MARKET WRAP: Sensex drops 295 pts, Nifty settles at 11,279; BoB falls 17%

The Nifty PSU Bank index settled 5.4 per cent lower weighed by a fall in Bank of Baroda (BoB), which slipped 17 per cent to Rs 112.20 on the National Stock Exchange (NSE)

3:44 PM

Nifty PSU Bank index ends 5.44% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
BANK OF BARODA	112.75	135.25	-22.50	-16.64
UNION BANK (I)	74.70	82.30	-7.60	-9.23
INDIAN BANK	290.70	319.25	-28.55	-8.94
CANARA BANK	246.20	267.50	-21.30	-7.96
SYNDICATE BANK	36.90	39.35	-2.45	-6.23

3:39 PM

Nifty sectoral losers of the day

3:37 PM

BSE Sensex: SBI, Tata Motors, Axis Bank among top losers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 37,291, down 295 points while the broader Nifty50 index settled at 11,279, down 99 points.

3:14 PM

Portfolio managers' assets swell by 12% to Rs 14.8 lakh cr till Aug-end

The total assets handled by portfolio managers surged by 12 per cent to Rs 14.8 lakh crore at the end of August, mainly on the back of increase in number of clients. READ MORE

3:06 PM

Oil prices fall as US-China trade war clouds demand outlook

Oil markets slipped on Tuesday as the latest escalation in the Sino-US trade war clouded the outlook for crude demand from the two countries, the world's top crude consumers.

 

Brent crude futures had dropped 29 cents, or 0.37 per cent, to $77.76 per barrel. US West Texas Intermediate (WTI) crude was down 15 cents, or 0.22 per cent, at $68.76 per barrel. READ MORE

2:52 PM

Gold falls as trade tensions keep dollar afloat

Gold prices fell on Tuesday as the US dollar steadied amid concerns of an escalation in global trade tensions after the United States imposed a new round of tariffs on Chinese imports.

Spot gold fell 0.3 per cent to $1,197.51 an ounce, after rising 0.6 per cent in the previous session. US gold futures were down 0.3 per cent at $1,202.20 an ounce. READ MORE

2:40 PM

Check out the most active stocks in terms of volume

COMPANY NAME	LATEST	HIGH	LOW	CHG ( )	CHG(%)	VALUE (  CR)	VOLUME
REL. COMM.	15.90	17.75	15.45	-1.25	-7.29	189.10	118933369
BANK OF BARODA	115.15	126.45	113.30	-20.10	-14.86	1,318.23	114479760
BAJAJ HINDUSTHAN	11.20	11.20	10.55	1.00	9.80	69.22	61801872
BALRAMPUR CHINI	87.70	97.85	87.10	-8.00	-8.36	379.74	43300239
VIJAYA BANK	57.10	66.00	55.00	-2.85	-4.75	181.54	31792663

 

 

2:23 PM

Pharma sector back in focus; outlook positive but bets likely to be risky

As the outlook for pharmaceutical companies improve, returns from mutual funds representing the sector have outperformed all equity schemes in the recent past. The average three-month return of pharma funds is 13.48 per cent. All other equity schemes have single-digit returns except technology funds (10.33 per cent) in the same period. READ MORE

2:17 PM

Edelweiss on Adani Ports & SEZ (APSEZ)

APSEZ remains vulnerable to forex risk and up-fronting of losses would hit P&L in the near term, but the exposure is positive up to 100USD/INR considering cost savings in absence of hedging, making forex risk manageable. However, the cost of debt (currently 3.8%) would eventually rise (beyond FY20) given hardening US bond yields. That said, volume growth momentum is strong with major ports logging 6% volume growth in July/August, which bodes well for APSEZ. All in all, maintain ‘BUY/SO’.

2:00 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,528.53	-56.98	-0.15
S&P BSE SENSEX 50	11,892.04	-4.68	-0.04
S&P BSE SENSEX Next 50	34,157.11	-181.06	-0.53
S&P BSE 100	11,657.74	-13.21	-0.11
S&P BSE Bharat 22 Index	3,572.42	-43.28	-1.20

(Source: BSE)

1:43 PM

Volumes spurt at Vijaya Bank counter

Vijaya Bank registered volume of 19.25 lakh shares on BSE, a 34.36 fold spurt over two-week average daily volume of 56023 shares. The stock rose 2.01% to Rs.61.00. Volumes stood at 98,938 shares in the last session. READ MORE

 

1:32 PM

BoB-Dena-Vijaya merger credit positive, will improve governance: Moody's

Global ratings agency Moody's on Tuesday said that the plan to amalgamate three public sector banks (PSBs) - Bank of Baroda (BoB), Vijaya Bank and Dena Bank - is credit positive as it will give benefit of scale and better governance.

The Government of India’s (Baa2 stable) plan to merge three public sector banks will provide efficiencies of scale and help improve the quality of corporate governance said Alka Anbarasu, Vice President, Financial Institutions Group, Moody’s Investors Service. READ MORE

1:16 PM

Morgan Stanley ups September 2019 BSE Sensex target by 17% to 42,000

Morgan Stanley has upped its September 2019 target for the S&P BSE Sensex by around 17 per cent to 42,000 (up 12 per cent from Tuesday’s levels) from its earlier forecast of 36,000 by June 2019. It also maintains a bullish stance on small-and mid-caps (SMIDs) and suggests investors can start to cherry pick from these two market segments as well. READ MORE

Photo: Shutterstock

1:02 PM

Check out the stocks that hit 52-week low on NSE:

COMPANY	LATEST	52 WK LOW	PREV LOW	PREV DATE	VOLUME
3I INFOTECH	3.55	3.30	3.30	14-SEP-2018	3651892
ABG SHIPYARD	4.20	4.20	4.20	17-SEP-2018	2898
ACCURACY SHIPPI.	87.00	80.00	81.80	11-SEP-2018	3200
ADHUNIK METAL	3.15	3.05	3.05	30-JUL-2018	25566
ALANKIT	20.50	20.50	20.50	17-SEP-2018	756930

12:59 PM

NEWS ALERT October 1 deadline for extension of trading hours deferred, according to TV reports

12:48 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
DENA BANK	19.10	3.15	19.75	712002
CORPORATION BANK	29.05	2.40	9.01	233013
UCO BANK	20.85	1.50	7.75	336249
MMTC	33.80	2.35	7.47	628165
I O B	15.65	1.00	6.83	265877

12:30 PM

PSU bank merger a game changer; don't rush to buy PSBs: Analysts

Analyst suggest that investors should wait till there is more clarity on the share swap ratio and the other details of the proposed amalgamation are spelt out before taking an investment decision in these three stocks. That apart, there could be challenges as regards integration and the likely benefits of the amalgamation will take a long time to play out. READ MORE

12:16 PM

HCL Tech's Rs 40-bn buyback starts today; should you tender your shares?

The buyback offer of India’s third-largest IT firm, HCL Technologies (HCL Tech), opens on Tuesday. The Noida-based company announced a buyback of up to 2.61 per cent at Rs 1,100 per equity share for an amount of up to Rs 40 billion. The offer closes on October 3.

Most analysts recommend investors give the buyback a miss. The company, they say, remains on a firm fundamental footing and the rupee’s slide against the dollar should aid financial performance. READ MORE

12:01 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,634.95	+49.44	+0.13
S&P BSE SENSEX 50	11,914.82	+18.10	+0.15
S&P BSE SENSEX Next 50	34,356.81	+18.64	+0.05
S&P BSE 100	11,686.98	+16.03	+0.14
S&P BSE Bharat 22 Index	3,602.90	-12.80	-0.35

(Source: BSE)

11:52 AM

ADAG group stocks down

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
REL. COMM.	16.45	17.20	-0.75	-4.36	6545118
RELIANCE POWER	34.25	34.90	-0.65	-1.86	515992
RELIANCE CAPITAL	403.00	409.95	-6.95	-1.70	277707
RELIANCE INFRA.	441.75	447.20	-5.45	-1.22	125674
RELIANCE NAV.ENG	14.90	14.95	-0.05	-0.33	69133

11:46 AM

High realisations to improve NMDC outlook; iron ore volumes to grow 5-6%

Mining major NMDC's stock, which had been on a downtrend owing to weak iron prices since the beginning of the year, has bounced back in August with gains of about 30 per cent. The reason is a rebound in international iron-ore prices, strong demand outlook led by rising steel production, and expectations of more price hikes. READ MORE

11:31 AM

Correction in midcaps: What you need to do to structure your portfolio

You do not really need to be a very perceptive analyst to understand that midcaps have corrected sharply since the beginning of the calendar year 2018. There have been various reasons touted for the same. While higher oil prices are being cited as one of the reasons for the midcap crash, the fall in commodities is also a key factor. Then there are technical factors like the introduction of additional special surveillance (ASM) margins, which has hit mid-cap stocks quite badly. The recent Union Budget announcement to impose capital gains on LTCG also led to a rush to book profits ahead of the 31st March deadline. READ MORE

11:17 AM

Shriram Transport stock: Loan growth led by rural recovery is a positive

The stock of Shriram Transport Finance Company (STFC) has been under pressure from issues related to SVL, the holding company of the Shriram Group's non-financial business, which has defaulted on non-convertible debentures (NCD). STFC, which typically funds purchase of used commercial vehicles, had offered a corporate guarantee of Rs 8.7 billion to its holding company. READ MORE

11:00 AM

Sebi revises share buyback norms; provides clarity on public announcement

Markets regulator Sebi has revised the regulations for share buyback to provide more clarity on the requirement to make public announcements. The markets watchdog, separately, said credit rating agencies will not carry out any activity other than the rating of securities offered through public or rights issue. READ MORE

10:42 AM

Private equity-backed Aavas Financiers' Rs 17 bn IPO to open next week

The total share sale is valued at Rs 17.3 billion at the top end of the price band. The PE players are set to make over three-fold return on their investments. The average cost of acquisition for Lake District and Kedaara is around Rs 245 per share. READ MORE

10:30 AM

Financial services sector has got $16.6-billion PE/VC deals since 2015

In the period from 2015 to the first half of this year, the financial services sector has secured the highest share of private equity/venture capital investments, with $16.6 billion received through 311 deals, says a report filed by EY-IVCA titled ‘PE/VC Agenda — 1H18’. READ MORE

10:14 AM

Sebi may seek your live-in partner's details to bust insider trading cases

As a result of a new proposal on insider trading norms, people may be required to disclose details of their live-in partner to their company.

 

A report on dealing with fair market practice has proposed ‘disclosure of close personal relationships’ along with other measures to make it easier to crack such cases. “… in order to facilitate investigation, the Committee has recommended mandating disclosures by designated persons of persons residing at the same address for more than one year,” according to a recent Securities and Exchange Board of India report of the committee on fair market conduct chaired by T K Viswanathan. READ MORE

9:59 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,581.53	-3.98	-0.01
S&P BSE SENSEX 50	11,896.88	0.16	0.00
S&P BSE SENSEX Next 50	34,433.09	+94.92	+0.28
S&P BSE 100	11,675.99	+5.04	+0.04
S&P BSE Bharat 22 Index	3,608.02	-7.68	-0.21

(Source: BSE)

9:44 AM

Bank of Baroda tanks 14%, Dena Bank hits upper circuit on merger news

Shares of state-run lender Bank of Baroda declined as much as 14 per cent in the early trade on Tuesday after the government on Monday announced it will will merge state-owned Vijaya Bank, Dena Bank and Bank of Baroda to create India's third largest lender.

 

Cheered by the news, Dena Bank hit an upper circuit limit of 20 per cent in the opening deals while Vijaya Bank was trading flat at Rs 60.20 apiece on BSE, up 0.67 per cent. READ MORE