MARKET WRAP: Sensex gains 194 points, Nifty ends at 11,053; DHFL jumps 11%

(Photo: iStock)
Benchmark indices ended over half a per cent higher driven by gains in RIL, ICICI Bank, HDFC, ITC and Bajaj Finance.

The S&P BSE Sensex ended at 36,636, up 194 points while the broader Nifty50 index settled at 11,053, up 66 points.

Among sectoral indices, the Nifty Metal index ended 0.7 per cent higher with MOIL and National Aluminium Company being the top gainers. The Nifty Pharma index, too, settled 1.1 per cent higher led by gains in Piramal Enterprises and Divi's Laboratories.

In the broader market, the S&P BSE MidCap index ended 72 points, or 0.49 per cent at 14,866, while the S&P BSE SmallCap index settled at 14,557, up 140 points, or 0.97 per cent.

BUZZING STOCKS

Shares of Dewan Housing Finance Corporation (DHFL) surged 20 per cent to Rs 161 apiece on the BSE in the intra-day trade after the company informed the stock exchanges that an independent chartered accountant firm report said that the housing finance company has not promoted any of the 26 shell companies, which were alleged to have siphoned off about Rs 31,000 crore of the company by investigative news portal Cobrapost. The stock ended at Rs 148.80, up 11.04 per cent.

Shares of Edelweiss Financial Services surged 12 per cent to Rs 173 apiece on the BSE in the intra-day trade, extending its previous day’s 10 per cent gain after the company said Canadian fund plans to invest about Rs 1,800 crore in ECL Finance. The stock closed 6.66 per cent higher at Rs 164.05. 

GLOBAL MARKETS

Asian stocks were trading mixed in the early trade on Wednesday, as investors awaited fresh directional cues from US-China trade negotiations and a weaker Wall Street finish capped broader gains, while robust US economic data supported the dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed while Japan’s Nikkei declined 0.5 per cent.

(With Reuters inputs)

3:46 PM IST

3:45 PM IST

3:35 PM IST The S&P BSE Sensex ended at 36,636, up 194 points while the broader Nifty50 index settled at 11,053, up 66 points.  

3:19 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME J & K BANK 48.70 6.90 16.51 1402767 LAK. VILAS BANK 82.90 11.45 16.03 1048546 DILIP BUILDCON 591.00 74.05 14.32 374309 DEWAN HSG. FIN. 150.50 16.50 12.31 4816611 NEW INDIA ASSURA 205.85 21.55 11.69 51576 » More on Top Gainers

3:02 PM IST Rupee bond sales are gathering pace once again as some of India’s bellwether companies consider tapping the market, after a lull in February. A flurry of fundraising in the beginning of the year cooled last month as issuers waited for cues on rates from the federal budget and monetary policy review. Sales are now back on track as large firms wade in to take advantage of falling financing costs. READ MORE

2:49 PM IST

2:38 PM IST

2:27 PM IST The shares of Repco Home Finance climbed 11 per cent to Rs 475 in intra-day trading on Wednesday, thus surging 42 per cent in past three trading sessions after HDFC Mutual Fund (MF) bought 2 percentage point stake in the housing finance company through open market. On February 28, 2019, HDFC MF acquired 1.25 million equity shares, representing 2.01 per cent stake, in Repco Home Finance through various schemes. The total acquisition value would be Rs 42 crore (approx), based on the closing price of Rs 334 per share on the BSE. READ MORE

2:17 PM IST Shares of Hotel Leelaventure hit the upper circuit of 10 per cent at Rs 12.24 apiece on the BSE on Wednesday, after the company said it is evaluating various options for investment in the company or for sale of company’s assets. According to news channel BTVI, Reliance Industries (RIL) is eyeing Hotel Leelaventure. READ MORE

2:01 PM IST The S&P BSE Small-cap index has recovered over 11 per cent till Wednesday, after hitting a 52-week low of 13,099.46 in the intra-day trade on February 18. During this period, five stocks from the index have soared over 50 per cent. Suzlon Energy tops the list with a 115 per cent gain, followed by Punj Lloyd (up 58.45 per cent), Rolta India (up 57.37 per cent), GVK Power (up 53.38 per cent) and Tejas Networks (up 53.12 per cent). READ MORE

1:51 PM IST Non-banking financial companies (NBFCs) with large, but relatively low-vintage, loans to real estate developers are the most vulnerable to rising risks for asset quality in the sector, said analysts. According to some estimates, such loans stood at Rs 1.7 trillion at the end of September 2018-19 (FY19). Several NBFCs might not be prepared for the stress, as a large part of their exposure to real estate developers has only come in recent years. READ MORE

LIVE UPDATES

Sectoral trend on NSE


Top gainers and losers on S&P BSE Sensex at close


Market at close

The S&P BSE Sensex ended at 36,636, up 194 points while the broader Nifty50 index settled at 11,053, up 66 points.
 

Top gainers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
J & K BANK 48.70 6.90 16.51 1402767
LAK. VILAS BANK 82.90 11.45 16.03 1048546
DILIP BUILDCON 591.00 74.05 14.32 374309
DEWAN HSG. FIN. 150.50 16.50 12.31 4816611
NEW INDIA ASSURA 205.85 21.55 11.69 51576
» More on Top Gainers

From RIL to Air India: India Inc wades into rupee bond market as costs drop

Rupee bond sales are gathering pace once again as some of India’s bellwether companies consider tapping the market, after a lull in February. A flurry of fundraising in the beginning of the year cooled last month as issuers waited for cues on rates from the federal budget and monetary policy review. Sales are now back on track as large firms wade in to take advantage of falling financing costs. READ MORE

Nifty Pharma index is trading 1.5% higher


Sectoral trends on NSE


Repco Home zooms 42% in three days after HDFC MF buys 2% stake

The shares of Repco Home Finance climbed 11 per cent to Rs 475 in intra-day trading on Wednesday, thus surging 42 per cent in past three trading sessions after HDFC Mutual Fund (MF) bought 2 percentage point stake in the housing finance company through open market. On February 28, 2019, HDFC MF acquired 1.25 million equity shares, representing 2.01 per cent stake, in Repco Home Finance through various schemes. The total acquisition value would be Rs 42 crore (approx), based on the closing price of Rs 334 per share on the BSE. READ MORE

Hotel Leelaventure hits 10% upper circuit on reports that RIL may buy stake

Shares of Hotel Leelaventure hit the upper circuit of 10 per cent at Rs 12.24 apiece on the BSE on Wednesday, after the company said it is evaluating various options for investment in the company or for sale of company’s assets. According to news channel BTVI, Reliance Industries (RIL) is eyeing Hotel Leelaventure. READ MORE

Suzlon, Rolta zoom 50% since February. Is the tide turning for small-caps?

The S&P BSE Small-cap index has recovered over 11 per cent till Wednesday, after hitting a 52-week low of 13,099.46 in the intra-day trade on February 18. During this period, five stocks from the index have soared over 50 per cent. Suzlon Energy tops the list with a 115 per cent gain, followed by Punj Lloyd (up 58.45 per cent), Rolta India (up 57.37 per cent), GVK Power (up 53.38 per cent) and Tejas Networks (up 53.12 per cent). READ MORE

New NBFC loans for real estate developers may be Rs 1.7 trillion

Non-banking financial companies (NBFCs) with large, but relatively low-vintage, loans to real estate developers are the most vulnerable to rising risks for asset quality in the sector, said analysts. According to some estimates, such loans stood at Rs 1.7 trillion at the end of September 2018-19 (FY19). Several NBFCs might not be prepared for the stress, as a large part of their exposure to real estate developers has only come in recent years. READ MORE

Top gainers and losers on S&P BSE Sensex


Lakshmi Vilas Bank soars 18% on fund raising plan

Shares of Lakshmi Vilas Bank moved higher by 18 per cent to Rs 84.05 apiece on the BSE ahead of the board meeting on Friday to consider fundraising plans.
The counter has seen huge trading volumes with a combined 7.98 million equity shares changed hands on the BSE and NSE till 12:29 pm. The S&P BSE Sensex was up 0.48 per cent or 174 points at 36,610 levels. READ MORE

Top losers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
ENDURANCE TECH. 1161.00 -102.50 -8.11 52987
REL. COMM. 6.41 -0.23 -3.46 2749994
MAGMA FINCORP 110.90 -3.55 -3.10 94420
TRENT 335.50 -10.25 -2.96 16133
NAVKAR CORPORAT. 41.95 -1.15 -2.67 122062
» More on Top Losers

22 Nifty500 stocks trade above 200 DMA; bullish sentiment to stay

The 200-days moving average (DMA) is used by investors to identify the trend. Basically, the average indicates sentiment turning from bearish to bullish from a medium-term perspective when a stock crosses 200-DMA while rising. Stocks that cross their respective 200-DMA while rising indicates a positive signal, as there is a change in their underline trend. READ MORE

ITC extends gain on price hike; stock up 4% in two trading sessions

The shares of ITC were up 2 per cent to Rs 289 apiece on Wednesday, extending its previous day’s 2 per cent gain, on reports that cigarette maker has increased the price of three brands - Bristol, Flake Excel and Capstan. The Kolkata-headquartered company has increased prices by about 7 per cent to 14 per cent. The price of Flake excel is hiked by 11 per cent, Bristol by 6.7 per cent and Capstan by 14.5 per cent by the company, the PTI report suggested. READ MORE

Most active stocks by volume (BSE500)

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
SUZLON ENERGY 7.96 0.52 6.99 15561523
RELIANCE POWER 12.85 0.11 0.86 9571929
DEWAN HSG. FIN. 151.55 17.55 13.10 3988467
JP ASSOCIATES 6.90 0.14 2.07 3675296
VODAFONE IDEA 31.05 1.15 3.85 2438838
» More on Most Active Volume

Nifty PSU Bank index is trading 1.5% higher; J&K Bank surges 16%


JSPL to gain from expansion in capacity, better pricing for steel

Jindal Steel and Power (JSPL) is set to accrue gains on account of various factors, following an improvement in outlook for steel prices. While the higher steel prices will translate to better margins and earnings, capacity expansions in the firm’s steel business will further boost its financials. READ MORE

ICICI Securities on ACC

The company recently announced plans to increase its clinker and cement capacity by 13% and 18% respectively by CY21E at an outlay of Rs 3000 crore. We maintain our CY19E-CY20E estimates with the target price unchanged at Rs1,750/share, based on 11x CY20E EV/E. Maintain BUY. Valuation at 8.9x CY20E EV/E, or US$100/te, remains attractive for a pan-India diversified company with industry-leading return ratios. ACC remains one of our preferred picks.

Market check


Nifty Auto index slips in trade


Equity markets lost sheen in Q3; MCX posts 42.6% gain in total income

Equities may not be the most exciting market to be in, even if you are a stock exchange. The two equity bourses in India saw significant slowdown in total income and profit, in the December quarter (Q3). A combination of fewer listings and falling ‘average daily traded value’ contributed to the drag in Q3. Non-equity bourses have shown sharper gains over the same period, according to an analysis of quarterly numbers. READ MORE

Top gainers and losers on S&P BSE Sensex


Wipro trades 1:3 ex-bonus; stock climbs 5%

Shares of Wipro gained 5 per cent to Rs 285 apiece on the National Stock Exchange (NSE) in early morning trade, after the stock turned ex-bonus in the ratio of 1:3. At 10:33 am, Wipro was trading at Rs 282, up 3.5 per cent, the top gainer among benchmark index Nifty 50. A combined 11.25 million equity shares changed hands on the counter on the NSE and BSE so far. READ MORE

Top gainers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
J & K BANK 48.90 7.10 16.99 1203936
NEW INDIA ASSURA 207.25 22.95 12.45 34783
DEWAN HSG. FIN. 150.50 16.50 12.31 3271772
DILIP BUILDCON 566.60 49.65 9.60 201167
DCM SHRIRAM 486.50 35.00 7.75 24198
» More on Top Gainers

Edelweiss Financial surges 12% as CDPQ to invest Rs 1,800 crore in NBFC arm

Shares of Edelweiss Financial Services surged 12 per cent to Rs 173 apiece on the BSE in early morning trade, extending its previous day’s 10 per cent gain after the company said Canadian fund plans to invest about Rs 1,800 crore in ECL Finance. Canadian pension fund manager CDPQ has signed an agreement to invest over Rs 1,800 crore (approximately US$250 million) in ECL Finance, the non-banking financial company (NBFC) arm of Edelweiss Group. The planned investment by CDPQ would contribute towards establishing a large and diversified credit platform in India. READ MORE

NEWS ALERT | NBCC secures total business of Rs 804 crore in February

Cabinet may consider fresh ethanol blending proposal tomorrow: TV

Cabinet to discuss extending Rs 15,000 crore soft loans to sugar mills, reports CNBC TV-18

Endurance Technologies OFS opens for non-retail; stock falls 10%

The shares of Endurance Technologies dipped 10 per cent to Rs 1,140 on the BSE in intra-day trade on Wednesday as promoter Anurang Jain's offer-for-sale in the company through offer-for-sale (OFS) route opened for bidding today. Jain plans to sell 6.36 million equity shares, representing 4.42 per cent of the company's total equity, with an option to additionally sell 4.19 million shares or 2.98 per cent (in case of oversubscription) at a floor price of Rs 1,100 per share. READ MORE

Sun Pharma slips nearly 2% in an otherwise strong market

Shares of Sun Pharma on Wednesday slipped nearly 2 per cent in the early trade on BSE after news reports suggested Sebi has sought an explanation from the company on the alleged fund diversion of Rs 42,000 crore through its key distributor and subsidiary Aditya Mediasales (AML). READ MORE

Momentum Picks by ICICI Securities


DHFL surges 20% after independent CA report on Cobrapost allegations

Shares of Dewan Housing Finance Corporation (DHFL) surged 20 per cent to Rs 161 apiece on the BSE in early morning trade after the company informed the stock exchanges that an independent chartered accountant firm report said that the housing finance company has not promoted any of the 26 shell companies, which were alleged to have siphoned off about Rs 31,000 crore of the company by investigative news portal Cobrapost. READ MORE

Market check


Sebi asks Sun Pharma to explain alleged fund diversion of Rs 42,000 crore

The Securities and Exchange Board of India (Sebi) has sought an explanation from Sun Pharmaceutical on the alleged fund diversion of Rs 42,000 crore through its key distributor and subsidiary Aditya Mediasales (AML). In two letters dated January 28 and February 18, the regulator asked Sun Pharma to furnish a detailed methodology of AML’s operations, along with the agreement between the drugmaker and AML. Sebi also asked Sun Pharma to explain the rationale, terms, and conditions of the advances given to AML. READ MORE

Nifty PSU Bank index is trading 1.5% higher


Sectoral trends on NSE


Top gainers and losers on S&P BSE Sensex


DHFL gains over 19%


Market at open

At 9:17 AM, the S&P BSE Sensex was trading at 36,602.35, up 159.81 points while the broader Nifty50 was ruling at 11027.10, up 39.65 points

Market at pre-open


Rupee opening

Rupee open at 70.59/$ vs its previous close of 70.49 against the US dollar

Bulk deal on NSE as on Tuesday

05-Mar-2019 BEML BEML Limited ALPHAGREP SECURITIES PRIVATE LIMITED BUY 2,14,731 887.20 -
05-Mar-2019 BEML BEML Limited ALPHAGREP SECURITIES PRIVATE LIMITED SELL 2,14,731 887.79 -
05-Mar-2019 CESCVENT CESC Ventures Limited INTERNATIONAL NEW DISCOVERY FUND SELL 1,48,126 516.44 -
05-Mar-2019 GOACARBON Goa Carbon Ltd RAHUL DOSHI BUY 52,049 474.55 -
05-Mar-2019 GOACARBON Goa Carbon Ltd RAHUL DOSHI SELL 47,049 478.18 -
05-Mar-2019 GSS GSS Infotech Limited ABHISHEK AGARWAL HUF BUY 1,08,000 136.40 -
05-Mar-2019 GSS GSS Infotech Limited AGARWAL PINKI BUY 4,33,042 131.97 -
05-Mar-2019 GSS GSS Infotech Limited AGARWAL PINKI SELL 4,33,042 134.84 -
05-Mar-2019 GSS GSS Infotech Limited RITESH KUMAR AGARWAL BUY 1,55,337 128.67 -
05-Mar-2019 GSS GSS Infotech Limited RITESH KUMAR AGARWAL SELL 1,55,337 134.57 -

Click here for full list

HDFC Securities on Motilal Oswal Financial Services

Motilal Oswal Financial Services (MOFS) runs India’s largest PMS (AUM Rs 150bn), is an emerging MF (rank 16) and is 8th among retail brokers. The group has investments of Rs 19.8bn, of which is nearly 82% is invested in own funds. MOFS has a differentiated client franchise and will gain from financialisation of savings. We initiate coverage with a NEUTRAL rating and SoTP of Rs 611 (+7.6%).

Top stocks to track today

Sun Pharma: Shares of Sun Pharma may hog the limelight on Wednesday as the Securities and Exchange Board of India (Sebi) has sought an explanation from the company on the alleged fund diversion of Rs 42,000 crore through its key distributor and subsidiary Aditya Mediasales (AML).
 
Tech Mahindra: The IT company will decide today the names of shareholders who would be eligible to participate in the company's Rs 1,956 crore share buyback. READ MORE

Technical calls by Religare Broking

BUY RELIANCE INDUSTRIES LIMITED
CMP: Rs 1,237.45
TARGET: Rs 1,290
STOP LOSS: Rs 1,200
 
After retesting its record high last month, RELIANCE has retraced marginally and is currently hovering around the support zone of Rs 1,220. It now looks all set for a fresh move upwards. Traders should not miss this chance and initiate fresh longs position within the mentioned zone. READ MORE

Top trading ideas by Prabhudas Lilladher

BUY INDUSIND BANK
CMP: Rs 1,541.60
TARGET: Rs 1,660
STOP LOSS: Rs 1,470
 
The stock has given a breakout above the triangle flag pattern above Rs 1,520 and has signified strength for further upward movement and has made the chart look very attractive. The RSI has indicated a steep rise to shown a trend reversal and has signaled a buy. With good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 1,660 keeping a stop loss of Rs 1,470. READ MORE

Today's picks

HeroMotor
Current price: Rs 2,795
Target price: Rs 2,840
Keep a stop at Rs 2,770 and go long. Add to the position between Rs 2,825 and Rs 2,835. 
Book profits at Rs 2,840.
 

Rupee check

The rupee rebounded by 43 paise to close at 70.49 against the US dollar Tuesday largely driven by positive macro data and easing crude prices.

Oil check

Oil prices fell more than 0.5 per cent on Wednesday as bullish output forecasts by two big US producers outweighed recent OPEC-led efforts to rein in crude production.
 
US West Texas Intermediate (WTI) crude futures were at $56.15 per barrel, down 41 cents, or 0.7 per cent. WTI futures closed little changed on Tuesday. International Brent futures had yet to trade after closing up 0.3 per cent on Tuesday.

SGX Nifty

Nifty futures on Singapore Exchange (SGX) were trading at 11,060, up 27 points or 0.24 per cent in early trade

Asian Markets check

Asian stocks were trading mixed in the early trade on Wednesday, as investors awaited fresh directional cues from US-China trade negotiations and a weaker Wall Street finish capped broader gains, while robust US economic data supported the dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed while Japan’s Nikkei declined 0.5 per cent.

Wall Street check

Wall Street's main indexes dipped in a choppy session on Tuesday as a drop in General Electric shares countered positive retailer earnings and investors eyed a key resistance level for the benchmark S&P 500 after the market's strong run. The Dow Jones Industrial Average fell 13.02 points, or 0.05 per cent, to 25,806.63, the S&P 500 lost 3.16 points, or 0.11 per cent, to 2,789.65 and the Nasdaq Composite dropped 1.21 points, or 0.02 per cent, to 7,576.36.
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