Sensex Today: Sensex ends 80 points lower, Nifty at 10,874 mark; Cox & Kings hits all time low

Last Closing

Equity indices Sensex and Nifty closed on a positive note on Wednesday, backed by increased buying interest in banking, financial services and metal indices. While Sensex closed 161 points higher at 36,724, Nifty ended the day's trade at 10,844, registering an advance of 46 points. Sensex Today: Sensex ends 161 points higher, Nifty at 10,844; Tata Steel, BPCL, IOC top gainers  

FII/DII

Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained bearish with net selling logged at Rs 1,738.49 crore from Indian equities while domestic institutional investors (DIIs) bought Rs 1,304.58 crore on Wednesday.  

Reliance Jio Fiber to launch today

Reliance Jio Fiber will roll out commercially today and the registered users will be able to get a high-speed internet connection and smart home solution from September 5 onwards. The announcement related to Jio Fiber was made on August 12 by Mukesh Ambani, Chairman of Reliance Industries Ltd. At launch, Jio Fiber is expected to offer one of the cheapest broadband plans and take on existing players like Bharti Airtel and ACT Fibernet. JioFiber commercial launch today: 10 things to know before buying Jio Fiber connection  

Pre-Open Session

Equity indices are trading on a strong bullish note in the pre-open session , with Sensex rising over 300 points and Nifty strting the day above 10,840 mark.  

Global Market Update

Globally, markets reacted on a bullish note as easing tensions in Hong Kong after removation of China's extradition's bill and British lawmakers’ approval of a law to delay Brexit provided relief to investors worried about global growth. Asian stocks rallied after China announced next round of trade talks with US. Trends on SGX Nifty on the Singaporean Exchange traded up 22 pts at 10,879.50, which indicated a positive opening for the broader index in India. Later it rose 34 points gain or 0.31 percent. US Futures (Dow Jones) trades at 26,642 up 270 pts  

Indian rupee unlikely to gain traction: Poll

India is likely to miss its fiscal deficit target for the current financial year, despite receiving an additional dividend from the the Reserve Bank of India (RBI), five government officials and advisers said, as tax collections have sunk amid a sharp slowdown. With economic growth falling to a six-year low of 5% in the April-June quarter, the sources said the government could toward the end of 2019 be forced to raise the fiscal deficit target to 3.5% of GDP from 3.3%, amid pressure for additional stimulus measures. (Reuters)

RBI asks banks to link lending rate to external benchmark

RBI makes mandatory for banks to link all new floating rate personal or retail loans & floating rate loans to MSMEs to an external benchmark effective October 1. RBI has also added that the banks are free to decide the spread over external benchmark. Home, auto loans to get cheaper! RBI makes repo-linked interest rates mandatory  

Opening Session

Equity indices opened on a strong note, with Sensex rising almost 100 points to 36,821.71, and Nifty started the day at 10,860.95, with a rise of 24 points. Currently Sensex is trading at 36,873 and Nifty has breached the level 10,900.

Market Update

Sensex Today: Benchmark indices Sensex and Nifty opened on a positive note on Thursday, backed by strong global cues.Currently Sensex is trading at 36,873 and Nifty has breached the level 10,900.  

Aditya Birla Capital's Board approves raising equity capital via preferential issue

Aditya Birla Capital announced today that the company board has approved issuance of equity shares on a preferential basis aggregating to Rs. 21,000 million,in the following manner: -To issue an aggregate consideration of Rs. 7.7 crore (Rupees Seven Thousand and Seven Hundred million only) on a preferential basis to Grasim Industries Limited, -To issue an aggregate consideration of Rs. 2.3 crore (Rupees Two Thousand and Three Hundred million only) on a preferential basis to Surya Kiran Investments Pte. Limited, IGH Holdings Private Limited and Pilanl Investment and Industries Corporation Limited, members of Promoter Group of the Company; -To issue an aggregate consideration of Rs. 1 cr (Rupees One Thousand million only) on a preferential basis to PI Opportunities Fund—I (“Investor I") -To issue an aggregate consideration of Rs 10 cr (Rupees Ten Thousand million only) on a preferential basis to Jomei Investments Limited ("Investor II").

Global Markets

Markets were already on an upward trajectory after the leader of Hong Kong on Wednesday withdrew a controversial extradition bill that had sparked months of violent protests in the financial hub. The good news kept coming as the day wore on. Italy formed a new moderate, pro-European government, while British MPs moved closer to passing a law preventing a no-deal Brexit. Then on Thursday morning, China announced it would resume trade talks with the United States in Washington next month. (PTI)

Rupee appriciates 27 paise to 71.85 per dollar

The rupee appreciated by 27 paise to 71.85 against the US dollar in early trade on Thursday as gains in domestic equity market enthused investors. At the interbank foreign exchange the rupee opened at 71.87, then gained further ground and touched a high of 71.85, registering a rise of 27 paise over its previous close.

The domestic unit however could not hold on to the gains and was trading at 71.93 against the dollar at 0955 hrs. Rupee had settled at 72.12 against the US dollar on Wednesday.

Market Update

Sensex Today: Benchmark indices took a reversal to trade in the red by the afternoon session of Thursday's trade, with Sensex dropping to 36,650 level and Nifty falling back below 10, 840 mark. Currently Sensex is trading at 36,652, at a decline of 72 points and Nifty trades 10 points lower at 10,835.  

US imposes duties on structural steel from China, Mexico

The U.S. Commerce Department said on Wednesday it imposed duties on Chinese and Mexican structural steel after making a preliminary determination that producers in both countries had dumped fabricated structural steel on the U.S. market at prices below fair market value.  The department said it imposed duties of up to 141% on Chinese structural steel and up to 31% on Mexican structural steel and will begin collecting cash deposits for imports based on those rates. (Reuters)  

MCX signs MOu with China's ZHE

Multi Commodity Exchange of India (MCX) and Zhengzhou Commodity Exchange (ZCE), one of the leading commodity exchanges in China, have signed Memorandum of Understanding (MoU) for cooperation and the exchange of information. The MoU is intended to facilitate cooperation between the two exchanges in areas such as knowledge sharing, education & training, organizing events as well as to explore areas of mutual interests between the exchanges.  

FDI equity inflows up 28% in June quarter

The first quarter of the current fiscal saw Foreign Direct Investment (FDI) equity inflows jump by 28 per cent year-on-year to $16.33 billion, as per latest figures released by the Department for Promotion of Industry and Internal Trade (DPIIT). For the April to June period last year, the figure stood at $12.75 billion. The uptick in FDI equity inflows is more impressive on the quarter-on-quarter basis - up over 50 per cent from $10.8 billion in Q4FY19. The total FDI inflows , including re-invested earnings as well as other capital, on the other hand have shot up 26 per cent (y-o-y) to $21.3 billion in the June quarter of FY20. However, according to the government factsheet, these are provisional figures, subject to reconciliation with the RBI. FDI equity inflows up 28% in June quarter to $16.3 billion, from $12.75 billion last yea

ONGC clarifies on fire indicent

Shares of Oil and Natural Gas Corporation Ltd. (ONGC) rose over 9% intraday on Thursday after the oil and gas company issued a clarification on the fire accident at ONGC's oil and gas processing plant in Uran processing unit.

ONGC formed a gap up chart pattern with the opening bell and later rose 9.03% to touch an intraday high of Rs 129.8 on BSE, against the last closing price of Rs 119.05.

"The accident occurred near Demineralized Water Plant (Oily Water Sewage Pit) and CISF security cabin which was outside the main process area. All out efforts were made to control the situation and fire was brought under control within a short span of time with the internal safety provisions aided by MARG (Mutual Aid Resource Group)," the company said in its BSE filing.

"Gas processing was restricted to maintain supplies to internal power generation and also to meet the requirements of Mahanagar Gas Limited and the remaining gas quantities are diverted to the other processing unit of the Company at Hazira Plant", the filing added.

The company further said that the offshore crude supply remained unaffected from the unfortunate accident.

ONGC jumps 9% after clarification on fire incident in Navi Mumbai plant

Gold prices drop

 

Gold prices dropped on Thursday as risk-on sentiment got a boost after China and the United States agreed to hold talks to end their protracted trade dispute.

Spot gold fell 0.5% to $1,545.37 per ounce as of 0327 GMT, set to snap a three-day gaining streak. Prices touched $1,557 on Wednesday, their highest since April 2013.

U.S. gold futures dropped 0.4% to $1,554.00 per ounce.

Gold prices slip as China-U.S. trade talk hopes lift risk appetite

Cox & Kings appoints merchant bankers for possible sale of Meininger business

Shares of Cox & Kings hit 5% lower circuit on Wednesday after the tour and travel services firm said it has appointed merchant bankers for a possible sale of its Meininger hotels business, as it seeks to meet its financial obligations. The stock price of Cox & Kings India fell to 5% lower circuit by the opening bell and hit a new 52 week and all time low of Rs 3.61 in Thurday's trading session.Cox & Kings India is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. As per the regulatory filing, the company proposes to meet its financial obligations through a combination of internal accruals and monetisation of assets, and is in the process of evaluating the potential of every business to generate cash flows. "The company cannot share any additional details at this stage due to confidentiality agreements," the filing said adding that the company will make an announcement and inform the stock exchanges once the process concludes. "We have appointed merchant bankers for a possible sale of our Meininger business," the BSE filing added.

Power Grid declared successful bidder for developing transmission systems in MP

Power Grid Corporation of India Limited informed the exchanges that the company has recieved the letter of intent (LoI) as the successful bidder under Tariff Based Competitive Bidding to establish transmission system for Intra-State Transmission Work associated with construction of 400 kV Substation near Guna in Madhya Pradesh & Intra-State Transmission Work associated with construction of 220 kV Substation near Bhind, Madhya Pradesh on build, own operate and maintain (BOOM) basis. The Transmission system also comprises associated 400kV, 220kV and 132kV Transmission lines in the State of Madhya Pradesh. The Letter of Intent (LoI) dated 2nd September, 2019 has been received today by the comapny.  

Power Grid gained 3% after being declared successful bidder for developing transmission systems in MP. #MOMarketUpdates

— Motilal Oswal Financial Services Ltd (@MotilalOswalLtd) September 5, 2019