MARKET WRAP: Sensex slips 248 pts, Nifty holds 11,850; IT, PSBs top drags

All that happened in the markets today

3:51 PM

Market Closing Comment :: Rohit Singre, Senior Technical Analyst at LKP Securities.

Index showed selling since morning and closed the day at 11,856.8 level. It has formed a bearish candle on daily chart. The index has now reached near good demand zone of 11,840-11,800 zone. If Nifty50 manages to hold above said levels, then we may see good recovery towards immediate hurdle of 11,950-12,000 zone. Overall, the index has formed a narrow range of 11,800-12,100 zone and traders can use buy on dip strategy near lower band of 11,800 zone.

3:40 PM

Sectoral trends at NSE at close

3:39 PM

Sensex heatmap at close

3:38 PM

Closing Bell

-- The benchmark S&P BSE Sensex ended at 40,239.88 level, down 247.55 points or 0.61 per cent. YES Bank, down 10 per cent, was the top laggard among the Sensex pack , while Bajaj Finance, up over 1 per cent, was the top performer.

-- On the NSE, the Nifty50 closed below the 11,900-mark at 11,856.80 level, down 80 points, or 0.68 per cent. 

3:20 PM

NEWS ALERT | 1.1% equity exchanged

3:18 PM

Sector watch | Nifty PSU banks decline; Allahabad Bank, Central bank of India top loser

2:59 PM

Buzzing | Ashoka Buildcon hits 52 week low

2:53 PM

NEWS ALERT | Healthcare services stocks under pressure

-- Thyrocare Technologies, Dr. Lal PathLabs and Metropolis Healthcare slip 7% each in intra-day trade

2:47 PM

NEWS ALERT | Have tried to articulate a vision for India to become a $5 trillion economy, says CEA: CNBC TV18

-- There are boundary conditions across countries: CEA

2:45 PM

Organic growth, expanding distribution reach add fizz to Varun Beverages

One name which is catching investor attention in the consumption space is Varun Beverage — PespiCo’s India franchise. The stock has surged 45 per cent rise in the last one year, mainly led by acquisition of PepsiCo’s south and west territories in India.

 

However, with a strong improvement expected in return ratios, the stock is likely to see further upsides. READ MORE

2:38 PM

BSE500 stocks that hit 52-week low today

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
ALLAHABAD BANK	20.55	20.25	-1.00	-4.64
APAR INDS.	405.65	401.15	-15.90	-3.77
ASHOKA BUILDCON	89.80	89.50	-1.20	-1.32
FIRSTSOUR.SOLU.	38.05	38.00	-0.95	-2.44
FORCE MOTORS	983.20	983.20	-21.70	-2.16

2:27 PM

YES Bank extends decline, slumps 11%

2:24 PM

Top losers on BSE at this hour

2:12 PM

Market check | Market at day's low

2:02 PM

ITC, Mahindra & Mahindra trade close to their 52-week lows

Shares of FMCG major ITC and automobile company Mahindra & Mahindra (M&M), from the S&P BSE Sensex, were trading close to their respective 52-week lows on the BSE on Tuesday. These stocks were down in the range of 1 per cent to 2 per cent. In comparison, the S&P BSE Sensex was down 0.26 per cent at 40,381 points at 01:05 pm.
 

Among individual stocks, ITC was down 2 per cent to Rs 237, quoting close to its 52-week low of Rs 234, touched on September 18, 2019. M&M was trading at Rs 509, down 1 per cent, and close to its 52-week low of Rs 503, hit on August 14. The stock has fallen 12 per cent in past month on weaker tractor sales. READ MORE

1:45 PM

NEWS ALERT | Centre changes the composition of GoM on IGST settlement: CNBC TV18

-- FM Nirmala Sitharaman opts out of the GoM
 

-- GoM wil now be chaired by Bihar Finance Minister Sushil Modi

1:38 PM

Global markets check

Asian equity markets eased slightly on Tuesday, tracking Wall Street declines as investors fretted over a December 15 deadline for the next round of US tariffs on Chinese imports to take effect.

European equity futures pointed to similarly small moves. Pan-region Euro Stoxx 50 futures were down 0.03 per cent and German DAX futures were 0.14 per cent lower in early trade, while FTSE futures added 0.1 per cent. 

With investors reluctant to make big bets, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.17 per cent lower, with China’s benchmark Shanghai Composite index off 0.08 per cent.

 

Adding pressure in China was new data showing falling producer prices in November while consumer prices spiked, complicating efforts to boost demand as economic growth slows.

 

Australian shares were off 0.34 per cent, while Japan’s Nikkei was down 0.08 per cent.

1:18 PM

RBL Bank shares trade lower for fourth straight day post QIP issue

Shares of RBL Bank were trading lower for the fourth straight day, down 3 per cent at Rs 326 in the intra-day trade on Tuesday on profit-booking after the private sector lender raised more than Rs 2,000 crore through qualified institutional placement (QIP). The stock has fallen below its QIP issue price of Rs 351 per share on the BSE. READ MORE

1:16 PM

Investors' body calls for better performance disclosures by PMS providers

An investor association has asked for better information to be provided on the performance of portfolio management services (PMS) providers, shortly after the regulator tweaked regulations governing the segment.

 

The PMS industry largely caters to rich investors who can allocate large amounts to such schemes, and are typically seen to carry more risk than mutual funds. A discretionary portfolio manager manages the assets directly. Non-discretionary portfolio management involves acting on the directions of the client. READ MORE

1:06 PM

NEWS ALERT | Bank of Baroda cuts lending rate by 5-20 bps across tenors w.e.f. Dec 12: CNBC TV18

12:59 PM

SBI gains 1%

12:54 PM

Sector watch | S&P BSE Energy index trades 0.7 per cent lower

12:39 PM

NEWS ALERT | SBI discloses NPA divergence details

12:30 PM

Market check

12:29 PM

NEWS ALERT | NCLAT stays NCLT's order to make Corporate Affairs Min a party in IBC cases: CNBC TV18

12:28 PM

Contribution to Sensex's fall today

12:20 PM

BROKERAGE RADAR | ICICI Securities on Kansai Nerolac Paints

We expect revenue and PAT CAGRs of 13.5% and 21.5%, respectively, over FY19-22E. Return ratios are also expected to improve during the same period. While revenue performance is likely to be weaker, we note tailwinds such as reduction in tax rates, and commencement of Punjab factory to reduce freight cost, which would drive earnings growth in FY20E-FY21E. Maintain our ADD rating on the stock with target price of Rs 565 at 39x Sep’21E EPS.

12:18 PM

PSBs turn profitable in Apr-Sep FY20, post aggregate profit of Rs 3221 cr

Public sector banks (PSBs) returned to profitability in 2019-20, posting an aggregate profit of Rs 3,221 crore in the first half ending September, Minister of State for Finance Anurag Singh Thakur said in Parliament on Monday.

 

PSBs had posted huge losses in 2017-18 and 2018-19 financial years due to heavy provisioning for non-performing assets and other contingencies, according to the minister. READ MORE

11:59 AM

MARKET CHECK

11:48 AM

Oberoi Realty dips 5%