Share market highlights: Sensex ends 43 points up, Nifty near 11,950; TCS, HCL Tech top losers

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Updated:Dec 09, 2019 3:53:15 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty ended marginally higher on Monday afternoon, amid volatility.

Stock Market Live updates, bse sensex, nse niftyThe Sensex closed about 43 points higher to 40,487.43, while the Nifty  closed near the 11,950-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty ended marginally higher on Monday afternoon, amid volatility. The Sensex closed about 43 points higher to 40,487.43, while the Nifty  closed near the 11,950-mark. TCS, HCL Tech, L&T were among the biggest losers, shedding up to 3%. Asian stocks edged up on Monday, catching some of Wall Street’s momentum after surprisingly strong US jobs data although regional gains were capped by concerns about China’s economy due to the prolonged Sino-US trade war. Japan’s benchmark Nikkei advanced 0.3% while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3%, with Australian stocks and South Korea’s Kospi up 0.2% and 0.6%, respectively. The dollar held firm on Monday after data showed surprise strength in the US jobs market, but the currency was restrained from moving higher by worries about an escalation in the US-China trade war. The dollar index stood almost flat at 97.704 in early Asian trade on Monday, after rising 0.3% on Friday, Reuters reported. Shares of auto major Maruti Suzuki increases production following nine consecutive months of cuts.  We bring to you LIVE updates.

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Highlights

    15:53 (IST)09 Dec 2019
    NSE live: Sensex ends 43 points up, Nifty near 11,950; TCS, HCL Tech top losers

    The headline indices Sensex and Nifty ended marginally higher on Monday afternoon, amid volatility. The Sensex closed about 43 points higher to 40,487.43, while the Nifty  closed near the 11,950-mark. TCS, HCL Tech, L&T were among the biggest losers, shedding up to 3%. A look at LIVE Sensex heatmap.

    13:55 (IST)09 Dec 2019
    Is SBI really buying Yes Bank? India's largest PSU bank clarifies stand

    Even as rumours of India's largest lender SBI being asked to take over loss-making private sector lender YES Bank continue to abound, Prashant Kumar, CFO of SBI has denied such reports. "There is no truth in reports that SBI will be asked to take over YES Bank or any other weak private sector bank," Prashant Kumar said in an interview to CNBC TV18. SBI shares are trading about 2.4% higher at Rs 328 on BSE. The clarifications of SBI not taking over Yes Bank even as the latter has announced mega $2 billion fund raising plans. Yes Bank’s Board of Directors will finalize and approve the details of the preferential allotment and convene an extraordinary general meeting subsequently, to obtain the approval of the shareholders for raising capital, at its meeting scheduled for today.

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    12:14 (IST)09 Dec 2019
    Yes Bank share price jumps ahead of board meet to approve allotment of preferential shares

    Shares of private sector lender Yes Bank are trading higher on Monday morning, ahead of the bank's board meeting to finalise preferential allotment of shares. Yes Bank share price gained by more than 5% to hit the day's high at Rs 58.80 on BSE. Yes Bank's Board of Directors will finalize and approve the details of the preferential allotment and convene an extraordinary general meeting subsequently, to obtain the approval of the shareholders for raising capital, at its meeting scheduled for today.

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    11:43 (IST)09 Dec 2019
    OECD agrees with RBI’s growth forecast; suggests key things India should do now

    The Organisation for Economic Co-operation and Development (OECD), which recently reported India’s GDP to grow at 5.8 per cent for FY20 only to gradually recover to 6.2 per cent in 2020 and 6.4 per cent in 2021 in its economic survey of India, said it is in line with the Reserve Bank of India’s growth assessment. “We understand the central bank has cut GDP growth forecast partly acknowledging the much lower than expected investment growth in the third quarter. So we would be very much in line with the assessment that growth is slowing down,” OECD chief economist Laurence Boone told ET Now. RBI on Thursday had cut the GDP forecast for FY20 to 5 per cent from 6.1 per cent estimated earlier amid weak demand.

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    11:22 (IST)09 Dec 2019
    Japan upgrades 3Q GDP as consumer, business strength absorbs hit from trade

    Japan’s economy expanded at a much faster-than-initially-reported pace in the third quarter, as resilient domestic demand and business spending offset the hit to growth from falling exports and global trade tensions. Gross domestic product grew an annualised 1.8% in July-September, stronger than the preliminary reading of 0.2% annualised growth, Cabinet Office data showed Monday. The stronger growth marked the fourth consecutive quarter of expansion and also beat economists’ median forecast for a 0.7% gain. It was mostly driven by improvements in capital expenditure and private consumption.

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    10:55 (IST)09 Dec 2019
    Explained: Can Nirmala Sitharaman’s cut in tax rates pull economy out of slowdown?

    Finance Minister Nirmala Sitharaman has said that the government is considering cutting tax rates to revive growth. “Tax rate cut is one among the many things we are thinking to boost growth,” Sitharaman said at The Hindustan Times Leadership Summit on Saturday (December 7), according to a report in the Hindustan Times. “Fiscal discipline is a law. I have to obey the act. I have to go by the glide path given to me from 2014 if not 2004. The learned economists are telling us that we have to pause the fiscal discipline and move towards more fiscal stimulus,” Sitharaman said.

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    10:31 (IST)09 Dec 2019
    Rupee slips 7 paise to 71.27 against US dollar in early trade

    The Indian rupee opened on a cautious note and fell 7 paise to 71.27 against the US dollar in early trade on Monday tracking muted opening in domestic equities and sustained foreign fund outflows. At the interbank foreign exchange, the rupee opened at 71.24 then fell to 71.27 against the US dollar, showing a decline of 7 paise over its previous closing. The Indian rupee on Friday had closed at 71.20 against the US dollar. Traders were also awaiting fresh cues on the potential US-China trade deal. Meanwhile, brent crude futures, the global oil benchmark, fell 0.31 per cent to USD 64.19 per barrel.

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    10:12 (IST)09 Dec 2019
    After an exciting 2019, it may be a happy 2020 for Netflix, Hotstar and Amazon Prime

    The year 2019 has certainly been an interesting one for the video-streaming industry — not only marking the end of a decade, but also for transforming the face of entertainment. This has been the year of the unusual: Netflix altered its global strategy to launch its first-ever mobile-only viewing plan in India; of all companies, Flipkart forayed into the OTT space with its free in-app video service Flipkart Video; and there were unforeseen content tie-ups between local OTT players — the likes of ALTBalaji and Zee5.

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    09:48 (IST)09 Dec 2019
    GST Council may use cess route to boost revenue

    As it may not find it easy to raise the tax rates on mass-consumption, high-revenue items, given the overall demand slump, the Goods and Services Tax (GST) Council will likely increase the existing cess on so-called luxury/demerit goods and also impose such levies on a clutch of other items. The idea is to ensure that the steps taken to boost GST revenue don’t hit consumption and ruffle too many feathers in political circles. Further, the Council may also correct the inverted duty structure (where the tax on input is higher than on the final product) on a host of items. This is expected to address the issue of certain sections of taxpayers claiming input tax credits more than the actual tax content in their inputs — in some cases, even claiming refunds without any actual output tax outgo in cash.

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    09:39 (IST)09 Dec 2019
    Investors weighing options amid lopsided stock market rally

    Investors are starting to weigh the merits of rotating into small- and mid-sized Indian stocks after a few large companies drove a record-breaking rally in the main equity index. “Leadership in India’s rally has been very narrow,” Tim Moe, chief Asia Pacific equity strategist for Goldman Sachs Group Inc., said last week in Mumbai. “Valuations are at the high end of the range, both in historical terms and relative valuation compared with the region as a whole.” The S&P BSE Sensex has risen about 12% from a low in September, with three members — Reliance Industries Ltd., ICICI Bank Ltd. and HDFC Bank Ltd. — accounting for 61% of all the gains. The broader market has lagged behind, leaving the valuation gap between smaller firms and the gauge at close to its widest in a decade.

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    09:26 (IST)09 Dec 2019
    BSE live: Sensex under pressure, Nifty near 11,900; Maruti Suzuki, Asian Paints top gainers

    The headline indices Sensex and Nifty opened lower on Monday morning, tracking mixed global cues. The Sensex was down about 35 points to 40,403, while the Nifty was trading near the 11,900-mark. Maruti Suzuki, Asian Paints shares were among the biggest gainers, jumping upto 2%.  Asian stocks edged up on Monday, catching some of Wall Street’s momentum after surprisingly strong US jobs data although regional gains were capped by concerns about China’s economy due to the prolonged Sino-US trade war.

    09:18 (IST)09 Dec 2019
    ICICI Bank rating: Buy — Primed for healthy sustainable growth

    We attended ICICI Bank’s (ICICIBC’s) analyst day, wherein the bank highlighted the progress that its different businesses are making and how well it is positioned to capitalise on the exciting opportunities in financial services. The topics of discussion ranged around management’s efforts to build a strong bank with best-in-class digital capabilities, the usage of technology to accelerate growth across business verticals and maintain healthy operating metrics, collaboration with start-ups to offer improved customer proposition, penetrate newer markets and reduce operating costs, and maximisation of the risk calibrated core operating profit as it follows a ‘One Bank One RoE’ approach.

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    09:05 (IST)09 Dec 2019
    UK Election: Campaign enters final rounds with Brexit on the line

    Britain’s general election campaign enters its frenetic final stages on Monday, with Prime Minister Boris Johnson and Labour leader Jeremy Corbyn desperately seeking votes ahead of Thursday’s crucial poll. Johnson is hoping to regain the Conservative majority lost by his predecessor Theresa May in the last election, just two years ago, while Corbyn is aiming to upset the odds and usher in the first Labour government for nine years. Hanging over the election is the issue of Britain’s departure from the European Union, which will be thrown into doubt altogether should Johnson fail to achieve a majority.

    09:04 (IST)09 Dec 2019
    Asian stocks pulled higher by Wall Street’s jobs rally but China caution prevails

    Asian stocks edged up on Monday, catching some of Wall Street’s momentum after surprisingly strong US jobs data although regional gains were capped by concerns about China’s economy due to the prolonged Sino-US trade war. Japan’s benchmark Nikkei advanced 0.3% while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3%, with Australian stocks and South Korea’s Kospi up 0.2% and 0.6%, respectively. The modest Asian gains compared with Wall Street, which rose to near record highs on Friday on a strong jobs report and some sign of optimism about US.-China trade talks, with the benchmark S&P 500 closing within 0.2% of its peak set in late November.

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