Share market highlights: The domestic stock markets –Sensex and Nifty–erased gains in the afternoon trade on Wednesday, on mixed cues. The Sensex ended 2.96 points higher at 36,321.29, while the Nifty closed below the 10,900-mark. Yes Bank shares closed 2.19% higher at Rs 207.40 on the BSE, while IndusInd Bank shares ended 1.86% higher at Rs 1,524.55, to emerge among the biggest Sensex gainers.
Jet Airways share price plunged by more than 7.47% to Rs 271.75, after media reports said that Etihad Airways looking to only at a price of Rs 150 per share. According to a CNBC TV18 report, Etihad Airways group CEO Tony Douglas has written to SBI Chairman regarding Jet Airways restructuring, the channel reported citing unidentified sources.
Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May’s deal to pull out Britain from the European Union. MSCI’s broadest index of Asia-Pacific shares outside Japan was off a touch, having swung up on Tuesday after Chinese officials came out in force to signal more measures to stabilise a slowing economy. We bring you LIVE updates.
Highlights
At a time when the small cap stocks have been beaten down considerably, Edelweiss mutual fund has launched an open ended scheme predominantly investing in small-cap stocks. After all, as the adage goes, ‘buy low-sell high’ should be the aim of any investor. The Edelweiss Small Cap fund will be available for purchase from Jan 18, 2019 till February 1, 2019 during the New Fund Offer (NFO) period. What is unique about the scheme and perhaps in line with the investor’s need is that the investor’s money will not be invested entirely in the market in one-go. Rather, the funds will be invested in a staggered manner to mitigate the market timing risk, through the process of ‘SteP – Smart Trigger enabled Plan’.
Also read: Have money to invest but afraid of Election 2019 uncertainty? This very unique feature in Edelweiss small-cap NFO can help you
The domestic stock markets --Sensex and Nifty--erased gains in the afternoon trade on Wednesday, on mixed cues. The Sensex ended 2.96 points higher at 36,321.29, while the Nifty closed below the 10,900-mark. Yes Bank shares closed 2.19% higher at Rs 207.40 on the BSE, while IndusInd Bank shares ended 1.86% higher at Rs 1,524.55, to emerge among the biggest Sensex gainers. A look at live Sensex heatmap.
Singapore-based Flipkart Private Limited has invested Rs 1,431 crore in its Indian wholesale business Flipkart India, as per filings with the Registrar of Companies sourced by data intelligence platform Paper.vc. The new round from the parent company comes just around a month after it poured Rs 2,190 crore in December 2018. The current round of funding was made on January 7 as per the filings. 4.86 lakh equity shares were allotted based on the “resolutions passed by the board of directors of Flipkart India Private Limited at their meeting held on January 7, 2019,” the documents showed.
Also read: Flipkart India secures Rs 1,431 crore from Singapore parent
In order to give a boost to Make in India initiative, the Narendra Modi-led government is preparing a roadmap for the domestic manufacturing of aircraft as well as for aircraft financing and maintenance within the country, said the Minister of Civil Aviation Suresh Prabhu. He was speaking at the Global Aviation Summit 2019, which was held in Mumbai and organised jointly by FICCI, Airports Authority of India and Civil Aviation Ministry. “We will soon roll out a road map for manufacturing of aircraft in India…We would like to join hands with top players from across the globe,” Prabhu said while emphasising on maintenance, repair and overhaul (MRO) work to happen on domestic turf only. According to Prabhu, if the MRO work is done outside the country, there will be a loss of money as well as job opportunities.
Read more: Soon, made in India aircraft in skies! Govt preparing roadmap for domestic aircraft manufacturing: Minister
With softer retail and wholesale price-based inflation, Reserve Bank of India is likely to change its policy stance from ‘neutral’ from ‘calibrated tightening’ in the February policy, says a report. The inflation based on the Consumer Price Index (CPI) eased to an 18-month low of 2.19 per cent in December compared to 2.33 per cent in November and 5.21 per cent in December 2017. The Wholesale Price Index (WPI)-based inflation also eased to a eigth-month low of 3.80 per cent in December 2018, as against 4.64 per cent in November 2018, and 3.58 per cent in December 2017. This is the fifth consecutive month that the CPI reading has been below the RBI’s target of 4 per cent.
Also read: RBI may take dovish stance in February policy with softer inflation
The domestic stock markets –Sensex and Nifty– are trading higher in the afternoon trade, tracking global cues. The Sensex is up about 103 points to 36,421.61, while the Nifty is trading above the 10,900-mark. IndusInd Bank share price gained by more than 2% to Rs 1,526.30, while L&T shares rallied by 1.5% to Rs 1,358.75, to emerge among top Sensex gainers. A look at LIVE Sensex heat map.
Asia’s richest man and Reliance Industries’ Chairman Mukesh Ambani has as featured in Foreign Policy magazine’s 2019 annual list of the top ‘100 Global Thinkers,’ on the back of a ‘smartphone revolution’ brought about by his telecom venture Reliance Jio. “With a fortune of $44.3 billion, Mukesh Ambani displaced Jack Ma in 2018 as Asia’s richest man. Ambani’s fortune comes from his holdings in the oil, gas, and retail sectors, but he’s likely to make his biggest impact on India through his new telecom venture Jio,” Foreign Policy magazine said.
Read more: Mukesh Ambani’s latest feat: Jio propels RIL boss in list of top 100 global thinkers
India-born Indra Nooyi, the former CEO of global beverage giant PepsiCo, is being considered by the White House for the new World Bank president, according to a leading American daily. Nooyi, 63, stepped down as PepsiCo’s chief last August after leading the company for 12 years. She “has been courted as an administration ally by Ivanka Trump, the president’s eldest daughter who is playing a role in the selection of a nominee,” the The New York Times said. The report, which cited several people familiar with the process, said the decision-making process for the top post at the World Bank is “fluid and in its initial stages and early front-runners and candidates often fall off the radar, or withdraw from consideration, before the president (Donald Trump) makes his ultimate pick”.
Also read: Former PepsiCo CEO Indra Nooyi being considered to lead World Bank, says report
After Britain witnessed the biggest defeat for any government in modern history in the voting down of Theresa May’s Brexit deal, finance professionals are positioning for what’s next. Many believe there’s an increased chance Britons will get to vote again in a national ballot on Brexit — a repeat of the 2016 vote that triggered May’s rise to the helm in negotiating the U.K.’s exit. Below, lightly edited insights from market strategists, investors and analysts on what happens now. “The reason why the markets seem kind of calm about it all is it takes away the option of just crashing out,” David Blanchflower, a former policy maker at the Bank of England and now a professor at Dartmouth College in New Hampshire, told Bloomberg TV. “They have to defer, they have to delay. The prospects of a second referendum are rising and prospects of no Brexit at all are rising.”
Also read: Brexit Reaction: After Theresa May’s Brexit vote defeat, here are market players’ key takeaways on saga
The domestic stock markets --Sensex and Nifty-- are off day's highs, tracking mixed global cues. The Sensex is up about 67 points to 36,385.91, while the Nifty is trading above the 10,900-mark. Jet Airways share price plunged by more than 7.47% to Rs 271.75, after media reports said that Etihad Airways looking to only at a price of Rs 150 per share. According to a CNBC TV18 report, Etihad Airways group CEO Tony Douglas has written to SBI Chairman regarding Jet Airways restructuring, the channel reported citing unidentified sources. A look at Sensex live heatmap.
Shares of India's major private sector carrier Jet Airways plunged in trade on Wednesday morning, after reports that Etihad Airways looking to only at a price of Rs 150 per share. Jet Airways share price plunged by more than 7.47% to Rs 271.75. According to a CNBC TV18 report, Etihad Airways group CEO Tony Douglas has written to SBI Chairman regarding Jet Airways restructuring, the channel reported citing unidentified sources. Further, CNBC TV18 said that the West Asian carrier says will invest in Jet Airways only at a price of Rs 150 per share. Etihad Airways wants exemption from SEBI's preferential pricing and open offer guidelines, and the airline has said that it won't pledge additional shares to raise debt, the channel reported sources as adding.
Indan rupee Wednesday opened flat at 71.025 against the US dollar from the previous close of 71.023 per US dollar, due to fall in crude oil prices and steady US currency. At 09:50 AM, the rupee was trading at 71.04 a dollar, up 2 paise from its Tuesday’s close of 71.02. After opening marginally higher, the domestic currency touched an intraday high of 70.91 per US dollar and an intraday low of 71.10 per dollar, according to data available with the Bloomberg website. On Tuesday, the rupee declined by another 13 paise to close at one-month low of 71.05 against the US dollar amid strengthening the US currency and rising crude oil prices. In debt markets, the 10-year government bond yields fell 0.12% to 7.24% from its previous close of 7.25%. Bond yields and prices move in opposite directions.
Read more: Rupee opens flat at 71.02 per US dollar; 10-year govt bond yields fall
Shares of India's major private sector lender IndusInd Bank surged in trade on Wednesday, recovering from one-month lows, after the firm reported Q3 results. IndusInd Bank shares gained nearly 2% to Rs 1,524.30 on BSE. Last week, Indusind Bank reported a minor rise in its December-quarter profits on the back of higher provisions and contingencies. Net profit for the quarter rose 4.6% on-year to Rs 985.03 crore . According to Bloomberg estimates, the lender was expected to post a profit of Rs 810.50 crore. Bloomberg reported that Indusind’s IL&FS total provision was at Rs 600 crore, and that the bank has Rs 2000 crore exposure to IL&FS Holding company.
After opening marginally higher, Sensex and Nifty surged in early trade, due to a rally in heavuweight bluechip stocks. The Sensex is up about 119 points to 36,437.82, while the Nifty is trading above the 10,900-mark. RIL shares gained by more than 1.2% to Rs 1,144 on BSE. Sun Pharma shares tanked by more than 1% to hit the day's low at Rs 447.15, after whistle blower complaints emerged, according to media reports. Jet Airways shares slumped by more than 2% to Rs 287.50 on BSE, ahead of lenders' meet to explore debt rejig plans. VEDL shares, up 1.2% emerged amog the biggest gainers in the Sensex. A look at live Sensex heatmap.
U.S. stocks rose on Tuesday as technology and internet stocks gained on Netflix Inc's plans to raise fees for U.S. subscribers and hopes of more stimulus for China's slowing economy fostered a risk-on mood among investors. Netflix shares jumped 6.5 percent after the video streaming company said it was raising prices for its U.S. subscribers. Other internet stocks, including shares of Alphabet Inc , Amazon.com Inc and Apple Inc, also rose following the announcement.
The S&P 500 communication services index, which includes Netflix and Alphabet, climbed 1.7 percent. S&P 500 technology stocks advanced 1.5 percent. (Reuters reported)
Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May's deal to pull out Britain from the European Union. MSCI's broadest index of Asia-Pacific shares outside Japan was off a touch, having swung up on Tuesday after Chinese officials came out in force to signal more measures to stabilise a slowing economy. The China hopes also helped boost Wall Street overnight, though the early session in Asia saw investors tread cautiously.Australian shares tacked on 0.1 percent while Japan's Nikkei lost 0.7 percent. May's crushing loss marks the collapse of her two-year strategy of forging an amicable divorce with close ties to the EU after the March 29 exit. Investors' focus is now on a confidence vote on May's government by lawmakers later on Wednesday. (Reuters reported)
The domestic stock markets– Sensex and Nifty– rallied on Tuesday on the back of a confluence of favourable domestic as well as global factors. Sensex ended 464.77 points higher at 36,318.33, while Nifty added 1.39% to 10,886.80. The share market had opened higher, and extended rally in the afternoon trade as investors were upbeat with expectations of a rate cut, after CPI inflation came in at an 18-month low, and China signalled stimulus measures to lift the economy. We take a closer look at three key factors behind the rally.
Read factors here: Sensex surges 465 points, Nifty gains 1.4%; three key factors behind the rally
British Prime Minister Theresa May’s Brexit divorce deal was defeated by a crushing margin in parliament on Tuesday, further complicating the country’s historic exit from the EU and triggering a no-confidence motion against her government. May’s bid to get the Withdrawal Agreement, struck between London and Brussels, through a House of Commons was defeated by a margin of 202 to 432 – a majority of 230, the biggest defeat ever suffered by a British premier in modern history.
Read more: British PM Theresa May suffers crushing defeat over Brexit deal
U.S. oil prices inched lower on Wednesday after gains of more 3 percent in the previous session, pressured by concerns over the outlook for the global economy. U.S. West Texas Intermediate (WTI) crude futures were at $51.82 per barrel at 0024 GMT, down 29 cents, or 0.5 percent, from their last settlement. International Brent crude oil futures had yet to trade. Oil prices jumped around 3 percent on Tuesday when China’s National Development and Reform Commission signalled a willingness to offer more fiscal stimulus following weaker-than-expected trade figures earlier in the week.
Read more: US oil prices edge down amid uncertain global economic outlook