Share Market highlights: Sensex ends 53 points up, Nifty above 11,050; Yes Bank, Powergrid top losers

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Updated:Aug 19, 2019 3:47:14 pm

Share Market highlights: The headline indices Sensex and Nifty closed marginally higher on Monday afternoon, tracking global cues. The Sensex ended 53 points up at 37,402.49.

Sensex, FPI tax proposal, HCL Technologies, Tata Motors, Mahindra & Mahindra, Bajaj Auto, Index membersSun Pharma, VEDL shares were among the biggest gainers, jumping up to 2%. (Reuters)

Share Market Highlights: The headline indices Sensex and Nifty closed marginally higher on Monday afternoon, tracking global cues. The Sensex ended 53 points up at 37,402.49, while the Nifty ended above the 11,050-mark.  Sun Pharma, Tech Mahindra shares were among the biggest gainers, jumping up to 2.60%. Yes Bank, Powergrid, ONGC shares were among the biggest losers, shedding up to 3.5%. Asian stocks rose on Monday as hopes of more stimulus from central banks around the world and steps being taken by major economies such as Germany and China soothed investors’ fears of a sharp global economic slump. Over recent weeks, recession anxiety – triggered by an inversion in the US bond yield curve – has led to a shakeout in financial markets. That has driven speculation of more support from policy makers, including from the US Federal Reserve which last month cut rates for the first time since the financial crisis, Reuters reported.

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Highlights

    15:46 (IST)19 Aug 2019
    BSE live: Sensex ends 53 points up, Nifty above 11,050; Yes Bank, Powergrid top losers

    The headline indices Sensex and Nifty closed marginally higher on Monday afternoon, tracking global cues. The Sensex ended 53 points up at 37,402.49, while the Nifty ended above the 11,050-mark.  Sun Pharma, Tech Mahindra shares were among the biggest gainers, jumping up to 2.60%. Yes Bank, Powergrid, ONGC shares were among the biggest losers, shedding up to 3.5%. A look at LIVE Sensex heatmap.

    15:28 (IST)19 Aug 2019
    PE-VC investment in India zooms to all-time high of USD 8.3 billion in July: Report

    Private equity and venture capital investments in India crossed USD 8 billion in July — the highest fund infusion in a month by PE/VC funds — amid strong investment activity in infrastructure and real estate asset classes, a report said on Monday. According to EY’s private equity deal tracker, July 2019 recorded investments worth USD 8.3 billion across 106 deals against USD 1.8 billion in July 2018 through 70 deals. “The USD 8.3 billion worth of PE/VC investments in India in July 2019 is the highest value of monthly investments by PE/VC funds ever recorded, eclipsing the previous historical monthly high of USD 7.1 billion invested in March 2019,” said Vivek Soni, Partner and National Leader Private Equity Services, EY.

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    15:23 (IST)19 Aug 2019
    Everything isn’t doomed and gloomy about the economy, says RBI governor Shaktikanta Das

    Admitting that the economy is slowing down and faces many a challenge both from within and outside, Reserve Bank governor Shaktikanta Das Monday urged everyone to look at the opportunities ahead and stop being the proponents of gloom and doom. The statement comes amidst reports that an increasing number of corporate honchos are livid with the Narendra Modi government, especially after a slew of initiatives in the recent budget, including higher taxes on the rich and foreign portfolio investors.

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    15:06 (IST)19 Aug 2019
    Sebi to ease buyback norms for companies with housing finance, NBFC arms

    Capital markets regulator Sebi is planning to ease its norms for buyback of shares by listed companies, especially those having subsidiaries in housing finance and NBFC sectors. According to top officials, a proposal in this regard is expected to be discussed by Sebi’s board at its meeting this week. The repurchase of shares by listed companies is governed by the Buyback Regulations of the Securities and Exchange Board of India (Sebi) as well as by the Companies Act.

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    14:52 (IST)19 Aug 2019
    Hotelier’s association calls on Zomato, Swiggy, others for “win-win outcome”

    Days after Zomato founder Deepinder Goyal penned his thoughts on restaurant and hotel industries’ grievances with food aggregator applications, a hotelier’s association called on major players in the food delivery segment to address the issues of the industry and arrive at a win-win outcome. Zomato, Swiggy, Nearbuy, Dineout Prius Heights, EasyDiner and Magicpin have been asked to review their policies by the Federation of Hotel & Restaurant Associations of India and the organisation also pointed out unethical business practices of the aggregators. “As a technology partner, by merely hosting its members’ inventory, Food Service Aggregators (FSA) cannot hold sway and arm-twist the traditions and aspirations of millions of entrepreneurs in India,” FHRAI said.

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    14:17 (IST)19 Aug 2019
    Govt should raise credit guarantee to PSU banks from 10% to 40% to boost NBFC lending to MSMEs

    The government offer of one time six-month partial credit guarantee to public sector banks (PSU) for first loss of up to 10 per cent for buying non-banking financial companies (NBFCs) pooled assets up to Rs 1 lakh crore should be increased to 30-40 per cent, Animesh Saxena, President, Federation of Indian Micro and Small & Medium Enterprises (FISME) told Financial Express Online. The Ministry of Finance had last week launched the Partial Credit Guarantee scheme for purchase of pooled assets of financially sound NBFCs worth Rs 1 lakh crore during the current financial year. The announcement came after the Finance minister Nirmala Sitharaman had said in her budget speech for providing the partial credit guarantee to such NBFCs.

    12:32 (IST)19 Aug 2019
    Labour law amendments boost Rajasthan’s MSME sector

    Narendra Kumar Jain, president of Employers’ Association of Rajasthan is a happy man, thanks to the labour reforms, initiated in 2014-15 under the then Chief Minister Vasundhara Raje. “There is industrial peace in the state,” says Jain. Ishwar Chand Agarwal, Chairman of Genus Power Infrastructures Limited, agrees. “For the last 4-5 years, there has been no labour unrest (in Rajasthan)”.

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    12:31 (IST)19 Aug 2019
    Paytm rejigs top deck; now eyes offerings in consumer internet, financial services

    Vijay Shekhar Sharma’s Paytm has elevated its CFO Madhur Deora to the president in a newly created role and the digital e-commerce platform now eyes a significant chunk in consumer internet and financial services. Paytm has grown 20-fold in the last three years of its operations and the company now has plans chalked out for expansion in the consumer service business, said Paytm founder Vijay Shekhar. “As we expand our business, we are promoting Madhur to the role of President,” Sharma added. Deora joined Paytm after serving as the Managing Director in Citigroup’s investment banking business and will now oversee multiple business lines at Paytm. 

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    11:11 (IST)19 Aug 2019
    Asian markets rally amid fresh hopes for trade talks

    Asian markets rallied Monday following a strong lead from Wall Street and comments from Donald Trump's top economic adviser hailing "positive" trade talks with top Chinese negotiators. Optimism that central banks will provide fresh support to head off a global economic recession has also lent much-needed support to regional equities after last week's sell-off, with eyes on an upcoming speech by Federal Reserve boss Jerome Powell for clues about its plans.

    10:22 (IST)19 Aug 2019
    US may be headed towards recession in 2020 or 2021: Economists

    A majority of economists expect a US recession in the next two years but have pushed back the onset amid Federal Reserve actions, according to a survey released Monday. The National Association for Business Economists found far fewer experts now think the next recession will start this year compared to a survey in February.

    09:48 (IST)19 Aug 2019
    Union Bank of India targets Rs 1,000 crore net profit in FY20

    United Bank of India is aiming at a net profit of around Rs 1,000 crore for 2019-20 fiscal, the state-owned lender's CEO and MD Ashok Kumar Pradhan said. The bank managed to be in the black in the fourth quarter of the last fiscal by posting a bottom line of Rs 95 crore, after reporting losses for seven straight quarters. In the April-June period, too, it achieved a net profit of Rs 105 crore.

    09:23 (IST)19 Aug 2019
    BSE live: Sensex up 200 points, Nifty near 11,100; Sun Pharma, VEDL top gainers

    The headline indices Sensex and Nifty opened higher on Monday, tracking global cues. The Sensex is up about 195 points to 37,542.68, while the Nifty is trading near the 11,100-mark. Sun Pharma, VEDL shares were among the biggest gainers, jumping up to 2%. Powergrid, ONGC shares were among the biggest losers, shedding up to 1%. 

    09:08 (IST)19 Aug 2019
    PSU banks launch joint plan to boost economic growth

    In a bid to kick-start growth, the government has pushed public sector banks to initiate a nationwide campaign to ensure credit flow to businesses, big and small. For the first time, such a massive coordinated effort is being made by the banking sector to ensure better delivery of services to customers and improve the reach of government schemes. While the overall credit growth is still at 12%, the flow of credit to small/medium businesses remained weak and export credit growth has contracted. 

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    09:06 (IST)19 Aug 2019
    Vedanta: Latest entrant in steel industry eyes the big league

    After its foray into the steel business, Vedanta has set its sights on being among the top three-four steel makers in India, planning to expand its steel capacity to 10 MTPA from the present 1.5 MTPA in the next five to six years. The natural resources major acquired Electrosteel Steels (ESL), a primary producer of steel and downstream value-added products, for Rs 5,320 crore in June last year. ESL has a greenfield steel plant with a capacity of 1.5 MTPA near Bokaro in Jharkhand state. Venturing into the steel sector through these inorganic route entailed quite a struggle for the company, with the acquisition of the debt-ridden ESL materialising only after protracted battles in bankruptcy courts.

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    09:05 (IST)19 Aug 2019
    Oil rises after Saudi oilfield attack, but recession worries cap gains

    Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists, although price gains were capped by an unusually downbeat OPEC report that stoked concerns about demand growth. Brent crude was up 45 cents, or 0.8%, at $59.09 a barrel at 0035 GMT, U.S. crude was up 39 cents, or 0.7%, at $55.26 a barrel. Prices rose after the drone attack by Yemen’s Houthi group on an oilfield in eastern Saudi Arabia on Saturday added to Middle East tensions.

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    09:04 (IST)19 Aug 2019
    Gold prices fall on stronger dollar, equities

    Gold prices dipped on Monday on a stronger U.S. dollar and a recovery in equities markets, as hopes of stimulus from major central banks eased fears of a steep global economic downturn.  Spot gold was down 0.5% at $1,506 per ounce at 0114 GMT. U.S. gold futures fell 0.4% to $1,517.60 an ounce.  The dollar index, against a basket of six major currencies, hovered near a two-week high reached on Friday.

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    09:03 (IST)19 Aug 2019
    China warns Canada to stop meddling in Hong Kong

    China’s embassy in Ottawa has warned Canada to stop meddling in Hong Kong’s affairs. A spokesman posted a statement on the embassy website on Sunday saying that “the Canadian side should be cautious with its words and deeds.” Canada and the EU issued a joint statement on Saturday saying the right of peaceful assembly is enshrined in basic law in Hong Kong. Weeks of protests in the Chinese territory show no sign of relenting. The movement’s demands include the resignation of the city leader, democratic elections and an independent investigation into police use of force.

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    09:03 (IST)19 Aug 2019
    Would be unwise to turn to Pakistan as strategic partner, says US expert

    Amid an increased India-Pak tension on Kashmir and an ongoing Afghan peace talks, a top American foreign policy expert has cautioned the Trump Administration against any strategic tilt towards Pakistan and moving away from India. “The US would be unwise to turn to Pakistan as a strategic partner,” Richard N Hass, president of the Council on Foreign Relations, wrote in an op-ed last week. Pakistan sees a friendly government in Kabul as vital to its security and competition with arch-rival India, he wrote in his op-ed that was first published by Project Syndicate and thereafter, on the CFR website.

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    09:02 (IST)19 Aug 2019
    Apple CEO Tim Cook warns Donald Trump about China tariffs, Samsung competition

    President Donald Trump said on Sunday that he had spoken with Apple Inc’s Chief Executive Tim Cook about the impact of U.S. tariffs on Chinese imports as well as competition from South Korean company Samsung Electronics Co Ltd. Trump said Cook “made a good case” that tariffs could hurt Apple, given that Samsung’s products would not be subject to those same tariffs. Tariffs on an additional $300 billion worth of Chinese goods, including consumer electronics, are scheduled to go into effect in two stages on Sept. 1 and Dec. 15. By contrast, the United States and South Korea struck a trade agreement last September.

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    09:01 (IST)19 Aug 2019
    Donald Trump ‘not ready’ for China trade deal, dismisses recession fears

    U.S. President Donald Trump and top White House officials dismissed concerns that economic growth may be faltering, saying on Sunday they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States. “We’re doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with money,” Trump said on Sunday. But he was less optimistic than his aides on striking a trade deal with China, saying that while he believed China was ready to come to an agreement, “I’m not ready to make a deal yet.” He hinted that the White House would like to see Beijing resolve ongoing protests in Hong Kong first. “I would like to see Hong Kong worked out in a very humanitarian fashion,” Trump said.

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