MARKET WRAP: Sensex rises 151 pts as PSU banks shine; YES Bank slips 6%

Among the sectoral indices, the Nifty PSU Bank index rose 1 per cent led by Indian Bank, State Bank of India (SBI) and Vijaya Bank. The Nifty Auto index, too, rose nearly 1 per cent led by Maruti

3:38 PM

Top sectoral gainers and losers on NSE

3:38 PM

S&P BSE Sensex: Top gainers and losers

3:34 PM

Market at close

 

The S&P BSE Sensex added 151 points or 0.42 per cent to settle at 35,930 while NSE's Nifty50 index gained 54 points or 0.50 per cent to end at 10,792

3:23 PM

YES Bank cracks nearly 8% after board delays MD & CEO appointment

Shares of YES Bank cracked as much as 7.9 per cent to Rs 172 on BSE towards the fag-end of the session on Tuesday after the private sector lender said it is yet to finalise the name of MD & CEO. The bank held board meeting during the day where it finalised a part-time non-executive Chairman and said the final recommendations with respect to MD & CEO will be submitted to the Reserve Bank of India (RBI) post January 9. READ MORE
 

3:16 PM

IEA sees global oil supply tightening more quickly in 2019

The global oil market could move into deficit sooner than expected thanks to OPEC's output agreement with Russia and to Canada's decision to cut supply, the International Energy Agency said on Thursday. READ MORE
 

3:00 PM

NEWS ALERT | Next board meeting of YES Bank is scheduled for January 9

2:57 PM

YES Bank board meet

YES Bank finalises a non-executive Chairman; The final recommendations with respect to MD & CEO to be submitted to RBI post January 9

Impact: Stock cracks over 6% on BSE

2:46 PM

Change in commission structure, market volatility weigh on equity NFOs

The scrapping of upfront commission already seems to be making a dent on the collection momentum of equity new fund offers (NFOs). In November, newly launched open-ended equity schemes saw collection of Rs 11.72 billion, which was 55 per cent lower than previous month.

 

According to industry sources, upfront commissions to distributors were one of the reasons that led to higher collections during the NFOs. READ MORE

2:28 PM

Capex by auto part firms seen high at ~ Rs 240 bn over 2 fiscals: Crisil Ratings

 

Capital expenditure (capex) by the domestic automotive components companies is expected to remain high at around nearly Rs 240 billion over fiscals 2019 and 2020, to meet tightening regulations, research and development requirements, and capacity expansion. Capex continues to be substantial considering that it represents close to 20 per cent of the existing investment in fixed assets by component manufacturers.Strong balance sheets and a recovery in business prospects in fiscal 2020 will help firms absorb the investments without materially affecting their credit risk profiles.

2:20 PM

Major capex announcement enhances long term outlook for ACC: Centrum Broking

 

We maintain BUY on ACC, with the target price (TP) of Rs 1,820. ACC today announced 5.9 million MT cement grinding expansion alongwith 3mn MT clinker expansion – a major chunk of these capex will be greenfield. These projects are expected to be completed by end of CY21, entailing total capex of Rs 30 billion. While these projects will not clear off medium term volume growth concerns, about 20% capacity increase at end of CY21 will certainly boost long term growth visibility for ACC and also portray a positive picture on the promoters’ (LafargeHolcim) intention to grow their India business. We remain positive on the stock owing to its inexpensive valuations and as the industry’s cost pressure has started to ease off from Oct'2018 onwards, and as strong demand should lead to improvement in cement pricing. Further, ACC’s material supply agreement (MSA) with Ambuja will also moderate cost inflation.

2:18 PM

NEWS ALERT SC had given deadline of December 15 to RCom for repaying Ericsson

2:16 PM

NEWS ALERT Supreme Court dismisses plea by RCom's plea seeking more time for repaying Ericsson dues worth Rs 5.50 bn

2:14 PM

Titagarh Wagons rallies 24% in three days on Rs 15.6 billion order win

Shares of Titagarh Wagons have moved higher by 11% to Rs 82.45 per share, surging 24% in the past three trading sessions on the BSE after the company on Monday announced that it has bagged Rs 15.61 billion order from the railway ministry for supply of wagons. READ MORE

1:58 PM

RBI Guv-PSB chiefs meet: Liquidity issue, credit growth and support to MSMEs discussed, say TV reports

1:43 PM

NEWS ALERT | Meeting of Public Sector Bank chiefs with RBI Guv concludes, say TV reports

1:35 PM

ICICI Direct on Persistent Systems

 

Improved revenue execution in the wake of focus on specific industry segments and a new MD on the table has to be watched for a case of rerating. Hence, we keep our estimates intact and maintain our HOLD rating on the stock with a target price of Rs 605 per share.

1:27 PM

NEWS ALERT | India's FY19, FY20 GDP growth seen just above 7%: Moody's

1:27 PM

Planning to buy a house? Read this

As of financial year 2019, affordability in most cities is estimated to be in the range of six to eight times compared to 11-13 times five years back, according to credit rating agency Crisil. Affordability is the ratio of property price to the annual household income. CLICK HERE TO READ FULL ARTICLE

1:21 PM

Buzzing in trade | PC Jeweller jumps 13%

1:11 PM

Asian Market Check

Asian equity markets rallied on Thursday on signs of easing Sino-US trade tensions and expectations that China will step up efforts soon to support its cooling economy.

 

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent, building on early gains made after British Prime Minister Theresa May survived a no-confidence vote. In Asia, gains were concentrated in Chinese shares, with Chinese blue-chips up 1.5 per cent and Hong Kong's Hang Seng index gaining 1.1 per cent. Japan's Nikkei stock index ended 1 per cent higher, while Australian shares gained 0.1 per cent. READ MORE

1:00 PM

NEWS ALERT Ashoka Buildcon declared lowest bidder for project worth Rs 214.2 cr in Jharkhand

12:46 PM

WEB EXCLUSIVE Three mid-cap stocks that can rally up to 10% from current levels

Here are three stocks that can rally up to 10 per cent from the current levels as per their technical chart pattern.

 

S&P BSE MID - CAP INDEX: The index has rallied 1,000 points in three trading sessions, a jump of 6.50 per cent. It had breached its support of 17,200 and dipped to 16,435 levels. At current levels, the index is yet again testing its pressure range around 17,650 – 17,700 levels. Click here to read more

12:27 PM

WEB EXCLUSIVE | Should you invest in bank, auto stocks?

 

“On policy, it does appear that he (Shaktikanta Das) is likely to relax regulatory norms for banks (make them more countercyclical) and he will be more proactive in injecting liquidity. Focus on growth and his view that inflation remains benign confirms our view that he is more neutral to dovish on monetary policy, and supports our view of a reversal in the policy stance to ‘neutral’ in early 2019, followed by an actual rate cut in 2019,” wrote Sonal Varma, managing director and chief India economist at Nomura in a co-authored report with Aurodeep Nandi. READ MORE

12:16 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,924.49	+145.42	+0.41
S&P BSE SENSEX 50	11,285.01	+52.98	+0.47
S&P BSE SENSEX Next 50	32,418.49	+337.46	+1.05
S&P BSE 100	11,062.80	+61.44	+0.56
S&P BSE Bharat 22 Index	3,391.01	+19.87	+0.59

12:01 PM

Oil prices rise as Sino-U.S. trade tensions show signs of easing

Oil prices rose on Thursday, buoyed by a drawdown in US crude stockpiles and indications that China is taking concrete steps to put a trade war truce with Washington into action. Crude oil prices have also been supported by OPEC-led supply curbs announced last week, although gains were capped after the producer group lowered its 2019 demand forecast.

 

International Brent crude oil futures were at $60.47 per barrel, up 32 cents, or 0.5 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $51.35 per barrel, up 20 cents or, 0.4 per cent. READ MORE

11:45 AM

Come Jan 1, you'll have to pay up to Rs 40,000 more for Tata Motors' cars

Tata Motors Thursday said it will hike prices of its passenger vehicles across models by up to Rs 40,000 from January 1, 2019, to offset the impact of rising input costs and increase in fuel prices.

 

The company's passenger vehicles portfolio ranges from entry-level small car Nano to the premium SUV Hexa, which are currently priced between Rs 236,000 and Rs 1.797 million (ex-showroom Delhi). READ MORE

11:40 AM

NEWS ALERT Tata Motors to increase passenger vehicle prices by up to Rs 40,000 from January 1, reports PTI

11:39 AM

NEWS ALERT | NBCC secures total orders of Rs 7.43 billion in November, according to CNBCTV18 report. 

11:32 AM

Edelweiss Securities on Insurance sector

 

Given the second half is seasonally strong for insurers, we do expect the trend to reverse ahead and thus data points for the next couple of months are critical. From a structural standpoint, we expect the shift towards financial savings to sustain, which would help the industry to log continued growth.

11:24 AM

RBI board meet on Dec 14 to focus on liquidity in financial system

The first central board meeting of the Reserve Bank of India (RBI) on Friday with Shaktikanta Das as governor is expected to focus on the liquidity situation in the financial system.

 

The Centre’s proposal to call for governance reform in the RBI could, however, take a back seat, a source privy to the development said. “The governance issue (in the RBI) no longer holds immediate importance,” the source said. READ MORE