Share Market highlights: Sensex ends 22 points higher, Nifty above 11,900; Yes Bank, ICICI Bank top gainers

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Updated:Nov 11, 2019 3:43:44 pm

Share Market highlights: After trading lower for most of the day, the headline indices recovered in the late afternoon trade on Monday to end in the green.

Sensex, Moodys, BSE, Infosys, Nifty, economic growth, mutual funds, Indian equities, NSE, FMCGThe market capitalisation of the BSE stood at Rs 152.72 lakh crore.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: After trading lower for most of the day, the headline indices recovered in the late afternoon trade on Monday to end in the green. The Sensex closed 21 points higher at 40,345 while the Nifty ended above the 11,900-mark. Yes Bank, ICICI Bank, Tata Motors were among the biggest gainers in the Sensex, jumping up to 6 per cent. Heromotocorp, VEDL, TCS were among the biggest losers, shedding up to 2.5%. Moody’s Investors Service on Friday cut India’s rating outlook to negative from stable citing growth concerns.  The prospects of further reforms that would support business investment and growth at high levels, and significantly broaden the narrow tax base, have diminished,” Moody’s said in its report. The global rating agency affirmed the Baa2 foreign-currency and local-currency long-term issuer ratings for India. Meanwhile, US President Donald Trump has said that the talks with China related to trade are progressing smoothly. Asian shares edged higher on Monday after U.S. President Donald Trump said over the weekend that trade talks with China were moving along “very nicely”, though uncertainty remained over whether a deal would be signed this year. Japan’s Nikkei was up 0.2% to inch closer to a recent 13-month high. Australian shares rose 0.5% to a two-week high while South Korea’s KOSPI was off 0.2%. That left MSCI’s broadest index of Asia-Pacific shares outside Japan 0.05% firmer at 534.63, testing a recent six-month peak, Reuters reported.

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Highlights

    15:43 (IST)11 Nov 2019
    BSE live: Sensex ends 22 points higher, Nifty above 11,900; Yes Bank, ICICI Bank top gainers

    After trading lower for most of the day, the headline indices recovered in the late afternoon trade on Monday to end in the green. The Sensex closed 21 points higher at 40,345 while the Nifty ended above the 11,900-mark. Yes Bank, ICICI Bank, Tata Motors were among the biggest gainers in the Sensex, jumping up to 6 per cent. Heromotocorp, VEDL, TCS were among the biggest losers, shedding up to 2.5%. A look at LIVE Sensex heatmap.

    15:43 (IST)11 Nov 2019
    BSE live: Sensex ends 22 points higher, Nifty above 11,900; Yes Bank, ICICI Bank top gainers

    After trading lower for most of the day, the headline indices recovered in the late afternoon trade on Monday to end in the green. The Sensex closed 21 points higher at 40,345 while the Nifty ended above the 11,900-mark. Yes Bank, ICICI Bank, Tata Motors were among the biggest gainers in the Sensex, jumping up to 6 per cent. Heromotocorp, VEDL, TCS were among the biggest losers, shedding up to 2.5%. A look at LIVE Sensex heatmap.

    15:02 (IST)11 Nov 2019
    RCEP pull-out: Why Arvind Panagariya feels India should join back world’s largest free trade agreement

    After the Narendra Modi-led government announced the decision to pull out of RCEP (Regional Comprehensive Economic Partnership), commonly referred to as the world’s largest free trade agreement, Arvind Panagariya, Former VC, NITI Aayog said that India should look to get back into the group. “I remain firm in my belief that ultimately we have to join this group as there is a lot for us to gain from it, “Panagariya told in an interview to CNBC TV18. According to the expert, the move could be a very big catalyst to attract a lot of multinationals to its shores because it then gives them access to markets in India as well as in China. Notably, the 15 member countries in the RCEP include Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar, Cambodia, Japan, South Korea, Australia and New Zealand.

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    14:28 (IST)11 Nov 2019
    MSME account books go digital; over 50% transactions recorded using apps by small businesses

    Small and medium enterprises (SME) are gradually switching to digital book-keeping apps to record their business transactions. Over 50 per cent of all transactions are recorded using book-keeping apps by a significant number of SMEs, according to an SME survey by management consulting firm RedSeer conducted in August this year. SMEs used two undisclosed book-keeping apps to record 43 per cent and 48 per cent transactions respectively. The survey, however, didn’t mention the number of SMEs surveyed. While poor access to finance and credit along with technology talent are the major challenges for small businesses, they often tend to burn out due to various reasons including lack of proper financial planning and internal accounting.

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    12:57 (IST)11 Nov 2019
    Mobile sales defy slowdown: This Chinese brand sales grow 4 times

    Mobiles sales have boomed in India despite the ongoing slowdown in the retail channel. Over 4.5 crore handsets were shipped in July to September quarter alone, recording about 10% on-year growth and a quarter growth by 26.5%, latest data by the International Data Corporation (IDC) showed. However, Realme sales witnessed over 400% jump on-year. While still behind several brands such as Xiaomi, Samsung and Vivo, China-based mobile maker Realme’s shipments grew multifold, “driven by heavy shipments of its affordable C2 model and its newly launched 5 and 3i series,” IDC said. In the online segment, Realme’s share was at an all-time high of 26.5% in the third quarter of the current year. 

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    12:07 (IST)11 Nov 2019
    Demonetisation once again? Rs 2000 notes can be banned, if govt takes former secy’s advice

    Demonetising the country’s highest-valued note is among the many suggestions made by former Finance Secretary Subhash Chandra Garg in a note to the government on Thursday. The 72-page note also talks about how the government needs to have an active policy of de-nationalising public sector undertakings (PSUs) and promoting privatisation, manage its own debt instead of falling back on RBI, and discontinue off-Budget borrowing, besides demonetising Rs 2,000 notes. India’s fiscal management system “uses practices that are not sound and stable and runs levels of deficits and debt which are high and unsustainable,” The Indian Express reported him as saying. Subhash Chandra Garg demitted office as Power Secretary on October 31 after opting for voluntary retirement. He was earlier in the Finance.

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    11:47 (IST)11 Nov 2019
    Saudi Aramco stock offering to launch November 17

    Saudi Aramco announced in a prospectus Saturday that its much-anticipated initial public offering will begin on November 17, with a final share price to be determined on December 5, a day after subscriptions close. After years of delay and false starts, the state-owned company last week said it will sell an unspecified number of shares on the Riyadh stock exchange in what is expected to be the biggest IPO in history. Retail investors in Saudi Arabia appear to be salivating at the prospect of owning a piece of the world’s most profitable company, seen as the kingdom’s crown jewel. In its newly released 658-page prospectus, Aramco said it will sell a part of its shares to institutional investors, including foreign companies, as well as to individual Saudis and other Gulf nationals.

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    11:29 (IST)11 Nov 2019
    Buying a health plan for your parents? Check these 4 crucial factors

    Considering the current rate of medical inflation in India, adequate health insurance has become a must-have for each and every individual, and if the individual happens to be your parent, the need to buy a senior citizen health insurance plan becomes all the more important. The insurance sector offers numerous health insurance plans that specifically target senior citizens and even those with pre-existing diseases. In the event of your parents falling ill and requiring hospitalisation, the major part of the medical expenses will be taken care of by your parents’ health plan, without burning a hole in your pocket.

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    11:18 (IST)11 Nov 2019
    Australian bushfires partly due to late monsoon ending in India, says expert

    The catastrophic bushfires in Australia, which killed three and displaced thousands, is partly due to the monsoon season ending late in India, according to an expert. Trent Penhman, who is associated with the University of Melbourne and studies the behaviour and formation of bushfires using real depictions of fuel, weather and topography, said the bushfires could be partly explained by monsoon season ending late in India, the state-run ABC news reported on Sunday. Australian state of New South Wales (NSW) is struggling to deal with unprecedented bushfire season this year, which till now has killed three people, displaced thousands and destroyed over 150 homes.

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    11:12 (IST)11 Nov 2019
    Yes Bank, worst-performing bank stock is now seeing world’s biggest surge

    India’s Yes Bank Ltd., the world’s worst-performing lender in 2019, has posted the globe’s biggest gain over the past month. Its shares have rallied about 50% — the biggest gain among global peers valued at more than $1 billion — after embattled founder Rana Kapoor was forced to sell his holdings in October and a new management team promised fresh capital and lower bad loans. The surge helped pare the annual loss in the Mumbai-based lender’s shares to 63%. Yes Bank rose about 3% as of 9:48 a.m. in Mumbai on Monday, while the main equity index was little changed. The recovery will be a relief for new Chief Executive Officer Ravneet Gill, who’s been courting investors to revive the bank. India’s billionaire investor Rakesh Jhunjhunwala this month bought shares of Yes Bank, after the lender announced a binding offer from an unidentified global investor to inject $1.2 billion.

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    10:59 (IST)11 Nov 2019
    Do you have two PPF accounts? Here are the implications and what to do about it

    The Public Provident Fund (PPF) is one of the most popular fixed-income investments in the country. The popularity is mainly because PPF offers a sovereign guarantee on the principal and interest earned, returns are tax-free and additionally, the investment made in PPF qualifies for tax benefit Section 80C. It is known that compounding works best over the long term and hence PPF, a 15-year debt investment goes a long way in accumulating a tax-free corpus for your future goals.

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    10:50 (IST)11 Nov 2019
    No claimants for Rs 300 crore in dormant Swiss accounts of Indians! Here’s what will happen now

    No claimants have come forward for about a dozen dormant Swiss bank accounts linked to Indians, leaving the funds lying in these accounts at the risk of getting transferred to the Switzerland government. The Swiss government began making details of dormant accounts public in 2015 to allow their claimants submit necessary proof to get access to those funds, which included at least 10 accounts linked to Indians. These included some accounts linked to Indian residents and nationals from the British rule era, but ironically not a single dormant account linked to an Indian has been successfully claimed in the last six years, as per the records available with the Swiss authorities.

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    10:45 (IST)11 Nov 2019
    Macroeconomic data, earnings likely to steer markets; Ayodhya verdict unlikely to impact investor sentiments

    Key macroeconomic numbers are likely to drive stock in a holiday-shortened week ahead as quarterly earnings season is almost coming to an end and the Ayodhya verdict unlikely to have any major impact on overall investor sentiments, according to analysts. Equity markets will be closed on Tuesday for “Gurunanak Jayanti”. Industrial production data on Monday, inflation rate on Tuesday and WPI inflation on Thursday would be keenly watched by market participants amid economic slowdown concerns. Coal India Ltd, Hindalco Industries and NMDC are among the major companies set to announce their earnings this week.

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    10:23 (IST)11 Nov 2019
    Stock corner: ‘Reduce’ Titan Company, performance in Q2FY20 weak

    Titan’s Q2 print was weak and disappointing operationally even as management had already cautioned of weak revenue (sluggish jewellery sales) in its preview. Underlying Ebitda declined ~7% y-o-y dragged by weak leverage and sharp rise in staff costs despite gains from higher making charges due to surge in gold prices. Spike in inventory (up ~30% due to surge in gold prices) led to negative OCF for H1FY20. Management sounded cautious on near-term growth in jewellery and toned down H2FY20 guidance to 11-13% (from 20% earlier) even as it remains optimistic of sustained share gains. We trim our EPS estimates for FY20-21 by 10-11% as we cut our revenue/margin estimates for core jewellery business. Retain Reduce rating with revised TP of Rs. 1,150 (from Rs. 1,310) based on 45x Sept-21 EPS.

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    10:10 (IST)11 Nov 2019
    AI will add $15.7 trillion to the global economy by 2030

    Most organisations today acknowledge that Artificial Intelligence (AI) has the potential to solve complex problems at scale, enhance efficiency and optimise costs. According to a recent survey done by PwC ‘With AI’s Great Power Comes Great Responsibility’, 65% of global and 62% of Indian CXOs have implemented AI in some form. This growing popularity is only going to see an uptake, with companies looking to become fit for future. However, study also reveals a fundamental challenge organisations face with AI applications. Businesses may have been able to address issues around data supply chain, they are still grappling with the ‘black box’ problem, i.e, lack of understanding and explainability of AI decisions.

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    10:09 (IST)11 Nov 2019
    Alibaba Singles’ Day sales hit $12 billion in first hour

    Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles’ Day shopping blitz hit 84 billion yuan ($12 billion) within the first hour, up 22% from last year’s early haul of 69 billion yuan. Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba Chairman and CEO Daniel Zhang since 2009, growing rapidly to become the world’s biggest online sales event.

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    09:50 (IST)11 Nov 2019
    Credit crisis fuels gold rush for some lenders

    As the shakeout in India’s credit market shows few signs of abating, one group of financiers is benefiting from the turmoil: shadow banks that provide loans in exchange for gold. In a country deeply attached to the precious metal, whose people stockpile more gold than citizens of any other country, borrowers are increasingly pawning their family jewelry to get cash amid a fundraising crunch. That’s helped double the share price in the past year of Manappuram Finance Ltd., one such firm, while the stock of Muthoot Finance Ltd., the country’s largest cash-for-gold lender, has jumped 47%. Those financiers’ bonds are also in demand at a time when investors are shunning debt from other shadow banks, which are struggling from lack of funds and credit downgrades.

     
    09:49 (IST)11 Nov 2019
    Credit crisis fuels gold rush for some lenders

    As the shakeout in India’s credit market shows few signs of abating, one group of financiers is benefiting from the turmoil: shadow banks that provide loans in exchange for gold. In a country deeply attached to the precious metal, whose people stockpile more gold than citizens of any other country, borrowers are increasingly pawning their family jewelry to get cash amid a fundraising crunch.

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    09:28 (IST)11 Nov 2019
    BSE live: US China trade war weigh on stock market, Sensex, Nifty trade lower

    The headline indices Sensex and Nifty are opened lower on Monday morning, tracking weak domestic and global cues. The Sensex was down about 65 points to 40,260, while the Nifty was trading below the 11,900-mark. Sun Pharma, Heromotocorp shares were among the biggest losers in Sensex, shedding up to 4%. A look at LIVE Sensex heatmap.

    09:28 (IST)11 Nov 2019
    BSE live: US China trade war weigh on stock market, Sensex, Nifty trade lower

    The headline indices Sensex and Nifty are opened lower on Monday morning, tracking weak domestic and global cues. The Sensex was down about 65 points to 40,260, while the Nifty was trading below the 11,900-mark. Sun Pharma, Heromotocorp shares were among the biggest losers in Sensex, shedding up to 4%. A look at LIVE Sensex heatmap.

    09:15 (IST)11 Nov 2019
    Stock corner: ‘Buy’ HDFC, results reflected a modest showing

    HDFC’s bottomline was boosted by GRUH stake sale, but core performance was soft. While loan growth was muted in non-retail, retail loans did better (net retail AuM ~17% y-o-y). NIMs were stable. Developer loans are in a spot of bother (non-retail GNPL up 19 bps q-o-q). While near term could be somewhat patchy, HDFC’s better underwriting skills, strong distribution and cost of funds advantage will support longer-term earnings growth. Buy, PT of Rs. 2,510.

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    09:14 (IST)11 Nov 2019
    If you can’t do RCEP, can’t do US/EU either

    There are essentially two strands to the arguments made after India walked out of RCEP. First, that the lack of safeguards in RCEP that India wanted against a surge in Chinese imports will hurt India, so the country is better off without being a part of RCEP; the Asean FTA is held up as an example of how FTAs are hurting. Second, rather than getting bogged down in an FTA driven by Chinese interests, India’s interests are better served by concluding an FTA with the US or the EU; and since both are higher-cost economies than India, India’s exports will also grow faster than, say, in an RCEP FTA.

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    09:13 (IST)11 Nov 2019
    Finance ministry turns down MoRTH’s demand for Rs 43,000 crore hike in outlay

    Despite the apparent thrust being given to infrastructure spending, the finance ministry has rejected the road transport and highway ministry’s demand for hiking the budget outlay for it by Rs. 43,000 crore or 51% over the budget estimate. In the Budget for 2019-20, the ministry of road transport and highways (MoRTH) was allocated Rs. 83,016 crore for highway construction, up from Rs. 78,626 crore in 2018-19 and Rs. 61,015 crore in 2017-18. Of the total budgetary support for the current fiscal, MoRTH has already spent Rs. 51,798 crore or 62% by September end, as per the Controller General of Accounts data.

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    09:11 (IST)11 Nov 2019
    Weak consumer spend hits India Inc sales in July-September

    India Inc continues to be under pressure with the July-September quarter earnings throwing in disappointing numbers. Net sales during the quarter were down 3.82% year-on-year in the absence of weak volumes and lack of pricing power. If the net profit for a sample of 693 companies (excluding banks and financials) was up 7.65% y-o-y, it was due to lower expenses, which fell 3.93% due to lower raw material bill. The higher net profit was also on account of a lower tax bill — down by 60.45% — and higher other income at 5.84%. More relevantly, profit before tax was down 12.81%.

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    09:05 (IST)11 Nov 2019
    Economy under stress: Slowdown may spill over to FY21

    The economy may be in the midst of a protracted phase of slowdown and the weakness could stretch into the next fiscal, as green shoots of a recovery in key indicators — from industrial production, exports and corporate sales to non-food credit growth — are barely visible. Economists, who were earlier optimistic about a rebound in the September quarter itself, are now much less sanguine and believe growth didn’t hit the rock bottom in the three months through June; rather, it may have dropped below 5% for the first time since the last quarter of FY13 in the July-September period.

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    09:01 (IST)11 Nov 2019
    Asian shares pick up on US-China trade deal hopes

    Asian shares edged higher on Monday after US President Donald Trump said over the weekend that trade talks with China were moving along “very nicely”, though uncertainty remained over whether a deal would be signed this year. Japan’s Nikkei was up 0.2% to inch closer to a recent 13-month high. Australian shares rose 0.5% to a two-week high while South Korea’s KOSPI was off 0.2%. That left MSCI’s broadest index of Asia-Pacific shares outside Japan 0.05% firmer at 534.63, testing a recent six-month peak. Trump told reporters on Saturday that talks with China had moved more slowly than he would have liked, but added that Beijing wanted a deal more than he did.

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    08:59 (IST)11 Nov 2019
    Oil slips on jitters over US-China trade talks progress

    Oil prices fell on Monday on renewed caution over the prospects of a trade deal between the United States and China, with investors shrugging off comments over the weekend by US President Donald Trump that talks were going well. Brent crude was down 39 cents, or 0.6%, at $62.12 by 0117 GMT. The contract rose 1.3% last week. U.S. crude was 35 cents, or 0.6%, lower at $56.89 a barrel.

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    08:58 (IST)11 Nov 2019
    These 12 services sectors on govt’s radar to boost exports, FDI inflow; eyes investments, tie-ups

    To boost trade exchange in services between India and the world, the commerce ministry is looking to attract investments and partnerships in strategic areas including financial management and accounting, telecom projects, aviation and space programme, content, media distribution, infrastructure, outsourcing publishing work, intellectual property management services etc. in its annual Global Exhibition on Services (GES) event later in November in Bengaluru. The government is aiming at boosting Indian services in the global market by focusing on 12 services sectors and seeing participation from 100 countries.

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    08:56 (IST)11 Nov 2019
    Fighting slowdown: How economy can expect resurgence by handholding high-potential young enterprises

    Past few months have been months to forget for the Indian economy. The rupee became the worst-performing currency in Asia this month, and Q1 GDP at 5 per cent fell to a 6 year low. The collapse of the automobile sector, trade wars between US and China, rising number of NPAs and sluggish consumer demand along with a failing manufacturing sector have attacked together, staying true to the adage ‘misfortunes never come alone.’ This growth recession was compounded further by the previous Union Budget’s decision to put heavy taxation charges on FPIs, which led them to withdraw their investments from the market. The current situation has made it important to answer the question that is there a need to rejig the Indian economy and identify the sector where the next wave of growth will come from?

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    Next Stories
    1Stock corner: ‘Buy’ HDFC, results reflected a modest showing
    2Stock corner: ‘Hold’ Bharat Electronics, an overall miss for company in the quarter
    3Stock corner: ‘Reduce’ Titan Company, performance in Q2FY20 weak