F&O Expiry: Sensex, Nifty end lower; Tata Motors dips 5% ahead of Q1 nos

Markets ended July Futures & Options (F&O) series below 38,000-mark at the S&P BSE Sensex and below 11,300 at the NSE Nifty50. Indices ended Thursday's volatile session in the red with corporate earnings and F&O contract expiry guiding the markets' trajectory throughout the day. 

The S&P BSE Sensex closed at 37,831 level, down 17 points, or 0.04 per cent with Tata Motors, Bajaj Finance, Reliance Industries, and Tata Steel being the top laggards. On the other hand, Vedanta, Sun Pharma, IndusInd Bank and Axis Bank were at the higher end of the spectrum. The broader Nifty50, too, shed 19 points, or 0.17 per cent, to settle at 11,252 levels.

In the broader market, the S&P BSE MidCap closed 73 points, or 0.53 per cent, higher at 13,783 levels, while the S&P BSE SmallCap slipped 12 points, or 0.09 per cent, to end at 13,031 levels.

Sectorally, most of the indices ended in the green barring auto, metal and public sector bank indices. Nifty Pharma index gained the most and ended the day with gains of 2.31 per cent, followed by Nifty Media index, up 1.14 per cent. On the contrary, Nifty Metal and Nifty PSB indices slipped 0.83 per cent each at close. 

GLOBAL CUES

Asia managed to overcome a cautious start to finish modestly higher. Japan’s Nikkei touched a near three-month high though Australia stole the glory as it ended near a 12-year peak after its central bank chief had stressed interest rates could continue to fall.

Nikkei index closed 0.22 per cent higher while South Korea's Kospi settled 0.38 per cent lower.

(With inputs from Reuters)


3:41 PM IST

3:40 PM IST

3:37 PM IST The S&P BSE Sensex ended 17 points or 0.04 per cent lower at 37,831 levels while the Nifty50 index ended at 11,252, down 19 points or 0.17 per cent. 

3:05 PM IST

3:03 PM IST -- Net profit at Rs 412 cr   -- Revenue at Rs 2978.3 cr   -- Ebitda margin at 23.4%   -- Ebitda at Rs 698.4 cr

2:56 PM IST India’s gold demand in the April-June 2019 quarter saw an increase of 14 per cent on a year-on-year basis, but it might remain muted in the next two quarters. Among the reasons for a weak outlook are high domestic prices. The rates, already high in international markets, will increase further in India on account of the 2.5 per cent import duty increase announced in Union Budget 2019 earlier this month. READ MORE A sales person shows gold ornaments at a jewellery shop, on the occasion of 'Akshaya Tritiya', in Chennai on Tuesday | Photo: PTI

2:49 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME VODAFONE IDEA 9.82 -0.15 -1.50 8601512 YES BANK 87.30 -1.85 -2.08 5844692 RELIANCE INFRA. 47.00 2.25 5.03 5745542 REL. COMM. 1.59 -0.06 -3.64 5150937 DEWAN HSG. FIN. 55.55 -1.00 -1.77 3566261 » More on Most Active Volume

2:38 PM IST We model revenue, earning CAGR of 16%, 23%, respectively, led by ~14% volume growth. We believe pressure on gross margin (due to change in product mix coupled with higher raw material cost) will ease, going forward, supported by a change in mix. However, at the current multiple, the stock offers limited upside. Hence, we change our rating from BUY to HOLD with a revised target price of Rs 1550/share.

2:36 PM IST IDFCFIRSTB 39.55 +1.90 +5.05 LUPIN 776.20 +37.70 +5.10   LALPATHLAB 1,145.00 +58.45 +5.38   KSCL 470.95 +26.05 +5.86   SRTRANSFIN 990.00 +63.70 +6.88  

2:20 PM IST Investments in digital will further increase in FY20 as the company ramps up production of ZEE5 Originals and movie offerings across languages. These content investments would be complemented by marketing spend. FY20 slate of original content is building up well and the company is on track to launch more than 70 original shows and movies in six languages. We now value Zee at 15x FY21e EV/EBITDA and maintain our Buy rating, with a target price of Rs 450. Risk: Any slippage in content ratings.

2:13 PM IST - Submission of Jalan panel report on Economic Capital Framework (ECF) to RBI remains uncertain. - Jalan panel is likely to seek RBI’s view before submitting report on ECF 

LIVE UPDATES

Sectoral gainers and losers on the NSE


Top gainers and losers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex ended 17 points or 0.04 per cent lower at 37,831 levels while the Nifty50 index ended at 11,252, down 19 points or 0.17 per cent. 

Ambuja Cements slips post Q2 result


Earnings Alert | Ambuja Cements Q2 results

-- Net profit at Rs 412 cr
 
-- Revenue at Rs 2978.3 cr
 
-- Ebitda margin at 23.4%
 
-- Ebitda at Rs 698.4 cr

Gold demand rose 14% in Apr-Jun, outlook for next two quarters weak: GFMS

India’s gold demand in the April-June 2019 quarter saw an increase of 14 per cent on a year-on-year basis, but it might remain muted in the next two quarters. Among the reasons for a weak outlook are high domestic prices. The rates, already high in international markets, will increase further in India on account of the 2.5 per cent import duty increase announced in Union Budget 2019 earlier this month. READ MORE
A sales person shows gold ornaments at a jewellery shop, on the occasion of 'Akshaya Tritiya', in Chennai on Tuesday | Photo: PTI

Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
VODAFONE IDEA 9.82 -0.15 -1.50 8601512
YES BANK 87.30 -1.85 -2.08 5844692
RELIANCE INFRA. 47.00 2.25 5.03 5745542
REL. COMM. 1.59 -0.06 -3.64 5150937
DEWAN HSG. FIN. 55.55 -1.00 -1.77 3566261
» More on Most Active Volume

ICICI Securities on Asian Paints

We model revenue, earning CAGR of 16%, 23%, respectively, led by ~14% volume growth. We believe pressure on gross margin (due to change in product mix coupled with higher raw material cost) will ease, going forward, supported by a change in mix. However, at the current multiple, the stock offers limited upside. Hence, we change our rating from BUY to HOLD with a revised target price of Rs 1550/share.

Top gainers on BSE at this hour

IDFCFIRSTB 39.55 +1.90 +5.05
LUPIN 776.20 +37.70 +5.10
 
LALPATHLAB 1,145.00 +58.45 +5.38
 
KSCL 470.95 +26.05 +5.86
 
SRTRANSFIN 990.00 +63.70 +6.88
 

Anand Rathi Financial Services on ZEE

Investments in digital will further increase in FY20 as the company ramps up production of ZEE5 Originals and movie offerings across languages. These content investments would be complemented by marketing spend. FY20 slate of original content is building up well and the company is on track to launch more than 70 original shows and movies in six languages.

We now value Zee at 15x FY21e EV/EBITDA and maintain our Buy rating, with a target price of Rs 450.

Risk: Any slippage in content ratings.

NEWS ALERT | Jalan Panel on ECF carries Fin Secy Garg's dissent note: CNBC-TV18

- Submission of Jalan panel report on Economic Capital Framework (ECF) to RBI remains uncertain.
- Jalan panel is likely to seek RBI’s view before submitting report on ECF 

Global markets check

Asian shares rose after a cautious start, while the euro hovered near two-month lows as soft economic data fueled hopes the European Central Bank could cut rates at its meeting on Thursday. Those hopes are set to lift European shares, with pan-region Euro Stoxx 50 futures up 0.45%, German DAX futures up 0.43% and FTSE futures up 0.19% in early European trade.
 
Japan’s Nikkei touched nearly three-month highs before trimming gains to be up 0.26%. Australian shares neared a 12-year peak, driven by expectations the ECB and the Federal Reserve will soon lower borrowing costs. MSCI’s broadest index of Asia-Pacific shares outside Japan, which had begun the day broadly unchanged, was last up 0.23%.

 

Govt to raise a major chunk of foreign borrowing via 30-year bonds

The Indian government plans to issue a significant portion of its proposed sovereign overseas borrowing via 30-year paper, a senior government official who did not wish to be identified said on Thursday. The government has met several foreign bankers over last two weeks and sees appetite for long-term sovereign bonds, the official said adding the bonds will likely be issued in tenors of 10 years and above.

Finance Minister Nirmala Sitharaman announced that India was looking to raise around $10 billion via overseas foreign currency sovereign bonds in the current fiscal year, in a first-ever such issuance.

ICICI Prudential Life gains 7% in subdued market post Q1 results

Shares of ICICI Prudential Life Insurance Company (ICICI Pru) rallied 7 per cent to Rs 408 on the BSE on Thursday in an otherwise subdued market, after reporting 27 per cent year-on-year (YoY) growth in value of new business (VNB) at Rs 309 crore in the June quarter (Q1FY20). The stock was 5 per cent away from its 52-week high level of Rs 428 touched on August 7, 2018 in intra-day trade. READ MORE

NEWS ALERT | GST Council to mull exemption of tax on hiring of EVs: sources to CNBC TV18

-- Council likely to reduce GST on EVs from 12% to 5% in today's meeting

Bank of Baroda continues to trade lower ahead of Q1 results


Stocks that hit 52-week low on S&P BSE Sensex

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
AJANTA PHARMA 874.70 867.95 -16.60 -1.86
APOLLO TYRES 161.10 160.80 -3.55 -2.16
ASHOK LEYLAND 72.05 71.65 -0.45 -0.62
BAJAJ CONSUMER 278.85 278.85 -6.60 -2.31
BALKRISHNA INDS 723.55 706.65 5.70 0.79
» More on 52 Week Low

Zee Entertainment trades over 2% higher


Nifty PSU Bank index drags


Bajaj Finance extends loss after Q1 results


Earnings Alert | Bajaj Finance Q1 results

-- Net profit at Rs 1,124.7 cr
 
-- Gross NPA at 1,560% vs 1.54% QoQ
 
-- Net NPA at 0.64%
 
-- NII at Rs 3,695 cr
 
-- Provision coverage ratio at 61% vs 60% QoQ

Talwalkars Healthclubs, Talwalkars Better Value tank over 50% in six days

Shares of Talwalkars Healthclubs and Talwalkars Better Value Fitness (TBVFL) continued to reel under pressure, falling over 50 per cent in the past six trading days. Talwalkars Healthclubs (Rs 41) and TBVFL (Rs 22) were down 5 per cent each on Thursday. Both have tanked 55 per cent since July 18 and are trading at their respective all-time low levels. They have hit the lower circuit for six straight days, with no buyers seen on the counters. READ MORE

Bajaj Auto Q1 preview: Adverse product mix, discounts to weigh on profit

Bajaj Auto will declare its June quarter results on Friday. And, although the company has reported a rise in volumes in an otherwise subdued quarter for auto firms, analysts expect the inferior product mix and higher discounting to drag down the company's profit. According to data, Bajaj Auto's overall volume grew 1.7 per cent on a year-on-year (YoY) basis to 12,47,174 units in Q1FY20. Total motorcycle volume increased 4 per cent YoY, while three-wheeler volume declined 20 per cent YoY. READ MORE

Nifty sectoral indices at this hour


Sensex slips into the red zone


NEWS ALERT | LIC Housing Fin makes interest payment of Rs 46.75 cr on NCDs on July 24


Result Expectation | Edelweiss Securities on Bajaj Finance Q1 result

-- Net Profit at Rs 1,299 crore, up 55.4% YoY, from Rs 836 crore 

-- pre-provision profit at Rs 2,570 crore, up 58.3% YoY, from Rs 1,624 crore

-- NII at Rs 3,796 crore, up 47.5% YoY, from Rs 2,573 crore

Result Expectation | Antique Broking on Bajaj Finance Q1 result

-- Net Interest Income at Rs 3,715.9 crore, up 44.4% YoY, from Rs 2,572.8 crore

-- Pre-provision profit at Rs 2,452.5 crore, up 51% YoY, from Rs 1,624.1 crore



Uphill climb for big firms wanting corporation tax reduced to 25%

The road to extend corporation tax rate reduction to 25 per cent for large firms may become challenging, with revenue foregone on account of tax incentives and exemptions growing at a rapid pace.
 
Revenue foregone on account of corporation tax exemptions is estimated to grow by 16 per cent in 2018-19 (FY19) versus 8.7 per cent in the previous year and 12 per cent in 2016-17, show the Budget documents. READ MORE

Buzzing | Reliance Infra gains 10%


ICICI Prudential Life Insurance extends rally, up 6%


NEWS ALERT | Lenders give 2 months extension for resolution in Rolta India: sources to BTVi

-- Rolta management seeks more time to rope in new investor
 
-- If current deal goes through bankers can hope for 100% recovery
 

NEWS ALERT | Monsoon rains 35% below average this week: Met Dept

-- Little rainfall over the central, western and northern parts of the country was received

-- Overall, India has received 19 per cent less rain than average since the monsoon season began on June 1.

Canara Bank dips over 4%


Cox & Kings announces fresh Rs 174-cr default; independent director quits

Cox & Kings on Wednesday announced the resignation of its independent director Subhash Chandra Bhargava, as well as a default of Rs 174 crore on commercial paper. The tour operator informed the stock exchanges that Bhargava resigned with effect from Tuesday due to personal commitments and other pre-occupations. The firm has been facing liquidity crunch for the past few months, leading to default on loans, and rating downgrades. Recently, the tour operator has defaulted on commercial paper payments of over Rs 200 crore. 

Ex-RBI chief backs govt's plan to raise $10 bn from first foreign bond sale

Former Reserve Bank of India Governor Bimal Jalan joined the debate on whether or not the nation should go for an offshore bond sale, saying India’s fundamentals supported the case for going ahead with the fund raising.
 
“At the moment we are in a fortunate position. Our debt to GDP ratio is not very high, exchange rate is stable, and foreign exchange reserves are high,” Jalan said in an interview in New Delhi on Wednesday. “So foreign borrowing, if it’s long term, which it would be, is not a problem.”  READ MORE

NMDC slips nearly 3% in trade


NEWS ALERT | Dipam writes to Power Min, asks to fast-track NTPC-SJVN merger: sources to BTVi

-- Power Min has initiated fresh talks with HP govt to sort out issues

Alert: Dipam is Departmrnt of Investment and Public Asset Management

 

NEWS ALERT | Former DEA and Finance secy SC Garg likely to seek voluntary retirement: Agencies

-- Subhash Chandra Garg was transferred to Power Ministry from Finance Ministry yesterday

ALERT: DEA is Department of Economic Affairs

DFM Foods trades 0.5% higher


Maruti Suzuki Q1 preview: Demand slowdown, low volumes to drag earnings

Edelweiss expects Maruti to report a 16 per cent dip in revenues on YoY basis to Rs 18,626.9 crore while net profit may slide 38 per cent to Rs 1,224.2 crore. The carmaker had posted a profit of Rs 1,975.3 crore in Q1FY19. The brokerage firm said weak volume and ASP (average selling price) growth would pressure the company's topline. READ MORE


Momentum picks by ICICI Securities


Govt approves Rs 3,050-cr fine on Airtel, Voda Idea; telcos may move court

“After detailed discussions, it was decided that the DCC will accept the recommendations of Trai to levy penalty and recommend accordingly to the government,” DoT Secretary Aruna Sundararajan told reporters after a meeting. The DCC comprises members from several key ministries and is chaired by DoT secretary. READ MORE

Edelweiss Securities on Jubilant Foodworks

Though we remain upbeat on company’s long-term prospects given its value proposition and expansion focus, we take in account the broader discretionary slowdown and increasing competition in QSR space to trim our target PE from 50x to 45x to arrive at the revised target price (TP) of Rs 1,430. Maintain ‘BUY’.

Tata Motors slips in trade ahead of Q1 result


Tejas Networks plunges 14% to hit record low on weak June quarter results

Shares of Tejas Networks plunged 14 per cent to Rs 111, also its all-time low on the BSE on Thursday, after it reported a sharp 87 per cent drop in its consolidated net profit at Rs 6 crore in June quarter (Q1FY20). The fall in profit came in on the back of weak revenue due to deferment of spending on government projects. The company had registered profit of Rs 45 crore in the year-ago period. READ MORE

Sharda Cropchem slips 5% on weak Q1 result

-- Sharda Cropchem posted consolidated revenue of Rs. 423 crore as against Rs. 456.13 crore in the corresponding quarter last year, registering 7.26 per cent YoY decrease

India's new drug nods from US dip in Q1 due to increased scrutiny on firms

The first quarter (Q1) of the financial year (2019-20, or FY20) saw a 28 per cent drop in abbreviated new drug applications (ANDAs) received by Indian pharma firms to 111 approvals, compared to 155 in the previous quarter. Analysts feel this may be a fallout of the stringent regulatory action of the US drug regulator on Indian manufacturing sites since January. READ MORE

Tejas Networks plunges over 14%, hits 52-week low


NSE removes Anil Ambani group firms RInfra, RCap from F&O segment

Anil Ambani group firms Reliance Infrastructure and Reliance Capital have been removed from the futures and options (F&O) segment by the National Stock Exchange (NSE). After the expiry of existing contracts in September, no further derivative contracts will be issued for these two securities, the exchange said in a circular. Earlier this week, NSE removed nine other scrips from the F&O segment, which included Raymond, IDBI Bank, and Multi Commodity Exchange.

NEWS ALERT | DFS secy Rajiv Kumar, likely to be appointed as Finance Secretary: sources to CNBC TV18

-- Transfer is on the basis of merit and seniority

Alert: DFS is Department of Financial Services

         Former Finance Secretary Subhash Chandra Garg was moved to Power Ministry yesterday


      

PVR slips in trade


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
VODAFONE IDEA 10.04 0.07 0.70 2156926
IDFC FIRST BANK 38.80 1.15 3.05 1473017
YES BANK 88.65 -0.50 -0.56 1243641
REL. COMM. 1.62 -0.03 -1.82 758007
DEWAN HSG. FIN. 54.30 -2.25 -3.98 716305
» More on Most Active Volume

Mphasis trades lower ahead of Q1 results


Bajaj Finance trades flat ahead of Q1 nos


Bajaj Holdings & Investment up over 2%


Sadbhav Engineering gains nearly 6%


Nifty Pharma index gains 1.8%


Market check | Nifty50 tests 11,350


Market check


Hindalco Industries trades in the green


Bharti Infratel gains over 5%


IndusInd Bank gains over 2%


Torrent Pharma trades flat with negative bias


Market check | Nifty50 back above 11,300


Market check


Syndicate Bank falls over 2%


Emami trades over 1% higher


Cipla rises over 3%


Market check | All sectoral indices turn positive


5paisa Capital gains 5%


Cox & Kings hits another 52-week low


Jet Airways locked in 5% lower circuit


Marathon Nextgen Realty zooms over 18%


Bosch gains over 1%


IDFC First Bank gains 2%


Oberoi Realty slips over 3%


Broader Market Check


Biocon dips during early trade


ICICI Prudential Life Insurance gains nearly 3%


YES Bank trades flat with positive bias


Cholamandalam Investment and Finance Co trades over 2% higher


Shriram Transport Finance Co trades 6% higher


Sectoral trends at NSE during Opening trade


Top gainers and losers on S&P BSE Sensex during Opening trade


Market at Open


Market at Open


Tata Motors Q1 preview: Muted performance seen amid decline in volumes

The company's performance may be impacted by the multiple headwinds faced by the entire Indian auto sector. While the weakness in overall consumer demand and funding related issues are likely to impact sales, earnings before interest, tax, depreciation and amortisation (EBITDA) margin is likely to be influenced by lower operating leverage and intensive competition leading to higher discounts. READ MORE

Top gainers and losers on S&P BSE Sensex during Pre-open


Market at Pre-open


Rupee opening

Rupee opens flat at 68.98/$ vs Wednesday's close of 68.97 against the US dollar

Market at Pre-open


Stocks to watch: YES Bank, BoB, Tata Motors, Bajaj Finance, Bharti Infratel

Here's a look at the top stocks that may trade actively in today's trading session -
 
Earnings today: As many as 52 companies including names such as Tata Motors, Bank of Baroda, Ambuja Cements, AU Small Finance Bank, Bajaj Finserv, Bajaj Finance, Biocon, GRUH Finance, Mphasis, Jubilant Industries, Persistent Systems, PVR and RBL Bank are slated to declare their June quarter results today.
 
YES Bank: Credit rating agency Icra has downgraded ratings on Yes Bank’s Rs 32,911.7 crore bond programme, citing an increase in stressed assets and lack of debt resolutions. The outlook on the ratings remained negative. READ MORE

FMCGs focus on earnings growth by cutting ad spends and other expenses

As the slowdown in the fast-moving consumer goods (FMCG) market gets pronounced, most companies are shifting their attention away from volume growth. Now, they are focusing on earnings growth, led by a cut in advertising spends and other expenditure.
 
Consider this: The six companies who reported their June quarter (Q1) results in the last one week saw a cumulative net sales growth of 8.9 per cent and profit growth of 12.7 per cent. READ MORE

Motilal Oswal Financial Services on Jubilant Foodworks

Recommendation: NEUTRAL

CMP: Rs 1156

TP: Rs 1250

Upside: 8%

We cut our EPS forecast for FY20/21 by ~8% to factor in the impact from (a) Ind-AS accounting on lease rentals and (b) disappointing earnings. We had pointed out in our channel check report on World Cup demand for QSRs that the tournament did have a positive impact on demand, but failed to provide the necessary boost to compensate for the very high SSSG base of 25.9% in 1QFY19. While the threat from the high SSSG base remains for only one more quarter now, the impact of cannibalization that was not at play earlier (net store addition of only 50 in 18 months ended 1HFY19) is now affecting both SSSG/margins. Also, continued slowdown in dine-in and no incremental benefits of Dunkin loss reduction are not helping the operating margins either. Valuations are fair at 37.8x FY21E EPS for a business with estimated earnings CAGR of ~12% over the next two years. Our TP of INR1,250 (40x Jun'21E EPS) implies limited upside from current levels. Maintain Neutral.
 
 

Motilal Oswal Financial Services on Mahindra Financial Services

Recommendation: BUY

CMP: Rs 304

TP: Rs 400

Upside: 31%  

Despite a slowdown in OEM volumes, MMFS has been able to deliver strong AUM growth, driven by its diversification into new product segments (such as pre-owned vehicles and CV/CE) and increasing share in different OEMs. While the company is likely to gain market share, we expect AUM growth to moderate to 14% YoY by year-end. Asset quality performance has been in line with expectations; however, up-fronting of provisions on stage 3 assets and movement within stages 1-3 of loans (based on macros) are likely to keep credit costs volatile. We cut our estimates for PPoP by 5-7% and PAT by 15-18% to factor in higher credit costs. Maintain Buy with a target price of INR400 (SOTP-based).

Motilal Oswal Financial Services on Asian Paints

Recommendation: SELL

CMP: Rs1484

TP: Rs 1230

Downside: 17%

We increase our EPS estimate for FY20/21 by 6.7%/3.7% as we make changes to our model following the beat in 1Q. While results were strong amidst a muted operating environment, the ongoing economic slowdown adds an element of uncertainty to the earnings growth prospects, particularly given APNT's massive capacity expansion (addition of 50% to Sept'18 capacity up to Mar'19; to be scaled up to 100% by Mar'20). The deteriorating product mix and the weak progress on monsoon could further sour the case for earnings acceleration. Moreover the volatile EBITDA growth trajectory in recent quarters (30%, -2%, 17% and -2%, from 1QFY19 to 4QFY19) makes it hard for one to extrapolate on the 1QFY20 results. PAT CAGR has been a meager 6% over the past three years, and given the challenges indicated above (and despite earnings upgrade post the good numbers in 1QFY20), FY20 appears poised for another year of low PAT growth. RoCE, which stood at close to 40% at the beginning of the decade, deteriorated to 28% in FY16 and further to 21.3% in FY19 (far inferior to peers). Against this backdrop, valuations of 49.7x FY21E EPS (40% premium to peer average, despite moderate earnings prospects and inferior RoCE) appear stretched. We, thus, maintain our Sell rating on the stock with a target price of INR1,230 (40x June'21E EPS).

Market Outlook | HDFC Securities

Indian markets could open flat to up Thursday following record S&P and Nasdaq highs on Wednesday and mixed Asian markets this morning. They could later make an attempt to rise further from lower levels.

Technically,  with  the  Nifty  correcting  further,  the  bears  remain in control.  Further  downsides are likely once the immediate support of 11,230 is broken. Any pullback rally could find resistances at 11,359-11,398.

Sectors and stocks to watch:
 
IT and FMCG indices could provide a temporary bounce, while Capital Goods index could underperform. Among stocks under coverage, Amara Raja, Pidilite, Torrent Pharma, Dhanuka Agri, Indigo, SIS, HDFC Life, Credit Access could do well.

ICRA downgrades YES Bank's long-term rating for bonds worth Rs 32,911 crore

Rating agency ICRA has downgraded private lender YES Bank’s long-term rating while maintaining a negative outlook on the bank, citing the lenders’ inability to reduce its exposure in the ‘BB’ and below-rated accounts and erosion in tier-1 capital on account of increase in risk-weighted assets and accelerated provisioning, leading to muted profitability. READ MORE

Bank of Baroda Q1 preview: NII could rise 34% YoY; merged entity's nos eyed

India’s first three-way merged public sector bank, Bank of Baroda, is scheduled to announce its April-June quarter result of financial year 2019-20 (Q1FY20) on Thursday, July 25. The bank, which got merged with Vijaya Bank and Dena Bank with effect from April 1, 2019, is expected to post stronger numbers on standalone basis while analysts would eye results for the merged entity. READ MORE

11,100 is a key support for the Nifty

The Nifty has slid through the past seven sessions. It broke support at 11,300. The next su­p­port is the 200-day moving a­v­erage. The market is ex­h­i­biti­n­g many bearish ch­­­a­­­­r­­a­c­t­e­­ristics and one potentially bullish signal. The advance-decline ratios are negative, and higher volumes have been associated with stocks that have lost ground. The mid-caps and small-caps have lost more ground than the large-caps. READ MORE

Buy and sell ideas by Sacchitanand Uttekar of Tradebulls Securities

Stock: PIDILITE
Reco : BUY
CMP : Rs 1230
 
The stock reversed sharply post “double bottom” formation on the hourly scale. Volume spurt along with positive price action post prevalent “Bullish Divergence” indicates commencement of fresh upmove. Sustenance of support trendline post multiple test in previous trading sessions followed by spurt in volumes with positive price action augurs well for a momentum to continue on the upside. The stock can be bought with stop placed below previous session's low, 1,182, for retest of downward resistance line placed around 1,290 level in coming sessions. READ MORE

Nifty outlook, top stock picks by CapitalVia

Buy Zee Entertainment Ltd (Above Rs 380)
Target: Rs 405
Stop loss: Rs 362
 
The stock was in narrow consolidation range for the last few months and has given a breakout. The level above 380 would result in MACD bullish crossover on the daily charts. Moving average and Oscillator setup is bullish on the short- and medium-term charts. Considering the technical evidence discussed above, we recommend buying the stock above Rs 380 for a target of Rs 405, keeping a stop loss at Rs 362 on a closing basis. READ MORE

IndiGo promoters Bhatia, Gangwal reach compromise as Chairman brokers peace

An uneasy truce has been brokered between the promoters of the country’s largest Indian airline, IndiGo. Rahul Bhatia and Rakesh Gangwal, who together hold a 75 per cent stake in the company, have agreed on a board structure that gives higher representation to Bhatia’s InterGlobe Enterprises (IGE). However, the board has agreed to strengthen the policy on related-party transactions, as demanded by Gangwal. READ MORE
Illustration by Ajay Mohanty

Stock market bears drag down India's billionaire club to 3-year low of 71

Stock market bears are pushing many of India’s top promoters out of the billionaires’ club. After growing steadily for five years, the list of billionaire promoters is shrinking, with the stock prices of a number of top listed companies declining sharply over the past 16 months. The count of such promoters is now down to 71 from an all-time high of 90 at the end of March 2018, and 81 in March this year. READ MORE

Bulk deals on NSE as on Wednesday

Date Symbol Security Name Client Name Buy / Sell Quantity Traded Trade Price /
Wght. Avg. 
Price
Remarks
24-Jul-2019 DHFL Dewan Housing Fin Corp ADROIT FINANCIAL SERVICES PVT LTD BUY 20,17,362 58.10 -
24-Jul-2019 DHFL Dewan Housing Fin Corp ADROIT FINANCIAL SERVICES PVT LTD SELL 20,07,640 58.16 -
24-Jul-2019 DHFL Dewan Housing Fin Corp ALPHAGREP SECURITIES PRIVATE LIMITED BUY 29,54,256 58.63 -
24-Jul-2019 DHFL Dewan Housing Fin Corp ALPHAGREP SECURITIES PRIVATE LIMITED SELL 29,52,862 58.67 -
24-Jul-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 68,96,368 59.03 -
24-Jul-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 68,96,368 59.10 -
24-Jul-2019 KEERTI Keerti Know & Skill Ltd. DAYAL TAHILRAM PARWANI SELL 56,000 78.75 -
24-Jul-2019 PCJEWELLER PC Jeweller Ltd TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 25,50,744 39.16 -
24-Jul-2019 PCJEWELLER PC Jeweller Ltd TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 25,50,744 39.23 -
24-Jul-2019 RELCAPITAL Reliance Capital Limited TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 39,33,700 52.21 -

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

The Indian rupee on Wednesday furthered its weakening trend for a third session in a row on July 24, edging lower by 4 paise to 68.98 against the US dollar as foreign fund outflows and higher crude oil prices weighed on sentiment.

Oil check

At 08:01 am, Brent Crude Futures were at $63.37 per barrel, up 0.3 per cent from their last close.

SGX Nifty

At 8:22 am, the Singaporean Exchange for Nifty Futures was at 11,228 levels, up 16 points, indicating a flat start for domestic indices.

Asian Markets check


US Market check


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