The benchmark indices are trading slightly lower on Wednesday ahead of the September F&O contracts expiry due on Thursday.
Among sectoral indices, the Nifty FMCG index has slipped around1.5 per cent led by fall in ITC and Hindustan Unilever. The Nifty IT index, on the other hand, has fallen nearly 1.7 per cent weighed by Infosys and Tata Consultancy Services (TCS).
In key individual stocks, YES Bank is trading over 2 per cent higher at Rs 225.15 on the BSE. DHFL was up 1 per cent at Rs 303.75.
Investors will keenly watch US Fed meet outcome due later in the day for fresh cues in the markets.
Global Markets
Asian shares pulled ahead on Wednesday, as Chinese markets extended their recovery to hit eight-week highs on receding fears about the trade war as well as hopes China's weighting in the global benchmark will be increased.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent. Shanghai shares rose 1.55 per cent. Japan's Nikkei climbed more than 0.3 per cent, touching its highest since late January.
(with Reuters inputs)
CATCH ALL THE LIVE UPDATES
02:15 PM
United Breweries Ltd spurts 0.9%, up for five straight sessions
The stock is quoting at Rs 1397.55, up 0.9% on the day on the NSE. United Breweries Ltd is up 69.56% in last one year as compared to a 13.32% gain in NIFTY and a 20.98% gain in the Nifty FMCG. United Breweries Ltd rose for a fifth straight session today. READ MORE
02:01 PM
Market Check
Index Current Pt. Change % Change
S&P BSE SENSEX 36,456.42 -195.64 -0.53
S&P BSE SENSEX 50 11,519.76 -46.13 -0.40
S&P BSE SENSEX Next 50 32,747.59 +148.12 +0.45
S&P BSE 100 11,275.22 -30.77 -0.27
S&P BSE Bharat 22 Index 3,513.63 -19.43 -0.55
(Source: BSE)
01:46 PM
Hindustan Zinc well placed on rising volumes, supply situation
Though the broader markets have been under pressure, Hindustan Zinc continues to gain and has bounced back 13.8 per cent from its July lows. While trade war concerns have led to volatility in base metal prices, what offers comfort is the outlook for zinc given the supply shortages.
Further, while it posted softer volumes in the June quarter, there has been a recovery and analysts expect a better second half. READ MORE
01:36 PM
Cabinet okays Rs 4,500-cr package to sugar industry
The government Wednesday approved a Rs 4,500 crore package for the sugar industry that includes over two-fold jump in production assistance to cane growers and transport subsidy to mills for export up to 5 million tonnes in the marketing year 2018-19, sources said.
The Cabinet Committee on Economic Affairs (CCEA) approved the food ministry's proposal that seeks to address the surplus domestic stock of sugar and help mills in clearing huge cane arrears of around Rs 13,000 crore. READ MORE
01:25 PM
NEWS ALERT Cabinet approves national digital communication policy (telecom policy)
Telecom stocks in green:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
M T N L 14.85 14.10 0.75 5.32
REL. COMM. 11.80 11.55 0.25 2.16
VODAFONE IDEA 41.25 40.50 0.75 1.85
NETTLINX 72.50 71.25 1.25 1.75
TEJAS NETWORKS 272.40 268.25 4.15 1.55
01:16 PM
NEWS ALERT Cabinet approves package for sugar industry
Sugar stocks react:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
THIRU AROOR. SU. 31.55 29.55 2.00 6.77
GAYATRI SUGARS 4.63 4.41 0.22 4.99
RIGA SUGAR 8.09 7.71 0.38 4.93
KCP SUGAR &INDS. 24.70 23.55 1.15 4.88
UGAR SUGAR WORKS 16.13 15.47 0.66 4.27
Click here for more
01:07 PM
TOP TAKEAWAYS All you wanted to know about the Aadhar judgement Click here for more
01:05 PM
MID-CAP INDEX OUTPERFORMS Top gainers in the mid-cap segment
COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR) WEIGHT IN
INDEX (%)
GODREJ PROPERT. 599.55 25.10 4.37 3987.18 0.47
HONEYWELL AUTO 21718.40 776.40 3.71 4799.77 0.56
OBEROI REALTY 419.05 11.90 2.92 4875.73 0.58
M & M FIN. SERV. 427.60 12.10 2.91 12943.35 1.53
IIFL HOLDINGS 569.50 15.95 2.88 12900.63 1.53
GLENMARK PHARMA. 652.85 17.00 2.67 9764.42 1.16
Click here for the full list
01:03 PM
TOP LOSERS IN TRADE TODAY
COMPANY PRICE() CHG() CHG(%) VOLUME
KPIT TECH. 247.35 -19.40 -7.27 737172
SADBHAV ENGG. 231.25 -17.95 -7.20 10520
BOMBAY DYEING 186.20 -9.80 -5.00 6191
8K MILES 213.00 -11.20 -5.00 2777
INDIABULLS VENT. 594.55 -31.25 -4.99 9005
» More on Top Losers
01:01 PM
Prabhudas Lilladher on Aavas Financiers IPO
High capital adequacy (61%) will not only depress RoE in near term (current RoE at 11%) but elevated valuations would require high growth to improve ratios and justify valuations. Market conditions are challenging with high interest rates, bond yields volatility and anemic property market. Although technological driven processes (data analytics for onboarding customers, risk management, collection framework), regional expansion and stepping-up leverage signal bettering operational efficiencies in long term, valuations leave little scope for a negative surprise. AVOID.
01:00 PM
Edelweiss on JSW Energy
We met JSW Energy (JSWE) JMD & CEO Mr. Prashant Jain to size up the evolving landscape in the power sector and the company’s new business initiatives.
Key takeaways: 1) JSWE is likely to benefit from consolidation in the thermal power sector given its balance sheet (BS) strength. 2) Higher merchant prices due to favourable power demand-supply dynamics and rising fuel cost would force discoms to sign PPAs. 3) Management is long-term optimistic (but sees near-term pain) on renewables owing to the shift towards cleaner energy and expects tariffs to settle within INR3.25–4.0 in the medium term. 4) Management is confident of a successful foray into the electric vehicle (EV) business given opportunity size, structural shift in mobility and potential commercial parity over the next five years.
We like JSWE’s strong balance sheet, which can spur growth once demand revives. Our cautious stance stems from its expansion into a relatively unrelated space. Maintain ‘HOLD/SP’.
01:00 PM
Sharekhan on Marico
We expect FY2019 and FY2020 earnings estimates to grow by 3.7% and 2.5%, respectively. The gradual improvement in domestic volume growth and correction in copra prices would aid Marico to achieve strong earnings growth (22% CAGR) over the next two years. Marico is currently trading at 35x its FY2020 earnings, which is at a discount to some of the large FMCG stocks.
Moreover, rupee depreciation against USD will have less impact on Marico’s earnings as the company has natural hedge with foreign currency earnings being higher than expenses. Thus, stable valuations and correcting copra prices make Marico as one of our top picks in the FMCG space. We maintain our Buy recommendation on the stock with an upgraded price target (PT) of Rs. 385 (in-line with increased earnings estimates).
12:58 PM
FOMC preview
Post European market close will see the outcome of the FOMC’s latest policy meeting. This will include a press conference from Powell and a fresh summary of economic projections (the latter of which of course includes the dot plot).
It is expected that the Fed will announce a 25bp hike to the target range for the Fed Funds Rate (FFR). Despite the fact that the effective FFR is now trading only 7bp below the upper band of its target range (which means that it is 2bp below the IOER rate), it is still expected the IOER will be increased by the full 25bp (rather than, for example, only increasing it by 20bp).
(Source: Rabobank International report)
12:47 PM
KEI Industries gets revision in credit ratings
KEI Industries announced that CARE Ratings (CARE) has upgraded the rating assigned to Long Term Bank Facilities availed by the Company from CARE A-; Outlook: Positive Single A Minus] to CARE A; Stable [Single A; Outlook Stable]. Further, CARE has upgraded the rating assigned to Short Term Bank Facilities availed by the Company from CARE A2+ [A Two Plus] to CARE A1 [A One]. READ MORE
12:29 PM
Anand Rathi Wealth Services files Rs 4.25-bn IPO papers with Sebi
Financial services firm Anand Rathi Wealth Services has filed draft papers with markets regulator Sebi to raise an estimated Rs 4.25 billion through an initial public offering (IPO).
The IPO comprises fresh issue of equity shares by Anand Rathi Wealth Services aggregating up to Rs 1.25 billion and an offer for sale of up to Rs 3 billion by the promoter Anand Rathi Financial Services, according to the draft red herring prospectus (DRHP) filed with Sebi. READ HERE
12:15 PM
US-China trade war dims Asia's 2019 growth outlook says Asian Development Bank
Developing Asia could grow more slowly than previously thought next year as the US-China trade war inflicts damage on the region's export-reliant economies, the Asian Development Bank (ADB) said on Wednesday.
Tightening global liquidity could also weigh on business activity by pushing up borrowing costs, while capital outflows are also a risk. READ MORE
12:03 PM
Market Check
Index Current Pt. Change % Change
S&P BSE SENSEX 36,456.34 -195.72 -0.53
S&P BSE SENSEX 50 11,515.74 -50.15 -0.43
S&P BSE SENSEX Next 50 32,521.40 -78.07 -0.24
S&P BSE 100 11,260.15 -45.84 -0.41
S&P BSE Bharat 22 Index 3,509.37 -23.69 -0.67
(Source: BSE)
11:52 AM
After IL&FS crisis, suspicion running deep in bond dealers' minds
Public sector North Eastern Electric Power Corp Ltd (NEEPCO) on Monday called for bids to raise Rs 3 billion in seven-year bonds through the electronic bidding platform. It received bids worth Rs 135 million, asking for a coupon of 9.25 per cent. Last week, government-owned Rural Electrification Corp (REC) wanted to raise three-year 13-day bonds worth Rs 5 billion with a greenshoe option of another Rs 20 billion. READ MORE
11:40 AM
NEWS ALERT SC upholds constitutional validity of Aadhaar
11:31 AM
Why the IL&FS crisis is spooking debt and equity markets in India
What is the genesis of the crisis at IL&FS? Focused on capital expenditure (capex) rich sectors, Infrastructure Leasing & Financial Services (IL&FS) has used the debt route to raise substantial capital in the past. The current problems started in August when IL&FS defaulted on Rs 4.5 billion worth of inter-corporate deposits (ICDs) to the Small Industries Development Bank of India (SIDBI). READ MORE
11:13 AM
Nomura on financial sector
liquidity scare and related correction in financial stocks was driven by overall tightening liquidity conditions, initial contagion of the IL&FS debt downgrade and risk aversion behaviour of debt investors. We expect liquidity conditions to remain tight in the near term and, given negative news flow relating to IL&FS, risk aversion may also continue, but we believe investors need to differentiate between liability franchises in this environment.
11:11 AM
Jefferies on air-conditioning sector
The engineering air-conditioner segment (MEP) is back on the growth path after eight years of weak demand. Volatile weather has hit the residential AC segment in 1HFY19. We believe prospects for both industries are strong in the medium term, with MEP also showing near-term strength. We upgrade Blue Star to Buy, as the share price now reflects margin impact of water purifier investment. We remain positive on Voltas and believe weakness is a buying opportunity
11:07 AM
F&O watch Rollover highlights
· The Nifty Sep expiry rollover is at 29.9% on Tuesday compared to 36.94% on same day of previous expiry.
· The Banknifty Sep expiry rollover is at 27.4% on Tuesday compared to 31.63% on same day of previous expiry.
· The Market wide Sep expiry rollover is at 42.6% on Tuesday as compared to 48.38% on same day of previous expiry.
· The Nifty Sep rollover is lower than its Three months average of 33.24% and its six months average of 32.99%.
· The Banknifty Sep rollover is lower than its Three months average of 27.77% and its six months average of 27.99%.
· The market wide rollover is lower than with its three months average of 45.26% and six months average of 41.63%.
(Source: Nirmal Bang)
11:01 AM
Cryptocurrencies are in no hurry to gain back lost ground: Here's why
Cryptocurrencies like Bitcoin have lost over half their value so far in 2018, and more than that since late 2017. These virtual currencies have crashed before, but this time they seem in no hurry to gain back lost ground, largely because recent evidence has revealed problems with the new technology. READ MORE
10:51 AM
NSEL scam: SFIO asks for delisting of 63 Moons Technologies from bourses
The Serious Fraud Investigation Office (SFIO) has recommended this in a report to the Union ministry of corproate affairs on the scam in the erstwhile National Spot Exchange (NSEL), hit by a mssive payment default scam some years earlier. Also, that the company’s directors not be allowed to access the markets and raise funds. READ MORE
10:42 AM
JUST NOW
Bank of Baroda to consider merger proposal on Sept 29: News reports
10:39 AM
These stocks hit 52-week highs in today's trade
COMPANY LATEST 52 WK HIGH PREV HIGH PREV DATE VOLUME
APOLLO FINVEST 90.85 90.85 89.10 25-SEP-2018 1047
AUROMA COKE 16.24 16.24 15.93 25-SEP-2018 902
BAJAJ HEALTHCARE 450.00 450.00 441.00 30-MAY-2018 1600
BIOCON 709.00 718.35 708.25 25-SEP-2018 161573
DIVI'S LAB. 1414.75 1425.60 1407.00 19-SEP-2018 33721
Click here for the full list
10:33 AM
IL&FS crisis: Debt plan investors should thoroughly check fund's portfolio
The series of defaults by Infrastructure Leasing & Financial Services (IL&FS) has hurt debt funds. Worse, with funds like DSP Investment Managers selling the debt papers of Dewan Housing Finance, despite no apparent problem in the company, there is palpable fear among investors and debt-fund managers. READ MORE
10:16 AM
Biocon hits new high; stock zooms 109% in one year
Shares of Biocon hit a new high of Rs 718 per share, up 2% on Wednesday, extending their 6% rally on Tuesday on the BSE in an otherwise subdued market after the company said the inspection of its drug substance manufacturing site at Bengaluru campus by the US health regulator has concluded without any observations. READ MORE
10:01 AM
Market Check
Index Current Pt. Change % Change
S&P BSE SENSEX 36,695.83 +43.77 +0.12
S&P BSE SENSEX 50 11,593.53 +27.64 +0.24
S&P BSE SENSEX Next 50 32,777.59 +178.12 +0.55
S&P BSE 100 11,338.22 +32.23 +0.29
S&P BSE Bharat 22 Index 3,536.36 +3.30 +0.09
(Source: BSE)
Among sectoral indices, the Nifty FMCG index has slipped around1.5 per cent led by fall in ITC and Hindustan Unilever. The Nifty IT index, on the other hand, has fallen nearly 1.7 per cent weighed by Infosys and Tata Consultancy Services (TCS).
In key individual stocks, YES Bank is trading over 2 per cent higher at Rs 225.15 on the BSE. DHFL was up 1 per cent at Rs 303.75.
Investors will keenly watch US Fed meet outcome due later in the day for fresh cues in the markets.
Global Markets
Asian shares pulled ahead on Wednesday, as Chinese markets extended their recovery to hit eight-week highs on receding fears about the trade war as well as hopes China's weighting in the global benchmark will be increased.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent. Shanghai shares rose 1.55 per cent. Japan's Nikkei climbed more than 0.3 per cent, touching its highest since late January.
(with Reuters inputs)
CATCH ALL THE LIVE UPDATES
02:15 PM
United Breweries Ltd spurts 0.9%, up for five straight sessions
The stock is quoting at Rs 1397.55, up 0.9% on the day on the NSE. United Breweries Ltd is up 69.56% in last one year as compared to a 13.32% gain in NIFTY and a 20.98% gain in the Nifty FMCG. United Breweries Ltd rose for a fifth straight session today. READ MORE
02:01 PM
Market Check
Index Current Pt. Change % Change
S&P BSE SENSEX 36,456.42 -195.64 -0.53
S&P BSE SENSEX 50 11,519.76 -46.13 -0.40
S&P BSE SENSEX Next 50 32,747.59 +148.12 +0.45
S&P BSE 100 11,275.22 -30.77 -0.27
S&P BSE Bharat 22 Index 3,513.63 -19.43 -0.55
(Source: BSE)
01:46 PM
Hindustan Zinc well placed on rising volumes, supply situation
Though the broader markets have been under pressure, Hindustan Zinc continues to gain and has bounced back 13.8 per cent from its July lows. While trade war concerns have led to volatility in base metal prices, what offers comfort is the outlook for zinc given the supply shortages.
Further, while it posted softer volumes in the June quarter, there has been a recovery and analysts expect a better second half. READ MORE
01:36 PM
Cabinet okays Rs 4,500-cr package to sugar industry
The government Wednesday approved a Rs 4,500 crore package for the sugar industry that includes over two-fold jump in production assistance to cane growers and transport subsidy to mills for export up to 5 million tonnes in the marketing year 2018-19, sources said.
The Cabinet Committee on Economic Affairs (CCEA) approved the food ministry's proposal that seeks to address the surplus domestic stock of sugar and help mills in clearing huge cane arrears of around Rs 13,000 crore. READ MORE
01:25 PM
NEWS ALERT Cabinet approves national digital communication policy (telecom policy)
Telecom stocks in green:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
M T N L 14.85 14.10 0.75 5.32
REL. COMM. 11.80 11.55 0.25 2.16
VODAFONE IDEA 41.25 40.50 0.75 1.85
NETTLINX 72.50 71.25 1.25 1.75
TEJAS NETWORKS 272.40 268.25 4.15 1.55
01:16 PM
NEWS ALERT Cabinet approves package for sugar industry
Sugar stocks react:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)
THIRU AROOR. SU. 31.55 29.55 2.00 6.77
GAYATRI SUGARS 4.63 4.41 0.22 4.99
RIGA SUGAR 8.09 7.71 0.38 4.93
KCP SUGAR &INDS. 24.70 23.55 1.15 4.88
UGAR SUGAR WORKS 16.13 15.47 0.66 4.27
Click here for more
01:07 PM
TOP TAKEAWAYS All you wanted to know about the Aadhar judgement Click here for more
01:05 PM
MID-CAP INDEX OUTPERFORMS Top gainers in the mid-cap segment
COMPANY LATEST CHG(RS) CHG(%) FREE FLOAT
MKT CAP
(RS CR) WEIGHT IN
INDEX (%)
GODREJ PROPERT. 599.55 25.10 4.37 3987.18 0.47
HONEYWELL AUTO 21718.40 776.40 3.71 4799.77 0.56
OBEROI REALTY 419.05 11.90 2.92 4875.73 0.58
M & M FIN. SERV. 427.60 12.10 2.91 12943.35 1.53
IIFL HOLDINGS 569.50 15.95 2.88 12900.63 1.53
GLENMARK PHARMA. 652.85 17.00 2.67 9764.42 1.16
Click here for the full list
01:03 PM
TOP LOSERS IN TRADE TODAY
COMPANY PRICE() CHG() CHG(%) VOLUME
KPIT TECH. 247.35 -19.40 -7.27 737172
SADBHAV ENGG. 231.25 -17.95 -7.20 10520
BOMBAY DYEING 186.20 -9.80 -5.00 6191
8K MILES 213.00 -11.20 -5.00 2777
INDIABULLS VENT. 594.55 -31.25 -4.99 9005
» More on Top Losers
01:01 PM
Prabhudas Lilladher on Aavas Financiers IPO
High capital adequacy (61%) will not only depress RoE in near term (current RoE at 11%) but elevated valuations would require high growth to improve ratios and justify valuations. Market conditions are challenging with high interest rates, bond yields volatility and anemic property market. Although technological driven processes (data analytics for onboarding customers, risk management, collection framework), regional expansion and stepping-up leverage signal bettering operational efficiencies in long term, valuations leave little scope for a negative surprise. AVOID.
01:00 PM
Edelweiss on JSW Energy
We met JSW Energy (JSWE) JMD & CEO Mr. Prashant Jain to size up the evolving landscape in the power sector and the company’s new business initiatives.
Key takeaways: 1) JSWE is likely to benefit from consolidation in the thermal power sector given its balance sheet (BS) strength. 2) Higher merchant prices due to favourable power demand-supply dynamics and rising fuel cost would force discoms to sign PPAs. 3) Management is long-term optimistic (but sees near-term pain) on renewables owing to the shift towards cleaner energy and expects tariffs to settle within INR3.25–4.0 in the medium term. 4) Management is confident of a successful foray into the electric vehicle (EV) business given opportunity size, structural shift in mobility and potential commercial parity over the next five years.
We like JSWE’s strong balance sheet, which can spur growth once demand revives. Our cautious stance stems from its expansion into a relatively unrelated space. Maintain ‘HOLD/SP’.
01:00 PM
Sharekhan on Marico
We expect FY2019 and FY2020 earnings estimates to grow by 3.7% and 2.5%, respectively. The gradual improvement in domestic volume growth and correction in copra prices would aid Marico to achieve strong earnings growth (22% CAGR) over the next two years. Marico is currently trading at 35x its FY2020 earnings, which is at a discount to some of the large FMCG stocks.
Moreover, rupee depreciation against USD will have less impact on Marico’s earnings as the company has natural hedge with foreign currency earnings being higher than expenses. Thus, stable valuations and correcting copra prices make Marico as one of our top picks in the FMCG space. We maintain our Buy recommendation on the stock with an upgraded price target (PT) of Rs. 385 (in-line with increased earnings estimates).
12:58 PM
FOMC preview
Post European market close will see the outcome of the FOMC’s latest policy meeting. This will include a press conference from Powell and a fresh summary of economic projections (the latter of which of course includes the dot plot).
It is expected that the Fed will announce a 25bp hike to the target range for the Fed Funds Rate (FFR). Despite the fact that the effective FFR is now trading only 7bp below the upper band of its target range (which means that it is 2bp below the IOER rate), it is still expected the IOER will be increased by the full 25bp (rather than, for example, only increasing it by 20bp).
(Source: Rabobank International report)
12:47 PM
KEI Industries gets revision in credit ratings
KEI Industries announced that CARE Ratings (CARE) has upgraded the rating assigned to Long Term Bank Facilities availed by the Company from CARE A-; Outlook: Positive Single A Minus] to CARE A; Stable [Single A; Outlook Stable]. Further, CARE has upgraded the rating assigned to Short Term Bank Facilities availed by the Company from CARE A2+ [A Two Plus] to CARE A1 [A One]. READ MORE
12:29 PM
Anand Rathi Wealth Services files Rs 4.25-bn IPO papers with Sebi
Financial services firm Anand Rathi Wealth Services has filed draft papers with markets regulator Sebi to raise an estimated Rs 4.25 billion through an initial public offering (IPO).
The IPO comprises fresh issue of equity shares by Anand Rathi Wealth Services aggregating up to Rs 1.25 billion and an offer for sale of up to Rs 3 billion by the promoter Anand Rathi Financial Services, according to the draft red herring prospectus (DRHP) filed with Sebi. READ HERE
12:15 PM
US-China trade war dims Asia's 2019 growth outlook says Asian Development Bank
Developing Asia could grow more slowly than previously thought next year as the US-China trade war inflicts damage on the region's export-reliant economies, the Asian Development Bank (ADB) said on Wednesday.
Tightening global liquidity could also weigh on business activity by pushing up borrowing costs, while capital outflows are also a risk. READ MORE
12:03 PM
Market Check
Index Current Pt. Change % Change
S&P BSE SENSEX 36,456.34 -195.72 -0.53
S&P BSE SENSEX 50 11,515.74 -50.15 -0.43
S&P BSE SENSEX Next 50 32,521.40 -78.07 -0.24
S&P BSE 100 11,260.15 -45.84 -0.41
S&P BSE Bharat 22 Index 3,509.37 -23.69 -0.67
(Source: BSE)
11:52 AM
After IL&FS crisis, suspicion running deep in bond dealers' minds
Public sector North Eastern Electric Power Corp Ltd (NEEPCO) on Monday called for bids to raise Rs 3 billion in seven-year bonds through the electronic bidding platform. It received bids worth Rs 135 million, asking for a coupon of 9.25 per cent. Last week, government-owned Rural Electrification Corp (REC) wanted to raise three-year 13-day bonds worth Rs 5 billion with a greenshoe option of another Rs 20 billion. READ MORE
11:40 AM
NEWS ALERT SC upholds constitutional validity of Aadhaar
11:31 AM
Why the IL&FS crisis is spooking debt and equity markets in India
What is the genesis of the crisis at IL&FS? Focused on capital expenditure (capex) rich sectors, Infrastructure Leasing & Financial Services (IL&FS) has used the debt route to raise substantial capital in the past. The current problems started in August when IL&FS defaulted on Rs 4.5 billion worth of inter-corporate deposits (ICDs) to the Small Industries Development Bank of India (SIDBI). READ MORE
11:13 AM
Nomura on financial sector
liquidity scare and related correction in financial stocks was driven by overall tightening liquidity conditions, initial contagion of the IL&FS debt downgrade and risk aversion behaviour of debt investors. We expect liquidity conditions to remain tight in the near term and, given negative news flow relating to IL&FS, risk aversion may also continue, but we believe investors need to differentiate between liability franchises in this environment.
11:11 AM
Jefferies on air-conditioning sector
The engineering air-conditioner segment (MEP) is back on the growth path after eight years of weak demand. Volatile weather has hit the residential AC segment in 1HFY19. We believe prospects for both industries are strong in the medium term, with MEP also showing near-term strength. We upgrade Blue Star to Buy, as the share price now reflects margin impact of water purifier investment. We remain positive on Voltas and believe weakness is a buying opportunity
11:07 AM
F&O watch Rollover highlights
· The Nifty Sep expiry rollover is at 29.9% on Tuesday compared to 36.94% on same day of previous expiry.
· The Banknifty Sep expiry rollover is at 27.4% on Tuesday compared to 31.63% on same day of previous expiry.
· The Market wide Sep expiry rollover is at 42.6% on Tuesday as compared to 48.38% on same day of previous expiry.
· The Nifty Sep rollover is lower than its Three months average of 33.24% and its six months average of 32.99%.
· The Banknifty Sep rollover is lower than its Three months average of 27.77% and its six months average of 27.99%.
· The market wide rollover is lower than with its three months average of 45.26% and six months average of 41.63%.
(Source: Nirmal Bang)
11:01 AM
Cryptocurrencies are in no hurry to gain back lost ground: Here's why
Cryptocurrencies like Bitcoin have lost over half their value so far in 2018, and more than that since late 2017. These virtual currencies have crashed before, but this time they seem in no hurry to gain back lost ground, largely because recent evidence has revealed problems with the new technology. READ MORE
10:51 AM
NSEL scam: SFIO asks for delisting of 63 Moons Technologies from bourses
The Serious Fraud Investigation Office (SFIO) has recommended this in a report to the Union ministry of corproate affairs on the scam in the erstwhile National Spot Exchange (NSEL), hit by a mssive payment default scam some years earlier. Also, that the company’s directors not be allowed to access the markets and raise funds. READ MORE
10:42 AM
JUST NOW
Bank of Baroda to consider merger proposal on Sept 29: News reports
10:39 AM
These stocks hit 52-week highs in today's trade
COMPANY LATEST 52 WK HIGH PREV HIGH PREV DATE VOLUME
APOLLO FINVEST 90.85 90.85 89.10 25-SEP-2018 1047
AUROMA COKE 16.24 16.24 15.93 25-SEP-2018 902
BAJAJ HEALTHCARE 450.00 450.00 441.00 30-MAY-2018 1600
BIOCON 709.00 718.35 708.25 25-SEP-2018 161573
DIVI'S LAB. 1414.75 1425.60 1407.00 19-SEP-2018 33721
Click here for the full list
10:33 AM
IL&FS crisis: Debt plan investors should thoroughly check fund's portfolio
The series of defaults by Infrastructure Leasing & Financial Services (IL&FS) has hurt debt funds. Worse, with funds like DSP Investment Managers selling the debt papers of Dewan Housing Finance, despite no apparent problem in the company, there is palpable fear among investors and debt-fund managers. READ MORE
10:16 AM
Biocon hits new high; stock zooms 109% in one year
Shares of Biocon hit a new high of Rs 718 per share, up 2% on Wednesday, extending their 6% rally on Tuesday on the BSE in an otherwise subdued market after the company said the inspection of its drug substance manufacturing site at Bengaluru campus by the US health regulator has concluded without any observations. READ MORE
10:01 AM
Market Check
Index Current Pt. Change % Change
S&P BSE SENSEX 36,695.83 +43.77 +0.12
S&P BSE SENSEX 50 11,593.53 +27.64 +0.24
S&P BSE SENSEX Next 50 32,777.59 +178.12 +0.55
S&P BSE 100 11,338.22 +32.23 +0.29
S&P BSE Bharat 22 Index 3,536.36 +3.30 +0.09
(Source: BSE)
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