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Sensex sinks over 300 points; metal, auto stocks drag
Posted on 16th August 2019
Domestic equity benchmark BSE Sensex dropped over 300 points in early trade on Friday tracking losses in metal, auto, IT and banking stocks.

The 30-share index pared some opening losses to trade 248.25 points or 0.67 per cent lower at 37,063.28 at 0930 hours; and the broader Nifty too fell 67.45 points or 0.61 per cent to 10,961.95 in morning trade.

In the previous session on Wednesday, the 30-share index settled 353.37 points or 0.96 per cent higher at 37,311.53. The broader NSE Nifty reclaimed the 11,000-mark, jumping 103.55 points or 0.95 % to close at 11,029.40.

The stock market was closed on Thursday on account of Independence Day.

Top losers in the Sensex pack in early trade included Vedanta, HCL Tech, TCS, Bharti Airtel, Tata Steel, Tata Motors, TechM, SBI and Infosys, shedding up to 2.63 per cent.

While, Yes Bank, ONGC, ITC, Bajaj Finance and HUL rose up to 1.37 %.

According to experts, rising concerns of an economic slowdown, weak earnings and global trade volatility has been weighing on investor sentiment.

On Thursday, Prime Minister Narendra Modi comprehensively reviewed the state of the economy with Finance Minister Nirmala Sitharaman as his government scrambled for solutions to tackle a fast-spreading slowdown in various sectors, which is eroding wealth and causing job losses.

India’s economic growth has slowed to 6.8 % in 2018-19 - the slowest pace since 2014-15, consumer confidence is waning and foreign direct investment has plateaued. International trade and currency war is further aggravating the problem.

Meanwhile, foreign portfolio investors bought shares worth a net of ₹ 1,614.63 crore on Wednesday, while domestic institutional investors purchased shares worth ₹ 1,619.82 crore, provisional data showed.

Elsewhere in Asia, Hang Seng, Shanghai Composite Index and Nikkei were trading on a positive note in their respective late morning sessions, while Kospi slipped in the red.

Bourses on Wall Street ended on a mixed note on Thursday.

On the currency front, the rupee depreciated 16 paise versus the dollar against its previous close to trade at 71.43 in early session.

Brent crude futures, the global oil benchmark, rose 0.86 per cent to trade at 58.73 per barrel.

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

Other Latest News
Bharat Gas gets five-year loan from Bank of Baroda for ₹3,100 crore
Posted on 23rd September 2019
Mumbai: Bharat Gas Resources Ltd (BGR) a wholly-owned subsidiary of Bharat Petroleum Corporation Ltd (BPCL), has signed a five-year loan agreement with Bank of Baroda for ₹3100 crore, according to two officials aware of the deal.

The company will use the loan to fund expansion of its city gas distribution business. BGRL has a board approved borrowing limit of ₹4000 crore.


ITC shares up 9% as no cess on cigarettes was increased
Posted on 23rd September 2019
Mumbai: Shares of ITC Ltd on Monday surged over 9%, its biggest jump since March 2016, after the GST Council meeting did not announce any increase in cess on cigarettes.

The stock touched a high of ₹260.30 on the BSE and gained as much as 9.3%, its maximum gain since March 2016. At 9.40 am, the scrip was trading at ₹256.30, up 7.6% from its previous close. The stock’s market cap increased by nearly $3.66 billion.


SBI to adopt repo rate as external benchmark for all floating rate loans from October 1
Posted on 23rd September 2019
State Bank of India on Monday said it will adopt repo rate as the external benchmark for all floating rate loans for MSME, home and retail loans, from October 1, 2019.

On September 4, the Reserve Bank of India (RBI) had mandated all banks to link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark from October 1 onwards.


Rupee slips 9 paise to 71.03 against U.S. Dollar in early trade
Posted on 23rd September 2019
The Rupee opened marginally lower by 9 paise to 71.03 against the U.S. Dollar in opening trade on September 23, as rising crude oil prices and concerns regarding U.S.-China trade war kept investors edgy.

Forex traders said reports that the U.S. is likely to ramp up pressure on China by raising existing tariffs if a trade deal is not reached soon between the two countries, weighed on the domestic currency.


Power struggle: RK Singh asks NTPC to buy stressed units
Posted on 23rd September 2019
The power ministry has asked state-run NTPC to bid for potentially viable projects in the National Company Law Tribunal (NCLT) and acquire them if the prices are attractive.

Power minister RK Singh told FE that he had asked NTPC to take a look at all the plants undergoing the CIRP process. “I have asked them to identify the ones with good machinery,” Singh said.


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