MARKET WRAP: Indices erase gains; Sensex dips 189 pts, Nifty ends at 11,644

All that happened in markets today

3:40 PM

Sectoral gainers and losers on NSE

3:40 PM

Top gainers and losers on S&P BSE Sensex

3:37 PM

MARKET AT CLOSE

The S&P BSE Sensex shed 180 points or 0.46 per cent to settle at 38,877, while the NSE's Nifty50 index slipped below 11,650 level to end at 11,644, down 69 points or 0.59 per cent. 

3:06 PM

Monsoon rains seen below normal this year, says Skymet

"The Pacific Ocean has become strongly warmer than average. The model projections call for 80 per cent chance of El Nino during March-May, dropping to 60 per cent for June to August," Jatin Singh, managing director of Skymet, told reporters. "This means, it is going to be a devolving El Nino year, though retaining threshold values all through the season. Thus, monsoon 2019 is likely to be below normal," Singh added. READ MORE

2:59 PM

Larsen & Toubro down 2%

2:50 PM

Stocks that hit 52-week low on BSE500

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
AMARA RAJA BATT.	672.55	650.00	-48.50	-6.73
REL. COMM.	3.59	3.59	-0.18	-4.77
VODAFONE IDEA	16.05	16.00	-0.85	-5.03

2:37 PM

Stocks that hit 52-week high on BSE500

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
ASIAN PAINTS	1511.05	1529.95	-4.70	-0.31
ATUL	3523.50	3642.85	-63.15	-1.76
BAJAJ FIN.	3061.00	3088.00	11.30	0.37
BAJAJ FINSERV	7397.65	7415.80	119.30	1.64
GODREJ PROPERT.	905.20	937.00	13.75	1.54

2:23 PM

'Earnings need to catch up for the markets to sustain at current levels'

Backed by liquidity from foreign flows, benchmark indices have scaled new highs over the past few sessions. Mitesh Dalal, director, and chief investment strategist, Standard Chartered Securities tells Puneet Wadhwa that election results, crude oil prices and the overall global economic slowdown are some of the other factors besides earnings recovery that investors need to keep a tab on. READ MORE

2:10 PM

NEWS ALERT | SAIL's crude steel production up 8% to 16.3 mt in FY19

2:08 PM

Market check

1:57 PM

EXPERT COMMENT ON MARKET SCALING NEW PEAK

“India markets have rallied led by dovish global central bank sentiments. That coupled with consistent FII flows and expectations of current political dispensation making a comeback post elections is driving the markets higher. However, valuations now look fair and one needs to be stock-specific and selective from hereon. We prefer Banks, Discretionary Consumption plays and select Industrials," says Gautam Duggad, Head of Institutional research, Motilal Oswal Financial Services.

1:51 PM

Amara Raja Batteries falls 5% on ending partnership with Johnson Controls

Amara Raja Batteries said in November 2018, that Johnson Controls International PLC announced its intention to sell its Power Solution business. Consequently, JC and the Galla Family reached an agreement by which Galla Family would acquire 2 per cent equity shares of the Company from JC and terminate the shareholders' agreement with effect from April 01, 2019. READ MORE

1:45 PM

Jain Irrigation Systems slides 2.5%

1:44 PM

June rain seen at 91% of long period average: Skymet

1:44 PM

July monsoon could be critical: Skymet

1:41 PM

NEWS ALERT | Nil chance of normal or above normal monsoon: Skymet

1:32 PM

NEWS ALERT | 55% chance of below normal monsoon in 2019: Skymet

1:32 PM

NEWS ALERT | June-September Monsoon seen below normal

1:30 PM

Dena Bank, Vijaya Bank investors will receive funds for fractional units

Recently, Dena Bank and Vijaya Bank were merged with Bank of Baroda (BoB). Shareholders of Vijaya Bank got 402 equity shares of BoB for every 1,000 shares held. In the case of Dena Bank, its shareholders received 110 shares of BoB for every 1,000 shares. But rarely a shareholder would have shares in the same proportion decided by the merging entities. What happens to the excess stocks that an investor holds? READ MORE

1:25 PM

Motilal Oswal Financial Services downgrades RIL to neutral

While telecom and retail remain in a significant build-up mode, we expect the core business to face headwinds in 2019. We have already factored this in our estimates. As there is limited upside from here, we downgrade the stock from Buy to Neutral with a revised target price of Rs 1,457.

1:20 PM

Jet Airways down over 3%

1:19 PM

Derivatives & Quantitative Outlook on CCI by ICICI Direct

Buy Container Corporation in the range of Rs 527-537

 

Target: Rs 630

 

Stop Loss: Rs 478

 

Time frame: Three months

 

Container Corporation of India (CCI) has remained largely rangebound between Rs 550 and Rs 475 in the last couple of years despite broader volatility. Meanwhile, open interest in the stock has declined sharply in the last couple of months amid stock recovery, which indicates lack of short positions in the stock at current juncture. We expect the stock to witness fresh long additions in the days to come. This, in turn, is expected to help it to breach the range on the higher side.

1:18 PM

NEWS ALERT | CARE Ratings downgrades Suzlon Energy Long term rating to D from BB

1:11 PM

Union Bank slips 2%

12:57 PM

Sectoral trends on NSE

12:47 PM

Growth in top line mandatory for Cyient re-rating; FY20 outlook key

An indication of feeble top line growth for the second consecutive quarter in the March 2019 quarter led to a sharp downtick in Cyient's stock price on Tuesday. With about 11 per cent decline, the stock topped the BSE 500 losers chart even as the Nifty IT index was up 0.9 per cent. A reversal of the top line trend is a must if the stock is to recover from the current levels. READ MORE

12:46 PM

NEWS ALERT | Graphite India's board approves permanent closure of Bengaluru unit

12:36 PM

Amara Raja slips 3.5%

12:35 PM

Elara Capital on Cyient

After factoring in revised guidance, we see an FY20E EPS impact of 3.9 per cent. We lower our multiple, given management’s repeated inability in meeting guidance for DLM now seems extended to services as well. But we remain structurally positive on engineering services. We revise our rating to Accumulate from Buy and arrive at a new TP of Rs 690 from Rs 770 on 15x (from 16x) FY20E P/E (and now at a 35% discount to LTTS’ target multiple of 23x vs 30% earlier).

12:21 PM

NEWS ALERT | NMDC confirms cutting lumps and fines prices by Rs 150/tonne