MARKET WRAP: Nifty settles at fresh closing high of 11,389; PSU banks slip

Among sectoral indices, the Nifty PSU Bank index ended over 2 per cent lower due to a fall in share prices of Andhra Bank and Punjab National Bank (PNB).

3:56 PM

MARKET COMMENT Jayant Manglik, President, Religare Broking

The equity benchmark indices traded in a narrow range, amidst intraday volatility. The Nifty index ended flat to close at 11,391 levels. The broader market indices’ performance was largely in line with the benchmark with BSE Midcap and BSE Smallcap ending with minor losses of 0.2% each. The sector indices exhibited mixed trend with Consumer Durables and Metals being the outperformers whereas, Oil & Gas, Healthcare and Realty were the top losers. Amongst the global markets, both Asian as well as European markets traded higher.

With the frontline index trading at record highs, some consolidation cannot be ruled out. We expect stock specific volatility to continue with more corporate earnings scheduled in the next 1-2 weeks. Further, market participants would keep an eye on global developments especially the US-China trade war, progress of monsoon, currency and crude oil price movement

 

3:52 PM

Nifty PSU Bank index ends 2.14% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
PUNJAB NATL.BANK	82.85	90.05	-7.20	-8.00
ANDHRA BANK	34.00	36.00	-2.00	-5.56
SYNDICATE BANK	41.90	44.10	-2.20	-4.99
UNION BANK (I)	86.50	90.60	-4.10	-4.53
ORIENTAL BANK	78.80	82.35	-3.55	-4.31

3:49 PM

Nifty sectoral gainers and losers of the day

3:44 PM

BSE Sensex: Tata Steel, Asian Paints among top gainers of the day, Adani Ports top loser

3:35 PM

Markets at close

The Nifty 50 index settled at a fresh closing high of 11,389, up 2 points. However, the S&P BSE Sensex ended at 37,666, down 26 points.

3:15 PM

SoftBank posts 60% gain on Flipkart bet, sets aside $650 million STCG tax

Masayoshi Son-led Japanese conglomerate SoftBank on Monday showed a gain of ¥ 164.25 billion (around $1.48 billion) on its balance sheet owing to an increase in the fair value of its stake in Flipkart, translating to 60 per cent return on its last year’s investment in the e-commerce firm. This comes ahead of the closure of the deal that will see SoftBank selling its entire 19.95 per cent stake in Flipkart for around $4 billion to Walmart. READ MORE

3:01 PM

Intellect Design zooms 20% on multi-million dollar deal with an Asian bank

Shares of Intellect Design Arena is locked in the upper circuit of 20% at Rs 244 per share, also their 52-week high on the BSE, after the IT company announced a multi-million dollar deal with a leading bank in Asia with a strong foothold in Singapore, Malaysia, Indonesia, Thailand and China. READ MORE

2:44 PM

PSU banks trade weak; Andhra Bank, Syndicate Bank, PNB down 5%

Shares of public sector undertaking (PSU) banks have fallen by upto 5% on the National Stock Exchange (NSE) on Tuesday in intra-day trade after scam-hit Punjab National Bank (PNB) incurred a net loss for the second consecutive quarter. PNB slipped 5% to Rs 85.60, falling 7% from intra-day high on the BSE, after the bank reported a net loss of Rs 9.4 billion in June quarter (Q1FY19), on higher provision for bad loans. READ MORE
 

2:17 PM

M&M beats estimates for Q1 profits, net surges 63% to Rs 12.2 bn

India's Mahindra & Mahindra Ltd reported a better-than-expected 63 per cent surge in first-quarter profit on Tuesday, underpinned by robust sales.

 

Standalone profit after tax, which does not include share of profit from its unit Mahindra Vehicle Manufacturers Ltd, stood at Rs 12.21 billion ($177.50 million) for the quarter ended June 30, compared with Rs 7.49 billion a year earlier. READ MORE

Stock Quote:

1:59 PM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	37745.67	37691.89	53.78	0.14
	15410.54	15404.19	6.35	0.04
	16200.54	16248.48	-47.94	-0.30
	16858.47	16899.52	-41.05	-0.24
	4425.55	4419.32	6.23	0.14

1:47 PM

Top gainers in BSEE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
T N NEWSPRINT	323.35	23.15	7.71	34288
DEEPAK NITRITE	266.95	16.95	6.78	52330
INOX LEISURE	229.85	14.35	6.66	89369
KRBL	364.55	17.55	5.06	59476
MANPASAND BEVER.	153.60	7.30	4.99	400280

1:26 PM

Motherson Sumi first-quarter net profit misses estimates

Indian auto parts maker Motherson Sumi Systems Ltd's net profit jumped about 59 percent in the first quarter but fell short of analysts' expectations, hurt by higher expenses. READ MORE

Stock Quote:
 

1:14 PM

At Rs 9.4 bn, PNB posts straight quarterly loss on fraud-related provisions

Punjab National Bank reported its second consecutive quarter of loss as the country's second-biggest state-run lender set aside more funds for a massive fraud it disclosed earlier this year. Net loss was Rs 9.40 billion ($136.72 million) for the three months to June 30, compared with a profit of 3.43 billion rupees a year earlier, the bank said in a statement. READ MORE

Stock Quote:

1:06 PM

Uttar Pradesh sugar mills press for incentive of Rs 40 per quintal

The Uttar Pradesh Sugar Mills Association (UPSMA) wrote a letter to the chief minister on Monday, reiterating an earlier plea for a financial rescue package. This comes four days after the promoters of top mills in the state met the CM with a plea for a bailout package to settle the Rs 110 billion in payments backlog to sugarcane farmers. Their letter pleads for urgency, with the next cane crushing season approaching. READ MORE

12:49 PM

This Tata Group stock has zoomed over 200% in six months to Rs 338

Shares of Nelco hit a decade high of Rs 338, up 5% on the BSE in otherwise subdued market, extending its past 12 days 29% rally, after the company’s consolidated net profit nearly doubled to Rs 39.3 million in June quarter (Q1FY19). It had profit of Rs 19.9 million in the same quarter last fiscal. READ MORE

12:32 PM

100-year gift: Britannia to issue bonus debentures of Rs 7.2 billion

On its centenary year, the board of Britannia Industries has approved issuance of secured redeemable non-convertible debentures as bonus debentures of Rs 60 in the ratio of one such debenture for every equity share. Also, it has proposed a share split that the board will decide in the next meeting on August 23. READ MORE

12:15 PM

Q1 results: New launches to spur Britannia volumes, sales jump 14%

Driven by strong volume growth, Britannia reported June quarter numbers that were broadly in line with estimates. On the back of a 12.5 per cent volume growth and a better product mix, net sales of the company were up 14 per cent, albeit on a lower base.

 

The company had reported volume growth of three per cent in year-ago quarter due to disruption of the trade channel, on account of the goods and services tax roll-out. READ MORE

11:59 AM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	37605.22	37691.89	-86.67	-0.23
	15362.25	15404.19	-41.94	-0.27
	16156.28	16248.48	-92.20	-0.57
	16813.67	16899.52	-85.85	-0.51
	4410.67	4419.32	-8.65	-0.20

11:47 AM

Adani Ports slips 6% post Q1 results

Shares of Adani Ports and Special Economic Zone have slipped by 6% to Rs 375 per share on the BSE in intra-day trade after the company reported its consolidated net profit at Rs 6.97 billion in June quarter (Q1FY19), due to provision of mark to market loss of Rs 3.83 billion during the quarter. It had a profit of Rs 7.6 billion in the same quarter during the last fiscal. READ MORE

11:31 AM

A time for caution in global markets?

Most of the more seasoned investors I speak with globally are very cautious on markets today. They feel there are more risks than opportunities, and most, especially those running proprietary capital are sitting on large cash balances. This puts them at odds with the current mood in global capital markets.

 

Most indices globally are near their highs, investor sentiment seems to be optimistic and earnings are booming. Analysts remain very bullish on the growth outlook for their companies. READ MORE

11:14 AM

Parag Milk Foods surges 8% on strong Q1 results

 

Parag Milk Foods has surged 8% to Rs 344 on the BSE in intra-day trade after the company reported 169% year on year (yoy) growth in consolidated net profit at Rs 283 million in June quarter (Q1FY19), on healthy revenue growth. It had profit of Rs 105 million in the same quarter last year.

 

The consolidated revenue from operations during the quarter increased 33% yoy at Rs 5.49 billion as compared to Rs 4.13 billion in year ago quarter. Growth is driven by an increase in revenue from milk products of 41% yoy which is led by growth in key product categories. READ MORE

11:00 AM

Top BSE500 gainers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
KRBL	377.80	30.80	8.88	27778
BASF INDIA	2057.55	102.75	5.26	4502
MANPASAND BEVER.	153.60	7.30	4.99	14819
8K MILES	368.10	17.50	4.99	7520
KWALITY	16.69	0.79	4.97	1893803

10:45 AM

Adani Green, VIP Industries fall after being placed under ASM

 

Shares of Adani Green Energy, VIP Industries and Morepen Laboratories have fallen by up to 5% on the BSE after these stocks were placed under additional surveillance measures (ASM) by the market regulator Securities and Exchange Board of India (SEBI) with effect from today.

 

According to the new guidelines, these stocks will be placed in 5% price band and 100% margin will be applicable on these stocks. The exchanges will review these stocks on bimonthly basis for the applicability of ASM Framework. READ MORE

10:34 AM

Q1 results: New launches to spur Britannia volumes, sales jump 14%

 

Driven by strong volume growth, Britannia reported June quarter numbers that were broadly in line with estimates. On the back of a 12.5 per cent volume growth and a better product mix, net sales of the company were up 14 per cent, albeit on a lower base.

 

The company had reported volume growth of three per cent in year-ago quarter due to disruption of the trade channel, on account of the goods and services tax roll-out. READ MORE

10:15 AM

Higher realisations come as a boost to ONGC; volume growth may pick up

 

Improving realisations was the main factor responsible for ONGC’s better-than-expected performance in the June quarter, at both revenue and operating profit levels. And the trend is likely to remain positive, which is why analysts are positive on the company.

 

Reaping benefits of improving crude oil and natural gas prices, ONGC saw a strong jump in realisations. Its net realisation for oil at $74.2 a barrel rose 46 per cent, while gas realisation at $3.1 per mmbtu (million metric British thermal unit) was up 19 per cent, over the year-ago quarter. READ MORE

10:00 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,758.85	+66.96	+0.18
S&P BSE SENSEX 50	11,936.32	+21.61	+0.18
S&P BSE SENSEX Next 50	34,038.21	+135.51	+0.40
S&P BSE 100	11,688.41	+24.94	+0.21
S&P BSE Bharat 22 Index	3,624.10	+14.54	+0.40

9:46 AM

MFs go slow on equities in July; net buying drops to 17-month low

 

Mutual fund managers were seen going slow with their equity purchases in July, amid the benchmark indices surging to record highs. Equity schemes bought shares worth Rs 40 billion last month - the lowest since February 2017.

 

Net investments were 57 per cent lower than the preceding month's tally of Rs 92 billion and 67 per cent lower than the one-year monthly average of Rs 122 billion. Industry experts attribute the drop in equity investments to slowing inflows into equity schemes. READ MORE

9:32 AM

NEWS ALERT First round of renewed US sanctions on Iran take effect

9:30 AM

Devangshu Dutta: Markets upbeat but uptrend narrow

 

Good earnings reports, a lenient Fed and stabilising crude prices — all represented positive new for the market. A study by Motilal Oswal says that the Q1 results thus far indicate that earnings have either met or beaten expectations in 62 out of the 105 corporates under coverage.

 

Major central banks such as The Bank of Japan, the European Central Bank and the US Federal Reserve — all held policy rates in their latest policy updates. That meant a weaker USD. READ MORE

9:23 AM

Nifty sectoral trend