Share market highlights: Sensex ends 87 points down, Nifty above 11,550; ONGC, Bajaj Finance among top losers

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Updated:Jul 12, 2019 3:47:28 pm

Share market highlights: The Sensex and Nifty erased gains in the late afternoon trade on Friday, ahead of the CPI and IIP data scheduled to be relased today. The Sensex closed 87 points down at 38,736.23.

Sensex, Sensex today, Sensex share, Sensex news, Tata Steel, NTPC , Bajaj Auto, HDFC Bank, Axis Bank, Hero MotoCorp, PowerGrid, Tata Motors, SBI, Yes Bank, Bharti Airtel, Maruti, HCL Tech, HUL, RILThe 30-share index was trading 249.57 points, or 0.63 per cent, higher at 39,644.21 at 0930 hours. (File Photo)

Share market highlights: The Sensex and Nifty erased gains in the late afternoon trade on Friday, ahead of the CPI and IIP data scheduled to be relased today. The Sensex closed 87 points down at 38,736.23, while the Nifty ended above the 11,550-mark. Shares of Bajaj Finance, ONGC were among the biggest losers shedding more than 2% each. VEDL, Sun Pharma shares were the biggest gainers jumping up to 2.5%. Infosys shares closed marginally higher ahead of the Q1 results scheduled to be reported later today. Asian shares pulled back on Friday as worries over renewed Sino-U.S. trade tensions weighed on sentiment ahead of the release of June trade data from China, though expectations of a Federal Reserve rate cut later this month kept losses in check. Those bets remained strong despite a rise in U.S. consumer inflation in June, and helped to lift the S&P 500 index to a record closing on Thursday, Reuters reported.

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    15:47 (IST)12 Jul 2019
    BSE live: Sensex ends 87 points down, Nifty above 11,550; ONGC, Bajaj Finance among top losers

    The Sensex and Nifty erased gains in the late afternoon trade on Friday, ahead of the CPI and IIP data scheduled to be relased today. The Sensex closed 87 points down at 38,736.23, while the Nifty ended above the 11,550-mark. Shares of Bajaj Finance, ONGC were among the biggest losers shedding more than 2% each. VEDL, Sun Pharma shares were the biggest gainers jumping up to 2.5%. Infosys shares closed marginally higher ahead of the Q1 results scheduled to be reported later today. A look at LIVE Sensex heatmap.

    15:27 (IST)12 Jul 2019
    Double whammy may continue for economy as inflation inches up, industrial output falls flat

    Retail inflation in India is likely to have risen for the month of June, continuing its constant four-month rising streak since February, potentially increasing your monthly household budget. On the other hand, the double-whammy for Indian economy continues, with the industrial output likely remaining flat in May. The IIP data (Index of Industrial Production) lags a month. A Reuters Poll has predicted an eight-month high CPI (Consumer Price Index) inflation in June, taking cues from rising food prices. Another poll from CNBC-TV18 predicts that India’s June retail inflation is expected to rise to 3.19 per cent, while the industrial output for May is expected to be mostly unchanged at 3.3 per cent.

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    15:08 (IST)12 Jul 2019
    Thousands of digital payment frauds putting Modi’s ‘digital India’ dream at risk?

    Digital payments revolution in India is hard to miss, with the transaction value ballooning a whopping 3,000 times to Rs 1,638 lakh crore in just 15 years, but constantly nagging frauds threaten to become the Achilles heel for Prime Minister Narendra Modi’s dream a ‘Digital India’. India has consistently recorded thousands of digital transaction frauds worth Rs 1 lakh or more in each of the last three financial years. With regard to ATM / Debit card, Credit card and Internet banking transactions of over Rs 1 lakh, there were 1,367 frauds reported in FY 2016-17; 2,127 frauds in FY 2017-18; and 1,477 frauds in FY 2018-19, Minister of State for Finance Anurag Thakur said in a written reply in the Rajya Sabha. Digital payments frauds make up for a significant portion – up to half – of all bank fraud cases.

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    15:00 (IST)12 Jul 2019
    What investors should do with IndiGo stock as promoters’ feud turns uglier

    IndiGo’s parent company InterGlobe Aviation’s stock has tumbled over 13% in the last two days after a spat between the airline’s two promoters Rahul Bhatia and Rakesh Gangwal spilled out in public on Tuesday. InterGlobe Aviation shares traded low continuously for two trading sessions, falling from Rs 1,565.75 on Tuesday’s close to Rs 1,354.85 on Thursday’s close. Today, IndiGo shares opened flat at Rs 1,355 on BSE and inched up later. Several analysts that Financial Express Online spoke to are divided on whether to buy or sell IndiGo shares, amid the controversy shadowing the strong fundamentals of the airline. InterGlobe Aviation is IndiGo’s operating company, jointly promoted by Rahul Bhatia and Rakesh Gangwal.

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    14:35 (IST)12 Jul 2019
    Nirmala Sitharaman takes on opposition over budget criticism; check what she says on MNREGA, PMAY fund cut

    Amid criticism from the opposition for the cut in funds for flagship welfare schemes for the rural sector, Finance Minister Nirmala Sitharaman Friday rejected the claims and said the budget has actually increased allocations to MGNREGA and PMAY (rural) for FY20. The budget reflects the government’s firm commitment to boost investment in agriculture and social sector, particularly healthcare, finance minister said while replying after a general discussion on the Union Budget 2019-20 in the Rajya Sabha.

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    13:45 (IST)12 Jul 2019
    BSE live: Sensex moves higher, Nifty near 11,650; Tata Steel, Tata Motors top gainers

    The Sensex and Nifty rebounded in the afternoon trade on Friday, ahead of the CPI and IIP data scheduled to be relased today. The Sensex is up 185 points to 39,008, while the Nifty is trading near the 11,650-mark. Shares of Tata Motors, Tata Steel, Yes Bank, NTPC emerged among the biggest gainers, jumping up to 3.5%. Infosys shares were trading marginally higher ahead of the Q1 results scheduled to be reported later today. A look at LIVE Sensex heatmap.

    13:31 (IST)12 Jul 2019
    Sensex PE hits 20-year high; stock markets headed for a severe correction? Here's what to do now

    Even as the PE ratio of the stock market barometer Sensex soars to a 20-year high indicating extreme overvaluation, stock market experts say that a stock market correction is in the offing, as such levels are unsustainable. Notably, the Sensex PE has soared to 28.29 in FY20, it's highest in the last 22 years. "The market is indeed overvalued at a PE of above 28. Markets are extremely fragmented at the current moment and Sensex cannot always remain in its fortified island at such high levels. There is very high likelihood that stocks will crack and correct to their mean PE levels within a short span of time," Umesh Mehta, Head of Research, SAMCO Securities told Financial Express Online.

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    12:52 (IST)12 Jul 2019
    Monsoon likely to revive in July’s last week, says IMD; UP, Bengal, Northeast to soon get strong showers

    Even as monsoon started on a weak note, it’s likely to revive in the last week of this month, the government’s weather forecaster said. The overall rain deficit has come down to 12 per cent as of July 11, as rainfall so far this month was 24 per cent more than normal, KJ Ramesh, DGM at India Meteorological Department (IMD) told CNBC TV18. Rainfall between (-)19 per cent and (+)19 per cent of long period average (LPA) is considered ‘normal’ and (+)20 per cent or more is ‘excess’ for a state. The definition stands different on all India basis. The rain forecast is not getting revised as of now and monsoon is expected with 96 per cent (+/-4 per cent) long-term average, he also told the TV news channel. Uttar Pradesh, Bengal  and Northeast will witness strong rain through next week, he also told CNBC TV18.

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    12:09 (IST)12 Jul 2019
    How to trade in commodity, currency markets How to trade in commodity, currency markets amid subdued post budget sentiment

    Commodity markets were expecting some changes in the imposition of CTT (Commodities Transaction Tax), however there were no changes in the Union budget with regards to this agenda. Gold industry was also hoping a reduction of import duty on gold from the slab of 10 per cent to 6 per cent. In contrast, the government has imposed a duty of 12.5 percent on gold imports from previously 10 percent. Union budget 2019-20 has had less of an impact on the commodity and currency markets, post budget, except gold which had quite a volatile fluctuation on account of change in the import duty. Except for the euphoria surrounding the increase in import duty on gold and the connected volati

    11:40 (IST)12 Jul 2019
    India’s war on world’s worst bad-debt pile stalled by regulators

    India’s battle against the world’s worst bad-loan ratio is being stalled by some unforeseen parties: regulators and federal investigators. A spate of legal challenges mounted by the country’s markets regulator, anti-money-laundering agency and its tax department accentuate conflicts between bankruptcy law and other regulations that pre-date them. In many cases, the court battles being fought by these agencies to hang on to powers to seize and sell assets of those violating their rules are derailing a 270-day resolution deadline set by the insolvency law.

    11:16 (IST)12 Jul 2019
    BSE live: Sensex trading flat, Nifty below 11,600; Tata Motors, NTPC top gainers

    After opening higher, Sensex and Nifty erased gains in the morning trade on Friday, tracking weak cues. The Sensex is down 10 points to 38,812.50, while the Nifty is trading below the 11,600-mark. Shares of Tata Motrs, Yes Bank, NTPC emerged among the biggest gainers, jumping more than 1% each. Tata Motors, Heromotocorp shares were among the biggest losers, shedding more than 1.5% each. A look at LIVE Sensex heatmap. 

    10:40 (IST)12 Jul 2019
    Budget 2019: From red tape reduction to promoting cashless business, how budget focuses on MSMEs

    Union Budget 2019: “Reform, Perform, Transform”, affirmed finance minister Nirmala Sitharaman as India listened to Budget 2019 with bated breath. Sitharaman announced a slew of measures to lay the roadmap for India to become a $5 trillion economy by 2024. “We have set the ball rolling for a new India”, she stated, giving credit to a rejuvenated Centre-State dynamic, cooperative federalism, Goods and Services Tax (GST) Council, and commitment to fiscal discipline

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    10:09 (IST)12 Jul 2019
    India lifted 271 million people out of poverty between 2006 and 2016, says United Nations

    India lifted 271 million people out of poverty between 2006 and 2016, recording the fastest reductions in the multidimensional poverty index values during the period with strong improvements in areas such as “assets, cooking fuel, sanitation and nutrition,” a report by the United Nations said. The 2019 global Multidimensional Poverty Index (MPI) from the UN Development Programme (UNDP), the Oxford Poverty and Human Development Initiative (OPHI) was released Thursday. The report said that in the 101 countries studied – 31 low income, 68 middle income and 2 high income – 1.3 billion people are “multidimensionally poor”, which means that poverty is defined not simply by income, but by a number of indicators, including poor health, poor quality of work and the threat of violence.

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    09:55 (IST)12 Jul 2019
    Beggars with QR code: Chinese poor collect alms in mobile wallets, ditch tin bowls

    Don’t have loose money? You can no longer excuse yourself by saying that, at least in China, where beggars have a new weapon in their arsenal. With the digital revolution taking over the world by storm, Chinese beggars have found a new way to collect alms and that consists just a sheet of paper with a QR code on it. Gathering near the tourist-packed areas, the beggars have begging bowls with a QR code-printed sheet on it. Who can pay? Anyone with Alipay, WeChat Wallet (the two biggest e-wallet companies in China), or some other mobile payment app that can scan the code.

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    09:28 (IST)12 Jul 2019
    BSE live: Sensex trading flat, Nifty near 11,600; Yes Bank, NTPC top gainers

    The headline indices, Sensex and Nifty opened higher, but sooon erased gains in the morning trade on Friday, tracking weak cues. The Sensex is up 35 points to 38,858.30, while the Nifty is trading near the 11,600-mark. Shares of Yes Bank, NTPC emerged among the biggest gainers, jumping more than 1% each. Tata Motors, Heromotocorp shares were among the biggest losers, shedding more than 1.5% each. Infosys shares were trading marginally higher ahead of the Q1 results scheduled to be reported later today. A look at LIVE Sensex heatmap.

    09:11 (IST)12 Jul 2019
    Digital identity: Need a closer look at inclusion, trust, and agency

    Identification is a method for reliably connecting information to individuals. In the US, the Social Security Card and the associated number have long been used to identify an individual for tax, social security and other purposes. Identification enables one to verify identity, i.e. the person accessing her records is indeed the owner of the account or the subject of the records. If the identification method allows one to relate it to a human being with “flesh and blood” using biometric information, then it can have serious privacy implications. Digital ID projects, conceptualised back in the 1980s in the UK and the US, never took off due to their privacy ramifications.

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    09:10 (IST)12 Jul 2019
    DHFL gets a breather; lenders offer another week for resolution plan

    Lenders to the troubled Dewan Housing Finance (DHFL) are understood to have given the intermediary another week or so to come up with a resolution plan. The mortgage financier has been working on a plan that would help its operations stabilise and this was to have been submitted to lenders on Thursday. However, the meeting between bankers and company officials, the first after lenders signed the inter-creditor agreement (ICA) for the resolution of the account, did not throw up any meaningful decisions. Banks have a very large exposure DHFL of close to Rs 40,000 crore, which is nearly half the company’s total outstanding of close to Rs 1 lakh crore.

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    09:09 (IST)12 Jul 2019
    Dream home: Why you should not shy away from a home loan

    While buying a property, you must take a few precautions to ensure that you are not cheated. Let us understand what are the important points one should take care of while entering into a real estate deal. Loans make many things accessible and homes are no exceptions. For millennials, loans are a part of life and they may not think twice before buying a home with a loan. Still, there are many who don’t want to avail any loan and prefer to buy property only with their own money. In a normal scenario it is not a bad idea but to avoid any kind of complications with respect to the title or the value of the property or any kind of fraud, it is advisable to go for a loan to buy the property, perhaps for a very small percentage of the property value.

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    09:09 (IST)12 Jul 2019
    Air India looks to sell out of trouble, identifies 30 plots in metros for sale

    Air India has plans to sell 30 unutilised tracts of land in cities like Mumbai and Delhi to retire the debt transferred to special purpose vehicle Air India Asset Holding, civil aviation minister Hardeep Singh Puri told Parliament on Thursday. These land parcels include 1.7 lakh sq m and 14,326 sq m plots in Mumbai and New Delhi, respectively. Other cities where the national carrier holds unused land are Bengaluru, Kolkata, Chennai and Ahmedabad. The government transferred Air India’s debt worth Rs 29,464 crore, along with its non-core assets including land into AIAHL, to reduce the interest burden of the airline and improve its balance sheet before the disinvestment. The carrier had a total debt of Rs 58,351 crore at the end of March 31, 2019.

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    09:07 (IST)12 Jul 2019
    Budget 2019: New National Education Policy, focus on research and innovation to boost number of startups

    Budget 2019-20: The announcement of bringing a new National Education Policy to “transform India’s higher education system to one of the global best education systems,” according to the finance minister Nirmala Sitharaman, has been cherished by the players in India’s education sector. The government has proposed “major changes” in school and higher education apart from having improved governance systems and focus on research and innovation. Considering the National Education Policy which will focus on higher education is a brilliant step towards the betterment of the education sector. Also, the Government focusing on research and innovation will lead to progress in the country and rise to various startups, said Anil Nagar, Founder and CEO, Adda247.

    09:03 (IST)12 Jul 2019
    Walmart CEO meets Piyush Goyal; here’s what Commerce Minister has to say about it

    Walmart International President and CEO Judith McKenna has met Commerce and Industry Minister Piyush Goyal to discuss local sourcing norms for the domestic market. “Minister @PiyushGoyal met president & CEO of Walmart International, Judith McKenna and discussed local sourcing and boosting sales of ‘Made in India’ products, which will benefit local businesses and the overall domestic market,” a tweet by the minister’s office has said on Wednesday. The meeting assumes significance as the government has proposed in the Budget to relax these norms for foreign direct investment (FDI) in single-brand retail trading.

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    08:51 (IST)12 Jul 2019
    Axis Bank turns ‘cautious’ on lending; here’s what is turning private lender wary

    Axis Bank has decided to be ‘cautious’ with lending as it sees new risks coming up in the economy, news agency PTI reported citing an unidentified official on Thursday. The third largest bank is itself in the middle of bad loan mess, leading to a slowdown in credit disbursal as  capital went more into providing for stressed assets as against fresh asset creation. “We are cautious given whatever is happening in the economy as some new signs of stress are emerging in the system,” PTI reported citing managing director and chief executive Amitabh Chaudhry as saying. Adding, he said that the bank wants to be conservative in approach and put its risk management practices on the right track. 

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    08:43 (IST)12 Jul 2019
    Donald Trump blasts Bitcoin, Facebook’s Libra, demands they face banking regulations

    U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to “become a bank.” “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump wrote on Twitter.

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    08:41 (IST)12 Jul 2019
    Gold gains on US-China trade jitters, rate cut hopes

    Gold prices rose on Friday and were on track for a weekly gain, as worries over renewed U.S.-China trade tensions and expectations of a rate cut by the Federal Reserve boosted demand for the safe-haven metal. Spot gold was up 0.4% at $1,408.62 per ounce as of 0133 GMT. Gold has risen nearly 0.6% so far this week. U.S. gold futures were up 0.2% at $1,410 an ounce. U.S. President Donald Trump said on Thursday that China was not living up to promises it made on buying agricultural products from American farmers.

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    08:40 (IST)12 Jul 2019
    Global markets: Asian shares ease as Donald Trump rekindles Sino-US trade tensions

    Asian shares pulled back on Friday as worries over renewed Sino-U.S. trade tensions weighed on sentiment ahead of the release of June trade data from China, though expectations of a Federal Reserve rate cut later this month kept losses in check. Those bets remained strong despite a rise in U.S. consumer inflation in June, and helped to lift the S&P 500 index to a record closing on Thursday. S&P 500 e-mini futures were last up 0.21% at 3,010.25. Federal Reserve Chairman Jerome Powell indicated on Thursday that a rate cut is likely at the Fed’s next meeting as businesses slow investment due to trade disputes and a global growth slowdown. On Friday, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.05% in early deals, with Australian shares dipping 0.16% and Japan’s Nikkei stock index trimming 0.11%.

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