MARKET WRAP: Sensex ends 273 pts lower, Nifty at 10,671; PSU banks decline

Among sectoral indices, the Nifty PSU Bank index ended 2.4% lower led by a fall in the shares of IDBI Bank, Syndicate Bank and Bank of India.

3:50 PM

Top losers in BSE Oil & Gas:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
B P C L	383.65	417.20	-33.55	-8.04
H P C L	277.05	299.35	-22.30	-7.45
I O C L	156.25	166.55	-10.30	-6.18
GAIL (INDIA)	323.60	342.85	-19.25	-5.61
INDRAPRASTHA GAS	253.05	262.10	-9.05	-3.45

3:47 PM

Nifty PSU Banks ended 2.43% lower today. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
IDBI BANK	50.70	54.45	-3.75	-6.89
SYNDICATE BANK	41.00	43.75	-2.75	-6.29
ANDHRA BANK	31.80	33.30	-1.50	-4.50
PUNJAB NATL.BANK	76.75	79.85	-3.10	-3.88
BANK OF INDIA	88.70	92.20	-3.50	-3.80

3:45 PM

Nifty sectoral losers of the day

3:43 PM

BSE Sensex: HDFC Bank top gainer of the day, ICICI Bank, Tata Motors, SBI among top losers

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,217, down 273 points while the broader Nifty50 index settled at 10,671, down 98 points.

3:16 PM

Gold falls to Rs 31,570 on weak global cues, muted demand

Gold remained weak for the second straight day and drifted lower by Rs 25 to Rs 31,570 per 10 gram amid weakening global trend and easing demand from the local jewellers at the bullion market today. Silver slipped below the Rs 41,000-mark, declined by Rs 120 per kg, due to reduced offtake by industrial units and coin makers. READ MORE

2:57 PM

RBI might think otherwise, but Indian banks may see NPAs mount to 20% soon

Imagine India’s GDP growth had collapsed to 3 per cent; inflation was about to hit double digits; exports were tanking; and the country’s twin deficits – in the government’s budget, and in the nation’s current account – were out of control.

It’s only when the Reserve Bank of India tries to imagine such a dire scenario for March 2019 that its simulation exercise for bad loans throws up a figure of 17.3 per cent of state-run banks’ total assets. READ MORE

2:45 PM

Asia Check

Asian share markets were under stress on Wednesday as further falls in Chinese stocks and the yuan sent ripples across the region, while oil climbed as the United States leaned on allies to stop buying Iranian crude.

 

Chinese blue chips sank 2.2 per cent to be a whisker above 13-month lows as a resolution of Sino-US tensions remained a distant prospect.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan lost another 0.6 per cent after touching a two-year trough on Tuesday.

 

Japan’s Nikkei had been faring better but soon succumbed to risk aversion and fell 0.3 per cent.

2:30 PM

UPL's turnaround script for FY19: It hasn't been the best of starts, indeed

 

It has not been the best of starts for UPL. The company (earlier known as United Phosphorus and in the businesses of agrochemicals, industrial chemicals, and chemical intermediates) failed to hit its annual revenue growth expectation of eight to 10 per cent for 2017-18. This is the first time it happened in the last five years.

 

This, with concerns on high raw material costs, falling prices in the key markets of Brazil and North America, and currency fluctuations, besides continuous capital expenditure, has led to muted sentiment for the stock. It has shed about eight per cent in a week and is down almost 23 per cent since its high earlier this calendar year. READ MORE

2:16 PM

Bhagiradha Chemicals zooms 37% from intra-day low post a huge block deal

Shares of Bhagiradha Chemicals & Industries have moved higher by 16% to Rs 282 per share on the BSE, bouncing back 37% from their intra-day low on Wednesday after nearly 25% of the total equity of the agrochemicals company changed hands through block deal. The stock hit a low of Rs 206 in intra-day trade against its Tuesday's close of Rs 244 on the BSE. READ MORE

2:00 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,282.80	-207.24	-0.58
S&P BSE SENSEX 50	11,202.59	-76.04	-0.67
S&P BSE SENSEX Next 50	31,853.65	-489.88	-1.51
S&P BSE 100	10,965.22	-88.41	-0.80
S&P BSE Bharat 22 Index	3,294.23	-60.20	-1.79

(Source: BSE)

2:00 PM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	35273.77	35490.04	-216.27	-0.61
	14487.80	14640.97	-153.17	-1.05
	15403.45	15661.31	-257.86	-1.65
	15929.85	16295.88	-366.03	-2.25
	4149.95	4182.28	-32.33	-0.77

1:46 PM

Top losers in BSE500:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
CG POWER & INDU.	48.05	54.75	-6.70	-12.24
PHILLIPS CARBON	197.50	222.00	-24.50	-11.04
JP ASSOCIATES	15.05	16.90	-1.85	-10.95
SREI INFRA. FIN.	62.55	69.10	-6.55	-9.48
NBCC	73.05	79.90	-6.85	-8.57

1:31 PM

Mid and Small-caps under pressure; 132 stocks hit 52-week low

Shares of mid and smallcap companies were under pressure with 132 stocks hit their respective 52-week lows after more than 1% fall in these indices. Adani Power, Reliance Power, Punj Lloyd, GTL, GTL Infrastructure, KSK Energy Ventures, Gammon Infrastructure and MBL Infrastructure were among 20 stocks from the midcap and smallcap index hit their record lows on the BSE in intra-day trade today. READ MORE

1:15 PM

HCL Tech firms up after acquisition

HCL Technologies rose 1.32% to Rs 921.30 on BSE after the company said it signed a definitive agreement to acquire Germany-based IT and engineering services provider, H&D International Group. The announcement was made during trading hours today. READ MORE

1:02 PM

Why investors, not banks may play crucial role in next financial crisis

Banks must bear much of the blame for previous financial crises. In the next one, ordinary investors could play a more central role. Ironically, they’ll do so through vehicles created with them in mind – exchange-traded funds, or ETFs. These listed funds are passive by nature, designed to track the performance of an index of stocks, bonds, currencies or commodities rather than to pick and choose among individual companies. READ MORE

12:45 PM

Earnings revival, stability key for IPO marker success: EY survey

Strong corporate earnings, and stability in the markets and economy are the key drivers for improvement in IPO activity, a survey conducted by EY reveals. Meanwhile, respondents, which included private equity (PE) and non-PE firms, said cash flow and return on equity (ROE) were the most important financial factors while evaluating an IPO. READ MORE

12:30 PM

Symphony stock: Climate Technologies buy to double foreign market share

After shedding over 27 per cent since May, given the low demand conditions in the summer season, the Symphony stock gained 4 per cent after it announced plans to acquire Australia's Climate Technologies. The over Rs 2-billion acquisition will provide India's largest air cooling company a 50 per cent organised market share access to the Australian and US markets. READ MORE

12:15 PM

Longevity of Sensex components: Here are oldest members, latest additions

 

General Electric was recently excluded from the Dow Jones Industrial Average, an index of 30 blue-chip US-listed firms. The conglomerate was a continuous member of the index since November 7, 1907 — 110 years. Which are the Indian firms that have been original members of the BSE Sensex and continue to be part of it? The Sensex has a history of 40 years.

 

It was compiled in 1986 and its base year was 1978. Asia index data shows State Bank of India, Hindustan Unilever, Infosys, ITC, Reliance Industries, Tata Steel and Tata Motors have been continuous members. READ MORE

12:00 PM

Markets at Noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,437.54	-52.50	-0.15
S&P BSE SENSEX 50	11,249.65	-28.98	-0.26
S&P BSE SENSEX Next 50	32,029.93	-313.60	-0.97
S&P BSE 100	11,013.47	-40.16	-0.36
S&P BSE Bharat 22 Index	3,295.28	-59.15	-1.76

(Source: BSE)

11:44 AM

Despite positives, pharma major Lupin not a re-rating candidate

 

The Lupin stock has been on an upswing after the USFDA approvals, launches, progress on the biosimilar front and robust growth in the domestic business. It is not surprising that the stock, which has been an underperformer in the previous couple of years, has gained 23 per cent since its lows in May.

 

While pricing pressures in the US market have been weighing on its financials, product approvals and launches, including some niche products, will expand its revenue base and margins. READ MORE

11:28 AM

Mutual fund industry seeks Sebi intervention in distributor commissions

 

The mutual fund (MF) industry is seeking the Securities and Exchange Board of India’s (Sebi’s) intervention in capping distributor commission.

 

According to sources, certain players in the industry have recently written to Sebi, requesting a formal circular on the maximum commission to be paid to sellers of mutual fund products. READ MORE

11:15 AM

BPCL, HPCL, IOCL slip 6%; Jet Airways hits 52-week low as oil prices rise

Shares of oil marketing companies (OMCs) such as Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOCL) have slipped up to 6% on the BSE in intra-day trade as oil prices rise amid supply disruptions. READ MORE

10:58 AM

EXPERT SPEAK Tips to become a successful investor

 

Many times the worst investment decisions you took were quick reactions to news that looked important. It is usually said that for investing in stocks one needs to be vigilant & hyper active i.e. to keep an eye on all news. But the real job is to ignore information and focus on the goal. Excessive information hides knowledge and prevents understanding.

 

As an investor, one should focus on identifying business that are likely to post huge earnings surprises ahead instead of envisaging solutions for the political arena and world economy. Click here for more

Photo: Shutterstock

10:46 AM

Fortis Q4 loss widens to Rs 9.32 bn on impairment charges amid bidding war

 

Fortis Healthcare Ltd, which is embroiled in a takeover battle that has drawn international bidders, on Wednesday said loss for the March quarter ballooned to Rs 9.32 billion ($136.3 million) hurt by impairment charges.

 

Fortis, which delayed reporting results for the quarter as it completed an internal probe, said the goodwill impairment charges and write-offs were related to inter-corporate deposits and advances. READ MORE

10:38 AM

HEAT MAP (BSE)

10:31 AM

SECTOR WATCH PSBs trade weak; Union Bank of India, Syndicate Bank hit 52-week low

Shares of public sector banks (PSBs) were down by up to 5% on the National Stock Exchange (NSE) in early morning trade. Syndicate Bank, Allahabad Bank and IDBI Bank have fallen in the range 3% to 5%, while Union Bank of India, Andhra Bank, Oriental Bank of Commerce, Bank of Baroda, State Bank of India (SBI), Bank of India, Punjab National Bank (PNB) and Canara Bank were down between 1% to 2% on the NSE READ MORE

10:20 AM

With 90 IPOs, India logs highest number globally in H1 of 2018: EY

 

Globally, Indian exchanges recorded the highest IPO activity as the country saw 90 IPO launches that raised $3.9 billion in the first half of this year, says a report.

 

According to EY India IPO Readiness Survey Report, globally, Indian exchanges recorded the highest IPO activity in terms of number of deals accounting for 16 per cent of the total issues in the first half of this year (January-June). READ MORE

10:10 AM

NEWS IMPACT NDTV surges 20% as Sebi orders Vishvapradhan Commercial to make open offer

Shares of NDTV are locked in upper circuit of 20% at Rs 39 on the BSE in early morning trade on Wednesday, after the Securities and Exchange Board of India (Sebi) on Tuesday passed an order asking Vishvapradhan Commercial Pvt Ltd (VCPL) to make an open offer for the company. Till 09:25 am; a combined 160,893 shares changed hands on the counter and there were pending buy orders for 462,932 shares on the BSE and NSE. READ MORE HERE

10:02 AM

Market Check

 

S&P BSE Sensex	35,543.89		0.15%
Nifty 50	10,757.55		-0.11%
S&P BSE 200	4,645.68		0.11%
Nifty 500	9,220.65		-0.12%
S&P BSE Mid-Cap	15,660.89		-0.00%
S&P BSE Small-Cap	16,295.04		-0.01%