Indices snap 4-day losing streak, Sensex up 86 pts; Jet Airways tanks 40%

All that happened in the markets today

Benchmark indices halted their four-day losing streak to end Tuesday's session higher, lifted by gains in financials and IT stocks.

The benchmark S&P BSE Sensex rose 86 points, or 0.2 per cent, higher to 39,046, with Vedanta, Coal India, Power Grid, ICICI Bank, and HCL Tech among the top gainers. Out of the 30 BSE scrips, 20 ended the day in the green. Nearly 966 shares advanced, 1,571 declined, while 124 remained unchanged.

The broader Nifty50 index climbed 19 points, or 0.17 per cent, to 11,691.5.

Of the 11 Nifty sectoral indices, four ended the session in the red. Nifty IT index gained the highest 0.58 per cent, followed by Nifty Metal index, up 0.5 per cent.

In the broader market, the S&P BSE MidCap index ended the day at 11,543, up 12 points, or 0.08 per cent, while the S&P SmallCap index tumbled 60 points, or 0.4 per cent, to 14,113.

BUZZING STOCKS

Dabur India stocks slid 5 per cent to Rs 382 in morning deals on the BSE on Tuesday after global brokerage firm Goldman Sachs downgraded the stock to 'sell' from ‘neutral’. The stock ended the day 3.23 per cent lower at Rs 387.85. READ MORE

Shares of Jet Airways crashed 41 per cent to Rs 40.45 on Tuesday, after State Bank of India (SBI) - led lenders’ consortium moved National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the airline. READ MORE

Shares of HDFC Asset Management Company (AMC) slipped 7 per cent to Rs 1,802 on the BSE on Tuesday after the company said it has offered exits to investors of some fixed-maturity plans (FMPs) by transferring Rs 500 crore worth of their exposures to Essel group firms on to its own books. READ MORE

4:06 PM

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

COMPANY	PRICE(rs)	52 WK LOW	CHG(rs)	CHG(%)
ALEMBIC PHARMA	480.10	478.00	-9.45	-1.93
AMARA RAJA BATT.	602.30	594.60	0.85	0.14
BALKRISHNA INDS	738.75	727.05	-15.60	-2.07
BAYER CROP SCI.	3325.00	3325.00	-92.15	-2.70
BHARAT FORGE	439.35	437.20	-2.75	-0.62

4:06 PM

Heatmap: S&P BSE Sensex

4:04 PM

Market at close

3:49 PM

Market at close

The S&P BSE Sensex ended at 39,046, up/ 86 points while the broader Nifty50 index settled at 11,692, up 19 points.

3:12 PM

DHFL extends loss to 15%

3:09 PM

YES Bank nears 5-year low; slips 20% in four days after UBS' downgrade

Shares of YES Bank hit nearly five-year low of Rs 107, down 8 per cent on the BSE on Tuesday, falling 20 per cent in the past four days after global brokerage firm UBS cut the target price to Rs 90 from Rs 170. The stock of the private sector lender was trading at its lowest level since August 12, 2014. The foreign brokerage firm has maintained ‘sell’ rating on the stock saying sharp turnaround is less likely to fructify. It expects 255/200 basis points (bps) credit costs in FY20/21, higher than management guidance of 125 bps. NPL (non-performing loan) risks seem higher than current expectation, it said. READ MORE

3:03 PM

15% downside to RIL's earnings estimate, IMO 2020 key risk: JPMorgan

The analysts added a 12% to 20% tariff hike could help offset the core business. "Though there are no signs of tariffs moving higher anytime soon," they said. In addition, the brokerage expects the downside risk to be lower at 9 per cent, if refining margins rebound. READ MORE

2:47 PM

NEWS ALERT | VA Tech bags order worth Rs 1,477 cr for Clean Ganga project

2:46 PM

NEWS ALERT | Canara Bank to raise Rs 6000 crore during the FY20

- Amount up to Rs 3000 cr to be raised through additional Tier I Basel III compliant perpetual bonds and another Rs 3000 cr via Tier II Basel III compliant bonds

(Source: BSE filing)

2:44 PM

EXPERT COMMENT | HDFC AMC and its deal with Essel by Umesh Mehta, HoR, SAMCO Securities

HDFC AMC fell over 6% intraday as it offered exit to some investors of FMPs by transferring their Rs 500 Crs exposure on to its own books. This was a sentimentally bold move by HDFC AMC as investors were worried about their investments in the midst of this liquidity crises. However, investors should be aware that this is a one-off deal inked with Essel and there is always an implied risk with investments where the fund cannot always be the white-knight. However, HDFC AMC has taken a big risk as they have set a trend of assuming credit risks which could turn out to be dangerous in the long term, as this will set expectations for such bailouts in the future which is bad for the investors of HDFC AMC. Whether this event becomes a trendsetter for others too, only time will tell but the debt implosion situation is spreading like wild fire. Investors can take this as a red signal in listed AMC businesses for the moment but later after a decent correction can consider investing.

2:40 PM

NEWS ALERT | Canara Bank board approves raising Rs 6000 cr via various means during FY20

- Amount would include premium and would be raised by way of Qualified Institutional Placements(QIP)/Rights Issue/ESPS/ Private Placement/

Preferential allotment /any other approved means.

(Source: BSE filing)

2:35 PM

Stock Alert | DHFL is trading at day's low

2:34 PM

NEWS ALERT | May Aviation Data :: Air India's market share dips marginally from 13.9% to 13.5% MoM

2:31 PM

NEWS ALERT | May Aviation Data :: SpiceJet increases market share to 14.8%, up from 13.1% (MoM)

2:29 PM

NEWS ALERT | May Aviation Data :: IndiGo retains highest market share at 49%

- It was 49.9% in April 2019