Share market highlights: Sensex slumps after hitting new high; Nifty ends below 11,650; SBI, IOC shares tank

By: |
Updated:Apr 03, 2019 3:43:17 pm

Share market highlights: After hitting fresh record high on Tuesday, the Sensex and Nifty receded in the afternoon trade on Tuesday. The Sensex is down 72 points to 38,985.02 while the Nifty is trading below the 11,700-mark.

share market boom, share market, share market election, share market election result, bank nifty, sensex, nifty, sensex loksabha election, nifty loksabha election, share market boomingShare market highlights: Intra-day, Sensex surged to a fresh record high of 39,270.14.

Stock market highlights: The Sensex and Nifty pared losses in the afternoon trade on Wednesday, receding from all-time high levels. The Sensex closed 180 points down at 38,877.12, while the Nifty closed below the 11,650-mark. Intra-day, Sensex surged to a fresh record high of 39,270.14, while the Nifty moved to all-time high of 11,761. Maruti Suzuki, HCL Tech emerged as the biggest gainers in the Sensex, gaining up to 3%. SBI, Bharti Airtel shares were among the biggest losers.

Asian shares rose to fresh seven-month highs on Wednesday as global investors took heart from signs of progress in U.S.-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark, Reuters reported. We bring to you live updates.

Live Blog

15:43 (IST)03 Apr 2019
BSE live: Sensex slumps after hitting new high; Nifty ends below 11,650; SBI, IOC shares tank

The Sensex and Nifty pared losses in the afternoon trade on Wednesday, receding from all-time high levels. The Sensex closed 180 points down at 38,877.12, while the Nifty closed below the 11,650-mark. Intra-day, Sensex surged to a fresh record high of 39,270.14, while the Nifty moved to all-time high of 11,761. Maruti Suzuki, HCL Tech emerged as the biggest gainers in the Sensex, gaining up to 3%. SBI, Bharti Airtel shares were among the biggest losers. A look at LIVE Sensex heatmap.

15:17 (IST)03 Apr 2019
Why Paytm is opening branches if it does not expect more customers: CEO INTERVIEW

After ruling smartphone screens of 4.4 crore users, Paytm Bank is now coming to the neighbourhood. The popular mobile wallet and payments bank firm is opening physical branches, even as it does not expect to sign up more customers from the same, MD and CEO Satish Kumar Gupta said to Financial Express Online in an interview today. Paytm Payments Bank has opened its first Delhi branch, and its second overall. Gupta said that branches are essential for a bank to have its presence felt. 

Also read: Why Paytm is opening branches if it does not expect more customers: CEO INTERVIEW

14:52 (IST)03 Apr 2019
BSE live: Sensex recedes from record high, Nifty below 11,700; Zee, L&T shares slump

After hitting fresh record high on Tuesday, the Sensex and Nifty receded in the afternoon trade on Tuesday. The Sensex is down 72 points to 38,985.02 while the Nifty is trading below the 11,700-mark. Maruti Suzuki shares are trading 2.2% higher at Rs 7,031, while HCL Tech is up about 1.45% to Rs 1,116.25. SBI, Bharti Airtel shares are among the major losers in the index, down 2.32%. A look at LIVE Sensex heatmap.

14:26 (IST)03 Apr 2019
Govt, RBI will have to bring new rules to ensure borrowers repay debt on time, says Amitabh Kant

The government and the Reserve Bank will have to bring in a new set of regulations to ensure that borrowers repay their debt on time following the Supreme Court striking down an earlier rule of the monetary authority, Niti Aayog chief executive Amitabh Kant said Wednesday. Amidst a rash of announcements over income support schemes, the bureaucrat also stressed on the need to ensuring higher growth to fund such dole-outs. With the Supreme Court striking down (the February 12, 2018 RBI circular on NPAs) as ultra vires, the issue needs to be relooked by both the RBI and government to arrive at a new regulation that will ensure that financial discipline from borrowers should continue, he told reporters.

Also read: Govt, RBI will have to bring new rules to ensure borrowers repay debt on time, says Amitabh Kant

13:27 (IST)03 Apr 2019
Nifty’s 25 year journey from 1,000 to record high of 11,761; seven landmarks

Even as the Nifty surged to fresh record high on Tuesday morning, it’s intriguing to note that the index has grown by a whopping 11.70 times in the last 25 years. Notably, the Nifty surged past its earlier high of 11,760.20 in the morning trade on Tuesday, on the back of sustained FII flows ahead of the general elections due to fresh optimism that PM Narendra Modi will return to power in 2019, say experts. Investors are convinced that Modi will retain power in the upcoming election 2019, veteran investor Raamdeo Agrawal said in an interview to ET Now. We take a closer look at Nifty’s journey.

Also read: Nifty’s 25 year journey from 1,000 to record high of 11,761; seven landmarks

12:21 (IST)03 Apr 2019
PSU Banks got Rs 1.95 lakh crore capital infusion in 18 months; govt completes massive recapitalisation

Indian PSU banks have got a massive Rs 1.95 lakh crore in capital funding from the government in just the last one-and-a-half years, as the Narendra Modi-led NDA government completed its part of a proposed Rs 2.5 lakh crore recapitalisation plan during March end. The government completed its commitment of massive bank recapitalisation into PSU banks with the injection of Rs 5,042 crore in Bank of Baroda ahead of the merger with two other lenders — Vijaya and Dena Bank.

Also read: PSU Banks got Rs 1.95 lakh crore capital infusion in 18 months; govt completes massive recapitalisation

11:51 (IST)03 Apr 2019
RBI’s dollar-rupee swap: Why it’s crucial for India’s forex reserves

On March 26, the RBI conducted its first tranche of dollar swap auctions. Against the targeted amount of $5 billion, the RBI received bids to the tune of nearly $16.3 billion. This has led the RBI to announce the second round of dollar swap auction worth $5 billion on April 23. So, what exactly is a dollar swap? The dollar swap will offer a mechanism to convert bank dollar balances into rupees. Dollar swap is based on two essential premises.

Also read: RBI’s dollar-rupee swap: Why it’s crucial for India’s forex reserves

11:39 (IST)03 Apr 2019
Sensex, Nifty at record high levels; B Gopkumar of Reliance Securities decodes factors behind the rally

"Markets are seeing a pre-election rally with the Nifty scaling an all-time high on back of improved optimism following sustained FII inflows. A stable rupee and expectation of an interest rate cut have also helped drive markets. However, from hereon earnings will be the key as we get into the results season. Healthy earnings could push the market even higher, but disappointments will pose a challenge. We remain positive on markets in long-term, but one can expect some profit booking from 12,000 levels, and near-term volatility from events like credit policy, election results etc cannot be ruled out. Any decline to around the 11,200 levels would be a good opportunity to create long positions,” says B Gopkumar, ED & CEO, Reliance Securities.

11:35 (IST)03 Apr 2019
Metropolis Healthcare IPO for Rs 1,200 crore opens for subscription today; should you invest?

Diagnostics services provider Metropolis Healthcare public offer to raise up to Rs 1,200 crore opens for subscription today. As a part of its public offer, Metropolis Healthcare will be selling 1.36 crore shares at Rs 877-880 apiece in a pure offer-for-sale, according to the firm’s prospectus. Accordingly, the firm will not receive any proceeds from the issue. The firm has set a bid lot of 17 equity shares and in multiples of 17 equity shares thereafter. The issue opens for subscription on April 3rd, and will close on April 5th. 

Also read: MetropolisHealthcare IPO for Rs 1,200 crore opens for subscription today; should you invest?

11:15 (IST)03 Apr 2019
Sensex journey from 100 to 39,000 in just 40 years; ten landmarks

The Sensex has scaled yet another high crossing the 39,000-mark on its 40th birthday, continuing its robust growth over the years. Notably, the 30-share index came into being on April 1, 1979 with a base value of 100. The growth over the last 40 years represents a 16% CAGR return to the shareholders. After taking into account the dividends, the value of Sensex stands at a whopping 56,000. “If we take dividends in to account, on total return basis, it would be close to 56,000. Congratulations India for the stupendous growth,” Ashish Chauhan, CEO of BSE said in a tweet. We take a closer look at the journey, ans the top 10 landmarks of Sensex in the last 40 years.

Also read: Sensex journey from 100 to 39,000 in just 40 years; ten landmarks

10:32 (IST)03 Apr 2019
India GDP growth set to rebound this year as farmer income support boosts consumption

India’s growth is set to pick up and is expected to grow at 7.2 per cent in the current fiscal on strengthening consumption, Asian Development Bank said in its flagship report released Wednesday. “Growth slowed from 7.2 per cent in fiscal 2017 to 7 per cent in 2018, with weaker agricultural output and consumption growth curtailed by higher global oil prices and lower government expenditure,” according to the Asian Development Outlook (ADO) 2019. It is expected to rebound to 7.2 per cent in 2019 and 7.3 per cent in 2020 as policy rates are cut and farmers receive income support, bolstering domestic demand, the report stated. 

Also read: India GDP growth set to rebound this year as farmer income support boosts consumption

10:25 (IST)03 Apr 2019
Sensex gained nearly 20% from 52-week lows nearly a year ago

The benchmark index Sensex has gained over 19% from the 52-week low of 32,972 hit on April 4, 2018.  The Sensex is trading 161 points higher at 39,217.68. Interestingly, the index has grown by more than 390 times in the last 40 years, at a CAGR of more than 16%. Including dividends, on a total return basis, the actual value of Sensex is about 56,000 contends CEO of BSE Ashish Chauhan.  Put differently, a Rs 1 lakh investment in the index would have grown to Rs 5.60 crore today.

10:08 (IST)03 Apr 2019
Tata Steel, Tata Motors among top Nifty gainers; Infosys, Tech Mahindra shares lose

Shares of Tata Motors extended gains in the morning trade on Tuesday morning even as the US sales figures for the firm came in mixed. Tata Steel shares are trading 2% higher at Rs 539.90, among the top Nifty gainers. Tech giants Infosys, Tech Mahindra are trading lower in the morning trade. We take a closer look at top 5 Nifty gainers and losers.

10:03 (IST)03 Apr 2019
Nifty at records: Gained 17% from 52-week lows of 10,004 on October 26th

The Nifty has hit a fresh record high of 11,761 in the morning trade on Monday. The index gained nearly 17% from record lows hit on October 26, 2018. The NSE benchmark Index surpasses earlier record high of 11,760.20.Currently,  index gainers are being led by financials.  Tata Motors shares are tradiing higher despite subdued US JLR sales for the month of March. The Sensex is trading 190 points higher at 39,245.87.

09:54 (IST)03 Apr 2019
Rupee rises 9 paise to 68.65 against US dollar in early trade

The rupee appreciated by 9 paise to 68.65 against the US dollar in opening trade Wednesday, driven by weakening of the greenback in overseas markets and sustained foreign inflows. The rupee opened at 68.72 at the interbank forex market, then gained further ground and touched a high of 68.56. The local unit, however, pared some gains and was quoted at 68.65 against the American currency at 0926 hrs, displaying gains of 9 paise over its last close. On Tuesday, the rupee had settled at 68.74 against the US dollar.

Also read: Rupee rises 9 paise to 68.65 against US dollar in early trade

09:35 (IST)03 Apr 2019
NSE live: Nifty surges to fresh record high!

The Sensex and Nifty surged to new record high on Tuesday morning, tracking strong global cues. The Sensex zoomed 196 points intra-day to 39,253.67, while the Nifty made a new record high of 11,753.85. Yes Bank shares jumped by more than 2% to hit the day's high at Rs 287. Tata Steel shares are trading 1.7% higher at Rs 541, to emerge among the top Sensex gainers. A look at LIVE heatmap.

09:27 (IST)03 Apr 2019
BSE live: Sensex hits new record, up 170 points, Nifty few points away; Yes Bank rallies

The Sensex surged to new record high on Tuesday morning, while the Nifty opened near all-time high mark, tracking strong global cues. The Sensex is up 180 points to 39,237.61, while the Nifty is less than 30 points away from record high of 11,772. Yes Bank shares jumped by more than 2% to hit the day's high at Rs 287. Tata Steel shares are trading 1.7% higher at Rs 541, to emerge among the top Sensex gainers.  A look at LIVE Sensex heatmap.

09:09 (IST)03 Apr 2019
Economy needs stimulus; RBI should step up with a 50 bps rate cut

Political theatrics in the run-up to the upcoming general election are expectedly in full swing, with economic claims and counter-claims, and lollipops to voters carving out a noisy looped life of their own. Against this backdrop, there appears to be incrementally less intensive focus on this week’s announcement by the monetary policy meeting (MPC)—compared with its recent meetings. The dollar-rupee swap announced by RBIto provide durable liquidity is a major shift that also diminishes the scope for additional significant action on liquidity. 

Also read: Economy needs stimulus; RBI should step up with a 50 bps rate cut

09:03 (IST)03 Apr 2019
Time to buy? More than half of BSE 500 companies trading at discounts

On a day the Sensex surged to a new lifetime high, more than half of the BSE 500 constituents are trading at a price 20% less than their 52-week highs, indicating that a larger number of stocks are yet to catch up with the current rally in benchmark indices. As many as 283 firms out of the BSE 500 companies have lost anywhere between 20% and 85% from their highest prices in the past one year. This includes marquee stocks such as Maruti SuzukiTata Motors, Sun Pharmaceutical Industries, Vedanta, Grasim Industries, and Godrej Consumer Products, among others, data sourced from Bloomberg showed.

Also read: Time to buy? More than half of BSE 500 companies trading at discounts

08:53 (IST)03 Apr 2019
GVK moves court to stop Budvest from selling stake in Mumbai Airport

GVK Airport Holdings on Tuesday moved the Delhi High Court seeking to stall its partner Bidvest group’s attempt to sell off 13.5% stake in Mumbai International Airport (MIAL). GVKAHL, a subsidiary of the GVK group, has claimed it has the right of first refusal (Rofr) to purchase shares under the shareholders agreement signed in 2006. Bid Services Division (Mauritius) (Bidvest) will maintain status quo in terms of sale of shares as the high court will further hear the case on April 8, sources told FE.

Also read: GVK moves court to stop Budvest from selling stake in Mumbai Airport

08:53 (IST)03 Apr 2019
On slow lane: Two-wheeler demand remains subdued for fifth month

Demand for two-wheelers remained subdued for the fifth consecutive month in March with Hero MotoCorp and Honda Motorcycle reporting the highest decline in monthly sales in FY19. The weak volumes dragged down the growth in 2018-19 to just under 7% from a robust 15% in 2017-18. Analysts said record high inventories with dealers had led to weakness in wholesale volumes. “High dealer inventory build-up is likely to have dragged down sales, in addition to demand issues,” analysts at Jefferies noted.

Also read: On slow lane: Two-wheeler demand remains subdued for fifth month

08:51 (IST)03 Apr 2019
Bharti Airtel may report Q4 consolidated net loss of Rs 1,200 crore

Bharti Airtel is expected to end FY19 on a weak note, with analysts estimating that the company will report a consolidated net loss of `1,200 crore for the three months of January-March 2019. While the India wireless business is expected to report a minor uptick with the full impact of minimum recharge coming in this quarter, improvement in operating income still remains illusive on a consolidated level.

Also read: Bharti Airtel may report Q4 consolidated net loss of Rs 1,200 crore

08:49 (IST)03 Apr 2019
RBI Policy meet: Will the committee led by Shaktikanta Das cut rate?

he RBI’s rate setting panel Tuesday started its 3-day deliberations for the first bi-monthly monetary policy of 2019-20 amid expectations of a cut in key lending rate by another 25 basis points to boost economic activities. The Reserve Bank of India (RBI) had reduced the repo rate by 25 basis points in February, after a gap of 18 months. A back-to-back cut in interest rate would provide relief to borrowers in the election season.The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das will announce the resolution of the meeting at around noon on Thursday. It would be the first bi-monthly monetary policy of 2019-20.

Also read: RBI begins monetary policy meet; will the committee led by Shaktikanta Das cut rate?

08:46 (IST)03 Apr 2019
Congress manifesto to result in high growth and hyperinflation

This is not one single election nationwide but 543 elections in so far the issues before the voter are concerned. Even then, joblessness, farmers’ distress and lack of basic amenities for millions of Indians in the fastest growing major economy in the world are real issues of voter concern nationwide. The Congress manifesto seeks to draw the focus back to these real issues. That said, does it come up with real viable answers? Or does it land up making false, undoable promises– just empty slogans or “jumlas”?

Also read: Congress manifesto to result in high growth and hyperinflation

08:38 (IST)03 Apr 2019
Metropolis Healthcare IPO for Rs 1,200 crore opens today; here’s all you need to know

Diagnostics services provider Metropolis Healthcare public offer to raise up to Rs 1,200 crore will open for subscription today, The company will be selling 1.36 crore shares at Rs 877-880 apiece in its offer-for-sale, according to the firm’s prospectus. Since, the public issue is a pure offer for sale, the firm will not receive any proceeds from the issue. Promoter Sushil Kanubhai Shah will be selling 62.70 lakh shares, while CA Lotus Investments—a subsidiary of U.S.-based private equity firm Carlyle Group—will be selling up to 74.10 lakh shares, as part of the public offer.

Also read: Metropolis Healthcare IPO for Rs 1,200 crore opens today; here’s all you need to know

Share market on Tuesday:  The Sensex surged to fresh record high on Tuesday, but pared gains in the afternoon trade. The Sensex closed at 39,056.65, while the Nifty ended above the 11,700-mark. Intra-day, Sensex zoomed 250 points to hit fresh record high of 39,121.69. Tata Motors shares gained nearly 6% to close at Rs 198.40. Bharti Airtel shares gained by more than 5% to close at Rs 357.55, to emerge among the biggest Sensex gainers.
Switch to Hindi Edition