Closing bell: Sensex, Nifty gain for 6th day; Sun Pharma falls over 7%
8 min read.Updated: 03 Dec 2018, 06:25 PM ISTNirav Vyas
The BSE Sensex closed 46.70 points up at 36,241, and the Nifty 50 ended 7 points higher at 10,883.75. Here are the highlights from the markets
Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 continued their winning streak for the sixth session on Monday helped by metal and realty stocks. Positive cues from global markets after US-China trade truce also boosted Indian shares. Sun Pharma shares dived 7.5% after news reports that Sebi is going to reopen insider probe in the company. Also, muted sentiment in auto stocks due to lower-than-expected festive sales added pressure. Hindustan Unilever shares jumped 4% after the company announced merger with GSK’s healthcare business in India. Asian shares rallied on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict. Oil prices surged around 4% after Washington and Beijing agreed a 90-day trade truce and ahead of the Opec meeting this week that is expected to result in a supply cut. India’s GDP grew a lower-than-expected 7.1% in the quarter on an annualised basis, from a more than two-year high of 8.2% in the previous quarter. Here are the highlights from the markets:
03 Dec 2018, 03:40:00 PM IST
Closing bell: Sensex up 46 points, Nifty ends flat
The BSE Sensex closed 46.70 points, or 0.13%, up at 36,241 after shuttling between 36,446.16 and 36,099.68. The Nifty 50 ended 7 points, or 0.06%, higher at 10,883.75. During the day, the 50-share index hit a high of 10,941.20 and a low of 10,845.35.The BSE MidCap and SmallCap indices each rose 0.46%. Fifteen out of 19 sectoral indices posted gains with power, metal and realty rising over 2%. Healthcare, auto, energy and capital goods declined.Yes Bank, Hindustan Unilever, Vedanta, NTPC and Indiabulls Housing Finance were among the top gainers on the key indices, whereas Sun Pharma, M&M, ITC, HPCL and Hero MotoCorp were major losers.
03 Dec 2018, 03:28:00 PM IST
India CAD may widen to 3% in Q2 on higher oil prices, gold imports, says ICRA
India’s current account deficit (CAD) is likely to rise to 3% of the gross domestic product (GDP) in the July-September quarter (Q2) of 2018-19, from 2.4% in the preceding quarter, driven mainly by high crude oil prices, ICRA said Monday. ICRA expects the current account deficit to widen sharply to $19-21 billion, or 3% of GDP, in Q2 FY19, from $7 billion in Q2 FY18, led by higher crude prices and gold imports, the credit ratings agency said in a statement. Read more
03 Dec 2018, 03:18:00 PM IST
Yes Bank shares rise over 5%
Yes Bank shares jumped as much as 5.7% to Rs 179.10 per share after the bank said it has appointed T. S. Vijayan as an independent director.
03 Dec 2018, 02:45:00 PM IST
HUL announces merger with GSK Consumer Healthcare
Hindustan Unilever on Monday said that it will merge with GSK’s healthcare business. The transaction values the total business at ₹31,700 crore. The merger includes the totality of operations within GSK Consumer Healthcare India, including a consignment selling contract to distribute GSK Consumer’s over-the-counter and oral health products in India, the company said in a statement. HUL shares traded 1.90% up at Rs 1787 per share.
03 Dec 2018, 02:20:00 PM IST
European stocks rally on US-China trade truce
Europe’s major stock markets surged at the start of trading on Monday after China and the United States clinched a trade war truce. In initial deals, London’s FTSE 100 index jumped 1.5 percent to 7,087.36 points. In the eurozone, Frankfurt’s DAX 30 soared almost 2.5 percent to 11,534.75 points and the Paris CAC 40 rose 2.2 percent to 5,112.58. US President Donald Trump and his Chinese counterpart Xi Jinping agreed in a meeting at the G20 on Saturday to suspend any new tariffs in the trade war between the world’s two largest economies pending talks to resolve their differences. AFP
03 Dec 2018, 01:55:00 PM IST
RCom shares extend gains, jump 17%
Shares of Reliance Communications extended gains and rose as much as 17.7% to Rs 16.80 per share today. The Supreme Court on Friday cleared the sale of spectrum by Anil Ambani-controlled Reliance Communications Ltd to elder brother Mukesh Ambani’s Reliance Jio Infocomm Ltd (RJio) on the condition that the seller furnishes ₹1,400 crore as corporate guarantee to the government within two days.
03 Dec 2018, 01:03:00 PM IST
Goldman Sachs cuts India GDP forecast
Goldman Sachs said it had cut its forecast of India’s GDP growth to 7.3% and 7.6% respectively in FY19 and FY 20 respectively from 7.7% and 7.9% respectively. The investment house said the markdown reflects two reasons: the assumed positive effects of state-run banks’ recapitalisation has not materialised so far. Secondly, while the after effects of demonetisation have faded, the implementation of GST is running into short-term bottlenecks.
03 Dec 2018, 12:23:00 PM IST
M&M to acquire Carnation Auto assets
Mahindra and Mahindra Ltd said Mahindra First Choice Services has entered into an asset acquisition agreement with the official liquidator of Carnation Auto (India) Pvt. Ltd to acquire key assets of Carnation’s car-servicing business. The assets include the trademark ‘Carnation’, its website, software licenses and Carnation’s workshop network. M&M shares traded 3.32% down at Rs 764 per share.
Auto stocks mixed over lower-than-expected festive season sale
Passenger car sales remained almost flat in November as companies adjusted their inventory after a weak festive season. Subdued consumer sentiment, volatile fuel prices and inflation are likely to remain demand dampeners but new model launches in the coming months are expected to help drive sales, car makers said on Saturday. The top five carmakers—Maruti Suzuki India Ltd, Hyundai Motor India Ltd, Tata Motors Ltd, Mahindra and Mahindra Ltd and Honda Cars India Ltd—sold a combined 219,722 vehicles last month, compared with 219,746 units a year earlier.Read:Car sales remain flat in Nov as weak festive season ends
03 Dec 2018, 10:55:00 AM IST
Sandhar Tech shares rise nearly 5% on new JV
Shares of Sandhar Technologies Ltd traded 4.6% up at Rs 324.55 per share after the company said that has signed a joint venture agreement with South Korea’s Kwangsung Corp. Ltd for manufacturing plastic moulded parts and accessories for the passenger and utility vehicles segment.
03 Dec 2018, 10:40:00 AM IST
Cement firms in South India to feel the chill from price slump in November
Cement prices in south India fell by ₹12 a bag to a 12-month low of ₹328 a bag in November. https://t.co/FI5Uuu7m2A
Shares of oil marketing companies (OMCs), Hindustan Petroleum, Indian Oil and Bharat Petroleum, declined as oil prices surged nearly 4% today after the United States and China agreed a truce in their trade conflict and ahead of a meeting by producer club OPEC this week that is expected to result in a supply cut. HPCL shares were down over 2%, BPCL shares fell 0.5% and IOCL shares traded lower by around 1%.
03 Dec 2018, 10:00:00 AM IST
Market update: Sensex, Nifty continue winning streak for 6th day
The BSE Sensex traded 185.84 points, or 0.51%, up at 36,380.14, and the Nifty 50 rose 48.50 points, or 0.45%, to 10,925.25. Intraday, the Sensex rose 251.86 points to 36,446.16 and the Nifty 50 gained 64.45 points to 10,941.20.The BSE MidCap and SmallCap indices advanced 0.63% and 0.47%, respectively. Seventeen out of 19 sectoral indices on BSE traded in positive territory. Metal and realty rose over 2.5% followed by telecom and basic materials, which rose 1.2%. Healthcare and oil and gas fell 0.89% and 0.27%, respectively.
03 Dec 2018, 09:43:00 AM IST
Sun Pharma shares crash after whistleblower email to Sebi
The whistleblower email claims Sun Pharma promoter Dilip Shanghvi and his brother-in-law Sudhir Valia engaged in financial irregularities with stock market scam accused Dharmesh Doshi. https://t.co/oQh40tKZpA
Metal stocks gain as prices surge on US-China trade deal
Shares of metal companies as prices of industrial metals in London and Shanghai jumped after US and Chinese leaders agreed to a ceasefire in a trade dispute that has shaken global markets. The Nifty Metal Index rose 3%, led by Jindal Steel, Hindalco, Vedanta and Tata Steel.Three-month LME copper rose 2.3% to $6,338.5 a tonne, while the most-traded copper contract in Shanghai climbed 1.7% to 50,420 yuan ($7,248.63) a tonne. Other industrial metals also rose, with Shanghai zinc jumping 4.7% to 21,370 yuan a tonne. (Reuters)
03 Dec 2018, 09:20:00 AM IST
Sun Pharma shares slump 10% on Sebi probe news
Sun Pharma shares fell as much as 10% to Rs 443.10 per share after PTI reported on Friday that Sebi is likely to reopen an insider trading case against Sun Pharmaceutical Industries as well as probe alleged lapses by some of its promoters and other entities in raising funds overseas.The development comes after a whistleblower reportedly approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others, the report added, citing source. In August 2017, Sun Pharmaceutical, its managing director Dilip Shanghvi and nine other entities settled an insider trading probe on payment of Rs 18 lakh towards settlement charges.
03 Dec 2018, 09:13:00 AM IST
Rupee trades lower against US dollar
The rupee weakened against the US dollar as India’s economy grew at a much slower pace than economist expected last quarter. At 09.08am rupee was trading at 70.03 a dollar, 0.64% from its previous close of 69.58. The currency opened at 69.87 a dollar, touching a high 69.86 and a low 70.03. The 10-year bond yield stood at 7.649%, from its Friday’s close of 7.607%. So far this year, rupee has weakened 8.21%, worst performer among Asian currencies. Foreign investors have sold $ 4.93 billion and $ 10.22 billion in equity and debt markets, respectively.
03 Dec 2018, 09:05:00 AM IST
RBI likely hold interest rates in December policy review meeting
There are enough reasons for RBI to deliver a status quo policy at its monetary policy committee meeting. https://t.co/ezEgyiN2og
Commodity corner: Oil prices, metals jump on US-China trade relief
Oil prices shot higher after the United States and China agreed a 90-day truce in their trade conflict and ahead of a meeting by producer club OPEC this week that is expected to result in a supply cut. U.S. West Texas Intermediate (WTI) crude futures were at $53.38 per barrel at 0220 GMT, up $2.45 per barrel, or 4.8% from their last close. International Brent crude oil futures were up $2.38 per barrel, or 4%, at $61.84 a barrel.Gold prices were steady early as the dollar weakened on U.S.-China trade truce that revived investor demand for riskier assets. Spot gold inched up 0.1% to $1,222.97 per ounce at 0109 GMT. U.S. gold futures were up 0.2% at $1,228.1 per ounce. Physical gold demand in India got a fillip this week from a slide in local rates due to gains in the rupee, while buying was steady in other top Asian hubs.London and Shanghai industrial metals jumped after U.S. and Chinese leaders agreed to a ceasefire in a trade dispute that has shaken global markets. Three-month LME copper rose 2.3% to $6,338.5 a tonne, while the most-traded copper contract in Shanghai climbed 1.7% to 50,420 yuan ($7,248.63) a tonne. Other industrial metals also rose, with Shanghai zinc jumping 4.7% to 21,370 yuan a tonne. Reuters
03 Dec 2018, 08:45:00 AM IST
Asian stocks jump on trade relief
Risk appetite returned to markets, as U.S. equity futures climbed alongside Asian stocks, the Australian dollar and the Chinese yuan, after a truce between Washington and Beijing emerged from the Group-of-20 summit. Oil surged on signs a supply glut may ease. S&P 500 Index futures jumped over 1.5 percent, while the Aussie and the currencies of South Africa, Turkey and Mexico all rose. Shares from Sydney to Shanghai gained and the 10-year Treasury yield jumped back above 3 percent.Futures on the S&P 500 jumped 1.6 percent as of 10:38 a.m. in Hong Kong. The S&P 500 closed up 0.8 percent on Friday. Japan’s Topix index advanced 1.5 percent. Hong Kong’s Hang Seng rallied 2.7 percent. South Korea’s Kospi climbed 1.8 percent. Futures on the U.K.’s FTSE 100 Index gained 1.8 percent. Bloomberg