MARKET WRAP: Sensex slips 48 pts, settles below 38,000-mark; PSBs tank

t close, Nifty PSU Banks were the biggest losers, with the index settling over 3% lower followed by Nifty Financial Services index (down 0.72%t) and Nifty Pharma index (down 0.70%)

3:43 PM

Sectoral gainers and losers on the NSE

3:42 PM

Top losers and gainers on the S&P BSE Sensex

3:37 PM

CLOSING BELL

The S&P BSE Sensex slipped 48 points or 0.13 per cent to settle at 37,983 while Nifty ended at 11,331 levels, down 15 points or 0.13 per cent. 

3:28 PM

Global market update | Prabhudas Lilladher

3:22 PM

Index Contributors at this hour

3:13 PM

IOB's June quarter loss narrows to Rs 342 cr, from Rs 919 cr last year

The bank's total income declined six per cent to Rs 5,006.48 crore during the quarter, from as Rs 5,326.71 crore during the corresponding quarter of previous year.

 

Its gross non-performing assets (NPA) as a percentage of gross advances declined to 22.53 per cent (Rs 33,262 crore) from 25.64 per cent (Rs 38,146.05 crore) a year ago. Net NPA also has declined to 11.04 per cent (Rs 14,173.84 crore) from 15.10 per cent (Rs 19,641.81 crore) during corresponding quarter last year. READ MORE

3:00 PM

Market check | Sensex sheds over 300 pts intra-day from highs

2:51 PM

Infosys hits record high in subdued market, up 11% in 7 days post Q1 nos

Infosys shares hit an all-time high of Rs 804 apiece, up 2 per cent, in intra-day trade on the BSE on Tuesday in an otherwise subdued market. The stock surpassed its previous high of Rs 799 touched on July 18, and crossed the share buyback price of Rs 800 per share. In the past seven trading days, the stock has outpaced the market by surging 11 per cent on upward revision of the revenue guidance in constant currency terms for the financial year 2019-20 (FY20) to 8.5-10 per cent from 7.5-9.5 per cent as guided earlier. READ MORE

2:48 PM

Sector watch | Nifty PSU Banks' index slide, down 3%

2:40 PM

FPIs could be the panacea for India's credit crisis: JPMorgan

PMorgan Chase & Co.’s chairman for south and south-east Asia, Kalpana Morparia, is advising policy makers to tweak bankruptcy rules to let foreign portfolio managers throw a lifeline to the troubled shadow banking sector. The overseas investors could also step in to fill the financing void left by the non-bank lenders, she said in a recent interview.

 

The cash squeeze in the financial system triggered by the default of infrastructure financier IL&FS Group last year has already taken a toll on the country’s economic growth and has policy makers looking for ways to avert contagion. Shadow lenders like Dewan Housing Finance Corp. and Reliance Capital Ltd. are resorting to fire sales of assets to survive the credit crunch. READ MORE

2:35 PM

ECB, Fed rate cut hopes lift global stocks

Expectations that the European Central Bank and Federal Reserve will cut interest rates boosted stocks globally. In early European trade, pan-region Euro Stoxx 50 futures rose 0.46 per cent while German DAX futures climbed 0.57 per cent and FTSE futures 0.40 per cent.

 

In Asia, Japan’s Nikkei rose 0.95 per cent while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.04 per cent. The Shanghai Composite Index edged up 0.15 per cent. Australian stocks added 0.4 per cent and South Korea’s gained 0.45 per cent.

2:23 PM

Market check

2:22 PM

Sudden spike in Jindal Steel Plant Limited

2:19 PM

NEWS ALERT | South Africa grants Vedanta application on Konkola Copper Mines: Agencies, reports ET Now

2:16 PM

Sovereign bond yields to consolidate ahead of monetary policy review: DBS

"Indications of a pause in the rate-cutting cycle and 30 bp slip in yields since the Budget, stoked profit-taking trades," wrote the bank's Economist Radhika Rao and FX Strategist Philip Wee.

 

The duo further added that the RBI Governor's comments that policy stance here on will depend on incoming data, nudged traders to pare easing expectations. READ MORE

2:12 PM

NEWS ALERT | NCLAT dismisses HSBC's contempt plea against Anil Ambani and Reliance Infratel: CNBC TV18

2:07 PM

Market check

2:06 PM

Result impact | Kajaria Ceramics dips over 2%

-- Q1 net profit at Rs 57 cr, down 17% QoQ

1:56 PM

DCC may take call on Rs 3,050-cr fine on Airtel, Voda-Idea after July 24

At the upcoming meeting of the Digital Communications Commission (DCC) slated to be held on July 24, the top agenda will be a discussion on whether it will agree with the recommendation of the Telecom Regulatory Authority of India (Trai) to impose over Rs 3,050 crore of penalty against Airtel and Vodafone-Idea for non-compliance of the terms and conditions of the telecom licence or find justification for reducing the quantum of fine that the telcos have to fork out. READ MORE

1:48 PM

Maruti, Hyundai skip rural slump, manage to increase sales in FY19

Both companies are optimistic about 2019-20, too, with the raising of rural allocations in the Union Budget and higher Minimum Support Prices. That means more of rural disposable income.

 

Maruti Suzuki’s (the country’s largest car maker) rural sales in 2018-19 rose to 205,000 units or 39 per cent of sales. A year before, it was around 165,000 units or 37 per cent of sales. This year’s outcome will depend on the monsoon, farm output and how rural sales pick up. READ MORE

1:40 PM

Kotak Mahindra Bank extends gain to over 3%, top gainer on S&P BSE Sensex

1:35 PM

HDFC Life Insurance gains post Q1 results

1:33 PM

Earnings Alert | HDFC Life Q1 results

-- Consolidated net profit up 11.8% at Rs 425.7 cr vs Rs 380.6 cr (YoY)
 

-- Individual APE up 64% at Rs Rs 1,378 cr vs Rs 840 cr (YoY)
 

-- New Biz margin at 29.8% vs 24.2% (YoY)
 

-- AUM growth at 18% YoY

1:25 PM

HT Media's stock post Q1 results

1:22 PM

NEWS ALERT | PNB Housing Finance to consider raising Tier-I capital via issue of equity shares or other financial instruments on July 30: CNBC TV18

1:20 PM

Earnings Alert | HT Media Q1 results

-- Consolidated EBITDA up 13.8% at Rs 41 crore vs Rs 36 cr (YoY)
 

-- Net loss at Rs 155.3 cr vs profit of Rs 1.2 cr (YoY)
 

-- Consolidated EBITDA margin at 7.6% vs 6.6% (YoY)
 

-- One-time loss at Rs 176.3 cr
 

-- Consolidated revenue down 1.1% at Rs 540.2 cr (YoY)

1:19 PM

NEWS ALERT | DHFL promoters and lenders to meet on Thursday: sources to BTVi

-- Final resolution plan likely to be announced on July 26

 

-- DHFL to also finalise new investor for stake sale

1:13 PM

Earnings Alert | IOB says loss in Q1 incurred due to provisions, not operations

1:11 PM

Earnings Alert | Indian Overseas Bank Q1 result

-- Net Loss at Rs 342 Cr vs Loss af Rs 919 cr YoY 

-- Gross NPA at Rs 33,262 cr vs Rs 33,398 cr (QoQ) 

-- Net NPA at Rs 14,47 cr vs Rs 14,368 cr (QoQ)

-- Provisions at Rs 1,158 cr vs Rs 2,401 cr (YoY)

-- Global NIM at 2.01%

-- Recovery at Rs 2,238 cr

1:07 PM

Buzzing | Mindtree rises ahead of Q1 earnings by L&T