Market at Close
Bulls made a roaring comeback on a day that looked like a bearish day. A sharp recovery across sectors, particularly in the broader markets, helped the indices end sharply higher.
The Nifty clocked 10,700 again and ended above that mark.
Among sectors, maximum surge was seen among banks and infrastructure names, while IT and pharmaceuticals lost the most.
At the close of market hours, the Sensex closed up 179.79 points or 0.51% at 35649.94, while the Nifty was up 66.40 points or 0.62% at 10729.90. The market breadth was negative as 1089 shares advanced, against a decline of 1441 shares, while 155 shares were unchanged.
Airtel, Adani Ports, and Zee were the top gainers, while Sun Pharma and Yes Bank lost the most.
ICRA's Outlook on Two-Wheeler Sales
Two-wheeler sales in India is expected to grow at 8-10 percent in 2018-19 amid concerns over increasing cost of acquisition disturbing positive demand drivers, according to ratings agency ICRA.
Supported by growing per capita income, improved farm sentiment following near-normal monsoon over the last three financial years, higher minimum support price (MSP) and farm loan waiver in select states, the domestic two-wheeler industry volumes are expected to grow at 8-10 per cent during FY2019, ICRA said in a statement.
The ratings agency further said it has a stable outlook on the Indian two-wheeler industry.
The sector has reported 11.1 percent year-on-year volume growth in April-October 2019. (Source: PTI
Shanthi Gears' Special Dividend and Share Buyback Offer
Company said board of directors declared a one-time special (Interim) dividend of Rs 5 per share for the financial year 2018-19 and approved the buyback of fully paid up equity shares of Re 1 each not exceeding 5 crore share at a price of Rs 140 per share.
JUST IN | IL&FS appoints Retired IAS, Bijay Kumar as Deputy MD
BOJ's Kuroda Warns Of Heightening Global Risks
Bank of Japan Governor Haruhiko Kurodawarned of heightening global economic uncertainties but stressed that Japan's recovery had become resilient enough to fend off any external shocks.
"The stock market has been somewhat unstable. The fluctuations are partly attributable to changes in perception of various risks surrounding the global economy," he said.
"The BOJ will continue to carefully examine global market developments and various risks," Kuroda said in a speech at an annual meeting of the business lobby Keidanren.(Source: Reuters)
Gold Climbs To Six-Month Peak on Waning Risk Appetite
Gold prices hit a six-month high as concerns over global growth and a partial government shutdown in the United States fuelled risk aversion, prompting investors to seek refuge in the metal.
USgold futures were up 0.46 percent at $1,277.60 per ounce.
Asian equities were shaky following a Christmas eve USstocks plunge. Wall Street has dropped sharply in recent weeks on concerns over weaker economic growth, compounded by political instability in the United States after a partial government shutdown.(Source: Reuters)
Buzzing
National Fertilizers shares rallied 3 percent intraday after the company signed loan agreement with country's largest lender State Bank of India.
On December 24, the fertiliser maker has signed rupee loan agreement with SBI for an amount of Rs 1,044 crore.
Hence, NFL has achieved financial closure for its energy reduction schemes at Panipat, Nangal and Bathinda projects and other capex at various units with total project cost of Rs 1,160 crore.
Govt to Allot 10 Coal Mines To CIL In 2019
With the coal demand from power sector exceeding the supply in 2018, the government is hopeful of higher output in the new year from already allocated mines and plans to further allot 10 mines to state-run behemoth Coal India Ltd (CIL) in 2019.
Of the 85 mines already allotted, 23 have already started production and the Coal Ministry expects 20 more mines to begin production in the current financial year ending March 2019 or early in the next fiscal.
"This will increase our production substantially... This will also address additional coal demand from power sector," Coal Joint Secretary Ashish Upadhyaya told PTI.
Autoline Industries Shares Spike on Pune Land Sale to Reduce Debt
Autoline Industries shares rallied 8.8 percent intraday after the company decided to sell land & building in Chakan unit in Pune to reduce debt burden.
"To achieve the operational efficiency, cost reduction and reduce the debt, the company has taken one more major step by way of consolidating one of its manufacturing facility situated at Mhalunge, Pune to its Chakan units situated at Pune," the auto ancillary company said in its filing.
Accordingly, the company has entered into Memorandum of Understanding (MOU) with Poddar Habitat Pvt Ltd to transfer the said land and buildings thereon.
Autoline said it would utilise the sale proceeds to settle the debt that has a charge on the above said immovable property and reduce overall debt exposure of the company.
Market Slightly Recovers From Day's Low
Benchmark indices showed slight recovery from day's low in late morning deals. Index heavyweight ITC turned positive and flat HDFC Bank continued to support the market.
The 30-share BSE Sensex dropped 321.64 points to 35,148.51and the 50-share NSE Nifty slipped 86.20 points to 10,577.30.
Sensex, Nifty Extend Losses
Benchmark indices extended losses in late morning deals amid global growth concerns. The 30-share BSE Sensex fell 409.43 points or 1.15 percent to 35,060.72and the 50-share NSE Nifty plunged 113points or 1.06 percent to 10,550.50.
The broader markets hit badly compared to benchmark indices as the Nifty Midcapand Smallcap indices were down more than 1.6 percent each.
About four shares declined for every share rising on the BSE.
The Impact Of Sharp Fall in Crude Oil Prices
Maruti Suzuki To Proactively Recall 5900 Super Carry Vehicles
With customer safety as its top priority, Maruti Suzuki India announced to proactively and voluntarily undertake a recall campaign for certain Super Carry vehicles. "Recall campaigns are undertaken globally to rectify faults that may be potential safety defects."
The company said it would inspect a possible defect in fuel filter of 5900 Super Carry vehicles manufactured between 26th April 2018 and 1st August 2018. This also include vehicles in which fuel filter has been replaced in field during this period.
JUST IN |
Bank of Baroda will be seeking shareholder nod for issuing 10 crore fresh shares to employees and directors on January 21.
UPDATE |
Lupin shares slipped nearly 2 percent in morning on Wednesday after global brokerage house PhillipCapital has reiterated sell call on the stock with a target price at Rs 670, implying 20 percent potential downside.
The research house expects company's Q3FY19 earnings to remain weak and estimates 22 percent YoY decline in earnings.
"Growth challenges in US on price erosion & competition is a concern while key plants are under warning letter & will impact approval rate for near future," PhillipCapital said.
The pharma major had reported a massive 41.2 percent fall in September quarter profit to Rs 268.5 crore, dented by lower operating income and US business.
BUZZING STOCK
Shares of Hindustan Unilever were down around 2 percent as investors reacted to a penalty being imposed on the company.
The National Anti-Profiteering Authority (NAA) has slapped a hefty penalty of Rs 383 crore on consumer goods major Hindustan Unilever Ltd (HUL) on the ground of not passing benefits of GST rate cuts to consumers.
The company had earlier this year voluntarily submitted Rs 160 crore - an amount significantly lower than the government's calculation - as the profiteering amount to the government.
As per GST rules, 50 percent of the amount profiteered or Rs 191.68 crore is required to be deposited by the company in the central consumer welfare fund (CWF), while the balance amount is to be deposited in the CWF of concerned states where the company sold its products.
Aviation stocks are buzzing in trade today as lower crude prices is pushing investors to bet on these names.
OMCs rally
Shares of oil marketing companies are trading higher on the back of lower crude oil prices. Take a look at their intraday chart.
Market Update
Benchmarks have extended their losses. The Sensex is now down over 200 points, while the Nifty has breached 10,600-mark as well.
ALERT | The Nifty has breached 10,600 now.
Market opens
It is a negative start on D-Street, with the Sensex falling over 150 points, while the Nifty tested 10,600.
The Sensex is down 155.73 points or 0.44% at 35314.42, while the Nifty is down 51.00 points or 0.48% at 10612.50. The market breadth is negative as 223 shares advanced, against a decline of 259 shares, while 39 shares were unchanged.
All sectoral indices are trading in the red, with maximum cuts visible among automobiles, IT, metals and pharma seeing the most pain. The Nifty Midcap index is almost half a percent lower.
Asian Paints, Yes Bank, IOC and BPCL were the top gainers, while HUL, Tata Steel, and Hindalco lost the most.
ASIA UPDATE
Global stock markets were heading into the year-end under a heavy cloud after another rout this week as US political uncertainty added to heightened concerns over slowing global economic momentum.
Asian equities were shaky on Wednesday following the plunge in Wall Street on Christmas eve in the face of a series of unnerving US political developments, including a US federal government shutdown and President Donald Trump’s increasingly hostile stance toward the Federal Reserve chairman.
US Treasury Secretary Steven Mnuchin had also raised market concerns by convening a crisis group amid the pullback in stocks.
S&P 500 e-mini futures were effectively flat, pointing toward a subdued start for Wall Street when the US market reopens after Christmas Day, when many of the world’s financial markets were shut.
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OIL UPDATE
Brent crude oil futures were trading around $50 a barrel.
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