Share Market highlights: Sensex ends 793 points up after reform push, Nifty above 11,050

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Updated:Aug 26, 2019 3:46:35 pm

Share Market highlights: The headline indices Sensex and Nifty resumed rally in the afternoon trade on Monday, after FM Nirmala Sitharaman's economy booster. The Sensex ended 793 points higher at 37,494.

The Sensex is up 400 points to 37,102 while the Nifty is trading near the 11,000-mark.

Share Market highlights: The headline indices Sensex and Nifty resumed rally in the afternoon trade on Monday, after FM Nirmala Sitharaman’s economy booster. The Sensex ended 793 points higher at 37,494, while the Nifty closed above the 11,050-mark. HDFC, Yes Bank were the biggest gainers, jumping more than 4.5% each. Asian shares sank on Monday as the latest salvo in the Sino-US trade war shook confidence in the world economy and sent investors steaming to the safe harbours of sovereign bonds and gold, while slugging emerging market currencies. Yields on benchmark 10-year Treasury debt dropped to their lowest since mid-2016, while gold hit its highest since April 2013 as risk was shunned, Reuters reported. We bring to you live updates.

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Highlights

    15:39 (IST)26 Aug 2019
    BSE live: Sensex ends 793 points up, Nifty above 11,050; HDFC, Yes Bank top gainers

    The headline indices Sensex and Nifty resumed rally in the afternoon trade on Monday, after FM Nirmala Sitharaman's economy booster. The Sensex ended 793 points higher at 37,494, while the Nifty closed above the 11,050-mark. HDFC, Yes Bank were the biggest gainers, jumping more than 4.5% each. A look at LIVE Sensex heatmap.

    15:22 (IST)26 Aug 2019
    Nobel-winning economist Robert Shiller says this might be real indicator of market recession

    Even as the market experts have been talking about the US economy staring at a possible recession after its yield curve briefly inverted again with two-year Treasury yield topped 10-year yield in the past two weeks, Nobel-winning economist and Yale University professor Robert Shiller doesn’t feel convinced about it to be the real indicator for a likely slowdown. Instead, he said that public panic may be the actual indicator of the next downturn. Yield curve inversion, according to Investopedia, refers to an interest rate environment wherein long-term debt instruments have a lower yield than short-term debt instruments of the same credit quality and looked at as an indicator of the recession in an economy.

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    15:12 (IST)26 Aug 2019
    Indian agritech startups to generate 90 lakh jobs, see 300% increase in funding

    Indian agritech startups have received 300 per cent more funding in the first six months of 2019 than the total funding received in 2018. Agritech companies raised $ 248 million until June 2019, which was only $ 73 million in 2018, according to NASSCOM. “Farmers and agritech startups in India have evolved rapidly over the past few years due to digital penetration and funding, majorly driving the growth in this sector,” says the report. New areas in the agritech sector such as market linkage, digital agriculture, better access to inputs, farming as a service (FaaS) and financing are attracting more and more stakeholders to connect with this new trend in agriculture. Indian agritech companies are also focussing on South East Asia, Europe, Africa and South America.  

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    14:37 (IST)26 Aug 2019
    Dharmendra Pradhan says Rs 1.2 lakh crore investment planned for city gas network expansion

    India will see an investment of about Rs 1.2 lakh crore in the roll out of city gas network in almost 300 districts by 2030 as a massive expansion is planned for CNG dispensing stations and pipelines supplying cooking gas to household kitchens, Oil Minister Dharmendra Pradhan said on Monday. With a licence to retail CNG and piped gas to household kitchens given out for 136 geographical areas or GAs in last one year, the coverage of city gas network would be 70 per cent of country’s population, he said here.

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    14:30 (IST)26 Aug 2019
    Canara Bank ATM Fraud: Here is the bank’s reply and new safety features to keep your money safe

    Over the last few days, a video showing a skimmer attached to a bank’s ATM is doing the rounds in social media. This has created panic among a majority of ATM users across banks and many are even wondering whether the use of ATMs for any transaction is safe at all. In this case, the ATM belongs to Canara Bank and the bank in a twitter reply to one of its follower has stated, “We, at Canara Bank take strict measures to safeguard our customers. We immediately located and removed the skimmer from Gowtami Nagar, Delhi ATM.” The bank has further informed through the same tweet that no data has been compromised.

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    14:01 (IST)26 Aug 2019
    If I were Finance Minister, this is what I would have done to revive economy; veteran investor tells

    Even as Finance Minister Nirmala Sitharaman announced a slew of measures to boost the sagging economy, stock markets haven’t recovered on expected lines, a veteran investor said. A lot more stronger reaction from the stock markets was expected after the government’s announcement of stimulus last Friday, Shankar Sharma of First Global told ET Now in an interview. The domestic equity benchmark BSE Sensex rallied over 662 points in opening session on Monday after the government rolled back the enhanced surcharge on foreign portfolio investors, and unveiled a slew of measures to boost the economy. The financial crisis is greater than ever before and the market recovery will be short lived, the market veteran also said.

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    12:58 (IST)26 Aug 2019
    MSEs looking for support? SIDBI launches programme for micro, small enterprises to grow and scale

    Focusing on bridging the gap between academic knowledge of entrepreneurs and problem-solving techniques, Small Industries Development Bank of India (SIDBI) and Indian Institute of Management (IIM) Lucknow launched a programme — Management Development Programme (MDP) that would cater particularly to the needs of new micro and small enterprises (MSEs) in growing their business. The two-week programme was initially launched on a pilot basis in a classroom format and the content included case studies, role play, and project discussions.

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    12:41 (IST)26 Aug 2019
    BSE live: Sensex up 515 points, Nifty near 11,000; HDFC, Yes Bank top gainers

    The headline indices Sensex and Nifty resumed rally in the afternoon trade on Monday, after FM Nirmala Sitharaman's economy booster. The Sensex is up 500 points to 37,200, while the Nifty is trading near the 11,000-mark. Yes Bank, SBI are among the biggest gainers, jumping up to 4.5%. A look at LIVE Sensex heatmap.

    12:29 (IST)26 Aug 2019
    Bonds rally as government avoids large fiscal stimulus

    Sovereign bonds in India rose after the government desisted from providing a large fiscal boost to the economy, easing fears it may borrow more to fund the stimulus. The rupee weakened in line with emerging-market peers after the escalation in the Sino-American trade war. Stocks were little changed after a brief spurt in opening trade on doubts about the effectiveness of the measure amid a deteriorating global environment. Finance Minister Nirmala Sitharaman late Friday scrapped a tax on overseas funds, allowed concessions on vehicle purchases and hastened an infusion of an already announced 700 billion rupees ($9.8 billion) of capital in state banks.

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    11:52 (IST)26 Aug 2019
    No slowdown in smartphones as e-commerce saves the day; sales up by 10%

    Smartphone sales in India soared 10% in the April-June quarter, beating general slowdown blues evident in other industries like FMCG and automobiles. While several sectors are reeling under demand sluggishness, smartphone sales in the country spiked, riding high on the back of e-commerce, according to market intelligence firm IDC. “The online channel continued its growth momentum fueled by multiple new launches, attractive offers and affordability schemes like EMIs/cashbacks,” Upasana Joshi, Associate Research Manager, Client Devices, IDC India said, in a recent note. Over 69 million mobile phone units were shipped to the country in the second quarter of 2019.

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    11:39 (IST)26 Aug 2019
    Gold prices in India jump to record, silver at 3 year high

    Gold prices in India jumped 1% on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world’s second-biggest consumer of the precious metal, dealers said. Local gold futures hit an all-time high of 39,196 rupees ($548.26) per 10 grams in early trade, taking their gains to nearly 25% in 2019.The rupee plunged to its lowest level in 2019 on Monday after a sharp re-escalation in the U.S.-China trade war whacked investor confidence and darkened the global economic outlook.

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    11:36 (IST)26 Aug 2019
    L&T bags ‘significant’ order from NTPC to set up FGD system at Madhya Pradesh plant

    Infrastructure major Larsen & Toubro (L&T) on Monday said its power business has bagged a “significant” order from NTPC to set up flue gas desulphurisation system at Vindhyachal Super Thermal Power Station in Madhya Pradesh. L&T has received engineering, procurement and construction (EPC) order to set up flue-gas desulphurisation (FGD) system at Vindhyachal Super Thermal Power Station at stage-I & II (6×210 mega watt (MW) & 2×500 MW, the company said in a BSE filing.

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    11:04 (IST)26 Aug 2019
    Rakesh Jhunjhunwala on FM boost: Steps taken will aid recovery; this space provides good opportunity

    After FM Nirmala Sitharaman announced a slew of measures in a bid to soothe dampening investor sentiment, Rakesh Jhunjhunwala said that the steps taken will revive the economy. However, the stock market veteran noted that the reversal in investor sentiment is not an event, it is a process. "But I believe the bottoming out process will start. There is a buying opportunity in the market. The pessimism has been excessively high. If you buy now, you may get something cheap," Rakesh Jhunjhunwala told in an interview to ET Now.

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    09:55 (IST)26 Aug 2019
    BSE live: Sensex pares gains; Nifty below 10,800; VEDL, Tata Steel shares plunge

    After opening higher, the headline indices Sensex and Nifty erased gains on Monday morning. The Sensex is down 20 points to 36,681 while the Nifty is trading near the 10,800-mark. Yes Bank, SBI are among the biggest gainers, jumping up to 4.5%.  A look at LIVE Sensex heatmap.

    09:47 (IST)26 Aug 2019
    US-China trade war: Beijing willing to resolve dispute with America through calm negotiations

    China is willing to resolve its trade dispute with the United States through “calm” negotiations and resolutely opposes the escalation of the conflict, Vice Premier Liu He, who has been leading the talks with Washington, said on Monday. The increasingly bitter trade war between the world’s two largest economies sharply escalated on Friday, with both sides levelling more tariffs on each other’s exports. U.S. President Donald Trump announced an additional duty on some $550 billion of targeted Chinese goods on Friday, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods.

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    09:20 (IST)26 Aug 2019
    BSE live: Sensex surges 400 points on FM boost; Nifty near 11,000; Yes Bank, SBI top gainers

    The headline indices Sensex and Nifty surged on Monday after FM Nirmala Sitharaman announced a slew of measures to spur up the economy. The Sensex is up 400 points to 37,102 while the Nifty is trading near the 11,000-mark. Yes Bank, SBI are among the biggest gainers, jumping up to 4.5%.  A look at LIVE Sensex heatmap.

    09:14 (IST)26 Aug 2019
    Car sales slump: Buyers’ sentiment should get a boost, says Maruti chairman RC Bhargava

    With the government having rolled out measures to facilitate an additional `5 lakh crore of bank loans and pushing back the timeline for the one-time registration fee, RC Bhargava believes the auto industry can now look forward to a different environment. Till last Thursday, the chairman of Maruti Suzuki had been reluctant to call an upturn in the festive season but now he believes the environment could change. On Friday, the government lifted the ban on purchase of new vehicles by the government departments and allowed auto buyers enhanced depreciation of 30%.

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    09:08 (IST)26 Aug 2019
    PSU banks to crack the whip, to review farm credit to stop diversion

    Amid growing fears that some agricultural loans may have been diverted to non-farm use, the finance ministry has asked state-owned lenders to review their agri portfolios. Loans for exports and education, part of the priority sector, are also up for fresh scrutiny, sources told FE. The government wants to ensure that the priority-sector credit is utilised for intended purposes and not exploited by unscrupulous elements; the drive is also aimed at correcting a big regional disparity in the flow of farm credit, mostly disbursed at a heavily-subsidised interest rate of 4% and comes after finance minister Nirmala Sitharaman announced on Friday, the government would upfront a capital infusion of Rs 70,000 crore to help banks step up lending.

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    09:07 (IST)26 Aug 2019
    Tata Sons will not be bogged down by slowdown: N Chandrasekaran

    Natarajan Chandrasekaran refuses to be hobbled by the slowdown. The chairman of TataSons believes that while looking for ways to combat the downturn, one must also keep an eye out for opportunities and work to cash in on them. Chandrasekaran says the Tata Group will not hesitate to invest, whether it is in the existing businesses or in focus areas such as digital, consumer and retail. Excerpts from an interview with Shobhana Subramanian:

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    09:02 (IST)26 Aug 2019
    Oil falls as trade war raises recession fears

    Oil prices fell on Monday, pushing U.S. crude to its lowest in more than two weeks, as an intensifying U.S.-China trade war knocked confidence in the global economy. Brent crude was down 63 cents, or 1.1%, at $58.71 a barrel by 0232 GMT, having earlier touched $58.24, the lowest since Aug. 15. U.S. oil was down 68 cents, or 1.3%, to $53.49 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9.

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    09:01 (IST)26 Aug 2019
    Global markets: Asia shares sink, bonds surge as trade fears mount

    Asian shares were a sea of red on Monday as the latest salvo in the Sino-U.S. trade war shook confidence in the world economy and sent investors steaming to the safe harbours of sovereign bonds, gold and the Japanese yen. Yields on benchmark 10-year Treasury debt dropped to their lowest since mid-2016, while gold hit its highest since April 2013 as risk was shunned. The Chinese yuan also came under pressure, with the dollar quoted up at 7.1710 and markets braced for more intervention from Beijing to support the currency.

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    09:00 (IST)26 Aug 2019
    Fuel supply cut by IOC, BP, HP doesn’t reflect on Air India’s performance, efforts, says CMD

    Fuel supply cut by Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum to the national carrier Air India on Thursday at six airports due to pending fuel bills by almost eight months is because of an ‘overall lack of adequate funds’, according to Air India chairman and managing director Ashwani Lohani even as it doesn’t reflect on the operational performance and recent efforts of the airline in any way, Lohani said in a statement.

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