MARKET WRAP: Sensex falls 106 pts on sell-off in banks, Nifty holds 10,800

The S&P BSE Sensex shed 106 points or 0.29 per cent to settle at 36,107 with Tata Motors (up over 1 per cent) being the top gainer and IndusInd Bank (down over 2 per cent) the worst performer.

3:37 PM

Sectoral gainers and losers

3:35 PM

Gainers and losers of the day on S&P BSE Sensex

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 36,107, down 106 points or 0.3 per cent lower, while the broader Nifty50 index settled at 10,822, down 34 points or 0.3 per cent.

3:19 PM

VA Tech Wabag extends rally after fund buying; stock up 16%

Shares of VA Tech Wabag have moved higher by 16% to Rs 324 per share on Thursday, their highest level since September 27, 2018, on back of heavy volumes on the BSE. The stock was trading higher for the fifth straight day, rallying 27 per cent in past one week after fund buying. READ MORE

3:14 PM

NEWS ALERT Finance Minister Arun Jaitley says returns under GST Composition Scheme now only once a year

3:12 PM

NEWS ALERT Finance Minister Arun Jaitley: GST Composition Scheme limit hiked to Rs 1.5 crore from April 1

2:54 PM

Web Exclusive TCS Q3 preview: Experts say cross currency headwinds may hit revenue growth

Tata Consultancy Services (TCS) is slated to announce its third quarter results of the current financial year 2018-19 (Q3FY19) on Thursday. Third quarter is a seasonally soft three-month period, with fewer working days due to the holiday season, as well as furloughs in select verticals. Due to this, most brokerages expect Tier-1 IT companies to report tepid constant currency (CC) revenue growth of 1.8-3.2 per cent on quarter-on-quarter (QoQ) basis. Read more

2:45 PM

Bandhan Bank Q3 net climbs 10% YoY to Rs 331 crore; stock surges over 4%

Private sector lender Bandhan Bank on Thursday reported a 10.3 per cent rise in its net profit at Rs 331 crore for third quarter (October-December) of FY18-19. The company had logged PAT of Rs 300 crore in the corresponding quarter of the previous year. Operating profit for the quarter increased by 56.8 per cent at Rs 900 crore against 1,574 crore in the corresponding quarter of the previous year, the company said in its press release. Read more

 

2:33 PM

Top gainers and losers on S&P BSE Sensex

2:17 PM

Top losers on BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
LUX INDUSTRIES	1149.00	-73.25	-5.99	11382
TATA INV.CORPN.	859.60	-34.10	-3.82	7115
PHOENIX MILLS	555.45	-21.30	-3.69	3713
V-MART RETAIL	2300.00	-79.60	-3.35	682
H P C L	232.90	-6.45	-2.69	344904

2:09 PM

AGC Networks completes acquisition of Black Box Corp; stock rises 10%

Shares of AGC Networks locked in upper circuit of 10 per cent at Rs 115 on BSE after the company announced that its wholly-owned subsidiary has completed the acquisition of Black Box Corporation, a leading digital solutions provider in the US. “The combination with Black Box will substantially strengthen AGC’s presence and offerings in North America, Latin America, Europe and Asia. The acquisition will also help add US$600 million to AGC’s revenue, taking the company’s combined revenue to over US$750 million, and global headcount to more than 4,000 people serving clients worldwide,” AGC Networks said in a press release. Read more

1:56 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,125.24	-87.67	-0.24
S&P BSE SENSEX 50	11,323.72	-27.17	-0.24
S&P BSE SENSEX Next 50	32,667.70	+56.08	+0.17
S&P BSE 100	11,108.41	-20.16	-0.18
S&P BSE Bharat 22 Index	3,486.01	-8.47	-0.24

1:42 PM

Bandhan Bank's Q3 Net Interest Margin at 10.5% vs 10.3% (QoQ) and vs 9.6% (YoY)

(Source: Company's release)

1:32 PM

Bandhan Bank gains over 1.5% post Q3 results

1:30 PM

NEWS ALERT

NEWS ALERT

Bandhan Bank Q3 net profit rises 10.5% year-on-year

1:27 PM

Bata India, Info Edge, Linde India, Torrent Pharma hit new highs

Shares of Bata India, Info Edge (India), Linde India and Torrent Pharmaceuticals have hit their respective new highs on the BSE in an otherwise range-bound market on Thursday. The S&P BSE Sensex was trading 0.20 per cent lower at 36,139 points at 11:52 am.

 

Linde India has rallied 10% to Rs 759 on back of a 10-fold jump in trading volumes. A combined 833,056 equity shares changed hands on the counter on the BSE and NSE so far. READ MORE

1:15 PM

VIL Q3 results preview: Synergy benefits and funding progress to be watched

Merged telecom operator Vodafone Idea Limited (VIL) will be keenly watched for its commentary on the synergy benefits emerging from the merger, as well as its commentary on the Rs 25,000 crore fund raising plans during Q3 results.

 

The telecom behemoth, which started announcing its merged results since the last quarter, is expected to show some improvement in average revenue per user (ARPU) as its plans to weed out low ARPU users through minimum recharge plans complete a full quarter of operation. There is expected to be some revenue decline after both VIL and Bharti Airtel introduced minimum Rs 35 recharges between late September and October across their circles in order to weed out extremely low ARPU subscribers, as well as, inactive SIMs. READ MORE

1:04 PM

CHART READING What does tech chart indicate for TCS and Infosys ahead of Q3 nos?

The Nifty IT index appears strong as it has managed to hold 200-day moving average (DMA) on the daily chart. The said moving average is rising continuously taking the prices higher with every new trading session. Every dip below 200-DMA has witnessed buying for short-term trading, the chart suggests. READ MORE

12:52 PM

Mid, small-cap stocks outperform benchmarks; HUDCO climbs 5%

The broader market was outperforming the benchmark indices in the noon deals on Thursday. At 12:07 pm, S&P BSE MidCap index was trading at 15,168 levels, up46 points or 0.3 per cent while S&P BSE SmallCap index was ruling 37 points or 0.3 per cent up at 14,638 levels. In comparison, the S&P BSE Sensex was down 107 points or 0.3 per cent lower at 36,105 levels. Read more

 

12:46 PM

Stronger rupee, slower growth likely to hit IT firms' performance in 2019

IT was the best performing sector in 2018, with the Nifty IT index surging about 24 per cent during the year, outpacing the 3 per cent rise in the Nifty 50.

 

With the exception of Wipro and HCL Technologies, the other three sector leaders Tata Consultancy Services (TCS), Infosys and Tech Mahindra gained 27-43 per cent returns last year. What had helped the sector last year was a supporting environment in the US, be it tax cuts or fiscal spending, coupled with a weak rupee. READ MORE

12:33 PM

Glenmark Pharma rises after agreement with Yuhan Corporation

Glenmark Pharmaceuticals rose 0.84% to Rs 662.05 at 12:08 IST on BSE after the company entered into an exclusive licensing agreement with Yuhan Corporation for commercializing Ryaltris in South Korea.

 

The announcement was made during market hours today, 10 January 2019. READ MORE

12:17 PM

Rushabh Maru - Research Analyst , Anand Rathi Shares and Stock Brokers on Rupee vs. Dollar

The rupee is expected to come under pressure as the crude oil prices are rising once again in the international market. Further now focus would shift to India's macroeconomic data. CPI is expected to remain benign, hence there is a chance of interest rate cut by the RBI. But political risk is rising for the Market. The budget is expected to be populist after the BJP's debacle in state election last month. This might put pressure on the fiscal arithmetic. Globally tension has eased somewhat between US and China, but it is early to say anything. There is a selloff in the global market which may have impact on the Indian market as well. So overall the rupee is expected to be driven by global factors and the upcoming political factors in the domestic Market. Near term the rupee is expected to trade in 69.50 to 72 band.

12:01 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,134.67	-78.24	-0.22
S&P BSE SENSEX 50	11,324.20	-26.69	-0.24
S&P BSE SENSEX Next 50	32,672.59	+60.97	+0.19
S&P BSE 100	11,108.95	-19.62	-0.18
S&P BSE Bharat 22 Index	3,487.14	-7.34	-0.21

11:43 AM

After PwC's ban for Satyam role, auditor resignation at 6-year high in 2018

The year 2018 has seen the highest number of mid-term auditor resignations in six years, according to data from PRIME Database. In 2018, the tally stood at 42, more than thrice the previous year.

 

Experts say the rise in resignations has been due to the Securities and Exchange Board of India’s (Sebi’s) decision to bar Price Waterhouse for two years as auditors in the Satyam scam. READ MORE

11:34 AM

Jet Airways proposes debt payments in arrears to creditors from April

India's cash-strapped Jet Airways proposed to creditors that it would catch up with debt payments in arrears by September and from April would meet debt payments as they come due, according to a document seen by Reuters. READ MORE

 

11:19 AM

PVR nears record high on hopes of strong December quarter results

Shares of multiplex chain operator PVR were trading close to its record high at Rs 1,643, up 2 per cent, in an otherwise range-bound market on the expectation of strong December quarter (Q3FY19) results. The stock of PVR was 1 per cent away from its all-time high of Rs 1,660 recorded on April 28, 2017 in the intra-day trade. PVR has outperformed the market by surging 41 per cent from its recent low of Rs 1,165 on October 5, 2018. In comparison, the S&P BSE Sensex was up 5 per cent during the period. Read more

11:07 AM

Wealthy investors re-thinking realty exposure, favour equities instead

Wealthy or high networth individuals (HNIs) are doing a rethink on their real estate exposure and actively looking at reducing allocation to the asset class. Such families, on an average, intend to invest more in equity and private equity and less in real estate and hedge funds over the next 12 months, a recent survey by Edelweiss Private Wealth Management and Campden Family Connect observes. IIFL Wealth Index’s survey reveals that nearly a third of India’s richest individuals see property as over-represented in their portfolios. Read more

10:53 AM

IL&FS pain still not over for IndusInd Bank, credit cost may rise 30-40 bps

IndusInd Bank’s December 2018 quarter (Q3) results were broadly above the Street’s expectations. The bank reported net profit of Rs 985 crore, up 5.2 per cent year-on-year, against a consensus estimate of Rs 810 crore by Bloomberg analysts. However, the reported net profit growth was its lowest since the March 2008 quarter — with the exception of September 2018 quarter — thanks to its exposure to the bankrupt IL&FS. Read more
 

 

10:47 AM

Vakrangee hits 5% upper circuit as govt finds no irregularity in its books

Shares of Vakrangee hit an upper circuit of 5 per cent at Rs 37.90 on the BSE in early trade on Thursday after an inspection ordered by the Ministry of Corporate Affairs (MCA) into the accounts and operations of the company found no irregularity in matters pertaining to the resignation of its auditor, abnormal trading in the company’s stock, among other issues, the company said in its BSE filing. Read more

10:35 AM

NEWS ALERT

NEWS ALERT

Maruti Suzuki increases prices by Rs 10,000 with effect from today