MARKET WRAP: Indices end flat, Nifty settles at 10,890; PSU banks gain

Among the sectoral indices, Nifty PSU Bank index rose 0.6 per cent led by gains in the stock prices of Punjab National Bank (PNB), Union Bank of India and Indian Bank.

3:51 PM

Sectoral gainers and losers of the day

3:50 PM

Gainers and losers in today's trade on BSE Sensex

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 36,321, up 3 points or 0.01 per cent, while the broader Nifty50 index settled at 10,890, up 4 points or 0.03 per cent.

3:15 PM

Rising input costs, soft LME prices to dent aluminium makers' profits

A spike in costs of key ingredients, together with bearish LME (London Metal Exchange) prices, threatens to cut margins of domestic aluminium makers in the near term.

 

LME aluminium prices have been tanking for over four weeks, falling to $1,775 a tonne as on January 14 after scaling a seven-year-high of $2,718 in April 2018. The price trend is disquieting for the three primary producers — National Aluminium Company (Nalco), Vedanta Ltd, and Hindalco Industries Ltd — whose smelting costs are still hovering around $2,000 a tonne. READ MORE

3:03 PM

Web Exclusive Chart Reading: Indices to watch if RBI goes for a rate cut

The decline in food prices and a cut in fuel costs helped consumer price inflation (CPI) to hit an 18-month low in December. Here's a look at the sectoral indices that may have an impact if the RBI goes for a rate cut. READ MORE

2:45 PM

RBI may take dovish stance in February policy on soft retail, WPI inflation

With softer retail and wholesale price-based inflation, Reserve Bank of India is likely to change its policy stance from 'neutral' from 'calibrated tightening' in the February policy, says a report.

 

The inflation based on the Consumer Price Index (CPI) eased to an 18-month low of 2.19 per cent in December compared to 2.33 per cent in November and 5.21 per cent in December 2017. READ MORE

2:33 PM

BSE gets Sebi nod for guar, gold mini futures on its derivatives segment

The Bombay Stock Exchange (BSE), India's first universal exchange, has received market regulator Sebi's consent to launch Gold Mini, Guarseed and Guargum future contracts on its newly-launched commodity derivatives segment. These future contracts are monthly compulsory deliverable contracts with lot size of 100 grams, 10 tonnes and 10 tonnes respectively. Recently, BSE also entered into an agreement with various agricultural premier associations and warehouse service providers in India for the growth and development of commodity derivatives markets in the agricultural complex. Read more

 

2:19 PM

Top gainers and losers on S&P BSE Sensex

1:58 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,324.05	+5.72	+0.02
S&P BSE SENSEX 50	11,394.82	+6.91	+0.06
S&P BSE SENSEX Next 50	32,744.36	+3.51	+0.01
S&P BSE 100	11,172.08	+6.11	+0.05
S&P BSE Bharat 22 Index	3,468.70	+6.99	+0.20

1:44 PM

Jet Airways sinks over 8% amid uncertainty over Etihad Airways' open offer

Shares of Jet Airways came under selling pressure Wednesday and slumped over 8 per cent amid uncertainty over an open offer from Etihad Airways.

 

The stock tanked 8.28 per cent to Rs 270 on BSE. On National Stock Exchange (NSE), shares of the airline company cracked 8.39 per cent to Rs 269.05 apiece. READ MORE

1:30 PM

Torrent Pharma trades higher for six straight day; stock hits new high

Shares of Torrent Pharmaceuticals was trading higher for the sixth straight day, up 2 per cent at Rs 1,929 apiece, hitting a new high on the expectations of healthy financial results for the quarter ended December 2018 (Q3FY19). READ MORE

1:10 PM

Large borrowers will find it hard to tap bond market from April: Here's why

Greek mythology has it that a reluctant Atlas was tricked by Hercules into holding up the heavens after having briefly taken up the burden when the titan went to fetch the golden apples.

 

The Securities and Exchange Board of India’s (Sebi’s) life-breath to get borrowers tap the bond mart for a quarter of their fresh long-term funding over Rs 100 crore from April 1, 2019 may well see the Atlas-Hercules narrative play out again. READ MORE

12:52 PM

Stock impact: Phillips Carbon shares up 4.5%

12:46 PM

NEWS ALERT Phillips Carbon reports earnings for Q3 with net profit surging 92% to Rs 108.6 crores and revenue 54% to Rs 945.6 crores

12:31 PM

FPIs may take up issue of including India in bond indices club with RBI

Foreign portfolio investors (FPIs) are likely to take up the issue of including India in the global bond indices club during its meeting with the Reserve Bank of India (RBI) next week. Inclusion in these indices, created by index providers such as JP Morgan, could potentially result in billions of dollars in FPI inflows. READ MORE

12:19 PM

WEB EXCLUSIVE | IIP growth may be at a 17-month low, but these industrial stocks likely to shine

 

According to IEEMA, growth in electrical equipment industry (EEI) rose to a five-year high of 19 per cent (year-on-year) in the first half of 2018-19, driven by industries like energy meters, cables and wires, transformers, capacitators and switchgear. Going forward, the prospects of EEI and EPC players like KEC International, Kalpataru Power, KEI Industries, CG Power, ABB India, Havells India, V-Guard Industries and L&T look promising, owing to a slew of initiatives and changes in the power and infra sector. CLICK HERE TO READ FULL ARTICLE

11:57 AM

ICICI Securities impacted by weak market sentiment, competition

The ICICI Securities stock lost 5.2 per cent in trade on Tuesday, on the back of poor December quarter results. The company, which was reportedly unseated by low-cost broker Zerodha as the largest online trading platform in terms of customers, saw revenues fall 18 per cent year-on-year (YoY) to Rs 396 crore. The bottom line, too, was down 34 per cent at Rs 101 crore. READ MORE

11:39 AM

Public sector banks gain; Punjab National Bank hits four-month high

Shares of public sector undertaking (PSU) banks were trading higher by up to 4 per cent on the National Stock Exchange (NSE) in an otherwise range-bound market as both headline inflation and WPI inflation have been falling for the past two months. State Bank of India (SBI), Punjab National Bank (PNB), Indian Bank, Bank of India, Union Bank of India, Syndicate Bank, Indian Overseas Bank and Canara Bank were up in the range of 1 per cent to 4 per cent. Read more

 

11:21 AM

Etihad offers to invest in Jet Airways at discounted rate of Rs 150/share

Etihad Airways has offered to invest in debt-laden Indian carrier Jet Airways at a discounted price of Rs 150 a share, along with an immediate release of $35 million after certain conditions are met, according to a CNBC-TV18 report citing sources.

 

The offer comes at a staggering 49 per cent discount to Jet's closing price of Rs 293.70 on Tuesday. Jet Airways shares tumbled after the report, falling as much as 7.5 per cent to Rs 271.75 in their biggest intra-day percentage loss since December 10, 2018. READ MORE

11:16 AM

RBI likely to change stance in February and follow with 50 bps of rate cuts : Kotak Securities

 

The softer CPI and WPI prints are likely to give confidence to the MPC to change its stance to ‘neutral’ from ‘calibrated tightening’ in February. This is the fifth consecutive month that the CPI reading has been below the RBI’s target of 4 per cent. We expect CPI at around 3.3 per cent in March 2019. Concerns, however, remain about the stickiness of core inflation, especially at a time when growth is expected is slow to 6.6 per cent in 2HFY19. While volatile crude oil prices and concerns on fiscal slippage may warrant some caution, the seemingly structurally benign food inflation along with softening growth should help in capping the upside pressures. We continue to expect 50 bps of rate cut in 1HCY19.

11:14 AM

Reliance Securities on Tata Elxsi

 

TEL’s poor performance in 3QFY19 along with complete lack of discourses as to the reasons for the same (no conference call details yet despite results having been announced one week ago) are unlikely to do any favours for the stock price. With global macro issues and problems at its top client as highlighted above, slowing growth is a valid concern. With slowing growth along with zero interaction with management to understand drivers for the poor performance in 3QFY19 and near-term outlook, there is no valid reason for the stock to command premium valuation. We downgrade Tata Elxsi to HOLD from BUY earlier with a revised target price of Rs 1,000 (Rs 1,440) owing to a 9 per cent FY20E EPS downgrade and lower target PE of 20x (25x).

11:10 AM

COMMENT | Motilal Oswal Financial Services on MCX

 

We expect volumes/revenue/earnings CAGR (FY18-21) of 20%/16%/22%. BSE, too, launched commodity derivatives in bullion in October 2018, but the real assessment competitive prowess will be visible once it starts charging for the segment. That said, increased competitive intensity merits caution, not only from the perspective of potential loss of market share, but also in terms of any unexpected cut in pricing in the near future. Management denied any plans to cut prices for now. Our price target of Rs 900 discounts forward earnings by 25x and implies 18 per cent upside. Maintain Buy.

11:04 AM

COMMENT | Anand Rathi Financial Services on Jammu & Kashmir Bank

 

With its contracting stressed pipeline, steady repayments from the large restructured book and focus on lending in its home state, we believe J&K Bank’s core operating parameters will gradually improve. Given the recent fall in the stock price, we alter our recommendation to a Buy. Our Jan’20 target (Rs 64) is based on the two-stage dividend discount model (DDM) model. This implies nearly 0.6x P/ABV multiple on its FY21e book. 

 

Risks | Downside: Lumpy delinquencies from the restructured book; unrest in the home state.

10:53 AM

Indiabulls Integrated up 5% as arm gets preliminary nod from IRDAI

Shares of Indiabulls Integrated have locked in the upper circuit of 5 per cent at Rs 332 apiece on the BSE after the company announced that Indiabulls Life Insurance Company got the preliminary nod from Insurance Regulatory and Development Authority of India (IRDAI). READ MORE

10:40 AM

Zee Entertainment extends gains after Q3 profit beats estimates

Shares of Zee Entertainment Enterprises rose 4 per cent to Rs 476 apiece on Wednesday, extending their 2 per cent gain on the BSE in the previous session, after the company reported a better-than-expected result for the quarter ended December 2018 (Q3FY19).
 

ZEE reported an 18 per cent year-on-year (YoY) jump in consolidated revenue at Rs 2,167 crore in Q3FY19, led by strong advertising growth. It had a revenue of Rs 1,838 crore in the same quarter last year. READ MORE

10:26 AM

MCX net profit jumps twofold to Rs 42 crore in December quarter

The Multi Commodity Exchange (MCX) Tuesday clocked over twofold jump in consolidated net profit to Rs 41.99 crore during the third quarter ended December 31, 2018, on account of strong revenue.

 

The exchange's net profit stood at Rs 18.77 crore in the corresponding quarter of the previous financial year, the company said in a regulatory filing. READ MORE

10:16 AM

Top gainers on BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
GRAPHITE INDIA	788.55	93.90	13.52	202185
HEG	3861.90	320.90	9.06	26758
ITI	101.85	7.55	8.01	484379
GATEWAY DISTR.	117.45	6.15	5.53	4080
GUJ PIPAVAV PORT	94.55	4.90	5.47	8981

9:57 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,416.00	+97.67	+0.27
S&P BSE SENSEX 50	11,420.50	+32.59	+0.29
S&P BSE SENSEX Next 50	32,889.45	+148.60	+0.45
S&P BSE 100	11,200.59	+34.62	+0.31
S&P BSE Bharat 22 Index	3,477.85	+16.14	+0.47

9:54 AM

BSE gets Sebi nod for guar, gold mini futures on its derivatives segment

The Bombay Stock Exchange (BSE), India's first universal exchange, has received market regulator Sebi's consent to launch Gold Mini, Guarseed and Guargum future contracts on its newly-launched commodity derivatives segment. These future contracts are monthly compulsory deliverable contracts with lot size of 100 grams, 10 tonnes and 10 tonnes respectively. Recently, BSE also entered into an agreement with various agricultural premier associations and warehouse service providers in India for the growth and development of commodity derivatives markets in the agricultural complex. Read more

9:35 AM

We're giving MCX a stable cost base to ramp up profits: Mrugank Paranjape

Daily average volumes on the Multi Commodity Exchange during the three month-period ended December 31, 2018, were the highest in the past 22 quarters since commodity transaction tax (CTT) was imposed, due to which there has been a sharp improvement in profits. In interview with Rajesh Bhayani, the exchange’s MD & CEO, Mrugank Paranjape said, “we are making MCX a company with stable treasury income and a predictable cost structure.”  Click here to read full interview

Mrugank Paranjpe,MD & CEO of MCX