Markets snap 8-session rally; Nifty settles below 10,150 ahead of Fed meet

All that happened in Tuesday's trade

4:04 PM

Vinod Nair, Head of Research, Geojit Financial Services

 

Market ended on a flat note as investors turned more cautious on account of the US Fed policy meeting. Also, the concern on valuation and lack of supportive cues to outpace the resistance influenced investors to book some profit.

3:53 PM

Sensex heatmap at close

Source: BSE

3:49 PM

Market breadth 

The market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,310 shares declined and 1,295 shares rose. A total of 162 shares were unchanged.

3:47 PM

Broader markets outperform 

The BSE Smallcap gained 0.3%, while the BSE Midcap added 0.1%. 

3:38 PM

Markets at close

The Sensex settled at 32,402, down 21 points, while the broader Nifty50 closed at 10,147, down 5 points. 

3:27 PM

Volatility index

India VIX rises marginally (up 0.2%) to 11.46.

Source: NSE

3:16 PM

European markets 

European shares opened slightly lower as traders awaited clues from a Federal Reserve meeting on its plans to move towards unwinding its $4.2-trillion portfolio of Treasuries and mortgage-backed securities.

 

Despite Wall Street reaching new highs yet again, shares in Europe followed Asia’s overnight caution with the pan-European STOXX index down 0.2%, but still in range of six-week highs. German DAX traded lower by 0.09% at 12,546 levels, French CAC 40 slipped 0.16% at 5221 levels and IBEX 35 slipped 0.17% at 10,321 levels.

3:11 PM

Orient Bell, Asian Granito hit new high

 

Shares of ceramic tiles maker were in focus in an otherwise range-bound market. Orient Bell, Murudeshwar Ceramics, Asian Granito India, Nitco, Kajaria Ceramics and Somany Ceramics were up in the range of 4% to 14% on BSE. READ MORE

3:04 PM

Markets check 

At 3:00 pm, the Sensex was trading at 32,419, down 4 points, while the broader Nifty50 was ruling at 10,151, down 1 points. 

2:55 PM

ICICI Lombard IPO gets fully subscribed

 

Indian insurer ICICI Lombard's initial public offering of shares to raise as much as 57 billion rupees ($888.40 million) was fully subscribed early on the last day of the sale on Tuesday, stock exchange data showed. READ MORE

2:34 PM

Buzzing stocks 

Shares of four state-run gas transmission and distribution firms rose 1.13% to 2.33% at 12:55 IST on BSE after a global research firm reportedly presented a positive view on the sector. 

 

GAIL (India) rose 2.33% to Rs 410. Indraprastha Gas rose 2.02% to Rs 1,469.20. Petronet LNG rose 1.13% to Rs 236.75. Gujarat State Petronet rose 1.42% to Rs 200.10. READ FULL REPORT

2:15 PM

Top five gainers on Nifty

Source: NSE

2:01 PM

Reliance Securities on CDSL

 

CDSL’s business is characterised by a high degree of predictability and profitability, with the company earning >35% of revenue from annual issuer charges in FY17, which are likely to remain stable-to-growing.

 

The company has steadily gained market share in its core business vis-à-vis its lone competitor, NSDL and has enjoyed higher incremental market share 4 successive years on low operating cost, net worth criteria and technology investment. 

 

CDSL has also invested in new business initiatives to drive growth, including KYC services, National Academic Depository, insurance repository services, e-voting to corporates, online drafting solutions, KYC search assistance for Aadhaar holders and GST Suvidha Provider. 

 

At the CMP, the stock trades at a PE of 29.5x/26.4x FY19E/FY20E EPS, respectively.   

 

We have a BUY rating on CDSL with a Target Price of Rs 450, which implies a PE of 35x average of FY19E and FY20E EPS.

1:44 PM

Broader markets rebound

 

The BSE Midcap and the BSE Smallcap indices rebounded to add 0.3% and 0.5%, respectively. 

1:36 PM

Markets check 

 

At 1:30 pm, the Sensex was trading at 32,426, up 3 points, while the broader Nifty50 was ruling at 10,151, down 1 points.