Share market highlights: Sensex ends 318 points down, Nifty below 11,600; Yes Bank, ONGC top losers

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Updated:Jul 18, 2019 3:53:31 pm

Share market highlights: After opening lower, Sensex and Nifty extended losses in the afternoon trade on Thursday, tracking weak cues. The Sensex closed 318 points down at 38,897.46.

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 are trading 11% down at Rs 87, while ONGC shares are down 1.6% to Rs 147.40.

Share market highlights: After opening lower, Sensex and Nifty extended losses in the afternoon trade on Thursday, tracking weak cues. The Sensex closed 318 points down at 38,897.46, while Nifty closed below the 11,600-mark. Yes Bank shares closed 13% down at Rs 85, while Tata Motors shares ended 4.2% down at Rs 160. Bharti Airtel, HDFC, HDFC Bank shares were among the biggest gainers, jumping up to 2.5%. Asian shares wobbled in early Thursday trading as Wall Street stocks dropped on early signs that the U.S.-China trade war could hurt corporate earnings, helping to underpin solid demand for safe-haven U.S. Treasuries. MSCI’s broadest index of Asia-Pacific shares outside Japan was down a touch, while Japan’s benchmark Nikkei fell 1.3% and Australian shares dropped 0.4%, Reuters reported. On Wall Street, all three major indexes fell on Wednesday as weak results from trade-related CSX Corp stoked concerns that the protracted trade stand-off between the United States and China could hurt U.S. corporate earnings, said the report. 

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    15:53 (IST)18 Jul 2019
    BSE live: Sensex ends 318 points down, Nifty below 11,600; Yes Bank, ONGC top losers

    After opening lower, Sensex and Nifty extended losses in the afternoon trade on Thursday, tracking weak cues. The Sensex closed 318 points down at 38,897.46, while Nifty closed below the 11,600-mark. Yes Bank shares closed 13% down at Rs 85, while Tata Motors shares ended 4.2% down at Rs 160. Bharti Airtel, HDFC, HDFC Bank shares were among the biggest gainers, jumping up to 2.5%. A look at LIVE Sensex heatmap. 

    15:13 (IST)18 Jul 2019
    HDFC mcap tops Rs 4 lakh crore mark for first time ever as shares surge to fresh record high

    India’s largest housing finance major HDFC achieved a major feat on Thursday, as the firm’s mcap topped the Rs 4 lakh crore mark, even as the shares surged to a fresh record high. HDFC share price zoomed more than 3% to hit an intra-day high of Rs 2,357 on BSE. The current mcap of HDFC stands at Rs 4.06 lakh crore. The firm is the fourth largest company in terms of market capitalisation. Reliance Industries (Rs 8.12 lakh crore), TCS (Rs 7.94 lakh crore), HDFC Bank (Rs 6.55 lakh crore) are the other three firms with higher market capitalisation. Notably, four firms including Reliance Industries (RIL), Tata Consultancy Services (TCS), HDFC Bank, ITC and Oil & Natural Gas Corporation (ONGC) have so far achieved the feat of crossing the Rs 4 lakh crore market capitalisation.

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    14:15 (IST)18 Jul 2019
    2 years of GST: Over Rs 45,000 crore worth of frauds unearthed so far; what govt is doing to limit frauds

    Taxmen unearthed Rs 45,682.83 crore worth of tax frauds under goods and services tax (GST) regime since its rollout on July 1, 2017, government data showed. In April-June period of FY20 alone, an amount of Rs 6520.40 crore has been detected, the Finance Ministry told Parliament. A total of 9,385 cases of tax frauds were reported in the two years of GST implementation. Of total, 1,593 cases were reported in the first three months of the ongoing fiscal, Minister of State for Finance Anurag Thakur told Parliament in a written reply.

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    13:34 (IST)18 Jul 2019
    Petrol, diesel set to get cheaper, but Modi govt has already taken the money from you

    Petrol and diesel prices are likely to fall in the coming days as international crude prices continue to fall. However, the fall in petrol and diesel prices may not bring much cheer to the public, as the government has already made the fuel that much more expensive for consumers. Petrol and diesel prices shot up by Rs 2.5 per litre immediately after the government raised cess and excise duty by Re 1 per litre each in the budget. VAT by the states has also been marginally increased. Petrol in Delhi was selling for Rs 73.41 per litre and diesel price was at Rs 66.29 per litre on Thursday.

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    13:09 (IST)18 Jul 2019
    BSE live: Sensex extends losses, Nifty below 11,650; Yes Bank, Tata Motors top losers

    After opening lower, Sensex and Nifty extended losses in the afternoon trade on Thursday, tracking weak cues. The Sensex is down 140 points to 39,076.73, while Nifty is trading below the 11,650-mark. Yes Bank shares are trading 13% down at Rs 85, while Tata Motors shares are down 3.3% to Rs 162.35. A look at LIVE Sensex heatmap.

    12:58 (IST)18 Jul 2019
    CARE Ratings sending boss on leave may do more harm than good; here are unintended consequences

    CARE Ratings has sent its MD & CEO Rajesh Mokashi on leave following a complaint received by capital markets regulator SEBI, in an action that experts say may do unintended harm to the markets rather than stabilising the conditions immediately. The actions are too little and too late, veteran investment advisor Sandip Sabharwal told Financial Express Online. Rajesh Mokashi has been sent on leave with immediate effect, until further notice, CARE Ratings said in a regulatory filing late Wednesday evening. CARE Ratings action comes weeks after another rating agency ICRA, also a local affiliate of Moody’s Investors Service, sent its MD & CEO Naresh Takkar on leave, pending an enquiry into anonymous allegations against the executive.

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    12:15 (IST)18 Jul 2019
    Mindtree share price plunges as uncertainty looms in Q1 after L&T’s takeover; what brokerages say

    After IT major Mindtree reported Q1 results below street estimates, analysts note that increased attrition and uncertainty following L&T’s hostile takeover weighed on the earnings. Mindtree share price plunged more than 10% to hit the day’s low at Rs 675.05. Notably, Mindtree has reported a 41% drop in net profit to Rs 92.70 crore, from Rs 158.20 crore, as higher expenses weigh. The firm’s revenue rose 11.9% to Rs 1,834.2 crore in the June quarter from Rs 1,639.5 crore in the comparable period previous fiscal.

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    11:21 (IST)18 Jul 2019
    Yes Bank shares tumble after Q1FY20 results; should you buy, sell or hold?

    Shares of private lender Yes Bank fell significantly on Thursday after it reported dismal results for Apr-Jun of FY20. Yes Bank’s shares slumped nearly 15 per cent in the early trade to Rs 83.70 per share. Currently, its shares are trading 10 per cent lower at Rs 88.30 per share from the last close. Sameer Kalra, Founder and Research head of Target Investing is still holding a long term positive outlook on the stock and has recommended HOLD on the stock. The results show that there is some more pressure in books and the bank may see further rating downgrades in its loan book. 

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    10:50 (IST)18 Jul 2019
    How feasible is Indian market for power-producers; new hurdle awaits solar companies

    Power producing companies have a new roadblock, making the Indian market a little more unfeasible for them. Distribution companies have held back a huge sum of money from the power-producers. Payment of Rs 21,198 crore to the power companies is still pending with the distribution companies, according to a reply in Rajya Sabha. With a due of Rs 4,768 crore, Uttar Pradesh has topped the list of states with highest defaults by discoms, followed by Karnataka at Rs 3,256 crore. Similarly, the distribution companies have defaulted on a payment of Rs 13,820 crore to the wind and solar companies, according to Indian Renewable Energy Development Agency (IREDA).

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    10:18 (IST)18 Jul 2019
    How feasible is Indian market for power-producers; new hurdle awaits solar companies

    Power producing companies have a new roadblock, making the Indian market a little more unfeasible for them. Distribution companies have held back a huge sum of money from the power-producers. Payment of Rs 21,198 crore to the power companies is still pending with the distribution companies, according to a reply in Rajya Sabha. With a due of Rs 4,768 crore, Uttar Pradesh has topped the list of states with highest defaults by discoms, followed by Karnataka at Rs 3,256 crore. Similarly, the distribution companies have defaulted on a payment of Rs 13,820 crore to the wind and solar companies, according to Indian Renewable Energy Development Agency (IREDA).

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    09:49 (IST)18 Jul 2019
    Congress farmers’ cell demands linking MGNREGA to farming sector

    The Congress’ farmers’ cell Wednesday demanded that rural employment scheme MGNREGA be linked to the farming sector and urged Prime Minister Narendra Modi to issue a white paper on farm insurance. At a meeting of Kisan Congress, presided over by the party’s Kisan cell chairman Nana Patole, a resolution was passed to send representatives to Modi and Agriculture Minister Narendra Singh Tomar to review the policies relating to farmers and to provide relief to them on a war footing.

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    09:27 (IST)18 Jul 2019
    BSE live: Sensex down 55 points, Nifty above 11,650; Yes Bank, ONGC top losers

    Share market LIVE: The domestic stock markets Sensex and Nifty opened lower on Thursday morning, traking global cues. The Ssensex is down 72 points to 39,142.76, while Nifty is trading above the 11,650-mark. Yes Bank shares are trading 11% down at Rs 87, while ONGC shares are down 1.6% to Rs 147.40. Bharti Airtel, HDFC, HDFC Bank shares are among the biggest gainers, jumping more than 0.75% each. A look at LIVE Sensex heatmap.

    09:12 (IST)18 Jul 2019
    Global markets: Stocks wobble, bond yields fall on earnings woes, trade worries

    Asian shares wobbled in early Thursday trading as Wall Street stocks dropped on early signs that the U.S.-China trade war could hurt corporate earnings, helping to underpin solid demand for safe-haven U.S. Treasuries. MSCI’s broadest index of Asia-Pacific shares outside Japan was down a touch, while Japan’s benchmark Nikkei fell 1.3% and Australian shares dropped 0.4%. South Korea’s market was off 0.4%. Moments earlier, the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years, as uncertainties from a trade dispute with Japan added to anxiety about the economy’s outlook.

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    09:07 (IST)18 Jul 2019
    Gold scales 2-week peak on Fed rate cut expectations, softer dollar

    Gold prices rose to their highest in two weeks on Wednesday, as the dollar eased after weaker-than-expected U.S. housing data increased expectations for an interest rate cut by the U.S. Federal Reserve. Spot gold was steady at $1,425.87 per ounce as of 0127 GMT, after hitting its highest since July 3 at $1,428.40. U.S. gold futures rose 0.3% to $1,427.30 an ounce. 

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    09:03 (IST)18 Jul 2019
    Bhushan Power & Steel fraud: After PNB, Allahabad Bank, Punjab & Sind Bank reports misappropriation of funds

    After Punjab National Bank (PNB), Allahabad Bank, Punjab & Sind Bank on Wednesday reported Rs 238 crore fraud by Bhushan Power & Steel to the Reserve Bank of India (RBI). The bank said that it has made provision amounting Rs 189 crore. “On the basis of Forensic Audit Investigation findings and CBI filing FIR, on suo moto basis, against the Company and its Directors, alleging diversion of funds from banking system, a fraud of Rs.238.30 crore is being reported by Bank to RBI. In the accounts of the company (BPSL), Bank has already made provisions amounting to Rs.189.35 crore, as per prescribed prudential norms,” Punjab & Sind Bank said in a regulatory filing.

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    08:58 (IST)18 Jul 2019
    Govt to launch sixth tranche of CPSE ETF on Jul 18; key things to know

    In a bid to meet its disinvestment target, the government is planning to raise Rs 8,000 crore through the sixth tranche of CPSE ETF on Jul 18. The government is offering a discount at the rate of Rs 3 per cent on the ‘FFO Reference Market Price’ to the underlying Nifty price index shares. FFO Reference Market Price would be determined based on the average of the full-day volume-weighted average price (VWAP) for each of the constituents of the Nifty CPSE Index on the NSE during the Non-Anchor Investor FFO Period.  FFO units will be listed on NSE and BSE on or before Aug 5, according to HDFC Securities. 

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    08:54 (IST)18 Jul 2019
    As govt bond yields fall, corporate debt remains unaffected; what’s holding up private bond yields?

    Even as yields on 10-year government bonds fell to the lowest level since demonetisation in 2016, the corporate bonds have remained largely unaffected. The spread between the government and corporate bonds has widened mainly on account of comparatively lesser decline in yields of corporate bonds as against G-secs. While rise in demand of government bonds and the probability of a rate cut by the RBI are reasons behind fall, several defaults in corporate space are holding the yields up for company bonds, the experts said.

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    08:44 (IST)18 Jul 2019
    US-China trade war, monetary policy among biggest concerns of fund managers, reveals BofAML survey

    Even as we continue to see major developments centering around the US-China dispute, concerns about a full blown trade war and and monetary policy impotence are among the biggest worries of fund managers, according to a survey. Bank of America Meryill Lynch’s latest survey of fund managers noted that concerns about a trade war (36%), monetary policy impotence (22%), China slowdown (12%) and bond market bubble (9%) are the top four concerns cited by fund mangers. Amid the ongoing trade war, the Chinese economy grew by just 6.2% on-year in the June quarter, registering the lowest rate of GDP growth in the last 27 years, ie, since the first quarter of 1992. China’s Apr-Jun quarter GDP growth was slower than the previous quarter’s 6.4%. Steep decline in China’s growth is a result of the continued trade dispute with the US and alarming off-balance sheet borrowings by the local governments.

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    08:43 (IST)18 Jul 2019
    Yes Bank Q1 net profit down 91% on-year to Rs 114 crore as provisions rise; key figures in a nutshell

    India’s major private sector lender Yes Bank’s net profit plunged 91% on-year to Rs 114 crore, even as higher provisions and worsening asset quality weigh. The bank had reported a net profit of Rs 1,260 crore in the comparable period previous fiscal. Earlier, an ET Now poll had estmated a net profit of Rs 164 crore. The net interest income came in 2.8% higher on-year to Rs 2,281 crore. Yes Bank said that the net profit was impcted due to absorbing one off impact from MTM provisions of  Rs 1,109 crore in the quarter under review. Notably, the pre-provisioning Operating Profit grew 48.0% sequentially to Rs  1,959 crore.

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