Sensex ends 108 pts higher, Nifty comfortably above 10,150; PSU banks gain

All that happened in the markets today

3:50 PM

Nifty PSU Bank ends 2.98% higher

3:45 PM

Top 5 sectoral performers on BSE

INDEX	OPEN	HIGH	LOW	LATEST	PREVIOUS CLOSE	CHG (PTS)	CHG (%)
	4817.96	4919.06	4817.96	4909.05	4807.48	101.57	2.11
	13523.08	13642.88	13454.11	13598.78	13374.05	224.73	1.68
	7831.82	7918.40	7808.33	7900.89	7771.61	129.28	1.66
	325.07	328.43	323.69	327.07	322.04	5.03	1.56
	2600.86	2633.96	2600.82	2627.70	2588.63	39.07	1.51

3:34 PM

BSE Sensex top gainers and losers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 33,174, up 108 points while the broader Nifty50 index settled at 10,184, up 54 points.

3:20 PM

Gold recoups on positive global leads, jewellers' buying

Gold prices bounced back by Rs 150 to Rs 31,950 per 10 grams at the bullion market on the back of positive global trend and fresh buying by local jewellers. Silver followed suit and recovered by Rs 250 to Rs 39,750 per kg due to increased offtake from industrial units and coin makers. READ MORE

3:07 PM

Nestle India hits record high of Rs 8,090, up 3.5%

 

Nestle India hit a new high of Rs 8,090, up 3.5% on the BSE on Tuesday, surpassed its previous high of Rs 8,001 recorded on December 14, 2017.

 

Since February 9, 2018, the stock of packaged foods company has outperformed the market by surging 16% after reported a healthy 59.5% year-on-year (YoY) growth in net profit at Rs 3,118 million in December 2017 quarter (Q4CY17). On comparison, the S&P BSE Sensex was down 2.3% during the same period. READ MORE

2:57 PM

GSK buys 36.5% stake in Novartis' consumer healthcare venture for $13 bn

 

GlaxoSmithKline said on Tuesday it will buy Novartis's 36.5 per cent stake in their consumer healthcare joint venture for $13 billion in cash, and will also begin a strategic review of some other businesses.

 

GSK last week quit the race to buy Pfizer's consumer healthcare business, endangering an auction the US drugmaker hoped would bring in as much as $20 billion.

 

Instead it will take full control of the Novartis venture formed in 2015 whose products include Sensodyne toothpaste, Panadol headache tablets, muscle gel Voltaren, and Nicotinell patches used by smokers who want to quit their habit.  READ MORE

2:46 PM

Buzzing Stock

United Spirits rose for a third straight session today quoting at Rs 3212, up 3.36% on the day on the NSE. United Spirits Ltd is up 46.85% in last one year as compared to a 11.85% gain in NIFTY and a 11.89% gain in the Nifty FMCG index.

2:30 PM

Fortis Healthcare falls after clarification on merger report

Fortis Healthcare has dipped 3.5% to Rs 142, falling 8% from intra-day high of Rs 154 on the BSE, after the company said that the merger of hospital chains of Fortis and Manipal is still under evaluation by the management and no firm decision in this regard has been taken by the board. READ MORE

2:15 PM

Reliance Securities on Apollo Tyres

 

BUY with Target Price of Rs 335

 

ATL currently enjoys ~28% market share in the TBR segment. As radialisation forms only 45% of domestic TB tyre market, we see a significant scope for radialisation in the domestic CV segment, which would benefit manufacturers like ATL, going forward. Further, steady stabilisation in Hungarian operations and gradual increase in contribution from OEM segment are likely to aid profitability further.

2:01 PM

Market Check

 

S&P BSE Sensex	33,217.41		0.46%
Nifty 50	10,188.50		0.57%
S&P BSE 200	4,463.61		0.73%
Nifty 500	8,982.35		0.76%
S&P BSE Mid-Cap	16,071.26		1.20%
S&P BSE Small-Cap	17,163.01		1.42%

1:56 PM

Shaily Engineering Plastics gains after fund buying

Shaily Engineering Plastics rose 3.03% to Rs 1,190 on BSE after HDFC mutual fund purchased 0.6% equity of the company via bulk deal on the exchange on Monday, 26 March 2018.

HDFC Mutual Fund Small Cap Fund purchased 50,000 shares, or 0.6% equity, of Shaily Engineering Plastics at Rs 1,150 per share through bulk deal on the BSE. READ MORE

1:41 PM

MARKET COMMENT Madan Sabnavis, chief economist at CARE Ratings

The markets have been assuaged by the lower borrowing proposed in the first half as yields have come down. However, there will be challenges in the second half of the year when the balance of gross borrowing competes with growing credit. The government will also issue more securities with lower tenure as well as FRBs; and this development needs to be monitored. The main signpost for the market will however continue to be the RBI policy stance and tone. We do not expect any rate cut this year and there could be an increase- oil is now above $ 70 and hence comfort from stable oil prices has ended. 

 

1:31 PM

Cipla stock: Healthy momentum in sales indicates strong earnings visibility

Shares of Cipla are down 18 per cent from the highs of November but experts say this correction is an opportunity to accumulate the pharmaceutical major, for many reasons.
 

For one, its prospects in the world’s largest health care market, the US, remain firm, given the new products in the pipeline and the increase in new drug filings. READ MORE

1:16 PM

Nifty PSU Bank index surges over 3%. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
IDBI BANK	76.25	72.25	4.00	5.54	29211947
INDIAN BANK	304.65	292.35	12.30	4.21	1114177
SYNDICATE BANK	57.90	55.85	2.05	3.67	3421725
UNION BANK (I)	94.10	91.10	3.00	3.29	6525990
ST BK OF INDIA	254.00	246.50	7.50	3.04	19248828

1:02 PM

Bond yields shed over 20 bps on lower govt borrowing in H1

The yield on 10-year Government of India bonds fell by over 20 basis points in early morning trading on lower market borrowings in the first half of next fiscal. The lower bond yields will also mean relief for bank as the pressure from Mark to Market (MTM) valuation will subside for 2017-18.

At present yield on 10 year benchmark (7.17 per cent 2028) was 7.38 per cent, according to Clearing Corporation of India data. On Monday, the yields were closed above 7.60 per cent. READ MORE

12:44 PM

PSU banks extend gain after government cuts H1 borrowing

Shares of public sector banks were trading higher for the second straight day with the Nifty PSU Bank index gaining more than 1% on Tuesday, extending its previous day’s 5% rally, after the government announced lower-than-expected borrowing programme for the first half of the financial year 2018-19 (FY19). READ MORE

12:30 PM

NMCE-ICEX merger: NCLT convenes meeting of shareholders, lenders on April 5

The National Company Law Tribunal (NCLT) has convened a meeting of shareholders and lenders of Ahmedabad–based National Multi Commodity Exchange (NMCE) and its bonding partner, Indian Commodity Exchange (ICEX), to arrive at a consensus over the proposed swap ratio of the merger betwen the two exchanges.
 

To be held in NMCE’s office on April 5, the meeting would be chaired by former justice of Gujarat High Court Kamal Mehta. READ MORE

12:16 PM

Commercial and non-core assets' monetisation plan positive for IBREL

Indiabulls Real Estate (IBREL) is making progress on its plans to monetise its commercial and non-core assets with two deals it announced on Monday and Friday involving its Mumbai commercial and Chennai properties.

 

The company is divesting its entire stake in certain subsidiaries and thereby indirectly divesting 50 per cent stake in Indiabulls Properties (IPPL) and Indiabulls Real Estate Company (IRECPL) at an aggregate enterprise value of around $1.4615 billion or Rs 9,500 crore. READ MORE

12:01 PM

Markets at noon

 

S&P BSE Sensex	33,108.05		0.13%
Nifty 50	10,147.65		0.17%
S&P BSE 200	4,445.93		0.33%
Nifty 500	8,944.50		0.34%
S&P BSE Mid-Cap	16,007.86		0.80%
S&P BSE Small-Cap	17,105.01		1.07%

11:46 AM

Volume Toppers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
V-MART RETAIL	1937.00	45.30	2.39	7493691
JP ASSOCIATES	18.65	0.45	2.47	3231841
CENTRAL BANK	74.80	0.65	0.88	2258613
IDBI BANK	74.55	2.45	3.40	2082411
REL. COMM.	23.40	0.05	0.21	2017598

11:33 AM

NEWS ALERT Karnataka Polls On May 12, Results On May 15

11:32 AM

Kotak Securities on govt's borrowing FY19 program

The borrowing announcement will bring much needed cheer to the bond market which has been saddled with negative sentiments. The CMB issuances (Rs1tn budgeted) will likely take care of redemption pressure and any revenue-expenditure mismatches in 1HFY19. Lighter supply (skewed at shorter end) will imply bull flattening of the curve in the near term. The benchmark 10-yr paper will likely trade in 7.20-7.50% range in 1HFY19, after ending FY2018 at ~7.40%. The enhancement of FPI limits in early April could further act as a catalyst. The bond rally will benefit banks as it will lead to lower MTM provisions on AFS investment book. PSU banks will benefit relatively more due to higher duration compared to private banks

11:29 AM

Top BSE500 gainers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
PNB HOUSING	1261.50	72.55	6.10	8013
SOBHA	501.00	27.80	5.87	16436
CORPORATION BANK	31.95	1.75	5.79	113598
JM FINANCIAL	130.75	7.05	5.70	73012
BIRLA CORPN.	729.20	36.95	5.34	3710

11:15 AM

India bonds gain sharply on surprise cut in govt borrowing

 Indian government bonds rallied with the benchmark 10-year yield falling to its lowest in two months on Tuesday following a surprise cut in the borrowing programme for the fiscal year starting April.

 

The 10-year bond yield dropped to as much as 7.3565 percent from 7.62 percent, its lowest since January 29, while the rupee was at 64.77 per dollar from 64.87 on Monday. READ MORE

10:59 AM

Six stocks to buy in an uncertain environment of protectionism and fraud

Initially, it was Industrialisation, then Globalisation and now the latest buzz word is PROTECTIONISM. Leaders of most of the major nations are trying to protect the interests of their own economy including the US, China, India, and Australia, by imposing tariffs/duties on imports, restricting human flows etc to support their own manufacturing and services industries. Recent decisions taken by US President Donald Trump to increase Visa charges and impose import duties on steel, aluminum, and other various products from China and other countries are leading to a trade war, which may eventually turn into a currency war. The latest chain of events from the US points to increasing geo-political risk. READ MORE

10:46 AM

Interview of the day We are neutral on equities for next six months, says Rajesh Saluja

Indian equities might not see much gain in 2018, given various headwinds and the coming state and general elections. RAJESH SALUJA, managing director and chief executive officer, ASK Wealth Advisors, in conversation with Vishal Chhabria, says from a three- to five-year horizon, he would advise clients to use volatility as a friend and increase allocation to equities. He believes as earnings catch up, stocks will get re-rated and that's what investors should look at. READ MORE

Rajesh Saluja, Managing Director and Chief Executive Officer, ASK Wealth Advisors

10:34 AM

V-Mart Retail shares hit new high after promoter group rejigs stake

Shares of V-Mart Retail hit a new high of Rs 2,103 per share, up 11% on the BSE after promoters of the company re-align their shareholding in the company through block deals in early morning trade on Tuesday. The stock surpassed its previous high of Rs 1,990 per share touched on March 8, 2018 in intra-day trade. READ MORE

10:19 AM

NEW LISTING Bandhan Bank

Bandhan Bank has made a strong debut at the bourses on Tuesday. The stocks listed at Rs 499, a 33% premium against its issue price of Rs 375 per share on the National Stock Exchange (NSE). On the BSE, the stock listed at Rs 485, 29% higher against its issue price. READ MORE

Bandhan Bank

10:13 AM

Nomura on Tata Power

We believe that Tata Power's earnings growth outlook remains healthy and impetus to reduce leverage by monetising non-core investments/assets is intact. We maintain our Buy rating; at a current market price of Rs 80, the stock trades at FY19F P/E of 12x (EPS = Rs 6.8) and P/B of 1.2x (BVPS = Rs 67.8), and our Rs 98 target price implies 22.5% potential upside.