Mumbai: Indian benchmark indices BSE Sensex and NSE’s Nifty 50 continued their winning streak for a third day on Thursday after the new RBI governor Shaktikanta Das on his first day said he would take a more consultative approach and move quickly to address some of the pressing issues. Rate-sensitive stocks such as bank, auto and realty led gains as Das said he will address issues in the banking industry immediately.The Sensex closed 150.57 points up at 35,929.64 and the Nifty 50 ended 53.95 points higher at 10,791.55. The BSE mid- and small-cap indices rose 0.82% and 0.65%, respectively. Sixteen out of 19 sectoral indices on BSE gained, with consumer durables, realty and capital goods rising over 1%. Energy, telecom and metal declined.Positive cues from global markets also boosted Indian shares. Stocks in Europe erased early gains, while US futures and Asian equities rose as investors weighed the latest progress in US-China trade talks. Oil prices remained steady, under pressure from high inventories but supported by a drawdown in US crude stockpiles and indications of easing US-China trade war. Here are the highlights from the markets:
13 Dec 2018, 03:38:00 PM IST
Closing bell: Sensex, Nifty gain for 3rd day
The BSE Sensex closed 150.57 points, or 0.42%, up at 35,929.64 and the Nifty 50 ended 53.95 points, or 0.50%, higher at 10,791.55.
13 Dec 2018, 03:35:00 PM IST
Nifty sectoral indices
13 Dec 2018, 03:23:00 PM IST
Max Financial shares jump 5% on New York Life stake buy report
Shares of Max Financial Services rose as much as 5.6% to Rs 454.30 per share after PTI reported that US-based New York Life has picked up around 2 per cent stake in Max Financial Services (MFS) through bulk deals and open market purchases for over Rs 215 crore.
13 Dec 2018, 03:18:00 PM IST
Yes Bank shares fall 8% after board meeting statement
Yes Bank shares fell as much as 7.9% to Rs 172 per share after the bank announced outcomes of its board meeting.-Finalised recommendation for non-executive part-time chairman and seeking approvals from RBI-Final recommendation for MD and CEO will be submitted to RBI after next board meeting scheduled on January 9, 2019.-Evaluated profiles for additional directors especially with information technology expertise, to lead bank’s it strategy committee-Discussed, deliberated on final shortlisted external and internal candidates presented by Korn Ferry. Search panel will engage with CEO candidates over next few days for finalization
13 Dec 2018, 02:47:00 PM IST
RCom shares fall as SC denies to give more time to repay Ericsson dues
Shares of Reliance communications fell as much as 4.4% to Rs 14.93 per share after the Supreme Court dismissed RCom’s request for more time to pay Rs 550 crore Ericsson dues, reported CNBCTV18.
13 Dec 2018, 02:15:00 PM IST
Morgan Stanley upgrades India’s IndiGo, expects profitability to improve
Morgan Stanley raised InterGlobe Aviation Ltd, the parent co of India’s largest budget carrier IndiGo, to overweight from equal-weight, citing sharp underperformance turning fundamentals for the upgrade. MS believes earnings trough is behind, valuation is attractive, and competitive position of IndiGo has strengthened in this downcycle. On pricing side, the brokerage sees yields starting to rise, and recent correction in crude and appreciation in rupee also stand to help IndiGo. It also sees sharp upswing in earnings if current levels of crude and forex are sustained.MS expects profitability to improve from here, as current RASK, CASK spreads of the industry are unsustainable and will improve. The brokerage projects that EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) margin will return to 25 pct in 2021. MS trims FY19 EPS estimate 4% but raises EPS forecasts 23% for FY20 and 82 pct for FY21, building in the benefit of weaker crude, plus a stronger rupee and yields.IndiGo’s strong balance sheet relative to peers should enable it to gain share in coming months, added Morgan Stanley. It expects its share to expand to 45% by FY21 vs 40% in FY18. IndiGo shares rose as much as 5.5% to Rs 1,080, their highest since Aug 21. Reuters
13 Dec 2018, 01:52:00 PM IST
Market update: Sensex, Nifty extend gains
The BSE Sensex traded 296.73 points, or 0.83%, up at 36,075.80, and the Nifty 50 rose 92.50 points, or 0.86%, to 10,830.10.
13 Dec 2018, 01:45:00 PM IST
Liquidity crunch at NBFCs pose downside risks to economic growth: Moody's
Moody’s Investors Service said that the liquidity crisis faced by India’s non-banking financial companies could tighten overall credit supply and impact the country’s growth outlook. “Consequently, India’s GDP growth will slow to just above 7% for fiscal 2019 and 2020. This result is below an estimated 7.4% outturn in the fiscal year ending March 2018 and below the pick-up in growth that we envisaged a few months ago,” says Michael Taylor, a Moody’s Managing Director and Chief Credit Officer for Asia Pacific. “In addition, any further distress in the Indian NBFI sector will pose significant downside risks to India’s growth outlook,” adds Taylor.
13 Dec 2018, 01:10:00 PM IST
Market update: Sensex, Nifty hold gains
The BSE Sensex traded 224.51 points, or 0.63%, up at 36,003.58, and the Nifty 50 rose 72 points, or 0.67%, to 10,809.65. The BSE midcap and smallcap indices 1.05% and 0.97%, respectively. All the sectoral indices on BSE traded higher, with realty, auto, bankex, capital goods, oil and gas, FMCG and finance rising over 1%.
13 Dec 2018, 12:55:00 PM IST
Unichem Labs loses appeal in EU court
Unichem Laboratories Ltd said the General Court of European Union rejected the company’s appeal on court decision on breach of EU competition law, and also confirmed a fine of 13.96 million euros. Shares traded 0.62% down at Rs 191.45 per share.
13 Dec 2018, 12:23:00 PM IST
Tata Motors to hike prices of passenger vehicles
Tata Motors Ltd said that it will increase prices of its passenger vehicles by up to Rs 40,000, starting January 1, 2019, in order to offset rising input costs and increase in fuel prices. Tata Motors shares 2.14% up at Rs 167.40 per share.
13 Dec 2018, 12:05:00 PM IST
Moody’s puts PFC, REC on review for downgrade over proposed sale
13 Dec 2018, 11:16:00 AM IST
Edelweiss Securities outlook on expansion plans of ACC, Ambuja
Ambuja Cements: “The capex announcement is positive for Ambuja Cement as it imparts strong volume visibility and will be funded via internal accruals,” said Edelweiss Securities Ltd in a research note. “While Ambuja Cement will benefit from the expected industry uptrend (imminent rise in industry’s clinker utilisation), the CMP factors most of these benefits on CY19 estimates.” The brokerage maintained “Hold” rating on the stock.ACC: “The announcement will delight investors as the expansion imparts the much-needed volume growth visibility; bulk of the new capacity will be based in the lucrative Central region; reflects LafargeHolcim’s commitment to India business which entails valuation multiple upgrade potential, in our view, said Edelweiss Securities. “We maintain our positive stance on the cement sector citing imminent rise in the industry’s clinker utilisation and easing fuel cost.”It added, “While ACC will benefit from the sector uptrend, capex offers a tailwind.” The brokerage maintained “Buy” on the stock.
13 Dec 2018, 10:45:00 AM IST
Inflation is too low to support rural incomes
13 Dec 2018, 10:26:00 AM IST
Soril Infra shares hit 5% upper circuit
Shares of Soril Infra Resources rose 5% to Rs 293.60 per share after the company said it has begun the process to foray into financial services business, with the primary focus on servicing the rural India. The company is planning to acquire an existing NBFC, it added in a BSE filing.
13 Dec 2018, 09:50:00 AM IST
DLF shares down 2%
DLF shares fell as much as 2.5% to Rs 174.70 per share. The company on Wednesday said Group CFO Saurabh Chawla has resigned from the company, and the board has decided to appoint Ashok Kumar Tyagi, a whole-time director, the Group CFO.
13 Dec 2018, 09:23:00 AM IST
Bandhan Bank shares up 7% as RBI allows opening new branches
Bandhan Bank shares jumped as much as 7.46% to Rs 508.70 per share after RBI allowed the bank to open 40 new branches. The bank was earlier debarred from opening new branches by the central bank of India. An email statement from the company stated that it has opened five branches and will open additional 35 branches will be opening by end of this month.
13 Dec 2018, 09:20:00 AM IST
Sun Pharma shares down 2.6% on Sebi probe
Sun Pharma shares fell as much as 2.61% to Rs 420 per share after Sebi on Wednesday said it is examining the whistleblower complaint against Dilip Shanghvi-led Sun Pharmaceutical Industries. A whistleblower had last month approached Sebi with a document alleging various irregularities by the company, its promoter Shanghvi and others.
13 Dec 2018, 09:08:00 AM IST
Bond prices, rupee gain as CPI inflation eases
The 10-year bond yield extended losses to hit a fresh eight-month low after CPI inflation dropped to a 17-month low, stoking speculation that the Reserve Bank of India may shift to a neutral policy stance. At 9.08am, the 10-year government bond yield fell to 7.386% from its previous close of 7.411%. The Indian rupee strengthened marginally against US dollar tracing gains in Asian currencies amid more signs the US and China are finding some common ground on trade. The currency was trading at 71.67 a dollar, up 0.48% from its previous close of 72.02.
13 Dec 2018, 08:57:00 AM IST
New RBI chief Shaktikanta Das says ‘talk to me’ in relief to markets
13 Dec 2018, 08:53:00 AM IST
Commodity corner: Oil prices rise; gold, other metals edged up
Oil prices rose, buoyed by a drawdown in U.S. crude inventories and signs that China is taking more concrete steps to put a trade war truce with Washington into action. Crude oil prices have also been supported by OPEC-led supply curbs announced last week, although gains were capped after the producer group lowered its 2019 demand forecast. International Brent crude oil futures were at $60.46 per barrel, up 31 cents, or 0.52 percent, from their last close. US WTI crude futures were at $51.40 per barrel, up 25 cents or, 0.49 percent.Metals: London copper prices moved higher in early Asian trade amid signs China is making good on pledges made to the United States as part of a deal to resolve a trade row between the world’s top two economies. Three-month LME copper climbed 0.5 percent to $6,171 a tonne. The most-traded February copper contract in Shanghai slipped 0.1% to 49,170 yuan.Gold prices dipped early on Thursday as the dollar steadied after declining from a near one-month high in the previous session, while palladium rose to a record high, trading at a premium to the bullion. Spot gold was down 0.1% at $1,244.56 per ounce. US gold futures were little changed at $1,249.5 per ounce. Spot palladium was up 0.1 percent at $1,262.35 per ounce. Prices hit an all-time high of $1,264.25 earlier in the session. Reuters
13 Dec 2018, 08:48:00 AM IST
Asian stocks rise with US futures on trade hopes
Asian equities advanced alongside U.S. equity futures Thursday after a series of positive developments in U.S.-China trade talks buoyed global stocks. The British pound held its advance after U.K. Prime Minister Theresa May survived an attempt to oust her. Gains accelerated from Japan to Australia, with Hong Kong and Chinese stocks outperforming. Futures on the S&P 500 rose as news broke that Chinese importers have bought U.S. soybeans.Japan’s Topix index rose 0.7 percent at the break in Tokyo. Australia’s S&P/ASX 200 Index gained 0.4 percent. Hang Seng Index increased 1.3 percent. Shanghai Composite Index was up 1.3 percent. South Korea’s Kospi index added 0.7 percent. Futures on the S&P 500 gained 0.5 percent. The S&P 500 Index rose 0.5 percent. The MSCI Asia Pacific Index climbed 0.6 percent. Bloomberg
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