Share market highlights: Sensex ends 279 points up, Nifty above 11,250; Bajaj Finance, Tata Motors top gainers

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Updated:May 16, 2019 3:47:31 pm

Share market highlights: After opening marginally higher, Sensex and Nifty extended gains in the afternoon trade on Thursday. The Sensex closed 279 points higher to 37,393.48 while the Nifty ended above the 11,250-mark.

Promoter pledging activity in BSE 200 drops in March quarterShares of Bajaj Finance closed 3.65% higher at 3,111.8, while Tata Motors shares ended the session 3.5% higher at Rs 175.50.

Share market highlights:After opening marginally higher, Sensex and Nifty extended gains in the afternoon trade on Thursday. The Sensex closed 279 points higher to 37,393.48 while the Nifty ended above the 11,250-mark. Shares of Bajaj Finance closed 3.65% higher at 3,111.8, while Tata Motors shares ended the session 3.5% higher at Rs 175.50.

Asian shares steadied on Thursday on news that US President Donald Trump is planning to delay tariffs on auto imports, providing much needed relief to markets hit by a flare-up in trade tensions and on weak US and and Chinese economic data. MSCI‘s broadest index of Asia-Pacific shares outside Japan was flat, with both Australia and South Korea little changed. Japan’s Nikkei fell 0.6 per cent, with banks hurt by weak earnings, Reuters reported. We bring to you Live updates.

Live Blog

15:47 (IST)16 May 2019
BSE live: Sensex ends 270 points up, Nifty above 11,250; Bajaj Finance, Tata Motors top gainers

After opening marginally higher, Sensex and Nifty extended gains in the afternoon trade on Thursday. The Sensex closed 279 points higher to 37,393.48 while the Nifty ended above the 11,250-mark. Shares of Bajaj Finance closed 3.65% higher at 3,111.8, while Tata Motors shares ended the session 3.5% higher at Rs 175.50. A look at LIVE Sensex heatmap.

11:21 (IST)16 May 2019
Tata Chemicals share price jumps after de-merger of consumer business; should you buy stock?

Tata Chemicals share price surged in trade on Thursday morning, after the firm announced the de-merger of its consumer business into Tata Global Beverages (TGBL). Tata Chemicals share price gained by more than 7.5% to hit the day’s high at Rs 601 on BSE. Yesterday, the firm had announced that its board has approved the de-merger of the Consumer Products Business of TCL into TGBL (Tata Global Beverages). The consumer product business of Tata Chemicals consists of manufacturing of edible common salt, spices and protein food.

Also read: Tata Chemicals share price jumps after de-merger of consumer business; should you buy stock?

10:02 (IST)16 May 2019
Alibaba beats revenue expectations on cloud boost

Chinese e-commerce giant Alibaba Group Holding Ltd beat fourth-quarter revenue forecasts on Wednesday, thanks to growth in its core business and its diversification into cloud computing and other services. Alibaba has invested in new business lines such as cloud computing as a boom in its core e-commerce has peaked and its top line growth is slowing.  It reported a 51% increase in group revenue for January-March from a year earlier to 93.50 billion yuan ($13.6 billion), beating estimates of 91.58 billion yuan, according to IBES data from Refinitiv.

Also read: Alibaba beats revenue expectations on cloud boost

09:25 (IST)16 May 2019
BSE live: Sensex up 50 points, Nifty below 11,200; Tata Chemicals, TGBL shares jump

The Sensex and Nifty opened marginally higher on Thursday morning, tracking mixed global cues. The Sensex is up about 30 points to 37,144 while the Nifty is trading above the 11,150-mark. Tata Chemicals, TGBL shares jumped up to 4%, after the salt-automobile conglomerate announced the consolidation of its consumer business.  A look at LIVE Sensex heatmap.

09:01 (IST)16 May 2019
Election 2019 stock market strategy: What to do if BJP fails to secure majority

As elections enter the penultimate phase of polling, the investors remain jittery over making investments. With stock markets remaining volatile, losing in 10 sessions out of eleven so far, investors and traders are seeking strategies to hedge funds ahead of the major event. The range of Nifty movement in May 2004, May 2009 and May 2014 was nearly 30 per cent, 30 per cent and 14 per cent,  respectively. HDFC Securities has listed three scenarios advising traders how to go about trading as the poll results are announced on May 23. In case of BJPgetting clear majority or over 272 seats, downbeat stocks could perform, even as the market may rise sharply.

Also read: Election 2019 stock market strategy: What to do if BJP fails to secure majority

09:00 (IST)16 May 2019
April trade deficit widens to 5-month high as growth in exports falls; key figures

The trade deficit rose to 5-month high in April as exports rose marginally due to sluggish global trade and rising concerns over US-China trade war, the official data released on Wednesday showed. The trade deficit or difference between exports and imports rose to $15.33 billion in April 2019 as against $13.72 billion in April 2018. The exports rose by just 0.64 per cent last month to $26 billion while imports surged by 4.5 per cent to $41.4 billion as against the year-ago month, the data revealed.

Also read: April trade deficit widens to 5-month high as growth in exports falls; key figures

08:54 (IST)16 May 2019
Oil rises on Middle East tensions, shrugs off US crude build

Oil futures edged up on Wednesday as worries that rising tensions in the Middle East could hit global supplies overshadowed an unexpected build in U.S. crude inventories. Brent crude gained 58 cents to $71.82 a barrel by 1:06 p.m. EDT (1706 GMT). U.S. West Texas Intermediate (WTI) crude futures climbed 25 cents to $62.03 a barrel. U.S. crude stocks rose unexpectedly last week to their highest since September 2017, while gasoline stockpiles decreased more than forecast, the Energy Information Administration (EIA) said.

Also read: Oil rises on Middle East tensions, shrugs off US crude build

08:46 (IST)16 May 2019
Gold eases as equities gain after Donald Trump’s plan to delay auto tariffs

Gold prices eased on Wednesday as U.S. President Donald Trump’s announcement to delay tariffs on auto imports improved risk sentiment, but lingering concerns about global growth limited losses for the metal. Spot gold was down 0.1% at $1,295.42 per ounce as of 11:27 a.m. EDT (1527 GMT). U.S. gold futures were mostly unchanged at $1,296.20 an ounce. Comments from Trump that auto tariffs are to be delayed for six months pushed equity markets higher, which is pressuring gold, said Bob Haberkorn, senior market strategist at RJO Futures. “(However), there are lot of irons in the fire from a geo-political standpoint. Iran is a part of it, but the main one is the U.S.-China trade talks, which doesn’t seem to be going anywhere at this point.”

Also read: Gold eases as equities gain after Donald Trump’s plan to delay auto tariffs

08:46 (IST)16 May 2019
NPA trouble: Stung by collapse of Jet Airways and IL&FS, PSU banks set aside Rs 50,000 crore provisions

Stung by the collapse of IL&FS and Jet Airways, a clutch of state-owned banks has put aside a staggering Rs 50,000 crore in the March quarter for existing and potential loan losses. How much of this would be written off and how much can be put to use again is hard to say. But the sheer size of the provisions suggests the NPA (non-performing assets) cycle hasn’t quite turned. Loan loss provisions across 13 public-sector banks stood at Rs 52,739.39 crore for Q4FY19, sharply higher than the `29,625.25 crore in Q3FY19. Most of these lenders reported losses for the March quarter with total losses of eight banks at `15,192 crore.

Also read: NPA trouble: Stung by collapse of Jet Airways and IL&FS, PSU banks set aside Rs 50,000 crore provisions

08:45 (IST)16 May 2019
UPI vs plastic money: Banks don’t want to set up ATMs due to low rural card-usage

The government has reportedly pulled up banks for not putting in place enough point of sales (PoS) terminals for credit and debit cards. Against a target of 2 million machines—mobile and physical—banks appear to have installed some 6.5 lakh machines. That’s not surprising because installing PoS machines can be an expensive proposition. And while banks may want the millions of RuPay cards they have issued to be used, there is the cost of running and maintaining the machines. The government’s dissatisfaction over the small number of machines placed in rural areas is misplaced given the usage in rural India is very low.

Also read: UPI vs plastic money: Banks don’t want to set up ATMs due to low rural card-usage

08:44 (IST)16 May 2019
Export growth slows: Trade deficit hits 5-month high

Merchandise exports grew just 0.6% in April, the slowest since December 2018, while imports inched up 4.5%, inflating trade deficit to a five-month peak of $15.33 billion. Excluding petroleum and gems & jewellery, exports contracted 1.3% in April and non-oil and non-gold imports shrank 2.2%.

Also read: Export growth slows: Trade deficit hits 5-month high

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