Govt weighs merger of Bank of Baroda, IDBI Bank, Oriental Bank, Central Bank https://t.co/Xb8O5ugouR— Livemint (@livemint) June 4, 2018
Market Wrap: Sensex dives 215 points, Nifty settles at 10628, HDFC Bank shares fall 3%
BSE Sensex closed 215.37 points lower at 35,011.89, while the Nifty 50 ended 67.70 points down at 10,628.50. Here are the highlights from the markets
Last Modified: Mon, Jun 04 2018. 04 59 PM IST
- 3.36 pm ISTClosing bell
- 3.25 pm ISTHDFC Bank shares plunge nearly 3%
- 3.13 pm ISTLupin shares gain over 1%
- 3.10 pm ISTEuropean shares trade higher
- 2.35 pm ISTMarket update: Sensex, Nifty fall over 0.5%
- 2.30 pm ISTIDBI Bank shares tank 6% after CEO named RBI dy governor
- 2.20 pm ISTRupee erases gains, trades lower against US dollar
- 1.37 pm ISTMarket update: Sensex, Nifty extend losses
- 1.33 pm ISTHotel Leelaventure to issue shares to JM Financial Asset Reconstruction
- 12.37 pm ISTHSBC cut price target on Punjab National Bank
- 11.58 am ISTBank of Baroda shares fall over 4%
- 11.32 am ISTMarket update: Sensex, Nifty trade little changed
- 11.13 am ISTDeep Industries shares tank 20% after CBi files case
- 10.55 am ISTGovt weighs merger of Bank of Baroda, IDBI Bank, Oriental Bank, Central Bank
- 10.40 am ISTTata Motors shares up over 1%
- 10.07 am ISTMarket update: Sensex, Nifty erase gains
- 9.43 am ISTHDFC Bank shares rise 2% ahead of FII share purchase begins
- 9.40 am ISTDr. Reddy’s Labs shares up 3% as USFDA completes inspection
- 9.37 am ISTMarket update: Sensex, Nifty trade marginally higher
- 9.30 am ISTRupee hits 1-month high against US dollar
- 9.20 am ISTAsian shares rise as upbeat US jobs data offsets trade worries
- Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 declined on Monday dragged by heavy losses in banking and realty stocks. Moreover, investors were also cautious as the Reserve Bank of India’s three-day monetary policy meeting begins today. The outcome of the policy meeting will be announced on 6 June. Of the 15 economists surveyed by Mint, 11 expect the central bank to keep the repo rate unchanged at 6%. The Indian rupee on Monday erased all the morning gains and was trading marginally lower against US dollar. Meanwhile, shares in Europe and Asia gained. Here are the latest updates from the markets:
- 3.36 pm IST Closing bellBSE Sensex closed lower by 215.37 points, or 0.61%, to 35,011.89, while the Nifty 50 fell 67.70 points, or 0.63%, to close at 10,628.50. BSE MidCap was down 0.82% and SmallCap plunged 2.09%.Fifteen out of 19 sectoral indices on BSE closed lower with realty losing most at 3.25%, power 2.32%, telecom 1.95% and consumer durables 1.83%. Energy, metal, IT and teck gained. On NSE, Nifty Bank was down 1.69% and Nifty PSU Bank fell 1.59%.Dr. Reddy’s Labs, Infosys, M&M and Tata Steel were top gainers, whereas HDFC Bank, Adani Ports, Bharti Airtel and Hindustan Unilever were among the major losers.
- 3.25 pm IST HDFC Bank shares plunge nearly 3%HDFC Bank shares traded 2.89% lower at Rs2048.50 as trading for foreign investors for HDFC Bank shares opened on Friday. Macquarie Capital Securities (India) Pvt. Ltd said that foreign institutional investors (FIIs) are likely to buy more than $ 1 billion of the stock.
- 3.10 pm IST European shares trade higherEuropean shares extended a recovery on Monday thanks to bank stocks as dealmaking took centre stage again after a week of political tension in Italy and Spain and friction between the US and its allies over trade policies.Europe’s STOXX 600 took the lead from Asian markets climbing on the data, up 0.6% while Germany’s DAX rose 0.8%. Spain’s IBEX was up 1.3%. FTSE 100 index was up 0.7%. (Reuters)
- 2.30 pm IST IDBI Bank shares tank 6% after CEO named RBI dy governorGovernment appointed Mahesh Kumar Jain, CEO of IDBI Bank Ltd, as deputy governor of the Reserve Bank of India for three years. IDBI Bank shares fell 6.3% to Rs59.70 in intraday trade on BSE.
- 2.20 pm IST Rupee erases gains, trades lower against US dollarThe Indian rupee on Monday erased all the morning gains and was trading marginally lower against US dollar as traders turned cautious ahead of Reserve Bank of India’s bi-monthly policy outcome on 6 June.At 2pm, the rupee was trading at 67.12 against the US dollar, down 0.07% from its previous close of 67.06. The currency opened at 66.97 a dollar and touched a high and a low of 66.85 and 67.14, respectively.The yield of 10-year government bonds gained for the fifth consecutive session after a finance ministry official flagged the possibility of an increase in interest rates to curb inflation. The official also said that meeting fiscal deficit target for the current financial year is challenging, Bloomberg reported.
- 1.37 pm IST Market update: Sensex, Nifty extend lossesBSE Sensex traded lower by 98.77 points, or 0.28%, to 35,128.49, while the Nifty 50 fell 35.35 points, or 0.33%, to 10,660.85. BSE MidCap and SmallCap declined 0.51% and 1.53%, respectively.Among the sectoral indices on BSE, energy was up 0.42%, metal 0.34% and healthcare 0.10%. Realty declined most at 2.24%, consumer durables 1.66%, power 1.54% and telecom 1.17%.Dr. Reddy’s Labs, Tata Steel, M&M and Yes Bank were top gainers, whereas Asian Paints, HDFC Bank, Bharti Airtel and Power Grid were top losers.
- 1.33 pm IST Hotel Leelaventure to issue shares to JM Financial Asset ReconstructionHotel Leelaventure Ltd said its board of directors will consider issuing upto 125 crore shares to JM Financial Asset Reconstruction Co. Ltd on preferential basis towards conversion of part of debt into equity. Shares rose 1.16% to Rs17.50.
- 12.37 pm IST HSBC cut price target on Punjab National BankHSBC has cut price target on Punjab National Bank to Rs71 from Rs92, maintaining ‘reduce’ rating. “We remain cautious despite significant underperformance due to a dim earnings outlook, significant capital erosion, and likely dilution given weak CET1 and low valuations,” said HSBC analysts a note.HSBC expects the fraud-hit bank to post third consecutive annual loss in FY19, hurt by higher provisioning and slower loan growth. PNB, India’s second-largest state-run bank, posted the biggest ever loss by an Indian lender for March 2018 quarter.HSBC reiterates rating due to uncertainties in the medium term in growth and asset quality.Seven of 33 brokerages rate the stock “buy” or higher, 12 “hold” and 14 “sell” or lower; their median PT is Rs94 rupees, Thomson Reuters Eikon data showed.As of Friday, PNB shares have shed nearly 50% since 12 February, when the bank detected fraudulent transactions at a Mumbai branch. In comparison, Nifty PSU Bank index fell over 15% in the same period.At 12.36pm, PNB stock was trading 1.21% higher at Rs83.90. (Reuters)
- 11.58 am IST Bank of Baroda shares fall over 4%Shares of public sector banks were trading lower. NSE’s Nifty PSU Bank Index fell 0.94% led by Bank of Baroda, which fell 4.05%, followed by IDBI Bank 1.57%, Oriental Bank 1.02% and SBI 0.82%.Mint today reported that the government is considering merging at least four state-run banks, including Bank of Baroda, IDBI Bank Ltd, Oriental Bank of Commerce and Central Bank of India, two people aware of the matter said. If the plan goes through, the merged entity will become the second-largest bank in the country after State Bank of India, with combined assets of ₹16.58 trillion.
- 11.32 am IST Market update: Sensex, Nifty trade little changedBSE Sensex inches higher 33.68 points, or 0.02%, to 35,235.77, while the Nifty 50 edged down 5 points, or 0.05%, to 10,691.20. BSE MidCap was up 0.01%, while SmallCap was down 0.91%.Among the sectoral indices on BSE, healthcare, energy, auto and oil and gas gained up to 0.5%, while realty, consumer durables, utilities and power declined up to 1.4%. Dr. Reddy’s Labs, Yes Bank, M&M and Tata Motors were top gainers, whereas Asian Paints, Hindustan Unilever, Adani Ports and HDFC Bank were among the major losers.
- 11.13 am IST Deep Industries shares tank 20% after CBi files caseDeep Industries Ltd shares fell 19.94% to Rs107.20 after the company said the Central Bureau of Investigation has registered a case against 13 officials of the ONGC Ltd and Deep Industries based on complaint filed by vigilance department of ONGC.
- 10.55 am IST Govt weighs merger of Bank of Baroda, IDBI Bank, Oriental Bank, Central BankIf the bank merger plan goes through, the resulting entity will become the second largest bank in the country after State Bank of India, with combined assets of ₹16.58 trillion
- 10.40 am IST Tata Motors shares up over 1%Tata Motors Ltd shares were up 1.5% at Rs291.50 after the company registered a strong growth of 58% in May 2018. It sold 54,295 units as against 34,461 units last year and the company is continuing its strong sales performance in the Commercial and Passenger Vehicles Businesses in the domestic market.
- 9.43 am IST HDFC Bank shares rise 2% ahead of FII share purchase beginsHDFC Bank Ltd’s shares gained 2.1% to Rs2,154.20 after FII limit for the bank open for 4.3 crore shares today. Read more
- 9.30 am IST Rupee hits 1-month high against US dollarThe Indian rupee on Monday strengthened past 67-mark to hit one-month high against the US dollar, tracking gains in Asian currencies. The rupee was trading at 66.86 against the US dollar, up 0.31% from its previous close of 67.06. The currency opened at 66.97 a dollar and touched a high of 66.85—a level last seen on 7 May.The yield of 10-year government bonds gained for the fifth consecutive session ahead of the Reserve Bank of India’s (RBI) bi-monthly policy outcome on 6 June. The 10-year bond yield stood at 7.852% from its Friday’s close of 7.848%. Bond yields and prices move in opposite directions.
- 9.20 am IST Asian shares rise as upbeat US jobs data offsets trade worriesAsian shares rose to their highest level in two-and-a-half-weeks on Monday as strong US jobs data offset worries that tariff wars between US and the rest of the world could drag on global economic growth.MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.0%, while Japan’s Nikkei rose 1.3%. The KOSPI was up 9.93 points, or 0.41%, at 2,448.89 On Wall Street on Friday, the S&P 500, which rose 1.08% on Friday, was still about 140 points off its record peak of 2,872 set in January as concerns about trade frictions curtailed many other shares.
First Published: Mon, Jun 04 2018. 09 40 AM IST
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