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

BusinessToday.In | September 20,2019 08:47 am IST

Sensex Today: 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

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  • Sensex Today: Sector-wise, Nifty auto was the top gainer, trading up nearly 8%, followed by 6-7% rise in financial services, banking and private banking sector and over 5% rise in media, metal and energy stocks.
  • Sep 20, 2019 16:20 (IST)

    Expert opinion


    Quote on corporate tax cut by Ajit Mishra, Vice President Research, Religare Broking:

    The finance minister has finally taken strong measures to kick start the economy. The corporate earnings had worsened in the last few quarters mainly due to the ongoing slowdown. The cut in corporate tax rate would mean more income for corporates. This would have a direct positive impact on the EPS on all domestic companies. Further, this move along with the easing of enhanced surcharge has the potential to revive FII sentiments as well, as the corporate tax rate makes Indian companies more competitive in the global markets. 

     

  • 16:20 IST:
    Quote on corporate tax cut by Ajit Mishra, Vice President Research, Religare Broking:

    The finance minister has finally taken strong measures to kick start the economy. The corporate earnings had worsened in the last few quarters mainly due to the ongoing slowdown. The cut in corporate tax rate would mean more income for corporates. This would have a direct positive impact on the EPS on all domestic companies. Further, this move along with the easing of enhanced surcharge has the potential to revive FII sentiments as well, as the corporate tax rate makes Indian companies more competitive in the global markets. 

     

  • Sep 20, 2019 16:19 (IST)

    Expert opinion

    Expert opinion by Ajay Bodke CEO PMS Prabhudas Lilladher on the equity market today:

    "In a major boost to revive flagging animal spirits & position India as one of the most attractive business destinations,  government of India has announced a slew of measures that would act as a force multiplier for the flagging economic engine. By slashing corporate tax rate to 25% from 35 % (22% from 30% without exemptions) for existing domestic companies & an extremely attractive rate of 15% for new companies setting up manufacturing operations after 1st October 2019 and commencing operations before 2023, government has rolled out a red carpet that would ensure hundreds of billions of dollars of FDI & FII flows over the medium term.

    Equity markets would rejoice as the multi-year cycle of earnings downgrade will finally come to an end. A significant valuation re-rating will follow as the market would start building in a virtuous cycle of upgrade in earnings trajectory over the medium-term due to both tax savings & boost in revenues due to  perk-up in aggregate demand. The engine of domestic consumption will fire first followed by the investment engine on the  back of corporates regaining their mojo. Incentives announced last week for  export sector will also support the third engine of growth i.e. exports.

    It is in a true sense an early arrival of festival of lights (Diwali) and banishment of long period of darkness & gloom bothering the Indian economy"
     

  • 16:19 IST: Expert opinion by Ajay Bodke CEO PMS Prabhudas Lilladher on the equity market today:

    "In a major boost to revive flagging animal spirits & position India as one of the most attractive business destinations,  government of India has announced a slew of measures that would act as a force multiplier for the flagging economic engine. By slashing corporate tax rate to 25% from 35 % (22% from 30% without exemptions) for existing domestic companies & an extremely attractive rate of 15% for new companies setting up manufacturing operations after 1st October 2019 and commencing operations before 2023, government has rolled out a red carpet that would ensure hundreds of billions of dollars of FDI & FII flows over the medium term.

    Equity markets would rejoice as the multi-year cycle of earnings downgrade will finally come to an end. A significant valuation re-rating will follow as the market would start building in a virtuous cycle of upgrade in earnings trajectory over the medium-term due to both tax savings & boost in revenues due to  perk-up in aggregate demand. The engine of domestic consumption will fire first followed by the investment engine on the  back of corporates regaining their mojo. Incentives announced last week for  export sector will also support the third engine of growth i.e. exports.

    It is in a true sense an early arrival of festival of lights (Diwali) and banishment of long period of darkness & gloom bothering the Indian economy"
     

  • Sep 20, 2019 16:18 (IST)

    Expert opinion

    Quote from Madhavi Arora, Economist, Fx & Rates, Edelweiss Securities on the corporate tax announcements:

    The effective corporate tax reductions is indeed a big supply side reform and should help spur investment cycle, which has been perpetually crippled. However, the supply side tax reforms generally have relatively longer term economic returns, albeit impact the revenue side in the near term. Besides, the current slowdown cycle is different from the 2012-13 slowdown as the consumption demand is also significantly constrained in this cycle (unlike the last one) and thus could limit fresh investment demand in the near term. Therefore a broader tax cut covering all economic agents would have probably yielded better economic returns.



    It needs to be seen if the expected revenue forgone (Rs 1.48 tn- 0.8% of GDP) would be partly adjusted by expenditure cuts. If that happens, then it would nullify the fiscal multiplier impact to that extent. That said, I think we are in a state of coordinated policy response both by the government and the RBI. Despite possible fiscal slippage, the RBI would likely deliver further cuts and continue to focus on policy transmission of earlier cuts. Of course, sector specific measures need to be continued apart from the broad fiscal boosts. Nonetheless, it is going to put pressure on the sources of funding for the government, as reflected in the sharp surge in the gsec yields. Markets would closely watch out for the borrowing calendar in the coming week to gauge the borrowing impact and sustained pressure on Gsecs.

  • 16:18 IST: Quote from Madhavi Arora, Economist, Fx & Rates, Edelweiss Securities on the corporate tax announcements:

    The effective corporate tax reductions is indeed a big supply side reform and should help spur investment cycle, which has been perpetually crippled. However, the supply side tax reforms generally have relatively longer term economic returns, albeit impact the revenue side in the near term. Besides, the current slowdown cycle is different from the 2012-13 slowdown as the consumption demand is also significantly constrained in this cycle (unlike the last one) and thus could limit fresh investment demand in the near term. Therefore a broader tax cut covering all economic agents would have probably yielded better economic returns.



    It needs to be seen if the expected revenue forgone (Rs 1.48 tn- 0.8% of GDP) would be partly adjusted by expenditure cuts. If that happens, then it would nullify the fiscal multiplier impact to that extent. That said, I think we are in a state of coordinated policy response both by the government and the RBI. Despite possible fiscal slippage, the RBI would likely deliver further cuts and continue to focus on policy transmission of earlier cuts. Of course, sector specific measures need to be continued apart from the broad fiscal boosts. Nonetheless, it is going to put pressure on the sources of funding for the government, as reflected in the sharp surge in the gsec yields. Markets would closely watch out for the borrowing calendar in the coming week to gauge the borrowing impact and sustained pressure on Gsecs.

  • Sep 20, 2019 16:04 (IST)

    Closing Bell : Sensex, Nifty register biggest single-day gains in a decade over corporate tax cuts euphoria

    Within minutes of FM Nirmala Sitharaman's big bang fiscal stimulus on corporate tax cuts, benchmark equity indices skyrocketed to register best 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.

    Today, at market close, Sensex stands 1,921 points or 5.32% higher at 38,014 level and Nifty at 11,274, registering a gain of 569.40 points or 5.32%.

  • 16:04 IST: Within minutes of FM Nirmala Sitharaman's big bang fiscal stimulus on corporate tax cuts, benchmark equity indices skyrocketed to register best 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.

    Today, at market close, Sensex stands 1,921 points or 5.32% higher at 38,014 level and Nifty at 11,274, registering a gain of 569.40 points or 5.32%.

  • Sep 20, 2019 15:35 (IST)

    Rupee rallies post FM's announcements on slashing corporate tax

    The rupee extended the morning gains and rallied 66 paise to 70.68 against the US dollar on Friday after Sitharaman announced several measures to promote investment and growth.

     

  • 15:35 IST: The rupee extended the morning gains and rallied 66 paise to 70.68 against the US dollar on Friday after Sitharaman announced several measures to promote investment and growth.

     

  • Sep 20, 2019 15:34 (IST)

    Gold falls by Rs 170 as rupee rallies on FM's announcements

    Gold fell by Rs 170 to Rs 38,390 per 10 gram on Friday in the national capital on strong rupee which rallied after Finance Minister Nirmala Sitharaman announced corporate tax cut, according to HDFC Securities.

    Silver prices also witnessed correction, declining by Rs 120 to Rs 47,580 per kilogram from Thursday's closing price of Rs 47,700 per kilogram.

     "Spot gold prices for 24 Karat in Delhi fell by Rs 170 on stronger rupee after the Finance Minister announced corporate tax cut. The spot rupee traded 40 paise stronger against the dollar during the day," Tapan Patel, senior analyst - commodities, HDFC Securities said.

    (PTI)

  • 15:34 IST: Gold fell by Rs 170 to Rs 38,390 per 10 gram on Friday in the national capital on strong rupee which rallied after Finance Minister Nirmala Sitharaman announced corporate tax cut, according to HDFC Securities.

    Silver prices also witnessed correction, declining by Rs 120 to Rs 47,580 per kilogram from Thursday's closing price of Rs 47,700 per kilogram.

     "Spot gold prices for 24 Karat in Delhi fell by Rs 170 on stronger rupee after the Finance Minister announced corporate tax cut. The spot rupee traded 40 paise stronger against the dollar during the day," Tapan Patel, senior analyst - commodities, HDFC Securities said.

    (PTI)

  • Sep 20, 2019 13:52 (IST)

    Effective corporate tax rate lowered to 25% from 30%

    The total taxation revenue loss due to the measure would be 1.45 trillion Indian rupees ($20.5 billion), Sitharaman said, raising concerns that the government may not be able to meet its fiscal deficit target of 3.3% for 2019-20 at a time when tax revenue collections are already weak.

    That concern was felt on bond markets, which saw yields rise to a near three-month high on speculation that the government may have to borrow more to meet its expenditure needs for the year.

    (Reuters)

  • 13:52 IST:

    The total taxation revenue loss due to the measure would be 1.45 trillion Indian rupees ($20.5 billion), Sitharaman said, raising concerns that the government may not be able to meet its fiscal deficit target of 3.3% for 2019-20 at a time when tax revenue collections are already weak.

    That concern was felt on bond markets, which saw yields rise to a near three-month high on speculation that the government may have to borrow more to meet its expenditure needs for the year.

    (Reuters)

  • Sep 20, 2019 13:44 (IST)

    Sensex Today: Expert opinion

    Ajay Bodke, CEO PMS Prabhudas Lilladher

    In a major boost to revive flagging animal spirits and position India as one of the most attractive business destinations, the government has announced a slew of measures that would act as a force multiplier for the flagging economic engine. By slashing corporate tax rate to 25 per cent from 35 per cent (22 per cent from 30 per cent without exemptions) for existing domestic companies and an extremely attractive rate of 15 per cent for new companies setting up manufacturing operations after October 1, 2019 and commencing operations before 2023, government has rolled out a red carpet that would ensure hundreds of billions of dollars of FDI and FII flows over the medium term. It is in a true sense an early arrival of festival of lights (Diwali) and banishment of long period of darkness and gloom bothering the Indian economy.

     

  • 13:44 IST:

    Ajay Bodke, CEO PMS Prabhudas Lilladher

    In a major boost to revive flagging animal spirits and position India as one of the most attractive business destinations, the government has announced a slew of measures that would act as a force multiplier for the flagging economic engine. By slashing corporate tax rate to 25 per cent from 35 per cent (22 per cent from 30 per cent without exemptions) for existing domestic companies and an extremely attractive rate of 15 per cent for new companies setting up manufacturing operations after October 1, 2019 and commencing operations before 2023, government has rolled out a red carpet that would ensure hundreds of billions of dollars of FDI and FII flows over the medium term. It is in a true sense an early arrival of festival of lights (Diwali) and banishment of long period of darkness and gloom bothering the Indian economy.

     

  • Sep 20, 2019 13:43 (IST)

    Sensex Today: Expert opinion

    Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities

    The government's announcements today are definitely a positive move. It is also a prudent move to reduce the corporate tax rates because (1) it increases the retained earnings of the companies and forms the investible surplus for future, (2) moves India to parity with its regional peers thereby removing one of the issues related to manufacturing and exports, (3) maintains macro prudence by continuing to favour investment cycle rather than consumption cycle.

    On the flip side it will negatively impact the bond market as the revenue forgone due to the tax rate reduction will make it difficult to stick to the gross fiscal deficit/gross domestic product budgeted target.

     

  • 13:43 IST:

    Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities

    The government's announcements today are definitely a positive move. It is also a prudent move to reduce the corporate tax rates because (1) it increases the retained earnings of the companies and forms the investible surplus for future, (2) moves India to parity with its regional peers thereby removing one of the issues related to manufacturing and exports, (3) maintains macro prudence by continuing to favour investment cycle rather than consumption cycle.

    On the flip side it will negatively impact the bond market as the revenue forgone due to the tax rate reduction will make it difficult to stick to the gross fiscal deficit/gross domestic product budgeted target.

     

  • Sep 20, 2019 13:15 (IST)

    Corporte Tax Cut: Boost for market

    1. Enhanced surcharge introduced in July 2019 shall not apply to Capital Gains on sale of equity share which is subject to STT

    2. Enhanced surcharge introduced in July 2019 shall not apply to Capital Gains on Derivatives

    3. Relief for listed companies that have made an announcement for buyback before July 5, tax on buyback of share shall not be charge.

    4.  Expand the scope of CSR 2% spending across various other means

    However, the total revenue foregone for the reduction of corporation tax is Rs 1.45 lakh crore per year

     

  • 13:15 IST: 1. Enhanced surcharge introduced in July 2019 shall not apply to Capital Gains on sale of equity share which is subject to STT

    2. Enhanced surcharge introduced in July 2019 shall not apply to Capital Gains on Derivatives

    3. Relief for listed companies that have made an announcement for buyback before July 5, tax on buyback of share shall not be charge.

    4.  Expand the scope of CSR 2% spending across various other means

    However, the total revenue foregone for the reduction of corporation tax is Rs 1.45 lakh crore per year

     

  • Sep 20, 2019 11:25 (IST)

    Sensex rises whopping 1300 points, Nifty above 11,000 mark

    Sensex has risen a whopping 1300 points to 37, 3560 leval and Nifty50 has climbed over 260 points to 10,965 on Friday's trading session. Sectorally, except Media, all the other indoces are trading positively on Friday, with 3% rise seen in private banking, over 2.50% gain seen in financial, auto, banking, commodity and consumption indices and over 1.50% growth registered in energy, FMCG and metal stocks.
     

  • 11:25 IST: Sensex has risen a whopping 1300 points to 37, 3560 leval and Nifty50 has climbed over 260 points to 10,965 on Friday's trading session. Sectorally, except Media, all the other indoces are trading positively on Friday, with 3% rise seen in private banking, over 2.50% gain seen in financial, auto, banking, commodity and consumption indices and over 1.50% growth registered in energy, FMCG and metal stocks.
     

  • Sep 20, 2019 11:13 (IST)

    Bharat Forge rises over 3% post JV with RefuElectronik

    Bharat Forge announced an investment of 11.35 million Euro (Rs 88.9 crore) into a new 50-50 joint venture with Germany’s RefuElectronik GmbH. The new entity will make componentsfor electric and hybrid vehicles. 

    The share price of Bharat Forge currently trades 3.2% at the intraday high of Rs 406, against the last close of Rs 394 on BSE.

     

  • 11:13 IST: Bharat Forge announced an investment of 11.35 million Euro (Rs 88.9 crore) into a new 50-50 joint venture with Germany’s RefuElectronik GmbH. The new entity will make componentsfor electric and hybrid vehicles. 

    The share price of Bharat Forge currently trades 3.2% at the intraday high of Rs 406, against the last close of Rs 394 on BSE.

     

  • Sep 20, 2019 11:08 (IST)

    YES Bank declines over 6%

    Shares of private-sector lender Yes Bank Ltd, which suffered a sharp drop in the previous session, rose as much as 6.8%.

    In its latest filing the lender has announced that Morgan Credits Pvt Ltd (“MCPL”), part of the Promoter Group of Yes Bank, has sold 2.3% shareholding in the Bank.

    As per the filing the proceeds will be solely utilized to PREPAY substantial portion of outstanding Non-Convertible Debentures (NCDs) of MCPL subscribed by various schemes of Reliance Nippon Life Asset Management Company (“RNAM”).

  • 11:08 IST: Shares of private-sector lender Yes Bank Ltd, which suffered a sharp drop in the previous session, rose as much as 6.8%.

    In its latest filing the lender has announced that Morgan Credits Pvt Ltd (“MCPL”), part of the Promoter Group of Yes Bank, has sold 2.3% shareholding in the Bank.

    As per the filing the proceeds will be solely utilized to PREPAY substantial portion of outstanding Non-Convertible Debentures (NCDs) of MCPL subscribed by various schemes of Reliance Nippon Life Asset Management Company (“RNAM”).

  • Sep 20, 2019 10:55 (IST)

    FM proposes to slash corporate tax rates for domestic manufacturing companies

    Sensex Today: Benchmark indices Sensex and Nifty have soared in Friday's afternoon session , with Sensex rising above 800 points and Nifty rising to 10,950 level after FM Sitharaman proposed to slash corporate tax for domestic comapnies & new domestic manufacturing companies.

    The current corporate tax rate is 30%, which has been brought down to 22%. For new manufacturing companies the existing tax rate is 25% which has been brought down to 15%.

    Big relief for India Inc! Modi govt reduces corporate tax to 22% from 30%

  • 10:55 IST: Sensex Today: Benchmark indices Sensex and Nifty have soared in Friday's afternoon session , with Sensex rising above 800 points and Nifty rising to 10,950 level after FM Sitharaman proposed to slash corporate tax for domestic comapnies & new domestic manufacturing companies.

    The current corporate tax rate is 30%, which has been brought down to 22%. For new manufacturing companies the existing tax rate is 25% which has been brought down to 15%.

    Big relief for India Inc! Modi govt reduces corporate tax to 22% from 30%

  • Sep 20, 2019 10:53 (IST)

    Rupee stregthens to 71 per dollar

    Indian rupee, the domestic unit strengthened by 0.26% to 71.11 against the dollar, while the benchmark 10-year bond yield was trading at 6.57%, versus the previous close of 6.64%.
     

  • 10:53 IST:

    Indian rupee, the domestic unit strengthened by 0.26% to 71.11 against the dollar, while the benchmark 10-year bond yield was trading at 6.57%, versus the previous close of 6.64%.
     

  • Sep 20, 2019 10:51 (IST)

    Future Supply Chain to consider fund raising, shares rise over 9% intraday

    Future Supply Chain Solutions has announced on Friday, September 20, that the company board will meet today to consider and approve fund raising. Company will consider for raising of funds by way of issue of securities through private placement, preferential issue, qualified institutional placement or any other method or combination.

    If it considers a QIP, then the price and the number of shares to be offered will be crucial factors.

    "The trading window for dealing in the securities of the Company by the Designated Persons is closed with immediate effect till Sept ember 22, 2019, " the filing added.

     The stock in Friday's early trade rose 9.74% and touched an intraday high of Rs 594.15 on BSE,  against the last closing of Rs 541.40.


     

  • 10:51 IST: Future Supply Chain Solutions has announced on Friday, September 20, that the company board will meet today to consider and approve fund raising. Company will consider for raising of funds by way of issue of securities through private placement, preferential issue, qualified institutional placement or any other method or combination.

    If it considers a QIP, then the price and the number of shares to be offered will be crucial factors.

    "The trading window for dealing in the securities of the Company by the Designated Persons is closed with immediate effect till Sept ember 22, 2019, " the filing added.

     The stock in Friday's early trade rose 9.74% and touched an intraday high of Rs 594.15 on BSE,  against the last closing of Rs 541.40.


     

  • Sep 20, 2019 10:50 (IST)

    Zee Enterprises declines over 10%

    Media firm Zee Entertainment Enterprises Ltd slumped 11% to its lowest in five years, and was the top loser in the NSE Nifty. The stock is set for a fifth straight session of losses.

    The stock price of ZEEL has declined 11.92% to the day's low of Rs 272, also its 52-week low on BSE and NSE today. It is the worst perforing stock of Nifty media.

     

  • 10:50 IST:

    Media firm Zee Entertainment Enterprises Ltd slumped 11% to its lowest in five years, and was the top loser in the NSE Nifty. The stock is set for a fifth straight session of losses.

    The stock price of ZEEL has declined 11.92% to the day's low of Rs 272, also its 52-week low on BSE and NSE today. It is the worst perforing stock of Nifty media.

     

  • Sep 20, 2019 10:31 (IST)

    Gold prices

    Gold prices edged higher on Friday and were set for their first weekly gain in one month, supported by a softer dollar and caution about developments in Sino-U.S. trade talks.

    Spot gold was up 0.3% at $1,503.20 per ounce, as of 0353 GMT, and was on track for its first weekly gain in four, having risen nearly 1% so far this week. U.S. gold futures were also up 0.3% at $1,510.9 per ounce.
    (Reuters)

  • 10:31 IST: Gold prices edged higher on Friday and were set for their first weekly gain in one month, supported by a softer dollar and caution about developments in Sino-U.S. trade talks.

    Spot gold was up 0.3% at $1,503.20 per ounce, as of 0353 GMT, and was on track for its first weekly gain in four, having risen nearly 1% so far this week. U.S. gold futures were also up 0.3% at $1,510.9 per ounce.
    (Reuters)

  • Sep 20, 2019 10:27 (IST)

    Trade war concerns continue


    Trade concerns were prompted when Michael Pillsbury, a prominent adviser to President Donald Trump, told the South China Morning Post that Trump would raise tariffs substantially on Chinese imports unless a trade agreement can be quickly negotiated. Chinese and U.S. delegates are meeting Thursday and Friday ahead of higher-level meetings expected early October to resolve the yearlong trade dispute.

    The Paris-based Organization for Economic Cooperation and Development, in a Thursday report underscored that intensifying tariff disputes have stalled economic growth world-wide.

  • 10:27 IST:
    Trade concerns were prompted when Michael Pillsbury, a prominent adviser to President Donald Trump, told the South China Morning Post that Trump would raise tariffs substantially on Chinese imports unless a trade agreement can be quickly negotiated. Chinese and U.S. delegates are meeting Thursday and Friday ahead of higher-level meetings expected early October to resolve the yearlong trade dispute.

    The Paris-based Organization for Economic Cooperation and Development, in a Thursday report underscored that intensifying tariff disputes have stalled economic growth world-wide.

  • Sep 20, 2019 10:23 (IST)

    GST Council meet today

     

    GST Council, headed by Finance Minister Nirmala Sitharaman, will hold its 37th meeting in Goa today. The meeting is being held amid a strong call for GST rate cuts for industries, including automobiles, biscuits and FMCG, which have been hit hard by the ongoing economic slowdown. With India's Gross Domestic Product (GDP) touching a six-year low of 5 per cent, and various sectors facing a severe downturn, the government is under pressure to take measures to boost consumption and demand by reducing the GST.

    GST Council meet today: No relief in sight for auto; FMCG, hotel industries may get some cheer

  • 10:23 IST:  

    GST Council, headed by Finance Minister Nirmala Sitharaman, will hold its 37th meeting in Goa today. The meeting is being held amid a strong call for GST rate cuts for industries, including automobiles, biscuits and FMCG, which have been hit hard by the ongoing economic slowdown. With India's Gross Domestic Product (GDP) touching a six-year low of 5 per cent, and various sectors facing a severe downturn, the government is under pressure to take measures to boost consumption and demand by reducing the GST.

    GST Council meet today: No relief in sight for auto; FMCG, hotel industries may get some cheer

  • Sep 20, 2019 10:19 (IST)

    Petrol and Deisel hike accross 4 major cities


    Reacting to the hike in oil price, petrol prices has been hiked by 35-37 paise and diesel prices have been increased by 28-30 paise across major four cities.

    Petrol quotes Rs 73.06 per liter in NCR Delhi, Rs 78.73 in Mumbai, 75.77 in kolkata and 75,93 in Chennai. Deisel prices too ar eraised to Rs 66.2 per litre in the nationa's capital, Rs 69.94 in Mumbai, Rs 68.70 in Kolkata and Rs 70.07 in Chennai.

  • 10:19 IST:
    Reacting to the hike in oil price, petrol prices has been hiked by 35-37 paise and diesel prices have been increased by 28-30 paise across major four cities.

    Petrol quotes Rs 73.06 per liter in NCR Delhi, Rs 78.73 in Mumbai, 75.77 in kolkata and 75,93 in Chennai. Deisel prices too ar eraised to Rs 66.2 per litre in the nationa's capital, Rs 69.94 in Mumbai, Rs 68.70 in Kolkata and Rs 70.07 in Chennai.

  • Sep 20, 2019 10:13 (IST)

    PSU Bank index declining over 1%

    On Nifty PSU Bank is trading 1.23% lower today. Stock value of banks such as Syndicate bank, Canara Bank, Oriental Bank of Commerce, Allahabad Bank, and Indian Bank have hit their respective 52- week lows in today's tarde, while scrips namely Central Bank, Punjab National Bank, Indusland Bank, Bank of Baroda, Union Bank & J&K Bank are trading closer to their 52-week lows. 

  • 10:13 IST: On Nifty PSU Bank is trading 1.23% lower today. Stock value of banks such as Syndicate bank, Canara Bank, Oriental Bank of Commerce, Allahabad Bank, and Indian Bank have hit their respective 52- week lows in today's tarde, while scrips namely Central Bank, Punjab National Bank, Indusland Bank, Bank of Baroda, Union Bank & J&K Bank are trading closer to their 52-week lows. 

  • Sep 20, 2019 09:51 (IST)

    OMC stocks trading lower amid high oil prices

    Reacting to the sudden surge in crude oil prices, scrips of listed Indian OMCs were trading lower today.

    In Oil Marketing segment industry of BSE, GOCL C orporation was trading lowest at 2.59% decline, followed by 2.15% fall seen in Confidence Petroleum India ltd, 1.74% fall in Pettronet LNG, 0.87% decline in Indian Oil Corporation and 0.49% fall in Castrol India,

    On NSE Nifty Energy, that was trading lower by 0.75%, highest declines by Oil marketing firms were seen in ONGC, down at 1.25% , followed by BPCL, 0.72% lower, followed by Hindustan Petroleum

  • 09:51 IST: Reacting to the sudden surge in crude oil prices, scrips of listed Indian OMCs were trading lower today.

    In Oil Marketing segment industry of BSE, GOCL C orporation was trading lowest at 2.59% decline, followed by 2.15% fall seen in Confidence Petroleum India ltd, 1.74% fall in Pettronet LNG, 0.87% decline in Indian Oil Corporation and 0.49% fall in Castrol India,

    On NSE Nifty Energy, that was trading lower by 0.75%, highest declines by Oil marketing firms were seen in ONGC, down at 1.25% , followed by BPCL, 0.72% lower, followed by Hindustan Petroleum

  • Sep 20, 2019 09:49 (IST)

    Crude oil soars again

    Oil prices were on track for a more-than-7% jump this week, their biggest in months, as early trading on Friday saw gains extended on fresh tensions in the Middle East after a key Saudi Arabian supply hub was knocked out in an attack last weekend.

    Brent Crude increased to $65/bbl amid doubts about Saudi Arabia’s ability to quickly recover from attacks that crippled key crude installations –


     

  • 09:49 IST: Oil prices were on track for a more-than-7% jump this week, their biggest in months, as early trading on Friday saw gains extended on fresh tensions in the Middle East after a key Saudi Arabian supply hub was knocked out in an attack last weekend.

    Brent Crude increased to $65/bbl amid doubts about Saudi Arabia’s ability to quickly recover from attacks that crippled key crude installations –


     

  • Sep 20, 2019 09:34 (IST)

    Global market update

    Asian markets like Hong Kong, China and Nikkei Index gained nearly half a percent each. On the Singaporean Exchange, SGX Nifty traded up 28 points at 10,732.50.

    On the Wall Street, US stocks closed flat amid dovish noises from central banks. US Futures (Dow Jones) were up 22 points or 0.08% at the closing bell 

  • 09:34 IST: Asian markets like Hong Kong, China and Nikkei Index gained nearly half a percent each. On the Singaporean Exchange, SGX Nifty traded up 28 points at 10,732.50.

    On the Wall Street, US stocks closed flat amid dovish noises from central banks. US Futures (Dow Jones) were up 22 points or 0.08% at the closing bell 

  • Sep 20, 2019 09:33 (IST)

    Outcome of the FM's meet with PSU banks

    Finance Minister Nirmala Sitharaman after meeting PSU banks chiefs instructed them not to classify any stressed medium and small enterprise as a non-performing asset till March 31, 2020.

    Sitharman said that the government has only invoked the RBI’s guidelines which are already existing. Additionally, Sitharaman also announced a public outreach programme by banks and NBFCs in 200 districts where retail customers can come and avail loans.

  • 09:33 IST: Finance Minister Nirmala Sitharaman after meeting PSU banks chiefs instructed them not to classify any stressed medium and small enterprise as a non-performing asset till March 31, 2020.

    Sitharman said that the government has only invoked the RBI’s guidelines which are already existing. Additionally, Sitharaman also announced a public outreach programme by banks and NBFCs in 200 districts where retail customers can come and avail loans.

  • Sep 20, 2019 09:29 (IST)

    Opening Bell

    Market has opened on a flat note on Friday's trading session, with Sensex trading 75 points higher 36,170 mark and Nifty quoting 10,700 level at a decline of 4 points. Sectorally, bank, financial services, FMCG indices are currently trading positively whiile, there is bearish moemtum recorded in IT, metal , media, pharma and PSU banking stocks.

  • 09:29 IST: Market has opened on a flat note on Friday's trading session, with Sensex trading 75 points higher 36,170 mark and Nifty quoting 10,700 level at a decline of 4 points. Sectorally, bank, financial services, FMCG indices are currently trading positively whiile, there is bearish moemtum recorded in IT, metal , media, pharma and PSU banking stocks.

  • Sep 20, 2019 09:12 (IST)

    Pre-Open Session

    Sensex Today: Benchmark indices have pre-opened positively on Friday's early trading session but as per market experts, equity market today is expected to open flat ahead of GST Council meet today and reportedly FM press conference will be held before the GST council meeting.  Sensex is traidng up by 140 points currently, and Nifty50 is advancing towards 10,750 mark.

  • 09:12 IST: Sensex Today: Benchmark indices have pre-opened positively on Friday's early trading session but as per market experts, equity market today is expected to open flat ahead of GST Council meet today and reportedly FM press conference will be held before the GST council meeting.  Sensex is traidng up by 140 points currently, and Nifty50 is advancing towards 10,750 mark.

  • Sep 20, 2019 09:08 (IST)

    FM likely to announce measures



    Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday.

    The measures include a review of import tariffs on certain items ahead of Prime Minister Narendra Modi’s visit to the United States, the sources said.

    Any relaxation of tariffs on U.S. imports would be seen as a step in easing a trade row between the two countries that has accelerated in Modi’s second term.

    “We are waiting for the approval from the prime minister’s office, and the measures could be announced on Friday,” one of the government sources told Reuters.

  • 09:08 IST:



    Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday.

    The measures include a review of import tariffs on certain items ahead of Prime Minister Narendra Modi’s visit to the United States, the sources said.

    Any relaxation of tariffs on U.S. imports would be seen as a step in easing a trade row between the two countries that has accelerated in Modi’s second term.

    “We are waiting for the approval from the prime minister’s office, and the measures could be announced on Friday,” one of the government sources told Reuters.

  • Sep 20, 2019 09:02 (IST)

    Key events scheduled for Friday

    Major events scheduled for today –
    1. GST meeting,
    2. Adani Transmission to sell stake overseas,
    3. Axis Bank QIP today,
    4. Yes Bank QIP today,
    5. Adani Ports Rs500 a share of shares buy closed today,
    6. Rating moody caution on banks to invest in real estate sectors

     

  • 09:02 IST: Major events scheduled for today –
    1. GST meeting,
    2. Adani Transmission to sell stake overseas,
    3. Axis Bank QIP today,
    4. Yes Bank QIP today,
    5. Adani Ports Rs500 a share of shares buy closed today,
    6. Rating moody caution on banks to invest in real estate sectors

     

  • Sep 20, 2019 08:49 (IST)

    Market expectations

    Sensex Today: Benchmark indices are likely to open lower, on account of weak global as well as domestic cues amid ongoing recession fears in the investor segment of the market. 
     

    Yesterday, Nifty nosedived by 136 points (1.2%) to close 7-month low at 10704. Nifty lost by 371 points or 3.3% in the four trading sessions. Concern of slowdown economy, rising oil, poor GST collection and continued FIIs selling (worth $2.82 billion). #MOMarketUpdates

    — Motilal Oswal Financial Services Ltd (@MotilalOswalLtd) September 20, 2019

  • 08:49 IST: Sensex Today: Benchmark indices are likely to open lower, on account of weak global as well as domestic cues amid ongoing recession fears in the investor segment of the market. 
     

    Yesterday, Nifty nosedived by 136 points (1.2%) to close 7-month low at 10704. Nifty lost by 371 points or 3.3% in the four trading sessions. Concern of slowdown economy, rising oil, poor GST collection and continued FIIs selling (worth $2.82 billion). #MOMarketUpdates

    — Motilal Oswal Financial Services Ltd (@MotilalOswalLtd) September 20, 2019

  • Sep 20, 2019 08:48 (IST)

    Last Closing

    Yesterday, key equity indices ended majorly negative, with Sensex falling 470 points lower to 36,093 mark and Nifty declining 135 points below 10,704 level.

    Sectorally, all the industry indices ended the day's trade in the red, with major fall registered in Media, that ended 4% lower, followed by 2% decline recorded in metal stocks and over 1.5% decline booked in pharma, realty and PSU and private banking indices.

    Sensex Today: Sensex ends 470 points lower, Nifty at 10,704 mark; YES Bank falls over 15%

  • 08:48 IST: Yesterday, key equity indices ended majorly negative, with Sensex falling 470 points lower to 36,093 mark and Nifty declining 135 points below 10,704 level.

    Sectorally, all the industry indices ended the day's trade in the red, with major fall registered in Media, that ended 4% lower, followed by 2% decline recorded in metal stocks and over 1.5% decline booked in pharma, realty and PSU and private banking indices.

    Sensex Today: Sensex ends 470 points lower, Nifty at 10,704 mark; YES Bank falls over 15%