MARKET WRAP: Sensex falls 181 pts; IndusInd Bank slips 7%, RIL dips 3.5%

The benchmark indices ended lower on Monday weighed by blue-chip firms like IndusInd Bank, YES Bank, Reliance Industries (RIL) and Asian Paints.

The S&P BSE Sensex ended at 34,134, down 181 points, while the broader Nifty50 index settled at 10,245, down 58 points.

Among sectoral indices, the Nifty Bank index settled largely flat. ICICI Bank rose 4 per cent to Rs 328.20. However, IndusInd Bank crashed 7 per cent to end at Rs 1,467.00.

In key stocks, RIL fell 3.5 per cent to Rs 1,063.20 on the NSE, Asian Paints slipped 3.1 per cent to Rs 1,196.90 and Dewan Housing Finance Corporation (DHFL) declined 11.1 per cent to Rs 187.00.

Global Markets

Asian share markets swung into the black on Monday as the promise of more stimulus boosted Chinese stocks for a second session and helped offset geopolitical concerns over Saudi Arabia, Italy and Brexit.

Blue chips in Shanghai jumped 4.8 per cent in the largest daily gain in three years, adding to Friday's bounce on Beijing's pledge of support for the economy and companies.

That helped E-Mini futures for the S&P 500 recoup all their initial losses to push 0.2 per cent higher. MSCI's broadest index of Asia-Pacific shares outside Japan turned on a dime to rise 1 per cent.

Japan's Nikkei moved up 0.4 per cent, after being down more than 1 per cent earlier, while South Korean stocks were flat.

(with Reuters inputs)

3:39 PM

Sectoral gainers and losers on NSE

3:39 PM

S&P BSE Sensex: Top gainers and losers

3:36 PM

Market at close

 

The S&P BSE Sensex shed 181 points or 0.53 per cent to settle at 34,134 while NSE's Nifty50 index dropped 58 points or 0.57 per cent to end at 10,245.

3:26 PM

Large private banks set to gain big amid NBFC turmoil, rising rates: MS

Large private sector banks in India are well-positioned and look set to dominate the Indian financial industry going ahead, feels Morgan Stanley.

 

The global financial services firm noted in its research report that the changing industry dynamics, viz higher rates and NBFC turmoil are set to improve large banks' positioning even more. That apart, better retail funding bases and digitisation initiatives are other key favourables for large banks. READ MORE

3:12 PM

Kansai Nerolac Paints falls 9% on weak Q2 results

Shares of Kansai Nerloac Paints have slipped 9% to Rs 378 per share, also their 52-week low on the BSE, after the company posted a 15.6% year on year (YoY) declined in its net profit at Rs 1.22 billion in September quarter (Q2FY19), due to higher operational cost. The company had a profit of Rs 1.45 billion in the same quarter last fiscal. READ MORE

3:00 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,292.09	-23.54	-0.07
S&P BSE SENSEX 50	10,767.02	-7.99	-0.07
S&P BSE SENSEX Next 50	30,366.29	-43.73	-0.14
S&P BSE 100	10,526.07	-8.86	-0.08
S&P BSE Bharat 22 Index	3,332.45	+7.40	+0.22

2:45 PM

Jet Airways falls 6% after clarification on Tata investment

 

Shares of Jet Airways (India) slipped 6.5% to Rs 219 per share on the BSE in intra-day trade after the company said that the news report of Tata Group being in talks to buy a majority stake in the airline is speculative in nature. “The news is speculative in nature and that there is no discussion or decision in the Board which would require the disclosure,” Jet Airways said in a regulatory. The airline made the clarification on news report that Tata Group is in talks to buy a majority stake in debt-laden Jet Airways. Read more

2:30 PM

NBFC woes will weigh on indices, writes Devangshu Datta

 

After the appointment of the new board, we're learning that the tentacles of Infrastructure Leasing & Financial Services (IL&FS) were spread even wider than most people guessed. The company had over 300 subsidiaries and the board is struggling to assess the new information. Various directors have to be replaced in the subsidiaries and a fresh audit has to be performed to get a clearer picture of the financial status. Read More

2:15 PM

Looking to invest in equity-related instruments? Here's your fund pick

 

Launched on April 11, 2007, Invesco India Contra Fund is classified under the value/contra funds category of CRISIL Mutual Fund Ranking (CMFR) of June 2018. It featured in the top 30 percentile in the value/contra funds category for the two quarters ended June 2018.

 

The fund is jointly managed by Taher Badshah (since January 2017) and Amit Ganatra (August 2012). The fund’s month-end assets under management (AUM) increased about three times from Rs 8.7 billion in October 2015 to Rs 24.9 billion in September 2018. READ MORE

2:01 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,420.71	+105.08	+0.31
S&P BSE SENSEX 50	10,809.18	+34.17	+0.32
S&P BSE SENSEX Next 50	30,536.96	+126.94	+0.42
S&P BSE 100	10,570.00	+35.07	+0.33
S&P BSE Bharat 22 Index	3,336.72	+11.67	+0.35

(Source: BSE)

1:54 PM

Nifty IT index falls; infibeam cracks 24%

1:45 PM

DHFL tanks over 30% in four days on funds selling; stock hits two-year low

 

Shares of Dewan Housing Finance Corporation Limited (DHFL) has dipped 9% to Rs 191 on the National Stock Exchange (NSE) in intra-day trade, falling more than 30% in past four trading days on funds selling. Since October 15, in past four trading days, DHFL tanked 32% from Rs 282, as compared 1.3% decline in the Nifty 50 index. The stock is trading at its lowest level since June 24, 2016, on the NSE. Read more

 

1:30 PM

Post-2015 slump to blame for NBFC crisis, banks' low credit growth: Experts

 

Ten years after the collapse of Lehman Brothers and the onslaught of a global economic recession, India’s financial institutions are facing their own “self-induced” crisis. Owing to various factors, bank credit growth has slumped since 2015, as a result of which non-banking financial companies (NBFCs) began to rely heavily on debt issuance for loan-book as well as physical growth, said analysts. Read more

1:15 PM

Top gainers in BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
INDIABULLS HOUS.	719.00	64.75	9.90	1594825
MUTHOOT FINANCE	400.30	19.95	5.25	35738
DCM SHRIRAM	420.20	18.55	4.62	11622
CHOLAMAN.INV.&FN	1159.00	45.05	4.04	7207
SREI INFRA. FIN.	28.95	1.10	3.95	762938

1:00 PM

More trouble for rupee? Forecaster ING lowers year-end projection to 76.50

 

ING Bank NV has lowered its year-end rupee forecast just as the currency is staging a rebound. Rising oil prices and political uncertainty ahead of state elections will see Asia’s worst-performing currency resume losses, according to Prakash Sakpal, an economist at ING in Singapore, whose estimate of 76.50 per dollar is the most bearish in a Bloomberg survey. The forecast signals a drop of more than 4 per cent over the rupee’s close Friday and compares with a survey median of 72.88. Read more