MARKET: Sensex tanks 634 pts on broad-based sell-off; Nifty Bank slips 2%

All that happened in the markets today

4:17 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

A selloff in US technology stocks had a cascading effect on global markets and Indian benchmark indices reacted to this and closed with losses of around 1.5 per cent. European markets were trading positive in early trades, following merger talks and expectation of more stimulus measures. The US jobs data, due later in the day, will set the tone for global market trends. Financials contributed most to the losses. Benchmark indices closed lower by around 2.9 per cent on a weekly basis, as the liquidity-fuelled run lost out to political and global uncertainties.

 

WEEK AHEAD

 

Uncertainties await the market for next week, be it global economic data points or geopolitical uncertainties related to Indo-China border tensions. Indian markets have been in sync with their global counterparts and will have an impact. Markets seem to have lost their momentum in the near-term and could be heading into a round of consolidation. Investors advised being alert and cautious.

3:43 PM

SECTOR WATCH:: Nifty Metal index cracks over 3%

3:42 PM

MARKET AT CLOSE: Out of 30 constituents of S&P BSE Sensex, 29 end in the red

3:36 PM

CLOSING BELL

The S&P BSE Sensex tumbled 634 points, or over 1.6 per cent to 38,357 levels while NSE's Nifty ended at 11,334, down 194 points, or 1.68 per cent. 

3:29 PM

MARKET CHECK:: Barring Maruti, all the stocks in the S&P BSE Sensex trade in the red

3:19 PM

Top gainers on the BSE at this hour

3:07 PM

MARKET CHECK

3:03 PM

Vodafone Idea pares gains ahead of board meet to consider fund raising

2:50 PM

MARKET UPDATE:: Sensex plunges to day's low

2:42 PM

Granules India rallies 8% in a weak market, hits fresh all-time high

Shares of Granules India hit an all-time high of Rs 350 in an otherwise weak market, ralling 8 per cent on the BSE on Friday. Thus far in the current week, the stock of the pharmaceutical company has surged 13 per cent as compared to 2 per cent decline in the S&P BSE Sensex. It surpassed its previous high of Rs 336 touched on August 10, 2020. READ MORE 

2:28 PM

India pins hopes on farms to boost a troubled economy. It may not be enough

While farming was the only industry to post positive growth in the June quarter’s gross domestic product data, the rapid spread of the coronavirus in rural areas and declining prices are set to weigh on the outlook. READ MORE

2:16 PM

BUZZING STOCK:: Granules India surges 7%

2:10 PM

Rupee Closing

Rupee ends higher at 73.14 per US dollar vs Thursday's close of 73.47/$

2:09 PM

March Quarter Result :: Future Retails posts consolidated net loss of Rs 478 cr vs profit of Rs 199.31 cr YoY

>> Revenue at Rs 4,492.36 cr

>> Other income at Rs 40.25 cr

1:59 PM

Localised lockdown impacting ITC's recovery pace, outlook uncertain: Sanjiv Puri

Despite progressive normalisation in segments other than hotels and education and stationery products business, ITC Chairman, Sanjiv Puri, said on Friday at the company’s annual general meeting, that the near-term outlook was uncertain and localized lockdowns were impacting the recovery momentum. READ MORE   

1:58 PM

Hindustan Foods, DFM Foods hit 52-wk highs, rally over 100% from March lows

Hindustan Foods was locked in 5 per cent upper circuit for the third straight day at Rs 858 - also its all-time high -- on the BSE. DFM Foods hit a 52-week high of Rs 360 after rallying 7 per cent in intra-day trade. The stock has surged 24 per cent in the past four trading days. In comparison, the S&P BSE Sensex was down 0.85 per cent at 38,657 points, at 01:01 pm. READ MORE

1:50 PM

BROKERAGE VIEW:: Edelweiss Securities on Page Industries

On balance, we expect Page to clock revenue growth in line with the industry (breaking away from past) despite the initial athleisure kicker and build in 10% CAGR over FY20– 28 (FY09-19: 27%). We value the company using a three-stage DCF, which yields TP of Rs 19,195. We maintain HOLD. Valuations have primarily been a function of its growth. At CMP, the stock is trading at 50x FY22E EPS (Target FY22E PE: 50x). 

1:44 PM

NEWS ALERT :: Ahluwalia Contracts bags order worth Rs 99 cr

1:34 PM

European indices trade largely higher in early deals

1:21 PM

Market at this hour

1:13 PM

Business Update :: Equitas Small Finance says moratorium at 35% in Aug vs 43% in July

>> Collection Efficiency for the month of August 2020 for Micro Finance at 77%, Small Business Loans at 105% and Vehicle Finance at 72% 

1:03 PM

A gloom-and-doom scenario: Why Bond market loves India's tax mess

The market is pleased because it’s getting concessions from panicky authorities. The Reserve Bank of India has told banks that if they buy another 3 trillion rupees ($41 billion) of government bonds, they can park them in a bin that doesn’t have to be marked to market. Why is a lollipop of loss protection needed? Won’t banks anyway want the safest possible securities after a 23.9% plunge in India’s June-quarter gross domestic product, the steepest of any major economy? READ MORE

12:53 PM

This software company's stock has more than doubled in the past month

The stock of the information technology (IT) consulting & software firm was trading at its 52-week high level. In the past month, it has rallied 105 per cent, as compared to 2 per cent rise in the S&P BSE Sensex. While, in three months, the stock has zoomed 277 per cent against 13 per cent gain in the benchmark index. READ MORE

12:38 PM

NEWS ALERT :: RBI issues revised Priority Sector Lending guidelines

12:32 PM

AstraZeneca Pharma India hits fresh record high, up 15% in 8 trading days

AstraZeneca Plc, the company's parent firm, is expected to release initial data on whether a vaccine can stop people from getting the virus on September 15. The drugmaker has pledged as many as 30 million doses to the UK by the end of the month. READ MORE

12:31 PM

Fitch places Future Retail on rating watch positive on sale to Reliance

Fitch Ratings has placed Future Retail Ltd's (FRL's) issuer default rating of C and the rating on its 500 million dollars 5.6 per cent senior secured notes due in 2025 of C with a recovery rating of RR4 on rating watch positive. This follows the announcement on August 29 that FRL has agreed to sell its business to Reliance Retail and Fashion Lifestyle Ltd (RRFLL), a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL) that is itself a subsidiary of Reliance Industries Ltd. READ MORE

12:18 PM

Stocks that hit 52-week high on BSE today in an otherwise weak market

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADANI GAS	195.10	200.90	2.74
AMBER ENTERP.	1865.00	1920.90	2.95
ASTRAZENECA PHAR	3870.40	3900.00	4.36
TIMKEN INDIA	1194.00	1223.95	2.16
VODAFONE IDEA	12.34	13.45	-1.75

12:05 PM

MARKET UPDATE:: Sensex remains subdued

11:59 AM

BROKERAGE VIEW:: Emkay Global on Page Industries

RATING: HOLD | TARGET PRICE: Rs 17,800

• Page Industries’ Q1 operating performance was weaker than expected. Revenue declined 66% to Rs2.8bn vs. estimate of Rs4.3bn. Secondary sales were higher by 18-20% in Q1, and management indicated a recovery to pre-Covid-19 levels in August.
• Gross margins were down 700bps and were driven by lower absorption of factory overheads and provision for aged stock. Management has initiated many cost-reduction initiatives (other overheads were down 66%) and expects to get back to 20-22% EBITDA margins.
• The company’s recovery has been faster than other apparel players but much slower than its smaller innerwear competitors (10-20% decline). Management attributed this to its higher salience in top towns which were more affected by the pandemic in Q1.
• Factoring in the weak Q1 print, we reduce FY21E EPS by ~13% but largely maintain FY22/23 estimates. Valuations at 47x FY22E EPS are not attractive. We maintain Hold, with a revised TP of Rs17,800 (Rs17,500 earlier), rolling forward to 40x Dec-22E EPS.

11:52 AM

NEWS ALERT :: Govt appoints S Krishnan as MD & CEO of Punjab & Sind Bank