MARKET WRAP: J&K developments, trade war send Sensex tumbling 418 points

Nifty auto, metal, PSU bank, realty, private bank, and financial services indices ended between 1.4 to 2% lower. NIfty IT index settled 0.63% higher.

3:39 PM

CLOSING BELL

The S&P BSE Sensex lost 418 points or 1.13 per cent to end at 36,67 levels while the NSE's Nifty50 index ended at 10,863, down 135 points or 1.23 per cent. 

3:20 PM

NEWS ALERT | DEA Secy will meet foreign investors: TV reports

3:19 PM

NEWS ALERT | Not much work done on sovereign bonds: FM

3:18 PM

NEWS ALERT | Want credit growth in auto & agri sectors: Finance Secy

3:18 PM

NEWS ALERT | Open to hearing FPIs on any issue: Finance Minister

3:17 PM

NEWS ALERT | Discussed auto sector, credit growth in bankers meet: Finance Secy

3:06 PM

Indian Bank Q1 result

-- Net profit up 74.6 per cent at Rs 365.4 crore against Rs 209.3 crore

-- Net interest income (NII) slips at Rs 1,785.5 crore versus Rs 1,807 crore in the year-ago quarter.
 

-- Gross NPA at 7.33 per cent

-- Net NPA at 3.84 per cent, sequentially.

3:00 PM

Global markets check

Global stocks fell for a sixth day on Monday as an escalation of trade tensions between the United States and China spooked markets and the yuan fell to its lowest levels in over a decade.

European shares fell to two-month lows, with the pan-European STOXX 600 index shedding 2 per cent on top of the 2.5 per cent it lost on Friday - its worst day so far in 2019 - after US President Donald Trump signaled another round of tariffs on Chinese imports. MSCI’s All Country World Index, which tracks shares in 47 countries, was down 0.7 per cent on the day. That put it down almost 2 per cent including Friday’s loss.

 

Asian shares suffered their steepest daily drop in 10 months, with MSCI’s broadest index of Asia-Pacific shares outside Japan sinking 2.5 per cent to depths not seen since late January.

2:57 PM

China decision to halt US farm goods may prompt Trump to settle for less

The logic behind China’s decision to ask its state-owned enterprises to halt imports of U.S. farm goods would, at one level, seem blindingly obvious. Leaders in Beijing may have a more complex game in mind, though. After U.S. President Donald Trump last week threatened to impose tariffs on another $300 billion of Chinese imports, in large part because China had supposedly reneged on a promise to ramp up agricultural purchases, President Xi Jinping could hardly afford to look like he was bending before the pressure. READ MORE

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2:49 PM

Services activity rebounds in July, expands at fastest pace in a year: PMI

The country's services sector activity in July returned to growth territory driven by new business orders that rose at fastest pace since October 2016, following which job creation picked up, a monthly survey showed on Monday. The IHS Markit India Services Business Activity Index rose to 53.8 in July from 49.6 in June, pointed to the quickest increase in output in one year. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. READ MORE

2:47 PM

Cement stocks trade under pressure

COMPANY	LATEST(rs)	CHG(rs)	CHG(%)	VOLUME
INDIA CEMENTS	84.40	-2.50	-2.88	414829
AMBUJA CEM.	198.30	-1.00	-0.50	74187
ACC	1515.00	-0.55	-0.04	17291
ULTRATECH CEM.	4260.85	-38.65	-0.90	15952
HEIDELBERG CEM.	185.25	-2.70	-1.44	13173

2:44 PM

NBCC (India) Ltd tanks 10%

2:40 PM

Glenmark Pharma slips 3% in trade

2:34 PM

Indian Bank is trading 4.6% lower

2:29 PM

Earnings Alert | Indian Bank Q1 result

-- Provisions at Rs 795 cr, down 22% YoY; PCR at 66.34%

-- PAT at Rs 365 cr, up 74% YoY

-- Capital adequacy ratio at 13.62%

-- NII at Rs 1,785 cr

2:19 PM

Pick of the week :: HDFC Securities

Axis Bank

Recommendation: Buy at current CMP; add on declines

CMP: Rs 673.85             Add on dips: Rs 640 - Rs 680

Sequential targets: Rs 750 - Rs 900

Time horizon: 4-6 quarters

Worst long behind (in terms of asset quality) and strategic growth plans from new management gives confidence to us on Axis Bank’s future. Key positives like high CASA ratio, wide distribution network, franchise value and the high and growing share of retail loans support our bullish view on the stock. Axis’s

capital raising (growth capital) of ~Rs 180bn will be book value accretive. We have estimated 15% CAGR in NII, 48% in Net Profit and 15.7% in Loan Book over FY19 to FY22E. We have done SoTP based valuation for arriving target price of Rs 900. We have valued the standalone bank at ~2.9x FY21E ABV and valued its subsidiaries at Rs 27 (after holding co discount of 20%). We recommend Axis Bank a BUY at CMP of Rs. 674 and add on dips of Rs. 640 for the sequential price targets of Rs. 780 and Rs. 900 over next 6 Quarters.

2:17 PM

Bharti Airtel gains over 2%; top gainer on S&P BSE Sensex

2:15 PM

ICICI Securities on Power Grid

Rating: HOLD 

 

Target: Rs 210 (-1%) 

 

Target Period: 12 months

 

Change in return on equity (RoE) profile given the rise in share of Tariff Based Competitive Bidding (TBCB) projects coupled with lower internal rate of return (IRR) in the same would lead to moderation in the same. Also, lower capitalisation rate and capex trends will lead to 7% PAT CAGR over FY19-21 vs. 22% PAT CAGR witnessed in FY15-18 will also weigh on expansion of multiples. Hence, we continue to value at a P/B multiple of 1.3x FY21E BV with a fair value of Rs 210 per share.

2:09 PM

Nifty sectoral indices at this hour

2:09 PM

MARKET CHECK

2:03 PM

NEWS ALERT | India may contemplate setting up Coal price index: sources to BTVi

-- Panel headed by former CVC Pratyush Sinha to meet on Aug 8

 

-- Former SBI chairperson Arundhati Bhattacharya member of panel

 

-- Panel set up last year to suggest changes in bidding, pricing system. 

1:51 PM

DB Corp rises over 3%

1:40 PM

Nifty PSU Bank index hits over 3-year low; SBI slips 15% in a week

Shares of public sector banks were under pressure, with the Nifty PSU Bank index hitting an over 3-year low in intra-day deal on the National Stock Exchange (NSE), on Monday, after a sharp fall in sector giants like State Bank of India (SBI) and Bank of Baroda (BOB). At 12:25 pm, Nifty PSU Bank index, the largest loser among sectoral indices, was down 3 per cent at 2,608 on the NSE, as compared to 1.4 per cent decline in the benchmark index Nifty 50. READ MORE

1:36 PM

Indiabulls Ventures tanks 9%

1:31 PM

Venkys soar 11%

1:15 PM

NEWS ALERT | Natco Pharma announces successful closure of Kothur Unit's inspection by the US FDA: BSE Filing

Alert: facility inspected from May 30-June 5, 2019

 

1:11 PM

NEWS ALERT | Auto & auto ancillary cos to present their case to Fin Min on Aug 7: sources to CNBc TV18

1:09 PM

NEWS ALERT | Fin Min to meet realty and home buyers on Aug 11: sources to CNBC TV18

1:08 PM

NEWS ALERT | Finance Ministry to hold meeting w.r.t financial markets on Aug 9: sources to CNBC TV18

1:06 PM

NEWS ALERT | Finance Ministry to meet MSMEs tomorrow: sources to CNBC TV18

-- Nitin Gadkari, Union Minister for MSMEs, to be part of the meeting