Sep 17, 04:30 PM (IST)
Gold steady as markets await Fed clues on rate outlook: Gold prices were little changed on Tuesday as traders largely remained on the sidelines, awaiting a widely expected cut to interest rates by the US Federal Reserve this week and a steer on its longer-term plans, reported reuters.
Sep 17, 04:18 PM (IST)
Advani Hotels & Resorts declared interim dividend of 0.80 per equity share.
Sep 17, 04:11 PM (IST)
Ajit Mishra Vice President, Research, Religare Broking:
The selling pressure aggravated for Indian markets as depreciating rupee and geo-political tensions spooked investor sentiments. The Nifty index ended lower by 1.7% at 10,818 levels. The broader markets performance was largely in-line as both BSE Midcap and Smallcap ended with losses of 1.8% each. All the sectoral indices ended in red with Auto, Realty and Metals being the top losers.
The sharp rise in crude oil prices has impacted domestic sentiments due to India’s high dependence on imports. Going forward, market participants would keep a close watch on geo-political developments as any further escalation would have an adverse impact on markets and economy.
Apart from this, the FOMC meet outcome would also be on investors’ radar as there is expectation of a rate cut. However, commentary on growth and rate outlook would be a key factor to watch out for.
On the domestic front, the recent measures announcement are positive, but it failed to lift market sentiments. In the near term, the GST meet scheduled on 20th September would be on investors radar as expectations of rate cut are high, especially for the auto sector. The above crucial events in the near term is likely to induce volatility in the markets.
Sep 17, 03:53 PM (IST)
Rupee Update: The Indian rupee is trading near the day’s low level at 71.90, lower by 41 paise from yesterday closing. It touched intraday low of 71.97.
Sep 17, 03:46 PM (IST)
Prayesh Jain, Lead Analyst, Yes Securities on auto sector:
GST rate cut from 28% to 18% can definitely drive demand in the near term. However, if the cut is only till 31st March 2020, FY21 could see another period of slowdown as BS VI price hike along with reversal in GST cuts will lead to a sharp jump in vehicle prices. A more longer term approach is required. Two-wheelers below 150cc and CVs are not luxury items and hence can attract lower GST rates.
Sep 17, 03:34 PM (IST)
Market Close: Benchmark indices ended lower on September 17 as geographical tension erased Nifty and Bank Nifty gains of the year 2019, with all Bank Nifty stocks ended in red.
At close, the Sensex was down 642.22 points at 36,481.09, while Nifty was down 185.90 points at 10,817.60. About 858 shares have advanced, 1641 shares declined, and 143 shares are unchanged.
Hero Motocorp, Tata Steel, Tata Motors, Axis Bank and Maruti Suzuki were among major losers on the Nifty, while gainers were GAIL, HUL, Titan Company, Asian Paints and Dr. Reddy’s Labs.
All the sectoral indices ended in the red led by the auto, bank, metal, energy, infra, FMCG, IT and pharma. Midcap and smallcap also underperform inline with benchmark indices with nearly 2 percent cut.
Sep 17, 03:23 PM (IST)
The long term credit rating of the credit facilities of Som Distilleries’ subsidiary Woodpecker Distilleries and Breweries have been upgraded to BBB+ by ICRA as against BB+ given earlier by Brickwork Ratings.
L&T Financial Services’ committee of directors approved the offer and issuance of up to 150,00,000 cumulative compulsorily redeemable non-convertible preference shares of face value of Rs 100 at par aggregating to a nominal amount of up to Rs 150,00,00,000 on a private placement basis at the dividend rate of 7.95% p.a. payable annually.
Source : http://tiny.cc/efpvcz