Highlights
- 10.32 am ISTMarket update
- 10.29 am ISTSimbhaoli Sugars shares jump 11%
- 10.25 am ISTBharti Airtel, Idea shares trade higher after Trai ruling
- 9.45 am ISTPNB shares fall over 7%
- 9.43 am ISTBanking stocks trade lower
- 9.40 am ISTShares of ACC, Ambuja Cements fall as merger put on hold
- 9.37 am ISTThe roots of the current banking crisis
- 9.35 am ISTRupee trades slightly lower against US dollar
- 9.32 am ISTMarket update
BSE Sensex and NSE Nifty traded lower on Tuesday. Photo: Reuters
- Mumbai: Benchmark indices opened higher for a third straight session on Tuesday, with BSE Sensex rising over 100 points and NSE’s Nifty 50 trading above 10,600. Markets in Asia advanced, tracking the rally on Wall Street which saw stocks close with gains of more than 1%. The Indian rupee opened higher but soon erased all of its gains and was trading marginally lower against US dollar. The government will issue gross domestic product (GDP) data for December quarter on Wednesday. GDP probably rose 7% in three months to December year-on-year, according to a Bloomberg survey, versus 6.3% in the previous quarter. Here are the latest updates from the markets:
- 10.32 am IST Market updateBSE Sensex traded lower by 94.81 points, or 0.28%, to 34,350.94, while the Nifty 50 fell 38.15 points, or 0.36%, to 10,544.45. BSE MidCap was down 0.32%, while SmallCap declined 0.14%. twelve out of nineteen sectoral indices on BSE trade lower with realty, finance, bankex and IT among the top losers. Telecom, consumer goods, oil and gas and energy traded higher.
- 10.29 am IST Simbhaoli Sugars shares jump 11%Simbhaoli Sugars Ltd surges 11% to Rs 15.65 after the company said in a notice to BSE that it is committed to clear all outstanding loans to Oriental Bank of Commerce in consultation with other joint lenders.
- 10.25 am IST Bharti Airtel, Idea shares trade higher after Trai rulingThe Telecom Regulatory Authority of India on Monday said Bharti Airtel, Idea Cellular and Vodafone India are free to match tariffs offered by newcomer Reliance Jio Infocomm in circles where they have a dominant position and such actions will not be seen as predatory. Telecom shares trade higher, with BSE Telecom rising 1.08%. Idea Cellular 3.22%, Tata Communications 1.83%, Bharti Airtel 1.52% and MTNL 0.66%.
- 9.45 am IST PNB shares fall over 7%Punjab National Bank (PNB) shares fell 7.5% to Rs103.55 after the bank said the amount of fraudulent transactions could be Rs1,300 crore more than the current estimate of about Rs11,400 crore.
- 9.43 am IST Banking stocks trade lowerOther banking stocks too fell. Allahabad Bank declined 2.6%, Corporation Bank 2.3%, Oriental Bank of Commerce 2%, Bank of India 2%, Canara Bank 1.6%, Uco Bank 1.3%, Bank of Baroda 1.2%, Union Bank of India 1.1%, Central Bank of India 1.1%, Indian Bank 1%, Dena Bank 1%, ICICI Bank 1%, Syndicate Bank 0.8% and Axis Bank 0.7%
- 9.40 am IST Shares of ACC, Ambuja Cements fall as merger put on holdACC Ltd shares fell 1%, Ambuja Cements Ltd 2%. The two companies, controlled by LafargeHolcim Ltd, said they were putting on hold their proposed merger, citing constraints related to transfer of mines under current laws. The merger, which would have potentially created India’s second largest cement maker, still remains the “ultimate objective”, the companies said
- 9.37 am IST The roots of the current banking crisisThe roots of the current crisis in our banks lie in the great boom of 2003-08, which was then prolonged in India by a fiscal and monetary stimulus.
The roots of the current banking crisis https://t.co/m7zlR9wjM3
— Livemint (@livemint) February 27, 2018 - 9.35 am IST Rupee trades slightly lower against US dollarThe Indian rupee opened higher but soon erased all of its gains and was trading marginally lower against US dollar. The local currency opened at 64.73 a dollar. The home currency was trading at 64.83, down 0.06% from its previous close of 64.80. Yields on 10-year government bonds were at 7.696% compared to Monday’s close of 7.688%. Bond yields and prices move in opposite directions.
- 9.32 am IST Market updateBSE Sensex traded higher by 158.21 points, or 0.46%, to 34,590.23, while the Nifty 50 rose 40.05 points, or 0.38%, to 10,622.65.