After soaring over 340 points to hit a fresh lifetime high of 40,392 levels in the intra-day deals, the S&P BSE Sensex pared its gains to settle at 40,129, up 77 points or 0.19 per cent on Thursday, the last day of the October series of the futures & options (F&O) contracts.
Markets witnessed sharp sell-off in the fag-end of the session after reports surfaced Chinese officials had doubts about whether it was possible to reach a comprehensive long-term trade deal with Washington and US President Donald Trump.
YES Bank (up around 24 per cent) emerged as the biggest gainer on the Sensex after the lender said it has received a binding offer of US $1.2 billion from a global investor. READ MORE
On the downside, Tech Mahindra (down over 2 per cent) bled the most.
Broader market outperformed the benchmarks. The S&P BSE MidCap index gained over 167 points or 1 per cent to settle at 14,865 while the S&P BSE SmallCap index closed at 13,558., up 127 points or nearly a per cent.
On the NSE, the benchmark Nifty50 added 37 points or 0.31 per cent to end at 11,881.
Sectorally, PSU banks and media counters advanced the most. The Nifty PSU Bank index gained nearly 4 per cent to end at 2,505 while the Nifty Media gained over 3 per cent to settle at 1,787.
Voaltility index India VIX declined around 2 per cent to 16.30 levels.
BUZZING STOCKS
Shares of Tata Motors hit a five-month high of Rs 180, up 4 per cent on the BSE, zooming 42 per cent in the past four days, after it delivered a better-than-expected September quarter (Q2FY20) earnings show, with improvement in the operational performance at Jaguar Land Rover (JLR), its Britain-based luxury vehicle arm. The stock eventually closed at Rs 178, up 3.40 per cent. READ MORE
JK Tyre & Industries surged as much as 13.87 per cent to Rs 80 apiece on the BSE during the day. The company on Wednesday reported over three-fold jump in the consolidated net profit to Rs 167.70 crore in the September quarter driven by gains from deferred tax liability. At close, shares stood at Rs 75.60, up nearly 8 per cent.
On the contrary, telecom majors Vodafone Idea and Bharti Airtel were under pressure, slipping up to 9 per cent during the day, after rating agencies underlined concerns emerging from the Supreme Court's ruling in the adjusted gross revenue (AGR) case. Vodafone Idea settled at Rs 3.89, up 2 per cent while Bharti Airtel ended at Rs 374, up over 1.50 per cent.
GLOBAL STOCKS
Asian shares jumped on Thursday to a three-month high and the dollar fell broadly after the Federal Reserve cut interest rates as expected and US Treasury yields declined. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.53 per cent to the highest since July 30. Hong Kong shares rose 0.93 per cent, while Japan’s Nikkei stock index rose 0.43 per cent.
The pan-region Euro Stoxx 50 futures were up 0.08 per cent, German DAX futures added 0.1 per cent, while FTSE futures edged down 0.02 per cent.
In commodities, oil prices edged up. Brent crude futures were up 39 cents, or 0.6 per cent, at $61 a barrel. US West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.5 per cent, at $55.36 after a 0.9 per cent decline in the previous session.
(With inputs from Reuters)
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04:04 PM
MARKET COMMENT | Sanjiv Bhasin, Director, IIFL Securities
"We are in a bull market. The economy is coming back on track and we are clearly overdone on consumption pessimism. The cut in tax rate is also boosting market sentiment. And, with its ambitious disinvestment plan, the government has set the cat among the pigeons.”
04:00 PM
SECTOR WATCH | Top gainers and losers on the NSE
03:38 PM
CLOSING BELL
The S&P BSE Sensex ended at 40,129, up 77 points while NSE's Nifty50 index closed 37 points or 0.31 per cent higher at 11,881.
03:19 PM
Top 5 gainers on the BSE at present
02:58 PM
Market check | Sharp sell-off in markets on reports long-term US-China trade deal uncertain
02:52 PM
NEWS ALERT | China said to doubt long-term trade deal possible with US President Donald Trump: Bloomberg
02:48 PM
Earnings Alert | Syndicate Bank Q2 result
-- NII at Rs 1,739.2 cr, up 10.6% YoY
-- Net Profit at Rs 251 cr
-- Gross NPA at 11.45%, Rs 25,382 crore
-- Net NPA at Rs 12,481 cr
-- Provisions at Rs 634 cr
02:45 PM
NEWS ALERT | T Latha resigns as MD & CEO of Dhanlaxmi Bank
02:42 PM
Reliance Jio writes letter to the Telecom Minister
Urge govt not to accept COAI's representation as Industry's respresentation;
Affted cos can pay dues by monetising assets or issuing fresh equity shares;
Disagree with COAI's view that industry will collapse without relief package;
02:36 PM
SBI sees its biggest single-day gain in percentage terms in around a month
02:15 PM
Sector watch | Nifty PSU banks extend gains
02:03 PM
NEWS ALERT | Hong Kong govt says economy has entered a technical recession
02:01 PM
MARKET COMMENT | Naveen Kulkarni, HoR, Reliance Securities
Market is clearly in a positive setup with festive season seeing improvement in demand and corporate tax rate cut providing the much needed earnings boost. Considering there is likely sequential improvement and earnings visibility, we believe market will continue to trend upwards. We have a April 2020 Nifty target of 12,800.
01:54 PM
Tata Motors hits 5-month high, zooms 42% in four days on strong Q2 results
In Q2FY20, Tata Motors’s consolidated net loss narrowed to Rs 217 crore, from Rs 1,049 crore reported in the year-ago period, while net revenue dropped nine per cent to Rs 65,432 crore. Driven by an improvement in JLR’s operational metrics, earnings before interest, tax, depreciation and amortisation (Ebitda) in the quarter rose 250 basis points (bps) to 12.4 per cent, the highest in 16 quarters. READ MORE
01:48 PM
YES Bank zooms 35% on $1.2 billion binding offer from global investor
Shares of YES Bank moved higher by 35 per cent to Rs 76.40 on the BSE on Thursday after the private sector lender said it has received a binding offer of US $1.2 billion from a global investor. “The bank has received a binding offer from a global investor for an investment of US $ 1.2 billion in the Bank through fresh issuance of equity shares, subject to regulatory approvals/conditions as well as Bank's board and shareholders approvals,” YES Bank said in a regulatory filing. READ MORE
YES Bank makes two senior management appointments; stock rises 5.5%
01:34 PM
NEWS ALERT | Board likely to consider binding offer on Nov 1: CNBC TV18
Alert: Bank to report its Q2 results tomorrow.
01:33 PM
NEWS ALERT | 4.5% equity of YES Bank, worth Rs 700 cr, traded in multiple blocks on NSE and BSE: CNBC TV18
01:31 PM
Around 45 securities hit 52-week high on the NSE
01:16 PM
NEWS ALERT | Binding offer from global investors via fresh issuance of equity shares: YES Bank
-- Offer will be accepted subject to Regulatory approvals
01:11 PM
NEWS ALERT | YES Bank receives binding offer of $1.2 billion
01:10 PM
Broader Market Check | Small-caps outperform benchmarks, index up 1.05%
12:56 PM
MARKET CHECK | Top 5 losers on the BSE at present
12:50 PM
BROKERAGE RADAR | Anand Rathi Financial Services on Indoco Remedies
We believe Indoco's FY20 to be a year of stablisation after a few hiccups regarding its plants catering to the US. Also, its domestic business has resumed normal growth and EU supply is expected to improve. Post-normalisation of its businesses, we expect a gradual step-up in earnings. We retain our Buy recommendation, at a lower target of Rs 191.
12:47 PM
Infosys surges nearly 5%; should you buy the stock now?
Shares of Infosys were trading higher for the fifth straight day, up 9 per cent in past one week, as compared to a three per cent rise in the benchmark index. Prior to that, share price of Infosys slipped 17 per cent in just three trading days from Rs 768 to Rs 635 after an anonymous whistleblower group called 'Ethical Employees' alleged that the company’s current management was taking 'unethical' steps to spur short-term revenue and profits. READ MORE
Infosys plans less staff deployment to meet future demands, check attrition
12:26 PM
BROKERAGE RADAR | Reliance Securities on Ramco Cements
A healthy improvement in sales volume and lower-than-expected decline in realisation were the key positive surprise. Capacity expansion of 4mnT without stretching its B/S much along with D/E ratio at 0.4x bodes well for TRCL. We maintain our long-term positive view on TRCL on the back of sustained volume growth and improving operating efficiency. Considering current valuations at 12.5x FY21 EBITDA, we do not see any meaningful upside from the current level. Hence, we maintain our HOLD recommendation on the stock with a revised Target Price of Rs 810.
12:13 PM
BROKERAGE RADAR | Geojit Financial Services on ZEEL
We expect company’s earnings to grow at a healthy 17.7% CAGR over FY19-21E. However, we remain cautious amidst mounting debt concerns and assign a HOLD rating on the stock with a revised TP of Rs 260 based on ~11x FY21E adj. EPS.
12:04 PM
Earnings Alert | Dhanlaxmi Bank Q2 result
-- Net profit at Rs 22.1 cr, up 81% YoY
-- Gross NPA at Rs 476.1 cr; 7.06% (vs 7.61% QoQ)
-- Net NPA at Rs 105.3 cr; 1.65% (vs 2.35% QoQ)
-- Loan growth at 7.2% YoY
12:01 PM
Two years on, debt resolution of first dozen firms still not complete
Of the 12 large accounts which were referred to the National Company Law Tribunal (NCLT) for resolution by the Reserve Bank of India (RBI) in 2017, resolution of seven corporate debtors has been approved and orders for liquidation has been passed in respect of two corporate debtors even as the resolution process for three of the remaining has not concluded. The combined debt of these 12 large accounts was Rs 3.45 trillion; the amount realised so far is Rs 1.01 trillion. READ MORE
11:51 AM
Rescuing India's PSU behemoths coming at the cost of fiscal restraint
Prime Minister Narendra Modi will spend about $9.5 billion to resuscitate telecom firms Bharat Sanchar Nigam Ltd. and Mahanagar Telephone Nigam Ltd., Telecom Minister Ravi Shankar Prasad said at a briefing last week. The government is already pumping 300 billion rupees of tax payers’ money into state-run Air India Ltd., while fighter-jet maker Hindustan Aeronautics Ltd. has been borrowing to pay employees this year after parting with its cash reserves as dividends to the government. READ MORE
11:41 AM
NEWS ALERT | US FDA issues EIR for Cadila Healthcare's Baddi unit: CNBC TV18
-- EIR establishes No Action Indicated
Alert: EIR is Establishment Inspection Report
Markets witnessed sharp sell-off in the fag-end of the session after reports surfaced Chinese officials had doubts about whether it was possible to reach a comprehensive long-term trade deal with Washington and US President Donald Trump.
YES Bank (up around 24 per cent) emerged as the biggest gainer on the Sensex after the lender said it has received a binding offer of US $1.2 billion from a global investor. READ MORE
On the downside, Tech Mahindra (down over 2 per cent) bled the most.
Broader market outperformed the benchmarks. The S&P BSE MidCap index gained over 167 points or 1 per cent to settle at 14,865 while the S&P BSE SmallCap index closed at 13,558., up 127 points or nearly a per cent.
On the NSE, the benchmark Nifty50 added 37 points or 0.31 per cent to end at 11,881.
Sectorally, PSU banks and media counters advanced the most. The Nifty PSU Bank index gained nearly 4 per cent to end at 2,505 while the Nifty Media gained over 3 per cent to settle at 1,787.
Voaltility index India VIX declined around 2 per cent to 16.30 levels.
BUZZING STOCKS
Shares of Tata Motors hit a five-month high of Rs 180, up 4 per cent on the BSE, zooming 42 per cent in the past four days, after it delivered a better-than-expected September quarter (Q2FY20) earnings show, with improvement in the operational performance at Jaguar Land Rover (JLR), its Britain-based luxury vehicle arm. The stock eventually closed at Rs 178, up 3.40 per cent. READ MORE
JK Tyre & Industries surged as much as 13.87 per cent to Rs 80 apiece on the BSE during the day. The company on Wednesday reported over three-fold jump in the consolidated net profit to Rs 167.70 crore in the September quarter driven by gains from deferred tax liability. At close, shares stood at Rs 75.60, up nearly 8 per cent.
On the contrary, telecom majors Vodafone Idea and Bharti Airtel were under pressure, slipping up to 9 per cent during the day, after rating agencies underlined concerns emerging from the Supreme Court's ruling in the adjusted gross revenue (AGR) case. Vodafone Idea settled at Rs 3.89, up 2 per cent while Bharti Airtel ended at Rs 374, up over 1.50 per cent.
GLOBAL STOCKS
Asian shares jumped on Thursday to a three-month high and the dollar fell broadly after the Federal Reserve cut interest rates as expected and US Treasury yields declined. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.53 per cent to the highest since July 30. Hong Kong shares rose 0.93 per cent, while Japan’s Nikkei stock index rose 0.43 per cent.
The pan-region Euro Stoxx 50 futures were up 0.08 per cent, German DAX futures added 0.1 per cent, while FTSE futures edged down 0.02 per cent.
In commodities, oil prices edged up. Brent crude futures were up 39 cents, or 0.6 per cent, at $61 a barrel. US West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.5 per cent, at $55.36 after a 0.9 per cent decline in the previous session.
(With inputs from Reuters)
CATCH ALL THE LIVE UPDATES
Auto Refresh
04:04 PM
MARKET COMMENT | Sanjiv Bhasin, Director, IIFL Securities
"We are in a bull market. The economy is coming back on track and we are clearly overdone on consumption pessimism. The cut in tax rate is also boosting market sentiment. And, with its ambitious disinvestment plan, the government has set the cat among the pigeons.”
04:00 PM
SECTOR WATCH | Top gainers and losers on the NSE
03:38 PM
CLOSING BELL
The S&P BSE Sensex ended at 40,129, up 77 points while NSE's Nifty50 index closed 37 points or 0.31 per cent higher at 11,881.
03:19 PM
Top 5 gainers on the BSE at present
02:58 PM
Market check | Sharp sell-off in markets on reports long-term US-China trade deal uncertain
02:52 PM
NEWS ALERT | China said to doubt long-term trade deal possible with US President Donald Trump: Bloomberg
02:48 PM
Earnings Alert | Syndicate Bank Q2 result
-- NII at Rs 1,739.2 cr, up 10.6% YoY
-- Net Profit at Rs 251 cr
-- Gross NPA at 11.45%, Rs 25,382 crore
-- Net NPA at Rs 12,481 cr
-- Provisions at Rs 634 cr
02:45 PM
NEWS ALERT | T Latha resigns as MD & CEO of Dhanlaxmi Bank
02:42 PM
Reliance Jio writes letter to the Telecom Minister
Urge govt not to accept COAI's representation as Industry's respresentation;
Affted cos can pay dues by monetising assets or issuing fresh equity shares;
Disagree with COAI's view that industry will collapse without relief package;
02:36 PM
SBI sees its biggest single-day gain in percentage terms in around a month
02:15 PM
Sector watch | Nifty PSU banks extend gains
02:03 PM
NEWS ALERT | Hong Kong govt says economy has entered a technical recession
02:01 PM
MARKET COMMENT | Naveen Kulkarni, HoR, Reliance Securities
Market is clearly in a positive setup with festive season seeing improvement in demand and corporate tax rate cut providing the much needed earnings boost. Considering there is likely sequential improvement and earnings visibility, we believe market will continue to trend upwards. We have a April 2020 Nifty target of 12,800.
01:54 PM
Tata Motors hits 5-month high, zooms 42% in four days on strong Q2 results
In Q2FY20, Tata Motors’s consolidated net loss narrowed to Rs 217 crore, from Rs 1,049 crore reported in the year-ago period, while net revenue dropped nine per cent to Rs 65,432 crore. Driven by an improvement in JLR’s operational metrics, earnings before interest, tax, depreciation and amortisation (Ebitda) in the quarter rose 250 basis points (bps) to 12.4 per cent, the highest in 16 quarters. READ MORE
01:48 PM
YES Bank zooms 35% on $1.2 billion binding offer from global investor
Shares of YES Bank moved higher by 35 per cent to Rs 76.40 on the BSE on Thursday after the private sector lender said it has received a binding offer of US $1.2 billion from a global investor. “The bank has received a binding offer from a global investor for an investment of US $ 1.2 billion in the Bank through fresh issuance of equity shares, subject to regulatory approvals/conditions as well as Bank's board and shareholders approvals,” YES Bank said in a regulatory filing. READ MORE
YES Bank makes two senior management appointments; stock rises 5.5%
01:34 PM
NEWS ALERT | Board likely to consider binding offer on Nov 1: CNBC TV18
Alert: Bank to report its Q2 results tomorrow.
01:33 PM
NEWS ALERT | 4.5% equity of YES Bank, worth Rs 700 cr, traded in multiple blocks on NSE and BSE: CNBC TV18
01:31 PM
Around 45 securities hit 52-week high on the NSE
01:16 PM
NEWS ALERT | Binding offer from global investors via fresh issuance of equity shares: YES Bank
-- Offer will be accepted subject to Regulatory approvals
01:11 PM
NEWS ALERT | YES Bank receives binding offer of $1.2 billion
01:10 PM
Broader Market Check | Small-caps outperform benchmarks, index up 1.05%
12:56 PM
MARKET CHECK | Top 5 losers on the BSE at present
12:50 PM
BROKERAGE RADAR | Anand Rathi Financial Services on Indoco Remedies
We believe Indoco's FY20 to be a year of stablisation after a few hiccups regarding its plants catering to the US. Also, its domestic business has resumed normal growth and EU supply is expected to improve. Post-normalisation of its businesses, we expect a gradual step-up in earnings. We retain our Buy recommendation, at a lower target of Rs 191.
12:47 PM
Infosys surges nearly 5%; should you buy the stock now?
Shares of Infosys were trading higher for the fifth straight day, up 9 per cent in past one week, as compared to a three per cent rise in the benchmark index. Prior to that, share price of Infosys slipped 17 per cent in just three trading days from Rs 768 to Rs 635 after an anonymous whistleblower group called 'Ethical Employees' alleged that the company’s current management was taking 'unethical' steps to spur short-term revenue and profits. READ MORE
Infosys plans less staff deployment to meet future demands, check attrition
12:26 PM
BROKERAGE RADAR | Reliance Securities on Ramco Cements
A healthy improvement in sales volume and lower-than-expected decline in realisation were the key positive surprise. Capacity expansion of 4mnT without stretching its B/S much along with D/E ratio at 0.4x bodes well for TRCL. We maintain our long-term positive view on TRCL on the back of sustained volume growth and improving operating efficiency. Considering current valuations at 12.5x FY21 EBITDA, we do not see any meaningful upside from the current level. Hence, we maintain our HOLD recommendation on the stock with a revised Target Price of Rs 810.
12:13 PM
BROKERAGE RADAR | Geojit Financial Services on ZEEL
We expect company’s earnings to grow at a healthy 17.7% CAGR over FY19-21E. However, we remain cautious amidst mounting debt concerns and assign a HOLD rating on the stock with a revised TP of Rs 260 based on ~11x FY21E adj. EPS.
12:04 PM
Earnings Alert | Dhanlaxmi Bank Q2 result
-- Net profit at Rs 22.1 cr, up 81% YoY
-- Gross NPA at Rs 476.1 cr; 7.06% (vs 7.61% QoQ)
-- Net NPA at Rs 105.3 cr; 1.65% (vs 2.35% QoQ)
-- Loan growth at 7.2% YoY
12:01 PM
Two years on, debt resolution of first dozen firms still not complete
Of the 12 large accounts which were referred to the National Company Law Tribunal (NCLT) for resolution by the Reserve Bank of India (RBI) in 2017, resolution of seven corporate debtors has been approved and orders for liquidation has been passed in respect of two corporate debtors even as the resolution process for three of the remaining has not concluded. The combined debt of these 12 large accounts was Rs 3.45 trillion; the amount realised so far is Rs 1.01 trillion. READ MORE
11:51 AM
Rescuing India's PSU behemoths coming at the cost of fiscal restraint
Prime Minister Narendra Modi will spend about $9.5 billion to resuscitate telecom firms Bharat Sanchar Nigam Ltd. and Mahanagar Telephone Nigam Ltd., Telecom Minister Ravi Shankar Prasad said at a briefing last week. The government is already pumping 300 billion rupees of tax payers’ money into state-run Air India Ltd., while fighter-jet maker Hindustan Aeronautics Ltd. has been borrowing to pay employees this year after parting with its cash reserves as dividends to the government. READ MORE
11:41 AM
NEWS ALERT | US FDA issues EIR for Cadila Healthcare's Baddi unit: CNBC TV18
-- EIR establishes No Action Indicated
Alert: EIR is Establishment Inspection Report
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