Share Market Highlights: Sensex ends 192 points higher, Nifty near 10,950; RIL, Kotak Mahindra Bank shares surge

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Updated: January 21, 2019 4:24:19 pm

Share Market Today Highlights: The domestic stock markets --Sensex and Nifty-- ended higher on Monday afternoon, on the back of a rally in heavyweight bluechips stocks. The Sensex closed 192.35 points higher at 36,578.96 while the Nifty moved 0.4% higher to close at 10,949.40.

Share Market Today Highlights: RIL shares closed 4.3% at Rs 1,233.80, while Kotak Mahindra Bank shares gained more than 2.9% to Rs 1,274.

Stock Market India Highlights: The domestic stock markets –Sensex and Nifty– ended higher on Monday afternoon, on the back of a rally in heavyweight bluechips stocks. The Sensex closed 192.35 points higher at 36,578.96 while the Nifty moved 0.4% higher to close at 10,949.40. RIL shares closed 4.3% at Rs 1,233.80, while Kotak Mahindra Bank shares gained more than 2.9% to Rs 1,274.

Earlier, Asian markets kept their nerve on Monday as data showed the Chinese economy slowed at the end of last year, underlining the urgent need for more stimulus as Beijing wrestles with the United States over trade. Investors are also waiting to hear British Prime Minister Theresa May’s ‘Plan B’ for Brexit which is due to be presented to parliament later on Monday, Reuters reported. We bring to you LIVE updates.

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

Highlights

    15:39 (IST)21 Jan 2019
    BSE Live: Sensex ends 192 points higher, Nifty near 10,950; RIL, Kotak Mahindra Bank shares surge

    The domestic stock markets --Sensex and Nifty-- ended higher on Monday afternoon, on the back of a rally in heavyweight bluechips stocks. The Sensex closed 192.35 points higher at 36,578.96 while the Nifty moved 0.4% higher to close at 10,949.40. RIL shares closed 4.3% at Rs 1,233.80, while Kotak Mahindra Bank shares gained more than 2.9% to Rs 1,274. A look at live Sensex heatmap.

    15:17 (IST)21 Jan 2019
    Union Bank of India share price plunges more than 7% after tepid Q3 results

    State-run Union Bank of India shares tanked in trade on Monday afternoon, after the lender reported tepid Q3 results. Union Bank of India share price plunged by more than 7% to Rs 85.75. Union Bank of India reported its third straight quarterly profit on Monday as the state-controlled lender made lower provisions for bad loans, but missed analysts’ estimates by a wide margin, sending its shares sharply lower. Net profit was 1.53 billion rupees ($21.48 million) in the three months to Dec. 31, 2018, compared to a loss of 12.50 billion rupees a year earlier, the bank said. That compares to analysts’ average estimate of a profit of 3.24 billion rupees, I/B/E/S data from Refinitiv showed.

    Also read: Union Bank of India third-quarter profit misses estimates

    14:44 (IST)21 Jan 2019
    Budget 2019: What middle class, salaried people can expect from Union Budget

    The Modi government’s final budget is an important one. As expectations from middle class, salaried employees are high as they are hoping the government will announce some income tax benefits for them. Despite being an interim budget, there is no hard and fast rule which stops the outgoing government from framing any new major policies or benefits. It is, therefore, widely hoped that the Modi government introduces changes that could help people save more and save better, Adhil Shetty , CEO of BankBazaar.com, said.

    Read more: Budget 2019: What middle class, salaried people can expect from Union Budget

    14:09 (IST)21 Jan 2019
    MSME funding: How fintechs can play key role in making financing easier for small businesses

    Indian financial system has traditionally not been a level playing field between large enterprises versus small businesses. The MSMEs have had a raw deal on financing in India. This is because, by their very name, Micro, Small and Medium Enterprises (MSMEs) are generally small. So will the big firms keep getting bigger, to the point of “too big to fail”? Is small really not so beautiful? And how can Fintechs play a role in reversing this trend. Let us first look at what problems MSMEs face traditionally. MSMEs have generally been starved of funding due to reasons of scale, transparency and capital providers. Fintechs have the ability to make a significant difference to correct all the imbalances, thereby helping close the gap as detailed below.

    Read full story here: MSME funding: How fintechs can play key role in making financing easier for small businesses

    13:01 (IST)21 Jan 2019
    BSE Live: Sensex holds gains, Nifty above 10,950; RIL, Sun Pharma among top gainers

    The domestic stock markets --Sensex and Nifty-- are holding on to gains in the afternoon trade on Monday. The Sensex is up about 246.20 points to 36,633.50 while the Nifty is trading above the 10,950-mark. RIL and Sun Pharma shares have emerged among the biggest gainers in the Sensex, zooming up to 3%. RIL shares are trading 3.2% higher at Rs 1,223, while Sun Pharma stock is trading 2.7% higher at Rs 401.40. A look at live Sensex Heatmap.

    12:48 (IST)21 Jan 2019
    BSE Live: Sun Pharma shares jump 4%

    Shares of India's major drugmaker recouped losses on Monday morning. Sun Pharma share price gained by more than 4% to hit the day's high at Rs 406.35. Earlier on Friday, Sun Pharma shares plunged by nearly 13 per cent intra-day after after reports of whistleblower complaints to the Securities and Exchange Board of India (SEBI) resurfaced. "The said whistleblower documents and other confidential emails are being offered for inspection to institutional investors by one media house as per the above report, which again we are not privy to. In these circumstances, there is a great asymmetry in the information circulating between analysts, investors and media leading to intense speculation," Sun Pharma said in a stock exchange filing on Friday.

    11:50 (IST)21 Jan 2019
    China’s economy slumps to 28 year low to 6.6 per cent in 2018

    China’s economy grew at 6.6 per cent in 2018, its slowest rate in almost three decades as the world’s second-biggest economy grappled with the effects of the current trade war with the US and declining exports. In the three months to December, the economy grew 6.4% from a year earlier, down from 6.5 per cent in the previous quarter. The data was in line with forecasts but underlines recent concern about weakening growth in the world’s second-largest economy. China’s National Bureau of Statistics (NBS) announced on Monday that the Chinese economy grew at 6.6 per cent in 2018. Last year’s growth rate was down from 6.8 per cent in 2017 and was the lowest growth rate of 3.9 per cent, recorded in 1990.

    Also read: China’s economy slumps to 28 year low to 6.6 per cent in 2018

    11:44 (IST)21 Jan 2019
    Indian businesses better prepared for industry of future: Deloitte survey

    Businesses in India are making better progress than others in dealing with challenges of the fourth industrial revolution on key aspects of society, strategy, technology and talent, a survey said Monday. In its annual ‘Readiness Report’ released on the first day of the World Economic Forum (WEF) Annual Meeting in this Swiss ski resort town, global consultancy giant Deloitte said global leaders are facing the pressures of preparing their businesses and workforces for this new era, with the Fourth Industrial Revolution (Industry 4.0) re-shaping how the world lives and works.

    Also read: Indian businesses better prepared for industry of future: Deloitte survey

    10:59 (IST)21 Jan 2019
    L&T share price recovers 3% from day's low, what firm's management has to say

    L&T shares recovered from day's low in the late morning trade on Monday. L&T shares are now trading at Rs 1,316. Earlier, shares of India's infrastructure major Larsen & Tuobro tanked in trade on Monday morning, after capital markets regulator SEBI cancelled the firm's proposed Rs 9,000-crore share buyback plan. L&T share price tanked by more than 3.2% to hit intra-day low of Rs 1,275 on BSE. Carifying on the matter, SN Subrahmanyan, CEO of L&T told ET Now, ""One of the requirements by SEBI was that post buyback, the debt-equity ratio should not be greater than 2:1. As per the law, this was to be ascertained on the basis of standalone entity L&T. As you know, L&T's debt to equity is currently 0.17. We had taken legal views, and gone forward with the same. However, SEBI, as per is internal rules ascertained that the debt-equity ratio for the group exceeds 2:1. Therefore, taking the group as a whole they have requested us not to go forward with the buyback. One can know the law that is publicised. But, an internal rule cannot be known by us. The whole idea was to return money to the shareholders. We will look at other options as well."

    Also read: L&T share price tanks after SEBI rejects Rs 9,000 crore buyback; what brokerages say

    10:39 (IST)21 Jan 2019
    Rupee depreciates 26 paise against US dollar in early trade

    The rupee weakened by 26 paise to 71.45 against the US dollar in early trade Monday on increased demand for the American currency from importers amid rising crude prices and foreign fund outflows. At the interbank forex exchange, the rupee opened lower at 71.38 and weakened further to quote 26 paise down at Rs 71.45 against the dollar. Forex dealers said the dollar's gains against some other currencies overseas too weighed on the rupee sentiment. However, a positive opening of the domestic equity market capped the rupee's losses, they said. (PTI reported)

    10:00 (IST)21 Jan 2019
    BSE Live: Sensex extends gains, Nifty above 10,950; RIL, Sun Pharma rally up to 3%

    After opening mildly higher, the domestic stock markets --Sensex and Nifty--extended gains in the morning trade on Monday. The Sensex is up about 244 points to 36,648.11 while the Nifty is trading above the 10,950-mark. RIL and Sun Pharma shares have emerged among the biggest gainers in the Sensex, zooming up to 3%. RIL share price gained by more than 2.9% to Rs 1,218.30, while Sun Pharma shares are trading 3.8% higher at 405.75. A look at LIVE Sensex heatmap.

    09:37 (IST)21 Jan 2019
    L&T share price plunges 3% after SEBI rejects Rs 9,000 crore buyback

    Shares of infrastructure major Larsen and Tuobro plunged in trade on Monday, after capital markets regulator SEBI rejected the firm's buyback proposal for Rs 9,000 crore. L&T share price tanked by more than 3.2% to hit intra-day low of Rs 1,275 on BSE. Notably, SEBI has nixed the buyback offer, since the ratio of the aggregate of secured and unsecured debts owed by the company after buy-back (assuming full acceptance) would be more than twice the paid-up capital and free reserves of the company based on consolidated financial statements. The buyback offer is not in compliance with Section 68(2)(d) of companies Act, 2013 and Regulation 4(ii) of SEBI (Buy-back Securities) Regulations, 2018. You are therefore advised not to proceed with this buy back offer,” SEBI said. 

    Read full story here: L&T share buyback for Rs 9,000 crore rejected by SEBI; here’s what may happen next

    09:24 (IST)21 Jan 2019
    BSE live: Sensex up 80 points, Nifty above 10,900; L&T down 2%; RIL gains 1%

    The domestic stock markets --Sensex and Nifty--opened marginally higher on Monday, tracking positive global cues. The Sensex is up about 80 points to 36,467.18 while the Nifty is trading above the 10,900-mark. L&T shares plunged by more than 3.2% after the firm announced Saturday that Securities and Exchange Board of India (Sebi) has advised against proceeding with the proposed Rs 9,000 crore share buyback. RIL shares extended gains, zooming by more than 1.3% to Rs 1,198.60. A look at Sensex live heatmap.

    09:13 (IST)21 Jan 2019
    US stock recap: Wall Street extends rally on US-China trade optimism

    U.S. stocks rallied on Friday, helping Wall Street's major indexes advance for the fourth consecutive week, as increased hopes the United States and China would resolve their trade dispute lifted shares across sectors. The market was boosted after a Bloomberg report said China sought to raise its annual goods imports from the United States by a combined value of more than $1 trillion in order to reduce its trade surplus to zero by 2024. The news followed a report on Thursday that U.S. Treasury Secretary Steven Mnuchin was considering lifting some or all tariffs imposed on Chinese imports. A Treasury spokesman denied Mnuchin had made any such recommendation. (Reuters reported)

    09:08 (IST)21 Jan 2019
    Asian miracle: Vietnam makes a pitch as an investor safe haven in trade war

    A red-hot economy, business-friendly policies and a Communist party led by free-traders: that’s the elevator pitch Vietnamese Prime Minister Nguyen Xuan Phuc is delivering to global investors amid the U.S.-China trade war. “We are ready to grab the opportunity,” Phuc said in an interview with Bloomberg TV’s Haslinda Amin, a few days before departing for the World Economic Forum in Davos, Switzerland this week. Vietnam is quietly positioning itself as a safe haven for manufacturers wary of getting caught in the crossfire of the tariff war between the U.S. and China. With a raft of free trade agreements, relatively cheap labor and close proximity to China, Phuc has a good story to tell global executives he’ll meet in Davos.

    Read full story here: Asian miracle: Vietnam makes a pitch as an investor safe haven in trade war

    09:07 (IST)21 Jan 2019
    Slowing dragon: China’s economy grows at weakest pace since 2009 amid trade war

    China’s economy expanded at the slowest pace since the global financial crisis, as a domestic financial clean-up, weakening global demand and trade conflict with the U.S. all dampened momentum. Gross domestic product rose 6.4 percent in the fourth quarter from a year earlier, matching economists’ estimates, and compared with 6.5 percent in the previous three-month period. In December, gauges of consumption and factory output accelerated, while investment held up.The world’s second-largest economy is on a long-term slowing trajectory as it shifts from the investment-led model of the past while carrying a heavy debt load. 

    Read more: Slowing dragon: China’s economy grows at weakest pace since 2009 amid trade war

    09:06 (IST)21 Jan 2019
    HDFC Bank Q3 net profit up 20.3% on-year to Rs 5,586 crore; key figures in a nutshell

    India’s major private sector lender HDFC Bank has reported a 20.3% on-year rise in net profit to Rs 5,586 crore for the October-December period, in line with street estimates. A CNBC TV18 poll had earlier estimated net profit at Rs 5,589.20 crore. The bank has reported a 26% on-year rise in total income to Rs 30,811.30 crore, as compared to Rs 24,450.4 crore for the quarter ended December 31, 2017. Notably, the asset quality has been stable for the bank, with gross non-performing assets at 1.38% of gross advances as on December 31,2018, as against 1.33% as on September 30, 2018 and 1.29% as on December 31, 2017. 

    Read more: HDFC Bank Q3 net profit up 20.3% on-year to Rs 5,586 crore; key figures in a nutshell

    09:05 (IST)21 Jan 2019
    Global markets: Asia stocks calm as China slows, awaits Brexit news

    Asian markets kept their nerve on Monday as data showed the Chinese economy slowed at the end of last year, underlining the urgent need for more stimulus as Beijing wrestles with the United States over trade. Investors are also waiting to hear British Prime Minister Theresa May’s ‘Plan B’ for Brexit which is due to be presented to parliament later on Monday. The world’s second-largest economy grew 6.4 percent in the fourth quarter from a year earlier, as had been expected and matching levels last seen in early 2009 during the global financial crisis.

    Also read: Global markets: Asia stocks calm as China slows, awaits Brexit news

    Share market on Friday: The Sensex made a smart rebound in the afternoon trade on Friday, to recover losses and end in the green. Sensex ended 12.53 points higher at 36,386.61, while the Nifty closed above the 10,900-mark. Shares of Reliance Industries surged by more than 4.3% to close at Rs 1,182.95. Kotak Mahindra Bank shares zoomed by more than 1.4% to Rs 1,237.35. Asian stocks advanced on Friday as a report of progress in U.S.-China trade talks stirred hopes of a deal in their tariff dispute and supported risk sentiment.
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