Get set, count! EC has begun with the process that would ultimately decide which party and alliance could form the next government in the country. But how's the market reacting?

Lok Sabha 2019 Results: Record high opening for Indian markets

Domestic stock markets soared on Monday, with the Sensex gaining more than 1,000 points in late afternoon deals, a day after exit polls predicted that the Bharatiya Janata Party will win almost as many seats as it did in 2014 and form a government comfortably.

Sensex Jumps Over 1,000 Points After Exit Polls Predict NDA Win

The Maha Exit poll 2019 of Zee Media Network predicts National Democratic Alliance (NDA) to win more than 300 seats in Lok Sabha election 2019, and that wil be a massive victory. Watch out how the Indian market reacts over exit-poll.

LS polls exit-poll: Indian rupee also opens higher against US Dollar

Indian markets maintains momentum

Indian markets recouped sharp early losses by mid-morning on Tuesday as election results in three states were not as poor for the ruling party as some expected, but anxiety about the central bank governor's resignation kept sentiment subdued.

Markets initially plunged in reaction to Reserve Bank of India Governor Urjit Patel's unexpected resignation late on Monday, which shocked many investors.

"Patel's resignation bodes poorly for macroeconomic and financial stability in India," Fitch Solutions Macro Research, a unit of Fitch Group, said in a note on Tuesday.

The Nifty tumbled as much as 1.47 per cent, but at 0752 GMT was up 0.5 per cent.

The rupee had dropped 1.5 per cent to a one-month low of 72.4625 per dollar in early trade, but pared most losses to be 71.76 versus its previous close of 71.35.

It touched the day's high of 71.68 with some dollar-selling intervention by state-run banks on behalf of the RBI also helping.

The benchmark 10-year bond yield was down 7 basis points on the day at 7.52 per cent after initially rising as high as 7.71 per cent.

"Today's reaction by the markets is surprising to some, but it's a classic 'buy the rumour, sell the news' reaction. The news is already in the market price," said Saurabh Jain, assistant vice-president, research, at SMC Global Securities in New Delhi.

Patel's resignation came after a month-long tussle over policy with the government that has raised concerns about the central bank's independence as a national election nears.

Government officials had been pressuring the RBI to allow some public sector banks laden with bad debt to lend more easily, and pushed for the central bank to hand over some of its surplus reserves to help fund the fiscal deficit.

ELEVATED VOLATILITY?

"Though both parties have valid arguments on their points of view, the sudden resignation raises questions on whether the Indian government is trying to restrain public institutions and undermine RBI's independence," said Anuja Munde, portfolio manager at Nikko Asset Management in Singapore.

"This resignation, along with political uncertainty, will keep the market volatility elevated in the run-up to the 2019 general elections."

But after early Tuesday tumble in the wake of Patel's resignation, and as election results from three Indian states came in, the market changed course.

A senior trader at a large state-run bank said they had been buying debt as all negative news that had been feared has been delivered.

"Now we have to look forward. Markets are now being governed by macro fundamentals which look good as oil is stable and no rate hikes are expected any time soon."

The ruling Bhartiya Janata Party (BJP) could lose power in the three key states, four TV networks said on Tuesday, citing votecount leads, potentially handing Prime Minister Narendra Modi his biggest defeat since he took office in 2014, and months ahead of a general election.

Still, some analysts thought the results would be worse for Modi and BJP.

"Uncertainty from the elections seem to be behind us now. If it had been a whitewash, with high margins of defeat for the BJP, then markets would have been under more pressure," said S Krishnakumar, chief investment officer for equities at Sundaram Asset Management in Chennai.

Indian markets recouped sharp early losses by mid-morning on Tuesday as election results in three states were not as poor for the ruling party as some expected, but anxiety about the central bank governor's resignation kept sentiment subdued.

Indian markets recouped sharp early losses by mid-morning on Tuesday as election results in three states were not as poor for the ruling party as some expected, but anxiety about the central bank governor's resignation kept sentiment subdued. Markets initially plunged in reaction to Reserve Bank of India Governor Urjit Patel's unexpected resignation late on Monday, which shocked many investors. "Patel's resignation bodes poorly for macroeconomic and financial stability in India," Fitch Solutions Macro Research, a unit of Fitch Group, said in a note on Tuesday. The Nifty tumbled as much as 1.47 per cent, but at 0752 GMT was up 0.5 per cent. The rupee had dropped 1.5 per cent to a one-month low of 72.4625 per dollar in early trade, but pared most losses to be 71.76 versus its previous close of 71.35. It touched the day's high of 71.68 with some dollar-selling intervention by state-run banks on behalf of the RBI also helping. The benchmark 10-year bond yield was down 7 basis points on the day at 7.52 per cent after initially rising as high as 7.71 per cent. "Today's reaction by the markets is surprising to some, but it's a classic 'buy the rumour, sell the news' reaction. The news is already in the market price," said Saurabh Jain, assistant vice-president, research, at SMC Global Securities in New Delhi. Patel's resignation came after a month-long tussle over policy with the government that has raised concerns about the central bank's independence as a national election nears. Government officials had been pressuring the RBI to allow some public sector banks laden with bad debt to lend more easily, and pushed for the central bank to hand over some of its surplus reserves to help fund the fiscal deficit. ELEVATED VOLATILITY? "Though both parties have valid arguments on their points of view, the sudden resignation raises questions on whether the Indian government is trying to restrain public institutions and undermine RBI's independence," said Anuja Munde, portfolio manager at Nikko Asset Management in Singapore. "This resignation, along with political uncertainty, will keep the market volatility elevated in the run-up to the 2019 general elections." But after early Tuesday tumble in the wake of Patel's resignation, and as election results from three Indian states came in, the market changed course. A senior trader at a large state-run bank said they had been buying debt as all negative news that had been feared has been delivered. "Now we have to look forward. Markets are now being governed by macro fundamentals which look good as oil is stable and no rate hikes are expected any time soon." The ruling Bhartiya Janata Party (BJP) could lose power in the three key states, four TV networks said on Tuesday, citing votecount leads, potentially handing Prime Minister Narendra Modi his biggest defeat since he took office in 2014, and months ahead of a general election. Still, some analysts thought the results would be worse for Modi and BJP. "Uncertainty from the elections seem to be behind us now. If it had been a whitewash, with high margins of defeat for the BJP, then markets would have been under more pressure," said S Krishnakumar, chief investment officer for equities at Sundaram Asset Management in Chennai.

Markets stage sharp recovery after early slide, aided by state election results

Sensex plunged more than 2 per cent on Thursday, at their lowest closing levels since April, mirroring the markets rout across the globe amid rising trade concerns and expectation of rate hikes in the United States.

The benchmark BSE Sensex closed down 2.19 per cent at 34,001.15. The broader NSE Nifty ended 2.16 per cent lower at 10,234.65.

Shares of oil and gas companies were among the nine stocks that withstood the selloff, after a finance ministry source`s comments on subsidies. Hindustan Petroleum Corp Ltd was the top percentage gainer at 16.2 per cent, report said.&nbsp;

Earlier, attributing the slump in stock and currency markets to external factors, a finance ministry official Thursday said more steps will be taken to check current account deficit (CAD) and hoped that the rupee would appreciate.

While the stock market benchmark Sensex in the early trade crashed over 1,000 points, the rupee fell to a record low of 74.45 to a dollar.

"What happened in US yesterday had a ripple effect here today. The IMF has downgraded global growth rate, US growth rate for next year, both these had impact on markets," the official told reporters.

He said Indian market is still relatively stable compared with other equity markets. "The rupee may remain firm if oil prices stay range bound. We do believe that rupee should appreciate from this level," the official added.

The BSE Sensex, in the opening trade, crashed 1,030 points to slip below the key 34,000-mark, tracking a global sell-off as the rupee hit yet another record low of 74.45 against the US dollar.

The rupee has lost more than 13 per cent since the beginning of 2018. The CAD, difference between inflow and outflow of foreign exchange, widened to 2.4 per cent of GDP in the April-June quarter.

Sensex plunged more than 2 per cent on Thursday, at their lowest closing levels since April, mirroring the markets rout across the globe amid rising trade concerns and expectation of rate hikes in the United States.

Sensex plunged more than 2 per cent on Thursday, at their lowest closing levels since April, mirroring the markets rout across the globe amid rising trade concerns and expectation of rate hikes in the United States. The benchmark BSE Sensex closed down 2.19 per cent at 34,001.15. The broader NSE Nifty ended 2.16 per cent lower at 10,234.65. Shares of oil and gas companies were among the nine stocks that withstood the selloff, after a finance ministry source`s comments on subsidies. Hindustan Petroleum Corp Ltd was the top percentage gainer at 16.2 per cent, report said. Earlier, attributing the slump in stock and currency markets to external factors, a finance ministry official Thursday said more steps will be taken to check current account deficit (CAD) and hoped that the rupee would appreciate. While the stock market benchmark Sensex in the early trade crashed over 1,000 points, the rupee fell to a record low of 74.45 to a dollar. "What happened in US yesterday had a ripple effect here today. The IMF has downgraded global growth rate, US growth rate for next year, both these had impact on markets," the official told reporters. He said Indian market is still relatively stable compared with other equity markets. "The rupee may remain firm if oil prices stay range bound. We do believe that rupee should appreciate from this level," the official added. The BSE Sensex, in the opening trade, crashed 1,030 points to slip below the key 34,000-mark, tracking a global sell-off as the rupee hit yet another record low of 74.45 against the US dollar. The rupee has lost more than 13 per cent since the beginning of 2018. The CAD, difference between inflow and outflow of foreign exchange, widened to 2.4 per cent of GDP in the April-June quarter.

Nifty, Sensex plunge two per cent to six-month lows amid global meltdown

The bloodbath in Indian markets continued on Friday as the Sensex fell more than 900 points after a monetrary policy review by the Reserve Bank of India where the central bank of India kept key rates unchanged.

Minutes before closing, the Sensex was trading at 34,267.

The Sensex had fell over 300 points in the morning session, extending its losing run for the third day, amid weak global cues.

It lost 1,356.98 points in the previous two sessions on rupee woes and boiling crude oil prices.

Sectoral indices led by oil and gas, PSU, infrastructure, auto and banking stocks cracked up to 10.27 per cent.

The NSE Nifty also dropped by 90.40 points on Friday morning, or 0.85 per cent, to 10,508.85.

Shares in state-owned oil marketing companies slumped more than 20 percent to multi-year lows on Friday, after the government on Thursday announced a 2.50 rupees-per-litre cut in gasoline and diesel prices to reduce the burden on the Indian masses from all-time high prices at fuel pumps.

The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government. Petrol prices were regulated until 2012, while diesel prices remained so until 2014.

(With inputs from agencies)

The bloodbath in Indian markets continued on Friday as the Sensex fell more than 900 points after a monetrary policy review by the Reserve Bank of India where the central bank of India kept key rates unchanged.

The bloodbath in Indian markets continued on Friday as the Sensex fell more than 900 points after a monetrary policy review by the Reserve Bank of India where the central bank of India kept key rates unchanged. Minutes before closing, the Sensex was trading at 34,267. The Sensex had fell over 300 points in the morning session, extending its losing run for the third day, amid weak global cues. It lost 1,356.98 points in the previous two sessions on rupee woes and boiling crude oil prices. Sectoral indices led by oil and gas, PSU, infrastructure, auto and banking stocks cracked up to 10.27 per cent. The NSE Nifty also dropped by 90.40 points on Friday morning, or 0.85 per cent, to 10,508.85. Shares in state-owned oil marketing companies slumped more than 20 percent to multi-year lows on Friday, after the government on Thursday announced a 2.50 rupees-per-litre cut in gasoline and diesel prices to reduce the burden on the Indian masses from all-time high prices at fuel pumps. The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government. Petrol prices were regulated until 2012, while diesel prices remained so until 2014. (With inputs from agencies)

Sensex down over 900 points, trading below 35,000-mark

The BSE Sensex slipped almost 61 points in opening trade today on heavy selling in metals, realty, energy and auto stocks amid sustained capital outflows by foreign funds.

Asian shares drifted lower after US President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week.&nbsp

Meanwhile, China announced on Tuesday that it would reduce tariffs on some vehicles to 15 per cent from as much as 25 per cent. Tariffs on certain automotive parts would also be cut.

The rupee deprecating against the dollar also dampened sentiment.

The 30-share index dropped 60.79 points or 0.17 per cent to 34,590.45. The gauge had gained 35.11 points in the previous session.

In similar fashion, the NSE Nifty fell 19.80 points, or 0.18 per cent to 10,516.90.

Sectoral indices led by metal, realty, oil and gas and auto were trading in the negative zone, falling up to 1.29 per cent.

Major losers were Tata Steel, IndusInd Bank, Dr Reddy's, Hero Motocorp, M&M, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Asian Paints, Adani Ports, Bharti Airtel, Kotak Bank, HDFC Bank, Wipro, ONGC and RIL, falling up to 2.45 per cent.

Brokers said sentiment remained weak in the absence of any positive trigger amid sustained capital outflows.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,651.63 crore while domestic institutional investors (DIIs) bought shares worth Rs 1,496.83 crore yesterday, as per provisional data.

In the Asian region, Japan's Nikkei fell 1.08 per cent and Hong Kong's Hang Seng shed 1.08 per cent in early trade. China's Shanghai Composite index too was down 0.89 per cent.

The Dow Jones Industrial Average ended 0.72 per cent lower in yesterday's trade as uncertainty over trade policy and other geopolitical issues weighed on sentiment.&nbsp

There was heavy selling in metals, realty, energy and auto stocks

The BSE Sensex slipped almost 61 points in opening trade today on heavy selling in metals, realty, energy and auto stocks amid sustained capital outflows by foreign funds. Asian shares drifted lower after US President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week. Meanwhile, China announced on Tuesday that it would reduce tariffs on some vehicles to 15 per cent from as much as 25 per cent. Tariffs on certain automotive parts would also be cut. The rupee deprecating against the dollar also dampened sentiment. The 30-share index dropped 60.79 points or 0.17 per cent to 34,590.45. The gauge had gained 35.11 points in the previous session. In similar fashion, the NSE Nifty fell 19.80 points, or 0.18 per cent to 10,516.90. Sectoral indices led by metal, realty, oil and gas and auto were trading in the negative zone, falling up to 1.29 per cent. Major losers were Tata Steel, IndusInd Bank, Dr Reddy's, Hero Motocorp, M&M, HDFC Ltd, Maruti Suzuki, Bajaj Auto, Asian Paints, Adani Ports, Bharti Airtel, Kotak Bank, HDFC Bank, Wipro, ONGC and RIL, falling up to 2.45 per cent. Brokers said sentiment remained weak in the absence of any positive trigger amid sustained capital outflows. Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,651.63 crore while domestic institutional investors (DIIs) bought shares worth Rs 1,496.83 crore yesterday, as per provisional data. In the Asian region, Japan's Nikkei fell 1.08 per cent and Hong Kong's Hang Seng shed 1.08 per cent in early trade. China's Shanghai Composite index too was down 0.89 per cent. The Dow Jones Industrial Average ended 0.72 per cent lower in yesterday's trade as uncertainty over trade policy and other geopolitical issues weighed on sentiment.

Sensex slips 61 points in opening trade

After starting on a positive note, the benchmark BSE Sensex fell over 80 points in early trade today on weak Asian cues as tariff woes between the US and China returned, ahead of trade talks between the two countries. 
 
The 30-share index, after opening 80.89 points higher, turned negative on profit-booking at current levels to quote 86.59 points, or 0.22 per cent, lower at 35,089.83. 
 
The gauge had rallied 675.15 points in the previous four sessions. 
 
The 50-share NSE Nifty also turned negative and shed 27.80 points, or 0.26 per cent, to 10,690.25 after a positive opening. 
 
The laggards were Wipro, HUL, Tata Motors, Bharti Airtel, Dr Reddy's, Yes Bank, L&T, Coal India, HDFC Bank, M&M, Power Grid, RIL and Tata Steel, falling up to 1.43 per cent. 
 
Top gainers included Axis Bank, ICICI Bank, Adani Ports, Yes Bank, SBI and ONGC, rising up to 2 per cent. 
 
Brokers said, market participants booked profits tracking a weak trend in other Asian bourses, following overnight losses on the Wall Street after the US Federal Reserve kept its benchmark interest rate unchanged at 1.5 per cent to 1.75 per cent. 
 
Investors were also keeping an eye on high-level talks between China and the United States on trade in Beijing today, they added. 
 
Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 165.84 crore in yesterday's trade, provisional data showed.&nbsp 
&nbsp &nbsp&nbsp 
Among other Asian markets, Hong Kong's Hang Seng shed 1.75 per cent, while Shanghai Composite Index lost 0.51 per cent in early trade today. Financial markets in Japan are closed for a four-day holiday weekend. 
 
The US Dow Jones Industrial Average closed 0.72 per cent lower in yesterday's trade.&nbsp

After starting on a positive note, the benchmark BSE Sensex fell over 80 points in early trade today on weak Asian cues as tariff woes between the US and China returned, ahead of trade talks between the two countries

After starting on a positive note, the benchmark BSE Sensex fell over 80 points in early trade today on weak Asian cues as tariff woes between the US and China returned, ahead of trade talks between the two countries. The 30-share index, after opening 80.89 points higher, turned negative on profit-booking at current levels to quote 86.59 points, or 0.22 per cent, lower at 35,089.83. The gauge had rallied 675.15 points in the previous four sessions. The 50-share NSE Nifty also turned negative and shed 27.80 points, or 0.26 per cent, to 10,690.25 after a positive opening. The laggards were Wipro, HUL, Tata Motors, Bharti Airtel, Dr Reddy's, Yes Bank, L&T, Coal India, HDFC Bank, M&M, Power Grid, RIL and Tata Steel, falling up to 1.43 per cent. Top gainers included Axis Bank, ICICI Bank, Adani Ports, Yes Bank, SBI and ONGC, rising up to 2 per cent. Brokers said, market participants booked profits tracking a weak trend in other Asian bourses, following overnight losses on the Wall Street after the US Federal Reserve kept its benchmark interest rate unchanged at 1.5 per cent to 1.75 per cent. Investors were also keeping an eye on high-level talks between China and the United States on trade in Beijing today, they added. Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 165.84 crore in yesterday's trade, provisional data showed. Among other Asian markets, Hong Kong's Hang Seng shed 1.75 per cent, while Shanghai Composite Index lost 0.51 per cent in early trade today. Financial markets in Japan are closed for a four-day holiday weekend. The US Dow Jones Industrial Average closed 0.72 per cent lower in yesterday's trade.

Sensex turns negative on weak Asian cues, profit-booking

Market barometer Sensex rallied over 256 points to end at a near three-month high of 34,969.70 on Friday as the May derivatives series got off to a strong start.

Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about nine per cent.

Global cues were positive on the back of a historic meeting between the leaders of North and South Korea.

The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session's high of 35,065.37.

However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 -- a level last seen on February 2 when it had concluded at 35,066.77.

The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues.

The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

The benchmarks gained for the fifth week in a row - their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week.

Meanwhile, global credit rating agency Fitch today affirmed India's sovereign rating at 'BBB-' with 'stable' outlook, saying that the country's medium-term growth potential is strong.

'BBB-' rating indicates lowest investment grade.

The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55.

Market barometer Sensex rallied over 256 points to end at a near three-month high of 34,969.70 on Friday as the May derivatives series got off to a strong start. Financial stocks led by Axis Bank, SBI and ICICI Bank hogged the limelight, rising by up to about nine per cent. Global cues were positive on the back of a historic meeting between the leaders of North and South Korea. The 30-stock Sensex opened positive and rallied to reclaim the 35,000-mark, touching the session's high of 35,065.37. However, profit-booking at some counters trimmed the gains as the gauge settled 256.10 points or 0.74 per cent higher at 34,969.70 -- a level last seen on February 2 when it had concluded at 35,066.77. The index had rallied 212.33 points in the previous session on the back of strong earnings amid positive global cues. The NSE Nifty, after hitting a high of 10,719.80, closed at 10,692.30, up 74.50 points, or 0.70 per cent. It touched a low of 10,647.55. The benchmarks gained for the fifth week in a row - their longest winning streak in a year. The Sensex surged 554.12 points, or 1.61 per cent, while the Nifty gained 128.25 points, or 1.21 per cent, during this week. Meanwhile, global credit rating agency Fitch today affirmed India's sovereign rating at 'BBB-' with 'stable' outlook, saying that the country's medium-term growth potential is strong. 'BBB-' rating indicates lowest investment grade.

Sensex climbs 256 points to end week at near three-month high

Stocks tripped over the growing worries about rise in interest rates and a global rout in equities on Friday, with the benchmark Sensex falling over one per cent to close at a one-month low and the broader Nifty crashing below the 10,500 level.

The 30-share Sensex closed lower by 407.40 points or 1.18 per cent at 34,005.76. This is the weakest closing since January 4 when it had ended at 33,969.64.

The broad-based Nifty fell by 121.90 points or 1.15 per cent to end at 10,454.95.

On weekly basis, the BSE Sensex recorded a steep fall of 1,060.99 points or 3.02 per cent while the broader Nifty lost 305.65 points or 2.84 per cent - their worst weekly fall since August.

&quot;Trend in global interest rates and the subsequent impact on inflation, global economic growth as well as flow of funds, influenced investor sentiment through the week,&quot; Karthikraj Lakshmanan, Senior Fund Manager Equities, BNP Paribas Mutual Fund.

&quot;A second straight weekly decline in jobless claims in the US pointed to a strong job growth momentum in the economy, thus perpetuating fears of higher inflation and consequently faster rate hikes in the US.&quot;

Rising global rates are likely to impact the flow of funds to riskier assets like emerging markets, experts said.

The sell-off followed another battering for Wall Street, where the benchmark Dow suffered its second-biggest daily points fall.

Banking and financials stocks took a beating on emerging concerns over interest rate hike following rise in bond yields. Both BSE Bankex and Nifty Bank indices dropped up to 1.76 per cent.

Yes Bank and ICICI Bank plunged by 2.84 per cent and 2.33 per cent, respectively.

Other laggards were HDFC Ltd, Infosys, Axis Bank, Kotak Bank, Bharti Airtel, SBI, Wipro, Tata Motors, HDFC Bank, Adani Ports, L&amp;T, IndusInd Bank, Hero MotoCorp, Maruti Suzuki, Bajaj Auto, ITC Ltd, RIL, M&amp;M, ONGC and NTPC which dropped up to 2.13 per cent.

In contrast, Tata Steel, Asian Paint, Dr Reddy&#39;s, TCS, Hindustan Unilever and Coal India emerged gainers by surging up to 1.83 per cent.

Sector-wise, the BSE banking index declined the most, losing 1.75 per cent, followed by finance 1.54 per cent, telecom 1.15 per cent, auto 0.95 per cent, teck 0.90 per cent, IT 0.77 per cent, capital goods 0.73 per cent, oil &amp; gas 0.72 per cent, infrastructure 0.60 per cent and PSU 0.50 per cent.

While metal, realty, power and consumer durables ended higher.

Broader markets, however depicted a mixed trend as the mid-cap index fell 0.09 per cent, while small-cap up 0.23 per cent.

In the Asian region, Japan&#39;s Nikkei down 2.55 per cent, Hong Kong&#39;s Hang Seng fell 1.09 per cent, while Shanghai Composite Index up 0.73 per cent.

The benchmark BSE Sensex fell 1.18% to 34,005.76, falling 3% on the week

Stocks tripped over the growing worries about rise in interest rates and a global rout in equities on Friday, with the benchmark Sensex falling over one per cent to close at a one-month low and the broader Nifty crashing below the 10,500 level. The 30-share Sensex closed lower by 407.40 points or 1.18 per cent at 34,005.76. This is the weakest closing since January 4 when it had ended at 33,969.64. The broad-based Nifty fell by 121.90 points or 1.15 per cent to end at 10,454.95. On weekly basis, the BSE Sensex recorded a steep fall of 1,060.99 points or 3.02 per cent while the broader Nifty lost 305.65 points or 2.84 per cent - their worst weekly fall since August. "Trend in global interest rates and the subsequent impact on inflation, global economic growth as well as flow of funds, influenced investor sentiment through the week," Karthikraj Lakshmanan, Senior Fund Manager Equities, BNP Paribas Mutual Fund. "A second straight weekly decline in jobless claims in the US pointed to a strong job growth momentum in the economy, thus perpetuating fears of higher inflation and consequently faster rate hikes in the US." Rising global rates are likely to impact the flow of funds to riskier assets like emerging markets, experts said. The sell-off followed another battering for Wall Street, where the benchmark Dow suffered its second-biggest daily points fall. Banking and financials stocks took a beating on emerging concerns over interest rate hike following rise in bond yields. Both BSE Bankex and Nifty Bank indices dropped up to 1.76 per cent. Yes Bank and ICICI Bank plunged by 2.84 per cent and 2.33 per cent, respectively. Other laggards were HDFC Ltd, Infosys, Axis Bank, Kotak Bank, Bharti Airtel, SBI, Wipro, Tata Motors, HDFC Bank, Adani Ports, L&T, IndusInd Bank, Hero MotoCorp, Maruti Suzuki, Bajaj Auto, ITC Ltd, RIL, M&M, ONGC and NTPC which dropped up to 2.13 per cent. In contrast, Tata Steel, Asian Paint, Dr Reddy's, TCS, Hindustan Unilever and Coal India emerged gainers by surging up to 1.83 per cent. Sector-wise, the BSE banking index declined the most, losing 1.75 per cent, followed by finance 1.54 per cent, telecom 1.15 per cent, auto 0.95 per cent, teck 0.90 per cent, IT 0.77 per cent, capital goods 0.73 per cent, oil & gas 0.72 per cent, infrastructure 0.60 per cent and PSU 0.50 per cent. While metal, realty, power and consumer durables ended higher. Broader markets, however depicted a mixed trend as the mid-cap index fell 0.09 per cent, while small-cap up 0.23 per cent. In the Asian region, Japan's Nikkei down 2.55 per cent, Hong Kong's Hang Seng fell 1.09 per cent, while Shanghai Composite Index up 0.73 per cent.

Sensex crashes 400 points on global rout, Nifty ends below 10,500

The benchmark BSE Sensex rose by 92 points to 34,936.03 in early trade on Tuesday on continued buying by investors driven by encouraging quarterly earnings amid a firm trend in other Asian bourses.

The 30-share index, which gained 410.44 points in the previous three sessions, rose further by 92.52 points, or 0.26 per cent, at 34,936.03.

IT, capital goods, consumer durables and FMCG stocks were leading the rally.

The NSE Nifty was also trading higher by 20.25 points, or 0.18 per cent, at 10,761.80.

Brokers said that the market mood remained buoyant, bolstered by foreign institutional investors&#39; buying coupled with a firming trend at other Asian markets.

They said, however, concerns prevailed over trade deficit ballooning to a three-year high.

Trade deficit or difference between imports and exports was USD 14.88 billion in December, up about 41 per cent year- on-year, as crude oil and gold import bill inflated, the commerce ministry data showed.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 32.92 crore on net basis while domestic institutional investors (DIIs) sold equities to the tune of Rs 173.28 crore yesterday, provisional data showed.

In the Asian region, Hong Kong&#39;s Hang Seng was up 1.08 per cent, Japan&#39;s Nikkei gained 0.55 per cent while Shanghai Composite index edged higher by 0.28 per cent in early trade on Tuesday.

The US markets were shut on Monday for the Martin Luther King Jr. Holiday.

IT, capital goods, consumer durables and FMCG stocks were leading the rally.

The benchmark BSE Sensex rose by 92 points to 34,936.03 in early trade on Tuesday on continued buying by investors driven by encouraging quarterly earnings amid a firm trend in other Asian bourses. The 30-share index, which gained 410.44 points in the previous three sessions, rose further by 92.52 points, or 0.26 per cent, at 34,936.03. IT, capital goods, consumer durables and FMCG stocks were leading the rally. The NSE Nifty was also trading higher by 20.25 points, or 0.18 per cent, at 10,761.80. Brokers said that the market mood remained buoyant, bolstered by foreign institutional investors' buying coupled with a firming trend at other Asian markets. They said, however, concerns prevailed over trade deficit ballooning to a three-year high. Trade deficit or difference between imports and exports was USD 14.88 billion in December, up about 41 per cent year- on-year, as crude oil and gold import bill inflated, the commerce ministry data showed. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 32.92 crore on net basis while domestic institutional investors (DIIs) sold equities to the tune of Rs 173.28 crore yesterday, provisional data showed. In the Asian region, Hong Kong's Hang Seng was up 1.08 per cent, Japan's Nikkei gained 0.55 per cent while Shanghai Composite index edged higher by 0.28 per cent in early trade on Tuesday. The US markets were shut on Monday for the Martin Luther King Jr. Holiday.

Sensex gains 92 points on earnings, global cues

The benchmark Sensex rebounded by 51 points in opening trade today after IT, realty and teck stocks rose on optimistic buying by investors ahead of announcement of quarterly results.

The 30-share index rose by 51.78 points, or 0.15 per cent, at 34,484.85, in opening trade with IT, realty, teck, power and auto leading the recovery by rising up to 0.80 per cent. The gauge had shed 10.12 points in the previous session following profit-booking at record levels.

Also, the NSE Nifty traded higher by 9.05 points, or 0.08 per cent, at 10,641.25 in the opening trade.

Traders said widening of bets by investors ahead of Q3 numbers from IndusInd Bank and TCS, to be released later in the day amid buying by domestic institutional investors (DIIs) influenced sentiment.

DIIs bought shares to the tune of Rs 600.24 crore, while Foreign institutiional investors (FIIs) sold shares worth Rs 572.26 crore yesterday, as per the provisional data.

Support came from key stocks such as Infosys, ONGC, Tata Motors, Kotak Bank, ITC Ltd, Dr Reddy&#39;s, Maruti Suzuki, HDFC Ltd, Adani Ports, Power Grid, Hindustan Unilever and M&amp;M, rising by up to 1.04 per cent.

On the other hand, trend at other Asan markets was weak in line with overnight losses at the Wall Street. Japan&#39;s Nikkei falling 0.52 per cent while Hong&#39;s Hang Seng shed 0.24 per cent in their early trade.

China&#39;s Shanghai Composite index too was down 0.30 per cent

Wall Street fell for the first time in 2018 with the Dow Jones Industrial Average dropping 0.07 per cent yesterday.

Traders said widening of bets by investors ahead of Q3 numbers from IndusInd Bank and TCS, to be released later in the day amid buying by domestic institutional investors (DIIs) influenced sentiment.

The benchmark Sensex rebounded by 51 points in opening trade today after IT, realty and teck stocks rose on optimistic buying by investors ahead of announcement of quarterly results. The 30-share index rose by 51.78 points, or 0.15 per cent, at 34,484.85, in opening trade with IT, realty, teck, power and auto leading the recovery by rising up to 0.80 per cent. The gauge had shed 10.12 points in the previous session following profit-booking at record levels. Also, the NSE Nifty traded higher by 9.05 points, or 0.08 per cent, at 10,641.25 in the opening trade. Traders said widening of bets by investors ahead of Q3 numbers from IndusInd Bank and TCS, to be released later in the day amid buying by domestic institutional investors (DIIs) influenced sentiment. DIIs bought shares to the tune of Rs 600.24 crore, while Foreign institutiional investors (FIIs) sold shares worth Rs 572.26 crore yesterday, as per the provisional data. Support came from key stocks such as Infosys, ONGC, Tata Motors, Kotak Bank, ITC Ltd, Dr Reddy's, Maruti Suzuki, HDFC Ltd, Adani Ports, Power Grid, Hindustan Unilever and M&M, rising by up to 1.04 per cent. On the other hand, trend at other Asan markets was weak in line with overnight losses at the Wall Street. Japan's Nikkei falling 0.52 per cent while Hong's Hang Seng shed 0.24 per cent in their early trade. China's Shanghai Composite index too was down 0.30 per cent Wall Street fell for the first time in 2018 with the Dow Jones Industrial Average dropping 0.07 per cent yesterday.

Sensex regains 51 points in early trade ahead of earnings

The BSE Sensex hit a fresh record high of 34,487.52 while NSE Nifty touched life-time high of 10,659.15 in the opening session on Tuesday on smart gains in Coal India, Tata Motors and SBI.

Rising for the third straight day, the 30-share index spurted by 134.73 points, or 0.39 per cent, to hit a new peak of 34,487.52.

The gauge gained 559.41 points in previous three sessions to close at a record high at 34,352.79 in Monday&#39;s session. It had also touched an intra-day lifetime high of 34,385.67 in the previous session.

Sectoral indices, led by IT, teck and metal were trading in the positive zone with gains up to 0.22 per cent.

The 50-share NSE Nifty gained 35.55 points, or 0.33 per cent, to scale its lifetime high of 10,659.15. The gauge had touched an intra-day high of 10,631.20 on Monday.

Coal India soared by over seven per cent after its board approved a hike in prices of non-coking coal for power and non-power sectors with immediate effect.

The price hike would boost its revenue by Rs 1,956 crore in the remaining part of the 2017-18 fiscal.

Among other gainers, Wipro, ONGC, Tata Motors, M&amp;M, SBI, Infosys, Hindustan Unilever, Tata Steel, HDFC Ltd, TCS, Axis Bank, Bharti Airtel, Kotak Bank and Maruti Suzuki rose up to two per cent.

Continuous foreign fund inflows and raising of bets by investors amid optimism over third quarterly earnings and upcoming budget helped the key indices to hit record hits, traders said.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 692.83 crore, while domestic institutional investors (DIIs) sold shares worth Rs 206.30 crore yesterday, according to provisional exchange data.

Among other Asian markets, Hong Kong&#39;s Hang Seng gained 0.26 per cent, while Shanghai Composite Index rose 0.13 per cent in their early deals. Japan&#39;s Nikkei too edged higher 0.54 per cent.

The US Dow Jones Industrial Average, however, closed 0.05 per cent lower yesterday.

Rising for the third straight day, the 30-share index spurted by 134.73 points, or 0.39 per cent, to hit a new peak of 34,487.52.

The BSE Sensex hit a fresh record high of 34,487.52 while NSE Nifty touched life-time high of 10,659.15 in the opening session on Tuesday on smart gains in Coal India, Tata Motors and SBI. Rising for the third straight day, the 30-share index spurted by 134.73 points, or 0.39 per cent, to hit a new peak of 34,487.52. The gauge gained 559.41 points in previous three sessions to close at a record high at 34,352.79 in Monday's session. It had also touched an intra-day lifetime high of 34,385.67 in the previous session. Sectoral indices, led by IT, teck and metal were trading in the positive zone with gains up to 0.22 per cent. The 50-share NSE Nifty gained 35.55 points, or 0.33 per cent, to scale its lifetime high of 10,659.15. The gauge had touched an intra-day high of 10,631.20 on Monday. Coal India soared by over seven per cent after its board approved a hike in prices of non-coking coal for power and non-power sectors with immediate effect. The price hike would boost its revenue by Rs 1,956 crore in the remaining part of the 2017-18 fiscal. Among other gainers, Wipro, ONGC, Tata Motors, M&M, SBI, Infosys, Hindustan Unilever, Tata Steel, HDFC Ltd, TCS, Axis Bank, Bharti Airtel, Kotak Bank and Maruti Suzuki rose up to two per cent. Continuous foreign fund inflows and raising of bets by investors amid optimism over third quarterly earnings and upcoming budget helped the key indices to hit record hits, traders said. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 692.83 crore, while domestic institutional investors (DIIs) sold shares worth Rs 206.30 crore yesterday, according to provisional exchange data. Among other Asian markets, Hong Kong's Hang Seng gained 0.26 per cent, while Shanghai Composite Index rose 0.13 per cent in their early deals. Japan's Nikkei too edged higher 0.54 per cent. The US Dow Jones Industrial Average, however, closed 0.05 per cent lower yesterday.

Sensex, Nifty scale fresh record high as Coal India spurts

The BSE Sensex on Friday soared to the life-time high of 34,175.21 and the NSE Nifty scaled the historic 10,562.80 mark in late morning trade as banking, metal and realty stocks advanced following continuous foreign fund inflows and increased buying by domestic institutional investors.

The 30-share Sensex spurted 205 points, or 0.60 per cent, to all-time high of 34,175.21 points, breaching its previous record high (intra-day) of 34,137.97 scaled on December 27.

The gauge had gained 176.26 points in the previous session.

Sentiment got a lift following an improvement in liquidity in the market on sustained inflows by foreign funds amid the government moving forward on its bank recapitalisation programme, brokers said.

The finance ministry yesterday sought Parliament&#39;s nod for extra expenditure of Rs 80,000 crore towards recapitalisation of bad loans-saddled public sector banks through bonds.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 212.05 crore, while Domestic Institutional Investors (DIIs) made purchases worth a Rs 325.24 crore on Thursday, as per provisional exchange data.

Banking behemoth SBI rallied 0.83 per cent while Punjab National Bank gained 1.50 per cent. Bank of Baroda also gained 0.67 per cent. Private peers ICICI Bank, Yes Bank, IndusInd Bank, HDFC Bank and Kotak Bank too rose by up to 3.15 per cent.

All the sectoral indices led by metal, consumer durables and bank, trading in the positive zone with gains of up to 1.41 per cent.

The 50-share Nifty also hit a new high of 10,562.80 by soaring 58 points, or 0.54 per cent. It also cracked previous record (intra-day) of 10,552.40 points reached on December 27.

Globally, in the Asian region, Japan&#39;s Nikkei rose 0.55 per cent, Hong Kong&#39;s Hang gained 0.18 per cent, while China&#39;s Shanghai Composite Index rose 0.23 per cent in their early deals.

The US Dow Jones Industrial Average continued its record-setting run by ending 0.61 per cent higher in yesterday&#39;s trade.

Sentiment got a lift following an improvement in liquidity in the market on sustained inflows by foreign funds.

The BSE Sensex on Friday soared to the life-time high of 34,175.21 and the NSE Nifty scaled the historic 10,562.80 mark in late morning trade as banking, metal and realty stocks advanced following continuous foreign fund inflows and increased buying by domestic institutional investors. The 30-share Sensex spurted 205 points, or 0.60 per cent, to all-time high of 34,175.21 points, breaching its previous record high (intra-day) of 34,137.97 scaled on December 27. The gauge had gained 176.26 points in the previous session. Sentiment got a lift following an improvement in liquidity in the market on sustained inflows by foreign funds amid the government moving forward on its bank recapitalisation programme, brokers said. The finance ministry yesterday sought Parliament's nod for extra expenditure of Rs 80,000 crore towards recapitalisation of bad loans-saddled public sector banks through bonds. Foreign portfolio investors (FPIs) bought shares worth a net of Rs 212.05 crore, while Domestic Institutional Investors (DIIs) made purchases worth a Rs 325.24 crore on Thursday, as per provisional exchange data. Banking behemoth SBI rallied 0.83 per cent while Punjab National Bank gained 1.50 per cent. Bank of Baroda also gained 0.67 per cent. Private peers ICICI Bank, Yes Bank, IndusInd Bank, HDFC Bank and Kotak Bank too rose by up to 3.15 per cent. All the sectoral indices led by metal, consumer durables and bank, trading in the positive zone with gains of up to 1.41 per cent. The 50-share Nifty also hit a new high of 10,562.80 by soaring 58 points, or 0.54 per cent. It also cracked previous record (intra-day) of 10,552.40 points reached on December 27. Globally, in the Asian region, Japan's Nikkei rose 0.55 per cent, Hong Kong's Hang gained 0.18 per cent, while China's Shanghai Composite Index rose 0.23 per cent in their early deals. The US Dow Jones Industrial Average continued its record-setting run by ending 0.61 per cent higher in yesterday's trade.

Sensex, Nifty hit new record high on fund inflows

Indian shares ended lower on Monday, recording their biggest daily percentage fall in a month, with financial and IT stocks leading the losses.

The benchmark BSE Sensex closed down 244.08 points or 0.72 per cent at 33,812.75.

The broader NSE Nifty ended 95.15 points down or 0.90 per cent lower at 10,435.55.

Both the indexes ended 2017 with the biggest annual gain since 2014, with equities on a record-setting run last year.

Pharma stocks edged higher, with Sun Pharmaceutical Industries Ltd up 1.8 percent, among the top percentage gainers.

IT stocks fell, with the Nifty IT index down 0.4 percent after it climbed 12 percent last year.

Most global markets were shut on Monday.

Both the indexes ended 2017 with the biggest annual gain since 2014, with equities on a record-setting run last year.

Indian shares ended lower on Monday, recording their biggest daily percentage fall in a month, with financial and IT stocks leading the losses. The benchmark BSE Sensex closed down 244.08 points or 0.72 per cent at 33,812.75. The broader NSE Nifty ended 95.15 points down or 0.90 per cent lower at 10,435.55. Both the indexes ended 2017 with the biggest annual gain since 2014, with equities on a record-setting run last year. Pharma stocks edged higher, with Sun Pharmaceutical Industries Ltd up 1.8 percent, among the top percentage gainers. IT stocks fell, with the Nifty IT index down 0.4 percent after it climbed 12 percent last year. Most global markets were shut on Monday.

Sensex, Nifty start 2018 on weak note; see worst day in a month

The Sensex surged 112 points to end at a fresh high of&nbsp;33,686 on Friday. The Nifty too hit reached a record of 10,452.50 after rising 29 points.

The 30-stock benchmark had opened at a record high in the morning too&nbsp;as financials gained, while healthcare and energy stocks edged lower as investors took a breather after a prolonged rally.

Investor sentiment has been upbeat in India with the government&rsquo;s recent announcement of a recapitalisation plan for banks.

Shares of Bharti Airtel Ltd surged as much as four per cent during the day to their highest level in over a decade. The stock has risen nearly 78 per cent this year as of Thursday&rsquo;s close.&nbsp;

Among losers, Glenmark Pharmacueticals Ltd fell as much as three per cent as a fall in second-quarter profit and sequential rise in debt concerned analysts.

The Sensex surged 112 points to end at a fresh high of 33,686 on Friday. The Nifty too hit reached a record of 10,452.50 after rising 29 points.

The Sensex surged 112 points to end at a fresh high of 33,686 on Friday. The Nifty too hit reached a record of 10,452.50 after rising 29 points. The 30-stock benchmark had opened at a record high in the morning too as financials gained, while healthcare and energy stocks edged lower as investors took a breather after a prolonged rally. Investor sentiment has been upbeat in India with the government’s recent announcement of a recapitalisation plan for banks. Shares of Bharti Airtel Ltd surged as much as four per cent during the day to their highest level in over a decade. The stock has risen nearly 78 per cent this year as of Thursday’s close. Among losers, Glenmark Pharmacueticals Ltd fell as much as three per cent as a fall in second-quarter profit and sequential rise in debt concerned analysts.

Sensex rises 112 points to end at fresh high

The BSE Sensex fell over 100 points to 32,508.42 at the start of the last trading session of the Samvat year 2073 on Wednesday, hit by muted quarterly earnings by some bluechips and profit booking by participants at record levels.

The trend remained mixed in global markets.

The 30-share index fell by 100.74 points, or 0.31 per cent, to 32,508.42, with banking, PSU, capital goods, auto, healthare and oil &amp; gas stocks dropping up to 6.6 per cent.

The broad-based Nifty slipped from record by falling 29.30 points, 0.29 per cent, to 10,205.15.

Brokers said sentiment turned bearish on unabated foreign fund outflows and lower-than-expected Q2 earnings by some bluechip companies amid profit-booking in recent gainers.

Markets will conduct a special &#39;Muhurat&#39; trading session on Thursday between 1830 hrs and 1930 hrs on the auspicious occasion of Diwali.

Private sector lender Axis Bank plunged 6.64 per cent after it reported spike in the dud loan portfolio due to newer surprises, including an under-reporting found by the Reserve Bank. The bank posted a 38 per cent rise in September quarter net profit at Rs 432 crore on low base effect.

Other losers were ICICI Bank, SBI, Cipla, Lupin, Bajaj Auto, Bharti Airtel, Asian Paint, Tata Motors, Infosys, Sun Pharma and Coal India.

Investors were cautious with today being the last session of Hindu Samvat Year 2073.

Hong Kong&#39;s Hang Seng was down 0.09 per cent while Japan&#39;s Nikkei rose 0.13 per cent in early trade today. Shanghai Composite gained 0.27 per cent.

The US Dow Jones Industrial Average ended 0.18 per cent higher on Tuesday.

The trend remained mixed in global markets.

The BSE Sensex fell over 100 points to 32,508.42 at the start of the last trading session of the Samvat year 2073 on Wednesday, hit by muted quarterly earnings by some bluechips and profit booking by participants at record levels. The trend remained mixed in global markets. The 30-share index fell by 100.74 points, or 0.31 per cent, to 32,508.42, with banking, PSU, capital goods, auto, healthare and oil & gas stocks dropping up to 6.6 per cent. The broad-based Nifty slipped from record by falling 29.30 points, 0.29 per cent, to 10,205.15. Brokers said sentiment turned bearish on unabated foreign fund outflows and lower-than-expected Q2 earnings by some bluechip companies amid profit-booking in recent gainers. Markets will conduct a special 'Muhurat' trading session on Thursday between 1830 hrs and 1930 hrs on the auspicious occasion of Diwali. Private sector lender Axis Bank plunged 6.64 per cent after it reported spike in the dud loan portfolio due to newer surprises, including an under-reporting found by the Reserve Bank. The bank posted a 38 per cent rise in September quarter net profit at Rs 432 crore on low base effect. Other losers were ICICI Bank, SBI, Cipla, Lupin, Bajaj Auto, Bharti Airtel, Asian Paint, Tata Motors, Infosys, Sun Pharma and Coal India. Investors were cautious with today being the last session of Hindu Samvat Year 2073. Hong Kong's Hang Seng was down 0.09 per cent while Japan's Nikkei rose 0.13 per cent in early trade today. Shanghai Composite gained 0.27 per cent. The US Dow Jones Industrial Average ended 0.18 per cent higher on Tuesday.

Sensex drops 100 points on muted earnings, profit booking

The BSE Sensex tanked 440 points to end at an over three-month low of 31,159.81 due to across the board selling by investors ahead of the expiry of September derivatives and weakness in the Rupee amid mixed global cues.

Extending its falling streak for the seventh straight session,&nbsp;the longest losing streak since&nbsp;December 22, the 30-share index fell by 439.95 points, or 1.39 per cent, to settle at 31,159.81 as RIL, HDFC, HDFC Bank, ITC, SBI and L&amp;T dropped.

This is the weakest closing since&nbsp;June 30&nbsp;when it had settled at 30,921.61.

The broader NSE Nifty cracked below the key 9,800-mark. It had regained the key 9,900-mark at the outset, but failed to hold on to the crucial level and dipped below the 9800-mark to hit a low of 9,714.40.

It finally settled down 135.75 points, or 1.38 per cent, at 9,735.75, it lowest closing since&nbsp;August 11&nbsp;when it closed at 9,710.80.

The September futures and options contracts are set to expire&nbsp;tomorrow, which made participants wait and watch.

Sentiments suffered another setback amid expectations of a rate hike by the US Federal Reserve later this year, accelerating the pace of outflows by foreign investors, offsetting unabated buying by DIIs, brokers said.

Escalating North Korean worries too continued to dampen trading sentiments.

In addition, the rupee quoting at over six-month low of 65.75 against the dollar in day trade too dented the sentiment further.

Sensex tumbles 440 pts ahead of F&O expiry, falls for 7th day, longest losing streak

The BSE Sensex tanked 440 points to end at an over three-month low of 31,159.81 due to across the board selling by investors ahead of the expiry of September derivatives and weakness in the Rupee amid mixed global cues. Extending its falling streak for the seventh straight session, the longest losing streak since December 22, the 30-share index fell by 439.95 points, or 1.39 per cent, to settle at 31,159.81 as RIL, HDFC, HDFC Bank, ITC, SBI and L&T dropped. This is the weakest closing since June 30 when it had settled at 30,921.61. The broader NSE Nifty cracked below the key 9,800-mark. It had regained the key 9,900-mark at the outset, but failed to hold on to the crucial level and dipped below the 9800-mark to hit a low of 9,714.40. It finally settled down 135.75 points, or 1.38 per cent, at 9,735.75, it lowest closing since August 11 when it closed at 9,710.80. The September futures and options contracts are set to expire tomorrow, which made participants wait and watch. Sentiments suffered another setback amid expectations of a rate hike by the US Federal Reserve later this year, accelerating the pace of outflows by foreign investors, offsetting unabated buying by DIIs, brokers said. Escalating North Korean worries too continued to dampen trading sentiments. In addition, the rupee quoting at over six-month low of 65.75 against the dollar in day trade too dented the sentiment further.

BSE Sensex tanked 440 points to end at over three-month low

Indian shares clocked a record closing high on Wednesday helped by a rally in auto and realty stocks, while investors awaited a central bank policy meet due this week.

The Nifty ended 0.30 per cent higher at 9,265.15. Earlier in the day, the index hit 9273.9, its highest ever.

The benchmark Sensex closed up 0.21 per cent at 29,974.24 after breaching the 30,000 mark earlier in the session for the first time since March 4, 2015.

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BSE Sensex closed higher by 64 points, or 0.21%, to 29,974, while the Nifty 50 rose 27 points, or 0.30%, to 9,265 (WION)
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(Reuters)

The benchmark Sensex closed up 0.21% at 29,974.24 after breaching the 30,000 mark

Indian shares clocked a record closing high on Wednesday helped by a rally in auto and realty stocks, while investors awaited a central bank policy meet due this week. The Nifty ended 0.30 per cent higher at 9,265.15. Earlier in the day, the index hit 9273.9, its highest ever. The benchmark Sensex closed up 0.21 per cent at 29,974.24 after breaching the 30,000 mark earlier in the session for the first time since March 4, 2015. BSE Sensex closed higher by 64 points, or 0.21%, to 29,974, while the Nifty 50 rose 27 points, or 0.30%, to 9,265 (WION) × (Reuters)

India's Sensex breaches 30k mark, first time in 2 years

People across the country queued up at Automatic Teller Machines (ATM) and gas stations on Tuesday evening after India announced the withdrawal of notes of higher denominations from the financial system from midnight.

In an unscheduled public address, Prime Minister Narendra Modi said INR 500 and 1,000 banknotes were being withdrawn from circulation as part of a crackdown on rampant corruption and counterfeit currency.

Many were caught off-guard by the announcement, especially tourists outside of their&nbsp;home.

&quot;If I didn&#39;t have change... The taxi driver had refused to take 500, so I was saved. But there would be so many people facing problems. This was a simple issue. There can be bigger matters - you have to pay rent, but people will refuse (to accept money). How will you buy things tomorrow?&quot; said Gulzaar, a Mumbai resident who is currently in Delhi.

The surprise step appears designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy, as well as hit the finances of Islamist militants who target India and are suspected of using fake 500 rupee notes to fund operations.

Terming it a &quot;standardisation time for the economy&quot;, Arindam, a resident of southern Chennai city, said the decision had to be sudden in order to achieve maximum impact.

&quot;These decisions need to be surgical, isn&#39;t it. I mean, the motive of the government requires this kind of surgical action,&quot; Arindam said.

Modi&#39;s ruling Bharatiya Janata Party came into power in 2014 promising to bring billions of dollars of black market money into the regular financial system.

Tuesday&#39;s announcement comes just over a month after the government raised nearly $10 billion through a tax amnesty for Indians to declare hidden income and assets.

Many opined though the move was welcome, steps should be taken to ensure people don&#39;t face any difficulty.

&quot;There has to be an alternative. Removing notes all of a sudden (is a bad move). If you go to the market, you can&#39;t be very practical that you will pay with INR 100 notes for things costing INR 500. So there has to be an alternative. Let&#39;s give it a 15-day trial,&quot; said Prateek in central Bhopal city.

Meanwhile, opposition Congress party raised questions on the validity of the move, as INR 2,000 notes were being introduced after withdrawing INR 1,000 notes.

(Reuters)

Many were caught off-guard, others welcomed the move but maintained that steps should be taken to ensure people don't face any difficulty

People across the country queued up at Automatic Teller Machines (ATM) and gas stations on Tuesday evening after India announced the withdrawal of notes of higher denominations from the financial system from midnight. In an unscheduled public address, Prime Minister Narendra Modi said INR 500 and 1,000 banknotes were being withdrawn from circulation as part of a crackdown on rampant corruption and counterfeit currency. Many were caught off-guard by the announcement, especially tourists outside of their home. "If I didn't have change... The taxi driver had refused to take 500, so I was saved. But there would be so many people facing problems. This was a simple issue. There can be bigger matters - you have to pay rent, but people will refuse (to accept money). How will you buy things tomorrow?" said Gulzaar, a Mumbai resident who is currently in Delhi. The surprise step appears designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy, as well as hit the finances of Islamist militants who target India and are suspected of using fake 500 rupee notes to fund operations. Terming it a "standardisation time for the economy", Arindam, a resident of southern Chennai city, said the decision had to be sudden in order to achieve maximum impact. "These decisions need to be surgical, isn't it. I mean, the motive of the government requires this kind of surgical action," Arindam said. Modi's ruling Bharatiya Janata Party came into power in 2014 promising to bring billions of dollars of black market money into the regular financial system. Tuesday's announcement comes just over a month after the government raised nearly $10 billion through a tax amnesty for Indians to declare hidden income and assets. Many opined though the move was welcome, steps should be taken to ensure people don't face any difficulty. "There has to be an alternative. Removing notes all of a sudden (is a bad move). If you go to the market, you can't be very practical that you will pay with INR 100 notes for things costing INR 500. So there has to be an alternative. Let's give it a 15-day trial," said Prateek in central Bhopal city. Meanwhile, opposition Congress party raised questions on the validity of the move, as INR 2,000 notes were being introduced after withdrawing INR 1,000 notes. (Reuters)

Rs 500, Rs 1000 notes pull-out: People scramble to ATMs, gas stations in India

Indian markets are likely to welcome the country&#39;s move to kill off its 500 and 1,000 rupee banknotes on Wednesday - the US&nbsp;presidential election result notwithstanding - as banks&#39;&nbsp;coffers will fill up as people deposit the notes as part of the process.

Analysts also see the move as leading to a softening in inflation.

The surprise step is designed to bring billions of dollars&nbsp;worth of cash in unaccounted wealth into the mainstream economy, as well as dent the finances of Islamist militants who target India and are suspected of using fake 500 rupee notes to fund operations.

Indian Prime Minister Narendra Modi said 500 and 1,000 rupee notes would be withdrawn from circulation starting from midnight, saying it was part of a crackdown on rampant corruption and counterfeit currency.

Real estate firm&#39;s shares such as DLF Ltd are likely&nbsp;to be hit in the near-term given the action could curb property prices, though it will eventually boost demand for housing over the longer-term.

Black money has long been suspected of being steered into real estate, inflating prices.

Any broader market gains could be tempered should Republican candidate Donald Trump win the US&nbsp;election on Tuesday, an outcome that market investors have warned could lead to sell-offs due to doubts about his policies. The results of the election should start filtering through as Indian markets open on Wednesday.

The head of the Reserve Bank of India, Urjit Patel, said he saw no impact on liquidity in the wholesale market and that the bank had ramped up production of the new series of notes over the last few months.

&quot;If you look at India&#39;s economy point of view it&#39;s a very good measure,&quot; said Saravana Kumar, chief investment officer, LIC Mutual Fund.

Traders said bank shares would likely be the main beneficiaries as Indians hand in their bigger notes, thereby improving their near-term liquidity.

Cash positions will ease, however, as India issues new 500 rupee bills as well as higher-denomination 2,000 rupee bills to replace the retired ones.

Analysts said that the move could also lead to easing inflation as the government&#39;s push against black money is likely to push transactions into the formal economy, leading to more transparency. The exact impact would be difficult to gauge given uncertainty over the scale of illicit funds, they said.

The Reserve Bank of India unexpectedly cut the repo lending rate last month citing easing inflation, and it is seen as potentially lowering it again early next year should growth in retail prices continue to ease.

The prime minister announced a 50-day window from November 10 to December 30 for those having these notes to deposit them in their bank and post office accounts &quot;without any limit&quot;.

He also said that new notes of Rs 2000 and Rs 500, with completely new design, will be introduced. Officials said such notes have already been reached to banks to prepare for their circulation from November 10.

&quot;Based on past experience, the RBI will hereafter make arrangements to limit the share of high denomination notes in the total currency in circulation,&quot; Modi said.

Banks will remain closed tomorrow and ATMs will also not function tomorrow and in some places on November 10 also.

In the first few days, there will be a withdrawal limit of Rs 2000 per day per ATM card. This will be raised to Rs 4000 later.

Similarly, keeping in mind the supply of new notes, in the first few days, there will be a limit of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days.

Banks will open additional counters and work for additional hours to deal with the rush of people wanting to deposit or change notes.

Officials said there were 6.7 billion pieces of Rs 1,000 notes in circulation and 16.5 billion pieces of Rs 500.

&quot;There comes a time in the history of a country&#39;s development when a need is felt for a strong and decisive step,&quot; he said, asking political parties, all governments, social organisations and media to participate in the war against black money &quot;with enthusiasm to make it a success&quot;.

He conceded that there could some inconvenience to people in implementing the measures and asked them to bear with it.

Modi&#39;s ruling Bharatiya Janata Party came into power in 2014 promising to bring black market money into the regular financial system, but critics said it had failed, with government data showing the cash economy outpacing the formal economy.

Caught by surprise

Some officials and experts said Tuesday&#39;s move was the biggest in decades aimed at fighting graft.

The head of a state-run bank said it was not fully prepared for the change.

&quot;This is news for us also. I&#39;m not aware how much stock we have in our chest. The Reserve Bank will have to provide us with required cash to meet the demand. The demand will be very high no doubt,&quot; said the bank chief, who did not want to be named as he was still awaiting details.

Government data show circulation of current notes has outpaced the expansion in India&#39;s economy.

In the past five years, circulation of all currency notes grew 40 per cent, compared with 30 per cent growth in Asia&#39;s third-largest economy.

The growth in 500 and 1,000 rupee banknotes was even steeper; 500 rupee notes grew 76 percent between 2011 and 2016, while in the same period, 1,000 rupee notes rose by 109 per cent.

The head of the country&#39;s largest government-owned lender, State Bank of India, said she had just been advised about the government&#39;s decision.

&quot;We have handled demonetisation earlier and will do so again. Tomorrow banks will remain closed in order to withdraw these notes from counters and ATMs. We will strive to restock ATMs at the earliest and make them operational,&quot; said chairman Arundhati Bhattacharya.

(WION with agencies)

The surprise step is designed to bring billions of dollars?worth of cash in unaccounted wealth into the mainstream economy

Indian markets are likely to welcome the country's move to kill off its 500 and 1,000 rupee banknotes on Wednesday - the US presidential election result notwithstanding - as banks' coffers will fill up as people deposit the notes as part of the process. Analysts also see the move as leading to a softening in inflation. The surprise step is designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy, as well as dent the finances of Islamist militants who target India and are suspected of using fake 500 rupee notes to fund operations. Indian Prime Minister Narendra Modi said 500 and 1,000 rupee notes would be withdrawn from circulation starting from midnight, saying it was part of a crackdown on rampant corruption and counterfeit currency. Real estate firm's shares such as DLF Ltd are likely to be hit in the near-term given the action could curb property prices, though it will eventually boost demand for housing over the longer-term. Black money has long been suspected of being steered into real estate, inflating prices. Any broader market gains could be tempered should Republican candidate Donald Trump win the US election on Tuesday, an outcome that market investors have warned could lead to sell-offs due to doubts about his policies. The results of the election should start filtering through as Indian markets open on Wednesday. The head of the Reserve Bank of India, Urjit Patel, said he saw no impact on liquidity in the wholesale market and that the bank had ramped up production of the new series of notes over the last few months. "If you look at India's economy point of view it's a very good measure," said Saravana Kumar, chief investment officer, LIC Mutual Fund. Traders said bank shares would likely be the main beneficiaries as Indians hand in their bigger notes, thereby improving their near-term liquidity. Cash positions will ease, however, as India issues new 500 rupee bills as well as higher-denomination 2,000 rupee bills to replace the retired ones. Analysts said that the move could also lead to easing inflation as the government's push against black money is likely to push transactions into the formal economy, leading to more transparency. The exact impact would be difficult to gauge given uncertainty over the scale of illicit funds, they said. The Reserve Bank of India unexpectedly cut the repo lending rate last month citing easing inflation, and it is seen as potentially lowering it again early next year should growth in retail prices continue to ease. The prime minister announced a 50-day window from November 10 to December 30 for those having these notes to deposit them in their bank and post office accounts "without any limit". He also said that new notes of Rs 2000 and Rs 500, with completely new design, will be introduced. Officials said such notes have already been reached to banks to prepare for their circulation from November 10. "Based on past experience, the RBI will hereafter make arrangements to limit the share of high denomination notes in the total currency in circulation," Modi said. Banks will remain closed tomorrow and ATMs will also not function tomorrow and in some places on November 10 also. In the first few days, there will be a withdrawal limit of Rs 2000 per day per ATM card. This will be raised to Rs 4000 later. Similarly, keeping in mind the supply of new notes, in the first few days, there will be a limit of Rs 10,000 per day and Rs 20,000 per week. This limit will be increased in the coming days. Banks will open additional counters and work for additional hours to deal with the rush of people wanting to deposit or change notes. Officials said there were 6.7 billion pieces of Rs 1,000 notes in circulation and 16.5 billion pieces of Rs 500. "There comes a time in the history of a country's development when a need is felt for a strong and decisive step," he said, asking political parties, all governments, social organisations and media to participate in the war against black money "with enthusiasm to make it a success". He conceded that there could some inconvenience to people in implementing the measures and asked them to bear with it. Modi's ruling Bharatiya Janata Party came into power in 2014 promising to bring black market money into the regular financial system, but critics said it had failed, with government data showing the cash economy outpacing the formal economy. Caught by surprise Some officials and experts said Tuesday's move was the biggest in decades aimed at fighting graft. The head of a state-run bank said it was not fully prepared for the change. "This is news for us also. I'm not aware how much stock we have in our chest. The Reserve Bank will have to provide us with required cash to meet the demand. The demand will be very high no doubt," said the bank chief, who did not want to be named as he was still awaiting details. Government data show circulation of current notes has outpaced the expansion in India's economy. In the past five years, circulation of all currency notes grew 40 per cent, compared with 30 per cent growth in Asia's third-largest economy. The growth in 500 and 1,000 rupee banknotes was even steeper; 500 rupee notes grew 76 percent between 2011 and 2016, while in the same period, 1,000 rupee notes rose by 109 per cent. The head of the country's largest government-owned lender, State Bank of India, said she had just been advised about the government's decision. "We have handled demonetisation earlier and will do so again. Tomorrow banks will remain closed in order to withdraw these notes from counters and ATMs. We will strive to restock ATMs at the earliest and make them operational," said chairman Arundhati Bhattacharya. (WION with agencies)

Indian markets likely to welcome withdrawal of Rs 500, Rs 1000 denomination currency notes

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