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Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

All that happened in the market today

SI Reporter  |  New Delhi 

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Benchmark indices  pared gains to ended flat amid choppy trade on Tuesday dragged mainly by IT stocks.

The S&P ended at 33,857, down 61 points while the broader Nifty50 index settled at 10,427, up 5 points.

India’s retail inflation eased to 4.44 per cent in February from 5.1 per cent in January, but remained above the 4 per cent medium-term target of the Reserve Bank of India.

IT stocks lead the decline dragged by Tata Consultancy Services, which posted its biggest intraday percentage fall since November 2016 after a term sheet showed that parent Tata Sons is set to sell a stake in the company.

Meanwhile, financial stocks gained, with the PSU bank index rising 2.3%. Punjab National Bank rose 3% and Andhra Bank gained 11%.

Globally, Asian stocks edged up on Tuesday with technology shares buoyed by gains in their Wall Street peers, but gains were limited ahead of US inflation data later in the day which could offer clues on the pace of interest rate rises this year.
(with wire inputs)

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

Nifty IT index ends 1.46% lower

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

Nifty PSU Bank index ends 2.33% higher

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

Sectoral Trend

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

BSE Sensex gainers and losers

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

Market at close   The S&P BSE Sensex ended at 33,857, down 61 points while the broader Nifty50 index settled at 10,427, up 5 points.

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

Reliance Securities on Majesco Limited   The company reported strong 3QFY18 results, with revenue rising 4.7% QoQ in USD terms, led by strong order book growth seen in FY18 YTD; cloud revenue rose 5.1% QoQ, aided by investments made, while License revenue grew by a massive 127% QoQ led by new deal wins.    Good revenue growth drove a 345bps QoQ rise in EBITDA margin to 4.5%. Industry fundamentals and the key IBM partnership will enable Majesco to boost revenue growth going forward.   Cloud offering - ‘Trump Card’: 60-70% of the deal pipeline in the past few months has been for cloud services. Of the addressable market of US$25bn for Majesco, around US$15-16bn relates to the L&A market, while US$9.25bn relates to the US P&C market. ​​We currently have a target price of Rs 730 on the stock.

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

IPO WATCH   Bandhan Bank Limited - Subscribe Issue Opens: 15-Mar-18, Issue Closes: 19-Mar-18, Price Band: Rs370-375   Bandhan Bank was able to ride the recent MFI crisis smoothly unlike NBFC-MFIs. So in the current form, it is a robust and resilient micro loan financier with great growth prospects. The bank would likely be able to sustain RoA and RoE near the 4% and 25% mark respectively. We believe long term investors would find post-money valuation at 4.8x P/BV reasonably attractive. A comparable benchmark for valuation would be the recent IndusInd Bank-Bharat Fin transaction wherein the former valued the latter at ~5.2x FY18 P/BV.    (Source: IIFL Report)

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

PSU banks surge. Don't rush to buy the shares on a bounce, caution analysts Shares of public sector banks (PSBs) bounced back on Tuesday with Bank of India surging 14 per cent on reports of recovery of Rs 70 billion in non-performing assets (NPAs). The rub-off effect was seen across the board as Nifty PSU Bank index, the largest gainer among sectoral indices, gained five per cent compared to around 0.35 per cent rise in the Nifty 50 index in intra-day deals. READ MORE  

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

Emkay Global on HEG   We recently met the HEG Ltd management to understand the recent developments in the Graphite Electrode (GE) industry and to gain insights into the company. We foresee further scope for improvement.   HEG's debt has dropped to Rs2bn, which is likely to be NIL in Q4FY18 itself. The company has been evaluating capacity expansion by 20ktpa depending on Needle Coke availability. Growth and diversification are also options for cash usage.   Technology deterrence, physical set-up barrier and limited Needle Coke supply will restrict any new capacity addition at least for next 2-3 years. Therefore, we believe both offtake and realization will continue to be robust and sustainable for the next few years. 

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

Buzzing stock   GAIL (India) Ltd is up 20.53% in last one year as compared to a 15.11% spurt in NIFTY and a 21.61% spurt in the Nifty Energy index.

Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

Bajaj Electricals hits record high; zooms 111% in one year   Bajaj Electricals hit a record high of Rs 624, up 8.6% on the BSE in noon deal, surpassing its previous high of Rs 585 recorded on January 5, 2018 in intra-day trade.   The company engaged in household appliances business has outperformed the market by surging 111% in past one year, as compared to 17.5% rise in the S&P BSE Sensex. Since February 7, 2018, after December quarter (Q3FY18) results, it rallied 28% against 0.18% decline in the benchmark index. READ MORE

First Published: Tue, March 13 2018. 15:31 IST
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Sensex ends marginally lower, Nifty holds 10,400; PSU banks outperform

All that happened in the market today

Benchmark indices  pared gains to ended flat amid choppy trade on Tuesday dragged mainly by IT stocks.

The S&P ended at 33,857, down 61 points while the broader Nifty50 index settled at 10,427, up 5 points.

India’s retail inflation eased to 4.44 per cent in February from 5.1 per cent in January, but remained above the 4 per cent medium-term target of the Reserve Bank of India.

IT stocks lead the decline dragged by Tata Consultancy Services, which posted its biggest intraday percentage fall since November 2016 after a term sheet showed that parent Tata Sons is set to sell a stake in the company.

Meanwhile, financial stocks gained, with the PSU bank index rising 2.3%. Punjab National Bank rose 3% and Andhra Bank gained 11%.

Globally, Asian stocks edged up on Tuesday with technology shares buoyed by gains in their Wall Street peers, but gains were limited ahead of US inflation data later in the day which could offer clues on the pace of interest rate rises this year.
(with wire inputs)

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