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CNBC-TV18 Market Highlights: Sensex ends 100 points lower, Nifty holds 8,650; Coal India, Axis Bank top gainers

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CNBC-TV18 Market Highlights: Indian market ends with a volatile trade on Friday after RBI cuts repo rate by 75 bps to 4.40 percent.  Banks saw the most decline as the central bank slashed reverse repo rate by 90 bps which allows RBI to borrow funds from the commercial banks at a much lower interest. Auto index remains the worst-performing index of the day amongst peers, declining 3 percent. Coal India, Axis Bank and Cipla were the top gainers at closing, up 6 percent while Bajaj Finance and Hero MotoCorp slipped 8 percent. Thanks for staying with us but keep following our page for all the market action as well as major economy, policy and corporate news.

CNBC-TV18 Market Highlights: Sensex ends 100 points lower, Nifty holds 8,650; Coal India, Axis Bank top gainers
  • Market at close on Friday

    1. Market gives up early gains to end the trade mixed

    2. Nifty slips 379 points from highs to close 19 points higher at 8,660

    3. Sensex tanks1,310 points from highs to close 131 points lower at 29,816

    4. Nifty Bank drops 1,493 points from highs to end 355 points higher at 19,969

    5. Midcap index plunges 592 points from highs to close 75 points lower at 11,763

    6. TCS, ITC, ICICI and Infosys support while Bajaj Finance, Bharti Infratel and HUL drag Nifty

    7. Financials and IT help Nifty to close in the green

    8. Market breadth mildly in favour of advances; advance-decline ratio at 1:1

    9. Coal India, Cipla, Axis Bank, NTPC top Nifty gainers

  • "We expect  sharp reduction in economic activity at least in Q1FY21. Consequently, full year GDP growth for FY21 could also be significantly lower. The market will however still expect newer triggers to boost the sentiment further", says Vijay Chandok, MD & CEO of ICICI Securities.

  • Just In: Tata Motors to hive off passenger vehicle business into separate subsidiary

    Tata Motors' board have approved the plan to subsidiarize the company's Passenger Vehicles (PV) including Electric Vehicles (EV) business into a separate subsidiary.

    This decision is a first step in the company's plans to secure mutually beneficial strategic alliances for the domestic PV business and help secure its long-term viability, Tata Motors said in an exchange filing. READ MORE

  • Micro and small enterprises (MSEs) manufacturing products to stop COVID-19 can avail upto Rs 50 lakhs within 48 hours, says SIDBI

    In the need of the hour to fight back COVID-19, Small Industries Development Bank of India (SIDBI) launches a financial assistance SAFE scheme for the micro and small enterprises (MSEs) that deal with manufacturing of products related to stop coronavirus. 

    SIDBI in its press circular directs, "MSEs engaged in manufacturing of hand sanitizers, masks, gloves, headgear,  body  suits,  shoe-covers,  ventilators,  goggles,  testing  labs etc. can avail loans up to Rs. 50 lakhs at a fixed interest rate of 5 percent for a maximum loan repayment tenure of 5 years."

    These are collateral free loans and will be sanctioned within 48 hours of submitting the necesssary documents. 

    The   special   scheme will help MSEs to acquire equipment, plant and machinery, other assets including raw materials required for production ordelivery of services.

  • Nifty Auto index down 2%, remains worst-performing index of the day; Hero MotoCorp, Bharat Forge and TVS Motors among top losers, slip over 6%

    CNBC-TV18 Market Highlights: Sensex ends 100 points lower, Nifty holds 8,650; Coal India, Axis Bank top gainers
  • Want to make quick money amid coronavirus crisis? Axis Securities lists top short-term picks
    Despite rising around 15 percent in the last 3 sessions, the benchmarks are still down 25 percent for the month amid the coronavirus crisis. So should investors buy?
    CNBC-TV18 Market Highlights: Sensex ends 100 points lower, Nifty holds 8,650; Coal India, Axis Bank top gainers
  • SBI Board Meeting Update: Extends validity period to raise up to Rs 20,000 crore via FPO/QIP/Preferential allotments/rights issue and any other modes till March 31, 2021. 

    Highlights:

    1. Working capital limits will be assessed on case to case basis

    2. Installments to get automatically deferred by 3 months for term loans

    3. Accrual of income does not stop, there is dispensation on recovery

    4. Interest accrual does not stop, only the payable date changes

    5. Our term-loan book is fairly large; about Rs 2.5 lakh crore is paid every year

    6. About 50,000-60,000 crore roughly come up for moratorium overall in term loans

  • This year, central banks slashed their repo rates upto 150 bps to mitigate COVID-19, India stands last in the list

     
    As global coronavirus case numbers continue to rise, governments around the world are imposing increasingly tough measures in a bid to stem its spread. US Federal Reserve in order to hold its economy slashed 150 bps rate to nearly zero, and so did Canada by cutting its repo rate to 0.75 percent. 
     
    Here are the countries that initiated whopping rate cuts:
     
    1. USA: 150 bps to 0.25 percent
    2. Canada: 100 bps to 0.75 percent
    3. South Africa: 100 bps to 5.25 percent
    4. Vietnam: 100 bps to 5 percent
    5. New Zealand: 75 bps to 0.25 percent
    6. UK: 65 bps to 0.1 percent
    7. Australia: 50 bps to 0.25 percent
    8. Brazil: 50 bps to 3.75 percent
    9. Mexico: 50 bps to 6.5 percent
    10. Phillippines: 50 bps to 3.25 percent
    11. Indonesia: 25 bps to 4.5
    12. Malaysia: 25 bps to 2.5
    13. Thailand: 25 bps to 0.75
    14. India: 75 bps to 4.4 percent
  • Asian Market Update: Stocks rise as investors expect more stimulus measures 

    Asian markets rose on Friday afternoon in hopes of more stimulus measures to combat the coronavirus pandemic after U.S. unemployment filings surged to a record.

    MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, while Japan's Nikkei rose 3.88 percent, capping its biggest weekly gain on record. Australian shares gave up gains to fall 5.3 percent after a strong week.

    The dollar fell against major currencies as central banks' repeated steps to solve a dollar shortage in funding markets started to gain traction.

    The U.S. House of Representatives is expected to pass a $2.2 trillion stimulus package that will flood the world's largest economy with money to stem the damage caused by the pandemic.

    The U.S. Federal Reserve has already slashed rates to zero and launched quantitative easing. The Fed will also take the unprecedented step of offering a direct backstop for corporate loans.

  • Quick Update: Appreciating the RBI's efforts to ease pain, Prime Minister Narendra Modi says that the announcements will improve liquidity, reduce cost of funds, help middle class and businesses.

  • Are credit card bills suspended? Let's see if it has

    The Reserve Bank of India (RBI) today allowed all financial institutions to allow a three-month moratorium for all term loans in light of the COVID-19 outbreak and the subsequent lockdown.

    In effect, banks can allow all customers to not pay their monthly EMIs for a 3-month period, and the non-repayment will not hurt their credit score. Read everything that you need to know here!

  • Rupee Update: Indian rupee extended morning gains as it touched 74.31 intraday after RBI announced measures to support the economy and liquidity.

  • Aurobindo Pharma rises 7% over US FDA approval

    The pharma giant traded nearly 7 percent over US FDA approval for its muscle relaxant Tizanidine Hydrochloride. The stock rallied as much as 13 percent to its day's high at Rs 407. However, at 11:10 am, the stock traded 7 percent higher to Rs 386.

  • RBI allows banks to suspend repayments on all term loans

    In one of the big moves by the central bank, it allowed all lending institutions a three month moratorium on payment of installments of term loans outstanding on March 1, 2020.

    The RBI stated that all the banks, nonbanking finance companies (NBFC), Housing Finance Companies, Regional Rural Banks (RRB), Scheduled Commercial banks (SCB) will be allowed a moratorium of 3 months on payment of installments by customers as of March 1, 2020. Read more on this here

  • Here are the key highlights: Rate cut; moratorium announced; RBI infuses liquidity worth 3.2% of GDP

    The Reserve Bank of India's Monetary Policy Committee (MPC) met today to discuss steps to counter the slowdown induced by the COVID-19 outbreak and the subsequent economic lockdown.

    The meeting of the six-member MPC took place virtually, and for the first time outside its bi-monthly calendar since the committee was formed in February 2016. Here's the link to the article 

  • RBI: India FY20 GDP growth projection of 4.4% is at risk, FY21 outlook unclear

    Reserve Bank of India Governor Shaktikanta Das on Friday said that India's FY20 GDP growth projection of 4.4 percent is at risk and the outlook for FY21 is unclear amid the spread of the coronavirus pandemic.

    RBI Governor Das also said that growth outlook will depend on intensity, speed and duration of the coronavirus pandemic.

  • Highlights: RBI Governor says MPC voted 4:2 to reduce policy repo rate by 75 bps to 4.4%. Reverse repo rate cut was reduced more so that the banks can incentivise to lend, disincentivise to hoard money, added the Governor. He further said that the outlook is heavily contingent upon intensity, spread and duration of pandemic.

  • BREAKING NEWS: RBI announces 75 bps rate cut to 4.40%

  • Thrissur-based ESAF Small Finance Bank gets Sebi nod for IPO

    ESAF Small Finance Bank on Thursday said it has received Sebi's approval for its Rs 976 crore initial public offering (IPO). 

    According to the DRHP, the IPO comprises of a fresh issue worth Rs 800 crore and an offer for sale (OFS) aggregating up to Rs 176.2 crore.

    The proceeds from the fresh issue will be used to augment the bank's tier 1 capital to meet future capital requirements.

    Of the total offer, 75 percent will be available for allocation to qualified institutional buyers (QIBs), 15 percent to non-institutional bidders and 10 percent to retail individual bidders.

    Its loan book outside Kerala has grown from Rs 549 crore in March 2017 to Rs 2,540 crore as on September 30, 2019 which is 48.46 percent of the total microfinance loan book size, while the total gross advance as at September 30, 2019 stood at Rs 5,474 crore.

    It currently operates in 16 states and one Union Territory through its 403 branches and 38 ultra-small branches, serving over 37.3 lakh customers.

  • Moody's Investors Service see India's GDP growth at 2.5% in 2020 and 5.8% n 2021

  • Buzzing Stocks: Nifty Private Bank surges 6% with Axis Bank and IndusInd Bank fuelling gains of up to 10% each

  • Here's what brokerages have to say about FM Nirmala Sitharaman's Rs 1.7 lakh crore package

    Deutsche Bank feels that the fiscal stimulus will likely push Centre's deficit to 5 percent of the GDP. It also expects the RBI to cut the policy repo rate by 100 bps in a few months. Meanwhile, Barclays expects the government to come out with more fiscal stimulus measures. Read the full article here

  • Investors' wealth rise Rs 11.12 lakh crore in three days as stock markets surge

    Investor wealth rose for the third consecutive day on Thursday, gaining Rs 11,12,088.78 crore in three days, as equity markets continued their sharp rally.

    In three days, the index has gained 3,965.53 points. The market capitalisation of BSE-listed companies zoomed Rs 11,12,088.78 crore to Rs 1,12,99,025.06 crore in three days. READ MORE 

  • Rs 40,000 crore per day is what India's economy would hit by during lockdown: Care Ratings

    The 21-day nationwide lockdown will lead to a production loss of approximately 80 percent, which ideally means, India’s economy will take a hit of Rs 35,000-40,000 crore per day. This will overall lead to a loss of Rs 6.3-7.2 lakh crore, Care Ratings has said.

    The credit rating agency’s assessment is based on real FY20 GDP numbers that is Rs 140-150 lakh crore.

    Assuming that there are 300 working days in a fiscal, the daily output comes to Rs 45-50,000 crore which can potentially be lost due to the shutdown, the report said. Click here to read the full story

  • Finance Minister announced coronavirus relief package yesterday, here are the key takeaways

    FM Nirmala Sitharaman ​nnounced a slew of measures for the poor to deal with the economic distress caused due lockdown amid this coronavirus crisis. Here are the highlights of the government's stimulus to fight the COVID-19 slowdown.

    1. Prime Minister Gareeb Kalyan Scheme

    The finance minister announced "Prime Minister Gareeb Kalyan Scheme” with a total outlay of Rs 1.70 lakh crore for the poor and those who need immediate help. The package is expected to benefit migrant workers and rural and urban poor people. Read the full story, click here

CNBC-TV18 Market Highlights: Indian market ends with a volatile trade on Friday after RBI cuts repo rate by 75 bps to 4.40 percent.  Banks saw the most decline as the central bank slashed reverse repo rate by 90 bps which allows RBI to borrow funds from the commercial banks at a much lower interest. Auto index remains the worst-performing index of the day amongst peers, declining 3 percent. Coal India, Axis Bank and Cipla were the top gainers at closing, up 6 percent while Bajaj Finance and Hero MotoCorp slipped 8 percent. Thanks for staying with us but keep following our page for all the market action as well as major economy, policy and corporate news.