MARKET WRAP: Sensex declines 298 pts as banks slide; Nifty ends at 11,235

All that happened in markets today.

4:01 PM

MARKET COMMENT | Vinod Nair, HoR at Geojit Financial Services

Market traded range-bound as investors are expecting the downward revision in GDP estimate to mirror in second-quarter earnings as well. The core auto, banks and infra are already in subdued condition due to weak demand while stock-specific buying was seen in few blue chips in the light of good monsoon and advantages of tax cut. Defensive bet Pharma declined due to increasing US FDA observations while IT slid ahead of kick start in second-quarter earnings.

3:37 PM

Sectoral trends at NSE at close

3:37 PM

Top gainers and losers on S&P BSE Sensex at close

3:36 PM

Closing Bell

The S&P BSE Sensex closed at 37,880 level, down 298 points or 0.78 per cent.

On NSE, the Nifty50 index ended at 11,235-mark, down 79 points, or 0.7 per cent.

3:17 PM

Emkay Global on power sector

We expect power demand to continue to increase with the rise in power connectivity and efforts to provide 24x7 power supply across the country. We continue to prefer regulated return entities such as NTPC and NHPC and maintain our OW stance on them in Emkay Alpha Portfolio (EAP). Except for these, the sector offers event-specific trading opportunities rather than any serious investment options, in our view.

3:03 PM

How Amazon, Flipkart and Mukesh Ambani can help save India's banks

Amazon.com Inc. and Walmart Inc.’s Flipkart Online Services Pvt claimed record sales during the recently concluded six-day online shopping bonanza that marks the start of the Indian festival season. Although nowhere close to Alibaba Group Holding Ltd.’s $31 billion Singles’ Day promotion in China, the Indian version of Black Friday has grown fivefold to $3 billion in four years, according to a review of this year’s sales by RedSeer, a consulting firm. Add the spending between now and Diwali, the Hindu festival of lights, and Forrester Research reckons the total for a month of online purchases may fall just shy of $5 billion. READ MORE 

2:53 PM

People are unable to read exposures correctly despite quarterly disclosures: Romesh Sobti

>> Believe there is misinterpretation and misrepresentation of facts

2:43 PM

Reliance Securities on Torrent Pharma

Torrent Pharma is a relatively safer play in current scenario due to higher revenue contribution from domestic business, while lower exposure to US offers comparatively better earnings visibility. We have already factored in US FDA pending issues at Dahej and Indrad facilities into our model in 1QFY20 only. Looking ahead, the Management sees strong growth across geographies except the US. At CMP, the stock trades at 15.0x and 13.3x of FY20E and FY21E EV/EBITDA, which offers limited upside potential. Hence, we change our recommendation on the stock to HOLD from BUY with unrevised Target Price of Rs 1,740, valuing it at 14x of FY21E EV/EBITDA

2:35 PM

Nifty Bank tumbles over 800 pts

2:33 PM

MARKET CHECK | IndusInd Bank extends losses post Q2 nos, slips 5%

2:30 PM

Loan is at multi-year low: IndusInd Bank

2:29 PM

Q2 corporate slippages at Rs 479 cr Vs Rs 175 cr: IndusInd Bank

 >> consumer slippages at Rs 623 cr Vs Rs 550 cr (QoQ)

2:28 PM

Provision coverage ratio at 50% (against 43% QoQ): IndusInd Bank

2:27 PM

Credit growth at 21% YoY, says IndusInd Bank

2:25 PM

EARNINGS ALERT | IndusInd Bank announces Q2 results

• Net profit at Rs 1,383.4 crore; 
• Net NPA at 1.12% against 1.23% (QoQ); 
• Gross NPA at 2.19% against 2.15% (QoQ);
• Provisions at Rs 737.7 cr against 430.6 crore (QoQ);
• NII comes in at Rs 2,909.5 crore, up 2.3% (QoQ);
• Slippages at Rs 1,102 cr vs Rs 725 crore

2:20 PM

IndusInd Bank down 1.50% ahead of Q2 earnings

2:18 PM

MARKET CHECK | Top 5 gainers on the BSE

2:05 PM

Moody's slashes India's GDP growth forecast for fiscal 2020 to 5.8%

Moody's Investors Service on Thursday slashed its 2019-20 GDP growth forecast for India to 5.8 per cent from 6.2 per cent earlier, saying the economy was experiencing a pronounced slowdown which is partly related to long-lasting factors. The projection is lower than 6.1 per cent that the Reserve Bank of India (RBI) had forecast just last week. READ MORE  

1:53 PM

RBI's 'no' to Indiabulls-Lakshmi Vilas Bank merger fans contagion risks

The contagion risk from India’s year-old shadow banking crisis has suddenly turned much graver. What investors don’t know yet is whether the new problem is a $4 billion headache, a $16 billion migraine, or a life-threatening tumor.

 

On Wednesday evening, the Reserve Bank of India quashed a proposed merger of Indiabulls Housing Finance Ltd., one of the country’s largest real-estate lenders, with Lakshmi Vilas Bank Ltd. READ MORE

1:40 PM

NEWS ALERT | YES BANK appoints new COO and CMO: BSE filing

-- Bank appoints Anita Pai as Chief Operating Officer & Jasneet Bachal as Chief Marketing Officer

1:33 PM

IndusInd Bank trades lower ahead of Q2 result

1:27 PM

NEWS ALERT | FM says, will bring necessary amendments in the Winter Session of Parliament w.r.t Co-operative banks

1:24 PM

NEWS ALERT | Will ask RBI governor to expedite the lifting of withdrawal limit from PMC Bank: FM Sitharaman

-- Will convey the urgency displayed by customers 

-- PMC Bank customers mentioned increasing insured deposit amount, will take it up with the working group, says FM

1:23 PM

DHFL nears 14-year low after Edelweiss moves HC to recover dues

The stock of housing finance company was trading at its lowest level since March 2009 and was trading near its 14-year low of Rs 23.25, touched on May 2005. It hit an all-time low of Rs 1.85 (adjusted to 1:1 bonus in September 2015) on July 1990, the CapitalinePlus data shows. READ MORE 

1:21 PM

NEWS ALERT | Explained to customers that RBI is taking action: FM Sitharaman

1:20 PM

NEWS ALERT | Finance Minister meets with depositors of PMC Bank

1:19 PM

Analysts upgrade EBITDA, revenue estimates for RJio post IUC charge

The Mukesh Ambani-controlled telecom company, however, plans to compensate the users for this hike by offering them 1 GB to 10 GB free data. This move, however, came in as a surprise for analysts, who feel most subscribers will view the compulsory IUC top-up voucher as an additional spend for no incremental value. READ MORE  

12:53 PM

NEWS ALERT | Suzuki PLC cuts FY20 net sales guidance by 10%, profit by 30%: CNBC TV18

-- cuts operating income guidance by 39.4%

-- Says, forecast cut due to decrease in sales in Japan and Indian auto slowdown

12:49 PM

Indiabulls Housing Finance, HDFC: Should you stay away from HFCs?

Housing Development Finance Corporation (HDFC): The counter is showing “lower closing” scenario on the daily charts. There is selling pressure on every subsequent swing (highs) and weakness on the closing basis. Till the counter does not close above Rs 2162 levels, which is the recent peak close, one should not be aggressively positive. There can be a possible turnaround, but the stock needs to hold the momentum on the closing basis. On the other hand, if HDFC closes below Rs 1,950 levels, then the stock may see more selling pressure in the days ahead. READ MORE

Photo: Shutterstock

12:39 PM

NEWS ALERT | Goa Carbon to resume production at Paradeep unit tomorrow: BSE Filing