Extending their gaining streak into the sixth straight session, benchmark indices ended with over half a per cent gains on Friday even as global peers tumbled after China's GDP growth slipped to a 27-year low of 6 per cent.
Industry heavyweights Reliance Industries (RIL), HDFC Bank, TCS, and Larsen & Toubro (L&T) helped benchmark S&P BSE Sensex settle at 39,298 levels, up 246 points or 0.63 per cent. The 30-share index hit an intra-day and low of 39,361 and 38,964, respectively.
YES Bank (up over 8 per cent) emerged as the top gainer on the index while Tata Motors (down 1 per cent) the biggest loser.
In the broader market, both mid and small-caps outperformed the headline indices. The S&P BSE MidCap index added 253 points or 1.78 per cent to close at 14,420 while the S&P BSE SmallCap index ended at 13,127, up 213 points or 1.65 per cent.
On the NSE, the broader Nifty50 index gained 75.50 points or 0.65 per cent to close at 11,662 levels.
On a weekly basis, both Sensex and Nifty ended with 3 per cent gains.
On the sectoral front, barring Nifty IT, all the other indices ended in the green. Relaty stocks advanced the most, followed by metal and PSU bank stocks. The Nifty Realty index climbed nearly 2 per cent to 262.80 levels.
BUZZING STOCKS
Reliance Industries (RIL), the oil-to-telecom behemoth, on Friday hit another milestone as the market capitalisation (m-cap) of the company breached the coveted Rs 9 trillion-mark, the first by any Indian company. The stock hit a high of Rs 1,428 during the session. At the time of writing of this report, the m-cap of the company stood at Rs 9,00,507 crore. At close, the stock stood at Rs
1,415 apiece on the BSE, up over 1 per cent. The m-cap of the company was 8,97,179.47 crore. READ MORE
Shares of Bharat Heavy Electricals (BHEL) surged 27 per cent to Rs 56.45 on the National Stock Exchange (NSE) in the intra-day deals on Friday amid reports the government may look to reduce stake in the company. The stock recorded its sharpest intra-day rally in more than a decade. The stock ended at Rs 54, up 22.22 per cent. READ MORE
GLOBAL MARKETS
Asian stocks stumbled on Friday, erasing earlier gains after China posted its weakest growth in nearly three decades, countering a global lift in sentiment on the UK and European Union striking a long-awaited Brexit deal. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent, erasing earlier small gains. Australian shares dropped 0.52 per cent and Chinese blue-chips were off 1.53 per cent. Japan's Nikkei ended 0.18 per cent higher.
In commodities, oil prices slid as China's slowest GDP growth in almost three decades stoked demand fears.
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03:43 PM
RIL, HUL, Bajaj Finance, Nestle hit record high
Shares of Reliance Industries (RIL), Hindustan Unilever (HUL), Bajaj Finance and Nestle India from the Nifty 50 index hit their respective all-time high on the National Stock Exchange (NSE) in intra-day deal on Friday.
Avenue Supermarts, which runs the DMart chain of stores, Adani Green Energy, Berger Paints, Blue Star, Indraprastha Gas, Manappuram Finance, SBI Life Insurance, Siemens and Whirlpool of India among total 16 stocks from the Nifty 500 index that also reached their record high in intra-day trade today READ MORE
03:41 PM
Market roundup
Indian equities outperformed major global markets during the week. The BSE-30 Index gained 3.1% in the past week. Equity markets witnessed a sharp rally on FII buying, progress in US-China trade talks and as well as a deal being reached between UK and EU on Brexit. Infosys and Power Grid were the top losers in the BSE-30 Index, while Tata Motors, Yes Bank and ONGC were the top gainers. CPI inflation rose to 3.99% in September (August: 3.28%), and August IIP growth was at (-)1.1% (July: 4.6%). FPIs bought equities worth US$1.2 bn over the past five trading sessions while DIIs bought US$263 mn worth of equities
-- Sanjeev Zarbade, vice-president for private client group research, Kotak Securities
03:40 PM
Nifty snapshot
03:39 PM
RIL contributes most to Sensex's gains; M-cap hits Rs 9 trillion
03:39 PM
CLOSING BELL
The S&P BSE Sensex added 246 points or 0.63 per cent to end at 39,298 levels while Nifty ended at 11,662, up 76 points or 0.65 per cent.
03:38 PM
YES Bank, Maruti top Sensex gainers
03:37 PM
Index watch
03:21 PM
Ashok Leyland gains over 5%
03:03 PM
BUZZING STOCK | PNB Housing Finance up 15%
02:59 PM
Hard path to growth: How the next 6 months look for India's economy
With the first half of 2019-20 having presented a dismal picture of the Indian economy, speculation is rife on whether the remaining six months would be better or worse. Let us assess the prospects of each of the key sectors of the economy in the second half of 2019-20 — overall economic growth, foreign trade, industrial output and retail inflation. READ MORE
02:51 PM
China's GDP growth grinds to near 30-year low as tariffs hit production
China's economy expanded at its slowest rate in nearly three decades in the third quarter, hit by cooling domestic demand and a protracted US trade war, official data showed Friday. The Chinese economy grew 6.0 percent in July-September, compared with 6.2 percent in the second quarter, according to the National Bureau of Statistics (NBS). READ MORE
02:46 PM
NEWS ALERT | Aviation Secy likely to chair meet on Air India divestment at 04:30 pm
02:40 PM
BROKERAGE RADAR | Edelweiss Securities on Sheela Foam
Though margin levers exist, adjusting for the muted outlook in the mattress business we revise down FY20E revenue/EBITDA 3/6 per cent. However, adjusting for the lower tax rate, we revise PAT up by 3 per cent. We value the standalone business at 40x September 2020E EPS and subsidiaries at 13x September 2020E EPS with revised target price (TP) of Rs 1,489.
02:36 PM
NEWS ALERT | Indoco’s Clinical Research Organisation receives zero 483s from US FDA: bSE Filing
Alert: The inspection was held from 14th October to 18th October, 2019
02:34 PM
NEWS ALERT | Lupin gets EIR from US FDA for Nagpur facility: BSE Filing
-- EIR indicates closure of inspection
02:33 PM
MARKET CHECK | Top 5 gainers on the BSE
02:19 PM
NEWS ALERT | Zee's escrow arrangement details
-- Identity of buyer, quantum of stake sale will not be revealed to lenders
-- Price at which stake sale is executed, and date and time of stake sale will not be revealed to lenders
-- Stake sale to be done via broker
(As reported by CNBC TV18)
02:17 PM
Buzzing stock | BPCL sees sharp surge
02:09 PM
NEWS ALERT | Zee Entertainment sends escrow arrangement to lenders for next tranche of stake sale: sources to CNBC TV18
-- Escrow arrangement one sided; favours company
-- Co tells lenders that they have ready buyer; Co meeting with lenders currently underway
02:04 PM
FMCG rural growth hits 7-year low; poor consumption pulls down retail sales
Slowing fast-moving consumer goods (FMCG) market got worse during the September quarter (Q2), with volume growth in rural India plunging to a meagre 2 per cent from 16 per cent a year ago. North India, the largest market for FMCG, saw volume growth falling to 1 per cent from 17 per cent as the FMCG volume shrank by 2 per cent the villages. Slowdown in South India, however, plateaued with growth rate matching that of last year. READ MORE
01:56 PM
MOFSL on State Bank of India (SBI)
The macro environment remains challenging with new names being added to the stressed pool. While SBIN has exposure to the stressed names, we believe that given its size, the new stress is manageable (~2% of loans), however, we have conservatively factored in credit cost assumptions of 1.9% /1.3% for FY20/FY21. SBIN’s liability side of the balance sheet is strong with high CASA ratio, which will help manage yield pressure on the asset side due to transition to the new external benchmark regime on floating rate retail & MSME loans. The stock price has corrected 29% over the past three months, which provides favorable risk-reward, in our view. Overall, we expect RoA/RoE to improve to 0.7%/12.7% by FY21 and maintain our target price at INR350 (1.1x FY21E ABV for the bank + INR94 per share for subsidiaries). SBIN remains one of our top Buys in the sector.
01:53 PM
BUZZING STOCK | Oil India up over 3%
01:45 PM
NEWS ALERT | ED files prosecution complaint against ex-Moser Baer executive director Ratul Puri
01:42 PM
MARKET CHECK | S&P BSE PSU advances over 1.50%
01:36 PM
NEWS ALERT | CBI files chargesheet, names Karti Chidambaram, P Chidambaram as accused in INX Media case
01:18 PM
RESULTS IMPACT | Zee Entertainment slips 9% in firm market post Q2 results
Shares of Zee Entertainment Enterprises (ZEEL) slipped 9 per cent to Rs 240 in the intra-day deal on the BSE on Friday after the company reported lower-than-expected consolidated net profit for July-September quarterly (Q2) as it provided for an inter-corporate deposit (ICD) worth Rs 171 crore during the period. READ MORE
01:00 PM
BROKERAGE RADAR | HDFC Securities on Cyient
We maintain NEUTRAL on Cyient post in-line revenue and margin miss in 2QFY20. Growth challenges remain in core verticals and margin recovery is slow. We have lowered EPS estimates by 1.2/1.4 per cent for FY20/21E and our target price (TP) of Rs 485 is based on 11x Sep-21E EPS.
12:50 PM
HDFC Bank Q2 preview: Profit seen 22% higher; growth in retail loans eyed
Analysts at Emkay Global Financial Services believe that despite the bank enjoying the overall benefit of the tax rate cut, its DTA could be hit by Rs 1,200 crore in this quarter. They say that the “benefits of the lower tax rate could get off-set by the mark-down on one-time DTA, leading to a net higher tax outflow”. They peg the net profit at Rs 6,102.6 crore, up 22 per cent YoY, from a profit of Rs 5,005.7 crore logged in Q2 of FY19. Sequentially, the PAT is likely to rise nearly 10 per cent from Rs 5,568.2 crore (Q1FY20). READ PREVIEW HERE
12:42 PM
NEWS ALERT | ARSS Infra bags order worth Rs 76.15 cr in Odisha: BSE Filing
12:33 PM
MARKET CHECK
Industry heavyweights Reliance Industries (RIL), HDFC Bank, TCS, and Larsen & Toubro (L&T) helped benchmark S&P BSE Sensex settle at 39,298 levels, up 246 points or 0.63 per cent. The 30-share index hit an intra-day and low of 39,361 and 38,964, respectively.
YES Bank (up over 8 per cent) emerged as the top gainer on the index while Tata Motors (down 1 per cent) the biggest loser.
In the broader market, both mid and small-caps outperformed the headline indices. The S&P BSE MidCap index added 253 points or 1.78 per cent to close at 14,420 while the S&P BSE SmallCap index ended at 13,127, up 213 points or 1.65 per cent.
On the NSE, the broader Nifty50 index gained 75.50 points or 0.65 per cent to close at 11,662 levels.
On a weekly basis, both Sensex and Nifty ended with 3 per cent gains.
On the sectoral front, barring Nifty IT, all the other indices ended in the green. Relaty stocks advanced the most, followed by metal and PSU bank stocks. The Nifty Realty index climbed nearly 2 per cent to 262.80 levels.
BUZZING STOCKS
Reliance Industries (RIL), the oil-to-telecom behemoth, on Friday hit another milestone as the market capitalisation (m-cap) of the company breached the coveted Rs 9 trillion-mark, the first by any Indian company. The stock hit a high of Rs 1,428 during the session. At the time of writing of this report, the m-cap of the company stood at Rs 9,00,507 crore. At close, the stock stood at Rs
1,415 apiece on the BSE, up over 1 per cent. The m-cap of the company was 8,97,179.47 crore. READ MORE
Shares of Bharat Heavy Electricals (BHEL) surged 27 per cent to Rs 56.45 on the National Stock Exchange (NSE) in the intra-day deals on Friday amid reports the government may look to reduce stake in the company. The stock recorded its sharpest intra-day rally in more than a decade. The stock ended at Rs 54, up 22.22 per cent. READ MORE
GLOBAL MARKETS
Asian stocks stumbled on Friday, erasing earlier gains after China posted its weakest growth in nearly three decades, countering a global lift in sentiment on the UK and European Union striking a long-awaited Brexit deal. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent, erasing earlier small gains. Australian shares dropped 0.52 per cent and Chinese blue-chips were off 1.53 per cent. Japan's Nikkei ended 0.18 per cent higher.
In commodities, oil prices slid as China's slowest GDP growth in almost three decades stoked demand fears.
CATCH ALL THE LIVE UPDATES
Auto Refresh
03:43 PM
RIL, HUL, Bajaj Finance, Nestle hit record high
Shares of Reliance Industries (RIL), Hindustan Unilever (HUL), Bajaj Finance and Nestle India from the Nifty 50 index hit their respective all-time high on the National Stock Exchange (NSE) in intra-day deal on Friday.
Avenue Supermarts, which runs the DMart chain of stores, Adani Green Energy, Berger Paints, Blue Star, Indraprastha Gas, Manappuram Finance, SBI Life Insurance, Siemens and Whirlpool of India among total 16 stocks from the Nifty 500 index that also reached their record high in intra-day trade today READ MORE
03:41 PM
Market roundup
Indian equities outperformed major global markets during the week. The BSE-30 Index gained 3.1% in the past week. Equity markets witnessed a sharp rally on FII buying, progress in US-China trade talks and as well as a deal being reached between UK and EU on Brexit. Infosys and Power Grid were the top losers in the BSE-30 Index, while Tata Motors, Yes Bank and ONGC were the top gainers. CPI inflation rose to 3.99% in September (August: 3.28%), and August IIP growth was at (-)1.1% (July: 4.6%). FPIs bought equities worth US$1.2 bn over the past five trading sessions while DIIs bought US$263 mn worth of equities
-- Sanjeev Zarbade, vice-president for private client group research, Kotak Securities
03:40 PM
Nifty snapshot
03:39 PM
RIL contributes most to Sensex's gains; M-cap hits Rs 9 trillion
03:39 PM
CLOSING BELL
The S&P BSE Sensex added 246 points or 0.63 per cent to end at 39,298 levels while Nifty ended at 11,662, up 76 points or 0.65 per cent.
03:38 PM
YES Bank, Maruti top Sensex gainers
03:37 PM
Index watch
03:21 PM
Ashok Leyland gains over 5%
03:03 PM
BUZZING STOCK | PNB Housing Finance up 15%
02:59 PM
Hard path to growth: How the next 6 months look for India's economy
With the first half of 2019-20 having presented a dismal picture of the Indian economy, speculation is rife on whether the remaining six months would be better or worse. Let us assess the prospects of each of the key sectors of the economy in the second half of 2019-20 — overall economic growth, foreign trade, industrial output and retail inflation. READ MORE
02:51 PM
China's GDP growth grinds to near 30-year low as tariffs hit production
China's economy expanded at its slowest rate in nearly three decades in the third quarter, hit by cooling domestic demand and a protracted US trade war, official data showed Friday. The Chinese economy grew 6.0 percent in July-September, compared with 6.2 percent in the second quarter, according to the National Bureau of Statistics (NBS). READ MORE
02:46 PM
NEWS ALERT | Aviation Secy likely to chair meet on Air India divestment at 04:30 pm
02:40 PM
BROKERAGE RADAR | Edelweiss Securities on Sheela Foam
Though margin levers exist, adjusting for the muted outlook in the mattress business we revise down FY20E revenue/EBITDA 3/6 per cent. However, adjusting for the lower tax rate, we revise PAT up by 3 per cent. We value the standalone business at 40x September 2020E EPS and subsidiaries at 13x September 2020E EPS with revised target price (TP) of Rs 1,489.
02:36 PM
NEWS ALERT | Indoco’s Clinical Research Organisation receives zero 483s from US FDA: bSE Filing
Alert: The inspection was held from 14th October to 18th October, 2019
02:34 PM
NEWS ALERT | Lupin gets EIR from US FDA for Nagpur facility: BSE Filing
-- EIR indicates closure of inspection
02:33 PM
MARKET CHECK | Top 5 gainers on the BSE
02:19 PM
NEWS ALERT | Zee's escrow arrangement details
-- Identity of buyer, quantum of stake sale will not be revealed to lenders
-- Price at which stake sale is executed, and date and time of stake sale will not be revealed to lenders
-- Stake sale to be done via broker
(As reported by CNBC TV18)
02:17 PM
Buzzing stock | BPCL sees sharp surge
02:09 PM
NEWS ALERT | Zee Entertainment sends escrow arrangement to lenders for next tranche of stake sale: sources to CNBC TV18
-- Escrow arrangement one sided; favours company
-- Co tells lenders that they have ready buyer; Co meeting with lenders currently underway
02:04 PM
FMCG rural growth hits 7-year low; poor consumption pulls down retail sales
Slowing fast-moving consumer goods (FMCG) market got worse during the September quarter (Q2), with volume growth in rural India plunging to a meagre 2 per cent from 16 per cent a year ago. North India, the largest market for FMCG, saw volume growth falling to 1 per cent from 17 per cent as the FMCG volume shrank by 2 per cent the villages. Slowdown in South India, however, plateaued with growth rate matching that of last year. READ MORE
01:56 PM
MOFSL on State Bank of India (SBI)
The macro environment remains challenging with new names being added to the stressed pool. While SBIN has exposure to the stressed names, we believe that given its size, the new stress is manageable (~2% of loans), however, we have conservatively factored in credit cost assumptions of 1.9% /1.3% for FY20/FY21. SBIN’s liability side of the balance sheet is strong with high CASA ratio, which will help manage yield pressure on the asset side due to transition to the new external benchmark regime on floating rate retail & MSME loans. The stock price has corrected 29% over the past three months, which provides favorable risk-reward, in our view. Overall, we expect RoA/RoE to improve to 0.7%/12.7% by FY21 and maintain our target price at INR350 (1.1x FY21E ABV for the bank + INR94 per share for subsidiaries). SBIN remains one of our top Buys in the sector.
01:53 PM
BUZZING STOCK | Oil India up over 3%
01:45 PM
NEWS ALERT | ED files prosecution complaint against ex-Moser Baer executive director Ratul Puri
01:42 PM
MARKET CHECK | S&P BSE PSU advances over 1.50%
01:36 PM
NEWS ALERT | CBI files chargesheet, names Karti Chidambaram, P Chidambaram as accused in INX Media case
01:18 PM
RESULTS IMPACT | Zee Entertainment slips 9% in firm market post Q2 results
Shares of Zee Entertainment Enterprises (ZEEL) slipped 9 per cent to Rs 240 in the intra-day deal on the BSE on Friday after the company reported lower-than-expected consolidated net profit for July-September quarterly (Q2) as it provided for an inter-corporate deposit (ICD) worth Rs 171 crore during the period. READ MORE
01:00 PM
BROKERAGE RADAR | HDFC Securities on Cyient
We maintain NEUTRAL on Cyient post in-line revenue and margin miss in 2QFY20. Growth challenges remain in core verticals and margin recovery is slow. We have lowered EPS estimates by 1.2/1.4 per cent for FY20/21E and our target price (TP) of Rs 485 is based on 11x Sep-21E EPS.
12:50 PM
HDFC Bank Q2 preview: Profit seen 22% higher; growth in retail loans eyed
Analysts at Emkay Global Financial Services believe that despite the bank enjoying the overall benefit of the tax rate cut, its DTA could be hit by Rs 1,200 crore in this quarter. They say that the “benefits of the lower tax rate could get off-set by the mark-down on one-time DTA, leading to a net higher tax outflow”. They peg the net profit at Rs 6,102.6 crore, up 22 per cent YoY, from a profit of Rs 5,005.7 crore logged in Q2 of FY19. Sequentially, the PAT is likely to rise nearly 10 per cent from Rs 5,568.2 crore (Q1FY20). READ PREVIEW HERE
12:42 PM
NEWS ALERT | ARSS Infra bags order worth Rs 76.15 cr in Odisha: BSE Filing
12:33 PM
MARKET CHECK
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