MARKET WRAP: Sensex drops 295 pts, Nifty settles at 11,279; BoB falls 17%

The benchmark indices settled lower for the second consecutive day, falling nearly 1 per cent on Tuesday tracking weakness in the global markets.

The S&P BSE Sensex ended at 37,291, down 295 points while the broader Nifty50 index settled at 11,279, down 99 points.

Among sectoral indices, the Nifty PSU Bank index settled 5.4 per cent lower weighed by a fall in Bank of Baroda (BoB), which slipped 17 per cent to Rs 112.20 on the National Stock Exchange (NSE) after the government on Monday proposed to create the country’s third-largest bank by amalgamating Dena Bank and Vijaya Bank with much larger Bank of Baroda (BoB) in an all-stock deal. The banks’ boards are expected to meet in 10 days to take a call.

Global Markets
 

Asian shares fell and copper prices eased on Tuesday after Washington announced new tariffs on Chinese imports, inflaming trade tensions between the world’s two biggest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 per cent with Hong Kong's Hang Seng index off 0.7 per cent and Australian stocks down 0.4 per cent.

Chinese shares were a touch lower with the blue-chip index off 0.1 per cent while Japan's Nikkei bucked the trend, gaining more than 1.5 per cent.

(with wire inputs)

3:44 PM

Nifty PSU Bank index ends 5.44% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)
BANK OF BARODA	112.75	135.25	-22.50	-16.64
UNION BANK (I)	74.70	82.30	-7.60	-9.23
INDIAN BANK	290.70	319.25	-28.55	-8.94
CANARA BANK	246.20	267.50	-21.30	-7.96
SYNDICATE BANK	36.90	39.35	-2.45	-6.23

3:39 PM

Nifty sectoral losers of the day

3:37 PM

BSE Sensex: SBI, Tata Motors, Axis Bank among top losers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 37,291, down 295 points while the broader Nifty50 index settled at 11,279, down 99 points.

3:14 PM

Portfolio managers' assets swell by 12% to Rs 14.8 lakh cr till Aug-end

The total assets handled by portfolio managers surged by 12 per cent to Rs 14.8 lakh crore at the end of August, mainly on the back of increase in number of clients. READ MORE

3:06 PM

Oil prices fall as US-China trade war clouds demand outlook

Oil markets slipped on Tuesday as the latest escalation in the Sino-US trade war clouded the outlook for crude demand from the two countries, the world's top crude consumers.

 

Brent crude futures had dropped 29 cents, or 0.37 per cent, to $77.76 per barrel. US West Texas Intermediate (WTI) crude was down 15 cents, or 0.22 per cent, at $68.76 per barrel. READ MORE

2:52 PM

Gold falls as trade tensions keep dollar afloat

Gold prices fell on Tuesday as the US dollar steadied amid concerns of an escalation in global trade tensions after the United States imposed a new round of tariffs on Chinese imports.

Spot gold fell 0.3 per cent to $1,197.51 an ounce, after rising 0.6 per cent in the previous session. US gold futures were down 0.3 per cent at $1,202.20 an ounce. READ MORE

2:40 PM

Check out the most active stocks in terms of volume

COMPANY NAME	LATEST	HIGH	LOW	CHG ()	CHG(%)	VALUE ( CR)	VOLUME
REL. COMM.	15.90	17.75	15.45	-1.25	-7.29	189.10	118933369
BANK OF BARODA	115.15	126.45	113.30	-20.10	-14.86	1,318.23	114479760
BAJAJ HINDUSTHAN	11.20	11.20	10.55	1.00	9.80	69.22	61801872
BALRAMPUR CHINI	87.70	97.85	87.10	-8.00	-8.36	379.74	43300239
VIJAYA BANK	57.10	66.00	55.00	-2.85	-4.75	181.54	31792663

 

 

2:23 PM

Pharma sector back in focus; outlook positive but bets likely to be risky

As the outlook for pharmaceutical companies improve, returns from mutual funds representing the sector have outperformed all equity schemes in the recent past. The average three-month return of pharma funds is 13.48 per cent. All other equity schemes have single-digit returns except technology funds (10.33 per cent) in the same period. READ MORE

2:17 PM

Edelweiss on Adani Ports & SEZ (APSEZ)

APSEZ remains vulnerable to forex risk and up-fronting of losses would hit P&L in the near term, but the exposure is positive up to 100USD/INR considering cost savings in absence of hedging, making forex risk manageable. However, the cost of debt (currently 3.8%) would eventually rise (beyond FY20) given hardening US bond yields. That said, volume growth momentum is strong with major ports logging 6% volume growth in July/August, which bodes well for APSEZ. All in all, maintain ‘BUY/SO’.

2:00 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,528.53	-56.98	-0.15
S&P BSE SENSEX 50	11,892.04	-4.68	-0.04
S&P BSE SENSEX Next 50	34,157.11	-181.06	-0.53
S&P BSE 100	11,657.74	-13.21	-0.11
S&P BSE Bharat 22 Index	3,572.42	-43.28	-1.20

(Source: BSE)

1:43 PM

Volumes spurt at Vijaya Bank counter

Vijaya Bank registered volume of 19.25 lakh shares on BSE, a 34.36 fold spurt over two-week average daily volume of 56023 shares. The stock rose 2.01% to Rs.61.00. Volumes stood at 98,938 shares in the last session. READ MORE

 

1:32 PM

BoB-Dena-Vijaya merger credit positive, will improve governance: Moody's

Global ratings agency Moody's on Tuesday said that the plan to amalgamate three public sector banks (PSBs) - Bank of Baroda (BoB), Vijaya Bank and Dena Bank - is credit positive as it will give benefit of scale and better governance.

The Government of India’s (Baa2 stable) plan to merge three public sector banks will provide efficiencies of scale and help improve the quality of corporate governance said Alka Anbarasu, Vice President, Financial Institutions Group, Moody’s Investors Service. READ MORE

1:16 PM

Morgan Stanley ups September 2019 BSE Sensex target by 17% to 42,000

Morgan Stanley has upped its September 2019 target for the S&P BSE Sensex by around 17 per cent to 42,000 (up 12 per cent from Tuesday’s levels) from its earlier forecast of 36,000 by June 2019. It also maintains a bullish stance on small-and mid-caps (SMIDs) and suggests investors can start to cherry pick from these two market segments as well. READ MORE

Photo: Shutterstock

1:02 PM

Check out the stocks that hit 52-week low on NSE:

COMPANY	LATEST	52 WK LOW	PREV LOW	PREV DATE	VOLUME
3I INFOTECH	3.55	3.30	3.30	14-SEP-2018	3651892
ABG SHIPYARD	4.20	4.20	4.20	17-SEP-2018	2898
ACCURACY SHIPPI.	87.00	80.00	81.80	11-SEP-2018	3200
ADHUNIK METAL	3.15	3.05	3.05	30-JUL-2018	25566
ALANKIT	20.50	20.50	20.50	17-SEP-2018	756930