Share market highlights: Sensex ends 140 points up, Nifty above 11,750; IndusInd Bank, Sun Pharma top gainers

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Updated:May 22, 2019 3:39:58 pm

Share market highlights: The Sensex and Nifty closed marginally higher on Wednesday ahead of election results tomorrow. The Sensex ended 140.41 points up at 39,110.21, while the Nifty ended above the 11,750-mark.

The number of securities that hit the upper circuit limit was 115, while 119 scrips touched their respective lower circuits, according to BSE. (File photo)IndusInd Bank, Sun Pharma shares emerged as the biggest gainers, jumping up to 5.6%. 

Share market highlights: The Sensex and Nifty closed marginally higher on Wednesday ahead of election results tomorrow. The Sensex ended 140.41 points up at 39,110.21, while the Nifty ended above the 11,750-mark. IndusInd Bank, Sun Pharma shares emerged as the biggest gainers, jumping up to 5.6%.

Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington’s temporary relaxation of curbs against China’s Huawei Technologies failed to offset deeper worries about trade frictions between the world’s two largest economies. MSCI’s broadest index of Asia-Pacific shares outside Japan initially edged up following gains on Wall Street but was last down 0.15%. Australian stocks slipped 0.25%, South Korea’s KOSPI fell 0.45% and Japan’s Nikkei edged up 0.05%, Reuters reported.

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Highlights

    15:39 (IST)22 May 2019
    BSE live: Sensex ends 140 points up, Nifty above 11,750; IndusInd Bank, Sun Pharma top gainers

    The Sensex and Nifty closed marginally higher on Wednesday ahead of election results tomorrow. The Sensex ended 140.41 points up at 39,110.21, while the Nifty ended above the 11,750-mark. IndusInd Bank, Sun Pharma shares emerged as the biggest gainers, jumping up to 5.6%. A look at LIVE Sensex heatmap.

    14:47 (IST)22 May 2019
    DHFL share price plunges 18% after firm stops deposits and pre-mature withdrawals; key things to know

    Shares of India’s housing finance major DHFL plunged on Wednesday morning, after the firm said that it will not accept new deposits, while stopping renewals of existing ones, with immediate effect. DHFL share price plunged by nearly 18% to hit the day’s low at Rs 107.15. “In view of the recent revision in the credit rating of our fixed deposit program, accepting of all fresh deposits, as well as renewals, has been put on hold with immediate effect,” DHFL said. The move comes after Care Ratings recently downgraded DHFL’s fixed deposit programme worth Rs 20,000 crore to CARE BBB- (Credit Watch with negative implications) from CARE A.

    Also read: DHFL share price plunges 18% after firm stops deposits and pre-mature withdrawals; key things to know

    14:04 (IST)22 May 2019
    BSE live: Sensex, Nifty trade with gains; IndusInd Bank, Sun Pharma top gainers

    The Sensex and Nifty are trading higher in the afternoon trade on Wednesday ahead of election results tomorrow. The Sensex is up about 210 points to 39,196.36, while the Nifty is trading near the 11,800-mark. DHFL share price plunged nearly 15% to Rs 107.15, after media reports indicated that the firm has stopped accepting deposits, and disallowed pre-mature withdrawals. IOC, ICICI Bank are among the top Nifty gainers, up 1% each. IndusInd Bank shares are trading 2% higher to emerge among the biggest Sensex gainers, post Q4 results. A look at LIVE Sensex heatmap.

    13:01 (IST)22 May 2019
    BSE live: Sensex, Nifty retreat from highs; IndusInd Bank, ITC top losers

    The Sensex and Nifty retreated from the day's high on Wednesday afternoon, tracking global cues and ahead of election results tomorrow. The Sensex is down about 12 points to 38,958, while the Nifty is trading below the 11,700-mark. DHFL share price plunged nearly 15% to Rs 107.15, after media reports indicated that the firm has stopped accepting deposits, and disallowed pre-mature withdrawals. IOC, ICICI Bank are among the top Nifty gainers, up 1% each. ITC and IndusInd Bank are among the biggest Sensex losers, down up to 2.5%. A look at live Sensex heatmap.

    12:18 (IST)22 May 2019
    L&T share price zooms to fresh 52-week high, Nomura maintains buy call

    Shares of infrastructure major L&T gained in trade on Wednesday morning, after global brokerage firm Nomura retaied a buy call on the shares. L&T share price zoomed by more than 1.7% to hit the day's high at Rs 1,473.15 on BSE. yesterday, the infra giant purchased 71,835 shares of IT services firm Mindtree at Rs 979.97 apiece in its run-up to the proposed takeover of the latter. Global brokerage firm Nomura has maintained a buy call on the stock with the target being raised to Rs 1,745 per share from Rs 1,675 per share earlier. 

    11:15 (IST)22 May 2019
    Yes Bank market cap lower than PNB, BoB; shares post negative returns for first five months

    Yes Bank share price continues to tumble on Wednesday morning, making the private lender's market capitlisation to go lower than that of state-run lenders PNB as well BoB. Yes Bank shares are trading 2.7% lower at Rs 137.25 in the morning trade. YES BANK sees negative returns in first 5 months of this year for the first time in six years. A look at top 5 Nifty gainers and losers. 

      

    10:57 (IST)22 May 2019
    IndusInd Bank share price slumps ahead of its Q4 results scheduled today

    Shares of India's major private sector lender IndusInd Bank slumped in the morning trade on Wednesday, ahead of its Q4 results. IndusInd Bank shares are trading 3% down at Rs 136.95. According to research and broking firm Kotak Institutional Equities IndusInd Bank may report a net profit at Rs 599.5 crore down 37.1% on-year (down 39.1 percent quarter-on-quarter). Net Interest Income (NII) is expected to increase by 17.7% on-year to Rs 2,363.3 crore.

    10:34 (IST)22 May 2019
    Global update: Japan exports fall again as Donald Trump’s trade policy threatens economic outlook

    Japanese exports contracted for the fifth month in April due to a slump in shipments of chip-making equipment to China, underlining the growing threat to the world’s third-biggest economy from a bruising Sino-U.S. trade war. Data also showed Japan’s trade surplus with the United States rose for a second month as auto exports accelerated, which could draw U.S. President Donald Trump’s ire before U.S.-Japan trade negotiations begin this week followed by a leaders’ summit a few days later.

    Also read: Global update: Japan exports fall again as Donald Trump’s trade policy threatens economic outlook

    10:22 (IST)22 May 2019
    Gold hovers near 2-week low on strong dollar ahead of US Federal Reserve’s minutes

    Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-U.S. friction dented demand for bullion ahead of the minutes from U.S. Federal Reserve’s latest meeting. Spot gold edged 0.1% lower to $1,273.70 per ounce at 0239 GMT. In the previous session, the metal fell to $1,268.97, its lowest since May 3. U.S. gold futures were unchanged at $1,273.30 an ounce. The dollar hovered near a four-week high supported by higher U.S. yields, which rose overnight after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies Co Ltd. “A stronger dollar and Washington’s extension to Huawei for 3 months has put the knife into gold,” OANDA analyst Jeffrey Halley said. On Monday, the U.S. Department of Commerce granted Huawei a license to buy U.S. goods until Aug. 19, a move intended to give telecom operators that rely on Huawei enough time to make alternative arrangements.

    Also read: Gold hovers near 2-week low on strong dollar ahead of US Federal Reserve’s minutes

    10:01 (IST)22 May 2019
    Rupee opens higher at 69.67 per dollar against the previous close of 69.71

    The Indian rupee opened slightly higher at 69.67 per dollar on Wednesday morning against the previous close 69.71 ahead of Lok Sabha election results to be announced tomorrow. Yesterday, the Indian currency opened flat at 69.74, while it opened higher on Monday after the exit polls predicted victory for the ruling Bharatiya Janata Party in the Lok Sabha elections 2019. The results will be declared on Thursday. 

    Also read: Rupee opens higher at 69.67 per dollar against the previous close of 69.71

    09:24 (IST)22 May 2019
    BSE live: Sensex, Nifty trade mildly higher; DHFL plunges 15%, ICICI Bank, IOC top gainers

    The Sensex and Nifty opened mildly lower on Wednesday morning, tracking global cues and ahead of election results tomorrow. The Sensex is up about 45 to to 39,014, while the Nifty is trading below the 11,700-mark. DHFL share price plunged nearly 15% to Rs 107.15, after media reports indicated that the firm has stopped accepting deposits, and disallowed pre-mature withdrawals. IOC, ICICI Bank are among the top Nifty gainers, up 1% each. A look at LIVE Sensex heatmap.

    09:16 (IST)22 May 2019
    GMR Group to set up business park in Hyderabad

    GMR Group is setting up a business park in Hyderabad to be developed by GMR Hyderabad Aerotropolis, a subsidiary of GMR Hyderabad International Airport. The area covered by the business park is one million square foot where six business complexes would be developed. The project will be financed through debt and internal accruals of Rs 350 crore. It will be developed in two phases. The first phase comprises four towers, of which one is ready for occupancy.

    Also read: GMR Group to set up business park in Hyderabad

    09:15 (IST)22 May 2019
    IL&FS board begins claims management for 70 group firms as part of resolution plan

    The government-appointed board of the debt-ridden IL&FS has started the claims management process for 70 group companies as a part of its debt resolution process, the company said in a statement on Tuesday. Grant Thornton will oversee the execution of the process. Operational and financial creditors of the 70 companies have been invited to submit their claims with respect to liabilities up to October 15, 2018. “The claims process is being run in an effort to crystallise the financial and operational liabilities of IL&FS Group to facilitate distribution of proceeds from the resolution process,” the company said.

    Also read: IL&FS board begins claims management for 70 group firms as part of resolution plan

    09:15 (IST)22 May 2019
    81% of Indian firms plan to divest in next 2 years: EY report

    EY on Tuesday said in its India Divestment Study 2019 that 81% of the companies surveyed plan to undertake divestments in the next two years while 67% expect large-scale transformational divestments in the next 12 months. The study is based on responses from more than 40 organisations in India, across sectors to gauge the success factors, challenges, collaboration landscape and growth areas for divestments in India.

    Also read: 81% of Indian firms plan to divest in next 2 years: EY report

    08:57 (IST)22 May 2019
    Uday Kotak’s 2-point growth formula: How India may see long term economic growth

    Even as the day nears for the counting of votes, discussions are on about the way forward for the economy. The new government needs to focus both on economic growth, which hit a five-quarter low of 6.6 per cent in the December quarter, and unemployment. India needs a stable government and sustainable policies to lay the foundation of the long-term economic growth, Uday Kotak said while discussing on the priority areas for the next government on microblogging site Twitter. “Time to focus on economy. 

    Also read: Uday Kotak’s 2-point growth formula: How India may see long term economic growth

    08:56 (IST)22 May 2019
    Sensex, Nifty rally on stable govt hopes, NDA-II may be more productive; IIFL’s Nirmal Jain says

    Even as a section of the stock market didn’t expect BJP-led NDA to gain majority, the exit polls struck a surprise leading to a gigantic rally, said a veteran investor. Certain market participants were positioned for a coalition government and the possibility of a stable government nudged the investors to join the ongoing rally, Nirmal Jain, Founder & Chairman, IIFL Group, told ET Now in an interview. Furthermore, many investors were underowning shares and there were short positions as well in the bourses, he added. 

    Also read: Sensex, Nifty rally on stable govt hopes, NDA-II may be more productive; IIFL’s Nirmal Jain says

    08:54 (IST)22 May 2019
    Super rich Indians’ investment in PE to be Asia’s highest this year, says report

    India’s super-rich are increasingly looking at private equity (PE) as an alternative investment class with 46 per cent of the country’s ultra-high-net-worth individuals (UHNWI) are expected to enhance their PE investments in 2019. This is up from 37 per cent last year and also fourth highest globally, said a survey by global property consultancy firm Knight Frank. UHNWIs are increasingly eyeing at exploring alternative areas where they can invest and PE offers them a structured investment option for a long term, says Shishir Baijal, Chairman & Managing Director, Knight Frank India. As the amount of wealth in India is increasing the fastest globally, India’s super-rich are likely to reduce exposure to cash and boost their investment in PE this year as local investors grow in sophistication, added Baijal. “In the Indian market, there is a strong bend towards Equities and Private Equities.” However, 9 per cent of the survey respondents in India said that their investment in PE is expected to be reduced this year.

    Also read: Super rich Indians’ investment in PE to be Asia’s highest this year, says report

    08:49 (IST)22 May 2019
    How mutual funds of real estate will prop up property market in India

    Asia saw the emergence of Real Estate Investment Trusts (REITs) as a collective investment vehicle for uncorking the market potential of real estate at the start of the 21st century. From there, it has taken India almost two decades to list its first REIT on the Indian bourses. It is an exciting time for the commercial real estate industry with the sector predicted to scale a higher growth trajectory given the fact that India’s per capita office space is far lower than that of the developed countries. Also, with the service sector playing a pivotal role in the exponential growth of the Indian economy, the demand for quality office space assets should continue to outpace supply.

    Also read: How mutual funds of real estate will prop up property market in India