Share Market highlights: Sensex ends Samvat 2075 with 12% gains, Nifty near 11,600

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Updated: October 25, 2019 3:58:15 pm

Share Market highlights: The headline indices Sensex and Nifty registered their second best Samvat in 4 years, even as the stock market remained volatile through the year.

The Sensex closed Samvat 2075 12% higher and Nifty ended the session about 10% up.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty registered their second best Samvat in 4 years, even as the stock market remained volatile through the year. The Sensex closed Samvat 2075 12% higher and Nifty ended the session about 10% up. The Sensex closed Friday’s session 38 points higher at 39,058; while the Nifty closed the session 2 points up at 11,584. Yes Bank, SBI, ICICI Bank, Sun Pharma were among the biggest gainers, surging up to 8%. Tata Motors, VEDL, HDFC were among the biggest losers, shedding up to 5%. International rating agency Fitch Ratings slashed India’s GDP growth forecast in the current fiscal to 5.5 percent citing large credit squeeze emanating from NBFC’s, which has pushed economic growth to a six-year low. Earlier in June, Fitch had put India’s growth at 6.6 percent for the fiscal, saying that the recent Narendra Modi-led govt’s measures to boost economy including a cut in corporate  tax rates will gradually nudge growth. Fitch’s latest FY20 forecast cut comes just after India’s massive 14 rank jump in World Bank’s Ease of Doing Business. Yesterday, FM Nirmala Sitharaman has critically acknowledged India’s position in the Ease of Doing Business by pointing out a slow rise in the parameter– ‘Starting Business’, while the country’s overall rank improved by 14 spots to rank 63. She highlighted that the parameter of starting a business is very critical and India has improved only one rank in this. Nirmala Sitharaman also said that Insolvency and Bankruptcy Code, NCLT, and NCLAT have together made India to substantially improve its rank in the World Bank’s Doing Business report. The headline indices Sensex and Nifty opened flat on Friday morning, tracking global cues. The gauge has gained about 11% in Samvat 2075, amid volatile stock market activity through the year. A look at highlights.

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Highlights

    15:58 (IST)25 Oct 2019
    BSE live: Sensex ends Samvat 2075 with 12% gains, Nifty near 11,600

    The headline indices Sensex and Nifty registered their second best Samvat in 4 years, even as the stock market remained volatile through the year. The Sensex closed Samvat 2075 12% higher and Nifty ended the session about 10% up. The Sensex closed Friday's session 38 points higher at 39,058; while the Nifty closed the session 2 points up at 11,584. Yes Bank, SBI, ICICI Bank, Sun Pharma were among the biggest gainers, surging up to 8%. Tata Motors, VEDL, HDFC were among the biggest losers, shedding up to 5%. A look at LIVE Sensex heatmap.

    15:35 (IST)25 Oct 2019
    Haryana election results: 83 of 90 newly-elected MLAs are crorepatis, JJP legislators wealthiest

    Eighty-four of the 90 newly elected Haryana MLAs are crorepatis, according to an analysis by poll watchdog Association for Democratic Reforms (ADR). In the outgoing assembly, 75 of the 90 MLAs possessed assets worth more than Rs 1 crore, which means the number of crorepati legislators has increased by 10 per cent, the ADR report said. The average of assets per sitting MLA in Haryana is Rs 18.29 crore, while it was Rs 12.97 crore in 2014, it said. According to the ADR analysis, 37 of the 40 BJP MLAs and 29 of the 31 Congress legislators are crorepatis.

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    15:09 (IST)25 Oct 2019
    Economic slowdown: Opportunity for Modi govt to enact bold reforms, says Richard Rossow

    The economic slowdown has presented the Narendra Modi government with an opportunity to enact big reforms that will take the Indian economy to a higher trajectory, says Richard M Rossow, India expert at the Center of Strategic and International Studies, a Washington DC-based think-tank. The government should bring in reforms in crucial areas such as labour, land acquisition, power sector and foreign direct investment, said Rossow, Wadhwani Chair in US-India policy studies at CSIS. "The Economic Survey this year identified the Industrial Disputes Act as the reason why Indian firms remain small. Rajasthan amended the Act and there was an increase in the average firm size,” he said.

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    14:05 (IST)25 Oct 2019
    Dhanteras glitters may pinch your pocket this year; gold price shoots up

    Dhanteras has finally arrived and the jewellery shops will be crowded with those buying gold and silver on the auspicious occasion, but this time buying these precious metals may pinch customers’ pockets. For the first time in the last five years, gold prices have surged over 20 per cent year-to-date (on-year). However, the demand for gold is evergreen in the Indian market. Gold is trading at Rs 39,620 per 10 gm today. Despite the surge in prices, gold is still the preferred choice of several households for reasons varying from safety to higher returns than other asset classes such as mutual fund, equity market, and fixed deposit. Though surging prices and the availability of alternatives such as gold bond and gold ETF, have eaten away a small share of the physical gold market. 

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    12:41 (IST)25 Oct 2019
    Improved business ranking testament to Modi govt’s extensive and wide ranging reforms: USIBC

    The new ease of doing business report that puts India at 63rd ranking is a testament to the extensive and wide-ranging reforms carried out by Prime Minister Narendra Modi, a top American business advocacy group said on Thursday. “Congratulations to Prime Minister Modi and the Government of India on consistent and continued progress on ease of doing business,” US-India Business Council president Nisha Desai Biswal said. India climbed 14 rungs in the World Bank’s Ease of Doing Business ranking to stand at the 63rd position and figured among the world’s top 10 most improved countries for the third consecutive time on the back of faster bankruptcy resolution and issuance of construction permits. “It’s a testament to the Modi government’s extensive and wide-ranging reforms that India has climbed to 63rd in the World Bank’s 2020 Ease of Doing Business Index, up 79 places since the Prime Minister took office in 2014,” said Biswal.

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    12:38 (IST)25 Oct 2019
    Want Rs 1 crore with Mutual Fund SIP? Apply this strategy

    Keep thinking about how much to save to become a crorepati? Relax! You can also make it possible. There are different ways to save one crore or even more over the long term. To save Rs 1 crore or to save Rs 5 crore or even more, you need to keep saving regularly and use the potential of the equity asset class to achieve your objective over the long term. To ensure you are able to save regularly, it is better to start a systematic investment plan (SIP) in equity mutual funds which can help you save Rs 1 crore over the long term.

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    12:30 (IST)25 Oct 2019
    Buy gold ETF this Dhanteras, don’t let the high prices dampen the Diwali spirit

    Dhanteras and Diwali – the most eagerly awaited festivals perhaps in the Indian calendar—are around the corner, giving us the opportunity to indulge ineating, shopping, socialising, gifting, and most of all – buying gold. But with gold touching a record high of Rs 40,000 per 10 grams last month, many investors may be contemplating whether it is a favourable time to invest in the precious metal. In the short term, most experts expect gold to remain range bound as there are various conflicting forces at play in the global as well as Indian arena, and no single factor seems to majorly influence the price direction.

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    12:29 (IST)25 Oct 2019
    DHFL tells exchanges board sought reply on KPMG audit

    Dewan Housing Finance Corporation (DHFL) on Thursday said that the non-banking financial company (NBFC) has “taken cognisance of the key observations of the draft deport prepared by KPMG”. KPMG was appointed by Union Bank of India, the lead banker of the consortium of lenders to the NBFC, to conduct a forensic audit on the company’s financial affairs. The board on Wednesday directed the company to review the key observations of the KPMG report and present detailed responses to these observations before an audit committee. The company has also been directed to share these responses with the DHFL’s lenders. “We are not aware of the source of the above articles,” the company said.

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    12:28 (IST)25 Oct 2019
    Dry spell: Non-food credit grows at a slow 8.7%

    Non-food credit growth in the banking system languished at a near two-year low of 8.72% year-on-year (y-o-y) during the fortnight ended October 11, 2019, despite the lending outreach programmes taken up by public sector banks (PSBs). The credit deposit (CD) ratio for the fortnight was lower at 75.19%, down from 75.74% in the previous fortnight. Between September 27 and October 11, non-food credit grew a mere 0.22% to Rs 97.28 lakh crore, according to provisional data released by the Reserve Bank of India (RBI).

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    12:25 (IST)25 Oct 2019
    Samvat 2075: Poor showing by broader markets eclipses rally in benchmarks

    The benchmark Nifty50 returned nearly 10% in a volatile Samvat 2075 better than the 4.5% rise in the previous Samvat. However, for the second Samvat year in a row, both the Nifty MidCap and the Nifty SmallCap Index both lost value. Indeed, the performance of the benchmarks was eclipsed by the poor showing by the broader market. While the Nifty MidCap ended the year with a 7% fall, Nifty SmallCap Index suffered a bruising 10.3% loss on the back of back-breaking 22.4% decline in the year before.

    12:23 (IST)25 Oct 2019
    Big Bull Rakesh Jhunjhunwala says economic slowdown may not last long; check why he is upbeat

    Even as the economy sees a slowdown, Big Bull Rakesh Jhunjhunwala is confident that the current phase of weakness soon would pass. Even as the situation is not as bad as some of the people are making out, the government should take steps to remove fear in the business community, the market veteran Rakesh Jhunjhunwala told CNBC TV-18 in an interview. There is a need to revive animal spirits in the economy for the investment and exports to pick up, he added. On private capital expenditure, he said that it would improve as the consumption picks up, which is expected to happen soon.

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    12:21 (IST)25 Oct 2019
    ITC’s premium play continues amid slowdown; co launches costlier items in various categories

    Even when FMCG companies have been facing the slowdown blues for over nine months now, tobacco maker ITC launched premium products in various categories. In an economic environment that has slowed down the sales of even five-rupee biscuits, one of the leading FMCG companies ITC has driven premiumization and has also received good response for the products that sell at a premium price as compared to standard items, ITC said announcing Q2 results. “In the Dairy & Beverages Business, the recently launched premium range of juices comprising 3 differentiated flavours … continued to receive an excellent response from consumers,” ITC said in a recent statement, announcing their Q2FY20 results. Earlier this week, Financial Express Online reported that amid economic slowdown, FMCG companies are increasingly falling back on expensive product sales and ramping up premium products offering as the affluent still have the money to buy and experiment.

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    12:10 (IST)25 Oct 2019
    FD rates to go down from November 1: Here is a chance to earn 9.25% by investing till October 31

    With a long series of cuts in policy rates by the Reserve Bank of India (RBI), both deposit and lending rates of leading banks have come down recently. Going with the trend, Shriram Transport Finance is also set to revise its interest rates downwards by up to 25 bps (1 bps = 0.01 per cent) for Fresh/Renewal of Fixed Deposits (FDs) with effect from November 1, 2019. Currently, Shriram Transport Finance FD has one of the highest interest rates of up to 9.25 per cent per annum amongst the ‘AAA’ rated Corporate Fixed Deposits. Shriram Transport Finance Co. Ltd. (STFC) was incorporated in the year 1979 and has got FAAA rating by CRISIL.

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    12:06 (IST)25 Oct 2019
    Investing in gold this Dhanteras? You must keep these important things in mind

    Gold strikes back! The investment that was almost dead since it touched Rs 32,950 in 2012 is once again reaching new heights in 2019. The spot rate (Ahmadabad) for 10 grams of gold was around Rs 38,295 on 24 October 2019, according to mcxindia.com, which is close to its all-time high in the Indian market. So, the question that naturally arises in the investor’s mind is: Should they should invest in gold at this level? Let’s find out. Historically, gold prices have peaked whenever the economy goes through uncertainties. The situation is similar today. The trade war between China and the US, the tension in the Middle East, protectionism in various countries, Brexit and Hong Kong issues amid several domestic developments are collectively making investors jittery. Gold, being one of the safest options to park money, is, thus, high on demand and hence its price has skyrocketed.

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    11:55 (IST)25 Oct 2019
    Oil retreats after 3-day rally on renewed demand, economic growth concerns

    Oil prices stepped back on Friday after three straight days of gains, hurt by renewed concerns about fuel demand in light of gloomy economic growth forecasts. Brent crude was down 30 cents, or 0.5%, at $61.37 by 0122 GMT. The global benchmark rose nearly 1% on Thursday and is heading for a weekly gain of more than 3%. West Texas Intermediate (WTI) crude was down 26 cents, or 0.5%, at $55.97. The U.S. benchmark rose 0.5% in the previous session and is on track for a weekly gain of 4.1%. The strong weekly rise in oil prices was underpinned by a surprise decline in U.S. inventories of crude and optimism about more efforts to support prices by OPEC and its allies. Yet, on the whole, economic growth and oil demand concerns continue to be a key driver of prices.

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    11:52 (IST)25 Oct 2019
    Ailing economy is bleeding diesel as demand dries up

    India’s sputtering economy is turning the energy-hungry nation into an unlikely source of diesel exports. The industrial fuel is the lifeblood of Indian manufacturing, transport and agriculture, making it the country’s most-consumed petroleum product. But five straight quarters of slowing growth is taking an increasing toll on demand, resulting in diesel consumption slumping to the lowest since the start of 2017. The sharp slowdown – economic growth has almost halved since the middle of 2016 — was compounded by a heavier-than-normal monsoon in some areas, taking refiners by surprise. That forced them to cut operating rates and spurred a 47% jump in exports of diesel, also known as gasoil, to a record 3.5 million tons last month.

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    10:50 (IST)25 Oct 2019
    Sluggish animal spirits signal no economic recovery yet; businesses pin hope on Diwali for revival

    India’s investment and consumption activity weakened in September, putting the economy on course for yet another quarter of sub-par growth. The dial on a gauge measuring overall economic activity swung one notch into weaker territory, with seven of the eight high-frequency indicators compiled by Bloomberg News showing weakness and one ticking up slightly. That caps a quarter of subdued activity, and is bound to disappoint investors looking for signs of a recovery after growth in national output slipped to a six-year low of 5% in the April-June period. The dashboard measures “animal spirits,” a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action. It uses the three-month weighted average to smooth out volatility in the single-month numbers.

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    10:50 (IST)25 Oct 2019
    Ailing economy is bleeding diesel as demand dries up

    India’s sputtering economy is turning the energy-hungry nation into an unlikely source of diesel exports. The industrial fuel is the lifeblood of Indian manufacturing, transport and agriculture, making it the country’s most-consumed petroleum product. But five straight quarters of slowing growth is taking an increasing toll on demand, resulting in diesel consumption slumping to the lowest since the start of 2017. The sharp slowdown – economic growth has almost halved since the middle of 2016 — was compounded by a heavier-than-normal monsoon in some areas, taking refiners by surprise. That forced them to cut operating rates and spurred a 47% jump in exports of diesel, also known as gasoil, to a record 3.5 million tons last month.

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    10:12 (IST)25 Oct 2019
    PE activity remains upbeat in quarter ended September: Grant Thornton

    Private equity (PE) investment values almost doubled with a marginal fall in the volumes in the quarter ended September (Q3 2019) compared to the same period last year (Q3 2018), driven by 21 high-value investments, said Grant Thornton’s PE Dealtracker report. PE deal values stood at $9.6 billion in Q3 2019, up 85% compared to the same period last year. This is contrary to the M&A deal activity in Q3 2019, which witnessed a downtrend, with total values falling by more than half as compared to Q32018. The quarter ended September witnessed the single-biggest private equity deal ever in India, with Brookfield’s $3.7-billion investment in Reliance Industries’ telecom tower assets, the report said. This deal accounted for 38% of total PE deal values for the quarter.

    09:46 (IST)25 Oct 2019
    Bandhan Bank profit soars 99% on Gruh Finance buy

    Private-sector lender Bandhan Bank on Thursday reported a net profit of Rs 972 crore for the September quarter, up 99% from a year ago, on the back of a 66% year-on-year (y-o-y) rise in total income to Rs 3,050 crore as benefits of the bank’s acquisition of Gruh Finance came into play. Net interest income (NII) shot up 42% y-o-y to Rs 1,529 crore. NII is the difference between interest earned and interest paid by the bank. Net interest margin (NIM), a key indicator of profitability, fell 225 basis points to 8.2% from 10.45% at Q1 end.

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    09:39 (IST)25 Oct 2019
    Q2: Maruti reports sharpest fall in profit in eight years

    Maruti Suzuki on Thursday reported a massive 39.4% year-on-year (y-o-y) decline in net profits at `1,358.6 crore for the September quarter, the sharpest fall in at least eight years, primarily on account of a one-third drop in sales. The last time that such a steep fall in profit after tax was seen was in the July-September quarter of 2011-12, when net profits fell 56% y-o-y. The fall in profits in Q2FY20 could have been steeper but higher other income of about `400 crore and substantially lower tax expense helped the company arrest that and beat the Bloomberg consensus estimates of `1,032.8 crore.

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    09:27 (IST)25 Oct 2019
    BSE live: Sensex Nifty open flat tracing global cues; up 11% in Samvat 2075

    The headline indices Sensex and Nifty opened flat on Friday morning, tracking global cues. The gauge has gained about 11% in Samvat 2075, amid volatile stock market activity through the year. The Sensex is up about 45 points to 39,037, while the Nifty is trading near the 11,600-mark. A look at LIVE Sensex heatmap.

    09:15 (IST)25 Oct 2019
    PE activity remains upbeat in quarter ended September: Grant Thornton

    Private equity (PE) investment values almost doubled with a marginal fall in the volumes in the quarter ended September (Q3 2019) compared to the same period last year (Q3 2018), driven by 21 high-value investments, said Grant Thornton’s PE Dealtracker report. PE deal values stood at $9.6 billion in Q3 2019, up 85% compared to the same period last year. This is contrary to the M&A deal activity in Q3 2019, which witnessed a downtrend, with total values falling by more than half as compared to Q32018. The quarter ended September witnessed the single-biggest private equity deal ever in India, with Brookfield’s $3.7-billion investment in Reliance Industries’ telecom tower assets, the report said. This deal accounted for 38% of total PE deal values for the quarter.

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    09:15 (IST)25 Oct 2019
    Reliance’s JioPhone no longer top selling feature phone, loses spot to Samsung

    Reliance Jio’s 4G feature phone has lost the top spot in the Indian market to Samsung during the July-September quarter of the 2019 calendar year (CY). The company, which ruled the feature phone market for more than a year, was edged out of the top five vendors slot by another domestic player, Karbonn. According to the Q3 2019 feature phone market statistics by Counterpoint Research, Samsung now controls 22% market share in the feature phone segment, followed by Itel and Lava (16% each), Nokia (12%) and Karbonn (7%). JioPhone’s share in the quarter under review plummeted to 4%. Since its launch in August 2017, it has sold around 70 million units.

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    09:05 (IST)25 Oct 2019
    ITC Q2 net up 36.16% as tax expenses fall

    Beating market expectations, ITC on Thursday reported a robust 36.16% year-on-year jump in its standalone net profit to `4,023.10 crore for the second quarter ended September 30, buoyed by 44.5% y-o-y lower tax expenses. Apart from lower tax outgo on the back of corporate tax cuts, the diversified conglomerate got larger benefits in terms of a massive decrease in its total tax expenses in the September quarter this fiscal, due to ‘re-measured’ deferred tax liabilities. The cigarette-to-FMCG-to-hotel major had posted Rs 2,954.67-crore net profit for the second quarter last fiscal. Its gross revenue from sales for the July-September period grew 5.9% y-o-y at Rs 11,750.15 crore, which was below analysts’ expectations.

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    09:04 (IST)25 Oct 2019
    IndiGo says economic slowdown has hit travel demand

    Budget carrier IndiGo on Thursday said that the economic slowdown has impacted the travel demand during the ongoing festival.CEO Ronojoy Dutta said airlines are resorting to flash sales to increase their cash flows. “Looking at the Diwali experience, the softness in demand is an economic issue. July and August were strong months since Jet Airways went out of the market. The weakness started in September which could have been a seasonal thing. But the situation hasn’t improved in October. Two of our competitors came out with sales in October which is unusual during the festival season,” Dutta said on the post-earnings call.

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    09:03 (IST)25 Oct 2019
    US seeks ‘roadmap’ to political and economic normalcy in Kashmir

    The United States on Thursday sought from India a “roadmap” to political and economic normalcy in Kashmir and immediate release of all political detainees as it asked Pakistan to take “sustained and irreversible” steps against militants and terrorists in its territory. Most of the top level and second rung separatist politicians of Jammu and Kashmir have been taken into preventive custody while mainstream leaders, including two former chief ministers — Omar Abdullah and Mehbooba Mufti, have been either detained or placed under house arrest in view of the Centre’s decision to revoke special status to Jammu and Kashmir and splitting the state into two Union Territories.

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    08:59 (IST)25 Oct 2019
    NSE Indices launches Nifty Midcap150 Quality 50 Index

    NSE Indices Ltd on Thursday launched a new smart beta index, Nifty Midcap150 Quality 50 Index, which will track performance of mid-cap companies based on profitability, leverage and earnings growth variability. The beta index includes top-50 companies from its parent Nifty Midcap 150 Index, selected based on their ‘quality scores’, NSE Indices, an NSE group company, said in a statement. The ‘quality score’ for each company is determined based on return on equity, financial leverage and earning per share growth variability of each stock analysed during the past five financial years. The weight of each stock in the index is based on a combination of stock’s quality score and its free float market capitalisation. The base date for the index is April 1, 2005, and base value is 1,000. The index composition is reconstituted on a semi-annual basis.

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    08:58 (IST)25 Oct 2019
    Jio, Microsoft empowering Indian small businesses with cloud services, says Satya Nadella

    Two months after Reliance Industries Mukesh Ambani announced plans for SMEs by offering cloud connectivity and a suite of enterprise applications at one-tenth of regular prices, in partnership with Microsoft, the latter’s CEO Satya Nadella reiterated the support during the company’s FY 2020 first quarter ending September 30 earnings conference call on Wednesday. Nadella, talking about Microsoft’s cloud service Azure, said that “in India, we are bringing the power of Microsoft Cloud to millions of small businesses through our partnership with Jio.”

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