Share Market highlights: Sensex ends 161 points up, Nifty near 10,850; Maruti Suzuki, Sun Pharma plunge

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Updated: September 4, 2019 4:01:58 pm

Share Market highlights: The headline indices Sensex and Nifty made a smart recovery in the afternoon trade on Wednesday, on the back of a rally in index heavyweights. The Sensex closed 162 points up at 36,725.

Sensex, equity markets, FMCG, NSE benchmark, US, China, Asian markets, Nifty, foreign portfolio investors, BSE sensexThe Sensex closed 162 points up at 36,725, while the Nifty ended the session near the 10,850-,mark.

Share Market highlights: The headline indices Sensex and Nifty made a smart recovery in the afternoon trade on Wednesday, on the back of a rally in index heavyweights. The Sensex closed 162 points up at 36,725, while the Nifty ended the session near the 10,850-mark. Maruti Suzuki, Sun Pharma, Yes Bank shares were among the biggest losers, ending up to 4% lower. Asian stocks bounced on Wednesday, led by Chinese markets after a report showed growth in the country’s service sector accelerating despite broader economic headwinds, while the pound halted its decline on hopes a no-deal Brexit may yet be averted. The Shanghai Composite Index added 0.45 per cent while the blue-chip CSI300 index gained 0.5 per cent after activity in China’s services sector expanded at the fastest pace in three months in August, according to a business survey, Reuters reported.

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    16:01 (IST)04 Sep 2019
    Slowdown has no bearing on power sector, growing at almost 7 per cent: RK Singh

    Amid a deepening slowdown in the economy, power demand has stood out, growing almost 7 per cent on the back of the world’s largest new consumer addition programme that has taken electricity to almost every doorstep. In an interview with PTI, Power Minister R K Singh on Wednesday said, “Now, we are at a stage where there is universal access to electricity in India. We have left some houses in Chhattisgarh and some hamlets in Rajasthan and Uttar Pradesh. That has led to this growth in electrical industry sector (manufacturing of equipment).” He also added that those making things such as transformers and conductors got the fillip and are growing at 6.9 per cent.

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    15:45 (IST)04 Sep 2019
    BSE live: Sensex ends 161 points up, Nifty near 10,850; Maruti Suzuki, Sun Pharma plunge

    The headline indices Sensex and Nifty made a smart recovery in the afternoon trade on Wednesday, on the back of a rally in index heavyweights. The Sensex closed 162 points up at 36,725, while the Nifty ended the session near the 10,850-mark. Maruti Suzuki, Sun Pharma, Yes Bank shares were among the biggest losers, ending up to 4% lower. A look at LIVE Sensex heatmap.

    15:14 (IST)04 Sep 2019
    NPAs likely to come down by this fiscal, but assets over Rs 1 lakh crore still not recognised as bad loans

    Even as gross non-performing assets (NPAs) are expected to come down marginally by end of ongoing fiscal, assets over Rs 1 lakh crore that are under pressure are still to be recognised as bad loans, a report said. Assets to the tune of Rs 1.3 lakh crore that are estimated to be under stress are yet to be recognised as NPAs, a joint report by ASSOCHAM-CRISIL titled ‘Bolstering ARCs’ said. Adding, it said that the gross loans of the banks are likely to come down marginally to Rs 9.1 lakh crore from Rs 9.4 lakh crore as on March 31, 2019. “Over and above this, assets of around Rs 1.3 lakh crore are estimated to be under stress but have not been recognised as NPAs, these assets could potentially slip into NPAs over the near to medium term,” the report added.

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    14:57 (IST)04 Sep 2019
    Canara Bank board to meet next week to consider Rs 9,000-crore capital infusion

    Public sector lender Canara Bank on Wednesday said its board will meet next week to consider capital infusion of up to Rs 9,000 crore through issuance of preferential equity shares to the government of India. The board will also consider amalgamation of Syndicate Bank with it. “…Meeting of board of directors of the bank is scheduled to be held on September 13, 2019, to consider the amalgamation of Syndicate Bank into Canara Bank and to consider capital infusion up to Rs 9,000 crore by government of India by way of preferential issue of equity shares subject to necessary approvals,” Canara Bank said in a regulatory filing.

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    14:54 (IST)04 Sep 2019
    GST frauds on rise: GST Council to take urgent measures to curb fraudulent tax evasion

    Amid ongoing concerns over the rise in cases of frauds, GST Council is mulling over measures to curb fraudulent tax evasion, ET Now reported citing unidentified sources. The amount of GST frauds was estimated to be Rs 45,682 crore since the rollout of tax reform measures on July 1, 2017, minister of state for finance Anurag Thakur had recently said in a reply in Rajya Sabha. An amount to the tune of Rs 6,520.40 crore has been unveiled in the April-June period of fiscal year 2020 alone, the reply added. In the two years of GST implementation, a total of 9,385 cases of tax frauds were reported Out of the total amount, 1,593 cases were reported in the first three months of the running fiscal, Anurag Thakur also said in a written reply to the upper house.

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    14:48 (IST)04 Sep 2019
    Sebi rejigs primary market advisory panel

    Markets regulator Sebi has reconstituted its Primary Market Advisory Committee (PMAC) that advises it on policy framework and development of initial public offerings and other such segments. The 23-member panel is chaired by T V Mohandas Pai, chairman of the Manipal Global Education Services, according to the Securities and Exchange Board of India (Sebi). The other members of the panel include BSE MD and CEO Ashish Chauhan, HDFC Vice-Chairman and CEO Keki Mistry, NSE MD and CEO Vikram Limaye, Dolphy Dsouza Partner at E&Y, Prime Database chief Prithvi Haldea and Sunil Sanghai founder and CEO of Nova Dhruva Capital.

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    14:46 (IST)04 Sep 2019
    NSE to conduct mock trading in various segments on September 7

    National Stock Exchange (NSE) has said it will conduct mock trading sessions for various segments on September 7. The mock trading (contingency) has been scheduled for capital market segment, securities lending and borrowing market, commodity derivatives, currency derivatives and futures and options segments, NSE said in separate circulars on Tuesday. Normal working hours for capital market segment and futures and options will be between 1015 hours and 1530 hours. For the securities lending and borrowing market, timing for continuous trading will be from 1015 hours to 1215 hours.

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    14:40 (IST)04 Sep 2019
    Power demand surging thanks to Modi even amid economic growth slowdown; trouble for govt utilities

    An almost 7% growth in India’s electricity demand at a time when economic expansion has cooled to its weakest in six years may appear as a paradox at first glance. Clarity emerges with a closer look. Power requirement growth in the nation’s most industrialized states decelerated in the April-July period, as demand from businesses cooled in line with the broader slowdown in Asia’s third-largest economy. The overall jump in demand, on the other hand, came mostly because of a rise in requirement from states that happened to add a large number of households to the electricity network for the first time.

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    14:38 (IST)04 Sep 2019
    OYO most preferred startup employer: LinkedIn’s list of top 25 startup employers

    Want to work for India’s best startups? Well, OYO, Cure.Fit and TapChief are the startups you might take interest in as according to LinkedIn’s list of India’s top 25 startup employers, Ritesh Agarwal hotel booking platform followed by Myntra’s founder Mukesh Bansal healthtech venture Cure.Fit and networking platform TapChief are the top three startups to work for based on the ‘actions’ of over 60 million professionals on LinkedIn. While OYO retained its top position from the previous ranking even as it expanded to 80 countries and becoming a decacorn in 12 months, Cure.Fit’s foray into international markets and $100 million in annual revenue within three years of inception has helped it maintain its rank.

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    14:13 (IST)04 Sep 2019
    Anil Ambani’s shipyard staring at bankruptcy: Reliance Naval risks insolvency as debt plan rejected

    The shipyard controlled by embattled Indian tycoon Anil Ambani is facing the prospect of bankruptcy after failing to get creditors’ approval for restructuring 70 billion rupees ($970 million) of debt, people familiar with the matter said. India’s bankruptcy tribunal will consider putting Reliance Naval & Engineering Ltd. in bankruptcy on Wednesday as no new repayment plan was submitted after lenders led by IDBI Bank Ltd. rejected an earlier offer in July, the people said, asking not to be named as the information is not public. The court can also defer the decision on bankruptcy.

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    13:55 (IST)04 Sep 2019
    ALTBalaji to take on Netflix: Reliance Jio’s content partner plans new web shows in quest for profit

    A small rival of Netflix Inc. in India plans to ramp up production of low-cost web shows in order to turn profitable. ALT Digital Media Entertainment Ltd. aims to produce about 60 new web shows through a joint venture over the next two years, helping it to break even at the net income level. That would add to the 42 shows already owned by the company, which is the online-streaming unit of Balaji Telefilms Ltd. “We are a pure-paying model right now, but once we reach that threshold of around 100 originals, we may think on advertising,” Nachiket Pantvaidya, ALT Digital’s chief executive officer, said in an interview at his office in Mumbai last week.

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    13:05 (IST)04 Sep 2019
    Yes Bank shares tumble after Morgan Stanley cuts price target

    Shares of private sector lender Yes Bank plunged on Wednesday afternoon, after global firm Morgan Stanley slashed its share price target. Yes Bank shares lost more than 2.5% to hit the day's low at Rs 57.30 on BSE. Morgan Stanley said that the volatility in the stock price reflects asset quality concerns, lack of clarity on timing and price of further fund raising. Morgan Stanley has a stock price target of Rs 55 on the shares. Previously, the firm had a share price target of Rs 95 on the stock. Despite the recent plunge in the stock, the global firm finds that the risk-reward is still unfavourable. The stock has remained under pressure in recent times, especially after rating Moody’s Investors Service downgraded the lender’s long-term foreign-currency issuer rating, terming the bank’s outlook as negative.

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    12:09 (IST)04 Sep 2019
    Modi’s Russia visit: Trade and economy on agenda; key things to know

    Prime Minister Narendra Modi’s visit to Russia to participate in Eastern Economic Forum and hold bilateral meet with President Vladimir Putin comes with expectations on trade and economy front for India. At a time when the global economy sees a slowdown, the visit aims to lay down a five-year roadmap to develop stronger partnership in skills development, mining, medicine, education and agriculture. The forum stresses on development of business and investment opportunities in the Russian Far East Region, a region traditionally known to be rich in natural resources. The visit offers vast potential for developing close and mutually beneficial cooperation between India and Russia in the region. 

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    12:00 (IST)04 Sep 2019
    Hang Seng index surges 3.4% after reports that leader may withdraw Extradition Bill

    Hang Seng index surges 3.4% after reports that leader Carrie Lam will formally withdraw Extradition Bill. Hong Kong leader Carrie Lam is expected to announce later on Wednesday the formal withdrawal of a proposed extradition bill that sparked three months of protests in the Chinese-ruled city, the South China Morning Post reported, citing unnamed sources. Other local media outlets also reported on a possible withdrawal of the bill. The chief executive's office did not immediately respond to request for comment. (From Reuters)

    11:31 (IST)04 Sep 2019
    India’s services sector activity eases in August amid softer rise in new business orders: PMI

    The country’s services sector activity growth eased in August as new business inflows rose at a slower pace; following which job creation and output expansion moderated, a monthly survey showed on Wednesday. The IHS Markit India Services Business Activity Index declined from 53.8 in July to 52.4 in August, pointing to a slower rate of increase in output. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. “The weaker PMI readings for India’s service sector match the trend noted in the manufacturing industry, bringing unwelcome news of a cooling economy halfway through the second quarter of fiscal year 2019-20,” said Pollyanna de Lima, Principal Economist at IHS Markit.

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    11:29 (IST)04 Sep 2019
    Allow FPIs, insurers, MFs, PFs to buy bad loans directly, task force tells RBI

    Foreign portfolio investors (FPIs) should be allowed to directly buy stressed loans from Indian banks within certain annual prudential limits, a task force on the development of a secondary market for corporate loans has recommended to the Reserve Bank of India (RBI). FE had reported in December 2018 that Bank of America, while putting in a successful bid for debt-ridden Jayaswal Neco through Assets Care & Reconstruction Enterprise (Acre), had also reached out to the central bank seeking easier norms for takeover of stressed assets by foreign banks.

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    11:18 (IST)04 Sep 2019
    Rupee rebounds 19 paise to 72.20 against US dollar in opening trade

    The rupee rebounded 19 paise to 72.20 against the US dollar in early trade on Wednesday, amid weakening of the American currency in overseas market. The rupee on Tuesday had dropped sharply by 97 paise to more than nine-month low of 72.39 against the US dollar as heavy sell-off in the domestic equity market, weak macro environment and a stronger greenback kept investors edgy. At the interbank foreign exchange on Wednesday, the rupee opened at 72.20, registering a rise of 19 paise over its previous close of 72.39.

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    11:10 (IST)04 Sep 2019
    PSU bank stocks Canara Bank, OBC, Indian Bank extend losses after FM’s mega merger drive

    PSU banks Canara Bank, OBC, Indian Bank extended decline on Wednesday morning, after the Narendra Modi-led government announced a mega consolidation drive in the space. Canara Bank (2% down), OBC (0.6% down), Indian Bank (0.9% down) were the biggest losers in the Nifty PSU index. Yesterday,  PSU bank stocks including Indian Bank, PNB, OBC, Canara Bank, Union Bank plunged up to 10%, even as the PSU Bank Index closed nearly 4% lower.  The plunge in the shares comes after global brokerages see short-term plain in the PSU bank space.

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    10:27 (IST)04 Sep 2019
    Jet Airways revival: 2 suitors now in the race to acquire airline

    Naresh Goyal-founded Jet Airways could be inching towards the resolution process as two new suitors have been shortlisted to bid for the now-defunct airline. While the Resolution Professional got three EoIs on the 31 August deadline, two have been shortlisted from them — South-America based Synergy group and Russian Fund Treasury RA Creator, CNBC TV-18 cited unidentified sources as saying. Now, Synergy Group and RA Creator will be invited to submit the resolution proposals, the media channel added. The third application, which was from the Panama-based Avantulo group, did not make it to the shortlist. 

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    10:10 (IST)04 Sep 2019
    Oil prices recover some ground, but economic concerns weigh

    Oil prices recovered some ground on Wednesday after touching their lowest in close to a month during the previous session on concerns that a weakening global economy could depress demand. Brent crude was up 12 cents, or 0.21%, at $58.38 a barrel by 0425 GMT, while U.S. West Texas Intermediate futures gained 20 cents, or 0.37%, at $54.14 at barrel.

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    09:59 (IST)04 Sep 2019
    Amid plummeting growth, India may have entered ‘quasi-recession’

    India’s longest growth slump since 2012 is heightening concern that it may be tough for policy makers to reverse the slowdown. “Growth has now slipped below the long term trend of 6.6% for two consecutive quarters, which implies that India is effectively in a quasi-recession,” Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai, said in a report published Tuesday. Early indicators suggest “growth remains elusive,” she added.

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    09:34 (IST)04 Sep 2019
    Sun Pharma, Yes Bank plunge up to 5%

    Sun Pharma, Yes Bank shares were among the biggest losers in trade on Wednesday morning, shedding up to 5%. The headline indices Sensex and Nifty opened lower on Wednesday, tracking mixed global cues.  The Sensex was trading 52 points down at 36,512.30, while the Nifty was trading below the 10,800-mark at 9.20 am. 

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    09:25 (IST)04 Sep 2019
    BSE live: Sensex under pressure, Nifty below 10,800; Sun Pharma, Yes Bank plunge

    The headline indices Sensex and Nifty opened lower on Wednesday, tracking mixed global cues.  The Sensex was trading 52 points down at 36,512.30, while the Nifty was trading below the 10,800-mark at 9.20 am. Sun Pharma, Yes Bank shares were among the biggest gainers, jumping up to 5%. A look at LIVE Sensex heatmap.

    09:05 (IST)04 Sep 2019
    PSU disinvestment: Minority shareholders to gain from privatisation, says BPCL

    Privatisation more likely than stake sale to IOC: Press reports suggest government of India (GoI) is considering selling its entire stake in Bharat Petroleum Corp (BPCL) to Indian Oil Corp (IOC) or to a private player. Privatisation would realise a higher price, may help take politics out of auto fuel pricing, would ensure IOC’s ability to pay hefty dividend to GoI is not impaired, prevent further supply overhang in ONGC and may improve market sentiment as it would be seen as big bang reforms.

    09:01 (IST)04 Sep 2019
    SBI Chairman on slowdown: Auto loans may have less demand, home loans see good growth

    Even as demand for auto loans sees a reduction, there is growth in home loans, a veteran banker said. A pick up is being witnessed in the affordable housing space, SBI Chairman Rajnish Kumar told CNBC TV18 in an interview. The home prices have come down and inventory is getting cleared, he said. “For home loans, the growth is very good. SBI is still growing at 18 percent,” he added. Nearly all sectors are undergoing a slowdown, he said, adding that the slowdown in the auto sector needs a deeper analysis. There is no need to be bogged down by the ongoing economic turmoil as there is still time to correct the economic situation, he added.

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    09:01 (IST)04 Sep 2019
    Missing last mile: Fintech panel silent on implementation of recommendations, says think tank

    Even as the Steering Committee on Fintech Related Issues made a series of recommendations to the Finance minister Nirmala Sitharaman on Monday to expand fintech services and leverage it for financial inclusion, trade and regulatory think-tank Cuts International has asserted the need to figure out the hurdles in the adoption of the suggested measures and working out a roadmap to implement them.

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    08:43 (IST)04 Sep 2019
    Asia stocks dip after poor US data stokes recession fears

    Asian stocks dipped early Wednesday after poor U.S. economic data stoked global recession fears and further soured investor sentiment already hurt by heightened trade war concerns. Safe-haven government bonds fared well in the wake of risk aversion in the broader markets, with the benchmark U.S. Treasury yield touching its lowest level in three years. The U.S. manufacturing sector contracted in August for the first time since 2016 amid worries about a weakening global economy and rising trade tensions between China and the United States, the Institute for Supply Management’s (ISM) report on Tuesday showed.

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    08:42 (IST)04 Sep 2019
    Weak factory data knocks dollar as Brexit delay hopes boost pound

    The dollar pulled back on Wednesday as weak U.S. manufacturing stoked wagers on aggressive policy easing, while the British pound recouped losses in the wake of a parliamentary vote that opened the door for another Brexit delay. Manufacturing activity in the world’s biggest economy contracted for the first time in three years last month, according to the Institute for Supply Management.

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    08:37 (IST)04 Sep 2019
    Donald Trump sees trade deal tougher on China if heps re-elected in 2020

    President Donald Trump sought to prod China into doing a trade deal before the U.S. presidential election in November 2020, or face even more difficult negotiations during his potential second term. “Think what happens to China when I win,” Trump said in a tweet on Tuesday. “Deal would get MUCH TOUGHER!”

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    08:37 (IST)04 Sep 2019
    Gold prices steady as economic growth woes dent risk sentiment

    Gold prices held steady near a one-week high on Wednesday, supported by weak U.S. manufacturing data that heightened fears of an economic slowdown and soured risk sentiment.  Spot gold was up 0.1% at $1,548.31 per ounce at 0121 GMT, having touched a one-week high of $1,549.80 earlier in the session.U.S. gold futures were steady at $1,555.6 an ounce. Spot silver climbed 1.5% to $19.51 per ounce, after hitting $19.57, its highest level since September 2016.

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    08:36 (IST)04 Sep 2019
    Wall Street pushed down by weak data, trade worries

    U.S. stocks fell on Tuesday as investors worried about global growth prospects after data showed U.S. factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend. Investors fled riskier assets as the latest round of tariffs and the lack of a date for a resumption of U.S.-China talks gnawed at any hopes for a resolution to the long-running trade war, which has rattled markets for months and weighed on world economies.

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