Share market highlights: Sensex ends 232 points higher, Nifty above 10,850; Axis Bank, ITC shares surge

By: | Updated:Jan 09, 2019 4:41 pm

Share market highlights: The Sensex and Nifty made a smart recovery in the afternoon trade on Wednesday, buoyed by a strong rally in financials. Sensex closed 231.98 points higher at 36,212.91, while the Nifty closed 53 points higher at 10,855.

stock market live updates, BSE, NSE, sensex, nifty, market cap, Indian Stock MarketShare market highlights: Axis Bank and Tata Motors shares have emerged among top gainers. (Image: Reuters)

Share market highlights: The Sensex and Nifty made a smart recovery in the afternoon trade on Wednesday, buoyed by a strong rally in financials. Sensex closed 231.98 points higher at 36,212.91, while the Nifty closed 53 points higher at 10,855. Axis Bank shares gained by more than 2.9% to Rs 670.05, while ITC shares ended the session 2.3% higher at 290.70. The recovery in the shares was led by financials and auto stocks.

Earlier, 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 US 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. Asian stocks rallied Wednesday following gains in the U.S. amid optimism on the potential for progress in trade talks between Washington and Beijing. Treasuries steadied after their recent slide and the dollar dipped, said a Bloomberg report. We bring yo you LIVE updates.

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Share Market Highlights: Sensex, Nifty, Indian Rupee vs US Dollar, Latest Stock Market News, NSE, BSE

16:00 (IST)09 Jan 2019
IndusInd Bank Q3 net profit rises by 5% to Rs 985 crore

Private sector lender IndusInd Bank Wednesday posted a marginal 5.2 per cent increase in net profit to Rs 985.03 crore for the third quarter ended December 31, 2018. The bank had recorded a net profit of Rs 936.25 crore in the October-December quarter of last fiscal. Total income of the lender also increased to Rs 7,232.32 crore during the October-December 2018 as against Rs 5,473.54 crore over the corresponding period of the previous fiscal, IndusInd Bank said in a regulatory filing.

Read full report here: IndusInd Bank Q3 net profit rises by 5% to Rs 985 crore

15:59 (IST)09 Jan 2019
BSE Live: Sensex ends 232 points higher, Nifty above 10,850; Axis Bank, ITC shares surge

The Sensex and Nifty made a smart recovery in the afternoon trade on Wednesday, buoyed by a strong rally in financials. Sensex closed 231.98 points higher at 36,212.91, while the Nifty closed 53 points higher at 10,855. Axis Bank shares gained by more than 2.9% to Rs 670.05, while ITC shares ended the session 2.3% higher at 290.70. The recovery in the shares was led by financials and auto stocks. A look at Sensex LIVE heatmap.

14:51 (IST)09 Jan 2019
Facing ATM cash crunch problem? Here’s what parliamentary panel asked RBI to do

A parliamentary panel asked the Reserve Bank of India (RBI) to look into the problem of dysfunctionality as well as the shortage of ATMs so that “a forced cash crunch is not imposed on the public”. The Standing Committee of Finance, in its report tabled in Parliament last week, asked banks to put in place adequate number of ATMs so as to avoid the problem from emerging, PTI reported. “As digital transactions have not become anywhere near universal, the committee would urge upon the RBI to pursue the lingering problem of dysfunctionality as well as shortage of ATMs vigorously with banks, while ensuring the economic viability of ATMs for all stakeholders, so that a forced cash crunch is not imposed on the public,” PTI reported citing report by the panel headed by senior Congress leader M Veerappa Moily said.

Also read: Facing ATM cash crunch problem? Here’s what parliamentary panel asked RBI to do

14:30 (IST)09 Jan 2019
Where India’s wealthiest people go to study

Do most wealthy Indians go abroad to study? No. A recent study of over 500 wealthy Indians with a net worth of above Rs 6.5 crore shows that most of the talent is home grown, with only less than a fifth of them opting to go to a foreign university for higher studies. The proportion of wealthy people attending Mumbai University alone was greater than those going to foreign universities. While only 19% of the wealthy Indians surveyed went to foreign universities, 26% of them attended The University of Mumbai.

Read full story here: Where India’s wealthiest people go to study

14:13 (IST)09 Jan 2019
India set to become third-largest consumer market, says WEF; these factors to drive consumption growth

Rising income will transform India to a middle class-led one from a “bottom of the pyramid economy”, with consumer spending in the country to grow from the current $1.5 trillion to $6 trillion by 2030, a World Economic Forum report said Wednesday. At present, India is the sixth largest economy in the world with an annual GDP growth rate of 7.5% and domestic private consumption accounts for about 60% of the GDP. Bottom of the pyramid-  also called the base of the pyramid – is a phrase in economics that refers to the poorest two-thirds of the economic human pyramid.

Also read: India set to become third-largest consumer market, says WEF; these factors to drive consumption growth

12:55 (IST)09 Jan 2019
India’s GDP expected to grow at 7.3% in 2018-19, says World Bank

India’s GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment. The bank said India will continue to be the fastest growing major economy in the world. China’s economic growth is projected to slow down to 6.2 each in 2019 and 2020 and 6 per cent in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday. In 2018, the Chinese economy is estimated to have grown by 6.5 per cent as against India’s 7.3 per cent.

Also read: India’s GDP expected to grow at 7.3 pc in 2018-19, says World Bank

12:49 (IST)09 Jan 2019
Snapdeal in legal trouble: Government orders court proceedings against the e-tailer; here’s why

The Karnataka government has issued an order permitting authorities concerned to initiate prosecution proceedings in competent jurisdiction court against e-tailer Snapdeal and a Ludhiana-based company for unlawfuly selling drugs. “We had issued an order, on December 21 last, permitting our assistant drug controller in Belagavi to initiate prosecution proceedings against Snapdeal, its CEO Kuar Bahl, COO Rohit Kumar Bansal for their involvement in display, sale and distribution of Suhagra 100, a schedule H drug, on their platform.

Read full story here: Snapdeal in legal trouble: Government orders court proceedings against the e-tailer; here’s why

12:43 (IST)09 Jan 2019
BSE Live: Sensex off highs, Nifty below 10,850; Aixs Bank, Tata Motors rally

The Senex is now off morning highs, and the Nifty has also taken a breather. Sensex is trading 152 points higher at 36.133.06, while the Nifty is trading 34.05 points up at 10,836.20. Axis Bank and Tata Motors shares have emerged among the top Sensex gainers. A look at Sensex heatmap.

12:19 (IST)09 Jan 2019
Equity mutual fund inflows plunge to near two-year low of Rs 6,606 crore; key things to know

Even as we continue to see heightened volatility in the stock market, equity mutual fund inflows have plunged to a 23-month low of Rs 6,606 crore in December. The inflows represent a 21.5% decline as compared to the previous month inflows of Rs 8,414 crore. Notably, the inflows were much higher at Rs 12,622 crore in the month of October. Across all schemes, the mutual fund industry registered a net outflow of Rs 1.36 lakh crore compared with a net inflow of Rs 1.42 lakh crore in the preceding month, data released by the Association of Mutual Funds in India showed.

Also read: Equity mutual fund inflows plunge to near two-year low of Rs 6,606 crore; key things to know

11:36 (IST)09 Jan 2019
DB Corp, HT Media, Jagran Prakashan shares surge up to 15% as govt hikes ad rates by 25%

Shares of print media companies such as HT Media, DB Corp and Jagran Prakashan surge up to 15% in the early morning trade on Wednesday after the Narendra Modi-led government made an announcement to raise advertisement rates in print media by 25%. The new rates will be effective from Tuesday and valid for a period of 3 years. While shares of Jagran Prakashan rose about 8.8% to Rs 125.5; DB Corp share price went up by 7.2% to Rs 183.00 and HT Media shares surged as much as 15% to Rs 46.00 per share, its biggest daily pct gain since October 10, on the BSE from the previous close.

Also read: DB Corp, HT Media, Jagran Prakashan shares surge up to 15% as govt hikes ad rates by 25%

11:02 (IST)09 Jan 2019
BSE Live: Sensex holds gains, Nifty below 10,850; Infosys, Axis Bank among top Sensex gainers

After opening higher on Wednesday morning, Sensex and Nifty are holding on to gains in the morning trade. Sensex is up about 200 points to 36.181.57, while the Nifty is trading below the 10,850-mark. Infosys share price gained by more than 2.6% to Rs 688 on BSE, after the firm said that share buyback, and dividend will be on its agenda for Jan 11 meeting. Axis Bank shares zoomed by more than 2.4% to Rs 666.90, to emerge among the top gainers in the Sensex. A look at Sensex LIVE heatmap. 

10:37 (IST)09 Jan 2019
Bharat Bandh:Central trade unions’ nationwide strike enters Day 2

The two-day nationwide strike by central trade unions to protest against alleged anti-worker policies and unilateral labour reforms entered its second day Wednesday, impacting normal life in some parts of the country. According to the reports, public transport and banking services remain disrupted for the second day in some states. The 10 central trade unions (CTUs) which have given a call for the two-day Bharat Bandh are protesting the government’s snub of their 12-point charter of demands seeking minimum wage of Rs 18,000, social security for all workers and issue related to price rise. The workers participating in the strike will go on a protest march from Mandi House to Parliament Wednesday at noon, and similarly protests would be seen in other parts of the country as well.

Read full story here: Bharat Bandh:Central trade unions’ nationwide strike enters Day 2

10:11 (IST)09 Jan 2019
Rupee gains 17 paise to 70.04 per US dollar in early morning trade

Indian rupee gained strength and rose as much as 17 paise in the early morning trade on Wednesday against US dollar, tracking gains in Asian markets and positive global cues. The domestic currency opened higher by about 16 paise at 70.05 per US dollar from the yesterday’s close of 70.20 per US dollar.  In debt markets, the 10-year government bond yield was trading at 7.53% from its previous close of 7.532%. Bond yields and prices move in opposite directions. At 9:15 AM (IST), the rupee was trading at 70.11 per US dollar, up 9 paise from its previous close, after touching an intra-day high of 70.04 per US dollar and an intra-day low of 70.14 per US dollar, according to data available with the Bloomberg.

Read more: Rupee gains 17 paise to 70.04 per US dollar in early morning trade

09:52 (IST)09 Jan 2019
Infosys share price gains 2.6% after firm says share buyback, dividend on agenda in January 11 meeting

Shares of IT behemoth Infosys gained in trade on Wednesday morning, after the firm said yesterday that the company board would mull proposals including the buyback of shares, payment of special dividend and also consider the proposal to implement capital allocation policy on its meeting scheduled on January 11. Infosys share price zoomed by more than 2.6% to hit the day's high at Rs 688. "….Board of the Company will consider proposal(s), including but not to limited to, buyback of fully paid-up equity shares of the Company, payment of special dividend, for implementation of the Capital Allocation Policy at its meeting to be held on January 11, 2019,” Infosys said in a regulatory filing.

Also read: Infosys says share buyback, dividend on agenda in January 11 meeting; key things to know

09:27 (IST)09 Jan 2019
Sensex zooms 250 points, Nifty above 10,850; Infosys, Tata Motors surge

Sensex and Nifty opened higher on Wednesday, tracking positive global cues. Sensex is up about 250 points to 36,231.05, while the Nifty is trading above the 10,850-mark. Infosys share price gained by more than 2.6% to Rs 688 on BSE, after the firm said that share buyback, and dividend will be on its agenda for Jan 11 meeting. Tata Motors share price zoomed 1.3% to Rs 182.45 on the back of strong JLR sales for the month of December. A look at Sensex heatmap.

09:13 (IST)09 Jan 2019
Apple CEO Tim Cook collects $12 million bonus for 2018, his most ever

Apple Inc. Chief Executive Officer Tim Cook collected his biggest-ever annual bonus for fiscal 2018 after the iPhone maker posted record revenue and profit, and its market value temporarily eclipsed $1 trillion. Cook received a $12 million bonus for the year ended Sept. 29, the Cupertino, California-based company said Tuesday in a filing. He also got a $3 million salary and shares worth $121 million from his 10-year stock award, bringing his total haul to $136 million, along with perks of about $682,000. The bonus was linked to revenue and operating income targets, both of which rose 16 percent from a year earlier.

Read more: Apple CEO Tim Cook collects $12 million bonus for 2018, his most ever

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)

09:04 (IST)09 Jan 2019
Oil prices: Crude climbs to 3-week high as trade talks fuel demand optimism

Oil closed at a three-week high as U.S. negotiators touted progress in trade talks with China and investors gained faith that OPEC will shrink output. Futures rose 2.6 percent to almost $50 a barrel in New York on Tuesday. Talks with China are “ going very wel l,” U.S. President Donald Trump said in a tweet as the delegations in Beijing extended their meeting into Wednesday. Meanwhile, a post-market industry report was said to report substantial increases in American gasoline and diesel inventories, a bearish signal for crude demand.

Read full story here: Oil prices: Crude climbs to 3-week high as trade talks fuel demand optimism

09:03 (IST)09 Jan 2019
Xiaomi plunges after billions of shares are unlocked for sale

Many Xiaomi Corp. investors, who could only watch as the stock shed $14 billion in market value, are now able to join in on the selling. Expiring Wednesday is the six-month lockup period that followed the company’s Hong Kong debut, during which some employees and cornerstone investors were banned from disposing of their allocated shares. It’s been painful: Xiaomi has dropped to HK$10.50 from a listing price of HK$17, sinking another 5.4 percent Wednesday in early trading.

Read full story here: Xiaomi plunges after billions of shares are unlocked for sale

09:02 (IST)09 Jan 2019
Asia stocks rise on trade-thaw hopes; Dollar slips: Markets wrap

Asian stocks rallied Wednesday following gains in the U.S. amid optimism on the potential for progress in trade talks between Washington and Beijing. Treasuries steadied after their recent slide and the dollar dipped. Equities in Hong Kong, South Korea and Japan led gains after all major U.S. indexes climbed. U.S. President Donald Trump is eager to strike a deal to boost financial markets that have been roiled by the trade war, according to people familiar. Earlier, he tweeted that talks are “going very well” as negotiations continued with China. Crude climbed above $50 a barrel for the first time this year.

Read full story here: Asia stocks rise on trade-thaw hopes; Dollar slips: Markets wrap

Share market on Tuesday: 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.
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