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Business News/ Markets / Stock Markets/  Sensex ends at record high led by banks, gains 314 pts; Nifty closes at 12,874
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Sensex ends at record high led by banks, gains 314 pts; Nifty closes at 12,874

Sensex gained 314 points to end at record high of 43,952 after crossing 44,000 in early session, while Nifty closed at 12,874. Tata Steel was the leader in the metals pack, gaining 6%

Sensex, Nifty close at record highs on Tuesday.Premium
Sensex, Nifty close at record highs on Tuesday.

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17 Nov 2020, 03:46:20 PM IST

Markets end at record high

Sensex gained 314 points to end at record high of 43,952.71 after crossing 44,000 in early session, while Nifty closed at 12,874. Banks, financials and banks were the lead gainers.

Tata Steel was the best gainer in the metals pack, surging 6%.

On the Nifty, 30 stocks advanced, 19 declined and one was unchanged.

Sentiment was boosted after a second major coronavirus vaccine propelled stocks globally and put Europe on course for its best month in nearly three decades.

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17 Nov 2020, 03:34:52 PM IST

Sensex, Nifty end higher

17 Nov 2020, 03:24:56 PM IST

Indian oil firms need to bring in foreign players to unlock resources: Pradhan

India's oil minister Dharmendra Pradhan asked exploration companies to consider farming out their acreages to global players with advanced technology to expedite development and raise oil and gas output.

India, the world's third biggest oil importer and consumer, depends on foreign purchases for over 80% of its oil needs. The nation's oil and gas output has been stagnant for years, forcing it to raise reliance on imports to meet rising fuel demand.

17 Nov 2020, 03:19:42 PM IST

Bank Nifty up 2% led by SBI, HDFC Bank

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17 Nov 2020, 03:13:18 PM IST

Pfizer sues Aurobindo Pharma, Dr Reddy's in US court over cancer drug

Pfizer Inc and its group companies filed a petition in a US court against Aurobindo Pharma Ltd and Dr Reddy's Laboratories alleging that the Indian drug makers were planning separately to come out with generic versions of its blockbuster multi-billion dollar drug Ibrance (palbociclib) before expiration of its patent.

Pfizer filed the possible patent infringement case against Aurobindo Pharma in the United States District Court for the District of Delaware and Dr Reddy's in the New Jersey court.

17 Nov 2020, 03:13:18 PM IST

TCS to build investment insights solution for capital markets industry

Tata Consultancy Services announced on Tuesday that it is developing an investment insights solution, leveraging SAP Business Technology Platform, for the capital markets industry. The solution uses artificial intelligence techniques and TCS intellectual property such as Automated Data Discovery and Machine Learning-based Data Quality Management tools to help investment management firms enhance their portfolio decisioning

17 Nov 2020, 03:02:06 PM IST

BSE Midcap up 1%

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17 Nov 2020, 02:56:13 PM IST

Goldman Sachs revises India’s FY21 GDP target, expects 10.3% contraction

Goldman Sachs now expects India’s FY21 GDP to contract 10.3% against earlier expected 14.8% contraction. It sees GDP growth rebounding to 13% in FY22

17 Nov 2020, 02:46:10 PM IST

RBI appoints Kris Gopalakrishnan as chairperson of its innovation hub

Senapathy (Kris) Gopalakrishnan, co-founder and former co-chairman of Infosys, has been appointed as the first chairperson of the Reserve Bank Innovation Hub.

In August, the central bank had announced that it will set up the Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation.

17 Nov 2020, 02:41:14 PM IST

Most Asian markets end higher

Most Asian markets ended firm on Tuesday on news that another vaccine candidate appeared to be effective against the coronavirus.

Japan's Nikkei 225 closed 0.4% higher, Hong Kong's gained 0.1% and Australia ASX gained 0.2%. However, Shanghai Composite ended 0.2% lower.

17 Nov 2020, 02:29:01 PM IST

Tata Steel says post Brexit, UK govt more likely to support Port Talbot plant

Tata Steel will focus on making its operations in the UK self-sustaining post Brexit, the company’s management said, even as it is in negotiations with SSAB Sweden to divest the rest of its European business in the Netherlands.

17 Nov 2020, 02:20:00 PM IST

Coronavirus situation remains very serious in Germany: Angela Merkel

The coronavirus situation in Germany is still very serious even though infection numbers are not rising so fast, Chancellor Angela Merkel said on Tuesday, after federal and state leaders postponed until Nov. 25 a decision on further lockdown measures.

17 Nov 2020, 02:10:51 PM IST

European shares slip

European stocks eased from eight-month highs on Tuesday as tighter coronavirus restrictions across the continent halted a market rally that was powered by encouraging COVID-19 vaccine updates.

The pan-European STOXX 600 index slipped 0.1% by 0808 GMT. It closed at it highest level since Feb. 27 on Monday after positive data from drugmaker Moderna's COVID-19 vaccine.

17 Nov 2020, 02:00:16 PM IST

Council to discuss tightening of GST registration norms

A panel of officials attached to the Goods and Services Tax (GST) Council will on Wednesday discuss further tightening of the way GST registration is issued to businesses to check tax evasion, said a government official.

The law committee of the Council will thrash out amendments to the GST law needed to prevent frauds involving fake invoices, said the official, requesting anonymity. Law committee is a panel of central and state officials which examines legal aspects of GST before Council members consider it. (Read here)

17 Nov 2020, 01:46:19 PM IST

Karvy case: Funds, securities worth ₹2,300 cr settled, says NSE

The NSE on Tuesday said funds and securities worth 2,300 crore belonging to about 2.35 lakh investors of Karvy Stock Broking Ltd have been settled so far.

The case pertains to Karvy unauthorisedly transferring securities of clients into one of its Demat accounts by misusing the Power of Attorney given by its clients.

17 Nov 2020, 01:37:14 PM IST

IRCTC cancels Tejas trains a month after restarting ops

State-owned Indian Railway Catering and Tourism Corp. (IRCTC) Ltd will cancel its fleet of Tejas Express trains starting next week, due to low occupancy, the company said on Tuesday.

The Lucknow-New Delhi-Lucknow and Ahmedabad-Mumbai Ahmedabad Tejas Express will remain cancelled from 23, 24 November respectively, a senior government official said.

“The trains will be cancelled due to low occupancy. The occupancy rate has been less than 25%. The trains have been cancelled till further notice," the government official cited above told Mint.

17 Nov 2020, 01:31:50 PM IST

Pharma companies down

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17 Nov 2020, 01:25:19 PM IST

Embassy REIT acquires Embassy Tech Village, a large IT park in Bengaluru for $1.3 billion

17 Nov 2020, 01:14:03 PM IST

Satya Nadella among 9 American CEOs to meet President-elect Biden

Two Indian-American CEOs, Satya Nadella from Microsoft and Sonia Syngal from GAP, are among a select group of nine business and labour leaders invited by President-elect Joe Biden on Monday to discuss issues related to the country's economy.

Vice President-elect Kamala Harris would join Biden in the virtual meeting with the top American CEOs.

17 Nov 2020, 01:06:09 PM IST

Indian Hotels gains 8%

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17 Nov 2020, 12:55:09 PM IST

Delhi may shut markets in some area as covid cases spike

With the national capital seeing a third wave of covid-19 cases, the Aam Aadmi Party (AAP) led Delhi government has written to the Lieutenant Governor for permission to shut markets where social distancing norms are not being followed. The government has also written to the LG to reduce the total number of people allowed to be present at weddings from 200 to 50.

17 Nov 2020, 12:53:15 PM IST

Nifty broad market

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17 Nov 2020, 12:28:06 PM IST

Eveready Industries zooms 9%

The battery and flashlights maker's shares jumped to a 52-week high today after the company posted over three-fold jump in consolidated net profit for the quarter ended September.

17 Nov 2020, 12:18:03 PM IST

Sensex at mid-session

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17 Nov 2020, 12:16:22 PM IST

Gold dips in global markets

Gold prices eased on Tuesday as market optimism over a second possible covid-19 vaccine countered a subdued dollar and concerns over rising coronavirus cases globally.

Spot gold eased 0.1% to $1,886.17 per ounce by 0623 GMT, while U.S. gold futures were down 0.2% at $1,884.50.

17 Nov 2020, 12:06:36 PM IST

State-run oil marketing cos to focus on Bharat to boost sales

State-run oil marketing companies (OMCs), including Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL), will set up 6,000 fuel retail outlets this fiscal year with a major focus on rural and semi-urban areas, besides highways, as sales in urban areas have stagnated, said OMC officials. (Full report)

17 Nov 2020, 11:56:41 AM IST

Fire breaks out on 6th floor of MTNL building in Delhi

A fire broke out in an AC unit on the sixth floor of the Mahanagar Telephone Nigam Limited (MTNL) building at Kidwai Bhawan in Delhi on Tuesday.

A call was placed for the incident at 10 am and 15 fire tenders reached the spot.

17 Nov 2020, 11:47:35 AM IST

Maruti Suzuki up

The country's largest carmaker said it has sold over two lakh cars through the online channel. The company, which initiated its online sales platform around two years back, said the digital channel now covers nearly 1,000 dealerships across the country.

17 Nov 2020, 11:36:52 AM IST

Oil prices edge up

Oil prices edged higher on Tuesday on expectations OPEC and its allies will extend oil production cuts for at least three months, while sentiment was bolstered by news of another promising coronavirus vaccine.

Brent crude futures for January rose 26 cents, or 0.6%, to $44.08 a barrel and U.S. West Texas Intermediate crude for December added 18 cents, or 0.4%, to $41.52 a barrel.

17 Nov 2020, 11:25:23 AM IST

Top contributors on Sensex

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17 Nov 2020, 11:16:22 AM IST

Dewan Housing up 5%

DHFL’s lenders are likely to call for fresh bids for the bankrupt home financier as early as Tuesday after the Adani group unexpectedly offered a higher price for the company’s assets, two people with direct knowledge of the matter said.

The sale process took a dramatic turn on Saturday after Adani Enterprises Ltd made an unsolicited bid for the assets of DHFL after the deadline for submitting revised bids ended on 9 November.

In the revised bids, Piramal Enterprises Ltd offered 25,000 crore for DHFL’s retail book, while Oaktree bid 31,000 crore for the entire company. Adani had bid around 2,700 crore for the wholesale/slum redevelopment authority (SRA) books only.

17 Nov 2020, 11:13:09 AM IST

V K Vijayakumar, chief investment strategist, Geojit Financial Services

The latest news on vaccine from Moderna is a major positive for economy & markets. Moderna vaccine appears better than that of Pfizer in terms of effectiveness & temperature requirements. Looks like the threat from covid will be over by mid-2021. A major trend in markets is the shift from growth stocks to value stocks as evidenced by Russel 2000 touching all-time highs. In India too a shift to value stocks in the broader market can be expected.

17 Nov 2020, 11:06:56 AM IST

BSE Midcap at a glance

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17 Nov 2020, 10:53:54 AM IST

Excitement in Dalmia Bharat’s stock is yet to rub on its valuations

Shares of Dalmia Bharat Ltd hit a fresh 52-week high of 797.55 on the NSE on Tuesday reacting to its decent September quarter earnings.

Volume growth of 7.4% year-on-year (y-o-y) at 4.8 million tonnes was driven by rural segment and, pick up in infra and low-cost housing projects mainly in the East. In a post earnings conference call, the management said that East India has grown in double digits despite the pandemic while demand in the South started picking-up from the month of September.( Full report)

17 Nov 2020, 10:44:20 AM IST

BPCL down about 4%

The government said several local and foreign investors have expressed interest in buying its 52.98% stake in the fuel retailer. Reliance Industries Ltd and Saudi Arabian state oil group Aramco, which were considered the front-runners, were, however, not among those that had submitted interests.

17 Nov 2020, 10:36:02 AM IST

Nifty Metal up nearly 3% led by Tata Steel

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17 Nov 2020, 10:26:11 AM IST

Rupee firm

The Indian rupee opened at 73.45 per US dollar Friday's close of 74.60.

17 Nov 2020, 10:17:43 AM IST

RIL gains

The company's arm Reliance Retail Ventures has acquired online furniture seller Urban Ladder Home Decor Solutions Pvt. Ltd for 182.12 crore, expanding its presence in India’s fast-growing e-commerce market.

17 Nov 2020, 10:09:13 AM IST

Nifty Bank and financials gain, Metals shine

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17 Nov 2020, 10:00:48 AM IST

Gold prices flat

Gold and silver prices in India struggled today after a sharp fall last week. On MCX, December gold rose 0.05% to 50,856 per 10 gram while silver futures were steady at 63,700 per kg. Gold prices had edged about 0.2% lower in previous day's truncated session as MCX remained closed during for the morning session due to a holiday.

Last week, gold prices on MCX fell 1,200 per kg, tracking a similar trend in overseas markets as optimism over covid vaccine put pressure on gold prices.

17 Nov 2020, 09:44:18 AM IST

Nifty Bank up 1%; Bandhan Bank top gainer

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17 Nov 2020, 09:33:19 AM IST

Tata Steel top gainer

The company’s management is getting ready to split its European operations as it begins talks with Scandinavian steel sheet maker SSAB Sweden to sell its profitable Netherlands division. The deal is expected to close in six-nine months.

17 Nov 2020, 09:25:39 AM IST

Nifty gainers/losers at open

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17 Nov 2020, 09:23:34 AM IST

Sensex hits record high

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17 Nov 2020, 09:16:22 AM IST

Sensex tops 44,000 at open, Nifty around 12,900

17 Nov 2020, 09:06:21 AM IST

Nity up 1% at pre-open

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17 Nov 2020, 09:03:31 AM IST

Sensex stocks at pre-open

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17 Nov 2020, 09:02:22 AM IST

Markets gain in pre-opening session

17 Nov 2020, 08:58:37 AM IST

WPI inflation at 8-month high of 1.48% in October

India’s inflation measured by the wholesale price index (WPI) inched up in October to an eight-month high of 1.48%, primarily because of a rise in the prices of manufactured items, official data showed.

This is the third straight month that WPI inflation is in positive territory after a gap of four months, when production was disrupted because of the nationwide and regional lockdowns to contain covid-19.

17 Nov 2020, 08:52:20 AM IST

Loan defaults hit NBFCs, fintech firms the hardest

Shadow banks including fintech lenders were the prime source of the spike in auto-debit failures that continued through October, three industry executives aware of the development said. These are recurring automatic payments where loan instalments are drawn every month from a bank account.

Most failures were from low-rated borrowers of non-banking financial companies (NBFC), some commercial vehicle borrowers and even people who had taken loans from fintech lenders, as the pandemic shrank incomes and livelihoods. (Full report)

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