Share Market highlights: Sensex ends 642 points down, Nifty near 10,800; Tata Motors, Heromotocorp top losers

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Updated:Sep 17, 2019 3:50:00 pm

Share Market highlights: The headline indices Sensex and Nifty extended losses on Tuesday afternoon, a day after crude oil shock roiled global markets following Saudi oil attack.

sensex, bse, nseThe Sensex closed 642 points down to 36,481, while the Nifty closed near the 10,800-mark.

Share Market Today News | Live Updates: The headline indices Sensex and Nifty extended losses on Tuesday afternoon, a day after crude oil shock roiled global markets following Saudi oil attack. The Sensex closed 642 points down to 36,481, while the Nifty closed near the 10,800-mark. Tata Motors, Heromotocorp, Axis Bank emerged among the biggest losers in the Sensex, shedding up to 6%. HUL, Asian Paints and Infosys were the only gainers in the index. Oil futures shed some of their massive gains on Tuesday as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure. While equity market losses have not been large, the shaky investor confidence continues to support safe-haven assets, with gold edging higher on Tuesday and Treasury prices rising, Reuters reported.

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Highlights

    15:50 (IST)17 Sep 2019
    bse live: Sensex ends 642 points down, Nifty near 10,800; Tata Motors, Heromotocorp top losers

    The headline indices Sensex and Nifty extended losses on Tuesday afternoon, a day after crude oil shock roiled global markets following Saudi oil attack. The Sensex closed 642 points down to 36,481, while the Nifty closed near the 10,800-mark. Tata Motors, Heromotocorp, Axis Bank emerged among the biggest losers in the Sensex, shedding up to 6%. HUL, Asian Paints and Infosys were the only gainers in the index. A look at LIVE Sensex heatmap.

    15:29 (IST)17 Sep 2019
    Trade war remians among top worries of fund managers: BofAML survey

    "Trade war concerns (40%) continue to top the list of tail risks cited by investors; monetary policy impotence and a bond market bubble take the next two spots, each at 13%; a China slowdown rounds out the top four, at 12%," the research firm said.

    15:09 (IST)17 Sep 2019
    Paytm reinstates former employee Sonia Dhawan, previously accused extortion attempt

    Vijay Shekhar Sharma’s digital e-commerce company Paytm has reinstated former employee Sonia Dhawan within a year of accusing her of money extortion. Sonia Dhawan, who “played an instrumental role in building the brands since inception”, according to the company statement, was accused by Paytm founder Vijay Shekhar Sharma for allegedly stealing data that could have “destroyed” the company and asking for Rs 10 crore. Sonia Dhawan, who led communications at Paytm earlier, has been repositioned as the Vice President (Corporate Communications) and was in police custody for four months.

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    15:03 (IST)17 Sep 2019
    PSU merger: Piyush Goyal says all options are open for merger of MMTC, STC, PEC

    Commerce and Industry Minister Piyush Goyal said on Tuesday that all options are open with the ministry for closure or merger of three public sector undertakings – MMTC, STC and PEC. When asked whether the government is considering to shut or merge these units, Goyal said: “All options are open”. He said gradually the purpose of these companies is getting eroded and they are no more canalising agencies. “It is not the government’s business to be in the business,” he told reporters here at the sidelines of a CII function. He said there is no meaning for such a big infrastructure (MMTC) to carry out gold imports. “We have started discussions. One by one we will do,” he added.

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    15:00 (IST)17 Sep 2019
    Birla on Indian corporates: Companies need to follow global governance standards

    Indian corporates need to hold themselves accountable to global standards of governance if India wishes to re-shape the global economic order, Aditya Birla Group Chairman Kumar Mangalam Birla said on Tuesday. Speaking at an event here, Birla said that with changing times the core business philosophy is rapidly moving away from shareholder capitalism to stake holder capitalism which includes investors, customers, employees and value chain partners. “For India to reshape the global economic order, Indian companies will have to hold themselves accountable to global standards of governance. I believe this cannot happen by running roughshod over minority shareholders,” Birla said. 

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    14:45 (IST)17 Sep 2019
    Asian Development Bank president Takehiko Nakao resigns

    Asian Development Bank (ADB) on Tuesday said its President Takehiko Nakao has announced his resignation which will be effective from January 16 next year. He became the President of ADB on April 28, 2013. The new president will be elected in accordance with an open, transparent and merit-based procedure, ADB said in a statement. “I am announcing my resignation with a deep sense of satisfaction and gratitude. With support from staff, Board members, and member governments, we have achieved many things,” Takehiko said in his remarks to the staff and board of members of ADB.

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    14:28 (IST)17 Sep 2019
    Over 6 crore EPFO members to get 8.65 percent interest for 2018-19: Labour minister Santosh Gangwar

    Labour Minister Santosh Gangwar on Tuesday said over 6 crore EPFO members will get 8.65 per cent interest on their deposits for 2018-19. The Central Board of Trustees — the apex decision-making body of the Employees’ Provident Fund Organisation (EPFO) — had approved 8.65 per cent interest rate for the last fiscal in February this year. The proposal was sent for the concurrence of the finance ministry.

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    14:02 (IST)17 Sep 2019
    Saudi oil attack: Crude oil prices may not remain higher for long; here’s why

    The spike in global crude oil prices may push up India’s purchase costs, but the rates are not expected to remain higher for an extended period, a report said. A surge in US production is likely to cap the fuel prices from rising further, CARE Ratings said. “Even the sentiment hovering around the US-China trade war and reduction in demand forecasts could aid in easing the prices,” it added. However, the rates are expected to remain between $70-75/bbl in  the forthcoming months till normalcy gets back to Saudi production after drone attack on Saudi crude oil infrastructure , the report noted. The price of oil rose the most on record on Monday with Brent crude surging by nearly 20 per cent, the biggest percentage gain since June 1998. 

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    14:00 (IST)17 Sep 2019
    BSE live: Sensex plunges 570 points, Nifty below 11,000; HDFC, Axis Bank top losers

    The headline indices Sensex and Nifty extended losses on Tuesday afternoon, tracking mixed global cues. The Sensex was down 570 points to 36,555.29, while the Nifty was trading below the 10,850-mark at 2.00 pm. VEDL, Yes Bank shares emerged among the biggest gainers in the index, jumping up to 2%. A look at LIVE Sensex heatmap.

    13:03 (IST)17 Sep 2019
    Spend more to cushion economy against fall; five ways to foster growth

    Increasing government expenditure, especially capital expenditure, can steer the Indian economy out of the ongoing slowdown driven by a declining investment rate and declining demand, former RBI Governor C Rangarajan and EY India’s Chief Policy Advisor D K Srivastava wrote in The Indian Express. However, the surplus from the RBI would not be sufficient to increase the spending power of the government and to generate revenue, they added, as that will only compensate for the shortfall in revenues. Hence, larger disinvestment may help the government to generate revenue.

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    12:47 (IST)17 Sep 2019
    CG Power hits upper circuit band of 5% after KKR buys stake

    Shares of CG Power and Industrial Solutions hit an upper circuit of 5 per cent on BSE in the early intraday trade on Tuesday. It comes a day after KKR purchased 10 per cent stake in the company for nearly Rs 90 crore through open market transactions. CG Power stock hit its upper circuit band on the BSE at 9:52. Shares of CG Power were trading at Rs 15.69, 0.74, or 4.95 per cent on BSE at the time of reporting. According to the data on the NSE, KKR India Debt Opportunities Fund II and KKR India Financial Services bought a total number of over 6.26 crore shares or 10.01 per cent stake in CG Power.

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    12:08 (IST)17 Sep 2019
    Top 5 bluechip stocks most bought by mutual funds in August

    Even as the stock market remains muted amid the ongoing slowdown, mutual fund managers  have made some notable changes in sector and stock allocation. Notably, MF managers have lapped up bluechip stocks including Reliance IndustriesHDFC, HDFC Bank, TCS and Avenue Supermarts with these emerging as the top 5 stocks in August 2019, in terms of value increases on month.

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    11:09 (IST)17 Sep 2019
    BSE live: Sensex extends losses, Nifty below 11,000; VEDL, Yes Bank top gainers

    The headline indices Sensex and Nifty extended losses on Tuesday morning, tracking mixed global cues. The Sensex was down 238 points to 36,885, while the Nifty was trading below the 11,000-mark at 11.00 am. VEDL, Yes Bank shares emerged among the biggest gainers in the index, jumping up to 2%.  A look at LIVE Sensex heatmap.

    10:26 (IST)17 Sep 2019
    Saudi oil refinery attack unites China with India, other Asia rivals worried about war

    If anything could distract Asia’s top powers from sparring over disputed territory and crimes committed during World War II, it’s the need for cheap oil. Asia accounts for more than 70 per cent of Saudi Arabia’s crude exports, with the four biggest economies — China, Japan, India and South Korea — leading the pack, according to consultancy Wood Mackenzie. That leaves them particularly vulnerable to rising geopolitical tensions in the Middle East that are now causing global crude prices to soar.

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    09:57 (IST)17 Sep 2019
    Modi govt’s housing booster dose to impact only 91,000 housing units

    Of the total inventory of 13.8 lakh units in the mid to affordable category, only 1.6 lakh units, which is 11% of the overall inventory, will qualify under the stressed fund announced by the government on September 14. The balance projects are already under NCLT or are NPAs and therefore do not qualify to avail the stressed fund window. Of these 1.6 lakh units, around 91,000 units have been sold to buyers who are waiting to get the possession of their houses, according to analysis of ratings and research firm PropEquity.

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    09:41 (IST)17 Sep 2019
    VEDL, Yes Bank among top gainers in Sensex

    While the braoder markets remained subdued, Yes Bank, VEDL shares have emerged among the top gainers. The Sensex was down 100 points to 37,023.14 while the Nifty was trading below the 11,000-mark. VEDL, Yes Bank shares emerged among the biggest gainers in the index, jumping up to 2%. HCL Tech, Axis Bank are among the losers in Sensex in the morning trade.

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    09:25 (IST)17 Sep 2019
    BSE live: Sensex down 100 points, Nifty below 11,000; VEDL, Yes Bank top gainers

    The headline indices Sensex and Nifty opened lower on Tuesday morning, tracking mixed global cues. The Sensex was down 100 points to 37,023.14 while the Nifty was trading below the 11,000-mark at 9.20 am. VEDL, Yes Bank shares emerged among the biggest gainers in the index, jumping up to 2%.  A look at LIVE Sensex heatmap.

    09:04 (IST)17 Sep 2019
    JSW Steel to go ahead with Rs 50,000 crore capex plan

    Although steel prices have come off by a good 20-22% over the last one year and demand remains somewhat subdued, JSW Steel doesn’t plan to slow down. MV Seshagiri Rao, joint managing director and group CFO, says his firm will not recalibrate capex plans of close to Rs 49,000 crore by FY21. Should the acquisition of Bhushan Power and Steel go through, the steelmaker will have a total capacity of 21 million tonne, making it the country’s biggest producer. “There are not many players expanding capacity. So, if you can create capacity by the time the industry looks up, maybe after 2-3 quarters, we are fine,” Rao said.

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    08:59 (IST)17 Sep 2019
    15th Finance Commission terms tilt fiscal scales in favour of the Centre

    The current ruling coalition has shown a propensity for bold moves in its attempt to reshape India’s polity and society to match its vision of the nation. The economy has sometimes received similar treatment, with the GST finally being implemented; demonetisation, and public sector bank mergers are two other examples. The last Union Budget was somewhat timid, perhaps, given the growth slowdown, but recent economic policy changes have shown more willingness to respond vigorously to the problem.

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    08:54 (IST)17 Sep 2019
    Modi govt’s housing booster dose to impact only 91,000 housing units

    Of the total inventory of 13.8 lakh units in the mid to affordable category, only 1.6 lakh units, which is 11% of the overall inventory, will qualify under the stressed fund announced by the government on September 14. The balance projects are already under NCLT or are NPAs and therefore do not qualify to avail the stressed fund window. Of these 1.6 lakh units, around 91,000 units have been sold to buyers who are waiting to get the possession of their houses, according to analysis of ratings and research firm PropEquity.

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    08:50 (IST)17 Sep 2019
    PSU disinvestment: Govt to offload 12.5% in Mazagon Dock Shipbuilders through IPO

    The Centre will sell 12.5% stake in the state-owned Mazagon Dock Shipbuilders (MDL) via initial public offer (IPO) soon to raise about Rs 700 crore, sources told FE. The disinvestment receipts would be higher from the shipbuilder if its employees subscribe to 5% of post-IPO equity capital of the company, reserved for them. MDL, the country’s premier defence shipyard, achieved a value of production of Rs 4,399 crore in FY18 and earned a profit before tax of Rs 696 crore. As on June 2018, its order book for shipbuilding and submarines were Rs 51,442 crore. Currently, eight warships and five submarines are under construction at MDL. The IPO is part of the disinvestment programme to garner a whopping Rs 1.05 lakh crore in FY20, up from Rs 85,000 crore in FY19 and Rs 1 lakh crore in FY18.

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    08:50 (IST)17 Sep 2019
    Will meet India, Pakistan Prime Ministers soon: Donald Trump

    US President Donald Trump on Monday said he will be meeting the prime ministers of India and Pakistan soon, even as he maintained that tension between the two Asian countries had reduced. While Trump will address Indian-Americans, along with PM Modi, at the “Howdy Modi!” event in Houston on September 22, the American president did not say when or where will he be meeting PM Khan.

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    08:49 (IST)17 Sep 2019
    Oil falls more than 1% as market awaits response to Saudi oil attacks

    Oil fell more than 1% on Tuesday as the market hung on tenterhooks following attacks on Saudi Arabian crude facilities that cut the kingdom’s production in half and sent prices soaring by the most in decades. The attack heightened uncertainty in a market that had become relatively subdued in recent months due to slowing growth as the U.S.-China trade war rages and now faces the loss of crude from Saudi Arabia, usually the supplier of last resort. A gauge of oil-market volatility on Monday rose to the highest level since December of last year, and trading activity showed investors expect higher prices in coming months. Brent crude was down 77 cents, or 1.1%, at $68.25 a barrel by 0051, while West Texas Intermediate was down 82 cents, or 1.3%, at $62.08 a barrel.

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