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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
Resolution plan: Sebi may have reservations on Mutual Fund’s signing DHFL ICA
Posted on 21st August 2019
The resolution plan of Dewan Housing Finance Corporation is expected to remain stuck till mutual funds sign the inter-creditor agreement (ICA), as the Securities and Exchange Board of India (Sebi) is yet to green-light the same. Since July, banks, the Association Of Mutual Funds in India (AMFI) and the Indian Banks Association have separately written to the markets regulator seeking its inputs on whether mutual funds can sign the inter-creditor agreement. At this juncture, the matter is being pursued by RBI with the markets regulator.

Maruti offers free five-year warranty to tide over sales slump
Posted on 21st August 2019
To arrest the fall in demand for diesel cars, Maruti Suzuki has announced it will offer free warranty for five years or 1 lakh km to customers across the country on models such as Dzire, Swift, Vitara Brezza and S-Cross. The development comes after sales of Maruti’s diesel engine fell after the announcement made by the company to stop manufacturing these vehicles from April 1, 2020, when the BS-VI emission norms will come into effect.

SBI in talks with NBFCs on co-origination of loans
Posted on 21st August 2019
State Bank of India (SBI) is currently in talks with at least 4-5 non-banking financial companies on co-origination of loans, managing director Arijit Basu said on Tuesday. This co-origination could be for home loans or loans to small and medium enterprises, he added.

The central bank had released guidelines on co-origination of loans by banks and NBFCs to the priority sector last year with a view to leveraging on the reach of NBFCs to help banks meet their priority sector lending targets. Co-lending also helps leverage on banks’ access to low cost funds.


Analyst Corner: Maintain ‘buy’ on NTPC with target price of Rs 158
Posted on 21st August 2019
At its annual analyst meet, the NTPC top management exuded confidence about: Reversal of the CWIP ratio to 20% over the next three years (from 42% currently) led by higher capacity commercialisation; Rs 80,000 crore regulated equity by FY22E, implying a 15% CAGR; aggressive stance in adding renewable energy (RE) capacity under various modes (PPA, merchant, flexi generation, etc), which would earn at least regulated returns, if not higher; and ramping up captive coal mines and that higher ACQ would preclude fuel-based under-recovery.

Food apps to rejig their consumer offers: National Restaurant Association of India
Posted on 21st August 2019
The National Restaurant Association of India (NRAI), in its meetings over the last two days with all the restaurant and food service aggregators (FSAs), has learnt that FSAs resorted to unfair business practices in order to compete with each other's offerings in the market.

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