MARKET WRAP: Nifty settles at fresh closing high of 11,389; PSU banks slip

The benchmark indices ended flat with the Nifty 50 settling at a new closing high on Tuesday amid firm global markets.

The Nifty 50 index settled at a fresh closing high of 11,389, up 2 points. However, the S&P BSE Sensex ended at 37,666, down 26 points. Earlier in the day the S&P BSE Sensex hit a fresh all-time high of 37,876.87 while the Nifty50 index touched its record high level of 11,428.95 in intra-day deals.

Among sectoral indices, the Nifty PSU Bank index ended over 2 per cent lower due to a fall in share prices of Andhra Bank and Punjab National Bank (PNB).

PNB announces quarterly results

PNB reported its second consecutive quarter of loss as the country's second-biggest state-run lender set aside more funds for a massive fraud it disclosed earlier this year.
 

Net loss was Rs 9.40 billion ($136.72 million) for the three months to June 30, compared with a profit of 3.43 billion rupees a year earlier, the bank said in a statement.

Global Markets

A rebound in battered Chinese stock markets helped lift Asian equities, which also drew support from earnings-led gains on Wall Street in a welcome relief for investors grappling with an intensifying Sino-US trade conflict.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.35 per cent. The Shanghai Composite Index rose 1.4 per cent as investors snapped up shares that were hit hard during a four-day losing run. South Korea’s KOSPI rose 0.3 per cent and Japan’s Nikkei added 0.6 per cent.

Oil Prices

Oil prices rose on Tuesday as the United States reintroduced sanctions against major crude exporter Iran, tightening global markets.

Spot Brent crude oil futures were at $74.08 per barrel, up 33 cents (0.4 per cent) from their last close. US West Texas Intermediate (WTI) crude futures were up 20 cents (0.3 per cent) at $69.21 barrel.

(with wire inputs)

3:56 PM

MARKET COMMENT Jayant Manglik, President, Religare Broking

The equity benchmark indices traded in a narrow range, amidst intraday volatility. The Nifty index ended flat to close at 11,391 levels. The broader market indices’ performance was largely in line with the benchmark with BSE Midcap and BSE Smallcap ending with minor losses of 0.2% each. The sector indices exhibited mixed trend with Consumer Durables and Metals being the outperformers whereas, Oil & Gas, Healthcare and Realty were the top losers. Amongst the global markets, both Asian as well as European markets traded higher.

With the frontline index trading at record highs, some consolidation cannot be ruled out. We expect stock specific volatility to continue with more corporate earnings scheduled in the next 1-2 weeks. Further, market participants would keep an eye on global developments especially the US-China trade war, progress of monsoon, currency and crude oil price movement

 

3:52 PM

Nifty PSU Bank index ends 2.14% lower. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS()	LOSS(%)
PUNJAB NATL.BANK	82.85	90.05	-7.20	-8.00
ANDHRA BANK	34.00	36.00	-2.00	-5.56
SYNDICATE BANK	41.90	44.10	-2.20	-4.99
UNION BANK (I)	86.50	90.60	-4.10	-4.53
ORIENTAL BANK	78.80	82.35	-3.55	-4.31

3:49 PM

Nifty sectoral gainers and losers of the day

3:44 PM

BSE Sensex: Tata Steel, Asian Paints among top gainers of the day, Adani Ports top loser

3:35 PM

Markets at close

The Nifty 50 index settled at a fresh closing high of 11,389, up 2 points. However, the S&P BSE Sensex ended at 37,666, down 26 points.

3:15 PM

SoftBank posts 60% gain on Flipkart bet, sets aside $650 million STCG tax

Masayoshi Son-led Japanese conglomerate SoftBank on Monday showed a gain of ¥ 164.25 billion (around $1.48 billion) on its balance sheet owing to an increase in the fair value of its stake in Flipkart, translating to 60 per cent return on its last year’s investment in the e-commerce firm. This comes ahead of the closure of the deal that will see SoftBank selling its entire 19.95 per cent stake in Flipkart for around $4 billion to Walmart. READ MORE

3:01 PM

Intellect Design zooms 20% on multi-million dollar deal with an Asian bank

Shares of Intellect Design Arena is locked in the upper circuit of 20% at Rs 244 per share, also their 52-week high on the BSE, after the IT company announced a multi-million dollar deal with a leading bank in Asia with a strong foothold in Singapore, Malaysia, Indonesia, Thailand and China. READ MORE

2:44 PM

PSU banks trade weak; Andhra Bank, Syndicate Bank, PNB down 5%

Shares of public sector undertaking (PSU) banks have fallen by upto 5% on the National Stock Exchange (NSE) on Tuesday in intra-day trade after scam-hit Punjab National Bank (PNB) incurred a net loss for the second consecutive quarter. PNB slipped 5% to Rs 85.60, falling 7% from intra-day high on the BSE, after the bank reported a net loss of Rs 9.4 billion in June quarter (Q1FY19), on higher provision for bad loans. READ MORE
 

2:17 PM

M&M beats estimates for Q1 profits, net surges 63% to Rs 12.2 bn

India's Mahindra & Mahindra Ltd reported a better-than-expected 63 per cent surge in first-quarter profit on Tuesday, underpinned by robust sales.

 

Standalone profit after tax, which does not include share of profit from its unit Mahindra Vehicle Manufacturers Ltd, stood at Rs 12.21 billion ($177.50 million) for the quarter ended June 30, compared with Rs 7.49 billion a year earlier. READ MORE

Stock Quote:

1:59 PM

Market Check

INDEX	LATEST	PREVIOUS	CHANGE	CHANGE(%)
	37745.67	37691.89	53.78	0.14
	15410.54	15404.19	6.35	0.04
	16200.54	16248.48	-47.94	-0.30
	16858.47	16899.52	-41.05	-0.24
	4425.55	4419.32	6.23	0.14

1:47 PM

Top gainers in BSEE 500:

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
T N NEWSPRINT	323.35	23.15	7.71	34288
DEEPAK NITRITE	266.95	16.95	6.78	52330
INOX LEISURE	229.85	14.35	6.66	89369
KRBL	364.55	17.55	5.06	59476
MANPASAND BEVER.	153.60	7.30	4.99	400280

1:26 PM

Motherson Sumi first-quarter net profit misses estimates

Indian auto parts maker Motherson Sumi Systems Ltd's net profit jumped about 59 percent in the first quarter but fell short of analysts' expectations, hurt by higher expenses. READ MORE

Stock Quote:
 

1:14 PM

At Rs 9.4 bn, PNB posts straight quarterly loss on fraud-related provisions

Punjab National Bank reported its second consecutive quarter of loss as the country's second-biggest state-run lender set aside more funds for a massive fraud it disclosed earlier this year. Net loss was Rs 9.40 billion ($136.72 million) for the three months to June 30, compared with a profit of 3.43 billion rupees a year earlier, the bank said in a statement. READ MORE

Stock Quote:

1:06 PM

Uttar Pradesh sugar mills press for incentive of Rs 40 per quintal

The Uttar Pradesh Sugar Mills Association (UPSMA) wrote a letter to the chief minister on Monday, reiterating an earlier plea for a financial rescue package. This comes four days after the promoters of top mills in the state met the CM with a plea for a bailout package to settle the Rs 110 billion in payments backlog to sugarcane farmers. Their letter pleads for urgency, with the next cane crushing season approaching. READ MORE

12:49 PM

This Tata Group stock has zoomed over 200% in six months to Rs 338

Shares of Nelco hit a decade high of Rs 338, up 5% on the BSE in otherwise subdued market, extending its past 12 days 29% rally, after the company’s consolidated net profit nearly doubled to Rs 39.3 million in June quarter (Q1FY19). It had profit of Rs 19.9 million in the same quarter last fiscal. READ MORE