Share market highlights: Sensex closes 71 points up, Nifty above 11,450; RIL, Bajaj Finance top gainers

By: |
Updated:Mar 18, 2019 3:41:07 pm

Share market Highlights: The stock markets--Sensex and Nifty--reversed losses in the afternoon trade on Monday, owing to a sharp surge in select bluechip heavyweights. The Sensex closed 71 points higher at 38,095.07, while the Nifty closed above the 11,450-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: Maruti Suzuki share price closed 2.6% lower at Rs 6,905 on BSE, after the firm cut production demand by a quarter on the back of slow demand.

Share market Highlights: The stock markets–Sensex and Nifty–reversed losses in the afternoon trade on Monday, owing to a sharp surge in select bluechip heavyweights. The Sensex closed 71 points higher at 38,095.07, while the Nifty closed above the 11,450-mark. Reliance Industries shares closed 2.7% higher at Rs 1,357.70, while Bajaj Finance shares ended 2.8% higher at Rs 2,941 on BSE. Maruti Suzuki share price closed 2.6% lower at Rs 6,905 on BSE, after the firm cut production demand by a quarter on the back of slow demand.

Asian share markets crept ahead on Monday while bonds were in demand globally on speculation the US Federal Reserve will sound decidedly dovish at its policy meeting this week. Japan’s Nikkei led the way with a rise of 0.7 per cent, and MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, Reuters reported. We bring to you LIVE updates.

Live Blog

Share Market highlights: Sensex, Nifty, Indian Rupee vs US Dollar, Latest Stock Market News, NSE, BSE

15:40 (IST)18 Mar 2019
BSE live: Sensex closes 71 points up, Nifty above 11,450; RIL, Bajaj Finance top gainers

The stock markets--Sensex and Nifty--reversed losses in the afternoon trade on Monday, owing to a sharp surge in select bluechip heavyweights. The Sensex closed 71 points higher at 38,095.07, while the Nifty closed above the 11,450-mark. Reliance Industries shares closed 2.7% higher at Rs 1,357.70, while Bajaj Finance shares ended 2.8% higher at Rs 2,941 on BSE. Maruti Suzuki share price closed 2.6% lower at Rs 6,905 on BSE, after the firm cut production demand by a quarter on the back of slow demand. A look at LIVE Sensex heatmap.

15:29 (IST)18 Mar 2019
Final OK for ArcelorMittal’s Essar Steel takeover: NCLAT says, go ahead with Rs 42,000 cr payment

ArcelorMittal’s Rs 42,000 crore resolution plan for takeover of bankrupt Essar Steel has received a final go ahead from NCLAT, TV news channels reported. The Lakshmi Mittal-run steel major has been asked by the tribunal to deposit the amount with the Committee of Creditors (CoC). The NCLAT refused to put on hold ArcelorMittal’s proposed payment to Essar Steel’s lenders, clearing the NCLT, Ahmedabad-approved resolution plan for one of the biggest IBC cases in India.

Also read: Final OK for ArcelorMittal’s Essar Steel takeover: NCLAT says, go ahead with Rs 42,000 cr payment

14:55 (IST)18 Mar 2019
Amazon India’s Web Services extends Rs 390 crore loan to IT services arm

Amazon Internet Services, Amazon’s subsidiary that undertakes the resale and marketing of Amazon Web Services’ (AWS) cloud services has extended a loan of Rs 390 crore to Amazon IT Services. The latest infusion is the third subsequent credit extension by Amazon Internet Services since 2017. The company had given Rs 820 crore and Rs 370 crore in loan in 2017 and 2018 respectively, business signals platform Paper.vc said citing regulatory documents.

Also read: Amazon India’s Web Services extends Rs 390 crore loan to IT services arm

14:09 (IST)18 Mar 2019
SBI’s Rs 20,000 crore fundraise: Board to meet later this week for timeline extension; key things to know

With an aim to consider extension of timeline for raising funds, State Bank of India (SBI) on Monday said that the central board will meet later this week to consider extension of approval accorded by it for raising equity capital of up to Rs 20,000 crore from the market till end of FY20. “A meeting of the central board of the bank is scheduled to be held on March 22, 2019 to consider inter alia the extension of approval accorded by central board for raising equity capital of up to Rs 20,000 crore from the market till March 31, 2020,” SBI said in an exchange filing.

Also read: SBI’s Rs 20,000 crore fundraise: Board to meet later this week for timeline extension; key things to know

13:04 (IST)18 Mar 2019
Data localisation: Credit card fraud may be hard to detect if govt insists on storing data, says Mastercard

Mastercard Inc. is concerned that India’s strict data localization rules could compromise its ability to detect frauds and money laundering in the domestic payments system. Storing customer data exclusively in India without creating mirror sites overseas is risky because “it takes away the capability to see the broader world,” said Mastercard’s Chief Product Officer Michael Miebach. However, he said the U.S. firm intends to comply with the new rules despite missing last year’s deadline to localize all its Indian data.

Also read: Data localisation: Credit card fraud may be hard to detect if govt insists on storing data, says Mastercard

12:59 (IST)18 Mar 2019
RBI’s $5 billion swap may be good move; but how will Shaktikanta Das convince US Fed?

Several theories explain why India’s new central bank governor took his boldest step yet. Little attention has been paid to the consequences. Last week, Governor Shaktikanta Das made an unexpected tweak to the Reserve Bank of India’s traditional management of longer-term liquidity in the banking system: by buying and selling government bonds. India’s currency, sovereign-debt and credit markets were all caught off-guard by the announcement of a three-year, dollar-rupee swap. The RBI will buy $5 billion from banks for its reserves by giving them rupees, and reverse the trade in 2022. This preemptive move would prevent the currency’s appreciation, according to one theory.

Also read: RBI’s $5 billion swap may be good move; but how will Shaktikanta Das convince US Fed?

12:50 (IST)18 Mar 2019
L&T’s Rs 7,000-crore hostile bid for MindTree; Indian engineering giant mulling this move

Indian conglomerate Larsen & Toubro Ltd would spend up to 70 billion rupees ($1.02 billion) in a hostile bid to buy IT services company Mindtree Ltd, the Times of India (TOI) reported citing sources directly involved with the matter. L&T will buy out Mindtree’s largest shareholder VG Siddhartha and companies in which he is a promoter, following which an open offer will be sent to the public shareholders of Mindtree, according to the report by The Times of India published on Monday.

Also read: L&T’s Rs 7,000-crore hostile bid for MindTree; Indian engineering giant mulling this move

12:42 (IST)18 Mar 2019
RBI’s $5 billion swap may be good move; but how will Shaktikanta Das convince US Fed?

Several theories explain why India’s new central bank governor took his boldest step yet. Little attention has been paid to the consequences. Last week, Governor Shaktikanta Das made an unexpected tweak to the Reserve Bank of India’s traditional management of longer-term liquidity in the banking system: by buying and selling government bonds. India’s currency, sovereign-debt and credit markets were all caught off-guard by the announcement of a three-year, dollar-rupee swap.

Also read: RBI’s $5 billion swap may be good move; but how will Shaktikanta Das convince US Fed?

12:25 (IST)18 Mar 2019
Jet Airways grounds 4 more planes for non-payment of lease rentals; looking at ways to raise fresh funds

Cash-strapped Jet Airways Monday said it has grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41. Grappling with financial woes, the carrier has been looking at ways to raise fresh funds. “… an additional four aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements,” the airline said in a filing to the stock exchanges. According to the company, as mentioned earlier, it is actively engaged with all its aircraft lessors and are regularly providing them with updates on the efforts taken to improve the liquidity.

Also read: Jet Airways grounds 4 more planes for non-payment of lease rentals; looking at ways to raise fresh funds

12:22 (IST)18 Mar 2019
BSE live: Sensex pares gains, Nifty above 11,400; Maruti Suzuki, Tata Motors top losers

After opening higher, the Sensex and Nifty have pared gains in the afternoon trade on Monday. The Sensex is down about 27 points to 37,997.45, while the Nifty is trading above the 11,400-mark. Maruti Suzuki shares are trading 2.6% lower at Rs 6,902.70, while Tata Motors shares are trading 2.2% down, to emerge among the biggest Sensex losers. Amid ongoing reports that L&T is planning a hostile takeover in Mindtree, the shares are trading 1% lower at Rs 1,383. A look at LIVE Sensex heatmap.

11:45 (IST)18 Mar 2019
Will Mindtree’s buyback prevent L&T’s hostile takeover bid? IT major’s board to meet on Wednesday

In a bid to tackle a potential hostile takeover attempt by L&T, even as the conglomerate looks to pick up  VG Siddhartha’s stake in Mindtree, the IT major has announced that it is considering a share buyback program.  Bengaluru-based software services company, Mindtree is meeting Wednesday to decide on buyback proposal of its shares amid media reports that its non-promoter shareholder VG Siddhartha would be offloading his 21% stake in the software services company and the likely buyer of his shares would be rival IT company L&T Infotech.

Also read: Will Mindtree’s buyback prevent L&T’s hostile takeover bid? IT major’s board to meet on Wednesday

10:40 (IST)18 Mar 2019
Gold dips as equities gain ahead of Fed policy meeting

Spot gold was down about 0.2 percent at $1,299.15 per ounce by 0113 GMT while U.S. gold futures fell 0.3 percent to $1,299.10 an ounce. Spot palladium dipped 0.8 percent to $1,547 an ounce, after registering its highest on record at $1,567.50 in the previous session. The dollar was steady at 96.593, against a basket of major currencies, after falling 0.2 percent in the previous session. Asian share markets crept ahead on Monday, while bonds were in demand globally on speculation that the U.S. Federal Reserve would sound decidedly dovish at its policy meeting this week. There is much talk Fed policymakers will lower their interest rate forecasts, or “dot plots”, to show little or no further tightening this year.

Also read: Gold dips as equities gain ahead of Fed policy meeting

09:57 (IST)18 Mar 2019
Rupee appreciates 17 paise to 68.93 against US dollar

The rupee appreciated 17 paise to 68.93 against the US dollar in opening trade Monday driven by weakening greenback in overseas markets and sustained foreign inflows. Besides, narrowing country's trade deficit and selling of the American currency by exporters supported the domestic currency, dealers said. The marginal 2.44 per cent increase in exports as well as lower imports of gold and petroleum products in February significantly narrowed the country's trade deficit to USD 9.6 billion, according to data released by the commerce ministry Friday. (From PTI)

09:27 (IST)18 Mar 2019
BSE live: Sensex jumps 250 points, Nifty above 11,450; Kotak Mahindra, Bharti Airtel top gainers

 Sensex and Nifty opened higher on Monday morning, tracking positive global cues. The Sensex is up 250 points to 38,275.04, while the Nifty is trading above the 10,450-mark. Kotak Mahindra Bank shares are trading 3% higher at Rs 1,360 to emerge as the biggest Sensex gainer. Bharti Airtel shares jumped 2% to 345.55. Maruti Suzuki shares slumped 2% to Rs 6,943, after the firm cut production demand by a quarter on the back of slow demand. We take a look at LIVE Sensex heatmap.

09:05 (IST)18 Mar 2019
Top 10 mutual funds which may double your wealth in 5 years

Slowly but steadily, market-linked uncertainties and the resultant fluctuations have begun to cast a gloomy shadow on different saving instruments. During such times, it is important for investors to find long-term, secure and sustainable modes of investment. Thus, it comes as no surprise that most people are now shifting towards safe and reliable havens like mutual funds. However, choosing a specific mutual fund that can cater to all your needs, especially if you want to invest for a longer tenure, requires extreme diligence and caution. This is why you must select only those funds which have continually performed well over the years and still harbour the potential of offering good returns.

Also read: Top 10 mutual funds which may double your wealth in 5 years

08:59 (IST)18 Mar 2019
Oil slips on economic slowdown, but OPEC-led cuts still support

Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela. Brent crude oil futures were at $67.03 per barrel at 0231 GMT, down 13 cents, or 0.2 percent, from their last close, but not far off the $68.14 per barrel 2019-high reached last week. U.S. West Texas Intermediate (WTI) futures were at $58.32 per barrel, down 20 cents, or 0.3 percent, from their last settlement, and also not far off their 2019-high of $58.95 from the previous week.

Also read: Oil slips on economic slowdown, but OPEC-led cuts still support

08:53 (IST)18 Mar 2019
Wall Street gains with tech; S&P 500 posts best week since November

US stocks rose on Friday, led by technology companies, as a report on progress in U.S.-China trade talks lifted sentiment, pushing the S&P 500 to its best week since November. China's state-run Xinhua news agency said Washington and Beijing were making substantive progress on trade talks, providing relief after news that a summit to seal a deal between the two sides would not happen at March-end. Chipmakers, which tend to derive a large portion of their revenue from China, rose. The Philadelphia SE chip index climbed 2.9 percent while the S&P 500 technology index rose 1.2 percent. (Reuters reported)

08:47 (IST)18 Mar 2019
Asia shares, bonds underpinned as Fed seen accommodative

Asian shares pulled ahead on Monday while bonds were in demand globally on mounting speculation the U.S. Federal Reserve will sound decidedly dovish at its policy meeting this week. Japan's Nikkei led the way with a rise of 0.56 percent, and MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.35 percent. Shanghai blue chips firmed 0.8 percent, while E-Mini futures for the S&P 500 were a fraction lower. The S&P 500 boasted its best weekly gain since the end of November last week, while the Nasdaq had its best week so far this year, Reuters reported.

08:45 (IST)18 Mar 2019
Explained: Why Modinomics won’t fetch votes for BJP

Prime minister Narendra Modi could well lead his party to another win in the 2019 general elections. But if the BJP is back in power, it won’t be because Indians are feeling better off today than they were in May 2014. They are not, really. The multitude of welfare and support schemes notwithstanding, at least two large sections of society—farmers and the youth—must feel less financially secure.

Also read: Explained: Why Modinomics won’t fetch votes for BJP

08:44 (IST)18 Mar 2019
RBI using call rates as a proxy for systemic liquidity

RBI needs to be commended for several ingenious and bold steps that it has taken recently to address market microstructure and improve communications with market by engaging in constant interactions. Recently, RBI expressed its intent to inject liquidity through swap transactions. While this move has been welcomed by the markets, it has also raised an important question: How far the existing liquidity management framework is an adequate reflection of liquidity?

Also read: RBI using call rates as a proxy for systemic liquidity

08:40 (IST)18 Mar 2019
Global updates: Morning briefing: Five things you need to know before market opens

Troubled Deutsche Bank has abandoned attempts to turn the ailing firm around and agreed to explore merger talks with Commerzbank, a bunch of central banks in Asia meet this week as well as the Fed and the BOE, with all expected to stand pat on rates, and as the world reels from the New Zealand mosque massacre, Facebook faces a backlash. Here’s what’s moving markets.

Also read: Morning briefing: Five things you need to know before market opens

Share market on Friday: The stock markets- extended rally on Friday led by strong gains in private bank stocks. The Sensex closed 269 points up at 38,024, while Nifty is ended above the 11,400-mark. Kotak Mahindra Bank shares closed 4.4% higher at Rs 1,327.10, while Powergrid shares ended 2.6% higher at Rs 192.40. IT major TCS shares closed the session 2.4% higher at Rs 2,036.15.
Switch to Hindi Edition