MARKET: Sensex tanks 714 pts on global cues, state poll outcome uncertainty

Among sectoral indices, the Nifty Bank index settled 1.9 per cent lower weighed by Axis Bank, Punjab National Bank and ICICI Bank.

3:48 PM

Sectoral losers of the day on NSE

3:46 PM

BSE Sensex: gainers and losers of the day

3:33 PM

Market at close

The S&P BSE Sensex ended at 34,960, down 714 points or 2 per cent, while the broader Nifty50 index settled at 10,488, down 205 points or 1.92 per cent.

3:14 PM

Gold futures weaken to Rs 31,557 per 10 gram

Gold prices fell Rs 38 to Rs 31,557 per 10 gram in futures trade Monday as speculators reduced exposure despite a firm trend in the precious metal overseas. At the Multi Commodity Exchange, gold for delivery in February next year traded lower by Rs 38, or 0.12 per cent, to Rs 31,557 per 10 gram in a business turnover of 14,809 lots. READ MORE

3:10 PM

NEW FUND OFFER

Aditya Birla Sun Life AMC Limited (formerly known as Birla Sun Life Asset Management Company Ltd.), a subsidiary of Aditya Birla Capital Limited (formerly known as Aditya Birla Financial Services Ltd.), and investment manager to Aditya Birla Sun Life Mutual Fund (ABSLMF) announced the launch of Aditya Birla Sun Life Nifty Next 50 ETF (“the ETF”), an open ended scheme tracking Nifty Next 50 Index. The ETF offers investors an opportunity to invest in the next rung of 50 stocks below Nifty 50. The ETF will hold all the securities forming the Nifty Next 50 Index in the same proportion of the index. 

The new fund offer would open for subscription on December 11, 2018 and would close at the end of business hours on December 17, 2018. The ETF will reopen for continuous sale and repurchase within five business days from the date of allotment. The investment objective of the scheme is to provide returns that closely correspond to the total returns of securities as represented by Nifty Next 50 Index, subject to tracking errors

(Source: Company release)

2:58 PM

SoftBank's blockbuster IPO reaches $23.5 billion after extra share sale 

 

SoftBank Corp priced its initial public offering (IPO) at 1,500 yen per share and will sell an extra 160 million shares to meet solid demand, a regulatory filing showed, raising 2.65 trillion yen ($23.5 billion) in Japan's biggest-ever IPO. That makes the share sale one of the largest of all time globally, just shy of the record $25 billion that Chinese e-commerce firm Alibaba Group Holding Ltd raised in 2014. Read more

2:50 PM

Brent oil rises after deal to cut supply, but 2019 outlook weakens

 

Brent crude oil futures rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut from January. Despite this, the price outlook for next year remains muted on the back of an economic slowdown. International Brent crude oil futures were at $62.03 per barrel, up 36 cents, or 0.6 per cent, from their last close. Read more

2:40 PM

Nifty Financial Service index is trading 2% lower

2:21 PM

Stocks that touched 52-week low on BSE500

COMPANY	LATEST	52 WK LOW	PREV LOW	PREV DATE	VOLUME
ADVANCE. ENZYME.	167.25	165.00	166.10	09-OCT-2018	13061
AMARA RAJA BATT.	695.10	683.30	688.00	06-DEC-2018	16113
ASHOK LEYLAND	100.25	97.70	101.20	06-DEC-2018	1179392
B H E L	63.90	63.55	64.40	07-DEC-2018	665309
BAJAJ CORP	343.90	341.10	342.00	29-OCT-2018	2074
BALKRISHNA INDS	885.20	853.45	882.00	07-DEC-2018	50612
BHARAT FORGE	504.00	489.40	502.05	07-DEC-2018	80145
CIPLA	512.20	503.95	508.10	22-MAY-2018	63640
COAL INDIA	236.10	228.50	236.55	07-DEC-2018	233847
DEEPAK FERT.	138.25	135.85	141.25	07-DEC-2018	36390

2:16 PM

Jet Airways extends fall as ICRA downgrades credit rating

 

Shares of Jet Airways have slipped 6% to Rs 258 on Monday, extending its previous week’s 10% decline, after the rating agency ICRA on Friday downgraded cash-strapped airline's long-term ratings from 'B' to 'C', the second such action by it since October. The short-term ratings have, however, been reaffirmed to 'A4'. Jet Airways, the largest loser among aviation stocks, as compared to a 3% fall in SpiceJet and 2% decline in InterGlobe Aviation at 01:40 pm. In comparison, the S&P BSE Sensex was down 1.5% at 35,141 points. Read more

 

2:02 PM

S&P BSE Sensex top gainers and losers

1:49 PM

How will the state poll outcome impact the market sentiment on Tuesday?

 

We firmly believe that the results of state elections, which would be declared on Tuesday (11th December), do not matter much for the stock markets. There may be a knee-jerk reaction in the markets depending upon the outcome, but it shouldn’t give any fear for the markets for two reasons. Firstly, the objectives of state elections are different from those of general elections. While state elections are generally influenced by anti-establishment waves and local political issues, the elections for the Lok Sabha are largely fought for all-India leadership. Click here to read more

1:37 PM

Realty stocks crack

COMPANY NAME	LATEST	HIGH	LOW	CHG ( )	CHG(%)	VALUE (  CR)	VOLUME
NBCC	49.25	51.95	48.00	-2.65	-5.11	2.87	583000
UNITECH	2.09	2.20	2.09	-0.10	-4.57	0.05	260429
INDBULL.REALEST.	71.70	73.35	70.70	-3.55	-4.72	1.45	202734
H D I L	20.50	21.05	20.25	-0.85	-3.98	0.40	196604
DLF	166.75	169.70	165.00	-5.80	-3.36	2.59	155540

1:35 PM

Top losers today

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
INFIBEAM AVENUES	40.65	-3.75	-8.45	2141100
NLC INDIA	69.40	-5.95	-7.90	133405
INDIABULLS VENT.	339.45	-27.40	-7.47	39697
ADANI POWER	48.90	-3.55	-6.77	672642
KOTAK MAH. BANK	1204.25	-78.00	-6.08	772231

1:34 PM

Morgan Stanley bets on emerging markets

Our thesis is that EMs have maintained a favourable domestic policy mix and, with external headwinds receding, growth will be well supported even as DM growth slows. The growth differential will therefore swing back in EMs’ favour. 

Risks to outlook: The risks to the outlook are four-fold: (1) A repeat of 2018 with USD strength, (2) US recession triggered by corporate credit risks, (3) trade tensions and (4) political risks in EM.

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, New York January 20, 2015. REUTERS

1:32 PM

Centrum on Kirloskar Ferrous 

Kirloskar Ferrous (KFIL) won another iron ore mine in the Karnataka e-auctions which is a long term positive event for the company as this provides i) ~70% captive integration (on combined basis with previous mine) for pig iron business, ii) close proximity of mines to KFIL plant, iii) cost savings v/s open market purchase and iv) improved efficiency due to better value in use.

We remain positive on KFIL’s prospects as it features i) increasing share of high-margin casting business which has spare capacity, ii) cost efficiencies from upcoming low-payback projects albeit slightly delayed, iii) an enviable cash flow generation track record coupled with strong balance sheet. We expect strong earnings growth during FY18-20E driven by castings volume CAGR of 20%. Maintain Buy with target price of Rs140.

1:31 PM

Elara Capital on HCL Tech

We reiterate Buy and revise our estimates for IBM products acquired. We increase INR revenue by 1.1% for FY19E and 2.8% each for FY20E & FY21E. We hike EBITDA margin by 44bp, 117bp and 170bp for FY19E, FY20E and FY21E, respectively expecting improved gross margin from the products portfolio. We arrive at a new target price of Rs 1,330 from Rs 1,360 on 15x (unchanged) FY20E P/E.

We continue to expect a rerating as concerns over IMS portfolio and IP investments recede and expect this to be visible by 3QFY20 (seasonally the strongest quarter for IBM software).

1:30 PM

MARKET COMMENT Kotak Securities

In our view, a 3-0 (BJP winning Chhattisgarh, Madhya Pradesh and Rajasthan) or 2-1 (BJP winning Chhattisgarh and Madhya Pradesh) score for the BJP may result in a moderate market rally, subject to global developments with the market ascribing a higher probability of the  BJP winning the national elections in April-May 2019. However, a 0-3 (BJP losing all the three states) or 1-2 score (BJP losing Madhya Pradesh and Rajasthan) for the BJP may result in a sharp market correction as the market will likely take a dim view of the BJP’s prospects in the next national elections given the large contribution of these three states to the BJP’s 2014 win.

1:24 PM

Web Exclusive Chart check: 10 Nifty stocks that can slip further from the current levels

 

BHARTI AIRTEL : The stock has been continuously trading below its 200-day moving average (DMA) since March 2018, as per chart patterns. The recent pattern indicates a double-bottom. However, the stock has failed to break out and has been unable to move past the 100-DMA at around Rs 345 – 340 levels.

 

CIPLA : The stock has seen a consistent sell-off. The technical indicators suggest a negative crossover, which is unlikely to change anytime soon. Click here to read more

Photo: Shutterstock.com

1:15 PM

NEWS ALERT HDFC Bank hikes base rate by 15 bps to 9.30 per cent w.e.f today

1:09 PM

India's April-November net direct tax mop up rises 14.7 per cent to $77.8 billion

India's direct tax collection grew 14.7 per cent from a year earlier to 5.51 trillion rupees ($77.77 billion) during April to November, the finance ministry said in a statement on Monday. READ MORE

12:54 PM

PFC not to make open offer to REC's minority shareholders after acquisition

Power Finance Company (PFC) will not be required to make an open offer to minority shareholders of REC after buying out the government's 52.63 per cent stake in the company as it is a related party transaction, an official said. READ MORE
 

12:39 PM

JSW Steel lone stock that's set to end in green among metal indices

 

While demand for metals has been accelerating as the South Asian nation plans major investments to overhaul its creaking infrastructure, shares of most producers have slumped this year. JSW Steel is the lone stock that’s set to end in the green in the 10-member S&P BSE Metal Index, which lost nearly a quarter of its value in 2018. The index is set for its first annual decline in three years, while the country’s benchmark index is edging toward its third year of gains. The Sajjan Jindal-led mill has risen about 12 percent this year. Read more

12:23 PM

Web Exclusive 4 reasons why the Sensex tanked over 600 points on Monday

 

The S&P BSE Sensex lost over 600 points, or nearly 2 per cent, in intra-day trade on Monday. The 50-share Nifty, on the other hand, slipped nearly 200 points to test the 10,500 mark. Last week, while the S&P BSE Sensex ended 1.4% lower, the Nifty50 slipped 1.7%. The S&P BSE Mid-cap and the S&P BSE Small-cap indices, too, are trading weak with losses of up to 1.7 per cent each in intra-day deals. India VIX, a gauge of market volatility, climbed 4.6 per cent to 19.44 levels. Click here to read full article

12:17 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,162.31	-510.94	-1.43
S&P BSE SENSEX 50	11,030.10	-150.31	-1.34
S&P BSE SENSEX Next 50	30,971.22	-410.68	-1.31
S&P BSE 100	10,776.19	-146.30	-1.34
S&P BSE Bharat 22 Index	3,280.50	-37.84	-1.14

11:59 AM

Ashoka Buildcon up 11% on receipt of LoA from Rail Vikas Nigam

 

Shares of Ashoka Buildcon rose as much as 11 per cent to Rs 133 apiece on National Stock Exchange (NSE) in intra-day trade on receipt of Letter of Acceptance (LoA) from Rail Vikas Nigam Limited (RVNL) for projects in Bihar and Jharkhand. Read more

 

11:46 AM

7 Sensex stocks hit 52-week low; Sun Pharma falls 33% in a month

Shares of Coal India, Oil and Natural Gas Corporation (ONGC), NTPC, Sun Pharmaceutical Industries, Tata Motors, Tata Motors DVR and Vedanta were among seven stocks from the S&P BSE Sensex index hitting their respective 52-week lows on the BSE. READ MORE

11:27 AM

Passenger vehicle sales decline 3.43 pc in Nov

Domestic passenger vehicle sales declined 3.43 per cent to 2,66,000 units in November from 2,75,440 units in November 2017.

 

Domestic car sales were down marginally to 1,79,783 units as against 1,81,435 units in November 2017, according to data released by the Society of Indian Automobile Manufacturers (SIAM). READ MORE

News Impact: Nifty Auto index down over 0.5 per cent
 

11:15 AM

Street signs: SAT's new presiding officer, trouble for brokers, and more

 

SAT to get a presiding officer The Securities and Appellate Tribunal (SAT), a quasi-judicial body that hears appeals pertaining to the securities, insurance and pension market, will soon get a presiding officer, said people with the knowledge. The position has been lying vacant since July when J P Devadhar demitted office. Sources say the government has identified a recently retired judge from the Allahabad High Court to join the tribunal. Currently, the tribunal has only one member – C G Nair. Read more

10:59 AM

As generic pharma players lag, investors log into Crams companies 

 

Larger generic players are struggling to improve their revenue growth amid multiple headwinds, but one segment that has bucked the trend within the pharma space is contract research and manufacturing services (Crams). While sustaining base business revenues has become tough for generic players given lumpy revenues and high dependence on the US market which has structural issues, revenue visibility and pipeline of Crams players remain robust. Read more