MARKET WRAP: Sensex rises 151 pts as PSU banks shine; YES Bank slips 6%

Among the sectoral indices, the Nifty PSU Bank index rose 1 per cent led by Indian Bank, State Bank of India (SBI) and Vijaya Bank. The Nifty Auto index, too, rose nearly 1 per cent led by Maruti

The benchmark indices ended higher on Thursday led by gains in public sector banks and automobile stocks.

The S&P BSE Sensex ended at 35,930, up 151 points or 0.4 per cent, while the broader Nifty50 index settled at 10,792, up 54 points or 0.5 per cent.

In the broader market, the midcap and small-cap indices outperformed their benchmark peers with the S&P BSE MidCap index ending 123 points or 0.8 per cent higher at 15,164, while the S&P BSE SmallCap settled at 14,498 levels, up 94 points or 0.7 per cent.

Among the sectoral indices, the Nifty PSU Bank index rose 1 per cent led by Indian Bank, State Bank of India (SBI) and Vijaya Bank as the newly appointed Reserve Bank of India (RBI) Governor Shaktikanta Das held a meeting with heads of the public sector banks. The Nifty Auto index, too, rose nearly 1 per cent led by Maruti Suzuki and Tata Motors.

Shares of YES Bank fell 6.3 per cent to Rs 175 apiece on the National Stock Exchange (NSE) after the private sector lender said it is yet to finalise the name of MD & CEO. The bank held board meeting during the day where it finalised a part-time non-executive Chairman and said the final recommendations with respect to MD & CEO will be submitted to the Reserve Bank of India (RBI) after January 9, 2019.
 

Global Markets

Asian equity markets rallied on Thursday on signs of easing Sino-US trade tensions and expectations that China will step up efforts soon to support its cooling economy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent, building on early gains made after British Prime Minister Theresa May survived a no-confidence vote. In Asia, gains were concentrated in Chinese shares, with Chinese blue-chips up 1.5 per cent and Hong Kong's Hang Seng index gaining 1.1 per cent. Japan's Nikkei stock index ended 1 per cent higher.

(with Reuters inputs)

3:38 PM

Top sectoral gainers and losers on NSE

3:38 PM

S&P BSE Sensex: Top gainers and losers

3:34 PM

Market at close

 

The S&P BSE Sensex added 151 points or 0.42 per cent to settle at 35,930 while NSE's Nifty50 index gained 54 points or 0.50 per cent to end at 10,792

3:23 PM

YES Bank cracks nearly 8% after board delays MD & CEO appointment

Shares of YES Bank cracked as much as 7.9 per cent to Rs 172 on BSE towards the fag-end of the session on Tuesday after the private sector lender said it is yet to finalise the name of MD & CEO. The bank held board meeting during the day where it finalised a part-time non-executive Chairman and said the final recommendations with respect to MD & CEO will be submitted to the Reserve Bank of India (RBI) post January 9. READ MORE
 

3:16 PM

IEA sees global oil supply tightening more quickly in 2019

The global oil market could move into deficit sooner than expected thanks to OPEC's output agreement with Russia and to Canada's decision to cut supply, the International Energy Agency said on Thursday. READ MORE
 

3:00 PM

NEWS ALERT | Next board meeting of YES Bank is scheduled for January 9

2:57 PM

YES Bank board meet

YES Bank finalises a non-executive Chairman; The final recommendations with respect to MD & CEO to be submitted to RBI post January 9

Impact: Stock cracks over 6% on BSE

2:46 PM

Change in commission structure, market volatility weigh on equity NFOs

The scrapping of upfront commission already seems to be making a dent on the collection momentum of equity new fund offers (NFOs). In November, newly launched open-ended equity schemes saw collection of Rs 11.72 billion, which was 55 per cent lower than previous month.

 

According to industry sources, upfront commissions to distributors were one of the reasons that led to higher collections during the NFOs. READ MORE

2:28 PM

Capex by auto part firms seen high at ~ Rs 240 bn over 2 fiscals: Crisil Ratings

 

Capital expenditure (capex) by the domestic automotive components companies is expected to remain high at around nearly Rs 240 billion over fiscals 2019 and 2020, to meet tightening regulations, research and development requirements, and capacity expansion. Capex continues to be substantial considering that it represents close to 20 per cent of the existing investment in fixed assets by component manufacturers.Strong balance sheets and a recovery in business prospects in fiscal 2020 will help firms absorb the investments without materially affecting their credit risk profiles.

2:20 PM

Major capex announcement enhances long term outlook for ACC: Centrum Broking

 

We maintain BUY on ACC, with the target price (TP) of Rs 1,820. ACC today announced 5.9 million MT cement grinding expansion alongwith 3mn MT clinker expansion – a major chunk of these capex will be greenfield. These projects are expected to be completed by end of CY21, entailing total capex of Rs 30 billion. While these projects will not clear off medium term volume growth concerns, about 20% capacity increase at end of CY21 will certainly boost long term growth visibility for ACC and also portray a positive picture on the promoters’ (LafargeHolcim) intention to grow their India business. We remain positive on the stock owing to its inexpensive valuations and as the industry’s cost pressure has started to ease off from Oct'2018 onwards, and as strong demand should lead to improvement in cement pricing. Further, ACC’s material supply agreement (MSA) with Ambuja will also moderate cost inflation.

2:18 PM

NEWS ALERT SC had given deadline of December 15 to RCom for repaying Ericsson

2:16 PM

NEWS ALERT Supreme Court dismisses plea by RCom's plea seeking more time for repaying Ericsson dues worth Rs 5.50 bn

2:14 PM

Titagarh Wagons rallies 24% in three days on Rs 15.6 billion order win

Shares of Titagarh Wagons have moved higher by 11% to Rs 82.45 per share, surging 24% in the past three trading sessions on the BSE after the company on Monday announced that it has bagged Rs 15.61 billion order from the railway ministry for supply of wagons. READ MORE

1:58 PM

RBI Guv-PSB chiefs meet: Liquidity issue, credit growth and support to MSMEs discussed, say TV reports

1:43 PM

NEWS ALERT | Meeting of Public Sector Bank chiefs with RBI Guv concludes, say TV reports