The topline equity indices on BSE and NSE are trading lower in the morning session on Friday.
Share/Stock Market, Sensex, Commodity Market Highlights: The frontline equity indices on the BSE and National Stock Exchange (NSE) snapped out of their two-day record-breaking streak on Friday as they settled nearly 1 per cent lower ahead of the release of the Gross Domestic Product (GDP) data for the quarter ended September.
The S&P BSE Sensex crashed 336.36 points or 0.82 per cent to settle at 40,793.81, while the broader Nifty 50 index ended at 12,056.05, down 95.10 points or 0.78 per cent.
However, the broader markets outperformed their topline peers on Friday with the S&P BSE MidCap index settling at 15,084.86, up 24.32 points or 0.16 per cent. The S&P BSE SmallCap rose 63.21 points or 0.47 per cent to end at 13,560.57.
All the sectoral indices on the NSE ended in a sea of red except the Nifty Realty index which ended nearly 1 per cent higher. Among the key losers, Nifty PSU Bank index fell 1.73 per cent weighed by Oriental Bank of Commerce and Union Bank of India. Nifty Auto index was another key lsoer on the day slipping 1.15 per cent driven by Ashok Leyland, TVS Motor Company and Tata Motors.
Rupee
The rupee ended at 71.74 against the US dollar on Friday, slipping nearly 14 paise from 71.60 on Thursday.
GDP data
The GDP growth of the country slipped to a 26-quarter low of 4.5 per cent in the second quarter (July-September) of the current fiscal year 2019-20, data released by National Statistical Office (NSO) Friday showed. The GDP growth rate has now slowed for the sixth consecutive quarter with the previous low recorded at 4.3 per cent in March 2013. The data was released post market hours on Friday.
Crude oil
Brent crude futures were down 29 cents at $63.58 a barrel by 1043 GMT, while West Texas Intermediate (WTI) futures were flat at $58.11.
(with inputs from agencies)
India’s GDP growth slipped to 26-quarter low of 4.5 per cent in the second quarter (July-September) of the current fiscal, data released by National Statistical Office (NSO) Friday showed. The previous low of 4.3% was seen during January-March 2012-13. The GDP growth rate has slowed for the sixth consecutive quarter.
The economic growth has been sliding sharply in recent quarters, prompting the government to announce a series of measures including a mega corporate tax reduction to boost economic expansion. Click here to read the report
The rupee ended at 71.74 against the US dollar on Friday, slipping nearly 14 paise from 71.60 on Thursday.
"Profit booking ahead of economic data and selling pressure in Asian peers due to risk of retaliation from China add volatility in the market. The recent rally has lifted the market to supreme valuation which may limit the headroom of key indices to perform well in the short-term. Consequently, investors are likely to shift focus for quality mid & small caps, which are likely to out-perform in the near term."
The S&P BSE Sensex crashed 336.36 points or 0.82 per cent to settle at 40,793.81, while the broader Nifty 50 index ended at 12,056.05, down 95.10 points or 0.78 per cent.
Guar gum prices on Friday advanced by Rs 29 to Rs 7,555 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 29, or 0.32 per cent, to Rs 7,555 per five quintal with an open interest of 28,485 lots.
Restricted arrivals from growing regions aided the rise in guar gum prices, traders said.
(PTI)
Soybean prices on Friday rose by Rs 23 to Rs 4,083 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 23, or 0.57 per cent, to Rs 4,083 per quintal with an open interest of 66,490 lots. Soybean for delivery in January rose by Rs 27, or 0.66 per cent, to Rs 4,109 per quintal having an open interest of 1,41,350 lots.
Market players said rasing of fresh positions by speculators on the back of higher demand mainly led to rise in soybean prices.
(PTI)
Copper prices on Friday traded 0.09 per cent up at Rs 434.30 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 40 paise, or 0.09 per cent, at Rs 434.30 per kg in a business turnover of 5,869 lots. Similarly, the metal for delivery in January edged up by 70 paise , or 0.16 per cent, to Rs 439.60 per kg in 263 lots.
(PTI)
Nickel futures on Friday declined by Rs 2.40 to Rs 1,024 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 Rs 2.40, or 0.23 per cent, to Rs 1,024 per kg with a business turnover of 1,892 lots.
Analysts said subdued demand in spot market mainly led to fall in nickel futures prices here.
(PTI)
Gold prices on Friday rose Rs 111 to Rs 37,834 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 December delivery traded higher by Rs 111, or 0.29 per cent, at Rs 37,834 per 10 gram in a business turnover of 2,941 lots. Gold for delivery in February next year also edged up by Rs 106, or 0.28 per cent, to Rs 37,869 per 10 gram in a business turnover of 15,782 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 0.21 per cent up at USD 1,463.80 an ounce in New York.
(PTI)
Crude oil futures on Friday fell by Rs 3 to Rs 4,175 per barrel after participants reduced positions, tracking a weak trend in global markets.
On the Multi Commodity Exchange, crude oil prices for December delivery dropped by Rs 3, or 0.07 per cent, to Rs 4,175 per barrel with a business volume of 30,437 lots. Similarly, crude oil for January delivery was quoting lower by Rs 4, or 0.1 per cent, at Rs 4,182 per barrel with an open interest of 1,328 lots.
The fall in crude oil futures was mostly due to trimming of positions by traders, in line with weak global cues, analysts said.
Globally, West Texas Intermediate crude oil was trading 0.17 per cent lower at USD 58.01 per barrel, while the international benchmark Brent Crude traded down by 0.58 per cent at USD 63.50 per barrel in New York.
(PTI)
Asian shares slipped on Friday, knocking a global stock index off its path to hitting an all-time peak as investors turned cautious, fearing a new US law backing Hong Kong protesters could torpedo efforts to end the US-China trade war.
MSCI All Country world index, which tracks shares in 49 countries, was down 0.39 per cent at 548.48, less than 0.4 per cent away from all-time peak hit in January last year before the start of US-China trade war.
MSCI's broadest index of Asia-Pacific shares outside Japan fell more than 1 per cent. Hong Kong led the dip with losses of 2 per cent. South Korean shares lost 1.4 per cent and Japan's Nikkei eased 0.5 per cent.
(Reuters)
Former deputy governor of the Reserve Bank of India (RBI), H R Khan has been appointed as the first chairman of the steering committee of the Code for Responsible Lending (CRL) in micro-credit.
The CRL is a self-regulatory step for the micro-credit industry making diverse entities like banks, NBFC-MFIs and NBFCs adhere to standards of customer protection, a statement by Micro-finance Institutions Network (MFIN) said. Click here to read the report
Coriander prices on Friday rose by Rs 15 at Rs 6,690 per quintal in futures market as participants built up fresh positions amid rising spot demand.
Besides, tight stocks on account of restricted arrivals from major growing regions strengthened the prices.
On the National Commodity and Derivatives Exchange, coriander for December contracts edged higher by Rs 15 to Rs 6,690 per quintal with an open interest of 8,710 lots. On similar lines, the spice for delivery in April was trading higher by Rs 45 at Rs 6,985 per quintal with an open interest of 2,350 lots.
Market analysts attributed the rise in coriander futures to upsurge in demand in the physical market against tight stocks position.
(PTI)
Shares of Indiabulls Housing Finance surged nearly 13 per cent in the intra-day trade on Friday after the Ministry of Corporate Affairs (MCA) told the Delhi High Court that the loans given by the company to DLF, Anil Dhirubhai Ambani Group (ADAG), and Amricorp have been repaid in full by the respective companies.
The stock rose as much as 12.53 per cent to Rs 376.70 on the National Stock Exchange (NSE) and by 12.75 per cent to Rs 376.80 on the BSE. However, it did not sustain the sharp gains for long and the scrip pared some of it as the day proceeded. Click here to read the report
Delhi:
Petrol- 74.81 per litre
Diesel- 65.78 per litre
Kolkata:
Petrol- 77.49 per litre
Diesel- 68.19 per litre
Mumbai:
Petrol- 80.46 per litre
Diesel- 69.00 per litre
Chennai:
Petrol- 77.77 per litre
Diesel- 69.53 per litre
Source: IOCL
The Advisory Committee on National Accounts Statistics (ACNAS) has recommended considering 2020-21 as the next base year for national accounts as against the earlier recommended 2017-18, Minister of State for Ministry of Statistics and Programme Implementation Rao Inderjit Singh informed the Rajya Sabha on Thursday.
“The ACNAS had earlier recommended to revise the base year of national accounts from 2011-12 to 2017-18 in view of the likely availability of requisite data. The issue of the base year revision was discussed by ACNAS again in its recent meeting held on October 30, 2019 and it was recommended to the Ministry to consider 2020-21 as the next base year of national accounts in view of the structural reforms in the economy,” Rao said in a written reply to a question in the Upper House. The present base year for gross domestic product is 2011-12. Click here to read the report
Here's how the key indices on the BSE are performing at noon deals:
Ratings firm Icra has downgraded Rs 23,500 crore of fund and non-fund based limits and commercial paper of Shapoorji Pallonji and Company (SPCPL).
Negative outlook takes into account the slower-than-anticipated progress achieved by SPCPL in terms of its deleveraging plans through equity infusion and asset monetisation.
Icra said the long-term rating of non-fund based limits of Rs 15,000 crore is downgraded to A+ from AA- and short term to A1 from A1+. The long-term rating on fund based limits of Rs 6,000 crore downgraded to A+ from AA- and short-term rating downgraded to A1 from A1+. The commercial paper of Rs 2,500 crore was downgraded to A1 from A1+. Click here to read the report
HDFC Bank has appointed a six-member committee to identify a successor to Aditya Puri, the current managing director of the bank. Puri has been the MD of the private lender since its inception in 1994.
“The board of the bank has constituted a search committee to identify a successor to Aditya Puri, the current MD of the bank, whose tenure ends on October 26, 2020,” the bank said in a filing.
The committee comprises Shyamala Gopinath, Sanjiv Sachar, MD Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry (representative of Housing Development Finance Corporation). Gopinath is the current Chairperson of the bank. Once the bank identifies a suitable person, it will forward the name to the RBI. Click here to read the report
The loans given by Indiabulls Housing Finance to DLF, Anil Dhirubhai Ambani Group (ADAG), and Amricorp have been repaid in full by the respective companies, the Ministry of Corporate Affairs (MCA) told the Delhi High Court. It also said that the loan accounts of two other companies, namely Vatika group and the Chordia group, has been reported as “standard account”.
The details are part of an affidavit filed by the MCA with the high court in an ongoing case which seeks probe into Indiabulls Housing Finance, Indiabulls Ventures and Indiabulls Real Estate for alleged money laundering and siphoning off of public funds. Click here to read the entire report
In an indication of how risk-averse banks are, the yield on the 364-day T-bill auctioned on Wednesday came in at 5.1389 per cent , below that of the repo rate of 5.15 per cent. Bloomberg data show this last happened in April 2017 or more than over two and a half years ago.
A Balasubramanian, managing director and chief executive officer at Aditya Birla Sun Life AMC, said though banks are sitting on cash, they are opting to play it safe and invest in government securities rather than the industry. Click here to read further
On the Sensex, barring six stocks, all the others are trading in the red. In percentage terms, Hindustan Unilever (HUL), Tata Steel, Asian Paints have been the worst-hit stocks, slipping over 1.5 per cent each in the ongoing trade.
The retail tranche of Saudi Aramco’s initial public offering is more than fully covered with one day to go after 4.2 million investors applied to buy shares in the world’s biggest oil producer.
The subscription reached 38.1 billion riyals ($10.2 billion), lead manager Samba Capital said in a statement, equivalent to about 120% of the portion set aside for retail investors. The deal for applications falls at midnight tonight local time. Click here to read
The government sought approval to spend an additional gross amount of Rs 21,246.16 crore in the current financial year, with net cash outgo at Rs 18,995.51 crore, with over 40 per cent of the additional gross amount sought as grants for the newly formed UTs.
The Rs 8,820.62 crore funds as grants in lieu of the erstwhile state’s share of the 14th Finance Commission Award includes the share of revenue deficit grant (Rs 5892.50 crore), local body grant (Rs 725 crore) and SDRF (Rs 139.50 crore), and state share of net proceeds of taxes for November and December (Rs 2063.62 crore). Click here to read further
Shares of Reliance Communications hit their upper circuit for the sixth consecutive session on Friday amid reports that Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for the debt-ridden firm’s assets.
On the BSE, the stock rose 3.85 per cent to 81 paise. The scrip advanced 5.26 per cent to Re 1 on the NSE. The shares have hit upper price band on the stock exchanges. Click here to read the entire report
The bad news is getting worse for India’s economy and Prime Minister Narendra Modi is exhausting all options to stem the fallout.
Data on Friday will likely show the economy had its weakest performance last quarter in more than six years, with the growth rate dropping below the symbolically important 5% mark. It’s a culmination of several months of downbeat figures, from plunging car sales to shrinking factory output and an export slump. Click here to read the entire report
Here is how the sectoral indices on the National Stock Exchange (NSE) are performing in the first hour of trade on Friday. Nifty Auto and Nifty FMCG index were the top losers in the early trade slipping over 0.5 per cent each.
Nifty Media, Nifty PSU Bank and Nifty Realty were the only sectoral indices that were trading in green:
The Indian rupee opened on a weak note and fell 11 paise to 71.73 against the US dollar in early trade on Friday, as investors traded the cautious path ahead of the release of GDP data.
Forex traders said rupee is trading in a narrow range as investors are also awaiting clarity on the US-China trade front.
At the interbank foreign exchange, the rupee opened at 71.63 then fell to 71.73 against the US dollar, showing a decline of 11 paise over its previous closing.
(PTI)
At 9:25 am, the Sensex was down 153.65 points or 0.37 per cent at 40,976.52, while the Nifty 50 index was at 12,112.00, down 39.15 points or 0.32 per cent.