raw material used in steel-making, will be the worst hit from the move. The 329 mines, including 48 operative and 281 non-operative ones, are spread across 10 states, Federation of Indian Mineral Industries (FIMI) said.
After economy, Moody’s Investors Service lowered rating outlook on six Indian financial companies. The outlook of EXIM India, HDFC Bank, Hero FinCorp, HUDCO, IRFC and SBI was revised to negative from stable by the global rating agency.
India, which is currently witnessing a spike in retail onion price up to Rs 100/kg on tight supply, should explore low-cost modern technology models from countries like Israel and Brazil for storing the commodity, industry body Ficci said on Friday.
Nifty Bank gains more than 500 points from lows to cross 31,000.
Nomura has cut India's GDP growth guidance for FY19 and FY20 following Moody's outlook revision.
Even as the government announced a slew of measures to boost growth, the impact may only be seen with a lag, global rating agency Moody’s Investors Service said. For now, there is an increasing risk that the economic growth will remain materially lower than the past, Gene Fang, associate MD, Sovereign Risk Group at Moody’s Investors Service, told TV news channels adding that the structural concerns are expected to persist longer. The rating outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, Moody’s said in its report
October equity inflows slipped 8 per cent, while liquid fund sees an inflow of Rs 93,203 crore as against the outflow of Rs 1.4 lalk crore last month.
Country's largest lender State Bank of India on Friday reduced its marginal cost of fund based lending rate (MCLR) by 5 basis points across all tenors, effective November 10, and sharply slashed the deposits pricing between 15 and 75 basis points.
Jamkhani coal block in Odisha with 2.6 mtpa capacity on auction on Friday. The reserve price set at Rs 1002/t for Jamkhani coal block.
Apart from political considerations, India’s decision to pull out of the Regional Comprehensive Economic Partnership (RCEP) earlier this week was precipitated by the realisation that existing safeguards against a flood of imports from countries, such as China, had largely failed. Prime Minister Narendra Modi on Monday walked out of the mega trade deal, citing unresolved “significant outstanding issues”. Commerce and Industry Minister Piyush Goyal said the decision is “absolutely final” unless “all” of India’s demands are met and its national interests are safeguarded “without allowing India to become the dumping ground for other countries”.
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The centre is expected to notify rules under Section 227 of Insolvency and Bankruptcy Code which will allow the National Company Law Tribunal to order a resolution plan for non-banking finance companies (NBFCs) too. At present, under IBC, financial institutions cannot be taken for resolution to NCLT. A source in the government, who did not wish to be named, told The Indian Express, “The government is working to put in place regulations under the IBC to ensure resolution of stressed NBFCs and HFCs.” Cases including that of DHFL is expected to gather pace once the section and rules are notified.
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