scorecardresearch

Share Market highlights: Sensex ends 504 points down, Nifty below 11,450; SBI, Tata Motors top losers

Share Market highlights: The headline indices Sensex and Nifty extended losses in the late afternoon trade on Wednesday.

Sensex logged a weekly gain of 629.63 points or 1.68 per cent.
The Sensex closed 504 points down at 38,594 while the Nifty closed below the 11,450-mark.

Share Market highlights: The headline indices Sensex and Nifty extended losses in the late afternoon trade on Wednesday. The Sensex closed 504 points down at 38,594 while the Nifty closed below the 11,450-mark. SBI, Tata Motors, Yes Bank shares were among the biggest losers, shedding up to 8%. Powergrid, TCS shares were the biggest gainers, jumping up to 4%. Asian stocks fell on Wednesday after the U.S. lawmakers called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world’s largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.2%, Japan’s Nikkei fell 0.55%, while Australian shares fell 0.66%, Reuters reported. We bring to you live updates.

Live Blog

15:47 (IST)25 Sep 2019
BSE live: Sensex ends 504 points down, Nifty below 11,450; SBI, Tata Motors top losers

The headline indices Sensex and Nifty extended losses in the late afternoon trade on Wednesday. The Sensex closed 504 points down at 38,594 while the Nifty closed below the 11,450-mark. SBI, Tata Motors, Yes Bank shares were among the biggest losers, shedding up to 8%. Powergrid, TCS shares were the biggest gainers, jumping up to 4%. A look at LIVE Sensex heatmap. 

15:02 (IST)25 Sep 2019
IRCTC IPO for Rs 650 crore opens on September 30; check price band, bid lot, other details

The much awaited railway PSU Indian Railway Catering and Tourism Corporation (IRCTC) IPO for Rs 645 crore will hit the stock market on September 30. IRCTC IPO will remain open for subscription between September 30th and October 3rd. The government looks to raise to raise up to Rs 645.12 crore at the higher end of the price band. The railway PSU has set a price band of Rs 315-320 for its intended share sale. IRCTC is offering a discount of Rs 10 per share to retail investors and employees. The minimum bis lot has been fixed at 40 shares, and in multiples of 40 shares thereafter.

Full story

14:03 (IST)25 Sep 2019
SBI share price plunges after Morgan Stanley cuts target price on India’s largest PSU bank

Shares of India’s largest state-run lender SBI plunged on Wednesday morning, after global firm Morgan Stanley slashed its share price target. SBI shares plunged more than 4.6% to hit the day’s low at Rs 288.75 on BSE. Morgan Stanley said that the upside on the shares remains limited given uncertainty on Asset quality and Net Interest Margin. The global firm noted that the recent tax rate cut outweighs lower margins. Morgan Stanley has raised the FY21, FY22 EPS estimates by 5% each.

Full story

11:54 (IST)25 Sep 2019
BSE live: Sensex plunges further, Nifty below 11,500; SBI, Tata Motors top losers

The headline indices Sensex and Nifty extended losses in the late morning trade on Wednesday. The Sensex was down 395 points to 38,702 while the Nifty was trading below the 11,500-mark at 11.45 am. SBI, Tata Motors shares were among the biggest losers, shedding up to 5%. A look at LIVE Sensex heatmap.

10:36 (IST)25 Sep 2019
Amid PMC Bank chaos, a look at surging NPAs; cooperative banks surrounded by bad loans

Even as customers of the Punjab and Maharashtra Cooperative Bank today discovered they can not draw more than a thousand rupees due to an RBI direction, other cooperative banks in India are struggling with non-performing assets up to 38 per cent of their total loan advances. The scenario is worse for rural cooperative banks, which account for around two-thirds of the total asset size of all cooperative banks taken together, according to the Reserve Bank of India.

 
10:14 (IST)25 Sep 2019
Global stocks lower as Donald Trump impeachment talk swirls; sterling gains after Brexit ruling

A gauge of global stocks fell on Tuesday as calls for the impeachment of U.S. President Donald Trump grew louder, while the British pound firmed as the UK Supreme Court ruled Prime Minister Boris Johnson’s decision to suspend parliament was unlawful. After initially advancing, Wall Street’s benchmark S&P 500 index retreated to session lows after U.S. Representative John Lewis, one of the most senior leaders, joined other Democratic lawmakers in calling for impeachment proceedings to begin against President Donald Trump.

Full story

09:56 (IST)25 Sep 2019
Rationalisation: Urea subsidy to be capped, its release more targeted

In a move that would help curb the relentless rise in its revenue expenditure and find more resources for capex, the Centre has drawn up a plan to ease the controls on the retail prices of the most widely used fertiliser — urea — and make the release of the ever-rising subsidy on it far more targeted than now. According to official sources, after considering a host of options for direct transfer (DBT) of urea subsidy to the beneficiary farmers’ bank accounts, the department of fertilisers (DoF) has chosen a model where the farmer will pay the market price at the time of purchase of urea and promptly receive the subsidy amount in his/her Aadhaar-linked bank account.

09:44 (IST)25 Sep 2019
Infosys is world’s third best regarded company

As many as 17 Indian companies, including Infosys, TCS and HDFC, have been named in the list of World’s Best Regarded Companies compiled by Forbes. IT major Infosys has been ranked third in the list of World’s Best Regarded Companies, along with global payments technology company Visa and Italian car-maker Ferrari on the first and second position, respectively. Infosys jumped to the third spot from 31st position in 2018. “Infosys’ leading position headlined an Asian invasion in the rankings,” Forbes said.

Full story

09:28 (IST)25 Sep 2019
BSE live: Sensex extends losses, Nifty near 11,500; SBI, Tata Motors down 2%

The headline indices Sensex and Nifty opened lower on Wednesday morning, tracking mixed cues. The Sensex was down 270 points to 38,821, while the Nifty was trading near the 11,500-mark at 9.25 am. SBI, Tata Motors shares were among the biggest losers, shedding up to 2%. A look at LIVE Sensex heatmap.

09:09 (IST)25 Sep 2019
Motilal Oswal: Retain ‘neutral’ on Hexaware with target price of Rs 390

We attended Hexaware’s (HEXW) analyst day, where management shared the progress on its strategy of ‘Automate Everything – Cloudify Everything – Transform Customer Experience.’ HEXW’s recent acquisition of Mobiquity is meshing well with the current offerings of the company. Mobiquity has front-end domain expertise with offerings around strategy and experience design, while HEXW is strong in engineering and execution. This is creating ample opportunities for both the entities to pitch full stack experience to their respective client groups. Mobiquity has strong vendor and client relationships with AWS and Backbase, which is creating opportunities for HEXW in IMS and retail banking, respectively.

Full story

09:05 (IST)25 Sep 2019
Products distribution: Star Health, ICICI Securities tie up

Star Health and Allied Insurance Company (Star Health), the largest standalone health insurer in the country, and ICICI Securities (I-Sec), among India’s leading financial products distributors, on Tuesday announced a partnership under which I-Sec would leverage its strong online and offline presence to distribute Star Health’s products nationwide.

09:04 (IST)25 Sep 2019
Global stocks lower as Donald Trump impeachment talk swirls; sterling gains after Brexit ruling

A gauge of global stocks fell on Tuesday as calls for the impeachment of U.S. President Donald Trump grew louder, while the British pound firmed as the UK Supreme Court ruled Prime Minister Boris Johnson’s decision to suspend parliament was unlawful. After initially advancing, Wall Street’s benchmark S&P 500 index retreated to session lows after U.S. Representative John Lewis, one of the most senior leaders, joined other Democratic lawmakers in calling for impeachment proceedings to begin against President Donald Trump.

Full story

09:01 (IST)25 Sep 2019
Crude oil prices drops to lowest since Aramco attacks after Donald Trump scolds China

Oil prices plunged more than 2% on Tuesday to their lowest since the Sept. 14 attacks on Saudi Arabia’s key oil facilities, after U.S. President Donald Trump rekindled fears the U.S.-China trade conflict that has crimped energy demand is far from over. In a United Nations address, Trump accused China of unfair trade practices, including “massive” market barriers, currency manipulation and intellectual property theft, a few days after officials from the world’s two largest oil-consuming economies held inconclusive trade talks in Washington.

Full story

08:56 (IST)25 Sep 2019
Amazon, Flipkart, other e-commerce cos to bleed less: These products will help cut cash burn to half

While e-commerce platforms such as Amazon and Flipkart have been incurring huge losses in their bid to get more and more customers on board, the cash burn for e-tailers is likely to get a significant cut from current 12% to about 6% by 2022. Over the coming years, cash burn for online commerce companies is expected to drop to half as these companies get larger share of higher-margin categories such as fashion, private labels and fast-moving consumer goods, according to management consulting firm RedSeer. Coupled with a bigger share of high margin categories and by finetuning supply chains, companies are likely to rationalize costs, the report added. The online companies have already managed to bring down cash burn to 12% this year from 15% in 2018.

Full story

08:55 (IST)25 Sep 2019
Kotak’s Nilesh Shah says small, midcap stocks attractive; bullish on this sector

While the small and midcap space has remained largely muted in the year so far, Kotak AMC’s Nilesh Shah says that valuations are attractive in the space. “They will be the biggest beneficiary of the improved liquidity and economy, reduction in interest rates and corporate tax rebates and when transmission of credit reaches its peak. That will lead to an improvement in margins and profitability. So, we are now focused on adding quality small and midcaps across our portfolio,” Nilesh ShahMD of Kotak Mahindra Asset Management said in an interview to CNBC TV18. Notably, Nilesh Shah has been appointed Chairman of the Association of Mutual Funds in India (AMFI). He will be succeeding Nimesh Shah, Managing Director, ICICI Prudential AMC, who was appointed to the post in 2018.

Full story

08:54 (IST)25 Sep 2019
Sensex, Nifty breather after 2-day mega stock market rally; RIL, Infosys shares surge

The headline indices Sensex and Nifty took a breather after logging its best ever 2-day mega rally in the previous sessions. The Sensex closed the volatile session 7.11 points or 0.02 per cent up at 39,097.14. The broader Nifty 12 points lower at 11,588.20. Infosys, RIL, TechM, Tata Motors, Maruti Suzuki, PowerGrid, HCL Tech, TCS and Yes Bank were the biggest gainers, jumping up to 3.78 per cent. On the other hand, SBI, Axis Bank, L&T, Hero MotoCorp, Asian Paints, ONGC, Tata Steel and Bajaj Finance were among the losers, closing up to 3.56% down. Following the 2-day rise, the market-cap of BSE-listed companies was Rs 1,38,54,439.41 crore, up by Rs 10.35 lakh crore in two sessions, after announcement of a slew of fresh economic reforms to boost the ailing economy.

Full story

08:48 (IST)25 Sep 2019
Festive cheer for MSMEs, retail: India’s largest bank SBI says consumer sentiment to pick up

While several industries have been facing slowdown blues for some time now owing to lower than usual sales, the upcoming festive season in India may turn around the fortunes for retail and MSME sectors in India, India’s largest bank SBI said. “The coming quarter which is normally the festive season, with a lot of improvement in the sentiments, and with the reduction in the corporate tax, we are expecting that there would be uptake on the retail and MSME side,” Prashant Kumar, CFO, SBI, told ET Now in an interview. He added that the bank hopes for credit growth in upcoming months as consumer sentiment gets stronger.

Full story

08:47 (IST)25 Sep 2019
OYO founder Ritesh Agarwal: My mom says I won’t find a bride as I don’t have college degree | INTERVIEW

From coding software at the age of eight, becoming a part of a global annual forum for improving science in Asia, authoring a book on top 100 Indian engineering colleges, starting a consulting firm for foreign companies entering India, dropping out of college and becoming the first Indian Thiel fellow, to pivoting Oravel Stays to OYO Rooms and making it a $5 billion private enterprise, Ritesh Agarwal has come a long way. What lies ahead for him is to become the world’s largest hotel chain by continuing to stay innovative. “While one is in the process of coming up with a truly innovative solution, it is essential to keep an open mind,” Agarwal said in a tete-a-tete with Sandeep Soni

Read full

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.