MARKET WRAP: Sensex slips 85 pts; private banks drag, YES Bank falls 3.5%

Among key stocks, Yes Bank and ICICI Bank were among the top losers on the BSE, falling 3.5 per cent and 2 per cent, respectively.

3:45 PM

Nifty Bank index ends 0.69% down. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
YES BANK	374.05	388.60	-14.55	-3.74
ICICI BANK	329.85	337.20	-7.35	-2.18
BANK OF BARODA	147.00	149.85	-2.85	-1.90
INDUSIND BANK	1937.40	1957.20	-19.80	-1.01
IDFC BANK	46.95	47.30	-0.35	-0.74

3:40 PM

Nifty sectoral losers of the day

3:38 PM

BSE Sensex: Yes Bank, ICICI Bank among top losers of the day

3:36 PM

Market at close

The S&P BSE Sensex ended at 38,252, down 85 points while the broader Nifty50 index settled at 11,557, down 26 points.

3:15 PM

Oil up as US sanctions on Iran cloud supply outlook

Oil prices rose on Friday, supported by signs that U.S. sanctions on Iran are already reducing global crude supply.

 

Benchmark Brent crude oil was up 60 cents a barrel at $75.33. Brent was on track for gains of almost 5 per cent this week. US light crude was 50 cents higher $68.33, heading for a gain on 3.8 per cent this week. READ MORE

2:59 PM

NCLAT declines stay on Tata Sons' conversion to pvt co; relief for Mistry

While declining to pass any order on the conversion of Tata Sons into a private company from a public limited firm, NCLAT today asked Tata Sons not to force Cyrus Mistry to sell his shares in the company till his appeal is pending.

 

The National Company Law Appellate Tribunal (NCLAT) said that pending the litigation here, the Cyrus Mistry camp which was seeking a status quo over it cannot be "forced to sell shares". READ MORE

2:47 PM

Gold gains as dollar slips; markets await Fed chairman's speech

Gold rose on Friday after falling in the previous session, as the dollar eased and markets awaited a speech by the Federal Reserve chairman for fresh clues on the direction of US monetary policy.

 

Spot gold was up 0.3 per cent at $1,188.96 an ounce, after falling 0.9 per cent on Thursday. Prices have risen about 0.3 per cent so far this week. US gold futures were up 0.1 per cent at $1,195 an ounce. READ MORE

2:32 PM

Amrutanjan, Pfizer, Merck, Novartis hit new highs

Shares of selected pharmaceutical companies were in focus with Amrutanjan Health Care, Pfizer, Merck and Novartis India rallying up to 18% on the BSE in otherwise subdued market. All these stocks were trading at their respective all-time highs. READ MORE

2:15 PM

Analysts keep faith in Larsen & Toubro despite buyback proposal

Analysts remain bullish on Larsen & Toubro (L&T) and have maintained a ‘buy’ rating on the stock despite the company’s buyback proposal. The company, at its meeting on Thursday, approved a proposal to buy back up to 60 million equity shares at a maximum price of Rs 1,500 per equity share for an amount of Rs 90 billion. READ MORE

1:59 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,269.98	-66.78	-0.17
S&P BSE SENSEX 50	12,108.47	-23.84	-0.20
S&P BSE SENSEX Next 50	34,823.94	-6.23	-0.02
S&P BSE 100	11,872.20	-20.18	-0.17
S&P BSE Bharat 22 Index	3,668.16	+2.24	+0.06

(Source: BSE)

1:46 PM

Britannia board to split stock in 1:2 ratio to make it more affordable

The board of confectionary major Britannia Industries on Thursday approved share split in 1:2 ratio to make the stock more affordable for the small retail investors and increase liquidity.

 

The Kolkata-based company will split the shares with a face value of Rs 2 into two equity shares of Re 1 each. READ MORE

1:28 PM

Bandhan Bank: Balance sheet must strengthen, without relying on MFI biz

Recently, Bandhan Bank made quite a splash for displacing YES Bank to become the seventh-most valued bank and for nearly doubling from its IPO price to Rs 700. It is also India’s most priced bank in terms of price-to-book value. READ MORE

1:15 PM

How Maharashtra APMC amendment could push traders away from markets

In a drastic move, the Maharashtra cabinet on Wednesday decided to amend the APMC Act making it illegal for any private trader to purchase any agriculture produce below the government-fixed MSP from the coming kharif harvest season. READ MORE

1:03 PM

Tim Cook, top CEOs warn Trump's immigration crackdown will harm US economy

Vague and unpredictable Trump administration immigration policies threaten the US economy amid a tightening labour market, CEOs from major American companies have warned. READ MORE

12:49 PM

MARKET COMMENT Chris Wood of CLSA

A systemic event in financial markets is more likely to be triggered by Italy and the Eurozone than other candidates currently discussed by pundits, be it a Donald Trump-triggered trade war, a much anticipated Chinese currency collapse or overvalued Wall Street FANG stocks. Still, they are all interconnected phenomena.

A renewed focus on the existential risks in the Eurozone is likely to put renewed downward pressure on the euro which will then lead to broader US dollar strength against all currencies. This will in turn make it more challenging for China to manage the capital outflow issue.

 

Rising concerns about trade wars are also likely to remain US dollar bullish. GREED & fear has an unhelpful (for investors) 50/50 view on whether Trump choses to escalate the trade issue or de-escalate it ahead of the November mid-term elections which is why GREED & fear would not advise investors to make a big bet either way on this point.

(Source: Wood's weekly newsletter, GREED & fear)

Christopher Wood, Managing Director & Equity Strategist, CLSA

12:47 PM

Rupee's weakness worrying you? Beat depreciation with international funds

The rupee touched an all-time low against the dollar recently and is now trading at the 70.11 mark. It has depreciated 8.90 per cent against the dollar year-to-date. One way how investors can protect themselves against currency depreciation is by investing in international funds offered by mutual fund houses in India. READ MORE

12:31 PM

Rupee@70: RBI may have shifted rupee intervention limit, say analysts

The Reserve Bank of India appears to have turned less aggressive in defending the rupee, letting the currency slide closer to its real-effective exchange rate amid an emerging-market selldown.

 

The central bank, which intervened actively until the rupee hit 69 per dollar, has mostly stayed on the sidelines after the currency broke past the 70 psychological mark last week, according to foreign-exchange traders familiar with the RBI’s market transactions. READ MORE

rupee & dollar

12:15 PM

HDFC AMC hits highest level since listing; rises 12% in one week

Shares of HDFC Asset Management Company have rallied 4.6% to Rs 1,916 per share, extending their 7% gain in the past three days on the BSE, after the company reported 25% growth in its net profit at Rs 2.05 billion in June quarter (Q1FY19).
 

Revenue from operations grew by 21% to Rs 4.71 billion during the quarter against Rs 3.90 billion in the corresponding quarter of previous year. READ MORE

12:00 PM

Markets at noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,291.06	-45.70	-0.12
S&P BSE SENSEX 50	12,117.57	-14.74	-0.12
S&P BSE SENSEX Next 50	34,838.69	+8.52	+0.02
S&P BSE 100	11,880.53	-11.85	-0.10
S&P BSE Bharat 22 Index	3,670.77	+4.85	+0.13

11:45 AM

STT on physically-settled derivatives: HC defers hearing in Anmi-NSE matter

 

The Bombay High Court on Thursday deferred hearing in a matter between the brokers' lobby, Association of National Exchanges Members of India (Anmi), and the National Stock Exchange (NSE) over the applicability of securities transaction tax (STT) on physically-settled derivatives.

 

Since the counsel for the Central Board of Direct Taxation (CBDT) was not present, the court directed the Additional Solicitor General (ASG) to be present. The ASG assured return on August 28. The courts acknowledged the importance and urgency of clarification before the end of this month. READ MORE

11:31 AM

SBI fixes plans for six stressed power assets; RBI deadline ends Monday

 

State Bank of India (SBI) has chalked out resolution plans for about half a dozen stressed power assets. But their future is still uncertain as other lenders are yet to come on board even as the Reserve Bank of India’s deadline for beginning insolvency proceedings ends on August 27.

 

SBI is the lead lender, with an exposure of Rs 700 billion to these companies. Lenders are still hoping that the latest amendment to the Insolvency and Bankruptcy Code (IBC) would come to their rescue. READ MORE

11:15 AM

NMDC: Analysts see improving volumes ahead as Karnataka issues resolve

 

The NMDC stock has continued trending down on the bourses with declining international iron ore prices over the last few months. However, there seems to be some respite ahead for the company as well as investors.

 

The ex-China iron ore prices, which stood at over $78 a tonne in early March, had declined to less than $64 a tonne by April and have remained range-bound thereafter. The declining international prices meant that NMDC also had to adjust prices of its produce. READ MORE

11:00 AM

Top Nifty50 gainers

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
UPL	668.45	649.95	18.50	2.85	1879756
O N G C	174.70	171.90	2.80	1.63	2700825
POWER GRID CORPN	193.15	190.20	2.95	1.55	2118518
GRASIM INDS	1057.20	1045.55	11.65	1.11	798503
COAL INDIA	292.10	289.05	3.05	1.06	932501

10:45 AM

SpiceJet hits 17-month low; stock down 31% in one month

 

Shares of SpiceJet continued to remain under pressure, hitting a 17-month low of Rs 76, down 4% on the BSE in an otherwise firm market.

 

The stock of the budget carrier was trading at its lowest level since March 9, 2017. It has fallen 31% in past one month, as compared to 4% rise in the S&P BSE Sensex. READ MORE

10:30 AM

Offshore asset managers set to approach PMO for clarity on KYC guidelines

 

A group of offshore asset managers plan to write to the Prime Minister’s Office (PMO), to seek clarity on the impasse pertaining to know-your-client (KYC) guidelines proposed by the Securities and Exchange Board of India (Sebi) in its circular on April 10.

 

In the past few months, the regulator had received representations from several market participants, asking it to review the proposals and grant additional time. READ MORE

10:15 AM

Britannia board to split stock in 1:2 ratio to make it more affordable

 

The board of confectionary major Britannia Industries on Thursday approved share split in 1:2 ratio to make the stock more affordable for the small retail investors and increase liquidity.

 

The Kolkata-based company will split the shares with a face value of Rs 2 into two equity shares of Re 1 each. READ MORE

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,370.06	+33.30	+0.09
S&P BSE SENSEX 50	12,141.89	+9.58	+0.08
S&P BSE SENSEX Next 50	34,958.18	+128.01	+0.37
S&P BSE 100	11,906.95	+14.57	+0.12
S&P BSE Bharat 22 Index	3,679.74	+13.82	+0.38

9:47 AM

STOCK ALERT Hexaware Technologies falls 19% after huge block deals

Shares of Hexaware Technologies dipped 19% to Rs 401 on the National Stock Exchange (NSE) in early morning trade after a more than 10% of equity of information technology firm changed hands on the counter via block deals. The stock has slipped 17% at Rs 415 on the BSE in intra-day trade so far. READ MORE

9:30 AM

Limited competition in mutual funds irks Sebi; Ajay Tyagi calls for reforms

 

Markets regulator Securities and Exchange Board of India (Sebi) has expressed concerns over few mutual fund houses dominating the Rs 23-trillion, domestic asset management industry.

 

According to data, the top 10 fund houses account for 81 per cent of the total assets under management (AUMs). The top-five players account for almost 57 per cent of the assets. READ MORE

9:19 AM

Nifty sectoral trend