The markets trimmed their day's losses and ended flat on Friday amid weakness in their Asian peers, that wobbled on Friday as investors braced for US tariffs against China.The markets trimmed their day's losses and ended flat on Friday amid weakness in their Asian peers, that wobbled on Friday as investors braced for US tariffs against China.
The S&P BSE Sensex ended at 35,622, up 22 points while the broader Nifty50 index settled at 10,818, up 10 points.
Among sectoral indices, the Nifty Pharma index ended over 2% higher led by rise in the shares of Dr. Reddy's Laboratories, Cipla and Piramal Enterprises. The Nifty IT index too settled over 2% led by a rally in Infosys and Tata Consultancy Services (TCS).
TCS hit a new high of Rs 1,849 per share on the BSE during the day, after the IT major said that its board has approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share through tender offer. The stock eventually settled 2.75 per cent higher at Rs 1841.45 on the BSE.
US President Donald Trump has decided to impose "pretty significant" tariffs and will announce a list targeting $50 billion of Chinese goods on Friday, and a second wave of products worth $100 billion has been cued up. Beijing has warned that it was ready to respond.
The US Federal Reserve, on Thursday, had raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year.
Back home, India's trade deficit widened to four-month high of $14.62 billion in May as imports surged nearly 15 per cent, the government said Friday.
Commerce Minister Suresh Prabhu said exports in May rose by 28.18 per cent to $28.86 billion while imports were up 14.85 per cent to $43.48 billion.
Globally, the Asia Pacific MSCI index ex-Japan edged down 0.3 per cent and was set for a weekly loss of more than 1 per cent.
Chinese stocks led the losses, with the benchmark Shanghai Composite index plumbing a 20-month low, as investors worried about the economic damage from the trade tensions with the US. Japan's Nikkei average closed up 0.5 per cent.
(with Reuters inputs)CATCH ALL THE LIVE UPDATES03:53 PMMARKET COMMENT Jayant Manglik, President, Religare Broking
In yet another volatile trading session, the Indian equity benchmark indices ended Friday’s session on the flat note. Throughout the day, markets remained range bound and the Nifty index swung both ways touching intra-day high of 10,834 in first half and intra-day low of 10,755 in second half and finally ended flat at 10,818 levels.
BSE Midcap & Smallcap, underperformed the benchmark, to close with losses of 0.4% and 0.5%, respectively. Barring Healthcare and IT, which closed nearly 2% higher, selling pressure was witnessed among all the other sectorial indices.Capital Goods, Metals, Oil & Gas and Power remained the top losers. Amongst the global indices, both European and Asian markets traded on a mixed note. We continue to remain cautious on the markets in the coming sessions. With lack of any fresh positive domestic triggers in the near term, volatility is likely to remain high with stock specific movement. Market participants will closely monitor global developments, especially in US, Europe and China. Any further correction should be considered as a good buying opportunity for investors in quality counters03:45 PMNifty IT index settled 2.14% higher. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)INFOSYS 1281.65 1239.70 41.95 3.38ORACLE FIN.SERV. 4140.00 4008.70 131.30 3.28TCS 1844.90 1787.55 57.35 3.21TECH MAHINDRA 709.60 698.80 10.80 1.55MINDTREE 1003.15 992.75 10.40 1.0503:43 PMNifty Pharma index ended 2.24% higher. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)CIPLA 612.00 588.05 23.95 4.07DR REDDY'S LABS 2351.45 2269.40 82.05 3.62PIRAMAL ENTERP. 2501.00 2427.40 73.60 3.03SUN PHARMA.INDS. 572.00 559.25 12.75 2.28BIOCON 625.30 614.35 10.95 1.7803:41 PMNifty sectoral gainers and losers of the day
03:40 PMBSE Sensex: Dr. Reddy's, Infosys, TCS among top gainers of the day. ONGC top loser.
03:32 PMMarket at close The S&P BSE Sensex ended at 35,622, up 22 points while the broader Nifty50 index settled at 10,818, up 10 points.03:16 PMTCS hits new high as board approves share buyback at Rs 2100 per share
Shares of Tata Consultancy Services (TCS) hit a new high of Rs 1,849 per share, up 3% on the BSE after the company said its board approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share through tender offer. The stock surpassed its previous high of Rs 1,840 recorded on June 14, 2018. READ MORE
02:59 PMTech start-up listing: NSE considers tweaking SME platform
The National Stock Exchange (NSE) is considering tweaking its Emerge platform, essentially meant for small-and medium-sized enterprises (SMEs), to facilitate the listing of technology (IT)start-ups. According to Vikram Limaye, chief executive officer at the NSE, technology start-ups have their own set of requirements and attract a particular set of investors, which is the primary reason Emerge needs some changes to accommodate their needs. READ MORE
02:45 PMManpasand Beverages put under ASM framework; stock falls 5% Manpasand Beverages was locked in lower circuit of 5% at Rs 158 on the BSE after the exchange placed shares of the company under ASM (Additional Surveillance Measure) framework effective from today, June 15, 2018. The BSE shifted Manpasand Beverages and Sai Baba Investment and Commercial Enterprises under enhanced surveillance measures where 100% margins will be applicable from June 16, 2018. READ MORE02:30 PMMillionaires now control half of the world's personal wealth: Report
The rich are getting a lot richer and doing so a lot faster. Personal wealth around the globe reached $201.9 trillion last year, a 12 per cent gain from 2016 and the strongest annual pace in the past five years, Boston Consulting Group said in a report released Thursday. Booming equity markets swelled fortunes, and investors outside the U. S. got an exchange-rate bonus as most major currencies strengthened against the greenback. READ MORE
02:14 PMWhy yen investors are worried about a future SoftBank without Masayoshi Son
Masayoshi Son is fond of talking about his 300-year vision for SoftBank Group Corp. but some Japanese bond investors are already pondering an earlier event -- what will the technology giant be like without its founder? READ MORE
01:59 PMMarket Check
S&P BSE Sensex 35,480.20 Up -0.34% Nifty 50 10,763.05 Up -0.42% S&P BSE 200 4,667.14 Up -0.40% Nifty 500 9,308.95 Up -0.51% S&P BSE Mid-Cap 15,985.64 Up -0.50% S&P BSE Small-Cap 16,953.06 Up -0.51%01:46 PMNifty Pharma index set to post biggest weekly rally in 15 years
Shares of pharmaceutical companies are on a roll with the Nifty Pharma index all set to post its biggest weekly gain in 15 years following the positive news flow from the corporate levels with regard to regulatory issues. READ MORE
01:31 PMInvesting in IPOs can give good returns, but don't be too greedy
It’s often said that investing in an initial public offering (IPO) is fraught with risks. But, once in a while, there comes an Avenue Supermarts (D’mart) issue in which the investor can more than triple his money in less than a year. The stock was issued at Rs 299, listed at Rs 610 on March 21, 2017, and is currently trading at Rs 1,569. READ MORE
01:15 PMMUST READ HNIs selling stocks to buy real estate is risk for Indian mkts: Chris Wood
The possibility of high networth individuals (HNIs) in India selling their equity holding and investing in real estate is a key risk for the Indian markets, writes Christopher Wood, managing director, equity strategist at CLSA in his weekly note GREED & fear. He advises investors consider investing in real estate as an asset class. READ MORE
Christopher Wood CLSA Managing Director & Equity Strategist Christopher Wood01:02 PMRevival in volumes places Marico in a sweet spot; margins may see pressure
Despite a subdued performance by Marico in the March 2018 quarter (Q4) owing to high copra prices (a key input) and dismal volume growth, the stock is up 8 per cent since May 2, 2018. What’s mainly making investors confident is an expected recovery in volumes. READ MORE
12:47 PMIndia's decision to deregulate bond prices a good move, say investors
Global fund managers are applauding a move by India to deregulate the prices of bonds sold by the country’s states, which could spur overseas interest in the $350 billion market even if there are short-term losses.
Securities sold by the nation’s 29 states will be valued at market prices, the Reserve Bank of India said at its policy meeting last week, discarding a long-standing rule that mandated adding a 25-basis point mark up over a sovereign bond with the same tenor. READ MORE
12:31 PMGold discounts widest in 9-month as higher prices tempered retail purchases
Gold discounts in India were at their widest in nine months this week as higher domestic prices tempered retail purchases, while buying in other Asian centres remained subdued amid a lack of significant momentum in global prices. Dealers in India were offering a discount of up to $7.50 an ounce over official domestic prices this week, the highest since September 9. This compared with discounts of $5 last week. The domestic price includes a 10 percent import tax. READ MORE
12:15 PMSebi mulls capping tenure of stock exchange CEOs to maximum two 5-yr terms
Regulator Sebi is considering capping tenure of stock exchange CEOs to maximum two terms of five years each, as part of an overhaul of regulations for ownership and governance norms for market infrastructure institutions. READ MORE
12:00 PMMarket at Noon
S&P BSE Sensex 35,617.27 Up 0.05% Nifty 50 10,815.90 Up 0.07% S&P BSE 200 4,688.63 Up 0.06% Nifty 500 9,362.50 Up 0.06% S&P BSE Mid-Cap 16,082.57 Up 0.11% S&P BSE Small-Cap 17,069.11 Up 0.17%11:45 AMReliance Industries, Bajaj Finance, Jubilant FoodWorks hit new highs Shares of Reliance Industries, Bajaj Finance, United Breweries, Page Industries, Jubilant FoodWorks and Sundram Fasteners from the S&P BSE500 index hit their respective new highs in intra-day trade in otherwise subdued market. Thus far in the current calendar year 2018 (CY18), all these stocks have outperformed the market by gaining by upto 54%, as compared to 4.6% rise in the S&P BSE Sensex. READ MORE11:30 AMReliance Mutual Fund plans to hit the market with a new fund offering Reliance Mutual Fund plans to hit the market with a new fund offering, Reliance Nivesh Lakshya Fund, to predominantly invest in long-dated government securities. The fund will have a maturity of 25-30 years to begin with and most of the securities would be bought and held till maturity. Incremental investments will be made in similar securities. READ MORE11:16 AMStreet still bets big on DMart; store expansion, new format growth triggers Avenue Supermarts’ stock recently hit its all-time high levels, and in the process crossed the $14.75-billion mark (Rs 1 trillion) in this week’s trade. The stock, which has already become a multi-bagger, up five-fold, from its IPO price, has gained about 42 per cent from the start of the year. The re-rating of some of the consumer names over the past couple of quarters, coupled with the fact that the stock is now part of MSCI, has added to the lure. READ MORE11:00 AMVolume Toppers
COMPANY PRICE() CHG() CHG(%) VOLUMEVAKRANGEE 41.20 -2.15 -4.96 3617385REL. COMM. 15.95 0.05 0.31 1307759INDBULL.REALEST. 172.50 1.70 1.00 1243622H F C L 33.50 0.15 0.45 1140093KWALITY 30.35 0.40 1.34 1122247» More on Most Active Volume10:45 AMRupee hits 3-week low, slips 36 paise to 67.98 against dollar
The rupee plunged by 36 paise to hit a three-week low of 67.98 against the US dollar in early trade today following strong demand for the greenback amid sustained foreign capital outflows. Besides, the dollar strengthening against other currencies overseas as the European Central Bank (ECB) pledged to leave interest rates unchanged until mid-2019, weighed on the rupee, traders said. READ MORE
10:31 AMDr Reddy's gains 3% on USFDA nod for launch of generic version of Suboxone
Shares of Dr Reddy’s Laboratories were up 3% at Rs 2,346 per share on the BSE after the company announced today that it has received final approval from the US Food and Drug Administration (USFDA) for the launch of Buprenorphine and Naloxone sublingual film in the US market. READ MORE
10:16 AMRBI to give relief to foreign portfolio investors on some of new norms
The Reserve Bank of India (RBI) is planning to provide relief to foreign portfolio investors (FPIs) on some of the new norms proposed in its April 27 circular. As per the new norms, an FPI cannot invest more than 20 per cent of its portfolio in papers that have maturity below one year. In this regard, the central bank is considering grandfathering of existing investment since the law has currently been applied retrospectively. Grandfathering refers to a practice in which old rules continue to apply till the date a new clause has been introduced. READ MORE
10:01 AMMarket Check
S&P BSE Sensex 35,583.29 Up -0.05% Nifty 50 10,813.85 Up 0.05% S&P BSE 200 4,685.24 Up -0.01% Nifty 500 9,365.00 Up 0.09% S&P BSE Mid-Cap 16,076.98 Up 0.07% S&P BSE Small-Cap 17,078.96 Up 0.23%09:45 AMNew packages from RJio indicate pricing war is set to continue in FY19 Investors banking on a recovery in the telecom sector in FY19 will have to wait a bit longer given that the intensity of pricing war just got worse. After introducing attractive post-paid plans to get premium customers from incumbents, Reliance Jio (Jio) launched new plans to maintain its competitive lead. Jio recently doubled its data offerings to 3 gigabytes (GB) per day on plans ranging from Rs 149 to Rs 449. READ MORE09:31 AMSebi may propose removal of shareholding cap for setting up new bourses
The Securities and Exchange Board of India (Sebi) is considering liberalising rules for starting stock exchanges and depositories. According to sources, the market regulator is likely to propose removal of the shareholding cap for setting up stock exchanges and other market infrastructure intermediaries such as depositories. At present, other stock exchanges, depositories and banks are permitted to hold up to 15 per cent of the share capital in stock exchanges and depositories. Other investors are only allowed to hold up to 5 per cent. READ MORE
The S&P BSE Sensex ended at 35,622, up 22 points while the broader Nifty50 index settled at 10,818, up 10 points.
Among sectoral indices, the Nifty Pharma index ended over 2% higher led by rise in the shares of Dr. Reddy's Laboratories, Cipla and Piramal Enterprises. The Nifty IT index too settled over 2% led by a rally in Infosys and Tata Consultancy Services (TCS).
TCS hit a new high of Rs 1,849 per share on the BSE during the day, after the IT major said that its board has approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share through tender offer. The stock eventually settled 2.75 per cent higher at Rs 1841.45 on the BSE.
US President Donald Trump has decided to impose "pretty significant" tariffs and will announce a list targeting $50 billion of Chinese goods on Friday, and a second wave of products worth $100 billion has been cued up. Beijing has warned that it was ready to respond.
The US Federal Reserve, on Thursday, had raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year.
Back home, India's trade deficit widened to four-month high of $14.62 billion in May as imports surged nearly 15 per cent, the government said Friday.
Commerce Minister Suresh Prabhu said exports in May rose by 28.18 per cent to $28.86 billion while imports were up 14.85 per cent to $43.48 billion.
Globally, the Asia Pacific MSCI index ex-Japan edged down 0.3 per cent and was set for a weekly loss of more than 1 per cent.
Chinese stocks led the losses, with the benchmark Shanghai Composite index plumbing a 20-month low, as investors worried about the economic damage from the trade tensions with the US. Japan's Nikkei average closed up 0.5 per cent.
(with Reuters inputs)CATCH ALL THE LIVE UPDATES03:53 PMMARKET COMMENT Jayant Manglik, President, Religare Broking
In yet another volatile trading session, the Indian equity benchmark indices ended Friday’s session on the flat note. Throughout the day, markets remained range bound and the Nifty index swung both ways touching intra-day high of 10,834 in first half and intra-day low of 10,755 in second half and finally ended flat at 10,818 levels.
BSE Midcap & Smallcap, underperformed the benchmark, to close with losses of 0.4% and 0.5%, respectively. Barring Healthcare and IT, which closed nearly 2% higher, selling pressure was witnessed among all the other sectorial indices.Capital Goods, Metals, Oil & Gas and Power remained the top losers. Amongst the global indices, both European and Asian markets traded on a mixed note. We continue to remain cautious on the markets in the coming sessions. With lack of any fresh positive domestic triggers in the near term, volatility is likely to remain high with stock specific movement. Market participants will closely monitor global developments, especially in US, Europe and China. Any further correction should be considered as a good buying opportunity for investors in quality counters03:45 PMNifty IT index settled 2.14% higher. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)INFOSYS 1281.65 1239.70 41.95 3.38ORACLE FIN.SERV. 4140.00 4008.70 131.30 3.28TCS 1844.90 1787.55 57.35 3.21TECH MAHINDRA 709.60 698.80 10.80 1.55MINDTREE 1003.15 992.75 10.40 1.0503:43 PMNifty Pharma index ended 2.24% higher. Top gainers:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)CIPLA 612.00 588.05 23.95 4.07DR REDDY'S LABS 2351.45 2269.40 82.05 3.62PIRAMAL ENTERP. 2501.00 2427.40 73.60 3.03SUN PHARMA.INDS. 572.00 559.25 12.75 2.28BIOCON 625.30 614.35 10.95 1.7803:41 PMNifty sectoral gainers and losers of the day
03:40 PMBSE Sensex: Dr. Reddy's, Infosys, TCS among top gainers of the day. ONGC top loser.
03:32 PMMarket at close The S&P BSE Sensex ended at 35,622, up 22 points while the broader Nifty50 index settled at 10,818, up 10 points.03:16 PMTCS hits new high as board approves share buyback at Rs 2100 per share
Shares of Tata Consultancy Services (TCS) hit a new high of Rs 1,849 per share, up 3% on the BSE after the company said its board approved a proposal of buyback upto 76.19 million equity shares at price of Rs 2,100 per share through tender offer. The stock surpassed its previous high of Rs 1,840 recorded on June 14, 2018. READ MORE
02:59 PMTech start-up listing: NSE considers tweaking SME platform
The National Stock Exchange (NSE) is considering tweaking its Emerge platform, essentially meant for small-and medium-sized enterprises (SMEs), to facilitate the listing of technology (IT)start-ups. According to Vikram Limaye, chief executive officer at the NSE, technology start-ups have their own set of requirements and attract a particular set of investors, which is the primary reason Emerge needs some changes to accommodate their needs. READ MORE
02:45 PMManpasand Beverages put under ASM framework; stock falls 5% Manpasand Beverages was locked in lower circuit of 5% at Rs 158 on the BSE after the exchange placed shares of the company under ASM (Additional Surveillance Measure) framework effective from today, June 15, 2018. The BSE shifted Manpasand Beverages and Sai Baba Investment and Commercial Enterprises under enhanced surveillance measures where 100% margins will be applicable from June 16, 2018. READ MORE02:30 PMMillionaires now control half of the world's personal wealth: Report
The rich are getting a lot richer and doing so a lot faster. Personal wealth around the globe reached $201.9 trillion last year, a 12 per cent gain from 2016 and the strongest annual pace in the past five years, Boston Consulting Group said in a report released Thursday. Booming equity markets swelled fortunes, and investors outside the U. S. got an exchange-rate bonus as most major currencies strengthened against the greenback. READ MORE
02:14 PMWhy yen investors are worried about a future SoftBank without Masayoshi Son
Masayoshi Son is fond of talking about his 300-year vision for SoftBank Group Corp. but some Japanese bond investors are already pondering an earlier event -- what will the technology giant be like without its founder? READ MORE
01:59 PMMarket Check
S&P BSE Sensex 35,480.20 Up -0.34% Nifty 50 10,763.05 Up -0.42% S&P BSE 200 4,667.14 Up -0.40% Nifty 500 9,308.95 Up -0.51% S&P BSE Mid-Cap 15,985.64 Up -0.50% S&P BSE Small-Cap 16,953.06 Up -0.51%01:46 PMNifty Pharma index set to post biggest weekly rally in 15 years
Shares of pharmaceutical companies are on a roll with the Nifty Pharma index all set to post its biggest weekly gain in 15 years following the positive news flow from the corporate levels with regard to regulatory issues. READ MORE
01:31 PMInvesting in IPOs can give good returns, but don't be too greedy
It’s often said that investing in an initial public offering (IPO) is fraught with risks. But, once in a while, there comes an Avenue Supermarts (D’mart) issue in which the investor can more than triple his money in less than a year. The stock was issued at Rs 299, listed at Rs 610 on March 21, 2017, and is currently trading at Rs 1,569. READ MORE
01:15 PMMUST READ HNIs selling stocks to buy real estate is risk for Indian mkts: Chris Wood
The possibility of high networth individuals (HNIs) in India selling their equity holding and investing in real estate is a key risk for the Indian markets, writes Christopher Wood, managing director, equity strategist at CLSA in his weekly note GREED & fear. He advises investors consider investing in real estate as an asset class. READ MORE
Christopher Wood CLSA Managing Director & Equity Strategist Christopher Wood01:02 PMRevival in volumes places Marico in a sweet spot; margins may see pressure
Despite a subdued performance by Marico in the March 2018 quarter (Q4) owing to high copra prices (a key input) and dismal volume growth, the stock is up 8 per cent since May 2, 2018. What’s mainly making investors confident is an expected recovery in volumes. READ MORE
12:47 PMIndia's decision to deregulate bond prices a good move, say investors
Global fund managers are applauding a move by India to deregulate the prices of bonds sold by the country’s states, which could spur overseas interest in the $350 billion market even if there are short-term losses.
Securities sold by the nation’s 29 states will be valued at market prices, the Reserve Bank of India said at its policy meeting last week, discarding a long-standing rule that mandated adding a 25-basis point mark up over a sovereign bond with the same tenor. READ MORE
12:31 PMGold discounts widest in 9-month as higher prices tempered retail purchases
Gold discounts in India were at their widest in nine months this week as higher domestic prices tempered retail purchases, while buying in other Asian centres remained subdued amid a lack of significant momentum in global prices. Dealers in India were offering a discount of up to $7.50 an ounce over official domestic prices this week, the highest since September 9. This compared with discounts of $5 last week. The domestic price includes a 10 percent import tax. READ MORE
12:15 PMSebi mulls capping tenure of stock exchange CEOs to maximum two 5-yr terms
Regulator Sebi is considering capping tenure of stock exchange CEOs to maximum two terms of five years each, as part of an overhaul of regulations for ownership and governance norms for market infrastructure institutions. READ MORE
12:00 PMMarket at Noon
S&P BSE Sensex 35,617.27 Up 0.05% Nifty 50 10,815.90 Up 0.07% S&P BSE 200 4,688.63 Up 0.06% Nifty 500 9,362.50 Up 0.06% S&P BSE Mid-Cap 16,082.57 Up 0.11% S&P BSE Small-Cap 17,069.11 Up 0.17%11:45 AMReliance Industries, Bajaj Finance, Jubilant FoodWorks hit new highs Shares of Reliance Industries, Bajaj Finance, United Breweries, Page Industries, Jubilant FoodWorks and Sundram Fasteners from the S&P BSE500 index hit their respective new highs in intra-day trade in otherwise subdued market. Thus far in the current calendar year 2018 (CY18), all these stocks have outperformed the market by gaining by upto 54%, as compared to 4.6% rise in the S&P BSE Sensex. READ MORE11:30 AMReliance Mutual Fund plans to hit the market with a new fund offering Reliance Mutual Fund plans to hit the market with a new fund offering, Reliance Nivesh Lakshya Fund, to predominantly invest in long-dated government securities. The fund will have a maturity of 25-30 years to begin with and most of the securities would be bought and held till maturity. Incremental investments will be made in similar securities. READ MORE11:16 AMStreet still bets big on DMart; store expansion, new format growth triggers Avenue Supermarts’ stock recently hit its all-time high levels, and in the process crossed the $14.75-billion mark (Rs 1 trillion) in this week’s trade. The stock, which has already become a multi-bagger, up five-fold, from its IPO price, has gained about 42 per cent from the start of the year. The re-rating of some of the consumer names over the past couple of quarters, coupled with the fact that the stock is now part of MSCI, has added to the lure. READ MORE11:00 AMVolume Toppers
COMPANY PRICE() CHG() CHG(%) VOLUMEVAKRANGEE 41.20 -2.15 -4.96 3617385REL. COMM. 15.95 0.05 0.31 1307759INDBULL.REALEST. 172.50 1.70 1.00 1243622H F C L 33.50 0.15 0.45 1140093KWALITY 30.35 0.40 1.34 1122247» More on Most Active Volume10:45 AMRupee hits 3-week low, slips 36 paise to 67.98 against dollar
The rupee plunged by 36 paise to hit a three-week low of 67.98 against the US dollar in early trade today following strong demand for the greenback amid sustained foreign capital outflows. Besides, the dollar strengthening against other currencies overseas as the European Central Bank (ECB) pledged to leave interest rates unchanged until mid-2019, weighed on the rupee, traders said. READ MORE
10:31 AMDr Reddy's gains 3% on USFDA nod for launch of generic version of Suboxone
Shares of Dr Reddy’s Laboratories were up 3% at Rs 2,346 per share on the BSE after the company announced today that it has received final approval from the US Food and Drug Administration (USFDA) for the launch of Buprenorphine and Naloxone sublingual film in the US market. READ MORE
10:16 AMRBI to give relief to foreign portfolio investors on some of new norms
The Reserve Bank of India (RBI) is planning to provide relief to foreign portfolio investors (FPIs) on some of the new norms proposed in its April 27 circular. As per the new norms, an FPI cannot invest more than 20 per cent of its portfolio in papers that have maturity below one year. In this regard, the central bank is considering grandfathering of existing investment since the law has currently been applied retrospectively. Grandfathering refers to a practice in which old rules continue to apply till the date a new clause has been introduced. READ MORE
10:01 AMMarket Check
S&P BSE Sensex 35,583.29 Up -0.05% Nifty 50 10,813.85 Up 0.05% S&P BSE 200 4,685.24 Up -0.01% Nifty 500 9,365.00 Up 0.09% S&P BSE Mid-Cap 16,076.98 Up 0.07% S&P BSE Small-Cap 17,078.96 Up 0.23%09:45 AMNew packages from RJio indicate pricing war is set to continue in FY19 Investors banking on a recovery in the telecom sector in FY19 will have to wait a bit longer given that the intensity of pricing war just got worse. After introducing attractive post-paid plans to get premium customers from incumbents, Reliance Jio (Jio) launched new plans to maintain its competitive lead. Jio recently doubled its data offerings to 3 gigabytes (GB) per day on plans ranging from Rs 149 to Rs 449. READ MORE09:31 AMSebi may propose removal of shareholding cap for setting up new bourses
The Securities and Exchange Board of India (Sebi) is considering liberalising rules for starting stock exchanges and depositories. According to sources, the market regulator is likely to propose removal of the shareholding cap for setting up stock exchanges and other market infrastructure intermediaries such as depositories. At present, other stock exchanges, depositories and banks are permitted to hold up to 15 per cent of the share capital in stock exchanges and depositories. Other investors are only allowed to hold up to 5 per cent. READ MORE
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