Highlights

2.37 pm ISTForce Motors partners with Germany’s MTU Friedrichshafen
2.35 pm ISTVideocon Industries exits insurance business
2.33 pm ISTEuropean shares trade higher
2.30 pm ISTRupee trims losses, trades flat against US dollar
1.37 pm ISTMarket update
1.35 pm ISTHAL IPO subscribed 47% so far on last day
1.33 pm ISTLemon Tree Hotels to raise Rs1,040 crore via IPO
1.30 pm ISTAsian shares recover
11.45 am ISTMarket update
11.43 am ISTCanara Bank shares down 5%
11.40 am ISTAviation stocks trade higher
11.35 am ISTArfin India shares jump 8% on receipt of new order
10.37 am ISTMarket update
10.35 am ISTCipla shares slump over 6%
10.33 am ISTHindalco Industries shares down over 1%
10.30 am ISTUS protectionism: impact on India
9.45 am ISTBanking stocks trade lower
9.42 am ISTFuture Retail shares gain after RBI eases foreign investment limit
9.40 am ISTCoal India shares down 1%
9.40 am ISTElpro International shares jump 14%
9.35 am ISTRupee weakens for fourth session against US dollar
9.30 am ISTMarket update

BSE Sensex and NSE Nifty trade higher on Tuesday. Photo: Reuters

Mumbai: Sensex, Nifty rose on Tuesday, led by financial and IT stocks, but the gains were capped as material stocks such stumbled on losses in Chinese iron ore prices, Reuters reported. “The rise in the market after 4-5 sessions of declines is a clear cut case of short-covering,” said R.K. Gupta, managing director of Taurus Asset Management, adding the market would remain under pressure for the next couple of days. Investors are also watching out for the US Federal Reserve policy meet this week. Here are the latest updates from the markets:
2.37 pm IST Force Motors partners with Germany’s MTU FriedrichshafenForce Motors today said it has entered a joint venture agreement with Germany’s MTU Friedrichshafen GmbH, an arm of Rolls-Royce Power Systems AG, to foray into the business of engines. Force Motors will hold 51 per cent of total equity shares and the rest 49 per cent will be with MTU, it added. Shares were trading at Rs2808.95, up 0.96%.
2.35 pm IST Videocon Industries exits insurance businessVideocon Industries Ltd said that it has sold its entire stake in its joint venture with US-based Liberty Mutual Insurance Group to Diamond Dealtrade Ltd and Enam Securities Pvt Ltd. Videocon, which had a 51.32% stake in the venture, Liberty Videocon General Insurance Company Ltd, sold 26% stake to DP Jindal Group’s Diamond Dealtrade and the remaining to Enam Securities.
2.33 pm IST European shares trade higherEurope’s major stock markets rose in opening deals, but investors remain on edge ahead of a key Federal Reserve policy meeting. In initial deals, London’s benchmark FTSE 100 index was up 0.4% to reach 7,071.68 points. In the eurozone meanwhile, Frankfurt’s DAX 30 index also added 0.4% to 12,261.19 points, while the Paris CAC 40 gained almost 0.2% to 5,232.12. (AFP)
2.30 pm IST Rupee trims losses, trades flat against US dollarThe Indian rupee pared all the morning losses and was trading little changed against US dollar ahead of the federal reserve’s interest rate decision and guidance. At 2pm, the home currency was trading at 65.20 a dollar, down 0.03% from its Monday’s close of 65.18. The rupee opened at 65.24 a dollar and touched a low of 65.25. The 10-year bond yield was at 7.608% compared to its previous close of 7.607%.
1.37 pm IST Market updateBSE Sensex traded higher by 23.72 points, or 0.07%, to 32,946.84, while the Nifty 50 inched up 15.55 points, or 0.15%, to 10,109.80. Among the sectoral indices on BSE, IT, teck, capital goods and auto traded higher, while realty, bankex, metal and oil and gas were down. Meanwhile, BSE MidCap was flat at 0.02% and SmallCap fell 0.30%.
1.35 pm IST HAL IPO subscribed 47% so far on last dayThe initial public offering (IPO) of Hindustan Aeronautics Ltd (HAL) was subscribed 47% so far on the last day of the share sale on Tuesday. As of 12.30pm, the IPO received bids for 16,104,804 shares against the total issue size of 34,107,525, according to NSE data.
1.33 pm IST Lemon Tree Hotels to raise Rs1,040 crore via IPOHospitality chain Lemon Tree Hotels on Monday said it has fixed price band between Rs54 and Rs56 per equity share for its initial public offer (IPO) to raise around Rs1,040 crore. Lemon Tree Hotels’ public offer comprises sale of up to 185,479,400 equity shares by the existing shareholders, including Maplewood, Whispering Resorts, Palms International and RJ Corp. The issue will open on 26 March and close on 28 March.
1.30 pm IST Asian shares recoverAsian shares were on the defensive on Tuesday after investors took profits in high-flying US technology shares on fears of stiffer regulation. MSCI’s Asia-Pacific shares were last up 0.2% after initially dropping as much as 0.5%. Japan’s Nikkei fell 0.5 percent. At the close, the Shanghai Composite index was up 0.3% at 3,290.64, while the blue-chip CSI300 index was up 0.08% at 4,077.70. (Reuters)
11.45 am IST Market updateBSE Sensex traded higher by 157.57 points, or 0.48%, to 33,080.69, while the Nifty 50 rose 46.95 points, or 0.47%, to 10,141.20.
11.43 am IST Canara Bank shares down 5%Canara Bank shares fell 5% to Rs251 after The Central Bureau of Investigation (CBI) on Monday filed a chargesheet at the special CBI court in Delhi against a slew of former senior officials of Canara Bank and executives of a Delhi-based private company for allegedly cheating the bank of Rs68.36 crore.
11.40 am IST Aviation stocks trade higherIndian aviation stocks rise after government data showed passengers carried by domestic airlines in February rose 24.1% year over year. Jet Airways rose as much as 2.44%, Spicejet 2.2% and InterGlobe Aviation gained 1.3%. (Reuters)
11.35 am IST Arfin India shares jump 8% on receipt of new orderShares of Arfin India Ltd jumped 7.99% to Rs507.90 after the company said it has bagged orders worth Rs170 crore from JSW Steel Ltd for supply of various aluminium Deox products and various cored wire products
10.37 am IST Market updateBSE Sensex traded higher by 95.21 points, or 0.29%, to 33,018.33, while the Nifty 50 rose 29.05 points, or 0.29%, to 10,123.30. Among the sectoral indices on BSE, IT gained most at 0.78% followed by teck 0.74%, consumer durables 0.63% and energy 0.54%, while metal was down 0.56%, utilities 0.32% and bankex 0.27%. BSE MidCap and SmallCap were up 0.33% and 0.11%, respectively.
10.35 am IST Cipla shares slump over 6%Cipla Ltd shares were down 6.5% at Rs529 after CNBC TV reported that its Goa unit got USFDA observation. The unit got inspected in the month of January.
10.33 am IST Hindalco Industries shares down over 1%Hindalco Industries Ltd shares fell 1.2% to Rs212.40 after brokerage firm Morgan Stanley downgraded the firm to equal weight from overweight and cut its target price to Rs 256 from Rs 292 a share.
10.30 am IST US protectionism: impact on IndiaA research note by Morgan Stanley says that the basis for the action is that India surpassed the defined economic benchmarks for developing countries with respect to export subsidies in 2015.
Which sectors are most at risk from the turn towards protectionism in the US? In a chart (Posting again, with the correct link) https://t.co/KTpTQ5ym7Z
— Mint Mark to Market (@livemint_m2m) March 20, 2018
9.45 am IST Banking stocks trade lowerBanking stocks fell. IDBI Bank fell 3.8%, Canara Bank 3.5%, Bank of India 2.7%, Central Bank of India 2.7%, Syndicate Bank 2.1%, Oriental Bank of Commerce 2.1%, Allahabad Bank 1.7%, Union Bank of India 1.4% and Axis Bank 1.3%
9.42 am IST Future Retail shares gain after RBI eases foreign investment limitFuture Retail Ltd shares gained 2.3% to Rs539 after the Reserve Bank of India eased overseas investment limit to 49% from 24%.
9.40 am IST Coal India shares down 1%Coal India Ltd shares declined 1% to Rs269 after Morgan Stanley maintained underweight rating on the stock.
9.40 am IST Elpro International shares jump 14%Elpro International Ltd shares rose 14% to Rs47 after the company said its board approved sale of part of investment held with PNB Metlife India Insurance Co. Ltd.
9.35 am IST Rupee weakens for fourth session against US dollarThe Indian rupee weakened for the fourth consecutive session against the US dollar after local equity markets fell for the fifth session. The rupee opened at 65.24 a dollar and touched a low of 65.24. The home currency was trading at 65.21 a dollar, down 0.07% from its Monday’s close of 65.18. The 10-year bond yield was at 7.593% compared to its previous close of 7.607%.
9.30 am IST Market updateBSE Sensex traded lower by 97.31 points, or 0.30%, to 32,825.81, while the Nifty 50 fell 29.65 points, or 0.29%, to 10,064.60.