MARKET WRAP: Sensex gains 184 pts, ends at fresh closing high of 40,653.74

All that happened in markets today.

3:53 PM

Realty stocks log gains on stimulus measure

3:52 PM

Nifty snapshot

3:51 PM

Sensex heat map

3:51 PM

Market at close

3:36 PM

CLOSING BELL

The S&P BSE Sensex rallied 184 points or 0.45 per cent to end at 40,653.74 and NSE's Nifty50 ended above 12,000-mark at 12,016.10, up 50 points or 0.42 per cent. 

3:13 PM

RESULTS IMPACT | UPL slips over 3% post Q2 results announcement

2:59 PM

RESULTS IMPACT | Sun Pharma climbs nearly 3% post Q2 nos

2:59 PM

Kotak Institutional Equities on realty sector

Effective execution remains crucial. As highlighted previously, listed real estate stocks have had fewer concerns on leverage, and accordingly the special window is less likely to impact them. It is challenging to estimate the extent of stressed debt which will benefit from this scheme. The fund aggregates to 6% of the real estate loan book in India.

2:57 PM

COMMENT :: JLL India on AIF for realty sector

The registration of projects with RERA being one of the necessary conditions, this measure will have a far reaching impact on states which are lagging behind in the implementation of the reform. At the same time, states which have not implemented RERA may not benefit from this liquidity shot.

JLL’s recent study showed that Delhi NCR contributed to more than 60% of delayed residential units followed by Mumbai, constituting nearly one-fifth of the overall delayed units across the top seven cities in India. It has come at an opportune moment when the residential market is tackling the headwinds from the trickle down impact of the series of reforms and economic slowdown. While it will boost consumer sentiment and enhance confidence, it will act as a strong catalyst in pushing the sales velocity

(Source: Ramesh Nair, CEO & Country Head, JLL India)

2:57 PM

EARNINGS ALERT | Sun Pharma

• Consolidated net profit at Rs 1,064.09 cr against loss of Rs 269.60 cr in Q2FY19;
• Total revenue at 8,123.35 cr, up 17% YoY; 
• EPS at Rs 4.43 against Rs (-) 1.12 in Q2FY19;
• Ebidta margin at 22%

2:56 PM

NEWS ALERT | Syndicate Bank reports FY19 provision divergence at Rs 1,184 cr: BSE filing

2:54 PM

Edelweiss on Infosys

We attended Infosys’ analyst meet and came away convinced that the company is set firmly on road to deliver excellent shareholder value as: 1) concerns regarding the recent whistleblower allegations were addressed succinctly by Mr. Nandan Nilekani, non-executive chairman of the board. While investigation is underway, the chairman’s unwavering faith in the internal finance team and in the sanctity of numbers instills immense confidence; and 2) the company’s strategic investments in sales force, talent and localisation are largely behind and Infosys is in pole position to benefit from large deal momentum while cost optimisation levers are expected to drive earnings growth. We concur with the company’s thesis on the inevitability of digital and believe Infosys has the right tools to cash in on the opportunity. Maintain ‘BUY’ with TP of INR955 (20x Q4FY21E EPS). 

 

 

2:52 PM

COMMENT :: IIFL on realty sector

We believe that the stuck projects with purely last-mile funding issue (no litigations, positive net worth) will be benefitted. So overall, while this is a positive move and a well-intended first step to resolve the crisis in the real estate sector, we also see significant challenges in its implementation, considering the complexity of the challenge and multiplicity of stakeholder involvement in projects. From a listed developers perspective, none of the related projects are stuck for want of liquidity and, hence, there would be no direct impact on such developers

(Source: Mohit Agrawal, analyst, IIFL Institutional Equities)

2:51 PM

NEWS ALERT | Both banks and mkts are differentiating between good and bad NBFCs: RBI Guv

2:46 PM

BROKERAGE RADAR | Edelweiss Securities on Lupin

Current valuation of 17.0x FY21E EPS offers an attractive entry point, in our view. A promising respiratory and biosimilar franchise may unlock value in the long run. We maintain ‘BUY/SP’ with TP of Rs 900 (22x December 2020E earnings).

2:38 PM

MARKET CHECK

1:36 PM

NEWS ALERT | Banks are free to take a call on proposed resolution: CEA to CNBC-TV18

1:34 PM

NEWS ALERT | Ipca Labs gains over 5% as Q2 profit jumps 63% YoY

1:30 PM

NEWS ALERT | Govt mulling special window for NBFCs under IBC, reports CNBC-TV18

1:02 PM

NEWS ALERT | China-US agree to lift tariffs in phases as deal progresses, reports Bloomberg

12:55 PM

EXPERT COMMENT | Quote on Gold from LKP Securities

"Gold yesterday registered pendulum swings on both sides, where first half saw bears dominating due to trade deal positive development but in the second half bulls came to party as the long awaited interim Phase-I could be delayed until December as further discussion await and venue still needs to be decided.

These unpredictable updates keep giving support to Gold prices as traders seem to participate aggressively on every minor negative news on trade deal between the US & China. Gold has good demand levels near 38,000. It's advisable to hold longs for 38,400-38,500 upside potential, till the time 37,700 holds on downside," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities. 

12:46 PM

MARKET WATCH | Sensex slips into red

12:45 PM

BROKERAGE RADAR | HDFC Securities on Emami

Emami’s 2Q was in-line with no negative surprises. Domestic business performance continues to be muted and own initiatives are still a WIP. Strong winter, recovery in macros and asset sales (drive lower pledged shares) are the key triggers for re-rating in the stock. Benign RM and favorable base will support 2HFY20 profit growth. We cut EPS estimates by 2% and value Emami at 30x on Sep-21E EPS, arriving at a TP of Rs 463. Maintain BUY.

12:27 PM

World economy doing better after Fed cuts, trade progress: Raghuram Rajan

“The Fed has been very sensitive to a lot of concerns about growth,” Rajan said in an interview to Bloomberg TV’s Haslinda Amin in Singapore. “It has done a series of insurance cuts. That seems to have reassured markets even while they were waiting to see some resolution to the trade imbroglio.” READ MORE  

12:17 PM

MSTC stock zooms 20% after L&T appoints the firm as its selling agent

The stock of the state-owned e-commerce firm was trading at its highest level since listing on March 29, 2019. In the past nine trading days, it soared 56 per cent, as compared to a four per cent rise in the S&P BSE Sensex. The stock has more than doubled from its recent low price of Rs 70, touched on August 14 in the intra-day deal. READ MORE  

12:01 PM

MARKET CHECK | Top gainers on the BSE at present

11:54 AM

Rs 25K cr booster dose a welcome move but insufficient for NBFCs: Experts

"Companies which are in rural segments or operate in low-cost realty projects such as LIC Housing Finance, GIC Housing, and Repco Home will definitely benefit from this measure but firms such as Indiabulls Housing Finance, DHFL, and HDFC, are unlikely to reap the benefit," said AK Prabhakar, Head of Research at IDBI Capital. READ MORE  

11:44 AM

NEWS ALERT | MSTC signs MOU with Burn Standard for e-Auction services: BSE filing

-- Memorandum of Understanding for sale of movable assets and immovable assets.

-- The agreement shall remain valid up to March 31

11:43 AM

NEWS ALERT | Committee of secretaries on telecom looks to finalise financial bail-out package by Jan 2020: sources to CNBC TV18

-- Committee of secretaries on telecom seeks recommendations from DoT, TRAI on financial bailout package for the sector

-- CoS panel to meet CoAI, Bharti Airtel, Vodafone Idea, Reliance Jio next week onwards

-- CoAI, Companies to present detailed presentation on state of the sector

Alert: CoS includes Secretaries from ministries of Telecom, Law, Corporate Affairs, Revenue and Economics Affairs dept (Fin Min)

       CoAI is Cellular Operators Association of India

11:33 AM

NEWS ALERT | SJVN signs MoU with Himachal Govt for 430 MW power project: BSE filing