The declines also tracked the Indian rupee, which fell to a record low as central bank measures to tighten capital outflows and curb gold imports were seen as unlikely to prop up the currency and could even spark further selling if they spook foreign investors.
Piramal Enterprises' bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said. Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Voting was done on various parameters, including qualitative and quantitative.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
Domestic investors were also concerned about possible stagflation in India due to low growth and high inflation in wake of recently released government data. IndusInd Bank was the top loser in the Sensex pack, dropping 5.44 per cent. Infosys, SBI, PowerGrid, Tech Mahindra, Bharti Airtel and HDFC Bank too fell up to 1.21 per cent.
Small- and mid-cap stocks continued facing selling pressure due to stretched valuations.
Sun Pharma was the biggest gainer in the Sensex pack, advancing 1.79 per cent.
TCS emerges as biggest gainer with its m-cap advancing Rs 18,610.7 cr to Rs 4,97,168.53 cr
Other losers in the Sensex pack included IndusInd Bank, Tata Motors, TCS, Yes Bank and L&T, falling up to 3.26 per cent.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The market sentiment was also impacted by mixed global cues as setbacks for a healthcare overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.
The markets are showing no signs of stability as the economic impact of the coronavirus outbreak is likely to be significant for many major economies.
BofA Merrill also upgrades its price objectives for private banks, retaining ICICI Bank Ltd as its top pick, and HDFC Bank Ltd and Axis Bank Ltd as its 'preferred' names.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
2018 has been a disappointing and highly volatile year for equity investors.
The market valuation of Reliance Industries, the country's most valued firm, is fast nearing the Rs 10 lakh crore mark, surpassing British energy major BP Plc.
Setting aside Sebi's direction, the Securities Appellate Tribunal (SAT) on Monday allowed PNB Housing Finance to go ahead with the shareholders' meeting on Tuesday to consider the proposed Rs 4,000 crore-investment by private equity firm Carlyle and others in the mortgage firm. However, results of the shareholders' voting will not be disclosed till further directions from the tribunal. The ruling comes hours after PNB Housing Finance informed stock exchanges that it has appealed against Sebi's direction on June 18 wherein it was asked to defer consideration of the proposed capital infusion proposal till a valuation of the company's shares is done by a registered independent valuer.
In an email interview with Ranju Sarkar, International Finance Corporation's South Asia director Mengistu Alemayehu explains why the firm is bullish on building affordable homes in India.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
Billionaire Gautam Adani's Adani group on Monday said it has reached an agreement to acquire GVK group's shareholding and control of Mumbai airport.
The average estimate of 12 brokerage houses stands at Rs 6,994 crore for the June 2020 quarter. This is 30.8 per cent lower than the June 2019 quarter net profit of Rs 10,104 crore.
But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
'We may bite the bullet and draw up plans for privatisation.' 'If that is done now, the sale of the government stake will fetch money; a delay will see erosion in whatever value is left in these banks,' says Tamal Bandyopadhyay.
Among the Sensex pack, Yes Bank, L&T, HDFC, RIL, HDFC Bank, PowerGrid and Coal India were the biggest losers -- falling up to 2.43 per cent.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The 50-issue NSE Nifty too cracked the 10,200-mark and hit a low of 10,108.55 before finishing 104.75 points, or 1.02 per cent down at 10,121.80.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Top Indian private sector lender ICICI Bank, which owns nearly 68 percent of the insurer, is selling up to 181.34 million shares in the IPO.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
The BSE Sensex zoomed 318 points to end at 33,351.57, while the broader Nifty spurted 88 points to 10,242.65.
The broad-based NSE Nifty rose 52.80 points, or 0.50 per cent, to end at 10,530.70
The rupee will be a key determinant for stock markets.
There was broad-based rally with participation across sectors creating enormous wealth for investors but starting 2018, the rally got concentrated into select large-cap companies with under performance in broader markets.
The broader NSE Nifty ended at 10,888, a gain of 0.77 per cent or 83 points, after shuttling between 10,900.35 and 10,844.85.
The central bank is engaged with other financial institutions for investment as part of the scheme to resurrect Yes Bank under RBI imposed moratorium since March 5.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
Out of the seven companies, Coal India Ltd and SBI were the top gainers in an overall strong stock market. ONGC, ITC and Infosys were the losers for the week ended April 11.
Gaurav Garg, Head of Research, CapitalVia answers readers' stock market queries.
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