Share Market Highlights: Sensex ends 124 points down, Nifty below 10,900; Dr Reddy’s, M&M among top losers

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Updated:Feb 11, 2019 4:06:39 pm

Stock Market Highlights: The domestic stock markets Sensex and Nifty ended lower on Monday, tracking weak global cues. The Sensex closed 151.45 points down to 36,395.03, while the Nifty ended 55 points lower at 10,888.80.

Bank bonds, invest in bonds, mutual funds, tax saving, Reserve Bank of India, RBI, Bank shares, Bank stocks, insolvency, banking sector india,Share Market Highlights: Dr Reddy’s Lab share price slumped by more than 7.5% to Rs 2,559.35, while M&M shares closed 4.7% lower at Rs 650 on NSE.

Track Share Market Highlights: The domestic stock markets Sensex and Nifty ended lower on Monday, tracking weak global cues. The Sensex closed 151.45 points down to 36,395.03, while the Nifty ended 55 points lower at 10,888.80.  Dr Reddy’s Lab share price slumped by more than 7.5% to Rs 2,559.35, while M&M shares closed 4.7% lower at Rs 650 on NSE.

Tata Steel shares gained by more than 2% to Rs 478.70 on NSE, after the firm reported strong Q3 results. Earlier, US market closed largely higher on Friday but Dow fell amid lingering fears over US-China trade & global growth. Asian equities were in the green but quickly giving up gains; Taiwan in the green but off highs. We bring to you LIVE updates.

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Share Market Highlights: Sensex, Nifty, Indian Rupee vs US Dollar, Latest Stock Market News, NSE, BSE

15:40 (IST)11 Feb 2019
BSE Live: Sensex ends 124 points down, Nifty below 10,900; Dr Reddy's, M&M among top losers

The domestic stock markets Sensex and Nifty ended lower on Monday, tracking weak global cues. The Sensex closed 151.45 points down to 36,395.03, while the Nifty ended 55 points lower at 10,888.80.  Dr Reddy's Lab share price slumped by more than 7.5% to Rs 2,559.35, while M&M shares closed 4.7% lower at Rs 650 on NSE. A look at LIVE Sensex heatmap.

15:03 (IST)11 Feb 2019
Jobs surge in manufacturing sector in Q3, but exports may remain weak; here’s what FICCI survey says

Even as hiring and production outlook is expected to improve, exports are likely to be affected on account of global demand factors in the manufacturing sector in Q3 FY19, a survey by an industry body said. An increase in percentage of respondents can be seen in reporting higher output growth during the third quarter (54 per cent) as against (47 per cent) in the corresponding period of previous fiscal, FICCI’s latest Quarterly Survey on Manufacturing said. The percentage of respondents reporting low production was only 13.5 per cent in Q-3 FY19 as compared to 15 per cent in Q-3 FY18.

Also read: Jobs surge in manufacturing sector in Q3, but exports may remain weak; here’s what FICCI survey says

14:26 (IST)11 Feb 2019
Bitcoin price crash: Cryptocurrency plunges 43% in just 3 months to $3,500; check latest price

Even as we witness a rebound in the price of Bitcoin in the last few days, the elusive cryptocurrency has lost a staggering 43% in just 3 months, data from Coinbase showed. Notably, Bitcoin price jumped by nearly 10% on Friday, February 8th to $3,657.34. However, the gains have now been pared as Bitcoin is off highs and is currently trading near $3,557 levels, according to Coinbase. The latest gains on Friday, have seen bitcoin rise by more than $300 to $3,663, even though this is miles away from the $20,000 highs reached in December 2017. While Bitcon had made stellar gains in 2017, rising from just $1,000 in January 2017 to above $20,000 by the end of 2018, leading to its rising popularity among many, top market voices from around the world and even back home have cautioned against investing in the asset. 

Also read: Bitcoin price crash: Cryptocurrency plunges 43% in just 3 months to $3,500; check latest price

13:09 (IST)11 Feb 2019
BSE Live: Sensex remains under pressure, Nifty below 10,900; ONGC, M&M among top losers

The domestic stock markets Sensex and Nifty remain under pressure in the afternoon trade on Monday, tracking weak global cues. The Sensex is down 136 points to 36,409.94, while the Nifty is trading below the 10,900-mark. M&M share price tanked by more than 4% to Rs 655.25, while ONGC shares lost 4.4% to Rs 137.70 in the afternoon trade on Monday. A look at LIVE Sensex heatmap.

12:10 (IST)11 Feb 2019
Tax saving FD: 5 years SBI, HDFC, ICICI fixed deposit; Is post office NSC an alternative?

With less than 60 days left to save tax for the financial year 2018-19, there are several taxpayers who may still be looking for the right tax saver. For those looking to stick to a fixed income tax saving investment, the 5-year Tax Saving Bank Fixed Deposit and National Savings Certificates (NSC) are two such tax savers that many opt for. Before we see what they have to offer, let us look at the most unique feature of these two investments. While the 5-year Tax Saving Bank Fixed Deposit is the only tax saving investment that comes with section 80C benefit and allows fixed interest to be received either monthly or quarterly, the unique feature in NSC is that the interest accrued annually is deemed to be reinvested ( for initial four years) under Section 80C of the I-T Act. In other words, interest of each year qualifies for tax benefit as well.

Also read: Tax saving FD: 5 years SBI, HDFC, ICICI fixed deposit; Is post office NSC an alternative?

11:10 (IST)11 Feb 2019
Eicher Motors shares gain nearly 3% ahead of Q3 results scheduled to be reported today

Shares of Royal Enfield-maker Eicher Motors gained in trade on Monday, ahead of the firm's Q3 results scheduled to be reported today. Eicher Motors shares zoomed by nearly 3% to hit the day's high at Rs 21,459.55 on NSE. "We expect weak volumes in Q3FY19 for RE (down 6% yoy, 7% qoq) to be offset by higher realization (up 9% yoy, 4% qoq), led by introduction of newer models with disc brakes and ABS, which have a higher average selling price per unit. This will be the first time in several quarters that RE will see single digit (yoy) growth," IIFL said in a note.

10:58 (IST)11 Feb 2019
Kotak Institutional Equities cuts target share price on Tata Motors

"Tata Motors reported consolidated adjusted net loss of Rs 19.3 billion in Q3FY19, led by loss in its JLR business due to tough market conditions. Standalone business performance beat expectations aided by the company’s cost-reduction initiatives. We believe management is on course to improving operating margins in both standalone and JLR business led by cost-reduction initiatives. We maintain Buy rating but cut our fair value to Rs 280 (from Rs 300 earlier)," Kotak Institutional Equities said in a note.

10:41 (IST)11 Feb 2019
Rupee gains 9 paise against dollar in early trade

Rising for the fifth straight day, the rupee firmed up by another 9 paise to 71.22 against the dollar in opening trade Monday on increased selling of the American currency by exporters amid foreign fund inflows. Forex dealers said weakness in the dollar against some other currencies overseas and foreign capital inflows in the domestic equity markets supported the rupee, but a lower opening of the domestic equity market capped the gains. At the interbank forex exchange, the rupee started lower at 71.37 and softened to 71.44 against the US dollar, but regained strength to quote 9 paise higher at 71.22 against the last close of 71.31.

10:09 (IST)11 Feb 2019
Mukesh Ambani, Asia’s richest man is also India’s top philanthropist

Mukesh Ambani is not only Asia’s richest man but he is also India’ top philanthropist. Ambani, who topped Hurun India Rich List in September 2018, donated Rs 437 crore between October 2017 and September 2018 to lead Hurun Indian Philanthropy List 2018. According to the report, Ambani was followed by Rs 200 donation made by Ajay Piramal and family of Piramal Group. China’s Hurun Research Institute came out with the list ranking India’s top philanthropists who have donated Rs 10 crores or more between October 1, 2017 and September 30, 2018. 39 Indians were included in the list who contributed an overall amount of Rs Rs 1,560 crore even as the average contribution per philanthropist was Rs 40 crore.

Also read: Mukesh Ambani is Asia’s richest man who is also India’s top philanthropist

09:28 (IST)11 Feb 2019
BSE Live: Sensex down 150 points, Nifty above 10,900; Tata Steel, Zee Entertainment shares gain

The domestic stock markets Sensex and Nifty are opened lower tracking on Monday morning, tracking weak global cues. The Sensex is down 150 points to 36,397.09, while the Nifty is trading above the 10,900-mark. Tata Steel shares gained by more than 2% to Rs 478.70 on NSE, after the firm reported strong Q3 results. Zee Entertainment shares zoomed by more than 1.1% to Rs 403.50 after Subhash Chandra, Chairman, ZEE & Essel Group in an open letter said Essel Group has not received any communication from SEBI or from any Mutual Fund Company, pertaining to a decision taken with regards to the moratorium. A look at LIVE Sensex heatmap.

09:17 (IST)11 Feb 2019
Global markets: Asian shares on backfoot ahead of US-China trade talks

Asian shares started the week on the backfoot on Monday as worries about global growth, U.S. politics and the ongoing Sino-U.S. tariff war kept investors cautious, while the safe-haven greenback held near a six-week top against major currencies. MSCI’s broadest index of Asia-Pacific shares outside Japan was a tad weaker after it was toppled from a four-month top on Friday. Trading volumes are expected to be thin with Japan on public holiday, while Chinese markets reopen after a week-long break for the Lunar New Year holiday. World stocks ended last week in the red amid uncertainty about global economic growth and trade tensions, posting their first weekly drop this year.

Also read: Global markets: Asian shares on backfoot ahead of US-China trade talks

09:16 (IST)11 Feb 2019
Oil prices: Doubters mount a comeback as rally stalls on global worries

Hedge funds reversed course on oil just in time, plowing back into bearish bets as crude skidded into a wall of economic worries. In a shift from four weeks of retreat, short-sellers boosted by 28 percent their wagers that Brent prices would fall in the week ended Feb. 5, according to data released Friday. That overshadowed the belief in rising prices, as investors weighed an OPEC supply cut against signs of weakening demand growth. Brent’s rally has fizzled this month after the global benchmark gained 15 percent in January. Record U.S. shale drilling is threatening to offset the output cuts by Saudi Arabia, Russia and other top exporters. 

Also read: Oil prices: Doubters mount a comeback as rally stalls on global worries

09:15 (IST)11 Feb 2019
Jeff Bezos’ blackmail charges: Amazon founder mulls options; Enquirer publisher on the defensive

The lawyer for the chairman of the National Enquirer’s parent company said there wasn’t any blackmail, extortion or political motivation involved in the fight between the tabloid and Jeff Bezos, the founder of Amazon. Photos and other details about Bezos’s extramarital affair came from “a reliable source” known to Bezos — and not from President Donald Trump, Saudi Arabia or Trump adviser Roger Stone, said Elkan Abramowitz, an attorney for David Pecker, the chairman of American Media Inc. “It was a usual story that National Enquirer gets from reliable sources,” Abramowitz said on ABC’s “This Week” on Sunday. He didn’t name the source. “It absolutely is not extortion and not blackmail.” It doesn’t look that way to everyone.

Also read: Jeff Bezos’ blackmail charges: Amazon founder mulls options; Enquirer publisher on the defensive

09:14 (IST)11 Feb 2019
China’s Yuan drops as markets reopen after break; stocks mixed

China’s currency slipped and equities were little changed as the nation’s markets resumed trading after the week-long Lunar New Year holiday. The yuan dropped 0.5 percent as it traded for the first time in at least a week and the People’s Bank of China set the daily fixing at 6.7495 per dollar. The CSI 300 Index rose less than 0.1 percent. The CSI 300 was up 7.9 percent this year through Feb. 1 as investors took comfort from Beijing’s measures to support the economy and risk assets gaining favor around the world. A January rally had briefly taken the yuan past the 6.7 per dollar level for the first time since July.

Also read: China’s Yuan drops as markets reopen after break; stocks mixed

09:13 (IST)11 Feb 2019
Gold holds steady on global economic growth concerns; US-China trade talks in focus

Gold prices held firm on Monday, supported by worries over a slowdown in global economic growth and uncertainties around Sino-U.S. trade war, but a strong dollar limited the safe-haven metal’s appeal. Spot gold was marginally lower at $1,312.76 per ounce, as of 0254 GMT, while U.S. gold futures fell 0.2 percent to $1,316.50 per ounce. “Global growth worries, absence of positive signs in U.S-China trade (talks) and reduction in the euro-zone growth forecasts have laid a strong foundation for gold in the longer run,” said Benjamin Lu, an analyst with Singapore-based Phillip Futures. “There are a lot of headwinds for gold in the near-term from the six-week rally in U.S. equities and a vigorous dollar.” Investors are looking ahead to trade talks between Beijing and Washington this week with a delegation of U.S. officials travelling to China for the next round of negotiations.

Also read: Gold holds steady on global economic growth concerns; US-China trade talks in focus

Share market on Friday: The domestic stock markets –Sensex and Nifty–extended losses in the afternoon trade on Friday, tracking weak global cues. The Sensex closed 425 points down to 36,546.48, while the Nifty ended below the 11,000-mark. Tata Motors closed 18% lower at Rs 150.10 on BSE, after the firm reported record Q3 loss in the latest quarter.
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