MARKET WRAP: Sensex falls 425 pts, Nifty settles at 10,944 weighed by autos
All that happened in the markets today
 "MARKETS LIVE: Sensex down 250 points dragged by FMCG, autos, metals")
Benchmark indices ended over 1 per cent lower on Friday, weighed by a sharp sell-off in the automobile and metal stocks.
The S&P BSE Sensex ended at 36,546, down 425 points or 1.15 per cent, while the broader Nifty50 index settled at 10,944, down 126 points or 1.14 per cent.
The S&P BSE Sensex ended at 36,546, down 425 points or 1.15 per cent, while the broader Nifty50 index settled at 10,944, down 126 points or 1.14 per cent.
Among sectoral indices, the Nifty Auto index, the top loser of the day, settled 3.6 per cent lower as Tata Motors, MRF and Mahindra & Mahindra (M&M) lost considerable ground. Nifty Metal index ended 3.4 per cent lower with SAIL and Vedanta among the top losers.
In the broader market, the S&P BSE MidCap index ended 203 points or 1.40 per cent lower at 14,328, while S&P BSE SmallCap index settled at 13,656, down 122 points or 0.89 per cent.
Buzzing Stocks
Shares of Tata Motors ended 17.88 per cent lower at Rs 150.15 apiece on National Stock Exchange (NSE) after the auto major reported the biggest quarterly loss among Indian corporates as it was hit by asset impairment in its UK subsidiary, Jaguar Land Rover (JLR) Automotive in the December quarter on Thursday. CLICK HERE TO READ HOW BROKEARGES INTERPRET THE RESULTS
ALSO READ: NTPC, Balkrishna Ind, Emami, Motherson Sumi hit 52-week lows
Shares of Mahindra & Mahindra settled at Rs 683, down 2.64 per cent on the BSE after the company and its subsidiary Mahindra Vehicle Manufacturers reported a 60 per cent YoY rise in their consolidated net profit at Rs 1,476 crore for third quarter (October-December) of FY19.
Global Markets
Asian stocks lost ground on Friday as investors worried about a broadening global economic slowdown, with sentiment not helped by the absence of any positive signs for a resolution in the US-China trade row.
MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.5 per cent, easing back from a four-month peak touched the previous day. The index was down 0.1 per cent on the week. Hong Kong's Hang Seng lost 0.25 per cent and South Korea's KOSPI retreated 1.1 per cent. Japan's Nikkei tumbled about 2 per cent.
(with Reuters input)
3:44 PM
Sectoral losers on NSE
3:38 PM
Gainers and losers of the day on S&P BSE Sensex
3:34 PM
Market at close
The S&P BSE Sensex ended at 36,546, down 425 points or 1.15 per cent, while the broader Nifty50 index settled at 10,944, down 126 points or 1.14 per cent.
3:20 PM
EARNINGS IMPACT
3:18 PM
NEWS ALERT
Dilip Buildcon Q3 net profit at Rs 208.6 crore vs Rs 165 crore year on year (YoY)
3:12 PM
Top gainers and losers on S&P BSE Sensex
2:59 PM
Sony stock jumps after first-ever share buyback announcement
Sony Corp announced its first-ever major share buyback on Friday, worth 100 billion yen ($910 million), helping its stock recover from a hammering days earlier when investors freaked over lacklustre earnings.
The announcement marked Japan's second major buyback this week after tech investor SoftBank Group Corp scheduled the repurchase of 600 billion yen in shares using proceeds from the IPO of its telecoms unit, sending its stock price soaring. READ MORE
2:48 PM
Anand Rathi Financial Services on Century Plyboards
We like Century Plyboards for its diversified product portfolio, leadership positions in key productsegments and disciplined balance sheet. At the CMP, the stock is attractivelyvalued (12.5x, 8.4x FY21e P/E, EV/EBITDA), considering a 24% PAT CAGR overFY18-21 and RoE crossing 20%. We maintain our Buy rating on it. Risks: Rising input costs, currency fluctuations.
2:31 PM
Motilal Oswal on Vodafone Idea
CMP: Rs 32
TARGET RICE: Rs 40
RATING: Buy
Network integration remains a gigantic task. But, we believe its proven execution capabilities with strong promoter backing should assist IDEA to sail through near-term headwinds through asset sale and fund raise. Maintain Buy, with a reduced TP of Rs 40 (prior: Rs 43), ascribing 11x to FY21E EBITDA of Rs 13,500 cr.
2:20 PM
Nifty Realty index is trading over 1% higher
2:12 PM
Motilal Oswal on Axis Bank
CMP: Rs 729
TARGET PRICE: Rs 850
RATING :Buy
Axis Bank has delivered a strong performance with multi-quarter high earnings. With a capable management team in place and an improving credit cost/margins outlook, we believe the bank is likely to see earnings acceleration in the coming years. Axis Bank has already increased PCR to 75%, which should curb incremental provisioning requirement. We, thus, expect RoA/RoE to improve to 1.3%/16.1% by FY21. We roll forward our estimates to FY21 and revise our target price to INR850 (2.5x FY21E ABV for the bank + Rs 44 per share for subsidiaries). We reiterate AXSB as one of our top Buys in the banking sector.
1:59 PM
M&M and MVML Q3 net profit jumps 60% to Rs 1,476 cr, operating margin falls
Mahindra & Mahindra and its subsidiary Mahindra Vehicle Manufacturers reported a 60 per cent YoY rise in their consolidated net profit at Rs 1,476 crore for third quarter (October-December) of FY19. Revenue for the quarter rose 14 per cent to Rs 13,235 crore, against Rs 11,594 crore in the year-ago quarter. Operating margin stood at 13.2 per cent against 14.7 per cent reported in the corresponding quarter last fiscal. READ MORE
1:52 PM
STOCK IMPACT
M&M slips over 2% post Q3 results
1:48 PM
NEWS ALERT
Mahindra & Mahindra Q3 Profit after tax at Rs.1,476 crore up by 60% from Rs 920 crores year ago
1:45 PM
Nifty Metal index is trading 2% lower
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First Published: Feb 08 2019 | 8:11 AM IST
