Share market highlights: Sensex ends 305 points down, Nifty below 11,350; HDFC twins plunge up to 5%

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Updated:Jul 22, 2019 3:46:22 pm

Share market highlights: After opening lower, the headline indices Sensex and Nifty extended losses in the afternoom trade, tracking weak global cues. The Sensex is ended 305 points down to 38,031.31 while the Nifty is trading above the 11,300-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 closed 10% higher at Rs 91.15 on BSE.

Share market highlights: After opening lower, the headline indices Sensex and Nifty extended losses in the afternoom trade, tracking weak global cues. The Sensex is ended 305 points down to 38,031.31 while the Nifty is trading above the 11,300-mark. HDFC twins, Bajaj Finance, Kotak Mahindra Bank shares are among the biggest losers, shedding more than 2% each. RIL, VEDL shares are among the biggest gainers, jumping up to 2.5%. Yes Bank shares closed 10% higher at Rs 91.15. Asia stocks eased on Monday as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve, while heightened Middle East tensions following an Iranian seizure of a British tanker lifted crude oil prices. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%. Global equity markets had risen briefly towards the end of last week after dovish comments by New York Fed President John Williams boosted the prospect of the central bank lowering rates by 50 basis points at its July 30-31 meeting, Reuters reported.

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    15:46 (IST)22 Jul 2019
    BSE live: Sensex ends 305 points down, Nifty below 11,350; HDFC twins plunge up to 5%

    After opening lower, the headline indices Sensex and Nifty extended losses in the afternoom trade, tracking weak global cues. The Sensex is ended 305 points down to 38,031.31 while the Nifty is trading above the 11,300-mark. HDFC twins, Bajaj Finance, Kotak Mahindra Bank shares are among the biggest losers, shedding more than 2% each. RIL, VEDL shares are among the biggest gainers, jumping up to 2.5%. Yes Bank shares closed 10% higher at Rs 91.15. A look at LIVE Sensex heatmap.

    15:09 (IST)22 Jul 2019
    HDFC Bank share price slumps after NPA’s rise in Q1; should you buy or sell shares?

    Shares of India’s largest private sector lender HDFC Bank slumped in trade on Monday afternoon, after the firm’s NPA’s rose in the latest quarter. HDFC Bank share price slumped by more than 3.9% to hit the day’s low at Rs 2,281.90. HDFC Bank earned a net profit of Rs 5,568.2 crore, an increase of 21.0% over the quarter ended June 30, 2018. The total  Gross non-performing assets came in at 1.40% of gross advances as on June 30, 2019 (1.17% excluding NPAs in the agricultural segment) as against 1.33% as on June 30, 2018. Given the ongoing slowdown in retail and auto segment, the loan growth moderated to 17% in the period under review.

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    14:40 (IST)22 Jul 2019
    50 days of Modi 2.0: Govt presents report card, says ‘walking the talk’ on promises

    Presenting a report card after completing 50 days in office, the Modi government on Monday said it is already “walking the talk” on the promise of rapid development and the pace of reform in its second term has increased as compared with the previous tenure. Information and Broadcasting Minister Prakash Javadekar presented the the report card and achievements of the government, asserting that “speed, skill and scale” have been manifested in the first 50 days of its second term.

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    13:50 (IST)22 Jul 2019
    Lufthansa eyes Hyderabad as potential destination; wants to fly to Pune too, but can’t: INTERVIEW

    German premium carrier Lufthansa is eyeing Hyderabad as a potential flight destination to add to its network while consolidating its current market. The airline also wants to operate flights to and from Pune, but can’t do so for now as the city doesn’t have an airport to service large aircraft. In an interview, Alexander Schlaubitz, Vice President, Marketing; and George Ettiyil, Senior Director, Sales, talk to Financial Express Online about why Lufthansa’s premium pricing is relevant for India, what Lufthansa expects from the rising competition from domestic carriers like IndiGo and SpiceJet and why Pune’s lack of airport costs not only domestic but also international carriers. An edited excerpt of Alexander Schlaubitz and George Ettiyil’s interview with Prachi Gupta.

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    13:06 (IST)22 Jul 2019
    BSE live: Sensex extends losses, Nifty near 11,300; HDFC twins shares down

    After opening lower, the headline indices Sensex and Nifty extended losses in the afternoom trade, tracking weak global cues. The Sensex is down about 375 points to 37,959 while the Nifty is trading above the 11,300-mark. HDFC, Bajaj Finance, HDFC Bank shares are among the biggest losers, shedding more than 2.5% each. RIL, VEDL shares are among the biggest gainers, jumping up to 2.5%. Yes Bank shares are up 6% to Rs 87.80. A look at LIVE Sensex heatmap.

    12:34 (IST)22 Jul 2019
    IMF urges Pakistan to mobilise domestic tax revenue

    The IMF has urged Pakistan to mobilise domestic tax revenues to provide for the social and development spending and place debt on a downward trend. The statement of International Monetary Fund (IMF) Acting Managing Director David Lipton came after he met Prime Minister Imran Khan who is on a three-day official visit to the US at the invitation of President Donald Trump. “I highlighted the need to mobilise domestic tax revenue now and on into the future to provide reliably for needed social and development spending, while placing debt on a firm downward trend,” Lipton said Sunday. He said that they discussed recent economic developments and the implementation of the authority’s economic reform programme supported by the IMF.

    Also read: IMF urges Pakistan to mobilise domestic tax revenue

    11:54 (IST)22 Jul 2019
    Reliance Industries share price jumps after strong Q1 results; should you buy or sell stock?

    Shares of billionaire Mukesh Ambani-led Reliance Industries jumped in trade on Monday morning after the firm reported strong Q1 results for the April-June quarter. RIL share price gained more than 1.8% to hit the day’s high at Rs 1,272 on BSE this morning. Reliance Industries has reported a  6.8% on-year rise in net profit at Rs  10,104 crore for the first quarter of FY20 as against Rs 9,459 crore in the corresponding quarter last fiscal year, beating street estimates. A Bloomberg poll of analysts had estimated the fist quarter net profit at Rs 9,696 crore and revenue at Rs 1.72 lakh crore. 

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    11:01 (IST)22 Jul 2019
    Alembic Pharma gets USFDA nod for neuropathic pain management drug

    Drug firm Alembic Pharmaceuticals Monday said it has received approval from the US health regulator for Pregabalin Capsules, indicated for management of neuropathic pain associated with certain illnesses. The approved product is therapeutically equivalent to the reference listed drug Lyrica Capsules of PF Prism CV. The approval from the United States Food and Drug Administration (USFDA) is for the company’s abbreviated new drug application (ANDA) for Pregabalin Capsules in the strengths of 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg, and 300 mg, Alembic Pharmaceuticals said in a filing to BSE. Quoting IQVIA data, Alembic Pharma said Pregabalin Capsules have an estimated market size of USD 5.47 billion for 12 months ending December 2018.

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    10:22 (IST)22 Jul 2019
    RBI’s easing is more than India’s rate cut, suggests Shaktikanta Das

    India’s central bank Governor Shaktikanta Das said policy makers have effectively delivered more easing than the three interest-rate cuts this year suggest, signaling a more cautious stance on future action. In one of his first interviews with media since taking office seven months ago, Das said he sees signs of a recovery in economic growth and further monetary policy steps will depend on incoming data. The central bank’s switch to an accommodative stance in June in itself amounts to a 25 basis-point cut, he said, on top of the 75 basis points of cuts since February. Effectively, the rate cut has been 100 basis points if you take into account the change in stance,” Das said ahead of the next Monetary Policy Committee meeting that begins Aug. 5. “The accommodative stance will depend on incoming data. How inflation numbers look, how the growth numbers look. Primarily how inflation looks.”

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    09:50 (IST)22 Jul 2019
    Centre wants states to spend on defence, moots non-lapsable fund for armed forces

    The Centre, it is learnt, is keen that state governments pitch in for boosting capital expenditure on defence to better equip the country’s armed forces. The desire for this radical change in defence funding, officials said, was behind last week’s Cabinet decision to widen the 15th Finance Commission’s terms of reference (ToR) “to ensure an assured allocation of resources towards defence and internal security imperatives”. The commission was also asked to examine whether a separate mechanism for defence funding (a non-lapsable fund) ought to be set up and the ways to operationalise the same. 

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    09:29 (IST)22 Jul 2019
    BSE live: Sensex down 250 points, Nifty above 11,350; Bajaj Finance, HDFC Bank top losers

    The headline indices Sensex and Nifty opened lower on Monday morning, tracking weak global cues. The Sensex is down about 270 points to 38,066, while the Nifty is trading above the 11,350-mark. Bajaj Finance, HDFC Bank shares are among the biggest losers, shedding more than 2.5% each. RIL, VEDL shares are among the biggest gainers, jumping up to 2.5%.  A look at LIVE Sensex heatmap.

    09:13 (IST)22 Jul 2019
    China to impose anti-dumping tax on stainless steel from Indonesia, EU, Japan, S.Korea

    China said on Monday it will impose anti-dumping duties on some stainless steel products imported from the European Union, Japan, South Korea and Indonesia. Anti-dumping tariffs of 18.1% to 103.1% will be applied to stainless steel billets and hot-rolled stainless steel plates from companies in the EU and the three Asian nations, effective July 23, China’s Ministry of Commerce said in a statement. The decision follows an anti-dumping probe in July last year after a complaint filed by state-owned Shanxi Taigang Stainless Steel. “The investigation agency has made a final decree that there was dumping of the investigated products and it has caused substantive damage to the industry in China,” said the commerce ministry in the statement.

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    09:04 (IST)22 Jul 2019
    IndiGo to expand board; to have 4 independent directors

    InterGlobe Aviation has decided to have up to 10 members on its board, including four independent directors. The decision, taken during the company’s board meeting on July 20, also comes against the backdrop of feud between co-promoters — Rakesh Gangwal and Rahul Bhatia — over corporate governance issues. InterGlobe Aviation is the parent of the country’s largest airline IndiGo. In a filing to the stock exchanges Sunday, the company said its board of directors has decided to amend the Articles of Association (AoA) for expanding the board up to a maximum of 10 members, including four Independent directors. “The said amendment of the articles will be subject to approval of the shareholders at the forthcoming annual general meeting of the company,” it added.

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    08:47 (IST)22 Jul 2019
    Asia stocks dip on likely smaller Fed rate cut, oil gains

    Asia stocks eased on Monday as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve, while heightened Middle East tensions following an Iranian seizure of a British tanker lifted crude oil prices. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%. South Korea’s KOSPI shed 0.3%, Australian stocks lost 0.2% and Japan’s Nikkei fell 0.5%. Global equity markets had risen briefly towards the end of last week after dovish comments by New York Fed President John Williams boosted the prospect of the central bank lowering rates by 50 basis points at its July 30-31 meeting.

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    08:46 (IST)22 Jul 2019
    Dollar clings to gains as Gulf tensions bolster safe-haven bid

    The dollar held recent gains on Monday as investors tempered some of their expectations for deep U.S. interest rate cuts this month and heightened Middle East tensions supported safe-haven assets. While currency market focus will mostly centre on global central bank decisions scheduled for the next two weeks, investors are also watching for any developments in U.S.-China trade negotiations. Markets generally expect central banks to either cut rates or keep policy accommodative, starting with the European Central Bank (ECB) which meets on Thursday followed by the Bank of Japan and the U.S. Federal Reserve next week.

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    08:45 (IST)22 Jul 2019
    Reliance Jio to focus on subscriber numbers not tariffs, move aimed at prolonging pressure on rivals Airtel and Vodafone

    India’s Reliance Industries plans to remain focused on subscriber additions rather than chase higher tariffs for its Jio telecoms business, a top company executive said. Its strategy is aimed at prolonging the pressure on rivals such as Bharti Airtel and Vodafone Idea, whose revenue and profits have plunged since the launch of Jio by Reliance boss Mukesh Ambani, India’s richest man. “We have been telling you from the beginning, the priority for us today is customers,” Jio’s head of strategy, Anshuman Thakur, said in a news briefing late on Friday after quarterly results. Since its launch in September 2016 Jio has added 331.3 million subscribers by offering cut-price data plans and free voice calls, along with free music, movies and more. Its arrival has caused upheaval in India’s mobile telephony market, forcing some small players out of business while bigger Vodafone and Idea have responded by merging in India.

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    08:33 (IST)22 Jul 2019
    Aditya Birla Payments Bank shuts down in less than 18 months since its start; what customers should do now

    In less than 18 months after its commencement, Aditya Birla Payments Bank announced that it will shut down operations. Started as a joint venture by Aditya Birla Nuvo Ltd and Idea Cellular, the firm announced that it will discontinue operation due to unanticipated developments in the business landscape that have made the economic model unviable. In a message sent to its customers, Aditya Birla Payments Bank said that the bank has made full and complete arrangements for return of deposits. Notably, Aditya Birla Payments Bank will continue to work with limited operations as guided by RBI to enable customers to withdraw deposits. 

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    08:32 (IST)22 Jul 2019
    CPSE ETF oversubscription boosts Modi government’s coffers; here’s how much it has raised so far in FY20

    After the sixth tranche of the CPSE ETF was oversubscribed by investors, the Narendra Modi-led government increased the offer size of the issue, boosting its disinvestment receipts. Notably, the CPSE ETF’s 5th FFO was received subscription of  more than 5 times. Against the CPSE ETF base issue size of Rs 8,000 crore, a subscription amount of more than Rs 40,000 crore was received, The government exercised green shoe option taking the offer size to Rs 11,500 crore. However, the receipts to the central government would be lower by Rs 1,500 crore due to purchase of Indian Oil shares from market to maintain the stock’s weight in the index.

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    08:32 (IST)22 Jul 2019
    Mukesh Ambani’s Reliance Retail achieves milestone of 10 crore customers; key things to know

    While the FMCG industry is reeling under a consumption slowdown, billionaire Mukesh Ambani-led Reliance Retail continues to maintain its strong growth momentum in the April-June quarter. The firm announced that it has crossed the milestone of 10 crore registered customers in the quarter. “Reliance Retail crossed the milestone of 100 million register customers and 150 million footfalls, establishing its position as the most preferred retailer in India,” Reliance Industries said in a statement to the exchanges.

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    08:31 (IST)22 Jul 2019
    HDFC, HDFC AMC, Infosys shares soar to all-time high in week amid Sensex, Nifty plunge

    While the Sensex and Nifty witnessed heightened volatility in the week gone by, a few bluechip stocks including HDFC, HDFC AMC and IT giant Infosys surged to fresh record high. Notably, the 30-share Sensex lost 1.03% to 38,337 for the week ended July 19 from 38,736 in the last week. Likewise, the broader 50-share Nifty declined 1.15% to 11,419 from 11,552 in the previous week. “The underlying sentiment in the market is negative which is an outcome of multiple factors. The global markets are oscillating at new all-time highs specifically the S&P and Dow while Asian markets were also positive. The domestic cues somehow have not supported the market and that is what is causing the current trend,” Mustafa Nadeem, CEO of Epic Research said. 

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    08:30 (IST)22 Jul 2019
    HDFC Bank declares special dividend of Rs 5 per share, net profit jumps 21% on-year; key figures

    India’s largest private sector lender HDFC Bank has declared a Special Interim Dividend of Rs 5 per share for the current fiscal, in commemoration of 25 years of the Bank’s operations. Notably, The bank’s board has August 2, 2019 as the Record Date for ascertaining the entitlement of Special Interim Dividend. “The date of payment of dividend in electronic form would be August 13, 2019 onwards and for dispatch of physical dividend warrants, it would be August 13, 2019 onwards,” the lender said in a statement. The bank has reported a 21% on-year rise in net profit to Rs 5,568.20 crore.

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