Share market highlights: Sensex hits fresh closing high, Nifty near 12,000; ICICI Bank, Infosys top gainers

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Updated:Nov 06, 2019 3:53:16 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline Sensex ended at a fresh closing high on Wednesday, led by strong gains in financial heavyweights.

Share Market Live, Stock Market Live, Nifty Live, stock market news in hindi, NSE live, BSE live, Live Market Update, Market Today, स्टॉक मार्केट, शेयर बाजार, Indian Share Market Live, Indian Stock Market LiveThe Sensex ended 221 points higher at 40,469, while the Nifty ended the session near the crucial 12,000-mark.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline Sensex ended at a fresh closing high on Wednesday, led by strong gains in financial heavyweights. The Sensex ended 221 points higher at 40,469, while the Nifty ended the session near the crucial 12,000-mark. Intra-day, the Sensex soared 358 points to hit an all-time high of 40,606.91. Notably, the Sensex had closed at a fresh record high of 40,301 on Monday. Today, the 31-share index has beaten its previous record of 40,483.21 hit on 4th of November. “Sensex has witnessed a massive up-move in the past week on expectations of a tax relief by the Government and sound corporate numbers in certain sectors. However, the rally seems to be close to maturity now and will undergo a correction soon,” Umesh Mehta, Head of Research, Samco Securities told Financial Express Online. The broader Nifty 50 reclaimed the crucial 12,000-mark. Shares of IT major Infosys have emerged as the biggest gainers on the index. Infosys share price zoomed on Wednesday morning after the IT major condemned the allegations made by the whistle-blower. Infosys share price gained more than 3.7% to hit the day’s high at Rs 721 on BSE. Condemning insinuations made by anonymous sources against co-founders and former colleagues suggesting an involvement in whistleblower allegations, Infosys Chairman Nandan Nilekani said speculations are aimed at tarnishing the image of these people. ” I believe that the company is under no obligation to to put out every investigative report. The deal pipeline continues to be as strong as ever,” Chariman Nandan Nilekani said in the firm’s concall with analysts.  We bring to you live updates.

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Highlights

    15:53 (IST)06 Nov 2019
    BSE live: Sensex hits fresh closing high, Nifty near 12,000; ICICI Bank, Infosys top gainers

    The headline Sensex ended at a fresh closing high on Wednesday, led by strong gains in financial heavyweights. The Sensex ended 221 points higher at 40,469, while the Nifty ended the session near the crucial 12,000-mark. Intra-day, the Sensex soared 358 points to hit an all-time high of 40,606.91. Notably, the Sensex had closed at a fresh record high of 40,301 on Monday. Today, the 31-share index has beaten its previous record of 40,483.21 hit on 4th of November. A look at LIVE Sensex heatmap.

    15:25 (IST)06 Nov 2019
    Onion price jumps 45 per cent to Rs 80/kg in Delhi in just one week

    The retail price of onions has risen by 45 per cent in the last one week to Rs 80/kg in the national capital despite the central government’s measures to boost supply and contain price rise. The rates stood at Rs 55/kg on October 1, as per the official data. Onion prices are ruling high for more than a month in Delhi-NCR due to supply disruption following heavy rains in growing states like Maharashtra. As per the data, there has been almost three-fold jump in onion prices from the year-ago period. Onions were sold at Rs 30-35/kg in retail markets in November 2018.

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    15:10 (IST)06 Nov 2019
    Singapore, UAE to bank on India for money: Soon, UPI will power digital payments abroad

    India’s digital payment backbone UPI, which has awed some of the biggest tech companies in the world such as Google and Oracle, may soon power Singapore and UAE. Unified Payments Interface (UPI) may soon be available in Singapore and UAE as NPCI looks to expand globally. NPCI is eyeing international markets and will launch a pilot project in 6-9 months, Dilip Asbe, CEO and MD, National Payments Corporation of India, told CNBC TV-18 in an interview. However, the organisation will need to secure approval of the governments of both India and the countries that it looks to expand to, Dilip Asbe added. UPI is one of the fastest adopted payments systems in the world. 

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    14:55 (IST)06 Nov 2019
    SoftBank Group profit plunges owing to WeWork turmoil

    Japanese giant SoftBank Group suffered an operating loss of $6.4 billion in the second quarter, it said Wednesday, as investments in start-ups such as WeWork and Uber took a massive hit. In the three-month period ending September 30, operating losses hit a whopping 704.4 billion yen ($6.4 billion). The firm said first-half operating losses from its Vision Fund and Delta Fund came to 572.6 billion yen, largely “due to a decrease in the fair values of investments including Uber and WeWork and its three affiliates”.

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    14:53 (IST)06 Nov 2019
    Woman invests Rs 4.5 lakh/year in Public Provident Fund for herself, daughters: Will she benefit?

    There seems to be a confusion among several subscribers about the maximum amount they can invest to enjoy full benefits of PPF account. Take the case of Ragini Singh (name changed) who has a PPF account in her name for the last 12 years. She has been investing Rs 1.5 lakh in PPF since opening the account. Happy with expected better returns and sovereign guarantee on PPF, Ragini also opened two more PPF accounts in the name of her two minor daughters four years ago, hoping to encash around 8 per cent interest offered by PPF on maturity of these account. She has been investing Rs 1.5 lakh each in all three accounts for last four years.

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    14:35 (IST)06 Nov 2019
    Nandan Nilekani brings God’s witness to Infosys corporate governance; hits out at whistleblowers

    Hitting back at the allegations, Infosys’ Chairman Nandan Nilekani on Wednesday said that the speculations made by the unidentified sources against co-founders and former colleagues, hinting an involvement in whistleblower complaint, are aimed at tarnishing the image of these people. The whistleblower complaints are taken very seriously at Infosys and the audit committee has brought an external team to investigate the matter, Nandan Nilekani said while addressing analysts in a conference call. On whistleblower complaints related to accounting irregularities, Nandan Nilekani said that even God cannot change the numbers of the company.

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    14:20 (IST)06 Nov 2019
    Jaypee Infratech case: SC directs completion of corporate insolvency resolution process within 90 days

    In a jolt to the Jaypee Group, the Supreme Court on Wednesday directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech Ltd and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. The apex court said the pendency of any other application before the NCLT or NCLAT, including any interim direction, shall be no impediment for the IRP to receive and process the revised resolution plan from the two bidders. A bench of justices A M Khanwilkar and Dinesh Maheshwari said it is passing directions in an “exceptional situation” to do complete justice to home buyers, Jaypee group and banks concerned.

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    14:14 (IST)06 Nov 2019
    Sensex soars to fresh record high, Nifty above 12,000; Infosys, Yes Bank shares rise

    The headline Sensex soared to a fresh record high on Wednesday morning, led by a rally in financial heavyweights. The Sensex gained more than 323 points to hit a new peak of 40,571. Notably, the Sensex had closed at a fresh record high of 40,301 on Monday. Today, the 31-share index has beterred its previous record of 40,483.21 hit on 4th of November.  A look at LIVE Sensex heatmap.

    13:00 (IST)06 Nov 2019
    Infosys share price jumps after clarification on whistleblower complaints

     Infosys share price zoomed on Wednesday morning after the IT major condemned the allegations made by the whistle-blower. Infosys share price gained more than 3.7% to hit the day’s high at Rs 721 on BSE. Condemning insinuations made by anonymous sources against co-founders and former colleagues suggesting an involvement in whistleblower allegations, Infosys Chairman Nandan Nilekani said speculations are aimed at tarnishing the image of these people. ” I believe that the company is under no obligation to to put out every investigative report. The deal pipeline continues to be as strong as ever,” Chariman Nandan Nilekani said in the firm’s concall with analysts.

    11:54 (IST)06 Nov 2019
    Indian gold demand to hit 3-year low in 2019

    India’s gold demand will hit a three-year low of 700-750 tonne in 2019, the World Gold Council (WGC) said on Tuesday, trimming its earlier forecast after demand crashed 32% year-on-year to 123.9 tonne in the September quarter, ahead of the festive season. Global demand, however, rose 3% in the September quarter, as record investment in gold-backed exchange traded funds more than offset a drop in purchases of jewellery, bars and coins, reflecting gold’s appeal as a safe-haven asset amid an economic slowdown. 

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    11:44 (IST)06 Nov 2019
    RBI raises withdrawal limit from PMC Bank to Rs 50,000

    The Reserve Bank of India (RBI) on Tuesday enhanced the withdrawal limit of PMC Bank depositors to Rs 50,000 from the previous cap of Rs 40,000. With this, over 78% of the bank’s depositors will be able to withdraw their entire account balance, the central bank said. “The Reserve Bank of India is closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank,” it added. The central bank has also allowed depositors to withdraw from the bank’s ATMs within the prescribed limit of Rs 50,000. “This is expected to ease the process of withdrawals,” the RBI stated. It had imposed restrictions on the bank and has been revising the withdrawal cap of the bank’s depositors in a phased manner ever since the fraud came to light.

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    11:40 (IST)06 Nov 2019
    PNB posts Rs 507 crore profit in Q2 as provisions ease

    Punjab National Bank (PNB) on Tuesday reported a net profit of Rs 507 crore in the quarter ended September 2019 against a net loss of Rs 4,532 crore in the year-ago quarter, on the back of a 58% year-on-year (y-o-y) slide in provisions to Rs 3,253 crore. At the same time, asset quality at the bank deteriorated as a result of high slippages, with the share of gross non-performing assets (NPA) in the loan book rising 27 basis points (bps) sequentially to 16.76%. In absolute terms, gross NPAs for Q2FY20 stood at Rs 79,458 crore. The share of net NPAs rose 48 bps from the previous quarter to 7.65%. Slippages, or fresh bad loans, stood at Rs 7,460 crore, up 58% sequentially.

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    11:27 (IST)06 Nov 2019
    IRDAI issues new norms to crack down on mis-selling of travel insurance; Here’s how you will benefit

    In order to promote transparency and to curb the practice of mis-selling of travel insurance through online travel agencies and apps, the Insurance Regulatory and Development Authority of India (IRDAI) has finally directed all the travel insurance companies to make sure that the travel insurance coverage option is not pre-selected as a default option when purchasing any travel product (flight tickets, hotel bookings, etc.). In its circular dated 27th September, 2019, the regulator stated that “Insurers shall ensure that any portal or App providing the travel insurance coverage shall not pre-select the option of buying the travel cover as a default option.”

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    11:17 (IST)06 Nov 2019
    Jeff Bezos brings Haldiram to US customers; now, buy bhujia in America thanks to Amazon

    You can now buy Haldiram bhujia in the United States as well as e-commerce behemoth Amazon and Indian savoury and confectionery maker Haldiram have signed up a deal. Haldiram delicacies will now be available in the US and can be purchased from Amazon, Haldiram said on Tuesday, IANS reported. “We want to further expand our presence amongst our global customers. Collaborating with Amazon’s global selling program allows us direct access to the American market,” Pankaj Agarwal, managing director, Haldiram’s snacks said in a statement.

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    10:47 (IST)06 Nov 2019
    PNB fraud case: UK court to hear Nirav Modi’s new bail application

    A UK court is set to hear a new bail application on Wednesday filed by fugitive diamantaire Nirav Modi, who is fighting extradition to India on charges of nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case. The 48-year-old is expected to be produced before Westminster Magistrates’ Court in London to make another attempt at being let out on bail until his trial in May next year. He has been in custody at Wandsworth prison in south-west London, one of England’s most overcrowded prisons, since his arrest in March.

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    10:31 (IST)06 Nov 2019
    Troubles continue for Indian pharma as three major drugmakers get new warning letter from FDA

    Three major Indian drugmakers received warning letters from the U.S. health care watchdog in the last two months, highlighting that the country’s copycat drug sector is still plagued by quality issues amid rising global concern over tainted drug supplies. Cadila Healthcare Ltd., Glenmark Pharmaceuticals Ltd. and Lupin Ltd. are the latest local medicine makers to be reprimanded by the U.S. Food and Drug Administration, exchange filings show. A plant with a warning letter is barred from introducing new products in the U.S., stymieing the company’s ability to grow revenue in the world’s top pharmaceutical market.

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    10:21 (IST)06 Nov 2019
    Troubles continue for Indian pharma as three major drugmakers get new warning letter from FDA

    Three major Indian drugmakers received warning letters from the U.S. health care watchdog in the last two months, highlighting that the country’s copycat drug sector is still plagued by quality issues amid rising global concern over tainted drug supplies. Cadila Healthcare Ltd., Glenmark Pharmaceuticals Ltd. and Lupin Ltd. are the latest local medicine makers to be reprimanded by the U.S. Food and Drug Administration, exchange filings show. A plant with a warning letter is barred from introducing new products in the U.S., stymieing the company’s ability to grow revenue in the world’s top pharmaceutical market.

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    10:13 (IST)06 Nov 2019
    M&A deals to hit $52.10 billion in 2019: Report

    India dealmaking activity is expected to revert to the normal level in 2019, with total mergers and acquisitions (M&A) values seen at $52.10 billion as against the record highs of $81.60 billion witnessed in 2018, said a report by Baker McKenzie. A highly notable deal was Canada’s Brookfield Infrastructure Partners’ $3.66 billion investment to acquire Reliance Industries’ Reliance Jio lnfratel unit, it pointed out. Despite the global headwinds, India M&A is expected to remain stable in the next few years, with private investments reviving against the backdrop of a more favourable business environment, the report said.

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    10:10 (IST)06 Nov 2019
    Indigo likely to announce pact with Qatar Airways

    Budget carrier IndiGo is likely to announce a codeshare partnership with Qatar Airways on November 7.  This would allow the two carriers to sell seats on each others’ flights in order to provide passengers with a wider choice of destinations. Shares of InterGlobe Aviation, which owns the airline, gained 1.77% to close at Rs 1,461.45 on BSE. The largest domestic carrier had signed its first codeshare pact in December 2018 with Turkish Airlines. IndiGo, in a statement on Tuesday, said the two airlines would make a strategic business announcement. Qatar Airways chief executive officer Akbar al Baker in the past has shown interest in investing in IndiGo. On October 29, IndiGo placed an order for 300 Airbus A320neo-family planes. The airline flies to 23 international destinations including Turkey, China, Vietnam and Myanmar.

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    09:46 (IST)06 Nov 2019
    Oil falls as big US crude build offsets hopes for US-China trade talks

    Oil prices fell on Wednesday, pulled down by a larger-than-expected build-up in U.S. crude stocks, after gaining for three straight sessions on expectations of an easing of in U.S.-China trade tensions. Brent crude futures were at $62.60 a barrel by 0330 GMT, down 36 cents, or 0.6%. Brent settled up 1.3% on Tuesday. U.S. West Texas Intermediate (WTI) crude futures fell 29 cents, or 0.5%, to $56.94 per barrel, having closed up 1.2% in the previous session.

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    09:28 (IST)06 Nov 2019
    BSE live: FM's mega infra push fails to lift sentiments; Sensex down

    The headline indices opened lower on Wednesday morning, despite the Modi government's infra push. The Sensex was down about 100 points to 40,153, while the Nifty was trading near the 11,900-mark. HCL, Tech, Bharti Airtel shares were among the top losers, shedding up to 1.5%. FM Nirmala Sitharaman said that the Narendra Modi-led government is eager to modify rules and boost investment in the infrastructure space. A look at LIVE Sensex heatmap.

    09:10 (IST)06 Nov 2019
    RCEP pull-out: India may join back if demands met, says Piyush Goyal

    A day after India decided to pull out of the 16-nation Regional Comprehensive Economic Partnership (RCEP) talks, commerce and industry minister Piyush Goyal indicated that New Delhi may get back at the negotiating table only if its demands — including extra safeguard mechanism to curb irrational spike in imports and tougher rules on the origin of imported products and — were adequately addressed. However, for now, the country had decided against joining the RCEP, he asserted. Goyal slammed the Congress-led UPA government for having signed scores of free trade agreements (FTAs) with Asean, South Korea, Malaysia and Japan, which only exacerbated India’s trade imbalance vis-a-vis these trading partners and put the interests of domestic industry in jeopardy. The Modi government had now initiated the process of renegotiating these pacts, especially with Asean, he said.

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    09:02 (IST)06 Nov 2019
    After corporate tax cut, FM Sitharaman hints at major reforms in land and capital

    Finance minister Nirmala Sitharaman on Tuesday said the government was talking to “companies of stature and size” who had left China to woo them to set up base or relocate here and was in possession of “very reliable intelligence that they will indeed choose India”. Considering that Vietnam has emerged as an attractive investment destination for multinational firms, she said the east Asian country, too, had certain limitations like the saturation in its labour market. “I am keeping in mind (Vietnam’s) limitations to (hardsell) ourselves (as) attractive destination for investors. So, we are factoring in many things, based on fairly reliable business information, and are putting them into a scheme of offers,” she said.

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    08:59 (IST)06 Nov 2019
    Govt working with RBI to revive real estate sector, says Nirmala Sitharaman

    Finance Minister Nirmala Sitharaman said the next set of measures would be announced for the real estate sector and that the government was working with the Reserve Bank of India (RBI) to help people affected in the sector. peaking at a function commemorating the silver jubilee of the National Stock Exchange in Mumbai on Tuesday, the finance minister said, “One particular sector which I have not touched and has an impact on the stock market is real estate, which requires a lot more attention,” she said.

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    08:57 (IST)06 Nov 2019
    AGR issue: Reliance Jio may have to pay RCom’s Rs 13,000 crore dues

    Reliance Jio may have to shoulder the burden of around Rs 13,000 crore of past dues relating to licence fee and spectrum usage charge owed by Reliance Communications (RCom) as a fallout of the Supreme Court verdict in the adjusted gross revenue (AGR) matter. RCom, owned by Anil Ambani, owes past dues of around Rs 20,000 crore (Rs 16,456 crore licence fee and Rs 3,533 crore SUC) to the Department of Telecom (DoT). But since the company has filed for bankruptcy, DoT will have to claim the amount in the insolvency court as an operational creditor and may have to take a huge haircut, if at all any payment eventually materialises.

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    08:57 (IST)06 Nov 2019
    Under stress: Secy panel mulls relief measures for telcos

    The committee of secretaries set up to explore a relief package for the stressed telecom industry has in-principle agreed that some sort of relief measures are necessary with regard to payment of dues related to licence fee and spectrum usage charge after the Supreme Court verdict on adjusted gross revenue (AGR). The view which has emanated so far is that if  no relief is provided in terms of payment of dues, which for the industry runs as high as Rs 1.33 lakh crore, at least one operator may file for bankruptcy. This, in turn, would lead to losses for banks as well as the government.

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    08:55 (IST)06 Nov 2019
    Global markets: Asian markets tread water as investors await clues on trade

    Asian shares were little changed on Wednesday as investors awaited new developments toward scaling back a bruising trade war between the United States and China. MSCI’s broadest index of Asia-Pacific shares outside Japan was unchanged. Australian shares were up 0.14%, while Japan’s Nikkei stock index rose 0.35%. Treasury yields fell slightly in Asia and crude oil futures also dipped as some investors started to temper their optimism about progress in the trade dispute in the absence of concrete progress in negotiations between the world’s two-largest economies.

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    08:55 (IST)06 Nov 2019
    J&K Bank continues to register growth despite recent events: Financial Commissioner Arun Kumar Mehta

    Jammu and Kashmir Bank is firmly moving on a path towards growth despite some of the recent events, Financial Commissioner, Finance, Arun Kumar Mehta said Tuesday. The bank has shown profitability for the 8th straight quarter and posted a net profit of Rs 465.00 crore in the last fiscal, bank officials said. The operational performance of the bank with regard to all the banking parameters has been satisfactory with the figures of advances and deposits during the five months of the current fiscal showing an increase of Rs 900.00 crore and Rs 2,030 crore, respectively from those over the corresponding period during the last fiscal, Mehta said. This was revealed in a meeting held today by the Financial Commissioner, Finance with the J&K bank officials.

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