Sensex falls 80 points in narrow trading; Tata Motors up 8%
05 September 2019
Market close: BSE Sensex ended with marginal loss, while Nifty50 finished flat after traded in a narrow range throughout on September 5.
At close, the Sensex was down 80.32 points at 36,644.42, while Nifty was up 3.20 points at 10,847.90. About 1433 shares have advanced, 990 shares declined, and 133 shares are unchanged.
Tata Motors, Coal India, ONGC, BPCL and Yes Bank were among major gainers on the Nifty, while losers were HDFC, ICICI Bank, Indiabulls Housing, TCS and Kotak Mahindra Bank.
Among sectors, metal, auto, infra, oil&gas, pharma and energy witnessed buying interest, while midcap and smallcap indices also ended higher.
Crude Update: Oil slipped towards USD 60 a barrel on Thursday after a report showed U.S. crude inventories rose unexpectedly, although hopes of progress in resolving the U.S.-China trade row lent support.
European stocks hit one-month highs: European shares rose for a second straight day on Thursday, after China said it would hold trade talks with the United States, raising hopes that the two countries will make progress on a dispute that has put major economies at risk of recession, reported Reuters.
Gold Update: Gold prices dropped on Thursday as risk-on sentiment got a boost after China and the United States agreed to hold talks to end their protracted trade dispute.
Edelweiss teams up with SBI: ECL Finance, a subsidiary of Edelweiss Financial Services and State Bank of India (SBI) have signed a co-origination agreement to increase access to credit for micro, small and medium enterprises (MSMEs).
Tata Motors rises 5% despite weak US, UK sales data: Shares of Tata Motors rose more than 5 percent on September 5, though the company reported weak sales in the US and the UK.
The company's August JLR UK sales dropped 20.8 percent at 2,726 units against 3,444 units in the same period last year .
In the US, too, JLR sales were down 9.8% at 8,700 units. Jaguar sales were down 13.8% at 2,128 units and Land Rover sales were down 8.5 percent at 6,572 units.
Rupee off day's high: The Indian rupee erased some of its intraday gains buy trading higher by 21 paise at 71.91 per dollar against previous close of 72.12.
Crude oil futures fell 1.01 percent to Rs 4,034 per barrel on September 5 in line with a weak trend in overseas markets. Crude oil contracts for September delivery traded lower by Rs 41, or 1.01 percent, at Rs 4,034 per barrel with a business volume of 28,055 lots on Multi Commodity Exchange (MCX).
The crude oil contracts for October delivery traded down by Rs 42, or 1.03 percent, to Rs 4,040 per barrel in a business turnover of 724 lots. Analysts said the fall in oil prices was mostly in tune with a weak trend in global markets.
Naveen Kulkarni, Head of Research, Reliance Securities:
PSU companies have seen consistent declines because of lot of supply from the government. However, the government’s current stance of not willing to sell at distress valuations is a significant positive and that has been the reason for the interest in state-run stocks.
Benchmark indices erased most of its morning gains and trading flat with Nifty around 10,850 level.
The Sensex is up 8.44 points or 0.02% at 36733.18, and the Nifty up 23.70 points or 0.22% at 10868.40. About 1306 shares have advanced, 630 shares declined, and 93 shares are unchanged
PNB gives in-principle approval for amalgamation: Punjab National Bank board has considered and decided to give its 'In-principle approval" for amalgamation of the Oriental Bank of Commerce and United Bank of India into Punjab National Bank and commence the amalgamation process for the same, subject to all applicable approvals.
United Bank falls 3% on deferring amalgamation talks with PNB: Shares of United Bank of India declined nearly 3 percent on September 5 after the bank decided not to discuss amalgamation with Punjab National Bank (PNB) on September 6 board meeting.
Buzzing: Share price of Power Grid Corporation of India added 3.5 percent September 5 after company declared successful bidder for projects in Madhya Pradesh.
Market opens: It is positive start for the Indian indices on the back of positive global cues.
At 09:17 hrs IST, the Sensex is up 126.34 points or 0.34% at 36851.08, and the Nifty up 50.60 points or 0.47% at 10895.30. About 429 shares have advanced, 140 shares declined, and 29 shares are unchanged.
Reliance Industries, Vedanta, Tata Steel, JSW Steel, ONGC, NTPC, Axis Bank, IOC and M&M are among major gainers on the indices in the early trade, while losers are ICICI Bank, HDFC, BPCL, Maruti Suzuki and Bharti Airtel.
All the sectoral indices are trading higher led by the metal, energy, infra, auto, bank and IT. Midcap and smallcap indices trading with marginal gains.
Rupee Opens: The Indian rupee opened higher by 26 paise at 71.86 per dollar on Thursday versus previous close of 72.12.
Market at pre-open: Benchmark indices are trading mixed in the pre-opening session on September 5.
At 09:02 hrs IST, the Sensex is up 146.79 points or 0.40% at 36871.53, and the Nifty down 65.20 points or 0.60% at 10779.50.
Crude Update: Oil prices fell on Thursday, giving up some of the strong gains of the previous session, after an industry report showed U.S. crude stockpiles rose last week, against analyst expectations of a decline.
Asian markets trade higher: Asian stocks perked up on Thursday, as apparent progress in the political crises in Britain and Hong Kong gave investor confidence a shot in the arm, with easing fears of a hard Brexit lifting the battered pound.
Wall Street ends higher: Wall Street's main indexes rebounded on Wednesday, after robust economic data from China, easing tensions in Hong Kong and British lawmakers' approval of a law to delay Brexit provided relief to investors worried about global growth.
SGX Nifty: Trends on SGX Nifty indicate a positive start for the broader indices in India, a gain of 37 points or 0.34 percent. Nifty futures were trading around 10,894.50-level on the Singaporean Exchange.