9 min read.Updated: 11 Dec 2018, 06:28 PM ISTNirav Vyas
The BSE Sensex closed 190.29 points up at 35,150.01 and the Nifty 50 ended 60.70 points higher at 10,549.12. Here are the latest updates from the markets
Mumbai: Benchmark Indian indices BSE Sensex and NSE’s Nifty 50 recovered early losses led by IT and healthcare stocks as investors digested BJP’s poor performance in assembly elections. Latest trends in Assembly election results showed the Congress leading in Madhya Pradesh, Rajasthan and Chhattisgarh—three states where BJP was in power. Markets initially plunged over 1% in reaction to Reserve Bank of India Governor Urjit Patel’s unexpected resignation late on Monday.“Market continued to trade on a negative bias due to global growth concerns and widening fiscal deficit. The initial set of results was good but as the season progressed companies are struggling to maintain a decent operational efficiency due to rising input costs, interest rates and depreciation in INR. And if the global volatility continues investors will be more focused on haven assets like gold & bonds,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.In global markets, stocks were mixed, with European shares rallying while U.S. futures and Asian shares slipped. Oil prices were under pressure amid worries over global stock markets and doubts that planned output cuts led by producer club OPEC will be enough to rein in oversupply.. Here are the latest updates from the markets:
11 Dec 2018, 03:37:00 PM IST
Closing bell: Sensex, Nifty rebound after falling over 1%
The BSE Sensex closed 190.29 points, or 0.54%, up at 35,150.01 and the Nifty 50 ended 60.70 points, or 0.58%, higher at 10,549.12. Outperforming the benchmark Sensex, the BSE mid- and small-cap indices gained 1.54%.All the sectoral indices on BSE, except oil and gas, posted gains, with consumer durables rising most at 2.6%. Healthcare, consumer discretionary goods, FMCG, IT and teck rose between 1% and 1.95%.
11 Dec 2018, 03:35:00 PM IST
Nifty sectoral indices
11 Dec 2018, 03:33:00 PM IST
Sensex close higher after 780-point swing
11 Dec 2018, 03:15:00 PM IST
Banks, NBFCs rebound on hopes of easing norms after Patel’s exit
Nifty PSU Bank rose 2.3%, while Nifty Private Bank was trading flat. The 50-share Nifty index rose 0.6%https://t.co/VtHawHjz5Q
Airtel Niger gets office closure office from local tax dept
Bharti Airtel said that General Tax Directorate of Niger has ordered the closure of the offices of Airtel Niger, seeking tax amounts that have been disputed by Airtel Niger. Bharti Airtel shares traded 1.1% down at Rs 291.05 per share.
11 Dec 2018, 02:11:00 PM IST
Where is the wrath of the markets?
The markets seem to have shrugged off the surprise resignation of RBI chief Urjit Patel. Nifty is up while bond yields have also fallen.https://t.co/i9yLGWy7ay
The BSE Sensex traded 148.46 points, or 0.42%, up at 35,108.18, and the Nifty 50 was up 68.85 points, or 0.66%, to 10,557.30. The BSE midcap and smallcap indices were up 1.35% and 1.02%, respectively. Sixteen out of 19 sectoral indices traded in green with FMCG, healthcare, consumer durables, IT and teck rising 1.5% to 1.9%.
11 Dec 2018, 01:20:00 PM IST
New RBI governor to be named soon: Finance secretary
The government is likely to make an announcement regarding Urjit Patel’s successor as Reserve Bank of India’s Governor later in the day, Finance Secretary A N Jha said. RBI has been rendered headless following Patel’s unexpected resignation, with immediate effect, on Monday. Speaking to reporters, Jha said, some communication from the government on RBI is expected.
11 Dec 2018, 12:45:00 PM IST
Kridhan Infra CFO resigns, shares up 2%
Kridhan Infra Ltd said that Ashok Goyal has resigned as CFO of the company, effective December 11. Shares traded 1.98% up at Rs 46.45 per share.
11 Dec 2018, 12:38:00 PM IST
Markets recover, but analysts cautious on Urjit Patel’s exit
The BSE Sensex traded 48.78 points, or 0.14%, down at 34,910.94, and the Nifty 50 was down 17.60 points, or 0.17%, to 10,470.85. Intraday, the Sensex fell as much as 533.43 points to 34,426.29 and the Nifty 50 fell 154.6 points to 10,333.85.Outperforming the benchmark index, the BSE midcap and smallcap indices 0.95% and 0.49%, respectively. Among the sectoral indices on BSE, IT, healthcare, teck and FMCG advanced, while energy, oil and gas, utilities, telecom and finance declined.
11 Dec 2018, 11:19:00 AM IST
Early trends show Congress leading in MP, Rajasthan, Chhattisgarh; TRS leads in Telangana
Morning trend signalled a huge win for TRS in Telangana, with its candidates leading in 90 constituencies. In Mizoram, Mizo National Front (MNF) candidates were leading in 23 seats. In Chhattisgarh, the Congress was leading in 16 seats, and the ruling BJP in four constituencies. In Rajasthan, the Congress was ahead in 89 seats, while the ruling BJP was leading in 62 constituencies. PTI
11 Dec 2018, 11:08:00 AM IST
Dr Reddy’s shares rise on new drug launch in US
Dr Reddy’s Laboratories Ltd said that it has launched Omeprazole delayed-release tablets, 20 mg in the US market. Shares traded 0.76% up at Rs 2,710 per share.
11 Dec 2018, 10:37:00 AM IST
Strides Pharma shares rise over 1% on drug approval
Strides Pharma Science Ltd said its Singapore JV, Strides Vivimed Pte. Ltd, has received approval for Albendazole tablets USP 200 mg from the USFDA. Albendazole tablets is a generic version of Albenza tablets® of Amneal Pharmaceuticals Inc. According to IQVIA MAT data, the US market for Albendazole Tablets USP 200 mg is approximately US$ 100 million. Strides Pharma shares rose as much as 1.7% to Rs 438 per share.
11 Dec 2018, 10:20:00 AM IST
Nifty Bank index down nearly 2%
Shares of private banks traded lower after Reserve Bank of India’s governor Urjit Patel resigned on Monday. The Nifty Bank Index was down 1.65%, with HDFC Bank and ICICI Bank losing over 2%.
11 Dec 2018, 10:05:00 AM IST
Economist Surjit Bhalla quits PM Modi’s advisory council
Indian economist Surjit Bhalla resigned from Prime Minister Narendra Modi’s economic advisory council effective December 1, a spokesman in Modi’s office said on Tuesday. News about Bhalla’s resignation comes a day after the Reserve Bank of India’s governor Urjit Patel quit abruptly after a months-long tussle over policy with the government. Modi formed the council late in 2017 to address issues of macroeconomic importance. The spokesman said Bhalla planned to join another organisation. Bhalla was not available for comment. Reuters
11 Dec 2018, 09:53:00 AM IST
Yes Bank shares up 5%
Yes Bank shares traded 4.54% up at Rs 172.85 per share. Intraday, the stock rose as much as 4.9% to Rs 173.45 per share. The Yes Bank stock was the top gainer on the 30-shares Sensex.
11 Dec 2018, 09:44:00 AM IST
Nifty sectoral indices
11 Dec 2018, 09:32:00 AM IST
Top gainers and losers on the Sensex
The BSE Sensex traded 452.35 points, or 1.29%, down at 34,507.37, and the Nifty 50 fell 137.65 points, or 1.31%, to 10,350.80. The BSE midcap and smallcap indices fell 0.6% and 0.73%, respectively. All the sectoral indices on BSE traded lower with energy, finance, telecom, auto, bankex and oil and gas losing over 1%.
11 Dec 2018, 09:20:00 AM IST
Sensex, Nifty trade lower
The BSE Sensex opened at 34,584.13, and hit a low of 34,458.56, down 501.16 points. The Nifty 50 opened at 10,350.05, and fell 153.35 points to a low of 10,335.10.
11 Dec 2018, 09:05:00 AM IST
Rupee slumps 1.5% against US dollar
The Indian rupee (INR) fell sharply against the US dollar (USD) today after the shock exit of RBI governor Urjit Patel, who announced his resignation on Monday. The rupee was trading at 72.46 against the US dollar, down 1.5%, as compared to yesterday’s close of 71.32. The 10-year government bond yield rose to 7.71%. Read more
11 Dec 2018, 08:57:00 AM IST
Congress ahead in Rajasthan; Close fight in MP, Chhattisgarh
Exit RBI governor Urjit Patel, enter wrath of the markets?
“Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution,” RBI deputy governor Viral Acharya said less than two months ago. Since then, there has been a furious debate about the independence of the central bank. News reports had suggested that RBI governor Urjit Patel will resign in protest against attempts to influence RBI’s policies.That day has come. While Patel has officially said he is quitting because of personal reasons, the acrimony between RBI and the government on policy matters has left little to the imagination.For investors, especially those from foreign shores, interfering with central bank independence is a touchy subject. It’s little wonder the rupee fell by 1.6% in non-deliverable forward (NDF) markets overseas. The three-month NDF rate now predicts the rupee to weaken to as much as 73.20 to a dollar from 71 last week. American Depository Receipts (ADRs) of HDFC Bank Ltd and ICICI Bank Ltd fell 6%, signalling a sharp correction when India’s equity markets resume trading on Tuesday. Read more
11 Dec 2018, 08:15:00 AM IST
What analysts say about Urjit Patel’s resignation
PineBridge: “Our immediate concern is that if the resignation was influenced by the government’s interference with the central bank’s independence, it would obviously have very damaging consequences for RBI’s credibility,” said Anders Faergemann, a fund manager at PineBridge Investments in London “Policymakers would need to address immediately to avoid a sharp market correction.”FirstRand: “Markets are going to react very negatively to this news,” said Paresh Nayar, Mumbai-based head of currency and money markets at FirstRand. “It’s not a good outcome at all.”BNP Paribas Asset: “There is a risk that the rates rally is now behind us, especially if oil prices are rebounding,” says Jean-Charles Sambor, deputy head, emerging-market debt “The medium-term outlook will be driven by how credible the replacement is and the relationship with the finance ministry.”Macquarie Capital Securities: Resignation will be taken negatively by markets as they would have expected continuity till the general elections, says Suresh Ganapathy, head of financial sector research “The government will also have to appoint a new RBI Governor, which will not be easy. Continuity of policy, which is important for a system perspective, will be in a limbo.”NSP Treasury Risk Management: Stock and currency markets will be extremely volatile Tuesday, tracking the global markets which are already correcting lower, says Param Sarma, chief executive at Mumbai-based forex broker. “There’s a chance of INR testing 72.80 before a recovery can set it; the Sensex may see a 1,000-point slide” from Monday’s close of 34,959.72 “In the circumstances, intervention from the RBI cannot be expected and the rupee’s depreciation may be sharper if state election results, by any chance, indicate an anti-Modi view.”Independent banking analyst ( Hemindra Hazari): “It signifies a lot of turbulence, a lot of pressure on him, so he probably resigned as a protest. Or he has been made to resign, one of the two.” “Immediately there will be a negative impact, but everything will come back to normal eventually.”Acquarius Investment Advisors: The development could bring some downside for the rupee, but the currency won’t dive because of this, says A.S. Thiyaga Rajan, a senior managing director. Bloomberg
11 Dec 2018, 08:06:00 AM IST
Sensex, Nifty fell 2% on Monday
The Sensex closed at 34,959.72 points, down 713.53 points or 2%, while the Nifty closed at 10,488.45, down 205.25 points or 1.92%. On Tuesday, the SGX Nifty futures 170 points lower.
Gold prices held steady early on Tuesday, supported by hopes that the U.S. Federal Reserve could pause its rate hike cycle sooner than previously thought, but a stronger dollar amid Brexit worries weighed on the precious metal. Spot gold was steady at $1,244.71 per ounce, as of 0114 GMT. US gold futures were little changed at $1,250.1 per ounce.Oil prices remained on shaky ground on Tuesday after sliding by 3 percent the previous day, pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply. US West Texas Intermediate (WTI) crude futures were at $51 per barrel at 0028 GMT, unchanged from their last close. International Brent crude oil futures had yet to trade.Metals: London base metals recouped some of Monday’s losses in early trade on Tuesday, lifted by a weakening dollar, although poor economic data from top metals consumer China and ongoing Sino-U.S. trade friction capped gains at around half a percent. Three-month LME copper rose by 0.5% to $6,122 a tonne, after shedding 0.9% in the previous session. The most-traded February copper contract in Shanghai was flat at 49,070 yuan ($7,139.22) a tonne. LME aluminium, zinc and lead all added around 0.5%. Reuters
11 Dec 2018, 07:33:00 AM IST
Asian stocks trim losses after US-China talks
Asian stocks pared losses Tuesday after further discussions on trade between the U.S. and China. Benchmarks fell in Japan, fluctuated in South Korea and Hong Kong, and ticked higher in China. Shares climbed from intraday lows after a statement saying Chinese Vice Premier Liu He discussed the timetable for trade talks with U.S. Treasury Secretary Steven Mnuchin by phone. U.S. futures pared losses. Earlier, the S&P 500 Index recovered from the lowest intraday level since April to finish higher.The MSCI Asia Pacific fell 0.1 percent as of 10:40 a.m. in Tokyo. Japan’s Topix index fell 0.3 percent. Australia’s S&P/ASX 200 Index rose 0.4 percent after reaching a two-year low. Hong Kong’s Hang Seng Index was little changed. S&P 500 futures fell 0.1 percent. The S&P 500 Index rose 0.2 percent at the close of trading in New York Monday. Bloomberg