MARKET WRAP: Sensex gains 582 pts, Nifty ends at 11,787; Tata Motors up 16%

All that happened in markets today.

4:01 PM

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

"A strong momentum is seen in the market as healthy Q2 earnings from big corporate and attractive valuation for mid & small caps is providing a favorable risk-reward to investors. This positivity is likely to stay in the short to medium term as concerns of the market are fading with tax cut and govt’s intention to come out with more reforms in direct & indirect taxation. The clouds over global market is gradually settling down with developments in trade deal and Brexit, while rate cut expectation from FED will further add impetus to emerging markets like India."

3:59 PM

Sectoral gainers and losers on the NSE

3:58 PM

Top gainers and losers on the S&P BSE Sensex

3:38 PM

CLOSING BELL

The S&P BSE Sensex rallied 582 points or 1.48 per cent to end at 39,832 while NSE's Nifty50 index ended at 11,787, up 160 points or 1.37 per cent.

3:25 PM

Govt forms secretaries' panel on steps to ease financial stress in telecom

Days after the Supreme Court ordered telecom companies to pay as much as Rs 1.42 trillion in past statutory dues, the government is constituting a Committee of Secretaries (CoS) under the Cabinet Secretary to suggest measures to mitigate financial stress in the sector. READ MORE 

3:24 PM

MARKET CHECK

3:06 PM

BROKERAGE RADAR | HDFC Securities on Marico

Marico disappointed on volume growth owing to rural slowdown. Hair oil category growth was sluggish in 2Q. Copra deflation and international performance drove healthy EBITDA growth. We recently downgraded Marico to NEUTRAL as RM tailwinds are expected to moderate and near-term positives were priced-in. We value Marico at 35x on Sep-21 EPS arriving at a TP of Rs 391.

3:03 PM

MRKET CHECK | Top 5 losers on the BSE at present

2:53 PM

Dividend distribution tax could be scrapped, reports IANS

A bonanza is in the offing for the stock markets as the Prime Minister's Office (PMO) and the Finance Ministry are working on measures which may include dividend distribution tax (DDT) being scrapped. In this regard, the Department of Economic Affairs (DEA) and Revenue Department officials in the Finance Ministry have held meetings with PMO officials, the news agency reported. 

2:46 PM

NEWS ALERT | Trial court approves settlement agreement for Welspun India w.r.t pending claims in the US

2:43 PM

Tata Sons stake in Tata Motors to rise to 43.73% post preferential issue

Tata Sons, the promoter of major operating companies of the Tata Group, will increase its shareholding in Tata Motors to 43.73 per cent after the proposed Rs 6,500 crore preferential issue by the automobile manufacturer.

 

Last week, Tata Motors' board had approved raising of Rs 6,500 crore via preferential allotment of securities to Tata Sons. READ MORE

2:37 PM

NEWS ALERT | AGR verdict: Committee of Secy to suggest measures to mitigate financial stress by Telcos: sources to CNBC TV18

-- Telcos have made case w.r.t future spectrum payment, viable pricing of data/voice, financial stress

-- SC verdict will enhance stress in sector

2:35 PM

Govt likely to order SFIO probe into financial irregularities at DHFL

The Registrar of Companies, Mumbai office, has submitted its report on Dewan Housing Finance Corporation (DHFL) to the Ministry of Corporate Affairs a couple of days ago, an official said. READ MORE 

2:31 PM

Sector watch | Nifty Auto index trades near day's high

2:26 PM

Buzzing | Vodafone Idea extends decline

2:16 PM

NEWS ALERT | Thomas Cook India CMD Madhavan Menon resigns from Quess Corp board: BSE Filing

-- Tenders resignation with immediate effect

-- Resigned following Mumbai NCLT's nod for merger of TMI, Quess Corp

2:11 PM

NEWS ALERT | Tata Motors Conference Call

-- Co maintains guidance of 3-4% EBIT margin in FY20-21
 

-- Management confident about remaining profitable in H2FY20 

-- Co says, see gradual improvement in China volumes 

-- To see 500 million pounds benefits in H2FY20 due to cost cutting project charge

(As reported by CNBC TV18)

2:03 PM

Coal supply crunch may spoil govt's dream of $5-trillion economy by 2024

Coal supply could play a dampener both for the power sector and the industry at a time when the government is targeting double-digit growth and a $5-trillion economy. While the power demand is rising with enhanced electricity connectivity and improving supply metrics, domestic coal supply continues to remain laggard as several states and power generators are depending on imported coal. READ MORE 

1:54 PM

Tata Steel, NMDC gain up to 9% on reports Govt may ease captive mine rules

Metal stocks such as Tata Steel, Jindal Steel, SAIL and JSW Steel advanced up to 9.5 per cent on the NSE on Tuesday on reports government could allow integrated steel producers to divert a portion of iron ore from their captive mines for use by other joint venture entities. That apart, optimism around US-China trade deal also boosted investor sentiment. READ MORE

1:42 PM

BUZZING STOCK | RBL Bank jumps over 7%

1:35 PM

Nifty hits 11,800 for the first time since July 5

1:23 PM

Sensex above 39,800 for the first time since July 5

1:19 PM

MARKET CHECK | RIL hits new high

1:10 PM

EXPERT VIEW | Commentary on Gold by LKP Securities

"Gold can be seen in the range of Rs 37,500 – Rs 38,400 for the coming days, whereas on the global front, it will be seen in range of $1480-1510. We expect some sideways days ahead for Bullion but US Fed’s interest rate decision (probably dovish decision) shall provide positive impetus going ahead," says Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities. 

1:01 PM

BROKERAGE RADAR | ICICI Securities on State Bank of India

The management continues to be confident that balance sheet has been improving and has guided for a strong recovery ahead with RoA target of 0.5 per cent in FY20E. We raise provisions for NPA and build in DTA tax adjustment of ~ Rs 3,000 crore impacting FY20E earnings. A gradual pick-up in credit off-take coupled with healthy operational matrix augurs well for future earnings. A recovery from large NCLT account and stake sale in subsidiaries is expected to unlock valuation. We maintain our target price at Rs 400, valuing at 1.5x FY21E ABV. We maintain BUY recommendation.

12:59 PM

NEWS ALERT | DHFL issue likely to be referred to Serious Fraud Investigation Office: MCA official

12:56 PM

NEWS ALERT | ROC Mumbai submits report on fund diversion by DHFL: Corp Affairs Min official

-- Notes serious issue of corporate law violations

(As reported by CNBC TV18 quoting Agencies)

12:49 PM

Market check

12:39 PM

Market check | Nifty Mid-cap100 index trading at 1-month high

12:33 PM

NEWS ALERT | Saudi Aramco targeting to kick off planned IPO on Nov 3: Sources to Reuters

-- The state oil giant working is towards an announcement for the proposed float this Sunday