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Budget News

  • Nifty ends below 11,000; Sensex slips 166 pts
  • September 12,2019  16:41
  • Key equity benchmarks ended with modest losses on Thursday. The broader market was positive, buoyed by signs of de-escalation in the US-China trade war.

    The barometer index, the S&P BSE Sensex, fell 166.54 points or 0.45% to 37,104.28. The Nifty 50 index declined 54.65 points or 0.50% to 10,981.05.

    The 50-unit Nifty snapped its five-day rising streak. The index opened above 11,050 and hit an intraday high of 11,081.75, before reversing gains in morning trade. It hovered in a narrow range near flat line in the afternoon. Selling in the final hour of the trade dragged the index below the crucial 11,000 mark.

    The market breadth was positive. On the BSE, 1369 shares rose and 1110 shares fell. A total of 164 shares remain unchanged. The S&P BSE Small-Cap index rose 0.12%. The S&P BSE Mid-Cap index fell 0.18%.

    On domestic macro front, India's retail inflation rate for August 2019 and industrial production data for July 2019 will be announced after market hours today, 12 September 2019.

    In the commodities market, Brent crude for October 2019 settlement was down 60 cents at $60.21 a barrel. The contract fell $1.57 or 2.52% to settle at $60.81 a barrel during the previous trading session.

    Overseas, European shares advanced while most Asian shares ended higher on Thursday, as investors hoped for a thaw in US-China trade frictions. Investors also awaited an European Central Bank (ECB) meeting later in the day amid expectations that it would start another wave of monetary easing by central banks around the globe.

    US stocks moved higher on Wednesday, led by tariff-sensitive technology and industrial stocks after China extended an olive branch ahead of next month's trade negotiations with the United States.

    US President Donald Trump on Wednesday welcomed China's decision to exempt some US anti-cancer drugs and other goods from its tariffs and announced a short delay to scheduled tariff hikes on billions worth of Chinese goods.

    Back home, auto shares corrected after a recent runup. TVS Motor (down 3.25%), Maruti Suzuki India (down 3.13%), Eicher Motors (down 2.24%), Ashok Leyland (down 1.88%), Bajaj Auto (down 1.79%), Escorts (down 1.47%), Hero Motocorp (down 0.52%) and Mahindra & Mahindra (down 0.38%) declined.

    Tata Motors fell 4.76% to Rs 127.95 on profit booking. Shares of Tata Motors surged 22.69% in four trading sessions to settle at Rs 134.35 yesterday, 11 September 2019, from its close of Rs 109.50 on 4 September 2019.

    The S&P BSE Auto index fell 1.92% to 16,345.48 in today's trade after surging 9.36% in the past four trading sessions.

    Most IT shares declined as rupee firmed up against the dollar. Oracle Financial Services Software (down 2.79%), Wipro (down 1.45%), Hexaware Technologies (down 1.39%), Mindtree (down 1.3%), TCS (down 0.93%), Infosys (down 0.46%), Mphasis (down 0.25%) and HCL Technologies (down 0.24%) declined. Tech Mahindra, however, rose 0.31%.

    In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.335, compared with its close of 71.6625 during the previous trading session.

    Yes Bank fell 5.10% to Rs 67.95 on profit booking after a recent rally. The stock soared 18.54% in the past two trading sessions to settle at Rs 71.60 yesterday, 11 September 2019, from its close of Rs 60.40 on 6 September 2019.

    The recent rally was triggered by media reports suggesting that the bank's co-founder, Rana Kapoor is in talks with Paytm to sell his stake in the bank. Kapoor and his family hold 9.64% in Yes Bank, of which 69% is pledged with Reliance Nippon Asset Management. Kapoor is reported to have taken consent from Reliance Nippon to sell the shares and return the money of the lender.

    Meanwhile, Yes Bank clarified to the bourses that the news items were speculative in nature. The bank said that in the usual and ordinary course of its business, it continues to explore various means of raising capital/funds through issuance of securities to diverse set of investors, in order to meet its business/regulatory requirements, subject to compliance with prescribed procedures and receipt of statutory/regulatory approvals.

    IIFL Finance rose 1.37%. The firm reported that IIFL Securities and IIFL Wealth Management have received approval Sebi for listing of their equity shares at the exchanges. The final listing will soon take place and date of the same will be reported by IIFL Finance.

    State Bank of India (SBI) rose 0.54%. SBI Life Insurance Company fell 0.86%. SBI today commenced its two-day offer for sale (OFS) of 3.50 crore equity shares, constituting 3.5% stake, in SBI Life Insurance Company to achieve minimum public shareholding of 25% (part of bank's share for MPS).

    Alkem Laboratories fell 1.49%. The drug maker said that USFDA has issued an Establishment Inspection Report (EIR) for the company's manufacturing facility located at St. Louis, Fenton Logistics Park , USA which was inspected from 16 August 2019 to 22 August 2019 and where the company received a Form 483 issued by the US FDA containing four observations. The inspection has now been closed by the US FDA. The announcement was made after market hours yesterday, 11 September 2019.

    MSTC fell 0.26%. Adani Group has appointed MSTC as the selling agent to sell all surplus inventory and other equipments (excluding scrap) of entire Adani Group of companies. The agreement will remain valid till either party terminates the agreement by giving advance notice of three months to the other party. The announcement was made after market hours yesterday, 11 September 2019.

    Walchandnagar Industries was locked in an upper circuit of 20% at Rs 72.15 after the company said it secured an order worth Rs 77.20 crore from the Vikram Sarabhai Space Centre of ISRO at Thiruvananthapuram. The order is towards manufacturing and supply of head, middle and nozzle bid segments for the GSLV M KIII launch vehicle. The announcement was made after market hours yesterday, 11 September 2019.

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