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Tuesday, December 10, 2019

Shares, Commodity, Rupee Markets Highlights: Sensex slips 127 points, Nifty settles below 12,000; PSU banks, metals top losers

Share Market, Sensex, Nifty, BSE, NSE Share Price Highlights: Everything that took place in the markets on Tuesday.

By: Express Web Desk | New Delhi | Updated: December 3, 2019 5:26:44 pm
The S&P BSE Sensex fell 126.72 points or 0.31 per cent on Tuesday to end at 40,675.45. The broader Nifty 50 index, on the other hand, slipped below the 12,000-mark to settle at 11,994.20, down 54.00 points or 0.45 per cent. (Image source: Getty/Thinkstock)

Share Market, Sensex, Nifty Highlights: The frontline equity indices on the BSE and National Stock Exchange (NSE) ended lower on Tuesday amid fresh concerns of global trade tensions.

The S&P BSE Sensex fell 126.72 points or 0.31 per cent on Tuesday to end at 40,675.45. The broader Nifty 50 index, on the other hand, slipped below the 12,000-mark to settle at 11,994.20, down 54.00 points or 0.45 per cent.

Among the sectoral indices on NSE, the Nifty PSU Bank index was the worst performer of the day as it slipped 2.86 per cent weighed by an over 5 per cent fall in the share prices of Bank of India and Union Bank of India. The Nifty Metal index was the second biggest loser on Tuesday, falling by 2.60 per cent dragged by Jindal Steel & Power and Tata Steel.

The broader market indices on the BSE underperformed their benchmark peers today as the S&P BSE MidCap index fell 141.69 points or 0.95 per cent to settle at 14,826.52. The S&P BSE SmallCap index, on the other hand, ended Tuesday at 13,408.92, down 99.30 points or 0.74 per cent.

Rupee

The rupee ended at 71.69 against the US dollar on Tuesday, down from its previous close of 71.66 against the greenback.

Crude oil

Brent futures rose 43 cents to $61.35 a barrel by 0924 GMT on Tuesday. US West Texas Intermediate crude was up 44 cents at $56.40 a barrel.

(with inputs from agencies)

Live Blog

Here's what happened in the markets on Tuesday:

Highlights

    17:26 (IST)03 Dec 2019
    Rupee close on Tuesday

    The rupee ended at 71.69 against the US dollar on Tuesday, down from its previous close of 71.66 against the greenback.

    16:43 (IST)03 Dec 2019
    Sugar production plunges 54 per cent to 18.85 lakh tonne in October-November

    India’s sugar production fell 54 per cent during October-November to 18.85 lakh tonne due to sharp decline in output in Maharashtra where cane crushing started late, according to trade data.

    Sugar season or marketing year runs from October to September.

    “Sugar production till November 30, 2019 in the current 2019-20 sugar season is 18.85 lakh tonne, which was 40.69 lakh tonne last year on November 30, 2018,” Indian Sugar Mills Association (ISMA) said in a statement. Click here to read the entire report

    16:20 (IST)03 Dec 2019
    Vinod Nair, Head of Research at Geojit Financial Services on Tuesday's market movement

    "Market turned cautious due to global issues like import tariffs by US on Argentina & Brazil and likely retaliation by China over the support by US in Hong Kong which could impact the progressing trade deal. Slide in telecom stocks after recent spike and risk of further downgrade in FY20 GDP estimate due to overshooting inflation & weak demand could be the risk to be mitigated by RBI in the policy meet this week."

    15:46 (IST)03 Dec 2019
    Asian market update

    Asian shares fell on Tuesday after U.S. President Donald Trump stunned markets by imposing tariffs on imports from Brazil and Argentina, rekindling fears over global trade tensions, while weak U.S. factory data added to the investor gloom.

    MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.43 per cent as Australian shares recorded their worst day in two months with a 2.2 per cent drop. Japan's Nikkei shed 0.64 per cent.

    But some Asian indexes rebounded in afternoon trade from session lows.
    China's blue-chip CSI300 index fell as much as 0.62 per cent before clawing back to register small gains. The Shanghai Composite Index was down 0.08 per cent after earlier hitting its lowest point since Aug. 26. Hong Kong's Hang Seng Index was 0.24 per cent lower after earlier falling as much as 1.44 per cent.

    (Reuters)

    15:38 (IST)03 Dec 2019
    Equity markets at close on Tuesday

    The S&P BSE Sensex fell 126.72 points or 0.31 per cent on Tuesday to end at 40,675.45. The broader Nifty 50 index on the other hand, slipped below the 12,000-mark to settle at 11,994.20, down 54.00 points or 0.45 per cent.

    15:30 (IST)03 Dec 2019
    Global crude oil update

    Oil prices edged higher on rising expectations of deeper output cuts when OPEC and its allies meet this week, although scepticism about a deal among some analysts limited the gains.

    Brent futures rose 43 cents to $61.35 a barrel by 0924 GMT on Tuesday. US West Texas Intermediate crude was up 44 cents at $56.40 a barrel.

    (Reuters)

    15:24 (IST)03 Dec 2019
    Karvy case: SAT suspends further transfer of clients’ securities

    The Securities Appellate Tribunal (SAT) on Tuesday suspended further transfer of investors securities that Karvy Stock Broking Ltd had pledged with lenders.

    The move comes a day after the market regulator Sebi’s directive to NSDL to transfer the investors’ securities, held by Karvy Stock Broking Ltd (KSBL), in their respective accounts.

    The decision resulted in nearly 83,000 investors getting back their securities that were illegally transferred by the broker to its own account and were even pledged without any authorisation. Click here to read the report

    15:01 (IST)03 Dec 2019
    Soybean futures strengthen on spot demand

    Soybean prices on Tuesday rose by Rs 24 to Rs 4,132 per quintal in futures market as traders created fresh positions supported by a strong spot demand.

    On the National Commodity and Derivatives Exchange, soybean for delivery in December was up by Rs 24, or 0.58 per cent, to Rs 4,132 per quintal with an open interest of 58,825 lots. Soybean for delivery in January rose by Rs 26, or 0.63 per cent, to Rs 4,164 per quintal having an open interest of 1,48,840 lots.

    Market players said rasing of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices.

    (PTI)

    14:32 (IST)03 Dec 2019
    Indian banks need USD 7 billion additional capital: Fitch

    Indian banks need an additional USD 7 billion (Rs 50,000 crore) equity by 2020-21 to support loan growth and cover for bad loans, Fitch Ratings said on Tuesday adding a slowing economy could exacerbate asset-quality tension for a sector grappling with weak recoveries and ageing provisions.

    In its 2020 Outlook for ‘Asia-Pacific Emerging Market Banks’, the rating agency maintained a negative outlook on Indian banks, based on its expectations of continued weak performance despite trends showing this could be past the trough, and ongoing capital requirements. Click here to read the report

    14:19 (IST)03 Dec 2019
    CSB Bank to make stock market debut on Wednesday

    CSB Bank, which recently concluded its initial public offering, will make its stock market debut on Wednesday. The initial public offering of CSB Bank, a Kerala-based lender, was subscribed a whopping 86.89 times last month.

    The category reserved for qualified institutional buyers (QIBs) was subscribed 62.18 times, non institutional investors 164.68 times and retail individual investors 44.25 times. Click here to read the report

    13:53 (IST)03 Dec 2019
    Copper futures decline marginally on low demand

    Copper futures on Tuesday traded 0.14 per cent lower at Rs 431.50 per kg as speculators reduced their exposure on weak spot demand.

    On the Multi Commodity Exchange, copper contracts for December delivery fell by 60 paise, or 0.14 per cent, to Rs 431.50 per kg in a business turnover of 1,762 lots. Similarly, copper contracts for January delivery traded lower by 85 paise, or 0.19 per cent, at Rs 436.30 per kg in a business turnover of 33 lots.

    However, globally copper was trading 0.32 per cent higher to USD 5,883 per tonne on the London Metal Exchange.

    (PTI)

    13:50 (IST)03 Dec 2019
    Aluminium futures slip on weak cues

    Aluminium prices on Tuesday fell 35 paise to Rs 134.25 per kg in futures trade as participants trimmed positions tracking a weak trend in spot market on sluggish demand.

    On the Multi Commodity Exchange, aluminium for December delivery eased by 35 paise, or 0.26 per cent, to Rs 134.25 per kg in a business turnover of 355 lots.

    Analysts attributed the weakness in aluminium prices to slackened demand from consuming industries in spot market.

    (PTI)

    13:49 (IST)03 Dec 2019
    Guar gum futures advance on fresh bets

    Guar gum prices on Tuesday advanced Rs 21 to Rs 7,338 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 21, or 0.29 per cent, to Rs 7,338 per five quintal with an open interest of 19,745 lots.

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

    (PTI)

    13:18 (IST)03 Dec 2019
    Nickel futures drop on soft demand

    Nickel futures on Tuesday declined by 90 paise to Rs 1,009 per kg due to reducing of positions by speculators amid sluggish demand in spot market.

    On the Multi Commodity Exchange, nickel contracts for December delivery fell by 90 paise, or 0.09 per cent, to Rs 1,009 per kg with a business turnover of 2,107 lots. Similarly, nickel contracts for January delivery fell by Rs 1.80, or 0.18 per cent, to Rs 1,006 per kg in 25 lots.

    Analysts said subdued demand in spot market mainly led to fall in nickel futures prices here.

    (PTI)

    13:08 (IST)03 Dec 2019
    Crude oil futures rise on positive global cues

    Crude oil prices on Tuesday gained Rs 18 to Rs 4,026 per barrel as speculators created fresh positions amid positive global trends. Analysts said raising of bets by participants kept crude prices higher in futures trade.

    On the Multi Commodity Exchange, crude for delivery in December traded higher by Rs 18, 0.45 per cent, to Rs 4,026 per barrel in 14,347 lots. For January delivery, crude oil was quoting higher by Rs 16, or 0.40 per cent, at Rs 4,035 per barrel with 202 lots.

    Globally, West Texas Intermediate crude oil was trading 0.24 per cent up at USD 56.20 per barrel. Meanwhile, Brent crude, the international benchmark edged up 0.28 per cent to USD 61.09 per barrel in New York.

    (PTI)

    12:46 (IST)03 Dec 2019
    Govt open to further reforms, plans to invest Rs 1 lakh crore in infrastructure: Sitharaman

    Amid concerns about the crisis in the Indian economy following GDP growth slipping to a 26-quarter low of 4.5 per cent in July-September, Finance Minister Nirmala Sitharaman Tuesday said the government is open to further reforms for making India a more attractive investment destination.

    Addressing India-Sweden Business Summit with Minister for Business, Industry and Innovation of Sweden Ibrahim Baylan, in New Delhi, Sitharaman said the government has taken various steps, including reduction of corporate tax. Click here to read the report

    12:40 (IST)03 Dec 2019
    Maruti Suzuki to increase prices from January to offset rising input costs

    The country’s largest car maker Maruti Suzuki India on Tuesday said it will increase prices of its vehicles from January to offset rising input costs.

    Over the past year, the cost of company’s vehicles has been impacted adversely due to increase in various input costs, Maruti Suzuki India said in a regulatory filing. Click here to read the report

    12:30 (IST)03 Dec 2019
    IndiGo stops pushing Airbus engines to limit after shutdowns

    IndiGo has told its pilots to stop pushing engines on its new Airbus SE jets to the limit when the planes are climbing, after India’s aviation regulator said the practice may have contributed to turbines failing in the air.

    All the budget airline’s A320neo aircraft now use a lower thrust setting following take off, according to a spokeswoman from IndiGo, which has suffered 13 engine shutdowns during ascents this year. The decision was taken “in order to make every possible effort to minimize exposure of engines,” she wrote in an email, adding that manufacturer Pratt & Whitney stated there’s no evidence of a connection between climbing procedure and engine incidents. Click here to read the report

    12:25 (IST)03 Dec 2019
    Gold futures slip Rs 72 to Rs 37,880 per 10 gm

    Gold prices on Tuesday fell Rs 72 to Rs 37,880 per 10 gram in futures trade as participants cut down their bets amid a weak global trend.

    On the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 72, or 0.19 per cent, to Rs 37,880 per 10 gram in a business turnover of 20 lots. The yellow metal for February delivery plunged Rs 114, or 0.3 per cent, to Rs 37,835 per 10 gram in 1,716 lots.

    Analysts attributed the fall in prices to trimming of positions by investors, tracking a weak trend in global market.

    Globally, gold was trading 0.18 per cent lower at USD 1,466.50 an ounce in New York.

    (PTI)

    12:16 (IST)03 Dec 2019
    India’s steel demand to slow down on weak auto, manufacturing demand: Moody’s

    India’s steel demand will slow down on account of weak auto and manufacturing order, but will remain strongest in Asia, Moody’s Investors Service said on Tuesday. India will remain the world’s second-largest steel producer behind China after having overtaken Japan in 2018, it added.

    “India’s steel demand growth pace will slow because of weak auto and manufacturing demand… India’s demand growth, remains strongest in Asia even as growth pace slows,” the US-based agency said in its outlook report titled ‘Asia: Steel – 2020 outlook’. Click here to read the report

    12:00 (IST)03 Dec 2019
    Biocon rises 5 per cent after launch of Ogivri in US market

    Shares of Biocon Ltd on Tuesday gained nearly 5 per cent in early trade after the company along with its partner Mylan announced the launch of biosimilar Ogivri in the US market.

    The stock was trading 1.28 per cent up at Rs 289.60 on the BSE. During early market hours, the stock went up by 4.80 per cent to Rs 299.70. On the NSE, the scrip was up by 1.56 per cent to Rs 290.25. It gained as much as 4.61 per cent to touch a high of Rs 299 in early trade. Click here to read the report

    11:46 (IST)03 Dec 2019
    Sensex slips over 200 points

    S&P BSE Sensex, the benchmark index on the BSE has slipped over 200 points weighed by shares of Tata Steel, Vedanta and Yes Bank. Here is how other key BSE indices are performing:

    Source: BSE
    11:30 (IST)03 Dec 2019
    ‘Neither anti-national nor anti-government’: Kiran Mazumdar-Shaw

    Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw on Monday said India Inc is “neither anti-national nor anti-government”. This comes in the backdrop of veteran industrialist Rahul Bajaj saying that India Inc was afraid of criticising the Narendra Modi government.

    Shaw, who had earlier said the government treated India Inc as “pariahs” and doesn’t want to hear any criticism of the economy, was responding to Finance Minister Nirmala Sitharaman’s remarks that spreading one’s own impression “can hurt national interest” in relation to the statement made by Bajaj on Saturday. Click here to read the story

    11:23 (IST)03 Dec 2019
    DHFL shares fall nearly 5 per cent after NCLT admits RBI’s petition

    Shares of Dewan Housing Finance Corporation on Tuesday fell nearly 5 per cent to hit lower circuit after NCLT admitted the RBI’s petition to initiate insolvency proceedings against the mortgage firm.

    Shares of the troubled firm fell 4.82 per cent to trade at Rs 18.75 on the BSE. On the NSE, the stock fell 4.81 per cent to Rs 18.80. Click here to read the report

    11:13 (IST)03 Dec 2019
    INTERVIEW | ‘Millennials bought 44 per cent of total policies sold by LIC in current year till October’ says LIC Managing Director

    TC Susheel Kumar, Managing Director of Life Insurance Corporation (LIC), says the insurer has increased its market share by 6 per cent this year despite tough competition from private sector players. In an interview to GEORGE MATHEW, Kumar said millennials account for 44 per cent of the new policies sold by LIC. Click here to read the exclusive interview

    Representational image
    11:07 (IST)03 Dec 2019
    In a matter of a year … will have lot of investment coming: Nirmala Sitharaman

    Stating that “green shoots” are visible with several companies showing interest to invest in the country, Finance Minister Nirmala Sitharaman Monday said that the corporate tax reduction will help attract fresh investment and jobs generation through Make in India.

    Sitharaman said there has been no decrease in direct tax collections and the gross mop-up rose 5 per cent during April-November this financial year, adding that maximum direct tax collections come in the final quarter of the financial year.

    The recent cut in corporate tax was not aimed to benefit certain companies but the entire industry, the Finance Minister said, adding that “people are approaching” the government for fresh investment which will help in generating more jobs as well as make India a manufacturing hub in the future. Click here to read the story

    10:58 (IST)03 Dec 2019
    Jolt of espresso may cost more as drought wilts Indonesia’s coffee

    Coffee production in Indonesia will probably shrink to the smallest in almost a decade after a drought withered flowering, damping prospects for next year’s harvest, according to an industry association.

    The Southeast Asian country is the world’s third-largest producer of the robusta variety used in espressos and instant drinks, and most is grown in the southern part of Sumatra island, the areas that have been hit by drought. Some arabica is grown in northern Sumatra and in Java. Click here to read the report

    10:34 (IST)03 Dec 2019
    Nifty Metal index on the NSE slips 2 per cent in the morning trade

    The Nifty Metal index on the National Stock Exchange (NSE) was down around 2 per cent weighed by Jindal Steel & Power, Tata Steel and SAIL. Here are the stocks that are dragging the sectoral index:

    Source: NSE
    10:07 (IST)03 Dec 2019
    Petrol and Diesel prices on Tuesday

    Delhi:

    Petrol- 74.91 per litre
    Diesel- 65.78 per litre

    Kolkata:

    Petrol- 77.61 per litre
    Diesel- 68.19 per litre

    Mumbai:

    Petrol- 80.59 per litre
    Diesel- 69.00 per litre

    Chennai:

    Petrol- 77.91 per litre
    Diesel- 69.53 per litre

    Bengaluru:

    Petrol- 77.50 per litre
    Diesel- 68.02 per litre

    Source: IOCL

    09:52 (IST)03 Dec 2019
    Rupee rises 8 paise to 71.58 against US dollar in early trade

    The Indian rupee on Tuesday appreciated by 8 paise to 71.58 against the US dollar, as investors were hopeful that the Reserve Bank will go for another rate cut to boost economic growth.

    Forex traders said, the domestic unit is trading in a narrow range ahead of the RBI monetary policy decision on Thursday.

    At the interbank foreign exchange, the rupee opened at 71.66, then gained some momentum and touched a high of 71.58 against the dollar, showing a rise of 8 paise over its last close. The Indian rupee on Monday had closed at 71.66 against the US dollar.

    (PTI)

    09:46 (IST)03 Dec 2019
    Two-wheeler sales decline for 12th straight month in November

    Despite hefty discounts and other promotional schemes in November, consumers chose to stay away from buying two-wheelers in enough numbers as sales slipped by an over 15 per cent year-on-year (y-o-y), the 12th consecutive month of decline.

    Management of top manufacturers including Hero MotoCorp and TVS Motor Company said demand slipped as Diwali fell in October, which typically accounts for over 40 per cent of the festive season sales. In October however, despatches to dealers had declined by 14 per cent y-o-y but the companies had claimed that retail sales — vehicles sold by dealers to customers — had improved. According to Federation of Automobile Dealers Association (FADA), retails of two-wheelers had grown by 5 per cent y-o-y in October. Click here to read the report

    09:42 (IST)03 Dec 2019
    Gainers and losers on BSE Sensex

    On the Sensex, Tata Steel, Vedanta, IndusInd Bank and Bharti Airtel were the top losers in the early trade on Tuesday, while Bajaj Auto, Tata Motors and Hero MotoCorp were the top gainers:

    Source: BSE
    09:36 (IST)03 Dec 2019
    Sectoral indices on the NSE

    The Nifty Metal index on the NSE was the top loser in the first 15 minutes of the trade on Tuesday. The index was down over 1 per cent. That apart, the Nifty Bank index too was trading on a weak note, slipping nearly a quarter of a per cent

    Source: National Stock Exchange (NSE)
    09:24 (IST)03 Dec 2019
    Equity markets at open on Tuesday

    At 9:19 am, the S&P BSE Sensex was down 49.12 points or 0.12 per cent at 40,753.05, while the broader Nifty 50 was at 12,027.40, down 20.80 points or 0.17 per cent.

    09:15 (IST)03 Dec 2019
    Global market update

    Asian shares skidded on Tuesday after US President Donald Trump stunned markets with tariffs against Brazil and Argentina, recharging fears about global trade tensions, while weak U.S. factory data added to the investor gloom.

    MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.45 per cent in early trade, with Australian shares dropping nearly 2 per cent, on track for their worst day in two months. Japan's Nikkei shed 1.1 per cent.

    (Reuters)

    On Monday, the S&P BSE Sensex rose by 8.36 points or 0.02 per cent to settle at 40,802.17. On the other hand, the Nifty 50 index ended the day at 12,048.20, down 7.85 points or 0.07 per cent.

    On the Sensex, the gains were led by telecom giant Bharti Airtel and market heavyweight Reliance Industries (RIL), while private sector lender Yes Bank and pharmaceutical giant Sun Pharmaceutical Industries were among the top losers of the day.