Indices end flat, Nifty settles at 11,464; mid, small-caps outperform

All that happened in the markets today

4:18 PM

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

"Indian benchmark indices ended flat with a slight positive bias. In spite of mixed global cues, Indian markets held out from going negative, after progress was supposed to be made during the talks to defuse border tensions with China. IT index once again gained the most, as the markets are expecting a better Q2 performance from the IT companies. Although benchmark indices gained around 1.2 per cent on a weekly basis, it was characterised by volatility while FIIs have also pulled out around Rs 4,500 crore this month".

 

WEEK AHEAD

 

"With the lack of any official statements from the high-level talks to defuse border tensions, investors need to be prepared for slow progress in this regard. As such, this uncertainty will keep worrying the markets for the short term. The lack of any fresh domestic triggers will mean that investors will continue to watch global cues for any directional trend for the next week. Many small-cap companies are declaring their results over the weekend. Stock-specific moves can be expected."

3:44 PM

SECTOR WATCH:: Nifty IT gains over 1%

3:43 PM

MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained over 14 points or 0.04 per cent to settle at 38,854.55 levels while NSE's Nifty ended at 11,464, up 15 points, or 0.13 per cent. 

3:27 PM

Strides Pharma hits 52-week high; stock soars 64% in two months

After posting an adjusted loss of Rs 27.4 crore in the January-March 2020 quarter (Q4FY20), Strides Pharma made a strong comeback in Q1FY21 with adjusted profit after tax of Rs 56 crore. This was on account of strong traction witnessed in the US/Other Regulated/Africa markets. READ MORE  

3:21 PM

MARKET CHECK

3:15 PM

MARKET CHECK:: Realty stocks gain; BSE Realty index gains over 1.5%

3:07 PM

Sebi shortlists Bharti Airtel, Wipro, others to revamp IT infra network

Markets regulator Sebihas shortlisted eight companies including Bharti Airtel, Wipro and Tata Communications to revamp its IT infrastructure network and communication systems.

 

The other shortlisted companies are -- Hewlett Packard Enterprise India, IBM India, NTT India, Orange Business Services India Technology and Sify Technologies. READ MORE

2:59 PM

Market Comment :: Sanjeev Zarbade, VP PCG Research, Kotak Securities

The BSE-30 Index gained ~ 1.1% in the current week. The market remained cautious on adverse news-flows of Covid-19 vaccine trials, increase in Sino-India geopolitical tensions and a sharp sell-off in US equities. Reliance Industries (+10%), Asian Paints (+4%) and Maruti Suzuki (+2%) were among the top gainers, while Bharti Airtel (-8%), NTPC (-7%) and State Bank of India (-7%) were among the top losers in the BSE-30 Index. Recent data shows some up-tick in activities as suggested by e-way bills data, railway freight data and digital banking transactions, even as daily Covid-19 cases continue to increase.

FPIs sold equities worth US$528 mn over the past five trading sessions while DIIs sold US$109 mn worth of equities in the same period. While the market is not in a bubble zone, we note that global cues (US markets on correction mode) have started to turn negative and FIIs have turned sellers along with domestic MFs.

Valuations are not supportive either. So, investors need to be prepared for a minor correction or a side-ways market, going ahead. There are some pockets of value in small caps, but need to be selective

2:53 PM

Adani Ports & SEZ raises Rs 900 cr through NCDs on private placement basis

Adani Ports and Special Economic Zone (APSEZ) on Friday said it has raised Rs 900 crore through allotment of non-convertible debentures (NCDs) on a private placement basis. "The company has raised Rs 900 crore today (Friday) by allotment of 9,000 rated, listed, secured, redeemable NCDs of the face value of Rs 10,00,000 each on private placement basis," the company said in a regulatory filing to the BSE. READ MORE

2:48 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
COFORGE	2079.20	2099.95	8.74
EMAMI	384.70	392.90	2.00
JUBILANT FOOD.	2305.00	2376.90	1.75
LAURUS LABS	1253.00	1268.00	1.30
STRIDES PHARMA	683.60	685.00	12.42

2:47 PM

IT shares surge in a subdued market

2:44 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:38 PM

Adani Green locked in 5 per cent upper circuit after announcing June quarter results

2:33 PM

Expert View | Loan restructuring: This time is different

India’s banking sector appears unable to shake off its jinx. Years of improvement in performance tend to get erased by some exogenous shock or the other. The sector started off the post-reform phase with a ratio of gross non-performing assets (NPAs) to loans of 16.0 per cent in 1996-97, a number worth bearing in mind when analysts portray the banking sector today in apocalyptic terms. READ MORE

2:24 PM

Tech Mahindra rises over 2%

2:17 PM

Reserve Bank of India issues new compliance guidelines for banks

The Reserve Bank of India (RBI) on Friday issued new guidelines for banks to tighten their compliance functions and ensure that chief compliance officers (CCOs) follow the best industry practices as required by supervisory expectations.

 

Banks currently follow diverse practices in this regard, it said. READ MORE

2:07 PM

Rupee Closing

Rupee ends at 73.53 per US dollar vs Thursday's close of 73.46/$

1:58 PM

HDFC twins, ICICI Bank top contributors to Sensex's fall today

1:57 PM

Why overseas investing is imperative for Indian investors

A globally diversified portfolio does more than manage risks better. Bindisha Sarang spoke to Pratik Oswal, Head - Passive Funds, Motilal Oswal Mutual Fund, to find out why overseas investing is imperative now for an Indian investor's portfolio, and, the best strategy to do so. CLICK HERE FOR FULL INTERVIEW

1:44 PM

Amber Ent dips 9% in 2 days on profit booking after completion of QIP issue

Shares of Amber Enterprises India slipped 7.6 per cent to Rs 1,756 on the BSE on Friday, falling 9.4 per cent in the past two trading days on profit booking after the company completed its qualified institutional placement (QIP) issue. The stock has fallen 12 per cent from its record high level of Rs 1,997, touched in Tuesday's intra-day trade. READ MORE

1:35 PM

BROKERAGE RADAR:: MOFSL on Tata Motors

RATING: BUY | TARGET PRICE: Rs 227

We revise our estimate upward by ~84% on low base for FY22E, driven by volume upgrades in India CV/PV, and 130bp EBITDA margins for India and nearly 40bp EBIT margins for JLR. The stock trades at 2.7x FY22E EV/EBITDA and 1x P/BV. Maintain Buy, with TP of nearly Rs R227 (Sep’22E-based SOTP).

1:33 PM

India Inc's EBITDA to shrink 24% in FY21 due to Covid disruptions: Moody's

Referring to the growth trajectory, Kaustubh Chaubal, a Moody’s Vice President and Senior Credit Officer, said the economic slowdown is exacerbating existing challenges. This is particularly so in sectors vulnerable to declining consumption and resource price volatility, such as in the automotive, oil & gas, mining, and steel sectors. READ MORE

1:31 PM

Reserve Bank of India issues new compliance guidelines for banks

The Reserve Bank of India (RBI) on Friday issued new guidelines for banks to tighten their compliance functions and ensure that chief compliance officers (CCOs) follow the best industry practices as required by supervisory expectations. Banks currently follow diverse practices in this regard, it said. "The policy should lay special thrust on building up compliance culture, vetting of the quality of supervisory and regulatory compliance reports to RBI by the top executives, non-executive Chairman and Chairman and Audit Committee of the Board (ACB) as the case may be." READ MORE

1:24 PM

MARKET CHECK:: Top 5 losers on the BSE at this hour

1:16 PM

MARKET UPDATE:: Sensex falls 100 points

1:13 PM

5 reasons why Morgan Stanley is bullish on ICICI, Axis and HDFC Bank

“We expect earnings to inflect for large private banks in H2F21. They could provide aggressively for bad loans (unlike the banking system) and accelerate the pace of loan market share gains as the economy stabilizes. Given this, we expect re-rating and strong returns over the next one year,” noted Sumeet Kariwala, equity analyst at Morgan Stanley India, in a co-authored report with Subramanian Iyer, Rahul Gupta, and Himanshu Khona. READ MORE

1:03 PM

Tata Elxsi, Wipro hit 52-wk highs on expectation of good earnings in Q2FY21

Wipro rallied 4 per cent to Rs 295.50, surpassing its previous high of Rs 290.65, hit on July 31, 2020. In the past three months, the stock has outperformed the market by gaining 38 per cent against 16 per cent rise in the S&P BSE Sensex. READ MORE

12:56 PM

BROKERAGE RADAR:: ICICI Securities on AIA Engineering

RATING: BUY | TARGET PRICE: Rs 2,043

Despite the overall challenging environment, AIAE is continuing with its capex plans to fuel long-term growth. We believe volumes will normalise from FY22E. Maintain BUY with a revised target price of Rs 2,043 (previously: Rs 1,890).

12:50 PM

BROKERAGE RADAR:: ICICI Securities on Blue Dart Express

RATING: SELL | TARGET PRICE: Rs 1,746

Continued competition by road, ultra price sensitive customers and a heightened belly cargo capacity will eventually help normalise margins barring an interim blip. BDE’s sustainable success can be in using this opportunity to aggressively restructure costs and try to be successful in road express. Maintain SELL. The Covid vaccine distribution story in India cannot be >Rs2bn-3bn p.a. opportunity given the price sensitive nature of market and eventual penetration of vaccines.