MARKET WRAP: Sensex sheds 378 pts, Nifty ends below 10,700; JSPL tanks 7%

The S&P BSE Sensex lost 378 points or 1.05 per cent to settle at 35,514 with HCL Tech (up 0.50 per cent) being the top gainer and ONGC (down 3.59 per cent) the worst laggard.

3:37 PM

Sectoral losers on NSE

3:35 PM

Gainers and losers of the day on S&P BSE Sensex

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,514, down 378 points or 1.05 per cent, while the broader Nifty50 index settled at 10,672, down 120 points or 1.11 per cent.

3:21 PM

Maggi ban case: SC revives govt's case in NCDRC against Nestle India

The Supreme Court on Thursday revived the government's case in the NCDRC against Nestle India seeking damages of Rs 640 crore for alleged unfair trade practices, false labelling and misleading advertisements.

 

A bench headed by Justice D Y Chandrachud said the report of CFTRI (Central Food Technological Research Institute, Mysuru), where the testing of the samples of Maggi were done, will form the basis for the proceedings. READ MORE

3:17 PM

Yashpal Gupta named MD & CEO of Repco Home Finance for three years

Repco Home Finance Ltd has appointed Yashpal Gupta, the present Chief Operating Officer of the company, as additional director in the capacity of Managing Director and Chief Executive Officer for a period of three years.

 

The home finance firm in a regulatory filing has said that the appointment comes into effect on January 3, 2019, and is for a period of three years ending January 2, 2022, subject to the approval of the shareholders. READ MORE

3:11 PM

India parliamentary panel asks RBI to review capital needs for banks

An Indian parliamentary panel on Thursday asked the central bank to review its rules on capital requirement for banks beyond the limits under the global Basel III capital regulations, which could improve their lending ability. READ MORE

2:54 PM

Web Exclusive Bank merger: Swap ratio fair for Dena, not for Vijaya Bank, say analysts

The Union Cabinet on Wednesday approved the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda. After the merger, the merged entity will be India’s second-largest public-sector bank and third-largest lender. The banks also fixed a share-swap ratio for the merger and aim to close the deal by April 1.

On January 2, the Bank of Baroda (BoB) board approved the merger of Dena Bank and Vijaya Bank with it using the following share-swap ratios:

 

(a) 402 equity shares of BoB for every 1,000 equity shares of Vijaya Bank, and

(b) 110 equity shares of BoB for every 1,000 equity shares of Dena Bank. Click here to read more

2:42 PM

Web Exclusive Commodity exchanges extend trading hours: Here's what experts feel about it

The country's commodity bourses — Multi Commodity Exchange (MCX), National Commodity & Derivatives Exchange (NCDEX) and Indian Commodity Exchange (ICEX) extended the time for trading in agricultural commodity derivatives by an hour from Monday, December 31, 2018, despite agitations by a section of traders.

 

The daily trade now commences an hour early at 9 am and goes on till 5 pm. Globally, referential commodities — both non-agri and agri ones — continue to have their trading hours between 9 am and 11.30 pm / 11.55 pm and 9 pm respectively. Read more

2:29 PM

Total 40 securities touched 52-week low on NSE

2:18 PM

Top losers on BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
DENA BANK	14.50	-3.45	-19.22	2335330
VIJAYA BANK	47.70	-3.35	-6.56	293468
JINDAL STEEL	149.20	-8.85	-5.60	1106704
JET AIRWAYS	250.30	-13.45	-5.10	759757
PVR	1526.00	-62.90	-3.96	23545

2:04 PM

Nifty Metal index touches 18-month low as Tata Steel hits 52-week low

Shares of metal companies were trading lower for the third day in a row on concerns of deteriorating Chinese demand outlook that weighed on commodity prices.

Nifty Metal index was down 1.6% to 2,979 levels in the intra-day trade, hitting 18-month low on the National Stock Exchange (NSE). Nifty Metal index has fallen 5% in the past three trading days, as compared to a 1.4% decline in the Nifty 50 index. It was trading at its lowest level since June 30, 2017. Jindal Steel and Power (JSPL), NMDC, APL Apollo Tubes, Tata Steel, Hindalco, JSW Steel, Steel Authority of India (SAIL) were down in the range of 1% to 5% on the National Stock Exchange (NSE). Read more

1:52 PM

Ahmedabad set to hit capital market with Rs 200 cr municipal bonds

Following the likes of Pune, Indore, Bhopal and Hyderabad, now Ahmedabad is set to hit the capital market with municipal bonds within the first fortnight of January 2019. Ahmedabad Municipal Corporation (AMC) is banking on the two AA+ ratings that it bagged recently, along with a rise in revenue streams to attract investments on the instrument. According to Vijay Nehra, municipal commissioner, AMC, the Rs 200 crore taxable municipal bond would be the city's fifth after it had raised one each in 1998, 2002, 2004 and 2005. Read more

1:36 PM

Banks likely to recover bad loans worth 700 billion rupees by March-end: Arun Jaitley

India's Finance Minister Arun Jaitley said on Thursday commercial banks were likely to recover 700 billion rupees ($9.95 billion) of bad loans by the end of March, helped by resolution of 12 large cases. Some of the big cases such as Bhushan Power and Steel Ltd and Essar Steel India Ltd are in advanced stages of resolution, and are likely to be resolved in this financial year, Jaitley said in a blog post on Facebook. Read more

 

1:21 PM

Eicher Motors nears 52-week low on weak December sales; down 12% in 2 days

Shares of Eicher Motors hit three month low of Rs 20,321, down 4% on the BSE, falling 12% in the past two trading sessions after Royal Enfield (RE) reported a weak set of numbers for the month of December 2018. The stock was trading near its 52-week low of Rs 20,301 touched on October 4, 2018, in intra-day trade.

The company reported a 13% 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%. It sold 65,744 motorcycles in November 2018. Read more

1:07 PM

Top gainers and losers on S&P BSE Sensex

12:56 PM

Jewellery exporters welcome govt move to exempt gold import from IGST

Jewellery exporters have welcomed the government's decision to exempt 3 per cent of integrated goods and services tax (IGST) on gold sourced from nominated agencies, effective January 1. READ MORE

12:47 PM

L&T Construction bags orders worth Rs 1,060 crore in domestic market

Larsen & Toubro (L&T) on Thursday said its construction arm has won orders worth Rs 1,060 crore in the domestic market.

 

"The smart world and communication business has secured a major order from the Andhra Pradesh State FiberNet Limited (APSFL) for Bharatnet Phase-II works to establish an IP/MPLS Infrastructure covering the 13 districts of Andhra Pradesh," the engineering and construction major said in a BSE filing. READ MORE

12:37 PM

Pledged-share firms lagged in December quarter, IL&FS arm shed 39% in value

Certain companies with high pledging saw up to a third of their value wiped out in the three months ending December.

 

Pledging is a process by which shareholders can raise capital by offering their stake in a listed company as collateral. Details of such pledges are required to be periodically disclosed. READ MORE

12:23 PM

Web Exclusive What does the merger say for BoB, Dena and Vijaya Bank on technical chart?

The Union Cabinet gave its nod to the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda on Wednesday.

 

The opening trades indicate negative sentiment for Dena Bank and Vijaya Bank as both the stocks had gap down opening. Currently, Dena Bank is down 18 per cent, while Vijaya Bank is trading 7 per cent lower. On the other hand, shares of Bank of Baroda rose 2 per cent. READ HERE

12:11 PM

Staying away from mid, small-caps not an option: DHFL AMC CEO Ajit Menon

The fall in global liquidity with the end of restriction on money supply needs to be watched closely, says Ajit Menon, chief executive officer of DHFL Pramerica Mutual Fund. In an interview with Ashley Coutinho, he says valuation of indices are at the current levels due to extreme overvaluation in certain pockets but not all segments are at historical highs. Click here to read full interview

Ajit Menon, chief executive officer of DHFL Pramerica Mutual Fund

 

 

12:03 PM

Market check

S&P BSE SENSEX	35,723.16	-168.36	-0.47
S&P BSE SENSEX 50	11,234.93	-55.20	-0.49
S&P BSE SENSEX Next 50	32,530.62	-113.64	-0.35
S&P BSE 100	11,026.99	-52.02	-0.47
S&P BSE Bharat 22 Index	3,433.11	-30.30	-0.87

11:53 AM

Telecom stocks slip as data shows poor growth in mobile phone customer base

Indian telecom stocks such as Vodafone Idea Ltd lost ground on Thursday after the industry regulator released monthly data that showed a bleak rise in the country's mobile phone customer base. The country's mobile phone customer base rose 0.06 per cent, or a net 0.72 million, to 1.17 billion in October, data released by Telecom Regulatory Authority of India (TRAI) showed on Wednesday. Reliance Jio Infocomm Ltd added 10.5 million subscribers to its network, making it the third biggest in the country. Read more

 

11:37 AM

Top losers on BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
DENA BANK	14.65	-3.30	-18.38	1795776
VIJAYA BANK	47.80	-3.25	-6.37	232436
SHEELA FOAM	1420.00	-58.45	-3.95	185
JET AIRWAYS	253.60	-10.15	-3.85	583008
UCO BANK	21.35	-0.75	-3.39	66188

11:20 AM

Jet Airways skids 11% in two days after ICRA downgrades airline's rating

Shares of Jet Airways (India) slipped 5% to Rs 251 on Thursday, falling 11% in the past two trading days on BSE, after the rating agency ICRA on Wednesday downgraded the airline’s Rs 10,963 crore loan and debenture ratings.

“ICRA has revised the long-term rating (assigned to long-term loans and non-convertible debentures) to D from C. The short- term rating has been revised to D from A4,” Jet Airways said in a statement. Read more

11:03 AM

Top gainers and losers on S&P BSE Sensex

10:48 AM

SMS Lifesciences hits record high; stock zooms 39% in two days

Shares of SMS Lifesciences India hit a new high of Rs 683 per share, gaining 16% on the BSE on Thursday in an otherwise range-bound market. The stock has surged 39% in past two trading days. The trading volumes on the counter have more than doubled with a combined 268,024 equity shares changed hands on the BSE and NSE till 10:08 am. In comparison, the S&P BSE Sensex was up marginally by 0.17% at 35,952 points. Read more

 

10:38 AM

Edelweiss on Metals and Mining

 

CY18 has been eventful for the sector with macroeconomic concerns– trade wars, China slowdown and strengthening dollar index – bringing the six-quarter momentum to a grinding halt. It is a story of contrasting halves with prices and spreads soaring in H1 and nosediving in H2. As a result, all stocks – barring a few such as JSW Steel and BHP – yielded negative returns. Furthermore, over the last 12 months, valuations have eroded. Going ahead, we see CY19 fraught with uncertainties due to continuing trade brawls, China’s domestic policies and slowing global growth. We maintain preference for Tata Steel (BUY/SO) due to its impending restructuring and (increasingly) domestically focused operating model, and Hindalco (BUY/SO) due to its earnings being relatively immune to LME prices.

10:32 AM

Nirmal Bang on IT sector

 

Nifty IT index underperformed Nifty by a massive 820bps in the December 2018 quarter after five successive quarters of outperformance (see Exhibit 10). The underperformance, in our view, was driven by: 

(1) Concerns over revenue growth because of macro-related negative news flow from the US, Europe and China. 

(2) The realisation that industry has not met consensus’ modestly elevated growth expectations in FY19, despite having the best demand environment since 2008-09. 

(3) Indian rupee or INR appreciation from around Rs74/$ level towards the latter part of the quarter driven by a massive decline in the price of crude oil. 

(4) What seemed like subdued commentary from both Accenture and Cognizant Technology Solutions (CTS) on their growth outlook. 

(5) Concerns over demand from global BFSI sector because of a flattening yield curve. 

(6) Potential softening of demand from manufacturing sector (second-largest sector to which Indian IT companies are exposed) because of tariffs imposed by the US on Chinese goods. 

(7) Technically, possible rotation of money towards the Indian financial stocks as the ILFS-related scare receded and 10-year Indian G-sec yield plummeted. We had turned cautious again on the sector on 27 December 2018 after having been ‘tactically positive’ since March 2018

 

10:26 AM

Vodafone Idea is trading over 2% lower as TRAI's subscriber data showed loss of 73.6 lakh users in October

10:15 AM

Top gainers on BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
KNR CONSTRUCT.	227.75	14.50	6.80	25162
PRISM JOHNSON	91.35	3.30	3.75	14773
UJJIVAN FIN.SER.	284.10	9.50	3.46	127688
HATSUN AGROPROD.	647.00	20.40	3.26	340
INFO EDG.(INDIA)	1478.15	43.15	3.01	1610