Share market highlights: Sensex ends 488 points down, Nifty below 11,400; RIL, Bajaj Finance plunge 4%

By: |
Updated:May 08, 2019 3:49:03 pm

Share market highlights: The Sensex and Nifty extended losses for the third straight session even as mounting trade tensions between US and China continued to weigh. The Sensex ended 488 points down at 37,789.

Shares of the BSE closed at Rs 637.15, up 0.23 per cent on the National Stock Exchange

Stock market highlights: The Sensex and Nifty extended losses for the third straight session even as mounting trade tensions between US and China continued to weigh. The Sensex ended 488 points down at 37,789, while the Nifty closed below the 11,400-mark. Reliance Industries shares ended 3.4% down at Rs 1,299.45, while Bajaj Finance shares closed 3.2% lower at Rs 2,921.90.  

Asian equities tracked Wall Street’s slide on Wednesday as the latest developments in the US-China trade conflict fanned fresh fears about global growth, driving support for safe-haven government bonds. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, stooping to its lowest level since late March, Reuters reported. Wall Street stocks slid on Tuesday, with the S&P 500 losing 1.65 percent and the Dow shedding 1.8 percent on the U.S.-China trade concerns, the report added. We bring to you Live updates.

Live Blog

Highlights

    15:49 (IST)08 May 2019
    BSE live: Sensex ends 488 points down, Nifty below 11,400; RIL, Bajaj Finance plunge 4%

    The Sensex and Nifty extended losses for the third straight session even as mounting trade tensions between US and China continued to weigh. The Sensex ended 488 points down at 37,789, while the Nifty closed below the 11,400-mark. Reliance Industries shares ended 3.4% down at Rs 1,299.45, while Bajaj Finance shares closed 3.2% lower at Rs 2,921.90.  A look at LIVE Sensex heatmap.

    11:38 (IST)08 May 2019
    Paytm, Flipkart founders among new age billionaires; as old age tycoons of Reliance, Essar falter

    A new breed of self-made entrepreneurs is vaulting into the ranks of the wealthy, offsetting billions lost by debt-burdened industrialists and members of the country’s old dynasties. The changes are set to help India’s ultra-rich population grow at the world’s fastest pace. It’s a shift shaped partly by a debt-fueled expansion that left businesses from power generation to airlines with $190 billion in soured loans. Over the past few years, Prime Minister Narendra Modi’s government has cracked down on delinquent borrowers, and India’s banks moved to seize their assets, a dramatic change for a country where the wealthy once enjoyed almost complete protection.

    Also read: Paytm, Flipkart founders among new age billionaires; as old age tycoons of Reliance, Essar falter

    10:23 (IST)08 May 2019
    Blockbuster listing: Neogen Chemicals debuts at 17% premium to IPO price

    Shares of Mumbai-based specialty chemicals manufacturer Neogen Chemicals made a blockbuster debut on the exchanges, after the shares listed at a 17% premium to issue price. Neogen Chemicals shares listed at Rs 251 on BSE, as compared to the issue price of Rs 215, implying a 16.74% premium. Notably, the strong listing comes after the issue had been oversubscribed by a whopping 41 times in its recent IPO between April 24 and April 26th. At the end of the last day on April 26th, Neogen Chemicals got subscribed by  40.76 times, as the the issue got bids for 17,49,57,510 shares as against the total issue size of 43,29,038 shares.

    Also read: Blockbuster listing: Neogen Chemicals debuts at 17% premium to IPO price

    09:26 (IST)08 May 2019
    BSE live: Sensex down 200 points, Nifty below 11,450; Vedanta, RIL top losers

    The Sensex and Nifty opened lower on Wednesday morning, even as mounting trade tensions between US and China continued to weigh. The Sensex is down 200 points to 38,075.79, while the Nifty is trading below the 11,450-mark. Vedanta shares are trading 4% lower at Rs 156.80 after the firm reported tepid Q4 results. RIL shares are down 1.3% to Rs 1,327.60, to emerge among the biggest Sensex losers.  A look at LIVE Sensex heatmap.

    08:56 (IST)08 May 2019
    Patanjali’s Ruchi Soya plan hits a speed breaker; DBS to move NCLT

    DBS Bank-Singapore told the Mumbai National Company Law Tribunal (NCLT) on Tuesday it would move the tribunal against Patanjali Ayurved’s proposed Rs 4,350-crore resolution plan for debt-laden Ruchi Soya. The foreign bank claimed it has not received a fair value on assets although it enjoys the status of a first charge holder. Adjourning the hearing, the two-member NCLT bench also asked the resolution professional (RP) to submit a summary of how Patanjali intended to fund the acquisition.

    Also read: Patanjali’s Ruchi Soya plan hits a speed breaker; DBS to move NCLT

    08:47 (IST)08 May 2019
    Gold firms as Sino-US trade concerns dampen risk appetite

    Gold prices firmed on Wednesday as renewed concerns on U.S.-China trade dispute upset risk appetite, boosting demand for safe-haven assets.  Spot gold was up 0.1 percent at $1,285.76 per ounce as of 0109 GMT.  U.S. gold futures edged 0.1 percent higher to $1,287.40 an ounce. Chinese Vice Premier Liu He will travel to Washington for two days of trade talks this week, China said on Tuesday, setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by U.S. President Donald Trump.

    Also read: Gold firms as Sino-US trade concerns dampen risk appetite

    08:46 (IST)08 May 2019
    Oil prices firm amid US sanctions on crude exporters Iran, Venezuela

    Oil prices stabilised on Wednesday as markets remained relatively tight amid U.S. sanctions on crude exporters Iran and Venezuela. U.S. West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 percent, above their last settlement. Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close. With U.S. sanctions on Iran and Venezuela in place, analysts said global oil markets remained tight.

    Also read: Oil prices firm amid US sanctions on crude exporters Iran, Venezuela

    08:46 (IST)08 May 2019
    Seeking to avert higher tariffs, China dispatches top negotiator Liu He to US

    Chinese Vice Premier Liu He will travel to Washington for two days of trade talks this week, China said on Tuesday, setting up a last-ditch bid for a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by U.S. President Donald Trump. U.S. officials have accused China of reneging in the past week on substantial commitments made during months of negotiations aimed at ending their trade war, prompting Trump to issue a new deadline to raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent.

    Also read: Seeking to avert higher tariffs, China dispatches top negotiator Liu He to US

    08:45 (IST)08 May 2019
    Donald Trump tax returns from 1985-94 show $1 billion in losses, says report

    U.S. President Donald Trump’s businesses lost a total of more than $1 billion from 1985 to 1994, according to the New York Times, which said it obtained printouts from Trump’s official Internal Revenue Service tax transcripts. The newspaper said Trump posted losses in excess of $250 million in both 1990 and 1991, which appeared to be more than double any other individual U.S. taxpayer, based on IRS data. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years, the Times said.

    Also read: Donald Trump tax returns from 1985-94 show $1 billion in losses, says report

    Next Stories
    1FPIs withdraw $1 billion from bond market in six sessions
    2Corporate bond issuances via private placements rise 76%
    3Stock corner: Maintain ‘hold’ on Marico; price target of Rs 380