MARKET WRAP: Indices end flat, Nifty settles at 10,890; PSU banks gain

The benchmark indices settled flat on Wednesday amid mixed trade in Asian markets.

The S&P BSE Sensex ended at 36,321, up 3 points or 0.01 per cent, while the broader Nifty50 index settled at 10,890, up 4 points or 0.03 per cent.

Among the sectoral indices, Nifty PSU Bank index rose 0.6 per cent led by gains in the stock prices of Punjab National Bank (PNB), Union Bank of India and Indian Bank.

In the broader market, the S&P BSE MidCap index settled at 15,187, down 3 points or 0.02 per cent, while S&P BSE SmallCap index gained 21 points or 0.14 per cent to end the day at 14,660.

Buzzing Stocks

Shares of Jet Airways slipped 8 per cent at Rs 271 apiece on BSE after media reports suggested Etihad Airways offered to invest in the debt-laden carrier at a discounted rate of Rs 150 per share.

Shares of Torrent Pharmaceuticals rose for the sixth straight day, settling 2.6 per cent higher at Rs 1,940 apiece, hitting a new high on the expectations of healthy financial results for the quarter ended December 2018 (Q3FY19).

Global Markets

Global share markets and the sterling weathered a UK political storm as investors wagered that London will have no choice but to delay its Brexit deadline to avoid a disorderly exit from the European Union. Trading in Asian equities on Wednesday broadly mirrored overnight resilience in the face of the latest setback for British Prime Minister Theresa May.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.14 per cent in late trade, with Australian shares hitting two-month highs and South Korea's Kospi and Hong Kong's Hang Seng reaching six-week tops.

Japan's Nikkei lost 0.55 per cent while China's blue-chip CSI300 index of Shanghai and Shenzhen shares was flat, holding on to most of the previous session's gains, when it rose nearly 2 per cent.

Oil Prices

Oil prices firmed on Wednesday after climbing about 3 per cent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown.

Brent crude oil futures were at $60.83 per barrel, 19 cents, or 0.3 per cent above their last close. West Texas Intermediate (WTI) crude futures were up 10 cents, or 0.2 per cent, at $52.21 a barrel.

(with Reuters input)

3:51 PM

Sectoral gainers and losers of the day

3:50 PM

Gainers and losers in today's trade on BSE Sensex

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 36,321, up 3 points or 0.01 per cent, while the broader Nifty50 index settled at 10,890, up 4 points or 0.03 per cent.

3:15 PM

Rising input costs, soft LME prices to dent aluminium makers' profits

A spike in costs of key ingredients, together with bearish LME (London Metal Exchange) prices, threatens to cut margins of domestic aluminium makers in the near term.

 

LME aluminium prices have been tanking for over four weeks, falling to $1,775 a tonne as on January 14 after scaling a seven-year-high of $2,718 in April 2018. The price trend is disquieting for the three primary producers — National Aluminium Company (Nalco), Vedanta Ltd, and Hindalco Industries Ltd — whose smelting costs are still hovering around $2,000 a tonne. READ MORE

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2:45 PM

RBI may take dovish stance in February policy on soft retail, WPI inflation

With softer retail and wholesale price-based inflation, Reserve Bank of India is likely to change its policy stance from 'neutral' from 'calibrated tightening' in the February policy, says a report.

 

The inflation based on the Consumer Price Index (CPI) eased to an 18-month low of 2.19 per cent in December compared to 2.33 per cent in November and 5.21 per cent in December 2017. READ MORE

2:33 PM

BSE gets Sebi nod for guar, gold mini futures on its derivatives segment

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2:19 PM

Top gainers and losers on S&P BSE Sensex

1:58 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,324.05	+5.72	+0.02
S&P BSE SENSEX 50	11,394.82	+6.91	+0.06
S&P BSE SENSEX Next 50	32,744.36	+3.51	+0.01
S&P BSE 100	11,172.08	+6.11	+0.05
S&P BSE Bharat 22 Index	3,468.70	+6.99	+0.20

1:44 PM

Jet Airways sinks over 8% amid uncertainty over Etihad Airways' open offer

Shares of Jet Airways came under selling pressure Wednesday and slumped over 8 per cent amid uncertainty over an open offer from Etihad Airways.

 

The stock tanked 8.28 per cent to Rs 270 on BSE. On National Stock Exchange (NSE), shares of the airline company cracked 8.39 per cent to Rs 269.05 apiece. READ MORE

1:30 PM

Torrent Pharma trades higher for six straight day; stock hits new high

Shares of Torrent Pharmaceuticals was trading higher for the sixth straight day, up 2 per cent at Rs 1,929 apiece, hitting a new high on the expectations of healthy financial results for the quarter ended December 2018 (Q3FY19). READ MORE

1:10 PM

Large borrowers will find it hard to tap bond market from April: Here's why

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The Securities and Exchange Board of India’s (Sebi’s) life-breath to get borrowers tap the bond mart for a quarter of their fresh long-term funding over Rs 100 crore from April 1, 2019 may well see the Atlas-Hercules narrative play out again. READ MORE

12:52 PM

Stock impact: Phillips Carbon shares up 4.5%

12:46 PM

NEWS ALERT Phillips Carbon reports earnings for Q3 with net profit surging 92% to Rs 108.6 crores and revenue 54% to Rs 945.6 crores

12:31 PM

FPIs may take up issue of including India in bond indices club with RBI

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