Market Highlights: Sensex, Nifty end flat, Yes Bank gains; SBI Cards IPO oversubscribed nearly 26%

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Updated:Mar 05, 2020 6:35:25 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Kotak Mahindra Bank was the top Sensex gainer, up 2.74 per cent, followed by HCL Tech, HUL and TCS. Three out of 11 Nifty sectoral indices finished in red.

Sensex, NiftyRIL was the top laggard on the Sensex, with a decline of 2.06 per cent. Tech Mahindra, ICICI Bank, Power Grid were among other losers on the pack

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets benchmarks Sensex and Nifty ended in positive territory with marginal gains on Thursday led by buying in TCS, HUL, Asian Paints and Kotak Mahindra Bank. S&P BSE Sensex settled 61 points or 0.16 per cent higher at 38,470, while the broader Nifty 50 index closed at 11,269, down 18 points or 0.16 per cent. As many as 17 stocks out of 30 Sensex stocks ended in the green today. Kotak Mahindra Bank was the top Sensex gainer, up 2.74 per cent, followed by HCL Tech, HUL and TCS. Conversely, RIL was the top laggard on the Sensex, with a decline of 2.06 per cent. Tech Mahindra, ICICI Bank, Power Grid were among other losers on the pack. Three out of 11 Nifty sectoral indices finished in red. The Nifty Metal index lost 0.84 per cent dragged by Hindalco, National Aluminium Company and SAIL. While Nifty FMCG index gained over one per cent driven by Jubilant Foodworks, Godrej Consumer Properties and HUL.

SBI Cards IPO received a bumper response from the investors on the last day of the bidding process. The issue was oversubscribed 26 times. The entire issue size is Rs 10,350 crore, including about Rs 2,500 crore raised from anchor investors. After the IPO, SBI will reduce its holding in the card issuer to 69 per cent from the existing 74 per cent and Carlyle group’s shareholding will drop to 16 per cent from the current 26 per cent.

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Highlights

    15:25 (IST)05 Mar 2020
    Expect rupee can fall to 74.50 if cases of COVID19 rises: V K Sharma, Head PCG & Capital Markets Strategy

    Indian rupee gained amid fund inflows from SBI Card Ltd IPO and the central bank may lower interest rate in coming months. Lower crude oil prices, risk on sentiments and dollar unwinding supported rupee gains. Among the Asian currencies, Chinese Yuan strengthened and eased all losses since the coronavirus. Near term focus will remain on upcoming central bank policy as market expecting RBI may follow the path of other central banks and lower the interest rate to support the economy. Technically, rupee is still looking weak on all time frames and expected to depreciate in coming days. We expect rupee can fall to 74.50 levels if cases of COVID19 rises in the country and foreign fund withdrawal continues from domestic equity and debt market, says V K Sharma, Head PCG & Capital Markets Strategy.

    15:11 (IST)05 Mar 2020
    SBI might be all that Yes Bank wants but what does it mean for India’s largest PSU bank?

    India’s largest public sector lender, State Bank of India (SBI) might be the white knight that Yes Bank was hunting for the past few months. According to Bloomberg News, the central government has given a green light to SBI to buy an equity stake in the troubled private sector bank. Reports suggest that SBI will now go ahead and form a consortium to bail out Yes Bank. However, both the banks have issued clarifications saying that they will inform the stock exchanges if any such development takes place. With this development, Yes Bank could finally have someone to help it stay afloat, experts think that what it means for SBI will become clearer only after clarity emerges.

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    15:09 (IST)05 Mar 2020
    State Bank of India, Yes Bank clarify on stake buy news, here’s what banks said

    After the news surfaced claiming that the government has approved a plan for State Bank of India (SBI) to buy an equity stake in the private lender Yes Bank, both the banks have issued a clarification. It was also reported that the government has given nod to India’s largest bank SBI to lead the consortium to bail out Yes Bank, and choose other partners in the consortium. Yes Bank in its clarification has said that it has not received any communication from the Reserve bank of India in this regard.

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    14:32 (IST)05 Mar 2020
    Yes Bank issues clarification on SBI's plan to buy stake in pvt lender news

    Yes Bank issued a clarification saying that "as on date, the Bank has not received any such communication from RBI or any other the Government or Regulatory authorities or from the SBI and we are unaware of any such decision. Therefore, we are not in a position to comment on such news item".

    14:25 (IST)05 Mar 2020
    For Blackstone, India is its ‘strongest performer’; company not on cautious stance

    India’s economic slowdown coupled with a credit crisis is creating a surge in demand for capital from beleaguered companies that are providing Blackstone Group Inc. with buyout opportunities in Asia’s third-largest economy. “We are not taking a cautious stance of watch and wait,” Amit Dixit, Blackstone’s senior managing director, said in an interview in Mumbai on Wednesday. “We are actually taking a forward-leaning stance.”

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    13:47 (IST)05 Mar 2020
    IRCTC share price drops 6.9%

    Share price of IRCTC dropped 6.9% on Thursday to trade at Rs 1457 apiece. IRCTC made its market debut on October 14, 2019. Since then it has zoomed 87 per cent from its listing price.

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    13:28 (IST)05 Mar 2020
    After RBI taps out-of-the-box measures to boost growth, will rate cuts have to wait?

    With inflation raising its ugly head, the Reserve Bank of India (RBI) is not expected to cut rates anytime soon, analysts said. With RBI’s unconventional measures including long-term repo operations, CRR exemptions, among others to boost the economy appearing positive as of now, these operations may see an extension going ahead, the analysts also said. The LTRO operations by RBI would reduce the cost of funds for the banks that can’t borrow up to three-year funds at repo rate but at their margin, Soumya Kanti Ghosh, Group Chief Economic Advisor, SBI, said in a report.

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    13:13 (IST)05 Mar 2020
    SBI Cards IPO subscribed nearly 17% on the last day of bidding

    SBI Cards IPO continued to receive a bumper response from the investors on the last day of the bidding process. The issue was subscribed nearly 17 per cent in the afternoon.

    13:04 (IST)05 Mar 2020
    Bank of Baroda share price slips 1.5% as Moody’s downgrades baseline credit ratings

    Global rating agency Moody’s Investor Service downgraded Bank of Baroda’s (BoB) baseline credit assessment from BA2 to BA3 on Wednesday. The downgrade reflects the weakening in asset quality and further downside risk from the deteriorating operating environment in India, according to Moody's investor service.

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    12:53 (IST)05 Mar 2020
    Moody's downgrade BOB's BCA

    “Moody's has downgraded BOB's BCA to ba3 to reflect the weakening in asset quality and further downside risk from the deteriorating operating environment in India,” Moody’s investor service said.

    12:14 (IST)05 Mar 2020
    Yes Bank share price has tanked 86 per cent in the last one year

    Yes Bank Managing Director Ravneet Gill has been trying to rope in investors to help the private sector bank stay afloat. Yes Bank has seen its share price fall 86 per cent in the last one year amid a rise in non-performing assets (NPA) and lack of clarity on who will help the bank raise the required funds.

    11:58 (IST)05 Mar 2020
    Yes Bank share price soars 29%

    Yes Bank share price rises 29 per cent to Rs 37.90 apiece on BSE after the government reportedly approved a plan for India’s largest bank SBI to buy an equity stake in Yes Bank.

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    11:51 (IST)05 Mar 2020
    SBI to bail out Yes Bank: Govt OKs equity stake acquisition plan; allows SBI to form consortium

    Struggling Yes Bank may have finally found a saviour in State Bank of India. The government has reportedly approved a plan for India’s largest bank SBI to buy an equity stake in Yes Bank, Bloomberg News reported citing unidentified sources. The government has also reportedly allowed SBI to form a consortium to bail out Yes Bank, and also to choose other partners in the consortium. Yes Bank is in a firefighting mode, struggling to improve its financial health, clean up NPAs, and stabilise performance, ever since erstwhile promoter Rana Kapoor was edged out of the bank. 

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    11:21 (IST)05 Mar 2020
    Vodafone Idea share price falls 7% after DoT sends fresh notice to telcos

    Vodafone Idea share price declined over 7 per cent to Rs 3.31 apiece on BSE a day after the Department of Telecommunications (DoT) sent fresh notices to telecom operators on pending adjusted gross revenue (AGR) dues.

    11:17 (IST)05 Mar 2020
    Yes Bank shares gain 19% in trade

    Yes Bank share price gained over 19 per cent to Rs 34.95 apiece on Thursday after the government approved a plan for State Bank of India (SBI) to lead a consortium that will buy a stake in the private lender.

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    10:56 (IST)05 Mar 2020
    Kotak Mahindra Bank shares rise over 3%

    Kotak Mahindra Bank share price spikes over 3 per cent to Rs 1660 apiece on BSE in Thursday's trade.

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    10:51 (IST)05 Mar 2020
    Yes Bank share price spikes

    SBI has been given go-ahead to form the consortium for private lender Yes bank stake buy, according to agency report. Yes bank shares surged over 12 per cent to Rs 33 apiece on BSE in Thursday's trade.Check live prices: Yes Bank

    10:45 (IST)05 Mar 2020
    SBI shares fall 3 per cent

    State Bank of India (SBI) shares fell sharply after reports of government asking the bank to form a consortium for private lender Yes Bank stake buy. SBI shares were trading over 3 per cent lower at 277 apiece on BSE.

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    10:37 (IST)05 Mar 2020
    SBI to the rescue of Yes Bank; Shares jump

    Yes Bank share price jumps on news that the government has approved a plan for State Bank of India to buy equity stake in the beleaguered private lender. Yes Bank shares are now trading up over 10% at Rs 32.35.

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    10:23 (IST)05 Mar 2020
    Sensex, Nifty erase opening gains amid rise in coronavirus cases in India, top factors from today’s trade

    Erasing most of the opening gains, domestic equity market benchmarks Sensex and Nifty were trading flat to positive on Thursday. HUL, TCS, HCL Tech and Infosys were among major index contributors. S&P BSE Sensex was trading 55 points or 0.14 per cent higher at 38,465 points, while the broader Nifty 50 index was ruling flat at 11,257 points. “Markets are currently witnessing roller-coaster ride and we do not see this ending anytime soon. Traders have no option but to align their trades accordingly and prefer hedged bets,” Ajit Mishra, VP – Research, Religare Broking Ltd said.

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    10:05 (IST)05 Mar 2020
    Coronavirus wipes $50 billion off global exports in February alone

    UN economists announced a likely USD 50 billion drop in worldwide manufacturing exports in February alone as the extent of the damage to the global economy caused by novel coronavirus COVID-19 moved further into focus. Citing the China Manufacturing Purchasing Manager’s Index (PMI), Pamela Coke-Hamilton, who heads UNCTAD’s Division on International Trade and Commodities, said that it had fallen to 37.5 – a drop of about 20 points – the lowest reading since 2004.

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    09:53 (IST)05 Mar 2020
    Moody’s downgrades Bank of Baroda’s baseline credit assessment; share price falls 1.3%

    Global rating agency Moody’s Investor Service downgraded Bank of Baroda (BoB) baseline credit assessment (BCA) and adjusted it to ba3 from ba2. After this move, share price of the bank slipped 1.3%.

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    09:43 (IST)05 Mar 2020
    Vodafone Idea share price slips over 6% in early trade

    Vodafone Idea share price slipped as much as 6.68 per cent to Rs 3.35 apiece on BSE in Thursday's trade.

    09:28 (IST)05 Mar 2020
    Top gainers and losers on S&P BSE Sensex

    As many as 23 stocks were trading in green today. Tata Steel was the top Sensex gainer with a growth of 1.78 per cent, followed by HCL tech, Sun Pharma, HUL and Bajaj Finance. On the flip side, ICICI Bank was the top index loser, down 1.06 per cent. M&M, LT, HDFC and Maruti were among other laggards on the index.

    09:27 (IST)05 Mar 2020
    Sensex, Nifty open higher on Thursday

    S&P BSE Sensex was trading 198 points or 0.52 per cent higher at 38,608, while the broader Nifty 50 index was ruling at 11,310, up 60 points or 0.53 per cent.

    08:51 (IST)05 Mar 2020
    Pay AGR dues in full or explain calculations, DoT tells telecom companies

    The department of telecommunications (DoT) on Wednesday issued notices to all the telecom companies, including Bharti Airtel, Vodafone Idea and Tata Teleservices, asking them to pay the remaining adjusted gross revenue (AGR) dues as per the Supreme Court order or submit documents explaining their self-assessment calculations. According to sources, notices were issued even to those firms which are undergoing insolvency proceedings. Bharti Airtel has deposited a total of Rs 18,004 crore towards AGR dues while Tata Teleservices has paid Rs 4,197 crore.

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    08:32 (IST)05 Mar 2020
    FII and DII data

    On Wednesday, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 878 crore while domestic institutional investors (DIIs) were net buyers to the tune of Rs 764 crore, as per the NSE data.

    08:29 (IST)05 Mar 2020
    Indian markets could open flat today: Deepak Jasani- Head Retail Research, HDFC Securities

    Indian markets could open flat today despite US indices rising sharply on Wednesday and positive Asian markets today. Indian markets ended with modest losses on Wednesday after a sharp recovery in the late afternoon session amidst volatile trade. The Nifty lost 52.3 points or 0.46% to close at 11,251. Technically, while the Nifty has bounced back from the lows, the short term trend remains down. The Nifty will have to convincingly cross the recent highs of 11433 to reverse the downtrend, says Deepak Jasani- Head Retail Research, HDFC Securities.

    08:27 (IST)05 Mar 2020
    SBI Cards IPO: Institutional investors pour in Rs 1 lakh crore; issue oversubscribed 15 times

    SBI Cards and Payment Services IPO saw a bumper response from institutional bidders on the third day with Qualified Institutional Investors alone putting in bids worth over Rs 1 lakh crore. The quota reserved for QIBs was massively oversubscribed — 57 times — with bids worth about Rs 1.04 lakh crore pouring in against Rs 1,830 crore worth of shares on offer for them. SBI Cards public issue will remain open for another day for bidding only by retail individual investors and high net-worth individual investors. The entire issue size is Rs 10,350 crore, including about Rs 2,500 crore raised from anchor investors.

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    08:27 (IST)05 Mar 2020
    Bank stocks take a beating, PSU Bank Index plunges to 11-year-low

    Bank stocks came under pressure on Wednesday, with the Nifty PSU Bank Index falling to its lowest level in eleven years. The PSU Bank index closed 0.81% lower at 1,865.90 points. Shares of private banks were hammered as foreign portfolio investors continued pare holdings in a risk-off trade. Foreign portfolio investors have sold shares worth $2.3 billion in the last eight sessions through Wednesday.

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    08:26 (IST)05 Mar 2020
    Sensex, Nifty fall on Wednesday as coronavirus cases spike

    Equity markets on Wednesday slipped into the red after Union health minister Harsh Vardhan confirmed that the number of novel coronavirus cases has risen to 28 in India. The decline in equity markets comes despite positive global cues on the back of Fed rate cuts. The benchmark Sensex declined 214.22 points, or 0.55%, to close at 38,409.48 points.

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