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BSE Sensex and Nifty 50 benchmark indices traded lower on Monday. Photo: Mint
- Mumbai: BSE's Sensex and Nifty 50 benchmarks lost on Monday after losses in the Asian markets after a US official downplayed the possibility of a quick agreement between the US and China. Japanese and Hong Kong stocks underperformed and futures on US stock indexes fell relative to trade concerns. The Indian rupee has weakened against the US dollar, facing losses in Asian currencies. Oil prices have fallen as traders eagerly await the outcome of negotiations on possible waivers of US sanctions against Iran. The sanctions will be reimposed Monday for the oil, banking, insurance and shipping sectors of Iran. Here are the latest market updates:
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9:30 am IST CGSB shares more than 4% of second quarter figuresCGSB shares rose 4.46% to 164.70 rupees per share. The company recorded a 61% increase in its profits in the second quarter on Saturday, as higher crude oil prices allowed it to exceed expectations. CGSB net income was Rs. 8,265 crores during the quarter, compared with Rs. 5,130 crores the previous year.
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9:22 am IST Axis Bank shares up nearly 4% after Q2 resultsAxis Bank shares rose 3.76% to Rs. 632.90 per share. The bank's net profit rose 82.6% to Rs. 789.6 billion in September due to higher net interest income and lower provisions, announced on Friday. private sector lender. The NIM is 3.59%, down 12 basis points over one year and 8 bps sequentially. Other income increased 3.5% to 2,678.38 crore in September 2018.
Investors at Axis Bank will be pleased because the bank saw an improvement in the quality of its assets for the third consecutive quarter, even as the National Bank of Punjab deteriorated. Https://t.co/unp4ZfzUdB
– Livemint (@livemint) November 4, 2018
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9:06 IST The rupee decreases against the US dollarThe rupee weakened against the US dollar, causing losses in Asian currencies against speculation on a trade agreement between the United States and China and after a US payroll better than expected. At 9:05, the rupee was trading at $ 72.78, down 0.52% from Friday's close of $ 72.44. The currency opened at 72.88 the dollar. The yield on 10-year government bonds was 7.78% higher than the previous 7.781% closing. So far this year, the rupee has fallen 12.24 percent, while foreign investors have sold $ 5.63 billion and $ 8.38 billion respectively in equity and debt markets.
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8:55 am IST REIT exit reaches its highest level in 2 years in OctoberForeign investors withdrew from the financial markets a massive crore of 38,900 rand in October. This is the largest outflow in almost two years, due to higher crude oil prices, the depreciation of the rupee and the worsening of the current account deficit. Thus total capital market outflows (equity and debt combined) have reached more than GBP 1 trillion this year. According to the latest filing data, the REITs withdrew in October a net amount of 28,921 crore annuities on the shares and 9,979 crore on the debt market, bringing the total to 38,900 crore. This was the largest outflow since November 2016, when REITs had withdrawn 39,396 crore from 399 crore from capital markets. Read more
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8:40 am IST Does the drop in crude oil prices mark the end of the collapse of Sensex?Brent crude oil prices, the global benchmark, fell 15% to settle at 72.83 dollars a barrel on Friday, following a recent high of 85.83 dollars a barrel. The decline led to a rebound in the domestic stock markets. Investors hope that lower oil prices will benefit the country's current account deficit, reduce pressure on the rupee and stimulate the return of REITs.The rupee has recovered some of its losses and bond prices have rebounded as lower oil prices should translate into lower inflation. Add to that a glimmer of hope that a US-China trade agreement could finally be considered and the question is: is the correction of the stock price complete? Read more
Graphic: Mint
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8:34 am IST Asian stocks decline in the face of trade concernsAsian equities fell after the US stock market crash on Friday, while there was some debate over whether trade tensions could be repaired with China. The pound sterling jumped on the announcement of further progress in the Brexit negotiations. Equities in Japan and Hong Kong underperformed and US index futures fell, with optimism about a breakthrough in trade at the end of last week having been tempered after economic adviser White House, Larry Kudlow, downplayed the potential for a quick deal. President Xi Jinping said that China will further reduce import tariffs.In Japan, the Topix index lost 0.6%. The Australian S & P / ASX 200 has hardly changed. The Kospi index of South Korea fell 1.6%. Hong Kong's Hang Seng Index lost 1.7%. The Shanghai Composite Index fell 0.2%. Futures contracts on the S & P 500 index lost 0.2%. The S & P 500 index closed down 0.6%. The Nasdaq 100 index fell 1.5%.The yen has changed little at 113.20 for a dollar. The offshore yuan slipped 0.1% to 6.9025 for a dollar. The Bloomberg Dollar Spot Index has changed little. The euro has traded at $ 1,1388. The pound gained 0.1% to $ 1.2988. Bloomberg
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