MARKET WRAP: Sensex falls 181 pts; IndusInd Bank slips 7%, RIL dips 3.5%

In key stocks, RIL fell 3.5 per cent to Rs 1,063.20 on the NSE, Asian Paints slipped 3.1 per cent to Rs 1,196.90 and Dewan Housing Finance Corporation (DHFL) declined 11.1 per cent to Rs 187.00.

3:39 PM

Sectoral gainers and losers on NSE

3:39 PM

S&P BSE Sensex: Top gainers and losers

3:36 PM

Market at close

 

The S&P BSE Sensex shed 181 points or 0.53 per cent to settle at 34,134 while NSE's Nifty50 index dropped 58 points or 0.57 per cent to end at 10,245.

3:26 PM

Large private banks set to gain big amid NBFC turmoil, rising rates: MS

Large private sector banks in India are well-positioned and look set to dominate the Indian financial industry going ahead, feels Morgan Stanley.

 

The global financial services firm noted in its research report that the changing industry dynamics, viz higher rates and NBFC turmoil are set to improve large banks' positioning even more. That apart, better retail funding bases and digitisation initiatives are other key favourables for large banks. READ MORE

3:12 PM

Kansai Nerolac Paints falls 9% on weak Q2 results

Shares of Kansai Nerloac Paints have slipped 9% to Rs 378 per share, also their 52-week low on the BSE, after the company posted a 15.6% year on year (YoY) declined in its net profit at Rs 1.22 billion in September quarter (Q2FY19), due to higher operational cost. The company had a profit of Rs 1.45 billion in the same quarter last fiscal. READ MORE

3:00 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,292.09	-23.54	-0.07
S&P BSE SENSEX 50	10,767.02	-7.99	-0.07
S&P BSE SENSEX Next 50	30,366.29	-43.73	-0.14
S&P BSE 100	10,526.07	-8.86	-0.08
S&P BSE Bharat 22 Index	3,332.45	+7.40	+0.22

2:45 PM

Jet Airways falls 6% after clarification on Tata investment

 

Shares of Jet Airways (India) slipped 6.5% to Rs 219 per share on the BSE in intra-day trade after the company said that the news report of Tata Group being in talks to buy a majority stake in the airline is speculative in nature. “The news is speculative in nature and that there is no discussion or decision in the Board which would require the disclosure,” Jet Airways said in a regulatory. The airline made the clarification on news report that Tata Group is in talks to buy a majority stake in debt-laden Jet Airways. Read more

2:30 PM

NBFC woes will weigh on indices, writes Devangshu Datta

 

After the appointment of the new board, we're learning that the tentacles of Infrastructure Leasing & Financial Services (IL&FS) were spread even wider than most people guessed. The company had over 300 subsidiaries and the board is struggling to assess the new information. Various directors have to be replaced in the subsidiaries and a fresh audit has to be performed to get a clearer picture of the financial status. Read More

2:15 PM

Looking to invest in equity-related instruments? Here's your fund pick

 

Launched on April 11, 2007, Invesco India Contra Fund is classified under the value/contra funds category of CRISIL Mutual Fund Ranking (CMFR) of June 2018. It featured in the top 30 percentile in the value/contra funds category for the two quarters ended June 2018.

 

The fund is jointly managed by Taher Badshah (since January 2017) and Amit Ganatra (August 2012). The fund’s month-end assets under management (AUM) increased about three times from Rs 8.7 billion in October 2015 to Rs 24.9 billion in September 2018. READ MORE

2:01 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,420.71	+105.08	+0.31
S&P BSE SENSEX 50	10,809.18	+34.17	+0.32
S&P BSE SENSEX Next 50	30,536.96	+126.94	+0.42
S&P BSE 100	10,570.00	+35.07	+0.33
S&P BSE Bharat 22 Index	3,336.72	+11.67	+0.35

(Source: BSE)

1:54 PM

Nifty IT index falls; infibeam cracks 24%

1:45 PM

DHFL tanks over 30% in four days on funds selling; stock hits two-year low

 

Shares of Dewan Housing Finance Corporation Limited (DHFL) has dipped 9% to Rs 191 on the National Stock Exchange (NSE) in intra-day trade, falling more than 30% in past four trading days on funds selling. Since October 15, in past four trading days, DHFL tanked 32% from Rs 282, as compared 1.3% decline in the Nifty 50 index. The stock is trading at its lowest level since June 24, 2016, on the NSE. Read more

 

1:30 PM

Post-2015 slump to blame for NBFC crisis, banks' low credit growth: Experts

 

Ten years after the collapse of Lehman Brothers and the onslaught of a global economic recession, India’s financial institutions are facing their own “self-induced” crisis. Owing to various factors, bank credit growth has slumped since 2015, as a result of which non-banking financial companies (NBFCs) began to rely heavily on debt issuance for loan-book as well as physical growth, said analysts. Read more

1:15 PM

Top gainers in BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
INDIABULLS HOUS.	719.00	64.75	9.90	1594825
MUTHOOT FINANCE	400.30	19.95	5.25	35738
DCM SHRIRAM	420.20	18.55	4.62	11622
CHOLAMAN.INV.&FN	1159.00	45.05	4.04	7207
SREI INFRA. FIN.	28.95	1.10	3.95	762938

1:00 PM

More trouble for rupee? Forecaster ING lowers year-end projection to 76.50

 

ING Bank NV has lowered its year-end rupee forecast just as the currency is staging a rebound. Rising oil prices and political uncertainty ahead of state elections will see Asia’s worst-performing currency resume losses, according to Prakash Sakpal, an economist at ING in Singapore, whose estimate of 76.50 per dollar is the most bearish in a Bloomberg survey. The forecast signals a drop of more than 4 per cent over the rupee’s close Friday and compares with a survey median of 72.88. Read more

12:45 PM

Motilal Oswal on Mphasis

 

CMP: Rs 1,069 

TARGET PRICE: Rs 1,150  

RATING: Neutral

 

Strong traction in the HP channel and Direct Core business is encouraging, which, coupled with robust deal wins, provides visibility of industry leading growth. However, margin expansion will be under check because of the lack of benefits from Rupee  depreciation. For robust growth and margin stability, the stock’s valuations are already in the top quartile, from which we see limited room for a further uptick. We discount forward earnings at 17x, at par with peers like LTI. Maintain Neutral.

 

 

12:30 PM

Motilal Oswal on Ultratech Cement

 

CMP: Rs 3,609 

TARGET PRICE: Rs 4,157

RATING: Buy

 

With around 23% market share, Ultratech Cement is likely to emerge as a beneficiary of a likely upturn in the Indian cement cycle over FY18-20. We value Ultratech Cement at 14x Sep’20 EBITDA to arrive at a TP Rs 4,157. Maintain Buy.

12:15 PM

IndusInd Bank, AU Small Finance, Bharti Airtel, Dish TV hit 52-week lows

 

Shares of IndusInd Bank, AU Small Finance Bank, Bharti Airtel, Grasim Industries, Blue Star and Siemens were among 32 stocks from the S&P BSE 500 index that hit their respective 52-week lows on the BSE on Monday. UltraTech Cement, Aditya Birla Capital, Persistent Systems, Dilip Buildcon, Dish TV India, Edelweiss Financial Services, Indiabulls Real Estate, KEI Industries and India Cements, too, hit 52-week lows in intra-day trade today. Read more

 

12:01 PM

Market at Noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,465.91	+150.28	+0.44
S&P BSE SENSEX 50	10,822.52	+47.51	+0.44
S&P BSE SENSEX Next 50	30,533.41	+123.39	+0.41
S&P BSE 100	10,580.80	+45.87	+0.44
S&P BSE Bharat 22 Index	3,343.32	+18.27	+0.55

11:45 AM

HDFC Bank surges nearly 3% post Q2 results

 

Shares of HDFC Bank climbed as much as 2.78 per cent in the intra-day deals on Monday to Rs 2,020.45 apiece on BSE after the lender reported a 20.6 per cent rise in its net profit at Rs 50.05 billion for the second quarter ended September this fiscal, as the core income grew at a healthy pace. Read more

11:30 AM

Motilal Oswal on HDFC Bank

 

CMP: Rs 1966 

TARGET PRICE: Rs 2400

RATING: Buy

 

HDFC Bank has been consistently gaining market share across retail product segments (personal loans, business banking, credit cards and auto loans), and the recent capital raise should enable it to sustain this growth momentum. Operating expenses have been under control and several digital initiatives have led to a consistent decline in the C/I ratio to ~40%. We slightly increase our FY19/20 PAT estimates on the back of improving business momentum. Maintain Buy with target price of Rs 2,400 (3.8x Mar-20E ABV).

 

11:15 AM

Asian Paints Q2 results preview: Rupee fall, crude price may hit margins

 

India's leading paint company Asian Paints will on Monday report its earnings for the September FY19 quarter. In the previous quarter, the company had reported a 31 per cent year-on-year (YoY) surge in net profit to Rs 5.58 billion. Its revenue had risen 15 per cent on a yearly basis to Rs 43.91 billion. On a year-to-date (YTD) basis, the company’s stock has risen 6 per cent, compared with a 1 per cent rise in the S&P BSE Sensex. Read more

11:00 AM

Nifty Financial Service index trading 1.15% higher led by Indiabulls Housing Finance

10:45 AM

A portfolio bigger than Jhunjhunwala's- without buying even a single share

 

One of India’s biggest non-promoter shareholders got there without buying a single share. And the growth shows no signs of slowing down. But there’s no new Warren Buffett in Indian markets. The beneficiary of this bulging demat account is the Investor Education and Protection Fund (IEPF), set up under the Ministry of Corporate Affairs, with the main objective of promoting investor awareness and protection. Its new status as a leading shareholder of India Inc is due to a rule which has become operational recently. Read more

10:33 AM

UltraTech Cement hits 52-week low post September-quarter results

 

Shares of UltraTech Cement hit a 52-week low of Rs 3,488, down 3.3% on the BSE, after the company has reported 11% year on year (Y-o-Y) decline in its consolidated net profit at Rs 3.76 billion in September quarter (Q2FY19), due to higher operating cost. The cement major had profit of Rs 4.24 billion in the same quarter last fiscal. The stock lost 6.5% in past two trading days. Net sales during the quarter under review grew 20% at Rs 81.11 billion from Rs 67.52 billion over the previous year, on back of strong volume growth. Read more

10:15 AM

Interview of the day Market correction may last for a considerable time: Deepak Ramachandra

 

The markets have not been able to cling on to higher levels despite the government’s efforts to stem the rupee’s slide and find a resolution of the crisis at IL&FS. Deepak Ramachandra, head of sales, India Equities, Bank of America Merrill Lynch, tells Puneet Wadhwa that the pain in Indian equities is just starting.

 

Foreign portfolio investors’ (FPI) money, he says, will not come in any big way till June 2019. Read full interview here

 

10:00 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,422.48	+106.85	+0.31
S&P BSE SENSEX 50	10,800.30	+25.29	+0.23
S&P BSE SENSEX Next 50	30,388.57	-21.45	-0.07
S&P BSE 100	10,554.55	+19.62	+0.19
S&P BSE Bharat 22 Index	3,327.31	+2.26	+0.07

9:45 AM

Early-bird Q2 results show promise as Infosys, HUL, RIL numbers bring cheer

 

Early bird results at India Inc suggest the earnings season has started on an optimistic note, thanks to better-than-expected earnings growth by three of the country’s top firms — Reliance Industries (RIL), Infosys, and Hindustan Unilever. Tata Consultancy Services (TCS) and HDFC Bank also helped, by reporting numbers that were largely in line with Street expectations. Read more

9:30 AM

EARNINGS IMPACT Persistent System down nearly 13% after posting 7% rise in net profit to Rs 880 mn in Q2

9:23 AM

EARNINGS IMPACT HDFC Bank gains post Q2 results