MARKET LIVE: Indices at day's low, Sensex down 100 pts; pvt banks dip

 The benchmark indices slid lower, dragged by private banks, in Friday's noon deals after remaining range-bound for majority of the session.

The S&P BSE Sensex dipped 100 points to 38,730 points while the Nifty50 index was trading below the 11,450-mark. IndusInd Bank (down 2%) was the top Sensex loser, followed by Asian Paints, PowerGrid, and HDFC Bank (all down 1%).

Max Healthcare Institute (MHIL) surged 19 per cent to Rs 132.55 on the BSE on the back of heavy block deals. READ MORE

The Nifty sectoral indices were trading largely in the red, led by Nifty Private Bank index, down 1 per cent.

In the broader market, both the S&P BSE MidCap and SmallCap indexes were trading half a per cent higher.

Results today

A total of 104 companies including IRCTC, BHEL, and Adani Green are scheduled to announce their quarterly earnings today.

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01:44 PM 

Amber Ent dips 9% in 2 days on profit booking after completion of QIP issue

Shares of Amber Enterprises India slipped 7.6 per cent to Rs 1,756 on the BSE on Friday, falling 9.4 per cent in the past two trading days on profit booking after the company completed its qualified institutional placement (QIP) issue. The stock has fallen 12 per cent from its record high level of Rs 1,997, touched in Tuesday's intra-day trade. READ MORE

durables

01:35 PM 

BROKERAGE RADAR:: MOFSL on Tata Motors

RATING: BUY | TARGET PRICE: Rs 227

We revise our estimate upward by ~84% on low base for FY22E, driven by volume upgrades in India CV/PV, and 130bp EBITDA margins for India and nearly 40bp EBIT margins for JLR. The stock trades at 2.7x FY22E EV/EBITDA and 1x P/BV. Maintain Buy, with TP of nearly Rs R227 (Sep’22E-based SOTP).

01:33 PM 

India Inc's EBITDA to shrink 24% in FY21 due to Covid disruptions: Moody's

Referring to the growth trajectory, Kaustubh Chaubal, a Moody’s Vice President and Senior Credit Officer, said the economic slowdown is exacerbating existing challenges. This is particularly so in sectors vulnerable to declining consumption and resource price volatility, such as in the automotive, oil & gas, mining, and steel sectors. READ MORE

01:31 PM 

Reserve Bank of India issues new compliance guidelines for banks

The Reserve Bank of India (RBI) on Friday issued new guidelines for banks to tighten their compliance functions and ensure that chief compliance officers (CCOs) follow the best industry practices as required by supervisory expectations. Banks currently follow diverse practices in this regard, it said. "The policy should lay special thrust on building up compliance culture, vetting of the quality of supervisory and regulatory compliance reports to RBI by the top executives, non-executive Chairman and Chairman and Audit Committee of the Board (ACB) as the case may be." READ MORE

Reserve Bank of India, RBI

01:24 PM 

MARKET CHECK:: Top 5 losers on the BSE at this hour

01:16 PM 

MARKET UPDATE:: Sensex falls 100 points

01:13 PM 

5 reasons why Morgan Stanley is bullish on ICICI, Axis and HDFC Bank

“We expect earnings to inflect for large private banks in H2F21. They could provide aggressively for bad loans (unlike the banking system) and accelerate the pace of loan market share gains as the economy stabilizes. Given this, we expect re-rating and strong returns over the next one year,” noted Sumeet Kariwala, equity analyst at Morgan Stanley India, in a co-authored report with Subramanian Iyer, Rahul Gupta, and Himanshu Khona. READ MORE

01:03 PM 

Tata Elxsi, Wipro hit 52-wk highs on expectation of good earnings in Q2FY21

Wipro rallied 4 per cent to Rs 295.50, surpassing its previous high of Rs 290.65, hit on July 31, 2020. In the past three months, the stock has outperformed the market by gaining 38 per cent against 16 per cent rise in the S&P BSE Sensex. READ MORE

12:56 PM 

BROKERAGE RADAR:: ICICI Securities on AIA Engineering

RATING: BUY | TARGET PRICE: Rs 2,043

Despite the overall challenging environment, AIAE is continuing with its capex plans to fuel long-term growth. We believe volumes will normalise from FY22E. Maintain BUY with a revised target price of Rs 2,043 (previously: Rs 1,890).

12:50 PM 

BROKERAGE RADAR:: ICICI Securities on Blue Dart Express

RATING: SELL | TARGET PRICE: Rs 1,746

Continued competition by road, ultra price sensitive customers and a heightened belly cargo capacity will eventually help normalise margins barring an interim blip. BDE’s sustainable success can be in using this opportunity to aggressively restructure costs and try to be successful in road express. Maintain SELL. The Covid vaccine distribution story in India cannot be >Rs2bn-3bn p.a. opportunity given the price sensitive nature of market and eventual penetration of vaccines.