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Sensex Today: Sensex ends 1075 points higher, Nifty at 11,603 mark; banking, FMCG lead gains

BusinessToday.In | 23 September 2019

Sensex Today: Equity indices continued its bullish rally for the second consecutive session on Monday, with Sensex closing 1,075 points higher at 39,090 and Nifty trading 329 points higher at 11,603 level. Sensex made an intraday high of  39,441.12 and Nifty has reached 11,694.85 level in today's trade. Overall 16 out of 30 stocks on Sensex and 32 out of 50 stocks on Nifty50, ended the day's trade on the green.

 

 

Sectorally, all indices except pharma and IT traded on the green, with over 5% advance registered in financial services, banking and private banking stocks, followed by 4% hike in consumer durables and over 2% rise recorded in auto, PSU banking and realty stocks.

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  • Sensex Today: Sectorally, all indices except pharma and IT traded on the green, with over 5% advance registered in financial services, banking and private banking stocks, followed by 4% hike in consumer durables and over 2% rise recorded in auto, PSU banking and realty stocks.
  • 16:37 IST

    Market Wrap: Expert opinion

    Market Analysis by Ajit Mishra Vice President, Research, Religare Broking Ltd:


    The Indian benchmark indices started the expiry week on a strong note buoyed by improved domestic sentiments post a slew of measures by the government last week. The markets registered second straight session of healthy gains, despite unsupportive global cues. The Nifty opened on a strong note and traded with a positive bias throughout the session before ending with gains of 2.9% at 11,603. Amongst the broader market indices, ‘BSE Midcap and BSE Smallcap’ ended higher and almost in-line with the benchmark. The sectoral indices exhibited mixed trend, wherein Capital Goods, Banks and FMCG were the top gainers in the range of 4.3-6.6%. IT was the worst performer and lost over 3.3%, followed by Healthcare and Power.

     
    The Indian markets are trading near peak valuations so we would remain cautious on the markets and expect it to consolidate in the near term. However, the recent announcements made by the FM are definitely positive for the Indian economy from a long-term perspective. Hence, investors should focus on accumulating fundamentally sound stocks.
     
     

  • 16:37 IST: Market Analysis by Ajit Mishra Vice President, Research, Religare Broking Ltd:


    The Indian benchmark indices started the expiry week on a strong note buoyed by improved domestic sentiments post a slew of measures by the government last week. The markets registered second straight session of healthy gains, despite unsupportive global cues. The Nifty opened on a strong note and traded with a positive bias throughout the session before ending with gains of 2.9% at 11,603. Amongst the broader market indices, ‘BSE Midcap and BSE Smallcap’ ended higher and almost in-line with the benchmark. The sectoral indices exhibited mixed trend, wherein Capital Goods, Banks and FMCG were the top gainers in the range of 4.3-6.6%. IT was the worst performer and lost over 3.3%, followed by Healthcare and Power.

     
    The Indian markets are trading near peak valuations so we would remain cautious on the markets and expect it to consolidate in the near term. However, the recent announcements made by the FM are definitely positive for the Indian economy from a long-term perspective. Hence, investors should focus on accumulating fundamentally sound stocks.
     
     

  • 16:36 IST

    Technical market outlook: Expert Opinion

    Technical market outlook from Amit Shah, Technical Research Analyst with Indiabulls Ventures Ltd:

    Nifty yet again rallied sharply and opened with a big gap up. Buoyancy was seen on front line names as well as the broader markets. Our contra call on the Nifty materialized and it achieved our tgt zone of 11,500. The undertone continues to remain bullish however, nifty may consolidate near 11,700-11,800 mark for few sessions going ahead. Mid and small caps are likely to catch in a big way going ahead. 11,400 zone is the near term support and traders should look to position on the long side.

    Support: 11,400-11,200 & Resistance: 11,700-11,800
     
     Banknifty had a stellar move yet again and significantly outperformed Nifty however index has risen very sharply and can consolidate for few sessions going ahead. Undertone continues to remain bullish and dips on the lower side would be shallow in nature. Banknifty is likely to test its all time highs of 31,750 zone on the upside. Immediate support is placed near 29,700 zone. Traders should utilize dips to build long positions.  

    Support: 30,300-29,700 & Resistance: 30,800-31,000
     

  • 16:36 IST: Technical market outlook from Amit Shah, Technical Research Analyst with Indiabulls Ventures Ltd:

    Nifty yet again rallied sharply and opened with a big gap up. Buoyancy was seen on front line names as well as the broader markets. Our contra call on the Nifty materialized and it achieved our tgt zone of 11,500. The undertone continues to remain bullish however, nifty may consolidate near 11,700-11,800 mark for few sessions going ahead. Mid and small caps are likely to catch in a big way going ahead. 11,400 zone is the near term support and traders should look to position on the long side.

    Support: 11,400-11,200 & Resistance: 11,700-11,800
     
     Banknifty had a stellar move yet again and significantly outperformed Nifty however index has risen very sharply and can consolidate for few sessions going ahead. Undertone continues to remain bullish and dips on the lower side would be shallow in nature. Banknifty is likely to test its all time highs of 31,750 zone on the upside. Immediate support is placed near 29,700 zone. Traders should utilize dips to build long positions.  

    Support: 30,300-29,700 & Resistance: 30,800-31,000
     

  • 16:35 IST

    Market Wrap: Expert opinion

    Market viewpoint by Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities



    " Dalal street gained for the second straight session on Monday as investors’ optimism grew further after FM’s stimulus package. Trading in the initial hours was choppy, but markets managed to stabilize around 11600 levels. All three major indices ended in the green. The Nifty-50 surged 2.89% or 326 points at 11600, while the Sensex-30 soared 1075 points and closed at 39090 levels. The Bank Nifty closed at 30550, gaining 5.41%. Advances outnumbered declines on the Nifty by 2 :1 ratio. On intraday basis, Nifty has reached extreme resistance level which was at 11700. We need to be cautious while adding long positions at current levels."

     

  • 16:35 IST: Market viewpoint by Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities



    " Dalal street gained for the second straight session on Monday as investors’ optimism grew further after FM’s stimulus package. Trading in the initial hours was choppy, but markets managed to stabilize around 11600 levels. All three major indices ended in the green. The Nifty-50 surged 2.89% or 326 points at 11600, while the Sensex-30 soared 1075 points and closed at 39090 levels. The Bank Nifty closed at 30550, gaining 5.41%. Advances outnumbered declines on the Nifty by 2 :1 ratio. On intraday basis, Nifty has reached extreme resistance level which was at 11700. We need to be cautious while adding long positions at current levels."

     

  • 16:33 IST

    Sensex pack gainers/losers

    Top gainers in the Sensex pack included Bajaj Finance, L&T, Asian Paints, ITC, Axis Bank, Kotak Bank, ICICI Bank, HDFC twins, Maruti and SBI, rallying up to 8.70%. On the other hand, Infosys, RIL, Tata Motors, PowerGrid, NTPC, Bharti Airtel, Tech Mahindra, TCS and HCL Tech tanked up to 4.97%.

  • 16:33 IST: Top gainers in the Sensex pack included Bajaj Finance, L&T, Asian Paints, ITC, Axis Bank, Kotak Bank, ICICI Bank, HDFC twins, Maruti and SBI, rallying up to 8.70%. On the other hand, Infosys, RIL, Tata Motors, PowerGrid, NTPC, Bharti Airtel, Tech Mahindra, TCS and HCL Tech tanked up to 4.97%.

  • 16:10 IST

    Closing Bell

    Equity indices continued its bullish rally for the second consecutive session on Monday, with Sensex closing 1,075 points higher at 39,090 and Nifty trading 329 points higher at 11,603 level.

    Sensex made an intraday high of  39,441.12 and Nifty has reached 11,694.85 level in today's trade. Overall 16 out of 30 stocks on Sensex and 32 out of 50 stocks on Nifty50, ended the day's trade on the green.

    Sectorally, all indices except pharma and IT traded on the green, with over 5% advance registered in financial services, banking and private banking stocks, followed by 4% hike in consumer durables and over 2% rise recorded in auto, PSU banking and realty stocks.



     

  • 16:10 IST: Equity indices continued its bullish rally for the second consecutive session on Monday, with Sensex closing 1,075 points higher at 39,090 and Nifty trading 329 points higher at 11,603 level.

    Sensex made an intraday high of  39,441.12 and Nifty has reached 11,694.85 level in today's trade. Overall 16 out of 30 stocks on Sensex and 32 out of 50 stocks on Nifty50, ended the day's trade on the green.

    Sectorally, all indices except pharma and IT traded on the green, with over 5% advance registered in financial services, banking and private banking stocks, followed by 4% hike in consumer durables and over 2% rise recorded in auto, PSU banking and realty stocks.



     

  • 16:00 IST

    ICICI Bank to set up 450 new branches this FY

    ICICI Bank on Monday said it will expand its retail network by adding 450 new branches this financial year. Of these, the bank has made 320 branches operational for customers and in the process, it has crossed the milestone of having 5,000 branches, ICICI Bank Bank said in a statement.

    Another set of 130 branches will also be customer-ready by the end of the current financial year, it said.

  • 16:00 IST:

    ICICI Bank on Monday said it will expand its retail network by adding 450 new branches this financial year. Of these, the bank has made 320 branches operational for customers and in the process, it has crossed the milestone of having 5,000 branches, ICICI Bank Bank said in a statement.

    Another set of 130 branches will also be customer-ready by the end of the current financial year, it said.

  • 15:54 IST

    Traders face glitches on NSE

    As per recent media reports, National Stock Exchange (NSE) terminals are facing issues, as many rates on the exchange plafrom are not getting refreashed, as per the live market movements. Many traders have faced big glitches on NSE trades and complained that stock prices as well as index levels are not updating on the website. Investors have also compalined about many trades still being stuck at "order stage".

     

  • 15:54 IST: As per recent media reports, National Stock Exchange (NSE) terminals are facing issues, as many rates on the exchange plafrom are not getting refreashed, as per the live market movements. Many traders have faced big glitches on NSE trades and complained that stock prices as well as index levels are not updating on the website. Investors have also compalined about many trades still being stuck at "order stage".

     

  • 15:04 IST

    Reliance Capital tumbles 11% to a fresh 52-week low

    The share price of Reliance Capital tumbled 11.32% to a new 52-week low of Rs 27.8 on BSE, after credit rating agency CARE downgraded the rating of the company to "CARE D" for the company’s long-term debt program, market-linked debentures and subordinated debt of the company.


    The agency attributed its action on back of the alleged “delay” in payment of interest by one day by the company. “This constitutes an event of default as per CARE’s default recognition policy," the rating agency said in a release.

    The filing submitted by Reliance Capital, quoting 'Unjustified Credit Rating action by CARE Ratings (CARE)' stated that, "The company made a stock exchange filing on September 11 stating that the interest payment for NCDs which was due on September 9 was duly activated on the due date, but the same could not go through owing to a technical glitch in bank servers on that date and the payment went through on the very next bank working day on September 11".

     

  • 15:04 IST: The share price of Reliance Capital tumbled 11.32% to a new 52-week low of Rs 27.8 on BSE, after credit rating agency CARE downgraded the rating of the company to "CARE D" for the company’s long-term debt program, market-linked debentures and subordinated debt of the company.


    The agency attributed its action on back of the alleged “delay” in payment of interest by one day by the company. “This constitutes an event of default as per CARE’s default recognition policy," the rating agency said in a release.

    The filing submitted by Reliance Capital, quoting 'Unjustified Credit Rating action by CARE Ratings (CARE)' stated that, "The company made a stock exchange filing on September 11 stating that the interest payment for NCDs which was due on September 9 was duly activated on the due date, but the same could not go through owing to a technical glitch in bank servers on that date and the payment went through on the very next bank working day on September 11".

     

  • 14:39 IST

    YES Bank stock recovers from new 52-week low

     
    YES Bank shares fell 4.5% intarday to its new 52 week low of Rs 52.95 on BSE, after the news reports sugested that fund houses declined to bail out the bank that approached them for raising funds, on back of the lender's bulging contingent liabilities and declining CASA ratio, the ratio of deposits in current and savings accounts to total deposits.

    Later the stock recovered from the day's losses and traded near the opening level as well as  the intraday high of Rs 57.80 on BSE. Yes Bank is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

    The recovery of teh stock value from the day's low was based on the clarification submitted by the lender by mid-day, stating that the actual facts regarding the bank's recent capital raising exercise carried out by Qualified Institutional Placement (QIP), in which the lender raised capital to the tune of Rs. 1930 cr.

    The bank also stated that Contingent liabilities to Total Assets ratio of 172% for YES Bank is comparable with top six private sector Banks. The filing stated, " If we compare the ratio of Contingent liabilities to Total Assets as a trend, it clearly indicates that the proportion has been reducing over time."

    Later the bank also claimed that the CASA ratio of YES Bank at 30.2%," is NOT THE LOWEST in the industry" as claimed in the article.

    In other news, Promoter group companies of YES Bank along with co-founder Rana Kapoor have sold a combined 2.75% stake in the lender through the open market. As per the company filing, the respective stake-sale was effected purely to deleverage the debt of this entity.

    The regulatory filing also stated that the lender's financial position is sound and stable, adding that its operating performance continues to be robust and its growth plans stay firmly on track.

     

  • 14:39 IST:  
    YES Bank shares fell 4.5% intarday to its new 52 week low of Rs 52.95 on BSE, after the news reports sugested that fund houses declined to bail out the bank that approached them for raising funds, on back of the lender's bulging contingent liabilities and declining CASA ratio, the ratio of deposits in current and savings accounts to total deposits.

    Later the stock recovered from the day's losses and traded near the opening level as well as  the intraday high of Rs 57.80 on BSE. Yes Bank is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

    The recovery of teh stock value from the day's low was based on the clarification submitted by the lender by mid-day, stating that the actual facts regarding the bank's recent capital raising exercise carried out by Qualified Institutional Placement (QIP), in which the lender raised capital to the tune of Rs. 1930 cr.

    The bank also stated that Contingent liabilities to Total Assets ratio of 172% for YES Bank is comparable with top six private sector Banks. The filing stated, " If we compare the ratio of Contingent liabilities to Total Assets as a trend, it clearly indicates that the proportion has been reducing over time."

    Later the bank also claimed that the CASA ratio of YES Bank at 30.2%," is NOT THE LOWEST in the industry" as claimed in the article.

    In other news, Promoter group companies of YES Bank along with co-founder Rana Kapoor have sold a combined 2.75% stake in the lender through the open market. As per the company filing, the respective stake-sale was effected purely to deleverage the debt of this entity.

    The regulatory filing also stated that the lender's financial position is sound and stable, adding that its operating performance continues to be robust and its growth plans stay firmly on track.

     

  • 14:07 IST

    Axis Bank shares nearly 7% higher

    Axis Bank shares rose in Monday's trade as the lender reportedly raised Rs 12,500 crore in qualified institutional placement from foreign and local investors in the institutional share sale launched on September 19. The floor price for the QIP was decided at Rs 661.50 per share, as per company filing.

    The share price of Axis Bank started at Rs 703 on BSE, after rising 3.2% against the last closing of Rs 680.70. Later the stock rose 6.82% to touch the day's high recorded at Rs 727.15 on BSE.

    Stock has been gained 12.32% returns in the last 2 days. Overall 9 lakh shares and 270 lakh shares are currently changing hands on BSE and NSE, both above the 5, 10, and 30-day average volume traded.

     

  • 14:07 IST: Axis Bank shares rose in Monday's trade as the lender reportedly raised Rs 12,500 crore in qualified institutional placement from foreign and local investors in the institutional share sale launched on September 19. The floor price for the QIP was decided at Rs 661.50 per share, as per company filing.

    The share price of Axis Bank started at Rs 703 on BSE, after rising 3.2% against the last closing of Rs 680.70. Later the stock rose 6.82% to touch the day's high recorded at Rs 727.15 on BSE.

    Stock has been gained 12.32% returns in the last 2 days. Overall 9 lakh shares and 270 lakh shares are currently changing hands on BSE and NSE, both above the 5, 10, and 30-day average volume traded.

     

  • 13:33 IST

    Bank shares rise up to 18% post corporate tax rate cut

    Banking stocks continued their bull run for the second consecutive session today after FM Nirmala Sitharaman announced reduction in corporate tax rate to 22% per cent from the current 30%.

    While BSE banking index rose 1,445 points or 4.99% to 30,427 level, Bank Nifty climbed 959 points or 3.31% higher at 29,941 level today. Banking stocks have led the rally since Friday when the government cut corporate tax rate to 22%.

    IndusInd Bank, Axis Bank, HDFC Bank shares rise up to 18% post corporate tax rate cut

  • 13:33 IST: Banking stocks continued their bull run for the second consecutive session today after FM Nirmala Sitharaman announced reduction in corporate tax rate to 22% per cent from the current 30%.

    While BSE banking index rose 1,445 points or 4.99% to 30,427 level, Bank Nifty climbed 959 points or 3.31% higher at 29,941 level today. Banking stocks have led the rally since Friday when the government cut corporate tax rate to 22%.

    IndusInd Bank, Axis Bank, HDFC Bank shares rise up to 18% post corporate tax rate cut

  • 13:24 IST

    Hotels stocks rally 3-20% intraday after FM cuts corporate tax, GST rates

     Share prices of hotel companies rallied 3-20% intraday on Monday's trading session after the government slashed corporate tax and GST rates.

    Highest gains were recorded in Taj Hotels, that was trading 19.50% higher, followed by over 11% advance registered in Royal Orchard and Savera Industries, 10% rise in Jindal  Hotels and Lemon Tree Hotels, over 8% surge in Kamat Hotels and Indian Hotels, 7% rise recorded in Mahindra Holidays and Resorts and Oriental Hotels, nearly 6% advance in Hotel Leela, Advani Hotels and Sinclairs Hotels. 


    This was followed by almost 5% rise seen in Sterling Green Woods, Country Club Hospitality & Holidays, H.S. India, EIH Associated Hotels, Lords Ishwar Hotels, Asian Hotels and Viceroy Hotels. EIH Ltd, TGB Banquets and Hotels, Gujrat Hotels, Polo Hotels and Viceroy Hotels were trading up by 3% on the BSE. Compared to this, the Hotels industry gained 5.75% in Monday's trade.

    On the other hand, Cindrella Hotels, Hotel Rugby declined nearly 5% in Monday's trade, followed by Royale Manor Hotels and Industries, MAC Charles and Best Eastern Hotels, each declining over 2% lower, while Asian Hotels and Pheonix Township remained unchanged.

    Hotels stocks rise up to 20% after govt cuts corporate tax, GST rates

  • 13:24 IST:  Share prices of hotel companies rallied 3-20% intraday on Monday's trading session after the government slashed corporate tax and GST rates.

    Highest gains were recorded in Taj Hotels, that was trading 19.50% higher, followed by over 11% advance registered in Royal Orchard and Savera Industries, 10% rise in Jindal  Hotels and Lemon Tree Hotels, over 8% surge in Kamat Hotels and Indian Hotels, 7% rise recorded in Mahindra Holidays and Resorts and Oriental Hotels, nearly 6% advance in Hotel Leela, Advani Hotels and Sinclairs Hotels. 


    This was followed by almost 5% rise seen in Sterling Green Woods, Country Club Hospitality & Holidays, H.S. India, EIH Associated Hotels, Lords Ishwar Hotels, Asian Hotels and Viceroy Hotels. EIH Ltd, TGB Banquets and Hotels, Gujrat Hotels, Polo Hotels and Viceroy Hotels were trading up by 3% on the BSE. Compared to this, the Hotels industry gained 5.75% in Monday's trade.

    On the other hand, Cindrella Hotels, Hotel Rugby declined nearly 5% in Monday's trade, followed by Royale Manor Hotels and Industries, MAC Charles and Best Eastern Hotels, each declining over 2% lower, while Asian Hotels and Pheonix Township remained unchanged.

    Hotels stocks rise up to 20% after govt cuts corporate tax, GST rates

  • 13:23 IST

    Market valuation of 6 of the 10 most valued firms rises by Rs 1.15 lakh cr on Friday

    The market valuation of six of the 10 most valued firms rose by a whopping Rs 1.15 lakh crore last week, with HDFC Bank and HUL notching up the biggest gains.

    The BSE Sensex on Friday posted its biggest single-day jump in over a decade at 1,921 points after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates.

    Six of top 10 Indian companies add Rs 1.15-lakh crore in m-cap; HDFC Bank and HUL biggest gainers

  • 13:23 IST: The market valuation of six of the 10 most valued firms rose by a whopping Rs 1.15 lakh crore last week, with HDFC Bank and HUL notching up the biggest gains.

    The BSE Sensex on Friday posted its biggest single-day jump in over a decade at 1,921 points after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates.

    Six of top 10 Indian companies add Rs 1.15-lakh crore in m-cap; HDFC Bank and HUL biggest gainers

  • 12:41 IST

    Market Update

    Sensex has risen overall 3,300 points in two days post corporate tax rate cut. Post the announcement's, there is substantial rise seen in banking, consumer durables stocks.

    In Nifty FMCG, that was trading up by 5%, Colgate stock has risen nearly 8%, followed by 7.5% advance seen in United Breweries, 6.8% rise in Britannia and ITC, over 5.5% advance recorded Mc Dowell's and Hindustan Unilever and 4% in GlaxoSmithKline Consumer Healthcare, Jubilant Foodworks and Godrej Consumer Products. Shares of Tata Global Beverages, Procter & Gamble Hygiene and Health Care,  GlaxoSmithKline Consumer Healthcare and Hindustan Unilever recorded their respective 52-wee high in today's trade.

    Nifty Private banking index traded up by 5%, with IndusInd Bank leading the chart at 7% rie in stock value, followed by DCB Bank and RBL Bank, each rising over 5.5%, followed by over 4% gains registered in ICICI Bank, Axis Bank and HDFC Bank. ICICI Bank, HDFC Bank and Kotak Bank have hit their respectiv e52-week highs today.

  • 12:41 IST: Sensex has risen overall 3,300 points in two days post corporate tax rate cut. Post the announcement's, there is substantial rise seen in banking, consumer durables stocks.

    In Nifty FMCG, that was trading up by 5%, Colgate stock has risen nearly 8%, followed by 7.5% advance seen in United Breweries, 6.8% rise in Britannia and ITC, over 5.5% advance recorded Mc Dowell's and Hindustan Unilever and 4% in GlaxoSmithKline Consumer Healthcare, Jubilant Foodworks and Godrej Consumer Products. Shares of Tata Global Beverages, Procter & Gamble Hygiene and Health Care,  GlaxoSmithKline Consumer Healthcare and Hindustan Unilever recorded their respective 52-wee high in today's trade.

    Nifty Private banking index traded up by 5%, with IndusInd Bank leading the chart at 7% rie in stock value, followed by DCB Bank and RBL Bank, each rising over 5.5%, followed by over 4% gains registered in ICICI Bank, Axis Bank and HDFC Bank. ICICI Bank, HDFC Bank and Kotak Bank have hit their respectiv e52-week highs today.

  • 12:04 IST

    Biocon shares decline 1.65%


    Biocon shares declined 1.65% intraday to touch the day's low at Rs 224.25, against the previous closing price of Rs 228 on BSE after the biotechnology  firm announced that it has recieved 8 observations for 2 new units in Bengaluru.

     The United States Food and Drug Administration(USFDA) conducted a pre-approval inspection (PAI) at two of the company’s new biologics manufacturing facilities in Bengaluru from September 10-19, 2019, Biocon said.

    The inspection included a new drug substance and a drug product unit, it added. At the conclusion of the inspection, we received a Form 483 with four observations for the new Drug Substance facility, three observations for the new Drug Product facility and one general observation,” Biocon spokesperson said in a statement. The company is confident of addressing these observations effectively through a Corrective and Preventive Action (CAPA) plan, expeditiously, it added.

  • 12:04 IST:
    Biocon shares declined 1.65% intraday to touch the day's low at Rs 224.25, against the previous closing price of Rs 228 on BSE after the biotechnology  firm announced that it has recieved 8 observations for 2 new units in Bengaluru.

     The United States Food and Drug Administration(USFDA) conducted a pre-approval inspection (PAI) at two of the company’s new biologics manufacturing facilities in Bengaluru from September 10-19, 2019, Biocon said.

    The inspection included a new drug substance and a drug product unit, it added. At the conclusion of the inspection, we received a Form 483 with four observations for the new Drug Substance facility, three observations for the new Drug Product facility and one general observation,” Biocon spokesperson said in a statement. The company is confident of addressing these observations effectively through a Corrective and Preventive Action (CAPA) plan, expeditiously, it added.

  • 11:41 IST

    Cipla 2.38% lower

    Cipla shares were trading lower by 2.38% and touched an intraday low of Rs 452.35 on BSE, as the company announced closure of US FDA inspection at Bengaluru facility Cipla announced the closure of inspection by the US health regulator at the company's API manufacturing facility in Bengaluru. Following the inspection by the United States Food and Drug Administration (US FDA) at Company's API manufacturing facility in Virgonagar, Bengaluru, from July 15- 19, 2019, the company has received the Establishment Inspection Report (EIR), indicating closure of the inspection. The company had earlier said that US FDA issued seven observations after conducting a routine 'CGMP inspection' at Cipla's API manufacturing facility.

     

  • 11:41 IST: Cipla shares were trading lower by 2.38% and touched an intraday low of Rs 452.35 on BSE, as the company announced closure of US FDA inspection at Bengaluru facility Cipla announced the closure of inspection by the US health regulator at the company's API manufacturing facility in Bengaluru. Following the inspection by the United States Food and Drug Administration (US FDA) at Company's API manufacturing facility in Virgonagar, Bengaluru, from July 15- 19, 2019, the company has received the Establishment Inspection Report (EIR), indicating closure of the inspection. The company had earlier said that US FDA issued seven observations after conducting a routine 'CGMP inspection' at Cipla's API manufacturing facility.

     

  • 11:32 IST

    Petronet to invest $2.5 bn in Tellurian's Louisiana project

     

    Petronet LNG Limited has announced today that the company has signed a non-binding memorandum of understanding (MOU) with Tellurian Inc on September 21, 2019 at Houston, USA, wherein the company and its affiliates will like to explore possibility of purchase of up to 5 Million Tonnes Per Annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment.


    As per the MoU, PLL will invest $2.5 billion for an 18% equity stake in Tellurian's proposed Driftwood LNG export terminal, in exchange for the rights to 5 million metric tonnes of LNG per year for over 40 years. The remainder of the total will come from debt, Tellurian chief executive officer (CEO) Meg Gentle said. The two companies will endeavour to finalise the transaction agreements by March 31, 2020.


     

  • 11:32 IST:  

    Petronet LNG Limited has announced today that the company has signed a non-binding memorandum of understanding (MOU) with Tellurian Inc on September 21, 2019 at Houston, USA, wherein the company and its affiliates will like to explore possibility of purchase of up to 5 Million Tonnes Per Annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment.


    As per the MoU, PLL will invest $2.5 billion for an 18% equity stake in Tellurian's proposed Driftwood LNG export terminal, in exchange for the rights to 5 million metric tonnes of LNG per year for over 40 years. The remainder of the total will come from debt, Tellurian chief executive officer (CEO) Meg Gentle said. The two companies will endeavour to finalise the transaction agreements by March 31, 2020.


     

  • 11:28 IST

    Petrol prices continue to surge

    Petrol prices continue to surge across major cities in India, backed by oil firms charging more for today’s deliveries, as attacks on Saudi Arabia's Aramco oil refineries caused a hike in fuel prices for India.

    It may be noted that petrol rates prices have surged by Rs 1.87 a litre and diesel by Rs 1.51 in the last 7 days. On Sunday, fuel retailers hiked petrol prices by 21-28 paise a litre and diesel by 21-23 paise per litre across the country.

    Oil prices had jumped by as much as 19% early last week before coming off peaks, after an attack over the previous weekend on the oilfields of Saudi Arabia's Aramco, the heart of the kingdom's oil industry, and knocked out more than half of Saudi crude output or 5% of global oil supply.

    Rising global oil prices are a major concern for India, the world’s third-biggest oil importer, which meets almost 84% of its oil needs through imports.

     

  • 11:28 IST: Petrol prices continue to surge across major cities in India, backed by oil firms charging more for today’s deliveries, as attacks on Saudi Arabia's Aramco oil refineries caused a hike in fuel prices for India.

    It may be noted that petrol rates prices have surged by Rs 1.87 a litre and diesel by Rs 1.51 in the last 7 days. On Sunday, fuel retailers hiked petrol prices by 21-28 paise a litre and diesel by 21-23 paise per litre across the country.

    Oil prices had jumped by as much as 19% early last week before coming off peaks, after an attack over the previous weekend on the oilfields of Saudi Arabia's Aramco, the heart of the kingdom's oil industry, and knocked out more than half of Saudi crude output or 5% of global oil supply.

    Rising global oil prices are a major concern for India, the world’s third-biggest oil importer, which meets almost 84% of its oil needs through imports.

     

  • 11:06 IST

    Sensex pack gainers/losers

    The top gainers of the BSE Sensex pack were Larsen & Toubro Ltd. (Rs. 1526.65,+8.05%), Asian Paints Ltd. (7.06%), ITC Ltd. (7.01%), ICICI Bank Ltd. (6.47%), Hindustan Unilever Ltd. (6.11%), among others.

    The top losers of the BSE Sensex pack were Infosys Ltd. (3.73%), Tata Motors Ltd. (3.07%), YES Bank Ltd. (2.80%), Tata Consultancy Services Ltd. (2.60%), Mahindra & Mahindra Ltd. (2.19%), among others.

     

  • 11:06 IST: The top gainers of the BSE Sensex pack were Larsen & Toubro Ltd. (Rs. 1526.65,+8.05%), Asian Paints Ltd. (7.06%), ITC Ltd. (7.01%), ICICI Bank Ltd. (6.47%), Hindustan Unilever Ltd. (6.11%), among others.

    The top losers of the BSE Sensex pack were Infosys Ltd. (3.73%), Tata Motors Ltd. (3.07%), YES Bank Ltd. (2.80%), Tata Consultancy Services Ltd. (2.60%), Mahindra & Mahindra Ltd. (2.19%), among others.

     

  • 11:02 IST

    Market update

    Sensex has risen 1330 points to the intraday high of 39,346 mark and Nifty50 has risen to 11,666.35, recording an intraday high of 393 points.

     

  • 11:02 IST: Sensex has risen 1330 points to the intraday high of 39,346 mark and Nifty50 has risen to 11,666.35, recording an intraday high of 393 points.

     

  • 10:19 IST

    Market viewpoint on Friday's rally

    A study of the past 20 years reveal that such sharp moves, what we saw on Friday, are not a one way ticket to the moon.

    The 5.32% rise in the Nifty on Friday was its 21stlargest rise in the last 20 years. Of the 20 such other instances in the past, the Nifty did not break the low seen prior to such a move in only 4 instances. In other words 16 of such 20 moves were a failure.

    FMCG, Banking & Financial Services, Auto and PSU companies pay higher taxes, so they will be benefitted from this move. IT and Pharma will get least benefit out of it.

    (HDFC Securities)

  • 10:19 IST: A study of the past 20 years reveal that such sharp moves, what we saw on Friday, are not a one way ticket to the moon.

    The 5.32% rise in the Nifty on Friday was its 21stlargest rise in the last 20 years. Of the 20 such other instances in the past, the Nifty did not break the low seen prior to such a move in only 4 instances. In other words 16 of such 20 moves were a failure.

    FMCG, Banking & Financial Services, Auto and PSU companies pay higher taxes, so they will be benefitted from this move. IT and Pharma will get least benefit out of it.

    (HDFC Securities)

  • 10:04 IST

    Rupee opens marginally lower



    Indian rupee, the domectic currency unit, slipped in the early trade on Monday and strated the day's trade lower by 10 paise at 71.04 per dollar versus Friday's close 70.94.

  • 10:04 IST:

    Indian rupee, the domectic currency unit, slipped in the early trade on Monday and strated the day's trade lower by 10 paise at 71.04 per dollar versus Friday's close 70.94.

  • 10:01 IST

    FII/ DII

    Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained bearish with net selling logged at Rs 35.78 crore from Indian equities while domestic institutional investors (DIIs) bought Rs 3,001.32 crore on last Friday.

     

  • 10:01 IST: Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained bearish with net selling logged at Rs 35.78 crore from Indian equities while domestic institutional investors (DIIs) bought Rs 3,001.32 crore on last Friday.

     

  • 09:46 IST

    Market update

    Equity markets currently trade on a strong note on Monday, led by firm domestic cues. In major announcement last week, FM Sitharaman announced a cut in base corporate tax for existing companies to 22% from current 30%; and for new manufacturing firms, incorporated after Oct 1, 2019 and starting operations before Mar 31, 2023, to 15% from current 25%. 

  • 09:46 IST: Equity markets currently trade on a strong note on Monday, led by firm domestic cues. In major announcement last week, FM Sitharaman announced a cut in base corporate tax for existing companies to 22% from current 30%; and for new manufacturing firms, incorporated after Oct 1, 2019 and starting operations before Mar 31, 2023, to 15% from current 25%. 

  • 09:45 IST

    Sectors Update

    Sensex Today: Sectorally, FMCG trades up by 5%, followed by over 3% rise in banking, pvt banking anf financial services and auto sectors. IT is the only sector declining at 1%, followed by minor declines seen in pharma stocks

  • 09:45 IST: Sensex Today: Sectorally, FMCG trades up by 5%, followed by over 3% rise in banking, pvt banking anf financial services and auto sectors. IT is the only sector declining at 1%, followed by minor declines seen in pharma stocks

  • 09:41 IST

    Upgrade in EPS post reduction in taxes

    Reduction in the corporate tax rates will result in 8% upgrade in Nifty EPS for FY20/21 each to INR603/720 v/s existing projections of INR560/667. EPS growth will stand at 25%/19% v/s existing 16%/19% for FY20/21.

     Out of the 50 Nifty companies, 21 will see an EPS revision upwards of 10% and 9 companies between 5-10%, ceteris paribus. Private Banks, Auto and Consumers are the biggest beneficiaries, while IT will not see any incremental positives from these announcements.

     

  • 09:41 IST: Reduction in the corporate tax rates will result in 8% upgrade in Nifty EPS for FY20/21 each to INR603/720 v/s existing projections of INR560/667. EPS growth will stand at 25%/19% v/s existing 16%/19% for FY20/21.

     Out of the 50 Nifty companies, 21 will see an EPS revision upwards of 10% and 9 companies between 5-10%, ceteris paribus. Private Banks, Auto and Consumers are the biggest beneficiaries, while IT will not see any incremental positives from these announcements.

     

  • 09:39 IST

    India says no plans to revise fiscal deficit target

    India will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, the finance minister said on Sunday, after slashing corporate tax rates to boost a flagging economy.

    But Finance Minister Nirmala Sitharaman said the government would only review the fiscal deficit target closer to the 2020/21 budget.

    “At this point of time we are not revising any target. The decision will be taken later,” she told reporters at her residence in New Delhi on Sunday, adding that there was no plan to cut spending currently.

    Sitharaman also said the government would decide on additional market borrowings for the second half of 2019/20 later.
     (Reuters)

  • 09:39 IST: India will not revise its fiscal deficit target immediately and is not planning any spending cuts at this stage, the finance minister said on Sunday, after slashing corporate tax rates to boost a flagging economy.

    But Finance Minister Nirmala Sitharaman said the government would only review the fiscal deficit target closer to the 2020/21 budget.

    “At this point of time we are not revising any target. The decision will be taken later,” she told reporters at her residence in New Delhi on Sunday, adding that there was no plan to cut spending currently.

    Sitharaman also said the government would decide on additional market borrowings for the second half of 2019/20 later.
     (Reuters)

  • 09:30 IST

    Opening Bell

     Equity markets opened on a strong note, with BSE S&P Sensex rising 920 points to 38,940 level and NSE Nifty50 traded 259 points up 11,545 mark.

     In major announcement last week, FM Sitharaman announced a cut in base corporate tax for existing companies to 22% from current 30%; and for new manufacturing firms, incorporated after Oct 1, 2019 and starting operations before Mar 31, 2023, to 15% from current 25%.


     

  • 09:30 IST:  Equity markets opened on a strong note, with BSE S&P Sensex rising 920 points to 38,940 level and NSE Nifty50 traded 259 points up 11,545 mark.

     In major announcement last week, FM Sitharaman announced a cut in base corporate tax for existing companies to 22% from current 30%; and for new manufacturing firms, incorporated after Oct 1, 2019 and starting operations before Mar 31, 2023, to 15% from current 25%.


     

  • 09:26 IST

    Brent crude rises

    Brent crude, the global oil banchmark, gained more than 1% and rose to its highest in two sessions on Monday amid concerns about oil supply disruptions from Saudi Arabia and elevated tensions in Middle East.

     

  • 09:26 IST: Brent crude, the global oil banchmark, gained more than 1% and rose to its highest in two sessions on Monday amid concerns about oil supply disruptions from Saudi Arabia and elevated tensions in Middle East.

     

  • 09:25 IST

    Metal stocks expected to trade higher

    Metal stocks are expected to be in momentum as it is learnt that the deal under discussion with India would lower some tariffs on US produce and restore preferential treatment for some Indian exports to the US.

     

     

  • 09:25 IST: Metal stocks are expected to be in momentum as it is learnt that the deal under discussion with India would lower some tariffs on US produce and restore preferential treatment for some Indian exports to the US.

     

     

  • 09:23 IST

    Global Update

    Asian shares started higher on Monday on hopes of an interim Sino-U.S. tariff deal after the two countries described their talks as “productive” and “constructive”. Additionally, the United States removed tariffs from more than 400 Chinese products in response to requests from U.S. companies.

    While Japan's Nikkei .N225 was closed for a holiday, MSCI’s broadest index of Asia-Pacific shares outside Japan were up 0.5% at 511.28 points. On the Singaporean Exchange, SGX Nifty was trading up 153 points or 1.35%.

    On the Wall=street, US Futures (Dow Jones) traded at 26985 up 91 or 0.34%.

  • 09:23 IST: Asian shares started higher on Monday on hopes of an interim Sino-U.S. tariff deal after the two countries described their talks as “productive” and “constructive”. Additionally, the United States removed tariffs from more than 400 Chinese products in response to requests from U.S. companies.

    While Japan's Nikkei .N225 was closed for a holiday, MSCI’s broadest index of Asia-Pacific shares outside Japan were up 0.5% at 511.28 points. On the Singaporean Exchange, SGX Nifty was trading up 153 points or 1.35%.

    On the Wall=street, US Futures (Dow Jones) traded at 26985 up 91 or 0.34%.

  • 09:15 IST

    Last Closing

    On last friday, within minutes of FM Nirmala Sitharaman's big bang fiscal stimulus on corporate tax cuts, benchmark equity indices skyrocketed to register biggest single-day gains in a decade, with BSE S&P Sensex rising over 1600 points and NSE Nifty50 breaching 11,000 mark. Gripped by the tax cut euphoria, Sensex later made an intraday climb of 2,284 points to the day's high of 38,378.02 and Nifty climbed to the intraday high level of 11,381.90. Both the indices Sensex and Nifty have gained over 6% in Friday's trade.

    Sensex Today: Sensex, Nifty register biggest single-day gains in a decade after corporate tax cut

  • 09:15 IST: On last friday, within minutes of FM Nirmala Sitharaman's big bang fiscal stimulus on corporate tax cuts, benchmark equity indices skyrocketed to register biggest single-day gains in a decade, with BSE S&P Sensex rising over 1600 points and NSE Nifty50 breaching 11,000 mark. Gripped by the tax cut euphoria, Sensex later made an intraday climb of 2,284 points to the day's high of 38,378.02 and Nifty climbed to the intraday high level of 11,381.90. Both the indices Sensex and Nifty have gained over 6% in Friday's trade.

    Sensex Today: Sensex, Nifty register biggest single-day gains in a decade after corporate tax cut