Share market highlights: Sensex ends 470 points down, Nifty below 10,700; Yes Bank crashes 16%

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Updated:Sep 19, 2019 3:40:30 pm

Share Market highlights:  The headline indices Sensex and Nifty extended losses on Thursday even as domestic and global cues weigh. The Sensex  closed 470 points down to 36,093.

sensex, bse, nseThe Sensex  closed 470 points down to 36,093 while the Nifty ended below the 10,700-mark.

Share Market highlights: The headline indices Sensex and Nifty extended losses on Thursday even as domestic and global cues weigh. The Sensex  closed 470 points down to 36,093 while the Nifty ended below the 10,700-mark. HDFC Bank, Tata Motors shares were among the biggest gainers, jumping up to 2%, while Yes Bank, ICICI Bank, Tata Steel emerged among the biggest losers, shedding up to 15%. Asian shares edged higher on Thursday, tracking some modest Wall Street gains after the U.S. Federal Reserve cut interest rates as expected but offered mixed signals on the next easing, keeping investors cautious. The Treasury yield curve flattened as Fed Chairman Jerome Powell dashed hopes he would signal further easing while division among central bankers has increased uncertainty over how much further rates might fall, Reuters reported. We bring to you highlights.

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Highlights

    15:40 (IST)19 Sep 2019
    BSE live: Sensex ends 470 points down, Nifty below 10,700; Yes Bank crashes 16%

    The headline indices Sensex and Nifty extended losses on Thursday even as domestic and global cues weigh. The Sensex  closed 470 points down to 36,093 while the Nifty ended below the 10,700-mark. HDFC Bank, Tata Motors shares were among the biggest gainers, jumping up to 2%, while Yes Bank, ICICI Bank, Tata Steel emerged among the biggest losers, shedding up to 15%. A look at LIVE Sensex heatmap.

    15:09 (IST)19 Sep 2019
    Finance Minister Nirmala Sitharaman meeting PSU bank chiefs today; to discuss big bank mergers

    Finance Minister Nirmala Sitharaman will meet heads of India’s PSU banks today to discuss easing liquidity conditions and providing operational support, following up on her announcement to merge 10 public sector banks into four bigger and stronger lenders. Amid the ongoing slowdown, Nirmala Sitharaman will likely discuss the strategy, timeline, and procedure to complete the merger process with the heads of PSU banks today. While the government believes that the merger will reduce the burden of stressed assets on these banks, many officials think that this can lead to a large-scale layoff.

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    15:00 (IST)19 Sep 2019
    BSE live: Sensex crashes 530 points, Nifty below 10,700; Yes Bank, Tata Steel dive up to 15%

    The headline indices Sensex and Nifty extended losses on Thursday afternoon. The Sensex was down about 560 points to 35,987 while the Nifty was trading below the 10,700-mark at 3.00 pm. Bharti Airtel, Tata Motors shares were among the biggest gainers, jumping up to 25, while Yes Bank, ICICI Bank, Tata Steel emerged among the biggest losers, shedding up to 15%. A look at LIVE Sensex heatmap.

    14:44 (IST)19 Sep 2019
    Aditya Puri on slowdown: Diwali to be good for HDFC Bank; India will be best financial market in 5 yrs

    Even as the economy reels under a slowdown, upcoming Diwali is expected to be very good for HDFC Bank and its partners, Aditya Puri, MD, HDFC Bank told CNBC TV18. Enough money is being pushed into the system and good monsoon would help the economy going forward, the veteran banker added. Even as the markets are seeing stress, there are no concerns with respect to portfolio of HDFC Bank, Aditya Puri also said. Adding, he said that India is expected to be the best financial market in the world in the next five years. On NBFC crisis, he said that the creditworthy companies are getting money and there are no systemic issues. However, Aditya Puri also said that there is a need to work upon the current slowdown.

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    14:26 (IST)19 Sep 2019
    Petrol, diesel prices up for 3rd day in row; fuel rates see steepest rise since budget

    The oil marketing companies (OMCs) on Thursday hiked the prices of petrol and diesel for the third time in a row even as the markets were soothed by Saudi Arabia’s pledge to restore full production by end of September at facilities affected in drone attacks last weekend. The fuel prices saw the steepest hike since July 5 when Finance Minister Nirmala Sitharaman raised rates by nearly Rs 2.50 a litre owing to an increase in excise duty. In Delhi and Mumbai, the petrol prices were raised by 29 paise per litre, while rates of diesel surged by 19 paise as against the previous day’s prices, IOCL data showed.

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    13:56 (IST)19 Sep 2019
    Air India privatization: GoM led by Amit Shah to meet today to discuss carrier divestment

    A group of ministers led by Home Minister Amit Shah is set to meet on Thursday to discuss Air India privatization as the government looks to reduce its stake in the state-run carrier. The panel, which will have Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal and Civil Aviation Minister Hardeep Singh Puri, will discuss key issues relating to selling 100% stake in the airline, Air India debt position, attracting investors by making terms better, relaxing FDI norms, and issuing Expression of Interest, according to various media reports. Ahead of the GoM meet, the finance minister also met Hardeep Singh Puri on Wednesday. 

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    13:12 (IST)19 Sep 2019
    Yes Bank hare price plunges 10% after Care Ratings downgrades Rana Kapoor’s Morgan Credit

    Shares of private sector lender Yes Bank plunged on Thursday, after Care Ratings downgraded ratings of promoter Rana Kapoor-owned Morgan Credit Pvt Ltd (MCPL) from A minus to BBB minus. Yes Bank share price plunged more than 10% to hit the day’s low at Rs 57.30 on BSE. Notably, MCPL is one of the promoters of Yes Bank, and held 3.03% stake in the private lender as on March 31, 2019. Along with its entities, the company held 10.62% stake in the private sector bank. MCPL, along with its entities held 10.62% stake in Yes Bank as on March 31, 2019. “The rating is based on internal credit enhancement of loan backed by pledge of shares. 

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    12:02 (IST)19 Sep 2019
    Banks closed for five days in a row later this month? Services to be hit

    Bank services will be hit later this month, for as much as five days in a row in the case of PSU banks from September 26 to September 30. Trade unions have announced a two-day nationwide strike beginning Thursday, September 26. To make things worse for bank customers, the strike is followed by two-day holidays on account of second Saturday and Sunday. The four-day break is likely to affect bank operations such as cash deposit, salary credit for employees and cash transfers, resulting in hardships for customers who need to plan their transactions during the period.

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    12:00 (IST)19 Sep 2019
    Sitharaman’s self-defense: ‘I’ve been working on economy’, finance minister tweets after criticism

    India’s Finance Minister Nirmala Sitharaman defended her handling of the economy in a Twitter post, following criticism by a corporate leader on the lack of fiscal measures to support growth. “As Finance Minister — you might’ve observed — I’ve been working on and regularly speaking about measures we’ve been taking on matters of the economy,” Sitharaman said via Twitter, responding to Kiran Mazumdar-Shaw, head of Indian drug-maker Biocon Ltd. Shaw wondered why the finance minister, and not the health minister, was addressing a press conference on ban of e-cigarettes in India. In the first of a series of tweets, Sitharaman justified her presence at the event that had given rise to speculation about more steps to support growth.

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    11:17 (IST)19 Sep 2019
    Banks closed for five days in a row later this month? Services to be hit

    Bank services will be hit later this month, for as much as five days in a row in case of PSU banks from September 26 to September 30. Trade unions have announced a two-day nationwide strike beginning Thursday, September 26. To make things worse for bank customers, the strike is followed by two-day holidays on account of second Saturday and Sunday. The four-day break is likely to affect bank operations such as cash deposit, salary credit for employees and cash transfers, resulting in hardships for customers who need to plan their transactions during the period.

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    10:58 (IST)19 Sep 2019
    Stellar debut: IIFL Wealth Management share price hits upper circuit after listing

    IIFL Wealth Management, the demerged entity of IIFL Holding made a stellar debut on the exchanges on Thursday, after its shares soared 5% to hit the upper circuit. IIFL Wealth Management shares listed at Rs 1,200 per share on BSE and 1,210 per share on NSE, and soon jumped 5% to hit upper circuit of Rs 1,270 on NSE. Notably, IIFL Wealth Management has now become the first standalone listed wealth management company in India. The parent firm IIFL Holding has diversified interest in three categories, one of them being IIFL Wealth. IIFL Wealth manages alternative investment funds (AIFs).

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    10:17 (IST)19 Sep 2019
    Festive season cheers: FMCG companies to find respite as sales expected to pick up soon

    While FMCG companies continue to face slowdown woes, the upcoming festive season is expected to bring some relief to these companies. As the country gears up for festive season starting October, FMCG companies are likely to witness better sales, according to Nielsen. “We are expecting the festive season to start picking up. October will have a bunch of festive events going on and we do expect Q4 or the October-December quarter to have better sales,” Prasun Basu, President, South Asia, Nielsen told CNBC TV-18 in an interview.

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    09:53 (IST)19 Sep 2019
    Top NBFC bets on RBI easing to end credit crisis even as fresh strains emerge in sector

    One of India’s top shadow financiers by assets is betting that central bank easing will bring an end to the nation’s prolonged credit crisis, even as fresh strains in the sector emerged this week. “Interest-rate cuts and infusion of liquidity by the RBI will give a boost to the bond markets and aid the credit market to return to normalcy by December,” Rashesh Shah, chairman of Edelweiss Financial Services Ltd., said in an interview from the company’s steel-and-glass headquarters in Mumbai. “Steps taken by the government will also help alleviate concerns around non-bank lenders.”

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    09:38 (IST)19 Sep 2019
    NBFC crisis, slowdown put Modi’s goal of $5 trillion economy at risk

    India’s slowdown and a simmering shadow banking crisis is putting Prime Minister Narendra Modi’s goal of crafting a $5 trillion economy by 2025 at risk. The nation entered 2019 as the world’s sixth-biggest economy poised to become the fifth. Instead, it has slipped a notch to seventh place as a collapse in consumption slowed gross domestic product growth to the weakest in six years. External shocks from trade wars to surging oil prices are exacerbating that pain

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    09:22 (IST)19 Sep 2019
    BSE live: Sensex extends losses, Nifty below 10,850; Yes Bank, Tata Steel top losers

    The headline indices Sensex and Nifty opened lower on Thursday morning, tracking mixed global cues. The Sensex was down about 100 points to 36,469.02 while the Nifty was trading below the 10,850-mark at 9.20 am. Bharti Airtel, Tata Motors shares were among the biggest gainers, jumping up to 25, while Yes Bank, ICICI Bank, Tata Steel emerged among the biggest losers, shedding up to 3%.  A look at LIVE Sensex heatmap.

    09:04 (IST)19 Sep 2019
    Global markets: Asian shares edge higher after Fed, investors await Bank of Japan

    Asian shares edged higher on Thursday, tracking some modest Wall Street gains after the U.S. Federal Reserve cut interest rates as expected but offered mixed signals on the next easing, keeping investors cautious. The Treasury yield curve flattened as Fed Chairman Jerome Powell dashed hopes he would signal further easing while division among central bankers has increased uncertainty over how much further rates might fall. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.03%. Japan’s Nikkei rose 0.46%, while Australian shares rose 0.23%. The yen traded near a seven-week low versus the dollar before a Bank of Japan meeting later on Thursday where policymakers are expected to keep their ultra-easy policy unchanged.

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    08:50 (IST)19 Sep 2019
    Rupee ends 2-day fall, surges 54 paise to 71.24 vs USD; key reasons

    Ending the two-day falling spree, the rupee gained 54 paise to close at 71.24 against the US dollar on Wednesday, as pressure eased on the emerging market currencies owing to fall in crude oil prices. At the Interbank Foreign Exchange, the rupee opened at 71.47 and surged to an intra-day high of 71.17 against the US dollar. The local unit finally settled at 71.24, higher by 54 paise over its previous close of 71.78. The rupee opened at 71.47 and surged to an intra-day high of 71.17 against the US dollar. The local unit finally ended the day at 71.24, higher by 54 paise over its previous close of 71.78, at the Interbank Foreign Exchange.

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    08:49 (IST)19 Sep 2019
    London overtakes Mumbai in rupee trading

    London has overtaken India’s financial capital Mumbai to become the top center for trading the nation’s currency. That’s adding to a sense of urgency among local authorities to deepen the onshore market. Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to the latest survey from the Bank for International Settlements released this week. That exceeded the $34.5 billion recorded in India.

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    08:44 (IST)19 Sep 2019
    Interest rate challenge: RBI not in favour of fixed-cum-floating teaser loans

    The Reserve Bank of India (RBI) is not keen on ‘teaser’ loans, or fixed-cum-floating rate loans. Such loans offer customers a lower fixed interest rate in the initial stages and a floating rate framework for the remainder of the tenor. The product has been viewed by the regulator as a ruse to attract customers. “We have had difficulties with those. As we said at the time when we prescribed higher risk weights, we have a problem because it is pushing the risk to a future date,” sources indicated to FE.

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    08:38 (IST)19 Sep 2019
    Demonetisation effect: All-cash purchases of premium cars on decline, but still not rare

    All-cash vehicle purchases have shown a steady decline over the last three years as the dealers and customers are acutely aware that untaxed funds are much more easier to be traced, post-demonetisation. Though even before the note ban in November 2016, there were stringent documentation norms for cash deals, dealers used to find ways to circumvent them.

    08:38 (IST)19 Sep 2019
    Boosting exports: Standards matter more than schemes

    Finance minister Nirmala Sitharaman’s announcement of a slew of measures to boost exports has come at a time when the sector seems to have lost its way. Since the beginning of the decade, exports have grown at an annual average of just 4%, which includes a slump of over 15% in 2015-16. The recovery, since then, has been patchy, and in the previous fiscal, exports grew by an unsatisfactory 8%. In the first five months of the current fiscal, exports have declined by nearly 2% on a year-on-year basis. With the prospects of the global economy looking gloomy, Indian exporters may face serious headwinds going forward.

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    08:37 (IST)19 Sep 2019
    Gold edges lower after Fed delivers mixed signals

    Gold prices edged lower on Thursday as investors remained cautious after the U.S. Federal Reserve cut interest rates as expected but delivered mixed signals about its next move.  Spot gold was 0.3% lower at $1,489.73 per ounce, as of 0102 GMT. Prices fell as much as 1% in the previous session before settling down 0.6%. U.S. gold futures were down 1.2% at $1,497.5 per ounce.

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    08:36 (IST)19 Sep 2019
    Oil prices settle after turbulent week as Saudi Arabia reassures on output

    Oil prices edged higher in early Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend. Brent crude futures rose 8 cents to $63.68 a barrel by 0139 GMT while U.S. West Texas Intermediate (WTI) crude was up 12 cents to $58.23 a barrel. The steadying of nerves, after a 2% drop on Wednesday and a 14% plunge on Monday, came after Saudi Arabia set out the timeline to full operation and also said it had managed to restore supplies to customers at levels prior to the attacks by drawing from its oil inventories.

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