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BSE Sensex and NIF Nifty 50 fell on Monday. Photo: mint
- Mumbai: BSE Sensex dropped more than 300 points during the trade opening, and the entire Nifty 50 fell below 11,450 on Monday, following losses suffered by global markets due to the rise of trade tensions. Most Asian stock markets fell today as the United States could announce a new series of tariffs on Chinese imports as of today, opening the door for possible retaliation on the part of the United States. from Beijing. SGX Nifty Futures traded 52 points at 11,494, indicating a negative opening for the Sensex and Nifty 50. Meanwhile, the FII bought shares worth Rs 1,090.56 billion on Friday. DII have bought shares worth 115.14 billion. In addition, over the weekend, the government announced several measures to support capital inflows and limit "non-core" imports while meeting its budget deficit targets. Here are the latest market updates:
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11:05 am IST What do brokers say about the government's actions to fight rupee falls?On Friday, the government defined a series of measures to stem a sharp fall in the rupee. India will take steps to reduce "unnecessary" imports, relax foreign borrowing standards for the manufacturing sector, and relax the rules for banks that hold massala bonds or foreign rupee bonds.Citi says that the government's intention to tackle the problem of the structural current account deficit (DAC) is the right political way. He said that the identification of non-essential imports and the obstacles to be imposed will naturally take time. Citi adds that he will not be surprised that the USD / INR is trying to test an impulsive reaction higher up. He estimates that the rise in October is still possible but with a lower probability.Morgan Stanley said these policy measures could be followed by other such measures in the future and that RBI should raise rates at its October meeting.HSBC says that policy measures will have to be adapted to be effective. The brokerage expects rates to rise 50 basis points in the fourth quarter. The budget calculations seem rather tight, given GST's revenue deficits since the beginning of the year, below-budget growth and difficult disinvestment targets, notes HSBC. He added that spending cuts and revenue mobilization elsewhere in the budget might be necessary. Reuters
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10:45 am IST Movement of stock: Balrampur Chini Mills, Sadhana Nitrochem winShares of Balrampur Chini Mills Ltd gained up to 9.54% at Rs 97.05 after Norges Bank sold 1.9 million shares and Aequitas Investment sold 1.17 million shares. 39, shares, according to NSE.Kwarlity Ltd. lost 4.88% to Rs 19.50 per share after opening the QIP number on September 14th.Sadhana Nitrochem Ltd gained 5% to Rs 1300.25 per share during the September 24 board meeting to review the stock split.
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10.25 IST Glenmark Pharma shares win drug approvalThe shares of Glenmark Pharmaceuticals Ltd rose 1.75% to Rs 703 after the company said to have received USFDA approval for vaginal inserts Estradiol USP, 10 mcg, the generic version of VAGIFEM1, 10 mcg , from Novo Nordisk Inc.
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10:08 am IST Market Update: Sensex, Nifty Extend LossesBSE Sensex opened 62.83 points at 38,027.81 and dropped 373 points to 37,716.99. Nifty 50 of NSE opened at 11,464.95, down 50.25 points from the previous session and dropped 114 points to a low of 11,401.20.At 10am, BSE Sensex dropped 356.85 points, or 0.94%, to 37,733.79, while the Nifty 50 lost 102.90 points, or 0.89%, to 11,412.30. BSE MidCap and SmallCap fell by 0.49% and 0.16%, respectively.Fifteen of the 19 sector indices on BSE registered a decline, with finance and the bankex being the most down, at 1.21% and 1.13% respectively. Healthcare, IT, Realty and Advanced Teak.On the Sensex Basket, 29 shares were exchanged for only 2 shares, Wipro and Mahindra. HDFC, SBI, Hindustan Unilever and HDFC Bank were among the biggest losers.On Nifty 50, 39 shares fell, while 11 shares rose. Wipro, Dr. Reddy's Labs, Tech Mahindra and HCL Tech were among the top winners, while Titan, HDFC, Bajaj Finance and SBI were among the biggest losers.
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9:47 am IST The government gets its first salvo to defend the rupeeThe government and the RBI maintain their dry powder and the measures announced this weekend are only a first salvo
The government and the RBI are keeping their powder dry and the measures announced this weekend are only a first salvo. https://t.co/LuVM8sVAhT
– Livemint (@livemint) September 16, 2018
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9:30 am IST Bank stocks are tradingBank stocks traded down, with the Nifty Bank index falling by more than 1%. Bank of Baroda fell by 1.86%, Axis Bank by 1.84%, Punjab National Bank by 1.81%, State Bank of India by SBI by 1.69% and Yes Bank by 1.27% %.
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9:24 am IST Infosys shares win over Fluido acquisitionInfosys shares rose 0.65% to Rs 740. The company agreed to spend $ 76 million to buy Fluido, a Salesforce consulting partner in the Nordic countries in Europe, for the second time under the direction of Salil Parekh. more than nine months ago.
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9:20 am IST The rupee weakens against the dollarThe Indian rupee weakened against the US dollar, following losses in the Asian currency market, even as the government announced several measures to defend the currency. At 09:08, the rupee was trading at $ 72.65, down 1.09% from its previous close of 71.86. The currency opened at 72.49 dollars, touching 72.49 and 72.65. The yield on 10-year bonds was 8,162%, compared with 8,127% on Friday. Bond yields and prices move in opposite directions.
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9:07 IST Goldman Sachs says Sensex, the global rally of Nifty, is overGoldman Sachs Group Inc. has called time for the soaring Indian stocks. India's benchmark indexes – Sensex and Nifty – seem less favorable because of high valuations, the potential slowdown in economic growth and upcoming elections, according to Goldman Sachs analysts."The risk reward for Indian equities is less favorable," analysts, including Sunil Koul, wrote in a report on Sept. 16. "The main reasons for our less optimistic view include, among other things, stretched valuations, multiple short-term macroeconomic hurdles, and risks associated with election events." Read more
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8:53 am IST Ircon IPO opens for subscription todayIrcon International IPO, which opens its subscriptions today, has a price range of 470-475 dollars apiece. As part of its divestment plans, the government sells about 10% of Ircon's capital to raise approximately 467 million crores.
Shares of Ircon's IPO, which closes on Wednesday, have a price range of $ 470-475 each. https://t.co/IYgv3GT8X3
– Livemint (@livemint) September 17, 2018
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8:40 am IST Commodity corner: oil prices decline, gold remains flatOil: World oil prices fell at the start of Asian trade, fearing that the United States would be able to impose additional tariffs on China, offsetting fears of future sanctions against Iran. Brent crude oil futures fell 16 cents, or 0.2%, to $ 77.93 a barrel. WTI futures in the US fell 20 cents or 0.3% to $ 68.79 a barrel.Gold: Global gold prices have changed little, having dropped by 0.6% in the previous session, as investors remained cautious about statements that the US would impose a new tariff series on imports. Chinese. Spot gold was stable at $ 1,193 an ounce from 0039 GMT. * Ingots fell last week for the third week in a row. * US gold futures declined 0.2% to $ 1,198.20.Metals: Base metal prices fell sharply in early trade in Asia, reports said US tariffs on $ 200 billion worth of Chinese products could be taxed immediately. The news has left investors worried that demand for industrial metals will weaken. Three-month copper on the London Metal Exchange fell 1.9% to $ 5,861.50 per tonne. LME nickel plummeted to 3.2% overnight at $ 12,250 per tonne, before reducing losses to about 2%. Shanghai's only tin was in positive territory, rising slightly by 0.1%. Reuters
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8:32 am IST Opening bell: clues to watch before trading today■ Asian markets have fallen due to rumors that the United States is about to announce a new series of tariffs on Chinese imports, paving the way for possible retaliation by the United States. China, reports Reuters. Over the weekend, US stocks have changed little.■ Canadian investor Brookfield to acquire East West Pipeline Ltd, previously known as Reliance Gas Transportation Infrastructure Ltd., for Rs 14,000 ($ 2 billion) valuation The economic period.■ IL & FS troubled infrastructure funding group seeks government and regulatory intervention after key shareholders do not offer an immediate credit facility to avoid payment defaults, reports Times of India .■ Infosys has agreed to spend $ 76 million to buy Fluido, a Salesforce consulting partner in the Nordic countries of Europe, marking the second acquisition under the direction of Salil Parekh.■ DLF is employing to release debt from its housing business by March next year and the cash flow generated by the sales of completed inventory, a value of 39, about Rs 14,000, will be used to finance new projects, reports PTI.■ BPCL Ltd, which owns Bin Refinery in a joint venture with Oman Oil Company, has set aside its IPO plans to "generate enough cash" to carry out the ongoing expansion and also because Kuwaiti Petroleum is at stake , Says a senior official, reports PTI.■ Arvind Ltd plans to invest 500 crore rupees per year for the next four to five years in order to double its turnover of its textile business to Rs 12,000, according to PTI. According to the report, the company is separating its brands and engineering activities into separate entities.■ The GVK and GMR groups are in the final stages of selling separate stakes in holding companies operating at Mumbai and Delhi airports. The economic period.■ Vedanta Ltd may have to spend a few million dollars more to obtain an extension as operator of its oil and gas assets in Barmer, Rajasthan. The Hindu business line.■ The increase in crude oil prices has upset the government's estimate of the subsidy for cooking fuels for this fiscal year, according to Standard of the company. On the basis of current prices, the subsidy for these products could reach 414.78 billion rupees, against 249.32 billion rupees, the report adds. R. Sree Ram / MintWith contributions from Reuters
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