MARKETS ON TUESDAY: Sensex, Nifty gain in last leg of trade; PSU banks rise

All that happened in the markets

Benchmark indices rose in the last leg of trade to end higher on Tuesday despite weakness in global peers, with gains in lenders such as State Bank of India, ICICI Bank and Axis Bank.

The S&P BSE Sensex ended at 33,371, up 115 points while the broader Nifty50 index settled at 10,245, up 33 points.

Among sectoral indices, the Nifty PSU Bank index was up over 1.5% led by a rise in the shares of Bank of India and Bank of Baroda.

Among major economic data Activity in India's manufacturing sector expanded at its weakest pace in five months in March as order and production growth slowed, discouraging firms from hiring, a business survey showed on Tuesday.

The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, fell to 51.0 last month from February's 52.1, well short of a Reuters poll median of 52.8.

Investors will now look forward to Reserve Bank of India's (RBI) first bi-monthly policy decision of FY19 to be held on Thursday.

In the global markets, Asian stocks extended a global selloff and the yen rose on Tuesday as investors fled for safety as an escalating trade spat between the United States and China and a renewed slump in tech shares such as Amazon.com sapped investor confidence.

(with Reuters inputs)

3:46 PM

Market round-up from Geojit Financial Services

 

Market traded range bound throughout the day due to volatility in the global market. But towards the close, pace picked up supported by moderation in yield and growth in core sector. Yield declined amid central bank allowing the banks to spread their bond trading losses which gave a positive sentiment to banking stocks. On the other hand, investors are gradually shifting focus to upcoming Q4 results and RBI policy outcome which will dictate the market outlook in the near term.

3:41 PM

Nifty PSU Bank index settles 1.65% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
BANK OF INDIA	108.15	104.65	3.50	3.34	10186387
SYNDICATE BANK	58.25	56.50	1.75	3.10	6535909
BANK OF BARODA	145.50	141.90	3.60	2.54	15023339
INDIAN BANK	309.20	302.10	7.10	2.35	1315036
ST BK OF INDIA	251.35	246.15	5.20	2.11	19247891

3:36 PM

Sectoral performers

3:34 PM

BSE Sensex: Top gainers and losers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 33,371, up 115 points while the broader Nifty50 index settled at 10,245, up 33 points.

3:25 PM

Motilal Oswal Research on Tata Chemicals

As Tata Chemicals scales up its growth businesses and deleverages its balance sheet, we expect its consolidated RoCE to improve considerably, in turn driving a stock re-rating. We believe it would be fair to assign ~30% premium to its five-year average EV/EBITDA of 7.5x. Our SOTP-based target price of Rs 940 (implied

EV/EBITDA of 9.7x FY20E) implies 36% upside. We initiate coverage with Buy.

3:23 PM

NEWS ALERT ICICI Securities to list tomorrow

3:21 PM

Buzzing Stock

 

Centrum Capital rose 9.76% to Rs 67.50 on BSE after the company said it signed agreement to sell its money exchange business to EBIX Inc for approximately Rs 1200 crore.

3:10 PM

Volume Toppers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
JP ASSOCIATES	19.75	0.15	0.77	5150817
IDBI BANK	72.20	1.10	1.55	4952496
REL. COMM.	22.55	0.00	0.00	4854496
SUZLON ENERGY	11.71	0.57	5.12	4551615
HIND.CONSTRUCT.	25.60	2.45	10.58	3677485

3:09 PM

Sector watch: Auto

March 2018 was a strong month for the domestic automotive industry with robust volume growth across segments. MHCV industry volumes increased by 16-18% yoy on a relatively high base last year. Demand in rural India climbs up, which is reflected in strong demand for two-wheelers and tractors. Industry volumes in these segments increased by 18-40% yoy; all major OEMs (except Bajaj Auto) reported strong double-digit yoy volume growth.

3:07 PM

Media Q4FY18 result preview - Ad recovers; margins soft due to investments

In Q4FY18, we estimate revenue and EBITDA of our media universe (excluding Hathway and Dish TV) to jump 10.4% (7.4% in Q3FY18) and 7.8% YoY (6.6% in Q3FY18), respectively. This is expected to be led by broad-based ad spends across categories and low base. We peg the overall ad industry to report low double-digit growth.

Generally, subscription deals are renegotiated during Q2 and Q3. We expect subscription revenues of TV broadcasters to clock mid teens growth YoY in Q4FY18 due to bunching up of deals pending clarity on the TV tariff order. Though Q4 is seasonally weak, we estimate Q4FY18 to be a very strong quarter for multiplexes aided by strong movies like Padmavat, Sonu ki Titu ki Sweety, Raid and screen expansion. Top picks: ZEE, Sun TV and PVR

(Source: Edelweiss Securities)

2:59 PM

IndiGo, IndusInd Bank, Bharat Financial, Apollo Tyres hit 52-week highs

 

Shares of InterGlobe Aviation, which operates no-frills carrier IndiGo, private sector lender IndusInd Bank, tyre Company Apollo Tyres and microfinance institution Bharat Financial Inclusion were among 11 stocks from the S&P BSE500 index hitting their respective 52-week highs in otherwise subdued market.

 

Britannia Industries, Dilip Buildcon, Firstsource Solutions, Lakshmi Machine Works, MRF, Nestle India and TV18 Broadcasting too hit 52-week highs in intra-day trade on the BSE on Tuesday.

2:44 PM

Stocks at 52-week low

COMPANY	PRICE( )	52 WK LOW	CHG( )	CHG(%)
BOMBAY RAYON	39.65	38.95	-1.30	-3.17
CARE RATINGS	1189.50	1189.50	-9.55	-0.80
GE SHIPPING CO	326.60	326.00	-2.10	-0.64
JBF INDS.	81.20	75.00	3.85	4.98
KWALITY	53.75	53.10	0.60	1.13

2:30 PM

Europe Check

 

European stocks tumbled on Tuesday as investors entered the second quarter in a febrile atmosphere of trade tensions and mounting pressure on big technology companies.

 

The pan-European STOXX 600 fell 0.7 per cent, while Germany's DAX declined 0.8 per cent, with industrials, consumer staples and financials the biggest weights.

2:15 PM

Stock in News

Galaxy Surfactants fell 2.20% to Rs 1,465.05 on BSE after the company said it received a total of 13 observations for two of its facilities in Maharashtra after USFDA audit. 

 

On the BSE, 3,085 shares were traded in the counter so far compared with average daily volumes of 3,315 shares in the past two weeks. The stock had hit a high of Rs 1,480 so far during the day. The stock had hit a low of Rs 1,430 so far during the day.