MARKET WRAP: Sensex rises for 4th straight day, gains 232 pts led by banks

Among the sectoral indices, the Nifty FMCG index rose 1.01 per cent led by gains in ITC and Dabur India. The Nifty Bank index too rose 0.77 per cent led by Axis Bank, HDFC Bank and ICICI Bank.

3:39 PM

Top sectoral gainers and losers on NSE

3:39 PM

S&P BSE Sensex: Top gainers and losers

3:34 PM

Market at close

 

The S&P BSE Sensex gained 232 points or 0.64 per cent to settle at 36,213 while NSE's Nifty50 index closed at 10,855, up 53 points or 0.49 per cent. 

3:15 PM

US-China trade talks conclude as hopes of a deal build

Chinese and US teams ended trade talks in Beijing on Wednesday that lasted longer than expected and officials said details will be released soon, raising hopes an all-out trade war that could badly disrupt the global economy can be avoided.

 

The talks were extended into an unscheduled third day, showing both sides were "serious", China's Foreign Ministry said. READ MORE

2:59 PM

YES Bank cracks nearly 6% ahead of board meeting outcome

Shares of YES Bank fell as much as 5.6 per cent to Rs 181.55 on the BSE in intra-day trade on Wednesday as the investors awaited the outcome of the bank's board meeting in regards to the appointment of the new managing director (MD) and chief executive officer (CEO).

 

At 2:22 pm, the stock of the private sector lender was trading at Rs 187.50 down Rs 4.80 or 2.5 per cent. Over 5.4 crores of shares were traded on the BSE and National Stock Exchange (NSE) so far. Read more

2:42 PM

EARNINGS IMPACT

2:37 PM

NEWS ALERT| Bajaj Corporation reports Q3 net profit up 8.9% at Rs 60.1 cr vs Rs 55.2 Cr (YoY)

2:34 PM

EARNINGS IMPACT

2:33 PM

NEWS ALERT| IndusInd Bank Q3 net profit rises 5.2 per cent year-on-year

2:30 PM

Web Exclusive Chart reading: Can Nifty Auto and Nifty Pharma catch up with benchmarks?

The Nifty50 index has risen 8.30 per cent to 10,860 and Sensex has gained 8.74 per cent to 36,200 from their November lows of 10,004 and 33,291, respectively. However, Nifty Auto has risen only 4.73 per cent while the pharma index Nifty Pharma has climbed 5.49 per cent from their respective lower levels. Both the Nifty indices are substantially trading below their crucial moving averages. The technical indicators of both the indices indicate lag in strength and crossover, especially MACD (moving average convergence and divergence), which is trading below the zero line. Read more

2:13 PM

NEWS ALERT| Rupee weakens past 70.50 against the US dollar 

 

2:10 PM

Praj Industries hits an over decade high on strong growth outlook

Shares of Praj Industries hit an over decade high of Rs 137 per share, up 6%, on expectations of strong growth outlook. The stock has rallied 25% in the first seven trading days of the calendar year 2019. It was trading at its highest level since September 26, 2008. Praj Industries had posted 2.5 times jump in its net profit at Rs 12.43 crore during the first half (April-September) of the financial year 2018-19 (H1FY19). Net revenue grew 12% at Rs 443 crore against Rs 394 crore in the corresponding period of previous fiscal. EBITDA (earnings before interest, tax, depreciation and amortization) margin improved to 4.8% from 2.0%. Click here to read more

1:59 PM

NEWS ALERT YES Bank slips over 4% ahead of board meet outcome

1:51 PM

Sebi working on beefing up analytics arm; move to help improve surveillance

The Securities and Exchange Board of India (Sebi) is working on improving its analytical capabilities.The move is to aid surveillance and other functions, according to Chairman Ajay Tyagi. READ MORE

1:38 PM

RBI asks banks to treat crisis-hit IL&FS loans as non-performing assets

The Reserve Bank of India (RBI) has declined a request by some lenders to the Infrastructure Leasing & Financial Services (IL&FS) group to allow them a standstill arrangement for six months for their loans. Banking sources said some lenders, who are to close accounts for the third quarter of FY19 early, had sought this arrangement. The plea, if accepted, would have saved them from making huge provisions, and protect their balance sheet. Read more

 

1:22 PM

NEWS ALERT Parliament Budget Session likely from Jan 31-Feb 13, according to TV reports

1:13 PM

FinMin turns down Sebi's plan to do away with debenture redemption reserve

The finance ministry has rejected the Securities and Exchange Board of India’s (Sebi’s) proposal to do away with the requirement of the debenture redemption reserve (DRR) — a provision mandating both listed and unlisted companies to set aside 25 per cent of their profits for protection of bond investors in case of a default.

 

Financial institutions such as banks and non-banking financial companies are, however, exempted from this requirement if funds are raised through a private placement. READ MORE

12:58 PM

Lenders want Goyal to quit Jet's board; SBI gets ready to pick up stake

As lenders, led by State Bank of India, are firming up a way ahead for ailing private carrier Jet Airways, the future role of promoter Naresh Goyal, his stake in the airline and the composition of the board could steer the direction of talks between the two sides, sources in the banking industry said.

 

While bankers met top executives of Jet on Tuesday to discuss the financial state of the airline and how loans of over Rs 8,000 crore could be recast, it is learnt that SBI could possibly consider converting its debt to equity in the Goyal-led company.  Read more

 

12:46 PM

Tata Steel hits 18-month low on weak Q3 sales volume

Shares of Tata Steel hit an 18-month low of Rs 477, down 3 per cent on BSE in the intra-day trade on Wednesday, after the company said lower production and adverse product mix in Europe will impact financial results. The stock of Tata Group company was trading at its lowest level since June 15, 2017. In the past four months, Tata Steel underperformed the market by falling 23 per cent, as compared to 6 per cent decline in the S&P BSE Sensex. Read more

 

12:33 PM

Top gainers and losers on S&P BSE Sensex

12:15 PM

Equity flows slow to a 22-month low; December SIPs surpass Rs 8,000 crore

Flows into equity schemes touched a 22-month low of Rs 6,606 crore in December as market volatility made investors wary. The number of folios, on the other hand, crossed the eight-crore mark for the first time in the industry’s history. READ MORE

11:59 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,138.87	+157.94	+0.44
S&P BSE SENSEX 50	11,335.34	+41.03	+0.36
S&P BSE SENSEX Next 50	32,603.60	-16.58	-0.05
S&P BSE 100	11,115.12	+33.76	+0.30
S&P BSE Bharat 22 Index	3,482.61	-1.91	-0.05

11:52 AM

Reliance Securities on J.K. Cement

 

Rating: Buy

CMP: Rs 702

TARGET PRICE: Rs 1000

 

We believe overhang of likely high debt has eased now with the completion of QIP issue. Further, likely improvement in its grey cement business performance owing to new kiln at Mangrol will result in improvement in its grey cement performance and hence may entail further re-rating of the stock. We increase our EBITDA estimate by ~7% and ~5% for FY19E and FY20E, respectively mainly to factor in recent reduction in fuel and diesel prices. JKCE currently trades at 8.2x and 7.0x EBITDA of FY20E and FY21E, respectively, which is attractive, in our view. Rolling over our earnings estimates to FY21E, we reiterate our BUY recommendation on the stock with an upwardly revised Target Price of Rs1,000 (9x FY21 EBITDA).

11:44 AM

Gruh Finance hits 14-month low; tanks 24% in three trading sessions

Shares of Gruh Finance continued under pressure hitting 14-month low of Rs 243, down 5% on BSE, in an otherwise firm market. The stock of housing finance company tanked 24% in the past three trading days after Bandhan Bank on January 7, 2019, announced amalgamation of Gruh Finance with the bank through a share swap ratio. It was trading at its lowest level since November 10, 2017. In comparison, the S&P BSE Sensex was up 1% during the same period. Read more

11:29 AM

As global cash shrinks, party may be over for Indian equities

The party’s over for Indian equities, with stocks headed for another tough year as a shrinking global cash pool dims prospects of an improving economy and expected recovery in company earnings boosting stocks, according to Bank of America Merrill Lynch. “Imagine you are at a New Year party and happy to find out that there’s more room to dance but suddenly you realize that’s because everyone is leaving and the music has stopped,” Sanjay Mookim, BofAML’s India equity strategist, said at his office in Mumbai. “Indian equities are somewhat like that at the moment,” he said. Read more

 

11:16 AM

R Systems hits 52-week high on share buyback plan; zooms 106% in six months

Shares of R Systems International have surged 18 per cent to Rs 56.40 apiece, also their 52-week high on the BSE in intra-day trade, after the company said its board will consider share buyback proposal on Tuesday, January 15, 2019. The stock of information technology (IT) and IT-enabled services provider was trading at its highest level since April 24, 2017. In the past six months, R Systems International has zoomed 106 per cent from the level of Rs 27.40 on July 9, 2018, as compared to a 1 per cent rise in the S&P BSE Sensex. Read more

11:05 AM

Motilal Oswal on Tata Elxsi

 

CMP: Rs 972 

Rating: Under Review

 

Tata Elxsi’s investment attractiveness was hinged upon its higher-than-peers growth rate due to its offerings in the exciting areas of engineering and design in Automotive and Broadcast. However, the recent trend in growth raises concerns about the sustainability of valuation multiples with nearly 20x forward earnings. We seek more clarity from management on the business outlook, segmental traction and causes for recent slowdown. Until then, we keep our rating ‘Under Review.'

10:49 AM

NEWS ALERT | RBI meeting with representatives of NBFCs underway

10:48 AM

Top gainers on BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
JAGRAN PRAKASHAN	121.90	7.65	6.70	62110
D B CORP	181.00	11.30	6.66	21675
IDBI BANK	64.60	2.45	3.94	501339
RADICO KHAITAN	414.90	14.40	3.60	67250
TAKE SOLUTIONS	150.00	5.20	3.59	8857

10:38 AM

Media shares rally as government hikes ad rates for print media by 25%

Shares of media companies, mainly those which are engaged in publishing business, have rallied by up to 20 per cent on the BSE in early morning trade after the government hiked advertisement rates for print media by 25 per cent. HT Media has surged 17 per cent to Rs 46 on the back of an over five-fold jump in trading volumes. Till 09:32 am; a combined 1.84 million equity shares have changed hands on the counter on the BSE and NSE. Read more