RIL, HDFC Bank help indices end 4-day losing streak; Sensex gains 748 pts

All that happened in the markets today

4:01 PM

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

"Indian benchmark indices ended the day with gains with positivity emerging post the RBI decision to approve the new CEO for HDFC Bank. Private Banks and RIL supported the gains in the benchmark indices. Global cues were also mostly positive, and aided the markets, following better US manufacturing data. With Indian exports reaching almost the same level on a YoY basis, economic activities are showing signs of revival which offset concerns about the increasing virus infections and the uncertainties that this brings across. The markets may look to consolidate, but as things stand, the current liquidity can ensure that any corrections will be bought into."

3:42 PM

BSE Snapshot at Close

3:40 PM

IT stocks end in the red in a strong market

3:39 PM

Counters that supported Sensex's 700 pts-rally

3:38 PM

Sectoral trends on NSE at Close

3:36 PM

Sensex Heatmap at Close

3:34 PM

Closing Bell | Markets snap 4-day losing streak

>> The S&P BSE SEnsex ended 748 points, or 2.03 per cent, higher at 37,688 level.

>> The broader Nifty50, meanwhile, closed 211 points, or 1.93 per cent, higher at 11,102 level.

3:29 PM

Market Voice :: RBI policy likely to address the issue of financial stability

The forthcoming Reserve Bank of India (RBI) policy is likely to address the issue of financial stability. With inflation set to stay higher than the upper band of RBI inflation target and given that inflation expectations in India are adaptive in nature, it will be a surprise if the central bank cuts again even if it’s token.
READ MORE

3:28 PM

INDEX LOSER:: Tech Mahindra dips nearly 3%

3:24 PM

TVS bets on premium bikes to improve margins in domestic and global markets

Over the past 14 years, TVS has developed a host of premium offerings ranging from 160-310cc. TVS Apache was able to garner a substantial share of the premium motorcycle market with 370,000 units, posting a decline of only 21 per cent in sales, compared with a 25 per cent drop year-on-year in the premium motorcycle industry in 2019-20. TVS churns out 25,000 units a month of TVS NTORQ, a premium scooter whose sales grew by 24 per cent even as the scooter segment in India declined by 17 per cent. READ MORE

3:13 PM

STOCK ALERT :: BPCL pares losses as DIPAM secy clarifies on divestment plan

>> Says, BPCL divestment to take place as planned

3:07 PM

MARKET CHECK

2:54 PM

Dhanlaxmi Bank slides 5% as Q1 provisions jump 3-fold YoY to Rs 37 crore

Interest income was down to Rs 236.65 crore in the quarter under review from Rs 240.43 crore reported in the year-ago period. Besides, its total income increased to Rs 278.62 crore from Rs 256.75 crore in the year-ago period, the lender said. The lender's provisioning for bad loans and contingenices spiked to Rs 37.02 crore in Q1FY21 as against Rs 9.27 crore a year ago. However, it was lower from previous quarter's Rs 56.89 crore. READ MORE 

2:48 PM

BUZZING STOCK:: Zen Tech surges 19%

2:35 PM

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

2:28 PM

European markets trade weak

Source: Reuters

2:18 PM

JSPL reports 29% rise in July standalone steel sales, says demand up

Jindal Steel & Power (JSPL) has reported a 29 per cent increase in standalone steel sales of 6,37,000 tonnes in July compared to the same period last year. Last year in the same period, standalone steel sales were at 4,93,000 tonnes. Consolidated steel sales were higher by 25 per cent year-on-year to 7,62,000 tonnes during July 2020 as compared to 6,11,000 tonnes during the same period last year. READ MORE 

2:07 PM

Rupee Closing

Rupee ends at 75.05 per US dollar vs Monday's close of 75.01/$

2:05 PM

BROKERAGE VIEW:: YES Securities on CreditAccess Grameen Ltd

RATING: BUY | TARGET PRICE: Rs 650

Retain BUY. Assume conservative covid‐related credit cost of 5‐6%. However, FY22 should be a normal year for growth and profitability. Valuation at 2.1x FY22 P/ABV does not fully capture FY22 recovery and an impending capital raise.

1:58 PM

Economic recovery fragile due to Covid-19, states' lockdowns: FinMin

The government issued on July 30 guidelines for the third phase of lifting curbs imposed to stop the spread of the coronavirus disease, removing night curfew outside containment zones and allowing gyms and yoga centres to reopen from August 5. The guidelines said that schools, colleges, theatres, swimming pools, metro rail, cinema halls and bars will remain closed. READ MORE

1:48 PM

BPCL tumbles over 6% on report it's divestment may not happen in FY21

At 1:15 pm, the stock was trading 5.2 per cent lower at Rs 396 on the BSE, as against 611 points, or 1.65 per cent, rally in the benchmark S&P BSE Sensex. A combined 14.88 million shares had changed hands on the counter on the BSE and NSE, data shows. READ MORE

1:38 PM

BPCL slips nearly 5%

1:34 PM

INDEX GAINER:: RIL zooms 5%

1:18 PM

BROKERAGE VIEW:: Centrum Broking on SBI

SBI Q1FY21 results beat estimates on PPoP and PAT, driven by higher loan growth (+7.7% YoY) and better NIM (due to lower slippages). Deposit growth was robust at 5.5% QoQ and 16% YoY driven by healthy accretion in CASA and RTD. GNPA/NNPA improved QoQ led by lower slippages and higher write-offs which also led to elevated provisions. Covid-19 related provisions were Rs 18.4bn (total Rs 30.1bn till date). Term loans under moratorium are 9.5% (less than 2 EMIs paid). Exposure to Covid-19 hit sectors and PCR at 67.1% is comforting. CET-1/CRAR is adequate at 10.14%/13.4%. Slippage guidance is 1.5-1.6% over and above the lockdown impact. We envisage value unlocking from subsidiaries and RoE/RoA to improve in FY22E to 0.6%/10.2%. Valuation at 0.4x P/core FY22 ABV is attractive. Retain BUY and multiple at 0.8x core FY22 ABV and TP at Rs 267.  

1:08 PM

Sector Watch :: IT stocks under pressure; TechM, HCL Tech slip up to 3%

12:55 PM

MARKET CHECK

12:45 PM

Sebi tightens the procedural guidelines for proxy advisory firms

The new norms are aimed to bring in more transparency, avoid conflict of interest, and give companies a chance to provide their viewpoint. Proxy advisors are firms that give voting recommendations on resolutions floated by companies to their clients, who are typically institutional investors, such as mutual funds and private equity. READ MORE

12:31 PM

Jubilant Life slips 2.5% after scaling a 52-week peak in early trade

The stock, however, erased its morning gains later and slipped into the negative territory. At 12:05 AM, the stock was quoting 2 per cent lower at Rs 845 on the BSE. It hit a low of Rs 840.45 against Monday's close of Rs 862.30. In comparison, the S&P BSE Sensex was trading 547 points or nearly 1.5 per cent higher at 37,486 levels. READ MORE 

12:19 PM

Buy, sell, repeat! No room for 'hold' in whipsawing stock markets

There are different ways of slicing it, but Reuters calculations based on New York stock exchange data show the average holding period for US shares was 5-1/2 months in June, versus 8-1/2 months at end-2019.

 

The previous record low of six months was hit just after the 2008 crisis. In 1999, for example, 14 months was the average. READ MORE

12:15 PM

Succession uncertainty over; HDFC Bank stk outperformance unlikely: Experts

“It is good that an internal candidate has been named who fully understands the bank and its operations. This will lead to the uncertainty and speculation regarding who will take over from Mr. Puri at rest. Leadership in any company / institution is important and plays a vital role in how the future shapes up for that company / institution. That said, companies like HDFC Bank have always attracted good talent and will continue to do so,” said G Chokkalingam, founder and CIO at Equinomics Research. READ MORE