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BSE Sensex and NIF Nifty 50 fell on Monday. Photo: Hindustan Times
- Mumbai: BSE Sensex and NSE's Nifty 50 advanced Monday, but quickly wiped out their gains and fell by more than 1.5%, mainly because of financial stocks. Shares of non-bank finance companies (NBFCs) fell again due to fears of a tightening of liquidity. The Indian rupee also weakened against the US dollar, following strong liquidations in local stock markets. In Asia, markets in Japan, South Korea and China are closed for public holidays. US equity futures declined slightly after China canceled planned trade talks with US officials. Oil prices earned as OPEC leader in Saudi Arabia and its biggest oil-producing ally outside the group Russia has effectively rejected calls by US President Donald Trump to lower prices. Here are the latest market updates:
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12:53 pm IST Market Update: Sensex, Nifty Extend LossesBSE Sensex dropped 452.56 points, or 1.23%, to 36,389.04, while the Nifty 50 fell 91.25 points, or 0.81%, to 11,143.10. MidCap and SmallCap BSE fell by 2.19% and 2.54%, respectively.In intraday trade, the Sensex dropped by 602 points to a low of 36,239.57 and the Nifty 50 by 197.05 points to 10,946.05.All sector indices on BSE, except IT and teak, declined, with real estate falling the most, at 4.85%, followed by the automobile at 3.69%, consumer discretionary and consumer discretionary. goods.
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12:35 PM IST What analysts say about recent salesRajesh Cheruvu, Investment Director at WGC Wealth Management Ltd: "The continued high volatility is here to stay in the short term. Housing finance companies have been under pressure due to strong segment appreciation over the last two quarters. This can extend to the actions of the NBFC, as their assessments are also very demanding. Jaiganesh Balasubramaniam, market technician at Cashthechaos.com in Singapore: "Spot markets that do not respect support have been a big surprise. Either the fall is an aberration or India will underperform emerging markets and global markets for about a month. "IIFL: "Investors have expressed concerns about the tightness of the money market in a context of persistent financial turmoil at IL & FS. In addition, investors have a risk aversion after the recent expiry of IL & FS, which has undermined the general sentiment of the market. "Traders expect an increase in borrowing costs for NBFCs and they may have difficulty raising funds. Market players associate this with other NBFCs and housing finance companies that use commercial paper as a source of finance. "Arthur Kwong, Head of Asia Pacific Equities at BNP Paribas Asset Management: "We are not worried about the whole of India. It's always optimistic for me. We love private sector banks.James Syme, London-based fund manager at JO Hambro Capital Management: "Despite the current tensions. own Indian stocks, especially private sector banks. Rather, it is a historic problem being resolved rather than an ongoing credit crisis in Indian companies. "Isabelle Mateos and Lago, multi-asset strategist at BlackRock Investment Institute: The focus is on the resilience of the country in the liquidation of emerging markets. The strong domestic growth and the high proportion of dollar earnings of Indian companies have been a good hedge against the strength of the dollar. "It's a market that requires a lot of selectivity, especially in the financial sector."Jayant Manglik, President of Religare Broking Ltd: We believe that the week ahead will begin with some clarity. Investors should buy stocks and start accumulating "fundamentally sound" stocks. Read more
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12:26 pm IST Generic Engineering Construction Stocks increase on new ordersGeneric Engineering Construction and Projects Ltd. shares rose 4.88% to Rs. 194.40 per share after the company announced that it had received several orders worth Rs 273.92 billion from real estate developers and one from largest Indian public defense company.
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11:40 am IST DHFL says that all repayments according to schedule, shares earnDHFL, in a statement issued today, reaffirmed that the company has not breached any obligation or reimbursement of its financial obligations, and that there has been no case of delay in the repayment of any liabilities. DHFL fulfilled its commitment on September 21st to repay the commercial paper for an amount of Rs 575 crore and according to schedule and terms, refund 400 rupees on September 24th. DHFL holds 11.09% to Rs 390.55.
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11:28 am IST Oil prices could rise to $ 100 a barrel by 2019, warn tradersOil prices could rise by $ 100 per barrel by 2019, as US sanctions against Iran strengthen markets, Trafigura and Mercuria said at the annual Asia-Pacific Petroleum Products Conference (APEC) in Beijing. Singapore.Nearly 2 million barrels per day (barrel per day) of crude could be withdrawn from the market following US sanctions against Iran by the end of the fourth quarter of this year, said Daniel Jaeggi, president of the merchant in raw materials. Mercuria Energy Tradingmaking crude prices soar at $ 100 per barrel. Ben Luckock, co-head of oil trading at a trader Trafigura Crude oil prices could reach $ 90 per barrel by the end of the year and $ 100 in the new year, as markets tighten. Reuters
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11:07 am IST Market update: Sensex, Nifty trade declineThe Sensex opened at 36,924.72, up 83 points from its previous close and hit a record high of 36,945.50. But soon cleared all the winnings and dropped up to 283 points to a low of 36,558.61. On NSE, the Nifty 50 opened 21.3 points at 11,164.40 and peaking at 11,170.15. But he failed to keep any gains and dropped to 102.45 points to a low of 11,040.65.Sensex's BSE traded down 188.60 points, or 0.51%, to 36.653, while the Nifty 50 fell 67 points, or 0.60%, to 11.076.10. BSE MidCap and SmallCap fell by 1.30% and 1.63%, respectively. Among sector indices for BSE, informatics and oil & gas, teak and energy advanced, while real estate, telecommunications and finance led losses.The Sensex basket had 11 advances and 20 declines. On NSE, the Nifty has 21 advances and 28 declines. Vedanta, Coal India, Infosys, CGSB and TCS were among the top winners, among which HDFC, Maruti, Mahindra, Indiabulls Housing Finance and IndusInd Bank were among the biggest losers.
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10:45 am IST Shares of ILFS companies gain as parent plans to raise authorized capitalThe shares of IL & FS Transportation Networks and IL & FS Investment Managers increased by 19.9% and 7.2% respectively, the parent company Infrastructure & Financial Services (IL & FS) forecasting 39; increase its authorized share capital of Rs 4,000-5,000 bridged group to raise funds from its shareholders, reported mint, citing two people with direct knowledge of IL & FS Group projects.
IL & FS: Someone must soon catch this falling knife. What needs to be done to bring IL & FS back from the brink? Https://t.co/Ku0sOfCARJ @ravi_ananth
– Mint Mark to Market (@ livemint_m2m) September 24, 2018
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10.25 IST NBFC shares trade despite liquidity fearsShares of non-bank finance companies (NBFCs) collapsed again on Monday due to expectations that companies may face a cash shortage after IL & FS and its lending industry missed a series of loan repayments . Bajaj Finance declined by 5%, Gruh Finance 5%, Cholamandalam Investment and Finance 4%, Edelweiss Financial Services 3%, Indiabulls Housing Finance 3%, Repco Home Finance 4%, GIC Housing Finance 3% and PNB Housing Finance 3%."Investors have expressed concerns about the tightness of the money market in a context of persistent financial turmoil at IL & FS. In addition, investors have a risk aversion after the recent expiry of IL & FS, which weighed on the general sentiment of the market, "said IIFL in a post on September 21. "Traders expect NBFC's borrowing costs to increase and they may face difficulties in raising funds. Market players link with other national finance companies and housing finance companies that use commercial paper as a source of finance, "the report adds. Read more
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10.00 am IST Yes Bank shares fall for second day after RBI refuses to extend CEO mandateYes Bank shares fell 0.46% to 226 Rs. At the start of trading, shares fell 4.86% to 216 Rs. The RBI had asked Yes Bank last week to end the mandate. Director General and Rana Kapoor on January 31st. the bank's advocacy to extend its mandate by three years.
Can leaving the bank make such a big difference?#YesBank #RanaKapoorhttps://t.co/Yozbmbh4H9
– Livemint (@livemint) September 24, 2018
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9:40 am IST Usha Martin shares win over Tata SteelShares of Usha Martin Ltd were traded 3.18% to Rs. 32.40. At the start of the session, the stock rose 15.9% to Rs. 36.40 after Tata Steel announced on Saturday that He was going to acquire the steel activities of Usha Martin Ltd for an amount of Rs 4,300-4,700 crores. The sale of steel to Tata Steel will help the company "significantly reduce" its debt, said Usha Martin during a BSE filing. The agreement is expected to be concluded in 6-9 months, added. Tata Steel shares fell 1.09% to Rs 617.75.
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9:28 am IST Biocon shares jumped nearly 3% compared to progress on bio-like productsBiocon shares rose 2.94% to Rs.696 after the company and its partner Mylan announced that they had received a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use to recommend approval of the organic product -Similar Fulphila. This positive opinion will now be examined by the European Commission. The approval decision is expected in November 2018. The USFDA has also completed its inspection at the Biocon plant in Bangalore without a Form 483 being issued.
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9:23 am IST DHFL shares up nearly 25%Shares of Dewan Housing Finance Corp. jumped 24.80% to Rs 438.75 after the company said it had enough funds for repayments. On Friday, the DHFL action closed at Rs 351.55 per share on BSE, down 42.43%, or ¥ 259.05, compared with the previous session. The DHFL stock fell nearly 60% in intraday trading on Friday after the press announcement that DHFL had failed in paying interest on its debt. However, DHFL President and CEO Kapil Wadhwan quickly denied and added that the company has abundant liquidity of Rs 10,000.
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9:14 am IST Government will maintain liquidity in NBFCs, SMEs, says Minister of Finance
The government will take all necessary measures to ensure that sufficient liquidity is maintained / provided to NBFCs, mutual funds and SMEs.
– Arun Jaitley (@arunjaitley) September 24, 2018
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9:08 am IST The rupee is trading against the dollarThe Indian rupee has weakened against the US dollar, following panic sales on local stock markets. At 9:07, the rupee was trading at 72.45 against the dollar, down 0.34 percent from Friday's 72.20 closing. The local currency opened at $ 72.47 per dollar. The 10-year gilts return was 8.031%, below its previous close of 8.07%. Bond yields and prices move in opposite directions. So far this year, the rupee has fallen by 11.5%, while foreign investors have sold $ 1.22 billion and $ 6.79 billion respectively in equity and debt markets.
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8:53 am IST Friday's chaos exposes flaws in the armor of non-bank financial corporationsShares of finance companies fell between 10 and 50% on Friday.
The chaos of Friday was a reminder to investors that NBFCs are much more fragile than bank addresses: http://t.co/HJCuvTrlAI
– Livemint (@livemint) September 24, 2018
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8:43 am IST Commodities corner: oil price up 2 monthsOil climbed near the highest level in more than two months after OPEC and its allies signaled less urgency to boost production and stopped despite promising additional volumes of crude despite US pressure -United. Brent crude futures rose 92 cents to $ 79.72 a barrel while crude oil futures rose 77 cents to $ 71.55.Gold fell slightly as the dollar held up for news that China had canceled trade talks with the United States, as the market is also considering the US Federal Reserve meeting this week for forecasts of futures. rate increases. Spot gold edged down 0.2% to $ 1,196.51, after falling 1.3% on Friday after a stronger dollar. The gold futures in the United States remained virtually unchanged at $ 1,201.1 ounce.
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8:35 am IST Opening bell: clues to watch before trading today■ The Dow and S & P 500 indexes climbed to highs on Friday and posted strong weekly gains as worries about global trade dissipated. Markets in Japan, South Korea and China are closed for public holidays on Monday. Meanwhile, the Australian market was lower on the morning of the first trading day of the week, following record gains last Friday on Wall Street.■ The Reserve Bank of India (RBI) and the regulator of Indian markets (Sebi) are closely monitoring the evolution of the financial markets and are ready to take appropriate action if necessary, according to a central bank statement released Sunday.■ Seven of the top 10 Indian companies suffered a cumulative erosion of $ 89,779.67 billion last week, in line with weak market conditions. ■ The Securities and Exchange Board of India (Sebi) has relaxed the Client Knowledge Standards (KYC) for foreign portfolio investors (REITs).■ The tax department charged ONGC Videsh Ltd a service tax claim of Fr. 7,666.10 on remittances made by the company to its foreign subsidiaries in the last ten years. PTI.■ Providing financial support to non-bank financial companies, SBI Chairman Rajnish Kumar said the liquidity of these companies was not a problem, given the debt crisis in the IL & FS group.■ Tata Steel announced the acquisition of steel activities of Usha Martin Ltd for an amount of Rs 4,300-4,700 crores.■ IL & FS Investment Managers, a unit of Infrastructure Leasing & Financial Services (IL & FS) that announced defaults this week, said its chief executive, Ramesh Bawa, had resigned.■ Yes Bank Ltd is looking for a new boss after the Reserve Bank of India (RBI) has ended the term of its chief executive and general manager Rana Kapoor, who has led the private sector lender since its inception. 2004. Harsha Jethmalani / MintWith contributions from Reuters
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