Share market LIVE: Sensex plunges 335 points, Nifty below 11,950; Yes Bank, SBI top losers

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Updated:Dec 06, 2019 3:58:11 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty plunged on Friday, led by a sell-off in financial heavyweights.

Stock Market Live updates, bse sensex, nse niftyVodafone Idea share price plunged by more than 8% to hit the day’s low at Rs 6.66 on BSE. Image: PTI

Share Market News Today | Sensex, Nifty, Share Prices LIVE: The headline indices Sensex and Nifty plunged on Friday, led by a sell-off in financial heavyweights. The Sensex closed 335 points lower at 40,445.15, while the Nifty ended the session below the 11,950-mark. Yes Bank, SBI, IndusInd Bank, Tata Motors were among the biggest losers, pluning up to 10%. Shares of telecom major Vodafone Idea plunged on Friday afternoon after Aditya Birla Group Chairmam K M Birla said that the venture will have to shut shop if it doesn’t get relief. Vodafone Idea share price plunged by more than 8% to hit the day’s low at Rs 6.66 on BSE. “We will shut shop if we don’t get relief, it could be the end of the story for us. There is no company in world that could get that kind of money in three months. It’s a very sad thing to happen though I don’t want that to happen,”KM Birla said at the Hindustan Times Leadership Summit 2019. Shares of private sector lender Yes Bank after Moody’s downgrade. Yes Bank share price slumped more than 9% to Rs 56.50 on BSE.  Moody’s Investors Service on Thursday downgraded Yes Bank’s long-term foreign currency issuer rating to ‘B2’ from ‘Ba3’, bringing it down by two notches. The ratings agency has also downgraded the bank’s long-term foreign and local currency bank deposit ratings to ‘B2’ from ‘Ba3’, foreign currency senior unsecured medium-term note program rating to ‘(P)B2’ from ‘(P)Ba3’, and baseline credit. Meanwhile, Sensex was trading about 170 points down to 40,609. In a surprise move today, the Reserve Bank of India’s Monetary Policy Committee took a pause from back-to-back repo rate cuts, in order to let market interest rates catch up with previous policy actions, and waiting to see how the upcoming Union Budget spurs economic growth. “The forthcoming union budget will provide better insight into further measures to be undertaken by the Government and their impact on growth,” RBI MPC said in its bi-monthly Monetary and Credit Policy Review. We bring to you LIVE updates.

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Highlights

    15:58 (IST)06 Dec 2019
    BSE LIVE: Sensex plunges 335 points, Nifty below 11,950; Yes Bank, SBI top losers

    The headline indices Sensex and Nifty plunged on Friday, led by a sell-off in financial heavyweights. The Sensex closed 335 points lower at 40,445.15, while the Nifty ended the session below the 11,950-mark. Yes Bank, SBI, IndusInd Bank, Tata Motors were among the biggest losers, pluning up to 10%. Shares of telecom major Vodafone Idea plunged on Friday afternoon after Aditya Birla Group Chairmam K M Birla said that the venture will have to shut shop if it doesn't get relief. A look at LIVE Sensex heatmap.

    14:07 (IST)06 Dec 2019
    Modi’s $5 trillion economy dream has started to look impossible; will India miss the bus?

    Even as the government strives to meet $5 trillion economy goal by 2024, the ongoing slowdown comes as a dampener to its hopes. Everything was on track for the economy which entered 2019 as sixth biggest globally, till consumption collapse hit it. In the last few months, the economy’s growth engine has slowed down substantially, with global concerns further adding to the woes. Most analysts have sharply cut their projections for FY20 growth. Before now, it was only in Q4FY13 that the quarterly GDP growth last slipped below a psychologically significant 5% mark. The GDP growth in that period was recorded at 4.3%

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    13:10 (IST)06 Dec 2019
    Vodafone Idea share price plunges after KM Birla's alarm on its future; Sensex down

    Shares of telecom major Vodafone Idea plunged on Friday afternoon after Aditya Birla Group Chairmam K M Birla said that the venture will have to shut shop if it doesn't get relief. Vodafone Idea share price plunged by more than 8% to hit the day's low at Rs 6.66 on BSE. “We will shut shop if we don't get relief, it could be the end of the story for us. There is no company in world that could get that kind of money in three months. It's a very sad thing to happen though I don't want that to happen,"KM Birla said at the Hindustan Times Leadership Summit 2019.

    12:57 (IST)06 Dec 2019
    Vodafone Idea will have to 'shut shop': Kumar Mangalam Birla's startling admission

    Aditya Birla Group Chairman Kumar Mangalam Birla today sounded alarm bells on the future of India's third largest telecom services operator Vodafone-Idea, saying that the company will have to shut down if it doesn't get any more relief from the government. “We will shut shop if we don't get relief, it could be the end of the story for us. There is no company in world that could get that kind of money in three months. It's a very sad thing to happen though I don't want that to happen,"KM Birla said at the Hindustan Times Leadership Summit 2019.

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    10:39 (IST)06 Dec 2019
    As RBI pulls support, bond market may be on the brink of prolonged rout

    It’s starting to look like India’s sovereign bond market is on the brink of a prolonged rout. Traders have shied away from the long-end of the curve since July on concern the government will expand record bond sales. Sentiment toward the short-end, which closely tracks policy rates, turned negative Thursday after the central bank surprised by holding off on easing. The decision by the Reserve Bank of India spurred speculation that it has run out of ammunition after slashing rates five times this year. Hopes that the central bank would announce plans to buy bonds were also dashed. Yields on the 2-year bonds jumped by the most in almost three years on a closing basis.

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    10:15 (IST)06 Dec 2019
    Stock market powering to new highs amid sputtering economy

    India’s economy may be faltering, but its $2.1 trillion stock market has been powering to new highs as foreign investors pile into country’s shares, betting the worst may have already passed. Economic growth is at the lowest since before Prime Minister Narendra Modi came to power in 2014. The economy expanded 4.5% in July-September, slowing for a sixth straight quarter as deteriorating local consumption, troubled banks and a weak global outlook all took their toll. But the equity market? Now, that’s a different story. The S&P BSE Sensex Index surged 13% from a low on Sept. 19 as it rose to all-time highs. Foreigners purchased a net $5 billion, give or take, of the country’s shares so far this quarter, while domestic investors have remained buyers of equity funds.

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    09:53 (IST)06 Dec 2019
    Rupee opens flat at 71.30 against US Dollar in early trade

    The Indian rupee opened on a steady note at 71.30 against the US dollar in early trade on Friday, a day after the the Reserve Bank of India kept key policy rate unchanged and decided to continue with its accommodative stance to support the economy. Forex traders said, the domestic unit was trading in a narrow range as investors are awaiting fresh cues on the US-China trade front. At the interbank foreign exchange the rupee opened at 71.30. The local unit fluctuated between a high of 71.27 and a low of 71.34 in early trade. On Thursday, the rupee had settled for the day at 71.29 against the US dollar.

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    09:38 (IST)06 Dec 2019
    Donald Trump jokes about ‘Russia room’ at White House

    US President Donald Trump on Thursday joked about a “Russia room” inside the White House after a visiting Russian envoy told him that during a tour of the building, he came across a China room but one named after his country. The lighter exchange between Trump and the Russian envoy happened during a luncheon meeting the president had at the White House with members of the UN Security Council. Russia is a permanent member of the UN Security Council. Trump had invited the UNSC members to the White House for a meeting on the occasion of the US being the president of the 15-membered powerful UN organ for December. The UN Security Council has a rotating monthly presidency.

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    09:36 (IST)06 Dec 2019
    Oil rises, US crude trading near two-month high after OPEC cut

    Oil edged up in early Asia trade on Friday, with U.S. crude trading near a two-month high after OPEC agreed to increase output curbs by nearly 50 percent in early 2020, although the cartel stopped short of promising any further steps after March. West Texas Intermediate oil futures were up by 2 cents at $58.45 a barrel by 0101 GMT. They rose to as high as $59.12 a barrel on Thursday, the highest since the end of September.

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    09:32 (IST)06 Dec 2019
    RBI on ‘temporary pause’ from repo rate cut; wants to see first what FinMin’s Budget has to offer

    In a surprise move today, the Reserve Bank of India’s Monetary Policy Committee took a pause from back-to-back repo rate cuts, in order to let market interest rates catch up with previous policy actions, and waiting to see how the upcoming Union Budget spurs economic growth. “The forthcoming union budget will provide better insight into further measures to be undertaken by the Government and their impact on growth,” RBI MPC said in its bi-monthly Monetary and Credit Policy Review today. It is prudent to carefully monitor incoming data to gain clarity on the inflation outlook, the statement further said.

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    09:31 (IST)06 Dec 2019
    Marico says more people shopping expensive items online as FMCG cos embrace e-commerce rage

    While online shopping has changed the face of retail across the globe, FMCG major Marico has been using the platform to drive the growth of its premium products with almost one in every two products sold online coming from its comparatively costlier product lineup or the company’s new business. “Marico has identified e-commerce as one of its key focus areas in terms of its distribution channels. Currently, 43% of Marico’s e-commerce business comes from premium products and new items in foods and personal care,” Marico said in a note on Thursday.

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    09:31 (IST)06 Dec 2019
    Born in India, raised by China: Another Chinese corporate giant jumps in to fund Indian startups

    The footprint of Chinese investors in India’s leading startups has significantly increased in the past years. Top unicorns in India right from Paytm, Ola to Swiggy, Zomato, Byju’s, OYO etc. have been backed by Chinese funds and multinationals including the likes of Alibaba, Ant Financial, Tencent, Didi Chuxing, Fosun, China Lodging Group, and more. Adding to the list is China’s financial services major Ping An Group that runs global fintech and health-tech focused growth stage fund Global Voyager Fund that has picked online auto classifieds startup CarDekho as its maiden startup investment in India.

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    09:28 (IST)06 Dec 2019
    Paytm, Airtel Payments Banks may become full-fledged commercial banks; RBI revises guidelines

    Popular payment banks such as Paytm Payments Bank and Airtel Payments bank may soon be eligible to become a full-fledged commercial bank with RBI allowing them to apply for the license at will if they meet the criteria. “Payments Banks can apply for conversion into SFB after five years of operations if they are otherwise eligible as per these guidelines,” said RBI. Doing so will also allow them to borrow money from the Reserve Bank and lend to customers. The minimum paid-up voting equity capital or net worth requirement to become a Small Finance Bank shall be Rs 200 crore, while for primary urban co-operative banks, who want to turn into Small Finance Banks will have the initial requirement of net worth at Rs 100 crore, which will have to be increased to Rs 200 crore within five years from the date of commencement of business.

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    09:27 (IST)06 Dec 2019
    Amazon to take Indian MSMEs to 180 countries; here’s how small businesses can go global

    E-commerce company Amazon India on Thursday said it has signed an MoU with Punjab Small Industries & Export Corporation Limited to carry out workshops for MSMEs to export their products to potential customers in over 180 countries through the company’s Amazon Global Selling Program. Amazon will train and onboard MSMEs at key MSME clusters in Punjab including in Ludhiana, Jalandhar, Amritsar, Patiala and Bathinda. Amazon launched the Global Selling Program in May 2015 for its sellers to sell goods outside India. It has more than 50,000 Indian manufacturers, sellers and exporters selling across Amazon’s 12 international marketplaces.

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