Closing Bell: Sensex ends 150 pts higher, Nifty below 10,800; auto, bank stocks top gainers

Market at close: Benchmark indices ended the volatile session on positive note on Thursday with Nifty ended below 10,800 level.

The Sensex was up 150.57 points or 0.42% at 35929.64, while Nifty was up 53.90 points or 0.50% at 10791.50. About 1470 shares have advanced, 1055 shares declined, and 135 shares are unchanged. 

Wipro, Kotak Mahindra Bank, Infosys, Maruti Suzuki and Tata Motors are the top gainers on the Sensex, while Yes Bank, Sun Pharma, TCS, Tata Steel and Coal India are among major losers.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-sensex-ends-150-pts-higher-nifty-below-10800-auto-bank-stocks-top-gainers-3285011.html

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Nifty above 10,800, Sensex gains over 200 pts; rate cut hope lifts banks, NBFCs

  

Nifty Reclaims 10,800 Levels:

Benchmark indices rallied sharply in opening on Thursday, continuing uptrend for third straight session after retail inflation and IIP data.

The Sensex rose 233.07 points to 36,012.14 and the Nifty gained 68.30 points at 10,805.90. 

SBI, Vedanta, JSW Steel, Indiabulls Housing Finance, Yes Bank, HUL, Maruti Suzuki, HPCL and Bajaj Finserv were early gainers.

UPl, Kotak Mahindra Bank, Tech Mahindra, Lupin, Sun Pharma and Cipla were under pressure.

Nifty Midcap gained 116 points and Nifty Bank rallied 176 points.

Bandhan Bank, Indian Bank, Bank of India, Edelweiss Financial, Corporation Bank, ICICI Prudential Life, AU Small Finance Bank, Jet Airways and InterGlobe Aviation, MTNL, SpiceJet and Titagarh Wagons were early gainers among broader space.

Rupee Extends Gains

The rupee appreciated by 45 paise to 71.56 in morning after the new RBI governor Shaktikanta Das took charge and stressed on the need of a consultative approach to tackle pressing economic issues.

Forex traders said a higher opening of domestic equity markets and weakening of the US dollar against some currencies overseas boosted the local unit.

"The new RBI governor's first speech confirms our initial impression that he is likely to be more communicative and consultative in his approach, which is a positive," Japanese financial services major Nomura said in a research note. Source: PTI

Source:https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-nifty-above-10800-sensex-gains-over-200-pts-rate-cut-hope-lifts-banks-nbfcs-3285011.html

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Opening Bell

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Closing Bell: Bulls take charge on D-Street as Sensex ends 629 pts higher; Nifty above 10,700

Market at Close: Bulls took charge right from the word go and consistently traded in the green. But intense buying in the last hour helped the market end on an even stronger note. The Nifty, not only managed to clock 10,700, but also closed above this mark. 

Buying was visible across all sectors, with maximum gains seen among automobiles, metals, banks, infrastructure and consumption names. In the broader market, the Nifty Midcap index ended 3 percent higher. 

At the close of market hours, the Sensex closed up 629.06 points or 1.79% at 35779.07, while the Nifty rose 188.40 points or 1.79% at 10737.60. The market breadth was positive as 1,882 shares advanced, against a decline of 645 shares, while 139 shares were unchanged.

Hero MotoCorp, Bharti Airtel, and Indiabulls Housing gained the most, while Dr Reddy’s Laboratories, and Bharti Infratel lost the most.

Source:https://www.moneycontrol.com/news/business/markets/share-market-updates-bse-nse-closing-bell-bulls-take-charge-on-d-street-as-sensex-ends-629-pts-higher-nifty-above-10700-3280341.html

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Govt may tighten rules for companies not spending CSR funds: Report

Companies not spending their entire corporate social responsibility (CSR) corpus and diverting funds to their balance sheets will now have to declare the amount not spent in their annual report, according to a report by The Hindu Business Line.

Moreover, companies will have to transfer the unspent funds to a separate bank account and spend it within three years, the news daily reported.

These new restrictions on CSR funds are part of a list of proposed amendments to the Companies Act, 2013, that the government will take up during the Winter session of Parliament, sources told the paper.

The amendment may make CSR spending mandatory, as against the current practice of either 'complying' (spending) or 'explaining' why the funds were not spent.

The Corporate Affairs Ministry recently announced that it is examining the records of the top 1,000 companies that were required to spend under their CSR initiative.

Disclosures by 77 companies for FY18 showed unspent amounts equalling a third of their prescribed CSR spending, data from PRIME Database revealed. Median spending of companies has slightly improved over the years to 69.98 percent of the total corpus in FY18, from 42.33 percent in FY15.

Of the 6,286 companies under government scrutiny, most firms reportedly spent less than the mandated amount in April-November of 2016-17, the news daily reported. About 2,203 firms spent more than the required amount during the same period.

A high-level committee recently set-up to strengthen CSR norms has proposed amendments to the existing guidelines.

"The amendments seem to force companies to spend money earmarked towards CSR rather than letting them accrue it on the balance sheet. Keeping the money reserved but unspent does not serve any purpose," a legal expert told the paper

Source:https://www.moneycontrol.com/news/business/govt-may-tighten-rules-for-companies-not-spending-csr-funds-report-3275661.html

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