MARKET WRAP: Sensex settles 158 points lower at 35,876; YES Bank surges 32%

All that happened in markets today

The frontline indices ended lower on Thursday led by a fall in IT, metal and financial stocks.

The S&P BSE Sensex ended at 35,158, down 158 points or 0.44 per cent, while the broader Nifty50 index settled at 10,746, down 48 points or 0.44 per cent.

Among the sectoral indices, the Nifty IT index, the top loser of the day, settled 1.12 per cent lower driven by a fall in Oracle Financial Services Software and Infosys. The Nifty Financial Services index, too, ended 0.57 per cent lower weighed by HDFC Bank and Bajaj Finserv. 

In the broader market, the S&P BSE MidCap index ended 72 points, or 0.52 per cent lower, while S&P BSE SmallCap index settled at 13,363, down 23 points, or 0.17 per cent. 

BUZZING STOCKS

Shares of YES Bank zoomed 30 per cent to Rs 220 on the National Stock Exchange (NSE) in intra-day trade, after the private sector bank said the Reserve Bank of India (RBI) has not found any divergence in the asset classification and provisioning done by the lender during financial year 2017-18. The stock ended 31.37 per cent higher at Rs 222.60.

Shares of Zee Entertainment Enterprises (ZEEL) rose 8 per cent to Rs 440 apiece in the intra-day trade, rallying 52 per cent from their January's low on the BSE. The stock closed at Rs 433.30, up 6.19 per cent.

GLOBAL MARKETS

Asian stock markets were in a cautious mood on Thursday as investors hung on for any hint of progress in the latest Sino-US tariff talks amid reports the White House could extend the deadline for a deal.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent, though that was off a peak last seen in early October. Japan’s Nikkei edged up 0.1 per cent to its highest for the year as a weakening yen boosted export stocks. E-Mini futures for the S&P 500 added 0.15 per cent.

(with Reuters input)

3:37 PM

Sectoral gainers and losers of the day on NSE

3:36 PM

Gainers and losers of the day on S&P BSE Sensex

3:35 PM

Market at close

The S&P BSE Sensex ended at 35,158, down 158 points or 0.44 per cent, while the broader Nifty50 index settled at 10,746, down 48 points or 0.44 per cent.

3:22 PM

EARNINGS IMPACT

3:18 PM

NEWS ALERT

Ashok Leyland Q3 net profit at Rs 380.84 crores vs 484.86 crores year ago

3:02 PM

Why PNB's stock may not regain Street's confidence anytime soon

The December quarter (Q3) was a mixed bag for Punjab National Bank (PNB). The good news from the scam-hit public sector bank is that the impact of last year’s Nirav Modi fraud is fully captured. So, fresh pain from the incident is unlikely to arise.

 

Moreover, the bank has returned to its profit making ways after three quarters of losses. Improvement in headline asset quality numbers is another positive takeaway. READ MORE

2:48 PM

Reliance Securities on NCC

RATING: BUY

CMP: Rs 84

Target Price: Rs 165

 

Deterioration in working capital cycle – mainly led by higher working capital requirement due to mobilisation advances to sub-contractors for new projects – was a prime concern for NJCC. We expect its working capital requirement to remain high considering robust order book. Thus, marginally tweaking our one year EV/EBITDA target multiple to 7.5x (from 8x earlier), we maintain our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs 165.

2:38 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
ORACLE FIN.SERV.	3564.55	-254.25	-6.66	14118
RAIN INDUSTRIES	94.45	-6.15	-6.11	251789
NBCC	48.45	-3.10	-6.01	1820418
TAKE SOLUTIONS	113.00	-6.10	-5.12	21159
REL. COMM.	5.48	-0.29	-5.03	7627242

2:27 PM

DHFL shrugs off CEO Harshil Mehta's resignation; jumps 18% from day's low

Shares of Dewan Housing Finance Corporation Limited (DHFL) have moved higher by 11 per cent to Rs 123 apiece, bouncing back 18 per cent from their intra-day low and erasing their entire losses on the BSE. The stock opened 6 per cent lower at Rs 105 after DHFL’s Joint Managing Director (MD) and Chief Executive Officer (CEO) Harshil Mehta resigned on Wednesday with immediate effect. READ MORE

2:14 PM

Market check

1:58 PM

Commodity watch: Current consolidation in gold good for future uptrend

The consensus on gold is that interest is back. Market participants believe that sentiment on the precious metals has turned more bullish. With central banks like China buying gold for the first time in years and funds that were previously not interested in gold starting to add the metal to their portfolio, investors have been showing more confidence. READ MORE

 

1:52 PM

Web Exclusive | 98% board resolutions get nod in CY18 despite rise in shareholders' dissent

Nearly 98 per cent of proposals put up before the company boards got a green signal in calendar year 2018 (CY18), despite a greater level of institutional investors casting their vote against the decision, suggest a report by Prime Database.

 

Of 716 resolutions proposed during CY18, 700 (98 per cent) got the approval even as institutional shareholders voted against them, courtesy high promoter holding in the companies, the report says. READ MORE
 

1:36 PM

Web Exclusive | Prices of luxury homes in Mumbai likely to dip 5% in CY19: Knight Frank

Luxury homes in Mumbai could cost less by the end of the calendar year 2019 (CY19). A recent report by Knight Frank on real estate trends titled ‘Global Outlook 2019’ suggests growth in prices of luxury homes across the globe is slowing.

 

The proliferation of property market regulations, the rising cost of finance, uncertainty surrounding Brexit and in some markets and a high volume of new prime supply are the factors, it says, that are weighing on prime prices. More muted growth is the main story for 2019 forecast, the Knight Frank report says. READ MORE

Indian housing market is going through a rough patch for the last three years

1:20 PM

149 stocks from BSE SmallCap index fall over 25% since January

Shares of small-cap companies continued to be under pressure with the S&P BSE SmallCap index hitting a fresh 52-week low of 13,286 on the BSE in intra-day trade on Thursday. Thus far in the current calendar year 2019 (CY19), the BSE Smallcap index slipped 10 per cent, as compared to 9 per cent decline in the S&P BSE Midcap and a 0.42 per cent fall in the benchmark index S&P BSE Sensex. READ MORE

1:05 PM

Is it time to ditch China and look elsewhere? There's just one big problem

There’s an old Polish saying that when two people quarrel, a third will benefit. And so global investors are now looking for the country best positioned to gain from the US-China trade war.

 

China has been good to foreign investors over the past decade. Since the collapse of Lehman Brothers Holdings Inc. in 2008, the MSCI China Index has offered an annualized 8.6 percent return. READ MORE