Share market Highlights: Sensex ends 714 pts down, Nifty below 10,500; Kotak Mahindra Bank shares plunge 7%

By: | Updated:Dec 10, 2018 5:07 pm

Share market Highlights: Sensex and Nifty extended losses on Monday afternoon,  amid weak global and domestic cues, as a sell- off in US equities, and exit polls weigh on the overall investor sentiment. The 30-share Sensex plunged 713.53 pts to end the session at 34,959.72.

Share market Highlights: The 30-share Sensex is down about 500 points, after plunging 657 points to hit the day’s low at 35,016.08.

Share market Highlights: Sensex and Nifty extended losses on Monday afternoon,  amid weak global and domestic cues, as a sell- off in US equities, and exit polls weigh on the overall investor sentiment. The 30-share Sensex plunged 713.53 pts to end the session at 34,959.72, while the Nifty 50 closed below the 10,500-level. Kotak Mahindra Bank share price plunged 7% after  the firm filed writ petition in Bombay HC against RBI decision on preference shares of the bank. 

Wall Street stocks closed sharply lower on Friday, as a weaker than expected jobs report and US China trade tensions weigh. Oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. International Brent crude oil futures were at $62.15 per barrel at 0129 GMT, up 48 cents, or 0.8 percent, from their last close, Reuters reported. We take a look at live updates.

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16:23 (IST)10 Dec 2018
Expert take: Politics a key factor in the short term, to drive investor sentiment

Ahead of the crucial state elections scheduled for tomorrow, the investor sentiment took a beating as exit polls prediction weigh. "In the very short-term, liquidity and investor sentiment drag the markets, but in the longer term usually fundamentals take over. As far as we are concerned, a lot of factors impacting economy have turned favourable now. The only factor left out is the state elections, followed by its likely impact on the general elections. Our sense is during this period, the stock market is likely to continue to remain volatile," Harsha Upadhaya of Kotak AMC told ET Now. Notably, market sentiment took a hit after exit polls indicated that the Bharatiya Janata Party risks losing control of Rajasthan to the Congress, and faces a stiff competition in Madhya Pradesh and Chhattisgarh.

Also read: Sensex plunges 714 pts, Nifty below 10,500: Three key factors behind stock market mayhem

15:36 (IST)10 Dec 2018
BSE Live: Sensex ends 713 points down, Nifty below 10,500, Kotak Mahindra Bank plunges 6%

Sensex and Nifty extended losses on Monday afternoon,  amid weak global and domestic cues, as a sell- off in US equities, and exit polls weigh on the overall investor sentiment. The 30-share Sensex plunged 713.53 pts to end the session at 34,959.72, while the Nifty 50 closed below the 10,500-level. Coal India and Maruti Suzuki were the only stocks to close the session in green, A look at live heat map. 

15:17 (IST)10 Dec 2018
NSE live: Nifty down 200 points, Kotak Mahindra Bank, Bajaj Financce among major losers

Very few stocks are trading in the green, even as mayhem grips the market ahead of the crucial state poll outcome scheduled to be released tomorrow. Kotak Mahindra Bank, Bajaj Finance emerged top top losers in the Nifty. A look at top 5 gainers and losers. 

15:05 (IST)10 Dec 2018
BSE Live: Sensex down 677 pts, now below 35,000; Nifty below 10,500

Sensex and Nifty extended losses on Monday afternoon, on the back of weak global and domestic cues, as a sell- off in US equities, and exit polls weigh on the overall investor sentiment. The 30-share Sensex is down about 667 points at 34,996.52, while the Nifty 50 is trading below the 10,500-level. Kotak Mahindra Bank share price plunged 7% after  the firm filed writ petition in Bombay HC against RBI decision on preference shares of the bank.  A look at live heatmap. 

13:07 (IST)10 Dec 2018
BSE Live: Maruti Suzuki, NTPC, M&M only shares to trade with gains

The 30-share Sensex is still down about 552 points on Monday afternoon, even as exit poll results and a global sell-off weigh on the overall sentiment. Maruti Suzuki, NTPC and M&M are the only stocks trading in the green. A look at Sensex heat map. 

BSE

12:33 (IST)10 Dec 2018
Global stocks extend slump as growth worries mount

Losses in global stock markets snowballed on Monday, with U.S. equity futures and Asian shares sliding on worries over slowing growth and fears that a rise in tensions between Washington and Beijing could torpedo chances of a trade deal. Spreadbetters expected European stocks to follow, with Britain's FTSE seen dropping 0.7 percent, Germany's DAX 1.1 percent and France's CAC 1 percent, Reuters reported.

12:29 (IST)10 Dec 2018
Bandhan Bank share price gains more than 5%

Shares of msjor micro-finance lender Bandhan Bank rallied on Monday afternoon, amid a larger sell-off in the markets. Bandhan Bank share price gained more than 5.2% to hit the day's high at Rs 496.55. Ujjivan, Bandhan Bank and Equitas recovered from the lows, after Kotak Mah Bank moves HC to validate its position with respect to perpetual non-convertible preference shares. "Given the milestone of December 31, 2018, the Bank has been left with no option but to protect its interest. By way of abundant caution, the Bank has today filed a writ petition with the Hon'ble Bombay High Court to validate the Bank's position," Kotak Mahindra Bank said in a filing to the exchanges.

12:24 (IST)10 Dec 2018
Reliance Jio may become No 1; Airtel, Vodafone Idea have no stomach to take on Mukesh Ambani telco: Analysts

Reliance Jio Infocomm Ltd., the mobile operator backed by India’s richest man Mukesh Ambani, could be No. 1 in the market in revenue terms by 2021 as it adds more subscribers, said Sanford C. Bernstein & Co. analysts Chris Lane and Samuel Chen. Industry-leading rivals Bharti Airtel Ltd. and Vodafone Idea Ltd. lack the “stomach” to battle Reliance Industries Ltd.’s Jio, which is luring away users with free voice services and inexpensive phones, Lane and Chen wrote in a report published Dec. 10.

Read full story here: Reliance Jio may become No 1; Airtel, Vodafone Idea have no stomach to take on Mukesh Ambani telco: Analysts

12:15 (IST)10 Dec 2018
Kotak Mahindra on writ petition: Bank says no option but to protect itself

"Given the milestone of December 31, 2018, the Bank has been left with no option but to protect its interest. By way of abundant caution, the Bank has today filed a writ petition with the Hon'ble Bombay High Court to validate the Bank's position," Kotak Mahindra Bank said in a filing to the exchanges. Kotak Mahindra Bank share price plunged more than 6% to hit the day's low at Rs 1,188.

12:09 (IST)10 Dec 2018
Direct tax collections jump 16% in April-November period

In a boost to the government, the direct tax collections during April-November period are up nearly 16 percent as against the corresponding period of the last year. The provisional figures are at Rs. 6.75 lakh crore which is 15.7 percent higher than the gross collections for the preceding period, the government data showed. The refunds to the tune of Rs 1.23 lakh crore have been issued, which is 20.8 percent higher than refunds issued during the given period last year, the data showed. The net collections (after adjusting for refunds) have surged by 14.7 percent to Rs. 5.51 lakh crore during the period.

11:55 (IST)10 Dec 2018
Real estate flourishing: Despite demonetisation pain, commercial property investment at 10-year high in 2017

Even though demonetisation and GST affected the investment made into the real estate similar to other business in the economy, private equity (PE) funds invested $7.1 billion in the sector in 2017, the most in the last decade. The funds invested mainly into commercial real estate, which, unlike the residential part of the sector, has been performing well, The Indian Express reported citing data by market research firm Venture Intelligence. 

Also read: Real estate flourishing: Despite demonetisation pain, commercial property investment at 10-year high in 2017

11:38 (IST)10 Dec 2018
Kotak Mahindra Bank share price plunges 6% after firm files petition in Bombay HC against RBI decision on preference shares

Shares of India's major private sector lender Kotak Mahindra Bank slumped by nearly 6% after the firm filed writ petition in Bombay HC against 's decision on preference shares of the bank. Kotak Mahindra Bank share price plunged 5.9% to hit the day's low at Rs 1,203.95.  'This refers to our letter dated August 2, 2018. RBI has today communicated to us that our PNCPS issuance does not meet their promoter holding dilution requirement. We continue to believe that we have met the requirement and will engage with the RBI in this behalf.' We have since clarified and conveyed to the RBI our position in relation to PNCPS being a part of paid up capital and the legal basis on the matter of dilution of shareholding under the Banking Regulation Act. We have also shared with the RBI the opinions of eminent jurists and senior most legal counsels of the country, which confirm our understanding,' the bank said in an exchange filing.. 

11:31 (IST)10 Dec 2018
Tata Motors share price plunges to fresh 7-year low

Shares of India's auto major Tata Motors plunged to a fresh 7-month low amid a broader rout in the stock market. Shares of Tata Motors Ltd fall as much as 3.08% Rs 157.4, lowest since Oct 10, 2011. The shares have been on a downward spiral after the firm's UK subsidiary Jaguar Land Rover (JLR) reported a fall in November retail sales. 

11:21 (IST)10 Dec 2018
NSE Live: All sectoral indices in red: Broader markets underperform indices

All the major sectoral indices including Nifty Bank, Nifty auto, Nifty Financial Services, Nifty IT and Nifty FMCG were in deep red this morning, underperformming the Nifty 50, which is down by about 1.8%. Nifty realty index emeged as the biggest sectoral loser, taking by about 2.9%. A look at Nifty indices. Live Heat map.

11:00 (IST)10 Dec 2018
Muthoot Finance share price gains 3.5% in an otherwise choppy market

Muthoot Finance shares rose in trade on Monday morning, extending Friday's gains after the company’s bad loans fell and assets rose in the quarter ended September. Muthoot Finance share price gained by more than 3.5% on Monday morning to hit the day's high at Rs 488.80. The gross non-performing assetsof the firm  declined from 4% sequentially to 1.9% in the second quarter.

10:37 (IST)10 Dec 2018
Japan’s economy shrinks most in 4 years as global risks hit business spending

The Japanese economy contracted the most in over four years in the third quarter as companies slashed spending, threatening to chill the investment outlook in 2019 as the export-reliant nation grapples with slowing global growth and trade frictions. The slump in the world’s third-biggest economy adds to signs elsewhere in Asia and Europe of weakening momentum, with recent data in China and Australia showing a slowdown in growth and stoking concerns about the wider impact of the Sino-U.S trade war, Reuters reported.

Also read: Japan’s economy shrinks most in 4 years as global risks hit business spending

10:30 (IST)10 Dec 2018
Surjit Bhalla's take on state elections: BJP to win MP, Rajasthan and Chhattisgarh

Taking stock of the choppy trade witnessed on share market this morning, Surjit Bhalla said that the markets are valotile due to a sell-off in US equities, and not because of the ongoing state elections. Ahead of the outcome sheduled for tommorrow, Bhalla told CNBC TV18 that the BJP is likely to win MP, Rajasthan and Chhattisgarh. He expects BJP to win about 115 seats in Rajasthan. A survey by Times Now for Rajasthan has forecast that the Congress will get 105 seats, BJP will get 85 seats and BSP will settle for 2 =. The half way mark in the 200-seat Assembly is 101. In 2013, the BJP had won 163 seats, Congress had won 21, the BSP three and others 13.

10:20 (IST)10 Dec 2018
RIL shares down 4%, biggest loser in Nifty; check top five

Shares of billionaire Mukesh Ambani-led Reliance Industries plunged by more than 4% this morning to hit the day's low at Rs 1,133 on NSE. In the Nifty, only IndusInd Bank shares were trading with gains, while all other stocks were tradaing with deep losses. Indiabulls Housing Finance, Coal India and Bajaj Finance were among the other stocks trading with losses. We take a look aty top 5 Nifty losers.

10:04 (IST)10 Dec 2018
Sensex down 600 points; RIL emerges biggest loser; down 4%

The Sensex is down about 600 pts in trade with all the stocks in the index trading in deep red. Shares of billionaire Mukesh Ambani-led Reliance Industries is trading 4% down at Rs 1,133 on BSE this morning. Among the other major losers are shares of Adani Ports, Powergrid and Coal India, all down by more than 3% each.

09:40 (IST)10 Dec 2018
Rupee at 3 week low; slips past 71 per US dollar

Rupee on Monday opened at a 3-week low at Rs 71.31 per US dollar as against the previous close of Rs 70.80 per US dollar. The local unit fell as much as 0.84 percent or 59 paise in the early trade. On Friday, the domestic currency had staged a mild recovery to close with a gain against the greenback in line with rally in domestic stocks and positive global cues. The 10-year bond yields are also at one-week high of 7.51 percent. 

Also read: Rupee at 3 week low; slips past 71 per US dollar

09:33 (IST)10 Dec 2018
Kotak Mahindra Bank share price reverses gains, down 3%

Shares of India's major private sector lender Kotak Mahindra Bank on Monday reversed gains, plunging by more than 3% to Rs 1,242. Kotak Mahindra Bank reversed gains Friday after the bank clarified on Berkshire Hathaway’s stake buy report. Kotak Mahindra Bank has clarified that it is unaware of any plans by Berkshire Hathaway to buy a 10% stake in the company. Kotak Mahindra Bank said in a statement on the exchages that it has nothing to report to the exchanges on the news item that appeared on CNBC TV18. Earlier, the channel had reported citing sources that Warren Buffett is eyeing a 10% stake in the bank. Berkshire Hathaway may look to invest $4-6 billion in Kotak Mahindra Bank, CNBC-TV18 said citing sources. Kotak Mahindra Bank which had advanced 13% on Friday after the news to intra-day high of 1,345.95, slipped to about 1,240.80 on Friday afternoon. 

Also read: Kotak Mahindra shares reverse gains after bank clarifies on Warren Buffett’s stake buy report

09:26 (IST)10 Dec 2018
Sensex slumps 540 points, Nifty above 10,500; Kotak Mahindra Bank down 3%

The headline indices- Sensex and Nifty- opened lower tracking weak global and domestic cues, as a sell- off witnessed in US equities, and state election results weigh. The 30-share Sensex plunged 542 points to hit the day's low at 35,111.354, while the Nifty 50 slumped below 10,550 level. Kotak Mahindra Bank shares slumped 3% to Rs 1,242, reversing gains made on Friday, after CNBC TV18 reported that Warren Buffett is eyeing a 10% stake in the bank. However, the bank clarified later on Friday that it was not aware of Berkshire's plans. A look at heat map. 

09:14 (IST)10 Dec 2018
Expert take on maret direction: Mr Mustafa Nadeem, CEO, Epic Research.

Nifty forms a bearish Dark Cloud cover on weekly chart holding the fate of bulls at the swing high placed at 10900. Global markets sell-off that is seen across the major indices has daunted clouds over domestic indices with Nifty giving away almost half of its previous week gainsAmid a number of global events placed with FOMC, OPEC and the Arrest of Global CFO of Huawei has unnerved investors. To add more to it, domestic State elections results will be out on Tuesday that may just be the fuel for a short-term volatility. The European markets did try to recover but lost much more as they are seen trading at almost close to two years now. This is a major decoupling from an established bullish market across the globe. hence loss aversion is now a key which is further triggered with continuous fall in crude oil; implicating a demand concern in the Global economy. A split outcome from OPEC also raised some concerns and took off support from tumbling crude oil prices.  

09:11 (IST)10 Dec 2018
Oil prices rise after OPEC-led group seals 1.2 mln bpd supply cut

Oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January. International Brent crude oil futures were at $62.15 per barrel at 0129 GMT, up 48 cents, or 0.8 percent, from their last close.Prices surged on Friday after the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group, Reuters reported. 

Share market on Friday: Sensex and Nifty- ended Friday’s session with strong gains on positive global cues, helped by a rally in Kotak Mahindra Bank shares and consumption stocks. The 30-share Sensex closed at 35,673.25, up by 362 points, while the broader Nifty 50 closed just 7 points shy of 10,700-level. Earlier, the share market opened higher following the OPEC meet and US Federal Reserve’s signal to pause rate hikes.  HCL Tech shares plunged 4% to Rs 958.15 after the firm agreed to acquire some software assets from IBM for $1.8 billion, in one of the biggest acquisitions by an Indian IT firm. Kotak Mahindra Bank share price gained more than 13% to intra-day high of Rs 1,345.95, after media reports said that bilionaire investor Warren Buffett is eyeing a stake in the bank. Auto stocks Maruti Suzuki, Tata Motors and Bajaj Auto gained up to 1.5%.
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