The Indian equity markets slid lower, in line with their Asian peers, in the first trading session of FY21 on Wednesday.
The S&P BSE Sensex was down 702 points, or 2.4 per cent, at 28,750 levels, and the Nifty50 index slipped 210 points, or 2.5 per cent, to 8,380 levels. Kotak Mahindra Bank (down 8 per cent) was the top drag on the Sensex while State Bank of India (down 4 per cent) and HDFC Bank (down 3 per cent) were the other major losers. On the other hand, IndusInd Bank jumped as much as 9 per cent intra-day. Among sectors, Nifty Bank index slipped over 3 per cent.
The broader market, on the other hand, relatively outperformed. The S&P BSE MidCap index was down 0.6 per cent and the S&P BSE SmallCap index was flat.
GLOBAL MARKETS
Asian shares faced another leg lower on Wednesday. Japan’s Nikkei fell 1.86 per cent in early trade, while E-Mini futures for the S&P 500 traded 1 per cent lower. MSCI’s broadest index of Asia-Pacific shares outside Japan, however, gained 0.35 per cent.
In the US, the Dow Jones fell 1.84 per cent, the S&P 500 lost 1.60 per cent, and the Nasdaq Composite dropped 0.95 per cent.
(with inputs from Reuters)
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10:32 AM
Biocon gains 5% as manufacturing unit in Malaysia gets EIR from USFDA
Shares of Biocon jumped 5 per cent to Rs 285 on the BSE on Wednesday intra-day after the company’s insulin manufacturing facility In Malaysia received the Establishment Inspection Report (EIR) from the US health regulator. “Biocon Sdn Bhd, a subsidiary of Biocon has received the EIR from the US Food and Drug Administration (USFDA) for the pre-approval inspection (PAI) of its insulin manufacturing facility in Malaysia, for insulin glargine,” the company said in a regulatory filing. READ MORE
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MARKET VOICE :: Every market downturn offers an opportunity
For quite some time now, Indian markets have been considered as being among the most expensive among the top 20 global markets, with the Nifty even clocking a 75 per cent premium to the emerging markets (Ems). However, the recent sharp fall has resulted in correction of 79 per cent stocks by over 50 per cent, and we now stand at significant undervaluation. This means sticky price-to-earnings (P/E) has been washed away, in probably what can be deemed as the fastest decline in valuations, from near 25x trailing twelve months (TTM) to sub-17.5x. With FY20E earnings per share (EPS) at 520, we currently stand at P/E levels of 16x, on TTM basis. READ MORE
Vinay Khattar, head of research at Edelweiss Wealth Management
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MARCH AUTO SALES | Maruti Suzuki India's total sales down 47% at 83,792 units vs 1.58 lakh units (YoY)
>> Total sales for FY20 at 1,563,297 unit
>> This includes 76,976 units in the domestic market, 2,104 units of domestic OEM sales and 4,712 units of exports.
>> Co says, the sales during March 2020 are not comparable with sales in March 2019 due to the suspension of operations with effect from March 22nd 2020, in line with national policy.
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NEWS ALERT | ICICI Bank cuts lending rate by 15 bps across tenors: CNBC TV18
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PSB merger effect: State Bank of India, PNB slide 3%, Indian Bank jumps 8%
Shares of public sector banks, including State Bank of India (SBI) and Punjab National Bank (PNB), were trading mixed on the National Stock Exchange (NSE) on Wednesday as the government's proposed PSB merger scheme came into effect from today. The consolidation, that will merge 10 PSBs into four, comes at a time when the country and financial system is grappling with adverse fallout of the Covid-19 pandemic. READ MORE
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MARKET UPDATE:: Broader indices outperform benchmarks
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State Bank of India dips 4% in early deals
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Nifty falls below 8,400 level
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MARKET UPDATE:: Sensex extends fall, slips below 29,000
09:43 AM
Biocon up over 4 per cent as subsidiary gets EIR from US FDA
The S&P BSE Sensex was down 702 points, or 2.4 per cent, at 28,750 levels, and the Nifty50 index slipped 210 points, or 2.5 per cent, to 8,380 levels. Kotak Mahindra Bank (down 8 per cent) was the top drag on the Sensex while State Bank of India (down 4 per cent) and HDFC Bank (down 3 per cent) were the other major losers. On the other hand, IndusInd Bank jumped as much as 9 per cent intra-day. Among sectors, Nifty Bank index slipped over 3 per cent.
The broader market, on the other hand, relatively outperformed. The S&P BSE MidCap index was down 0.6 per cent and the S&P BSE SmallCap index was flat.
GLOBAL MARKETS
Asian shares faced another leg lower on Wednesday. Japan’s Nikkei fell 1.86 per cent in early trade, while E-Mini futures for the S&P 500 traded 1 per cent lower. MSCI’s broadest index of Asia-Pacific shares outside Japan, however, gained 0.35 per cent.
In the US, the Dow Jones fell 1.84 per cent, the S&P 500 lost 1.60 per cent, and the Nasdaq Composite dropped 0.95 per cent.
(with inputs from Reuters)
CATCH ALL THE LIVE UPDATES
Auto Refresh
10:32 AM
Biocon gains 5% as manufacturing unit in Malaysia gets EIR from USFDA
Shares of Biocon jumped 5 per cent to Rs 285 on the BSE on Wednesday intra-day after the company’s insulin manufacturing facility In Malaysia received the Establishment Inspection Report (EIR) from the US health regulator. “Biocon Sdn Bhd, a subsidiary of Biocon has received the EIR from the US Food and Drug Administration (USFDA) for the pre-approval inspection (PAI) of its insulin manufacturing facility in Malaysia, for insulin glargine,” the company said in a regulatory filing. READ MORE
Biocon likely to channelise investments towards non-insulin biologics
10:27 AM
MARKET VOICE :: Every market downturn offers an opportunity
For quite some time now, Indian markets have been considered as being among the most expensive among the top 20 global markets, with the Nifty even clocking a 75 per cent premium to the emerging markets (Ems). However, the recent sharp fall has resulted in correction of 79 per cent stocks by over 50 per cent, and we now stand at significant undervaluation. This means sticky price-to-earnings (P/E) has been washed away, in probably what can be deemed as the fastest decline in valuations, from near 25x trailing twelve months (TTM) to sub-17.5x. With FY20E earnings per share (EPS) at 520, we currently stand at P/E levels of 16x, on TTM basis. READ MORE
Vinay Khattar, head of research at Edelweiss Wealth Management
10:18 AM
MARCH AUTO SALES | Maruti Suzuki India's total sales down 47% at 83,792 units vs 1.58 lakh units (YoY)
>> Total sales for FY20 at 1,563,297 unit
>> This includes 76,976 units in the domestic market, 2,104 units of domestic OEM sales and 4,712 units of exports.
>> Co says, the sales during March 2020 are not comparable with sales in March 2019 due to the suspension of operations with effect from March 22nd 2020, in line with national policy.
10:15 AM
NEWS ALERT | ICICI Bank cuts lending rate by 15 bps across tenors: CNBC TV18
10:04 AM
PSB merger effect: State Bank of India, PNB slide 3%, Indian Bank jumps 8%
Shares of public sector banks, including State Bank of India (SBI) and Punjab National Bank (PNB), were trading mixed on the National Stock Exchange (NSE) on Wednesday as the government's proposed PSB merger scheme came into effect from today. The consolidation, that will merge 10 PSBs into four, comes at a time when the country and financial system is grappling with adverse fallout of the Covid-19 pandemic. READ MORE
bank, banks, bank merger
09:58 AM
MARKET UPDATE:: Broader indices outperform benchmarks
09:53 AM
State Bank of India dips 4% in early deals
09:49 AM
Nifty falls below 8,400 level
09:44 AM
MARKET UPDATE:: Sensex extends fall, slips below 29,000
09:43 AM
Biocon up over 4 per cent as subsidiary gets EIR from US FDA
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