Share market highlights: Sensex ends 120 points lower, Nifty near 11,900; Yes Bank, ITC shares plunge

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Updated:May 31, 2019 3:46:06 pm

Share market highlights: After a knee-jerk reaction this afternoon following the announcement of key portfolios, the Sensex and Nifty ended the session lower. The Sensex closed 118 points down at 39,714.20.

Share Market Live, Stock Market Live, Nifty Live, NSE live, BSE live, Live Market Update, Market Today, शेयर बाजार, स्टॉक मार्केट, Indian Share Market Live, Indian Stock Market LiveThe Sensex is down about 133 points to 39,699, while Nifty is trading near the 11,900-mark.

Share market highlights: After a knee-jerk reaction this afternoon following the announcement of key portfolios, the Sensex and Nifty ended the session lower. The Sensex closed 118 points down at 39,714.20, while the Nifty closed 23 points lower at 11,922. Yes Bank and ITC have emerged among the biggest losers, tanking up to 4.5%.  

U.S. stock futures slid and sovereign bonds surged on Friday as investors feared President Donald Trump’s shock move to slap tariffs on Mexico risked tipping the United States, and maybe the whole world, into recession. The outlook darkened further when a key measure of Chinese manufacturing activity disappointed for May, questioning the effectiveness of Beijing’s stimulus steps. Markets moved aggressively to price in deeper rate cuts by the Federal Reserve this year, while bond yields touched fresh lows and curves inverted in a warning of recession, Reuters reported.

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Highlights

    15:42 (IST)31 May 2019
    BSE live: Sensex ends 120 points lower, Nifty near 11,900; Yes Bank, ITC shares plunge

    After a knee-jerk reaction this afternoon following the announcement of key portfolios, the Sensex and Nifty ended the session lower. The Sensex closed 118 points down at 39,714.20, while the Nifty closed 23 points lower at 11,922. Yes Bank and ITC have emerged among the biggest losers, tanking up to 4.5%. A look at live Sensex heatmap.

    15:19 (IST)31 May 2019
    Modi 2.0 must utilise political capital, leverage mandate to implement economic reforms

    With the BJP winning landslide majority, its next task will be to work for economic reforms, says renowned equity strategist Neelkanth Mishra. The political capital that the government has generated via elections should be spent to push long pending decisions, Neelkanth Mishra, co-head of Asia Pacific Strategy and India Strategist for Credit Suisse, wrote in The Indian Express. For a country as big as India, there is never a dearth of options on what needs to be done and several issues have resonated time and again with a long wish list of reforms already in place, problematically, for decades now.

    Also read: Modi 2.0 must utilise political capital, leverage mandate to implement economic reforms

    14:49 (IST)31 May 2019
    After knee-jerk reaction, here's what stock market expects from finance minister Nirmala Sitharaman

    After Sensex and Nifty's knee-jerk reaction to the appointment of Nirmala Sitharaman contrary to expectation, stock market experts say that the focus areas would be tackle the ongoing NBFC liquidity crisis and provide a fillip to slowing consumer demand. Notably, the Sensex registered a sudden fall on Friday afternoon, plunging more than 700 points from near record high levels consequent to the announcement. "The markets have reacted negatively just because it expected Amit Shah to become one," technical analyst Milan Vaishnav told Financial Express Online. According to the expert, Nirmala Sitharaman's appointment has seen the finance portfolio being handed over to a person with a stable head on her shoulders.

    Also read: After knee-jerk reaction, here's what stock market expects from finance minister Nirmala Sitharaman

    14:10 (IST)31 May 2019
    BSE live: Sensex recovers, Nifty near 11,900; ITC, Yes Bank top losers

    After a knee-jerk reaction this afternoon following the announcement of key portfolios, the Sensex and Nifty have recovered in the afternoon trade. The Sensex is down about 133 points to 39,699, while Nifty is trading near the 11,900-mark. Yes Bank and ITC have emerged among the biggest losers, taking more than 2% each.  A look at LIVE Sensex heatmap.

    13:04 (IST)31 May 2019
    Piyush Goyal appointed Commerce & Industry minister

    While the stock market had expected Piyush Goyal among the front-runners for the Finance Ministry, especially after he had filled in the shoes of Arun Jaitley in his abscence, he has now been appointed as the Commerce & Industry minister. The development comes even as Nirmala Sitharaman has been appointed as the Finance Minister. The Sensex saw a knee-jerk fall of around 30 points and is trading 90 points lower at 39,736.16, while the Nifty is trading near the 11,900-mark.

    12:58 (IST)31 May 2019
    Nirmala Sitharaman appointed Finance Minister

    Nirmala Sitharaman has been appointed as the Finance Minister. The Sensex saw a knee-jerk fall of around 30 points and is trading 90 points lower at 39,736.16, while the Nifty is trading near the 11,900-mark. Union minister Nirmala Sitharaman is a two-time member of Rajya Sabha since 2016 and only the second woman to serve as the Minister of Defence since Indira Gandhi, who was also the then Prime Minister. She has taken oath in PM Modi's new cabinet.

    12:21 (IST)31 May 2019
    All major indices trading in the red; Nifty Bank sees drastic decline

    All the broader indices are seen trading with heavy cuts, amid heavy profit booking in the banking stocks. The Nifty Bank index, after soaring to an all-time high, plunged more than 1,100 points to hit the day's low at 30,623.05. A look at heatmap showing all major indices.

    12:15 (IST)31 May 2019
    Some FII's may have booked profits, say experts decoding the fall

    'Some FII's have seemed to have booked profit, the reason behind the volatility. The index could go down to below 11,700 intra-day. The Nifty had almost hit an all-time high of 12,040; however, we witnessed a sudden fall. In case there is a sell-off, we see PSB- public sector banks seeng the biggest impact,'Rakesh Palwiya, Axis Securities told in an interview to CNBC Awaaz. 

    12:08 (IST)31 May 2019
    Sudden plunge in stock market: Sensex down 400 points, Nifty below 11,900

    After rallying to near fresh record high levels, the Sensex and Nifty registered a sharp fall in the afternoon trade on Friday ahead of GDP data for the Jan-Mar quarter. The Sensex is down 400 points to 39,431.97, while Nifty is trading near the 11,950-level. Yes Bank, VEDL shares have emerged among the biggest losers, shedding up to 4%. A look at live Sensex heatmap.

    11:54 (IST)31 May 2019
    Modi’s first 100 days plan: These ‘big-bang’ reforms may be govt’s topmost priority, NITI Aayog says

    In the first 100 days of Indian Prime Minister Narendra Modi’s second term, a slew of ‘big-bang’ economic reforms that should please foreign investors are likely to be pursued, according to a top official at the government’s main think tank. The reforms will include changes in labour laws, privatisation moves, and creation of land banks for new industrial development, said Rajiv Kumar, vice chairman of NITI Aayog (National Institute for Transforming India), who reports directly to Modi. “They (foreign investors) will have reasons to be happy. You will see a slew of reforms I can assure you of that. We are going to pretty much hit the ground running,” Kumar told Reuters in an interview.

    Also read: Modi’s first 100 days plan: These ‘big-bang’ reforms may be govt’s topmost priority, NITI Aayog says

    11:28 (IST)31 May 2019
    Adani wins Queensland govt’s approval to protect endangered finch bird at coal mine site in Australia

    Indian energy giant Adani won a key approval from the Queensland state government of Australia on Friday to protect the endangered black-throated finch bird population as part of its crucial environmental plan at the site of its proposed billion dollar mine project. The victory for the Adani Group’s long-delayed mega coal mine project came days after a surprise election win of Australia’s pro-coal ruling coalition led by Prime Minister Scott Morrison. The group’s country head — Adani Australia Chief Executive Officer Lucas Dow — last week said that the defeat of the opposition Labor Party in Queensland, where the project is based, is a clear message to get the project done. Labor Party leader Bill Shorten, who took a firm stand against coal and mining, resigned as his party fared poorly in Queensland, especially in mining communities in the north of the state.

    Also read: Adani wins Queensland govt’s approval to protect endangered finch bird at coal mine site in Australia

    11:10 (IST)31 May 2019
    Nifty Bank hits fresh record high; HDFC Bank, Axis Bank, Kotak Mahindra, Federal Bank hit 52-week higs

    The Nifty Bank index hit a fresh record high on Friday morning, bouyed by a rally in the shares of leading private sector lenders. Notably, HDFC Bank, Axis Bank, Kotak Mahindra Bank and Federal Bank hit a fresh peak in the late morning trade. The Nifty Bank soared to a new all-time high of 31,712.40. A look at Nifty Bank chart.

    11:03 (IST)31 May 2019
    Modi 2.0: First meeting of new Union Cabinet at 5 pm today

    The first meeting of the new Union Cabinet will be held on Friday at 5 pm in New Delhi. The meeting will be presided over by Prime Minister Narendra Modi. According to reports, there is no fixed agenda but the possible date of convening the Lok Sabha session could be discussed. According to reports, the session of the 17th Lok Sabha is likely to commence from June 6 and culminate on June 15. On the first day of the session, President Ram Nath Kovind is likely to address the joint sitting of the two Houses of Parliament. Also, a pro-tem Speaker will be appointed the same day. The newly-elected Lok Sabha members will be administered oath by the pro-tem Speaker.

    Also read: Modi 2.0: First meeting of new Union Cabinet at 5 pm today

    10:56 (IST)31 May 2019
    Jio, Uber, Zomato, Oyo, others drive Paytm’s growth; Vijay Shekhar’s firm rules half market

    Vijay Shekhar Sharma founded Paytm now dominates online transactions with it having half of the share of the market among rival gateways. Driving its growth are leading brands which include Reliance Jio, Uber, Zomato, OYO, Dominoes and IRCTC, and others, as the majority of the digital transactions are done for these brands, Paytm said in a statement. Also, Paytm Payments Gateway (PG) has seen a three-fold jump in the number of transactions in the last year. Also, transactions for other brands such as Grofers, Big Basket, PVR, and Club Factory have also contributed to Paytm’s growth. The company continues to witness growth in transactions through the Paytm Payment Gateway across fast-growing categories such as transportation, food delivery, gaming as well as existing large verticals of travel and telecom, said Kiran Vasireddy, Chief Operating Officer, Paytm.

    Also read: Jio, Uber, Zomato, Oyo, others drive Paytm’s growth; Vijay Shekhar’s firm rules half market

    10:34 (IST)31 May 2019
    Sensex, Nifty just kissing distance away from record highs

    The leading stock market indices are nearing their respective record high levels on Friday morning. The Sensex is less that 80 points away from its record high level of 40,124.96, while the Nifty is trading less that 20 points away from its peak of 12,041. The rally in the shares comes ahead of Modi government's portfolio allocation scheduled to be announced later today. The investors will also keenly await the GDP data for the Jan-Mar period. A look at top 5 gainers and losers.

    09:54 (IST)31 May 2019
    Rupee opens stronger at 69.76 per dollar against the previous close of 69.87

    The Indian rupee opened higher at 69.76 per dollar on Friday morning against the previous close of 69.87 per dollar. Yesterday, the rupee came under pressure amid global growth concerns and fresh tensions between the US and Mexico. However, easing oil prices and FIIs supported the Indian rupee. The crude oil prices eased on Thursday amid smaller-than-expected fall in US crude inventories and global slowdown concerns. Last week both Brent crude and US WTI fell by 4.5 per cent and 6.4 per cent respectively. The international benchmark for oil was last seen at $66.14 a barrel, 73 cents lower than the previous close, while the US WTI was at $56.04 a barrel, down 55 cents from the last settlement.

    Also read: Rupee opens stronger at 69.76 per dollar against the previous close of 69.87

    09:26 (IST)31 May 2019
    BSE live: Sensex surges past 40,000, Nifty above 12,000; Asian Paints, Bharti Airtel shares jump

    The Sensex and Nifty opened higher on Friday morning, tracking global cues and ahead of GDP data for the Jan-Mar quarter. The Sensex surged past the 40,000 -mark, while the Nifty reclaimed 12,000 in the opening trade on Friday. The Sensex is trading 200 points up at 40,024, while the Nifty is trading 60 points higher at 12,005.08. Coal India, Bharti Airtel shares are among the top gainers, jumping more than 2% each.  A look at LIVE Sensex heatmap.

    09:01 (IST)31 May 2019
    Adani wins one of last two permits it needs for Australia coal mine

    The Australian state of Queensland on Friday approved Adani Enterprise’s management plan for an endangered bird at the site for a controversial coal mine, leaving only one more permit before construction can start on the project. India’s Adani has been working for a decade to obtain approvals to develop the Carmichael mine in the remote Galilee Basin, but the process has been slow as the project has become a touchstone for concerns about climate change. “The Department of Environment and Science (DES) approved Adani’s black-throated finch management plan,” the Queensland regulator said.

    Also read: Adani wins one of last two permits it needs for Australia coal mine

    08:54 (IST)31 May 2019
    Asia stocks sunk as Trump fires new trade salvo

    Asian shares extended a month-long slide and sovereign bonds surged on Friday after U.S. President Donald Trump ramped up trade tensions globally by suddenly slapping tariffs on all goods from Mexico, sending the peso tumbling. Washington will impose a 5% tariff from June 10, which would then rise steadily to 25% until illegal immigration across the southern border was stopped. Trump announced the decision on Twitter late Thursday, catching markets completely by surprise and sparking a rush to safe harbours as investors worried the escalation would upend an already fragile world economy. “The threat of U.S. tariffs on Mexico to take effect inside two weeks is a sharp blow to investor sentiment,” said Sean Callow, a senior FX analyst at Westpac.

    Also read: Asia stocks sunk as Trump fires new trade salvo

    08:53 (IST)31 May 2019
    Oil falls to lowest in nearly 3 months as US tariffs on Mexico stoke economy worries

    Oil prices dropped 1.5% percent on Friday to their lowest in nearly three months after U.S. President Donald Trump said he would impose tariffs on imports from Mexico, stoking fears about global economic growth. Front-month Brent crude futures, the international benchmark for oil prices, were at $65.86 at 0019 GMT, their lowest since March 11. That was down just over a dollar, or 1.5%, from last session’s close. U.S. West Texas Intermediate (WTI) crude futures were at $55.78 per barrel, down 81 cents, or 1.5%, from their last settlement. WTI earlier marked its lowest since March 8 at $55.66 a barrel.

    Also read: Oil falls to lowest in nearly 3 months as US tariffs on Mexico stoke economy worries

    08:52 (IST)31 May 2019
    Gold edges towards monthly gain on US rate cut expectations

    Gold prices rose on Friday to remain on track for their first monthly gain since January, with expectations of cuts in U.S. interest rates boosted by inflation data for the first quarter. Markets were also keeping a close eye on international trade tensions, with U.S. President Donald Trump’s shock move to slap tariffs on Mexico risking tipping the United States, and maybe the whole world, into recession.

    Also read: Gold edges towards monthly gain on US rate cut expectations