MARKET WRAP: Sensex slips 354 pts on weak global cues, Nifty ends at 11,584

Illustration by Binay Sinha
The double whammy of concerns over softening global growth and the fear of US-EU trade war after the US President Donald Trump threatened on Tuesday to impose tariffs on $11 billion worth of EU products, weighed on investor sentiment on Wednesday.

The S&P BSE Sensex lost 354 points or 0.91 per cent to settle at 38,585, with Bharti Airtel (down nearly 4 per cent) being the biggest loser and Tata Motors (up around 5 per cent) the top gainer. HDFC duo, TCS, Infosys and RIL contributed the most the index's fall. 

Market breadth was in favour of declines as out of 2,711 companies traded on BSE, 1,392 scrips declined and 1,144 advanced while 175 securities remained unchanged. 

In the broader market, the S&P BSE MidCap index ended 52 points or 0.33 per cent lower at 15,369 whereas the S&P BSE SmallCap index ended flat at 14,969, down just 3 points or 0.02 per cent.

The broader Nifty50 index of the National Stock Exchange (NSE) ended below the 11,600 level at 11,584, down 88 points or 0.75 per cent.

Volatility benchmark India VIX ended over 4 per cent higher at 21.09. 

SECTOR WATCH

Financial stocks bled the most in trade, followed by metals and IT. Realty stocks, on the other hand, advanced the most. The Nifty Realty index ended at 276.85 level, up over 1 per cent. 

BUZZING STOCKS

Shares of Tata Motors ended nearly 5 per cent higher at Rs 215.65 apiece on the BSE on the expectation of margin expansion due to an improvement in Jaguar Land Rover (JLR’s) businesses.

Shares of Praj Industries gained nearly 11 per cent during the session after the company announced it has signed a Construction License Agreement (CLA) with US-based Gevo Inc to commercialise the technology for the production of isobutanol using sugar-based feedstocks, such as juice, syrup, and molasses. The stock, eventually, ended at Rs 147 apiece on BSE, up around 7 per cent. 

Wipro ended nearly 3 per cent higher at 281 on the BSE after a news report said the company is likely to announce share buyback worth of Rs 12,000 crore.

On the other hand, Vodafone Idea closed over 3 per cent lower at Rs 16.35 apiece on the BSE. The company's Rs 25,000 crore rights issue opened today. 

GLOBAL CUES

Asian shares slipped from eight-month highs on Wednesday as the International Monetary Fund lowered its global growth outlook and as the United States and Europe locked horns over tariffs in a fresh escalation of trade tensions.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 per cent, a day after it hit its highest since August 1. The Shanghai Composite Index fell 0.4 per cent and Japan’s Nikkei lost 0.7 per cent.

(With inputs from Reuters)

3:40 PM IST

3:39 PM IST

3:37 PM IST The S&P BSE Sensex fell 354 points or 0.91 per cent to close at 38,585, while the NSE's Nifty50 index dropped 88 points or 0.75 per cent to settle at 11,584.

3:22 PM IST S&P BSE SENSEX 38,568.71 -370.51 -0.95   S&P BSE SENSEX 50 12,056.41 -96.96 -0.80   S&P BSE SENSEX Next 50 33,421.73 -171.82 -0.51   S&P BSE 100 11,761.51 -89.84 -0.76   S&P BSE Bharat 22 Index 3,603.34 -18.09 -0.50

3:00 PM IST Vodafone Idea’s Rs 25,000 crore rights issue opened on Wednesday. The country's largest telecom firm is offering 2,000 crore shares at a price of Rs 12.50 apiece. The entitlement ratio of the issue, which will close on April 24, has been fixed at 87 rights shares for every 38 currently held by shareholders. On Tuesday, the stock settled at Rs 16.90 apiece on BSE. READ MORE

2:50 PM IST

2:04 PM IST

2:01 PM IST

1:48 PM IST The financial year 2019–20 (FY20) has seen the best start for the primary market in the last three years, with the initial public offers (IPOs) of Metropolis Healthcare and Polycab India raising Rs 2,550 crore on the back of strong response from institutional investors. The fund mobilisation in April 2019 is highest in the last nine months, since July 2018, when two companies had raised Rs 3,925 crore from the primary market. READ MORE

1:37 PM IST Shares of Info Edge, which runs Naukri.com, hit a new high of Rs 1,940, up 3 per cent, in intra-day trade on the BSE on Wednesday, after the company said it has invested about Rs 6 crore in Bizcrum Infotech (ShoeKonnect). The stock surpassed its previous high of Rs 1,927, touched on March 25, 2019, in intra-day trade. READ MORE

LIVE UPDATES

Sectoral gainers and losers on NSE


Top gainers and losers on S&P BSE Sensex


MARKET AT CLOSE

The S&P BSE Sensex fell 354 points or 0.91 per cent to close at 38,585, while the NSE's Nifty50 index dropped 88 points or 0.75 per cent to settle at 11,584.

MARKET CHECK

S&P BSE SENSEX 38,568.71 -370.51 -0.95
 
S&P BSE SENSEX 50 12,056.41 -96.96 -0.80
 
S&P BSE SENSEX Next 50 33,421.73 -171.82 -0.51
 
S&P BSE 100 11,761.51 -89.84 -0.76
 
S&P BSE Bharat 22 Index 3,603.34 -18.09 -0.50

Vodafone Idea's Rs 25,000 crore rights issue opens. Is it worth your money?

Vodafone Idea’s Rs 25,000 crore rights issue opened on Wednesday. The country's largest telecom firm is offering 2,000 crore shares at a price of Rs 12.50 apiece. The entitlement ratio of the issue, which will close on April 24, has been fixed at 87 rights shares for every 38 currently held by shareholders. On Tuesday, the stock settled at Rs 16.90 apiece on BSE. READ MORE


Heatmap: S&P BSE Sensex


Nifty Pharma index is trading 1.5% higher


Market check


Best start to financial year for the primary market in three years

The financial year 2019–20 (FY20) has seen the best start for the primary market in the last three years, with the initial public offers (IPOs) of Metropolis Healthcare and Polycab India raising Rs 2,550 crore on the back of strong response from institutional investors. The fund mobilisation in April 2019 is highest in the last nine months, since July 2018, when two companies had raised Rs 3,925 crore from the primary market. READ MORE



Info Edge hits new high, gains 3% after investments in Bizcrum Infotech

Shares of Info Edge, which runs Naukri.com, hit a new high of Rs 1,940, up 3 per cent, in intra-day trade on the BSE on Wednesday, after the company said it has invested about Rs 6 crore in Bizcrum Infotech (ShoeKonnect). The stock surpassed its previous high of Rs 1,927, touched on March 25, 2019, in intra-day trade. READ MORE

United Bank is not a candidate for merger, says MD & CEO A K Pradhan

The Kolkata-based United Bank of India (United Bank), which has been struggling with losses and dud-loans hopes to come out of the prompt corrective action (PCA) framework by the end of Q2 of fiscal’20. And the infusion of capital has come as a great relief after a long wait. The bank has suggested the Centre reduce its stake through disinvestment; and is clear it is not a candidate for a merger given its unique geographical and demographical positioning.  READ MORE



Stocks that hit 52-week high on BSE500

COMPANY PRICE(rs) 52 WK HIGH CHG(rs) CHG(%)
INFO EDG.(INDIA) 1928.70 1940.00 37.95 2.01
SKF INDIA 2117.00 2125.00 60.80 2.96
» More on 52 Week High

Healthcare Q4 preview by Elara Capital

We expect EBITDA growth of 22.2 per cent YoY and down 4.2 per cent QoQ for our pharma universe in Q4FY19E, driven by steady domestic business. Further, currency tailwinds (barring ZAR, Real & Rouble) are also to lift exports growth. In US dollar terms, US sales is likely to be steady QoQ, led by new launches and stabilization in the base business. Among our coverage universe, all companies are expected to post healthy EBITDA YoY, barring Cadila Healthcare, which is likely to see a decline of 2 per cent YoY given lower India business.

Nifty Pharma index is trading 1.3% higher


Vikas EcoTech gains 11.5%


Tata Motors climbs over 4%


Land bank monetisation, demand uptick key triggers for Sobha Developers

Even as the realty sector is struggling to improve its volumes, Bengaluru-based developer Sobha has been able to post record sales in the March quarter. The firm achieved highest ever new sales of over a million square feet for the second consecutive quarter enabling it to reach four million square feet in FY19. READ MORE

Sectoral trends on NSE


Market check


Lakshmi Vilas Bank dips almost 5%


Tata Motors hits 6-month high; rises 25% in two weeks

Shares of Tata Motors hit a six-month high of Rs 212, up 3 per cent, on Wednesday in an otherwise subdued market on the expectation of margin expansion due to an improvement in Jaguar Land Rover (JLR’s) businesses. READ MORE

Hurdle is high for India's stock market even if Modi wins a second term

A survey of 21 global funds and strategists show most expect him to return, an outcome that may be baked into asset prices. With valuations already high, the disappointment if he fails to get a majority, needs to form another coalition -- or loses the poll -- may deflate the rally that’s made India the first among markets valued at more than a $1 trillion to hit a new peak this year. READ MORE


YES Securities on sectors and stocks which are likely to do well

Sectors which can outperform the index from current scenario are BankNifty & Energy. Revival is likely in Autos. Interestingly, in previous two election years (2009 & 2014), Auto index had recorded impressive returns in both Q2 & Q3. Stock ideas: HDFC & Siemens

Fertilizer stocks in the green

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%) VALUE
(rs CR)
VOLUME
R C F 61.50 62.15 59.15 1.55 2.59 0.98 159165
G S F C 105.50 106.50 103.30 1.45 1.39 1.00 94949
NATL.FERTILIZER 35.45 35.65 34.75 0.70 2.01 0.15 41379
G N F C 329.65 333.70 323.50 6.95 2.15 0.87 26289
MADRAS FERT. 21.35 21.75 20.60 0.85 4.15 0.03 15375
F A C T 37.10 37.95 36.70 0.40 1.09 0.03 8700
CHAMBAL FERT. 166.00 166.10 161.15 3.75 2.31 0.12 6950

Dish TV slips almost 3%


Demand concerns, monsoon forecast weigh on FY20 outlook for FMCG companies

The downgrade cycle for fast-moving consumer goods (FMCG) seems to have started with CLSA assigning ‘sell’ rating to Asian Paints from ‘outperform’ earlier, due to initial signs of demand distress The firm highlighted its concerns over the demand situation for discretionary space which are non-essential commodities such as watches, perfumes, house painting as well as for staples. READ MORE

TCS falls almost 1.8% before Friday's Q4 results


Indiabulls Real Estate surges over 9%


Godrej Agrovet: Why analysts are bullish despite 13% fall since listing

Crop protection and palm oil businesses that together contributed around 30 per cent to the overall revenue in 2018, along with recently-announced government measures such as Income support scheme and setting-up of Rashtriya Kamdhenu Aayog are expected to drive the growth of agri-business company Godrej Agrovet. READ MORE



Market check


Nifty Realty index zooms 2.5%


Genesys International soars over 18%


Praj Industries gains 8% on pact with Gevo, USA

Shares of Praj Industries surged 8 per cent to Rs 149 on the BSE in early morning trade on Wednesday after the company announced it has signed a Construction License Agreement (CLA) with US-based Gevo Inc to commercialise the technology for the production of isobutanol using sugar-based feedstocks, such as juice, syrup, and molasses. READ MORE

Momentum Picks by ICICI Direct


Sectoral gainers and losers on NSE


Top gainers and losers on S&P BSE Sensex


FIRST TRADE

At 09:16 am, the S&P BSE Sensex was trading 52 points or 0.13 per cent lower at 38,887 while the NSE's Nifty50 index was trading 29 points or 0.25 per cent lower at 11,643. 

Market at pre-open


Rupee opening

Rupee opens flat at 69.28/$ vs Tuesday's close of 69.29 against the US dollar

Stocks in focus

Jet Airways lessors have applied for de-registration of seven more planes, according to DGCA. Moreover, the Jet Airways pilots body has served a legal notice to management for salary delays and set April 14 deadline.
 
Usha Martin, Tata Sponge Iron: Usha Martin completes sale of its steel business to Tata Sponge Iron. READ MORE

Stock calls by Religare Broking

Escorts Limited
Recommendation- Buy
Last Close: Rs 774.80
Initiation range: Rs 768-772
Target: Rs 790
Stop loss: Rs 750
 
Escorts has retraced marginally of late, after the sharp surge, and is currently hovering in a narrow range. Technically, it has formed a fresh buying pivot and likely to witness sharp up move in near future. We advise accumulating in the mentioned zone. READ MORE

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


SGX Nifty

At 08:30 am, Nifty futures on the Singapore Exchange (SGX) were trading 32.5 points or 0.28 per cent lower at 11,717.5, indicating a start in the red zone for the domestic stocks.

Bulk deals on the NSE as on Tuesday

09-Apr-2019 DHFL Dewan Housing Fin Corp CROSSLAND TRADING CO BUY 26,98,122 161.64 -
09-Apr-2019 DHFL Dewan Housing Fin Corp CROSSLAND TRADING CO SELL 26,98,122 161.73 -
09-Apr-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 17,57,245 161.46 -
09-Apr-2019 DHFL Dewan Housing Fin Corp TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 17,57,245 161.90 -
09-Apr-2019 JETAIRWAYS Jet Airways (India) Ltd. TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 10,35,320 265.98 -
09-Apr-2019 JETAIRWAYS Jet Airways (India) Ltd. TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 10,35,320 266.07 -
09-Apr-2019 JUSTDIAL Justdial Ltd. TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 3,43,347 588.46 -
09-Apr-2019 JUSTDIAL Justdial Ltd. TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 3,43,347 588.73 -
09-Apr-2019 MANGTIMBER Mangalam Timber Pro Ltd MULTI REALTORS PRIVATE LIMITED SELL 1,41,861 15.85 -
09-Apr-2019 MEP MEP Infra. Developers Ltd MONARCH INFRA VENTURES BUY 12,57,283 40.15 -

Click here for the full list

Oil check

Oil fell from five-month highs on Tuesday after the International Monetary Fund cut its global economic growth forecasts and as Russia signalled it may retreat from its production-cutting deal with OPEC. Brent settled 49 cents lower at $70.61 a barrel, after hitting $71.34, its highest since November. US crude ended at $63.98 a barrel, down 42 cents on the day, after also reaching a five-month high of $64.79.

Asian Markets check

Asian shares stepped back from eight-month highs on Wednesday as the IMF lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1 per cent, a day after it hit eight-month highs while Japan’s Nikkei lost 0.9 per cent.

Wall Street check

Trade-sensitive industrials dragged Wall Street lower on Tuesday as tensions over tariffs between the United States and its European trading partners went from simmer to boil and the IMF lowered its global growth outlook.

The Dow Jones Industrial Average fell 190.44 points, or 0.72 per cent, to 26,150.58, the S&P 500 lost 17.57 points, or 0.61 per cent, to 2,878.2 and the Nasdaq Composite dropped 44.61 points, or 0.56 per cent, to 7,909.28.
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