MARKET WRAP: Sensex slips 240 points as IAF strikes Pakistan terror camps

All that happened in the markets today

3:55 PM

MARKET VIEW :: Vishal B Malkan, technical analyst and founder, MalkansView

Historically, these strikes have given a knee-jerk reaction during the first couple of hours of a trading session. Markets tend to bounce-back at the end of the day. These events do the job of weeding out weak hands, thus creating a short squeeze and make way for a rally in the short-term. A similar fate may be in store for this week as well. Stocks to watch out for include Jindal Steel, Ashok Leyland and Tata Motors

3:49 PM

MARKET COMMENT :: Jayant Manglik, President - Retail Distribution, Religare Broking

We expect markets to remain volatile in the near term. On the global front, positive developments on US-China trade deal is good for the global markets, however progress on Brexit deal front, crude oil price and currency movement would be actively tracked by investors.  Domestically, geo-political tension between India and Pakistan would keep the markets volatile. Further, India’s Q3FY19 GDP numbers on Thursday would be keenly watched. We advise investors and traders to follow stock specific approach

3:35 PM

Sectoral gainers of the day on NSE

3:34 PM

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

3:33 PM

Market at close

The S&P BSE Sensex ended at 35,974, down 240 points or 0.66 per cent, while the broader Nifty50 index settled at 10,835, down 45 points or 0.41 per cent.

3:26 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
ADANI TRANSMISSI	199.00	-11.55	-5.49	44202
KIOCL	125.55	-6.65	-5.03	4310
UCO BANK	18.20	-0.90	-4.71	107368
SUZLON ENERGY	5.37	-0.26	-4.62	6073526
EDELWEISS.FIN.	140.70	-6.50	-4.42	97734

3:07 PM

Does the steadily-growing SBI MF have what it takes to bag the top spot?

SBI Mutual Fund has had its share of ups and downs during its nearly 32 years of existence. As the second fund house to set up shop after UTI in 1987, the fund house enjoyed a dream run between 1987 and 1993 piggybacking on the performance of its closed-ended schemes. The entry of private sector players in 1993, however, spoiled the party of public sector-sponsored asset management companies (AMCs), including SBI MF. READ MORE

2:48 PM

Top gainers and losers on S&P BSE Sensex

2:25 PM

Thermax jumps on plan to buy stake in JV company

Thermax rose 3.83% to Rs 998.20 at 13:59 IST on BSE after the company said it will buy out stake in a joint venture company. The announcement was made after market hours yesterday, 25 February 2019. READ MORE

2:06 PM

Motilal Oswal on Infosys

CMP: Rs 755 

Target Price: Rs 865 

Rating: Buy

 

In the recent past, onsite centricity, healthy lateral mix, and greater use of sub-contractors are all accompaniments of growth, defying revenue growth as a lever for profitability. But sustained demand should allow the industry to either

(1) pass on the higher cost to clients, or (2) eventually reap the fruits of investing in onsite talent development.

 

We estimate margin pressure for INFO to bottom out in FY20 between 22.5-23%. Our price target of INR865 discounts forward earnings by 19x, a 10% discount to TCS’ 1-year forward multiple. Maintain Buy.

2:01 PM

Market check

1:49 PM

Prabhudas Lilladher on agrochem industry

Although we don’t rule out growth pangs for another 3-6 months, worst seems to be over for the agrochemical industry. We initiate coverage on the agrochemical sector. Insecticides India (INST) is our top pick with 57% upside; UPLL (Buy) and PI (Accumulate) are structural plays. Sharda Cropchem (SHCR) and Dhanuka Agritech (DAGRI) offers decent upside, but SHCR is sensitive to the raw material supply situation in China and DAGRI’s fortunes are dependent fully on the domestic market. BYRCS remains a structural pick, although returns might be back ended

1:34 PM

Commodity arm of Anand Rathi, Geofin Comtrade 'not fit and proper': Sebi

Markets regulator Securities and Exchange Board of India (Sebi) on Tuesday declared the defunct commodity subsidiaries of broking firms Anand Rathi (ARCL) and Geofin Comtrade (formerly Geojit Comtrade) (GCL) “not fit and proper” in relation to the Rs 5,600-crore National Spot Exchange Ltd (NSEL) scam. Earlier, the regulator had last week taken a similar action against the commodity arm of leading equity brokers Motilal Oswal Financial Services and India Infoline. READ MORE

1:19 PM

Sharda Motor surges 10% on JV with Eberspaecher Exhaust Technology

Shares of Sharda Motor Industries (SMIL) were up 10 per cent to Rs 1,539 apieceon Tuesday, extending its previous day’s 14 per cent rally on the BSE, after the company formed a joint venture with Germany-based Eberspaecher Exhaust Technology International for business development of BS VI norms in commercial vehicle segment in India. READ MORE

12:57 PM

Just In: ICRA revises Titan's debt rating to positive from stable

12:50 PM

Web Exclusive | We see a lot of value in small-and mid-caps: Viraj Mehta, Equirus PMS

Stocks might look volatile currently but if someone's investment horizon is of two-three years, equities should return five - six per cent above inflation, says Viraj Mehta, managing director and fund manager at Equirus PMS, in an interaction with Swati Verma. READ MORE

Viraj Mehta

12:49 PM

Anand Rathi clarifies on Sebi order

We have noted SEBI's order related to ARCL. SEBI has observed that courts and authorities have made serious adverse observations against NSEL and paired contracts. It states that even though such observations (against NSEL) are yet to established in a court of law, but by mere association of ARCL in the capacity of a broker with NSEL, the reputation of ARCL is affected and therefore the certificate of registration has been denied.

We are examining the order and will take necessary legal steps to file appeal against the order. ARCL and its clients and employees are in fact victims of this fraud perpetrated by NSEL. SEBI order rejects the application of registration of ARCL and has no impact on other businesses of the Group

(Source: Company release)

12:47 PM

Kotak Securities on Radico Khaitan

Central Pollution Control Board (CPCB) has made certain observations on zero liquid discharge system of RKL's Rampur plant to improve the environmental conditions. Due to this, CPCB has directed closure of RKL's molasses and country liquor plant at Rampur, UP

We have cut our EPS estimates for FY19E by ~3%, while keeping it unchanged for FY20E. Based on FY19E/FY20E revised EPS of Rs 14.2/18.4, the stock is trading at PE of 26.2/20.2x. We upgrade our rating on the stock to Buy (Vs ADD earlier) after recent correction in the share price, with unchanged target price of Rs 460, valuing the stock at 25x FY20E EPS

12:35 PM

Top gainers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
SWAN ENERGY	129.70	12.85	11.00	199603
KRBL	345.55	28.40	8.95	27827
GREENPLY INDS.	146.90	8.10	5.84	19186
INTELLECT DESIGN	179.30	8.90	5.22	92820
PERSISTENT SYS	626.00	25.10	4.18	25394

12:18 PM

Tata Motors gains for 10th straight session; stock climbs 19% in two weeks

Shares of Tata Motors were trading higher for the 10th straight trading session, up 2.5 per cent at Rs 181 apiece on the BSE, in an otherwise weak market as Tata Sons increased its stake in the company by nearly one percentage points through open market purchases. The stock of auto major outperformed the market by gaining 19 per cent, as compared 1 per cent decline in the S&P BSE Sensex. READ MORE

12:06 PM

MEA ON BALAKOT AIR STRIKE

"In an intelligence led operation in the early hours of today, India struck the biggest training camp of JeM in Balakot. In this operation, a very large number of JeM terrorists, trainers, senior commanders and groups of jihadis who were being trained for fidayeen action were eliminated. This facility at Balakot was headed by MAULANA YOUSUF AZHAR (alias USTAD GHOURI), the brother-in-law of MASOOD AZHAR, Chief of JeM"

Vijay Gokhale addresses the media after IAF strike. Photo: ANI

11:55 AM

MARKET CHECK

11:46 AM

Foreign Secy says

11:44 AM

MARKET COMMENT :: G Chokkalingam, founder and managing director at Equinomics Research

Both the nations are sitting on a nuclear bomb and that will act as a war-deterrent. So, I feel both India and Pakistan will reach a compromise and the issue will be resolved soon. In the last three-four decades, we have not witnessed any war from any country which have a nuclear bomb. So, it's not easy to go for a full-fledged war. Rupee, too, is expected to come back to normalcy and hover around 71 levels READ MORE HERE

11:38 AM

Foreign Secretary Vijay Gokhale says

11:37 AM

Foreign Secy says

11:36 AM

Foreign Secy: Selection of target was done so as to avoid civilian casualties

11:36 AM

MARKET COMMENT :: Vinod Nair, head of research, Geojit Financial Services

Political strategists believe that geo-political risk has turned for the worse with a possibility that this calamity can get extended. Market will remain watchful and eagerly assess announcements from both the sides to evaluate further risk

11:35 AM

Large number of terrorists and fidayeen operatives have been eliminated: Foreign Secy

11:34 AM

Foreign Secy: India has struck the biggest training camp of JeM in Balakot