MARKET WRAP: Sensex rallies 281 points, Nifty ends at 11,076; BPCL gains 6%

All that happened in markets today.

3:45 PM

Weekly stock gainers

3:43 PM

Oil stocks among key gainers today

Oil marketing companies lead rally

(Source: BSE)

3:41 PM

Index watch

3:40 PM

Sensex heat map

3:38 PM

CLOSING BELL

The S&P BSE Sensex gained 281 points or 0.76 per cent to end at 37,385, while NSE's Nifty50 index ended at 11,076, up 93 points or 0.85 per cent. 

3:24 PM

15 securities hit 52-week high on NSE

2:57 PM

MARKET CHECK | Nifty CPSE index jumps over 1%

(Source: NSE)

2:47 PM

NEWS IMPACT :: BPCL gains around 6%

BPCL moved up nearly 6% after reports suggested that the government may privatise the oil sector company

(Image source: BSE)

2:35 PM

BUZZING STOCK:: DLF surges 4%, at day's high now

2:34 PM

Deutsche Bank Gets Biggest Boost From ECB Tiering, says JPMorgan

Deutsche Bank AG will benefit the most by far from the European Central Bank’s new tiered deposit rate, JPMorgan Chase & Co. analysts led by Kian Abouhossein said Friday. Germany’s largest lender stands to save roughly 200 million euros ($222 million) in annual interest payments thanks to a new rule that exempts a big chunk of the money it holds at the ECB from the negative rate the central bank charges on deposits. That’s equivalent to 10% of the pretax profit the analysts expect the bank to report in 2020, compared with an average of just 2.5% for the EU banks included in the analysis.

(Source: Bloomberg news)

2:29 PM

Sudden surge in Mangalore Refinery, stock zooms over 8%

2:15 PM

Walchandnagar Industries gains for second day after winning order from ISRO

2:14 PM

Markets extend gains

2:01 PM

Contribution to Sensex

1:47 PM

Rupee check

1:36 PM

BUZZING STOCK:: KIOCL Ltd

1:31 PM

Stocks that hit 52-week high on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
DR LAL PATHLABS	1333.25	1360.00	23.65	1.81
GUJ.ST.PETRONET	225.20	229.90	0.90	0.40
INTERGLOBE AVIAT	1708.60	1735.95	-14.15	-0.82
PRESTIGE ESTATES	309.45	317.05	5.05	1.66

1:23 PM

Mahanagar Gas | Derivatives & Quantitative Outlook by ICICI Securities

Recommendation

 

Buy Mahanagar Gas in range of Rs 835 - Rs 855

 

Target: Rs 985

 

Stop Loss: Rs 770

 

Time frame: Three months

 

Green shoots of recovery of the stock were seen as it has outperformed the market in the broader market weakness seen in the last series. Since July 2019, while the stock is up almost 15 per cent, markets have declined over 10 per cent in the same time frame. Moreover, a sharp increase in delivery volume was observed post its quarterly results. We believe lower levels have been utilised to accumulate the stock. It is likely to exhibit a fresh up trend in the coming weeks.

1:14 PM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
INDIAN ENERGY EX	115.50	-15.30	-11.70	16619674
YES BANK	66.75	-1.20	-1.77	11388188
VODAFONE IDEA	5.37	-0.17	-3.07	9781737
TATA MOTORS	129.30	1.35	1.06	3013043
S A I L	33.05	-0.75	-2.22	2297372

1:01 PM

Nifty sectoral indices at this hour

12:50 PM

IMF says India's growth 'much weaker' than expected; cuts FY20 projection

International Monetary Fund (IMF) on Thursday said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies. "Again, we will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-Bank financial companies and risks to the outlook are tilted to the downside, as we like to say," IMF spokesman Gerry Rice told reporters. READ MORE   

12:48 PM

NEWS ALERT | Boeing informs SpiceJet that MAX will be fit to fly by November: CNBC TV18

-- Boeing hopeful of addressing MCAS issues by October

-- SpiceJet only India customer of MAX
 

12:46 PM

Khadim India extends rally, stock zooms 50% in three days

Shares of Khadim India Limited surged 18 per cent to Rs 276.10 apiece on the BSE on Friday, thus extending its rally for third straight day after the company announced, on Tuesday, the opening up of a subsidiary in Bangladesh. The stock has rallied 50 per cent in three days. At 10:48 AM, shares of the company were trading 18.4 per cent higher at Rs 277.05 as compared to a flat benchmark S&P BSE Sensex. READ MORE

12:34 PM

TECH VIEW :: How to make money in frontline auto stocks

Auto stocks have been in focus off-late in the backdrop of a continuous drop in sales. On its part, the government said it would respond to the demands of the automobile industry, which is facing the worst slump in two decades.

 

Finance Minister Nirmala Sitharaman's assurance to the industry came ahead of the GST Council meeting, slated for September 20. Domestic sales of passenger vehicles fell 31.6 per cent year-on-year to 196,524 units in August, according to the data released by the Society of Indian Automobile Manufacturers (Siam) READ MORE HERE

12:32 PM

Motilal Oswal on Quess Corp

We had downgraded QUESS when the impact of its aggressive inorganic foray started reflecting adversely in the financial performance. Nevertheless, the steps the company is taking on improving the margins, cash conversion and turning around the performance of acquisitions have been impressive and should start reflecting in the performance, and especially in valuations after a subdued run.

While we believe in the company’s long-term prospects, more indicators of a combination of sustained 6%+ EBITDA margin and cash conversion are awaited to change our stance on the company. We adopt a DCF methodology to arrive at a price target of Rs 730/share. Maintain Neutral.

12:31 PM

Edelweiss on IT sector

Our “Squeeze-up Cycle” analysis shows the mid-cap disruption is underway; hence, we prescribe a “model portfolio” consisting of Infosys, TCS, HCL Tech, Tech M, Larsen & Toubro Infotech (LTI), L&T Technology Services (LTTS), Cyient, Mindtree and eClerx, among others. We are also initiating coverage on Mindtree with a ‘BUY’ rating and 7.5% weighting at a target price of Rs 824.

 

While we recommend the model portfolio, we would like to highlight that TCS, Infosys, LTI and LTTS are priced expensively currently and we advise accumulating these names  post some correction in prices. However, Cyient, Mindtree, eClerx and Persistent are trading at mouth watering valuations and offer an excellent entry point at present

12:28 PM

IIFL on Havells India

We hosted Havells India (HAVL) for various investor interactions in India and Japan. Discussions highlight: 1) mixed response of the B2B and B2C businesses in the current uncertain environment, 2) structural strength of the core Havells portfolio and gains of category diversification, 3) conscious effort to improve cost structures, 4) pragmatic approach to streamline systems and business practices in Lloyd for long-term growth and value creation, and 5) investments in technology and R&D to the keep the portfolio relevant for the dynamic and young Indian demography. Though Management remains optimistic, we cut FY20/21ii EPS by 5% each, to discount a much slower pace of recovery in 2HFY20, especially for Lloyd

12:28 PM

IIFL on oil & gas sector

We are less hawkish on PSU O&G stocks now as their dividend yields are attractive (5-8%), though earnings growth should remain muted till end-FY22ii. We reiterate BUY on RIL, GGAS and PLNG, where visibility and earnings growth remains high. Possible strategic stake sale of BPCL/GAIL to a non-PSU could alter the sectoral risk-reward decisively. BPCL is the dark horse.

12:27 PM

ICICI Securities on SpiceJet

We factor Ind-AS 116 in our analysis of SpiceJet’s (SJet) finances and thus, introduce an ‘on balance sheet’ liability as well as a Right to Use (RoU) asset along with allocation of erstwhile rentals to depreciation and interest expense in the P&L. We now adopt P/E-based valuation methodology (unlike adjusted EV/EBITDAR earlier) in-line with the basic principle of Ind-AS 116.

Maintain our BUY rating on the stock with an unchanged target price of Rs175 based on 10.5x FY21E P/E (7x adjusted EV/EBITDAR earlier). 10.5x multiple is post giving 30% discount to 15x to adjust for no taxes paid by SpiceJet.

12:26 PM

Can banks survive negative rates, instability in global financial system?

The declining economic outlook and increasing political pressure are pushing central banks into more aggressive unconventional monetary policies. Simultaneously, fears are growing that such steps, especially negative interest rates, actually threaten the stability of the financial system. They risk setting off dangerous feedback loops in credit markets and the real economy, where the second and third-order effects are difficult to anticipate or control. READ MORE