Share Market Highlights: Sensex ends 385 points higher, Nifty above 11,050; Tech Mahindra, Zee Entertainment rally

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Updated:Feb 06, 2019 5:00:27 pm

Track Share Market Highlights: After opening higher--Sensex and Nifty--extended gains in the afternoon trade on Wednesday, buoyed by a rally in bleuchip heavyweights. The Sensex closed 358 points higher at 36,975.23, while the Nifty is ended 1.17% higher at 11,062.45.

Share Market Live, Share Market TodayBSE Sensex, Nifty, Indian Share Market Highlights: Tech Mahindra shares closed 8.4% higher at Rs 814.50 on NSE, to emerge among the major Nifty gainers.

Stock Market Highlights: After opening higher–Sensex and Nifty–extended gains in the afternoon trade on Wednesday, buoyed by a rally in bleuchip heavyweights. The Sensex closed 358 points higher at 36,975.23, while the Nifty is ended 1.17% higher at 11,062.45. Tech Mahindra shares closed 8.4% higher at Rs 814.50 on NSE, to emerge among the major Nifty gainers. Zee Entertainment shares closed 6.5% higher at Rs 388.95 on NSE. 

Asian shares started cautiously on Wednesday as investors waited to see if US President Donald Trump drops any hints of progress on tariffs in his State of the Union speech. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat with China and several other markets in the region still closed for the Lunar New Year holiday, Reuters reported. 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)06 Feb 2019
BSE LIVE: Sensex ends 385 points higher, Nifty above 11,050; Tech Mahindra, Zee Entertainment rally

After opening higher--Sensex and Nifty--extended gains in the afternoon trade on Wednesday, buoyed by a rally in bleuchip heavyweights. The Sensex closed 358 points higher at 36,975.23, while the Nifty is ended 1.17% higher at 11,062.45. Tech Mahindra shares closed 8.4% higher at Rs 814.50 on NSE, to emerge among the major Nifty gainers. Zee Entertainment shares closed 6.5% higher at Rs 388.95 on NSE. A look at LIVE Sensex heatmap.

14:52 (IST)06 Feb 2019
Insurance alone cannot be the panacea for India’s ailing health sector

At a time when India’s ailing public health sector demands strengthening of primary health care system, Narendra Modi government has once again presented a budget with misplaced priorities. The increase in allocation to health sector in Budget 2019 should have been directed towards reviving primary health care, rather than at Ayushman Bharat insurance scheme, which does not cover a majority of the treatments, Sourindra Ghosh and Imrana Qadeer wrote in The Indian Express this week. There has been an increase of more than Rs 7,000 crore on health sector in Budget 2019 compared with last year, which amounts to a 9.2 per cent increase in real term, Ghosh (PhD scholar at the Centre for Economic Studies and Planning, JNU) and Qadeer (Distinguished Faculty at Council for Social Development, Delhi.), wrote. However, most of the increase in expenditure has gone towards funding the Pradhan Mantri Jan Arogya Yojana (PMJAY), which provides Rs 5 lakh annual coverage for in-patient care to 10 crore poor families.

Also read: Insurance alone cannot be the panacea for India’s ailing health sector

14:29 (IST)06 Feb 2019
RBI Monetary Policy: Will Central Bank slash rates under Shaktikanta Das? Here’s what CARE says

The six-member MPC headed by RBI Governor Shaktikanta Das on Thursday will present the sixth bi-monthly monetary policy statement for 2018-19. The policy has created interest since it’s the last of the fiscal and also the first under Das, who took charge in December 2018 following the sudden exit of Urjit Patel. The Central Bank may change its stance to neutral from calibrated tightening, CARE Ratings. “The RBI is likely to alter its monetary policy stance from “calibrated tightening” to “neutral” with inflation being lower than its target for 5 consecutive months but will maintain status quo in the repo rate given the core inflation being sticky at 5% and likelihood of build-up in inflation in the coming months…,” it added.

Also read: RBI Monetary Policy: Will Central Bank slash rates under Shaktikanta Das? Here’s what CARE says

13:04 (IST)06 Feb 2019
Anil Ambani run RCom shares extend crash, plunge nearly 13%

Shares of Anil Ambani-led Reliance Communications extended crash on Wednesday plunging below the face value of Rs 5, plunging about 13 per cent. The scrip fell by 10.84 per cent to an all time low of Rs 4.85 on BSE. The shares tanked 12.61 per cent to Rs 4.85 on BSE in the early trade. Reliance Communications’ share price closed about 35 per cent down after the company decided to opt for insolvency proceedings. While Reliance Infrastructure fell nearly 28 per cent, Reliance Capital crashed 10.61 per cent on BSE today.

11:43 (IST)06 Feb 2019
Gold steady as Trump speech stokes fears of govt shutdown

Gold prices held firm on Wednesday after U.S. President Donald Trump, in his State of the Union speech, vowed to build a border wall and gave little clarity over the ongoing trade discussions with China, but a firmer dollar capped bullion's gains. Spot gold was steady at $1,314.30 per ounce, as of 0546 GMT. U.S. gold futures were also steady at $1,318.20 an ounce. Trump spoke in the chamber of the House of Representatives facing political discord over his demands that Democrats end their opposition to funding for a border wall he says is needed to stem illegal immigration and smuggled drugs. "There is a likely risk of another government shutdown with President Trump still sticking to the rhetoric of erecting a border wall," said Hitesh Jain, vice president, Yes Securities, adding that a firmer dollar was capping gold's gains. (Reuters reported)

11:12 (IST)06 Feb 2019
Zee Entertainment shares extend gains after deal with lenders; promoter share sale

Shares of Subhash Chandra promoted Zee Entertainment Enterprises surged in trade on Wednesday, after the firm's deal with its lenders. Zee Entertainment shares gained by more than 8% to Rs 398 on NSE. Essel group's promoter entities have sold shares worth over Rs 1,050 crore in six listed group firms in the open market between January 25 and February 1, 2019. According to multiple regulatory filings by different promoter group entities of Essel group, shares of Zee Entertainment Enterprises, Dish TV, Zee Media Corporation, Siti Networks Ltd and Zee Learn were sold in open market, according to a PTI report. Promoters of Essel Group and lenders that have a pledge on promoter’ shares have agreed that there will not be any event of default due to a movement in the stock price of Zee Entertainment, Punit Goenka, chief executive officer, informed investors on Monday. This will give the group time to complete sale of its key assets. 

10:36 (IST)06 Feb 2019
BSE Live: Sensex extends gains, Nifty near 11,000; Zee Entertainment zooms 9%; ICICI Bank up 1%

After opening higher--Sensex and Nifty--extended gains in the morning trade on Wednesday, tracking positive global cues. The Sensex is up about 180 points to 36,796 while the Nifty is nearing the crucial the 11,000-mark. ICICI Bank shares gained by more than 1.8% to Rs 359.10 to emerge among the biggest Sensex gainers. Zee Entertainment shares extended gains and rallied by more than 9% to Rs 398 on NSE. A look at LIVE Sensex heatmap.

10:16 (IST)06 Feb 2019
Rupee gains 8 paise to 71.49 vs USD in early trade

The rupee Wednesday appreciated by 8 paise to 71.49 in early trade on the forex market amid positive opening in domestic equities and fresh foreign fund inflows. Forex traders said investors were cautious ahead RBI's Monetary Policy Committee outcome scheduled for February 7. Moreover, rising crude prices capped the gains for the domestic unit. At the Interbank Foreign Exchange, the rupee opened higher at 71.56 then gained further ground to touch 71.49 against the US dollar, showing a gain of 8 paise over its previous closing. (PTI reported)

09:47 (IST)06 Feb 2019
Earnings send Wall St higher as investors eye State of the Union speech

U.S. stocks rose on Tuesday as largely upbeat corporate results fueled investor optimism ahead of the highly awaited State of the Union address by President Donald Trump. Shares of Estée Lauder Cos Inc rose 11.6 percent after the cosmetics maker’s quarterly results, driven by strong growth in China, topped estimates. Estée Lauder shares had the largest percentage gain among S&P 500 companies. Luxury fashion company Ralph Lauren Corp also reported better-than-expected sales and earnings, sending its shares 8.4 percent higher. Shares of Alphabet Inc reversed course to end 0.9 percent higher. (Reuters reported)

09:27 (IST)06 Feb 2019
BSE live: Sensex up 140 points, Nifty above 10,950; Tech Mahindra, Zee Entertainment shares rally

The domestic stock markets--Sensex and Nifty--opened higher on Wednesday, tracking positive global cues. The Sensex is up about 143 points to 36,763.07, while the Nifty is trading above the 10,950-mark. Tech Mahindra shares zoomed by more than 5% to Rs 789 on NSE, after the firm reported strong Q3 results. Zee Entertainment shares rallied by more than 3.3% to Rs 377.45 on NSE. A look at LIVE Sensex heatmap.

09:17 (IST)06 Feb 2019
Asian shares start cautiously ahead of Donald Trump’s speech

Asian shares started cautiously on Wednesday as investors waited to see if US President Donald Trump drops any hints of progress on tariffs in his State of the Union speech. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat with China and several other markets in the region still closed for the Lunar New Year holiday. Japan’s Nikkei edged up 0.3 percent, while E-Mini futures for the S&P 500 barely budged. Dow Jones reported on Tuesday that U.S. Treasury Secretary Steve Mnuchin and Trade Representative Robert Lighthizer plan to hold talks in Beijing early next week, citing an unidentified senior administration official.

Also read: Asian shares start cautiously ahead of Donald Trump’s speech

09:15 (IST)06 Feb 2019
Day of flip-flops: Jubilant FoodWorks’ parent withdraws brand royalty decision within hours

The Jubilant Group companies on Tuesday said they would be paying promoters 0.25% of annual consolidated revenues for using the ‘Jubilant’ brand name. The promoters include Shyam Sunder Bhartia and Harishankar Bhartia. Jubilant FoodWorks and Jubilant Lifesciences in late night BSE filings, however, clarified that “Jubilant Enpro Pvt Ltd (a promoter group company) has decided not to charge the corporate brand royalty of 0.25% of the consolidated revenues of the company and the same stands withdrawn”. 

Read full story here: Day of flip-flops: Jubilant FoodWorks’ parent withdraws brand royalty decision within hours

09:12 (IST)06 Feb 2019
Major moves recap: Suzlon share price rebounds after over 40% fall on firm’s clarification

Suzlon Energy share price rebounded after crashing on Tuesday after the firm issued a clarification to exchanges saying that the company is regular in servicing its debt obligations towards banks for the month of January 2019 and any rumours about the company are baseless. Suzlon Energy shares tanked 43 per cent to hit the day’s low at Rs 2.70 in the afternoon trade. The shares pared some losses and ended the day down 24 per cent at Rs 3.60.  "The rumours about the Company are baseless and we appeal to all the investors and stakeholders to not to believe the same.,” Suzlon Energy said in a statement to the stock exchange. 

Also read: Major moves recap: Suzlon share price rebounds after over 40% fall on firm’s clarification

09:10 (IST)06 Feb 2019
Oil prices: Crude slips as service slowdown adds to warning signs on economy

Oil sank for a second straight day as service-sector orders fed worries about the economy and traders received another report of booming U.S. crude supplies. Futures in New York fell 1.7 percent on Tuesday, after a volatile session that bounced between gains and losses. A gauge of demand for American service industries hit a one-year low in January, following data on Monday that showed an unexpected drop in factory activity. Prices maintained the decline after an oil-industry report was said to show crude stockpiles growing for the third consecutive week.

Also read: Oil prices: Crude slips as service slowdown adds to warning signs on economy

Share market on Tuesday: Sensex and Nifty rebounded in the afternoon trade on Tuesday, backed by a rally in bluechip stocks. The Sensex closed 34 points higher at 36,616.81, while the Nifty closed below the 10,950-mark. IndusInd Bank shares closed 2.5% higher at Rs 1,539.50 on BSE, while Heromotocorp shares closed 3.2% higher at Rs 2,870.25, to energe among the biggest Sensex gainers. TataMotors, Coal India shed more than 2.6% each to end up as the biggest losers in the 30-share index.  
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