Share market Highlights: Sensex ends 131 points higher, Nifty above 10,800; Sun Pharma, SBI surge

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Updated:Jan 09, 2019 9:11:06 am

Share market Highlights: After opening mildly lower, the Sensex and Nifty ended the day's Tuesday's session higher buoyed by a rally in financial heavyweights. Sensex closed 130.77 points higher at 35,980.93, while the broader Nifty 50 closed above the 10,800-mark.

Share Market Live, Stock Market Live, Nifty Live, NSE live, BSE live, Live Market Update, Market Today, Indian Share Market Live, Indian Stock Market LiveShare market Highlights: Bandhan Bank share price plunged by more than 6% to hit the day’s low at Rs 470.85.

Share market Highligts: After opening mildly lower, the Sensex and Nifty ended the day’s Tuesday’s session higher buoyed by a rally in financial heavyweights. Sensex closed 130.77 points higher at 35,980.93, while the broader Nifty 50 closed above the 10,800-mark. Sun Pharma share price ended 4.1% higher at 447.65, while SBI shares closed 3.3% higher at 305.55.

Bandhan Bank share price plunged by more than 6% to hit the day’s low at Rs 470.85.  The shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held. The merger is effective from January 1, 2019. TCS shares gained mildly to Rs 1,908, after the firm announced that it has received a contract from Central Bank of Kuwait.

Most Asian shares were propped up on Tuesday by hopes that Washington and Beijing may be inching towards a trade deal and that U.S. Federal Reserve would halt its tightening if economic growth slows further. Japan’s Nikkei rose 0.9 percent while MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up just 0.1 percent, though it was dragged down by falls in China and Taiwan. On Wall Street, the S&P 500 gained 0.7 percent on Monday  following 3.4 percent surge on Friday, with Amazon.com Inc and Netflix leading the rally, Reuters reported.  We bring to you LIVE updates.

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Highlights

    09:11 (IST)09 Jan 2019
    US stocks: Apple, Facebook propel Wall Street to three-week peak

    The S&P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war. The three-day rally kicked off on Friday following robust U.S. jobs data and dovish comments on interest rates by Federal Reserve chief Jerome Powell has lifted the S&P 500 by over 9 percent from 20-month lows touched around Christmas. (Reuters reported)

    15:38 (IST)08 Jan 2019
    BSE Live: Sensex ends 131 points higher, Nifty at 10,802

    After opening mildly lower, the Sensex and Nifty ended the day's Tuesday's session higher buoyed by a rally in financial heavyweights. Sensex closed 130.77 points higher at 35,980.93, while the broader Nifty 50 closed above the 10,800-mark. Sun Pharma share price ended 4.1% higher at 447.65, while SBI shares closed 3.3% higher at 305.55. A look at Sensex live heatmap.

    15:23 (IST)08 Jan 2019
    Monsanto share price surges over 13% after SC allows parent to claim GM cotton patents

    Shares of Monsanto India jumped 13.4 per cent to Rs 2,917, hitting the highest level since September 26 last year, after Supreme Court ruled in favour of US seed maker. Earlier today, top court allowed Monsanto to claim patents on its genetically modified cotton seeds in the world’s biggest producer of the fibre. Since September 17, the stock has  marked its sharpest intraday gain before paring some gains to trade 4.6 per cent higher at the time of reporting. The today’s decision by the Supreme Court overturns an earlier ruling given by the Delhi High Court that Monsanto which has been bought by German drug and crop chemical maker Bayer AG was unable to claim patents on GM cotton seeds.

    Also read: Monsanto share price surges over 13% after SC allows parent to claim GM cotton patents

    14:47 (IST)08 Jan 2019
    Now Paytm help desk to answer your queries about bus travel like WiFi, porter assistance

    Digital payments company Paytm has launched help desk services for customers booking bus tickets on the platform, its Vice President, Abhishek Rajan told FE Online. “We witnessed that bus boarding points lack amenities like drinking water, porter assistance, and WiFi. Hence the Paytm travel team came up with “Paytm Bus Help Desk” initiative to help our customers at several bus boarding points across the country to make their travel experience more rewarding and enjoyable,” said Ranjan. The company has its crew members deployed at all the boarding points wearing Paytm Bus Jacket for customers to easily identify them. Paytm claimed it to be the first-of-its-kind service in India for customers’ travel-related queries.

    Also read: Now Paytm help desk to answer your queries about bus travel like WiFi, porter assistance

    14:17 (IST)08 Jan 2019
    Goldman Sachs says this Asian currency will beat rupee in battle of high-yielders; here’s why

    Indonesia’s rupiah is set to outperform the Indian rupee thanks to the diverging impact of oil prices, portfolio flows and monetary policy sensitivities to the Federal Reserve, according to Goldman Sachs Group Inc. “Although India and Indonesia are typically clubbed together under “high-yielding Asian currencies, there are several key differences in the structure of both economies that may differentiate their market performance and create investment opportunities,” economists including Nupur Gupta and Jonathan Sequeira, wrote in a Jan. 7 note.

    Read more: Goldman Sachs says this Asian currency will beat rupee in battle of high-yielders; here’s why

    12:58 (IST)08 Jan 2019
    BSE Live: Sensex off lows, Nifty above 10,750; Sun Pharma, ICICI Bank shares rally

    The domestic stock markets are off day's lows, and the Sensex and Nifty have turned positive. The Sensex is up about 5 points to 35,854.54, and the Nifty is trading above the 10,750-mark. ICICI Bank share price have emerged among top gainers in the Sensex, up 2% to Rs 374.95.  Sun Pharma share price gained more than 3.15% to hit the day's high at Rs 443.70. A look at live Sensex heat map.

    12:51 (IST)08 Jan 2019
    Who is Gita Gopinath? First woman ever to join IMF as chief economist

    India-born Gita Gopinath has joined International Monetary Fund (IMF) as its chief economist, becoming the first woman ever to occupy the post. The 11th chief economist of the IMF succeeds Maurice (Maury) Obstfeld as Economic Counsellor and Director of the IMF’s Research Department. The 46-year-old is the second Indian to be appointed to the post after former Reserve Bank of India (RBI) Governor Raghuram Rajan.  She grew up in India and completed her graduation and post-graduation from India and moved to US for further studies. She completed her Bachelor’s in Economics from Lady Shri Ram College in Delhi. She pursued her Masters in Economics from Delhi School of Economics (1992-94) and University of Washington (1994-96). She did her PhD in Economics from Princeton University (1996-2001).

    Read full story here: Who is Gita Gopinath? First woman ever to join IMF as chief economist

    12:31 (IST)08 Jan 2019
    Brokerages take on Bandhan Bank-Gruh Finance merger

    Many brokerage firms have maintained their rating Bandhan Bank, but expressed concerns about the synergies that the deal may offer offer. Global firm Macquarie maintained a neutral rating on Bandhan Bank with a target price of Rs 540. However, research and brokerage firm is of the view that the acquisition of Gruh from minority shareholders’ point of view is a wrong decision. Shareholders will be paying 13 times for Gruh as against 4.5 times paid for Bandhan, noted the firm. “Post merger, the share of micro banking asset would come down to 57% from 86% for Bandhan Bank. At the current market price, the swap ratio is negative for Gruh Finance and is expected to witness around 7 per cent correction,” Phillip Capital said in a note.

    12:08 (IST)08 Jan 2019
    HDFC shares largely unchanged after announcement of merger between subsidiary Gruh Finance and Bandhan Bank

    While shares of Gruh Finance ajnd Bandhan Bank plunged in trade on Tuesday morning, HDFC shares remained largely unchanged in trade. HDFC shares are trasdinng 0.66% down to Rs 1,958 on BSE. Shares of home finance firm Gruh Finance plunged in trade on Tuesday morning, after the firm approved the merger with Gruh Finance yesterday. Gruh Finance share price tanked by more than 14% to Rs 262.20 on Tuesday morning. Gruh Finance board on Monday approved merger of housing financier with Bandhan Bank in share-swap deal.  Bandhan Bank shares plunged by more than 6% on Tuesday morning, after the announcement of merger with Gruh Finance came late on Monday. Bandhan Bank share price plunged by 6.03% to Rs 470.85 in the morning trade on Tuesday.

    11:31 (IST)08 Jan 2019
    BSE Live: Sensex erases gains, Nifty nears 10,750; Sun Pharma, Tata Motors shares rally

    The stock markets have erased gains made in the morning trade, with the Sensex and Nifty slipping back to negative. Sensex is down about 10 points 35,838.39, while the Nifty is nearing the 10,750-mark. Sun Pharma share price gained more than 3.15% to hit the day's high at Rs 443.70. Tata Motors shares extended gains in the morning trade, up 2.5% on the back of robust JLR UK sales for the month December 2018. A look at Sensex LIVE heatmap.

    11:11 (IST)08 Jan 2019
    Bharat Bandh: Banking services to get disrupted today as PSU bank employees join trade unions strike

    Bharat Bandh: Banking services may get disrupted today and tomorrow (January 8-9) as a section of public sector bank employees have joined the massive two-day strike that has been called by central trade unions to protest against ‘anti-labour policies’ of the Narendra Modi-led government. It would be safer for bank customers, if possible, to postpone their bank-related work, as several public sector banks have issued advisory for the same. According to media reports, about 20 crore workers that are part of several trade unions, bank employee unions, farmers’ bodies and teachers’ associations are taking part in the two-day nationwide strike.

    Read full story here: Bharat Bandh: Banking services to get disrupted today as PSU bank employees join trade unions strike

    10:54 (IST)08 Jan 2019
    Rupee halts two-day rally; falls 40 paise to 70.08 per US dollar in early trade; 10-year bond yields up

    After rallying for two straight days to hit 5-month high, the Indian rupee fell as much as 40 paise in the early morning trade against the US dollar on Tuesday, as crude oil prices surged.  The domestic unit opened weaker by about 16 paise at 69.84 per US dollar from the Monday’s close 69.68 per US dollar. In debt markets, the yields on the 10-year government bonds rose 2.54% to 7.64% from its previous close of 7.45%. At 9:15 AM (IST), the rupee was trading at 70.03, up 35 paise from its previous close, after touching an intra-day high of 69.81 per US dollar and an intra-day low of 70.08 per US dollar, according to data available with the Bloomberg website.

    Read full story here: Rupee halts two-day rally; falls 40 paise to 70.08 per US dollar in early trade; 10-year bond yields up

    10:33 (IST)08 Jan 2019
    BSE Live: Gruh Finance share price plunges 14% after Bandhan Bank merger approval

    Shares of home finance firm Gruh Finance plunged in trade on Tuesday morning, after the firm approved the merger with Gruh Finance yesterday. Gruh Finance share price tanked by more than 14% to Rs 262.20 on Tuesday morning. Gruh Finance board on Monday approved merger of housing financier with Bandhan Bank in share-swap deal. The shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held. The merger is effective from January 1, 2019. The deal follows the Reserve Bank of India’s decision to impose strictures on Bandhan Bank for failing to reduce promoter shareholding as per the agreed regulatory timeline. Bandhan Bank’s shareholding in the merged entity will drop down to around 61 per cent. Bandhan Bank’s promoters owned 82.28 per cent in the bank before the merger.

    10:12 (IST)08 Jan 2019
    BSE Live: Sensex up 100 points, Nifty near 10,800; Tata Motors zooms 2.5%

    After opening mildly lower on Tuesday, the Sensex and Nifty have now turned positive for the day. The Sensex is up about 92 points to 35,942.69, while the Nifty is trading nearing the 10,800-mark. Tata Motors shares extended gains in the morning trade, up 2.5% on the back of robust JLR UK sales for the month December 2018. Bandhan Bank share price plunged by more than 6% to hit the day's low at Rs 470.85. A look at live heatmap.

    09:46 (IST)08 Jan 2019
    Bandhan Bank share price plunges 6% after merger approval with Gruh Finance

    Shares of private sector lender Bandhan Bank plunged by more than 6% on Tuesday morning, after the announcement of merger with Gruh Finance came late on Monday. Bandhan Bank share price plunged by 6.03% to Rs 470.85 in the morning trade on Tuesday. Gruh Finance board on Monday approved merger of housing financier with Bandhan Bank in share-swap deal. The shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held. The merger is effective from January 1, 2019. The deal follows the Reserve Bank of India’s decision to impose strictures on Bandhan Bank for failing to reduce promoter shareholding as per the agreed regulatory timeline. Bandhan Bank’s shareholding in the merged entity will drop down to around 61 per cent, from 82% currently.

    09:23 (IST)08 Jan 2019
    BSE Live: Sensex opens mildly lower, Nifty above 10,750; Bandhan Bank plunges 6%

    The domestic stock markets-- Sensex and Nifty-- opened mildly lower on Tuesday, tracking weak global cues. The Sensex is down about 75 points to 35,775.71, while the Nifty is trading above the 10,750-level. Bandhan Bank share price plunged by more than 6% to hit the day's low at Rs 470.85.  A look at live heatmap. 

    09:14 (IST)08 Jan 2019
    CSO pegs India’s GDP to grow at 7.2% in FY19

    India’s GDP is expected to grow at 7.2 per cent in FY19 as against 6.7 per cent on-year, Central Statistics Office (CSO) data showed on Monday. “The growth in GDP during 2018-19 is estimated at 7.2 per cent as compared to the growth rate of 6.7 per cent in 2017-18”,  the Central Statistics Office (CSO) said releasing the first advance estimates of National Income for FY19.

    Read more: CSO pegs India’s GDP to grow at 7.2% in FY19

    09:08 (IST)08 Jan 2019
    Amazon, Netflix push Wall Street higher; resumption of US-China trade talks eased concerns

    Amazon.com Inc and Netflix fueled a second straight session of gains on Wall Street on Monday, as the resumption of U.S.-China trade talks helped ease concerns that have pummeled the market in recent months. The benchmark S&P 500's advance added to a 3.4 percent surge on Friday, when strong U.S. jobs data eased worries over the economy and remarks by the Federal Reserve head calmed investors nervous that interest rate hikes would crimp growth. Fears of a global slowdown have led to a sharp pullback in the markets over the last few months and in analysts' estimates for corporate growth. But after hitting a 20-month low on Christmas Eve, the S&P has gained over 9 percent. (Reuters reported)

    09:07 (IST)08 Jan 2019
    Asian shares propped up by hopes for Sino-US trade deal, cautious Fed

    Most Asian shares were propped up on Tuesday by hopes that Washington and Beijing may be inching towards a trade deal and that U.S. Federal Reserve would halt its tightening if economic growth slows further. Japan's Nikkei rose 0.9 percent while MSCI's broadest index of Asia-Pacific shares outside Japan ticked up just 0.1 percent, though it was dragged down by falls in China and Taiwan. On Wall Street, the S&P 500 gained 0.7 percent on Monday  following 3.4 percent surge on Friday, with Amazon.com Inc and Netflix leading the rally. Gains in tech names allayed some fears, sparked by Apple's sales warnings last week, that the high-flying sector is starting to be hurt by the Sino-U.S. trade war. (Reuters reported)

    09:06 (IST)08 Jan 2019
    Samsung feels Apple’s pain as technology slowdown hits sales

    Samsung Electronics Co.’s quarterly profit and sales missed estimates, as demand for memory chips slumped in the last three months of 2018, the same quarter that Apple Inc. reported anemic sales in China. The South Korean company’s operating income fell to 10.8 trillion won ($9.65 billion) in the period that ended in December, according to preliminary results released Tuesday, falling short of the 13.8 trillion-won average of analysts’ estimates compiled by Bloomberg.

    Read full story here: Samsung feels Apple’s pain as technology slowdown hits sales

    09:05 (IST)08 Jan 2019
    HDFC-led Gruh Finance approves merger into Bandhan Bank; 5 key things to know

    Gruh Finance board on Monday approved merger of housing financier with Bandhan Bank in share-swap deal. The shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held. The merger is effective from January 1, 2019. The deal follows the Reserve Bank of India’s decision to impose strictures on Bandhan Bank for failing to reduce promoter shareholding as per the agreed regulatory timeline. Bandhan Bank’s shareholding in the merged entity will drop down to around 61 per cent. Bandhan Bank’s promoters owned 82.28 per cent in the bank before the merger.

    Read more: HDFC-led Gruh Finance approves merger into Bandhan Bank; 5 key things to know

    Share market on Monday: After opening sharply higher, the domestic stock markets gave up gains in the afternoon trade on Monday. The Sensex closed 155 points higher to 35,850.16, while the Nifty closed above 10,750-level. Tata Motors, Maruti Suzuki shares emerged among the top gainers in the Sensex. Tata Motors share price gained by more than 4.4% to hit the day’s high to Rs 178.30. Maruti Suzuki share price ended 1.76% higher at Rs 7,356.10 on the BSE.Earlier, the domestic stock markets Sensex and Nifty rallied on Monday morning, buoyed by a host of global factors including Federal Reserve Chairman Jerome Powell’s statement that the central bank would be patient and flexible in steering the course of interest rates.