Share Market highlights: Sensex ends 262 points down after Saudi oil attack; M&M, SBI top losers

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Updated:Sep 16, 2019 3:50:50 pm

Share Market highlights: The headline indices Sensex and Nifty extended losses on Monday afternoon after Saudi oil attack.

The Sensex was down 200 points to 37,176, while the Nifty was trading near the 11,000-mark.

Share Market highlights: The headline indices Sensex and Nifty extended losses on Monday afternoon after Saudi oil attack. The Sensex closed down 262 points down to 37,123, while the Nifty ended below the crucial 11,000-mark at 3.30 pm. M&M, SBI, Yes Bank emerged among the biggest losers, shedding up to 2.6%. Global oil prices surged the most in 28 years after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the US has blamed on Iran. In an extraordinary start to trading, Brent futures jumped almost $12 a barrel in the seconds after the open on Monday, the biggest intraday advance in dollar terms since they were launched in 1988, Bloomberg reported. We bring to highlights.

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Highlights

    15:50 (IST)16 Sep 2019
    BSE live: Sensex ends 262 points down after Saudi oil attack; M&M, SBI top losers

    The headline indices Sensex and Nifty extended losses on Monday afternoon after Saudi oil attack. The Sensex closed down 262 points down to 37,123, while the Nifty ended below the crucial 11,000-mark at 3.30 pm. M&M, SBI, Yes Bank emerged among the biggest losers, shedding up to 2.6%. A look at LIVE Sensex heatmap.

    14:22 (IST)16 Sep 2019
    Bhushan Power case: NCLAT to hear JSW Steel’s plea on Oct 14

    The National Company Law Appellate Tribunal will hear the plea of JSW Steel, which has emerged as the highest bidder for Bhushan Power & Steel Ltd, seeking immunity from the ongoing cases of money laundering against the latter on October 14. It also directed impleading the Ministry of Corporate Affairs, the CBI and the Enforcement Directorate as party in the matter. A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has also said it will decide over the payment of Rs 19,350 crore by JSW Steel to the Committee of Creditors of Bhushan Power & Steel on the next date of hearing on October 14.

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    14:08 (IST)16 Sep 2019
    Wholesale price-based inflation unchanged at 1.08 per cent in August

    Wholesale price-based inflation was unchanged at 1.08 per cent in August even as prices of food items rose, government data showed on Monday. The wholesale price index (WPI)-based inflation was at 1.08 per cent in July this year and 4.62 per cent in August 2018. Inflation in food articles rose to 7.67 per cent in August from 6.15 per cent in July this year mainly on account of rise in prices of vegetables and protein-rich items. Vegetable inflation too rose to 13.07 per cent in the month under review as against 10.67 per cent in July 2019. Inflation in protein-rich items like egg, meat and fish rose to 6.60 per cent last month from 3.16 per cent in July.

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    14:01 (IST)16 Sep 2019
    Petrol, diesel prices may surge Rs 5-6 per litre: Fuel may get costlier after Saudi drone strikes

    Retail prices of fuel may surge by Rs 5-6 per litre, as the recent spike in global crude oil prices will likely push India’s crude oil purchase costs higher. The surge in global crude prices driven by drone strikes on Saudi Aramco’s oil refinery in Saudi Arabia will likely hit India’s oil marketing companies Indian Oil Corp, HPCL and BPCL, potentially squeezing their marketing margins on petrol and diesel, said a report. “… a USD 10 per bbl rise in global crude and product prices may require OMCs to increase the retail price of diesel and gasoline (petrol) by Rs 5-6/liter in the following fortnight,” Kotak Institutional Equities said in a research note.

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    13:07 (IST)16 Sep 2019
    Amid slowdown, Ambit’s CEO says invest in quality, growth stocks; check top bets

    Over the last few months, there has been widespread perception of slowing consumption and a tight liquidity situation leading to economic slowdown. The 5% GDP growth data (for Q1FY20), only acts as further reinforcement. The fears around an impending earnings cut compounds the issue. A combination of these issues has lead bears gaining significant ground. The BSE Sensex has remained flattish over the last six months while the mid-cap index has corrected ~9%. On the global side too, things remain concerning, with the yield curve inversing in most developed markets and the fear of recession looming large. The trade war and slowing Chinese economy remain a drag on global markets.

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    12:04 (IST)16 Sep 2019
    Gold prices surge after Saudi oil attack as investors move to safer bets, silver up 3%

    Gold prices jumped 1% on Monday as an attack on Saudi Arabia’s oil facilities dented risk appetite, boosting demand for the safe-haven bullion, while investors awaited for clues on monetary easing from major central bank meetings due this week. Spot gold was up 1% at $1,503.52 per ounce, as of 0410 GMT. Prices had dipped 1.2% in the previous week on hopes that an end to the U.S.-China trade tiff could be near. US gold futures rose 0.8% to $1,511.20 per ounce. The attacks on Saudi oil installations have lead to a rotation of interests out of stocks and into safe-havens, said OANDA analyst Jeffrey Halley.

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    11:05 (IST)16 Sep 2019
    Expert view: FM's weekend announcements to have long-term impact on real estate sector

    "On last Saturday, after drone attack on Saudi Aramco who is biggest oil producers, global crude prices surge by almost 12%, which is biggest surge after 1988.  It would certainly impact emerging countries like India in the medium term as uncertainties keep the sentiment volatile. On weekend finance ministries have announced several measures to improve real estate sector, however, we feel it would have long term impacts rather than short term and might disappoint the market participants in the short term,"  Ashish Nanda EVP & Business Head - PCG, Commodities and Currency Business, Kotak securities said.

    10:34 (IST)16 Sep 2019
    Expert view: Saudi oil attack could disrupt future supplies

    'The Drone attack on Saudi Aramco oil facilities on Saturday is estimated to impact 5 mln bpd of oil production and further news that Saudi Arabia plans to shut down about half of it's output after strike will have impact on the overall oil prices and global economy. The impact of the same has been already witnessed on both NYMEX and Brent oil prices, which have rallied more than 10%. The immediate range for Nymex crude will be $56 to 63 per barrel, 'With USA accusing the Iranian government of orchestrating the attack and Iran in turn threatening war, there by further destabilising the region at large and further impacting future supplies, the oil prices are expected to remain firm,' Arun Kumar, Market Strategist, Reliance Securities said. 

    10:16 (IST)16 Sep 2019
    Expert view: Saudi oil attack could lead to panic selling

    "The early morning sentiments for global equity markets are negative due to the attack on one of the Saudi crude facilities. Indian equities is particularly sensitive to changes in crude prices and USDINR & these have adversely opened. We do expect incremental pain as the day progresses. Any selling pressure on Nifty 50 index below 10,950 is likely to lead to panic selling," Arun Kumar, Market Strategist, Reliance Securities said. 

    09:47 (IST)16 Sep 2019
    Agrarian crisis: Fertiliser reforms are key, not zero-budget natural farming

    The Narendra Modi government completed the first 100 days of its second term (Modi 2.0) last week. Most Cabinet ministers showcased what new and bold things they have done in their respective ministries. Media headlines, however, were filled with either the abrogation of Article 370, and its fall out, or the biggest ever slump in auto sales in the last two decades, or the slowing down of GDP growth to 5%. I was searching for any bold moves in agriculture as it affects the largest number of people. Frankly, I didn’t find one. Surely, some tweaks in already-announced schemes, or some new ideas were thrown in, but without much backing of science, or resources. Let me pick a few of them for deeper dive.

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    09:33 (IST)16 Sep 2019
    Oil stocks plunge after Saudi Disruption: RIL down 2%

    Shares of oil majors RIL, BPCL, IOC plunged up to 3% on Monday morning, after a strike on a Saudi Arabian oil facility removed about 5% of global supplies. RIL shares slumped more than 3% to hit Rs 1,188.50 on BSE. Global oil prices surged the most on record after the development. In an extraordinary start to trading, Brent futures jumped almost $12 a barrel in the seconds after the open on Monday, the biggest intraday advance in dollar terms since they were launched in 1988. On the New York Mercantile Exchange, West Texas Intermediate contracts were frozen for about two minutes after the scale of the move delayed the market open, Reuters reported.

    Check live stock price: RIL, BPCL, IOC

    09:24 (IST)16 Sep 2019
    BSE live: Sensex down 180 pts, Nifty above 11,000; RIL, Yes Bank shares down

    The headline indices Sensex and Nifty opened lower on Monday morning, tracking global cues. The Sensex was down 200 points to 37,176, while the Nifty was trading near the 11,000-mark at 9.20 am. Reliance Industries, Yes Bank shares were among the the biggest losers, tanking up to 2%. A look at LIVE Sensex heatmap.

    09:13 (IST)16 Sep 2019
    Tech Mahindra rating: Add — Enterprise segment prospects getting better

    We spoke to Jagdish Mitra, Chief Strategy Officer and Head of Growth, to get an assessment of enterprise growth prospects. Key insights from the call: (i) growth moderation in enterprise is due to slowdown in auto and lower spending in key accounts, (ii) weakness is not structural and growth can recover from Q3FY20, (iii) new initiatives and conversion of large deals in the pipeline will help growth recovery and (iv) acquisitions will continue to be a priority area.

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    09:05 (IST)16 Sep 2019
    Cement stocks: Volumes are trailing estimates, risk-reward is favourable

    Our channel checks suggest industry volumes likely declined in high-single digit y-o-y in Aug’19 impacted by heavy rains across most regions especially in West and East and lower government spending. Volumes likely declined in low-single digit y-o-y during Jul-Aug’19 (combined for better comparison owing to variability in monsoon) similar to that observed in Q1FY20. Dealers across most regions suggest companies are attempting a Rs 10-15/bag hike from mid-Sep’19 (Rs 40-50/bag in AP) mainly to avoid further fall in prices. While volume growth is trending below our estimates, better prices and lower costs offset the impact on overall Ebitda. We believe risk-reward is favourable as valuations have corrected by ~15% recently on concerns of lower volumes. SRCM, UTCEM and TRCL remain our top picks.

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    08:53 (IST)16 Sep 2019
    Lemon Tree Hotels rating | Buy — Execution of strategy will be key

    LEMONTRE hosted an analyst meet at its recently launched hotel— Lemon Tree Premier in Mumbai. The company shed light on its execution strategy and addressed investor concerns regarding debt. Key insights are highlighted below: Besides synergies, Keys’ acquisition to help add rooms via management contract: While the acquisition of ‘Keys Hotel’ brings with it synergistic benefits, the deal is also expected to aid room addition under management contract. LEMONTRE is confident of achieving an immediate 4% revenue improvement coupled with 2% cost decrease (of sales) post acquisition.

    Full analysis

    08:46 (IST)16 Sep 2019
    Oil prices soar after drone attack on Saudi Aramco oil facility hits supply

    Global oil prices surged the most on record after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the U.S. has blamed on Iran. In an extraordinary start to trading, Brent futures jumped almost $12 a barrel in the seconds after the open on Monday, the biggest intraday advance in dollar terms since they were launched in 1988. On the New York Mercantile Exchange, West Texas Intermediate contracts were frozen for about two minutes after the scale of the move delayed the market open.

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    08:45 (IST)16 Sep 2019
    Donald Trump says US ‘locked and loaded’ for potential response to Saudi oil attack

    U.S. President Donald Trump said on Sunday that the United States was “locked and loaded” for a potential response to the attack on Saudi Arabia’s oil facilities, after a senior official in his administration said Iran was to blame. Trump also authorized the use of the U.S. emergency oil stockpile to ensure stable supplies after the attack, which shut 5% of world production. “There is reason to believe that we know the culprit, are locked and loaded depending on verification, but are waiting to hear from the Kingdom as to who they believe was the cause of this attack, and under what terms we would proceed!” Trump said on Twitter.

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    08:44 (IST)16 Sep 2019
    Why attack on Saudi Arabia leaves world without spare oil capacity

    The strike on the heartland of Saudi Arabia’s oil industry, including damage to the world’s biggest petroleum-processing facility, has driven oil prices to their highest level in nearly four months. Here are some facts about the impact on oil supply and spare capacity. Why is it so disruptive for global oil supplies? The attack on Saudi oil facilities on Saturday not only knocked out over half of the country’s production, it also removed almost all the spare capacity available to compensate for any major disruption in oil supplies worldwide.

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