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Sensex plunges over 550 points, Nifty below 11,500
Posted on 19th July 2019
Mumbai: Extending losses for the second consecutive session, market benchmark BSE Sensex plunged 560 points Friday after the government thwarted hopes of a tax relief for FPIs.

Led by a sell-off in auto and banking stocks, the 30-share index cracked 560.45 points or 1.44 per cent to settle at 38,337.01. It hit an intra-day low of 38,271.35 and a high of 39,058.73, swinging 787 points. Similarly, the broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25. During the day, the index hit a low of 11,399.30 and a high of 11,640.35.

M&M, Bajaj Finance, Tata Motors, Hero MotoCorp, IndusInd Bank, Yes Bank, Bajaj Auto, Kotak Bank, SBI and ICICI Bank were among the top losers, dropping up to 4.36 per cent. Index heavyweight RIL closed 1.01 per cent lower ahead of its quarterly results.

NTPC, PowerGrid, TCS and ONGC were the only gainers in the Sensex pack, spurting up to 2.32 per cent. Replying to a debate on the Finance Bill in Parliament after market hours on Thursday, Finance Minister Nirmala Sitharaman dismissed the argument that the proposed hike in tax on the super-rich would spook foreign portfolio investors (FPIs). She said the tax hike on individuals earning more than Rs 2 crore will not impact FPIs provided they organise themselves as a company.

Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers, said the market was spooked by the finance minister's comments and hardened stance on new tax proposals for market participants.

On a net basis, foreign institutional investors sold equities worth Rs 1,404.86 crore Thursday, while domestic institutional investors purchased shares to the tune of Rs 329.05 crore, provisional data available with stock exchanges showed.

"Also, the IMF data showed India's current account balance deficit grew to USD 68 billion in 2018-19 from USD 49 billion the previous year also added to the already negative sentiments," Solanki added.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Kospi and Nikkei ended up to 2 per cent higher after US Federal Reserve officials hinted at aggressive rate cuts at its July 30-31 policy meeting. Bourses in Europe were also trading in the green in their respective early sessions.

On the currency front, the Indian rupee appreciated 5 paise to 68.92 against the US dollar (intra-day). Meanwhile, the global oil benchmark Brent crude futures soared 1.71 per cent to USD 62.99 per barrel.

Related Companies: Bombay Stock Exchange - BSE   National Stock Exchange of India Ltd (NSE)    

Other Latest News
Turbo Aviation to launch low-cost airline, fly on Udan routes by mid-2020
Posted on 16th December 2019

Hyderabad-based Turbo Aviation has announced its plans to launch a new low-cost airline 'TrueStar' by mid 2020.

The company has signed a partnership deal with a UK business group for a $100-million funding support to speed up the launch process, according to Turbo Aviation's managing director V Umesh. Turbo Aviation has already been operating the commercial airliner 'True Jet' since 2015.


Supreme Court to hear petitions challenging Citizenship Amendment Act on December 18
Posted on 16th December 2019

The Supreme Court on Monday agreed to hear petitions challenging the constitutional validity of the recently passed Citizenship (Amendment) Act, in wake of the intensifying protests that have rocked the country. The hearing will take place on December 18.

According to reports, senior advocate Abhishek Manu Singhvi listed the matter at the top court before Chief Justice of India (CJI) Sharad Arvind Bobde. As many as a dozen petitions challenging the Act have been submitted before the Court. The first petition was submitted by the Indian Union Muslim League.


Navin Fluorine gains for third straight day; stock hits fresh all-time high
Posted on 16th December 2019

Shares of Navin Fluorine International were trading higher for the third straight day, up 2 per cent at Rs 960 in intra-day trade on Monday after the company announced a capex plan of Rs 450 crore at Dahej through a wholly-owned subsidiary, which is to be incorporated.

The stock has rallied 8 per cent in the past three trading days, as compared to 1.5 per cent rise in the benchmark S&P BSE Sensex. In the past two months, it rallied 32 per cent against 6 per cent gain in the benchmark index.


WPI inflation rises to 0.58% in Nov on hike in prices of vegetables, pulses
Posted on 16th December 2019

Wholesale prices based inflation rose to 0.58 per cent in November, as against 0.16 per cent in October due to increase in prices of food articles.

The annual inflation, based on monthly wholesale price index (WPI), was at 4.47 per cent during the same month a year ago (November 2018).


SBI, PNB, Axis, HDFC Bank, ICICI or any other bank’s customer? Check new NEFT timings
Posted on 16th December 2019

NEFT Timings: Customers of SBI, HDFC Bank, Axis Bank, Punjab National Bank, ICICI Bank or any other commercial lender can do National Electronic Funds Transfer (NEFT) transactions 24×7 from today. The facility will now be available on any day of the week or month, including holidays. The Reserve Bank of India (RBI) has allowed this facility to be available at all times throughout the year.

For smooth settlement of NEFT transactions, the RBI has decided to provide additional collateralised intra-day liquidity facility.


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