MARKET WRAP: Sensex ends 74 pts lower; PSBs, metals decline, Maruti up 4%

Sentiment at D-Street remained subdued on Tuesday as no stimulus was in sight for the staggering economy. Markets ended today's volatile session in the red with stocks of the public sector banks sliding the most. The losses were, however, capped by gains in the information technology, who gained on the back of a weaker rupee. 

The S&P BSE Sensex ended at 37,328 level, down 74 points or 0.20 per cent. Index heavyweights like Reliance Industries, ITC, and HDFC dipped over 1 per cent each to drag the benchmark indices lower. Maruti, Tata Motors, HCL Tech, and Infosys were the top gainers at the 30-share index, while YES Bank, IndusInd Bank, and ITC were the biggest losers. The broader Nifty50, too slipped 37 points, or 0.33 per cent, to settle at 11,017 mark. 

Domestic stocks defied gains in the Asian peers to slip 182 and 69 points at the Sensex and Nifty50, respectively in the intra-day trade.

Sectorally, only three sectors ended in the green. Nifty PSB index closed 2.4 per cent lower, followed by Nifty metal index, down 1.7 per cent. On the contrary, Nifty auto index gained 1.2 per cent, followed by Nifty IT index, up 1.18 per cent. 

In the broader market, S&P BSE mid-cap ended at 13,437 level, down 81 points, or 0.6 per cent. The S&P BSE small-cap index, too, closed 79 points, or 0.62 per cent, lower at 12,570 level.  

GLOBAL CUES

Asian shares rose on Tuesday as hopes for stimulus in major economies tempered anxiety about a global recession, boosting riskier assets and drawing money from safe-havens such as bonds and gold.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.53 per cent, while Japan’s Nikkei rose 0.54 per cent.

(With inputs from Reuters)


3:43 PM IST

3:43 PM IST

3:40 PM IST The S&P BSE Sensex shed 74 points or 0.20 per cent to settle at 37,328 levels while NSE's Nifty50 index ended at 11,017, down 37 points or 0.33 per cent.

3:05 PM IST -- Rating revised for long term loans and short term fund and non-fund based facilities respectively

2:52 PM IST Shares of Oberoi Realty and Capacit'e Infraprojects slipped up to 3 per cent and 8 per cent, respectively in the afternoon trade on Tuesday after reports said Income Tax department had conducted searches at their respective Mumbai offices. READ MORE

2:51 PM IST

2:47 PM IST

2:42 PM IST COMPANY NAME LATEST HIGH LOW CHG (rs) CHG(%) BANK OF BARODA 99.35 102.50 97.90 -3.20 -3.12 PUNJAB NATL.BANK 65.40 67.80 64.65 -1.90 -2.82 BANK OF INDIA 66.55 69.00 65.60 -2.40 -3.48 ST BK OF INDIA 282.30 287.55 280.85 -4.40 -1.53 UNION BANK (I) 62.00 64.35 61.40 -2.10 -3.28 CANARA BANK 225.60 232.20 223.40 -5.65 -2.44 CENTRAL BANK 19.25 19.45 19.20 -0.20 -1.03 J & K BANK 37.20 39.25 36.65 0.40 1.09 ALLAHABAD BANK 34.95 35.95 34.80 -0.60 -1.69 I O B 9.91 10.09 9.81 -0.08 -0.80 BANK OF MAHA 11.85 11.94 11.75 -0.04 -0.34 INDIAN BANK 178.50 182.75 176.00 -4.45 -2.43

2:38 PM IST

2:34 PM IST COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%) ASAHI INDIA GLAS 185.30 185.00 -6.20 -3.24 B H E L 50.45 50.00 -0.80 -1.56 BANK OF INDIA 66.70 65.60 -2.25 -3.26 BIOCON 216.50 211.30 0.30 0.14 BRITANNIA INDS. 2403.90 2372.00 -73.45 -2.96 » More on 52 Week Low

LIVE UPDATES

Sectoral losers and gainers on the NSE


Top losers and gainers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex shed 74 points or 0.20 per cent to settle at 37,328 levels while NSE's Nifty50 index ended at 11,017, down 37 points or 0.33 per cent.

NEWS ALERT | ICRA revises Sical Logistics' ratings to B+[Negative]/A4 from BB+ [Negative] / A4+ : BSE filing

-- Rating revised for long term loans and short term fund and non-fund based facilities respectively


Oberoi Realty, Capacit'e Infra fall up to 8% on reports of raid by I-T dept

Shares of Oberoi Realty and Capacit'e Infraprojects slipped up to 3 per cent and 8 per cent, respectively in the afternoon trade on Tuesday after reports said Income Tax department had conducted searches at their respective Mumbai offices. READ MORE


Shriram City Union Finance climbs 13% off day's low


Market check | Sensex trading near day's low


PSU Banks trade under pressure

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%)
BANK OF BARODA 99.35 102.50 97.90 -3.20 -3.12
PUNJAB NATL.BANK 65.40 67.80 64.65 -1.90 -2.82
BANK OF INDIA 66.55 69.00 65.60 -2.40 -3.48
ST BK OF INDIA 282.30 287.55 280.85 -4.40 -1.53
UNION BANK (I) 62.00 64.35 61.40 -2.10 -3.28
CANARA BANK 225.60 232.20 223.40 -5.65 -2.44
CENTRAL BANK 19.25 19.45 19.20 -0.20 -1.03
J & K BANK 37.20 39.25 36.65 0.40 1.09
ALLAHABAD BANK 34.95 35.95 34.80 -0.60 -1.69
I O B 9.91 10.09 9.81 -0.08 -0.80
BANK OF MAHA 11.85 11.94 11.75 -0.04 -0.34
INDIAN BANK 178.50 182.75 176.00 -4.45 -2.43

Nifty Auto index trades higher


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

COMPANY PRICE(rs) 52 WK LOW CHG(rs) CHG(%)
ASAHI INDIA GLAS 185.30 185.00 -6.20 -3.24
B H E L 50.45 50.00 -0.80 -1.56
BANK OF INDIA 66.70 65.60 -2.25 -3.26
BIOCON 216.50 211.30 0.30 0.14
BRITANNIA INDS. 2403.90 2372.00 -73.45 -2.96
» More on 52 Week Low

NEWS ALERT | CRA reaffirms A1+ rating on PNB Gilts


NEWS ALERT | Received credit rating of 'A1+' from Brickwork Ratings: Welspun Enterprises

-- This is the highest credit rating for short term borrowing for the Company

--  Revised rating for issuance of commercial paper of Rs 300 crore
 

MARKET CHECK | Sensex recovers over 180 pts from day's low


Edelweiss Securities on Consumer Goods

The key for volume growth revival will be increase in spending by the central government as well as its government payouts to farmers under the PM-Kisan scheme, better monsoon along with good distribution. Roll out of GST’s invoice reconciliation mechanism will further spur demand for the organised sector, which will give filip to volume growth. For margin benefit, crude prices should remain soft, which will help not only paint companies, but also logistic cost of all companies under coverage.
 
Top picks
 
HUL (30%), Asian Paints (20%), Nestle (20%), Marico (15%) and Dabur (15%).
 

Over 180 securities hit 52-week lows in trade

21STCENMGM 21st Century Management Services Limited 12.50 12.75 19-Aug-2019 12.50 12.75 -0.25 -1.96
ACCELYA Accelya Solutions India Limited 737.45 741.05 05-Aug-2019 740.00 750.30 -10.30 -1.37
ACE Action Construction Equipment Limited 58.60 61.15 19-Aug-2019 58.75 61.75 -3.00 -4.86
AKSHOPTFBR Aksh Optifibre Limited 7.45 7.70 16-Aug-2019 7.60 7.95 -0.35 -4.40
ALMONDZ Almondz Global Securities Limited 11.00 11.00

(Source: NSE)

Click to view full list

MARKET CHECK | Top gainers on the BSE at this hour

HFCL 20.00 +1.15 +6.10
 
MFSL 435.00 +16.55 +3.96
 
HAVELLS 682.80 +19.05 +2.87
 
VENKYS 1,485.30 +133.25 +9.86
 
MARUTI 6,177.25 +202.30 +3.39

Market check | Sensex turns positive


YES Bank falls for second straight day, down 15% against QIP price

Shares of YES Bank were trading lower for the second straight day, down 7 per cent at Rs 71 on the BSE on Tuesday. The stock has fallen 10 per cent in the past two days, despite the company successfully raising Rs 1,930 crore through the qualified institutional placement (QIP) route last week. The stock was trading 15 per cent lower than its QIP price. The private sector lender's share price is less than 1 per cent away from its 52-week low level of Rs 70.50, touched on August 14, 2019 in intra-day deal. READ MORE

Venky's rises over 10%


Market check | Sensex sees sharp recovery


Index Contributors at this hour


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
VODAFONE IDEA 5.72 -0.27 -4.51 9013111
YES BANK 71.50 -5.20 -6.78 6924477
DEWAN HSG. FIN. 45.90 -3.15 -6.42 1621867
RELIANCE INFRA. 42.80 -1.40 -3.17 1433317
TATA MOTORS 122.00 1.25 1.04 1232267
» More on Most Active Volume

NEWS ALERT | SeQuent Scientific receives Establishment Inspection Report from US FDA: BSE Filing

-- EIR received for its GLP compliant, Analytical Laboratory at Bengaluru


'Retail investors are now investing for a longer period through SIPs'

Has the selling by foreign portfolio investors been overdone?
 
Ideally speaking, the increase in taxation is a small marginal number. While this could have been a trigger to sell, there would have been a multitude of other factors that could have resulted in this, including global cues and the lack of much needed fiscal stimulus in the budget. That said, over the longer term, foreign investors’ exposure to the country has been steadily going up. If there is an improvement on the corporate earnings front, foreign investors could come back. READ MORE
Anand Shah

Buzzing | NMDC slips over 9%


Centrum Broking on Financials

We like ICICI Bank and SBI among large-cap banks. Commentaries on growth, margins and resolution of NPAs remain a key monitorable. We like Federal Bank and DCB Bank in the mid-cap banking space. We would watch for commentaries on asset growth for asset finance companies (AFCs), and customer acquisition and state exposure in case of micro lenders.
 

Maruti Suzuki climbs 2%, top gainer in S&P BSE Sensex


Edelweiss Securities on NTPC

After generating flat EPS growth over FY16–19, NTPC is likely to post a strong 15% CAGR over FY19–21E on the back of recoupment of under recoveries and 8GW of cumulative capacity commercialisation. Maintain ‘BUY/SO’ with a target price of Rs 158. The stock is trading at FY20/21E P/B of 1.0/1.0x.
 

Market check


Market check


Elara Capital on Repco Home Finance

Rating: Accumulate
 
Target Price: Rs 390
 
Upside: 18%
 
Our concerns on Repco are, a continued subdued growth in Tamil Nadu, a late diversification outside home state followed by an aggressive growth and stickiness in NPA with inadequate provisioning. We see growth as the key to earnings revival, which we currently expect at a CAGR of 12% of FY19-21E; higher than build-in credit costs is the key risk to our already subdued earnings forecast. The recent correction provides an upside to our Target Price of Rs 390. We have an Accumulate rating on the stock.

Small-cap index tanks 30% in a year. Time to buy selectively, say analysts

Absence of fiscal stimulus by the government amid a weak economy, surcharge-related issue with foreign portfolio investors (FPIs) amid other global developments has dented the overall market sentiment since the presentation of Union Budget on July 5.
 
The S&P BSE Sensex and the Nifty 50 have slipped around 5 per cent and 6 per cent, respectively, since then. The pain in the mid-and small-cap segments has been more pronounced with both the indices slipping nearly 8 per cent and 11 per cent, respectively, during this period. READ MORE

Buzzing | Britannia Industries hit 52-week low


AGC Networks hits 52-week high, zooms 80% in three days post Q1 results

Shares of AGC Networks extended their rally on Tuesday and were locked in the upper circuit band of 20 per cent for the third consecutive day at Rs 130, on the National Stock Exchange (NSE) after the company reported more than double consolidated net profit of Rs 13.6 crore in April-June quarter (Q1FY20). READ MORE

Edelweiss Financial Services slips 8%


Sector watch | Nifty PSU Banks' index slide, down nearly 3%


NEWS ALERT | Goldiam International bags export orders worth Rs 100 cr from International clients: BSE Filing

-- Order for manufacturing of diamond studded designed gold jewellery

-- To be delivered within coming 3 months


NEWS ALERT | Dr. Reddy's launches Vigabatrin oral powder in the US market: BSE Filing

Alert: Vigabatrin had a US market size of about $274 m as of June 2019


Vodafone Idea falls 6% as CEO Balesh Sharma resigns

Vodafone Idea shares slid 6 per cent to Rs 5.60 in early morning trade on the BSE on Tuesday after Balesh Sharma stepped down as company’s chief executive officer (CEO) with immediate effect due to personal reason. Ravindar Takkar has been appointed as managing director and CEO for period of three years. READ MORE
Balesh Sharma

CG Power tanks 20% after Co recognises 'unauthorized transactions' by staff

“While working on one of its priority tasks of seeking refinancing of certain facilities and as a part of conducting financial analysis in this regard, the operations committee (Ops Committee) was made aware of some unauthorised transactions by certain employees of the company,” CG Power said in a regulatory filing while announcing fiscal results for 2018-19. READ MORE

NEWS ALERT | SBI waives processing fee on car loans during festive season

--SBI offering interest rate starting from 8.7% for car loan, with no escalation in interest.

-- Concession of 25 bps on interest rate if applied for car loan via digital platform

-- Salaried individuals can avail loan up to 90% of a car's on-road price

Over 20 years after Asia debt crisis, McKinsey sees signs of a repeat

Increased indebtedness, stresses in repaying borrowing, lender vulnerabilities and shadow banking practices are some of the concerns cited by McKinsey in an August report. Whether building pressures are “enough to trigger a new crisis remains to be seen” but governments and businesses need to monitor potential causes, authors Joydeep Sengupta and Archana Seshadrinathan wrote. READ MORE

Corporate tax for firms with over Rs 400 crore turnover to be cut gradually

In 2018, the then Finance Minister Arun Jaitley had cut the corporate income tax rate to 25 per cent for companies with a turnover of up to Rs 250 crore.
 
Speaking at an event, Sitharaman said the theme of this year Budget Ease of Living and every policy and scheme have been designed with that guiding principal in the mind. READ MORE

Bharat Forge up 1%


Sterling and Wilson Solar lists at 9% discount to issue price of Rs 780

SWSL is promoted by the Shapoorji Pallonji Group and is the demerged Solar EPC Division of Sterling and Wilson (SWPL). The company commenced operations in 2011 as the Solar EPC Division of SWPL and demerged from SWPL with effect from April 1, 2017.
 
The company's initial public offering (IPO), which ran between August 6 and August 8, was subscribed 92 per cent. The qualified institutional buyer (QIB) portion of the issue, however, garnered full subscription. The high networth individual (HNI) portion of the issue was subscribed 89 per cent, while retail investor portion was subscribed 30 per cent. READ MORE

Market check | Weakness in Sensex


Bank of India dips over 3%


New Listing Alert | Sterling & Wilson Solar lists at Rs 700/sh

-- Issue price was Rs 780/sh


Market check | Nifty trades lower


Market check | Sensex at day's low


Reliance Industries trades flat with negative bias


YES Bank slips over 5%


Nifty IT index trades 1.5% higher


SAIL hits 52-week low


J&K Bank rises over 3%


Mangalore Refinery & Petrochemicals dips as landslide hits co's refinery in Dakshina Kannada district


Godfrey Phillips sheds 3%


Bajaj Fin trades lower


MindTree up 2%


Havells gains 3%


L&T Infotech rises over 2%


Himachal Futuristic Communication gains over 6%


NTPC gains 0.8%


Tata Motors trades nearly a per cent lower


DHFL slips 6% on payment default


Tata Steel trades flat with negative bias


Vodafone Idea dips over 2%


Eicher Motors gains over 1%


Britannia Industries slips 1.5%


Mahanagar Gas gains 9% on block deal


CG Power slumps 20%


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


Momentum Picks by ICICI Securities


CG Power slips 20% during Pre-open

--  Co takes note of unauthorized transactions done by employees

-- Understatement of liabilities expected


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


Market at Pre-open


Market at Pre-open


Rupee opening

Rupee opens lower at 71.51/$ vs Monday's close of 71.43 against the US dollar

Linking loans to repo not the only way for faster transmission: Axis Bank

The third-largest private sector lender's executive director for corporate lending Rajiv Anand blamed liquidity issues prevented banks cutting the lending rates till June and that with better liquidity conditions since then, banks have been passing on the benefits of the RBI rate cuts. READ MORE

Manipal Health Enterprises plans expansion, may go for IPO in 2 years

Bengaluru-based hospital chain Manipal Health Enterprises may look at listing on the bourses in the next two years in order to give its investors TPG Capital and Temasek exits and raise funds for growth, said sources. The 6,000-bed hospital chain has not made any acquisitions since 2013. READ MORE

Vodafone Idea, Bharti Airtel continue to lose users; Jio adds 8.26 million

As on end-June, the top five wired broadband service providers were Bharat Sanchar Nigam (9.05 million), Airtel (2.4 million), Atria Convergence Technologies (1.45 million), Hathway Cable & Datacom (0.84 million) and Mahanagar Telephone Nigam (0.74 million). This picture is expected to change with the official launch of Jio’s fibre-to-home service in September.  READ MORE

Ravinder Takkar replaces Balesh Sharma as CEO of Vodafone Idea

Ravinder Takkar, currently Vodafone Group’s representative in India, will be appointed as his successor with immediate effect. Over the past one year, Vodafone Idea has continued to be plagued by rapidly falling stock prices, dropping from Rs 32 same time last year to Rs 5.99 on the BSE when markets closed on Monday. READ MORE

Cash-strapped DHFL makes fresh default on Rs 1,571-crore bond repayments

The defaults pertain to three cases with regard to interest payment on non-convertible debentures and commercial papers (CPs), Dewan Housing Finance Corporation Ltd (DHFL) said in a regulatory filing.
 
In a break-up, the non-banking financial company (NBFC) said it has defaulted on Rs 46.92 crore towards interest amount on secured NCDs (9.92 per cent and 9.40 per cent/10 year tenor); on NCDs issued through a public issue for multiple tenors of amount involving interest of Rs 363.77 crore and principal amount of Rs 1,059.91 crore. READ MORE

Disclosure lapses: Sebi puts stricter regulations for listed companies

Securities and Exchange Board of India (Sebi) said that stock exchanges will impose fines in case of non-compliance with certain provisions of Issue of Capital and Disclosure (ICDR) Regulations.
 
The fine will be applicable if the bonus issue is delayed beyond 15 days from the date of approval of the issue by the board of directors in cases where shareholders' approval for making the bonus issue is not required. READ MORE

Street cautious on NMDC despite volumes, realisations gain; stock falls

Strong output numbers and growth in dispatches continue, even after mining disruptions in Karnataka. The company announced a 24 per cent jump in production and 27 per cent increase in dispatches in the first four months of FY20. The momentum seen in the first quarter is continuing in the current quarter as well. Analysts at Edelweiss feel the impressive ramp-up at Kumaraswamy mines in Karnataka makes up for the shortfall on account of the outage at Donimalai. READ MORE

BSE to expand commodity derivatives with slew of new contracts next quarter

The Bombay Stock Exchange is planning several new contracts whose launch is scheduled for the December quarter, after consolidating its position in the commodity derivatives segment. The new contracts it plans to introduce in October-December quarter include Brent crude oil, soya bean, kapas and a first-of-its-kind almond contract in India, all subject to regulatory approval. READ MORE

Stocks to watch: DHFL, Vodafone Idea, NBFCs, RIL, Sterling & Wilson Solar

Here's a look at the top stocks that may remain in focus today -
 
DHFL: DHFL on Monday said it has defaulted on its financial repayment obligations worth Rs 1,571 crore with regard to issuance of bonds and commercial papers. The defaults pertain to three cases with regard to interest payment on non-convertible debentures and commercial papers (CPs), it said.
 
Tata Motors: Care Ratings has downgraded long term rating to AA- from AA; outlook has been revised from stable to Negative. READ MORE

NEWS ALERT | Ratul Puri arrested by ED in Moser Baer fraud case, reports BTVi quoting unnamed sources

Alert : Puri is nephew of Kamal Nath

        : ED is Enforcement Directorate

Direct Tax Code 2.0: Task force for big relief to individual taxpayers

The Direct Tax Code (DTC) task force, set up to overhaul the 58-year-old Income Tax Act, has recommended a significant increase in the highest income tax slabs, besides slashing the corporate tax rate to an even rate of 25 per cent for both domestic and foreign companies, sources in the know said. Income tax payers earning up to Rs 55 lakh per annum may end up with a major tax relief if recommendations to change the tax bracket and rebates are accepted, according to sources. READ MORE
File photo of Nirmala Sitharaman

Top stock picks by Anand Rathi

BUY MARICO
 
TARGET: Rs 425
 
STOP-LOSS: Rs 375
 
The stock has provided a breakout from the symmetrical triangular pattern with a buy crossover in its daily as well as weekly momentum indicators. The previous move was an impulsive one, hence another impulse on the upside is expected from here on. READ MORE

Today's picks

Wipro 
 
Current: Rs 252
Target: Rs 256
 
Keep a stop at Rs 250 and go long. Add to the position between Rs 254-Rs 255. Book profits at Rs 256. READ MORE

Bulk deals on NSE as on Monday

Date Symbol Security Name Client Name Buy / Sell Quantity Traded Trade Price /
Wght. Avg. 
Price
Remarks
19-Aug-2019 AARON Aaron Industries Limited RAJKUMAR SHYAMNARAYAN SINGH BUY 27,000 52.16 -
19-Aug-2019 ARVIND Arvind Limited SHARE INDIA SECURITIES LIMITED BUY 13,95,361 50.96 -
19-Aug-2019 ARVIND Arvind Limited SHARE INDIA SECURITIES LIMITED SELL 13,93,361 51.22 -
19-Aug-2019 COX&KINGS Cox & Kings Limited RATTANINDIA FINANCE PRIVATE LIMITED SELL 10,00,000 6.75 -
19-Aug-2019 DHFL Dewan Housing Fin Corp DPL COMTRADE PRIVATE LIMITED BUY 19,85,165 49.13 -
19-Aug-2019 DHFL Dewan Housing Fin Corp DPL COMTRADE PRIVATE LIMITED SELL 19,85,165 49.19 -
19-Aug-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 41,83,120 49.18 -
19-Aug-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 41,83,120 49.26 -
19-Aug-2019 EXPLEOSOL Expleo Solutions Limited CELESTINA DANIEL SELL 53,092 273.45 -
19-Aug-2019 RELCAPITAL Reliance Capital Limited ALPHAGREP SECURITIES PRIVATE LIMITED BUY 13,23,098 46.21 -
Click here for the full list

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


Rupee check

Source: Bloomberg

Oil check

At 8 am, Brent Crude Futures were at $59.77 per barrel.

SGX Nifty

At 8 AM, the SGX Nifty was down 12.50 points at 11,044, indicating a flat to negative start for domestic indices.

Asian Markets check


US Market check


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