Share Market LIVE: Sensex climbs 66 points\, Nifty at 11\,722; Jet Airways\, ITC top performers

Share Market LIVE: Sensex climbs 78 points, Nifty at 11,722; Jet Airways, ITC top performers

Share Market LIVE: Indian equity markets were trading flat with a positive bias Wednesday, led by gains in oil and gas, banking and IT stocks and on account of positive global cues. ITC, Tata Motors, HCL Tech, Titan and BPCL were the top gainers on NSE, while Just Dial, DLF, DCM Shriram, Solar Industries, Dilip Buildcon were the top gainers on BSE.

Share Market LIVE: Sensex is trading at 39,053.17, up by 78 points or 0.20 per cent and Nifty is trading up by 13 points or 0.12 per cent at 11,722.70.

Share Market LIVE:Indian equity markets were trading flat with a positive bias Wednesday, led by gains in oil and gas, banking and IT stocks and on account of positive global cues.Sensex is trading at 39,053.17, up by 78 points or 0.20 per cent and Nifty is trading up by 13 points or 0.12 per cent at 11,722.70.

According to experts, investor sentiment turned positive this week after most exit polls forecast a win for Narendra Modi-led NDA. The results of the seven-phase polls will come out Thursday. Continued foreign fund inflow too buoyed market mood here, traders said.

Media news that the Chinese government likely to talk with US government of trade war related issue. Market hope of cool down US-China trade war. Shares of technology companies helped lift Wall Street on Tuesday after US temporarily eased curbs on China's Huawei Technologies Co Ltd, easing investor concerns about pressure on future corporate results in the sector.

Here's a look at live updates for the Indian share market today:

Nifty, Sensex to climb a bit more if Modi wins decisively: Reuters poll

11: 20 am

Indian shares will reach a new record high by end-year, a Reuters poll of strategists showed, building on an election-driven rally in which investors have bet the ruling party will retain power and continue current economic policies.

Having gained 8% so far this year, the index is forecast to add another 2.6% by end-2019, touching an all time high of 40,000 from Tuesday's close of 38,969, the poll of nearly 50 strategists taken May 14-21 showed.

The BSE Sensex index rose by its biggest amount in one day since September 2013 on Monday after exit polls showed the National Democratic Alliance (NDA) party led by Prime Minister Narendra Modi will retain power for a second consecutive term.

Dewan Housing Finance sinks on reports of deposit curbs

11: 00 am

Shares of Dewan Housing Finance Corp Ltd (DHFL) fell as much as 18% to 106.85 rupees on Wednesday, on media reports that the home loan lender would halt early withdrawals from existing deposit schemes and stop taking new ones altogether.

DHFL has been under scrutiny since media outlet Cobrapost alleged in January that it diverted loans from Indian state-run lenders to shell companies, including those linked to its controlling shareholders. Its stock has lost a quarter of its value since then.

IndiaBulls Housing Finance raises $350 million through selling dollar bonds overseas

10: 40 am

The company informed the exchnages that" the bond issue committee of the board of directors of Indiabulls Housing Finance has approved the issue of USD 350 million 6.375 per cent payable semi annually (6.29% nominal monthly) Senior Secured Notes due May 2022 under the updated USD 1,500 million Secured Euro Medium Term Note Programme of the Company.

Market update

10: 30 am

Market Breadth was in favour of buyers, as Nifty's 25 components were trading on the green out of 50 stocks and 18 stocks were advancing out of 30 on Sensex.

With an advance decline ratio of 0.91, 669 stocks advanced on NSE against 737 declining stocks, while 75 remained unchanged. Similarly, 711 stocks were advancing on BSE against 794 declining stocks, while 76 remained unchanged, at an AD ratio of 0.90.

On the sectoral front, Nifty Bank, Fin Services, Pvt Bank and Realty were advancing out of 11 indices. Most declines were seen in FMCG down by 1%, followed by selling interest in Media, PSU Bank and IT.

SEBI plans to reduce time taken for rights issue process

10: 15 am

SEBI Tuesday proposed reducing the overall time taken for rights issue to around 31 days as well as make the application and allotment process more efficient.

Currently, the rights issue process takes 55-58 days from the time a company decides to launch the issue till the listing.

NSE Co-location case

10: 00 am

The National Stock Exchange Tuesday moved the Securities Appellate Tribunal challenging Sebi's rulings against it in the co-location case, according to an official. On Friday, the NSE had said it would soon move the tribunal against Sebi rulings in the co-location case as there are "strong grounds" to challenge the orders.

Sebi Update

9: 55 am

SEBI allows mutual funds to invest in exchange-traded commodity derivatives - Mutual funds can now invest in exchange-traded  commodity derivatives, except those on sensitive commodities, according to SEBI.

IDFC First Bank among the loser on BSE after ICRA downgrade

9: 35 am

Domestic rating agency Icra Tuesday said it has downgraded long term rating of IDFC First Bank's bond programme due to weak earnings and on higher provisions due to stressed exposures.

The rating agency downgraded Rs 38,670 crore of non convertible debentures (NCDs) to AA from AA+ with a stable outlook.

"The downgrade considers the bank's weak earnings profile, given the elevated cost-to-income ratio because of the ongoing branch expansion, which has been pressurising the operating profitability, and an increase in credit provisions on account of unanticipated fresh stressed exposures identified by it in Q4 FY19," the agency said in a note.

The share price of IDFC First Bank, following the news, opened at a loss of 2.65% and fell 4.27% to Rs 41.50, the day's low. Currently, the stock  is trading down by 3.92% at Rs 41.65.

Top Ganiers and Losers

9: 25 am

ITC, Tata Motors, HCL Tech, Titan and BPCL were the top gainers on NSE, while Just Dial, DLF, DCM Shriram, Solar Industries, Dilip Buildcon were the top gainers on BSE.

DHFL, VA Tech Wabag, Jindal Steel, IFCI and IDFC First Bank are the major losers in the morning trade on BSE, while Britannia, Tech Mahindra, Bharti Infratel, Grasim and ONGC are among the top losers on NSE.

Opening Session

9: 15 am

BSE Sensex is trading up by 55 at 39,024 and Nifty is trading 18 points or 0.16 per cent up at 11,727.95 today.

SGX Nifty traded at levels around 11,735 Vs Nifty Tuesday's close of 11,715, indicating a mildly higher opening for the Indian market. Wall Street closed higher on Tuesday as Dow Jones gained more than 190 points & Nasdaq advanced 1% at the close.

Pre opening Session

9: 10 am

Sensex is trading up by 116.41 or 0.30 per cent at 39,086, and Nifty is trading 18 points or 0.16 per cent up at 11,727.95 today.

Indian Rupee

9: 05 am

The rupee ticked higher by 5 paise to 69.67 against the US dollar Wednesday amid weakness in the greenback and easing crude oil prices. The rupee had appreciated 2 paise to 69.72 against the US dollar in the previous session.

A report by Goldman Sachs has suggested that the USD/INR would trade near the 69 level in the next three months if the official election outcome bear out the exit poll trends.

FII and DII

9: 00 am

The net investment of equity and debt reported by Foreign portfolio investment (FPIs) remained bullish with net buying Rs 1,185.44 crore from Indian equities while Domestic institutional investors (DIIs) have flushed out Rs -1,090.32 crore Tuesday.

Tuesday's Close

8: 55  am

BSE Sensex closed down by 382.87 points or 0.97 per cent at 38,969.80, while NSE Nifty ended at 11,709, down 119 points or 1.01 per cent today. Over 43 compenents of 50 on Nifty closed in the red and 27 out of 30 stocks were on a decline at the closing bell.

Corporate earnings

8: 45 am

Cipla, Bank Of Baroda, IndusInd Bank, Sintex Industries, Canara Bank, Central Bank Of India, ADF Foods, Allcargo Logistics, Ashoka Buildcon, Bajaj Electricals, Bajaj Hindusthan Sugar, Balaji Telefilms, Cummins India, GeeCee Ventures, GE T&D India, GSFC, Heritage Foods, ITD Cementation, Jindal Saw, JK Lakshmi Cement, MOIL, MRO-TEK Realty, Quess Corp, The Ramco Cements, Rane Brake Lining, Redington, Sicagen India, Skipper, Symphony, Thermax are among the companies that are to post their fourth quaterly earnings today.

Global Update

8:35 am

Expect market to open on a positive note on account of global cues. Media news that the Chinese government likely to talk with US government of trade war related issue. Market hope of cool down US-China trade war.

Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington's temporary relaxation of curbs against China's Huawei Technologies failed to offset deeper worries about trade frictions between the world's two largest economies.

U.S. President Donald Trump added Huawei to a trade blacklist last week, leading several companies to suspend business with the world's largest telecom equipment maker, a move that could weigh on their sales. Chipmakers, many of which sell to Huawei, bore the brunt of Monday's sell-off.

But late on Monday, the United States granted the Chinese telecoms equipment maker a license to buy U.S. goods until Aug. 19. The development offered a reprieve to shares of chipmakers, with the Philadelphia Semiconductor Index gaining 2.1% in a bid to end a three-day slump.