MARKET WRAP: Sensex loses 155 pts amid selling in banks; IBHFL tumbles 34%

All that happened in markets today.

4:02 PM

MARKET COMMENT | Vinod Nair, Head of Research, Geojit Financial Services

Having factored the knee-jerk benefit from corporate rate cut, market is consolidating based on setbacks in weakening financial & economic progress. We feel that 11,100 to 11,300 will be a strong support for Nifty50 in the near to medium-term, which can develop going forward based on sustainability of post festival demand.

 

4:01 PM

Sectoral losers and gainers on the NSE

4:01 PM

MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex

3:41 PM

CLOSING BELL

The S&P BSE Sensex slipped 155 points or 0.40 per cent to end at 38,667.33, while NSE's Nifty50 index ended at 11,477.25, down 35 points or 0.31 per cent. 

3:12 PM

MARKET UPDATE | Nifty PSU Bank index hits 52-week low

3:08 PM

Corporate India is catious: Ashok Wadhwa, Ambit to CNBC-TV18

-- Tax cuts have to be followed through by land and labour reforms; 

-- Quick steps are needed to revive the real estate sector; 

3:06 PM

Emkay Global on Water Sector

Benefits of India’s renewed focus on developing water infrastructure should be multi-fold but largely back-ended over FY20-24. We believe companies in the E&C and pipes and pumps space should be the prime beneficiaries, within which, in our view, pipe/pump companies are a better way to play the theme over infrastructure players. L&T (Buy) is our preferred pick in the E&C space, while Jindal Saw, Tata Metalliks, and KSB are the key players (all unrated) active in pipes/pumps category.

2:57 PM

NEWS ALERT | Committed to grow our portfolio with solar, wind, bio-mass, bio-gas: Anil Ambani at 33rd Reliance Group AGM

-- Says, We are committed to grow our portfolio in the renewable energy space, making Reliance Power a “Future Green” company

2:55 PM

Reliance Group AGMs | Reliance Power

2:54 PM

IPO WATCH | IRCTC offer subscribed 58% so far on Day 1 of the bidding process

(Source: NSE)

2:48 PM

PMC Bank doesn't pose a systemic threat but it is a canary in the coal mine

The problem at PMC Bank only became apparent when the Reserve Bank of India last week banned depositors from taking out more than Rs 1,000 for six months without offering any explanation. That was a mistake.

 

Tiny and unlisted as it is, PMC is a popular option for small savers in the state of Maharashtra, whose capital Mumbai is the nation’s financial hub. With public and media pressure building, the RBI relaxed the withdrawal limit to Rs 10,000. In doing so, the regulator also gave a reason for the withdrawal curbs. These “were necessitated on account of major financial irregularities, failure of internal control and systems of the bank and wrong/under-reporting of its exposure,” it said. READ MORE

2:40 PM

Buzzing | L&T Finance Holdings trading near day's low

2:30 PM

NEWS ALERT | Kalpataru Power bags order worth Rs 775 crore

2:27 PM

NEWS ALERT | Steel Ministry seeks deferment of demerger/divestment of NMDC's Nagarnar steel plant: sources to CNBC TV18

-- Writes to DIPAM on Nagarnar steel plant

-- Says, demerger could impact project completion work

-- Divestment nod in 2016 had affected commissioning work; expect commissioning by June 2020

-- NMDC says, demerger could affect cash flows

2:22 PM

Market check

2:18 PM

NEWS ALERT | 1.1 % equity exchanged for Bharat Dalmia

-- 20.16 lakh shares (1.01% eq) worth Rs 169.23 cr trade at an average of Rs 825.50/sh

2:05 PM

Second wave of NPAs? SBI, BoB, YES Bank could be hit, Jefferies says

Given the elevated debt serviceability ratio (the higher the ratio the poorer the ability to sustain debt levels), the 'A' rated corporate are the most prone to further credit rating downgrades. The report, however, points out that debt or interest repayment abilities of 'BBB' and below rated companies have seen an improvement. READ MORE  

Illustration by Binay Sinha

1:55 PM

YES Bank continues to bleed, slips 15% to hit a 10-year low

In the past four days, the share price of YES Bank has tanked 26 per cent after YES Capital, one of the promoter entities of the private lender, sold nearly 2 per cent stake in the bank. In comparison, the S&P BSE Sensex was down 1 per cent during the same period. READ MORE  

1:40 PM

Market is watching out the fiscal deficit post the tax cuts: Nilesh Shah, Kotak AMC to CNBC-TV18

-- Market is expecting some follow-up steps from the govt; 

-- Removing LTCG at this stage may not lead to losses for the govt; 

-- Govt has taken a 'Bazooka' step w.r.t corporate tax cuts

 

 

1:35 PM

These stocks from BSE500 hit 52-week high today

1:32 PM

MARKET CHECK

1:18 PM

ICICI Securities on Adani Gas

AGL has the potential to emerge as one of the key players over the long term in the CGD business in India. With newly acquired GAs, the company, along with its JV partner, covers 8% of India’s population. This will drive volume growth on a sustainable basis. However, higher front loaded capex to set up a huge infrastructure network would limit profitability growth to 8.7 per cent CAGR in FY19-21E due to higher depreciation and interest expenses in our opinion. Hence, we have a HOLD rating on the stock with a target price of Rs 140/share. 

1:08 PM

Mid, small-caps underperform in H1FY20; metals, pharma, autos worst-hit

While the Sensex has lost a marginal 0.3 per cent since the beginning of this fiscal, Nifty has slipped 1.1 per cent during this period. S&P BSE Small-cap index, however, tanked nearly 11 per cent and the S&P BSE Midcap index has shed 8 per cent. The BSE500 index, which accounts 95 per cent of the total BSE listed companies market capitalisation, has lost 2.8 per cent in H1FY20. READ MORE 

12:59 PM

Reliance Securities on SRF

We foresee near-term stress for SRF owing to persistent pressure in technical textiles business and short-term disruption in demand-supply dynamics of BOPET. However, the chemicals business is expected to hold ground and the stress would partly ease once the demand growth covers incremental supply of BOPET by year end. We value chemicals business at 14x FY21 EBITDA, packaging film, technical textiles and other business at 6x FY21 EBITDA. The stock has been trading at a 1yr forward EV/EBITDA of 10.4x over the last 3 years, which is in-line with our implied EV/EBITDA. We initiate coverage on SRF with HOLD recommendation and an SOTP-based Target Price of Rs 2,710.

12:47 PM

Essel Group is strong. Will sail through the difficult times, says Subhash Chandra: CNBC -TV18

- Rumours coming from vested interestes: Chandra

12:43 PM

NEWS ALERT | Nifty Bank set for the biggest quarterly fall in 11 years: CNBC-TV18

12:42 PM

Indiabulls Group shares tumble; Indiabulls Housing tanks 38%

Indiabulls Housing Finance saw its sharpest intra-day fall since listing, plunging 38 per cent to Rs 240, also its 52-week low on the BSE. The trading volumes on the counter jumped four-fold with a combined 59 million equity shares changed hands on the NSE and BSE till 12:06 pm. READ MORE 

 

12:36 PM

FPIs withdraw $3 billion between July-September; highest in 11 quarters

Overseas investors have pulled out over Rs 20,000 crore ($3 billion) from Indian equities during the third quarter of the calendar year 2019 (Q3CY19), the steepest quarterly outflow since the October –December 2016 quarter, when they had pulled out Rs 31,222 crore ($4.6 billion) from the equity market. READ MORE  

12:32 PM

IPO WATCH | IRCTC offer subscribed 25% so far on Day 1 of the bidding process

(Source: NSE)

12:28 PM

MARKET CHECK | Top gainers on the BSE at this hour