Share market HIGHLIGHTS: Sensex closes 196 points higher, Nifty above 10,650; Bharti Airtel zooms 10%

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Updated:Nov 16, 2018 4:01:54 pm

Share market highlights: The domestic stock markets Sensex and Nifty closed higher on Friday buoyed by a strong rally in IT and financial stocks. The Sensex closed 196.62 points up at 35,457.16, while the broader Nifty 50 closed at 10,682.20. 

Share market highlights: Shares of RIL gained more than 3% to Rs 1,129.95, to pip IT behemoth TCS and emerge as India’s most valued company.

Share market highlights: The domestic stock markets Sensex and Nifty closed higher on Friday buoyed by a strong rally in IT and financial stocks. The Sensex closed 196.62 points up at 35,457.16, while the broader Nifty 50 closed at 10,682.20. Shares of Bharti Airtel gained more than 10% to hit the day’s high of Rs 332.10 on reports that  tower company Bharti Infratel could emerge as a potential buyer for the fibre assets of Vodafone Idea.

Shares of RIL gained more than 3% to Rs 1,129.95, to pip IT behemoth TCS and emerge as India’s most valued company.  Asian share markets fared better as hopes for a thaw in Sino-U.S. trade relations gave Wall Street a fillip, though there were duelling reports on the prospects for an actual agreement. 

MSCI’s broadest index of Asia-Pacific shares outside Japan was ahead 0.26 percent in early trade, while Japan’s Nikkei added 0.2 percent, Reuters reported.  U.S. stocks rose on Thursday on optimism the United States and China could resolve their trade dispute, after a news report said Washington would pause further tariffs on Chinese imports, said the Reuters report.

Yes Bank shares tanked 6.5% to close at at Rs 192.50. The bank yesterday said that OP Bhatt has tendered his resignation from his duties as an external expert of the search and selection committee for the new CEO, with immediate effect citing that there may be a potential conflict of interest. We bring to you key highlights from today’s trade.

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Highlights

    15:57 (IST)16 Nov 2018
    Expert take: Rupee stability, oil prices to decide future course of Sensex, Nifty

    "Market was range bound with a positive bias amid strong rupee and inflow of foreign funds. Broadly, the second quarter earnings were tad below the expectation of 15% YoY (Nifty50) and the market has largely factored a gradual downgrade in earnings in the second half of FY19. While investors are looking for major triggers for a decisive up move above 10700 level, stability in INR and oil prices will provide direction to the market despite election led uncertainty," Vinod Nair, Head of Research, Geojit Financial Services told FE Online.

    15:50 (IST)16 Nov 2018
    BSE Live: Sensex closes 196 points higher, Nifty above 10,650

    The domestic stock markets Sensex and Nifty closed higher on Friday buoyed by a strong rally in IT and financial stocks. The Sensex closed 196.62 points up at 35,457.16, while the broader Nifty 50 closed at 10,682.20. Shares of Bharti Airtel gained more than 10% to hit the day's high of Rs 332.10 on reports that  tower company Bharti Infratel could emerge as a potential buyer for the fibre assets of Vodafone Idea. A look at the heat map at close.

    15:10 (IST)16 Nov 2018
    BSE Live: Sensex holds gains; Bharti Airtel surges 10%, RIL up 3%

    Sensex is holding on to morning gains backed by a rally in shares of heavyweights Bharti Airtel and Reliance Industries. Shares of Bharti Airtel gained more than 8% to hit the day's high of Rs 329 on reports that  tower company Bharti Infratel could emerge as a potential buyer for the fibre assets of Vodafone Idea.Shares of RIL gained more than 3% to Rs 1,129.95, to pip IT behemoth TCS and emerge as India's most valued company. A look at heat map.

    14:37 (IST)16 Nov 2018
    Dilution of RBI norms for power companies will set dangerous precedent, say experts; SC verdict likely today

    The Supreme Court is likely to deliver a verdict today on the clutch of petitions, including from power producers’ association, seeking relaxation of the Reserve Bank of India (RBI) norms that mandate insolvency proceedings in case of debt servicing default beyond 180 days. The top court had given interim relief to power companies by asking the regulator to maintain status quo in September this year. On August 27, the RBI-mandated 180 day deadline ended for as many as 34 stressed power projects, many of which were staring at NCLT proceedings under the Insolvency and Bankruptcy Code (IBC). These power projects turned NPAs on March 1.

    Also read: Dilution of RBI norms for power companies will set dangerous precedent, say experts; SC verdict likely today

    13:03 (IST)16 Nov 2018
    ICICI Bank share price surges to fresh record high

    Shares of India's largest private sector lender ICICI Bank gained more than 1.1% in the afternoon trade. ICICI Bank share price gained more than 1.4% intra-day to hit a fresh record high of Rs 375.30. The shares have been on a rising spree of late, gaining for the last four days and has risen about 7% during the period. 43 of 45 brokerages rate the stock  "buy" or "outperform", one "hold" and one "underperform", according to analysts' recommendations tracked by Reuters. ICICI Bank has announced results on October 26th. ICICI Bank’s net profit fell sharply by over 50% during the second quarter ended September 2018, even though the asset quality showed improvement during the period. The country’s largest private sector lender ICICI Bank reported a 55.84% fall in its net profit for the quarter under review to Rs 908.88 crore as against Rs 2,058.19 crore reported in the corresponding period of last year.

    12:51 (IST)16 Nov 2018
    Rakesh Jhunjhunwala's crown jewel Titan emerges as the most consistent wealth creator in last 10 years

    Rakesh Jhunjhunwala’s favourite stock Titan Company has emerged as the ‘Most Consistent Wealth creator,’ according to a study.  According to Motilal Oswal’s 23rd Wealth Creation study, jewellery maker Titan Company is the Most Consistent Wealth Creator in the last 5 years, recording a price CAGR of 33% in the period between 2008-2018. “Titan Company has emerged the Most Consistent Wealth Creator by virtue of – 1. Appearing among top 100 Wealth Creators in each of the last 10 studies; and 2. Recording the highest Price CAGR of 33% over the 10-year period 2008 to 2018, fractionally ahead of Godrej Consumer,” Motilal Oswal report noted. Notably, all the top 10 most consistent shares are consumer facing firms.

    Read full story here: Rakesh Jhunjhunwala’s favourite stock emerges as most consistent wealth creator in last 10 years; check top 10

    12:39 (IST)16 Nov 2018
    NSE Live: Nifty PSU Bank index, Nifty Realty among top sectoral losers

    Among the major sectoral indices, Nifty Realty, Nifty Private Bank and Nifty PSU Bank index were among the major losers among the major sectoral losers in the NSE. We take a look at the live Chart. Nifty 50 is still trading above the 10,650-mark.  

    12:29 (IST)16 Nov 2018
    PSU oil stocks ONGC, Indian Oil, Oil India drop up to 5% on reports of government likely to sell stake

    Shares of ONGC, Indian Oil and Oil India declined on Friday after reports that government is planning to sell its shares worth $2 billion in these companies to meet divestment target. A report in The Economic Times said citing sources.ONGC shares plunged 3.8% to Rs 152.80. Indian Oil share price slumped 3.68% to Rs 141.25. Oil India shares tumbled as much as 4.6% to Rs 194. However, CNBC TV18 reported that there is no plan to sell stake in ONGC, Oil India, and Indian Oil in near future, quoting DIPAM sources.

    12:13 (IST)16 Nov 2018
    Vodafone Idea share price gains 4.2% after Rs 25,000 crore fund infusion

    Shares of India's telecom major Vodafone Idea rallied on Friday, after the firm announced a massive Rs 25,000 fund infusion yesterday. Vodafone Idea shares gained more than 4.4% to hit intra-day high of Rs 38.55. Yesterday, the shares of Vodafone Idea plunged over 6% after the telecom firm reported a consolidated loss of Rs 4,973 crore for the September quarter. This was the company’s first quarterly earnings announcement as a joint entity. Vodafone Idea also announced funds infusion of Rs 25,000 crore to help it take on cut-throat competition. The company reported consolidated revenue of Rs 7,663 crore during the quarter under review.

    12:04 (IST)16 Nov 2018
    BSE Live: Sensex holds on to morning gains, financials rally

    The Sensex is holding on to most of the morning gains, buoyed by a rally in shares of heavyweights Bharti Airtel and RIL. The Sensex is up about 150 points currently. Yes Bank shares extended losses in the afternoon trade. A look at the Sensex heat map.

    11:58 (IST)16 Nov 2018
    Bharti Airtel shares extend rally, up 8%

    Shares of billionaire Sunil Mittal-led Bharti Airtel extended their strong rally on Friday late morning. Bharti Airtel shares zoomed more than 8% to hit the day's high at Rs 329. The rally in the shares comes on the back of reports that tower company Bharti Infratel could emerge as a potential buyer for the fibre assets of Vodafone Idea. Global brokerages Credit Suisse and BNP Paribas said Bharti Infratel — the listed tower arm of Bharti Airtel — could emerge a potential buyer of Vodafone Idea’s fibre assets, going forward. “These developments bode well for Bharti Infratel as Vodafone Idea’s commitment to remain in the business for the long term reduces the risk of a two-player market, and gives Infratel an opportunity to buy Airtel and VIL’s fibre assets by raising debt,” said BNP Paribas in a note.

    11:51 (IST)16 Nov 2018
    Why India cannot become cashless anytime soon

    The Narendra Modi government has been constantly endorsing the idea of cashless India post demonetisation to help formalise the world’s sixth largest economy but a consensus is evolving that that is not possible. When top financial experts from around the world got together yesterday in Delhi, what transpired was that cashless economy is a pipe dream — for India as well. In a session on digitisation as a tool for financial inclusion, David Panetta of SEEP Network said that while going digital can create new consumer experience, it cannot eliminate the need for cash. “Poor people will continue to use both cash and digital platforms as they provide different values,” he added.

    Read full story here: Cashless India is not happening; here’s why

    11:43 (IST)16 Nov 2018
    Expert take: Value investor Mohnish Pabrai says NBFCs have forgotten to read Hamlet and Buffett, here's why

    Even as the Indian NBFCs continue to reel under immense liquidity presuure, ace value investor said that these institutions have forgotten to read Hmalet and Buffett. "In our CBSE curriculum, there was a section where Polonius was talking to his son, who was going away, and advised him, Neither a lender or borrower be. Warren Buffett paraphrased that and said neither a short-term borrower or a long-term lender be. One of the problems all lenders including NBFCs face is that there's a strong temptation to borrow short and lend long, for enchashing on the spread. Levereaged financial institutions have been a major loser for me. I have lost more than $120 million, on levered financial institions. Thankfully, that was in the distant past, but the scars are still there," Mohnish Pabrai told in an interview to ET Now.

    11:27 (IST)16 Nov 2018
    Government may find difficult to meet 3.3% deficit target, India’s growth to fall to 7.3% in FY20, says Fitch

    India’s real GDP growth is expected to be at 7.8 percent in FY19, up from 6.7 percent in FY18 even as the government may find it tough to meet its fiscal deficit target of 3.3 percent, Fitch said. India’s rating has also been kept unchanged at ‘BBB-‘, the lowest investment grade with a stable outlook by the rating agency. There are several downside risks to India’s GDP growth forecast in the current fiscal and ‘significant’ risks to India’s macroeconomic outlook, it added.

    Also read: Government may find difficult to meet 3.3% deficit target, India’s growth to fall to 7.3% in FY20, says Fitch

    11:16 (IST)16 Nov 2018
    These six PSU stocks among top 10 biggest wealth destroyers in last 5 years

    The shares of state-run firms have emerged as a major source of wealth destruction for investors in the last five years, with with 6 out of the top 10 duds being PSUs, according to a study. According to Motilal Oswal’s 23rd Wealth Creation study, top 10 laggards including PSU stocks ONGC and Punjab National Bank have destroyed wealth to the tune of Rs 4.9 trillion, 11% of the total wealth created by top 100 companies. ONGC, Coal India, Punjab National Bank, BHEL, MMTC and Bank of India were the six PSU wealth destroyers among the top 10.

    Also read: Six out of top ten biggest wealth destroyers in last 5 years are PSU stocks; check top 10 names

    11:12 (IST)16 Nov 2018
    MSME liquidity crunch is real: Bank credit to small businesses falls for first time in 14 months

    The banks’ credit outstanding to the MSMEs (Micro, Small and Medium Enterprises) has fallen for the first time in the past 14 months, contrary to the Reserve Bank of India’s (RBI) claim two weeks ago that there is no sign of liquidity squeeze in the sector. According to the latest RBI data for the month of September 2018, the credit outstanding to the MSME sector dropped by 1.4% over the same period last year, the sharpest contraction since February 2017 when the sector was continuing to reel under the impact of demonetisation.

    Also read: MSME liquidity crunch is real: Bank credit to small businesses falls for first time in 14 months

    11:10 (IST)16 Nov 2018
    Indian economy would have collapsed, Modi’s demonetisation saved it: S Gurumurthy

    RBI independent director S Gurumurthy on Thursday once again said that India’s economy would have collapsed if it were not for Narendra Modi’s demonetisation. Gurumurthy, an RSS ideologue, said that the high denomination notes of Rs 500 and Rs 1,000 were being used to buy real estate and gold. In a lecture at Vivekananda International Foundation, Gurumurthy said that in a one-and-a-half year period before demonetisation, Rs 500 and Rs 1,000 currency notes rose to 4.8 lakh crore. This is what funded the real estate and gold prices, Gurumurthy said, adding that India would have gone the same way as what happened to the US in 2008 due to sub-prime lending.

    Also read: Indian economy would have collapsed, Modi’s demonetisation saved it, explains RSS ideologue S Gurumurthy

    11:00 (IST)16 Nov 2018
    RIL pips TCS to become India's most valued company

    Shares of billionaire Mukesh Ambani-led Reliance Industries surged by more than 3% on Friday morning to emerge among the top gainers in Sensex. RIL share price gained more than 3.07% to hit intra-day high of Rs 1,129.85. With today's surge in share price of Reliance Industries, its market capitalisation rose by Rs 16,976 crore to Rs 7.12 lakh crore. At such a stellar mcap, RIL has piped IT behoemoth TCS' market cap of around Rs 7.05 lakh crore to become India's most valued company by market capitalisation.

    10:36 (IST)16 Nov 2018
    HDFC share price gains 1.5% on reports of maiden dollar bond sale for raising up to $1 billion

    HDFC shares gained on Friday morning, after reports that the prominent mortgage lender is set to raise up to $1 billion through its maiden dollar bond sales likely to hit the market in January. HDFC share price gained more than 1.5% to hit the day's high at Rs 1880. According to a report in the Economic Times, the company plans to expand loans in the affordable or low-cost housing segment, a key focus area for the government, as it seeks to tap business potential on a new front. 

    10:20 (IST)16 Nov 2018
    NSE Live: Nifty moves past 10650, Eicher Motors, HCL Tech among top gainers

    The Nifty 50 has gained more than 0.5% this morning, and is firmly trading above the 10,650-mark. Shares of Bharti Airtel, Eicher Motors, HCL Tech, CIPLA and RIL were among the top gainers in the index this morning, surging up to 3%. Shares of Royal Enfeild-maker Eicher Motors rallied by more than 2.7% to hit the day's high at Rs 24,600. Deutsche Bank has a buy call on the shares with a target at Rs 28,000 per share. Enfield expands its addressable market even as Jawa enters its territory, noted the research firm. A look at top 5 Nifty gainers

    10:05 (IST)16 Nov 2018
    BSE Live: Sensex surges 263 points, RIL Bharti Airtel among top gainers

    The Sensex ectended gains on Friday morning, after opening stronger on positive global cues. The 30-share gained more than 266 points, buoyed by a rally in the shares of IT and financials. Shares of billionaire Mukesh Ambani-led RIL gained more than 2.2% to hit the day's high at Rs 1,121. Bharti Airtel share price gained more than 1.8% to hit intra-day high of Rs 310.90. A look at the heat map.

     

    09:51 (IST)16 Nov 2018
    Rupee opens stronger, rises 10 paise against US dollar to 71.87

    The domestic currency rupee strengthened 10 paise to 71.87 against the US dollar Friday on increased selling of the US currency by exporters and banks.Besides, weakness in the greenback against some currencies overseas, increased foreign fund inflows and a higher opening of domestic equities supported the rupee, traders told PTI. Foreign funds bought shares worth a net of Rs 2,043.06 crore Thursday, as per provisional data. The rupee had vaulted 34 paise to close at a two-month high of 71.97 against the US dollar Thursday on robust foreign fund inflows amid low crude oil prices.

    09:46 (IST)16 Nov 2018
    Jet Airways shares recover morning slump, zoom 14% on talks of deal with Tata Sons

    Jet Airways share price recovered from their opening losses even as Tata Sons Ltd is reportedly in pursuit of a controlling stake of debt-laden airline.  Jet Airways shares zoomed 14% in the morning trade to hit intra-day high of Rs 366.95. According to a report by CNBC TV18, Tata Sons board will likely discuss the acquisition plan on Friday and if the board approves, the proposed deal may "move quickly", the channel quoted sources as saying. Yesterday, the shares rallied by more than 25% intra-day. However, the airline has dismissed media reports as speculative.

    09:38 (IST)16 Nov 2018
    Crude oil prices stable on expected OPEC cuts, but surging US supply drags

    Oil prices were stable this morning, supported by expected supply cuts from OPEC but held back by record U.S. production. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.5/ per barrel at 0132 GMT, up 12 cents from their last settlement. Brent crude oil futures were up 7 cents at $66.69 a barrel. Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply. 

    Also read: Crude oil prices stable on expected OPEC cuts, but surging US supply drags

    09:31 (IST)16 Nov 2018
    Yes Bank share price slumps 10% as OP Batt resigns from CEO Search Committee

    Shares of India's major private sector lender Yes Bank slumped on Friday, after the firm said that OP Bhatt has tendered his resignation from his duties as an external expert of the search and selection committee for the new CEO. OP Bhatt has resigned with immediate effect citing that there may be a potential conflict of interest. Yes Bank share price slupmed by more than 9.7% to hit the day's low at Rs 195.50. Yesterday, the shares fell after former bureaucrat Ashok Chawla resigned as non-executive chairman of the bank.

    09:25 (IST)16 Nov 2018
    BSE Live: Sensex up more than 170 points, TCS, Sun Pharma rally

    The domestic stock markets, Sensex and Nifty opened in the green on Friday,  tracking positive global cues. The 30-share Sensex gained more than 100 points on open to 35,398.70, while the broader Nifty 50 was nearing the psychological 10,650-mark. Shares of TCS and Sun Pharma gained more than 1.4% each. Yes Bank share price tanked 5% to hit the day's low at Rs 196.50, a day after the bank announced that Ashok Chawla has resigned as non-executive chairman.  The bank yesterday said that OP Bhatt has tendered his resignation from his duties as an external expert of the search and selection committee for the new CEO, with immediate effect citing that there may be a potential conflict of interest. We bring to you live heat map.

    09:10 (IST)16 Nov 2018
    BSE Live pre-open: Sensex up 140 points

    Sensex is showing a strong upsurge in the pre-open session, up 140 points. We take a look at heat map.

    09:06 (IST)16 Nov 2018
    Jet Airways, Yes Bank among shares in focus today

    Jet Airways and Yes Bank will be among top stocks in focus today:

    Jet Airways: Tata Sons Ltd is reportedly in pursuit of a controlling stake of debt-laden Jet Airways. According to a report by CNBC TV18, Tata Sons board will likely discuss the acquisition plan on Friday and if the board approves, the proposed deal may "move quickly", the channel quoted sources as saying. Yesterday, the shares rallied by more than 25% intra-day, 

    Yes Bank: The bank yesterday said that OP Bhatt has tendered his resignation from his duties as an external expert of the search and selection committee for the new CEO, with immediate effect citing that there may be a potential conflict of interest. The shares tanked more than 9% yesterday, after the bank announced that Ashok Chawla has resigned as non-executive chairman. 

    09:00 (IST)16 Nov 2018
    Pound shaky in Asia after hammering on UK political chaos

    The British pound lay battered and bruised in Asia on Friday after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal. Asian share markets fared better as hopes for a thaw in Sino-U.S. trade relations gave Wall Street a fillip, though there were duelling reports on the prospects for an actual agreement. MSCI's broadest index of Asia-Pacific shares outside Japan was ahead 0.26 percent in early trade, while Japan's Nikkei added 0.2 percent, Reuters reported.

    08:59 (IST)16 Nov 2018
    Asia markets swing at end of volatile week, pound struggles

    Asian markets mostly fluctuated Friday as investors weighed China-US trade speculation, while the pound struggled to recover from the previous day's Brexit bruising. But as a volatile week drew to a close, there did seem to be some stability in the oil sector with the earlier sharp losses tailing off, providing relief to regional energy firms, Reuters reported. Hopes that the world's top two economies are making efforts to resolve their painful tariffs standoff provided support to global markets, though conflicting reports were keeping any optimism in check, said the Reuters report.

    08:58 (IST)16 Nov 2018
    US stocks: Wall Street stocks climbs on hopes of easing trade tensions

    U.S. stocks rose on Thursday on optimism the United States and China could resolve their trade dispute, after a news report said Washington would pause further tariffs on Chinese imports. Wall Street's major indexes reversed an early drop after the Financial Times reported that U.S. Trade Representative Robert Lighthizer told a group of industry executives the next tranche of tariffs on Chinese imports was on hold, Reuters reported.

    08:56 (IST)16 Nov 2018
    Essar seeks hearing before orders passed, promoters look to convince NCLT on Rs 54,389-crore proposal

    Essar Steel Asia Holdings (ESAH), the holding company of Essar Steel, has approached the National Company Law Tribunal (NCLT) asking it be allowed to plead its case before any orders are passed. ESAH has filed a caveat petition in the NCLT Ahmedabad bench which has been hearing the insolvency case against the debt-laden company.

    Also read: Essar seeks hearing before orders passed, promoters look to convince NCLT on Rs 54,389-crore proposal

    Share market on Thursday: A strong rupee, along with positive Asian markets and healthy buying in financials, realty, metals, and auto stocks, pushed the Sensex and Nifty higher to close Thursday’s trade in the positive territory. However, weak European markets and profit booking in FMCG stocks capped some gains.  The BSE Sensex closed higher by 118.55 points or 0.34% at 35,260.54 points. The market breadth remained bullish with 1,498 advances as against 1,098 declines. Kotak Bank was the top contributor to the Sensex, followed by the HDFC twins, Axis Bank, ICICI Bank, Larsen and Toubro, Maruti and Infosys.
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