Share Market Highlights: Sensex closes 27 points down, Nifty ends below 10,800; Kotak Mahindra Bank, RIL shares down

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Updated:Feb 22, 2019 3:47:01 pm

Track Live Share Market: The stock markets--Sensex and Nifty ended Friday's session lower, tracking weak global cues. The Sensex closed 27 points down at 35,871.48, while the Nifty closed below the psychological 10,800-mark.

December quarter: Promoter share pledging within BSE200 at 8-yr highShare Market Highlights: Kotak Mahindra Bank shares slumped by more than 3.5% to Rs 1,245.30 in the morning trade on Friday, after  after ING is set to sell 1.2% stake.

Track Share Market Highlights: The stock markets–Sensex and Nifty ended Friday’s session lower, tracking weak global cues. The Sensex closed 27 points down at 35,871.48, while the Nifty closed below the psychological 10,800-mark. Kotak Mahindra Bank shares closed 3.8% lower to Rs 1,240.05 on BSE in the morning trade on Friday, after ING is set to sell 1.2% stake via block deals at Rs 1,225-1,250 per share. RIL shares closed 1.25% down at Rs 1,231. 

Shares in Asia were flat in early trade on Friday following a fall on Wall Street, with a deteriorating global economic outlook outweighing more signs of progress in trade talks between China and the United States. Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was up less than 0.1 percent. Australian shares gained 0.5 percent and Japan’s Nikkei stock index was 0.3 percent lower, Reuters reported. 

Weak economic reports pressured U.S. stocks on Thursday after the market’s recent run of gains, and a drop in healthcare shares added to the bearish momentum. The Commerce Department said new orders for key U.S.-made capital goods unexpectedly fell in December, pointing to a further slowdown in business spending on equipment that could crimp economic growth. 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

15:43 (IST)22 Feb 2019
BSE Live: Sensex closes 27 points down, Nifty ends below 10,800; Kotak Mahindra Bank, RIL shares down

The stock markets--Sensex and Nifty ended Friday's session lower, tracking weak global cues. The Sensex closed 27 points down at 35,871.48, while the Nifty closed below the psychological 10,800-mark. Kotak Mahindra Bank shares closed 3.8% lower to Rs 1,240.05 on BSE in the morning trade on Friday, after ING is set to sell 1.2% stake via block deals at Rs 1,225-1,250 per share. RIL shares closed 1.25% down at Rs 1,231. A look at LIVE Sensex heatmap.

15:22 (IST)22 Feb 2019
Twitter CEO Jack Dorsey won't appear before Parliamentary panel on Feb 25

Twitter CEO Jack Dorsey will not appear before the Parliamentary panel on IT on February 25, and instead the company is sending its Head of Public Policy Colin Crowell.  The Parliamentary panel on Information Technology had summoned Twitter head Jack Dorsey to appear before it on February 25, and had refused to meet "junior officials" of the microblogging site during its meeting on February 11. The meeting had been called against the backdrop of growing concerns about safeguarding citizens' data privacy and the possibility of social media platforms being used to interfere in the upcoming elections. (PTI reported)

14:55 (IST)22 Feb 2019
RBI MPC minutes: Central Bank cut rates to fuel growth, correct ‘past inaction’

The minutes of monetary policy committee released on Thursday marks a strong shift in Reserve Bank of India approach which is now proactive to give push to growth momentum in the economy, given the inflation will remain low in the near term. “It will be right to consider a rate cut to correct the past inaction and provide impetus to growth without risking inflation beyond the 4 per cent target,” said Ravindra Dholakia, an external member of the monetary policy committee.

Also read: RBI MPC minutes: Central Bank cut rates to fuel growth, correct ‘past inaction’

14:28 (IST)22 Feb 2019
Don't put more than one-third of portfolio in smallcaps, says HDFC AMC CIO Prashant Jain

Sharing his take on the poftfolio, Prashant Jain, CIO of HDFC Asset Management Company, said that investors should not put more than one-third of the money is in smallcap stocks. Speaking at an event in Mumbai, Jain said investors may invest one-fourth or one-third of their investible income in smallcaps, and not more than that. Bigger companies in every sector grows faster than their smallcap peers, Jain said, adding that while size is a function of the nature of an industry, growth is a function, ET Now reported.

14:20 (IST)22 Feb 2019
Standard Health Insurance: 4 key takeaways from the recent IRDAI guidelines for this product

As an ode to the common man, the Insurance Regulatory and Development Authority of India (IRDAI) on Tuesday issued draft guidelines for a plain vanilla Standard Health Insurance Product common to all non-life insurance companies – both general and health. The regulator through its latest development is not only moving towards standardising the policy exclusions, but even aims at creating a standard product in order to minimise the confusion among the masses.

Also read: Standard Health Insurance: 4 key takeaways from the recent IRDAI guidelines for this product

13:58 (IST)22 Feb 2019
Trouble for Chanda Kochhar; CBI issues look out notice against former ICICI Bank chief

In fresh trouble for former ICICI Bank MD & CEO Chanda Kochhar, Central Bureau of Investigation (CBI) has issued a look out circular against her, news agency ANI reported. It comes days after the investigative agency registered a case against her in the ICICI Bank-Videocon loan case. The high-profile case led to the unceremonial exit of Kochar from the bank amid allegations of impropriety in giving a loan to a company related to her husband’s business. CBI last month registered an FIR against Chanda Kochhar, her husband Deepak Kochhar, and Videocon group’s promoter Venugopal Dhoot.

Also read: Trouble for Chanda Kochhar; CBI issues look out notice against former ICICI Bank chief

12:59 (IST)22 Feb 2019
Midcap strategy for investors: Investment mantra from IIFL’s Venkataraman to get good returns amid carnage

As the carnage continues in the stock market especially in the midcap section, retail investors turn jittery. Both small and midcap indices have underperformed benchmark indices for the most part of the previous two weeks. However, the investors must not worry much as they can still get good returns in such a volatile environment, says R Venkataraman, Group MD and Co-Promoter, IIFL Group. The SIP route in midcap funds offers a relatively safe bet for the retail investors, the market veteran tells Financial Express online.

Also read: Midcap strategy for investors: Investment mantra from IIFL’s Venkataraman to get good returns amid carnage

12:20 (IST)22 Feb 2019
PM Modi in Seoul: India, South Korea sign 7 MoUs, cooperation in infrastructure, combating global crime big takeaways

India and South Korea signed seven agreements on Friday to enhance cooperation in key areas, including infrastructure development, media, start-ups and combating trans-border and international crime, during Prime Minister Narendra Modi’s visit to the country. Modi, who is on a two-day visit to South Korea to strengthen India’s strategic ties with the country, was accorded an official reception at the Blue House, the executive office and official residence of the South Korean President Moon Jae-in here. 

Also read: PM Modi in Seoul: India, South Korea sign 7 MoUs, cooperation in infrastructure, combating global crime big takeaways

12:01 (IST)22 Feb 2019
Inflation cooling off amid weak groewth, says RBI MPC minutes

The Monetary Policy Committee has noted the “weakened growth momentum” amidst inflation cooling off to lower the key policy rates to create a “congenial environment” for growth, the Reserve Bank explained on Thursday as the reasons for the surprise rate cut earlier this month. In more news, Prime Minister Narendra Modi on Thursday said fundamentals of the Indian economy are sound and it is on the way to becoming a USD 5 trillion economy soon. (BL).

11:45 (IST)22 Feb 2019
As inflation keeps its head low, will RBI go for further rate cut? Here’s what experts say

After the recent rate cut by the RBI, there is still room for further rate cut in the upcoming MPC review as inflation in the future is likely to remain low, according to experts. Pointing out that the high real interest rates have been hurting the economy, Murthy Nagarajan, Head-Fixed Income, Tata Mutual Fund, speaking to Financial Express Online said “We expect one more rate cut in the April policy, as CPI inflation in near term should be lower due to lower food and crude prices’’.

Also read: As inflation keeps its head low, will RBI go for further rate cut? Here’s what experts say

11:04 (IST)22 Feb 2019
Kotak Mahindra Bank share price slumps 4% after reports of ING selling stake

Shares of India's major private sector lender Kotak Mahindra Bank slumped in trade on Friday morning, after media reports said that the firm has sold its stake. Kotak Mahindra Bank shares are trading 3.5% lower at Rs 1,242.05 on BSE. CNBC TV18 reported citing sources saying that ING sells its entire 3% stake in Kotak Mahindra Bank Via block deal. Earlier, media reports had indicated expectations that the offer price will be at 3-5 per cent discount to the Thursday’s closing price.

10:30 (IST)22 Feb 2019
Gold prices rise on trade talk optimism; Fed stance limits gains

Gold prices edged higher on Friday as optimism over U.S.-China trade talks pressured the dollar, but signs of the U.S. Federal Reserve raising interest rates again this year capped gains. Spot gold inched 0.1 per cent higher to $1,324.59 per ounce at 0408 GMT. The metal was headed for a second straight weekly rise, up almost 0.3 per cent. The precious metal had hit a 10-month high on Thursday but later erased the gains. U.S. gold futures were subdued at $1,327.7 per ounce.

Also read: Gold prices rise on trade talk optimism; Fed stance limits gains

10:11 (IST)22 Feb 2019
Asian shares tread water as investors watch trade talks

Shares in Asia were flat in early trade on Friday following a fall on Wall Street, with a deteriorating global economic outlook outweighing more signs of progress in trade talks between China and the United States. Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was up less than 0.1 percent. Australian shares gained 0.5 percent and Japan’s Nikkei stock index was 0.3 percent lower.

Also read: Asian shares tread water as investors watch trade talks

10:05 (IST)22 Feb 2019
Rupee gains 2 paise to 71.22 vs USD

The rupee inched up 2 paise to 71.22 against the US dollar in early trade Friday amid a dip in crude oil prices and fresh foreign fund inflows.  At the Interbank Foreign Exchange (forex) market, the local unit opened almost flat at 71.23 and stayed in a narrow range. The rupee had skidded by 13 paise to close at 71.24 against the US dollar Thursday. Foreign institutional investors (FIIs) net bought equities worth Rs 55 crore Thursday while domestic institutional investors bought shares to the tune of Rs 202 crore, provisional data showed. Brent crude futures, the global oil benchmark, was trading 0.25 per cent lower at USD 66.90 per barrel. (PTI reported)

09:36 (IST)22 Feb 2019
Anil Ambani-led Reliance Capital to exit mutual fund business, offers stake to Nippon Life

Reliance Capital has invited its joint venture partner Nippon Life Insurance Co to make an offer to acquire its entire 42.88% stake in Reliance Nippon Life Asset Management. On announcement of this development, the shares of Reliance Nippon Life Asset Management surged as much as 20% to close at `187.05 on BSE. Reliance Capital and Nippon Life Insurance currently hold equal stake of 42.88% each in Reliance Nippon Life Asset Management and the remaining stake is held by the public shareholders.

Also read: Anil Ambani-led Reliance Capital to exit mutual fund business, offers stake to Nippon Life

09:32 (IST)22 Feb 2019
BSE Live: Sensex down 38 points, Nifty below 10,800; Kotak Mahindra Bank slumps 5%

The stock markets- Sensex and Nifty opened lower on Friday morning, tracking weak global cues. The Sensex is down about 22 points to 35,876, while the Nifty is trading below the 10,800-mark. Kotak Mahindra Bank shares slumped by more than 3.5% to Rs 1,245.30 in the morning trade on Friday, after  after ING is set to sell 1.2% stake via block deals at Rs 1,225-1,250 per share.

09:14 (IST)22 Feb 2019
PSU bank recapitalisation: Where will government get Rs 48,000 crore for capital infusion?

Raising question on the availability of funds required by the government for bank recapitalisation, CARE Ratings said that it is not clear where the funds will be allocated from. It could be from the interim dividend announced a couple of days back or through the RBI reserves, it added. The central government on Wednesday announced the infusion of Rs 48,239 crore for recapitalisation of the public sector banks. The move has been taken to strengthen the financial performance of these banks and help them deal with the central bank’s prompt corrective action (PCA) plan.

Also read: PSU bank recapitalisation: Where will government get Rs 48,000 crore for capital infusion?

09:11 (IST)22 Feb 2019
Anil Ambani’s Reliance Capital offers to sell its 43% stake in mutual fund business to Nippon Life

Reliance Capital on Thursday invited Nippon Life Insurance to acquire nearly 43 per cent stake that it holds in Reliance Nippon Life Asset Management (RNAM). The Japanese life insurance firm already owns 42.88 per cent stake in RNAM, the asset manager of Reliance Mutual Fund (RMF). “Reliance Capital Ltd. has invited its partner, Nippon Life Insurance Co. Ltd. to make an offer to acquire up to 42.88% stake held by Reliance Capital in Reliance Nippon Life Asset Management Ltd. (RNAM),” Reliance Capital said.

Also read: Anil Ambani’s Reliance Capital offers to sell its 43% stake in mutual fund business to Nippon Life

09:10 (IST)22 Feb 2019
Anil Ambani’s RCom seeks Rs 260 crore relief from lenders after Supreme Court order to pay Ericsson dues

A day after Supreme Court held Reliance Communications (RCom) chairman Anil Ambani guilty in contempt for not paying dues worth Rs 550 crore to Ericsson, the company sought approval from the lenders for the release of nearly Rs 260 crore that it received in income tax refunds. “Reliance Communications group has requested urgent approval from its lenders to release approx. Rs 260 crore received from Income Tax refunds, lying in its bank account, directly to Ericsson,” RCom said in a regulatory filing.

Also read: Anil Ambani’s RCom seeks Rs 260 crore relief from lenders after Supreme Court order to pay Ericsson dues

09:04 (IST)22 Feb 2019
Tech Mahindra announces first ever share buyback, price fixed at Rs 950; check details

India’s major IT firm Tech Mahindra has approved its first ever share buyback plan to repurchase up to 2.05 crore shares. The firm has fixed the share buyback price at Rs 950, implying a premium of 16.9% from yesterday’s closing price of Rs 812.40 on NSE. Notably, the firm has fixed Wednesday, 6th March, 2019 as the record date for the purpose of ascertaining the eligibility of shareholders to participate in the Buyback. 

Also read: Tech Mahindra announces first ever share buyback, price fixed at Rs 950; check details

09:04 (IST)22 Feb 2019
This Anil Ambani company among firms with over 95% pledged promoter shareholding: Report

Even as firms with pledged shareholding continue to remain in focus after the recent crash in Essel Group-promoted stocks, a few companies including Anil Ambani-led Reliance Naval and Engineering, IL&FS Transportation Networks and Sterlite Technologies have pledged shareholding of more than 95%, according to a report. In its latest report, analysing the pledged holdings of BSE-500 stocks, Kotak Institutional Equities found that in CG Power and Industrial, Kwality, Reliance Naval and Engineering, IL&FS Transportation Networks and Sterlite Technologies, the promoters have pledged more than 95% of their shareholdings. 

Also read: This Anil Ambani company among firms with over 95% pledged promoter shareholding: Report

Share market Highlights: The stock markets Sensex and Nifty, made a smart rebound in the afternoon trade on Thursday. The Sensex closed 142 points higher at 35,898.35, while the Nifty closed above the 10,750-mark. Tata Motors shares rallied by nearly 3% to Rs 169.70, while VEDL share price zoomed more than 2.5% to Rs 164.60, to emerge among the biggest Sensex gainers.  Shares of PSU banks Punjab National Bank and Corporation Bank jumped after the government infused approved Rs 48,239 crore capital infusion into 12 public sector banks (PSBS). PNB shares closed 3% higher at Rs 73, while Corporation Bank shares ended 20% higher at Rs 30.20.
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