Share market Highlights: Sensex closes 307 points higher; Nifty near 10,900; Kotak Mahindra down 3.3%

By: |
Updated: December 17, 2018 4:36:31 pm

Share market Highlights: The domestic headline indices-- Sensex and Nifty-- started off the week on a postive note despite weak macro cues with the stabilization of crude and rupee providing more confidence to global investors. Sensex closed 307.14 pts higher at 36,270.07.

stock market live updates, BSE, NSE, sensex, nifty, market cap, Indian Stock MarketShare market Highlights: Sensex closed 307.14 pts higher at 36,270.07, while the Nifty 50 closed 15 pts shy of the crucial 10,900-mark.

Share market Highlights: The domestic headline indices– Sensex and Nifty– started off the week on a postive note despite weak macro cues with the stabilization of crude and rupee providing more confidence to global investors. Sensex closed 307.14 pts higher at 36,270.07, while the Nifty 50 closed 15 pts shy of the crucial 10,900-mark. Kotak Mahindra Bank share price slumped by more than 3.3% to hit intra-day low of Rs 1,214.10, after  the Bombay High Court refused to grant stay on December 31 deadline given by the Reserve Bank of India to Kotak Mahindra Bank for promoter stake dilution.

VEDL share price gained by more than 5% on Monday morning after NGT allowed the firm to resume operations in the Toothukudi copper smelter plant. Jet Airways share price slumped 4.8% after  reports that turnaround-man Nikos Kardassis has exited the firm.

Asian share markets began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth and reinforced anxiety over the broadening impact of international trade frictions. On Friday, the S&P 500 more than 1.9% to 2,599.95, its lowest close since April 2. The benchmark index has plunged 11.3% from record high levels of its Sept 20.

Back home, the shares of billionaire Sunil Mittal-led telco Bharti Airtel which opened about are trading 0.6% higher will assume focus, as the firm is considering various fund raising options. Fortis Healthcare shares will also be in focus after the firm said on Saturday that Supreme Court ordering a status quo on its deal with IHH Healthcare Berhad does not impact the company’s 31.1% stake sale to the Malaysian firm. The shares are trading slightly up at Rs 142.10. We bring you live updates.

Read More

Live Blog

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

Highlights

    16:00 (IST)17 Dec 2018
    Expert take: Viral Berawala of Essel Mutual Fund

    "Belying weak global cues, Indian markets continued their upward momentum with the Markets continue to build in some loosening in monetary policy and measures to push rural spend," Viral Berawala, CIO,  Essel MF said.

    15:42 (IST)17 Dec 2018
    Expert take: Invest in largecaps, liquid midcaps, says technical analyst Milan Vaishnav; check 4 bluechip bets

    Even though major downside may not be seen in the stock markets in 2019, range bound correction can’t be ruled out, said Milan Vaishnav. However, the investors are advised to remain invested in the largecaps and good quality liquid midcaps, Gemstone Equity Research & Advisory Services’ Consultant Technical Analyst Milan Vaishnav, CMT, MSTA told FE Online in an interview. Larsen & Toubro (L&T), Ashok Leyland, HDFC, Reliance, TCS, SBI are a few stocks that may offer safe returns to the investors in the coming year, the technical analyst added.

    Also read: Invest in largecaps, liquid midcaps, says technical analyst Milan Vaishnav; check 4 bluechip bets

    15:15 (IST)17 Dec 2018
    BSE Live: Sensex up 340 pts, Tata Motors leads gains

    The domestic headline indices-- Sensex and Nifty-- are trading near day's highs amid weak macro cues. Sensex is up 340 pts to 36,305.41, while the Nifty 50 is nearing the crucial 10,900-level. Tata Motors shares have emerged as the biggest Sensex gainers, rallying by more than 5.3% to hit the day's high at Rs 175.95. A look at Sensex live heatmap.

    14:59 (IST)17 Dec 2018
    Tata Motors share price zooms 5%, emerges top Sensex gainer

    Shares of home-grown auto maker Tata Motors rallied 5.8% on Monday afternoon to emerge as the biggest gainer on the Sensex. Tata Motors share price rallied by more than 5.3% to hit intra-day high of Rs 175.95. Jaguar Land Rover (JLR), Tata Motors' subsidiary will announce plans early next year to cut thousands of jobs as part of a turnaround strategy, the Financial Times reported yesterday, citing several unidentified people close to the company.

    14:37 (IST)17 Dec 2018
    No IMF loan to Pakistan to repay Chinese debt: Congressman

    A top US lawmaker has said that any IMF loan to cash-strapped Pakistan cannot be just a “convenient way” to repay its debt to China which has engaged many countries in a debt trap. Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country’s economy. The US almost has a veto power in the IMF, said Democratic Congressman Brad Sherman, who in an address to a dissident Pakistani leader also said that the US aid to Pakistan which has been cut by the current Trump administration is unlikely to be restored soon.

    Read full story here: No IMF loan to Pakistan to repay Chinese debt: Congressman

    14:20 (IST)17 Dec 2018
    Conditions leading to Urjit Patel's exit a negative, says S&P

    Even as many top experts weigh in on former RBI governor Urjit Patel's exit, S&P says conditions leading to his exit is seen as credit negative. The firm said that it is awaiting changes to banking regulation at RBI's January board meet. Currently it doesn't see any material change in independence level. Sharing his take on the development,  former rockstar banker Raghuram Rajan said that he has made a statement that the autonomy of the central bank should not be undermined. “I believe resignation of RBI Governor Urjit Patel is a matter of great concern. Resignation by a government servant is a note of protest when faced with circumstances they cannot deal with,” Raghuram Rajan told ET Now last week.

    13:08 (IST)17 Dec 2018
    BSE Live: Sensex holds gains; Nifty above 10,850; Vedanta rallies; Kotak Mahindra slumps 3%

    After opening higher, the domestic headline indices-- Sensex and Nifty-- held on to morning gains despite weak macro cues. Sensex is up 233 points to 36,196.40, while the Nifty 50 is trading firmly above the 10,850-level. Kotak Mahindra Bank share price slumped by more than 3.3% to hit intra-day low of Rs 1,214.10, after  the Bombay High Court has refused to grant stay on December 31 deadline given by the Reserve Bank of India to Kotak Mahindra Bank for promoter stake dilution. A look at live Sensex heat map.

    12:50 (IST)17 Dec 2018
    Fortis Healthcare share price tanks 4% after delaying of open offer on SC decision

    Shares of Fortis Healthcare slumped in trade on Monday afternoon after Malaysia's IHH Healthcare said that it will not be able to proceed with the open offer for Fortis Healthcare for the time being, following the Supreme Court order to put on hold sale of controlling stake in the Indian hospital chain. Fortis Healthcare share price slumped by more than 3.8% to hit the day's low at Rs 136.20. In a regulatory filing, IHH Healthcare, however, said the apex court's order does not impact acquisition of 31.1 per cent stake in Fortis for RS 4,000 crore, which was completed on November 13.

    12:29 (IST)17 Dec 2018
    Kotak Mahindra Bank vs RBI: Bombay HC refuses to stay grant on Dec 31 deadline for promoter stake dilution

    In a major development, the Bombay High Court has refused to grant stay on December 31 deadline given by the Reserve Bank of India to Kotak Mahindra Bank for promoter stake dilution, CNBC TV18 reported.  The next hearing is scheduled for January 17, said the channel further. Kotak Mahindra Bank share price slumped by more than 3.3% to hit intra-day low of Rs 1,214.10.

    12:09 (IST)17 Dec 2018
    Morgan Stanley says Sensex could touch 42,000 by December 2019

    "After a volatile 2018, on balance equities could be poised for better returns in 2019 with the caveat that the Indian electorate does not deliver a shock verdict in the forthcoming 2019 elections by delivering a fragmented coalition government. Indextarget: Our Dec-19 Sensex target at 42,000,an INR and USD upside of 20% and 25% compared to our MSCI EM index USD upside of 7%," Morgan Stnaley said in a recent report. The Sensex is currenlty trading at 36,214.90 levels.

    11:37 (IST)17 Dec 2018
    'Hot money' evaporates from Indian capital markets in 2018, outflow nears Rs 1 lakh crore

    Foreign investors' portfolio investments have long been known as 'hot money' that comes in fast but can go out even faster and it is the outward journey that seems to be the underlying theme for the Indian capital markets as 2018 draws to a close, with net outflows nearing  the Rs 1 lakh crore mark. This could make 2018 the worst year in terms of foreign portfolio investments in the Indian capital markets and follows a record net inflow of about Rs 2 lakh crore into equities and debt securities in 2017, as per data available with the depositories and exchanges, PTI reported.

    11:09 (IST)17 Dec 2018
    Jet Airways share price slumps 4.2% reports that turnaround-man Nikos Kardassis has exited the firm

    Shares of India's major private sector airline Jet Airways slumped on Monday after reports that turnaround-man Nikos Kardassis has exited the firm. Jet AIrways share price tanked 4.8% to hit the day's low at Rs 249. Nikos Kardassis, the former CEO of Jet Airways  who made a come back to the carrier in an advisory role and was tasked to turnaround the cash-strapped airline, has once again parted ways with it, a source told PTI. The Greek-American aviation veteran in his third come back to the Naresh Goyal-controlled Jet Airways in May this year was roped-in to revive the fortunes of the full service carrier following its dismal financial performance since January this year, said a PTI report.

    10:42 (IST)17 Dec 2018
    NSE Live: NTPC shares rally 6% after Jefferies sees reversal of recent correction

    Shares of state-run major NTPC zoomed in trade on Monday morning after global borkerage firm Jefferies siad that the PSU will benefit from Central Electricity Regulatory Commission (CERC) latest decision. NTPC share price rallied 5.8% to hit the day's high at Rs 151.35. The CESC, in its draft, allowed energy charges per unit of power to be calculated with a variation of 85 kilocalorie to billing on actual gross calorific value of coal received, giving NTPC the benefit of about 2.7 pct on its coal cost, Jefferies noted. "With the regulation overhang behind us, we think NTPC should see a reversal of the recent correction," the global firm said.  Jefferies has raised the  target price to Rs 210 from Rs 143.50; while at the same time maintaining a  "buy" call on the stock. Notably, the stocks rally marks NTPCs biggest intra-day gain in 6-months. 

    10:24 (IST)17 Dec 2018
    BSE Live: Sensex rallies 258 points, Vedanta, Tata Motors, Power Grid among top gainers

    The Sensex is holding on to morning gains, helped by a rally in the shares of VEDL, Tata Motors and Power Grid. The 30-share Sensex is up 258 points at 36,232.67. The broader Nifty 50 is trading above the 10,850-level. Kotak Mahindra Bank share price shed about 1% to emerge as the biggest loser on the index. Shares of VEDL extended gains in the morning trade after a National Green Tribunal (NGT) court Saturday dismissed the Tamil Nadu government’s order to close Vedanta’s Sterlite Copper plant in Thoothukudi. Tata Motors and Power Grid shares gained about 3.5% in the morning trade. A look at Sensex live heat map.

    10:04 (IST)17 Dec 2018
    Rupee up 16 paise to 71.74 amid weakness in US dollar against foreign currencies

    Rupee opened with minor gains Monday against the US dollar after amid weakness in the greenback against some currencies overseas and a higher opening of domestic equities. The domestic currency opened at 71.85 a dollar against Friday’s close of 71.90. On Friday, the rupee plunged by 22 paise against the US dollar to end the day at 71.90. “Forex market is likely to remain volatile ahead of U.S, U.K and Japan meet for the monetary policy scheduled next week”, said VK Sharma, Head PCG & Capital Markets Strategy, HDFC Securities.

    Also read: Rupee up 16 paise to 71.74 amid weakness in US dollar against foreign currencies

    09:47 (IST)17 Dec 2018
    VEDL share price zooms 6% after NGT allowed reopeing of Thoothukudi plant

    Shares of business tycoon Anil Agarwal-led Vesanta Ltd surged in trade on Monday morning, after a National Green Tribunal (NGT) court Saturday dismissed the Tamil Nadu government’s order to close Vedanta’s Sterlite Copper plant in Thoothukudi. VEDL share price gained as much as 5.8% to hit Rs 213.30. The state government has decided to challenge this order in the Supreme Court

    Also read: Vedanta case: Court sets aside state government order to shut down copper smelter

    09:30 (IST)17 Dec 2018
    BSE Live: Sensex opens 250 pts higher; Nifty above 10,850; VEDL zooms 6%

    The domestic headline indices-- Sensex and Nifty-- opened in the green on Monday despite weak macro cues. Sensex rallied 256 points in the opening trade to 36,219.52, while the Nifty 50 was trading firmly above the 10,850-level. VEDL share price gained by more than 5% on Monday morning after NGT allowed the firm to resume operations in the Toothukudi copper smelter plant. A look at live Sensex heat map.

    09:15 (IST)17 Dec 2018
    Fortis says SC order does not impact 31.1% stake sale to IHH

    Fortis Healthcare on Saturday said the Supreme Court ordering a status quo on its deal with IHH Healthcare Berhad does not impact the company’s 31.1% stake sale to the Malaysian firm. However, this order could have a bearing on IHH’s proposed open offer to acquire additional 26% stake in Fortis, PTI reported. The open offer is scheduled to be launched from December 18 to January 1, 2019. On Friday, the Supreme Court had ordered status quo with regard to the sale of controlling stakes of Fortis to IHH Healthcare Berhad by former Ranbaxy promoters and hospital operators — Malvinder and Shivinder Singh, said the report.

    09:10 (IST)17 Dec 2018
    Crude oil prices rise, but global economic concerns weigh

    Oil prices climbed on Monday after U.S. drilling activity fell to its lowest level in about two months, but increasing concerns about weaker growth in major economies kept a lid on gains. International Brent crude oil futures were at $60.37 per barrel at 0134 GMT, up 9 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $51.44 per barrel, up 24 cents, or 0.5 percent. “Oil is finding support as the drop in Baker Hughes rig counts points to a near-term slowdown in U.S. production,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

    Also read: Crude oil prices rise, but global economic concerns weigh

    09:07 (IST)17 Dec 2018
    Asian shares hobbled by mounting risks to global growth

    Asian share markets began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth and reinforced anxiety over the broadening impact of international trade frictions.MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent in early Monday trade, led by losses in China and Hong Kong. The CSI 300 of Shanghai and Shenzhen share index dropped 0.9 percent. Other markets showed some resilience. Japan’s Nikkei was up 0.5 percent while U.S. stock futures ticked up 0.2 percent. Taiwan also gained 0.3 percent.

    Also read: Asian shares hobbled by mounting risks to global growth

    Share market on Friday: Sensex and Nifty ended Friday’s session with mild gains amid mixed macro cues like weakening rupee and easing crude prices. Sensex closed the day at 35,962.93, while the broader Nifty closed at 10,805.45. Bharti Airtel share price closed 5.2% higher at Rs 318.45, after Telecom Disputes Settlement and Appellate Tribunal (TDSAT) quashed provisions related to predatory pricing and discounted tariffs. Yes Bank shares closed 2.8% higher at Rs 179.70.
    Next Stories
    1Most shareholders of Franklin MF favour closing of 6 schemes
    2HCL Technologies Rating: add- A good showing by the firm in third quarter
    3HDFC Bank Rating: Buy- A resilient performance by the company