MARKET WRAP: Sensex snaps 7-day gaining streak, slips 54 pts; Infy down 2%

All that happened in markets today.

3:41 PM

Nifty snapshot

Except Nifty FMCG, all sectoral indices on the NSE end weak

3:40 PM

Sensex heat map

Bajaj Finance, YES Bank end over 3% higher

3:40 PM

CLOSING BELL

The S&P BSE Sensex lost 54 points or 0.13 per cent to settle at 40,248 while NSE's Nifty50 index ended at 11,917, down 24 points or 0.20 per cent. 

3:39 PM

Markets at close

3:20 PM

ICICI Securities on Escorts

We expect sales and PAT to grow at a CAGR of 2.8% and 8.3%, respectively, over FY19-21E, with topline growth largely tracking the tractor business. Margins are seen remaining flattish over this period. We value Escorts at | 700 i.e. 11x FY21E EPS of | 64 and assign a HOLD rating to the stock.

3:08 PM

Dabur India stock gains 4%, nears record high post Q2 results

Shares of Dabur India moved higher by 4 per cent to Rs 479 on the BSE on Tuesday after the company reported a better-than-expected 4.8 per cent year-on-year (YoY) volume growth in September quarter (Q2FY20). Analysts had forecast volume growth in the range of 3.0 - 3.5 per cent for the quarter. READ MORE 

3:00 PM

NEWS ALERT | Slowdown has bottomed out for the Co: Dabur

2:58 PM

Earnings Alert | Berger Paints Q2

-- Net profit up 67.2% YoY at Rs 194.6 crore

-- Revenue up 7.3% YoY at Rs 1,598.6 crore

-- Tax revenue at Rs 12.9 crore

--EBITDA up 14% YoY at Rs 

--EBITDA margin at 15.7%

2:49 PM

EARNINGS ALERT | NCC Q2 consolidated profit slips 32.9% YoY to Rs 82.18 cr

- Revenue slips 40% YoY to Rs 1938.28 cr; 

 

- EPS comes in at Rs 1.37 against Rs 2.04 in Q2FY19

2:45 PM

NEWS ALERT | FY20 forecast by PNB

-- Loan growth seen at 8-10%

-- NIM seen at 2.4%

-- credit cost seen at 2-2.5%

-- Operating profit growth seen at 10-12%

-- Slippages likely to be Rs 19,000 crore

2:45 PM

Bajaj Finance hits new high of Rs 4,223, up 2.6%

- The stock surpassed its previous high of Rs 4,220 on Oct  22

2:31 PM

EARNINGS ALERT | Apollo Tyres Q2 profit slips 43% YoY to Rs 83 cr

2:28 PM

PNB slips over 6% as asset quality worsens in Q2, provisions rise 5% QoQ

The bank's gross non-performing assets (GNPA) ratio increased to 16.76 per cent in the recently concluded quarter from 16.49 per cent reported in Q1FY20. In absolute terms, the GNPA stood at Rs 79,459 crore, up 2.8 per cent YoY, from Rs 77,267.3 crore reported in Q2FY19. Similarly, NNPA increased to 7.65 per cent from 7.17 per cent. In firgures, the amount came in at Rs 32,658.7 crore, up 8.2 perr cent YoY, from Rs 30,179.7 crore. READ MORE

2:16 PM

BROKERAGE RADAR | MOFSL on HDFC

In the current liquidity scenario, well-established companies with a strong parentage would get a clear preference in raising money from debt markets and banks – HDFC is well placed to capitalize on this. Despite having an Rs 1.2 trillion deposit base, incremental traction is stronger than ever. Subsidiaries are performing well and contribute over 50 per cent of SOTP. We largely maintain our estimates. Maintain Buy with a TP of Rs 2,600.

2:13 PM

NEWS ALERT | Qatar CEO says won't buy stake in IndiGo, reports Bloomberg

• plan is for a commercial deal; &
• the planned tie-up with IndiGo will be a code share accord

2:12 PM

MARKET ALERT | MTNL locked in upper circuit for 10th straight day; stock zooms 76% in 12 days

1:53 PM

Earnings Alert | Dabur Q2 result

-- Cons revenue at Rs 2,212 crore

-- Cons net profit at Rs 403 crore

-- One-time loss at Rs 40 crore

-- Domestic volume growth at 4.8%

1:51 PM

CreditAccess Grameen hits all-time high, surges 12% in two days

The company said the executive, borrowings and investment committee finalised the terms of issue of unlisted, unrated, senior secured, redeemable, transferable NCDs aggregating Rs 214 crore to Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO) on preferential basis. READ MORE 

1:48 PM

Earnings Alert | Punjab National Bank Q2 result

-- NII atRs 4,263.8 crore

-- Net Profit at Rs 507.1 crore

-- Net NPA at 7.65%

-- Gross NPA at 16.76%

-- Provisions at Rs 2,928.9 crore

1:40 PM

NEWS ALERT | Suzuki Motors revises Indian biz FY20 sales forecast to (-) 20% YoY from (+) 4% YoY: CNBC TV18

1:33 PM

NEWS ALERT | Fitch revises long-term issuer rating of Jubilant Inds to positive from Stable

1:29 PM

NEWS ALERT | Govt working on expenditure rationalisation scheme: sources to CNBC TV18

-- 200 schemes may be dropped

-- Schees with token budget spendmay go to curb non-priority schemes

-- Imoact of dropping schemes may be felt in Budget FY21

-- Centre sticking to fiscal deficit target for now

1:13 PM

Market check | Nifty50 slips below 11,900

1:12 PM

Market check | Sensex 380 pts off highs

1:07 PM

Rate cut is the only way out of economic slowdown, feel analysts

A recent report by Bank of America Merrill Lynch suggests the cut in interest rates is the only way out of the economic slowdown India is facing. They expect the RBI to slash rates by 25 basis points (bps) in its December monetary policy review and follow it up with another 15 bps cut in February 2020. The foreign research and brokerage house has also cut its gross domestic product (GDP) forecast for financial year 2019-20 (FY20) to 5.8 per cent. READ MORE  

12:59 PM

NEWS ALERT | CBI conducting searches in 35 bank fraud cases worth over Rs 7,000 cr: sources to CNBC TV18

-- Searches at around 169 places across the country in relation to bank fraud cases

12:57 PM

NEWS ALERT | ISMA cuts FY20 sugar output target to 26.85 mt from 28.2 mt: CNBC TV18

12:39 PM

RCEP: By opting out of it, India shows that now it fears the world

India now lacks both ambition and imagination; it fears the world rather than embracing it. In retrospect, it’s the two decades of optimism after the 1991 reforms that seem exceptional. Talking points released to media by the ruling Bharatiya Janata Party stressed the “pro-Indian industry” steps that the government of Prime Minister Narendra Modi had taken since 2014 -- a long list, in fact, of tariffs and barriers. READ MORE  

12:30 PM

Mangalam Drugs & Organics drops nearly 5%

12:29 PM

BROKERAGE RADAR | ICICI Securities drops coverage on Mangalam Drugs & Organics

We believe the cost factors and currency volatility are temporary. However, shrinking anti-malaria tender opportunity and change in clients’ preference is likely to impact the company’s growth prospects. Although we do appreciate the company’s manufacturing capability, in the changed scenario we believe the company has to find new customers and push other segments like ARV, etc. We expect the weakness in numbers to persist, going ahead. After assessing the whole scenario, we are dropping coverage on the stock for the time being.