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Wednesday, January 29, 2020

Shares, Commodity, Rupee Market Highlights: Sensex rises 173 points, Nifty ends above 11,900-mark lead by IT, financial stocks

Share Market, Sensex, Nifty, BSE, NSE Share Price Highlights: Everything that took place in the world of stocks, commodities and currency market on Wednesday.

By: Express Web Desk | New Delhi | Updated: December 11, 2019 5:31:08 pm
Equity market indices settled higher on Wednesday. (Representational image)

Share Market, Sensex, Nifty Highlights: After spending most of the day moving within a narrow range, the benchmark equity market indices on the BSE and National Stock Exchange (NSE) gained momentum in the last hour of trade and ended higher on Wednesday.

The S&P BSE Sensex rose 172.69 points or 0.43 per cent to settle at 40,412.57. On the other hand, the Nifty 50 gained 53.35 points or 0.45 per cent to end at 11,910.15.

Among the sectoral indices on the NSE, the Nifty IT was the outperformer of the day as it settled 1.23 per cent higher aided by NIIT Technologies, Tech Mahindra and heavyweight Tata Consultancy Services (TCS). Apart from this, the Nifty Financial Services index rose 0.68 per cent on Wednesday led by gains in REC, SBI Life Insurance Company and Bajaj Finserv.

Rupee

The rupee appreciated by 7 paise to settle at a fresh one-month high of 70.85 against the US dollar on Wednesday on the back of firm domestic equities and easing crude oil prices, extending its winning run for the sixth straight session.

Crude oil

Brent futures fell 24 cents to $64.10 per barrel by 0943 GMT. US West Texas Intermediate crude slipped by 19 cents to $59.05 a barrel.

(with inputs from agencies)

Live Blog

Here's everything that happened in the markets on Wednesday:

Highlights

    17:27 (IST)11 Dec 2019
    Rupee at close on Wednesday

    The rupee appreciated by 7 paise to settle at a fresh one-month high of 70.85 against the US dollar on Wednesday on the back of firm domestic equities and easing crude oil prices, extending its winning run for the sixth straight session.

    At the interbank foreign exchange market, the rupee opened at 70.87 against the US dollar. During the day, the domestic unit fluctuated between a high of 70.74 and a low of 70.94.

    The local unit finally settled the day at 70.85, up 7 paise over its last close. The rupee had settled at 70.92 against the US dollar on Tuesday.

    (PTI)

    16:09 (IST)11 Dec 2019
    Vinod Nair, Head of Research at Geojit Financial Services on Wednesday's equity market movement

    "After a subdued trade during most part of the day, market witnessed a sharp turnaround due to short covering in index heavyweights. Upcoming macro indicators like CPI inflation & IIP data are unlikely to paint a rosy picture which may reduce upside potential in the near term. On global front, FOMC meeting, UK election and US tariff deadline remain key events."

    16:08 (IST)11 Dec 2019
    BSE Sensex: Gainers and losers of the day

    NTPC, ONGC, Tech Mahindra, Kotak Mahindra Bank and Tata Consultancy Services (TCS) were the top gainers on the S&P BSE Sensex on Wednesday. On the other hand, Yes Bank was the top loser of the day.

    Source: BSE
    15:40 (IST)11 Dec 2019
    Equity markets at close on Wednesday

    The S&P BSE Sensex rose 172.69 points or 0.43 per cent to settle at 40,412.57. On the other hand, the Nifty 50 gained 53.35 points or 0.45 per cent to end at 11,910.15.

    15:19 (IST)11 Dec 2019
    Global crude oil update

    Oil prices fell on Wednesday after industry data showed an unexpected build in crude inventory in the United States and as investors waited for news on whether a fresh round of US tariffs on Chinese goods would take effect on Sunday.

    Brent futures fell by 45 cents, or 0.7 per cent, to $63.89 per barrel by 0733 GMT. US West Texas Intermediate crude slipped by 36 cents, or 0.6 per cent, to $58.88 a barrel, down from a more than two-month high reached on Tuesday.

    (Reuters)

    15:17 (IST)11 Dec 2019
    Global market update

    European shares fell on Wednesday as the deadline approached for new US tariffs on Chinese goods, while two major central banks held policy meetings.

    Amid the uncertainty over trade - the overriding focus for investors through the year - the Euro STOXX 600 fell 0.3 per cent. The MSCI world equity index, which tracks shares in 47 countries, was flat. Wall Street futures suggested little change in US stocks.

    MSCI's broadest index of Asia-Pacific shares outside Japan had earlier risen 0.5 per cent. Hong Kong's Hang Seng and Australia's S&P/ASX 200 led gains with 0.7 per cent rises.

    (Reuters)

    15:11 (IST)11 Dec 2019
    Zinc futures rise to Rs 182 per kg

    Zinc prices rose 0.22 per cent to Rs 182 per kg in futures market on Wednesday as traders built up fresh positions amid rise in spot demand.

    On the Multi Commodity Exchange, zinc for delivery in December traded higher by 40 paise, or 0.22 per cent, to Rs 182 per kg in a business turnover of 3,596 lots.

    Market analysts said fresh positions created by participants on the back of rise in demand from consuming industries mainly attributed to gain in zinc prices.

    (PTI)

    15:10 (IST)11 Dec 2019
    Gold futures rise Rs 12 to Rs 37,583 per 10 gm

    Gold prices on Wednesday rose by Rs 12 to Rs 37,583 per 10 gram in futures trade as speculators widened their bets on spot demand, tracking a firm trend overseas.

    On the Multi Commodity Exchange, gold contracts for the February delivery traded higher by Rs 12, or 0.03 per cent, at Rs 37,583 per 10 gram in a business turnover of 16,362 lots. Gold for delivery in April next year also edged up by Rs 20, or 0.05 per cent to Rs 37,678 per 10 gram in a business turnover of 2,358 lots.

    Analysts said the rise in gold prices was mostly on the back of fresh positions built up by participants on positive overseas trend.

    Globally, gold price was quoting 0.05 per cent up at USD 1,468.80 an ounce in New York.

    (PTI)

    15:08 (IST)11 Dec 2019
    Copper futures up at Rs 440.70 per kg

    Copper prices on Wednesday traded 0.35 per cent up at Rs 440.70 per kg in futures trade amid pick-up in spot demand. Higher prices of the metal in the global market also influenced the sentiment, traders said.

    On the Multi Commodity Exchange, copper contracts for December delivery traded higher by Rs 1.55, or 0.35 per cent, at Rs 440.70 per kg in a business turnover of 6,316 lots. Similarly, the metal for delivery in January edged up by Rs 1.55, or 0.35 per cent, to Rs 445.05 per kg in 554 lots.

    (PTI)

    15:07 (IST)11 Dec 2019
    Crude oil futures fall even as global prices surge

    Crude oil futures on Wednesday fell by Rs 19 to Rs 4,176 per barrel after participants reduced positions even as the oil prices gained overseas.

    On the Multi Commodity Exchange, crude oil prices for December delivery dropped by Rs 19, or 0.45 per cent, to Rs 4,176 per barrel with a business volume of 26,436 lots. Similarly, crude oil for January delivery was quoting lower by Rs 13, or 0.32 per cent, at Rs 4,106 per barrel with an open interest of 863 lots.

    Globally, West Texas Intermediate crude oil was trading 0.59 per cent up at USD 58.89 per barrel, while international benchmark Brent Crude traded higher by 0.73 per cent at USD 63.87 per barrel in New York.

    (PTI)

    14:30 (IST)11 Dec 2019
    Guar gum futures strengthen on spot demand

    Guar gum prices on Wednesday advanced by Rs 18 to Rs 7,055 per five quintal in futures trade as investors created fresh bets on firm spot demand.

    On the National Commodity and Derivatives Exchange, guar gum contracts for December rose by Rs 18, or 0.26 per cent, to Rs 7,055 per five quintal with an open interest of 4,975 lots.

    Restricted arrivals from growing regions aided the rise in guar gum prices, traders said.

    (PTI)

    14:27 (IST)11 Dec 2019
    Saudi Aramco starts trading, gaining 10% and reaching $1.8 trillion

    Saudi Arabia’s oil company Aramco began trading for the first time on Wednesday, gaining 10% in the first moments on the market and pushing its worth to $1.88 trillion, making it the most valuable listed company in the world.

    The state-owned oil giant started trading on the Saudi Tadawul stock exchange after a mammoth $25.6 billion initial public offering that set the record as the biggest ever in history. Trading for Aramco shares began at 10:30 a.m. in Riyadh. Click here to read the story

    14:22 (IST)11 Dec 2019
    Ujjivan Small Finance Bank IPO completed, to be listed in stock exchanges on Thursday

    Following a huge 166 times subscription to the initial public offering (IPO) of Ujjivan Small Finance Bank last week, allotment of shares of the upcoming financial institution was completed on Tuesday. Now the stock of Ujjivan Small Finance Bank is set to get listed on Thursday, December 12. Click here to read the entire story

    12:47 (IST)11 Dec 2019
    ADB trims India’s GDP growth forecast to 5.1% in FY20

    The Asian Development Bank (ADB) on Wednesday trimmed its forecast for India’s economic growth in 2019-20 to 5.1 per cent saying consumption was affected by slow job growth and rural distress aggravated by poor harvest.

    In September, ADB forecast India’s GDP to grow 6.5 per cent in 2019-20 and 7.2 per cent in the year thereafter. Click here to read the report

    12:00 (IST)11 Dec 2019
    Petrol and Diesel prices on Wednesday

    Delhi:

    Petrol- 75.00 per litre
    Diesel- 66.04 per litre

    Kolkata:

    Petrol- 77.67 per litre
    Diesel- 68.45 per litre

    Mumbai:

    Petrol- 80.65 per litre
    Diesel- 69.27 per litre

    Chennai:

    Petrol- 77.97 per litre
    Diesel- 69.81 per litre

    Bengaluru:

    Petrol- 77.57 per litre
    Diesel- 68.29 per litre

    Source: IOCL

    11:31 (IST)11 Dec 2019
    ‘Constant changes in GST have made compliance difficult for small bizmen’

    The constant changes in goods and services tax (GST) have made compliance difficult for small businessmen while unpredictability of the tax law creates uncertainty, Fifteenth Finance Commission Chairman NK Singh said.

    The GST rate has been revised 38 times since its launch, leading to a clutter of taxes, Singh said at the launch of a book, “In Service of the Republic”, written by Former Finance Secretary Vijay Kelkar and economist Ajay Shah. Click here to read the report

    11:18 (IST)11 Dec 2019
    Yes Bank shares crash nearly 9 per cent post board meeting outcome

    Shares of Yes Bank cracked as much as 8.80 per cent to Rs 46.10 per share on the BSE and National Stock Exchange (NSE) in the morning trade on Wednesday, a day after the private sector lender said that it is willing to favourably consider the offer of $500 million investment of Citax Holdings and Citax Investment Group.

    At 10:53 am, the Yes Bank stock was trading at Rs 46.40, down Rs 4.15 or 8.21 per cent from the previous close. While on NSE, it was at Rs 46.25, down Rs 4.30 or 8.51 per cent. Click here to read the complete report

    11:01 (IST)11 Dec 2019
    Day after key diabetes drug goes off patent, 20 generics send prices down by up to 70%

    As popular diabetes drug ‘vildagliptin’, marketed by Novartis here as ‘Galvus’, has gone off-patent in India, its price is expected to have dropped as much as 70 per cent with the introduction of cheaper copies.

    While experts expect the development to improve patient access, some add the impact may not be as substantial as portrayed.

    Vildagliptin, which belongs to a class of drugs called DPP-4, was first launched in the country in 2008 for the treatment of type-2 diabetes. Click here to read the complete story

    10:40 (IST)11 Dec 2019
    LIC policy growth jumps 137.8 per cent in November

    Life Insurance Corporation (LIC), India’s largest insurer, has recorded growth of 137.87 per cent in policies in November, with record sales of 34.08 lakh polices. By outperforming the industry growth rate in number of policies as well as new business premium income, LIC has registered a significant increase in market share in the current fiscal, it said. Click here to read the story

    10:34 (IST)11 Dec 2019
    Gloom in passenger vehicle sales returns after festivities fizzle out

    The revival in domestic sales of passenger vehicle in the festive month of October, turned out to be a blip as the sales of passenger vehicles in November declined again, thereby continuing with the broader trajectory seen over the last 12 months. Sales of passenger vehicles — considered a proxy for urban demand — fell 0.84 per cent in November over the corresponding period last year.

    Data released by the Society of Indian Automobile Manufacturers shows that the aggregate sales of all vehicles declined 12.05 per cent in November. Click here to read the complete report

    10:32 (IST)11 Dec 2019
    SBI under-reported NPAs by Rs 11,932 crore; FY19 loss would be Rs 6,968 crore: RBI

    State Bank of India (SBI), India’s largest lender, has under-reported its bad loans, or non-performing assets (NPAs), by Rs 11,932 crore for the fiscal ended March 31, 2019 as per an assessment done by the Reserve Bank of India (RBI). After taking into account the divergence and additional provisioning, the bank would have made a loss of Rs 6,968 crore in the year, the RBI said.

    As per the RBI’s final Risk Assessment Report (RAR), SBI’s gross NPAs should have been higher by Rs 11,932 crore at Rs 1,84,682 crore as against Rs 1,72,750 crore for 2018-19, the bank said in a filing. Similarly, the net NPA should have been Rs 77,827 crore as compared to the disclosed figure of Rs 65,895 crore, reflecting a divergence of Rs 11,932 crore, it said. Click here to read the full story

    10:01 (IST)11 Dec 2019
    Global crude oil update

    Oil prices fell on Wednesday after industry data showed an unexpected build in crude inventory in the United States and as investors waited for news on whether a fresh round of US tariffs on Chinese goods would take effect on Sunday.

    Brent futures fell by 44 cents, or 0.7 per cent, to $63.90 per barrel by 0342 GMT. US West Texas Intermediate crude slipped by 33 cents, or 0.6 per cent, to $58.91 a barrel, down from a more than two-month high reached on Tuesday.

    (Reuters)

    09:52 (IST)11 Dec 2019
    Global market update

    Asian stocks drifted on Wednesday as Sino-US trade talks showed little progress ahead of a weekend deadline for the imposition of additional US tariffs, and the pound wobbled as opinion polls pointed to a tight British election on Thursday.

    MSCI's broadest index of Asia-Pacific shares outside Japan drifted 0.1 per cent higher, as markets in the region wavered either side of flat. Japan's Nikkei traded 0.2 per cent lower, Australia's S&P/ASX 200 rose by the same margin. Shanghai blue chips added 0.1 per cent. US stock futures were 0.1 per cent lower.

    (Reuters)

    09:44 (IST)11 Dec 2019
    Rupee in early trade

    Rupee rises 12 paise to 70.80 against US dollar in early trade.

    (PTI)

    09:40 (IST)11 Dec 2019
    Sectoral indices on NSE in early trade

    On the National Stock Exchange (NSE), the Nifty IT index was up nearly 1 per cent, followed by the Nifty Metal index was up nearly 0.5 per cent in the early morning trade on Wednesday.

    Source: NSE
    09:36 (IST)11 Dec 2019
    BSE Sensex: Gainers and losers in early trade on Wednesday

    On the Sensex, ITC, Tata Consultancy Services (TCS), Tech Mahindra, ICICI Bank were among the top gainers in the early trade on Wednesday, while Yes Bank, Hindustan Unilever and State Bank of India (SBI) were the top losers.

    Source: BSE
    09:28 (IST)11 Dec 2019
    Equity markets at open

    At 9:16 am, the S&P BSE Sensex was up 77 points or 0.19 per cent at 40,316.88 points while the NSE Nifty 50 was at 11,879.10, up 22.30 points or 0.19 per cent.

    On Tuesday, the S&P BSE Sensex fell 247.55 points or 0.61 per cent to settle at 40,239.88, while the broader Nifty 50 ended at 11,856.80, down 80.70 points or 0.68 per cent.

    On the Sensex, private banks – Yes Bank and IndusInd Bank, fast-moving consumer goods (FMCG) major ITC and information technology (IT) heavyweight Tata Consultancy Services (TCS) were among the top contributors to Tuesday’s losses.