MARKET WRAP: Sensex sinks 770 pts on weak Q1 GDP nos, Nifty ends at 10,798

All that happened in markets today.

3:57 PM

Top contributors to Sensex's fall

3:56 PM

Sensex heat map

3:43 PM

MARKET COMMENT :: Equirus Securities

We are positive on markets but recommend a stock and sector-specific strategy. Banking, pharmaceuticals, oil marketing companies, and select automobile companies are our biggest buys. After the steep correction, metals are also looking attractive; however, as always, metal stocks will test investor patience

3:42 PM

Sensex ends 770 points lower

3:41 PM

Canara Bank, Indian Bank tank 12% on the NSE

3:39 PM

PSU banks worst hit in trade today

3:39 PM

Nifty ends 225 points lower at 10,798 levels

3:38 PM

CLOSING BELL

The S&P BSE Sensex plunged 770 points or 2.06 per cent to settle at 36,563, while NSE's Nifty50 index closed at 10,798, down 225 points or 2.04 per cent.

3:17 PM

MARKET CHECK | Top losers on the BSE at this hour

3:05 PM

InterGlobe Aviation cracks over 4%

3:03 PM

Market check

3:00 PM

BSE500 stocks that hit 52-week high today

COMPANY	LATEST	52 WK HIGH	PREV HIGH
ABBOTT INDIA	9421.00	9523.00	9400.00
BATA INDIA	1548.65	1555.00	1545.75
HDFC AMC	2686.00	2697.35	2591.55
ICICI LOMBARD	1222.20	1285.35	1264.50
INFOSYS	816.15	822.30	817.50
INTERGLOBE AVIAT	1653.00	1716.70	1716.00
PETRONET LNG	266.35	268.80	267.75
RELIANCE NIP.LIF	285.40	286.50	283.80
TCS	2274.75	2296.00	2290.65

2:59 PM

IDBI Bank surges 10% after Cabinet approves Rs 9,257 crore capital infusion

Shares of IDBI Bank surged 10 per cent to Rs 29.65 per share intra-day on Tuesday after Union Cabinet approved one-time infusion of fresh capital to the tune of Rs 9,257 crore by both Government and Life Insurance Corporation (LIC). Of the above amount, Rs 4,700 crore will be infused by LIC and Rs 4,557 crore will be infused by the government. READ MORE

2:53 PM

Sensex extends losses, now down over 600 pts

2:51 PM

India sovereign bonds to rally as economic slump spurs deeper rate cut bets

Sovereign bonds in India are poised to advance after economic growth slumped to a six-year low, bolstering bets for deeper interest-rate cuts. The economy grew 5% in the three months ended June, missing the 5.7% median estimate of economists surveyed, data released late Friday showed. India’s markets were shut on Monday. READ MORE

 

2:47 PM

NEWS ALERT | Govt committed to recapitalise bank: Union Minister Dharmendra Pradhan

2:44 PM

NEWS ALERT | Cabinet approves Rs 9,000-cr infusion in IDBI Bank: CNBC TV18

-- In this move, LIC will infuse Rs 4,700 cr, while the govt will infuse Rs 4,557 cr

2:42 PM

HDFC Securities on Public Sector Bank merger

-- PSB merger will do little to directly strengthen PSBs and revive their credit growth in order to provide the intended stimulus. This is because it does not directly address core issues that have plagued most PSBs, which will take a long time to address.

-- Weaker PSBs seem to have been left out from the rejig. For e.g. 5 out of the 7 PSBs left out have the lowest capital amongst PSBs

2:35 PM

Global markets check

Global stocks dropped on Tuesday, hurt by U.S.-China trade frictions.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.7%. India, closed on Monday, led losses, with the benchmark dropping 1% following worse-than-expected economic growth data on Friday.China’s mainland shares were fractionally lower while Japan’s Nikkei inched up 0.1%.

 

In an escalation of their trade war, the United States on Sunday began imposing 15% tariffs on a variety of Chinese goods, and China began imposing new duties on U.S. crude oil. Although U.S. President Donald Trump has said both sides would still meet for talks later this month, tensions show little sign of abating.

(Reuters)

2:31 PM

TCS gains, hits fresh all-time high

2:28 PM

Market check

2:28 PM

EXPERT VIEW | Reliance Securities' view on fire breakout at Uran ONGC complex

Oil processing is not affected while the gas from Bombay high will be processed at Hazira facility, we do not see a major impact of the fire incident at Uran plant on ONGC gas sales in 2QFY19. However, In July’19, ONGC’s gas sale fell by 3.4 per cent YoY, led by 1.2 per cent fall in production and higher internal consumption. Fall in oil prices can impact earnings in FY20 while the target for disinvestment receipts has increased to Rs 1.05 trillion for FY20, from Rs 900 billion in the interim Budget. This is a key overhang on the stock as the government holds 64.25 per cent stakes in ONGC. The stock is trading at 4.9x of FY20 EPS and 3.1x of FY20E EBITDA (consensus) which is discount to long term average. Positive view on stock.

2:19 PM

Fitch Solutions lowers 2019 global steel price forecast to $600 a tonne

Fitch Solutions Macro Research on Tuesday said it has revised downwards its 2019 global steel price forecast as global prices continue to be hammered by poor sentiment amid ongoing US-China trade tensions and increasing downside risks to the global economy.

 

In the long term, Fitch Solutions maintains its view that prices will ease and embark on a multi-year declining track as fundamentals loosen with falling demand and increasing production.  READ MORE

2:09 PM

Market check

2:04 PM

Nifty sectoral indices at this hour

1:59 PM

HDFC trades with over three per cent cut

1:50 PM

With gold hitting Rs 40,000 mark, will jewellery stocks lose sheen?

Gold prices have gained steadily over the past few months, thanks to fragile equity market sentiment and fears of global economic slowdown as US-China trade war intensifies. Thus far in calendar year 2019 (CY19), gold prices have surged 22 per cent. Silver, too, has gained 24.3 per cent during this period as investors flocked to safe-haven assets. READ MORE

1:46 PM

Stocks that hit 52-week low on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
BHARAT FORGE	385.30	378.00	0.70	0.18
CANARA BANK	203.80	203.20	-16.75	-7.59
D B CORP	133.85	132.20	-1.70	-1.25
GODREJ INDS.	405.05	402.85	-15.05	-3.58
INDIABULLS INTEG	80.00	78.00	-1.25	-1.54

1:44 PM

NEWS ALERT | Adrian Mowat joins CLSA as Chief Strategist

-- A 30-year investment industry veteran, ex-JP Morgan Adrian Mowat joins CLSA as Chief Strategist

1:40 PM

Market check