Share market highlights: Sensex ends 235 points up, Nifty above 11,650; Yes Bank, Tata Motors among top gainers

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Updated:Jul 16, 2019 3:46:28 pm

Share market highlights: After opening higher the headline indices Sensex and Nifty extended gains in the afternoon trade on Tuesday. The Sensex closed 235 points to 39,131.04 while the Nifty is closed above the 11,650-mark.

Sensex, Sensex today, Sensex share, Sensex news, Tata Steel, NTPC , Bajaj Auto, HDFC Bank, Axis Bank, Hero MotoCorp, PowerGrid, Tata Motors, SBI, Yes Bank, Bharti Airtel, Maruti, HCL Tech, HUL, RILYes Bank shares ended the session 14% higher at Rs 103.90 on BSE.

Share market highlights: After opening higher the headline indices Sensex and Nifty extended gains in the afternoon trade on Tuesday. The Sensex closed 235 points to 39,131.04 while the Nifty is closed above the 11,650-mark. Yes Bank shares ended the session 14% higher at Rs 103.90, while Tata Motors shares ended the session 6% to Rs 169.85. HCL Tech, TCS, M&M emerged among the biggest loseers, shedding more than 1% each. Asian shares inched up on Tuesday as traders awaited US retail sales data and more corporate earnings to gauge the health of the world’s biggest economy, with markets remaining focused on a likely US rate cut by the end of the month. Investors were relieved by encouraging Chinese economic data on the previous day, though broad pressure across global business and investment from Sino-US trade frictions and slowing world growth reinforced expectations of policy easing by major central banks, Reuters reported.

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    15:46 (IST)16 Jul 2019
    BSE live: Sensex ends 235 points up, Nifty above 11,650; Yes Bank, Tata Motors among top gainers

    After opening higher the headline indices Sensex and Nifty extended gains in the afternoon trade on Tuesday. The Sensex closed 235 points to 39,131.04 while the Nifty is closed above the 11,650-mark. Yes Bank shares ended the session 14% higher at Rs 103.90, while Tata Motors shares ended the session 6% to Rs 169.85. HCL Tech, TCS, M&M emerged among the biggest loseers, shedding more than 1% each. A look at LIVE Sensex heatmap.

    15:11 (IST)16 Jul 2019
    Yes Bank share price jumps 11% after reports of likely capital infusion by four PE players; what firm says

    Shares of India’s major private sector lender Yes Bank surged on Tuesday after media reports indicated that four PE firms have shown interest to pick up a stake in the bank. Yes Bank shares jumped more than 10.8% to hit the day’s high at Rs 103.35. “US-based private equity investor made an offer to acquire worth $850 million stake in the bank, the term sheet offer for which was made over the weekend,” The Economic Times said in a report, citing sources as saying. The announcement regarding the stake buy is likely to come after thre lender Q1 earnings scheduled to be reported tomorrow, added the report further. 

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    14:36 (IST)16 Jul 2019
    DHFL shares bounce back; jump 6 pc after steep fall on Monday

    DHFL stock on Tuesday rebounded after suffering a massive selloff in the previous day and surged 6 per cent after the company said it was working with stakeholders and creditors to ensure resolution of liquidity issues, without any haircut to the lenders. The scrip jumped 5.97 per cent to Rs 51.40 on the BSE.  On the NSE, it rose by 5.97 per cent to Rs 51.40. Dewan Housing Finance Corporation Limited (DHFL) stock had plummeted nearly 30 per cent on Monday after the company posted the biggest ever quarterly loss of Rs 2,224 crore for the fourth quarter ended March 31.

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    14:02 (IST)16 Jul 2019
    As Sensex, Nifty see correction, Nilesh Shah tells why it’s time to look beyond large caps

    Even as large caps led the recent stock market rally, investors must now look beyond them as their valuation is highly expensive, said a veteran market analyst. The investment should be made into select stocks from broader markets that are currently looking cheap post recent correction in the equity markets, Nilesh Shah, MD, Kotak AMC told CNBC-TV18. The small  and midcaps have higher chance of rebounding as against the large caps, he said. Even a few days back, Nilesh Shah had told ET Now that large caps hold lesser probability now to bounce back when compared with small and mid caps. From the last budget largecaps are up 10 per cent, while midcaps are down nearly 18 per cent and small caps are down about 28 per cent.

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    13:20 (IST)16 Jul 2019
    Out of favour stocks deliver good returns over long-term, finds Motilal Oswal study; top contrarian stock bets

    While the Sensex’s PE has reached alarming levels as investors continue to pour in money into the top 10 constituents, out of favour low PE stocks have delivered robust returns over the long-term, significantly beating the benchmark, according to a study. Motilal Oswal’s latest study said that neutral-to-moderately popular stocks have delivered a significant outperformance, even bettering the performance of the most popular stocks, over a long-term horizon. However, in the Apr-Jun quarter, the most popular stocks performed the best, beating the benchmark, whereas the neutral to moderately popular stocks delivered the third best return. “Our findings prove that, over the long term, out-of-favor low P/E stocks deliver disproportionate returns, significantly beating the benchmark.

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    12:44 (IST)16 Jul 2019
    BSE live: Sensex up 135 points, Nifty above 11,600; Yes Bank, Tata Motors top gainers

    After opening higher the headline indices Sensex and Nifty extended gains in the afternoon trade on Tuesday. The Sensex is up 135 points to 39,034.57 while the Nifty is trading above the 11,600 mark. Yes Bank shares are trading 6% higher at Rs 98.60, while Tata Motors shares are up more than 4.34% to Rs 168. Heromotocorp, TCS, M&M have emerged among the biggest loseers, shedding more than 1% each. A look at LIVE Sensex heatmap.

    12:30 (IST)16 Jul 2019
    Betting big: A $677 billion manager spots opportunity amid India sell-off

    Unfazed by a stock market sell-off that wiped $34 billion from India’s benchmark equity index and unabating jitters in the nation’s credit market, Aberdeen Standard Investments Ltd. is looking to adding to its India equity holdings. Short-term volatility is “an opportunity to build positions in quality companies whose share prices have been indiscriminately dragged down,” said Kristy Fong, Asian equity investment director at the asset manager. “We favor those with pricing power, well-placed to ride on India’s long-term consumption trend.”

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    11:54 (IST)16 Jul 2019
    Budget 2019: Nirmala Sitharaman’s sops for NBFCs to boost their access to capital, lending capacity to MSMEs

    Budget 2019 India: India’s non-banking financial companies (NBFC) has welcomed measures proposed by finance minister Nirmala Sitharaman to boost access to capital. Acknowledging the role of NBFCs in “sustaining consumption demand” and “capital formation in the small and medium industrial segment”, the minister said in her maiden budget speech earlier this month adding that the fundamentally sound NBFCs should continue to receive funding from banks and mutual funds. “The budget underlined the role that NBFCs play in the capital formation of MSMEs segment, and that NBFCs should continue to get funding from the banks. Since the liquidity crisis, the banks have become more conservative lending to NBFCs or providing interest rate reductions,” said Hardika Shah, Founder & CEO, Kinara Capital.

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    11:54 (IST)16 Jul 2019
    Budget 2019: Nirmala Sitharaman’s sops for NBFCs to boost their access to capital, lending capacity to MSMEs

    Budget 2019 India: India’s non-banking financial companies (NBFC) has welcomed measures proposed by finance minister Nirmala Sitharaman to boost access to capital. Acknowledging the role of NBFCs in “sustaining consumption demand” and “capital formation in the small and medium industrial segment”, the minister said in her maiden budget speech earlier this month adding that the fundamentally sound NBFCs should continue to receive funding from banks and mutual funds. “The budget underlined the role that NBFCs play in the capital formation of MSMEs segment, and that NBFCs should continue to get funding from the banks. Since the liquidity crisis, the banks have become more conservative lending to NBFCs or providing interest rate reductions,” said Hardika Shah, Founder & CEO, Kinara Capital.

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    11:24 (IST)16 Jul 2019
    Slowdown in auto sector; this analyst highlights three key reasons

    The auto sector has been witnessing a downtrend across all categories. In the April-June quarter, the passenger vehicle or PV sales declined 18.42 per cent to 7,12,620 units compared with 8,73,490 units during the same period of last year. Vehicle sales across all categories saw a downfall by 12.35 per cent to 60,85,406 units in April-June period against 69,42,742 units during the same period of last year. According to Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Company,  India can’t let the auto industry suffer as the sector contributes 49 per cent to the manufacturing gross domestic product (GDP) of the country. In an interaction with CNBC TV8, Shah detailed the reasons behind the downfall in the auto sector. 

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    10:58 (IST)16 Jul 2019
    Budget 2019: 100% FDI for insurance intermediaries to boost number of new businesses, product offerings

    Budget 2019 India: Among measures to boost foreign direct investment (FDI) in India, finance minister Nirmala Sitharaman in her maiden budget speech proposed permitting 100 per cent FDI for insurance intermediaries apart from examining “suggestions of further opening up of FDI in aviation, media (animation, AVGC) and insurance sectors in consultation with all stakeholders,” the minister had said. “The insure-tech industry will benefit with 100 per cent FDI being permitted for insurance intermediaries in India as it will enable the insurance market to grow,” said Vishal Gondal, CEO and Founder GOQii.

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    10:28 (IST)16 Jul 2019
    Equity mutual fund inflows hit seven month high in June despite volatile stock market; key things to know

    The equity mutual inflows touched a fresh seven-month high in June despite heightened volatility in the stock market. Notably, the Indian mutual fund investors pumped in a whopping Rs 7,675.36 crore into equity schemes in June, up 54.5% from the previous month, the Association of Mutual Funds in India (Amfi) said. The amount was still 20% lower than June 2018’s inflows of Rs 9,660 crore. The flows came in higher even as June was a month of wild swings for the market.

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    10:06 (IST)16 Jul 2019
    DMart operator’s shares jump 6 per cent after Q1FY20 results; Should you buy or sell stock?

    Shares of Avenue Supermarts, operator of retail chain D-Mart, surged Monday after the company posted stellar results for the first quarter of FY20. The company’s shares opened at Rs 1,430 per share on BSE as against the last close of Rs 1,359 per share and surged 6 per cent to hit at Rs 1,447 per share. The operating company of DMart supermarket store chain posted a 65 per cent increase in its profit after tax to Rs 334.99 crore quarter-on-quarter.  The consolidated revenue for the quarter ended June 30, 2019, stood at Rs 5,815 crore, as compared to Rs. 4,576 crore in the same period last year.

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    09:48 (IST)16 Jul 2019
    No turning back: Buyback still a good option despite tax proposal in Budget 2019

    Buyback of shares has been resorted to by many listed companies in the past, on account of the tax efficiency it provides, as against tax on the distribution of dividend. The major advantage of the buyback is that no tax equivalent to dividend distribution tax is applicable on companies; rather taxes on such buyback is payable by the taxpayer as capital gains, which before Finance Bill 2018, was exempt. However, last year by introduction of section 112A, such gains were taxed at the rate of 10 percent (plus surcharge and cess as applicable) for gains arising post 31 January 2018, i.e. gains up to 31 January 2018, for long term equity shares was grandfathered considering highest price on stock exchange as on 31 st January 2018 cost of equity shares for the purpose of capital gains.

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    09:26 (IST)16 Jul 2019
    BSE live: Sensex up 70 points, Nifty below 11,600; ONGC, NTPC top gainers

    Share market LIVE: The headline indices Sensex and Nifty opened marginally higher on Tuesday morning, tracking mixed global cues. The Sensex is up 70 points to 38,966.86 while the Nifty is trading below the 11,600 mark. NTPC shares gained more than 1.25% to hit Rs 129.20 on BSE. Yes Bank shares are trading 0.75% higher at Rs 93.90. Heromotocorp, TCS, M&M have emerged among the biggest loseers, shedding more than 1% each. A look at LIVE Sensex heatmap.

    09:08 (IST)16 Jul 2019
    Water crisis: Nine steps to address the shortage

    In his Mann Ki Baat 2.0, PM Narendra Modi—the first after his re-election—pitched for water conservation to be made into a mass movement in India, amid reports of depleting water resources due to several reasons. In India, agriculture consumes nearly 80% (65% in China) of fresh water and the rest 20% is used for drinking and other household activities. Thus, and rightly so, the government launched the Jal Shakti Abhiyan (JSA) on July 1. The objective of JSA is to take measures for rainwater harvesting, water conservation and replenishing water bodies for meeting acute shortage of water. Today, India conserves only 8% of the rainfall it receives, which is among the lowest in the world, and we need to change this.

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    09:00 (IST)16 Jul 2019
    US court favours Dr Reddy's in Suboxone patent case

    The US Federal Circuit Court of Appeals in Washington has upheld lower court rulings that Dr. Reddy’s Laboratories did not infringe two patents of British drug maker Indivior related to Suboxone. The Suboxone film is applied below a patient’s tongue, where it dissolves to release two active ingredients, buprenorphine and naloxone. Indivior had appealed against a US court order to stop Dr. Reddy’s Laboratories and Alvogen from selling generic versions of its anti-opioid addiction drug Suboxone film that infringed its patents. Dr Reddy’s had booked sales of around $10-$15 million, days after its launch, before it was stayed by the US court. Suboxone had sales of around $786 billion in the US for the first nine months of 2018. The drug accounts for about 80% of Indivior’s sales.

    08:47 (IST)16 Jul 2019
    Tax on FPIs: Relief to less volatile investors not easy — here’s why

    While there is a thinking in some sections of the government that FPIs with investors not focused on profit maximisation could be exempted from the proposed higher surcharge on the super rich, tax experts have doubted the feasibility of the move. It would be difficult to define a special dispensation linked to the nature of beneficiary investors, as most India-focused funds are open-ended ones, where the investors keep changing, experts noted. According to an official source, the matter was discussed among the finance ministry officials, the CBDT and the Sebi last week. 

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    08:37 (IST)16 Jul 2019
    Global markets: Asian shares tick up, US data, earnings in focus ahead of Fed

    Asian shares inched up on Tuesday as traders awaited U.S. retail sales data and more corporate earnings to gauge the health of the world’s biggest economy, with markets remaining focused on a likely U.S. rate cut by the end of the month. Investors were relieved by encouraging Chinese economic data on the previous day, though broad pressure across global business and investment from Sino-U.S. trade frictions and slowing world growth reinforced expectations of policy easing by major central banks.

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    08:36 (IST)16 Jul 2019
    Gold little changed; US retail sales data in focus

    old prices were little changed in early Asian trade on Tuesday as investors awaited U.S. retail sales data due later in the day for further clues on policy easing from the Federal Reserve in the face of a global slowdown. Spot gold was down 0.1% at $1,412.24 per ounce, as of 0107 GMT. U.S. gold futures were up 0.2% at $1,416.20 an ounce. U.S. data on Tuesday is expected to show that retail sales gained 0.1% in June, according to the median estimate of economists polled by Reuters.

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    08:35 (IST)16 Jul 2019
    Oil down for a second day as US Gulf of Mexico output returns

    Oil prices fell for a second day on Tuesday as more production facilities returned to operation in the U.S. Gulf after Hurricane Barry swept through over the weekend, while Chinese economic data dimmed the outlook for crude demand. Brent crude futures were down 10 cents, or 0.2%, at $66.38 a barrel by 0028 GMT. They fell 0.4% overnight. U.S. crude fell by 10 cents, or 0.2% to $59.48 a barrel.

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