Share market HIGHLIGHTS: Sensex up 400 points, Nifty above 11,500

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Updated:Mar 28, 2019 3:52:03 pm

Share Market India Today HIGHLIGHTS: The Sensex and Nifty closed higher with financials and IT leading the benchmark indices to fresh 6-month closing highs.

Share Market Live, Share Market TodayShare market HIGHLIGHTS: Sun Pharma shares are up by more than 2.5% to Rs 475.75. 

 Share Market India Today HIGHLIGHTS: The Sensex and Nifty closed higher with financials and IT leading the benchmark indices to fresh 6-month closing highs. Nifty Banking index posted the record close in 12 of the last 18 sessions this month. While Sensex surged 412.84 points to finish at 38,545.72, Nifty soared 124.95 points to 11,570.

Earlier today, the US markets plunged after investors were spooked due to the inversion of yield curve, indicating a recession. Notably, the 10-year yield curve hit its lowest level since 2007. Asian markets followed suit, with the Nikkei tanking nearly 2 per cent or 400 points. A Reuters report said that the United States and China had made progress in all areas in trade talks had little obvious impact since sticking points still remained and there was no definite timetable for a deal. 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

    15:22 (IST)28 Mar 2019
    Rakesh Jhunjhunwala's favourite stock becomes Rs 1 lakh crore company in market cap

    Rakesh Jhunjhunwala's favourite scrip Titan achieved a major feat on Thursday, with the firm crossing the Rs 1 lakh crore market capitalisation. Titan shares surged more than 1.3% to hit the day's high at Rs 1,129.25, taking the overall market capitalisation to top Rs 1 lakh crore, data from BSE showed. The stock has been a major outperformer in the recent times, surging more than 22% since January this year. Titan Company Ltd shares are trading 1.4% higher at Rs 1,130. Due to a rally in the stocks, the market-cap of Tata Group Company hit Rs 100,231 crore in intra-day trade today. 

    Also read: Rakesh Jhunjhunwala's favourite stock becomes Rs 1 lakh crore company in market cap

    14:31 (IST)28 Mar 2019
    Bank of Baroda shares soar over 6% on government’s Rs 5,000 crore capital infusion

    Bank of Baroda shares surged more than 6% after it announced that the government has decided to infuse Rs 5,042 crore as capital into the PSU bank ahead of its merger with two other public sector lenders Dena Bank and Vijaya Bank. The capital infusion will be by way of preferential allotment of equity shares (special securities/bonds) of the bank in the form of the government investment during FY19, which is coming to an end this week, BoB said in a regulatory filing.

    Also read: Bank of Baroda shares soar over 6% on government’s Rs 5,000 crore capital infusion

    14:08 (IST)28 Mar 2019
    Infosys to buy 75% stake in ABN AMRO; $143.5 million deal

    Infosys Ltd, India’s second-biggest IT services company, said on Thursday it would buy a 75 per cent stake in ABN AMRO Group NV’s mortgage administration services unit for 127.5 million euros ($143.53 million). Infosys will acquire the stake in Stater N.V. through unit Infosys Consulting Pvt Ltd and the transaction is expected to close in the first quarter of fiscal 2020.

    Also read: Infosys to buy 75% stake in ABN AMRO; $143.5 million deal

    13:12 (IST)28 Mar 2019
    TCS could have listed during 2001 IT boom but Ratan Tata said ‘no’; a must-read for all shareholders

    While IT giant TCS has now grown to be India's second valuable firm by market-capitalisation after Reliance Industries, the firm wasn't listed during 2001, despite the dot-com boom. Interestingly, while Credit Suisse had valuated TCS at US $20.7 billion (Rs 97,000 crore, back then, the then group Chairman Ratan Tata postponed the listing keeping shareholder interests over group interests, says Dr Shashank Shah.

    Also read: TCS could have listed during 2001 IT boom but Ratan Tata said ‘no’; a must-read for all shareholders

    12:56 (IST)28 Mar 2019
    Electoral bonds reducing transparency; Election Commission files complaint with SC

    India’s new campaign finance rules allowing anonymous donations reduce transparency in political funding, the country’s election commission said in a filing at the nation’s top court. The Election Commission of India — one of the respondents in a case filed against the new funding rules — said anonymous donations have serious repercussions and impact on the transparency of political funding, according to the document seen by Bloomberg. The court is hearing petitions challenging the introduction of ‘electoral bonds’ and seeking a ban on cash donations filed by Association for Democratic Reforms, a non-government organization.

    Also read: Electoral bonds reducing transparency; Election Commission files complaint with SC

    12:15 (IST)28 Mar 2019
    Bank of Baroda gets Rs 5,042 crore ahead of Vijaya, Dena Bank merger

    The government has decided to infuse Rs 5,042 crore into state-owned Bank of Baroda (BoB) ahead of merger of two other public sector lenders Dena Bank and Vijaya Bank with BoB. The merger of Dena Bank and Vijaya Bank with BoB would be effective from April 1. The finance ministry through its notification on Wednesday conveyed its decision to infuse capital of Rs 5,042 crore in BoB, the bank said in a regulatory filing.

    Also read: Bank of Baroda gets Rs 5,042 crore ahead of Vijaya, Dena Bank merger

    12:12 (IST)28 Mar 2019
    Foreign investors will flock to India if Modi wins the election, says US-based investment adviser

    If this government comes back there would be a fair amount of continuity and that will be something that foreign investors would look at very closely, Nandita Parker, Managing Partner, Karma Capital, said in an interview to ET Now this week. If this govt comes back they will hit the road running and there will not be delays in what they want to do next, she said. In the month of March, foreign portfolio investors have poured in Rs 25,000 crore into Indian stock market. In February, FIIs had bought stocks worth Rs 15,328 crore.

    Also read: Foreign investors will flock to India if Modi wins the election, says US-based investment adviser

    11:50 (IST)28 Mar 2019
    BSE live: Sensex up 170 points, Nifty above 11,500; Sun Pharma, Yes Bank among top gainers

    The Sensex and Nifty edged higher  in the morning trade on Thursday morning, with IT stocks leading the rally. The Sensex is up 168 points to 38,300.88 while the Nifty is trading above the 11,500-mark. Infosys shares are trading 1.4% higher at Rs 740 while HCL Tech shares are higher by more than 3% to Rs 1,074. Sun Pharma shares are up by more than 2.5% to Rs 475.75.  A look at LIVE Sensex heatmap.

    11:29 (IST)28 Mar 2019
    Inverted US yield curve shows a recession is near, but it bodes well for Indian stock markets

    Even as we see a US Treasury yield curve inversion pointing to a looming recession, stock market experts say that the development is good sign for Sensex and Nifty. Yesterday, worries that the inversion of the US Treasury curve would lead to a future recession increased as 10-year yields fell to a fresh 15-month low at 2.34%. According to Akhil Mittal, Senior Fund Manager at Tata Mutual Fund, there are concerns on growth slowing down and inflation is likely to remain anchored. “Hence the central banks would turn dovish on monetary policy. US Federal reserve has already indicated an end to rate hikes and balance sheet reduction. All these developments have resulted in sharp fall in yields globally,” explained Akhil Mittal in a note to Financial Express Online.

    Read full story here: Inverted US yield curve shows a recession is near, but it bodes well for Indian stock markets

    10:59 (IST)28 Mar 2019
    Election season to keep investors at bay; hung house may hurt stocks rally

    The wait between India’s first voting day in April and the official results on May 23 would keep most investors at bay. For Rahul Singh at Tata Asset Management Ltd., chief among his concerns is the possibility of a deadlock on who leads the world’s largest democracy. “The biggest risk to the recent gains in Indian equities is there may be a hung parliament,” Singh, the chief investment officer, said in an interview at his office last week. “In that case, though a very small probability, nothing will hold the market and it will be in trouble if some weak leader emerges to lead a government that may not last even for a year.”

    Also read: Election season to keep investors at bay; hung house may hurt stocks rally

    10:06 (IST)28 Mar 2019
    No Brexit alternative gets Parliament majority

    British lawmakers have voted on eight different possible Brexit options, but none received the majority support that would clarify the U.K.’s course. Parliament is trying to find an alternative to Prime Minister Theresa May’s twice-rejected EU divorce deal. Lawmakers voted Wednesday on options that included leaving the European Union without a deal, staying in the bloc’s customs union and single market, putting any EU divorce deal to a public referendum, and canceling Brexit if the prospect of a no-deal departure gets close. 

    Also read: No Brexit alternative gets Parliament majority

    09:46 (IST)28 Mar 2019
    NSE live: IT stocks trading strong; HCL Tech, Infosys top gainers

    IT stocks rallied in trade on Thursday morning, taking the overall Nifty IT index higher. The Nify IT index is higher by 1.9% to 15,629.50 led by gains in Infosys, HCL Tech, Tech Mahindra and TCS. HCL Tech shares are trading 3% higher at Rs 1074.90, while Infosys shares are up 2% to Rs 744.75. Tech Mahindra shares are up 1.9% to Rs 778.90. A look at Nifty IT heatmap.

    09:28 (IST)28 Mar 2019
    BSE live: Sensex up 100 points, Nifty above 11,450; Jet Airways, Tata Motors shares slump

    The Sensex and Nifty opened marginally higher on Thursday morning, tracking weak global cues. The Sensex is up 95 points to 38,227.61 while the Nifty is trading above the 11,450-mark. Tata Motors shares are trading 1.5% lower at Rs 84.30 after global firm S&P downgraded Jaguar to a rating of B+ from BB- on account of weak third-quarter results. Jet Airways shares are trading 3% lower at Rs 269.70, after media reports indicated that businesses interested in aviation are unlikely to bid for the crisis-hit airline which will be put up for auction by lenders’ consortium shortly. A look at LIVE Sensex heatmap.

    09:16 (IST)28 Mar 2019
    HDFC Bank CEO Aditya Puri: India is an under-penetrated market

    HDFC Bank will continue to grow at a faster pace than the system, HDFC Bank MD and CEO Aditya Puri tells Shobhana Subramanian, pointing out there is no dearth of opportunity. Puri believes the lender’s reach in rural and semi-urban areas and the rapid digitisation there will catalyse growth. Excerpts:

    Given the business environment is still not too strong, at what sustainable pace can the bank hope to grow?

    We believe the macros are sound, the economy is clocking a good 7% and interest rates are stable and heading down. More important, the government’s digital initiative is phenomenal, people have phones and more services today are being delivered electronically.

    Read full interview here: HDFC Bank CEO Aditya Puri: India is an under-penetrated market

    09:14 (IST)28 Mar 2019
    Foreign investors continue to sell India-focused funds

    Foreign portfolio investors (FPIs) continued to sell India-dedicated funds in February. These funds witnessed outflows of $614 million led by non-ETF outflows of $441 million. Interestingly, active funds (non-ETF funds) saw outflows of $441 million while non-active (ETF funds) saw inflows of $355 million, according to a report by Kotak Institutional Equities (KIE). Listed fund flows were positive for most of the countries, except India and Thailand, who saw outflows of $86 million and $18 million, respectively. Brazil and South Korea saw inflows of $803 million and $431 million, respectively. 

    Also read: Foreign investors continue to sell India-focused funds

    09:13 (IST)28 Mar 2019
    Have you selected the best ELSS funds for 2019? Here is how to invest in them online by March 31 with video KYC

    With a few days left for the tax-saving season of the financial year 2018-19 to end, those taxpayers who are still waiting to catch the last bus, Equity Linked Savings Scheme (ELSS) may be a good option to explore. ELSS is a variant of mutual fund scheme that allows tax benefit under Section 80C of the Income Tax Act, 1961 on investments up to Rs 1.5 lakh per financial year. Being an equity-oriented fund, ELSS invests primarily in equity markets and the funds have a lock-in period of three years. 

    Also read: Have you selected the best ELSS funds for 2019? Here is how to invest in them online by March 31 with video KYC

    09:02 (IST)28 Mar 2019
    Not out of woods: Real estate launches see 60 per cent dip in January

    Real estate launches on a pan-India basis saw a sharp decline of 60% year-on-year to 12.7 million square feet in January 2019 from 32.2 million square feet in January 2018 as the developers face incremental pressure under a constrained liquidity environment. According to Kotak Institutional Equities report, sales across major cities fell by 4.6% y-o-y, at 34 million sq ft in January 2019. The sale momentum remained steady with an average of 35 million sq ft in the calendar year 2018, even as the launches were down, mainly in National Capital Region (NCR) and tier-2 cities. Sales in tier-2 cities dropped to 1.9 million sq ft against the average monthly launches of 5.4 million sq ft during CY2018. The steady sales and declining launches have helped in reducing the inventory.

    Also read: Not out of woods: Real estate launches see 60 per cent dip in January

    09:00 (IST)28 Mar 2019
    Green shoots: Bank credit growth at 14.4 per cent, deposits 10 per cent

    Non-food credit grew 14.4% y-o-y during the fortnight to March 15, marginally slower than the 14.5% y-o-y growth in the previous fortnight. During the comparable fortnight a year ago, the non-food credit growth of the scheduled commercial banks (SCBs) stood at 11.36%, data from the RBI showed. Meanwhile, deposits in the banking system grew by 10% y-o-y during the fortnight ended March 15 — faster than the 9.8% y-o-y growth reported in the fortnight to March 1. Bank deposit growth in the fortnight ended February 15 was at 10.2%, the highest in at least one-and-a-half years, the data showed.

    Also read: Green shoots: Bank credit growth at 14.4 per cent, deposits 10 per cent

    08:55 (IST)28 Mar 2019
    Two to tango: Maruti’s board okays deal with Toyota, MD’s term extended

    The Board of Maruti Suzuki has approved plans to source hybrid technology from Toyota for developing future products under a business partnership signed by both the companies. Further the board also approved the reappointment of managing director and CEO Kenichi Ayukawa for a further period of three years with effect from April, 1, 2019. With this extension, Ayukawa will become the longest serving MD and CEO of Maruti Suzuki after being appointed first in 2013.

    Also read: Two to tango: Maruti’s board okays deal with Toyota, MD’s term extended

    08:53 (IST)28 Mar 2019
    Bond yields spiral lower, take stocks along for the ride

    Asian share markets were painted red on Thursday as recession concerns sent bond yields spiralling lower across the globe, overwhelming central bank efforts to calm frayed nerves. Sterling was also hit by another bout of Brexit blues after a round of votes in the U.K. parliament failed to produce any new plan to  manage its divorce from the European Union. A Reuters report that the United States and China had made progress in all areas in trade talks had little obvious impact since sticking points still remained and there was no definite timetable for a deal.

    Also read: Bond yields spiral lower, take stocks along for the ride

    08:51 (IST)28 Mar 2019
    Dollar rises as more central banks turn dovish, defies lower Treasury yields

    The dollar rose on Thursday as many of its peers weakened after more central banks opted to shift to a dovish policy stance in the wake of deteriorating economic prospects. The latest switch came from the Reserve Bank of New Zealand (RBNZ), which stunned markets on Wednesday by saying the next move in rates is likely to be down, joining a growing list of central banks that had turned dovish. The dollar index against a basket of six major currencies was 0.17 percent higher at 96.942 and headed for its third day of gains. With many of its peers going on the defensive, the dollar has been able to brush aside a decline by benchmark U.S. Treasury yields to 15-month lows.

    Also read: Dollar rises as more central banks turn dovish, defies lower Treasury yields

    08:50 (IST)28 Mar 2019
    Oil extends losses into second session as US stocks rise

    Oil prices fell on Thursday, extending losses into a second straight session, after widely watched data showed a surprising increase in U.S. stocks. International Brent crude oil futures were at $67.63 a barrel at 0045 GMT, down 20 cents, or 0.3 percent, from their last close. Brent closed down 0.2 percent on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were at $59.18 per barrel, down 23 cents, or 0.4 percent, from their last settlement. WTI fell 0.9 percent on Wednesday.

    Also read: Oil extends losses into second session as US stocks rise

    08:47 (IST)28 Mar 2019
    Top stocks to watch; Jet Airways, Maruti Suzuki, Tata Motors on radar, here is why

    Jet Airways: Businesses interested in aviation are unlikely to bid for cash-strapped Jet Airways which will be put up for auction by lenders’ consortium shortly, as per reports.

    Maruti Suzuki: Maruti Suzuki India, India’s largest carmaker, on Wednesday re-appointed Kenichi Ayukawa as Managing Director and CEO of the company for a period of three years, it said in an exchange filing.

    Tata Motors: Rating agency S&P on Wednesday downgraded its rating on JaguarLand Rover to B+ from BB- on account of weak third-quarter results.

    Share market on Wednesday: After opening higher on Wednesday morning, the Sensex and Nifty turned choppy in the afternoon trade on Wednesday. The Sensex closed 100.53 points down at  38,132.88 while the Nifty closed below the 11,450-mark. IndusInd Bank, Yes Bank shares ended higher by more than 5% each to emerge as the major Sensex gainers. Tata Motors, NTPC shares shed more than 2% in the afternoon trade.
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