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BSE Sensex slips below 38K

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Sensex on Friday opened on a firm note but shed most of its gains to trade just over 100 points higher.
 
The Sensex at 10.40 a.m., was trading 113.41 points or 0.29 per cent higher at 38,924.80 after advancing by over 400 points earlier.
 
The Nifty was up 31.25 points or 0.27 per cent to 11,688.30.
 
On Thursday -- the counting day -- the BJP-led coalition was seen coming back to power with around 350 seats and BJP itself getting around 300 seats.
 
The FIIs were also net buyers on Thursday. They bought shares worth Rs 1,352.20 crore.
 
IANS
 
 
 
 
 

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Massive profit booking fades historic market surge

The BSE Sensex jump-started to cross the 40,000-mark for the first time ever on Thursday with the ruling NDA leading the Lok Sabha vote count from early in the day. In an unexpected turn, however, the markets witnessed a sharp fall in the second half owing to profit booking that washed away all the early gains.
 
From the historic peak of 40,124.96, reached within an hour of market opening, the Sensex ended trade on counting day at 38,811.39, which was over 1,300 points lower than the highs reached earlier. 
 
With the National Democratic Alliance (NDA) leading the vote count from the beginning, the markets saw a massive gap-up opening. The morning gains went up to the magical figure of 12,000 (Nifty50) but then saw a sudden fall, said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
 
"In fact, the profit taking was so immense, we not only wiped off all gains but also went on to sneak into well inside negative territory," Chavan added.
 
As political uncertainty went out of the picture, the volatility index or the India 'VIX' dropped by nearly 30 per cent during the trade session. 
 
The Sensex closed in the red, 298.82 points lower, or by 0.76 per cent, at 38,811.39. It hit an intra-day high of 40,124.96, and a low of 38,651.61.
 
The Nifty also declined on Thursday by 80.85 points, or 0.69 per cent, to 11,657.05 after it had touched a lifetime high of 12,041.15
 
Globally, major Asian markets have closed on a negative note. European indices like FTSE, DAX and CAC are also trading in the red. 
 
"World shares have fallen four consecutive days on Thursday as concerns grew that the China-US trade tiff was fast turning into a technology war between them," said Deepak Jasani of HDFC Securities.
 
"Any credit implications of the outcome of India's general election will be determined by the policies adopted by the government in the next few years. These policies have yet to be formulated," US rating multinational Moody's Investors Service Vice President (Sovereign Risk Group) William Foster said in a statement. 
 
"At this stage, we expect the broad push towards fiscal consolidation to remain, although with greater policy emphasis on supporting low incomes," he said.
 
"Unlike in 2014, NDA-II has to deal with a much weaker economy. Rural distress and slowing investment in the country are two major issues that need to be addressed in an urgent manner," said Deepthi Mathew, Economist at Geojit Financial Services.
 
"The developments in the global economy are also not favourable, especially with regard to the rising crude oil prices. The low crude oil prices benefited NDA-I in a bigger way," she added.
 
IANS
 

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Sensex down 400 pts as investors rush to book profit

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The S&P BSE Sensex , at 3.17 p.m., fell over 400 points or 1.02 per cent to 38,709.95 after hitting a record high of 40,124.96 as investors rushed to book profit.
 
The Nifty fell by 86.05 points or 0.73 per cent to 11,651.85.
 
Earlier during the afternoon, the Sensex began retreating after it surpassed the 40,000 mark within minutes into days trade. 
 
"Indian equity market as expected touched the historic figure of 12,041 and touched a new all-time high. 
 
"Markets seem to have discounted the magical mandate in favour of BJP. At the same time, we see there is some profit booking that is coming in at higher levels," said Mustafa Nadeem, CEO, Epic Research.
 
IANS

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Sensex zooms past 40K as NDA leads LS vote count

The BSE Sensex hit another lifetime high of 40,030.86 on Thursday as the ruling National Democratic Alliance (NDA) was seen leading in the Lok Sabha vote count.
 
The VIX, or the volatility index, dropped by over 27 per cent to 20.15 from the 30 that it had hit on Wednesday when fresh nervousness gripped investors ahead of counting day. 
 
This signals that the market is expecting a stable government with a full mandate. 
 
The Bharatiya Janata Party (BJP) on Thursday appeared set to retain power as its candidates led in 229 of the 405 Lok Sabha seats from where counting trends were available in the morning hours, leaving the Congress far behind. 
 
"Sensex and Nifty could surge by 3 to 4 per cent if the BJP gains over 290 seats," said Deepak Jasani of HDFC Securities. 
 
At 11.07 a.m., the S&P BSE Sensex was up by 695.86 points, or 1.78 per cent, at 39,806.07. It touched a high of 40,124.96 and a low of 39,464.69. 
 
The broader Nifty was up 207.05 points, or 1.76 per cent, at 11,944.95. 
 
Shares of the Gujarat-based Adani group companies, as well of the Reliance group, among few other large caps, logged gains as Prime Minister Narendra Modi was seen retaining power. 
 
"Markets are expected to trade in a wide range of 2-3 per cent before the trends of results come out in the afternoon," said Romesh Tiwari, Head of Research, CapitalAim. 
 
"Consensus on the big upward rally on the victory of the BJP-led NDA can be used for unwinding long positions on market heavyweights like Reliance, HDFC, SBI, among others," he added. 
 
The top five Nifty50 stocks were Adani Ports, Yes Bank, State Bank of India, BPCL and IndusInd Bank. 
 
IANS
 

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Key Indian equity market indices open in green

Taking a cue from the initial trend of the Lok Sabha polls verdict which indicates the BJP-led NDA candidates are leading, the key Indian equity market indices on Thursday opened higher.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 39,110.21 points on Wednesday, opened higher at 39,591.77 points.
 
Minutes into trading, it was quoting at 39,653.12 points, up by 542.91 points, or 1.39 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,737.90 points on Wednesday, was quoting at 11,882.40 points, up by 144.50 points or 1.23 per cent.
 
As many as 48 stocks advanced in the Nifty 50 index while 2 stocks declined. In BSE Sensex, all 30 stocks including Coal India, TCS Yes Bank, Maruti were trading in green at 9.19 a.m.
 
The equity indices had on Wednesday gained amid record volatility as fresh nervousness gripped the market ahead of the general election results.
 
The Sensex was up by 140.41 points, or 0.36 per cent, at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 39,249.08 points and a low of 38,903.87 points. The Nifty too was up by 28.80 points or 0.25 per cent.
 
On Thursday, Asian indices were showing a negative trend. Japan's Nikkei 225 was quoting in red, down by 0.71 per cent while Hang Seng was also down by 1.34 per cent. South Korea's Kospi was also quoting in red, down by 0.19 per cent. China's Shanghai Composite was also trading in red, down by 0.87 per cent.
 
Overnight, Nasdaq closed in red, down by 0.45 per cent while FTSE was up by 0.07 per cent at the closing on Wednesday.
 
IANS
 

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NCP leader Jaydutta Kshirsagar joins Shiv Sena

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Senior Nationalist Congress Party (NCP) leader and former minister Jaydutta Kshirsagar on Wednesday joined the Shiv Sena, saying he felt "suffocated" in the NCP.
 
Sena President Uddhav Thackeray and other senior leaders welcomed him into the party fold by tying a red thread symbolizing 'Shiv Bandhan' and handing him a miniature party flag.
 
Speaking on the occasion, Kshirsagar said that he felt "suffocated" in the NCP and criticized party president Sharad Pawar for the circumstances leading to his crossing over to the Shiv Sena.
 
Thackeray said the Sena would be further strengthened in Beed and Marathwada region with the entry of a senior and experienced leader like Kshirsagar.
 
However, the Sena chief refused to reveal details of the National Democratic Alliance (NDA) dinner meeting in New Delhi on Tuesday.
 
Thackeray also refused to comment on the recent exit poll projections predicting a huge win for the Bharatiya Janata Party (BJP) and NDA, nor speculated on the probable outcome as the vote count for the seven-phased elections will be taken up on Thursday.
 
Earlier on Wednesday, Kshirsagar tendered his resignation from the NCP and also as a legislator from Beed.
 
During the erstwhile Congress-NCP government he served as a minister handling various portfolios.
 
However, since the past couple of years, he was upset at being 'sidelined' by his nephew Sandip Kshirsagar and Leader of Opposition (Council) Dhananjay Munde in Beed and regional politics.
 
He had fuelled speculation over joining the BJP after Chief Minister Devendra Fadnavis visited his home in 2018 along with Minister Pankaja Munde, the cousin of Dhananjay Munde, and had once shared a public platform with the Chief Minister.
 
In the 2019 Lok Sabha elections, Kshirsagar earned the NCP's ire after he openly campaigned for the BJP candidate Pritam Munde against the NCP's nominee Bajrang Sonavane, on account of intra-party political rivalry.
 
Reacting to the development, Dhananjay Munde said that Kshirsagar's plans to quit the NCP were in the air for long, "so what is the reason for the 'muhurat' taking place today", on the eve of the vote count in the parliamentary elections.
 
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Sensex ends 140 pts higher, VIX at 4-year high

The benchmark Sensex managed to close 140 points higher on Wednesday amid record volatility as fresh nervousness gripped the market ahead of the general election results.
 
The India VIX or the fear gauge shot up to 30.18, a four-year high level as the euphoria around the exit polls seemed dying down.
 
Index gains came on the back of banking and financial stocks, while IT, FMCG and Nifty media index ended lower.
 
The BSE Sensex ended 140.41 points or 0.36 per cent higher at 39,110.21. The markets shuttled over 345 points between the high of 39,249.08 and a low of 38,903.87. The broader Nifty ended at 11,737.90, up 28.80 points or 0.25 per cent.
 
"Volatility index shot to four-year high just ahead the big event. Valuation is expensive depicting the risk of the market to handle such event risk, long-term investors can stay cautious," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Actual outcome in line with the exit poll will be a relief to the market in the short-term. Formation of a government with strong mandate will support the undercurrent by foreign inflows."
 
Dewan Housing Finance (DHFL) scrips tanked over 17 per cent on the BSE but ended 9.43 per cent lower after the company said it would neither accept new deposits nor allow premature withdrawals.
 
The beleaguered Jet Airways gained over 5.17 per cent, the top gainers on the Sensex were IndusInd Bank, Sun Pharma and Tata Motors (DVR).
 
Among the losers were Yes Bank, ITC, TCS, and Power Grid which fell in the 1 to 3 per cent range.
 
IANS
 

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Indian equity indices open flat, Sensex up 0.15%

The key Indian equity indices opened on a flat note on Wednesday tracking a mixed trend in the Asian markets.
 
The indices however, made marginal gains so far after opening on a flat note.
 
At 9.36 a.m., the Sensex traded at 39,029.79 points, higher by 59.99 points or 0.15 per cent from the previous close of 38,969.80 points.
 
It had opened at 39,086.21 and so far touched an intra-day high of 39,160.22 points and a low of 38,903.87 points.
 
The Nifty50 on the National Stock Exchange traded at 11,720.10, higher by 11 points or 0.09 per cent from the previous close of 11,709.10 points.
 
IANS

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Reliance Group to withdraw defamation suits

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Reliance Group which has withdrawn defamation suits filed against certain individuals and corporate bodies, said that these defamatory statements were made for political purposes in the run-up to the Lok Sabha election 2019.
 
A Reliance Group spokesperson said: "We believe that the defamatory statements by certain individuals and corporate bodies with regard to the offset agreement between Reliance Group and Dassault Aviation were made for political purposes in the run-up to the Lok Sabha election 2019 that concluded on May 19, 2019.
 
"Besides, the subject matter is pending for adjuducation before the Hon'ble Supreme Court. Therefore, the Group has decided to withdraw the defamation suits filed by it against these individuals and corporate bodies."
 
IANS

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Sensex ends 382 points lower after record high

The Sensex on Tuesday ended 382 points in the red, after touching a record high of 39,572 minutes during the trade.
 
The session started on a firm note with Sensex hitting a life-time high of 39,572, but it failed to hold on to the early gains and ended over 380 points lower.
 
The S&P BSE Sensex closed 382.87 points or 0.97 per cent lower at 38,969.80 and the broader Nifty fell by 119.15 points or 1.01 per cent. The Bank Nifty and the Nifty index also hit a 52-week high.
 
"The market gave up the gains after testing a new high as the positive sentiment on exit polls was gradually priced in. The pre-election rally may continue, and quality mid and small caps may out-perform if the election verdict comes in tandem with the exit polls," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"The downside risk in the market is likely to be protected in the near-term by the extension in economic reforms and the pick-up in earnings. Already the global peers are trading positive with signs of ease in trade tensions," Nair added.
 
Shares of Tata Motors fell 7.05 per cent on the BSE after it reported a weak set of numbers for the quarter ended March 2019. Its consolidated net profit fell by 49 per cent to Rs 1,108 crore.
 
Dr Reddy's Laboratories shares rose 4.45 per cent on Monday's correction created value-buying opportunities for the investors.
 
Shares of Jet Airways rallied 14.73 per cent on reports of the Hinduja Group's likely bid for the grounded airline this week after it received approval from the airline's key stakeholders, including founder Naresh Goyal and Etihad Airways, said Deepak Jasani of HDFC Securities.
 
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Vivek Oberoi deletes controversial tweet

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Actor Vivek Oberoi has apologised for his controversial tweet, and decided to take "remedial action" by deleting it.
 
"Even if one woman is offended by my reply to the meme, it calls for remedial action. Apologies. Tweet deleted," Vivek tweeted on Tuesday.
 
This comes a day after the actor retweeted an exit poll-themed meme, which involved Aishwarya Rai Bachchan.
 
The meme was originally shared by someone else on Twitter, but Vivek picked it up for his own comment: "Haha! Creative! No politics here just life!"
 
This was widely condemned by women commissions as well as a slew of celebrities.
 
Vivek further wrote on Tuesday: "Sometimes what appears to be funny and harmless at first glance to one, may not be so to others. I have spent the last 10 years empowering more than 2000 underprivileged girls, I can't even think of being disrespectful to any woman ever.
 
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Markets surge: Sensex hits record high

Markets hit record highs on Tuesday's opening session, extending their rally for the second day running, as the BSE Sensex rose over 100 points to an all-time high of 39,571.73 in early trade.
 
The Sensex touched a fresh life time high of 39,571.73 during the opening session of the trade on Tuesday.
 
At 9.29 a.m., it was trading at 39,463.23, up 110.56 points or 0.28 per cent after it opened at 39,449.45 from its Monday's close of 39,352.67.
 
The Nifty was trading at 11,855.15, over 26 points or 0.23 per cent higher. It opened at 11,863.65 after closing at 11,828.25 on Monday.
 
The gains came as most exit polls on Sunday predicted that the BJP-led NDA will comfortably win a majority in the Lok Sabha elections. The poll results are scheduled on May 23.
 
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Maharashtra promulgates ordinance for SEBC quota in medical education

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Spelling relief to around 250 post-graduate students on the warpath for nearly a fortnight, Maharashtra Governor C. V. Rao on Monday signed an ordinance to provide the benefit of reservation in admissions to social and educationally backward classes (SEBCs) in medical and dental undergraduate and post-graduate courses.
 
The Maharashtra State Reservation for Socially and Educationally Backward Classes (SEBC) (Amendment and Validation) Ordinance, 2019, followed a recommendation by the Maharashtra government, a Raj Bhavan spokesperson said.
 
Accordingly, there will be reservations in favour of candidates belonging to SEBCs for the current academic year, 2019-2020, and also for admissions to other educational courses including undergraduate courses requiring the passing of NEET or any other national entrance test.
 
Coordinator for the agitating students Harshal Padekar, however, said that the Ordinance has not yet been uploaded on the websites of the Department of Medical Education and Research and the Maharashtra Common Entrance Test Cell (CET).
 
"We shall continue our stir till this is done and we are permitted to resume our respective duties where we have taken admissions. We expect it to happen later tonight or tomorrow (Tuesday)," Padekar told IANS.
 
After the Supreme Court and the Bombay High Court scrapped the applicability of SEBC quotas for the current academic year (2019), some 250 medical students who had secured admissions to various post-graduation courses in Maharashtra were left with an uncertain future.
 
Launching their agitation nearly two weeks ago, they demanded the state government's immediate intervention to prevent them from losing a valuable academic year.
 
The state government had assured them last week it would promulgate an Ordinance to reserve their seats, which has finally come through on Monday.
 
The PG medical courses had started on May 2, but on May 5, the students were informed that their admissions were cancelled, though they had paid full fees and joined duties.
 
They had secured admissions on the basis of the Maratha quota (SEBC) while cancelling their seats won through the All India Quota, but the SEBC quota has been declared invalid for the current year, Padekar said.
 
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All other options of seeking admissions, like entrance exams, have already closed, and the students stand to lose their academic year, he added.
 
The Bombay High Court had, on May 4, said that the March 8 notification on the implementation of the new 16 per cent reservations for the Maratha community under the SEBC quota, would not be applicable to the post-graduate medical admission process which had already got underway earlier.
 
Following this, the state government moved the Supreme Court seeking an ex-parte stay on the Bombay HC ruling and leave to file an appeal.
 
However, the apex court also upheld the Bombay HC order saying that SEBC Act, Section 16(2) bars the grant of reservations if the process of entrance test had already started before the Act came into force.
 
The state government contended that these students who secured admission under the SEBC were allotted admissions under the All India quota, which they had cancelled, and hence they could lose an academic year.
 
The SC had extended the deadline for admissions from May 18 to May 25, but students claim that it may not be enough.
 
After these developments, the Maharashtra Common Entrance Test (CET) Cell had issued the orders cancelling the admissions given under the SEBC quota.
 
Last year, on November 30, 2018, the Maharashtra government had proposed 16 per cent reservations in jobs and education for the Maratha community under the SEBC.
 
IANS
 

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Exit polls: Nifty ends with largest point gain since 2008

The Nifty on Monday advanced by a massive 421.10 points to 11,828.25, its largest gain since 2008, as exit polls showed the BJP-led National Democratic Alliance getting a comfortable majority in the just-concluded general election.
 
The BSE Sensex jumped by a healthy 1421.90 points or 3.75 per cent, closing at 39,352.67, just short of the its lifetime high.
 
Markets favour a stable government and until Sunday owing to uncertainty over the general election, trading was market by heavy volatility.
 
On Monday, the Indian VIX or the volatility index saw a sharp drop of over 15 per cent. The index came down to 23.6 from the 28-29 levels as investors saw a major hurdle pass.
 
As the banks starred in the rally, touching a 52-week high, further upmove is on the cards, analysts noted.
 
"The market elevated to near record high while the rupee strengthened as exit polls predicted a landslide victory for the ruling government. Short covering and value buying were seen in many beaten down stocks and sectors in expectation of continuity in policies and reforms," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"The rally was broad-based where banks and infrastructure outperformed. Global market was mixed due to trade tensions and rise in oil prices as OPEC is likely to maintain production cut in 2019."
 
Among the stocks which made the best of the day's rally was IndusInd Bank. The private lender surged by 8.64 per cent. State Bank of India jumped by 8.04 per cent, followed by Tata Motors, Tata Motors (DVR) and Yes Bank.
 
Even the grounded Jet Airways jumped by 5.88 per cent to Rs 131.40 a share.
 
"Once the noise around election results die down, the market participants will be keen to watch the steps taken by the government to stimulate demand, boost consumption, revive capex and hence recuperate economic growth," said Devang Mehta, Head, Equity Advisory, Centrum Wealth Management.
 
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Market gives thumbs-up to exit polls, ends 1,422 pts up

Along expected lines, the benchmark Sensex advanced by a massive 1,422 points on Monday to finish at 39,352.67, marginally short of its lifetime high.
 
Investors rejoiced the exit polls on Sunday which suggests a BJP-led NDA government will come to power.
 
Among the stocks which made the best of the day's rally was IndusInd Bank. The private lender surged by 8.64 per cent. The State Bank of India jumped by 8.04 per cent, followed by Tata Motors, Tata Motors (DVR) and Yes Bank.
 
Even the grounded Jet Airways jumped by 5.88 per cent to 131.40 a share.
 
IANS
 

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Two killed in accident on Maharashtra Expressway

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At least two persons were killed and 14 others injured when a tourist bus rammed into a stationary minibus on the Mumbai-Pune Expressway, an official said.
 
The accident occurred around 7.30 a.m. near Khalapur on the service lane of the Mumbai-Pune arm of the Expressway, a Highway Control official said.
 
"A Volvo bus was proceeding from Vasai to Mahabaleshwar when the incident occurred on the service lane, where a minibus had halted. At least two persons, including the driver of the minibus, were killed," the official told IANS.
 
The injured were rushed to a hospital in Khalapur, where the condition of four was described as serious.
 
Traffic on the Expressway, which was disrupted following the accident, returned to normal by noon.
 
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Sensex up 980 pts, VIX drops by 17%

Indian equity indices opened on a firm note on Monday after most exit polls showed a BJP-led NDA getting a comfortable majority in the now-concluded general elections.
 
Markets favour a stable government and until Sunday owing to uncertainty over the general elections, trading was marked by heavy volatility.
 
On Monday, the Indian VIX or the volatility index saw a sharp drop of over 17.55 per cent. The index came down to 23.14 from the 28-29 levels as investors cheered the exit polls.
 
The Sensex advanced over 980 points during the early trade hitting an intra-day high of 38,909.79.
 
"Post the exit polls, we can expect Nifty to again test its recent high before May 23. Fresh breakout into the 12,000 to 12,500 zone would depend on whether the BJP gets majority on its own," said Rusmik Oza, Head of Fundamental Research, Kotak Securities.
 
At 10.30 a.m., the Nifty was trading at 11,679.15, up 272 points or 2.38 per cent. It opened at 11,651.90 from its previous close of 11,407.15.
 
"If exit polls come true on May 23, then we can expect a structural up move in the mid and small cap space," Oza added.
 
The BSE Sensex was trading 926.87 points or 2.44 per cent higher.
 
The benchmark Sensex opened at 38,701.18 from its previous close of 37,930.77.
 
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Sensex climbs over 960 pts after exit polls

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The Indian equity indices opened on a firm note on Monday after most exit polls showed a BJP-led NDA getting a comfortable majority in the now-concluded general elections.
 
The Sensex advanced over 960 points during the early trade hitting an intra-day high of 38,892.89.
 
At 9.40 a.m. the BSE Sensex was trading 749.37 points or 1.98 per cent higher.
 
The benchmark Sensex opened at 38,701.18 from its previous close of 37,930.77.
 
The Nifty was trading at 11,615.70, up 208.55 points or 1.83 per cent. It opened at 11,651.90 from its previous close of 11,407.15.
 
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India’s forex reserves rise by $ 1.368 billion to $ 420.055 billion

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Continuing their uptrend for the third consecutive week, India’s foreign exchange reserves rose by $ 1.368 billion to $ 420.055 billion during the week ended May 10, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had gone up by $ 171.9 million to $ 418.687 billion during the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 1.358 million to $ 392.228 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves remained unchanged at $ 23.021 billion, while its special drawing rights (SDRs) went up by $ 3 million to $ 1.4543 billion.
 
India’s reserve position in the International Monetary Fund (IMF) increased by $ 7 million to $ 3.3516 billion, the bulletin added.
 
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Sensex rebounds, ends 537 pts higher

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The Sensex staged a strong rebound on Friday advancing by 537 points boosted by strength in banking and auto shares.
 
"Buying ahead of exit poll results due on Sunday evening triggered short covering in the markets," said Deepak Jasani of HDFC Securities.
 
The BSE Sensex jumped 537.29 points or 1.44 per cent to 37,930.77. The Nifty rose by 150.05 points or 1.33 per cent to 11,407.15.
 
World equity markets, Jasani said, suffered a fresh bout of risk aversion on Friday after tough words on trade from China, while bets on a new pro-Brexit leader in Britain pushed the British pound towards its worst week since October.
 
"Despite global volatility, domestic market extended the surge due to continued accumulation in blue chips by domestic investors and short covering ahead of exit poll on Sunday," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Auto and FMCG outperformed in expectation of ease in interest rate from RBI and prospects of near normal monsoon. Having said that, investors remain focussed on the final election results for short term direction in the market."
 
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Short covering buoys equity market; auto stocks rise

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Short covering ahead of exit polls for general elections pushed the key Indian equity indices higher during Friday's mid-afternoon session.
 
Market observers cited trade position build-up and healthy buying in auto, banking and capital goods stocks as other reasons to push the indices higher.
 
However, higher crude oil prices amid rising tension in the Middle East capped the gains.
 
Accordingly, the two key domestic indices -- S&P BSE Sensex and NSE Nifty50 -- both traded around 1 per cent up from their previous respective close.
 
At 2.30 p.m., the BSE Sensex traded 374.09 points or 1 per cent higher at 37,767.57 points. It opened at 37,494.42 after closing at 37,393.48 on Thursday.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 11,261.90 after closing at 11,257.10 on Thursday. It traded at 11,361.40 during the mid-afternoon trade session, up 104.30 points and 0.93 per cent.
 
According to Deepak Jasani of HDFC Securities, the market's upward movement has been triggered by short covering and build-up of trade positions ahead of Sunday's exit polls. 
 
IANS
 

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Sensex opens 100 points higher, banks gain

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The benchmark Sensex opened over 100 points higher on Friday led by gains in the finance and banking stocks.
 
PSU Bank, IT, and pharma stocks witnessed selling pressure.
 
At 10.39 the BSE Sensex traded 197.03 points, or 0.53 per cent higher at 37,590.51. It opened at 37,494.42 after closing at 37,393.48 on Thursday.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 11,261.90 after closing at 11,257.10 on Thursday. It traded at 11,307.35 during the morning trade session, up 50.25 points and 0.45 per cent.
 
Brent Crude traded above the $72 a barrel mark amid rising tension in the Middle East that could lead to supply disruptions.
 
Investors will take cues from the fourth quarter earning results of Bajaj Auto and Indian Oil Corporation scheduled later in the day.
 
IANS
 

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Sensex gains 278 points led by IT stocks

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The Sensex on Thursday managed to advance by 278 points, most of which came in the last hour of trade led by IT and financials.
 
India VIX, the volatility indicator, rose to hit another 52-week high at a nearly 4-year high on Thursday, as investors are getting increasingly nervous ahead of the Lok Sabha election outcome.
 
The BSE Sensex jumped by 278.60 points or 0.75 per cent to 37,393.48 and the Nifty was up 100.10 points or 0.90 per cent at 11,257.10.
 
"The market reversed from the oversold level supported by few green shoots in quarter earnings and accumulation in beaten down blue chips. Global volatility continued due to economic growth concerns which led to shift in focus to bond and gold," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"The rally was broad-based except pharma, which was impacted due to tepid results and USFDA observations," Nair added.
 
InterGlobe Aviation shares closed 8.5 per cent lower after reports of differences between its promoters Rahul Bhatia and Rakesh Gangwal surfaced.
 
"Both these promoters have appointed separate law firms to settle a dispute between the two pertaining to management control and appointment of key executives at the Gurugram-based budget airline operator Indigo," said Deepak Jasani of HDFC Securities.
 
IT stocks were largely up led by Infosys as after a dip in the previous fiscal, net hiring at the top four IT companies hit an eight-year high of 78,500 in FY19, Jasani added.
 
Shares of private lender Yes Bank continued to trade under pressure, hitting a 38-month low of Rs 134.6, before closing 3.6 per cent lower at Rs 137.75.
 
IANS
 

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Jet's lenders to get bids verified, open to joint bid

Grounded Jet Airways' lenders plan to get all bids legally verified before beginning negotiations with interested parties.
 
According to informed sources, lenders have a limited number of options to recover their outstanding dues worth Rs 8,400 crore. They might also try to stitch a deal involving two bidding parties.
 
"We will first get all (solicited and unsolicited) bids legally verified and after that we will invite the selected parties to the negotiating table," a senior banker told IANS in Mumbai.
 
"We can also explore a way to bring two bidding parties together, whereby both will work with lenders."
 
Another source involved in the matter said: "If the process to find a suitable bidder fails, then the other options will be DRT (Debt Recovery Tribunal) and NCLT."
 
When asked about the sudden exodus of the company's top management and lenders' view on the same, the senior banker said: "It is for the owners of the airline to decide about appointments. We are not part of any controlling entity."
 
On Tuesday, an exodus of senior management personnel took place, as the airline's CEO, CFO and Company Secretary resigned.
 
The resignations came after the airline's top executive Gaurang Shetty, considered close to founder Naresh Goyal, resigned from the board of directors.
 
Having run out of cash, Jet Airways suspended its operations on April 17. Besides employees exiting, its aircraft are also being gradually de-registered. These events have added to the growing uncertainty about airline's revival.
 
Lenders of Jet Airways led by state-run State Bank of India (SBI) are currently in the process of selling the airline to recover their dues of over Rs 8,400 crore.
 
Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways had been shortlisted to place their bids after they submitted Expressions of Interest (EoIs).
 
On May 10 -- the last date for submitting the binding bids -- only Etihad gave its offer. The other three bids for the airline were unsolicited.
 
Faced with salary delays and uncertainty over revival of the airline, thousand of Jet Airways employees, especially pilots and engineers, have left the company to join rival carriers.
 
IANS
 

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Key Indian equity market indices open in green

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Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 37,114.88 points on Wednesday, opened higher at 37,179.13 points.
 
Minutes into trading, it was quoting at 37,185.55 points, up by 70.67 points, or 0.19 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,157 points on Wednesday, was quoting at 11,177.65 points, up by 20.65 points or 0.19 per cent.
 
As many as 30 stocks advanced in the Nifty 50 index while 20 stocks declined. In BSE Sensex, 13 stocks including Coal India, TCS were trading in red while 17 stocks including Yes Bank, Maruti were trading in green at 9.21 a.m.
 
The equity indices succumbed to selling pressure on Wednesday amid record volatility.
 
The Sensex was down by 203.65 points, or 0.55 per cent, at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 37,559.67 points and a low of 37,047.87 points. The Nifty, too was down by 65.05 points, or 0.58 per cent.
 
On Thursday, Asian indices were showing a mixed trend. Japan's Nikkei 225 was quoting in red, down by 0.57 per cent. Hang Seng was up by 0.20 per cent. South Korea's Kospi was also quoting in red, down by 0.62 per cent. China's Shanghai Composite was trading in green, up by 0.24 per cent.
 
Overnight, Nasdaq closed in green, up by 1.13 per cent while FTSE was also up by 0.76 per cent at the closing on Wednesday.
 
IANS
 

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