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MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

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SI Reporter  |  New Delhi 

MARKETS LIVE: Sensex falls over 550 pts, Nifty below 10,300; NBFCs plunge

Benchmark indices Sensex and Nifty ended over 1 per cent lower on Friday, dragged by fall in blue-chip companies such as Reliance Industries (RIL), Infosys and YES Bank amid muted global cues. The S&P BSE Sensex ended 464 points or 1.33 per cent down at 34,316 while NSE’s Nifty50 index settled at 10,303.55, down 150 points or 1.43 per cent. 

Stock markets all round were a bit lackluster: data showing China’s economy growing at its slowest pace since 2009 weighed on shares in Asia, although Chinese shares staged a recovery after the securities regulator announced a series of measures to aid the market.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up less than 0.l per cent after earlier falling as much as 0.9 percent ahead of the China GDP reading. Australian shares fell 0.05 per cent and Japan’s Nikkei average ended 0.6 per cent lower for its third straight week of declines. Stocks in Europe managed a modest rise at the start of trading but fell back into the red.

Back home, among individual stocks, RIL dipped as much 7 per cent to Rs 1,073 on the BSE in the intra-day trade after a mixed bag results for the quarter ended September 2018 (Q2FY19) with its retail and digital services (telecom; Jio) businesses continuing to post strong growth, while its core refining business performance was a bit disappointing amid high expectations. The stock ended at Rs 1,102 apiece on BSE, down 4 per cent. 

YES Bank also dropped as much as 8 per cent in the intra-day trade after the Reserve Bank of India (RBI) on Wednesday once again rejected the lender’s request for extending the term of MD & CEO Rana Kapoor, and reaffirmed the February deadline for finding his successor. Shares of the bank ended at Rs 218, down 6 per cent. 

NBFCs tank

Shares of non-banking financial companies (NBFCs), including housing finance companies (HFCs) and select private banks tumbled for the second straight day. Among individual stocks, Dewan Housing Finance Corporation (DHFL), Indiabulls Housing Finance and PNB Housing Finance slipped over 17 per cent on Friday on concerns of overall credit growth due to the liquidity crisis. READ MORE HERE

(with Reuters input)

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

Sectoral gainers & losers on NSE

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

S&P BSE Sensex: Top gainers & losers on BSE

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

Market at close   The S&P BSE Sensex ended 464 points or 1.33 per cent down at 34,316 while NSE’s Nifty50 index ended at 10,304, down 150 pts, or 1.43 per cent.

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

Buzzing Stock Lakshmi Vilas Bank jumps 16%

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

HDFC Securities on DCB Bank    DCBB’s 2Q results were impressive, particularly, the stable asset quality (esp. in the mortgage business) on account of lower slippages, sustained business momentum (+27%), controlled costs (core C-I improved ~360bps) and further decline in provisions (even as PCR inched up). RWA remained constant even as the loan book grew 4% QoQ. While the CASA ratio dipped QoQ, 30% SA growth was promising.    While we have marginally tweaked our estimates, our assumptions on opex growth (18% CAGR) and NIMs (3.7% over FY18-21E) provide enough cushion to our earnings. Maintain BUY with a TP of 209 (2x Sept-20E ABV of Rs 104).

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

Buzzing stocks IT shares trade weak; TCS hits 3-mth low, Infosys, HCL Tech down 4% each   The Trump administration has said it is coming out with new proposals to not only revise the definition of speciality occupations under H-1B visas, but also the definition of employment under this foreign work visa category which is popular among Indian companies, the PTI report suggested. READ MORE

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

Top losers today COMPANY PRICE() CHG() CHG(%) VOLUME PNB HOUSING 722.90 -144.65 -16.67 158193 MINDTREE 830.00 -148.95 -15.22 390784 INDIABULLS HOUS. 673.25 -115.60 -14.65 2443856 PIRAMAL ENTERP. 1885.35 -213.60 -10.18 168920 REPCO HOME FIN 307.00 -34.40 -10.08 173737 » More on Top Losers

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

Centrum Broking on ACC During Q3CY18, ACC delivered 10% YoY volume growth aided by strong demand – mainly in east and south markets.  However, realisation fell 1.7% QoQ amid aggressive competition and seasonal weakness. ACC’s productivity improvement muted inflationary impact of slag, energy and diesel price inflation. Consolidated EBITDA/PAT growth of 8%/17% YoY came is lower than estimated, owing to higher than estimated other expenses. We believe ACC’s focus on cost controls to keep cost inflation in check, going forward. While ACC’s volume growth would moderate during CY19-20E due to lack of new expansions, its profitability should benefit from price recovery going forward and increased cost controls. We upgrade to BUY from HOLD, with a revised target price of Rs1820

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

YES Bank, RIL among top Sensex losers

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

Markets plunge INDEX LATEST PREVIOUS CHANGE CHANGE(%) BSE SENSEX 34218.47 34779.58 -561.11 -1.61 BSE 500 13670.73 13887.26 -216.53 -1.56 BSE MID-CAP 14048.42 14214.23 -165.81 -1.17 BSE SMALL-CAP 14040.55 14271.16 -230.61 -1.62 S&P BSE LARGECAP 3974.77 4040.67 -65.90 -1.63 > More on BSE Indices

MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

Kotak Securities on cable providers RIL’s acquisition of Hathway and Den paves the way for the accelerated rollout of Jio’s FTTH broadband + IPTV. Jio can potentially add 15 mn FTTH subs in the next three years. Key implications: (1) acceleration in TV-to-OTT shift led by proliferation of ultra-high-speed fixed-line internet, (2) deceleration in broadcasters’ subscription revenue growth due to consolidation of distributors, ARPU-dilutive churn of subs to Jio from DTH, (3) risk to subscriber and ARPU growth of DTH in urban markets. We cut Dish TV’s FY2020-21E EBITDA by 5-10% and target price to Rs70 (from Rs90); ADD.

First Published: Fri, October 19 2018. 08:06 IST
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MARKET WRAP: Sensex slides 464 points; NBFCs plunge, India VIX surges 11%

Catch all the live market action here

Benchmark indices Sensex and Nifty ended over 1 per cent lower on Friday, dragged by fall in blue-chip companies such as Reliance Industries (RIL), Infosys and YES Bank amid muted global cues. The S&P BSE Sensex ended 464 points or 1.33 per cent down at 34,316 while NSE’s Nifty50 index settled at 10,303.55, down 150 points or 1.43 per cent. 

Stock markets all round were a bit lackluster: data showing China’s economy growing at its slowest pace since 2009 weighed on shares in Asia, although Chinese shares staged a recovery after the securities regulator announced a series of measures to aid the market.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up less than 0.l per cent after earlier falling as much as 0.9 percent ahead of the China GDP reading. Australian shares fell 0.05 per cent and Japan’s Nikkei average ended 0.6 per cent lower for its third straight week of declines. Stocks in Europe managed a modest rise at the start of trading but fell back into the red.

Back home, among individual stocks, RIL dipped as much 7 per cent to Rs 1,073 on the BSE in the intra-day trade after a mixed bag results for the quarter ended September 2018 (Q2FY19) with its retail and digital services (telecom; Jio) businesses continuing to post strong growth, while its core refining business performance was a bit disappointing amid high expectations. The stock ended at Rs 1,102 apiece on BSE, down 4 per cent. 

YES Bank also dropped as much as 8 per cent in the intra-day trade after the Reserve Bank of India (RBI) on Wednesday once again rejected the lender’s request for extending the term of MD & CEO Rana Kapoor, and reaffirmed the February deadline for finding his successor. Shares of the bank ended at Rs 218, down 6 per cent. 

NBFCs tank

Shares of non-banking financial companies (NBFCs), including housing finance companies (HFCs) and select private banks tumbled for the second straight day. Among individual stocks, Dewan Housing Finance Corporation (DHFL), Indiabulls Housing Finance and PNB Housing Finance slipped over 17 per cent on Friday on concerns of overall credit growth due to the liquidity crisis. READ MORE HERE

(with Reuters input)

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