Share market Highlights: Sensex ends 222 points down, Nifty near 11,450; RIL, Tata Motors among top losers

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Updated: March 22, 2019 3:42:02 pm

Stock market highlights: The Sensex and Nifty snapped a eight day gaining streak on Friday, to end lower amid sell-offs in bluechip stocks. The Sensex closed 222 points down at 38,164.61, while Nifty closed near the 11,450-mark.

Stock Market, Share Market Live, Stock Market Live, Nifty Live, NSE live, BSE live, Live Market Update, Market Today, Indian Share Market Live, Indian Stock Market LiveStock Market Highlights: The Sensex is up about 130 points to 38,516.07, while the Nifty is trading above the crucial 11,500-mark.

Stock market highlights: The Sensex and Nifty snapped a eight day gaining streak on Friday, to end lower amid sell-offs in bluechip stocks. The Sensex closed 222 points down at 38,164.61, while Nifty closed near the 11,450-mark. Shares of Tata Motors ended 2.7% lower at Rs 175.07, while RIL shares closed 2.3% lower at Rs 1,344.25. L&T and Asian Paints were among the top gainers in Sensex.

Asian shares advanced on Friday after upbeat data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve’s cautious outlook on the world’s biggest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25 per cent while Japan’s Nikkei gained 0.3 per cent, Reuters reported.

Back home, shares of infra major Larsen & Tuobro will assume focus amid buzz around Mindtree’s hostile takeover. Mindtree shares will also be in focus after the board postponed the decision of buyback. Shares of Indigo will also be in focus, after media reports indicted that the airline has poached 100 pilots from crisis-ridden Jet Airways. 

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    15:39 (IST)22 Mar 2019
    BSE live: Sensex ends 222 points down, Nifty near 11,450; RIL, Tata Motors among top losers

    The Sensex and Nifty snapped a eight day gaining streak on Friday, to end lower amid sell-offs in bluechip stocks. The Sensex closed 222 points down at 38,164.61, while Nifty closed near the 11,450-mark. Shares of Tata Motors ended 2.7% lower at Rs 175.07, while RIL shares closed 2.3% lower at Rs 1,344.25. L&T and Asian Paints were among the top gainers in Sensex. A look at LIVE Sensex heatmap.

    15:27 (IST)22 Mar 2019
    Desi soft drinks giving Coca Cola, PepsiCo run for money; here’s why they could be next big thing

    Back in 80-90s when PepsiCo and Coca Cola made a foray into Indian market and gained a dominant hand over the beverage industry, a few would have imagined that multiple homegrown brands would emerge to rival them. From Thums Up to Rasna, Rooh Afza, Limca, among others, there has been a surge of other Indian beverage brands that have set their foot afirm in the market lately. Among these are big names such as Paper Boat, raw juices along with local soft drinks and beverages brands that have been giving Coca Cola and Pepsi a run for their money.

    Also read: Desi soft drinks giving Coca Cola, PepsiCo run for money; here’s why they could be next big thing

    15:00 (IST)22 Mar 2019
    Relief to exporters; govt extends IGST, compensation cess exemption for various export plans

    Giving relief to exporters, the government has extended IGST (Integrated Goods and Service Tax) and compensation cess exemptions for goods procurement under certain export promotion schemes till March 2020. These exemptions have been extended for exporters buying inputs domestically or importing for export purposes under export oriented unit (EOU) scheme, Export Promotion Capital Goods (EPCG) scheme and advance authorisation. EPCG is an export promotion scheme under which an exporter can import certain amount of capital goods at zero duty for upgrading technology related with exports. On the other hand, advance authorisation is issued to allow duty free import of inputs, which is physically incorporated in export product.

    Also read: Relief to exporters; govt extends IGST, compensation cess exemption for various export plans

    14:39 (IST)22 Mar 2019
    What is Pink Tax and who gets impacted by it? Find out

    When GST came into being, tax on sanitary pads was a whopping 12%. It was only withdrawn in response to multiple protests from activists across the country. Personal care products have been an easy target for price discrimination between women and men consumers. Starting from cosmetics and accessories to clothes and shoes, products specifically designed and marketed to women cost more than the gender-neutral ones. For example, in a salon, the same hair cut costs more for women compared to that of men. As per a recent study by the New York City Department of Consumer Affairs, personal care products meant for women were 48% more expensive than that for men.

    Also read: What is Pink Tax and who gets impacted by it? Find out

    14:37 (IST)22 Mar 2019
    Cash-strapped Pakistan to receive $2.1 billion loan from China to provide a boost to its ailing economy

    Cash-strapped Pakistan will receive over USD 2 billion loan from its “all-weather” ally China by Monday to provide a boost to its ailing economy, the Finance Ministry has announced. Ministry’s adviser and spokesperson Khaqan Najeeb Khan said that “all procedural formalities” for the transfer of the USD 2.1 billion (15 billion yuan) loan being provided by the Chinese government have been completed, and “the funds will be deposited in the State Bank of Pakistan’s account by Monday, March 25”, the Dawn newspaper reported.

    Also read: Cash-strapped Pakistan to receive $2.1 billion loan from China to provide a boost to its ailing economy

    14:17 (IST)22 Mar 2019
    SpiceJet share price rises as much as 14% after higher February passenger traffic

    SpiceJet shares rose as much as 14.2 per cent to the highest since July 30 after passenger traffic for domestic airlines surged nearly six per cent in February from last month. While passenger load factor for SpiceJet rose to 94 per cent in February from 90.9 per cent in January, InterGlobe Aviation-owned IndiGo’s load factor rose 88.4 per cent as against 86.4 per cent in January. Load factor for cash-strapped Jet Airways surged to 89.4 per cent from 86.1 per cent, Directorate General of Civil Aviation data showed.

    Also read: SpiceJet share price rises as much as 14% after higher February passenger traffic

    13:49 (IST)22 Mar 2019
    Foreign investors have faith in India story; GDP revisions based on facts: Top finance ministry official

    India sought to put an end to a controversy about political influence on government data, with a top finance ministry official saying revisions to economic statistics are a fact and the revisions themselves are based on facts. “It might not appear to be meeting people’s expectations, for some,” Subhash Chandra Garg, the economic affairs secretary in the finance ministry, said in an interview to Bloomberg TV. “But the revision is based on real data.” Garg’s clarification comes a week after 108 economists from around the world accused Prime Minister Narendra Modi’s administration of deliberately revising or withholding statistics that show his government in poor light.

    Also read: Foreign investors have faith in India story; GDP revisions based on facts: Top finance ministry official

    13:03 (IST)22 Mar 2019
    How FED’s rate hold decision may impact rupee, RBI’s monetary policy

    Against the earlier expectation of two rate hikes this year, the Federal Reserve kept rates unchanged and also hinted at maintaining the status quo, going ahead in 2019, in its latest outing. The decision to hold rates by the US Central Bank may help rupee to appreciate against the US dollar, a report said. However, the crude oil prices may also decide the movement of the local currency moving ahead, CARE Ratings report said. “…..lot depends on how the other factors turn out such as current account deficit and capital flows. Movement in oil prices would hold the clue here. 

    Also read: How FED’s rate hold decision may impact rupee, RBI’s monetary policy

    12:51 (IST)22 Mar 2019
    Fresh lending by weak PSUs will worsen India’s NPA problem, says Oxford economist

    Indian central bank Governor Shaktikanta Das’s decision to allow some weak state-run banks to resume lending is a “short-sighted” approach in Oxford Economics Ltd.’s view. The decision risks building up bad debts with renewed vigor, Priyanka Kishore, head of India and Southeast Asia economics at Oxford, wrote in a note. Das, who took over as Reserve Bank of India governor after Urjit Patel resigned in December, has eased curbs on weak state lenders to support credit and economic growth ahead of a general election starting in April. Of the 11 banks on whom tough restrictions were placed since 2014, five have recently been allowed to exit the regulator’s so-called Prompt Corrective Action sanctions.

    Also read: Fresh lending by weak PSUs will worsen India’s NPA problem, says Oxford economist

    12:42 (IST)22 Mar 2019
    BSE live: Sensex under pressure, Nifty below 11,500; L&T, Yes Bank top gainers

    The Sensex and Nifty have reversed gains from the morning trade on Friday, amid sell-offs in bluechip stocks. The Sensex is down about 80 points to 38,307.45, while Nifty is trading below the 11,500-mark. NTPC shares jumped by more than 3% to 140.05, while L&T shares are trading 2% higher at Rs 1,297.20.  HCL Tech shares are trading 1.6% lower at Rs 1,022, while Maruti Suzuki shares are trading 1.2% lower at Rs 6600 on BSE. A look at LIVE Sensex heatmap.  

    12:01 (IST)22 Mar 2019
    CLSA’s Chris Wood 'double-overweight' on Indian shares; sees Modi returning to power

    Ahead of the general elections, even as we continue to see a strong rally in Sensex and Nifty, CLSA’s Chris Wood is confident that the ruling party led by Narendra Modi will return to power, especially after the recent Balakot strike in Pakistan. In his recent Greed & Fear report, Chris Wood noted that the forthcoming general election will be held in the absence of clear cut evidence of an economic upturn. “GREED & fear has always thought BJP would win the forthcoming general election. But there is no doubt that concerns had been growing in recent months,” he wrote.  Greed and fear continue to keep India at double overweight, says Christopher Wood.

    Also read: CLSA’s Chris Wood 'double-overweight' on Indian shares; sees Modi returning to power

    11:01 (IST)22 Mar 2019
    Not just the poor, billionaires too face heat amid looming NBFC crisis

    Debt concerns have pushed funding costs for non-bank financing companies to multi-year highs in recent weeks. That’s bad news for borrowers in the world’s fastest-growing major economy — from poor entrepreneurs getting micro loans for food delivery businesses to property tycoons looking to roll over debt that fueled a construction boom. The development will make money more expensive for a huge range of enterprises and individuals, at a crucial time for policy makers. Teetering economic activity is already pressuring the central bank to deliver on expectations for a back-to-back interest rate cut in April. And Prime Minister Narendra Modi must avoid economic turbulence ahead of elections next month.

    Also read: Not just the poor, billionaires too face heat amid looming NBFC crisis

    11:00 (IST)22 Mar 2019
    India among fastest growing large economies in the world, says IMF; here’s what’s needed to sustain growth

    India has been one of the fastest growing large economies in the world, the International Monetary Fund (IMF) has said, asserting that the country has carried out several key reforms in the last five years, but more needs to be done. Responding to a question on India’s economic development in the last five years at a fortnightly news conference here, IMF communications director Gerry Rice Thursday said, “India has of course been one of the world’s fastest growing large economies of late, with growth averaging about seven per cent over the past five years.”

    Also read: India among fastest growing large economies in the world, says IMF; here’s what’s needed to sustain growth

    10:24 (IST)22 Mar 2019
    Rupee rises 6 paise to 68.57 vs USD in early trade

    The rupee appreciated by 6 paise to 68.57 against the US dollar in opening trade Friday, driven by sustained foreign fund inflows and higher opening of domestic equities. The rupee opened at 68.60 at the interbank forex market, then gained further ground and touched 68.57, displaying gains of 6 paise over its last close. The rupee Wednesday had recovered by 13 paise to close at 68.83 against the US dollar. The forex market was closed Thursday on account of Holi.

    Also read: Rupee rises 6 paise to 68.57 vs USD in early trade

    09:54 (IST)22 Mar 2019
    BSE live: Sensex extends gains, Nfity above 11,500

    After opening marginally higher on Friday morning, the Sensex and Nifty extended gains in the morning trade on Friday. The Sensex is up about 160 points to 38,568.96, while the Nifty is trading above the crucial 11,500-mark. Bharti Airtel shares gained more than 2% to Rs 342.10 on BSE, while Yes Bank shares jumped more than 1.5% to Rs 257 to emerge among the top Sensex gainers. Avaition stocks IndiGo, Spicejet are trading higher even as Jet Airways continues to feel the heat.

     

    09:28 (IST)22 Mar 2019
    Strong rupee hurts rice exports as price jumps to 7-month high

    Rice export prices in India rose to their highest level in more than seven months as the rupee appreciated, denting demand, while trading companies in Vietnam increased domestic buying to fulfil new overseas deals. India’s 5 percent broken parboiled variety was quoted around $392-$395 per tonne this week, up from $386-$389 last week. “Demand has been moderating due to the price rise. African buyers are not ready to pay higher prices,” said an exporter based at Kakinada in the southern state of Andhra Pradesh.

    Also read: Strong rupee hurts rice exports as price jumps to 7-month high

    09:25 (IST)22 Mar 2019
    BSE live: Sensex up 60 points, Nifty near 11,550; Bharti Airtel, Yes Bank top gainers

    The Sensex and Nifty opened marginally higher on Friday morning, helped by gains in financial stocks. The Sensex is up about 130 points to 38,516.07, while the Nifty is trading above the crucial 11,500-mark. Bharti Airtel shares gained more than 2% to Rs 342.10 on BSE, while Yes Bank shares jumped more than 1.5% to Rs 257 to emerge among the top Sensex gainers. A look at LIVE Sensex heatmap.

    09:13 (IST)22 Mar 2019
    Can Mindtree founders fend off L&T takeover bid?

    Mindtree founders are making every possible effort to stave off a hostile takeover bid by L&T, which has launched an open offer for 31 per cent company shares after buying 20.32 per cent stake from investor V G Siddhartha. Though the company board has deferred its decision on a buyback plan to thwart the takeover attempt by L&T, action on this front cannot be ruled out. Meanwhile, Subroto Bagchi, one of the promoters of Mindtree, has also made an emotional appeal in a tweet saying that they must protect the “Tree” from people who have arrived with “bulldozers and saw chains” to cut it.

    Also read: Can Mindtree founders fend off L&T takeover bid?

    09:03 (IST)22 Mar 2019
    Gold slips as equities gain on robust US data

    Gold extended losses on Friday, moving further away from a three-week peak hit in the previous session, as appetite for riskier assets improved on upbeat U.S. economic data, while the metal was still on path for a third straight weekly gain.  Spot gold was down 0.1 percent at $1,308.26 per ounce as of 0119 GMT, after touching its highest since Feb. 28 at $1,320.22 in the previous session. The metal has risen 0.5 percent so far this week and is on track for a third consecutive gain on a weekly basis.

    Also read: Gold slips as equities gain on robust US data

    08:49 (IST)22 Mar 2019
    Oil slips but holds near 2019 peak as supplies tighten

    Oil fell nearly 1 percent on Thursday, but held near 2019 highs, supported by a tightening of global stocks, OPEC production cuts and U.S. sanctions on key producers Iran and Venezuela. Brent crude futures fell 64 cents, or 0.9 percent, to settle at $67.86 a barrel. U.S. crude fell 25 cents to $59.98 a barrel after hitting an intraday high of $60.33, its highest since Nov. 12. “The market is getting a little hesitant up at these levels,” said Phil Flynn, an analyst at Price Futures Group in Chicago.

    Also read: Oil slips but holds near 2019 peak as supplies tighten

    08:48 (IST)22 Mar 2019
    Fallout looms as NBFC borrowing costs surge

    When India’s shadow lenders sneeze, lots of others catch a cold. Debt concerns have pushed funding costs for non-bank financing companies to multi-year highs in recent weeks. That’s bad news for all the borrowers who rely on the lenders in the world’s fastest-growing major economy — from poor entrepreneurs getting micro loans for food delivery businesses to property tycoons looking to roll over debt that fueled a construction boom. Read more on that here.

    Also read: Fallout looms as NBFC borrowing costs surge

    08:47 (IST)22 Mar 2019
    Asian shares hit 6-1/2-month high on tech hopes, US data

    Asian shares hit 6-1/2-month highs on Friday after upbeat U.S. data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve’s cautious outlook on the world’s biggest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, led by 0.5 percent gains in the info tech sector, while Japan’s Nikkei bucked the trend and lost 0.2 percent. On Wall Street, the S&P 500 gained 1.09 percent while the Nasdaq Composite rallied 1.42 percent, both hitting five-month highs.

    Also read: Asian shares hit 6-1/2-month high on tech hopes, US data

    08:46 (IST)22 Mar 2019
    Your money: Why bank deposits are no longer a favourite with investors

    Bank deposits in India have been trending down since Financial Year 10, falling off to sub-10% over the past one year from an average of 17% over FY09–13 and 12% over FY13–16. This is surprising since excess deposit inflow in the wake of demonetisation was estimated to be Rs 2.8–4.3trillion (implying excess growth of 3.0–4.7%). More importantly, the significant reduction in term deposits (particularly retail term deposits) to sub-5% over the past three years despite real interest rates being at one of the highest levels is a cause for concern.

    Also read: Your money: Why bank deposits are no longer a favourite with investors

    08:44 (IST)22 Mar 2019
    NPA crisis: PSU banks’ recoveries less than write-offs in October-December this fiscal

    Cash recoveries made by 20 public-sector banks (PSBs) in the December quarter of FY19 were lower than the amount of loans written off by them during the quarter, data compiled by FE show. The clutch of banks together recovered Rs 35,058 crore during Q3 while writing off loans worth Rs 44,998 crore over the same period. This was even as recoveries rose 37% over Q3FY18 and 15% over Q2FY19. The fact that there were no large non-performing assets (NPAs) resolved through the insolvency route during the December quarter restricted banks’ recoveries.

    Also read: NPA crisis: PSU banks’ recoveries less than write-offs in October-December this fiscal

    08:43 (IST)22 Mar 2019
    Cheaper loans? RBI may effect 25 basis point cuts in April, June/August

    The standing call for a RBI OMO calendar for June stands. However, the money market will still be in slight deficit/neutral mode, as Governor Shaktikanta Das indicated, rather than surplus/reverse repo that the market seems to be pricing. There, of course, could be spells of reverse repo mode though. Expect RBI to commit a monthly injection of Rs 150-200 billion in the June quarter via RBI OMO and/or FX intervention at end-March or on April 4. 

    Also read: Cheaper loans? RBI may effect 25 basis point cuts in April, June/August

    08:42 (IST)22 Mar 2019
    Reliance Jio vs Vodafone Idea vs Airtel: Two TRAI 4G speed tests, two different winners

    Which is the fastest 4G telecom operator in the country? According to the Telecom Regulatory Authority of India (Trai), it is Reliance Jio by one methodology and Bharti Airtel by another. Even the average download speed is very divergent in the two sets of methods adopted by the regulator. If data from Trai’s MySpeed portal are taken, Reliance Jio has been the fastest 4G operator for the past over one year with an average download speed of around 20.8 mega bit per second (Mbps). Bharti Airtel comes a distant second with an average speed of about 9.5 Mbps followed by Vodafone with 6.7 Mbps and Idea at 6.3 Mbps.

    Also read: Reliance Jio vs Vodafone Idea vs Airtel: Two TRAI 4G speed tests, two different winners

    08:39 (IST)22 Mar 2019
    Biggest India bond holders ditch government paper for state debt

    Selling Indian government bonds and buying high-yielding paper issued by the nation’s states is a favorite trade among the biggest holders of sovereign debt right now. The strategy is offering lenders extra returns of about 100 basis points at a time when concerns about an oversupply from the federal government’s record borrowing plan has damped the appeal of sovereign securities, according to ICICI Securities Primary Dealership Ltd. and Deutsche Bank AG.

    Also read: Biggest India bond holders ditch government paper for state debt

    08:38 (IST)22 Mar 2019
    Morning briefing: Five things you need to know to start your day

    The EU delays Brexit, China’s Xi goes to Italy and U.S. stocks lurched higher as investors fully digested a dovish surprise from the Fed. Here are some of the things people in markets are talking about. The EU has maneuvered to stop a chaotic no-deal Brexit happening next week, handing the U.K. an unconditional two-week extension of the Brexit day deadline. The cliff-edge that investors were dreading has been postponed — but a new one looms on April 12 when the U.K. will have to decide on the way forward.

    Also read:  Morning briefing: Five things you need to know to start your day

    Share market on Wednesday: The stock markets– Sensex and Nifty–closed flat on Wednesday, holding on to 6-month highs. The Sensex ended 23 points higher at 38,386.75, while the Nifty closed above the 11,500-mark. Infosys shares ended 2.3% higher at 738.40, while L&T share price jumped 1.7% to Rs 1,380.10.
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