MARKET WRAP: Sensex up 22 pts, Nifty settles at 11,597; Vedanta slips 4%

All that happened in markets today.

Benchmark indices ended flat on Thursday as investors weighed in on the first phase of 2019 Lok Sabha elections. Moreover, onset of March quarter financial results and CPI inflation data, which is scheduled to be released tomorrow, kept investors on tenterhooks.

The S&P BSE Sensex gained 22 points or 0.06 per cent to end at 38,607, with Bharti Airtel (up over 2 per cent) being the top gainer and Vedanta (down 4 per cent) the worst laggard.

In the broader market, the S&P BSE MidCap index ended 13 points higher at 15,382 while the S&P BSE SmallCap index slipped over 2 points or 0.02 per cent to close at 14,967.

On NSE, the 50-share index Nifty slipped below the crucial 11,600 level to end at 11,597, up over 12 points or 0.11 per cent. 

Sectorally, metal stocks took the hardest knock, followed by IT and realty counters. The Nifty Metal index slipped 1.22 per cent to end at 3,067.45. 

BUZZING STOCKS

Shares of Rail Vikas Nigam Limited (RVNL) made a tepid debut by listing at Rs 19, at par against the issue price on the National Stock Exchange (NSE). The stock, eventually, closed at Rs 19.05 apiece. 

SKF India shares hit a new high of Rs 2,165, up 2 per cent, in intra-day trade, before settling at Rs 2105 apiece on BSE, down nearly a per cent. 

Manappuram Finance shares rose over 7 per cent in intra-day trade on the back of heavy volumes in an otherwise subdued market. The stock closed nearly 6 per cent higher at Rs 127.30 apiece on BSE. 

GLOBAL CUES

Asian stocks stepped back from near eight-month highs on Thursday and the dollar eased as cautious European and U.S. central banks reinforced investors’ worries about the slowing global economy and trade protectionism.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.4 per cent after four straight days of gains took it to the highest since last August. Japan’s Nikkei reversed early losses to end 0.1 per cent higher. Losses in Asia were led by Chinese shares, with the blue-chip CSI300 index off 1.7 per cent while Hong Kong’s Hang Seng index stumbled 0.7 per cent.

(With inputs from Reuters)

3:42 PM

Sectoral gainers and losers on NSE

3:42 PM

Top gainers and losers on S&P BSE Sensex

3:40 PM

MARKET AT CLOSE

The S&P BSE Sensex added 22 points or 0.06 per cent higher at 38,607, while the NSE's Nifty50 index gained 12 points or 0.11 per cent to end at 11,597.

3:14 PM

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3:13 PM

Investors raise bullish bets on Indian rupee amid poll fervour

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2:58 PM

Top gainers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
SHANKARA BUILD.	524.90	43.15	8.96	49820
SPICEJET	102.35	7.90	8.36	5142437
BHARAT DYNAMICS	314.55	21.80	7.45	1022491
MANAPPURAM FIN.	127.80	7.60	6.32	863138
ESSEL PROPACK	121.75	5.10	4.37	9109

2:57 PM

Mutual fund houses delay, extend maturity of FMPs

Mutual fund (MF) houses, with exposure of over Rs 8,000 crore to Zee Group, mostly in their debt schemes, are delaying payments to investors in fixed maturity plans (FMPs). HDFC MF, the country’s largest MF house, has extended the tenure of its FMP by over one year to April 2020. Kotak MF has informed investors that the fund house will make part-payment on maturity, and the rest will be paid when there is recovery from its exposure to Zee Group and other entities. READ MORE

2:42 PM

Nifty IT index is trading 0.74 per cent lower

2:28 PM

Has Modi really changed India?

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2:24 PM

Sectoral gainers and losers on NSE

2:11 PM

NEWS ALERT | Just Airways suspends Mumbai-Singapore Flight service until further notice

2:09 PM

Stocks that hit 52-week high on BSE500

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
BAJAJ FINSERV	7500.25	7529.00	69.75	0.94
ICICI LOMBARD	1099.90	1109.55	11.35	1.04
PIDILITE INDS.	1279.70	1295.10	-2.10	-0.16
PVR	1712.75	1729.10	16.65	0.98
SIEMENS	1170.45	1178.25	4.80	0.41

2:09 PM

Former chairman Naresh Goyal may submit initial bids for stake in Jet Airways

SBI Caps, which invited Expression of Interest (EoI) for stake sale in Jet Airways on April 8, has already extended the date for submission of bids to April 12 from April 10 earlier. READ MORE

Naresh Goyal

2:08 PM

Market check

1:52 PM

Prabhudas Lilladher on L&T Finance Holdings

While we laud the continued strong trend on loans and earnings, we remain mindful towards the possibility of elevated provision requirement (besides Rs 2.7 billion macro prudential provisions; o/w Rs 0.9 billion: housing). We continue to incorporate higher credit costs (170-225 bps over FY19-21E) primarily led by concerns over developer finance business and lumpy high ticket exposures. Against this backdrop and given the recent price momentum, we reiterate ACCUMULATE rating on the stock with the target price of Rs 177 based on 2.0x Mar-21 lending ABV and Sub value of Rs 33. The stock trades at 2.4x P/ABV FY20E, 1.9x FY21. Reiterate Accumulate