Business Standard

MARKET WRAP: Indices end flat, Nifty above 10,650; ICICI Bank gains 5%

The S&P BSE Sensex ended at 35,591, down 1.25 points while NSE's Nifty50 index closed 0.40 points lower at 10,651.80.

Image SI Reporter New Delhi
Stock market

Benchmark indices ended flat with negative bias on Wednesday. The S&P BSE Sensex ended at 35,591, down 1.25 pts while NSE's Nifty50 index closed 0.40 points lower at 10,651.    

Sectorally, FMCG stocks lost the most with the Nifty FMCG index ending around 1 per cent lower at 29,464, dragged by Godrej Properties and Hindustan Unilever (HUL). Nifty Realty index, too, declined 0.74 per cent to end at 226 levels. On the contrary, metal and PSU bank stocks rallied in the trade. 

In the broader market, S&P BSE Midcap index closed 31 points up at 14,499.48 levels, while S&P BSE Smallcap index added 108 points to settle at 13,815.

"We continue to maintain our cautious view on the Indian markets in the near term given slowdown in the global economy. On the domestic front, stock specific volatility would remain high as more companies are likely to come out with quarterly results. Further, political uncertainty and a possible fiscal slippage by the government is likely to weigh on domestic sentiments. Till budget 2019 concludes, we expect markets to remain volatile.  We advise investors and traders to focus on stocks with prudent management and sound fundamentals," said Jayant Manglik, president, Religare Broking in an emailed note.

BUZZING STOCKS

ICICI Bank ended over 5 per cent higher at Rs 365.25 apiece on BSE on hopes of strong earnings in October-December quarter (Q3FY19).

Shares of Axis Bank hit a new high of Rs 700 apiece, up 6 per cent on BSE in the early morning trade after it reported over two-fold jump in net profit to Rs 1,680.85 crore for the third quarter ended December 31. The stock ended 4.56 per cent higher at Rs 691 apiece.   

Dewan Housing Finance Corporation (DHFL) hit a 35-month low of Rs 154 apiece, down 10 per cent during the trade after media outlet Cobrapost on Tuesday alleged the company had diverted loans worth Rs 31,000 crore — a charge the company termed “mischievous”. The stock ended the session at Rs 161.60 apiece on BSE, down 5 per cent.

GLOBAL MARKETS

Asian equities steadied on Wednesday as investors awaited Federal Reserve policy guidance and the outcome of high level trade talks between the United States and China, while drawing relief from Apple Inc’s earnings.

MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.3 per cent, booking its first gain of the week. South Korea’s KOSPI added nearly 1.1 per
cent.

(with Reuters input)
3:41 PM

Indices at close

3:38 PM

Closing Bell

The S&P BSE Sensex ended at 35,591, down 1.25 pts while Nifty50 ended 0.40 points lower at 10,651.80.
3:37 PM

Markets at close

3:20 PM

Elara Capital on Axis Bank

Adequate core capital sustained credit growth, gradual moderation in credit cost and high coverage ratios would improve financial performance of the bank. We expect a ROE of 12.0% for FY20E and 16.3% for FY21E. Hence, we reiterate Accumulate with a revised target price of Rs 783 from Rs 648 based on a SOTP method, with the bank entity valued at Rs 729 at 2.5x (from 2.1x) FY20E P/ABV and subsidiaries excluding parent bank’s investments at Rs 54 (unchanged).
3:19 PM

NEWS ALERT

Coal India to consider share buyback on February 4
3:18 PM

Gold demand falls as traders move to silver, imports seen subdued

Gold demand and import in India witnessed a sharp fall in the December 2018 quarter – a trend that is likely to continue going ahead. According to analysts tracking the sector, traders preferred to swap gold with silver resulting in the higher domestic supply of the yellow metal. The arbitrage was due to high prices of gold and low prices of silver during the last few months. As gold prices are around Rs. 33,000 and a tad away from their all-time high, the subdued trend in gold demand will continue READ MORE HERE
3:17 PM

Finance ministry says it will be 'interim' budget, rejects 'confusion'

Amid speculation over the shape of the Narendra Modi government’s last Budget before the Lok Sabha polls, the finance ministry on Wednesday clarified that it will be called ‘Interim Budget 2019-20’.
 
“This Budget will be called Interim Budget 2019-20 and, therefore, don't have any confusion on this issue,” a finance ministry spokesperson told reporters. The spokesperson’s statement referred to what the Budget speech and documents will officially be titled READ MORE
3:15 PM

Stock Alert: ICICI Bank gains 6% ahead of December quarter results

Shares of ICICI Bank moved higher by 6 per cent to Rs 368 apiece on BSE on hopes of strong earnings in October-December quarter (Q3FY19). The private sector bank is scheduled to announce its Q3 results after market hours today. READ MORE
2:57 PM

Fed likely to hold rates steady as it navigates data blind spots

In the six weeks since a confident US Federal Reserve raised interest rates in response to a "strong" US economy, consumer confidence dropped, wholesale prices weakened, financial markets wobbled and home sales fell. Further afield, China tried to boost lending for its slowing economy, the European Central Bank acknowledged ebbing growth in the euro zone, and the International Monetary Fund cut its world economic growth forecast and warned that global trade had nosedived as major nations squabbled about tariffs. READ MORE
2:46 PM

Bajaj Auto third-quarter profit jumps nearly 16%

Bajaj Auto Ltd posted a higher profit on Wednesday, exceeding analysts' expectations, as the company sold more motorcycle units during the quarter. Profit rose to 11.02 billion rupees ($154.72 million) for the three months ended Dec. 31, compared with 9.52 billion rupees a year earlier. That compared with analysts' average estimate of 10.54 billion rupees, according to Refinitiv data. Sales volume surged 26 percent, helping total revenue from operations jump 16 percent to 74.09 billion rupees, the company said in a statement. 
2:43 PM

Shares of DHFL are trading over 5% lower

2:31 PM

Top gainers and losers on S&P BSE Sensex

2:18 PM

Indian Oil Corp third-quarter profit plunges about 91 percent

Indian Oil Corp Ltd (IOC) reported nearly 91 percent slump in quarterly profit on Wednesday, as a plunge in global crude prices took a toll on margins of oil refiners and marketing companies. The three public sector companies - IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - were forced to take a price cut in October, hurting their margins as the government wanted to cushion the impact of high crude oil prices on consumers.

(Source: Reuters)
2:05 PM

Earnings Impact

2:02 PM

NEWS ALERT

Bajaj Auto reports Q3 net profit at Rs 1,101.9 crore; Revenue at Rs 7,409 crore, EBITDA Rs 1,246 crore, EBITDA margin at Rs 16.8%
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First Published: Jan 30 2019 | 8:13 AM IST

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