Market round-up from Geojit Financial Services Market traded range bound throughout the day due to volatility in the global market. But towards the close, pace picked up supported by moderation in yield and growth in core sector. Yield declined amid central bank allowing the banks to spread their bond trading losses which gave a positive sentiment to banking stocks. On the other hand, investors are gradually shifting focus to upcoming Q4 results and RBI policy outcome which will dictate the market outlook in the near term. Nifty PSU Bank index settles 1.65% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) VOLUME BANK OF INDIA 108.15 104.65 3.50 3.34 10186387 SYNDICATE BANK 58.25 56.50 1.75 3.10 6535909 BANK OF BARODA 145.50 141.90 3.60 2.54 15023339 INDIAN BANK 309.20 302.10 7.10 2.35 1315036 ST BK OF INDIA 251.35 246.15 5.20 2.11 19247891 Sectoral performers BSE Sensex: Top gainers and losers of the day Market at close The S&P BSE Sensex ended at 33,371, up 115 points while the broader Nifty50 index settled at 10,245, up 33 points. Motilal Oswal Research on Tata Chemicals As Tata Chemicals scales up its growth businesses and deleverages its balance sheet, we expect its consolidated RoCE to improve considerably, in turn driving a stock re-rating. We believe it would be fair to assign ~30% premium to its five-year average EV/EBITDA of 7.5x. Our SOTP-based target price of Rs 940 (implied EV/EBITDA of 9.7x FY20E) implies 36% upside. We initiate coverage with Buy.
The S&P BSE Sensex ended at 33,371, up 115 points while the broader Nifty50 index settled at 10,245, up 33 points.
Among sectoral indices, the Nifty PSU Bank index was up over 1.5% led by a rise in the shares of Bank of India and Bank of Baroda.
Among major economic data Activity in India's manufacturing sector expanded at its weakest pace in five months in March as order and production growth slowed, discouraging firms from hiring, a business survey showed on Tuesday.
Investors will now look forward to Reserve Bank of India's (RBI) first bi-monthly policy decision of FY19 to be held on Thursday.
In the global markets, Asian stocks extended a global selloff and the yen rose on Tuesday as investors fled for safety as an escalating trade spat between the United States and China and a renewed slump in tech shares such as Amazon.com sapped investor confidence.
(with Reuters inputs)