Share market highlights: Sensex ends 249 points up, Nifty above 11,900; Tata Steel, Yes Bank top gainers

By: |
Updated:May 27, 2019 4:10:35 pm

Share market highlights: The Sensex and Nifty ended higher on Monday, extending gains from the previous week, after Narendra Modi-led NDA stormed to victory. The Sensex closed 249 points higher at 39,683.29, while the Nifty ended above the 11,900-mark.

The number of securities that hit the upper circuit limit was 115, while 119 scrips touched their respective lower circuits, according to BSE. (File photo)Tata Steel, SBI shares are among top gainers, jumping up to 1.5%.

Share market highlights: The Sensex and Nifty ended higher on Monday, extending gains from the previous week, after Narendra Modi-led NDA stormed to victory. The Sensex closed 249 points higher at 39,683.29, while the Nifty ended above the 11,900-mark. Tata Steel, Yes Bank shares closed up to 6% higher.

Asia stocks hovered near four-month lows on Monday amid concerns about U.S.-China tensions while the euro was confined to a narrow range after the weekend’s European Parliament elections. MSCI’s broadest index of Asia-Pacific shares outside Japan was virtually flat, a sliver above from a four-month low touched on Friday, with market holidays in the U.S. and U.K. denting trading volumes, Reuters reported. We bring to you LIVE updates.

Live Blog

Highlights

    16:10 (IST)27 May 2019
    Colgate Palmolive announces special interim dividend of Rs 8 per share

    The board of Colgate Palmolive (India) on Monday announced a special interim dividend of Rs 8 per share for the shareholders, even as the firm recorded growth in both profit and revenue but decline in margin in the quarter ended March 2019. The FMCG firm had earlier declared the first interim dividend of Rs 8 per share on October 29, 2018. The company reported a 4.7 per cent on year rise in profit of Rs 197.6 crore as against Rs 188.8 crore in Q4. The second interim dividend of Rs 7 per share was announced  on March 29, 2019. The revenue stood at Rs 1,154 crore in the fourth quarter as against Rs 1,092, Colgate Palmolive said in an exchange filing.

    Also read: Colgate Palmolive announces special interim dividend of Rs 8 per share

    16:09 (IST)27 May 2019
    Ind-Ra expects FY19 GDP growth at 6.9 per cent, lower than CSO estimate

    India’s GDP growth during the fiscal 2018-19 is expected at 6.9 per cent, marginally lower than CSO’s advance estimate of 7 per cent, rating agency Ind-Ra Monday said and urged the new government to take short-term measures to arrest slowdown in the economy. The Central Statistics Office (CSO) will be releasing the quarterly GDP estimate for the quarter January-March (Q4FY19), 2019 and provisional annual estimates for 2018-19 on May 31. “Ind-Ra expects FY19 GDP growth to be 6.9 per cent as against the 2018-19 advance estimate of 7 per cent,” it said. The GDP growth was 7.2 per cent during 2017-18. In a release, India Ratings and Research (Ind-Ra) said it expects 4QFY19 GDP growth to decelerate to 6.3 per cent from 6.6 per cent in previous quarter.

    Also read: Ind-Ra expects FY19 GDP growth at 6.9 per cent, lower than CSO estimate

    15:52 (IST)27 May 2019
    BSE Live: Sensex ends 249 points up, Nifty above 11,900; Tata Steel, Yes Bank top gainers

    The Sensex and Nifty ended higher on Monday, extending gains from the previous week, after Narendra Modi-led NDA stormed to victory. The Sensex closed 249 points higher at 39,683.29, while the Nifty ended above the 11,900-mark. Tata Steel, Yes Bank shares closed up to 6% higher. A look at LIVE Sensex heatmap. 

    15:13 (IST)27 May 2019
    Along with chatting, calling and video sharing, you may now invest in MFs through WhatsApp!

    Popular messenger cum social media platform WhatsApp has become a utility tool with the introduction of mutual fund (MF) investment facility by Motilal Oswal Asset Management Company (Motilal Oswal AMC). While options to investment in MFs are currently available through digital platforms like Paytm, GooglePay, PhonePe, Motilal Oswal becomes the first AMC to introduce the MF investment facility through the popular cross-platform messaging application – WhatsApp.

    Also read: Along with chatting, calling and video sharing, you may now invest in MFs through WhatsApp!

    14:50 (IST)27 May 2019
    PM Modi-led BJP’s landslide victory likely to improve flow of foreign capital for corporates in India: S&P

    The landslide victory for Prime Minister Narendra Modi-led BJP in the general election is likely to improve the flow of foreign capital for corporates in India, international rating agency S&P Global Ratings said Monday. In the first back-to-back majority for a single party in over three decades, the Modi-led Bharatiya Janata Party (BJP) on May 23 won 303 out of 542 Lok Sabha seats that went to polls, handing out a crushing defeat to the Congress and many other political opponents. “The potential for reforms following the victory is likely to maintain buoyancy in local funding markets and improve the flow of foreign capital for corporates in India,” the rating agency said.

    Also read: PM Modi-led BJP’s landslide victory likely to improve flow of foreign capital for corporates in India: S&P

    14:20 (IST)27 May 2019
    Benchmark bond yield at over 1-year low; here’s what investors may expect

    The benchmark 10-year bond yield on Monday fell to the lowest level in over a year tracking decline in the crude oil prices and fresh OMO announcement by the RBI. The yield fell to 7.16 per cent, the lowest level since April 9, last year, after closing at 7.23 per cent on Friday, according to the Bloomberg index. The yield hit the day’s high at 7.23 per cent after opening at 7.22 per cent today. The central bank last week announced an OMO to purchase up to Rs 15,000 crore worth of bonds on June 13. The sentiment in the bond markets may remain positive ahead of the June monetary policy, traders say.

    Also read: Benchmark bond yield at over 1-year low; here’s what investors may expect

    13:59 (IST)27 May 2019
    Modi 2.0 could propel Sensex to 60,000 in 5 years, says BSE CEO Ashish Chauhan

    After the Sensex created history to hit 40,000 following Narendra Modi-led BJP’s thumping victory in Lok Sabha elections, BSE CEO Ashish Chauhan noted that the 30-share index has given stellar returns in the last 40 years. “The Sensex has grown from just 100 to above 40,000 in a matter of 40 years, representing a return of 400 times, ” Ashish Chauhan told in an interview to ET Now. Last week on Thursday, the Sensex spurted more than 1,000 points to hit an all-time high of 40,124.96. However, later, the Sensex shed more than 1,313 points from the day’s high on Thursday, registering its biggest intra-day fall in over 11 years, to end in the red.

    Also read: Modi 2.0 could propel Sensex to 60,000 in 5 years, says BSE CEO Ashish Chauhan

    12:58 (IST)27 May 2019
    Sensex trades higher, Nifty near 11,950; Tata Steel, Yes Bank top gainers

    After opening higher, the Sensex and Nifty are trading higher in the afternoon trade on Monday. The Sensex is up about 315 points up to 39,749.71, while the Nifty is trading above the 11,950-mark. Yes Bank, Tata Steel shares have emerged among top gainers, jumping up to 4.5% each. A look at live Sensex heatmap.

    11:53 (IST)27 May 2019
    Anil Ambani's public offer: Reliance Nippon OFS for retail investors today as RCap seeks to exit MF

    Reliance Nippon Life Asset Management OFS (offer for sale) opens for retail investors today. The OFS is being done as a part of a larger plan, as Anil Ambani-led Reliance Capital (Rcap) looks to raise up to Rs 6,000 crore by divesting its stake from the mutual fund business entirely. The proceeds of the share sale will be used to pare debt, Reliance Capital had said in a statement on the exchanges. Earlier last week, the OFS saw robust demand, and was subscribed 1.6 times the reserved portion for institutional investors. The 5.29 crore share sale saw bids for 825 crore shares from institutions investors, data provide by stock exchanges showed. Today, about 5.30 crore shares will be on offer.

    Also read: Anil Ambani's public offer: Reliance Nippon OFS for retail investors today as RCap seeks to exit MF

    10:40 (IST)27 May 2019
    BSE live: Sensex up 170 points. Nifty above 11,850

    After opening higher, the Sensex and Nifty opened made advances on Monday morning, tracking mixed cues. The Sensex is up about 175 points up to 39,607.78, while the Nifty is trading above the 11,850-mark. Yes Bank, NTPC shares have emerged among top gainers, jumping up to 4.5% each.  A look at LIVE Sensex heatmap.

    10:19 (IST)27 May 2019
    Rupee rises 19 paise to 69.34 against US dollar in early trade

    The rupee appreciated by 19 paise to 69.34 against the US dollar in opening trade Monday, driven by weakening of the greenback and positive opening in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 69.40 against the dollar, then gained momentum and touched 69.34, up 19 paise over its previous close. The rupee had settled at 69.53 against the US dollar Friday. The local unit, however, pared some gains and was quoted at 69.43 against the American currency at 0947 hrs. Forex dealers said, selling of the American currency by exporters, positive opening in domestic equities and foreign fund inflows supported the rupee. On the other hand, rising crude prices restricted the rupee upmove.

    Also read: Rupee rises 19 paise to 69.34 against US dollar in early trade

    10:02 (IST)27 May 2019
    Attention startups: Soon file GST, tax returns in just one hour as DPIIT proposes cut in monthly compliance time

    Envisioned by BJP in its election manifesto in April this year, the Department for Promotion of Industry and Internal Trade (DPIIT) is looking to reduce the compliance time taken by startups to only one hour per month in an effort to boost the regulatory environment for emerging entrepreneurs. DPIIT had proposed the same in its Start-up India Vision 2024 document announced in late April. The move is targeted towards cutting down startups’ “monthly compliance” time to one hour so that “they can concentrate on their core work,” PTI reported citing an official. This would help startups focus on running the business instead of “GST filings, tax returns and other local laws every month”, the official said, that otherwise costs entrepreneurs time and money.

    Also read: Attention startups: Soon file GST, tax returns in just one hour as DPIIT proposes cut in monthly compliance time

    09:25 (IST)27 May 2019
    BSE live: Sensex trades flat, Nifty below 11,850; Tata Steel, SBI among top gainers

    The Sensex and Nifty opened marginally higher on Monday morning, tracking mixed cues. The Sensex is up about 36 points to 39,471, while the Nifty is trading near the 11,850-mark. Tata Steel, SBI shares are among top gainers, jumping up to 1.5%.  A look at live Sensex heatmap.

    09:15 (IST)27 May 2019
    Sensex ends week 4% higher after Modi’s emphatic win, Nifty hits 12,000; key highlights

    The stock market ended the week on a euphoric note after Narendra Modi-led BJP stormed to victory in the Lok Sabha polls. The Sensex gained 624.33 points on Friday to 39,434.72, taking the overall gains in the week to nearly 4%. Interestingly, the Sensex added a whopping 1,504 points in the week or about 3.9% buoyed by the sentiment around Modi’s victory. The Nifty has added a robust 437 points in the week, or about 3.83%. Yesterday, the Sensex and Nifty scaled new lifetime highs. The 30-share index touched a new all-time high of 40,124.56, while the Nifty touched a fresh peak of 12,041.15.

    Also read: Sensex ends week 4% higher after Modi’s emphatic win, Nifty hits 12,000; key highlights

    09:13 (IST)27 May 2019
    Indian farmer needs funds, data and tools to succeed

    The world’s population will reach 8.5 billion people by 2030 as per estimates by the United Nations. By 2050, we will need 70% more food than our current consumption, says World Economic Forum. We have to think and act in radically different ways to find solutions that are scalable, sustainable and equitable.Farmer as an entrepreneur. The farmer needs an ecosystem that empowers him/her to make the right decisions; does not punish him for failures; and gives him control over his product and treats them with dignity. Just like an entrepreneur, he needs funds, data and tools to succeed. Once we enable the farmer to innovate, there will be no need for freebies and waivers.

    Also read: Indian farmer needs funds, data and tools to succeed

    09:11 (IST)27 May 2019
    Tanishq, Bournvita, Shoppers Stop: How adds are faring on screen

    It’s tough for a brand targetting the green tea-drinking millennial junta to also appeal to elderly audiences; but Tanishq manages this effortlessly in its TVC created by Lowe Lintas. Featuring two elderly women feeling out of place in a Tanishq showroom, the brand smartly uses the metaphor of the consumer’s preferred hot beverage as a symbol of its understanding of the diverse clientele.

    Also read: Tanishq, Bournvita, Shoppers Stop: How adds are faring on screen

    08:50 (IST)27 May 2019
    Looming trouble: India Inc slips on demand slump, turns in dismal Q4 results

    Corporate profits for Q4FY19 have been quite poor, reflecting several pain points. Almost all companies have disappointed the street with just a couple of surprises. The aggregate numbers have been boosted by the relatively good numbers from a few heavyweights but for the rest of India Inc, it’s a quarter everyone would like to forget. Analysts at Nomura wrote that the results point to an all-round slowdown in consumption. “The impact of the slowdown on earnings is strong, particularly on discretionary consumption, with a significant contraction in Ebitda margins,” they noted, adding that in the near term, the growth outlook, particularly for discretionary consumption, remains challenging. Analysts at Kotak Institutional Equities (KIE) said they had cut earnings estimates for2019-20 across sectors, other than banks, to reflect lower volume and profitability assumptions.

    Also read: Looming trouble: India Inc slips on demand slump, turns in dismal Q4 results

    08:49 (IST)27 May 2019
    Focus on PSUs: Govt looks to boost market cap of state-run firms

    With the listed central public-sector enterprises (CPSEs) losing about `2.33 lakh crore in market value in little over a year, the government is working on an action plan to restore and boost the m-cap of these entities. As part of this, some of the firms may be asked to list their subsidiaries. Also, CPSE staff may be rewarded with employee stock ownership plans (ESOPs) similar to such performance-boosters in the private corporate sector.  The market capitalisation of listed CPSEs (there are 55 of them) stood at `12.89 lakh crore on May 17, 2019, down 15.3% from `15.22 lakh crore as on March 31, 2018. During the same period BSE m-cap rose 3.05%. Besides assorted policy obligations on these firms which make it difficult for them to operate in a commercial environment, the shrinking of m-cap of CPSEs is also due to fierce competition from private sector which they find it difficult to put up with.

    Also read: Focus on PSUs: Govt looks to boost market cap of state-run firms

    08:48 (IST)27 May 2019
    Government sees red as electric vehicles fails to deliver mileage promise

    Government departments using the electric vehicles (EVs) from Tata Motors and Mahindra & Mahindra are understood to be somewhat unhappy with the mileage of the vehicles.According to an official in one of the departments, while Tata Motors and M&M had claimed these would run for 130 km when fully charged, they are able to do just about 85 km. “One is worried about running them for too long,” the official told FE. A Tata Motors spokesperson said the Tigor EV has a certified range of 142 km as per an ARAI test report against the tender range requirement of 130 kms. “The range of the vehicle varies from individual to individual and depends on the driving habits, road and traffic conditions,” the spokesperson added.

    Also read: Government sees red as electric vehicles fails to deliver mileage promise

    08:48 (IST)27 May 2019
    NPA crisis: Why loans to MSME, real state, farmers may go bad

    The big jump in provisions for loan losses seen in the March quarter suggests the worst of the NPA (non-performing assets) cycle may be over since most lenders appear to have taken care of their exposures to IL&FS and Jet Airways. However, with the economy seeing a very sharp slowdown with demand weakening and some uncertainty on the monsoon, exposure to businesses in sectors such as MSME, real estate, agriculture, power, and even to NBFCs could go bad, say analysts. The contraction in factory output in March and also the very poor corporate results for Q4FY19 could make it harder for businesses to repay their loans, they point out. 

    Also read: NPA crisis: Why loans to MSME, real state, farmers may go bad