Business Today

Sensex Today: Sensex ends 769 points lower, Nifty at 10,797; ICICI Bank, IndusInd Bank, Tata Steel top losers

BusinessToday.In | 03 September 2019

Sensex Today: Market closed on a bearish note on Tuesday, with benchmark indices declining over 2% each, tracking heavy selling in PSU Bank, financial and auto indices. The fall in the equity market was also backed by a slew of macroeconomic data releases, suggesting a worsening economic slowdown and deteriorating auto sales for August month.

 

 

While Sensex ended Tuesday's trade at 36,562.91, registering a decline of 769 points or 2.06%, Nifty closed 225 points or 2.04% lower at 10,797 mark.

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KEY UPDATES

  • Sensex Today: While Sensex ended Tuesday's trade at 36,562.91, registering a decline of 769 points or 2.06%, Nifty closed 225 points or 2.04% lower at 10,797 mark.
  • 16:03 IST

    Closing Bell

    Sensex Today: Market closed on a bearish note on Tuesday, with benchmark indices declining over 2% each, tracking heavy selling in PSU Bank, financial and auto indices amid a slew of macroeconomic data releases, suggesting a worsening economic slowdown.

    While Sensex ended Tuesday's trade at 36,562.91, registering a decline of 769 points or 2.06%, Nifty closed 225 points or 2.04% lower at 10,797 mark.

  • 16:03 IST: Sensex Today: Market closed on a bearish note on Tuesday, with benchmark indices declining over 2% each, tracking heavy selling in PSU Bank, financial and auto indices amid a slew of macroeconomic data releases, suggesting a worsening economic slowdown.

    While Sensex ended Tuesday's trade at 36,562.91, registering a decline of 769 points or 2.06%, Nifty closed 225 points or 2.04% lower at 10,797 mark.

  • 15:22 IST

    Market Update

    Sensex Today:  Equity market is currently trading on a bearish note, with benchmark indices declining nealry 2% each. Sensex has fallen over 720 points and Nifty is trading below 10,850 mark by the Tuesday's afternoon session.

    Sectorally, all indices except IT sector, are trading on a bearish note, with highest fall registered in PSU banking, declining over 4.89%, followed by over 3% fall in metal, and over 2% decline in financials, banking, media and realty indices.

  • 15:22 IST: Sensex Today:  Equity market is currently trading on a bearish note, with benchmark indices declining nealry 2% each. Sensex has fallen over 720 points and Nifty is trading below 10,850 mark by the Tuesday's afternoon session.

    Sectorally, all indices except IT sector, are trading on a bearish note, with highest fall registered in PSU banking, declining over 4.89%, followed by over 3% fall in metal, and over 2% decline in financials, banking, media and realty indices.

  • 15:13 IST

    Market update

    Sensex loses 711 points to 36,604 and Nifty fell 213 points to 10808 level in late faternoon trade.

  • 15:13 IST: Sensex loses 711 points to 36,604 and Nifty fell 213 points to 10808 level in late faternoon trade.

  • 14:24 IST

    Ashok Leyland becomes 1st Indian CV maker to get BS-VI certification for Heavy Duty Trucks

    Ashok Leyland, flagship of the Hinduja Group, and one of the largest commercial vehicle manufacturers in lndia, becomes the first lndian OEM to meetthe 6s-VI emission norms across the full range of heavy duty trucks (GVW of 16.2T and above)

    "This achievement of meeting the BS-VI emission standard across our heavy vehicle range further reinforces our position as technology leaders. Despite the short transition timeframe from BS IV to BS Vl, we have done extensive testing and with a further 7months to go, we are confident that our indigenous development will provide a superior and competitive solution addressing the needs of our customers", quoted Dheeraj Hinduja, Chairman, Ashok Leyland.

    "Compliance in the LCV and ICV range will be completed shortly and we will offer a comprehensive range from 70 hp to 360 hp in BS Vl application."


    Shares of Ashok Leyland opened with a gap up chart, rising 2.25% to Rs 63.90 with the opening bell and rose 2.64% to touch an intraday high of Rs 66.15. Ashok Leyland at 2: 20 pm, were trading 1.47% higher at Rs 65.40 on BSE.

  • 14:24 IST: Ashok Leyland, flagship of the Hinduja Group, and one of the largest commercial vehicle manufacturers in lndia, becomes the first lndian OEM to meetthe 6s-VI emission norms across the full range of heavy duty trucks (GVW of 16.2T and above)

    "This achievement of meeting the BS-VI emission standard across our heavy vehicle range further reinforces our position as technology leaders. Despite the short transition timeframe from BS IV to BS Vl, we have done extensive testing and with a further 7months to go, we are confident that our indigenous development will provide a superior and competitive solution addressing the needs of our customers", quoted Dheeraj Hinduja, Chairman, Ashok Leyland.

    "Compliance in the LCV and ICV range will be completed shortly and we will offer a comprehensive range from 70 hp to 360 hp in BS Vl application."


    Shares of Ashok Leyland opened with a gap up chart, rising 2.25% to Rs 63.90 with the opening bell and rose 2.64% to touch an intraday high of Rs 66.15. Ashok Leyland at 2: 20 pm, were trading 1.47% higher at Rs 65.40 on BSE.

  • 12:52 IST

    Reliance Power signs JV with JERA Japan for Bangladesh 750 mw project


    Reliance Power signed a partnership agreement with JERA, one of the largest power utilities of Japan, forjointly setting up 750 MW gas based combined cycle power project (Phase—1) at Meghnaghat, Bangladesh. Reliance Power will hold 51% stake while JERA will hold 49% stake in the joint venture company.


    Mr. Anil D. Ambani, Chairman, Reliance Group of Companies said, “This joint venture project will give a tremendous boost to the economic and industrial growth of Bangladesh and will enhance the energy security of the country with clean, green and reliable LNG based power. We are excited to be part of the growth story of Bangladesh in partnership with JERA.”

    The project will represent the largest Foreign Direct Investment (FDI) in the power sector in Bangladesh, and shall cater to the country’s rising needs for power, contributing to Bangladesh’s goal of energy security.

  • 12:52 IST:
    Reliance Power signed a partnership agreement with JERA, one of the largest power utilities of Japan, forjointly setting up 750 MW gas based combined cycle power project (Phase—1) at Meghnaghat, Bangladesh. Reliance Power will hold 51% stake while JERA will hold 49% stake in the joint venture company.


    Mr. Anil D. Ambani, Chairman, Reliance Group of Companies said, “This joint venture project will give a tremendous boost to the economic and industrial growth of Bangladesh and will enhance the energy security of the country with clean, green and reliable LNG based power. We are excited to be part of the growth story of Bangladesh in partnership with JERA.”

    The project will represent the largest Foreign Direct Investment (FDI) in the power sector in Bangladesh, and shall cater to the country’s rising needs for power, contributing to Bangladesh’s goal of energy security.

  • 12:27 IST

    Indian rupee depreciates past the 72-mark against the US dollar

    Tracking weak opening in domestic equities amid strong dollar demand from banks and importers, Indian rupee, the domestic currency has depreciated past the 72-mark against the US dollar in today's trade and currently trades at 72.07 vs the US dollar.

  • 12:27 IST: Tracking weak opening in domestic equities amid strong dollar demand from banks and importers, Indian rupee, the domestic currency has depreciated past the 72-mark against the US dollar in today's trade and currently trades at 72.07 vs the US dollar.

  • 11:51 IST

    Auto stocks slide amid bearish August sales



    Auto sector scripts were trading down, with the overall index declining over 1%, amid major falls registered in stocks of Tata Motors and Bosch ltd, declining almost 3%, M&M, Eicher Motors and Motherson Sumi falling over 2.5%, Exide, Maruti and MRF delinin gover 0.45% each.

  • 11:51 IST:

    Auto sector scripts were trading down, with the overall index declining over 1%, amid major falls registered in stocks of Tata Motors and Bosch ltd, declining almost 3%, M&M, Eicher Motors and Motherson Sumi falling over 2.5%, Exide, Maruti and MRF delinin gover 0.45% each.

  • 11:46 IST

    PSU Bank stocks decline

    PSU Banking stocks are clearly the loser, with Punjab National Bank declining the most at 7.5% fall, Canara Bank at nearly 7% decline, Indian Bank over 6.5%, Union Bank declined at 5.86% and Oriental Bank at 5% fall.

    Bank of India and Allahabad Bank fell nearly 2.5% each, while Syndicate Bank the lone green stock of the index, advanced almost 0.50%.

  • 11:46 IST: PSU Banking stocks are clearly the loser, with Punjab National Bank declining the most at 7.5% fall, Canara Bank at nearly 7% decline, Indian Bank over 6.5%, Union Bank declined at 5.86% and Oriental Bank at 5% fall.

    Bank of India and Allahabad Bank fell nearly 2.5% each, while Syndicate Bank the lone green stock of the index, advanced almost 0.50%.

  • 11:25 IST

    Sensex Today: Market Update


    Sensex Today: Benchmark indices traded majorly on a bearish note on Tuesday, tracking heavy selling in PSU Bank, financial and auto indices amid weak domestic and global cues. Sensex has fallen over 400 points and Nifty is trading at 11,900 level by the Tuesday's morning session.
     

  • 11:25 IST:
    Sensex Today: Benchmark indices traded majorly on a bearish note on Tuesday, tracking heavy selling in PSU Bank, financial and auto indices amid weak domestic and global cues. Sensex has fallen over 400 points and Nifty is trading at 11,900 level by the Tuesday's morning session.
     

  • 11:22 IST

    GST collections drop below 1 lakh Crore mark to Rs 98,202 crore


    In August, the Goods and Services Tax (GST) revenues dropped to a six-month low of Rs 98,202 crore. 

    However, average collections this financial year are still above Rs 1.02 lakh crore.


    The total gross GST revenue collected in August, 2019 is Rs 98,202 crore of which CGST is Rs 17,733 crore, SGST is Rs 24,239 crore, IGST is Rs 48,958 crore and cess is Rs 7,273 crore, the government said in a release.

    The total number of GSTR 3B Returns filed for July up to August 31, 2019 is 75.80 lakh.The revenue collected in August 2019 was 4.51% higher than what was collected in the same month of the previous year.


     

  • 11:22 IST:
    In August, the Goods and Services Tax (GST) revenues dropped to a six-month low of Rs 98,202 crore. 

    However, average collections this financial year are still above Rs 1.02 lakh crore.


    The total gross GST revenue collected in August, 2019 is Rs 98,202 crore of which CGST is Rs 17,733 crore, SGST is Rs 24,239 crore, IGST is Rs 48,958 crore and cess is Rs 7,273 crore, the government said in a release.

    The total number of GSTR 3B Returns filed for July up to August 31, 2019 is 75.80 lakh.The revenue collected in August 2019 was 4.51% higher than what was collected in the same month of the previous year.


     

  • 11:18 IST

    Rupee tumbles 67 paise to 72.09 against US dollar



    The rupee tumbled by 67 paise to 72.09 against the US currency in early trade on Tuesday, tracking weak opening in domestic equities amid strong dollar demand from banks and importers.

    Forex traders said the US tariffs on imports from China took effect on Sunday and were followed later by Beijing's retaliation. Following this the domestic currency was under pressure.

    The rupee had appreciated by 38 paise to close at a two-week high of 71.42 against the US dollar on Friday led by a rally in domestic equities and renewed hopes of the US-China trade talks.

    Traders said strengthening of the greenback vis-a-vis other currencies overseas and weak opening in domestic equities weighed on the local unit.

    The dollar index, which gauges the greenback's strength against a basket of six currencies, inched up 0.37 per cent to 99.28.

    Rupee tumbles 67 paise to 72.09 against US dollar amid weak domestic equities

     

  • 11:18 IST:

    The rupee tumbled by 67 paise to 72.09 against the US currency in early trade on Tuesday, tracking weak opening in domestic equities amid strong dollar demand from banks and importers.

    Forex traders said the US tariffs on imports from China took effect on Sunday and were followed later by Beijing's retaliation. Following this the domestic currency was under pressure.

    The rupee had appreciated by 38 paise to close at a two-week high of 71.42 against the US dollar on Friday led by a rally in domestic equities and renewed hopes of the US-China trade talks.

    Traders said strengthening of the greenback vis-a-vis other currencies overseas and weak opening in domestic equities weighed on the local unit.

    The dollar index, which gauges the greenback's strength against a basket of six currencies, inched up 0.37 per cent to 99.28.

    Rupee tumbles 67 paise to 72.09 against US dollar amid weak domestic equities

     

  • 10:19 IST

    Edelweiss Group, Central Bank of India partner to co-lend to MSMEs



     ECL Finance, a subsidiary of Edelweiss Financial Services and Central Bank of India (CBI), signed an agreement for Priority Sector Lending to Micro, Small and Medium Enterprise (MSME) customers. The partnership comes after the Reserve Bank of India announced the progressive Co-Origination Policy in September 2018, allowing banks and NBFCs to co-lend to a wider set of enterprise owners. This is the first such Co-Origination partnership of Central Bank of India with an NBFC. Second Co-Origination MoU for Edelweiss & maiden Co-origination alliance for Central Bank of India. Business loans from Rs 3 lacs to Rs 2 crore, specially for the MSME sector in over 100 Indian cities.


     

  • 10:19 IST:

     ECL Finance, a subsidiary of Edelweiss Financial Services and Central Bank of India (CBI), signed an agreement for Priority Sector Lending to Micro, Small and Medium Enterprise (MSME) customers. The partnership comes after the Reserve Bank of India announced the progressive Co-Origination Policy in September 2018, allowing banks and NBFCs to co-lend to a wider set of enterprise owners. This is the first such Co-Origination partnership of Central Bank of India with an NBFC. Second Co-Origination MoU for Edelweiss & maiden Co-origination alliance for Central Bank of India. Business loans from Rs 3 lacs to Rs 2 crore, specially for the MSME sector in over 100 Indian cities.


     

  • 10:18 IST

    Govt may sell entire stake in BPCL worth Rs 40,000 cr to IOC



    The Centre is planning to offload its entire stake worth a little more than Rs 40,000 crore in Bharat Petroleum Corporation (BPCL), most likely to Indian Oil Corporation (IOCL). This will help government meeting its highest-ever disinvestment target of Rs 1.05 trillion. If it goes through, an IOCL-BPCL merger will be the third mammoth amalgamation of stateowned companies, excluding banks, in three years after Oil and Natural Gas Corporation (ONGC)-Hindustan Petroleum Corporation (HPCL) in 2017-18 and REC (formerly Rural Electrification Corporation)-Power Finance Corporation (PFC) in 2018-19. Both deals had a major role in helping the Centre garner record divestment proceeds 

  • 10:18 IST:

    The Centre is planning to offload its entire stake worth a little more than Rs 40,000 crore in Bharat Petroleum Corporation (BPCL), most likely to Indian Oil Corporation (IOCL). This will help government meeting its highest-ever disinvestment target of Rs 1.05 trillion. If it goes through, an IOCL-BPCL merger will be the third mammoth amalgamation of stateowned companies, excluding banks, in three years after Oil and Natural Gas Corporation (ONGC)-Hindustan Petroleum Corporation (HPCL) in 2017-18 and REC (formerly Rural Electrification Corporation)-Power Finance Corporation (PFC) in 2018-19. Both deals had a major role in helping the Centre garner record divestment proceeds 

  • 10:17 IST

    IFB Industries to acquire Stamping Business


     


     IFB Industries (IFB) will acquire as a going concern / running business, on a slump sale basis the Stamping Business and on asset purchase basis etc. the Motor Business from IFB Automotive Private Limited at a consideration of Rs. 35 crores and Rs. 10 crores respectively. The above transactions will be related party transactions and the same will be done at "arm's length' basis. This acquisition is in same field of business of IFB and will help in consolidation and growth of existing Business. The transaction is expected to be completed within Q3 FY21.

     

  • 10:17 IST:
     


     IFB Industries (IFB) will acquire as a going concern / running business, on a slump sale basis the Stamping Business and on asset purchase basis etc. the Motor Business from IFB Automotive Private Limited at a consideration of Rs. 35 crores and Rs. 10 crores respectively. The above transactions will be related party transactions and the same will be done at "arm's length' basis. This acquisition is in same field of business of IFB and will help in consolidation and growth of existing Business. The transaction is expected to be completed within Q3 FY21.

     

  • 10:08 IST

    KNR Constructions receives orders worth of Rs. 850cr




     KNR Constructions has received a work order for Rs. 850 from m/s. Megha Engineering & Infrastructures Limited, Hyderabad for construction and completion of Earthen Bund works which is part and parcel of "Kaleshwaram Project-Formation of Sri KomuravelliMallannaSagar with a capacity of 50.00 TMC (Thousand Million Cubic Feet)"

  • 10:08 IST:


     KNR Constructions has received a work order for Rs. 850 from m/s. Megha Engineering & Infrastructures Limited, Hyderabad for construction and completion of Earthen Bund works which is part and parcel of "Kaleshwaram Project-Formation of Sri KomuravelliMallannaSagar with a capacity of 50.00 TMC (Thousand Million Cubic Feet)"

  • 10:06 IST

    Reliance Research - Banking Sector Update on PSB Consolidation




    We continue to remain cautious on the PSBs (Ex-SBI), as weak spreads and merger-related challenges should limit any meaningful expansion in RoAs over the medium-term, ruling out any significant catch up in valuations. Moreover, risk of higher corporate slippages and recent surge in non-corporate slippages could prove to be detrimental. Nonetheless, implementation of governance reforms and their positive impact on banks’ risk management will be a positive for valuations.

  • 10:06 IST:


    We continue to remain cautious on the PSBs (Ex-SBI), as weak spreads and merger-related challenges should limit any meaningful expansion in RoAs over the medium-term, ruling out any significant catch up in valuations. Moreover, risk of higher corporate slippages and recent surge in non-corporate slippages could prove to be detrimental. Nonetheless, implementation of governance reforms and their positive impact on banks’ risk management will be a positive for valuations.

  • 10:05 IST

    Sensex Losers/ Gainers

    While TechM, HCL Tech, TCS and Infosys jumped up to 2 per cent, top losers in the Sensex pack in early trade on Tuesday included Tata Motors, Tata Steel, ICICI Bank, ONGC, HDFC, M&M, NTPC, Vedanta, ITC and SBI, which fell up to 4 per cent.

     

  • 10:05 IST: While TechM, HCL Tech, TCS and Infosys jumped up to 2 per cent, top losers in the Sensex pack in early trade on Tuesday included Tata Motors, Tata Steel, ICICI Bank, ONGC, HDFC, M&M, NTPC, Vedanta, ITC and SBI, which fell up to 4 per cent.

     

  • 10:05 IST

    Market Update


     According to traders, market sentiment took a hit on account of weak macroeconomic data releases and double-digit decline in auto sales in August as the sector continued to reel under one of the worst slowdowns in its history.

     Official data released after market hours on Friday showed that India's GDP growth slipped to an over six-year low of 5 per cent in the June quarter of 2019-20, hit by a sharp deceleration in manufacturing output and subdued farm sector activity.

     Additionally, the country's manufacturing sector activity declined to its 15-month low in August, owing to slower increases in sales, output and employment, the IHS Markit India Manufacturing Purchasing Managers' Index showed.
    (PTI)
     

  • 10:05 IST:
     According to traders, market sentiment took a hit on account of weak macroeconomic data releases and double-digit decline in auto sales in August as the sector continued to reel under one of the worst slowdowns in its history.

     Official data released after market hours on Friday showed that India's GDP growth slipped to an over six-year low of 5 per cent in the June quarter of 2019-20, hit by a sharp deceleration in manufacturing output and subdued farm sector activity.

     Additionally, the country's manufacturing sector activity declined to its 15-month low in August, owing to slower increases in sales, output and employment, the IHS Markit India Manufacturing Purchasing Managers' Index showed.
    (PTI)
     

  • 10:04 IST

    PSU Bank stocks down after merge announcement

    In an attempt to boost economic growth, the government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders.

    It gives a positive signal that the government is not just focusing on recapitalising the bank but also in improving the governance in the public sector banks (PSBs), Matthews said. "Measures taken to improve the efficiency of the PSBs is in the right direction as they are competing with the private sector."

  • 10:04 IST: In an attempt to boost economic growth, the government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders.

    It gives a positive signal that the government is not just focusing on recapitalising the bank but also in improving the governance in the public sector banks (PSBs), Matthews said. "Measures taken to improve the efficiency of the PSBs is in the right direction as they are competing with the private sector."

  • 09:59 IST

    Rupee breaches 72 mark, IT stocks rally

    Rupee breaches 72 mark after opening lower at 72.05 versus Friday's close of 71.40 against the dollar, when the domestic unit gained 38 paise to close at 2-week high.

    The rupee depreciated 65 paise against its previous close to trade at 72.07 in early session.

    Indian rupee marked the worst monthly loss in six years amid foreign fund outflows and weaker domestic macro environment. Rupee lost 3.79% to 71.41 against U.S. dollar in August month.

    On the other hand, IT stocks rallied as the rupee depreciated 65 paise against its previous close to trade at 72.07 in early session.

  • 09:59 IST: Rupee breaches 72 mark after opening lower at 72.05 versus Friday's close of 71.40 against the dollar, when the domestic unit gained 38 paise to close at 2-week high.

    The rupee depreciated 65 paise against its previous close to trade at 72.07 in early session.

    Indian rupee marked the worst monthly loss in six years amid foreign fund outflows and weaker domestic macro environment. Rupee lost 3.79% to 71.41 against U.S. dollar in August month.

    On the other hand, IT stocks rallied as the rupee depreciated 65 paise against its previous close to trade at 72.07 in early session.

  • 09:57 IST

    Global Market Update

    Although U.S. President Donald Trump has said both sides would still meet for talks later this month, tensions have shown little sign of abating.
     

    Asian markets have declined in the last two trading sessions. SGX Nifty declined over 100 points after adjustment. #MOMarketUpdates

    — Motilal Oswal Financial Services Ltd (@MotilalOswalLtd) September 3, 2019


     

  • 09:57 IST: Although U.S. President Donald Trump has said both sides would still meet for talks later this month, tensions have shown little sign of abating.
     

    Asian markets have declined in the last two trading sessions. SGX Nifty declined over 100 points after adjustment. #MOMarketUpdates

    — Motilal Oswal Financial Services Ltd (@MotilalOswalLtd) September 3, 2019


     

  • 09:44 IST

    ONGC 2% lower after reports of a fire at the Navi Mumbai unit

    A major fire has broken out at an ONGC plant in Navi Mumbai. The fire broke out at 7am on Tuesday in Uran. According to initial reports, several people are feared trapped inside the premises.

    Fire-fighting operations are underway. Officials have said that there are no casualties so far.

    It is yet to be ascertained what caused the fire.

    ONGC fire services and crisis management team immediately jumped into action. There has been no impact on oil processing. Gas has been diverted to Hazira Plant.

    Major fire breaks out at ONGC plant in Navi Mumbai; rescue operations underway

  • 09:44 IST:

    A major fire has broken out at an ONGC plant in Navi Mumbai. The fire broke out at 7am on Tuesday in Uran. According to initial reports, several people are feared trapped inside the premises.

    Fire-fighting operations are underway. Officials have said that there are no casualties so far.

    It is yet to be ascertained what caused the fire.

    ONGC fire services and crisis management team immediately jumped into action. There has been no impact on oil processing. Gas has been diverted to Hazira Plant.

    Major fire breaks out at ONGC plant in Navi Mumbai; rescue operations underway

  • 09:41 IST

    Global Update: US and China begin imposing new tariffs as trade war escalates




    Globally markets are trading lower on trade war worries. China on Monday said it had lodged a complaint against the US with the World Trade Organization (WTO), one day after additional 15% tariffs were imposed by US on Chinese goods imports worth $125 bn came into force. Moreover, China has retaliated with increased duties on a variety of American goods, including soybeans & crude oil.

    On the Singapore Exchange, SGX Nifty traded flat at 10,942. Yesterday, on Wall Street, US Futures (Dow Jones) traded down 143 pts at 26263.

     

    Expect market to open on a weak note on account of global cues. US Future declined over half percent or 171 points (yesterday US market closed on account of Labor day) concern of trade war between US-China. #MOMarketUpdates

    — Motilal Oswal Financial Services Ltd (@MotilalOswalLtd) September 3, 2019





    Crude oil fell below $59/bbl and Indian Rupee gained 38 paise to close at 2-week high.

  • 09:41 IST:


    Globally markets are trading lower on trade war worries. China on Monday said it had lodged a complaint against the US with the World Trade Organization (WTO), one day after additional 15% tariffs were imposed by US on Chinese goods imports worth $125 bn came into force. Moreover, China has retaliated with increased duties on a variety of American goods, including soybeans & crude oil.

    On the Singapore Exchange, SGX Nifty traded flat at 10,942. Yesterday, on Wall Street, US Futures (Dow Jones) traded down 143 pts at 26263.

     

    Expect market to open on a weak note on account of global cues. US Future declined over half percent or 171 points (yesterday US market closed on account of Labor day) concern of trade war between US-China. #MOMarketUpdates

    — Motilal Oswal Financial Services Ltd (@MotilalOswalLtd) September 3, 2019





    Crude oil fell below $59/bbl and Indian Rupee gained 38 paise to close at 2-week high.

  • 09:34 IST

    BSE to introduce weekly F&O contracts on stocks in equity derivatives



    The BSE on Friday said it will introduce weekly futures and options contracts in the equity derivatives segment from September 19 onwards.

    The exchange in a notice said it will introduce 7 weekly futures and 7 weekly options contracts on stocks in equity derivatives with effect from Thursday September 19, 2019.

    The weekly futures and options contracts will expire on every Thursday of the week, excluding monthly expiry week.The exchange in the notice also provided a list of 149 stocks along with tick size, lot size and price band on which weekly futures and options contracts will be available.

    (PTI)

  • 09:34 IST:

    The BSE on Friday said it will introduce weekly futures and options contracts in the equity derivatives segment from September 19 onwards.

    The exchange in a notice said it will introduce 7 weekly futures and 7 weekly options contracts on stocks in equity derivatives with effect from Thursday September 19, 2019.

    The weekly futures and options contracts will expire on every Thursday of the week, excluding monthly expiry week.The exchange in the notice also provided a list of 149 stocks along with tick size, lot size and price band on which weekly futures and options contracts will be available.

    (PTI)

  • 09:26 IST

    Growth in 8 core sectors falls to 2.1% in July



    Growth in eight core sectors of India slipped to 2.1 per cent during July, in comparison to 7.3 per cent during the corresponding month last year, government data released on Monday showed. The cumulative growth across these eight industries during the April to July period in the current fiscal stood at 3 per cent, compared to 5.9 per cent in the year-ago period.Growth in eight core sectors saw marginal growth during July 2019 in comparison to the the previous month. During June 2019, the figure stood at 0.7 per cent.

    "The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stood at 131.9 in July, 2019, which was 2.1 per cent higher as compared to the index of July, 2018," the Ministry of Commerce and Industry said in a statement on Monday.

    Growth in eight core sectors slows down to 2.1% in July from 7.3% last year
     

  • 09:26 IST:

    Growth in eight core sectors of India slipped to 2.1 per cent during July, in comparison to 7.3 per cent during the corresponding month last year, government data released on Monday showed. The cumulative growth across these eight industries during the April to July period in the current fiscal stood at 3 per cent, compared to 5.9 per cent in the year-ago period.Growth in eight core sectors saw marginal growth during July 2019 in comparison to the the previous month. During June 2019, the figure stood at 0.7 per cent.

    "The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stood at 131.9 in July, 2019, which was 2.1 per cent higher as compared to the index of July, 2018," the Ministry of Commerce and Industry said in a statement on Monday.

    Growth in eight core sectors slows down to 2.1% in July from 7.3% last year
     

  • 09:25 IST

    GDP growth rate falls to 6 yr low of 5%



    The data was released after GDP growth rate of India fell to a six-year low of 5 per cent during the first quarter of the ongoing fiscal. Dwindling growth in key industries further emphasises on the economic slowdown reflected in the dismal GDP figures.

  • 09:25 IST:

    The data was released after GDP growth rate of India fell to a six-year low of 5 per cent during the first quarter of the ongoing fiscal. Dwindling growth in key industries further emphasises on the economic slowdown reflected in the dismal GDP figures.

  • 09:16 IST

    Sensex Today: Market Update

    Sensex Today: Sensex has fallen over 100 points and Nifty is trading at 11,960 level by the Tuesday's morning session. In today's session, PSU bank indices have fallen over 1.60%, followed by 1.45% fall registered each in realty and auto sector scripts. Only IT sector is trading on the green.

  • 09:16 IST:

    Sensex Today: Sensex has fallen over 100 points and Nifty is trading at 11,960 level by the Tuesday's morning session. In today's session, PSU bank indices have fallen over 1.60%, followed by 1.45% fall registered each in realty and auto sector scripts. Only IT sector is trading on the green.
  • 09:07 IST

    Tata Steel to shut some operations in UK






    The Tata Steel Ltd said on Monday it would shut parts of its non-core businesses in the United Kingdom, a move that could cost about 400 jobs.

    The steelmaker proposed to close its loss-making Orb Electrical Steels site in South Wales, potentially affecting up to 380 jobs, as it was "unable to find a way forward" for the business, it said in a filing to Indian stock exchanges.

    Tata Steel to shut some operations in UK, 400 jobs at stake
     

  • 09:07 IST:




    The Tata Steel Ltd said on Monday it would shut parts of its non-core businesses in the United Kingdom, a move that could cost about 400 jobs.

    The steelmaker proposed to close its loss-making Orb Electrical Steels site in South Wales, potentially affecting up to 380 jobs, as it was "unable to find a way forward" for the business, it said in a filing to Indian stock exchanges.

    Tata Steel to shut some operations in UK, 400 jobs at stake
     

  • 09:07 IST

    PSBs likely to rally on mega merger announcement


     
    Shares of public sector banks (PSBs) are likely to lead a market rally on Tuesday after the government announced a mega consolidation plan for public sector banks to boost credit and revive economic growth.

    Finance Minister Nirmala Sitharaman on Friday announced the merger of 10 public sector banks into four entities to make them stronger and sustainable as well as increase their lending ability. The Punjab National Bank will be merged with Oriental Bank and United Bank to make it the second-largest PSB with Rs 18 lakh crore business and second-largest branch network in India.

    PSBs likely to rally on mega merger announcement; PNB, Canara Bank, BoI to be in focus
     

  • 09:07 IST:
     
    Shares of public sector banks (PSBs) are likely to lead a market rally on Tuesday after the government announced a mega consolidation plan for public sector banks to boost credit and revive economic growth.

    Finance Minister Nirmala Sitharaman on Friday announced the merger of 10 public sector banks into four entities to make them stronger and sustainable as well as increase their lending ability. The Punjab National Bank will be merged with Oriental Bank and United Bank to make it the second-largest PSB with Rs 18 lakh crore business and second-largest branch network in India.

    PSBs likely to rally on mega merger announcement; PNB, Canara Bank, BoI to be in focus
     

  • 09:06 IST

    Centre looks to cut GST rates on cars




    Finance Minister Nirmala Sitharaman kindled hopes of a GST rate cut on the same day that several leading auto players announced dismal sales figures for August. The auto industry has long called for a reduction in the GST rate from 28 per cent to 18 per cent to accommodate the downturn.


    Centre looks to cut GST rates on cars amid sharp decline in sales  

  • 09:06 IST:


    Finance Minister Nirmala Sitharaman kindled hopes of a GST rate cut on the same day that several leading auto players announced dismal sales figures for August. The auto industry has long called for a reduction in the GST rate from 28 per cent to 18 per cent to accommodate the downturn.


    Centre looks to cut GST rates on cars amid sharp decline in sales  

  • 09:06 IST

    M&M to acquire 55% stake in Meru





    Mahindra and Mahindra Ltd (M&M) on Saturday announced signing a share subscription and shareholder agreement to acquire up to 55 per cent stake in ride hailing company Meru Travel Solutions Private Limited in tranches. In a regulatory filing, the automaker said that it would make a primary investment of up to Rs 103.5 crore for the stake acquisition but the "final purchase price will be arrived at after making customary closing adjustments".

    M&M is not the first automaker to show interest in the ride hailing space. Earlier this year, Hyundai Motor Co and its affiliate Kia Motors Corp  invested Rs 2,000 crore in market-leader Ola.

    Mahindra and Mahindra signs deal to acquire 55% stake in Meru  

  • 09:06 IST:



    Mahindra and Mahindra Ltd (M&M) on Saturday announced signing a share subscription and shareholder agreement to acquire up to 55 per cent stake in ride hailing company Meru Travel Solutions Private Limited in tranches. In a regulatory filing, the automaker said that it would make a primary investment of up to Rs 103.5 crore for the stake acquisition but the "final purchase price will be arrived at after making customary closing adjustments".

    M&M is not the first automaker to show interest in the ride hailing space. Earlier this year, Hyundai Motor Co and its affiliate Kia Motors Corp  invested Rs 2,000 crore in market-leader Ola.

    Mahindra and Mahindra signs deal to acquire 55% stake in Meru  

  • 09:05 IST

    Jet Airways fails to attract new bidders



    Jet Airways that is undergoing insolvency proceedings has failed to attract any new bidders during the extended period for submission on initial bids. This is the third time lenders extended the deadline after August 3 and 10. The third deadline for submission of Expression of Interest (EoI) ended on August 31.

    With no new bidders coming forth, the grounded airline has only three entities that had put in initial bids earlier, which are Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp.

    Jet Airways' Committee of Creditors (CoC) extended the deadline for submission of EoIs on August 26.

    Jet Airways crisis: Airline fails to attract new bidders during third extended deadline

  • 09:05 IST:

    Jet Airways that is undergoing insolvency proceedings has failed to attract any new bidders during the extended period for submission on initial bids. This is the third time lenders extended the deadline after August 3 and 10. The third deadline for submission of Expression of Interest (EoI) ended on August 31.

    With no new bidders coming forth, the grounded airline has only three entities that had put in initial bids earlier, which are Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp.

    Jet Airways' Committee of Creditors (CoC) extended the deadline for submission of EoIs on August 26.

    Jet Airways crisis: Airline fails to attract new bidders during third extended deadline

  • 09:04 IST

    Jio Fiber subscription

    Jio GigaFibre will kick-start its commercial services in India from September 5. Consumers eagerly await the rollout after the announcement was made on August 12 by Mukesh Ambani, Chairman of Reliance Industries Ltd. (RIL), Jio Fiber is set to revolutionise the digital space in India.

  • 09:04 IST: Jio GigaFibre will kick-start its commercial services in India from September 5. Consumers eagerly await the rollout after the announcement was made on August 12 by Mukesh Ambani, Chairman of Reliance Industries Ltd. (RIL), Jio Fiber is set to revolutionise the digital space in India.

  • 09:03 IST

    Maruti cuts production for 7th straight month




    In a filing to the Bombay Stock Exchange, the country's biggest car maker Maruti Suzuki said it produced a total of 111,370 units in August, 2019 as compared to 168,725 units produced in the same month last year. The mini segment, which comprises cars like Alto and old WagonR, saw the steepest decline of 62.93 per cent with the company producing just 13,814 units against 37,268 units rolled out in the year-ago period.


    The total production of mini and compact segment cars including New WagonR, Celerio, Ignis, Swift, Baleno and Dzire dropped by 34.1 per cent to 80,909 units as against 1,22,824 units in August last year, it said.

    On Sunday, Maruti Suzuki India reported a 32.7 per cent decline in sales at 1,06,413 units in August as compared to 1,58,189 units sold in the same month last year. Exports in August were down by 10.8 per cent at 9,352 units as compared to 10,489 units in the same month last year.


    Slowdown Blues: Maruti Suzuki cuts production for 7th straight month in Aug, output drops by 34% 

  • 09:03 IST:


    In a filing to the Bombay Stock Exchange, the country's biggest car maker Maruti Suzuki said it produced a total of 111,370 units in August, 2019 as compared to 168,725 units produced in the same month last year. The mini segment, which comprises cars like Alto and old WagonR, saw the steepest decline of 62.93 per cent with the company producing just 13,814 units against 37,268 units rolled out in the year-ago period.


    The total production of mini and compact segment cars including New WagonR, Celerio, Ignis, Swift, Baleno and Dzire dropped by 34.1 per cent to 80,909 units as against 1,22,824 units in August last year, it said.

    On Sunday, Maruti Suzuki India reported a 32.7 per cent decline in sales at 1,06,413 units in August as compared to 1,58,189 units sold in the same month last year. Exports in August were down by 10.8 per cent at 9,352 units as compared to 10,489 units in the same month last year.


    Slowdown Blues: Maruti Suzuki cuts production for 7th straight month in Aug, output drops by 34% 

  • 09:02 IST

    PNB board to consider infusion this week





    State-run Punjab National Bank (PNB) on Monday said its board would consider capital infusion of up to Rs 18,000 crore in its meeting later this week.

    On Saturday, PNB had said in an exchange filing that it would consider infusion up to Rs 16,500 crore by the government through preferential issue of equity shares and fixing date of extraordinary general meeting (EGM) for obtaining shareholders approval in this regard at a price determined in terms of the market regulator SEBI.

    PNB to consider infusion of Rs 18,000 crore at board meet this week 

  • 09:02 IST:



    State-run Punjab National Bank (PNB) on Monday said its board would consider capital infusion of up to Rs 18,000 crore in its meeting later this week.

    On Saturday, PNB had said in an exchange filing that it would consider infusion up to Rs 16,500 crore by the government through preferential issue of equity shares and fixing date of extraordinary general meeting (EGM) for obtaining shareholders approval in this regard at a price determined in terms of the market regulator SEBI.

    PNB to consider infusion of Rs 18,000 crore at board meet this week 

  • 09:01 IST

    Saudi Aramco IPO planning







    The world's most profitable company plans to list in Saudi Arabia and on an international exchange. Saudi Arabia's energy minister says the head of the kingdom's sovereign wealth fund is replacing him as chairman of the board of Saudi Aramco as the state-run oil giant plans an initial public offering.

    The move puts some distance between Khalid al-Falih's energy ministry portfolio and Aramco, which Saudi officials say could be listed in 2020 or 2021.

    Saudi Aramco gets new chairman as IPO planning heats up

  • 09:01 IST:





    The world's most profitable company plans to list in Saudi Arabia and on an international exchange. Saudi Arabia's energy minister says the head of the kingdom's sovereign wealth fund is replacing him as chairman of the board of Saudi Aramco as the state-run oil giant plans an initial public offering.

    The move puts some distance between Khalid al-Falih's energy ministry portfolio and Aramco, which Saudi officials say could be listed in 2020 or 2021.

    Saudi Aramco gets new chairman as IPO planning heats up

  • 08:51 IST

    FPIs turn bullish

    Net investment of equity and debt reported by foreign portfolio investors (FPIs) has turned bullish from the long term bearish trend, with net buying logged at Rs 1,162.95 crore into Indian equities while domestic institutional investors (DIIs), kept with the bullish trend as well, with net buying worth Rs 1,502.27 crore on Friday.

     

  • 08:51 IST: Net investment of equity and debt reported by foreign portfolio investors (FPIs) has turned bullish from the long term bearish trend, with net buying logged at Rs 1,162.95 crore into Indian equities while domestic institutional investors (DIIs), kept with the bullish trend as well, with net buying worth Rs 1,502.27 crore on Friday.

     

  • 08:48 IST

    Sensex Today: Market Update


    Benchmark indices Sensex and Nifty rose with Sensex are likely to open with minor changes, backed by a flat opening of the SGX Nifty at the Singapore Exchange. On the last trading day, Nifty ended trade 74 points higher at 11,023 and Sensex closed higher by 263 points at 37,332 mark.
     

  • 08:48 IST:
    Benchmark indices Sensex and Nifty rose with Sensex are likely to open with minor changes, backed by a flat opening of the SGX Nifty at the Singapore Exchange. On the last trading day, Nifty ended trade 74 points higher at 11,023 and Sensex closed higher by 263 points at 37,332 mark.
     

  • 08:46 IST

    Last Closing

    On the last tradig day, benchmark indices Sensex and Nifty rose with Sensex trading back above the 37,000 level and Nifty climbling higher than 11,000 mark and closed on a bullish note. 


    Nifty ended day's trade 74 points higher at 11,023 and Sensex closed higher by 263 points at 37,332 mark.

    Sensex Today: Sensex closes 263 points higher, Nifty at 11,023; YES Bank rises 3%

  • 08:46 IST: On the last tradig day, benchmark indices Sensex and Nifty rose with Sensex trading back above the 37,000 level and Nifty climbling higher than 11,000 mark and closed on a bullish note. 


    Nifty ended day's trade 74 points higher at 11,023 and Sensex closed higher by 263 points at 37,332 mark.

    Sensex Today: Sensex closes 263 points higher, Nifty at 11,023; YES Bank rises 3%