Share markets close flat3 min read . Updated: 13 Jun 2019, 03:39 PM IST
- Jet Airways shares slumps 23%
- Shares of debt-heavy firms tumble, drag lenders too
After breaking its three-day rising streak to end 194 points lower yesterday, the stock markets closed flat today. Sensex settles 15.45 points lower at 39,741.36 while Nifty inched up 7.85 points to 11,914.05.
Rana Kapoor tweeted that he was not looking to make a comeback to the Yes Bank's board.
India's sugar production could fall as much as 15% in 2019/20 from the year before as severe drought hits a key growing region, industry sources told Reuters.
Indiabulls Housing Finance Ltd on Thursday said a writ petition alleging financial misdeeds against the mortgage lender had been withdrawn, sending shares nearly 8% higher.
Shares of India's top software services exporter Tata Consultancy Services (tcs) Ltd gained nearly 1% to a record high of ₹2,282.70.
Yes Bank Ltd lost its place in the list of the country’s 10 most valued lenders in terms of market capitalisation after foreign brokerage firm UBS India has cut its target price by over 47%.
Nifty Midcap 100 index is currently trading at a one-year forward price-to-earnings multiple of 15 times, lower than the 18 times of the Nifty50 index. Also, so far in this calendar year, the midcap index continues to underperform the largecap index.
Debt-heavy stocks such as Jet Airways India Ltd slumped 15% after National Stock Exchange of India (NSE) said on Wednesday it will remove the company from daily trading of futures and options, effective 28 June, citing the embattled carrier’s failure to respond to queries about persisting rumours in the market.
Shares of debt-laden companies on Thursday fell, dragging banks on fears of their possible exposure to these companies. The selling pressure was also due to corporate credit rating downgrades and recent resignations by auditors of several companies.
L&T, TCS, Axis Bank, Bharti Airtel, Asian Paints and Bajaj Finance rose up to 1.20%.
IndusInd Bank, Sun Pharma, Vedanta, Tata Steel, Infosys, Hero MotoCorp, Bajaj Auto and Tata Motors fell up to 5.75 per cent.
Yes Bank was the worst performer in the Sensex pack, cracking up to 8.73 per cent, after Moody's placed the private sector lender's ratings under review for a possible downgrade.
Adani Enterprises has received the go-ahead to start construction of a controversial coal mine in outback Australia, after a state government approved a final permit on ground water management.
The rupee was trading little changed against US dollar tracking mixed Asian currencies. At 9.12am, the rupee traded at 69.34 a dollar, up 0.02% from its previous close of 69.35. The Indian currency had opened at 69.37 a dollar.
Oil prices fell for a second day on Thursday, extending declines of as much as 4% in the previous session, on continued increases in U.S. crude stockpiles and concerns about lower demand growth.
Government 10 year bond yield on Thursday fell for third session in a row after core inflation and headline inflation remained below the Reserve Bank of India's 4% target stocking greater monetary easing ahead.
Shares of Tata Motors are likely to be in focus today as Jaguar Land Rover Ltd, its UK subsidiary of Tata Motors Ltd showed a 12.2% sales decline in May, twelfth consecutive month of falling sales for the luxury carmaker.
Asian markets fell again Thursday with Hong Kong suffering a second straight day of heavy losses as investors fret over the impact of protests in the city and plans to introduce a controversial law allowing extradition to China.