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Market LIVE: SBI to Yes Bank’s rescue; govt said to approve plan to buy equity stake; Sensex, Nifty volatile – The Financial Express

Barring Nifty Media and Nifty Realty index, all the sectoral indices were trading higher. Nifty FMCG was the top sectoral gainer.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Struggling Yes Bank may finally have state-run State Bank of India come as a saviour. The government has approved a plan for SBI to buy an equity stake in the private lender Yes Bank, according to the agency reports. Following this, YES Bank share prices spiked over 13 per cent to Rs 34 apiece on BSE. Meanwhile, SBI shares slumped over 3 per cent, but soon recovered to swing back to green. The government has also given an approval to India’s largest bank SBI to lead the consortium to bail out Yes Bank, and choose other partners in the consortium. Yes Bank, which has been grappling with financial and operational troubles for quite a while now, has repeatedly failed to raise capital and calm the nerves.

Domestic equity market benchmarks Sensex and Nifty were trading over a per cent higher on Thursday in a volatile session led by buying in index heavyweights such as TCS, Infosys, HUL and Kotak Mahindra Bank. At index level, Kotak Mahindra Bank was top Sensex gainer, up 3.19 per cent, followed by HCL Tech, HUL, and TCS. Conversely, RIl and HDFC were the only laggards on the index. Barring Nifty Media and Nifty Realty index, all the sectoral indices were trading higher. Nifty FMCG was the top sectoral gainer, with a growth of 514 points or 1.76 per cent led by buying in HUL, Britannia and Godrej Consumer properties. Similarly, Nifty IT index was also trading higher driven by gains in HCL Tech, TCS and Wipro.

Vodafone Idea share price declined over 7 per cent to Rs 3.31 apiece on BSE a day after the Department of Telecommunications (DoT) sent fresh notices to telecom operators on pending adjusted gross revenue (AGR) dues.

Yes Bank share price gained over 19 per cent to Rs 34.95 apiece on Thursday after the government approved a plan for State Bank of India (SBI) to lead a consortium that will buy a stake in the private lender.

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Kotak Mahindra Bank share price spikes over 3 per cent to Rs 1660 apiece on BSE in Thursday’s trade.

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SBI has been given go-ahead to form the consortium for private lender Yes bank stake buy, according to agency report. Yes bank shares surged over 12 per cent to Rs 33 apiece on BSE in Thursday’s trade.Check live prices: Yes Bank

State Bank of India (SBI) shares fell sharply after reports of government asking the bank to form a consortium for private lender Yes Bank stake buy. SBI shares were trading over 3 per cent lower at 277 apiece on BSE.

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Yes Bank share price jumps on news that the government has approved a plan for State Bank of India to buy equity stake in the beleaguered private lender. Yes Bank shares are now trading up over 10% at Rs 32.35.

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Erasing most of the opening gains, domestic equity market benchmarks Sensex and Nifty were trading flat to positive on Thursday. HUL, TCS, HCL Tech and Infosys were among major index contributors. S&P BSE Sensex was trading 55 points or 0.14 per cent higher at 38,465 points, while the broader Nifty 50 index was ruling flat at 11,257 points. “Markets are currently witnessing roller-coaster ride and we do not see this ending anytime soon. Traders have no option but to align their trades accordingly and prefer hedged bets,” Ajit Mishra, VP – Research, Religare Broking Ltd said.

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UN economists announced a likely USD 50 billion drop in worldwide manufacturing exports in February alone as the extent of the damage to the global economy caused by novel coronavirus COVID-19 moved further into focus. Citing the China Manufacturing Purchasing Manager’s Index (PMI), Pamela Coke-Hamilton, who heads UNCTAD’s Division on International Trade and Commodities, said that it had fallen to 37.5 – a drop of about 20 points – the lowest reading since 2004.

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Global rating agency Moody’s Investor Service downgraded Bank of Baroda (BoB) baseline credit assessment (BCA) and adjusted it to ba3 from ba2. After this move, share price of the bank slipped 1.3%.

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Vodafone Idea share price slipped as much as 6.68 per cent to Rs 3.35 apiece on BSE in Thursday’s trade.

As many as 23 stocks were trading in green today. Tata Steel was the top Sensex gainer with a growth of 1.78 per cent, followed by HCL tech, Sun Pharma, HUL and Bajaj Finance. On the flip side, ICICI Bank was the top index loser, down 1.06 per cent. M&M, LT, HDFC and Maruti were among other laggards on the index.

S&P BSE Sensex was trading 198 points or 0.52 per cent higher at 38,608, while the broader Nifty 50 index was ruling at 11,310, up 60 points or 0.53 per cent.

The department of telecommunications (DoT) on Wednesday issued notices to all the telecom companies, including Bharti Airtel, Vodafone Idea and Tata Teleservices, asking them to pay the remaining adjusted gross revenue (AGR) dues as per the Supreme Court order or submit documents explaining their self-assessment calculations. According to sources, notices were issued even to those firms which are undergoing insolvency proceedings. Bharti Airtel has deposited a total of Rs 18,004 crore towards AGR dues while Tata Teleservices has paid Rs 4,197 crore.

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On Wednesday, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 878 crore while domestic institutional investors (DIIs) were net buyers to the tune of Rs 764 crore, as per the NSE data.

Indian markets could open flat today despite US indices rising sharply on Wednesday and positive Asian markets today. Indian markets ended with modest losses on Wednesday after a sharp recovery in the late afternoon session amidst volatile trade. The Nifty lost 52.3 points or 0.46% to close at 11,251. Technically, while the Nifty has bounced back from the lows, the short term trend remains down. The Nifty will have to convincingly cross the recent highs of 11433 to reverse the downtrend, says Deepak Jasani- Head Retail Research, HDFC Securities.

SBI Cards and Payment Services IPO saw a bumper response from institutional bidders on the third day with Qualified Institutional Investors alone putting in bids worth over Rs 1 lakh crore. The quota reserved for QIBs was massively oversubscribed — 57 times — with bids worth about Rs 1.04 lakh crore pouring in against Rs 1,830 crore worth of shares on offer for them. SBI Cards public issue will remain open for another day for bidding only by retail individual investors and high net-worth individual investors. The entire issue size is Rs 10,350 crore, including about Rs 2,500 crore raised from anchor investors.

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Bank stocks came under pressure on Wednesday, with the Nifty PSU Bank Index falling to its lowest level in eleven years. The PSU Bank index closed 0.81% lower at 1,865.90 points. Shares of private banks were hammered as foreign portfolio investors continued pare holdings in a risk-off trade. Foreign portfolio investors have sold shares worth $2.3 billion in the last eight sessions through Wednesday.

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Equity markets on Wednesday slipped into the red after Union health minister Harsh Vardhan confirmed that the number of novel coronavirus cases has risen to 28 in India. The decline in equity markets comes despite positive global cues on the back of Fed rate cuts. The benchmark Sensex declined 214.22 points, or 0.55%, to close at 38,409.48 points.

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