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End Session
Home >> Markets >> Equity >> News >> End Session Detailed News
Sensex rises over 160 pts; Nifty regains 11,000
(17:13, 09 Sep 2019)

Key equity benchmarks reversed early losses and ended with modest gains on Monday, amid positive global cues. The gains in the domestic market were led by banks and financial stocks. Asian stocks firmed up on Chinese central bank's move to cut its cash reserves to shore up liquidity in Asia's biggest economy.

The barometer index, the S&P BSE Sensex, rose 163.68 points or 0.44% to 37,145.45. The Nifty 50 index rose 56.85 points or 0.52% to 11,003.05.

The Nifty dropped in early trade to hit the day's low of 10,889.80. It staged a sharp rebound in the morning trade. After flirting with 11,000 mark in the intraday, the index finally managed to end above that level.

Broader market was buoyant. The S&P BSE Mid-Cap index rose 0.97%. The S&P BSE Small-Cap index rose 0.92%.

The market breadth was strong. On the BSE, 1605 shares rose and 933 shares fell. A total of 181 shares remain unchanged.

The domestic stock market will remain shut tomorrow, 10 September 2019, on account of Muharram.

Overseas, shares in Europe and Asia edged higher amid expectations for policy stimulus from the world's major economies.

On Friday, China's central bank announced it would cut the reserve requirement ratio (RRR) for the third time this year. The cut in banks' reserve requirements will release 900 billion yuan in liquidity to bolster the economy against trade tariffs and sluggish domestic demand.

Japan's economy grew an annualized 1.3% in the April to June quarter, according to revised data from the Cabinet Office on Monday. That was lower than the initial estimate of a 1.8% expansion.

In US, the Dow and S&P 500 booked slight gains on Friday, but the NASDAQ slumped as investors digested a mixed US jobs report and bet on a Federal Reserve interest rate cut this month. Fed Chairman Jerome Powell, meanwhile, described the economy and labor market as healthy, speaking at a question-and-answer in Switzerland after the jobs report.

The Labor Department said the U.S. economy added 130,000 jobs in August, down from the 159,000 jobs added in July. The unemployment rate remained steady at 3.7%, while average hourly earnings rose 0.4% month-over-month and 3.2% year-over-year.

Back home, banks stocks edged higher. Among private sector bank, RBL Bank (up 7.01%), Yes Bank (up 4.47%), Federal Bank (up 3.85%), Kotak Mahindra Bank (up 2.05%), ICICI Bank (up 0.75%), IndusInd Bank (up 0.21%), HDFC Bank (up 0.14%) and Axis Bank (up 0.09%) advanced. City Union Bank fell 0.51%.

Among PSU banks, Bank of India (up 3.77%), Union Bank of India (up 2.27%), Punjab National Bank (up 2.12%), State Bank of India (up 1.44%), Bank of Baroda (up 1.33%), Central Bank of India (up 1.32%), Indian Bank (up 0.88%), IDBI Bank (up 0.54%), Andhra Bank (up 0.26%) and Allahabad Bank (up 0.15%) rose.

Canara Bank gained 3.21%. Can Fin Homes rose 1.65%. Canara Bank said that the bank has published the invitation seeking expression of interest of bidders/investors to purchase 3.99 crore equity shares constituting 29.99% of the paid-up capital of Can Fin Homes. The announcement was made after market hours on Friday, 6 September 2019.

Auto stocks were mixed after the Society of Indian Automobile Manufacturers (SIAM) announced the automobile industry sales figures for August 2019. According to SIAM, all vehicle categories witnessed decline in sales during the month. Vehicle sales across categories registered a decline of 23.55% to 18,21,490 units from 23,82,436 units in August 2018, it added. Domestic car sales were down 41.09% to 1,15,957 units as against 1,96,847 units in August 2018. Total two-wheeler sales in August declined 22.24% to 15,14,196 units compared to 19,47,304 units in the year-ago month. Sales of commercial vehicles were down 38.71% to 51,897 units in August, SIAM said.

Maruti Suzuki India, TVS Motor Company, Hero Motocorp, Mahindra & Mahindra and Tata Motors rose by between 0.66% to 2.39%.

Bajaj Auto (down 1.16%) and Eicher Motors (down 1.29%) declined.

Commercial vehicle manufacturer Ashok Leyland dropped 1.56% after the company announced closure of plants on backdrop of weak demand. The Pantnagar plant will be closed for 18 days while Alwar and Bhandara plants will be closed for 10 days each. Ennore plant will be closed for 16 days while Hosur plant will closed for 5 days.

IT shares declined amid rebound in domestic currency. Persistent Systems (down 2.02%), HCL Technologies (down 1.5%), Hexaware Technologies (down 1.46%), Infosys (down 1.21%), Tech Mahindra (down 1.21%), TCS (down 0.65%), MindTree (down 0.42%) and Oracle Financial Services Software (down 0.03%) declined. Wipro (up 1.45%) and MphasiS (up 2.08%) advanced.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.70, compared with its close of 71.7225 during the previous trading session.

Larsen & Toubro (L&T) gained 2.18% after the company's construction arm won an order to construct resident project. L&T Construction won a 'major' order to construct residential project in Navi Mumbai from the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) to construct 23,432 dwelling units in Navi Mumbai. The project is part of the Pradhan Mantri Awas Yojana (PMAY) which envisages construction of Economically Weaker Section (EWS) and Low-Income Group (LIG) type of dwelling units.

Dewan Housing Finance Corporation (DHFL) rose 5.26% to Rs 49 after full repayment of debt to DSP Mutual Fund. DSP MF told the media that the housing finance company had paid the entire pending amount. The mutual fund house had an exposure of Rs 150 crore to commercial papers of DHFL, reports added.

Avenue Supermarts rose 2.52%. The company issued commercial paper of Rs 150 crore on 6 September 2019. The announcement was made after market hours on Friday, 6 September 2019.

NBCC (India) jumped 4.60%. NBCC (India) has received a Letter of Award (LoA) of work from Indian Institute of Management (IIM) Sambalpur to provide Project Management Consultancy for the development of permanent campus (Phase-1 works). The estimated project cost is Rs 421 crore (approx.) including PMC fees. Total business secured in the month of August 2019 is Rs 400 crore. The announcement was made on Saturday, 7 September 2019.

Varun Beverages was down 0.90%. The company announced that the QIP Committee approved the allotment of 1.47 crore equity shares to the eligible Qualified Institutional Buyers at issue price of Rs 612 per share aggregating to Rs 899.99 crore. The announcement was made on Saturday, 7 September 2019.

Equitas Holdings (EHL) tanked 6.42% to Rs 108.55 after Reserve Bank of India (RBI) denied to extend deadline for its subsidiary Equitas Small Finance Bank (ESFB), to get listed at the bourses. As per the rules of the RBI, small finance banks, having a capital base of over Rs 500 crore, have to list within three years from commencement of operations. ESFB, therefore, had to get listed on or before 4 September 2019. Subsequent to the deadline being lapsed, an extension was requested, which was denied by the central bank. EHL had also approached Sebi with a reverse merger proposal but the regulator turned down the request.

Subsequently, the boards of EHL and ESFB approved a scheme of arrangement wherein, ESFB would capitalize its free reserves and issue shares of ESFB to the shareholders of EHL without cash consideration, in proportion to their holding in EHL. This scheme of arrangement was subject to approval from Sebi, RBI, NCLT, shareholders and creditors. ESFB had applied to Sebi for their approval of this scheme. Post such an approval, application to NCLT is required to be made for the remaining approvals. In case the scheme of arrangement does not get approved, ESFB would be taking immediate steps for an IPO and get its shares listed as soon as possible.

Coffee Day Enterprises hit an upper circuit limit of 5% at Rs 63.95 after the company announced appointment of IDFC Securities as an advisor to identify strategic options and advise it on refinancing of existing debt. Coffee Day Enterprises (CDEL) in its meeting of the executive committee has appointed IDFC Securities as the advisor of company and its subsidiaries for identifying the strategic options for CDEL, including divestment of its holding in Coffee Day Global and any other group company (other than SICAL Logistics). It will also advise on refinancing of existing debt and raising additional facilities to repay debt in CDEL and its subsidiaries. The announcement was made on Saturday, 7 September 2019

Battery makers Eveready Industries was locked in a lower circuit of 5% at Rs 70.50 after media reports suggested that Duracell is set to acquire the company's battery and flashlight business in a slump sale for Rs 1,600-1,700 crore. US-based Duracell Inc. is owned by Warren Buffett's Berkshire Hathaway.

In the global commodities markets, Brent crude for November 2019 settlement was up 46 cents at $62 a barrel. The contract rose 59 cents or 0.97% to settle at $61.54 a barrel in the previous trading session.

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