Share Market Highlights: Sensex tanks over 300 points, Nifty settles near 11,900

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Updated:Nov 09, 2019 11:22:35 am

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark equity indices -- Sensex and Nifty -- ended the intraday trade on a negative note.

sensex, bse, nse, share market live, nifty, moody'sSensex tanked 330.13 points to end at 40,323.61, while Nifty settled near 11,900 on the last day of the week.

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.

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Highlights

    15:10 (IST)08 Nov 2019
    Iron ore supply to steel makers to be disrupted after mining leases expire: FIMI

    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.

    15:09 (IST)08 Nov 2019
    Moody's revised rating outlook of six financial companies

    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.

    14:35 (IST)08 Nov 2019
    Govt should explore Israel, Brazil models for onion storage: Ficci study

    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.

    14:33 (IST)08 Nov 2019
    Nifty Bank gains more than 500 pts

    Nifty Bank gains more than 500 points from lows to cross 31,000.

    14:33 (IST)08 Nov 2019
    Nomura cuts India's GDP growth guidance

    Nomura has cut India's GDP growth guidance for FY19 and FY20 following Moody's outlook revision.

    14:05 (IST)08 Nov 2019
    After rating outlook cut, Moody’s gives solution to India on how to restore its credit rating glory

    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

    11:48 (IST)08 Nov 2019
    October equity inflows slips

    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.

    11:37 (IST)08 Nov 2019
    SBI steeply slashes deposit rates; lowers lending rates marginally

    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.

    11:27 (IST)08 Nov 2019
    Jamkhani coal block in Odisha with 2.6 mtpa capacity on auction today

    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.

    10:12 (IST)08 Nov 2019
    RCEP pact: Govt decision to pullback caused by failure of existing dumping duties on China

    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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    10:09 (IST)08 Nov 2019
    NBFCs to be brought under IBC purview for faster resolution

    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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