Share Market Highlights: Sensex ends 134 points lower, Nifty above 10,900; Sun Pharma, Koak Mahindra top gainers

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Updated:Jan 22, 2019 4:32:10 pm

Track Share Market Highlights: The domestic stock markets --Sensex and Nifty-- recovered from lows, but ended in the negative on Tuesday. The Sensex closed 134 points down at 36,444.64 while the Nifty closed below the 10,900-mark.

Share Market Live, Share Market TodayBSE Sensex, Nifty, Indian Share Market Highlights: Sun Pharma shares ended 4.54% higher at Rs 416.45, while Kotak Mahindra Bank shares closed 1.79% higher at Rs 1,290. (Image: Reuters)

Stock Market Highlights: The domestic stock markets –Sensex and Nifty– recovered from lows, but ended in the negative on Tuesday. The Sensex closed 134 points down at 36,444.64 while the Nifty closed below the 10,900-mark. Sun Pharma shares ended 4.54% higher at Rs 416.45, while Kotak Mahindra Bank shares closed 1.79% higher at Rs 1,290. These stocks emerged as the biggest gainers on the Sensex. VEDL shares ended 3.63% lower at Rs 191.29, and M&M shares lost about 3.3% to Rs 706.05. These were the top two losers in the 30-share Sensex.

Sun Pharma shares gained more than 4.3% to Rs 415.60 in the morning trade, while Kotak Mahindra shares rallied 2.08% to Rs 1,293.55. Kotak Mahindra Bank has reported  a 23% on year growth in net profit to Rs 1,291 crore for the third quarter ended December 31, on higher net interest income.

Asian shares and U.S. stock futures slipped on Tuesday as pessimism about world growth drove investors away from risky assets, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5 percent, drifting away from a recent seven-week top. We bring to you LIVE updates.

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    15:46 (IST)22 Jan 2019
    BSE live: Sensex ends 134 points lower, Nifty above 10,900; Sun Pharma, Koak Mahindra top gainers

    The domestic stock markets --Sensex and Nifty-- recovered from lows, but ended in the negative on Tuesday. The Sensex closed 134 points down at 36,444.64 while the Nifty closed below the 10,900-mark. Sun Pharma shares ended 4.54% higher at Rs 416.45, while Kotak Mahindra Bank shares closed 1.79% higher at Rs 1,290. These stocks emerged as the biggest gainers on the Sensex. VEDL shares ended 3.63% lower at Rs 191.29, and M&M shares lost about 3.3% to Rs 706.05. These were the top two losers in the 30-share Sensex. A look at Sensex live heatmap.

    14:59 (IST)22 Jan 2019
    IMF lowers global growth projections for FY19, retains India at 7.3%; here’s what would benefit India

    Even as global growth estimate was lowered, India’s growth projection for FY19 at 7.3 per cent has been retained at 7.3 per cent by International Monetary Fund (IMF) on Monday. Indian economy would benefit from lower crude oil prices and slower pace of monetary tightening, the IMF said in its January World Economic Outlook (WEO) update. India would remain the fastest growing major economies globally, it also said. “India’s economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease,” the IMF said. India is projected to grow at 7.5 per cent in 2019 and 7.7 per cent in 2020,. It comes at one percentage point ahead of China’s projected growth of 6.2 per cent in these two years, the IMF noted.

    Read more: IMF lowers global growth projections for FY19, retains India at 7.3%; here’s what would benefit India

    14:23 (IST)22 Jan 2019
    World Economic Forum 2019: From hot cups of tea to technology solutions; how India is attracting eyeballs

    Amid government’s absence, India is still making a mark in the ongoing World Economic Forum (WEF) in Davos through its corporate sector. Nearly 140 business honchos including Mukesh Ambani, Gautam Adani, Nandan Nilekani, among others are attending the annual meeting between January 22 and January 25. Tata Tea, which it is offering free cups of hot tea to the people, is among the big brands that are most visible in the event, according to news agency PTI. The other group firm – TCS – is assisting in providing technology solutions, the report also said. Unlike last year, ‘Indian Adda’ – known for Indian food and beverages – has given a miss this time. However, ‘India Invest’ has set up India Investment Centre.

    Read more: World Economic Forum 2019: From hot cups of tea to technology solutions; how India is attracting eyeballs

    13:02 (IST)22 Jan 2019
    BSE Live: Sensex plunges 250 points, Nifty below 10,900; VEDL, M&M among top losers

    After opening lower on global cues, the domestic stock markets --Sensex and Nifty--continued to extend losses in the afternoon trade. The Sensex is down about 250 points to 36,327.70 while the Nifty is trading below the 10,900-mark. VEDL shares are trading 3% lower to Rs 191.85, and M&M shares lost about 2.9% to Rs 709.40. The shares are among the biggest losers in the Sensex. A look at LIVE Sensex heatmap.

    12:46 (IST)22 Jan 2019
    Kotak Mahindra Bank may look for an out-of-court settlement with the Reserve Bank of India (RBI)  on promoter stake dilution issue, says report

    Kotak Mahindra Bank may look for an out-of-court settlement with the Reserve Bank of India (RBI)  on promoter stake dilution issue, CNBC TV18 reported citing people familiar with the matter as saying. Further, the Bombay High Court is considering a case filed by Kotak Mahindra against RBI on the issue. According to RBI rules, a bank has to cut the promoter stake to 40 percent within three years, 20 percent within 10 years and then to 15 percent within 15 years. In the case of Kotak Mahindra Bank, it was asked to cut the promoter stake to 20 percent by December 31, 2018, from 30 percent earlier, and eventually to 15 percent by March 2020. 

    12:11 (IST)22 Jan 2019
    Sun Pharma replaces domestic formulations distributor with its own subsidiary

    Sun Pharma Tuesday replaced its domestic formulations distributor Aditya Medisales with its own subsidiary in the backdrop of a second whistleblower complaint filed against the company. The company also announced unwinding of a transaction amounting to Rs 2,238 crore with Atlas Global Trading and initiated steps to induct S R B C & Co LLP, its statutory auditors, as auditors of subsidiaries. Last week, Sun Pharmaceutical asked markets regulator Sebi to look into the issues of certain entities and individuals allegedly adopting unfair trade practices prejudicial to the company's shareholders. (PTI reported)

    11:29 (IST)22 Jan 2019
    Prabhat Dairy share price zooms 20% intra-day after sale of dairy business to Lactalis

    Shares of  Prabhat Dairy zoomed 20% in the early trade on Tuesday after the firm's board approved sale of its stake in  in its wholly owned step down subsidiary, Sunfresh Agro industries (SAIPL). Prabhat Dairy shares zoomed more than 19.5% to Rs 111.65 in the morning trade on Tuesday. Prabhat Dairy has approved the sale of  the company's shareholding in its wholly owned subsidiary, Sunfresh Agro industries to Tirumala Milk Products, a wholly owned subsidiary of French dairy multinational Groupe Lactalis for Rs 1227 crore. Vivek Nirmai, Joint Managing Director of Prabhat Dairy said, "The association with Lactalis-one of world‘s largest dairy players will offer this business a strong platform for accelerated growth momentum in becoming one of the largest private dairy businesses in India. I strongly believe that this partnership offers a promising future to our team members, partners and stakeholders."

    10:59 (IST)22 Jan 2019
    Kotak Mahindra Bank shares extend rally after robust Q3 results; should you buy or sell stock?

    Shares of India’s major private sector lender Kotak Mahindra Bank extended rally on Tuesday morning, after the firm reported robust Q3 results for the October-December period. Kotak Mahindra Bank shares gained more than 3.15% to Rs 1,307.95 on BSE. Kotak Mahindra Bank has reported a robust 23% on-year growth in net profit to Rs 1,291 crore for quarter ended December 31, on the back of higher net interest income.  Taking stock of the firm's Q3 results, global brokerage firm CLSA has retained a ‘Buy’ call on the shares with a price target of Rs 1,500. CLSA believes that the bank can deliver a healthy 21% earnings CAGR over FY18-21. Macquarie has maintained ‘Outperform’ rating on the shares, and also revised the share price target to Rs 1,450 from Rs 1,325 earlier. 

    Read more: Kotak Mahindra Bank shares extend rally after robust Q3 results; should you buy or sell stock?

    10:40 (IST)22 Jan 2019
    Sun Pharma shares rally after announcement of domestic formulations business transfer from Aditya Medisales to its own subsidiary

    Shares of India's major drug-maker which was in the eye of a storm in recent times, recovered in trade on Tuesday morning, after the firm made the announcement of transferring domestic formulations business from Aditya Medisales to its own subsidiary. SUn Pharma shares gained more than 5.7% to hit the day's high at Rs 421.15. 'Sun Pharma’s distribution related to India Domestic Formulations Business shall be transitioned from Aditya Medisales Ltd., the current distributor, to a wholly owned subsidiary of Sun Pharma. This change will be made effective by Q1FY20, post receipt of all requisite regulatory approvals,' Sun Pharma said in a stock exchage filing. Earlier, Sun Pharma shares plunged by nearly 13 per cent intra-day on Friday, after reports of whistleblower complaints to the Securities and Exchange Board of India (SEBI) resurfaced.

    10:19 (IST)22 Jan 2019
    BSE Live: Sensex extends losses, Nifty near 10,900; Sun Pharma, Kotak Mahindra Bank top gainers

    After opening lower on global cues, the domestic stock markets --Sensex and Nifty--are extending losses in the morning trade. The Sensex is down about 164 points to 36,419.99  while the Nifty is trading near the 10,900-mark. Sun Pharma shares gained more than 4.3% to Rs 415.60 in the morning trade, while Kotak Mahindra shares rallied 2.08% to Rs 1,293.55. A look at live Sensex heatmap.

    10:13 (IST)22 Jan 2019
    IL&FS crisis aftermath: Govt, lenders to weigh solution

    Top officials in the ministries of finance and corporate affairs will huddle with senior bankers on Tuesday to discuss key issues in the aftermath of the IL&FS crisis, including liquidity and challenges being faced by public sector banks (PSBs) in providing for their exposure to the debt-laden company, official sources told FE. The crucial meeting comes amid reports that the Reserve Bank of India (RBI) has rejected bankers’ request for a special relief on provisioning requirement with regard to their over Rs 50,000-crore exposure to IL&FS and its entities, stoking fears of a fresh pileup of bad loans. Corporate affairs secretary Injeti Srinivas, economic affairs secretary Subhash Chandra Garg and financial services secretary Rajiv Kumar are expected to attend the meeting. Senior bankers, including SBI chairman Rajnish Kumar, will also be part of it and submit inputs, said one of the sources.

    Also read: IL&FS crisis aftermath: Govt, lenders to weigh solution

    09:39 (IST)22 Jan 2019
    Rupee rises 5 paise against dollar to 71.23

    The rupee edged 5 paise higher to 71.23 against the US dollar in early session at the interbank forex market Tuesday on fresh selling of the American currency by exporters and banks. Besides, the dollar's weakness against some other currencies amid lingering worries about a global slowdown, supported the rupee, forex dealers said. However, a weak trend in domestic equities in early trade limited the rupee's gain. On Monday, the rupee had ended lower by 9 paise at 71.28 against the US currency amid rise in demand for the greenback. (PTI reported)

    09:37 (IST)22 Jan 2019
    Bezos vs Ambani is the bout that had to happen

    The battle for the Indian consumer was never going to be an all-American affair. Walmart Inc.’s splashy acquisition last year of Flipkart Online Services Pvt., the homegrown e-tailer giving Amazon.com Inc. a solid run for its money, might have given the impression of a two-horse race. But as I argued (here and here), billionaire Mukesh Ambani wasn’t going to watch from the sidelines. And last week India’s richest man jumped right into the fray. Ambani, chairman of the petrochemicals-to-telecom conglomerate Reliance Industries Ltd., has a four-legged plan to connect India’s 30 million small retailers with consumers. One, neighborhood marts will be connected to Reliance Retail Ltd.’s footprint of almost 10,000 stores, offering them common inventory-management, billing and tax platforms as well as low-cost payment terminals. That will give the expanded retail network formidable sourcing power.

    Read full story here: Bezos vs Ambani is the bout that had to happen

    09:28 (IST)22 Jan 2019
    BSE Live: Sensex down 70 points, Nifty below 10,850; Sun Pharma, Kotak Mahindra Bank shares rally

    The domestic stock markets --Sensex and Nifty--opened mildly lower on Tuesday, tracking global cues. The Sensex is down about 70 points to 36,508.31, while the Nifty is trading below the 10.950-mark. Sun Pharma shares gained more than 4.3% to Rs 415.60 in the morning trade, while Kotak Mahindra shares rallied 2.08% to Rs 1,293.55. Kotak Mahindra Bank has reported  a 23% on year growth in net profit to Rs 1,291 crore for the third quarter ended December 31, on higher net interest income. A look at Sensex live heatmap.

    09:13 (IST)22 Jan 2019
    Q3 recap: Kotak Mahindra Bank shares among top Sensex gainers after strong Q3 results

    Shares of India’s major private sector lender Kotak Mahindra Bank surged in the afternoon trade on Monday, to emerge among the biggest gainers in the Sensex, after the firm reported robust Q3 results for the October-December period. Kotak Mahindra Bank shares ended 2.42% higher at Rs 1,267.30 on BSE. Kotak Mahindra Bank has reported  a 23% on year growth in net profit to Rs 1,291 crore for the third quarter ended December 31, on higher net interest income. The private sector lender had posted a standalone net profit of Rs 1,053 crore in the Oct-Dec quarter of the last fiscal. 

    Also read: Kotak Mahindra Bank shares among top Sensex gainers after strong Q3 results

    09:12 (IST)22 Jan 2019
    IMF lowers global growth projections for FY19, retains India at 7.3%; here’s what would benefit India

    Even as global growth estimate was lowered, India’s growth projection for FY19 at 7.3 per cent has been retained at 7.3 per cent by International Monetary Fund (IMF) on Monday. Indian economy would benefit from lower crude oil prices and slower pace of monetary tightening, the IMF said in its January World Economic Outlook (WEO) update. India would remain the fastest growing major economies globally, it also said. “India’s economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease,” the IMF said. India is projected to grow at 7.5 per cent in 2019 and 7.7 per cent in 2020,. It comes at one percentage point ahead of China’s projected growth of 6.2 per cent in these two years, the IMF noted. 

    Also read: IMF lowers global growth projections for FY19, retains India at 7.3%; here’s what would benefit India

    09:11 (IST)22 Jan 2019
    US stocks closed Monday; futures down 0.2%

    U.S. stock futures, which offer an indication of how Wall Street will open, were down about 0.2 percent. U.S. markets were closed on Monday so trading was generally subdued overnight. However, equity prices in Europe and Latin America were hit after data showed a slowdown in growth in China, the world's second biggest economy. Adding to the air of caution and uncertainty, the International Monetary Fund trimmed its global growth forecasts and a survey showed increasing pessimism among business chiefs as trade tensions loomed. The gloomy IMF forecasts, released on the eve of the World Economic Forum in Davos, Switzerland, highlighted the challenges facing policymakers as they tackle an array of actual or potential crises, from the U.S.-China trade war to Brexit. "This is now the second IMF downgrade in a row," ANZ analysts wrote in a morning note. (Reuters reported)

    09:09 (IST)22 Jan 2019
    Oil prices edge down as global growth worries threaten demand

    Oil prices edged lower on Tuesday as concerns over global economic growth stoked fears over future demand. International Brent crude oil futures were down 10 cents, or 0.2 percent, at $62.64 by 0106 GMT. They closed down 0.1 percent on Monday. U.S. West Texas Intermediate (WTI) crude futures were at $53.70 per barrel, down 0.1 percent, or 4 cents. "Trade war concerns have reduced global growth expectations and with it comes a lower demand for energy," said Alfonso Esparza, senior analyst, OANDA. The International Monetary Fund trimmed its global growth forecasts on Monday and a survey showed increasing pessimism among business chiefs, highlighting the challenges facing policymakers as they tackle an array of actual or potential crises, from the U.S.-China trade war to Brexit. Also clouding the outlook was data showing a slowdown in growth in China, the world's second biggest economy. (Reuters reported)

    09:06 (IST)22 Jan 2019
    Asian shares, U.S. stock futures dented by growth worries

    Asian shares and U.S. stock futures slipped on Tuesday as pessimism about world growth drove investors away from risky assets, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 percent, drifting away from a recent seven-week top. Losses were led by Chinese shares, with the blue-chip index off 0.6 percent. Hong Kong's Hang Seng index was down 0.4 percent and Australia's main share index faltered 0.5 percent. Japan's Nikkei, which had opened firmer, was flat. U.S. stock futures, which offer an indication of how Wall Street will open, were down about 0.5 percent. (Reuters reported)

    Share market on Monday: 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.