Share Market highlights: Sensex ends 168 points down, Nifty near 11,500; VEDL, Yes Bank plunge up to 6%

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Updated:Sep 27, 2019 3:40:57 pm

Share Market highlights: The headline indices Sensex and Nifty closed lower on Friday as financial heavyweights dragged.

The Sensex closed 167 points down to 38,822.57, while the Nifty closed near the 11,500-mark.

Share Market highlights: The headline indices Sensex and Nifty closed lower on Friday as financial heavyweights dragged. The Sensex closed 167 points down to 38,822.57, while the Nifty closed near the 11,500-mark. Bharti Airtel, Bajaj Finance, ITC, Reliance Industries were among the biggest gainers, jumping 2.7%. VEDL, Yes Bank, IndusInd Bank were among the biggest losers, shedding more than 5% each. Asian shares were on course for a second straight week of losses on Friday as the release of a whistleblower complaint against US President Donald Trump heightened uncertainties about the global economy, already reeling from Sino-US trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.09 per cent, having fallen 1.4 per cent so far this week, while Japan’s Nikkei slid 0.54 per cent, Reuters reported.

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Highlights

    15:40 (IST)27 Sep 2019
    BSE live: Sensex ends 168 points down, Nifty near 11,500; VEDL, Yes Bank plunge up to 6%

    The headline indices Sensex and Nifty closed lower on Friday as financial heavyweights dragged. The Sensex closed 167 points down to 38,822.57, while the Nifty closed near the 11,500-mark. Bharti Airtel, Bajaj Finance, ITC, Reliance Industries were among the biggest gainers, jumping 2.7%. VEDL, Yes Bank, IndusInd Bank were among the biggest losers, shedding more than 5% each. A look at LIVE Sensex heatmap.

    13:07 (IST)27 Sep 2019
    Amazon, Flipkart Diwali sales: Online shopping this year to be much bigger than ever

    As festival season in the country inches closer, various online shopping platforms are gearing up for users’ shopping spree and for a good reason. The upcoming festivals will bring about Rs 45,000 crore worth gross sales for various e-tailers combined as online shopping rage intensifies, according to a recent report. In fact, within a week’s duration of 29 September to 4 October, the overall e-tailing sales are expected to go upto Rs 24,000 crore which is an over 60% growth in value on-year, according to a consulting firm RedSeer.

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    11:46 (IST)27 Sep 2019
    ITC shares jump after Morgan Stanley raises target stock price

    Shares of FMCG major ITC jumped on Friday morning, after global firm Mogan Stanley raised its target stock price. ITC shares gained more than 3.2% to hit the day’s high at Rs 258.10 on BSE. Morgan Stanley noted that ITC is one of the biggest beneficiaries of the corporate tax cuts announced by Narendra Modi-led government last week. The global firm noted that increased pricing flexibility will strengthen long-term growth prospects. With the 4% sustainable dividend yield, the risk-reward is compelling.

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    10:42 (IST)27 Sep 2019
    Oil prices fall as supply risk premium fades, demand outlook drags

    Oil prices fell on Friday, erasing more of the gains realised after the Sept. 14 attacks on Saudi Arabian oil facilities, as the rapid return of production capacity from the world’s top exporter squashed risk premiums. Prices were also pressured by worries of weak global economic growth and its effect on oil demand. Brent crude futures fell 32 cents, or 0.5%, from the previous session’s close to $62.42 a barrel by 0131 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 8 cents, or 0.1%, to $56.33 a barrel. “For most of the week … the market has been trading lower as oil bulls have been discouraged by the quicker-than-expected return of Saudi oil output,” said Stephen Innes, Asia Pacific market strategist at AxiTrader.

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    10:41 (IST)27 Sep 2019
    Gold set for weekly loss as dollar firms on safe-haven inflows

    Gold traded flat early on Friday but the metal was poised to end the week lower, as investors preferred the safety of the dollar in the wake of political uncertainties in the United States.  Spot gold was unchanged at $1,505.74 per ounce, as of 0133 GMT. Prices were down 0.7% for the week, after rising about 2% last week. U.S. gold futures were 0.2% lower at $1,512.6 per ounce.

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    10:35 (IST)27 Sep 2019
    Investment key to India becoming $5-trillion economy in five years, says CEA Krishnamurthy Subramanian

    Expressing serious concern over substantial drop in investment in the country in the last decade, India’s Chief Economic Advisor Krishnamurthy Subramanian has said investment is key to the country becoming a USD5-trillion economy in five years. Subramanian told a Chicago audience last week that he has identified three engines to promote investment – land reform (land acquisition laws need reform), labour reform (ease labour laws to encourage employment), and power (price it better to provide access to encourage a more balanced growth across the country).

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    10:34 (IST)27 Sep 2019
    MOAMC blends large cap with mid cap: Should you invest in Motilal Oswal Large & Mid Cap Fund?

    Motilal Oswal Asset Management Company (MOAMC) has launched new fund offer (NFO) of its Motilal Oswal Large and Midcap Fund (MOFLM) with an investment objective is to provide medium to long-term capital appreciation by investing primarily in large- and mid-cap stocks. Instead of making it a conventional multi-cap fund, the investment for MOFLM will be limited to large- and mid-cap universe with around 50 per cent weightage in large-cap (top 100 stocks of Nifty 100) and 50 per cent weightage in mid-cap (next 150 stocks of Nifty Midcap 150) until market cap weighted.

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    10:12 (IST)27 Sep 2019
    Govt can take your land; India must follow China for greater private property rights

    In light of the economic slowdown, it is important to note that long-term economic growth is a consequence of individual rights to private property, and its protection from expropriation from other individuals as well as the most powerful entity, the state itself. Nationalisation policies have held India back from her true economic potential and robbed hundreds of millions of people of the prosperity they deserved long ago. Nationalisation created a complex bureaucracy — a tyranny without a tyrant — eventually leading to an unparalleled economic crisis in the 1990s, compelling us to undertake courageous economic reforms.

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    09:28 (IST)27 Sep 2019
    After nudge to PSU banks, Nirmala Sitharaman asks pvt lenders to increase loans

    After the government nudged the PSU banks to increase loan disbursal, Finance Minister Nirmala Sitharaman on Thursday met private sector banks and financial institutions to discuss credit outreach programme. The government believes that there is a demand waiting and private sector lenders will extend support in this regard, Finance Minister said. There was no issue over liquidity raised in the meeting by the bankers, NBFCs and MFIs, Nirmala Sitharaman added. There was a near unanimity that the rural India has demand, she said, adding microfinance companies are seeing robust demand in the area. “On the whole, it was a very tonic-like meeting where I heard good things, positive thing,” she added.

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    09:26 (IST)27 Sep 2019
    BSE live: Sensex extends losses, Nifty near 11,500; Yes Bank, Tata Motors top losers

    The headline indices Sensex and Nifty are likely opened lower on Friday morning, tracking mixed cues. The Sensex is down about 100 points to 38,879, while the Nifty is trading near the 11,500-mark. Yes Bank, Tata Motors shares were among the biggest losers, shedding up to 4%. NTPC, Infosys shares were among the gainers, jumping up to 1.5%. A look at LIVE Sensex heatmap.

    08:53 (IST)27 Sep 2019
    UP govt must take steps to manage diabetes during pregnancy

    The programme for the prevention and control of diabetes during pregnancy has suffered a setback in Uttar Pradesh because the government has been unable to finalise, for months, a tender for 75gm glucose pouches that a previous vendor was supplying for Rs 9.9 each, a person associated with it said. This not only puts at risk the lives of expectant mothers with diabetes and their babies, but they are also likely to develop health complications later in life. We spoke to Usha Gangwar, general manager (Maternal Health), National Health Mission, UP, and sent her email queries on September 17, but got no response despite reminders.

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    08:52 (IST)27 Sep 2019
    Farm growth: Govt must offer incentives, promote technology

    Investment has a multiplier effect in strengthening incomes and living conditions of people in a developing economy. As resources are limited, driving public investment from borrowings would crowd out private investors. Experience, over the years, points out that only public spending has a limited impact on farmers. Hence, private investment is the key to resolve the deeply entrenched agrarian problems in a more inclusive manner.

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    08:46 (IST)27 Sep 2019
    India can’t have a prominent voice in regional affairs by distancing from trade

    India seems close to agreeing to conclude the RCEP after more than seven years of prolonged negotiations. While this will bring relief to some quarters, it is likely to disappoint several more, particularly those who feel India should have stayed away from RCEP. Many arguing that India should not join RCEP are also of the view that India should not be part of trade agreements—regional or bilateral.

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    08:45 (IST)27 Sep 2019
    Tax cut impact: How to fund the fiscal stimulus

    In an unexpected move, the finance minister announced steep cuts in corporate tax rates to support growth. This comes as a follow-up to a slew of other measures that were announced recently, with the same objective. This fiscal push will cost the government $20 bn (0.7% of GDP), and should be apportioned in a 58:42 ratio between the Centre and the states. While the growth impact of this move is likely to come over a period of time, funding it is an immediate task. In our view, if funding this stimulus results in a higher resetting of G-Sec yields, and, thus, lending rates, then the intended push to growth through this move may not fructify in its entirety.

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