MARKET WRAP: Indices post biggest 1-day gain in 10 yrs, Sensex up 1,921 pts

It was a historic day for the equity markets on Friday as the frontline indices rallied over 5 per cent after Finance Minister Nirmala Sitharaman announced reduction in corporation tax. The FM announced that the effective corporate tax rate will be lowered to 25.75 per cent. READ MORE

Benchmark indices - S&P BSE Sensex and Nifty50 -- posted their biggest single-day gain in 10 years while the Nifty Bank and Nifty MidCap index posted the biggest-ever single-day gain. The market capitalisation of BSE-listed stocks saw an increase of nearly Rs 7 lakh crore. 

The benchmark S&P BSE Sensex added 1,921 points or 5.32 per cent to settle at 38,014.62, with Hero MotoCorp (up 13 per cent) being the top gainer and Power Grid Corporation (down over 2 per cent) the biggest loser.

On NSE, the Nifty50 index ended at 11,274 levels, up 569 points or 5.32 per cent, with 44 out of 50 constituents advancing and 6 ending in the red.

Volatility index India VIX dropped over 1 per cent to settle at 15.34 levels. 

In the broader market, the S&P BSE MidCap index gained 835 points or over 6 per cent to end at 14,120 and the S&P BSE SmallCap Index settled at 13,204.25, up 501 points or nearly 4 per cent. 

On the sectoral front, barring IT stocks, all the sectoral indices on the NSE ended in the green. The Nifty IT index settled 0.20 per cent lower at 15,491.05 levels. 

GLOBAL MARKETS

Asian share prices rose on Friday as economic stimulus around the world helped eased fears over slowing growth. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent though it was on course to post its first weekly decline in five. Japan’s Nikkei ended 0.2 per cent higher. In Europe, the pan-European Euro Stoxx 50 futures were down 0.1 per cent in early Friday trade, though the pan-European FTSEurofirst 300 index stood within sight of this year’s peak.

(With inputs from Reuters)


4:09 PM IST

4:08 PM IST

3:40 PM IST The S&P BSE Sensex zoomed 1,921 points or 5.32 per cent to end at 38,014.62 while NSE's Nifty50 ended at 11,274.20, up 569 points or 5.32 per cent.

3:06 PM IST

2:52 PM IST

2:51 PM IST Reserve Bank governor Shaktikanta Das on Friday exuded confidence that second-quarter GDP numbers will be better than the previous one as the government has started spending again.   Attributing the 5 per cent GDP growth in Q1, which is a six-year low and is even lower than that of Pakistans 5.4 per cent, to very low government spending, Das said with the centre opening its coffers again growth should pick up going forward. READ FULL REPORT RBI Governor Shaktikanta Das

2:46 PM IST The bond yields soared on tax cut announcements by the Union Finance Minister on concerns that fiscal deficit would not likely get contained at 3.3 per cent of the gross domestic product (GDP), and may prompt the government to borrow extra in the later part of this fiscal.   The rupee, however, strengthened sharply following cues from the stock market.   The yields on the 10-year bond, rose to 6.82 per cent at 12:45 p.m., while the rupee was trading at 70.98 a dollar. The yields had closed at 6.64 per cent on Thursday, while the rupee had closed at 71.32 a dollar. Sensex was trading at 37,901.03 points, up 1,800.56 points. READ MORE

2:42 PM IST

2:41 PM IST -- To reuce passenger count from 186 to 157 on A320, and from 222 to 173 on A321 Alert: PLF is passenger load factor        : IndiGo forgot to carry luggage on Delhi-Istanbul flight on Sept 15

2:40 PM IST

2:37 PM IST The 'Make In India' initiative is set to get a major boost due to the new tax rate of 15 per cent which allows any new domestic company incorporated on or after October 1, 2019 making fresh investment in manufacturing and which start operations on or before March 31, 2023, an option to pay income tax at the rate of 15 per cent. Given the trade war between the US and China and the large Indian domestic market, several multinational companies are looking at alternative manufacturing locations and this move comes at an opportune time to promote India as a manufacturing hub.

LIVE UPDATES

SECTOR WATCH | Nifty IT index ends in the red


MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex zoomed 1,921 points or 5.32 per cent to end at 38,014.62 while NSE's Nifty50 ended at 11,274.20, up 569 points or 5.32 per cent.

Glenmark Pharma hits 52-week low in a strong market


Market check | Sensex trims some gains


Shaktikanta Das expects growth to pick up from Q2 on govt spending

Reserve Bank governor Shaktikanta Das on Friday exuded confidence that second-quarter GDP numbers will be better than the previous one as the government has started spending again.
 
Attributing the 5 per cent GDP growth in Q1, which is a six-year low and is even lower than that of Pakistans 5.4 per cent, to very low government spending, Das said with the centre opening its coffers again growth should pick up going forward. READ FULL REPORT
RBI Governor Shaktikanta Das

FM's tax cuts: Prospects of higher govt borrowings spook bond market

The bond yields soared on tax cut announcements by the Union Finance Minister on concerns that fiscal deficit would not likely get contained at 3.3 per cent of the gross domestic product (GDP), and may prompt the government to borrow extra in the later part of this fiscal.
 
The rupee, however, strengthened sharply following cues from the stock market.
 
The yields on the 10-year bond, rose to 6.82 per cent at 12:45 p.m., while the rupee was trading at 70.98 a dollar. The yields had closed at 6.64 per cent on Thursday, while the rupee had closed at 71.32 a dollar. Sensex was trading at 37,901.03 points, up 1,800.56 points. READ MORE

SECTOR WATCH | IT stocks slip


NEWS ALERT | Aviation Ministry asks IndiGo to reduce PLF by around 20% on Delhi-Istanbul flight: sources to CNBC TV18

-- To reuce passenger count from 186 to 157 on A320, and from 222 to 173 on A321

Alert: PLF is passenger load factor

       : IndiGo forgot to carry luggage on Delhi-Istanbul flight on Sept 15

MARKET CHECK


EXPERT COMMENT :: Dr Suresh Surana, Founder of RSM Astute

The 'Make In India' initiative is set to get a major boost due to the new tax rate of 15 per cent which allows any new domestic company incorporated on or after October 1, 2019 making fresh investment in manufacturing and which start operations on or before March 31, 2023, an option to pay income tax at the rate of 15 per cent. Given the trade war between the US and China and the large Indian domestic market, several multinational companies are looking at alternative manufacturing locations and this move comes at an opportune time to promote India as a manufacturing hub.

Expert Comment :: Rusmik Oza, Head of Fundamental Research, Kotak Securities

The announcements made by the Finance Minister is very positive for the economy, corporates and stock market. The series of announcement made is most positive for corporates paying full tax. The effective tax after surcharges and cess will come down from ~33% to 25.17%. Companies which want to avail of the lower tax rate will have to forgo exemptions.

Any company paying 33% tax rate will see its earning go up by 12%. Overall, we can see Nifty earnings going up by ~5-6% in FY20 as the effective tax rate was already lower at 26%. Companies paying more than 30% effective tax rate will see upside of anywhere between 12-20% based on the changes in earnings estimate


EXPERT COMMENT :: Vishal Kampani, MD, JM Financial Group

"The bold and positive move to rationalise the corporate tax structure will kick-start the next big economic upcycle. The new tax rates will help boost corporate earnings during the current fiscal which will lead to the revival of the consumption story. The government has already ensured adequate liquidity to NBFCs, HFCs.  These steps will facilitate higher economic expansion which will lead to higher tax revenue to meet its fiscal targets. The fiscal stimulus combined with the likely wealth effect from a buoyant stock market will take India closer to its dream of a US$5 trillion economy."

MARKET CHECK | Top losers on the BSE at this hour


Market check


Expert Comment :: Porinju Veliyath, Founder & CEO, Equity Intelligence India

All set to Make in India! Thank you PMO India and FM Nirmala Sitharaman for listening to stakeholders and unleashing the Animal Spirits. This restart marks the beginning of the Great Indian Dream! 
 
PS: Dil mange more on Land, Labour, Logistics, Personal Income Tax (42.7% too much) et al.

EXPERT COMMENT :: Ajay Bodke, CEO, PMS Prabhudas Lilladher

Equity markets would rejoice as the multi-year cycle of earnings downgrade will finally come to an end. A significant valuation re-rating will follow as the market would start building in a virtuous cycle of upgrade in earnings trajectory over the medium-term due to both tax savings and boost in revenues due to perk-up in aggregate demand. The engine of domestic consumption will fire first followed by the investment engine on the  back of corporates regaining their mojo. Incentives announced last week for export sector will also support the third engine of growth i.e. exports. 

Expert Comment :: Rashesh Shah, chairman & CEO, Edelweiss Fin

ALERT | Biggest ever single-day gain for Market

EXPERT COMMENT :: Motilal Oswal

"We do believe that we need fiscal stimulus to get out of this slowdown and monetary policy alone could not do that. Hence this move is very good for the country and markets. This is +ve for all companies - tax rate goes down for cos from 300-1,000 bps!"

Market check


The announcements demonstrate our govt is leaving no stone unturned to make India a better place to do business: PM Modi

NEWS ALERT | The step to cut corporate tax is historic, will attract private investment from across the globe: PM Modi tweets

-- Says, will give a great stimulus to  Make In India, and improve competitiveness of our private sector, create more jobs and result in a win-win for 130 crore Indians.

NEWS ALERT | Future Supply to issue shares to Nippon Express at Rs 664/Sh


NEWS ALERT| Dutch & Indian RP agree on common terms of cooperation for Jet Airways' resolution process: CNBC TV18

-- NCLAT observes, Dutch RP to be allowed a seat in the CoC meetings 

-- NCLAT to next hear the case on September 24
 

Market check


Expert Comment :: Dharmesh Kant, Head- Retail Research, IndiaNivesh Securities

A very welcome step, the fourth in a row from the Finance Minister bringing down the effective tax rates for companies to 25.17% is a major move that will have a direct impact on the bottomlines of companies. This will ensure a complete new wave of capital investment leading to a higher economic growth.

Provisions that allow new domestic companies making a fresh investment in manufacturing to pay tax at the rate of 15% is a booster for the ‘Make in India’ campaign which will not only encourage investments but also have the desired impact in terms of job creation and a sustainable economic growth. The doing away of MAT for companies opting for the new tax structure is a step in the right direction.

The icing on the cake however, is the abolition of the enhanced surcharge on capital gains arising out of sale of equity shares in a company or a unit of an equity oriented fund or a unit of a business trust liable for securities transaction tax in the hands of an individuals, HUFs, AOPs, BOIs and AJPs as also for any capital gains arising on sale of any security including derivatives in the hands of a foreign portfolio investors will bring back markets to life.

FM's boosters seen as positive but insufficient to perk up manufacturing

Euphoria in markets knew no bounds on Friday as Finance Minister Nirmala Sitharaman announced a slew of fiscal measures, including cuts in corporation tax rates, to infuse animal spirits in the country’s sagging economy.

The S&P BSE Sensex skyrocketed a whopping 1,955 points or 5.41 per cent in intra-day trading to hit a high of 38,048.93. On the National Stock Exchange (NSE), the benchmark Nifty50 leapfrogged over 530 points, or 5 per cent, to trade at 11,237. At the time of writing of this report, all the 30 constituents on the Sensex were trading in the green, while all but one of the NSE’s components were in the positive territory. READ MORE
 
 

NEWS ALERT | Himatsingka Seide Board approves total investment of approx. Rs 17.34 cr: BSE filing

-- Investment approved in Atria Wind Power (Basavana Bagewadi) & Atria Wind Power (Chitradurga) Special Purpose Vehicles (SPV's) of Atria Wind Power Limited, Bengaluru


Expert Comment :: A. Prasanna, Head of Research, ICICI Securities Primary dealership

This is a long overdue and hugely positive move by the finance minister. Nearly 50 per cent of the companies were paying effective tax rate of below 30 per cent under current rules. The new rates simplify the tax architecture and will give a fillip to investments and jobs. This is the first concrete step towards realising Make in India.
 
The fiscal impact will be large, but right now the need for economic recovery should take priority. I expect the RBI to accommodate this fiscal expansion via additional open market operations to keep interest rates in check.

NEWS ALERT | Strides Pharma Board approves additional investment up to $40 m: BSE filing

 -- Invt to be done over a period of 24 months for a controlling stake in Stelis Biopharma Private Limited (Stelis)


NEWS ALERT | Gujarat, WB ask 15th Fin Comm to include their demand of extending compensation window: sources to CNBC TV18

-- Demand to extend 14% compensation window till 2025

NEWS ALERT | NK Singh suggests bringing petrol, ATF, alcohol under GST: sources to CNBC TV18

-- Suggests building consensus to bring petrol, diesel, ATF, natural gas, alcohol and electricity under GST

-- Suggests to review no. of ITC needed for real estate sector

NEWS ALERT | 15th Fin Comm Chief NK Singh suggests hiking GST tax rates to meet revenue requirements: sources to CNBC TV18

-- Singh makes presentation at GST Council meet

-- Suggests having one or two tax slabs in future

-- Council may consider merging 12% and 18% bracket once revenue stabilises

-- Suggests to gradually remove exemptions given under GST

Expert Comment :: Deepak Jasani, Head of Retail Research, HDFC securities.

The markets have expectedly reacted very well to the relief measures announced today. The Govt has chosen to spur consumption and investment by giving reliefs in direct taxes (vs GST reliefs expected by different sectors).

Reaction of FPIs to these impacts will be keenly observed. The markets could give some time for the above impact to trickle down before going back to cautious stance. Stressed corporates may, however, not benefit as the reliefs may not apply to them, as no GST reliefs have been announced. Large change in PSU divestment policy and changes in land, labour and judicial reforms may be more keenly awaited now than ever before.

Jubilant Foodworks adds over 9%


HUL, Nestle, Bata, DMart, Asian Paints hit new record high on tax rate cut

Shares of consumption related companies including Hindustan Unilever (HUL), Nestle India, Bata India, Avenue Supermarts (D-Mart), Asian Paints, Berger Paints, Colgate-Palmolive India and GlaxoSmithKline Consumer Healthcare hit their respective all-time highs on Friday after the government announced a fiscal measures to revive the animal spirits in the Indian economy. READ MORE

NEWS ALERT | CSR 2% fund can now be used for making contributions towards incubators funded by Central, state govt: FM

-- Making contribution towards PSU, publicly funded universities, IITs, national labs, autonomous bodies (ICAR, ICMR, CSIR, DRDO, DST, IT Min)

ALERT | Nifty MidCap Index sees biggest one-day gain in history


MARKET ALERT | Investors wealth rises by Rs 6.12 trillion as market rally 5%

Nifty Bank index rises over 7%

 

Market check | Sensex rallies 1,900


Market check


Market check | Sensex surges 1,800 pts


Auto, cement shares rally up to 16% after FM 's fiscal booster dose

Shares of automobile and cement companies rallied the most, gaining up to 16 per cent on the BSE on Friday, after Finance Minister Nirmala Sitharaman announced a cut in the corporate taxes as part of its fiscal measure to boost the flagging economy.
 
Eicher Motors and Maruti Suzuki India surged 16 per cent and 11 per cent, respectively in the intra-day trade today. Meanwhile, Mahindra & Mahindra (M&M), Ashok Leyland, TVS Motor, Escorts, Tata Motors and Bajaj Auto from the automobiles added between 5 per cent and 8 per cent. READ MORE

Market check


FM Nirmala Sitharaman announces cut in corporation tax rate: 7 Highlights

Here are the highlights--
 
1. All domestic companies to be allowed to pay corporation tax at the rate of 22% (effective rate 25.17% including cess and surcharge). This would be subject to the condition that these companies do not avail of any tax incentives or exemptions. Moreover, no Minimum Alternative Tax (MAT) would be imposed on these companies.
 
2. Any new domestic manufacturing company, incorporated on or after October 1, 2019, will be allowed to pay corporation tax at the rate of 15% (effective rate 17.01%). No MAT will be imposed on these companies either. This will be subject to the condition that the company does not avail of any tax incentives or exemptions and commences production by 31 March, 2023. READ MORE

Market check


Market check


Stock Alert | Eicher Motors gains over 12%, sees biggest one-day gain in 20 years


Market check | Nifty50 rallies above 11,000


Market check | Sensex soars 1,300 points


Sectoral trends at NSE at this hour


NEWS ALERT | Govt tax cut decision bold and welcoming: RBI Guv Shaktikanta Das

-- See room for reforms in land and labour

Market check | Sensex reclaims mount 37k-mark; surges 1,200 pts


NEWS ALERT | Effective rate, inclusive of surcharge, cut to 25.17% from 34.94%

-- For new manufacturing companies, effective rate is at 17.01% 

Market check


NEWS ALERT | MAT reduced to 15% from 18.5% for Co who continue to avail exemption, incentives: FM Sitharaman

-- Giving MAT relief to companies continuing to pay surcharge, cess

Market check


NEWS ALERT | Tax on buyback of shares shall not be charged in case of listed companies announcing buy-back Pre-July 5



NEWS ALERT | Any Co, incorporated on or after 1 Oct 2019, making investment in manufacturing to pay tax at 15%

-- Should commence production on or after March, 31, 2023

-- Effective tax at 17.01% (inclusive of surcharges and cess)

-- No need to pay MAT

NEWS ALERT | To promote growth, any domestic co to pay income tax at 22% without exemption: FM Sitharaman

-- Effective tax rate at 25.17% , inclusive of all surcharges and cess

-- Such Co will not require to pay MAT

NEWS ALERT | Propose to slash corporate taxes for domestic companies: FM Sitharaman

-- Also for new domestic manufacturing companies

MARKET CHECK | Top gainers on the BSE at this hour


Bombay Burmah Trading Corp soars 7%


Astral Poly Technik tanks 17% after 2.6% equity changes hands in block deal

Shares of Astral Poly Technik tanked around 17 per cent to Rs 960 apiece on the BSE -- its biggest fall in the past four years -- in the early morning deals on Friday after nearly 3 per cent equity of the company changed hands via block deals.
 
At 09:15 am, around 3.86 million equity shares, representing 2.6 per cent of total equity of Astral Poly Technik, changed hands on the BSE, the exchange data shows. READ MORE

Buzzing | Bombay Dyeing gains over 3%


NEW LISTING | IIFL Securities lists at Rs 22/sh on NSE: CNBC TV18


PSBs slide after government directs them not to declare MSME loans as NPA till Mar 31, 2020

-- Canara Bank, Allahabad Bank, Indian Bank hit 52-week low

NEWS ALERT | FM Nirmala Sitharaman's media address delayed till 10:30 am

Sector watch | Media stocks slip in trade


Dish TV plunges 15%


Zee Entertainment slides further; slips over 11%


Market check


HDFC Life Insurance gains 3%


Indiabulls Real Estate hits 52-week low


Morepen Labs rallies 9%

-- The company approved the issue and allotment up to 3.7 crore warrants for an aggregate amount of up to Rs 74 crore, convertible into 3.7 crore equity shares to promoter group entity(ies) on a preferential basis.


NTPC falls 2%


Birla Corporation rises 3%


Gruh Finance adds over 2%


Sun Pharma gains a per cent


Nifty Auto trades higher ahead of GST Council meet


YES Bank gains 3% on short covering


Den Networks slips 5%


Lincoln Pharma trades 0.8% higher


Andhra Bank trades flat with negative bias


SBI trades over a per cent lower


Adani Enterprises trades lower


Axis Bank dips 1%


Astral Poly Technik crashes over 16% on block deal

--  2.54% equity of Astral Poly exchanges hands on NSE & BSE

Oberoi Realty dips 3%


YES bank trades flat


Zee Entertainment tanks over 9%


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


Market at Pre-open


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


Rupee Opening Alert

Rupee opens higher at Rs 71.20/$, as against Thursday's close of Rs 71.32

Market at Pre-open


Bank stake sales in insurance, mutual fund subsidiaries hit a wall

Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders. READ MORE

NEWS ALERT | FM Nirmala Sitharaman to address media at around 10 am today

-- May announce measures, including review of import tariffs, to revive economy, reports Reuters.

Stocks to watch: YES Bank, Axis Bank, PSBs, autos, ZEE, Adani Group cos

Here's a look at the top stocks that may trade actively in today's trading session -
 
YES Bank: Morgan Credits (MCPL), the promoter firm of YES Bank, sold Rs 337 crore worth of shares of the lender in a bulk deal on Thursday. This was to prepay a certain part of its outstanding dues to Reliance Nippon Life AMC (RNam). 
 
Axis Bank on Thursday fixed the floor price for its qualified institutional placement (QIP) issue at at Rs 661.50 per equity share. READ MORE

Auto crisis: FADA urges GST Council to take definitive decision on rate

-- Federation Of Automobile Dealers Associations urged the GST Council to take a definitive decision on the rate in its meeting scheduled to be held on Friday.
 
-- Hero MotoCorp urged the Centre to consider a phase-wise reduction in GST on automobiles, cutting rates for two-wheelers in the first stage, and deferring tax cut on four-wheelers to a later stage.
 
-- Tata Motors exuded confidence in the government taking a positive call on the auto industry's demand for a tax cut on vehicles. READ MORE HERE

Loan 'melas' are back: PSBs to hold credit meets in 400 districts, says FM

Public-sector banks (PSBs) will hold public meetings with borrowers for distributing loans in 400 districts of the country to boost demand ahead of the festive season, Union Finance Minister Nirmala Sitharaman announced on Thursday.

Further, the government has told PSBs not to declare stressed assets of micro, small and medium enterprises (MSMEs) non-performing assets (NPAs) till March 31 next year. READ REPORT HERE

Essel Group promoters may get six months to repay Rs 3,000 crore debt

Sources said most of the MFs had agreed in principle to give the promoters another six months, till March 2020, but had also asked them to try and settle the dues earlier. “After the partial payment made last week, our risks on these exposures have come down. There are interested parties for the promoters' stake in Zee, but the transaction may take some more time. The promoters have already divested part of their stake, showing the right intent of clearing the dues,” said the chief executive officer of an MF, requesting anonymity. READ MORE

Axis Bank fixes floor price for QIP issue at Rs 661.50 per equity share

Private lender Axis Bank on Thursday fixed the floor price for its qualified institutional placement (QIP) issue at at Rs 661.50 per equity share. The private lender has said that the board will meet again on September 25 to approve QIP issue to investors.
 
The bank, in an exchange filing, has also said that a discount of 5 per cent can be offered on the base price at the discretion of the board. While the issue size was not revealed, the bank’s board in July has approved a proposal to raise upto Rs 18,000 crore through issue of equity shares, depository receipts or convertible securities.
 
The bank’s scrip was down 1.5 per cent down at Rs 638.25 at the BSE.

OECD slashes India's economic growth forecast from 7.2% to 5.9%

The Organisation for Economic Co-operation and Development (OECD) appears to be the most pessimistic on India's economy among think tanks, as it cut the GDP growth forecast by 1.3 percentage points to 5.9 per cent for 2019-20.
 
For the next year, the OECD has projected the Indian economy to grow 6.3 per cent, bringing down its earlier forecast by 1.1 percentage points. READ MORE

GST Council meet today; fitment panel rejects rate cut demand for 200 items

Caffeinated drinks are among a handful of items for which a hike in the GST rate has been recommended. In fact, rate cut demands for about 200 items — such as automobiles, biscuits, rusks, TVs (screen size more than 32 inches), footwear, mineral water, breakfast cereal, helmets, chemical fertilisers, and itra (perfume) — have been rejected by the rate fitment panel. READ MORE

Textile industry hopeful for a cut in GST rate on synthetic fiber

At a recent meeting with Union Finance Minister Nirmala Sitharaman, it had urged a uniform GST rate for the entire industry.
 
Currently, the cotton textile value chain — yarn, fabric, apparel, and others — attracts a uniform GST rate of five per cent. Purified terephthalic acid (PTA), the key input in making polyester yarn and fabric attracts 18 per cent. And, polyester yarn and fabric are taxed at 12 per cent and five per cent, respectively. READ MORE

Room for rate cuts, not fiscal expansion, says RBI governor Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das said there was space for rate cuts even as the government had little room for any fiscal expansion and the inflation is well below the mandated level. The Monetary Policy Committee (MPC) is due to announce its policy decision on October 4. Analysts expect
 
25-40 basis points cut in the policy. READ FULL REPORT HERE
RBI Governor Shaktikanta Das

Aluminium producers likely to see pressure on profits, says NALCO chief

Falling global prices of alumina and aluminium are likely to put pressure on Indian producers of primary aluminium, which have achieved nearly full capacity utilisation.
 
This was stated by Tapan Kumar Chand, chairman and managing director, National Aluminium Corporation (Nalco). While addressing shareholders at the company’s annual general meeting, he noted that domestic prices were linked to those on the London Metal Exchange (LME). READ MORE

Avenue Supermarts: Rich valuations mean little room to miss expectations

Richly priced stocks usually also come with high investor expectations. So, even a marginal miss on expectations could lead to a sharp correction in valuation of such stocks.
 
Investors of Avenue Supermarts (Avenue) – owner of DMart supermarket chain – should keep this in mind, suggest analysts. “The Avenue stock continues to enjoy rich valuations. However, disappointment on any front, including growth expectations, could lead to a sharp correction in the valuations,” says Rajeev Anand, analyst at Narnolia Financial Advisors. READ MORE
.

Rana Kapoor's Morgan Credits sells Rs 337 crore of shares in Yes Bank

Morgan Credits (MCPL), the promoter firm of YES Bank, sold Rs 337 crore worth of shares of the lender in a bulk deal on Thursday. This was to prepay a certain part of its outstanding dues to Reliance Nippon Life AMC (RNam). The share sale aggravated the selling pressure on YES Bank, as a result of which its share price closed 15.5 per cent lower. READ MORE

Here's a derivative strategy from HDFC Securities for IndusInd Bank

Sell Indusind Bank September Future at Rs 1285
 
Stop loss: Rs 1,305
 
Target: Rs 1,250
 
Rationale:
 
-- Short build up is seen in the Indusind Bank Futures’ on Thursday, where we have seen rise in Open Interest with Indusind Bank falling by 3.6 per cent.
 
-- Indusind Bank has broken down on the daily chart where it closes at lowest level since March 2017. READ MORE

Bulk deals on BSE as on Thursday

Bulk deals on NSE as on Thursday

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


Rupee Check

Source: Bloomberg


Oil Check

--  Crude oil prices climbed on concerns that last weekend’s attacks on Saudi Arabia’s oil facilities still pose supply risks.

-- At 7:50 am, Brent Crude Futures were at $63.85 per barrel.

SGX Nifty

At 7:30 am, SGX Nifty was trading 19 points higher at 10,723.5 level.

Asian Market Check

Source: Reuters


US Market Check

Source: Reuters


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