MARKET WRAP: Sensex gains 119 pts, Nifty ends at 10,617; YES Bank sinks 7%

The Nifty Financial Services index settled 1.1 per cent higher led by a rise in the shares of Max Financial Services, Power Finance Corporation and Mahindra & Mahindra Financial Services

3:37 PM

Top sectoral gainers and losers on NSE

3:36 PM

Top gainers & losers on S&P BSE Sensex

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,261, up 119 points while the broader Nifty50 index settled at 10,617, up 40 points.

3:20 PM

NEWS ALERT Jet Airways adds Rs 6.9 bn to its market cap today; stock up 24%

3:03 PM

Where to invest ahead of 2019 general elections

 

The outcome of assembly elections in five states currently underway will, at best, test the popularity of the Bharatiya Janata Party (BJP) – led government at the centre and its policies, but experts do not extrapolate the outcome to the general elections scheduled for May 2019. This, they say, is due to the fact that the state elections will be fought on local issues rather than a broad-based national agenda. Click here to read full article

2:47 PM

S&P BSE Sensex top gainers and losers

2:34 PM

Page Industries extends fall after disappointing Q2 results

 

Shares of Page Industries have slipped 7% to Rs 25,867 per share on Thursday, extending their 4% decline on Wednesday on the BSE in an otherwise firm market after the company reported a disappointing set of numbers for the quarter ended September (Q2FY19). With past two day’s decline, Page Industries fallen 29% from its all-time high level of Rs 36,336 touched on August 28, 2018, against a 10% decline in the S&P BSE Sensex. Read more

 

2:14 PM

Devangshu Datta Turnaround in bad loans not in sight yet for PSU banks

 

CARE Ratings has tabulated results of 30 banks, which have declared Q2, 2018-19 results. The focus was on trends in gross NPAs (non-performing assets) as a per cent of advances. There seems to be an improvement over the last two quarters. Tighter NPA recognition norms led to a surge in bad loans over the last two years. But overall NPAs have reduced and provisioning has also reduced in the last two quarters. Read more

2:05 PM

Apollo Hospitals at 52-week high post Q2

2:03 PM

Top gainers in BSE 500

COMPANY	PRICE( )	CHG( )	CHG(%)
MAX FINANCIAL	427.40	34.30	8.73
ADANI TRANSMISSI	206.80	16.25	8.53
UJJIVAN FIN.SER.	235.95	18.45	8.48
JET AIRWAYS	276.00	18.25	7.08
JUST DIAL	508.95	29.35	6.12

2:02 PM

NEWS ALERT Rupee gains past 72 per dollar

1:48 PM

Global fund managers bought into October correction: BofAML survey

Global fund managers bought into the market correction in October, reveals Bank of America Merrill Lynch’s (BofAML’s) the fund manager survey for November, with their cash levels dropping from 5.1 per cent to 4.7 per cent month-on-month (MoM).

 

The cash, according to the survey, was used to buy US and emerging market (EM) stocks, REITs and healthcare scrips. On the other hand, allocation to global technology sector hit its lowest level since February 2009. READ MORE

1:30 PM

L&T hits 5-month high; stock rises 17% in three-weeks

 

Shares of Larsen & Toubro (L&T) hit an over five-month high of Rs 1,405 per share, rising by 17% in past three weeks, as compared to 4.7% rise in the S&P BSE Sensex. The stock of engineering & construction firm was trading at its highest level since May 3, 2018, on the BSE in intra-day trade. It is 5% away from its record high level of Rs 1,470 touched on February 1, 2018. Read more

1:16 PM

Jet Airways extends gain, up over 6.5%

1:08 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,371.34	+229.35	+0.65
S&P BSE SENSEX 50	11,118.19	+62.52	+0.57
S&P BSE SENSEX Next 50	32,073.13	+65.79	+0.21
S&P BSE 100	10,906.12	+55.43	+0.51
S&P BSE Bharat 22 Index	3,485.08	+16.66	+0.48

12:54 PM

Nifty IT index is trading higher led by Tech Mahindra

12:49 PM

Margin pressure, revised volume outlook weigh on Mahindra & Mahindra stock

 

The stock of Mahindra & Mahindra (M&M) was down about 2.6 per cent on margin pressure and a revision in volume outlook for both the auto and tractor segments. While September quarter results were more or less in line with estimates, the company could see pressure on profitability, going ahead. Read more

12:27 PM

S&P BSE Sensex top gainers and losers

12:17 PM

Vodafone Idea falls 9% on weak operational performance in Q2

 

Shares of Vodafone India have slipped 9% to Rs 37.60 per share on the BSE after the telecom services provider said that its pro-forma consolidated Ebitda (earnings before interest, tax, depreciation and amortization) declined 28.7% at Rs 9.78 billion in September quarter (Q2FY19). It had Ebitda of Rs 13.72 billion in the same quarter a year ago. Read more

11:43 AM

10 IT stocks that doubled your money in three years

 

Investors in as many as 10 IT companies made money with both hands over the last three years. GSS Infotech has topped the chartbusters' list with over 266 per cent returns during the period. Mastek (up 181 per cent) comes second on the list, followed by Polaris Consulting (up 137 per cent), Genesys International Corp (up 135 per cent) and Infinte Computer Solutions (124 per cent), ACE Equity data shows. In comparison, the benchmark Nifty50 index has risen 35 per cent while the Nifty IT pack has grown around 32 per cent. Read more

11:32 AM

NEWS ALERT Reliance Infrastructure Q2: Net Profit at Rs 5.48 bn vs Rs 5.43 bn year ago

11:29 AM

HDFC Securities on Zee Entertainment

We downgrade Zee Entertainment (Zee’s) target multiple from 30x to 25x Sep-20E EPS to factor in the divestment by promoters of upto 50% of their holding to a strategic partner by Apr19. Promoters even remain open for complete exit. Promoters hold 41.6% (59% pledged) amounting to ~$2.4bn at CMP. Potential exit by capable and efficient management and the resultant business disruption in the interim during transaction closure and management change is key concern, especially when industry is witnessing structural shifts

11:19 AM

Ujjivan Financial gains 10% on bonus hope

 

Shares of Ujjivan Financial Services have rallied 10% to Rs 238 on BSE in the intra-day trade on hopes of Ujjivan Small Finance Bank may issue bonus shares to the existing shareholders of the company. Ujjivan Financial Services is the holding company and promoter of its 100% subsidiary Ujjivan Small Finance Bank, which is a small finance bank. Read more

11:12 AM

Motilal Oswal on Motherson Sumi

 

CMP: Rs 154 

TARGET PRICE: Rs 212  

RATING: Buy

 

We cut FY19E/20E EPS by 8-10% to factor in the weak SMP performance, Reydel acquisition and the higher tax rate. MSS’ SMRPBV performance should improve hereon with the bottoming out of end-market and commercialization of capex. MSS is primed for a recovery, based on execution of the strong order book of SMPBV and continued traction in the wiring harness business. The stock trades at 30x/20.8x FY19E/20E consol. EPS. Maintain Buy with a target price of Rs 212 (22.5x Sep-20 consol. EPS).

11:02 AM

Top losers in BSE 500

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
PC JEWELLER	79.15	86.55	-7.40	-8.55	3203521
YES BANK	205.70	222.50	-16.80	-7.55	3162442
GRASIM INDS	815.00	876.95	-61.95	-7.06	106022
VODAFONE IDEA	38.65	41.45	-2.80	-6.76	1196651
NBCC	61.25	65.55	-4.30	-6.56	890604

10:46 AM

Motilal Oswal on Grasim Industries

 

CMP: Rs 877 

TARGET PRICE: Rs 973 

RATING: Neutral

 

We ascribe a 50% holdco discount to GRASIM’s investment in UTCEM and ABCL, while we value investments in other companies at a 50% discount to arrive at a target price of Rs 973. Neutral.

10:43 AM

Motilal Oswal on Mahindra & Mahindra

 

CMP: Rs 770 

TARGET PRICE: Rs 1,016  

RATING: Buy

 

While we maintain the FY20 EPS estimate, our FY19 consol. EPS estimate is lowered by 4.9% to factor in lower volumes in Auto/farm business and higher other expense. The stock trades at 16.4x FY20E and 14.2x core EPS. Maintain Buy with an SOTP-based TP of Rs 1,016 (Sep-20).

10:32 AM

Sovereign wealth funds tread cautiously; India holdings hit 22-month low

The interest of sovereign wealth funds (SWFs) in India seems to be waning, with the total value of their holdings across equity, debt and hybrid instruments hitting a 22-month low in October. The assets under custody of such funds grew steadily during the first three years of Narendra Modi’s tenure as Prime Minister.

 

The value of investments, however, slipped in the subsequent months and has fallen to Rs 1.63 trillion in October this year after peaking at Rs 2.65 trillion in August 2016. READ MORE

10:14 AM

Jet Airways hits two-month high; soars 60% since October

 

Shares of Jet Airways hit a two-month high of Rs 276 per share, up 7% on the BSE in early morning trade after a media report suggested that Tata Group is in talks to buy a controlling stake in the cash-strapped airline company. The stock was trading at its highest level since September 14, 2018. Read more

10:06 AM

PC Jeweller is trading over 6% lower post Q2 results