Bulls had upper hand during the early hours of Muhurat Trading.
The benchmark S&P BSE Sensex was at 39,272 level. Only four out of 30 stocks listed on the index were trading in the red. Tata Motors, up 17 per cent, was the biggest gainer in the early trade. Bharti Airtel, on the other hand, was trading 3 per cent lower as the top loser. On NSE, Nifty50 was trading at 11,660-mark.
Sectorally, while all the indices were in the green, Nifty Auto was the outlier with over 1 per cent gain. All other indices gained up to 0.5 per cent.
In the broader market, the S&P BSE mid-cap index was trading 0.7 per cent higher, while the S&P BSE small-cap was ruling with over 1 per cent gains.
OUTLOOK FOR SAMVAT 2076
Going ahead, analysts have ruled out a runway market rally in Samvat 2076 on the back of several domestic and global headwinds, which they say, could keep markets volatile through the year.
On the domestic front, health of the economy, fiscal and current deficits, flows – both from foreign and domestic investors -- into equites as an asset class, interest rates, liquidity issues, policy initiatives by the government and modest growth in corporate earnings are some of the factors likely to impact sentiment.
At the global level, trade war tussle, monetary policy of major central banks and oil prices, analysts feel, are the factors that will dictate market direction. READ MORE HERE
CATCH ALL THE LIVE UPDATES
Auto Refresh
06:49 PM
NEWS ALERT | Sold 13,500 vehicle units on Dhanteras: M&M via BSE filing
-- This figure was substantially higher than the deliveries last year on Dhanteras.
06:47 PM
ICICI Bank hits new high on strong operational performance in Q2
Shares of ICICI Bank hit a new high of Rs 473, up 1 per cent on the BSE on Sunday after the bank reported healthy operational performance driven by net interest income (NII), which grew 26 per cent at Rs 8,057 crore on year-on-year (YoY) basis in September quarter (Q2FY20). The bank’s net interest margin (NIM) improved to 3.64 per cent in Q2FY20 from 3.33 per cent a year ago.
Asset quality also improved with gross non-performing assets (NPA) declining to 6.37 per cent with improvement of 12 basis points (bps) while net NPA declined to 1.6 per cent from 1.77 per cent in Q1FY20. READ MORE
06:45 PM
NEWS ALERT :: GVK Airports inks agreement with ADIA, others for Rs 7,614 crore
GVK Airports signed definitive agreements today with three investors – ADIA, Abu Dhabi; PSP Investments, Canada and the NIIF, India for an aggregate investment of Rs. 7614 crore. Proceeds from this transaction will be used by GVK to primarily retire debt obligations of its holding companies significantly and fund the purchase of additional shares in MIAL. GVK will continue to manage both airports and also they will be branded as GVK Airports.
(Source: Company release)
06:44 PM
Gold likely to move higher in Samvat 2076; make a strategic allocation
nvestors who put in money in gold as an asset class have reaped a good harvest with prices moving up nearly 22 per cent thus far in Samvat 2075. However, the run-up should not deter investors from investing in the yellow metal in Samvat 2076.
Following the remarkable rally over the last few months, gold prices are now consolidating. While in the near term, gold can remain range-bound as there are various conflicting forces at play and no single factor seems to influence the price direction, there are triggers that can propel prices to higher levels over the long term. READ MORE
06:42 PM
Diwali Picks :: Motilal Oswal Securities
Large-caps: ICICI Bank, SBI, HDFC, Bharti Airtel, L&T, HUL, Titan.
Mid-caps: Indian Hotels, MMFS, Ashok Leyland, ABFRL, JK Cement, Colgate, Petronet LNG, PI Industries.
Contra Ideas: Coal India, Motherson Sumi, Page Industries, LIC Housing Finance, Birla Corp.
06:41 PM
Jefferies on Maruti Suzuki
Maruti's 2Q EBIT was ahead of estimate helped by 2% higher realization & better margin. While much of the margin beat was due to inventory accounting and will reverse, cost control also helped. Overall, EBIT margin of 4% despite 32% YoY volume decline reflects better margin resilience than previous down-cycles. Management also indicated slight positive YoY trends in festive season so far though its sustainability without very high discounts remains to be seen
06:40 PM
HDFC Securities on Hexaware
Hexaware’s ‘low-double digit’ organic growth trajectory is sustainable supported by (1) IMS/BPM and ADM service-lines, (2) Cross-sell opportunities from Mobiquity and (3) Strengthening Guidewire, Pega and Adobe partnership. While concerns around BFS (large account) persist, improved offerings in the vertical (Backbase, AWS) will support growth. We build USD rev/EPS of 15/13% CAGR over CY18-21E factoring USD rev growth at 17.1/15.7/12.1% and EBITDA% at 15.1/15.3/15.6% for CY19/20/21E, respectively. Key risks include escalation in client specific challenges (BFS) and low NN wins.
06:39 PM
Kotak Securities on telecom sector
The adverse SC judgment on the longstanding AGR case is a massive body blow to Bharti and VIL, in our view. Per unauthenticated media reports, the two companies are liable to pay Rs217 bn and Rs283 bn, respectively. These liabilities pertain only to underpaid license fee and associated penalty and interest.
Related demand on underpaid spectrum usage charges is also quite likely – this demand could be 60-70% of the LF-related demand. We change our rating on VIL to NR (not rated) given the high degree of uncertainty post this event. Upgrade Bharti to BUY with a revised FV of Rs450/share (from Rs370) and retain REDUCE on Bharti Infratel with a revised FV of Rs200/share (from Rs275).
06:37 PM
MARKET COMMENT :: Chris Wood of Jefferies
World stock markets are increasingly optimistic for a US-China trade deal this quarter, as is GREED & fear. The key question perhaps is whether it is a “mini deal”, which is the consensus, or something more substantial where the existing tariffs are dropped. GREED & fear would also view it as positive, especially for Asia and emerging market equities, if the deal contains a currency component.
Markets are expecting, as is GREED & fear, another 25bp cut by the Fed this week. The data that give the Fed the excuse to ease again were the latest ISM data and the latest average hourly earnings growth. Still, if the Fed does ease, as expected, it will be ignoring again the recent pickup in reported US inflation data.
Chris Wood
Chris Wood
06:32 PM
Tata Motors rallies 18% as net loss narrows in September 2019 quarter
Shares of Tata Motors have rallied 18 per cent to Rs 148 on the BSE in Muhurat trading Sunday, after the company reported a better-than-expected EBITDA (earnings before interest, tax, depreciation and amortization) margin at 10.9%, up 157bps year-on-year (YoY) and 607bps quarter on quarter (QoQ) in September quarter of financial year 2019-20 (Q2FY20). Margin expansion was attributed to Jaguar Land Rover (JLR) business despite a drag from domestic business.
Till 06:15 pm; a combined 780,794 shares changed hands and there were pending buy orders for 23 million shares on the NSE and BSE. READ MORE
06:21 PM
ICICI Bank reacts to Q2 numbers
06:19 PM
Samvat 2076 trade :: Markets open higher
Among Sensex stocks, Tata Motors leads charge
06:16 PM
Indian economy on life support, structural reforms need of the hour
If the India story isn’t dead, it’s certainly on life support. The economy grew at 5 per cent in the last quarter for which data is available, leading to a rash of downward recalibrations of growth for the full financial year. (India’s financial year begins on April 1) Most recently, the Economist Intelligence Unit suggested that growth in FY20 will be 5.2 per cent -- significantly below potential. READ MORE
06:12 PM
Nomura on Axis Bank
Asset quality is bottoming out, and operating performance should stabilise. Large capital infusions for PSUs and private corporate banks should lead to faster ramp-up to normalised ROEs.
06:10 PM
Tata Motors surges 10% in pre-open
06:05 PM
Top gainers and losers at S&P BSE Sensex during Pre-Open
06:03 PM
Market at Pre-Open
06:02 PM
Market at Pre-Open
05:56 PM
Aavas Financiers, HDFC AMC: Stocks that doubled your money in Samvat 2075
Consider this. Among the top 10 gainers in the S&P BSE500 index, five companies are from the financial sector. This comes at a time when the sentiment was impacted by the liquidity situation triggered by crisis in companies like IL&FS, Dewan Housing Finance Limited (DHFL). Yet fundamentally sound companies delivered.
“The pain in Indian equities was reflective as certain key sectors such as auto witnessed sharp volumes decline, while overall gross domestic product (GDP) in the first quarter of financial year 2019 – 20 (Q1FY20) dipped to six years low of 5 per cent,” wrote Pankaj Pandey, head of research at ICICI Securities in a recent note. READ MORE
05:48 PM
Sensex rallies 12% in Samvat 2075; mid, small-caps underperform
During Samvat 2075 (till October 18), the headline S&P BSE Sensex advanced 11.5 per cent, while the broader Nifty50 index has moved up nearly 10 per cent. The broader markets, however, underperformed with the S&P BSE Mid-cap index slipping 3 per cent (Nifty mid-cap index slipped 7 per cent). The S&P BSE small-cap, too, tumbled 10 per cent (Nifty Small-cap index down 11 per cent).
“Samvat 2075 has been a tough year for the equity markets by any standards, except when looked through the prism of headline index. This was one of the most divergent years as far as performance differential between indices is concerned. Even the large cap index (Nifty) was marked by concentrated performance with top 10 performers accounting for majority of the gains,” says Vivek Mahajan, head of research at Aditya Birla Capital. READ MORE
05:40 PM
Samvat 2075: MF investors' appetite for equity schemes sharply diminished
Mutual fund (MF) investors’ appetite for equity schemes sharply diminished during Samvat 2075.
Between October 2018 and September 2019, equity schemes garnered Rs 84,193 crore of inflows, which was about 40 per cent less than the previous Samvat. According to industry experts, investors’ cut-back on equity schemes was caused by disappointment in mid- and small-cap funds, in which they had expected robust returns. READ MORE HERE
05:38 PM
Diwali Picks :: Anand Rathi Shares and Stock Brokers
05:38 PM
Jhunjhunwala to Kedia, superstar investors end Samvat 2075 with tepid gains
A year marked by elections and all-time highs on key benchmark indices has ended up as a relatively muted year for some of the biggest investors in India’s stock markets. Gains have moderated in the September quarter after successive quarters of upside.
Business Standard looked at holdings of five key investors based on data from nseinfobase.com on large non-promoter shareholders. They include Rakesh Radheshyam Jhunjhunwala, Ashish Dhawan, Ashish Ramchandra Kacholia, Rajiv and Dolly Khanna, and Vijay Kishanlal Kedia. READ MORE HERE
05:35 PM
Diwali Picks :: ICICI Securities
05:34 PM
Bulk deals on BSE on last day of Samvat 2075
Click here for complete list
05:33 PM
Diwali Picks :: Axis Securities
05:32 PM
Bulk deals on NSE on last day of Samvat 2075
Click here for complete list
05:31 PM
Diwali Picks :: Sharekhan
05:30 PM
FII/FPI & DII trading activity on NSE, BSE and MSEI
05:29 PM
Asian Market check
Source: Reuters
The benchmark S&P BSE Sensex was at 39,272 level. Only four out of 30 stocks listed on the index were trading in the red. Tata Motors, up 17 per cent, was the biggest gainer in the early trade. Bharti Airtel, on the other hand, was trading 3 per cent lower as the top loser. On NSE, Nifty50 was trading at 11,660-mark.
Sectorally, while all the indices were in the green, Nifty Auto was the outlier with over 1 per cent gain. All other indices gained up to 0.5 per cent.
In the broader market, the S&P BSE mid-cap index was trading 0.7 per cent higher, while the S&P BSE small-cap was ruling with over 1 per cent gains.
OUTLOOK FOR SAMVAT 2076
Going ahead, analysts have ruled out a runway market rally in Samvat 2076 on the back of several domestic and global headwinds, which they say, could keep markets volatile through the year.
On the domestic front, health of the economy, fiscal and current deficits, flows – both from foreign and domestic investors -- into equites as an asset class, interest rates, liquidity issues, policy initiatives by the government and modest growth in corporate earnings are some of the factors likely to impact sentiment.
At the global level, trade war tussle, monetary policy of major central banks and oil prices, analysts feel, are the factors that will dictate market direction. READ MORE HERE
CATCH ALL THE LIVE UPDATES
Auto Refresh
06:49 PM
NEWS ALERT | Sold 13,500 vehicle units on Dhanteras: M&M via BSE filing
-- This figure was substantially higher than the deliveries last year on Dhanteras.
06:47 PM
ICICI Bank hits new high on strong operational performance in Q2
Shares of ICICI Bank hit a new high of Rs 473, up 1 per cent on the BSE on Sunday after the bank reported healthy operational performance driven by net interest income (NII), which grew 26 per cent at Rs 8,057 crore on year-on-year (YoY) basis in September quarter (Q2FY20). The bank’s net interest margin (NIM) improved to 3.64 per cent in Q2FY20 from 3.33 per cent a year ago.
Asset quality also improved with gross non-performing assets (NPA) declining to 6.37 per cent with improvement of 12 basis points (bps) while net NPA declined to 1.6 per cent from 1.77 per cent in Q1FY20. READ MORE
06:45 PM
NEWS ALERT :: GVK Airports inks agreement with ADIA, others for Rs 7,614 crore
GVK Airports signed definitive agreements today with three investors – ADIA, Abu Dhabi; PSP Investments, Canada and the NIIF, India for an aggregate investment of Rs. 7614 crore. Proceeds from this transaction will be used by GVK to primarily retire debt obligations of its holding companies significantly and fund the purchase of additional shares in MIAL. GVK will continue to manage both airports and also they will be branded as GVK Airports.
(Source: Company release)
06:44 PM
Gold likely to move higher in Samvat 2076; make a strategic allocation
nvestors who put in money in gold as an asset class have reaped a good harvest with prices moving up nearly 22 per cent thus far in Samvat 2075. However, the run-up should not deter investors from investing in the yellow metal in Samvat 2076.
Following the remarkable rally over the last few months, gold prices are now consolidating. While in the near term, gold can remain range-bound as there are various conflicting forces at play and no single factor seems to influence the price direction, there are triggers that can propel prices to higher levels over the long term. READ MORE
06:42 PM
Diwali Picks :: Motilal Oswal Securities
Large-caps: ICICI Bank, SBI, HDFC, Bharti Airtel, L&T, HUL, Titan.
Mid-caps: Indian Hotels, MMFS, Ashok Leyland, ABFRL, JK Cement, Colgate, Petronet LNG, PI Industries.
Contra Ideas: Coal India, Motherson Sumi, Page Industries, LIC Housing Finance, Birla Corp.
06:41 PM
Jefferies on Maruti Suzuki
Maruti's 2Q EBIT was ahead of estimate helped by 2% higher realization & better margin. While much of the margin beat was due to inventory accounting and will reverse, cost control also helped. Overall, EBIT margin of 4% despite 32% YoY volume decline reflects better margin resilience than previous down-cycles. Management also indicated slight positive YoY trends in festive season so far though its sustainability without very high discounts remains to be seen
06:40 PM
HDFC Securities on Hexaware
Hexaware’s ‘low-double digit’ organic growth trajectory is sustainable supported by (1) IMS/BPM and ADM service-lines, (2) Cross-sell opportunities from Mobiquity and (3) Strengthening Guidewire, Pega and Adobe partnership. While concerns around BFS (large account) persist, improved offerings in the vertical (Backbase, AWS) will support growth. We build USD rev/EPS of 15/13% CAGR over CY18-21E factoring USD rev growth at 17.1/15.7/12.1% and EBITDA% at 15.1/15.3/15.6% for CY19/20/21E, respectively. Key risks include escalation in client specific challenges (BFS) and low NN wins.
06:39 PM
Kotak Securities on telecom sector
The adverse SC judgment on the longstanding AGR case is a massive body blow to Bharti and VIL, in our view. Per unauthenticated media reports, the two companies are liable to pay Rs217 bn and Rs283 bn, respectively. These liabilities pertain only to underpaid license fee and associated penalty and interest.
Related demand on underpaid spectrum usage charges is also quite likely – this demand could be 60-70% of the LF-related demand. We change our rating on VIL to NR (not rated) given the high degree of uncertainty post this event. Upgrade Bharti to BUY with a revised FV of Rs450/share (from Rs370) and retain REDUCE on Bharti Infratel with a revised FV of Rs200/share (from Rs275).
06:37 PM
MARKET COMMENT :: Chris Wood of Jefferies
World stock markets are increasingly optimistic for a US-China trade deal this quarter, as is GREED & fear. The key question perhaps is whether it is a “mini deal”, which is the consensus, or something more substantial where the existing tariffs are dropped. GREED & fear would also view it as positive, especially for Asia and emerging market equities, if the deal contains a currency component.
Markets are expecting, as is GREED & fear, another 25bp cut by the Fed this week. The data that give the Fed the excuse to ease again were the latest ISM data and the latest average hourly earnings growth. Still, if the Fed does ease, as expected, it will be ignoring again the recent pickup in reported US inflation data.
Chris Wood
Chris Wood
06:32 PM
Tata Motors rallies 18% as net loss narrows in September 2019 quarter
Shares of Tata Motors have rallied 18 per cent to Rs 148 on the BSE in Muhurat trading Sunday, after the company reported a better-than-expected EBITDA (earnings before interest, tax, depreciation and amortization) margin at 10.9%, up 157bps year-on-year (YoY) and 607bps quarter on quarter (QoQ) in September quarter of financial year 2019-20 (Q2FY20). Margin expansion was attributed to Jaguar Land Rover (JLR) business despite a drag from domestic business.
Till 06:15 pm; a combined 780,794 shares changed hands and there were pending buy orders for 23 million shares on the NSE and BSE. READ MORE
06:21 PM
ICICI Bank reacts to Q2 numbers
06:19 PM
Samvat 2076 trade :: Markets open higher
Among Sensex stocks, Tata Motors leads charge
06:16 PM
Indian economy on life support, structural reforms need of the hour
If the India story isn’t dead, it’s certainly on life support. The economy grew at 5 per cent in the last quarter for which data is available, leading to a rash of downward recalibrations of growth for the full financial year. (India’s financial year begins on April 1) Most recently, the Economist Intelligence Unit suggested that growth in FY20 will be 5.2 per cent -- significantly below potential. READ MORE
06:12 PM
Nomura on Axis Bank
Asset quality is bottoming out, and operating performance should stabilise. Large capital infusions for PSUs and private corporate banks should lead to faster ramp-up to normalised ROEs.
06:10 PM
Tata Motors surges 10% in pre-open
06:05 PM
Top gainers and losers at S&P BSE Sensex during Pre-Open
06:03 PM
Market at Pre-Open
06:02 PM
Market at Pre-Open
05:56 PM
Aavas Financiers, HDFC AMC: Stocks that doubled your money in Samvat 2075
Consider this. Among the top 10 gainers in the S&P BSE500 index, five companies are from the financial sector. This comes at a time when the sentiment was impacted by the liquidity situation triggered by crisis in companies like IL&FS, Dewan Housing Finance Limited (DHFL). Yet fundamentally sound companies delivered.
“The pain in Indian equities was reflective as certain key sectors such as auto witnessed sharp volumes decline, while overall gross domestic product (GDP) in the first quarter of financial year 2019 – 20 (Q1FY20) dipped to six years low of 5 per cent,” wrote Pankaj Pandey, head of research at ICICI Securities in a recent note. READ MORE
05:48 PM
Sensex rallies 12% in Samvat 2075; mid, small-caps underperform
During Samvat 2075 (till October 18), the headline S&P BSE Sensex advanced 11.5 per cent, while the broader Nifty50 index has moved up nearly 10 per cent. The broader markets, however, underperformed with the S&P BSE Mid-cap index slipping 3 per cent (Nifty mid-cap index slipped 7 per cent). The S&P BSE small-cap, too, tumbled 10 per cent (Nifty Small-cap index down 11 per cent).
“Samvat 2075 has been a tough year for the equity markets by any standards, except when looked through the prism of headline index. This was one of the most divergent years as far as performance differential between indices is concerned. Even the large cap index (Nifty) was marked by concentrated performance with top 10 performers accounting for majority of the gains,” says Vivek Mahajan, head of research at Aditya Birla Capital. READ MORE
05:40 PM
Samvat 2075: MF investors' appetite for equity schemes sharply diminished
Mutual fund (MF) investors’ appetite for equity schemes sharply diminished during Samvat 2075.
Between October 2018 and September 2019, equity schemes garnered Rs 84,193 crore of inflows, which was about 40 per cent less than the previous Samvat. According to industry experts, investors’ cut-back on equity schemes was caused by disappointment in mid- and small-cap funds, in which they had expected robust returns. READ MORE HERE
05:38 PM
Diwali Picks :: Anand Rathi Shares and Stock Brokers
05:38 PM
Jhunjhunwala to Kedia, superstar investors end Samvat 2075 with tepid gains
A year marked by elections and all-time highs on key benchmark indices has ended up as a relatively muted year for some of the biggest investors in India’s stock markets. Gains have moderated in the September quarter after successive quarters of upside.
Business Standard looked at holdings of five key investors based on data from nseinfobase.com on large non-promoter shareholders. They include Rakesh Radheshyam Jhunjhunwala, Ashish Dhawan, Ashish Ramchandra Kacholia, Rajiv and Dolly Khanna, and Vijay Kishanlal Kedia. READ MORE HERE
05:35 PM
Diwali Picks :: ICICI Securities
05:34 PM
Bulk deals on BSE on last day of Samvat 2075
Click here for complete list
05:33 PM
Diwali Picks :: Axis Securities
05:32 PM
Bulk deals on NSE on last day of Samvat 2075
Click here for complete list
05:31 PM
Diwali Picks :: Sharekhan
05:30 PM
FII/FPI & DII trading activity on NSE, BSE and MSEI
05:29 PM
Asian Market check
Source: Reuters
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