Share market highlights: Sensex ends 106 points down, Nifty below 10,850; Kotak Mahindra, IndusInd Bank slump

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Updated:Jan 10, 2019 4:57:12 pm

Share market highlights: After opening the day with minor gains, Sensex and Nifty ended lower on Thursday. Sensex ended 106.41 points lower to 36,416.50, while the Nifty ended below that 10,850-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: Axis Bank, IndusInd Bank shares are among the top losers in the Sensex, tanking by more than 2% each.

Share market highlights: After opening the day with minor gains, Sensex and Nifty ended lower on Thursday. Sensex ended 106.41 points lower to 36,416.50, while the Nifty ended below that 10,850-mark. Kotak Mahindra Bank and IndusInd Bank shares emerged among the biggest losers in the Sensex. IndusInd Bank share lost nearly 3% intra-day to Rs 1,555 after the firm reported Q3 results yesterday. Kotak Mahindra Bank shares slumped by more than 1.7% to Rs 1,216.35.

Asian markets turned south Thursday as investors took a breather after rallying this week on optimism over China-US trade talks and the Federal Reserve’s softer tone on interest rates. There was also growing unease over the US government shutdown, which is now in its third week, after President Donald Trump walked out of a meeting with Democrats to resolve the issue, meaning it will likely drag on for some time to come, Reuters reported.  We bring to you LIVE updates.

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15:41 (IST)10 Jan 2019
BSE Live: Sensex ends 106 points down, Nifty below 10,850; Kotak Mahindra, IndusInd Bank among top Sensex losers

After opening the day with minor gains, Sensex and Nifty ended lower on Thursday. Sensex ended 106.41 points lower to 36,416.50, while the Nifty ended below that 10,850-mark. Kotak Mahindra Bank and IndusInd Bank shares emerged among the biggest losers in the Sensex. IndusInd Bank share lost nearly 3% intra-day to Rs 1,555 after the firm reported Q3 results yesterday. Kotak Mahindra Bank shares slumped by more than 1.7% to Rs 1,216.35. A look at LIVE Sensex heatmap.

14:53 (IST)10 Jan 2019
BSE Live: Bandhan Bank share price 4.2% after strong Q3 results

Shares of private sector lender Bandhan Bank climbed on Thursday afternoon, after the firm announced Q3 results. Bandhan Bank share price gained by more than 4.2% to hit the day's high at Rs 475 on BSE. Bandhan Bank  has posted a 10.4% rise in profit in the quarter ended December on account of rise in interest income. The net profit was Rs 331.3 crore in the period as compared to Rs 300 crore year earlier, said the private lender. However, the asset quality of the bank which was listed last year worsened with gross bad loans as a percentage of total loans standing at 2.41 per cent at the end of December, compared with 1.29 per cent in the previous quarter and 1.67 per cent a year earlier.

13:26 (IST)10 Jan 2019
BSE Live: Sensex under pressure, Nifty near 10,800; Axis Bank, IndusInd Bank among top losers

After opening the day with minor gains, Sensex and Nifty are trading under pressure in the afternoon trade. Sensex is down about 70 points 36,142.82, while the Nifty is trading 30 points down at 10,826.90. Axis Bank, IndusInd Bank shares are among the top losers in the Sensex, tanking by more than 2% each. TCS shares are trading with minor gains ahead of the Q3 results scheduled to be released later today. A look at Sensex heatmap.

13:13 (IST)10 Jan 2019
IndusInd Bank share price tanks up to 3% after Q3 results; should you buy or sell stock?

Shares of India’s major private sector lender IndusInd Bank slumped in the morning trade on Thursday, after the firm reported tepid results for the latest quarter. IndusInd Bank share price plunged by more than 2.9% to hit the day’s low at Rs 1,554 on BSE. The bank had recorded a  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 story here: IndusInd Bank share price tanks up to 3% after Q3 results; should you buy or sell stock?

12:19 (IST)10 Jan 2019
Yes Bank shortlists candidates to replace MD, CEO Rana Kapoor; to submit names to RBI on January 10

Yes Bank on Wednesday said that the bank has finalised names of potential candidates for the position of MD and CEO. An application would be submitted to the Reserve Bank of India (RBI) on January 10 this year seeking approval for the appointment of the same, the private lender said in a regulatory filing. “The  Board of  Directors of  the Bank at its meeting held on January 09, 2019  have finalised names of potential candidates for the position of MD & CEO. As mandated under the extant RBI norms, the Bank’s Board will submit an application to the Reserve Bank of India (RBI) on January 10, 2019, seeking approval for the appointment of the new MD & CEO of YES BANK,” the bank said.

Read full story here: Yes Bank shortlists candidates to replace MD, CEO Rana Kapoor; to submit names to RBI on January 10

11:38 (IST)10 Jan 2019
Tata Motors share price zooms 3% after strong JLR sales

Shares of Tata Motors extended gains for the third consecutive session on Thursday, buoyed by strong growth in JLR sales. Tata Motors share price gained by more than 1.9% in the morning trade to Rs 186.65. Earlier this week, on Tuesday, JLR reported 16.23% increase in its sales in India at 4,596 units in 2018. The company had sold 3,954 units in 2017, JLR India said in a statement. The sales volume achieved in 2018 was the highest in a calendar year for the company. The sales were driven by models such as Land Rover Discovery Sport, Range Rover Evoque, Jaguar F-Pace, XE and XF, it added.

10:57 (IST)10 Jan 2019
IndusInd Bank share price tanks 2.6% to Rs 1554 after tepid Q3 results

Shares of India's major private sector lender IndusInd Bank slumped in the morning trade on Thursday, after the firm reported tepid results for the latest quarter. IndusInd Bank share price plunged by more than 2.9% to Rs 1,554 on BSE. 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.

09:54 (IST)10 Jan 2019
Rupee edges 15 paise higher against US dollar in early morning trade; 10-year govt bonds yields fall

After opening flat against the US dollar on Thursday, the Indian rupeeedged higher by about 15 paise in the early morning trade to 70.32 per US dollar from the previous close of 70.47 per US dollar. The domestic currency opened today at 70.53 per US dollar. At 9:40 AM (IST), the domestic unit was trading at 70.40 per US dollar, after touching an intraday low of 70.54 per US dollar and intraday high of 70.32 per US dollar, according to data available on the Bloomberg website. In debt markets, the 10-year government bonds yields declined 1.4% to 7.53% from the previous close of 7.64%. Bond yields and prices move in opposite directions.

Also read: Rupee edges 15 paise higher against US dollar in early morning trade; 10-year govt bonds yields fall

09:26 (IST)10 Jan 2019
BSE Live: Sensex down 50 points, Nifty below 10,850, IndusInd Bank share price down nearly 2%

The domestic stock markets--Sensex and Nifty--opened with minor gains, but soon fell into the negative territory. Sensex is down about 45 points to 36,163.67 points, while the Nifty is trading below the 10,850-mark. TCS share price dipped by more than 0.5% to Rs 1,874.10 on the BSE ahead its Q3 results scheduled to be released today. Street awaits Indian IT behemoth TCS' Q3 results today and will closely watch out for commentary around IT budgets this quarter. A look at live Sensex heatmap.

09:12 (IST)10 Jan 2019
Stock rally eases with Asia mixed; Yuan holds gain: Markets Wrap

The rally in global equities showed signs of stalling on Thursday, with Asian stocks opening mixed. U.S. stocks earlier climbed as investors cheered the dovish tone in minutes of the most recent Federal Reserve meeting. Oil held gains. Equities slipped in Japan, while they were little changed in South Korea and Australia. The S&P 500 Index posted a fourth day of gains as the Fed minutes revealed policy makers took a more cautious approach to further interest-rate increases, chiming with Chairman Jerome Powell’s tone from last week. Still, gains were limited amid concern the partial government shutdown will continue for some time. The offshore yuan stayed at the strongest since August as the U.S. and China laid the ground for resolving trade issues after three days of negotiations.

Also read: Stock rally eases with Asia mixed; Yuan holds gain: Markets Wrap

09:11 (IST)10 Jan 2019
Level field: Apple may not get special package for local manufacturing of iPhones

The government is unlikely to commit on any special package for US tech giant Apple or its contract manufacturers for setting up a large facility in India. Instead, an incentive plan in sync with various extant schemes meant for promoting domestic manufacturing could be hammered out, which can be tapped by all like-minded players, an official source told FE. The iPhone maker is learnt to have asked the government for assured incentives for five years under the Merchandise Export from India Scheme (MEIS) and income tax relief on exports, having revised its 2016 proposal in which it wanted a raft of concessions, including a 15-year customs duty holiday on a range of items. Apple has a negligible market share in India, so it is looking at setting up a base here for exports.

Also read: Level field: Apple may not get special package for local manufacturing of iPhones

09:10 (IST)10 Jan 2019
GST Council meet: Small businesses likely to get tax relief

In its 32nd meeting on Thursday, the Goods and Services Tax (GST) Council will likely consider several proposals aimed at providing relief to smaller taxpayers — a segment that is believed to be struggling after losing exemptions enjoyed by them in the pre-GST regime. One of the major proposals that is likely to be approved by the Council is raising the annual revenue threshold for GST to Rs 75 lakh from Rs 20 lakh currently. The group of ministers (GoM) had also considered a proposal to partially refund taxes paid by these firms as relief measure but decided that raising exemptions was a more practical solution.

Read more: GST Council meet: Small businesses likely to get tax relief

09:09 (IST)10 Jan 2019
Jet Airways: Lenders offer Rs 2,500 crore resolution plan

Domestic lenders of the beleaguered carrier Jet Airways, led by State Bank of India, are understood to have proposed a Rs 2,500-crore resolution plan comprising fresh equity infusion and restructuring of the current loan at a meeting between the consortium of banks and Jet officials on Tuesday. Sources in the know of development told FE that if the resolution plan gets approved by the lenders, Jet Airways promoter-chairman Naresh Goyal’s current 51% equity in the company will get diluted and come to below 20%. According to the contours of the proposal by the lenders, Jet and Abu Dhabi-based Etihad Airways, which currently has a 24% stake in the carrier would be required to infuse Rs 1,500 crore into the airline. The lenders on their part will restructure loans worth Rs 600 crore and Goyal in his personal capacity would be required to bring in Rs 400 crore.

Read more: Jet Airways: Lenders offer Rs 2,500 crore resolution plan

09:08 (IST)10 Jan 2019
Glad tidings: Corporate bond issuances at eight-month high in December

Corporate bond issuances in December surged to an eight-month high of more than Rs 1 lakh crore, according to NSDL. Issuances in December increased month-on-month (m-o-m) by 35% and were highest for any month in FY19. “The primary reason for high issuances was liquidity support by RBI which led to a fall in yields on government bonds and reduced the borrowing costs for corporate bonds, as corporate bonds are priced over the benchmark bonds”, said a dealer. Yields on the AAA-rated corporate bonds remained largely steady, in the range of 8.45-8.60%. Yields rose 10-15 basis points in the second week of December following the surprise resignation of The Reserve Bank of India (RBI) governor Urjit Patel.

Also read: Glad tidings: Corporate bond issuances at eight-month high in December

09:07 (IST)10 Jan 2019
Trade wars: US pushes China on promises after `in-depth’ trade meetings

The Trump administration is pushing for a way to make sure China delivers on its commitments in any deal the two nations reach to defuse a trade war that has roiled financial markets and dimmed the outlook for global growth. The U.S. wrapped up three days of mid-level talks with China in Beijing on Wednesday, noting a commitment by President Xi Jinping’s government to buy more U.S. agricultural goods, energy and manufactured products. For its part, China said the meetings were “ extensive, in-depth and detailed,” and laid the foundation for a resolution of the conflict.

Also read: Trade wars: US pushes China on promises after `in-depth’ trade meetings

Share market on Wednesday: 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.
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