MARKET WRAP: Sensex down 363 pts on weak global cues; Eicher Motors dips 9%

Among the sectoral indices, the Nifty Auto index fell 3.05 per cent weighed by Eicher Motors, Mahindra & Mahindra and Maruti Suzuki

3:37 PM

Top sectoral gainers and losers on NSE

3:36 PM

S&P BSE Sensex: Top gainers and losers

3:34 PM

Market at close

 

The S&P BSE Sensex lost 363 points or 1 per cent to settle at 35,892 while the NSE's Nifty50 index dropped 118 points or 1.08 per cent to end at 10,793. 

3:16 PM

NEWS ALERT RBI Governor to hold meetings with MSME association and representatives of NBFCs nex week, reports CNBC TV18

3:14 PM

TVS Motor dips 6% on single-digit sales growth in December

Shares of TVS Motor Company dipped 6 per cent to Rs 531 on the BSE after the two and three- wheeler company reported a single- digit 6% year-on-year growth in sales in December 2018. The growth was lowest since October 2017. The company registered 4 per cent growth in two-wheeler sales during December 2018 at 258,709 units as compared with 247,591 units, a year ago. READ MORE

2:58 PM

NEWS ALERT Sources To Reuters: OMCs may recover margin hit on fuel sales by march end

2:57 PM

NEWS ALERT Sources To Reuters: Oil marketing cos allowed to recoup losses limiting fuel price cuts

2:39 PM

Top gainers and losers on S&P BSE Sensex

2:28 PM

Web Exclusive Chart Reading: 'Golden crossover' on Nifty Bank to fuel banking stocks

 

The Nifty50 index is heading towards breakout level, while Nifty Bank is trading with positive sentiment. The scenario signals stocks in the indices are showing patterns that will attract buying. The Nifty Bank with positive sentiment is on the verge of making 'Golden crossover' as per the daily chart.

 

A Golden Crossover occurs when the short-term average crosses/moves above the long-term moving average. The scenario depicts a short-term trend getting stronger as compared to the long-term trend. It helps traders and investors to acknowledge the strength of the overall index. Click here to read more

2:20 PM

IPO launches fell in last two pre-election periods, will 2019 be different?

The six-month period before Lok Sabha elections has historically been good for secondary markets. However, this cannot be said of initial public offerings (IPOs). Issuances dropped six months ahead of the previous two Lok Sabha elections. Six months ahead of the 2009 elections, only two IPOs were launched, and before the 2014 elections, only one had hit the market. Investment bankers say the uncertain market environment is not conducive to capital raising. Read more

 

1:59 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,824.55	-430.02	-1.19
S&P BSE SENSEX 50	11,274.77	-140.46	-1.23
S&P BSE SENSEX Next 50	32,584.11	-397.98	-1.21
S&P BSE 100	11,063.17	-137.44	-1.23
S&P BSE Bharat 22 Index	3,454.51	-57.02	-1.62

1:47 PM

Ás many as 27 scrips hit their 52-week lows on NSE

Symbol	Security	New 52W/L	Prev. Low	Prev. Low Date	LTP	Prev. Close	Chng	% Chng
ABSLNN50ET	Aditya Birla Sun Life Nifty Next 50 ETF	277.07	280.76	28-Dec-2018	287.99	292.00	-4.01	-1.37
ARROWTEX	Arrow Textiles Limited	22.00	23.10	26-Dec-2018	22.25	24.00	-1.75	-7.29
CALSOFT	California Software Company Limited	22.00	22.00	01-Jan-2019	22.05	23.15	-1.10	-4.75
CHROMATIC	Chromatic India Limited	0.95	0.95	01-Jan-2019	0.95	.95	0.00	0.00
CURATECH	Cura Technologies Limited	1.25	1.25	01-Jan-2019	1.25	1.25	0.00	0.00

Click here to view the full list

(Source: NSE)

1:34 PM

Prabhudas Lilladher on Confidence Petroleum India

 

Confidence Petroleum India (CPIL) is expected to have strong performance going forward. In 1HFY19, the company has reported over 50 per cent growth in operating profits and we expect the trend to continue as the benefits from earlier capex starts getting reflected in the ensuing period. CPIL is expected to report an earnings per share (EPS) of Rs 2.4 for FY19, 3.7 for FY20 and 4.9 for FY21. The stock at the current price of Rs 40, trades at a Target price of Rs 65, trades at a PER of 17.5x FY20 earnings and 13.2x FY21 EPS. 'BUY'.

1:26 PM

Expenditure cuts imminent in 4QFY19: Kotak Securities 

 

With GST revenues continuing to remain well below budgeted targets, it will be difficult for the central government to meet its GFD/GDP target of 3.3% without expenditure cuts. With the monthly GST run rate remaining at around Rs896 bn for 9MFY19 and a likely shortfall of around Rs1 tn, we maintain our GFD/GDP estimate at 3.5% including expenditure cuts in 4QFY19.

1:15 PM

MARKET CHECK | S&P BSE Midcap index drops over 100 points

12:58 PM

NEWS ALERT | ICRA downgrades Jet Airways' long-term rating to 'D' from 'C'

12:54 PM

Top losers on BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
EICHER MOTORS	21600.00	-1584.05	-6.83	12891
M & M	743.00	-30.60	-3.96	411789
VEDANTA	195.65	-6.50	-3.22	696370
REL. COMM.	13.94	-0.45	-3.13	7222223
JSW STEEL	294.10	-9.45	-3.11	179978

12:36 PM

Jet Airways slips over 3% after it defaults on debt payments to banks

Shares of cash-strapped airline Jet Airways fell as much as 3.39 per cent to Rs 271.50 apiece in the intra-day deals on Wednesday after the company defaulted on the debt payments to banks. In a BSE filing, Jet Airways said, "the payment of interest and principal installment due to the consortium of Indian Banks (led by State Bank of India) on 31st December 2018 has been delayed due to temporary cashflow mismatch and the company has engaged with them in relation to the same." Read more

 

12:22 PM

Auto stocks skid on weak Dec sales numbers; Nifty Auto index down nearly 2%

The Nifty Auto index declined as much as 1.8 per cent to 9025.75 levels after the auto companies such as Eicher Motors, Mahindra and Mahindra, Tata Motors and Maruti Suzuki India reported lower-than-expected auto sales numbers for December.

 

In December 2018, liquidity crisis in the industry, higher interest rates and rising fuel costs continued to impact the commercial vehicle sales, with M&HCV and I&LCV segment witnessing a decline. Read more

 

12:16 PM

This stock from BSE Smallcap index zoomed over 100% in six months

Shares of IOL Chemicals & Pharmaceuticals (IOL) have rallied 6 per cent to Rs 177 per share on the BSE, after CARE Ratings improved the credit rating for banking facilities availed by the company. The rating agency revised rating on long term bank facilities to CARE BBB+ from CARE BBB- and of short term bank facilities to CARE A2 from CARE A3. The stock of the leading manufacturer of APls / bulk drugs and specialty chemicals company was trading close to its 52-week high of Rs 182, touched on November 16, 2018, in the intra-day trade. It touched an all-time high of Rs 220 on January 3, 2008, on the BSE.
 

12:03 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,162.16	-92.41	-0.25
S&P BSE SENSEX 50	11,380.63	-34.60	-0.30
S&P BSE SENSEX Next 50	32,910.47	-71.62	-0.22
S&P BSE 100	11,168.09	-32.52	-0.29
S&P BSE Bharat 22 Index	3,488.10	-23.43	-0.67

11:54 AM

Metals under pressure, Tata Steel, JSW Steel and Hindalco decline up to 3%

Shares of Tata Steel, Hindalco and JSW Steel slipped in the morning trade on Wednesday after reports said foreign brokerage firm CLSA has downgraded the stocks saying deteriorating Chinese demand outlook will weigh on commodity prices. Shares of Tata Steel were trading nearly two and a half per cent lower at Rs 503 apiece on BSE while those of JSW Steel were trading at Rs 294, down over 3 per cent. Hindalco, too, was trading over two and a half per cent lower at Rs 217 apiece on BSE. Read more

 

11:48 AM

RBI flags issues in valuing corporate bonds for mutual funds, others

The Reserve Bank of India has pointed to the need for addressing potential issues in the way the Rs 23.6-trillion mutual fund industry, as well as other institutions like banks, value corporate bonds.

 

The central bank’s periodic Financial Stability Report issued on Monday noted that appropriate valuation of these instruments depended on having a good benchmark and transparent corporate spreads. READ MORE

11:37 AM

This stock from BSE Smallcap index zoomed over 100% in six months

Shares of IOL Chemicals & Pharmaceuticals (IOL) have rallied 6 per cent to Rs 177 per share on the BSE, after CARE Ratings improved the credit rating for banking facilities availed by the company. The rating agency revised rating on long term bank facilities to CARE BBB+ from CARE BBB- and of short term bank facilities to CARE A2 from CARE A3. READ MORE

11:22 AM

With 65% fall, Voda Idea among worst performing Asia Pacific stocks in 2018

Stiff competition in the telecom sector has led to another rough year for the sector’s stocks. The shares of Vodafone Idea have been hit the hardest with the stock moving into the unenviable league of the worst-performing one in the MSCI Asia Pacific Index in 2018.

 

Last year, the shares of Vodafone Idea were down 65 per cent. READ MORE

11:06 AM

Reliance Securities on Earnings Growth – 

The Single Most Important Factor: Stock returns are likely to be proportionate to earnings announcements, as earnings growth will be the most critical factor during the year. Sectors with strong earnings growth are likely to deliver above 15% returns. Banking, IT and Consumer discretionary could be the key sectors, as they are expected to deliver healthy earnings growth. As the Consumer sector is fraught with huge valuation challenges, prudent stock picking will be the key. Though pick-up in capex cycle is seen in broad GDP numbers, playing the theme through corporate banks, conglomerate like L&T and cement will be a safer. 

10:43 AM

Top gainers and losers on S&P BSE Sensex

10:33 AM

NEWS ALERT | India Decemeber Nikkei manufacturing PMI at 53.2 vs 54.0 in November

10:31 AM

Eicher Motors skids 6% following weak December sales

Eicher Motors has dipped 6 per cent to Rs 21,792 on the BSE after Royal Enfield (RE), the motorcycle franchise owned by the company, reported a 13 per cent year-on-year (Y-o-Y) decline in total sales at 58,278 units in December 2018. It had sold 66,968 motorcycles during the same month last year. On a month-on-month basis, the volume declined by 11 per cent. It sold 65,744 motorcycles in November 2018. Read more

 

10:21 AM

Prabhudas Lilladher on Banks

 

We continue to believe that credit growth will likely moderately improve further and likely could settle at 15-16% YoY growth as waning liquidity issues (and banks’ caution) is slowing growth on NBFCs credit, while we watch trends on industrial credit growth as capex cycle is slow and will require strong pick up to see meaningful contribution and till then should continue to be led by retail & services segment.