RBI defends 72 a dollar mark strongly, say dealers https://t.co/q2eGrQsDqO— Livemint (@livemint) September 7, 2018
Closing bell: Sensex gains 147 points, Nifty settles at 11589, auto stocks rally
BSE Sensex closed 147.01 points up at 38,389.82, while the Nifty 50 ended 52.20 points higher at 11,589.10. Here are the highlights from the markets
- 3.39 pm ISTClosing bell: Sensex, Nifty settle higher
- 3.08 pm ISTSun Pharma says USFDA issues six observations, shares trim losses
- 2.35 pm ISTGovt to unveil electric vehicle policy soon, says PM Modi
- 2.13 pm ISTRBI defends 72 a dollar mark strongly, say dealers
- 1.30 pm ISTMotherson Sumi board approves bonus shares
- 1.27 pm ISTThe elephant in the room for markets this week is US-China trade war
- 1.17 pm ISTEuropean stocks ahead at open
- 12.53 pm ISTHDFC Bank raises MCLR across all tenors by 20 bps
- 12.40 pm ISTLights dim at Varroc as Street unimpressed
- 12.03 pm ISTHCL Tech appoints CFO
- 11.06 am ISTBajaj Auto shares rise over 3%
- 10.23 am ISTBlood bath will continue in aviation sector
- 9.57 am ISTReliance Naval shares fall 4% on IDBI Bank move
- 9.43 am ISTInfosys shares trade flat
- 9.32 am ISTICRA sees caution in money market on IL&FS default
- 9.23 am ISTSun Pharma shares fall 5% on report of USFDA observations
- 9.20 am ISTBanking stocks trade lower
- 9.15 am ISTCommodity corner: Gold prices extend gains, oil stable
- 9.11 am ISTRupee trades little changed against US dollar
- 9.07 am ISTInfosys inks JV with Singapore’s Temasek
- 9.03 am ISTOpening bell: Cues to look out for before trading today
- Mumbai: BSE Sensex and NSE’s Nifty 50 gained for the second session on Friday led by gains in auto, telecom and metal stocks. In global markets, a slump in US chip stocks and reports that President Donald Trump had also weighed a trade scrap with Japan dragged on tech-heavy Asia overnight, while Europe’s main bourses faded after initial gains. Meanwhile, FIIs sold shares worth a net of Rs 455 crore on Thursday, while DIIs purchased equities worth Rs 611.98 crore, provisional data showed. Oil prices steadied as a rise in stocks of refined petroleum products offset a big fall in US crude inventories to the lowest level since 2015. Investors will be closely watching a US employment report due later in the day for cues on the pace of interest rate hikes by the Fed. Here are the highlights from the markets:
- 3.39 pm IST Closing bell: Sensex, Nifty settle higherBSE Sensex closed higher by 147.01 points, or 0.38%, to 38,389.82, while the Nifty 50 rose 52.20 points, or 0.45%, to close at 11,589.10. Outperforming the benchmark Sensex, BSE MidCap and SmallCap gained 1.15% and 0.55%, respectively.For the week, the Sensex fell 25.25 points, or 0.66%, and the Nifty 50 was down 91.40 points, or 0.78%.All the sectoral indices on BSE, except bankex, finance and power, ended with gains led by telecom, which rose 3.35%, followed by auto 2.07%, metal 1.96% and basic materials 1.36%.Hero MotoCorp, Bajaj Auto, Bharti Airtel, Mahindra and Tata Steel were among the top gainers, whereas Yes Bank, Adani Ports, Sun Pharma, Power Grid and SBI were among the major losers.
- 3.08 pm IST Sun Pharma says USFDA issues six observations, shares trim lossesSun Pharma said that the USFDA issued a Form 483 with six observations after the conclusion of an inspection of the company’s Halol facility in Gujarat from 27 to 31 August. Sun Pharma shares traded 1.38% down at Rs 667.30. In intraday trade, the stock fell as much as 5.27% to Rs 640.95.
- 2.35 pm IST Govt to unveil electric vehicle policy soon, says PM ModiPrime Minister Narendra Modi on Friday promised global technology and automobile companies a stable policy regime to make India a pioneer in electric mobility. Addressing industry executives at Move, a global summit in the capital organised by policy think tank Niti Ayog here, Modi said that India will do whatever it takes to usher in electric mobility in a big way as it holds immense promise for economic growth and ease of living. Read more
- 2.13 pm IST RBI defends 72 a dollar mark strongly, say dealersAfter briefly slipping to 72.04 a dollar in early trade, the Indian rupee stayed above the 72 mark for most of the day with RBI selling dollars whenever the unit came close to the psychological level
- 1.27 pm IST The elephant in the room for markets this week is US-China trade warPresident Donald Trump is said to be ready to push ahead with tariffs on $200 billion of Chinese imports after the deadline for public input ends Thursday, a move that could rattle markets from US stocks to emerging markets and offset some of the American economy’s long strides forward. Here are some of the markets that have taken it on the chin as trade tensions mounted over the past few months and may be vulnerable as protectionism ramps up: Read more
- 1.17 pm IST European stocks ahead at openEurope’s stock markets advanced in opening trade on Friday, with London’s benchmark FTSE 100 index up 0.1 percent at 7,326 points. In the eurozone, Frankfurt’s DAX 30 gained 0.4 percent to 11,960.10 points and the Paris CAC 40 won almost 0.2 percent to 5,252.98 compared with Thursday’s close. AFP
- 12.40 pm IST Lights dim at Varroc as Street unimpressedVarroc’s quarterly performance does not justify its expensive valuation of 29 times its one-year forward earnings estimate
Varroc Engineering's June quarter performance did not enthuse investors. Higher input costs and expansions overseas took a toll on June quarter marginshttps://t.co/OE9WsxUmn3 @VatsalaKamat pic.twitter.com/rIEgB7u1IY— Mint Mark to Market (@livemint_m2m) September 7, 2018
- 12.03 pm IST HCL Tech appoints CFOHCL Technologies Ltd announced the appointment of Prateek Aggarwal as its CEO, effective 1 October. Aggarwal succeeds Anil Chanana, who will step down as CFO and will retire from the company on 31 December. HCL Tech shares traded 1.30% lower at Rs 1072.Aggarwal has over 27 years of industry experience in finance, including stints in Hindustan Unilever, GECIS/Genpact among others. This is his second innings in HCL Technologies with the first one being in 2005-2008.
- 11.06 am IST Bajaj Auto shares rise over 3%Bajaj Auto rose 3.9% to Rs 2872 after the company announces that it will enhance its production capacities of three-wheeler and quadricycles to one million per year. This announcement comes on grounds of Minister for Transport Nitin Gadkari’s announcement at the SIAM convention to move to a “no-permit” regime for auto rickshaws powered by alternate fuels. The company says it is the market leader with 86 percent market share in the alternate fuel three-wheelers
- 10.23 am IST Blood bath will continue in aviation sectorPerformance may deteriorate further in the current quarter, which is anyway a lean one, because of the deadly combination of high crude oil prices, rupee depreciation and inability of airlines to raise fares adequately
Performance may deteriorate further in the current quarter, which is anyway a lean one, because of the deadly combination of high crude oil prices, rupee depreciation and inability of airlines to raise fares adequatelyhttps://t.co/3kI3RV7wiU— Livemint (@livemint) September 7, 2018
- 9.57 am IST Reliance Naval shares fall 4% on IDBI Bank moveReliance Naval fell 4% to Rs 15.50 after IDBI Bank Ltd has approached the dedicated bankruptcy court against Reliance Naval and Engineering Ltd for defaulting on loans totaling more than ₹1,250 crore. Reliance Naval owes a total of ₹5,349.17 crore to its lenders as on March 2018. Read more
- 9.43 am IST Infosys shares trade flatInfosys shares traded 0.13% down at Rs 727. In early trade, the stock hit a high of Rs 737 and a low of Rs 724.75. Infosys said it formed a joint venture with Singapore state investor Temasek as it expands its presence in Southeast Asia. Infosys will take a 60% stake in the joint venture and Temasek will hold 40%, Infosys said in a statement.
- 9.32 am IST ICRA sees caution in money market on IL&FS defaultIL&FS Financial Services couldn’t repay some of its commercial papers on due date, though the company later settled the debt on August 31, an exchange filing showed on Thursday.
ICRA sees caution in money market on IL&FS default https://t.co/yo4VyXbM7t— Livemint (@livemint) September 7, 2018
- 9.15 am IST Commodity corner: Gold prices extend gains, oil stableGold: Gold prices extended gains on Friday as the dollar fell against the yen after a report suggested that US President Donald Trump would next take up trade issues with Japan, while investors feared a new round of Sino-US tariffs could come at any moment. Spot gold was up 0.2 percent at $1,202.14 as of 7.49am, after it hit a near one-week high on Thursday at $1,206.98, and headed for a third straight session of gains. US gold futures rose 0.3 percent to $1,208.0 an ounce. Gold has tumbled more than 12 percent from a peak of $1,365.23 in April.Oil: Oil prices were stable on Friday, as the market balanced a fall in U.S. crude inventories to the lowest levels since 2015, with Sino-American trade tensions and economic weakness from emerging markets. US WTI crude futures were at $67.79 per barrel at 8.30am, up just 2 cents from their last settlement. International Brent crude futures dipped 4 cents to $76.46 a barrel.Metals: London copper slid on Friday with the market facing a second week of losses on concerns about demand, as a trade war between the United States and top metals consumer China intensifies. Three-month copper on the London Metal Exchange eased 0.2 percent to $5,916 a tonne by 8.30am. For the week, LME copper is down 1 percent while the market in Shanghai has given up 1.6 percent. Reuters
- 9.11 am IST Rupee trades little changed against US dollarThe Indian rupee opened marginally higher but soon erased all the gains and was trading little changed against US dollar, tracking mixed Asian currencies. At 9.08am, the rupee was trading at 71.99 a dollar, down 0.01% from its Thursday’s close of 71.99. It opened at 71.92 per dollar and touched a low of 72.04. The rupee in the last session hit an all-time low of 72.11 in intraday. So far this year, the rupee has weakened 11%, while foreign investors have sold $305.10 million and $6.15 billion in equity and debt markets, respectively.
- 9.03 am IST Opening bell: Cues to look out for before trading today■ US stocks mostly fell on Thursday as tech shares added to steep losses seen in the previous session while global trade fears lingered. Asia markets were lower in the morning of the last trading day of the week, amid a possible escalation in the US-China trade war later today.■ IDBI Bank Ltd has approached the dedicated bankruptcy court against Reliance Naval and Engineering Ltd for defaulting on loans totaling more than ₹1,250 crore.■ Aurobindo Pharma Ltd has agreed to buy the dermatology business and three manufacturing units of Sandoz, the generics unit of Swiss drug maker Novartis, for as much as $1 billion, the Indian company said, in a deal that makes it the second-largest maker of generic prescription drugs in the US.■ Tata Housing and Development Co. Ltd is beset by employee exits as it attempts to consolidate and streamline its businesses and trim its residential portfolio, six months after Tata Sons announced its planned merger with Tata Realty and Infrastructure Ltd.■ South India-focused developer Prestige Estates Projects Ltd is set to enter the national capital region with two projects this financial year, said Venkat K. Narayana, the chief executive of the real estate firm.■ The government’s efforts to sell a $1.6 billion stake in Oil & Natural Gas Corp. has run into concerns that government policies on fuel pricing would weigh on the state-run explorer’s share price, according to people with knowledge of the situation.■ Farm and construction equipment manufacturer Escorts Ltd launched an automated concept tractor , designed for precision farming. Harsha Jethmalani/MintWith inputs from Reuters
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