8 min read.Updated: 06 Sep 2018, 05:10 PM ISTNirav Vyas
BSE Sensex closed 224.50 points up at 38,242.81, while the Nifty 50 ends 59.95 points higher at 11,536.90. Here are the highlights from the markets
Mumbai: Markets snap a six-day losing streak on Thursday with BSE Sensex rising over 200 points and the Nifty 50 settling above 11,530. The Indian rupee on Thursday touched a new milestone, falling to 72 against the dollar amid concern that US President Donald Trump could order additional tariffs on China. In global markets, shares fell for a fifth straight day as investors braced for another escalation in a trade war between US and China, while emerging-market currencies paused near 15-month lows. The dollar index retreated from the two-week highs it reached earlier this week to stand 0.1% lower at 95.07. Meanwhile, FIIs sold equities worth Rs 383.67 crore on net basis on Wednesday, while DIIs purchased shares worth a net of Rs 176.95 crore, provisional data showed. Here are the latest updates from the markets:
BSE Sensex closed higher by 224.50 points, or 0.59%, to 38,242.81, while the Nifty 50 rose 59.95 points, or 0.52%, to close at 11,536.90. BSE MidCap and SmallCap gained 0.31% and 0.46%, respectively.Fifteen out of 19 sectoral indices on BSE gained with healthcare and energy rising over 2%. Power, utilities and oil and gas rose over 1%. Reliance Industries, Power Grid, Coal India, NTPC and Sun Pharma were among the top gainers, whereas Yes Bank, Maruti, Hindalco, ICICI Bank and Bharti Airtel were among the major losers.
06 Sep 2018, 03:23:00 PM IST
Jet Airways pilots warns of non-cooperation
Jet Airways pilots have warned the management of “non-cooperation” over default on payments as the company has delayed salaries of its pilots and engineers for the second consecutive month amid a severe financial crunch. Jet Airways shares traded 2.36% up at Rs 273.40.
06 Sep 2018, 02:54:00 PM IST
Dilip Buildcon shares rise after winning Rs 717 crore contract
Dilip Buildcon shares rose 2.19% to Rs 803.10 after the company said that it has received a letter of acceptance for a new contract worth Rs 717.45 crore of a mining project by the Northern Coalfield Ltd, a unit of Coal India Ltd.
06 Sep 2018, 02:20:00 PM IST
Coal India’s low volume growth in August is no reason for concern
Analysts aren’t concerned about the August growth rates, attributing the performance partially to last year’s higher base
The initial public offering of IRCON International Limited, formerly Indian Railway Construction Co Ltd (IRCON), will open for bidding from 17-19 September.
06 Sep 2018, 01:23:00 PM IST
European stocks sag at open
Europe’s stock markets declined in opening trade on Thursday, with London’s benchmark FTSE 100 index down 0.2 percent at 7,368.61 points. In the eurozone, Frankfurt’s DAX 30 lost 0.3 percent to 12,002.78 points and the Paris CAC 40 shed almost 0.1 percent to 5,255.28, compared with the closing levels on Wednesday.Asian equities also suffered fresh losses on Thursday, extending the previous day’s rout as concerns about contagion from emerging markets fray investor nerves.Investor sentiment was also dented by the possibility of further US tariffs on China. AFP
06 Sep 2018, 12:45:00 PM IST
Rupee falls below 72 a dollar mark for first time
The Indian rupee on Thursday touched a fresh record low of 72 against the US dollar amid concern that US President Donald Trump may order additional tariffs on China. This was the seventh consecutive fall, its longest losing streak since May 2016. At 12.40pm, rupee was trading at 72.07 a dollar, down 0.40% from its Wednesday’s close of 71.76. It opened at 71.65 per dollar and touched a low of 72.08. Read more
06 Sep 2018, 11:58:00 AM IST
Bitcoin prices sink 10% as cryptocurrencies suffer another sudden drop
Bitcoin, the largest cryptocurrency, tumbled as much as 9.8% and was trading at $6,422 as of 1:25 p.m. in Hong Kong, according to Bloomberg composite pricing
Amara Raja’s lithium-ion plant eyes $300 billion EV market
Amara Raja Batteries Ltd, India’s second-biggest traditional battery maker by value, will build a lithium-ion assembly plant as it seeks to grab a slice of the market for electric vehicle power packs that is set to grow to $300 billion by 2030. The battery maker is in the process of building a 100 megawatt-hour assembly plant in the southern state of Andhra Pradesh and the company is working closely with the Indian Institute of Technology in Chennai, CEO S. Vijayanand said in an interview in New Delhi. Amara Raja shares traded 0.96% down at Rs 806.10. Read more
06 Sep 2018, 11:05:00 AM IST
HPCL shares rises nearly 2% on fund raise talks
HPCL shares rose 1.85% to Rs 252.65. The company will shortly raise ₹28,000 crore in debt from a consortium of banks, two officials at HPCL told Mint. “We don’t need the funds immediately. We will be drawing it as and when the project needs. It will be a combination of multiple instruments. As of today, we have all the approvals in hand,” said M. K. Surana, HPCL’s chairman, and managing director.
06 Sep 2018, 10:28:00 AM IST
Market update: Sensex, Nifty trade higher
BSE Sensex traded higher by 119.80 points, or 0.32%, to 38,138.11, while the Nifty 50 rose 27.35 points, or 0.24%, to 11,504.30. The Sensex opened at 38,161.85 and the Nifty 50 opened at 11,514.15.BSE MidCap and SmallCap gained 0.43% and 0.34%, respectively. All the sectoral indices on BSE, except IT, telecom and teck, traded higher led by healthcare, utilities, power, energy and realty.Power Gird, Tata Steel, Kotak Bank, Dr Reddy’s and GAIL were among the top gainers, whereas Axis Bank, ONGC, TCS, Infratel and Tech Mahindra were among the major losers.
06 Sep 2018, 10:10:00 AM IST
Why rising bond yields should worry now more than before
What is different this time is that the transmission of sovereign yields to the real sector through interest rates would be much faster and swifter than before
Aurobindo Pharma shares gain nearly 4% after deal with Novartis
Novartis AG said that it would sell the dermatology and generic US oral solids portfolios of Sandoz US to India’s Aurobindo Pharma Ltd for $900 million, as the Swiss drugmaker looks to focus on higher growth areas. The deal also includes about 300 products and additional development projects of Sandoz and an additional $100 million in performance-based payments, Novartis said. Aurobindo Pharma shares rise 3.79% to Rs 722.50.
06 Sep 2018, 09:37:00 AM IST
HUDCO shares rose 10% after quarterly results
Shares of Housing and Urban Development Corp. Ltd gained 10% to Rs 61.20 after the firm reported 105.31% surged in its net profit of Rs 333.38 crore in June quarter against Rs 162.38 crore a year ago.
06 Sep 2018, 09:27:00 AM IST
Realty stocks gain as SC lifts construction ban
Shares of real estate companies gained after the Supreme Court lifted ban on construction in Mahrashtra and Uttarakhand. Indiabulls Real Estate Ltd rose 5%, HDIL 2.1%, DLF Ltd 1.5%, Oberoi Realty 1.5%, Godrej Properties Ltd 1.5%.
06 Sep 2018, 09:23:00 AM IST
Srei Infrastructure Finance shares rise 5% after June-quarter results
Shares of Srei Infrastructure Finance Ltd rose 5% to Rs 53.70 after the company reported a 114% increase in its net profit to Rs 139.55 crore in June quarter against Rs 65.15 crore a year ago.
06 Sep 2018, 09:15:00 AM IST
Rupee trades flat against US dollar
The Indian rupee opened marginally higher but soon erased all the gains and was trading little changed against the US dollar. At 9.10am, rupee was trading at 71.75 a dollar, up 0.01% from its Wednesday’s close of 71.76. It opened at 71.65 per dollar and touched a low of 71.77. The 10-year bond yield stood at 8.036%, from its previous close of 8.049%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 11%, while foreign investors have sold $261.20 million and $6 billion in equity and debt markets, respectively.
06 Sep 2018, 09:12:00 AM IST
The Indian rupee, IT stocks and the quandary of sell-side research
The Nifty IT index has risen 20% since early June, and has outperformed the Nifty 500 index by 12.5%.
Gold prices rose on Thursday for a second straight session as the dollar remained weak, making the metal cheaper for buyers in other currencies, also supported by good physical demand in Asia. Spot gold was up 0.3% at $1,199.36 at 8am, after rising 0.5% in the previous session. US gold futures rose 0.3% at $1,205 an ounce. Gold has tumbled more than 12% from a peak of $1,365.23 in April.Oil prices fell as emerging market woes weighed on sentiment, while a deadline neared for a potential new round of US tariffs on another $200 billion of Chinese goods. US WTI crude futures were at $68.47 per barrel, down 25 cents, or 0.4%, from their last settlement. International Brent crude futures fell 27 cents, or 0.4%, to $77.0 a barrel. Broad emerging market weakness is weighing on global economic growth prospects.Metals: LME copper rose for a second straight session as a weaker dollar underpinned prices, although a trade war between US and top metals consumer China limited gains. The dollar sagged, pressured by the pound which rose after fears of Britain leaving the European Union with no comprehensive agreement faded. Three-month copper on the London Metal Exchange added 0.5% to $5,899 a tonne and the most-traded copper contract on the Shanghai Futures Exchange rose 0.8% to 47,660 yuan a tonne. Reuters
06 Sep 2018, 08:53:00 AM IST
Opening bell: Cues to look out for before trading
■ In the US, a sharp sell-off in tech pushed the Nasdaq and S&P 500 lower on Wednesday. Investors also braced for another round of trade negotiations between the US and Canada. Asian stock indexes were lower on Thursday morning following a sell-off in tech stocks overnight on Wall Street.■ Hindustan Petroleum Corp. Ltd’s (HPCL) long-delayed refinery and petrochemicals complex in Rajasthan is finally taking shape. India’s third-largest state-run refiner will shortly raise ₹28,000 crore in debt from a consortium of banks, two officials at HPCL told Mint.■ Air France-KLM, which signed an enhanced cooperation agreement with Jet Airways (India) Ltd last year, wants to deepen its alliance with the Indian carrier to exploit an expected double-digit growth in the air travel markets of India and North America, KLM’s president and chief executive officer Pieter Elbers said on Wednesday.■ Kishore Biyani-led Future Group is on an expansion spree and is looking to tie-up with tech companies, which can bring in the big bucks, and not necessarily for their technology know-how.■ Mergers and acquisitions (M&As) witnessed a sharp jump in value terms in the second quarter of calendar 2018, growing 6.8 times to $34.8 billion from a year earlier on the back of Walmart’s acquisition of Flipkart, according to a report by consulting firm EY.■ India’s biggest bank, State Bank of India or SBI, has announced a special loan for repair and renovation of homes to help the flood affected people in Kerala. ■ Shares of Suzuki Motor Corp. advanced after the Japanese carmaker said it’s exiting China, abandoning a market where it struggled to gain traction and allowing it focus on Maruti Suzuki India Ltd, which accounts for half of the country’s car market.■ The government has agreed to make a fresh equity infusion of ₹ 860 crore in Air India Ltd and provide a sovereign guarantee to the loss-making airline to raise up to ₹ 2,100 crore.(Harsha Jethmalani/Mint)With inputs from Reuters