Share market highlights: Sensex ends 248 points down, Nifty below 11,900; SBI, Tata Steel top losers

Shares of India's major drug-maker Sun Pharma surged in trade on Wednesday, after the firm reported Q4 results. Sun Pharma shares gained more than 2.8% to hit the day's high at Rs 424.55. In the latest quarter, Sun Pharma has reported a 53% drop in profit to Rs 635.90 crore, after the firm took a Rs 1,085 crore one-time charge on account of restructuring of distribution business (transferred to subsidiary from Aditya Medisales). Sun Pharma had reported a net profit of  Rs 1,342 crore in the comparable quarter last year, India’s largest drug maker said in a stock exchange filing on Tuesday.

Also read: Sun Pharma share price jumps after Q4 results; should you buy or sell stock?

Lenders of Jaypee Infratech have asked state-owned NBCC to sweeten its bid to acquire the debt-laden realty firm and have demanded that the public sector firm should offer 1,426 acre land instead of 950 acre besides taking onus of getting approvals from income tax and development authorities. As per the direction of the National Company Law Appellate Tribunal (NCLAT), lenders are negotiating with the NBCC on the latter’s bid to acquire Jaypee Infratech and complete stuck housing projects comprising over 20,000 units. The IDBI-led lenders’ consortium has written to NBCC that its bid would be considered “favourably” if the public sector firm meets its five conditions.

Also read: Jaypee Infra insolvency: Lenders put 5 conditions to NBCC for considering bid

Now, after his swearing-in, he will need to deftly navigate a trade war between the United States and China and rising tensions between the US and Iran, an important source of cheap oil for India's fast-growing economy. Modi will also face pressure to protect India's traditional sphere of influence in South Asia. As Modi returns to power for another five years, global leaders are looking to India to take on a larger burden of responsibility in the world, acting as a security buffer in the Indo-Pacific, opening its markets and responding to climate change, even though Modi struggled to manage many of India's domestic issues in his first term.

Also read: Modi 2.0 to face tough pressures in dealing with global trade; know the challengers

The gold prices surged on Wednesday amid global tensions and weak rupee. Yesterday, the gold prices fell for the first time in four sessions. The yellow metal prices are getting support from the improvement in domestic demand and pressure in equity markets, according to market experts. Currently, the MCX gold is trading at Rs 31,658 per 10 gram, up 118 points from the previous close.

Also read: Gold prices surge amid global tension, weak rupee; good time to buy, say experts

After opening lower,  the Sensex and Nifty extended losses in the afternoon trade on Wednesday, tracking global cues. The Sensex is down about 144 points to 39,600.91, while the Nifty is trading below the 11,900-mark. TCS, HCL Tech shares are among the biggest Sensex gainers, gaining more than 1% each. A look at LIVE Sensex heatmap.

Bengaluru and Gurugram are among the top 5 locations in the Asia Pacific region for the technology companies, owing to supportive business conditions, availability of engineers and real estate growth, a report said. Beijing and Shanghai  are the other two Chinese cities that also feature on the top 5 list. “Leading cities are Beijing, Bengaluru, Shanghai, Singapore and Gurugram. These cities score highly in terms of business conditions and innovation environment, as well as providing costs and availability that are supportive for business growth,” a report by property consultant CBRE said. Even though no principal city of the same status as Silicon Valley exists, the technology companies are crowding for office demand in the APAC region. In 2018, the technology sector accounted for 23 per cent of the gross leasing activity, the report noted.

Also read: These 2 Indian cities are among top 5 IT hubs in Asia Pacific, says study; here are key drivers

The NDA government came back to power with a thumping victory of 350 seats out of which BJP on its own secured 303 seats. We have scanned the BJP’s pre poll manifesto and the interim budget presented in February 2019 to capture the key focus areas in future. We have mapped these focus areas with the segments/sectors that will likely benefit in the coming years. Based on our reading we feel following sectors could benefit the most in the next one year: capital goods, construction, building materials, corporate banks, power equipment, housing finance companies and rural focused companies. Consumption stocks could take a back seat because of the slowdown in demand and rich valuations.

Also read: Modi’s return could boost these small-midcap stocks, Nifty may be headed for 13,500: Kotak Securities

Mackenzie Bezos, the ex-wife of Amazon founder Jeff Bezos, has pledged half of her wealth to the non-profit organisation started by Warren Buffett and Bill Gates. World’s third richest woman, Mackenzie Bezos owns a fortune worth $36 billion. She is one of the 19 people to join the philanthropist cause on Tuesday which calls for the richest people to give away their fortunes in the lifetime or in the wills. Called The Giving Pledge, the organisation was founded in 2010 and currently has 204 wealthiest families and individuals listed for various causes.

Also read: Mackenzie Bezos joins Warren Buffett, Bill Gates: Pledges half her wealth to philanthropy

The Trump administration once again refused to label China as a currency manipulator, even though on Tuesday it kept Beijing on a list of countries whose trade surpluses with the US and other indicators are closely tracked. In its semi-annual report on macroeconomic and foreign exchange policies of major trading partners of the US, sent to the Congress, the Treasury department said that no country meets the criteria to be labelled as one seeking to gain unfair trade advantages over the US by manipulating its currency.

Also read: US again refuses to label China as currency manipulator

The Indian rupee opened lower at 69.75 per dollar on Wednesday morning against the previous close of 69.69. Yesterday, the rupee came under pressure amid rising trade tensions between the two superpower economies- the US and China and rising crude oil prices. The oil prices surged on Tuesday amid supply concerns and US-China trade conflict. Last week both Brent crude and US WTI fell by 4.5 per cent and 6.4 per cent respectively. The international benchmark for oil was last seen at $69.62 a barrel, 49 cents lower from the previous close, while the US WTI was at $58.53 a barrel, 61 cents down from the last close.

Also read: Rupee opens lower at 69.75 per dollar against the previous close of 69.69

The Sensex and Nifty opened  lower on Wednesday morning, tracking global cues. The Sensex is down about 50 points to 39,701.38, while the Nifty is trading near the 11,900-mark. Sun Pharma, Yes Bank shares emerged among the biggest gainers, jumping up to 2%.  A look at LIVE Sensex heatmap.

As prime minister Narendra Modi begins his second term with an even larger political mandate, it is time to reflect on what should be the priorities in fixing our cities. The scale of the challenge is massive, whether we look at the availability of clean drinking water, unpolluted air, quality of public transport, traffic management and parking, integrated planning of transport and land use, law and order, management and safe disposal of solid waste that is generated, treatment of waste water and effluents, and affordable housing. In short, the state of public service delivery in our cities is abysmal and, what is more, the cities are financially broke and cannot address these problems on their own.

Also read: Cooperative Federalism 2.0: States must decentralise and devolve funds, powers to cities

Alibaba is considering raising as much as $20 billion through a listing in Hong Kong, people familiar with the matter told Reuters, lining up a second blockbuster deal following its 2014 record $25 billion float in New York. The deal, the biggest follow-on share sale in seven years globally, would give Alibaba a war chest to keep investing in technology – a priority for China as growth flags and as the world’s second-largest economy faces a mounting trade spat with the United States. The e-commerce giant is working with financial advisers on the offering and is aiming to file an application confidentially in Hong Kong as early as the second half of 2019, three people said on condition of anonymity as the plans are not public yet.

Also read: Alibaba plans bumper $20 billion Hong Kong listing

Oil prices fell on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support. Front-month Brent crude futures, the international benchmark for oil prices, were at $69.85 at 0101 GMT, down 26 cents, or 0.4%, from the last session’s close. U.S. West Texas Intermediate (WTI) crude futures were at $58.70 per barrel, down 44 cents, or 0.7%, from their last settlement. “Crude oil was weak … primarily as the bears on demand are winning compared to the bulls on supply,” James Mick, managing director and energy portfolio manager with U.S. investment firm Tortoise, said in an investor podcast.

Also read: Oil prices fall as economic concerns outweigh supply risks

Gold held steady on Wednesday as worries about the global economic outlook kept investors focused on safe-haven assets, with no signs of an easing in the Sino-U.S. trade-war. Spot gold was unchanged at $1,279.12 per ounce, as of 0123 GMT, having fallen from Monday’s 1-week peak of $1,287.32 in the previous session.  U.S. gold futures were up 0.2% at $1,279.70 an ounce.  Asian shares stumbled on Wednesday and global bonds rallied as investors fretted over the outlook for world growth with trade tensions between Washington and Beijing showing no signs of abating.

Also read: Gold steady as global economy fears buoy safe-haven assets

Asian shares stumbled on Wednesday and global bonds rallied as investors fretted over the outlook for world growth with trade tensions between Washington and Beijing showing no signs of abating. MSCI’s broadest index of Asia-Pacific shares outside Japan was last down 0.4% after three straight days of gains. South Korea’s KOSPI and Australian shares were 0.9% lower each. Japan’s Nikkei faltered 1.4% while E-Minis for the S&P 500 were 0.2% lower. Risk aversion has increased globally in recent days as fears of world recession resurface amid disappointing macro data in major economies. Wins for eurosceptic parties in EU elections as well as snap poll in Greece and political turmoil in Austria have added to the gloomy outlook.

Also read: Asian shares falter, bonds rally on global growth fears