Share market Highlights: Sensex ends 190 pts up, Nifty above 10,550 on state election trend swings

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Updated:Dec 11, 2018 4:53:25 pm

Share market Highlights: In a session replete with wild swings, the Sensex ended Tuesday's session 190 points higher even as the Nifty 50 closed above the 10,550-mark closely tracking the state election outcome trends.

Share market Highlights: The Indian rupee registered a huge loss as it slumped nearly Rs 1.10 paise against the US dollar in the early morning trade today.

Share market Highlights: In a session replete with wild swings, the Sensex ended Tuesday’s session 190 points higher even as the Nifty 50 closed above the 10,550-mark closely tracking the state election outcome trends. The Sensex recovered 724 points from the day’s lows to end at 35,150.01, while Nifty 50 ended 60.70 points higher at 10,549.15.

The stock markets recouped sharp early losses by mid-morning Tuesday as election results in three states were not as poor for the ruling party as some expected, but anxiety about the  central bank governor’s resignation kept sentiment subdued. Markets initially plunged in reaction to Reserve Bank of India Governor Urjit Patel’s unexpected resignation late on Monday, which shocked many investors. “Patel’s resignation bodes poorly for macroeconomic and financial stability in India,” Fitch Solutions Macro Research, a unit of Fitch Group, said in a note on Tuesday.

The Indian rupee registered a huge loss as it slumped nearly Rs 1.10 paise against the US dollar in the early morning trade today, following the RBI Governor Urjit Patel’s shocking exit on Monday evening.

Asian markets failed to hold gains from Wall Street as both Japanese & South Korean equities were trading near low point of the day. Major US indices ended positive on Monday as Dow Jones staged a smart recovery by erasing a 500-point drop in another whipsawing session on Wall Street. 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

16:51 (IST)11 Dec 2018
Expert take: Market may give surprises in next few days as biases become clear

"Nifty gapped down to 10350 levels in early trade taking the most important cue, RBI governor's resignation. With that, a Sharp correction in Rupee was seen with INR depreciating to 72+ levels. Fall in Crude last night did give some relief to markets sentiment but it was overall election results outcome and how it's impacting the market and politics of the country. Though the market closed with positive gains the follow-up action is very important as the critical battle in one of the state remains neck to neck. The market may give surprises in the next few days as the bias becomes clear. For Now, It continues to be in the range of 10400 to 10600 and we are on the sideline for a directional breakout," Mustafa Nadeem, CEO, Epic Research told FE Online.

16:36 (IST)11 Dec 2018
Decoding Sensex, Nifty’s volatile session amid BJP’s likely state election loss; what experts say

Even as the domestic stock markets witnessed an extremely volatile session on Tuesday showing wild swings closely tracking the state elections, experts say that the stock markets had factored in a much worse result for Narendra Modi’s BJP in the ongoing polls. “The markets are already in a down trend. They have discounted a 3-0 white wash. If even one state goes the BJP way, it will result in short-covering," VK Sharma, head PCG and capital markets strategy, HDFC Securities noted.

Also read: Decoding Sensex, Nifty’s volatile session amid BJP’s likely state election loss; what experts say

15:41 (IST)11 Dec 2018
Sensex recovers 724 points from day's lows, Nifty ends just shy of 10,450

In a session replete with wild swings, the Sensex ended Tuesday’s session 190 points higher even as the Nifty 50 closed above the 10,550-mark closely tracking the state election outcome trends. The Sensex recovered 724 points from the day’s lows to end at 35,150.01, while Nifty 50 ended 60.70 points higher at 10,549.15. A look at Sensex heat map. 

15:27 (IST)11 Dec 2018
BSE Live: Sensex up 230 pts, Yes Bank shares surge 8%

Ahead of it's close on Tuesday, the Sensex is trading at the day's high 236 pts above yesterday's close. Indian stock markets recouped sharp early losses by mid-morning Tuesday as election results in three states were not as poor for the ruling party as some expected, but anxiety about the central bank governor's resignation kept sentiment subdued. A look at Sensex heat map.

15:17 (IST)11 Dec 2018
Sebi board to discuss easier start-ups listing rules, FPI investment clubbing norms

Markets regulator Sebi will discuss a slew of measures at its board meeting Wednesday for expanding its offer for sale framework to more companies, relax its norms for clubbing of investment limits by established foreign investors and tighten insider trading rules, officials told PTI.   A number of other important matters will also be discussed such as relaxations for new-age ventures in sectors like e-commerce, data analytics and bio-technology to raise funds and get the shares of these new-age ventures traded on stock exchanges and creating a separate category of 'difficult to recover' cases for optimal utilisation of its resources, PTI reported sources as saying.

15:12 (IST)11 Dec 2018
Three MNCs best companies to work for in India; and all three are Americans

Global software giant Adobe Inc has emerged as the best technology company to work for in India, followed by computer gaming company NVIDIA and Microsoft Corp, according to the ‘Top-Rated Workplaces: Best in Tech’ report by employment-related search engine giant Indeed on Tuesday. Interestingly, all three companies are the US-based and two of them are headed by Indian-American executives. While Satya Nadella is the CEO of Microsoft, Shantanu Narayan is serving as a CEO of Adobe. Multinational organisations continued to dominate the list, as rated by the Indian employees on the job-site Indeed, while the Indian Space Research Organisation (ISRO) is the highest-ranked Indian company at 10th position. ISRO is also the only public sector firm to feature in the list.

Also read: These three MNCs best companies to work for in India; and all three are Americans

15:01 (IST)11 Dec 2018
Urjit Patel: The ‘yes’ man who wasn’t! How tables turned since demonetisation

It was February the 10th. Both Finance Minister Arun Jaitley and former RBI governor Urjit Patel were holding the customary joint post-Budget press conference. A low-key Patel kept his answers short and faded into the background, while Jaitley took the lead — as one would expect. But as soon as Jaitley began gushing about how oil prices were (then) on a downward path, Patel got uncomfortable. A rather introvert Patel could not help but speak up before the finance minister finished. “India needs to be prepared either way; whether oil prices go up or down,” Patel said.

Read full story here: Urjit Patel: The ‘yes’ man who wasn’t! How tables turned since demonetisation

14:54 (IST)11 Dec 2018
Smallcap guru Shankar Sharma unsure of how to read stock market reaction

Even as stock market shows wild swings, after opening sharply lower and then jumping more than 700 points from day's lows, smallcap guru Shankar Sharma says that he is intrigued by stock market reaction today.  "The market reaction to the Assembly results has been intriguing to say the least. I expected a massive down day. What's the market telling us?" Shankar Sharma tweeted.

14:49 (IST)11 Dec 2018
Global market update: European shares open higher on trade war optimism

European shares opened higher on Tuesday as a fresh whiff of optimism over the Sino-U.S. trade dispute lifted sentiment after a burst of political risk and worries about global growth hit world markets during the previous session. The Euro zone STOXXE index was up 0.7 percent at 0838 GMT with Germany's DAX, the most sensitive to China due to its big exporters, up 0.8 percent, Reuters reported.

14:39 (IST)11 Dec 2018
Mallya extradition to speed up loan recovery process: SBI

Country's largest lender State Bank of India (SBI) Tuesday said extradition of fugitive liquor baron Vijay Mallya from the UK to India will speed up the recovery of over Rs 9,000 crore of loans. In a major boost to India's efforts to bring back Mallya, who is wanted for loan default worth around Rs 9,000 crore to a consortium of 13 banks led by SBI, a UK court Monday ordered his extradition. "It (higher recovery of loans) is a possibility. The message is very loud and clear. What we have to understand is that it (extradition) is a message that you just can't default and run away from the country," PTI reported SBI chairman Rajnish Kumar as saying.

14:21 (IST)11 Dec 2018
BSE Live: Sensex up 105 pts, Nifty holds 10,500; Yes Bank, Sun Pharma among top gainers

The Sensex is holding on to gains made on Tuesday afternoon, following a trend reveral in Madhya Pradesh in favour of BJP. Nifty is hodling on to the 10,500-level, tracking the election outcome closely. A look at live heatmap.

13:10 (IST)11 Dec 2018
Sensex crosses 35,000, up 100 points from yesterday's close Nifty above 10,500

Sensex has crossed 35,000 level buoyed by a trend reversal in favour of BJP in Madhya Pradesh. The Nifty has moved beyond the 10,500-mark. A look at Sensex heat map.

12:42 (IST)11 Dec 2018
NSE live: Nifty below 10,500; Yes Bank shares continue to rally

Yes Bank shares continue to trade with gains in the Nifty, even as investors closely track the outcome of the election in various states.  After turning positive on the back of a trend revesal wherein trends indicated that BJP may win a majority in Madhya Pradesh the domestic stock markets have slipped back into red closely tracking state election trends in the five states. The 30-share Sensex is trading at 34,946.38 down about 16 points from yesterday's close, while the Nifty 50 is trading below 10,500-level. A look at Nifty top 5 gainers and losers. 

11:59 (IST)11 Dec 2018
Election update: Congress-BJP locked in close contest

The results for the crucial MP Assembly election 2018 will be declared soon. Both Congress and the BJP have fought tooth and nail to win the elections this time. While the BJP is facing a 15- year anti-incumbency, the Congress’ main trouble has come from its own leaders who were at loggerheads till the very end of the elections. BJP’s Shivraj Singh Chouhan, the three-time sitting chief minister of the state, is eyeing a fourth-term. While Congress’ top leaders – Jyotiraditya Scindia and Kamal Nath – have emerged as the top claimants for the chief minister’s berth if their party emerges victorious in the elections.

Follow latest updates here: MP Election Results LIVE UPDATE: Political thriller! Congress-BJP locked in close contest; check latest trends here

11:55 (IST)11 Dec 2018
Sensex up 50 points, Nifty above 10,500 after trend turns in favour of BJP in Madhya Pradesh

 After opening sharply lower, the domestic stock markets have turned positive for the day, following a trend reversal in favour of the BJP in Madhya Pradesh. The 30-share Sensex is trading at 35,072, up more than 550 points from day's lows, while the Nifty 50 is trading above 10,500-level. A look at live Sensex heat map. 

11:47 (IST)11 Dec 2018
Expert view: Raamdeo Agrawal of Motilal Oswal says be invested in stock market at all times

"Don’t read too much into politics. It is very difficult to predict. I’m saying this from the view point of investing. It is advisable to be invested at all times, irrespective of the political situation, when markets are up, when they are down. It’s a confluence of a so many factors today, it’s a very unique phase. The global markets are weak, US China trade war is on, but oil is down to 60. That one factor is holding up everything. That one factor is cancelling out the effects of so many negative factors," Raamdeo Agrawal told CNBC TV18.

11:34 (IST)11 Dec 2018
Urjit Patel’s resignation: 7 flashpoints between RBI and Modi government

After days of speculation, Urjit Patel finally stepped down the post of Reserve Bank of India (RBI) Governor  on Monday. Urjit Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.  Interestingly, the next RBI board meeting was scheduled for December 14. In the past few months, both RBI and Modi government have been locking horns on issues ranging from interest rates to reserves. We take a look at 7 flashpoints between the RBI and Centre

11:20 (IST)11 Dec 2018
BSE Live: Sensex recovers 400 points from lows, Yes Bank shares rally 5%

After opening sharply lower, the domestic stock markets made a recovery from day's lows in the morning trade. The 30-share Sensex is trading at 34,828.38, up more than 400 points from day's lows, while the Nifty 50 is trading near 10,450-level. Yes Bank shares rallied 5% amid an otherwise choppy session. A look at Sensex heat map.

11:07 (IST)11 Dec 2018
After Urjit Patel, who? This senior most deputy governor may be made interim head

N S Vishwanathan, senior most deputy governor, may be made interim head of the RBI following the unexpected resignation of Urjit Patel, according to sources. Vishwanathan was appointed as RBI Deputy Governor on July 4, 2016 for a period of three years. If appointed interim head, Vishwanathan would head the central board meeting scheduled this Friday, the sources said. The Friday meeting is considered crucial as it is going to take up governance issue and concerns on liquidity and credit flow to productive sectors, especially Micro, Small & Medium Enterprises (MSME).

Also read: After Urjit Patel, who? This senior most deputy governor may be made interim head

11:01 (IST)11 Dec 2018
Urjit Patel's resignation comes at a sensitive time, to dampen sentiments: DBS

The immediate resignation of Reserve Bank of India Governor Urjit Patel comes at a sensitive time, when negotiations with the government to iron out differences on key regulatory aspects are ongoing, the Singapore banking group, DBS, said Tuesday. "Timing of the Governor's resignation and the already-cautious mood in the markets following yesterday's exit polls, to be followed by today's actual count for the state elections, will dampen sentiments," Radhika Rao, economist at DBS Bank said.

10:55 (IST)11 Dec 2018
BSE Live: Sensex recovers with rally in Yes Bank, Asian Paints

Sensex recovered more than 300 points to hit the day's high at 34,744.68, buoyed by a rally in Yes Bank, Asian Paints and Sun Pharma. Shares of Bharti Airtel, Tata Steel, ICICI Bank are among the top draggers in the Sensex currently. A look at live Sensex heat map. 

10:37 (IST)11 Dec 2018
Rupee nosedives after Urjit Patel’s resignation as RBI Governor; opens Rs 1.10 lower against US dollar

The Indian rupee registered a huge loss as it slumped nearly Rs 1.10 paise against the US dollar in the early morning trade today, following the RBI Governor Urjit Patel’s shocking exit on Monday evening. The rupee on Tuesday opened at Rs 72.43 per US dollar and was trading at Rs 72.25 against the US dollar at 10 AM (IST), after falling to Rs 72.44 at day’s low. The domestic currency fell a four-week low of Rs 72.44 from the previous close of 71.3375 at the interbank foreign exchange market, the Bloomberg data showed. Other factors that also kept traders wary include likely mixed results from crucial state elections in the country later on Tuesday.

Also read: Rupee nosedives after Urjit Patel’s resignation as RBI Governor; opens Rs 1.10 lower against US dollar

10:14 (IST)11 Dec 2018
PMO accepts Surjit Bhalla's resignation from Economic Advisory Council

Prime Minister Narendra Modi has accepted the resignation of economist Surjit Bhalla as part-time member of his Economic Advisory Council (EAC), the PMO said on Tuesday. Bhalla resigned from his post on December 1. A senior official in the Prime Minister's Office (PMO) said his resignation would take effect from the same date. The announcement of his resignation comes a day after Reserve Bank of India (RBI) Governor Urjit Patel resigned from his post. However, Bhalla said in a Twitter post that he had resigned from his post on December 1, IANS reported.

10:05 (IST)11 Dec 2018
Vijay Mallya extradition, Urjit Patel's exit and state election outcome weigh on markets: Expert view

"The markets are already in a down trend. They have discounted a 3-0 white wash. If even one state goes the BJP way, it will result in short-covering," VK Sharma, Head PCG and Capital Markets Strategy, HDFC Securities told PTI. "As far as the RBI Governor's resignation is concerned, it alone has the ability to knock off 200 points from the Nifty," he pointed out. "Vijay Mallya's extradition order by UK court is positive for the markets, but will provide some cushion only later on when he actually lands in India," he added. Besides nervousness over election results, the plunging rupee also weighed on investor sentiment here, traders told the agency.

09:44 (IST)11 Dec 2018
Urjit Patel resigns as RBI Governor; now, what’s next?

Even as most saw RBI and Modi government reaching truce, Urjit Patel tendered his resignation on Monday. He cited ‘personal reasons’ behind the exit. However, the sudden decision to quit has raised a couple of pressing worries. First, how will the stock markets react? Second, and the most important, who will be the next RBI Governor?

Also read: Urjit Patel resigns as RBI Governor; now, what’s next?

09:38 (IST)11 Dec 2018
NSE Live: Yes Bank emerges top gainer in Nifty amid choppy trade

After opening sharply lower, the stock markets are now extending losses, with Nifty plunging 144 points to 10,344, while the 30-share Sensex os still down 500 points to 34,453.63. Yes Bank shares have emerged as the top gainers in the Sensex and Nifty. Yes Bank share price gained more than 4.4% to hit the day's high at Rs 172.95. We take a look at top 5 Nifty gainers and losers.

09:32 (IST)11 Dec 2018
Rupee opens sharply lower at Rs 72.46

India's rupee and bonds plunged following Reserve Bank of India Governor Urjit Patel's unexpected resignation after market hours on Monday shocked investors. Concerns about likely mixed results from crucial state elections later on Tuesday also kept traders wary. The Indian rupee came off earlier lows at 72.1350 to the dollar after opening at 72.46, but was sharply lower from its close of 71.35 on Monday. The 10-year benchmark bond yield rose to 7.64 percent from 7.59 percent at the previous close, Reuters reported.

09:22 (IST)11 Dec 2018
BSE Live: Sensex sheds 375 pts, Nifty at 10,350 as as state election outcome weighs

The domestic stock markets opened sharply lower after RBI governor Urjit Patel's resignation and ahead of the crucial state elections outcome. The 30-share Sensex shed 375 points to open at 34,584.13, while the Nifty 50 tanked to 10,350-level. A look at live Sensex heat heatmap.

09:07 (IST)11 Dec 2018
Economist Surjit Bhalla resigns from Economic Advisory Council to Prime Minister

Eminent economist and columnist Surjit Bhalla on Tuesday said that he had resigned as part-time member of Economic Advisory Council to the Prime Minister(EAC-PM) on December 1. “I resigned as part-time member of PMEAC on December 1,” Bhalla said on social networking site Twitter. The EAC- PM is headed by Niti Aayog member Bibek Debroy. Economists Rathin Roy, Ashima Goyal and Shamika Ravi are other part-time members, PTI reported.

Also read: Economist Surjit Bhalla resigns from Economic Advisory Council to Prime Minister

09:07 (IST)11 Dec 2018
Economist Surjit Bhalla resigns from Economic Advisory Council to Prime Minister

Eminent economist and columnist Surjit Bhalla on Tuesday said that he had resigned as part-time member of Economic Advisory Council to the Prime Minister(EAC-PM) on December 1. “I resigned as part-time member of PMEAC on December 1,” Bhalla said on social networking site Twitter. The EAC- PM is headed by Niti Aayog member Bibek Debroy. Economists Rathin Roy, Ashima Goyal and Shamika Ravi are other part-time members, PTI reported.

Also read: Economist Surjit Bhalla resigns from Economic Advisory Council to Prime Minister

09:04 (IST)11 Dec 2018
Raghuram Rajan reacts to Urjit Patel’s resignation; says ‘Dr Patel has made a statement’

Raghuram Rajan on Monday reacted to Urjit Patel’s decision to step down as Reserve Bank of India (RBI) governor and said that he has made a statement that the autonomy of the central bank should not be undermined. “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. While refusing to speculate what led to Urjit Patel’s resignation, he advised the government to take “extreme care” in its relationship further with the RBI. “Need to understand what prompted this act by Urjit Patel,” he told the news channel.

Also read: Raghuram Rajan reacts to Urjit Patel’s resignation; says ‘Dr Patel has made a statement’

09:02 (IST)11 Dec 2018
Urjit Patel’s resignation will be bad for economy, warns Subramanian Swamy; gives this advice to PM Modi

Senior BJP leader and Rajya Sabha member Subramanian Swamy on Monday warned that Urjit Patel’s resignation as Reserve Bank of India (RBI) governor will be bad for the economy. He advised Prime Minister Narendra Modi to call Urjit Patel and dissuade him from leaving in the larger public interest. He also sad that Urjit Patel should have stayed till July, until the next governor came to power. “His resignation will be bad for our economy, RBI & govt. He should at least stay till July until the next govt comes to power. A PM should call him and find out the reason, and dissuade him from leaving in the larger public interest,” Subramanian Swamy told news agency ANI.

Also read: Urjit Patel’s resignation will be bad for economy, warns Subramanian Swamy; gives this advice to PM Modi

08:59 (IST)11 Dec 2018
Sensex, Nifty may open sharply lower as state poll outcome, Urjit Patel exit weighs; Key things to know

According to global banks brokerage firms Nomura, Deutsche Bank and CLSA, while the exit polls might have got BJP thinking on its strategy for the elections, the final outcome will be very different.  In an interview to ET Now, Harsha Upadhayaya of Kotak AMC said that election outcome will weigh on the sentiment in the short run, and stock market will continue to remain volatile.  “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.  

Also read: Sensex, Nifty may open sharply lower as state poll outcome, Urjit Patel exit weighs; Key things to know

08:45 (IST)11 Dec 2018
Urjit Patel’s resignation roils nervous India markets

This was already a volatile week for markets in India, with state elections set to offer a lens on next year’s national vote. Then came the central bank governor’s shock resignation. Urjit Patel quit on Monday citing personal reasons, a decision that some investors took as a new fissure in the Reserve Bank of India’s relationship with Prime Minister Narendra Modi’s government. Reaction was swift, with rupee non-deliverable forwards weakening. The biggest exchange-traded fund dedicated to Indian stocks, the iShares MSCI India ETF, slumped the most in two years. Futures on the Nifty 50 Index extended declines Tuesday, sliding as much as 2.4 percent. American depository receipts for HDFC Bank Ltd. dropped the most since February, Bloomberg reported.

Also read: Urjit Patel’s resignation roils nervous India markets

08:43 (IST)11 Dec 2018
Crude oil prices rise on Libyan export disruption, but markets remain weak

Oil prices on Tuesday clawed back some of their losses from the previous day as Libya’s National Oil Company declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group. Despite that, overall sentiment on oil prices remained weak amid worries over global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply. International Brent crude oil futures were at $60.30 per barrel at 0206 GMT, up 33 cents, or 0.6 percent, from their last close, Reuters reported.

Also read: Crude oil prices rise on Libyan export disruption, but markets remain weak

Share market on Monday: 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.
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