MARKET WRAP: Sensex ends 187 pts up, reclaims 34,000 mark; Airtel rises 10%

Among the sectoral indices, Nifty Financial Service index settled 1.4 per cent higher led by Bajaj Finance and IIFL.

3:45 PM

Nifty Fin Service index gains 1.39%. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
BAJAJ FIN.	2311.80	2083.35	228.45	10.97	10357265
IIFL HOLDINGS	382.35	353.10	29.25	8.28	774732
M & M FIN. SERV.	401.00	374.35	26.65	7.12	5300280
SHRIRAM TRANS.	1053.00	1005.30	47.70	4.74	1699052
BAJAJ FINSERV	5391.45	5167.75	223.70	4.33	1105550

3:39 PM

BSE Sensex: Top gainers & losers

3:39 PM

Top sectoral gainers and losers on BSE

3:36 PM

Market at close

 

The S&P BSE Sensex climbed 187 points or 0.55 per cent to settle at 34,034 while NSE's Nifty50 index gained 78 points or 0.77 per cent to settle at 10,225.

3:28 PM

Bharti Airtel up 15% as investors to pump $1.25 billion in African unit

Shares of Bharti Airtel have moved higher by 15% to Rs 329 per share on the BSE in intra-day trade on Wednesday after the telecom services company said that the global investors comprising Warburg Pincus, Temasek, Singtel, SoftBank Group International and others will invest $1.25 billion in company’s subsidiary Airtel Africa. READ MORE

3:17 PM

Trust, confidence severely impacted by IL&FS default, says Sebi chairman

The default by Infrastructure Leasing & Financial Services (IL&FS) has "severely” impacted the trust and confidence of investors, said Ajay Tyagi, chairman, Securities and Exchange Board of India (Sebi).

 

Speaking at the conference organised by rating agency Crisil, he said “Let me briefly touch upon the issue of ‘trust’ and how this “trust" and consequently investors’ confidence has been severely impacted due to developments in the recent months, particularly as a result of default by a large entity.” READ MORE

3:00 PM

Bajaj Auto, Hero MotoCorp, Tata Motors hit 52-week low

Bajaj Auto, Hero MotoCorp, Tata Motors, Shree Cement and Grasim Industries were among 10 stocks from the S&P BSE 200 index that hit their respective 52-week lows on the BSE.
 

Container Corporation, Indian Bank, Motilal Oswal Financial Services, Edelweiss Financial Services and Oracle Financial Services Software, too, hit 52-week lows today. READ MORE

2:43 PM

Oil extends drop, falling towards $75, on demand worries

 

Oil fell towards $75 a barrel to its lowest since late August on Wednesday, pressured by concern that demand is weakening and supply ample even as US sanctions loom on oil exporter Iran. Brent crude, the global benchmark, was down $1.28 to $75.16 a barrel. It fell earlier to $75.11, the lowest since Aug. 24. US crude dropped 30 cents to $66.13.

2:32 PM

Nifty Pharma trading 1% lower 

2:16 PM

BSE gets Sebi's nod to launch Oman crude oil contract

Leading stock exchange BSE said it has received markets regulator Sebi's approval to launch Oman Crude Oil contract on its newly launched commodity derivatives segment.

 

BSE had marked its entry into the commodity derivatives segment with gold and silver contracts on October 1, 2018. READ MORE

2:02 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,810.80	-36.43	-0.11
S&P BSE SENSEX 50	10,620.76	+0.64	+0.01
S&P BSE SENSEX Next 50	29,855.09	-66.98	-0.22
S&P BSE 100	10,377.94	-2.93	-0.03
S&P BSE Bharat 22 Index	3,303.51	+0.11	0.00

1:45 PM

Oberoi Realty surges 15% in three days after a strong Q2 result

 

Shares of Oberoi Realty have moved higher by 9% to Rs 431 per share on Wednesday, extending its 6% gain in past two days on the BSE, after the company reported a more-than-double consolidated net profit at Rs 2.14 billion in September quarter, on strong revenue growth. The real estate company had reported a profit of Rs 1.04 billion during the same quarter last fiscal. Read more

1:29 PM

After betting $101 bn in 10 years, foreign investors ditching Indian stocks

 

Monsoon season may be over, but India’s investors are at risk from a different kind of flood. Indian stocks have been the biggest emerging-Asian beneficiaries of the wave of liquidity that swept over world markets in the wake of the global financial crisis, according to data compiled by Bloomberg. That may also make them the most vulnerable, now that the waters are receding. Read more

1:15 PM

S&P BSE Sensex top gainers and losers

1:01 PM

Mutual funds' flow into equities crosses Rs 1 trillion mark in CY18

 

Domestic mutual funds (MFs) have continued to pour money into equity markets all through 2018 with their net inflow crossing Rs 1-trillion mark for the second consecutive calendar year. Thus far in calendar year 2018 (CY18), MFs have pumped in a net Rs 1.02 trillion in equities, Securities and Exchange Board of India (Sebi) data show. In comparison, they had invested Rs 1.19 trillion in equities during CY17. Click here to read more

12:47 PM

Mustafa Nadeem, CEO, Epic Research on rupee

 

We reiterate our bearish stance on USDINR in the short term as we believe there is a major confluence level that is placed at 74.8 - 74.5 in the near term which may help Rupee to appreciate further. With that, a slide in crude oil for past couple of days with almost a loss of 13.3% has given some relief to  INR. The second factor that still remains is the rate hike from the US and a concern on the capital outflow. A hawkish tone from Fed and continued rate hikes are keeping the lower levels intact. Though we expect a fall in USDINR to be towards 72.2 - 72.2 in coming days and INR may further strengthen in coming weeks. 

12:45 PM

Piling cash grows in popularity among investors as market volatility rises

 

Tumbling stock markets from China to Greece mean piling into cash may be the best bet for global investors as a volatile 2018 draws to a close. That’s according to Dwyfor Evans, head of Asia-Pacific macro strategy at State Street Global Markets in Hong Kong, who says “it’s time to hold cash” after a selloff that began in emerging markets spills over into developed-nation equities. Read more

12:31 PM

BS Primer: How to withdraw from mutual funds without getting taxed

 

What is Capital Gain tax on Mutual Funds?

You earn capital gains when you sell units of your mutual fund. Capital gains is the difference between the selling price of mutual fund units and the cost of acquisition. This sale may attract tax at your end. The rate of taxation depends on the type of fund and the holding period. The holding period is simply the time period for which you remained invested in the fund. Read more

12:15 PM

Bayer CropScience falls 8% on disappointing Q2 results

 

Shares of agrochemicals firm Bayer CropScience dipped 8% to Rs 3,865 on the BSE after it reported 25% drop in its net profit at Rs 1,427 million in September quarter, due to lower income. The company had profit of Rs 1,906 million in the corresponding quarter of previous fiscal. In Q2 of FY2018-19, the company registered revenue from operations of Rs 11,041 million as compared to Rs 12,320 million in the corresponding period of FY2017-18. Read more

12:00 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,981.47	+134.24	+0.40
S&P BSE SENSEX 50	10,673.26	+53.14	+0.50
S&P BSE SENSEX Next 50	29,912.96	-9.11	-0.03
S&P BSE 100	10,424.62	+43.75	+0.42
S&P BSE Bharat 22 Index	3,323.19	+19.79	+0.60

11:46 AM

Wipro Q2: Wage hike, divestment of hosted data services to impact nos

 

IT services firm Wipro is slated to release its second-quarter results for FY19 (Q2FY19) on Wednesday. Over the last few days, Wipro's peers Tata Consultancy Services, Infosys and HCL Tech have reported good numbers for July-September period on the back of large deal wins, rupee depreciation and strong demand environment. However, the Abidali Neemuchwala-led company may report muted numbers owing to wage hikes, cross-currency headwind and divestment of hosted data services. Read More

11:34 AM

Prabhudas Lilladher on ICICI Prudential Life Insurance Company

Rating: BUY 

CMP: Rs 323 

TARGET PRICE: Rs 507

 

ICICI Prulife’s APE de-grew by 5.4% YoY but saw improvement in Q2FY19 as protection business (1x growth) saw robust traction while savings saw catch up mainly from non-par and steady ULIP growth. Retail NB saw good recovery of 6% YoY in Q2FY18, while group has been growing strong. Slightly lower share of protection and retail NB being slow VNB margins were flattish sequentially at 17.5% but focus remains to improve the same as company continues on protection and retail.

11:26 AM

Prabhudas Lilladher on HDFC Standard Life Insurance Company

 

Rating: BUY 

CMP: Rs 359 

TARGET PRICE: Rs 500

 

HDFC Life showcased steady performance as (i) decent APE growth of 18% YoY (ii) steady margins at 24.3% and (iii) improving persistency levels across cohorts. Protection business growth continued to be strong leading overall individual growth but strong growth in non-par savings also helped APE growth mainly from the annuity products. Company is seeing strong traction in new products like deferred annuity product, single premium ULIP product and credit life products on improving presence. 

11:23 AM

Prabhudas Lilladher on Ambuja Cement

 

Rating: HOLD 

CMP: Rs 201 

TARGET PRICE: Rs 210

 

Ambuja Cement (ACEM) reported disappointing set of Q3CY18 earnings due to steeper than expected increase in costs. In our Q2CY18 post earnings note, we had highlighted that surprise beat in Q2 was led by unsustainable lower reported costs primarily the other expenses. Hence, we kept out estimates unchanged post Q2 earnings factoring weak margins in H2. However, Q3 margins fell steeper than our expectation.

11:12 AM

OMCs rise on dip in crude oil prices

COMPANY NAME	LATEST	HIGH	LOW	CHG ( )	CHG(%)	VALUE (  CR)	VOLUME
I O C L	133.40	135.95	132.85	3.40	2.62	7.13	534126
H P C L	223.40	228.60	222.25	6.30	2.90	9.47	424112
B P C L	280.30	284.05	274.40	11.25	4.18	9.88	352328

11:02 AM

Mphasis turns ex-date for buyback; stock down 9%

 

Shares of Mphasis slipped 9% to Rs 970 per share on the BSE in early morning trade on Wednesday after the stock turned ex-date for the proposed buy-back. The information technology (IT) company has fixed October 25, 2018, as the record date to determine the shareholders eligible to participate in the buyback, shareholders, to whom the letter of offer and tender offer form will be delivered in relation to the buyback and entitlement of equity shareholders in the buyback. Read More

10:45 AM

Zydus Wellness rises 5% on buying Kraft Heinz's India portfolio

 

Shares of Zydus Wellness climbed as much as 5 per cent to Rs 1,319.35 per share in intra-day trade on the National Stock Exchange (NSE) after reports suggested that Kraft Heinz Co agreed to sell a portfolio of India businesses, including children’s milk drink Complan, to Zydus Wellness for around Rs 45-46 billion. An announcement is likely as soon as this week, according to the report. Read More

10:37 AM

Paint stocks rebound after two days of losses

COMPANY NAME	LATEST	HIGH	LOW	CHG ( )	CHG(%)
ASIAN PAINTS	1162.90	1168.35	1150.80	24.10	2.12
BERGER PAINTS	271.80	274.25	269.00	5.55	2.08
KANSAI NEROLAC	371.00	377.00	365.35	9.80	2.71
SHALIMAR PAINTS	88.15	89.10	87.20	1.80	2.08
AKZO NOBEL	1559.00	1563.00	1544.35	27.00	1.76
HARDCAST.& WAUD	236.00	236.00	236.00	-11.10	-4.49

 

10:35 AM

Realty stocks gain

COMPANY NAME	LATEST	HIGH	LOW	CHG ( )	CHG(%)
DLF	155.75	158.80	154.35	2.70	1.76
INDBULL.REALEST.	75.70	77.25	75.60	1.70	2.30
H D I L	19.50	19.75	19.40	0.20	1.04
SUNTECK REALTY	317.00	323.65	311.50	6.90	2.23
OBEROI REALTY	414.40	418.60	399.20	20.25	5.14
GODREJ PROPERT.	524.00	528.00	521.00	3.50	0.67

10:30 AM

Elara Capital on Can Fin Homes

With the recent mayhem affecting growth and margin for NBFC & HFC, we had already revised our earnings for our coverage universe and for CANF. Given limited scope of earnings improvement on account of cost efficiency and already lower credit cost, we expect an earnings CAGR of 2% over FY18-20E. We see earnings more sensitive to margins than growth for CANF and a significant change in margin is when we see scope for an upward revision.

The stock has de-rated materially on disappointing growth & margin, and we believe the stock is currently fairly valued at 1.5x FY20E P/ABV and 9x FY20E P/E, with any positive surprise on margin as key for re-rating. Given the volatility, we reiterate our Accumulate rating with a target price of Rs 273