Share market highlights: Sensex ends 396 points down, Nifty below 11,600; VEDL, M&M top gainers

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Updated:Sep 26, 2019 3:46:19 pm

Share Market highlights: The headline indices Sensex and Nifty closed higher on Thursday with banks and auto stocks leading gains.

The Sensex closed 396 points up to 38,990, while the Nifty ended below the 11,600-mark.

Share Market highlights: The headline indices Sensex and Nifty closed higher on Thursday with banks and auto stocks leading gains. The Sensex closed 396 points up to 38,990, while the Nifty ended below the 11,600-mark. VEDL, M&M, Tata Steel were among the biggest gainers, jumping up to 6.5%. Yes Bank, Infosys, HCL Tech were among the biggest losers, shedding up to 5%. Asian stocks rose on Thursday as hopes the United States and China may soon end their year-long trade war boosted demand for riskier assets while worries about a US presidential impeachment bid ebbed. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.13 per cent. Japan’s Nikkei rose 0.40 per cent. Chinese blue-chip shares advanced 0.20 per cent, Reuters reported.

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Highlights

    15:46 (IST)26 Sep 2019
    BSE live: Sensex ends 396 points down, Nifty below 11,600; VEDL, M&M top gainers

    The headline indices Sensex and Nifty closed higher on Thursday with banks and auto stocks leading gains. The Sensex closed 396 points up to 38,990, while the Nifty ended below the 11,600-mark. VEDL, M&M, Tata Steel were among the biggest gainers, jumping up to 6.5%. Yes Bank, Infosys, HCL Tech were among the biggest losers, shedding up to 5%. Asian stocks rose on Thursday as hopes the United States and China may soon end their year-long trade war boosted demand for riskier assets while worries about a US presidential impeachment bid ebbed. A look at LIVE Sensex heatmap.

    15:12 (IST)26 Sep 2019
    Nirmala Sitharaman to meet private banks today; major announcements likely to boost credit

    Finance Minister Nirmala Sithraman will meet the representatives of private banks and other financial institutions today evening. The meeting is seen as an extension of the steps taken in recent past, to provide momentum to the slowing economy. Prior to today’s meet, the Finance Minister met the heads of PSU banks last Thursday. The government is aiming at improving the conditions of banks as the Indian banking industry has a huge potential to pump liquidity into different sectors of the economy, by offering more credit to industries. From cooperative to nationalised, banks in India are the lifeline of the economy and that is further explained by the fact that as of September 2019, over 500 banks are permitted to operate mobile banking facility in India.  

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    14:44 (IST)26 Sep 2019
    India’s hushed animal spirits in four charts as demand remains subdued in month

    India’s economic growth showed little signs of a recovery from a six-year low, with investment and consumption activity in August remaining fairly subdued. The dial on a gauge measuring overall economic activity was stuck in the same position as the previous month, with two of the eight high-frequency indicators compiled by Bloomberg News showing weakness and five others staying steady. Car sales in August slumped the most on record while demand for bank loans weakened, underlining worsening consumer spending.

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    13:13 (IST)26 Sep 2019
    Indigo share price soars after Morgan Stanley raises target stock price

    Shares of Interglobe Aviation which runs the IndiGo airline surged on Thursday morning, after global firm Morgan Stanley raised the target stock price. Interglobe Aviation share price gained more than 3% to hit the day's high at Rs 1,858.75 on BSE. Morgan Stanley noted that rising international mix, share of NEOs and healthy fare environment keeps it overwieght. The global firm has left core earnings estimates largely unchanged. The reported EPS is set to go down 16% in FY-18 due to changes in accouting regulations.

    12:56 (IST)26 Sep 2019
    McDonald’s is adopting Amazon, Netflix-tech to prepare orders even before you know what you want

    As companies get better at leveraging advancing technologies, the next leap at McDonald’s could mean that the company knows what you want to order even before you do. McDonald’s is adopting technology like Amazon, Facebook, Google to personalize the user experience, a Bloomberg Businessweek report said. What this essentially means for eaters is that one day, McDonald’s will actually pioneer a way to know your order based on your previous preferences and selections, the report added. McDonald’s has been making crucial acquisitions in artificial intelligence and machine learning. In March 2019, McDonald’s acquired artificial intelligence startup Dynamic Yield.

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    11:41 (IST)26 Sep 2019
    Largest ever private QIP: Axis Bank surges 4% after mega Rs 12,500 crore share issue

    Shares of India's major private sector lender Axis Bank surged on Thursday morning, after the firm completed largest ever QIP by private sector ever for Rs 12,500 crore. Axis Bank share price jumped more than 3.6% to hit the day's high at Rs 719.55 on BSE. In a statement to the exchanges, Axis Bank said that the QIP issuance was done at a price of Rs 629 per share at a tight discount of 1.44% over the closing price of the issue opening date i.e. September 19, 2019. "The QIP issuance price of Rs 629 per Equity Share is at a discount of 4.91 % to the floor price of Rs. 661.50 per Equity Share, determined as per the SEBI formula. The transaction was anchored by several large marquee foreign portfolio investors, domestic mutual funds and insurance companies," the firm added.

    11:11 (IST)26 Sep 2019
    BSE live: Sensex extends gains, Nifty above 11,500; ICICI Bank, Maruti Suzuki top gainers

    The headline indices Sensex and Nifty extended gains on Thursday morning, with banks and auto stocks leading gains. The Sensex was up 420 points to 38,820, while the Nifty was trading above the 11,550-mark. ICICI Bank, Maruti Suzuki, IndusInd Bank were among the biggest gainers, jumping up to 4%.  Yes Bank, HCL Tech were among the losers, shedding up to 2%. A look at LIVE Sensex heatmap.

    10:24 (IST)26 Sep 2019
    Reliance Brands says ‘Diwali overrated’; Christmas season drives sales for Mukesh Ambani co

    While the whole country is gearing up for the upcoming Diwali sales and major retail companies are expecting sales revival during the time, Reliance Brands says that for the Mukesh Ambani-company it’s not Diwali, but Christmas, which brings a boom in sales. Diwali is “over-rated” and our sales are driven by mood and sentiment, Darshan Mehta, CEO, Reliance Brands, told ET Now. Business at Reliance Brands is driven by seasonality and we experience more sales during Christmas, he told the news channel. Further, dissing consumer slowdown at Reliance Brands, Darshan Mehta also said that the company witnessed sluggish sales in the last two-three months. Possibly, “we are making too much about it… clothing, footwear etc are becoming weekend habits… we are not seeing the headwinds of slowdown that strongly,” he told CNBC TV-18 in another interview.

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    10:02 (IST)26 Sep 2019
    As Sensex, Nifty fall after 2-day record rise, investor wealth declines by this much

    The investor wealth declined by nearly Rs 2 lakh crore on Wednesday following heavy losses in the stock market. The market capitalisation of BSE-listed companies dropped by Rs 1,84,483.79 crore to Rs 1,46,88,763.39 crore, owing to heavy sell offs in the equity market as investors booked profits after a record rise in the last two sessions. The 30-share BSE gauge ended 503.62 points, or 1.29 per cent, lower at 38,593.52, while the broader NSE Nifty fell 148 points, or 1.28 per cent, to 11,440.20. The equity markets globally took a punch over geopolitical uncertainties and economic growth concerns as well, the experts said.

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    09:29 (IST)26 Sep 2019
    BSE live: Sensex trades higher, Nifty above 11,500; ICICI Bank, Maruti Suzuki top gainers

    The headline indices Sensex and Nifty opened higher on Thursday morning, tracking global cues. The Sensex was up 220 points to 38,820, while the Nifty was trading above the 11,500-mark. ICICI Bank, Maruti Suzuki, IndusInd Bank were among the biggest gaiiners, jumping up to 3%.  Yes Bank, HCL Tech were among the losers, shedding up to 2.4%. A look at LIVE Sensex heatmap. 

    09:04 (IST)26 Sep 2019
    Why gaps in anti-profiteering law is a question mark on mechanism, unfair for SMEs

    Taking cues from global encounters post-implementation of VAT/GST, the Indian Government was anxious about the possible inflationary tenors of GST. Inflation retorted sharply in most countries following the implementation of a new tax regime. The GST Council thought it prudent to include enabling provisions on anti-profiteering and incorporated the seeds of anti-profiteering law in the basic construct of the GST while legislating the Act itself. However, recent anti-profiteering investigations in few cases expose certain gaps in the existing legal framework surrounding the anti-profiteering law.

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    09:03 (IST)26 Sep 2019
    Why gig economy needs a new labour gig

    California recently passed an important legislation classifying gig economy workers (such as Uber drivers) as “employees” of the platforms on which they seek work, that is, only if such companies have control over the hours and nature of work. Workers can, now, claim benefits under existing labour laws. While labour groups hail this as a victory, platforms claim that this will reduce flexibility.

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    08:46 (IST)26 Sep 2019
    Global markets: Asian stocks edge higher on hints of US-China trade progress

    Asian stocks edged up on Thursday as hopes the United States and China may soon end their year-long trade war boosted demand for riskier assets while worries about a U.S. presidential impeachment bid ebbed. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1%. Japan’s Nikkei rose 0.45%. Australian shares were up 0.13%.

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    08:45 (IST)26 Sep 2019
    Oil prices hold steady as Donald Trump touts sooner-than-expected trade deal

    Oil prices held nearly flat on Thursday after U.S. President Donald Trump said a resolution to the China-U.S. trade rift would come sooner than expected, helping to stave off pressure from rising oil supplies and worries about global growth. Brent crude futures were at $62.34 a barrel, down 5 cents, or 0.1%, from the previous close, by 0158 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 6 cents, or 0.1%, to $56.55 a barrel. President Trump said on Wednesday – a day after a stinging rebuke to China for its trade practices – that Beijing wanted to make a deal “very badly”.

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    08:45 (IST)26 Sep 2019
    Gold gains ground on bargain hunting, strong dollar caps gains

    Gold prices inched higher on Thursday as investors resorted to bargain hunting after a sharp drop in the previous session, although a firm dollar limited the gains. Spot gold was up 0.3% at $1,508.61 per ounce, as of 0126 GMT. In the previous session, prices fell 1.8%, their biggest one-day percentage decline since Sept. 5.

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