MARKET WRAP: Sensex slips 346 pts on weak Re, oil prices; auto stocks drag

The Nifty Auto index declined 2.4 per cent led by fall in Tata Motors and Hero MotoCorp

4:18 PM

MARKET COMMENT Jayant Manglik, President, Religare Broking

Markets failed to hold the early gains and lost nearly a percent, pressurized by weak global cues. Participants were in profit taking mood from the beginning and mostly sectoral indices traded in tandem with the benchmark index. The decline was wide spread and broader market indices too ended with loss of nearly a percent each. 

 

Local headwinds combined with feeble global cues are keeping the participants on edge. Traders have no option but to align their position according to the prevailing sentiment and maintaining a balanced approach in trading. Also, we advise keeping close watch on upcoming macroeconomic data, earnings and global markets for cues

3:38 PM

Top sectoral gainers and losers on NSE

3:37 PM

S&P BSE Sensex: Top gainers & losers

3:35 PM

Market at close

The S&P BSE Sensex shed 346 points to settle at 34,813 while NSE's Nifty50 index slipped below the 10,500 level to end at 10,482, down 103 points.

3:17 PM

NEWS ALERT Britannia: consolidated revenue growth of 13% for the Quarter at Rs. 2,855 crores

3:15 PM

NEWS ALERT Brittania Q2FY19 net profit at Rs 303 cr, up 16% on year

2:59 PM

Infibeam Avenues to PC Jeweller, beaten-down stocks stage a comeback

 

After dropping 15% from the peak, markets are staging a recovery. Stocks that have gained the most in the BSE500 universe over the past two weeks are beaten-down names like Infibeam Avenues, PC Jeweller and Reliance Communications. Non-banking financial companies (NBFCs), too, have rallied by over 25% in the past two weeks amid easing of liquidity conditions. Read more

2:45 PM

Top losers in BSE 500

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
AVANTI FEEDS	375.80	422.65	-46.85	-11.08	231549
ORIENTAL BANK	80.30	87.45	-7.15	-8.18	608864
ITI	93.65	101.00	-7.35	-7.28	227841
SREI INFRA. FIN.	36.70	39.40	-2.70	-6.85	345283
SECURITY & INTEL	821.25	874.50	-53.25	-6.09	377

2:30 PM

Buyback offer spurs Bharti Airtel's dollar-denominated bonds to 5-year high

 

Bharti Airtel Ltd.’s dollar-denominated bonds due in 2023 surged the most in five years after the company offered to buy back the securities at above the market price amid the risk of a rating downgrade. India’s second-biggest mobile phone carrier will pay $985 per $1,000 principal amount plus accrued interest for any or all of the $1.5 billion of March 2023 notes in the tender offer, according to a company filing over the weekend. Read more

2:22 PM

Eicher Motors declines ahead of September quarter earnings

2:16 PM

Sugar stocks gain in weak market; Balrampur Chini, Dhampur Sugar up over 8%

Shares of sugar companies were trading higher by up to 13% on the BSE in an otherwise weak market on hopes of posting better than expected operating numbers in coming quarters on the back of firming sugar prices, gains arising from sugar inventory revaluation, higher profitability from their distillery and co-gen segment.
 

Balrampur Chini Mills, Dalmia Bharat Sugar and Industries, Dhampur Sugar Mills, Uttam Sugar Mills, Triveni Engineering & Industries, Dwarikesh Sugar and Thiru Arooran Sugars were up in the range of 5% to 13% on the BSE. READ MORE

2:00 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,945.41	-213.14	-0.61
S&P BSE SENSEX 50	10,999.10	-63.36	-0.57
S&P BSE SENSEX Next 50	31,980.93	-317.66	-0.98
S&P BSE 100	10,802.22	-69.07	-0.64
S&P BSE Bharat 22 Index	3,437.52	-31.58	-0.91

1:58 PM

Meet the robot who knows how to trade bonds better than a human investor

The robots have just got a step closer to managing your money. AllianceBernstein Holding LP upgraded its virtual assistant Abbie so she can now suggest the best bonds to buy and sell based on pricing, ease-of-trading and risk. Unlike any human, she can scan millions of data points to filter the universe of outstanding bonds in seconds and identify potential trades to portfolio managers using other electronic tools the firm has built READ MORE

1:55 PM

How falling oil prices are fast becoming a catalyst for emerging markets

Falling oil prices are fast becoming a catalyst for emerging markets. Last week’s slide in crude was partly behind the weakness in the Russian ruble, Mexican peso and Malaysian ringgit, according to Societe Generale SA. With oil wallowing in a bear market, OPEC and its allies started laying the groundwork to cut oil supply in 2019 in a meeting in Abu Dhabi on Sunday READ MORE

1:48 PM

Anand Rathi Securities on H G Infra Engineering

A consistent grower, HG Infra has had a phenomenal run, rising from a ~Rs 110m turnover in FY03 to ~Rs 13.9bn in FY18, translating to strong CAGR growth. Even with increasing size, its revenue CAGR is impressive, with the past-five year revenue CAGR at ~26%, and ~19% anticipated for FY18-20. With the sturdy assurance of  its ~Rs 49bn order book, no dearth of opportunities, strong fundamentals and manageable debt, it seems all set to position itself as the go-to growth company in road infrastructure. We, hereby, initiate coverage, with a Buy and a TP of Rs 274

1:47 PM

Equirus Securities on GAIL India

GAIL’s 2QFY19 EBITDA grew 55% yoy to Rs 29.3bn led by strong performance in the trading, petchem and liquid hydrocarbons segment. Historically, GAIL’s operating leverage expands in a rising oil price scenario and is more visible in trading, petchem and LPG segments as they are linked to the attractively prices HH volume. Also, a higher oil price reduces the concerns over lower profitability in LNG trading, particularly from US LNG volumes making it easy for GAIL to sell those volumes in international markets.

We increase FY19E/20E EPS by 8%/6% respectively to factor higher profitability in transmission, trading and petchem segments. We rollover to Dec’19 and maintain LONG with target price of Rs 420. (Sep’19 target price of Rs 413 earlier).

1:46 PM

Equirus Securities on Berger Paints

Domestic volume growth during the current quarter has outpaced that of its peers and picked up post 2HFY18. We expect FY19/FY20 volume growth for the company at 13.5%/12%, and EBIDTA margins at 15.3%/15.8%. We feel current valuations are expensive and hence maintain our REDUCE rating on the stock with a Mar’20 target price of Rs 302 (Rs 290 earlier). Key risks: Better-than-expected demand; lower RM costs which could lead to better margins.

1:45 PM

Ongoing recovery in markets is poised to extend longer: Elara Securities

 

The ongoing recovery in the markets is poised to extend longer, if past data is an indication. Since 2006, whenever the benchmark Nifty has corrected 10 per cent or more, it has managed to recoup most of the losses within three months, shows an analysis by Elara Securities. There have been 16 such instances of fall in markets, including the 2008 Global Financial Crisis, and in most occasions it managed to claw back the losses within three months, the analysis shows. Read more

1:44 PM

NEW FUND OFFER

DSP Investment Managers Pvt. Ltd. announced the launch of DSP Healthcare Fund, an open ended scheme investing in the healthcare and pharma sector. The fund would be predominantly investing in equity and equity related securities of healthcare and pharmaceutical companies with some portfolio allocation to foreign securities. The NFO is scheduled to open on November 12 and close on November 26, 2018. DSP Healthcare Fund may invest up to 25% in international healthcare stocks, especially large US companies, thereby giving investors access to international diversification as well.

1:27 PM

Coal India is trading lower ahead of Q2 results

1:15 PM

Here's a quick guide to how you can save tax on gifts

 

Receiving gifts is definitely exciting, but one also needs to know the income tax implications such receipts could have. Gifts could be either in the form of cash or kind. Let us look at the tax implications in both cases. In case you have received a gift in cash, such a gift would remain tax-free unless the amount received exceeds Rs 50,000. If the receipt exceeds Rs 50,000, the entire receipt would be taxed under the head “Income from Other Sources”. Read more

1:05 PM

S&P BSE Sensex top gainers and losers

12:57 PM

Aviation stocks slip

COMPANY NAME	LATEST	HIGH	LOW	CHG ( )	CHG(%)	VALUE (  CR)	VOLUME
JET AIRWAYS	243.75	256.20	240.55	-13.65	-5.30	12.40	508855
SPICEJET	80.90	84.20	80.30	-2.65	-3.17	3.63	448178
INTERGLOBE AVIAT	956.70	997.70	950.50	-34.65	-3.50	2.42	25288
TAAL ENTERPRISES	265.50	266.00	251.50	-3.20	-1.19	0.04	1501
GLOBAL VECTRA	70.10	74.95	70.10	-3.65	-4.95	0.00	534

12:51 PM

Devangshu Datta Political upheaval till elections 2019 offers an investment opportunity

Politics is likely to be the dominant concern for investors until May 2019. There are five assembly elections in the next four weeks and campaign fever will build up until the General Elections of April-May 2019. This will be a period of increasing volatility. The macro-fundamentals look a little shaky.

 

Geopolitical tensions are high. The World Bank has cut its estimates for 2019 global growth. However, more than fundamentals, market returns in the next few months will be extremely volatile and very likely negative due to prospects of political change. READ MORE

12:39 PM

Brent crude jumps 2 percent on Saudi December supply cut

Brent crude oil prices jumped by 2 per cent on Monday after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen crude decline by 20 per cent since early October.

Front-month Brent crude futures, a benchmark for global oil prices, were at $71.59 per barrel, up by 2 per cent from their last close. US West Texas Intermediate (WTI) crude futures rose 1.5 per cent to $61.08 per barrel. READ MORE

12:34 PM

NEWS ALERT Mukesh Ambani commits to invest over Rs 3,000 crore in new businesses in Odisha

12:28 PM

PNB Housing Finance gains for 10th straight day; surges 41% from 52-wk low

 

Shares of PNB Housing Finance were up 5% at Rs 978 per share on the BSE in intra-day trade after the housing finance company said that it has obtained refinance sanction of Rs 35 billion from the National Housing Bank (NHB) in October-2018. The company said the funds will be utilised for the specific sector wise disbursements/end uses as per norms of the respective NHB refinance schemes. Read more

12:16 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,092.97	-65.58	-0.19
S&P BSE SENSEX 50	11,049.16	-13.30	-0.12
S&P BSE SENSEX Next 50	32,225.12	-73.47	-0.23
S&P BSE 100	10,856.44	-14.85	-0.14
S&P BSE Bharat 22 Index	3,458.03	-11.07	-0.32

11:58 AM

India Cements slips 7% on disappointing September quarter results

 

Shares of India Cements have slipped 7% to Rs 90.65 per share on the BSE after the company reported a sharp 94% year-on-year (Y-o-Y) decline in its net profit at Rs 14 million in September quarter (Q2FY19), due to higher input cost. It had a profit of Rs 237 million in the year-ago quarter. Read more

11:45 AM

Sebi picks Wipro, L&T Infotech among 7 cos for market vigilance activities

 

The Sebi has shortlisted seven firms, including Wipro and L&T Infotech, to build a private data storage cloud, automate its inspection of brokers and enhance analytics capabilities, as the regulator is eyeing a technological leap in surveillance and investigation functions. Other firms on the shortlist are Accenture Solutions Capgemini Technology Services India, Hewlett Packard Enterprise (India), EIT Services India and Tharavu Technologies. Read more