Share Market highlights: Sensex, Nifty end flat after 2-day mega rally; Infosys, RIL top gainers

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Updated:Sep 24, 2019 3:49:02 pm

Share Market highlights: The headline indices Sensex and Nifty ended flat on Tuesday, after logging best ever 2-day rise.

sensex, bse, nseThe Sensex was down 50 points to 39,045, while the Nifty was trading below the 11,600-mark

Share Market highlights: The headline indices Sensex and Nifty ended flat on Tuesday, after logging best ever 2-day rise. The Sensex closed 7 points higher at 39,097, while the Nifty ended the session 12 points down at 11,588. Tech Mahindra, Infosys, RIL, ONGC, Tata Motors were among the biggest gainers, jumping up to 3%. SBI, Axis Bank, L&T, Asian Paints were among the losers, shedding up to 3.6%. Stocks in Asia were mixed Tuesday as investors weighed hopes for upcoming high-level U.S.-China trade talks against mixed global economic data. Treasuries edged higher. Japan outperformed as it returned from a holiday Monday. Shares in Hong Kong, China, Korea and Australia were little changed. S&P 500 futures climbed after the benchmark was little changed on below-average volume Monday. European contracts were higher, Reuters reported.

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Highlights

    15:49 (IST)24 Sep 2019
    BSE live: Sensex, Nifty end flat after 2-day mega rally; Infosys, RIL top gainers

    The headline indices Sensex and Nifty ended flat on Tuesday, after logging best ever 2-day rise. The Sensex closed 7 points higher at 39,097, while the Nifty ended the session 12 points down at 11,588. Tech Mahindra, Infosys, RIL, ONGC, Tata Motors were among the biggest gainers, jumping up to 3%. SBI, Axis Bank, L&T, Asian Paints were among the losers, shedding up to 3.6%. A look at LIVE Sensex heatmap.

    14:00 (IST)24 Sep 2019
    PMC Bank’s customers can’t withdraw more than Rs 1,000; RBI gives directions

    Customers of Punjab and Maharashtra Cooperative bank will not be able to withdraw more than Rs 1,000 from their savings or current account for another six months. To secure the proper management of the bank, the RBI has imposed directions under article 35A of the banking regulations. Punjab and Maharashtra Cooperative bank will also not be able to grant or renew any loans and advances for another six months, without prior approval in writing from the RBI. In the same duration, the bank can neither make any investment nor it can incur any liability including borrowal of funds and acceptance of fresh deposits. The directions have been imposed from today.

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    13:01 (IST)24 Sep 2019
    IRCTC IPO may kick off on September 30; check details of much awaited railway PSU public offer

    The much awaited Indian Railway Catering and Tourism Corporation (IRCTC) IPO may hit the stock market on September 30, sources aware of the development told Financial Express Online. The details including price band and bid lot may be revealed tomorrow, the sources added. On September 13, Financial Express Online had reported that the railway PSU will launch its IPO in the upcoming Navratri season which begins on September 29. IRCTC had filed the draft red herring prospectus (DRHP) with capital market watchdog SEBI in August. We take a look at key details of IRCTC public offer so far.

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    11:41 (IST)24 Sep 2019
    Reliance Industries share price surges 5% after Morgan Stanley ups earnings forecast

    Shares of billionaire Mukesh Ambani-led Reliance Industries surged on Tuesday morning after global firm Morgan Stanley raised earnings forecast. Reliance Industries share price gained more than 4.8% to hit the day’s high at Rs 1,298.55 on BSE. According to Morgan Stanley, the lower corporate taxes and cheaper gas feed costs should de-risk outlook. Morgan Stanley noted that there is increasing investor confidence in earnings delivery. The firm sees an earnings CAGR of 17% over FY19-21. The firm has raised earnings forecasts by 7 percent and 12 percent for FY20/F21.

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    10:49 (IST)24 Sep 2019
    BSE live: Sensex turns choppy, Nifty below 11,600; RIL, Tech Mahindra top gainers

    The headline indices Sensex and Nifty turned choppy on Tuesday morning, after logging best ever 2-day rise. The Sensex was down 50 points to 39,045, while the Nifty was trading below the 11,600-mark. A look at LIVE Sensex heatmap.

    10:25 (IST)24 Sep 2019
    Oil eases as global demand concerns return, overshadowing Saudi supply doubts

    Oil prices eased in early Asian trade on Tuesday as weak manufacturing data from Europe and Japan-focused market attention on a gloomy outlook for demand, though lingering uncertainty over Saudi supply disruption braked the drop. Brent crude futures fell 29 cents to $64.48 a barrel by 0154 GMT, while U.S. West Texas Intermediate (WTI) futures were at $58.40, down 24 cents. “The demand side of the equation is back in focus,” Michael McCarthy, senior market analyst at CMC Markets in Sydney said, pointing to sluggish manufacturing numbers in leading economies in Europe as well as Japan.

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    09:52 (IST)24 Sep 2019
    Stocks inch up on trade hopes but growth fears temper gains

    Global shares ticked up on Tuesday after U.S. Treasury Secretary Steven Mnuchin said U.S.-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall appetite for riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan moved up 0.06%, supported by 0.4% gains in mainland Chinese shares, while Japan’s Nikkei edged up 0.20% after a market holiday on Monday. U.S. stock futures gained 0.39%, helped by comments from U.S. Treasury Secretary Steven Mnuchin that U.S.-China trade talks will resume next week.

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    09:32 (IST)24 Sep 2019
    Sensex up 150 points, Nifty above 11,600; Maruti Suzuki, RIL top gainers

    The headline indices Sensex and Nifty opened higher on Tuesday morning, tracking mixed cues. The Sensex was up 150 points to 39,233, while the Nifty was trading above the 11,600-mark at 9.30 am. Maruti Suzuki, RIL, ONGC, Tata Motors were among the biggest gainers, jumping up to 3%. L&T, Yes Bank, Asian Paints were among the losers, shedding up to 1.5%. A look at LIVE Sensex heatmap.

    09:12 (IST)24 Sep 2019
    Govt reforms positive, but trade war needs to be closely watched, says IIFL Wealth’s Anirudha Taparia

    Even as the economic reforms announced by Finance Minister Nirmala Sitharaman over the past few weeks are expected to boost the economy, there is a need to watch the impact of the trade war and negative interest rates closely, said Executive Director, IIFL Wealth and Asset Management, Anirudha Taparia. The improved sentiment is expected to provide a good opportunityo the investors to start building a long term equity portfolio, Anirudha Taparia also told Financial Express Online. Talking about the wealth industry, he said that the health of the wealth business hinges upon the growth of the wealthy in the country.

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    08:58 (IST)24 Sep 2019
    Dabur, Marico, Godrej may say ‘No, thanks’ to Nirmala Sitharaman’s corporate tax cut gift

    Finance Minister Nirmala Sitharaman has rolled out hefty corporate tax rate cuts to ease burden amid ongoing economic slowdown, but some consumer goods companies such as Dabur, Marico and Godrej are expected to continue with the current rate of 30%, opting out of the new regime. Dabur, Marico, and Godrej Consumer Products Limited will likely “continue to avail exemptions while staying at a marginal tax rate of 30%, given that their current effective tax rate is below 25.6%, anyway,” Kotak Institutional Equities said in a research note. However, this does not mean that these companies do not have the option of moving to the new marginal tax. Instead, they will choose to move at a later date when the tax exemptions start to expire and transition becomes a better choice, the report added.

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    08:47 (IST)24 Sep 2019
    Govt nudge to MSMEs to save energy: Guidelines, knowledge portal launched for small businesses

     In order to encourage and make MSMEs aware of adopting energy efficiency measures, MSME Minister Nitin Gadkari along with Power Minister RK Singh on Monday released the energy conservation guidelines for MSMEs and also launched the knowledge management portal called Sidhiee under the Bureau of Energy Efficiency’s (BEE) MSME Programme. The portal would have “useful information including fifty videos of multimedia tutorials for MSMEs for early adoption of energy-efficient technologies,” Power Ministry said.

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    08:46 (IST)24 Sep 2019
    Ritesh Agarwal Interview | It is still Day 0 for us but an entrepreneur is wired for risks, says OYO founder

    At a young age, OYO Hotels & Homes Founder and CEO (Group) Ritesh Agarwal has got his hands full in building a model that perhaps doesn’t have any precedent globally. But being the only one-of-its-kind globally, OYO might have everything to lose given the scale at which it is. But does that bother Agarwal? “That’s an interesting question. Being the only one-of-its-kind globally is a good thing for us in many ways. Our competition is with what we were yesterday,” said Agarwal who is a huge believer in Kaizen — the philosophy of continuous learning and improvement.

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    08:46 (IST)24 Sep 2019
    As Sensex, Nifty zoom, investor wealth surge by this much in two sessions

    Amid positive market sentiment, the wealth of the investors soared for the second trading session in a row even as benchmark indices — Sensex and Nifty — scripted new highs on Monday. The m-cap of BSE-listed companies was Rs 1,38,54,439.41 crore, up by Rs 10.35 lakh crore in two sessions, after Finance Minister Nirmala Sitharaman announced a slew of fresh economic reforms to boost the sagging economy. While the 30-share BSE Sensex soared 1,075.41 points, or 2.83 per cent, to close at 39,090.03, NSE Nifty zoomed by 326 points or 2.89 per cent to end at a two-month of 11,600.20.

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