MARKET WRAP: Indices end in the green but witness worst July in 17 years

Weak corporate earnings, economic slowdown and tax issues continued to weigh down investment sentiment.

3:50 PM

Sectoral gainers and losers on the NSE

3:48 PM

Gainers and losers on the S&P BSE Sensex

3:35 PM

CLOSING BELL

The S&P BSE Sensex gained 84 points or 0.22 per cent to settle at 37,481 levels while NSE's Nifty50 index ended at 11,118, up 33 points or 0.29 per cent.

3:29 PM

NEWS ALERT | DHFL says divestment of co's stake in DHFL Pramerica Asset Managers has been completed

3:23 PM

Anand Rathi Shares on HDFC Bank

RECOMMENDATION: BUY

 

TARGET PRICE: Rs 2,820

 

Considering the strong positioning, healthy balance sheet growth and superior asset quality & management, we believe the bank is well-poised to deliver consistently with margin leadership & robust return ratios. We continue to remain positive on the company over medium to longer term perspective and maintain our BUY rating on the stock with a target price of Rs 2,820 per share.

3:15 PM

Centrum Broking on Sanofi India

The stock has rallied recently which is driving us to cut our recommendation to Reduce from earlier add. We have valued Sanofi India (SIL) at 27x CY20E EPS of Rs 219, with a Reduce rating and target price of Rs 6,000. At Rs 6,022, the stock trades at 32.3x CY19E EPS of Rs 186.4 and 27.6x CY20E EPS of Rs 218.5. Key risks to our call include regulatory issues, any additions from key brands to National List of Essential Medicines (NLEM) list and slowdown of the domestic pharma market.

2:57 PM

NEWS ALERT| Economic slowdown, liquidity crisis, tax issues leading to market correction: HSBC Global to CNBC TV18

2:47 PM

Cholamandalam Investment and Finance Company rises over 5%

2:33 PM

Result impact: Allahabad Bank

2:32 PM

NEWS ALERT | Allahabad Bank Q1 results

-- Provisions at Rs 1,008.8 cr 
 

-- Net profit at Rs 128 cr
 

-- Gross NPA at 17.43%
 

-- Net NPA at 5.71% vs 5.22% QoQ
 

-- NII down 10.2% at Rs 1,530.1 cr vs Rs 1,703 cr YoY

2:27 PM

Market check | Sensex sees sudden surge

2:24 PM

NEWS ALERT | The authenticity of the letter is unverified: CCD Board

--  It is unclear whether these statements pertain to the company or the personal holdings of Mr. V. G. Siddhartha

-- The Board took serious note of the same and resolved to thoroughly investigate this matter

2:16 PM

NEWS ALERT | Subhash Chandra, chairman, Zee Group, likely to have met SEBI ch'man on Tuesday: CNBC TV18

-- Chandra likely to have apprised Ajay Tyagi about divestment plan

2:12 PM

Result impact: Indian Oil Corporation

2:12 PM

MOIL hits 52-week low

2:09 PM

NEWS ALERT | Board to probe w.r.t statements made in VG Siddhartha's letter: CNBC TV18

2:09 PM

Earnings Alert | Indian Oil Corporation Q1 results

-- Standalone net profit at Rs 3596 cr
 

-- Revenue at Rs 1.21 lakh crore

-- EBITDA margin at 6.4%

-- Gross refining margin at $4.69/bbl

2:07 PM

NEWS ALERT | Board appoints Cyril Amarchand Mangaldas as legal counsel: CNBC TV18

2:06 PM

Earnings Alert | Apollo Tyres Q1 results

-- Depreciation at Rs 267.3 cr
 

-- Consolidated net profit Rs 141.6 cr, down 43.8% YoY
 

-- Consolidated revenue at Rs 4,331.3 cr up 0.7% YoY
 

-- Consolidated Ebitda at Rs 475 cr down 12% YoY
 

-- Consolidated EBITDA margin at 11% vs 12.5% YoY

2:04 PM

NEWS ALERT | Executive committee will explore options to deleverage Coffee Day Group: CNBC TV18

-- EC consists of SV Ranganath, Nitin Bagmane and R Ram Mohan

2:02 PM

NEWS ALERT | Coffee Day Enterprises appoints SV Ranganath as interim Board chairman: CNBC TV18

-- Appoints Nitin Bagmane as chief operational officer (COO)

1:05 PM

Bharti Airtel trades lower ahead of Q1 result tomorrow

12:54 PM

Global markets check

Asian shares fell on Wednesday to a six-week trough, rattled by fresh trade war concerns following threats from President Donald Trump to Beijing, while increasing worries about a no-deal Brexit kept the pound under pressure. Later in the day, the U.S. Federal Reserve is widely expected to cut interest rates for the first time since the financial crisis more than a decade ago. The expected easing has supported risk asset prices worldwide.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan pared losses to trade down 0.5 per cent but earlier fell to the lowest since June 19, while Japan’s Nikkei declined by 0.7 per cent.

 

In early European trade, the pan-region Euro Stoxx 50 futures rose 0.1 per cent, German DAX futures were up 0.1 per cent and Britain’s FTSE futures were little changed. (REUTERS)

12:39 PM

Powell holds his ground as Fed rate cuts may deliver mild jolt to economy

The US Federal Reserve is almost certain to cut interest rates for the first time in more than a decade on Wednesday, delivering a mild jolt to an economy that is facing headwinds from trade disputes and a global slowdown. The widely expected quarter-percentage-point lowering of borrowing costs, however, is unlikely to assuage US President Donald Trump's increasingly strident demands for the central bank to ease monetary policy. READ MORE

12:34 PM

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

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
AJANTA PHARMA	873.85	840.00	-7.25	-0.82
ANDHRA BANK	21.10	20.95	0.10	0.48
APOLLO TYRES	152.95	145.30	3.30	2.21
ASAHI INDIA GLAS	193.30	193.30	-6.70	-3.35
ASHOK LEYLAND	70.40	67.10	1.80	2.62

12:26 PM

Nifty sectoral indices at this hour

12:14 PM

MARKET CHECK

11:58 AM

Bank of India likely to have aborted plan to sell stake in life insurance arm: CNBC TV18

-- BoI was looking to raise approx Rs 1,100 cr via 25% stake sale in Star Dal-Ichi

11:52 AM

ZEEL dips over 5%

11:50 AM

NEWS ALERT | US-China trade talks end in Shanghai: Agencies