MARKET WRAP: Sensex cracks 287 points; Sun Pharma falls 5%, TCS dips 3%

The Nifty IT index fell 2.8 per cent led by fall in share prices of Wipro, Infosys and Tata Consultancy Services (TCS). The Nifty Pharma index declined 2.9 per cent weighed by Sun Pharmaceuticals.

3:39 PM

Top sectoral gainers & losers on NSE

3:38 PM

BSE Sensex: Top gainers & losers

3:36 PM

Market at close

 

The S&P BSE Sensex slipped 287 points or 0.84 per cent to end at 33,847 while NSE's Nifty50 index ended at 10,147, down 98 points or 1 per cent.

3:23 PM

India quickly catching up with China, but still some work left: Mark Mobius

Emerging market guru Mark Mobius, who recently retired from Franklin Templeton, talks about the liquidity crunch that has hit India following the IL&FS default. In his keynote address at Morningstar Investment Conference, he says India needs to move quick on cutting down bureaucratic hurdles so that new investments can come in and improve the liquidity situation. Among other things, he delves deeper on his own investment philosophy and what makes him think that environment, social and governance – ESG – is the next big investment theme. READ MORE

Mark Mobius

3:13 PM

Sebi mulls standardisation for PMS schemes by setting up industry body

The Securities and Exchange Board of India (Sebi) is deliberating on setting up an industry body to draw up best practices for portfolio managers and introducing a standard template to bring uniformity in the way they market their schemes. The discussions are preliminary.

 

At present, PMS providers file an offer document for filing with Sebi and release quarterly statements to existing clients mandatorily. READ MORE

3:00 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,787.94	-346.44	-1.01
S&P BSE SENSEX 50	10,596.59	-122.22	-1.14
S&P BSE SENSEX Next 50	29,836.02	-436.41	-1.44
S&P BSE 100	10,356.72	-124.34	-1.19
S&P BSE Bharat 22 Index	3,290.20	-22.97	-0.69

2:43 PM

Asian Paints: Benefits of lower GST in Q2 come at cost; volumes surge 12%

 

Asian Paints’ September 2018 quarter (Q2) numbers show that benefits of higher volumes have come at a cost. Consolidated net profit reported by the paint major was not only 14.8 lower than the year-ago quarter but also below the street’s expectations. High inflationary pressure, besides expected start-up cost on its new Mysuru plant, hurt the company’s bottom-line. Read more

2:30 PM

BSE500 index hits 52-week low

 

The S&P BSE 500 index hit a 52-week low of 13,409, down 1.3% on the BSE on Tuesday after a sharp decline in consumer discretionary goods & services, infrastructure, information technology (IT), cement, pharmaceutical and financial sector stocks. The index has fallen below its previous low of 13,453.81 touched on October 11, 2018, in intra-day trade. Read more

2:15 PM

BSE to introduce weekly F&O contracts Sensex 50 from Friday

Leading stock exchange BSE will introduce weekly futures and options contracts on Sensex 50 index from Friday.

 

The bourse will introduce 7 weekly futures and options contracts expiring on every Thursday of the week, excluding monthly expiry week, BSE -- formerly known as Bombay Stock Exchange -- said in a circular. READ MORE

2:01 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,788.97	-345.41	-1.01
S&P BSE SENSEX 50	10,598.36	-120.45	-1.12
S&P BSE SENSEX Next 50	29,770.32	-502.11	-1.66
S&P BSE 100	10,355.16	-125.90	-1.20
S&P BSE Bharat 22 Index	3,279.66	-33.51	-1.01

1:46 PM

TVS Motor Q2 profit drops on higher commodity prices

Auto manufacturer TVS Motor Co Ltd posted about 1 percent fall in second-quarter profit on Tuesday, dented by higher commodity prices.

 

Profit came in at 2.11 billion rupees ($28.64 million) in the quarter ended Sept. 30, compared with 2.13 billion rupees a year ago, beating analysts' estimates of 2.10 billion rupees READ MORE

1:31 PM

ITD Cementation firms up after winning orders

 

ITD Cementation India rose 1.62% to Rs 112.85 at 10:43 IST on BSE after the company said it won orders valued over Rs 1066 crore from Airports Authority of India, Vizhinjam Port, Visakhapatam Port, Mumbai Metro and Rail Vikas Nigam. The announcement was made after market hours yesterday, 22 October 2018. Meanwhile, the S&P BSE Sensex was down 130.69 points, or 0.38% to 34,003.69. Read more

1:15 PM

S&P BSE Sensex heatmap

1:00 PM

Bandhan Bank, Hindustan Aeronautics, Infibeam Avenues hit new lows

 

Shares of recently listed companies like Bandhan Bank, Hindustan Aeronautics (HAL), Dixon Technologies, H G Infra Engineering, Indostar Capital Finance, Mas Financial Services, and Bharat Dynamics have hit their respective lowest levels since listing. Except, Bandhan Bank and Dixon Technologies, the remaining five companies were trading 13% to 51%, below their issue price. Read more

12:45 PM

Nifty Pharma index trading 1.50% lower weighed by Biocon and Sunpharma

12:30 PM

Lakshmi Vilas Bank jumps on buzz PE firms eye stake

 

Lakshmi Vilas Bank rose 7.57% to Rs 92.35 at 11:49 IST on BSE after a media report suggested that five financial investors have been shortlisted to buy a controlling stake in the bank. Meanwhile, the S&P BSE Sensex was down 176.02 points, or 0.52% to 33,958.36. On the BSE, 1.32 lakh shares were traded in the counter so far compared with average daily volumes of 3.62 lakh shares in the past two weeks. The stock had hit a high of Rs 95 and a low of Rs 91.15 so far during the day. Read more

12:16 PM

Oil import bill for FY19 seen rising 42%; falling rupee cause for concern

 

The crude oil import bill for India is expected to increase by $37 billion to $125 billion during the current financial year (2018-19, or FY19) — a 42 per cent spike over the 2017-18 (FY18) bill of $88 billion. The latest estimates were released by the Petroleum Planning and Analysis Cell (PPAC) on Monday. The previous estimate for the year was $105 billion. Rising crude oil prices and a weak rupee are the main reasons for this rise. Read more

12:04 PM

NEWS ALERT Supreme Court allows RCom time till Dec 15 to repay Rs 550 cr to Ericsson

12:01 PM

Market at Noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,986.32	-148.06	-0.43
S&P BSE SENSEX 50	10,665.05	-53.76	-0.50
S&P BSE SENSEX Next 50	29,984.85	-287.58	-0.95
S&P BSE 100	10,421.50	-59.56	-0.57
S&P BSE Bharat 22 Index	3,304.19	-8.98	-0.27

11:43 AM

Top losers in BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
NLC INDIA	77.40	-6.65	-7.91	29401
KANSAI NEROLAC	359.85	-29.80	-7.65	30399
PC JEWELLER	49.70	-3.95	-7.36	1080728
JUST DIAL	457.50	-30.25	-6.20	231952
LAK. MACH. WORKS	5788.80	-349.90	-5.70	2465

11:30 AM

HCL Tech Q2: Organic growth may take a hit; margins likely to improve

 

India's leading technology services firm HCL Technologies is scheduled to announce its June-September quarter earnings for FY19 on Tuesday. The company is expected to deliver steady results; however, seasonal softness in Products business is likely to weigh on organic growth. HCL Tech had reported a 10 per cent YoY increase in its consolidated net profit at Rs 24.31 billion for the first quarter ended June 30, 2018. Read more

11:16 AM

Agriculture woes: Loans against warehouse receipts decline sharply

 

Lending against agricultural collateral declined during the first four months (April-July) of this financial year. Data compiled by CARE Ratings showed warehousing companies issued 12,015 negotiable receipts (NWRs) during those four months, almost equal to the 12,313 issued during the entire 2017-18. Yet, the number reflects Rs 4,909 million worth of underlying agri commodities deposited in various godowns, lower than the Rs 5,102 million deposited during FY18. Read more

11:00 AM

Crisis-hit IL&FS to start getting money from PSUs in a few months

 

Public sector companies will start paying their dues to crisis-ridden Infrastructure Leasing & Financial Services (IL&FS) in 60 days, according to senior corporate affairs ministry officials. They said while there would be no bailout from the government, it would ensure public sector entities such as the National Highways Authority of India (NHAI) pay in a timely fashion. Read more

10:48 AM

Avenue Supermarts hits an 8-month low; down 19% in 6-days post Q2 results

 

Shares of Avenue Supermarts, which runs the DMart supermarkets chain, hit an eight-month low of Rs 1,142 per share, down 4%, extending their 15% decline in the past five days after the company reported a disappointing result for the second quarter of current fiscal in margin front. The stock was trading at its lowest level since February 9, 2018. Read more

10:36 AM

Nifty IT index trading 1.44% lower weighed by Infibeam
 

10:30 AM

Airline consolidation may not ease pricing pressures

 

A possible consolidation triggered by weak operating metrics of leading airlines is expected to benefit strong players such as market leader InterGlobe Aviation (IndiGo). The Street is looking at a potential acquisition of Jet Airways, which could bring down competitive intensity and therefore lead to lowering of passenger fares. Read more

 

10:15 AM

Paint stocks loose sheen after weak Q2 results; Asian Paints falls 6%

Shares of paint companies lost sheen, by falling up to 6% for the second day in a row after Asian Paints and Kansai Nerolac Paints reported a weak set of numbers for the quarter ended September 2018 (Q2FY19).
 

Asian Paints slipped 6% to Rs 1,132 on the BSE in early morning trade, after the company reported a 3.8% year on year (YoY) decline in its consolidated net profit at Rs 5.06 billion in Q2FY19, due to higher input costs and lower volume growth. READ MORE

10:00 AM

Market check

S&P BSE SENSEX	33,947.01	-187.37	-0.55
S&P BSE SENSEX 50	10,653.83	-64.98	-0.61
S&P BSE SENSEX Next 50	30,160.86	-111.57	-0.37
S&P BSE 100	10,421.06	-60.00	-0.57
S&P BSE Bharat 22 Index	3,298.31	-14.86	-0.45

9:45 AM

Economies of scale will drive down costs for MF industry: Morningstar CEO

 

Ahead of his investment conference, Kunal Kapoor, chief executive officer of Morningstar, in a discussion with Jash Kriplani, draws parallels with the global fund management industry to show the promise and potential of India’s Rs 22-trillion mutual fund industry. Read full interview here

Kunal Kapoor, CEO, Morningstar Inc

9:30 AM

Sebi raises red flag on massive commissions in large MFs' margin maths

 

The Securities and Exchange Board of India (Sebi) has raised the red flag on large fund houses’ range-bound profit margins while rationalising the total expense ratio (TER) for the mutual fund (MF) industry. In the board meeting agenda note on review of total expense ratio (TER) of MF schemes, the market regulator said the reason for the lack of meaningful margin expansion at large asset management companies (AMCs) could be due to large commission payouts to distributors. Read more