Mumbai: Indian shares gained on Wednesday after a rollercoaster ride in the afternoon session, extending gains for the third session led by FMCG, telecom and private banks stocks. After briefly turning red, the BSE Sensex closed 231.98 points, or 0.64%, up at 36,212.91, and the Nifty 50 ended 53 points, or 0.49%, higher at 10,855.15. Moreover, positive cues from global markets and continued buying by local investors also boosted sentiment. Investors turned their focus to December-quarter earnings, with IT majors TCS and Infosys reporting their results later this week.Underperforming the benchmark Sensex, the BSE midcap and smallcap indices were down 0.04% and 0.17%, respectively. Among the sectoral indices on BSE, FMCG rose most at over 1% followed by bankex, realty, finance and auto, which rose 0.5% to 0.9%. On the other side, oil and gas and metal fell most at over 1%. Utilities, basic materials and energy also declined.Axis Bank, ITC, Tata Motors, HDFC, Bharti Airtel and IndusInd Bank were among the top gainers on the key indices, whereas Yes Bank, Tata Steel, HPCL, Hero MotoCorp, ONGC and BPCL were among the major losers.In global markets, shares from Europe to Asia advanced, along with US futures on fresh hope for an end to the trade disputes between the US and China. Stock markets in Hong Kong, South Korea and Japan also rose. Oil prices extended gains and rose around 1% over Us-China trade talks. Here are the latest updates from the markets:
3.36pmClosing bell: Sensex, Nifty rise for third sessionThe BSE Sensex closed 231.98 points, or 0.64%, up at 36,212.91, and the Nifty 50 ended 53 points, or 0.49%, higher at 10,855.15.
3.01pmIndusInd Bank profit rises 4.6% in Q3IndusInd Bank reported a 4.6% rise in its December-quarter net profit due to higher provisions and contingencies. Net profit for the quarter stood at Rs 985.03 crore against Rs 936.25 crore a year ago. According to Bloomberg estimates, the lender was expected to post a profit of Rs 810.50 crore.Net interest income (NII), or the core income a bank earns by giving loans, was up 20.76% to Rs2288.09 crore versus Rs1894.81 crore last year. Other income was at Rs1468.85 crore, up 23.77% from Rs1186.76 crore a year ago.Provisions and contingencies surged 156.89% to Rs606.68 crore in the quarter from Rs236.16 crore a year ago. On a quarter-on-quarter basis, it rose marginally 2.78% from Rs590.27 crore.
2.33pmNifty sectoral indicesSource: NSE
1.55pmTera Software rises 20% on new ordersTera Software Ltd said it has bagged a work order worth Rs 324.89 crore from Andhra Pradesh State FiberNet Limited to establish optical fibre grid network in 3394 Gram Panchayats in the state. Tera Software shares surged 19.90% to Rs 50.30 per share.
1.42pmWill TCS be the best performing Sensex stock in 2019?<blockquote class=”twitter-tweet” data-lang=”en”><p lang=”en” dir=”ltr”>The TCS stock returned 40.2% in 2018, emerging as the second best performing scrip behind Bajaj Finance in the Sensex.<a href=”https://t.co/J2SUoUUf1Q”>https://t.co/J2SUoUUf1Q</a></p>- Livemint (@livemint) <a href=”https://twitter.com/livemint/status/1082906301410070528?ref_src=twsrc%5Etfw”>January 9, 2019</a></blockquote><script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8”></script>
12.50pmShriram Transport Finance to raise funds via NCDsShriram Transport Finance said its board will consider raising funds through issuance of bonds and public issues of NCDs. It will issue bonds in tranches from February 01, 2019 to April 30, 2019. Shares traded 0.6% up at Rs 1197 per share
12.16pmNMDC shares down 4% after share buyback proposalNMDC Ltd shares traded 3.9% lower at Rs 91.20 per share after the company approved the proposal to buyback of upto 102,040,815 equity shares, representing 3.23% of the total shares, at a price of Rs 98 per share for an aggregate consideration of Rs 1,000 crore.
11.07amTata Motors shares fall over 2% on Europe biz woesTata Steel shares rose over 1% in the opening trade, but soon the stock fell as much as 2.43% to Rs 479.40 per share. Tata Steel said on Tuesday lower production in Europe will impact its financial results, ahead of a planned merger with Germany's Thyssenkrupp. Production from its European plants fell 12.7% to 2.33 million tonnes for the third quarter ended December 31. Shutdowns and operational issues at IJmuiden plant in the Netherlands and Port Talbot in Wales hurt the company's performance in the quarter, Tata Steel said.
10.35amTata Motors shares up over 1%Tata Motors shares jumped as much as 1.6% to Rs 182.75 per share. The company's UK subsidiary Jaguar Land Rover reported a 16.23% increase in its sales in India in 2018 at 4,596 units in 2018, compared to 3,954 units in 2017. The sales volume achieved in 2018 was the highest in a calendar year for the company. The sales were driven by models such as Land Rover Discovery Sport, Range Rover Evoque, Jaguar F-Pace, XE and XF, it added.
9.48amYes Bank shares trade lower ahead of board meetingYes Bank shares traded 0.83% lower at Rs 190.70 per share, Intraday, the stock fell as much as 1.19% to Rs 190 per share. It hit a high of 193.95 per share. The bank's board will meet today to decide on the appointment of a new CEO.
9.35amJet Airways shares struggle as banks propose resolution planJet Airways shares traded 0.5% lower at Rs 244 per share. The stock fell as much as 1.3% to Rs 241.95 per share in opening trade. Local lenders to Jet Airways, led by State Bank of India (SBI), on Tuesday proposed a $900 million resolution plan, comprising fresh equity infusion and restructuring of $450 million of its loans, Mint reported, citing two people directly aware of the development. The Jet Airways' turnaround plan, if approved by all stakeholders, will trigger a change in Jet Airways' shareholding, with founder chairman Naresh Goyal's stake falling below the current 51%. Read more
9.22amInfosys shares rise nearly 3% on share buyback proposalInfosys shares rose as much as 2.8% to Rs 688.70 per share after the IT company said it will consider proposals for share buyback and special dividend during its board meeting on January 11.
9.11amRupee edges higher against US dollarThe Indian rupee strengthened marginally against the US dollar, tracking gains in Asian markets as increasing optimism the US and China will be able to defuse their trade war outweighed a worsening global growth outlook. At 9.10am, the rupee was trading at 70.13 a dollar, up 0.09% from previous close of 70.20. The home currency opened at 70.06 a dollar. The 10-year bond yield was trading at 7.53% from its Tuesday's close of 7.532%.
9.08amDIIs continue to support markets, FIIs withdrawOn Tuesday, FIIs sold shares worth 553.78 crore on net basis, while DIIs bought equities to the tune of Rs 698.17 crore, according to provisional data from NSE.
8.55amBandhan-Gruh Finance merger favours HDFC, no one elseBandhan Bank Ltd's merger with Gruh Finance Ltd appears to be a deal that was born out of compulsion and is anything but sweet for minority shareholders of the bank and the mortgage lender, analysts said. The crash in share prices of Bandhan Bank and Gruh Finance following the merger announcement points to that effect. In the past two days, Bandhan Bank has dropped by around 10% to ₹477.05 on BSE, while Gruh Finance, controlled by Housing Development Finance Corp. Ltd (HDFC), has plunged by around 20% to ₹256. Read moreGraphic: Mint
8.52amQ3 results unlikely to provide much cheer to investorsThe December quarter may turn out to be yet another forgettable one for Indian investors as commodity downturn, liquidity crunch and declining government spending combine to depress earnings growth. According to analysts, growth in the October-December quarter, or Q3, is likely to be tepid overall, though a weaker rupee and softer commodity prices could help some sectors. Oil and gas companies are expected to suffer inventory losses, while banks gain from lower provisions. Read moreGraphic: Mint
8.45amCommodity corner: Oil prices rise, gold steady, base metals riseOil prices rose, extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown. US WTI crude oil futures were at $50.29 per barrel as at 0131, up 51 cents, or 1% from their last settlement. It was the first time this year that WTI has topped $50 a barrel. International Brent crude futures were up 42 cents, or 0.7%, at $59.14 per barrel. Both crude price benchmarks had already gained more than 2% in the previous session.Gold held steady as a surge in risk appetite on hopes of a Sino-U.S. trade deal offset support from expectations of a pause in U.S. Federal Reserve rate hikes. Spot palladium, meanwhile, notched up a new record high on Wednesday at $1,330 per ounce due to tight supplies. Spot gold was little changed at $1,285.62. US gold futures were also steady at $1,286.70 per ounce.Metals: Most base metals rose in early Asian trade, buoyed by a report that top metals consumer China would try to boost spending on autos and home appliances this year, as well as signs of progress in Sino-U.S. trade talks. Three-month LME copper rose 0.9% to $5,959.50 a tonne, after slipping 0.3% in the previous session. The most-traded March copper contract in Shanghai nudged up 0.7% to $6,973.58 a tonne. Most other base metals also climbed, although Shanghai aluminium edged down 0.1%. Shanghai nickel and zinc both added more than 1%. Reuters
8.37amAsian stocks rise on US-China trade talksAsian stocks rallied Wednesday following gains in the U.S. amid optimism on the potential for progress in trade talks between Washington and Beijing. Treasuries steadied after their recent slide and the dollar dipped. Equities in Hong Kong, South Korea and Japan led gains after all major U.S. indexes climbed. Developments in U.S.-China trade relations remain a focal point at the same time as parts of the American government are shut down with lawmakers unable to agree on a budget proposal that Trump will sign.Japan's Topix index climbed 1.1 percent as of 10:30 a.m. in Tokyo. Australia's S&P/ASX 200 Index rose 0.8 percent. South Korea's Kospi index added 1.2 percent. Hong Kong's Hang Seng Index gained 1.4 percent. The Shanghai Composite rose 0.4 percent. S&P 500 futures ticked 0.3 percent higher. The S&P 500 Index rose 1 percent. Bloomberg