MARKET WRAP: Sensex down 101 pts, Nifty slips below 11,450; pharma declines

All that happened in markets today

3:42 PM

Sectoral gainers and losers on NSE

3:41 PM

Top gainers and losers on S&P BSE Sensex

3:40 PM

CLOSING BELL

The S&P BSE Sensex shed 100.53 points or 0.26 per cent to settle at 38,133 while NSE's Nifty50 index ended at 11,445, down 38 points or 0.33 per cent. 

3:29 PM

Nifty PSU Bank index hits over 6-month high, SBI gains 6% in two days

Shares of State Bank of India (SBI) were up 2.4 per cent at Rs 311 on the NSE in intra-day trade on Wednesday. The stock of state-owned lender was up 6 per cent in the past two days, after the banks, led by SBI, said they will convert their debt into equity and take a controlling stake in the Jet Airways for a token sum of 1 rupee. The stock is 5 per cent away from its 52-week high level of Rs 326 on August 10, 2018. READ MORE

3:15 PM

Motilal Oswal Securities on Alkem Laboratories

We lower ALKEM’s P/E multiple to 22x (from 24x earlier) to factor in the increased competition in the US generics space and gradual downtrend in the domestic formulation industry. We arrive at PT of INR2,170 (from INR2,368 earlier). Based on 23% earnings CAGR expected over FY19-21E and led by healthy performance in the DF segment, enhanced margins in the US generics business, and attractive valuation, we maintain a BUY rating on the stock. 

3:00 PM

NEWS ALERT | Kenichi Ayukawa re-appointed as Maruti Suzuki MD, CEO for 3 yrs: TV

2:49 PM

Masala bond market revives as rupee gains and tax cut lures buyers

A rebound in the rupee and a government policy to boost the currency are helping to revive sales in the small market for masala bonds. HDFC, India’s largest mortgage lender, last week raised Rs 10 billion ($145 million) through a sale of the offshore rupee notes, the first in the market since November. READ MORE

2:33 PM

SpiceJet rises 5%

2:24 PM

Market check

2:09 PM

Sectoral trends on NSE

1:57 PM

Tata Motors down 1.44%

1:56 PM

Power Grid slips 1.8%

1:50 PM

Sun Pharma slips 1.6%

1:39 PM

Here's how you can make money in RIL, SBI, Maruti and Axis Bank

The upward rising trend line on Nifty50 chart showed resistance around 11,550. It witnessed minor sell-off, before strongly reversing towards 11,500 level yesterday. A jump of 129 points or 1.14 per cent has brought back the positive sentiment. READ MORE

1:27 PM

SML Isuzu nears 52-week high; stock zooms 50% in March

SML Isuzu shares surged 20 per cent to Rs 851 in intra-day trade on the BSE on expectations of better sales volume in the month of March. Thus far in the current month, the stock has rallied 50 per cent from the level of Rs 569 on February 28, after the company reported strong 33 per cent year-on-year (YoY) growth in total sales at 1,282 units in February. READ MORE

1:11 PM

IL&FS defaults, liquidity crunch may lead to M&As between banks and NBFCs

“There will soon be a saturation point for large non-banking finance companies (NBFCs) particularly for those with assets upwards of Rs 75,000 crore. Capital First went ahead and merged with a bank. I believe more such innovative structures will follow,” says Jaspal Singh Bindra, executive chairman, Centrum Group and former Asia-Pacific head of Standard Chartered Bank.  READ MORE

12:40 PM

Sectoral trends on NSE

12:32 PM

NEWS ALERT | India remains committed against any form of arms race: PM

12:31 PM

12:28 PM

12:28 PM

NEWS ALERT | An anti-satellite weapon A-SAT, successfully targeted a live satellite on a low earth orbit: PM Modi

12:27 PM

India the fourth nation across the globe to become a space super power: PM Modi

12:26 PM

PM Narendra Modi addresses nation

12:26 PM

India has emerged as a space super power: PM Modi

12:12 PM

Market check

11:59 AM

Here're the top gainers on BSE

ICICIPRULI	347.40	+27.25	+8.51
GICHSGFIN	268.65	+16.40	+6.50
UCOBANK	19.35	+1.00	+5.45
GODREJAGRO	508.80	+22.40	+4.61
JETAIRWAYS	282.80	+11.80	+4.35

11:51 AM

Kotak Securities on real estate

Residential real estate sales saw some moderation in January 2019 (-4.6% yoy) that will likely accelerate in the succeeding two months up to March 2019 owing to the change in GST rates applicable from April 2019. Launch activity has compressed more aggressively (-60% yoy), a trend that will likely continue as marginal players face incremental pressures under a constrained liquidity environment. 

11:48 AM

Reliance Securities on ICICI Bank

The stock currently trades at 2x FY21 ABV, lagging behind peers on valuations. We have BUY recommendation on the stock with an SOTP-based Target Price of Rs 470, implying a FY21 P/ABV of 2.4x. 

11:42 AM

Raamdeo Agrawal sees room for more gains in stocks after Pakistan feud

Prime Minister Narendra Modi’s strong response to a suicide bomb that killed 40 Indian troops in Kashmir has increased the chances that a stable government will be elected in upcoming general elections, said Raamdeo Agrawal, who helped develop Motilal Oswal Financial Services Ltd. into a billion-dollar company. And that bodes well for the economy and equities, he said. READ MORE

11:30 AM

Anand Rathi on Kalpataru Power

Kalpataru Power’s robust order book and proven execution capabilities will lead to a healthy 17% revenue CAGR over FY18-21. The LMG acquisition is likely to improve its addressable market. Besides, synergies are likely to improve profitability in the acquired company.  We expect earnings to clock a 20% CAGR over FY18-21. Hence, we maintain a Buy and raise our TP to Rs 548 (on a sum-of-parts valuation).