BSE Sensex closed 26.31 points up at 36,265.93, while the Nifty 50 ended 1.05 points higher at 10,948.30. Here are the highlights from the markets
Mumbai: Indian benchmark indices BSE Sensex and NSE’s Nifty 50 closed with little gains on Wednesday as new US tariff threats on Chinese goods dragged metal stocks down offsetting gains in TCS and Infosys. In global markets, shares slumped, the dollar gained and commodities slid along with emerging-market assets as investors braced for another escalation in the burgeoning trade war between the US and China. The Indian rupee was trading flat against the US dollar ahead of key inflation data. Here are the highlights from the markets:
11 Jul 2018, 03:33:00 PM IST
Closing bell: Sensex, Nifty close higher
BSE Sensex closed higher by 26.31 points, or 0.07%, to 36,265.93, while the Nifty 50 edged up 1.05 points, or 0.01%, to close at 10,948.30. BSE MidCap and SmallCap fell 0.67% and 0.33%, respectively.Among the sectoral indices on BSE, IT gained most at 2.38% followed by teck 1.94% and realty 0.55%. Metal fell most at 3.10% followed by basic materials, industrials and auto.TCS led gains by rising over 5%. Bajaj Auto, Hindustan Unilever, Infosys and Reliance Industries were among other top gainers. On the other hand, Coal India, Vedanta, Tata Motors, UPL and Tata Steel were among the major losers.Foreign investors sold shares worth a net Rs20.73 crore, while local investors bought shares worth a net Rs293.96 crore on Tuesday, showed provisional data.
11 Jul 2018, 03:07:00 PM IST
Idea-Vodafone merger okayed, few formalities pending, says telecom minister
Telecom Minister Manoj Sinha said today that the government has approved the Idea Cellular and Vodafone India merger, the sector’s biggest, but the companies need to complete some formalities for the final closure of the deal. Shares of Idea Cellular were trading 3.14% lower at Rs53.95.(PTI)
11 Jul 2018, 02:47:00 PM IST
Mark Mobius: Trade war a warm-up act for financial crisis
Despite all the gloom courtesy the US-China trade war, Mark Mobius sees the slump as a buying opportunity and is seeking to raise funds
TCS share prices rise 6% to record high after stellar Q1 results
Shares of India’s biggest information technology (IT) firm Tata Consultancy Services Ltd (TCS) on Wednesday surged 6% to hit a record high after the company reported better-than-expected June quarter (Q1) results. TCS shares touched an all-time high of ₹ 1,990 apiece and rose as much as 6% in intraday trading. The company added $5 billion, or ₹ 34,840 crore, to its market capitalisation to ₹ 7.53 trillion.
11 Jul 2018, 02:15:00 PM IST
Rupee trades flat against US dollar ahead of CPI data
The Indian rupee was trading little changed against the US dollar ahead of key inflation data. At 2.05pm, the rupee was trading at 68.80 a dollar, up 0.03% from its previous close of 68.82. The currency opened at 68.79 a dollar. The 10-year bond yield stood at 7.884%, from its Tuesday’s close of 7.899%. Bond yields and prices move in opposite directions. So far this year, the rupee has weakened 7.2%, while foreign investors have sold $827.90 million and $6.23 billion in equity and debt markets, respectively.
11 Jul 2018, 01:30:00 PM IST
Gold prices fall as dollar gains amid escalating trade war
Gold prices fell as the dollar firmed against the yuan after US threatened to impose additional tariffs on Chinese goods, escalating trade tensions between the world’s two largest economies. Spot gold was 0.3 percent lower at $1,251.43 an ounce at 0710 GMT. In the previous session, the bullion hit a one-week low at $1,246.81 an ounce. U.S. gold futures for August delivery were 0.3 percent lower at $1,252.30 an ounce.Among other precious metals, silver shed 0.8% to $15.92 an ounce and platinum was 0.5% lower at $837.70 per ounce. Earlier in the session, both the metals fell to their lowest since 3 July. Palladium was down 0.4% at $938.03 per ounce, after earlier falling to a two-week low at $934.35.(Reuters)
11 Jul 2018, 01:18:00 PM IST
European shares slide as US-China trade dispute ramps up
European stocks fell in early trading as an escalation in the US-China trade dispute looked set to bring a six-session winning streak to an end. The pan-European STOXX 600 index was down 1%, while Germany’s export-heavy DAX fell 1.2% and Britain’s FTSE declined 1%. All European sectors were in negative territory, with those most exposed to action on tariffs took the most points off the STOXX. Basic resources was down 2.6% and autos down 1.5%.(Reuters)
11 Jul 2018, 12:36:00 PM IST
Oil falls on trade fears after Trump’s tariff threat
Oil prices fell on Wednesday, with Brent dropping by more than $1 at one point, after U.S. President Donald Trump threatened to levy new trade tariffs on China. The spectre of tariffs on a further $200 billion worth of Chinese goods sent commodities lower along with stock markets, as trade tensions between the world’s two biggest economies intensified. Brent crude futures were down 65 cents, or 0.8%, at $78.21 a barrel, having fallen to as low as $77.60. US crude was down 43 cents, or 0.6%, at $73.68.
11 Jul 2018, 12:13:00 PM IST
Shares of copper, zinc companies fall as metal prices slump
Shares of Indian copper, zinc, and aluminium companies declined as much as between 2.9% and 4.3% as copper and zinc prices slumped to their weakest in about a year, while prices of other metals sank after fresh US tariff threat.Hindustan Zinc Ltd fell 4.34%, its biggest intraday percent drop since 26 June. Shares of Hindalco Industries Ltd slipped as much as 3.3% to Rs221.50, their biggest intraday percent fall since 2 July. Vedanta Ltd shares were down as much as 3.5%. National Aluminium Co. Ltd shares slid 2.9%. Nifty Metal index was down as much as 3%, its biggest intraday drop since 2 July.Three-month copper on the London Metal Exchange drops as much as 3.8% to $6,092.50 a tonne, its lowest since 25 July 2017. On Shanghai Futures Exchange, most-traded copper falls as far as 47,800 yuan ($7,175) a tonne, weakest since 23 June 2017.(Reuters)
11 Jul 2018, 11:55:00 AM IST
Sensex inches closer towards all-time high: 10 updates
Despite the Sensex nearing its all-time high, the broader markets, midcap and smallcap stocks, have suffered a sharp correction this year
Adani Group stocks gained after PTI reported that Adani emerged as the top bidder for gas retailing licences eyeing 52 cities. Adani Enterprises Ltd rose 8%, Adani Power Ltd 6%, Adani Green Energy rose 1.5%.
11 Jul 2018, 10:44:00 AM IST
MCX India shares rise 5% on merger talks
Shares of Multi Commodity Exchange of India Ltd rose 5% to Rs 811 after Economic Times reported that NSE appointed Morgan Stanley as adviser, while MCX names JPMorgan to help with exploratory deal talks.
11 Jul 2018, 10:25:00 AM IST
IndusInd Bank Q1 results underscore its premium valuation
But why did IndusInd Bank share prices fall marginally after the Q1 results were announced?
BSE Sensex traded higher by 35.52 points, or 0.10%, to 36,275.14, while the Nifty 50 edged up 7.20 points, or 0.07%, to 10,954.45.
11 Jul 2018, 09:37:00 AM IST
IDBI Bank shares jump 10% on LIC deal
IDBI Bank Ltd rose 9.96% to Rs 58.50 after PTI reported that Life Insurance Corp. of India will make an open offer to minority shareholders of IDBI Bank in which it proposes to acquire up to 51% equity. The state-owned life insurer will approach market regulator Sebi after getting approval from its board for acquiring stake in the state-owned bank.
11 Jul 2018, 09:30:00 AM IST
TCS shares rise 2% after Q1 earnings
Shares of Tata Consultancy Services Ltd rose 2% to Rs1,910 after the company reported better than expected earnings. TCS net profit rose 1.1% to $1.08 billion in the June quarter from $1.07 billion in the preceding three months, while operating margin narrowed 40 basis points to 25% from 25.4% in the January-March period.
11 Jul 2018, 09:23:00 AM IST
PNB Housing Finance shares rise 4% over stake sale
Shares of PNB Housing Finance Ltd rose 4% to Rs 1,232.90 after the company on Tuesday said Punjab National Bank and US private equity investor the Carlyle Group are in the process of selling at least 51% stake in the mortgage lender. Selling the entire stake will fetch Punjab National Bank a little over ₹6,500 crore, going by PNB Housing’s market capitalization of ₹19,957 crore on Tuesday.
11 Jul 2018, 09:18:00 AM IST
Sensex, Nifty edge lower in opening trade
BSE Sensex traded lower by 32.98 points, or 0.09%, to 36,206.64, while the Nifty 50 edged down 7375 points, or 0.07%, to 10,939.50.
11 Jul 2018, 09:13:00 AM IST
Rupee trades flat against US dollar
The Indian rupee on Wednesday was trading little changed against the US dollar in opening trade. At 9.12am, the rupee was trading at 68.83 a dollar, down 0.01% from its previous close of 68.82. The currency opened at 68.79 a dollar. The 10-year bond yield stood at 7.895%, from its Tuesday’s close of 7.899%. So far this year, the rupee has weakened 7.2%, while foreign investors have sold $827.90 million and $6.23 billion in equity and debt markets, respectively.
11 Jul 2018, 08:45:00 AM IST
Opening bell: Cues to look out for before trading today
■ Asian stocks retreated in morning trade after the US warned of imposing tariffs on more Chinese goods. Overnight, US stocks closed with gains on strong earnings, with S&P 500 rising 0.35% to 2,793. ■ Tata Consultancy Services Ltd kicked off the fiscal first-quarter earnings season by reporting its fastest sequential growth in four years, reports Mint. In constant currency terms, June quarter revenue rose 4.1% from the preceding three months.■ The National Stock Exchange (NSE) and Multi Commodity Exchange of India (MCX) have held exploratory talks to combine their operations and provide a one stop shop for trading all kinds of products, reports The Economic Times.■ Life Insurance Corp. of India Ltd may not be given any relaxation from the Sebi’s takeover code norms and will have to make an open offer to the stakeholders of the IDBI Bank, reports Business Standard.■ The board of Axis Bank Ltd has shortlisted names of three candidates to succeed managing director and chief executive officer (CEO) Shikha Sharma once she demits office in December.■ PNB Housing Finance Ltd said Punjab National Bank and US private equity investor the Carlyle Group are in the process of selling at least 51% stake in the mortgage lender. Ends(R. Sree Ram/Mint)