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In this leadership transition at @YESBANK, I continue to remain fully committed to the interests of the Bank and all its stakeholders. I will be fully guided by the Board of Directors of YES BANK and the Reserve Bank of India
— Rana Kapoor (@RanaKapoor_) September 28, 2018
Indian equity benchmarks were on track to log worst monthly drop in over two-and-a-half years. The Nifty 50 Index has so far this month slumped 7 percent and the Sensex has plunged 6.83 percent.
The Gandhinagar-based e-commerce website operator extended losses and slumped as much as 66 percent or Rs 133 to Rs 68 on heavy volumes.
Trading volume was 25.3 times its 20-day average, according to data compiled by Bloomberg.
As many as 1.4 crore shares changed hands on the BSE compared with an average of 10.87 lakh shares traded daily in the past two weeks.
Finance Minister Arun Jaitley while briefing media after GST Council meet said government will meet its GST revenue target.
Key highlights of the briefing:
Buyers and sellers were not immediately known
Source: Bloomberg
Indian equity benchmarks edged higher led by State Bank of India, HDFC and Tata Motors.
The S&P BSE Sensex rose 0.2 percent or 85 points to 36,418 and the NSE Nifty 50 Index advanced 0.2 percent or 24 points to 11,001.
Twelve of 19 sector gauges compiled by BSE fell led by the S&P BSE Metal Index's 2.7 percent drop. On the other hand, the S&P BSE Energy Index was top gainer, up 0.5 percent.
The overall market breadth was extremely negative as 1,564 shares were declining while 702 were advancing on the BSE.
Bank Nifty's 25,500 call option contract was among the most active option contracts on the National Stock Exchange.
Premium on the contract rose 24 percent to Rs 111.35. As many as 2.96 lakh shares were added to the open interest which stood at 8.89 lakh shares.
Buyers and sellers were not immediately known
Source: Bloomberg
Shares of GAIL India and Gujarat State Petronet rose after the regulator Petroleum & Natural Gas Regulatory Board increased tariffs for some pipelines.
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Shares of Ircon International, a state-run railway company, made a weak stock market debut.
The stock opened for trading at a discount of 13.26 percent at Rs 412 per share on the National Stock Exchange compared with its issue price of Rs 475 per share.
The Rs 470-crore initial public offer by Ircon International saw huge demand for its shares as it was subscribed 10 times on the final day of bidding.
Shares of the Kolkata-based cement and cast-iron pipes manufacturer rose as much as 8.74 percent to Rs 72.80.
Kesoram Industries received approval from the Karnataka government for acquisition of 675 acres of land for mining activities, according to an exchange filing. The company said that the acquisition would augment its existing reserves of limestone.
Shares of the Pune-based non-banking finance company extended decline and fell as much as 3.96 percent to Rs 2,117 after Morgan Stanley cut its target price on the stock by 20%.
Morgan Stanley maintained its 'equalweight' stance on the stock but cut its target price to Rs 2,300 from Rs 2,875. Despite the recent pullback, valuation is still steep, which keeps us on the sidelines, the international brokerage said in a note.
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Good Morning!
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded 0.4 percent higher to 11,088.50 as of 8:10 a.m.
Asian stocks rounded out a volatile month with gains on Friday, with Japanese shares outperforming. Shares in Hong Kong and Australia also gained, with Chinese shares nudging higher, though Korean equities slipped.
Short on time? Well, then listen to this podcast for a quick summary before the opening bell
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