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

businesstoday.in | Updated Sep 20, 2019, 04:43 PM 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 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%. Sector wise, 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.

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 8:49 AM 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

Sep 20, 2019 9:02 AM 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

Sep 20, 2019 9:08 AM 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.

Sep 20, 2019 9:12 AM 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.

Sep 20, 2019 9:29 AM 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.

Sep 20, 2019 9:33 AM 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.

Sep 20, 2019 9:34 AM 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

Sep 20, 2019 9:49 AM 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 –

Sep 20, 2019 9:51 AM 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

Sep 20, 2019 10:13 AM 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.

Sep 20, 2019 10:19 AM 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.

Sep 20, 2019 10:23 AM 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

Sep 20, 2019 10:27 AM 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.

Sep 20, 2019 10:31 AM 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)

Sep 20, 2019 10:50 AM 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.

Sep 20, 2019 10:51 AM 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.

Sep 20, 2019 10:53 AM 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%.

Sep 20, 2019 10:55 AM 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%

Sep 20, 2019 11:08 AM 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”).

Sep 20, 2019 11:13 AM 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.