Share Market highlights: Sensex ends 80 points down, Nifty near 10,850; ICICI Bank, HDFC top losers

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Updated:Sep 05, 2019 3:47:08 pm

Share Market highlights: The headline indices Sensex and Nifty came under pressure on Thursday afternoon due to losses in heavyweight financial stocks. The Sensex closed 80 points down at 36,644.

share bazar live, share market, Sensex, Nifty, stock market news, share market today, Sensex today, share market pnb, hdfc bank share, infosys share, icici bank share price, infosys share price, tata steel, share price, NSE, BSE, stocks in news today, top stocks, best stocks, share market news, rupee vs dollar exchange rate, Reserve Bank of India, rbi, Hindustan Unilever, Maruti Suzuki The Sensex closed 80 points down at 36,644, while the Nifty closed near the 10,850-mark.

Share Market highlights: The headline indices Sensex and Nifty came under pressure on Thursday afternoon due to losses in heavyweight financial stocks. The Sensex closed 80 points down at 36,644, while the Nifty closed near the 10,850-mark.  Tata Motors, ONGC, NTPC shares were among the biggest gainers, jumping up to 5%. HDFC, ICICI Bank shares were trading up to 2.5% lower. RIL shares closed marginally down ahead of the commercial rollout of Jio Giga Fiber today. Asian stocks perked up on Thursday, as apparent progress in the political crises in Britain and Hong Kong gave investor confidence a shot in the arm, with easing fears of a hard Brexit lifting the battered pound, Reuters reported. We bring you highlights.

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Highlights

    15:47 (IST)05 Sep 2019
    BSE live: Sensex ends 80 points down, Nifty near 10,850; ICICI Bank, HDFC top losers

    The headline indices Sensex and Nifty came under pressure on Thursday afternoon due to losses in heavyweight financial stocks. The Sensex closed 80 points down at 36,644, while the Nifty closed near the 10,850-mark.  Tata Motors, ONGC, NTPC shares were among the biggest gainers, jumping up to 5%. HDFC, ICICI Bank shares were trading up to 2.5% lower. A look at LIVE Sensex heatmap.

    15:22 (IST)05 Sep 2019
    After PSU banks, public insurers in trouble? National Insurance, Oriental Insurance among downgraded

    Amid turbulence in the PSU bank space, public insurers also seem to be facing challenges after a global rating agency downgraded National Insurance, United India Insurance and Oriental Insurance. The rating downgrade by the agency AM Best which focuses on insurance sector indicates slump in the operating performance

    14:28 (IST)05 Sep 2019
    Heavy foreign investment in telecom sector; 25% of total FDI in India in Q1

    Indian telecom sector received heavy inflow of foreign direct investment (FDI) in the first quarter of the current financial year. At Rs 29,352 crore, the FDI in telecommunications in just one quarter of FY20, surpassed the total FDI inflow into the sector in the entire previous financial year FY19, according to the data from Ministry of Commerce and Trade. FDI inflow in India has shot up 33 per cent in the first quarter of the current financial year. Foreign direct investments of Rs 1.13 lakh crore has been received in Q1 FY20, which was Rs 85,180 crore in the same quarter last year.

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    14:13 (IST)05 Sep 2019
    GST: Practical issues in reversal of Input Tax Credit for developers opting for New Scheme of Taxation from April 2019

    The real estate sector is one of the most important pillars of the Indian economy. It contributes about 6-8% to India’s gross domestic product (GDP). Owing to a slowdown in the sector, the GST Council, through Notification No. 03/2019 – CT(R) dated 29th March 2019, slashed tax rates for under-construction flats to 5 per cent and for affordable homes to 1 per cent, effective April 1, 2019 to boost demand, and laid out transition-related modalities for its implementation.

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    13:58 (IST)05 Sep 2019
    Enough liquidity in banking system to fund auto sector: Uday Kotak

    Billionaire banker Uday Kotak said there is enough liquidity in the banking system to finance any form of vehicle despite the slowdown in the economy, while stressing on the need for manufacturers to have captive finance companies to boost demand. “Banks are ready to finance any form of vehicle and there is enough liquidity today. However, I do belive the idea of having captive finance companies as many manufacturers have, will help in fuelling demand,” the managing director of Kotak Mahindra Bank said at the SIAM annual convention on Wednesday.

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    12:56 (IST)05 Sep 2019
    BSE live: Sensex under pressure, Nifty near 10,800; HDFC, ICICI Bank top losers

    The headline indices Sensex and Nifty came under pressure on Thursday afternoon due to losses in heavyweight financial stocks. The Sensex was down about 105 points to 36,620, while the Nifty was trading near the 10,800-mark at 12.55 pm. Tata Motors, ONGC, NTPC shares were among the biggest gainers, jumping up to 5%. HDFC, ICICI Bank shares were trading up to 2.5% lower. A look at LIVE Sensex heatmap.

    12:44 (IST)05 Sep 2019
    Subramanian Swamy slams govt again: Bold reforms must for 10% GDP growth, or say goodbye to jobs

    With the Indian economy reeling under an ongoing slowdown, veteran BJP leader Subramanian Swamy has slammed the Narendra Modi-government, calling for immediate actions to turn the economy around to a 10% GDP growth rate. Adding to his view that even an economic revival to 7% growth rate is not enough for India, Subramanian Swamy today said that the GDP can be turned around to a 10% growth rate only if the government implements bold incentivising reforms package. It be noted here that India’s economic growth fell to 5% in the fiscal first quarter April-June, its slowest in six years.

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    12:20 (IST)05 Sep 2019
    Pakistan’s Karachi among least liveable cities globally; Delhi not even in 100 best cities

    One of Pakistan’s cities — Karachi — has been ranked among one of the least liveable cities on the earth. On the other hand, national capital Delhi does not even feature in the top 100 cities to live in, according to a recent report by the Economist Intelligence Unit titled Global Liveability Ranking 2019. Karachi got 136th spot out of 140 cities across the world whereas Delhi was on 118th position, slipping six spots from its previous ranking. Syrian city Damascus scored the lowest on the list and was at 140th position. 

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    11:20 (IST)05 Sep 2019
    Amid economic slowdown, top fund manager says good time to invest in stock market

    Amid the ongoing slowdown, Prashant Jain of HDFC AMC says that stock markets are offering good value as good moves and valuations do not come together. "The best investments are made in tough times and the biggest mistakes are made in great times. These are good times to invest. People should assess their risk appetite, long term capital and invest accordingly," Prashant Jain, ED & CIO, HDFC Asset Management said in an interview to ET Now.

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    10:51 (IST)05 Sep 2019
    RIL share price up ahead of JioGiga Fiber launch

    RIL shares were trading marginally higher ahead of the commercial rollout of Jio Giga Fiber today. Reliance Industries shares are up 0.48% to Rs 1,207.70 on BSE. The announcement related to Jio Fiber was made on August 12 by billionaire Mukesh Ambani, Chairman of RIL. Reliance Jio announced during the AGM that the plans Jio Fiber will be priced in the range between Rs 700 and Rs 10,000 per month. The Jio Fiber plans will offer 100Mbps to 1Gbps broadband internet speed but the 1Gbps plans won’t be available at launch. Reliance Jio will reveal the plan information at Jio.com and MyJio app on September 5.

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    10:21 (IST)05 Sep 2019
    Mukesh Ambani’s plan to hook users on entertainment, movies: Hand out free 4K TVs with JioFiber

    Three years after elbowing into the Indian wireless phone market with free calls and data, billionaire Mukesh Ambani is back at it. This time, Asia’s richest man is handing out TVs to hook users on movies and entertainment shows via internet. The tycoon is wedging into a business teeming with players from rival mobile carriers to Netflix Inc. and Amazon.com Inc. Ambani’s JioFiber broadband service, scheduled to start Thursday across India, comes with a high-definition television and set-top boxes at no charge for annual lifetime subscribers. The offer by Reliance Jio Infocomm Ltd., the tycoon’s wireless powerhouse, includes subscriptions to most premium streaming services with prices starting from 700 rupees (about $10) a month.

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    10:02 (IST)05 Sep 2019
    Indian rupee unlikely to gain traction as investors stay shy, shows Reuters poll

    The Indian rupee will not regain ground lost against the dollar in the coming year, according to strategists polled by Reuters, who believe a recent rollback of a surcharge on foreign investments will have no impact on the currency. After gaining about 2% following a sweeping victory in the general election by the incumbent government late in May, the rupee has lost nearly 6% since a July 5 budget when a surcharge on foreign investments was introduced.

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    09:59 (IST)05 Sep 2019
    Looking to buy house in Dubai? Here’s why it may be a good time

    Dubai house prices will decline sharply this year and next, according to property market experts in a Reuters poll, who said a slowdown in the economy and an oversupply of housing units are big downside risks to their already weak outlook. Dubai – with a diversified trade and tourism economy and one of the seven territories of the United Arab Emirates – has faced a sharp slowdown in its real estate market for most of this decade, barring a pick up for a brief period more than five years ago.

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    09:46 (IST)05 Sep 2019
    Solution to economy’s woes: Boost incomes of those who will spend it best

    The current economic slowdown began with Bharat. It has to also end with Bharat. According to the National Statistical Office’s GDP estimates for April-June 2019 released on Friday, India’s agriculture sector — which includes forestry and fishing — grew 2.04% year-on-year during the quarter. But what is significant isn’t the “real” growth (i.e. at constant prices) in gross value added or GVA. More relevant is GVA – the value of output of a good, less the cost of all inputs and raw material used in its production — rising by 7.90% in “nominal” terms or at current prices. It means farm prices going up by 5.74% in April-June 2019 over April-June 2018.

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    09:25 (IST)05 Sep 2019
    BSE live: Sensex zooms 120 points, Nifty near 10,900; RIL, Infosys shares up

    The headline indices Sensex and Nifty opened higher on Thursday morning, tracking mixed global cues. The Sensex was up about 120 points to 36,836, while the Nifty was trading near the 10,900-mark at 9.20 am. ONGC, NTPC shares were among the biggest gainers, jumping up to 5%. RIL shares are trading marginally higher ahead of the commercial rollout of Jio Giga Fiber today. A look at LIVE Sensex heatmap.

    09:14 (IST)05 Sep 2019
    Gold eases as equities gain on Brexit, Hong Kong progress

    Gold prices fell on early Thursday, with an uptick in equities propped up by positive developments around Brexit deadlock and Hong Kong protests, but prices hovered near over six-year high hit in the last session on persistent concerns about slowing global growth. Spot gold was 0.5% lower at $1,544.66 per ounce at 0133 GMT. It had touched $1,557 on Wednesday, a fresh peak since April 2013.  U.S. gold futures were down 0.2% at $1,557.8 an ounce. The dollar index, which measures the greenback against a basket of currencies, dipped to a one-week low, while Asian stocks perked up on progress in the political crises in Britain and Hong Kong.

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    09:09 (IST)05 Sep 2019
    Wall Street rises on strong Chinese data, Hong Kong and Brexit news

    Wall Street’s main indexes rebounded on Wednesday, after robust economic data from China, easing tensions in Hong Kong and British lawmakers’ approval of a law to delay Brexit provided a dose of optimism to investors worried about global growth. Lawmakers in Britain’s lower house of Parliament voted to approve legislation designed to prevent Prime Minister Boris Johnson’s government from taking the country out of the European Union without a deal. In China, activity in the services sector expanded at the fastest pace in three months in August, providing a boost to the world’s second-largest economy, which has been struggling to reverse a prolonged slump in its manufacturing sector.

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    08:57 (IST)05 Sep 2019
    Bajaj Finance: Maintain ‘Neutral’with TP of Rs 3,550

    Bajaj Finance’s (BAF) AUM growth has been driven largely by volumes. Growth in its customer base accelerated to 32% y-o-y in FY19 from 28% over the prior two years. At the same time, the number of new loans disbursed increased at a consistent pace of ~50% y-o-y in the year, in line with past trends. ‘EMI card’ is gaining strong traction. Notably, the number of EMI cards outstanding has more than tripled over the past three years to 18.5 million. More importantly, the share of new loans booked via EMI cards increased meaningfully from 22% in FY16 to 49% in FY19. Note that the EMI card not only reduces opex for the company but also results in lower credit cost (as the card is used by an existing customer).

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    08:57 (IST)05 Sep 2019
    MSME loans: Tata Capital plans to disburse Rs 1,000 crore

    Tata Capital expects to make further inroads into the working capital loan segment to micro, small and medium enterprises (MSME) with the re-launch of its existing digital loan platform. The company expects to ramp up disbursals to `1,000 crore in a few months. Tata Capital is likely to provide video consultations to help customers on its platform. It may also disburse term loans through this platform over a period of time.

    08:56 (IST)05 Sep 2019
    Asian shares up as Brexit, Hong Kong progress lifts mood

    Asian stocks perked up on Thursday, as apparent progress in the political crises in Britain and Hong Kong gave investor confidence a shot in the arm, with easing fears of a hard Brexit lifting the battered pound. Sterling held onto gains against the dollar in Asia after rallying by its most in more than five months on Wednesday as lawmakers voted to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on Oct. 31.

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    08:49 (IST)05 Sep 2019
    Modi govt in talks with World bank, ADB, KfW for low cost capital to MSMEs

    The Narendra Modi government has been holding meetings with Asian Development Bank, World Bank, and German state-owned development bank KfW for access to low-cost capital to Indian MSMEs, according to MSME minister Nitin Gadkari. The comments gain significance as lack of capital is the biggest challenge for the growth of MSMEs even as they grapple with the issue of delayed payments from large public sector units and government enterprises that choke their supply of working capital and impact their businesses.

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    08:41 (IST)05 Sep 2019
    Pound at week-high, dollar sinks as risk-on mood cautiously holds

    The British pound hovered around a one-week high on Thursday as another parliamentary defeat for Prime Minister Boris Johnson made investors optimistic that a no-deal Brexit could be avoided, while a broader risk-on mood held back the dollar. The dollar fell against most major currencies, though gained on the safe-haven yen, as the UK parliamentary vote, positive economic data in the United States and China and hopes for a de-escalation in Hong Kong’s political crisis lured investors to riskier assets.

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    08:40 (IST)05 Sep 2019
    Indian rupee unlikely to gain traction as investors stay shy, shows Reuters poll

    The Indian rupee will not regain ground lost against the dollar in the coming year, according to strategists polled by Reuters, who believe a recent rollback of a surcharge on foreign investments will have no impact on the currency. After gaining about 2% following a sweeping victory in the general election by the incumbent government late in May, the rupee has lost nearly 6% since a July 5 budget when a surcharge on foreign investments was introduced.

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    08:40 (IST)05 Sep 2019
    Apple seeks to raise $7 billion in return to bond market

    Apple Inc is looking to raise $7 billion through a sale of bonds set to price later on Wednesday, IFR reported, the company’s first such issue since November 2017. Regulatory filings from earlier in the day showed the company would offer notes maturing over the next three to 30 years and would use the proceeds for share repurchases, dividend payment, capital expenditures, acquisitions and repayment of debt.

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    08:39 (IST)05 Sep 2019
    China, US to hold trade talks in October

    China and the United States agreed to hold trade talks in early October in Washington, China’s commerce ministry said on Thursday. The announcement followed a call earlier in the day between China’s Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, the Ministry of Commerce said in a statement on its website. China’s central bank governor Yi Gang also attended the call. Before the October talks, trade teams from the two countries will hold consultations in mid-September, the ministry said, adding that both sides agreed to take actual actions to create favorable conditions.

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