Share market highlights: Sensex ends 217 points higher, Nifty below 11,350; IndusInd Bank, Yes Bank top gainers

By: | Updated:Mar 13, 2019 3:52 pm

Share market Highlights: After a tepid opening this morning, the Sensex and Nifty made a smart rebound in the afternoon trade on Wednesday. The Sensex closed 216.50 points higher at 37,752.17, while Nifty closed near the 11,350-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: HDFC Bank shares are trading 2.3% higher at Rs 2,220.90 while IndusInd Bank shares are up 2% to Rs 1,602.

Share market Highlights: After a tepid opening this morning, the Sensex and Nifty made a smart rebound in the afternoon trade on Wednesday. The Sensex closed 216.50 points higher at 37,752.17, while Nifty closed near the 11,350-mark. IndusInd Bank shares closed 4.3% higher at Rs 1,639, while Yes Bank shares closed 3.7% higher at Rs 244.35, to emerge among the biggest Sensex gainers.    

Asian share markets were mostly in the red on Wednesday as a risk-off mood gripped investors, while a frazzled pound awaited its fate ahead of yet another make-or-break parliamentary vote on Brexit. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.4 percent in slow trade and almost every major index in the region nursed losses, Reuters reported. We bring to you LIVE updates.

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15:52 (IST)13 Mar 2019
BSE live: Sensex ends 217 points higher, Nifty below 11,350; IndusInd Bank, Yes Bank top gainers

After a tepid opening this morning, the Sensex and Nifty made a smart rebound in the afternoon trade on Wednesday. The Sensex closed 216.50 points higher at 37,752.17, while Nifty closed near the 11,350-mark. IndusInd Bank shares closed 4.3% higher at Rs 1,639, while Yes Bank shares closed 3.7% higher at Rs 244.35, to emerge among the biggest Sensex gainers. A look at LIVE Sensex heatmap.

15:30 (IST)13 Mar 2019
Narendra Modi’s MUDRA Yojana spells trouble for banks; bad loans jump 53%

Narendra Modi’s scheme of small loans for businesses has seen bad loans soaring in all the three segments — Shishu, Kishore and Tarun, while the total credit disbursements are lower, The Indian Express reported said citing RTI data. Bad loans, or NPAs, under Mudra scheme in the first nine months of the current financial year 2018-19 have increased almost 53 per cent to Rs 14,930.98 crore from Rs 9,769.99 crore last year, according to the obtained under the RTI Act from the Micro Units Development and Refinance Agency (MUDRA).

Also read: Narendra Modi’s MUDRA Yojana spells trouble for banks; bad loans jump 53%

14:54 (IST)13 Mar 2019
Profit margins dip for Asian jet fuel; firm crude oil prices to blame

Asian refining margins for jet fuel dropped for a second straight session on Wednesday to their lowest levels in more than eight months, as crude prices firmed and demand for the distillate fuel remained weak. Refining margins for jet fuel, which also determine the profitability of closely-related heating kerosene, plunged to $13.19 a barrel over Dubai crude during Asian trading hours, their lowest since June last year. They were at $13.45 a barrel on Tuesday.

Also read: Profit margins dip for Asian jet fuel; firm crude oil prices to blame

14:15 (IST)13 Mar 2019
Private companies’ investment plans fall for last 7 years in row; RBI study lists three reasons

Private corporate investment plans have fallen for the seventh year in a row on account of economic slowdown, poor project appraisals and huge corporate leveraging, RBI study showed. The bank funds stuck in the projects that failed to take off, abandoned or stalled rose three times to over Rs 10 lakh crore, it added. After FY11, when capex plans were at their peak at Rs 370,600 crore, they are on a continuous decline, falling 44.90 per cent from Rs 269,900 crore in FY14 to Rs 148,700 crore.

Also read: Private companies’ investment plans fall for last 7 years in row; RBI study lists three reasons

13:13 (IST)13 Mar 2019
Coffee Day share price jumps amid reports that L&T looks to buy VG Siddhartha’s Mindtree stake

Shares of Coffee Day Enterprises which runs the Cafe Coffee Day outlet jumped on Wednesday morning amid reports that  infra major L&T is looking to pick up owner founder VG Siddhartha's stake in Mindtree. Coffee Day Enterprises shares gained by more than 7% to hit the day's high at Rs 307.80 on BSE. According to a report by Livemint, L&T is set to sign a binding deal to buy Cafe Coffee Day founder VG Siddhartha's stake in Mindtree and the deal is likely to be announced in the coming weeks.

Also read: Coffee Day share price jumps amid reports that L&T looks to buy VG Siddhartha’s Mindtree stake

12:32 (IST)13 Mar 2019
SEBI’s move to allow mutual funds, PMS in commodity trading a masterstroke; here’s why

Globally, total commodity asset under management has crossed USD 300 billion and India’s contribution to this is anything but negligible. In most parts of the world commodity derivative indices are traded by institutional investors, however, India is just getting started. Despite the fact that commodity derivative markets have been functioning now for decades, most retail investors have maintained arms-length from this asset class. Gold and silver have been the only two commodities Indians have heavily invested into owing to a deep-rooted cultural practice.

Also read: SEBI’s move to allow mutual funds, PMS in commodity trading a masterstroke; here’s why

12:19 (IST)13 Mar 2019
SBI snubs RCom; lenders refuse to release Rs 266 crore income tax refunds to pay Ericsson

The State Bank of India -led Joint Lenders’ Forum on Tuesday told the National Company Law Appellate Tribunal (NCLAT) Reliance Communications (RCom) should pay Ericsson on its own without saddling its past liabilities on lenders. The lender refused to release the Rs 266 crore worth of income-tax returns that RCom wants to use to pay the Swedish telecom equipment maker. Senior counsel Neeraj Kishen Kaul, appearing for SBI, argued the money did not belong to RCom. “RCom should pay Ericsson, but not at our cost,” he said.

Read full story here: SBI snubs RCom; lenders refuse to release Rs 266 crore income tax refunds to pay Ericsson

12:08 (IST)13 Mar 2019
Ethiopian Airlines crash: Spicejet share price falls 8% after DGCA’s move to ban Boeing 737 Max 8 planes

Share price of SpiceJet fell 8 per cent in early trade on BSE Wednesday following DGCA’s move to ‘immediately’  ground Boeing 737 Max 8 planes post the Ethiopian Airlines crash. After the announcement made on Tuesday night, airline shares opened on a weak note in the morning trade and then declined to day’s low of Rs 72.50, down 7.99 per cent over the last close of Rs 78.80. DGCA, in its announcement, asked to “immediately” ground the Boeing 737 Max 8 aircraft which was operated by the Ethiopian Airlines that crashed days back near Addis Ababa killing 157 people, including four Indians, in total.

Also read: Ethiopian Airlines crash: Spicejet share price falls 8% after DGCA’s move to ban Boeing 737 Max 8 planes

12:01 (IST)13 Mar 2019
BSE live: Sensex up 140 points, Nifty above 10,300; HDFC Bank, IndusInd Bank shares rally

After a tepid opening this morning, the Sensex and Nifty have recovered from lows. The Sensex is up about 140 points to 37,677.39, while Nifty is trading above the 11,300-mark. HDFC Bank shares are trading 2.3% higher at Rs 2,220.90 while IndusInd Bank shares are up 2% to Rs 1,602 to emerge among the biggest Sensex gainers. A look at LIVE Sensex heatmap. 

11:45 (IST)13 Mar 2019
Will May’s Brexit-snub halt Sensex, Nifty rally? What experts say

Even as the Sensex and Nifty took a breather on Wednesday morning amid global uncertainties after British lawmakers crushed Prime Minister Theresa May’s EU divorce deal on Tuesday, stock market experts say that Brexit deal or without it unlikely to have any significant impact on the present rally. “The present rally is fuelled by liquidity and even discounting this, we have domestic events like General Elections which are likely to be more strongly affecting than the Brexit which is now almost an non-event for us and is overshadowed by domestic event like General Elections,” Milan Vaishnav, Consulting Technical Analyst, Gemstone Equity Research and Advisory Services told Financial Express Online.

Also read: Will May’s Brexit-snub halt Sensex, Nifty rally? What experts say

10:31 (IST)13 Mar 2019
Sensex extends gains, Nifty above 11,300; here’s why bluechips L&T, Maruti Suzuki are in focus today

ndia’s headline indices Sensex and Nifty opened lower on Wednesday morning, tracking weak global cues. The Sensex is now up 144 points to 37,679.93, while Nifty is trading above the 11,300-mark. Both the indices closed higher on Tuesday on the back of strong foreign fund inflows and gains in financial heavyweights. We take a look at five stocks which will be in focus today.

Also read: Sensex extends gains, Nifty above 11,300; here’s why bluechips L&T, Maruti Suzuki are in focus today

09:32 (IST)13 Mar 2019
BSE live: Sensex up 30 points, Nifty below 11,300; VEDL, ONGC among top losers

Sensex and Nifty opened lower on Wednesday morning, tracking weak global cues. The Sensex is now up 30 points to 37,565.66, while the Nifty is trading below the 11,300-mark. ONGC shares are trading 2% lower at Rs 149.05, while VEDL share are trading 1.5% lower at Rs 175.90, to emerge among the biggest Sensex losers. Kotak Mahindra Bank shares are trading 1% lower after the the Bombay High Court refused the lender's plea to provide interim relief.  A look at LIVE Sensex heatmap.

09:09 (IST)13 Mar 2019
Stocks rise on tame U.S. inflation, dollar eases

A gauge of world equity markets rose and the dollar eased on Tuesday after a tame reading on U.S. inflation reinforced expectations the Federal Reserve will not raise interest rates anytime soon, while Boeing shares slid for a second day. U.S. consumer prices rose for the first time in four months in February but the modest pace of the increase resulted in the smallest annual gain in inflation in nearly 2-1/2 years.

Also read: Stocks rise on tame U.S. inflation, dollar eases

08:44 (IST)13 Mar 2019
Address global concerns on cross-border terror: India, US to Pak

India and the United States on Tuesday called for Pakistan to address global concerns regarding terrorism, including that emanating from across the border. The concern was raised in a statement by the Indian Embassy here after Foreign Secretary Vijay Gokhale and his American counterpart Under Secretary of State for Political Affairs David Hale held Foreign Office Consultations at the Foggy Bottom headquarters of the State Department.

Also read: Address global concerns on cross-border terror: India, US to Pak

08:43 (IST)13 Mar 2019
Britain in Brexit chaos: parliament crushes Theresa May’s EU deal again

British lawmakers crushed Prime Minister Theresa May’s European Union divorce deal on Tuesday, thrusting Britain deeper into crisis and forcing parliament to decide within days whether to back a no-deal Brexit or seek a last-minute delay. Lawmakers voted against May’s amended Brexit deal by 391 to 242 as her last-minute talks with EU chiefs on Monday to assuage her critics’ concerns ultimately proved fruitless. The vote puts the world’s fifth largest economy in uncharted territory with no obvious way forward; exiting the EU without a deal, delaying the March 29 divorce date, a snap election or even another referendum are all now possible.

Also read: Britain in Brexit chaos: parliament crushes Theresa May’s EU deal again

08:42 (IST)13 Mar 2019
Low India inflation is double-edged sword for PM Narendra Modi before polls

Subdued inflation in India is proving to be a dilemma for Prime Minister Narendra Modi weeks before a crucial vote. While most politicians heading into elections would want to cheer their efforts in taming the inflation dragon — especially in emerging economies like India, where price surges can oust governments — Modi has been restrained about this achievement. That’s because low inflation has been driven by falling food prices, cutting farmers’ incomes and pushing up debt levels. About 800 million of India’s 1.3 billion population depend on farming for their livelihood.

Also read: Low India inflation is double-edged sword for PM Narendra Modi before polls

08:41 (IST)13 Mar 2019
Naresh Goyal’s distress call for Rs 750 crore help for Jet Airways put on hold by Etihad

Etihad board is believed to be in two minds on extending an interim funding of Rs 750 crore to Jet Airways, ahead of regulatory approvals to the bank-led resolution plan from the civil aviation ministry, Securities and Exchange Board of India, Competition Commission of India and the overseeing committee of the Indian Banks’ Association. The airline’s board, which met in Abu Dhabi on Monday to take a view on the interim funding sought by Jet’s promoter-chairman Naresh Goyal, has however, officially not communicated its position so far. In response to an email query on the subject, an Etihad spokesperson said, “Etihad Airways does not comment on rumour or speculation.”

Also read: Naresh Goyal’s distress call for Rs 750 crore help for Jet Airways put on hold by Etihad

08:39 (IST)13 Mar 2019
Stock indices continue to move up amid hopes Modi will come back to power

The benchmark indices continued its upward momentum as amid expectation of a second term for the Narendra Modi-led government and resurgence of foreign investors buying boosted investor sentiment. Since October 26, the broader Nifty50 has rallied close to 13%, of which six firms — Reliance Industries, HDFC Bank, Axis Bank, ICICI Bank, HDFC and Infosys — contributed nearly 60% to the index gain of 1271.2 points.

Read full story here: Stock indices continue to move up amid hopes Modi will come back to power

08:38 (IST)13 Mar 2019
Recap: From RIL hitting record high to Airtel’s 14% jump in 2 days; key things to know about Sensex, Nifty rally

The stock markets extended rally for the second consecutive day on Tuesday on fresh hopes that Prime Minister Narendra Modi’s BJP will retain power in the upcoming general elections, helping the Sensex and Nifty to scale fresh 6-month highs. “If the current regime and its economic policies with long-term vision of the economy of the country continues, we are in for a 10-year bull run,” Porinju Veliyath said in an interview to ET Now. Notably, Foreign investors ramped up buying in the country.

Also read: From RIL hitting record high to Airtel’s 14% jump in 2 days; key things to know about Sensex, Nifty rally

Share market on Tuesday: The Sensex and Nifty closed higher for the second consecutive day on Tuesday, backed by strong foreign fund inflows and gains in financial heavyweights. The Sensex surged 482 points to close at 37,535.66, while Nifty ended above the 10,300-mark. Bharti Airtel shares closed 5% higher at Rs 350.50, while ICICI Bank shares ended at Rs 388.70 on BSE.  Nifty Bank Index rose by more than 1.4% intra-day to hit record high of 28,488.10.
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