Bombay Stock Exchange building. (Wikimedia Commons)
Sensex and Nifty opened higher on Tuesday, snapping the dull trade since Friday last week. BSE Sensex gained 185 points to open at 31,678.94 points and NSE Nifty added 49 points to start at 9,920.6 points. All the sectoral indices of NSE opened in green except Nifty Pharma which lost 0.5%. Within minutes of trading both the key indices pared most of the opening gains, the benchmark Sensex tossed 31,797.46 – 31,486.69 points while the broader Nifty 50 made a low of 9,834.15 points. In the late afternoon, Sensex dived 457 points to 31,143.15 — it’s 1-1/2 month low level.
Meanwhile, US stocks ended flat on Tuesday even as technology shares bounced from sharp losses in the prior session and comments from Fed Chair Janet Yellen boosted expectations of a December rate hike. Janet Yellen said the Fed needs to continue gradual rate hikes and it would be imprudent to leave rates on hold until inflation reached the Fed’s 2% target.
6:26 pm: Subramanian Swamy tirade against Modi government continues; this time on GST: Senior BJP leader Subramanian Swamy on Wednesday said that the Good and Services Tax (GST) should not have been implemented in a hurry.
6:14 pm: Rupee on a falling spree: Plunges to fresh 6 month low of 65.75: The home currency plummeted to a six-month low of 65.75 intra-day, breaching the earlier March 23rd low of 65.55, mainly due to heavy foreign fund outflows and month-end dollar demand.
5:23 pm: Nomura says no to fiscal stimulus; raises concerns over widening deficit: Even as reports of the government mulling a fiscal stimulus to bolster the economy gain further traction, the Japanese financial services major Nomura has clearly warned the government against any such move; as it may further widen the fiscal deficit.
5:15 pm: HomeMarket ICICI Lombard General Insurance stock gains over 4% on the first day of listing: ICICI Lombard General Insurance stock gains over 4% on the first day of listing ICICI Lombard General Insurance shares advanced over 4% on Wednesday, its first day of trading.
5:03 pm: Modi government in hot water: P Chidambaram joins Yashwant Sinha in taking pot-shot at economic policies: P Chidambaram tweeted: “Yashwant Sinha speaks Truth to Power. Will Power now admit the Truth that economy is sinking?”
4:27 pm: Clicks hurting not just bricks: Smaller online players also getting Amazoned: It’s not merely clicks vs bricks in India, there’s also cut-throat rivalry within the e-commerce space itself, leading to many players either shutting down operations, or getting acquired by bigger players. The latest example is that of Abof.com which will pull down the shutters by year-end.
3:48 pm: Sensex plunges 500 points: 8-point guide for the stock market crash: The key equity index Sensex dropped heavily on Wednesday after a relatively strong opening since the last 5 sessions. We take a look at eight reasons why Sensex crashed 500-point today.
3:29 pm: Airtel says 5G still few years away, asks to fix 4G first: Gopal Vittal said that before rolling the 5G technology, it is important to ensure that one could use the 4G technology everywhere in India.
2:57 pm: Mukesh Ambani’s three magic bullets to grow India into top three economies: The Indian economy will grow nearly three-fold in the next ten to years to become one of the world’s top three economies, India’s richest man Mukesh Ambani said on Wednesday.
2:20 pm: Sunil Bharti Mittal sees India’s telecom market at 3 plus 1: Here’s what it means: Sunil Bharti Mittal, the Founder & Chairman of Bharti Enterprises says that he sees the Indian telecom space at 3 plus one–three major telecom behemoths and the state-run BSNL in the sector going forward.
2.16 pm: Data is not only the new oil, it is oxygen for digital economy: Mukesh Ambani: After saying ‘data is the new oil’ for India, country’s richest man Mukesh Ambani on Wednesday once again reckoned his views by saying that data is the oxygen for the new digital economy.
1:45 pm: Den Networks stock zooms over 10% on reports RIL is mulling to buy the company: Shares of the cable television company DEN Networks advanced over 10% on news reports that Reliance Industries is in talks to buy the company.
1:30 pm: Airtel’s top man Gopal Vittal sees a silver lining in telecom’s financial stress: Even as the Indian telecom industry reels under massive financial stress, after India’s telecom regulator, TRAI cut interconnect usage charge (IUC) to 6 paise a minute from October 1, Airtel’s top man sees a silver lining– consolidation in the telecom space.
12:20 pm: Here’s why the rupee plunge is good for Indian economy: The Rupee continued to plummet on Wednesday to hit a fresh 6-month low at 65.71 against the dollar from the previous day’s 65.45.
12:18 pm: Kia’s entry into India not a threat; CLSA remains bullish on Maruti Suzuki: Even as South Korea’s Kia Motors is looking to foray into the Indian markets by rolling out its first car by the end of 2019, CLSA says that India’s largest car maker, Maruti Suzuki will not be affected, given its competitive advantage.
11:55 am: Sensex slips over 200 points as stock market correction continue: The key equity indices — Sensex and Nifty — again edged lower and fell into negative territory on Wednesday after gaining phenomenally in the early morning trade.
11:25 am: Rupee woes continue: Home currency tumbles further to hit fresh 6-month low: The Rupee opened 10 paise stronger at 65.35 against US dollar, but soon plummeted to 65.55, a level last seen in late March. This is the fifth consecutive session where the rupee tumbled to hit fresh 6 month lows.
10:40 am: IPO market in a frenzy: Investors lap up IPOs with sky-high valuations: Indian IPO market is rife with examples of overvalued IPOs getting grossly oversubscribed. Prataap Snacks IPO, D-Mart IPO, BSE Ltd IPO are a few examples of frenzied buying in the markets.
10:15 am: ICICI Lombard shares list; swing into green after tepid stock exchange debut: ICICI Lombard General Insurance shares made tepid debut stock exchanges today, opening down about 3% from the IPO price but soon recovered into green after the company recently winded up its Rs 5,700 crore public offer last week.
9:45 am: Sensex turns gloomy after opening strong; Maruti Suzuki leads, Sun Pharma drags: Sensex and Nifty opened higher on Tuesday, snapping the dull trade since Friday last week but later pared off early morning gains and fell into the red.
9:05 am: Stocks of Airtel, Reliance Infrastructure, Yes Bank will be in focus today: Sensex and Nifty are likely to open higher today as the early indicator of NSE Nifty 50 — SGX Nifty Futures — was trading higher, up 0.37% at 9,893 points on the Singapore Stock Exchange.
