Tag: bse

Failure at NSE clearing arm led to Feb outage, says RBI – Times of India

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MUMBAI: In a revelation, the RBI on Friday said that shutting down of the system at NSE Clearing (NCL) had led to the day-long trading blackout at the bourse on February 24.
Since the trading halt on NSE, the country’s largest exchange, it was believed that the trouble originated at two telecom service providers that led to stoppage of trading. The trading session was extended by one and half hours till 5pm to mainly help investors limit their losses after consultations among the government, Sebi, NSE and BSE, depositories and clearing corporations.
The major issue was the ineffectiveness of interoperability because of shutting down of the NCL, the RBI said in its ‘state of the economy bulletin’. “While NSE’s trades are cleared by NCL, trades on the BSE are cleared through Indian Clearing Corporation. In 2018, Sebi had announced interoperability between these two clearing corporations to help brokers consolidate their clearing and settlement functions at a single clearing house, irrespective of the stock exchange on which the trade is executed,” the central bank said in the report.
During the February 24 trading outage, NSE said that it had “multiple telecom links with two service providers to ensure redundancy and we have received communication from both the telecom service providers that there are issues with their links due to which there is an impact on the NSE system”.
“Another important failure was the inability to switch operations to the disaster recovery site,” the RBI said. “Robust risk management system encompassing disaster management and recovery are essential components for the smooth functioning of a stock exchange,” it noted.
The central bank also flagged that according to brokers, timely communication and clarification (from the NSE) could have averted the panic selloff by online traders on the BSE and prevented huge losses to investors.
Allowing Nifty and the sensex to trade on all the stock exchanges, extension of interoperability to include usage of trading infrastructure of another exchange and allowing entry of more exchanges to increase competition may need to be considered, besides focusing on strengthening of risk management frameworks at the exchanges,” the RBI noted.
A day after the NSE’s trading blackout, Association of National Members of India, a pan-India association of brokers had suggested that contracts on Nifty and the sensex should be allowed to be traded on both the leading bourses of India. Currently, while Nifty is traded only on the NSE, the sensex is traded only on BSE.
After the NSE blackout, finance minister Nirmala Sitharaman had said that it had cost the country and lessons were being learnt. Around the same time Sebi also set up a technical committee for a ‘root cause analysis’ of the failure.

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Market stages sharp recovery; Sensex rebounds 642 points

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Snapping its five-session losing streak, equity benchmark Sensex rebounded 642 points on Friday, led by gains in index majors RIL, HUL and ICICI Bank despite negative cues from global markets.

After opening with significant losses, the 30-share BSE index made a U-turn to end 641.72 points or 1.30 % higher at 49,858.24. The broader NSE Nifty surged 186.15 points or 1.28 % to finish at 14,744.

NTPC was the top gainer in the Sensex pack, rallying over 4 %, followed by HUL, PowerGrid, Reliance Industries, ITC, UltraTech Cement and Bajaj Finance.

On the other hand, L&T, Tech Mahindra, Bajaj Auto and Titan were among the laggards.

“Despite weak global cues, domestic equities recovered sharply today after five days of back-to-back fall,” said Binod Modi, Head – Strategy at Reliance Securities.

Notably, a sharp recovery in FMCG, pharma, metals and Reliance Industries helped benchmark indices to recover from initial losses.

Moderate contraction in bond yields offered support to domestic equities despite prevailing concern of rise in daily COVID-19 cases, he said, adding that the recent spike in new infections is unlikely to dent the improved prospects of economic recovery meaningfully.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a negative note.

Stock exchanges in Europe were also trading with losses in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 1.36 % higher at USD 64.14 per barrel.

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Sensex tanks over 600 points in early trade; Nifty slips below 14,400

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ONGC was the top loser in the Sensex pack.

Equity benchmark Sensex tanked over 600 points in early trade on Friday, tracking losses in HDFC Bank, L&T and Reliance Industries amid negative cues from global markets.

The 30-share BSE index was trading 617.10 points or 1.25 % lower at 48,599.42, and the broader NSE Nifty fell 201.35 points or 1.38 % to 14,356.50.

ONGC was the top loser in the Sensex pack, slumping around 5 %, followed by L&T, Bajaj Finance, M&M, Maruti, SBI, Titan, HDFC twins and Reliance Industries.

On the other hand, Kotak Bank, Bharti Airtel and PowerGrid were the gainers.

In the previous session, Sensex ended 585.10 points or 1.17 % lower at 49,216.52, and Nifty slumped 163.45 points or 1.11 % to 14,557.85.

Foreign institutional investors (FIIs) were net buyers in the capital market on Thursday as they bought shares worth ₹ 1,258.47 crore, as per exchange data.

Domestic equities do not look inspiring for the day. Intensifying concerns pertaining to the recent surge in coronavirus cases in various parts of the country have clearly dented investors’ sentiments in domestic markets, said Binod Modi Head-Strategy at Reliance Securities.

Further, a sharp spike in USA treasury yields and inflationary concerns also weighed on sentiments, he noted.

“US equities finished sharply lower yesterday as investors dealt with twin threats of rising bond yields and sliding oil prices. 10-Year US Treasury yield surged 9 bps on Thursday to 14-month high to 1.73 % despite Federal Reserve maintaining its dovish stance on interest rates,” Mr. Modi added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.16 % higher at USD 63.38 per barrel.

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Top Stocks for Investors Today

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The stock market on Thursday, March 18, ended in negative for the fifth consecutive session where both the BSE Sensex and NSE Nifty lost over 1 percent. The indices on Friday, March 19, following the same trend are likely to open lower as at 7:20 am the SGX Nifty was trading at 67.50 points or 0.46 percent lower at 14,528.00. On March 18, The BSE Sensex shed 585.10 points or 1.17 percent to close at 49,216.52. Similarly, the NSE Nifty fell 163.45 points or 1.11 percent to settle the day at 14,216.52.

Top stock to look for the day:

GAIL India: A concession agreement has been signed between GAIL India and Ranchi Municipal Corporation for setting up a compressed biogas plant in Ranchi.

IT Stocks: Accenture registered an 8 percent growth at USD 12 billion for the 2021 February quarter. Driven by digital, the company also increased its guidance for FY21 to 6.5-8.5 percent.

Godrej Industries: ‘AA’ rating has been assigned to the company’s proposed issue of non-convertible debentures of up to Rs 1,500 crore by ICRA, the company has informed.

Easy Trip Planners: On March 19 the shares of the company will be listed on the exchanges.

Tata Steel: The officials of the company will on March 22 interact with Investec Capital Service and Neuberger Berman and on March 23 will attend 24th Credit Suisse Asian Investment Conference.

Future Retail: A special leave petition filed by Amazon in the case involving the Future Retail- Reliance Industries deal will be heard by the Supreme Court in the last week of April 2021.

Deepak Nitrite: Long-term rating outlook for bank loan facilities of Rs 750 crore of the company has been upgraded by the rating agency CRISIL from ‘AA-/Positive’ to ‘AA/Stable.

Indo Count Industries: Expansion of the company’s bed linen capacity by around 20 percent from its existing annual capacity of 90 million meters to 108 million meters has been approved by the Indo Count Industries’ project management committee by debottlenecking and balancing its facilities.

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Sensex Sinks for 5th Day as Second Covid-19 Wave Fears Outweigh Dovish Fed

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Equity benchmarks spiralled lower for the fifth consecutive session on Thursday as a resurgence in COVID-19 cases in multiple states fanned fears of a second wave of the pandemic, even as global markets darted up after the US Fed reiterated its dovish stance. After rallying nearly 500 points earlier in the day, the 30-share BSE Sensex succumbed to selling pressure in afternoon trade to close at 49,216.52, down 585.10 points or 1.17 per cent. Similarly, the broader NSE Nifty slumped 163.45 points or 1.11 per cent to finish at 14,557.85.

The Sensex has now lost 2,062.99 points in five sessions, while the Nifty has shed 616.95 points. After rising for the past few days, IT stocks bore the brunt of profit-booking in Thursday’s session. HCL Tech was the top loser in the Sensex pack, shedding 3.97 per cent, followed by Infosys, Dr Reddy’s, TCS, Tech Mahindra, Reliance Industries and NTPC.

On the other hand, ITC, Bajaj Auto, M&M, Maruti and Bharti Airtel were among the gainers, rising up to 3.25 per cent. Traders said rising COVID-19 cases in various parts of the country and reimposition of localised restrictions have unnerved investors. “Having seen a brisk gap-up opening on positive global cues, domestic equities fell sharply for the fifth consecutive day as sharp rise in coronavirus cases in the country made investors jittery. The mounting concerns of possible fresh economic restrictions made enthusiasm of dovish commentary from Federal Reserve short lived for domestic markets.

“Additionally, a fresh spike in 10-year US Treasury yield to 1.72 per cent also weighed on investors’ sentiments. Notably, investors’ wealth got eroded by over Rs 3 lakh crore today and around Rs9 lakh crore in last five trading days,” said Binod Modi, Head Strategy at Reliance Securities. BSE IT, teck, energy, healthcare, realty and capital goods indices lost as much as 3.02 per cent, while telecom and FMCG managed to finish higher. Broader BSE midcap and smallcap indices fell up to 1.58 per cent.

After its two-day policy meeting, the US Federal Reserve reassured investors that it expects to keep its key interest rate near zero through 2023, as it projected robust growth of the US economy this year. Stock exchanges on Wall Street ended with gains in the overnight session. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note. Bourses in Europe were also trading higher in mid-session deals. However, a spike in US treasury yields cast a cloud over global market sentiment.

Meanwhile, the global oil benchmark Brent crude was trading 0.40 per cent lower at USD 67.73 per barrel. The rupee erased some of its initial gains to end 2 paise higher at 72.53 against the US dollar. Foreign institutional investors remained net buyers in the capital market as they bought shares worth Rs 2,625.82 crore on Wednesday, according to exchange data.

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Top Stocks for Investors on March 18

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The stock market on Wednesday, March 17, gave a negative closing for the fourth consecutive session where the BSE Sensex fell below the 50,000 mark, while the NSE Nifty stood below 14,800. The indices on Thursday, March 18, on the contrary are likely to give a positive start as at 7:10 am the SGX Nifty was trading at 172.00 points or 1.16 percent higher at 14,943.50. On March 17, The BSE Sensex shed 562.34 points or 1.12 percent to close at 49,801.62. Similarly, the NSE Nifty fell 189.15 points or 1.27 percent to settle the day at 14,721.30.

Top stock to look for the day:

IRCTC: Indian Railway Catering and Tourism Corporation has informed that there has been no major impact of terminations of mobile catering contracts in the FY 2020-21.

Indian Oil Corporation: A joint venture has been formed by the company with Israel’s Phinergy to manufacture Aluminum Air systems in India and recycle used Aluminum to strengthen India’s energy security.

Punjab National Bank: A subsidiary PNB Cards and Services has been incorporated by the bank to undertake the non-financial support services related to the credit card business of the bank.

HFCL: An order worth Rs 221.16 crore has been bagged by the optical fibre cable manufacturer HFCL from Uttar Pradesh Metro Rail Corporation.

Bharat Heavy Electricals: BHEL has informed that the company has emerged as the lowest bidder for the Rs 10,800 crore fleet mode tender floated by the Nuclear Power Corporation of India (NPCIL) for the 6×700 MW Turbine Island package projects.

HPCL: Shuchi Anant Virya has partnered with HPCL to set up a pan-India network of public electric vehicle charging points at its retail outlets.

SBI Cards and Payment Services: 4.25 percent stake has been divested by CA Rover Holdings in SBI Cards and Payment Services for Rs 3,943 crore.

Indian Metals and Ferro Alloys: ICRA has upgraded the credit rating on the company’s long-term and short-term loan facilities from the banks, informed Indian Metals and Ferro Alloys.

Union Bank of India: To offer online trading services to its customers the bank has partnered with retail brokerage house SMC Global Securities.

Bajaj Finance: On March 19, officials of the company will interact with Columbia Threadneedle Investments and on March 22 with Arohi Asset Management and ICICI Prudential Mutual Fund.

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Sensex tanks 562 pts; Nifty cracks below 14,800

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Dropping for the fourth straight session, equity benchmark Sensex tumbled 562.34 points on Wednesday following losses in index majors Reliance Industries, HDFC Bank and ICICI Bank amid a weak trend in global markets ahead of the US Federal Reserve’s policy outcome.

After a volatile session, the 30-share BSE index tanked 562.34 points or 1.12 % to close at 49,801.62. The broader NSE Nifty slumped 189.15 points or 1.27 % to 14,721.30.

ONGC was the top loser in the Sensex pack, declining around 5 %, followed by NTPC, Sun Pharma, SBI, IndusInd Bank, Bajaj Auto, PowerGrid and Reliance Industries.

On the other hand, ITC, Infosys, TCS and HDFC were among the gainers.

Domestic equities dropped for the fourth consecutive day as concerns pertaining to recent rise in COVID-19 cases in various parts of the country and high inflation continued to weigh on investors’ sentiments, said Binod Modi, Head-Strategy at Reliance Securities.

Additionally, he noted that weak cues from global markets ahead of the US Federal Reserve meeting outcome caused selling in domestic equities. The two-day meet started on Tuesday.

All key sectoral indices witnessed selling pressure with PSU banks, metals and auto indices witnessing steep correction.

Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul ended on a negative note, while Hong Kong was in the positive terrain.

Stock exchanges in Europe were largely trading in the red in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.89 % lower at USD 67.78 per barrel.

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Top Stocks for Investors on March 17

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Following Tuesday’s negative closing trend of stock market amid high volatility for the third consecutive session, the indices on Wednesday are expected to give a flat opening as the SGX Nifty was trading at 23.50 points or 0.16 percent higher at 14,995.50 at 7:31 am. The BSE Sensex had shed 31.12 points or 0.062 percent to close at 50,363.96 on Tuesday. Similarly, the NSE Nifty fell 19.05 points or 0.13 percent to settle the day below 15,000 mark at 14,910.45.

Top stock to look for the day:

State Bank of India (SBI): A penalty of Rs 2 crore has been imposed by the Reserve Bank of India on the SBI over deficiencies in regulatory compliance.

Vedanta: Open offer price has been raised by Vedanta Resources PLC for buying Vedanta’s shares to Rs 235 per share and offer size to 651 million shares representing a 17.5 percent stake in the company.

BPCL: Second interim dividend of Rs 5 per share for FY21 has been declared by the company and the record date for the dividend is March 27.

Karur Vysya Bank: According to the information provided by the company promoter S Nirupama has pledged 40,000 shares of the company with Bajaj Finserv on March 12, 2021.

Apollo Tyres: A new range of tyres has been launched by the company for the fast-growing compact SUV segment.

Godrej Properties: Rs 3,750 crore has been raised by the company through the sale of shares to institutional investors to expand the business and support future growth.

Shriram City Union Finance: The issue of secured rated listed redeemable principal-protected market-linked (PP-MLD) non-convertible debentures (NCDs) of the face value of Rs 10,00,000 each, summing up to 5,000 NCDs amounting to Rs 500 crore has been approved by the Banking and Securities Management Committee of the company on March 16, 2021.

Asian Hotels (West): Saurabh Kirpal who is an Independent Non-Executive Director of the company has submitted his resignation with effect from March 15, 2021, according to the information provided by the company in a regulatory filing.

PNB Gilts: The credit ratings of “ICRA A1+” and “CRISIL A1+” have been reaffirmed by rating agencies ICRA and CRISIL on March 16, 2021, respectively.

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Carlyle to sell 4% in SBI Cards for Rs 3,900 crore – Times of India

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MUMBAI: CA Rover Holdings, an arm of global PE giant Carlyle, is selling about 4% stake in SBI Cards & Payment Services for up to Rs 3,900 crore, translating into a little over $500 million, through block deals on Wednesday.
The Carlyle arm has mandated Bank of America Securities to sell about 3.8 crore shares at a price band of Rs 982-1,022 per share, the deal’s term sheet showed.
On Tuesday, SBI Cards’s stock on the BSE ended at Rs 1,022. At the lower end of the price band, the shares could be sold at a 3.9% discount to the scrip’s closing price.
Carlyle is the largest non-promoting shareholder in SBI Cards, which was holding nearly 16% in the company as of December 2020, its disclosures on the BSE showed. The deal is set to be executed through the accelerated book-building process.
Under this process, the broker managing the deal, after the close of the day’s trading, sends out the term sheet to large institutions to express their interest to buy shares from the block. Once the book is built, the shares change hands on the bourses on the next day.

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Stocks slip as COVID-19 cases rise, inflation worries flare

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Indian shares ended lower on Monday, as COVID-19 cases surged again and government data showed that retail inflation rose to a three-month high in February.

The NSE Nifty 50 index closed 0.67% lower at 14,929.50, while the benchmark S&P BSE Sensex ended down 0.78% at 50,395.08. Both indices fell as much as 1.9% and 1.96%, respectively, earlier in the session.

India is grappling with a renewed surge in COVID-19 cases, led mainly by a jump in infections in Maharashtra. The country reported this year’s biggest daily rise in cases of 26,291 on Monday. India is the third-worst affected country with 11.39 million cases, behind the United States and Brazil. Government data after market hours on Friday showed retail inflation quickened to 5.03% in February on higher fuel prices, which could challenge the central bank’s accommodative stance. Core inflation was estimated in a range of 5.61%-5.9% by four economists.

In domestic trading, financial stocks were the biggest drag. The Nifty Bank Index and the Nifty Financial Services Index shed 0.88% and 1.24%, respectively. HDFC Bank was the top drag on the Nifty 50, falling 1.5%.

Information technology stocks provided some support to the main indices later in the session, helping them recoup some losses. The Nifty IT index gained 0.56%, with Tech Mahindra rising 2.3% and providing the biggest boost to the Nifty 50.

Global shares were trading higher, as investors bet on a faster economic recovery after a $1.9 trillion U.S. stimulus bill was signed into law last week.

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