MARKET WRAP: Indices gain for 3rd day, Sensex up 86 pts; PSU banks rally

All that happened in the markets today

1:23 PM

NEWS Alert :: HCC-DBL JV wins order worth Rs 1,335 crore from Rail Vikas Nigam

Hindustan Construction Company Ltd. (HCC), in a joint venture with Dilip Buildcon Limited (DBL), has been awarded a Rs.1,335 crore contract by the Rail Vikas Nigam, for construction of tunnels, bridges and formation works under package-9 of the new broad gauge rail line between Rishikesh and Karanprayag in Uttarakhand. HCC share in the JV is 60% (i.e. Rs.801 crore). 

(Source: BSE filing)

1:16 PM

YES Bank freezes at 5% upper circuit on payment of Rs 35,000 crore to RBI

RBI had first provided YES Bank with the special liquidity window when it was coming out of the moratorium imposed on it after the board was superseded in March this year. The SLF window was given for three months to ensure that the bank was covered for any large deposit withdrawals. READ MORE

12:59 PM

Morgan Stanley bullish on small, midcaps on growth recovery, valuations

“With monetary aggregates normalising and significant policy action underway with a corporate tax cut last September, we think growth is set to turn. Smaller firms are likely to benefit more due to their operating and financial leverage. Small, midcap valuations are looking attractive relative to gross domestic product (GDP) and money supply, setting the stage for outperformance versus large-cap stocks in the coming months,” Desai and Rathi wrote. READ MORE

12:45 PM

Long-duration fund rally may halt as yields harden on rate-cut pause

Domestic yields on 10-year government securities (G-secs) have started to harden. On Tuesday, yields ended marginally higher at 5.95 per cent. Since the RBI’s no rate-cut stance on August 6, yields are up 14 basis points. READ MORE

12:33 PM

Adani Enterprises up 10% as Cabinet may consider AAI's pact with Co today

In the first phase, the Union government had decided to privatise six airports and the Adani group had won the competitive bidding process under the same. In February, the group signed a concession agreement with the AAI for managing airports in Ahmedabad, Lucknow and Mangalore but approval regarding the other three was deferred. Privatisation has also been challenged in high courts in Assam and Kerala but a government official told Business Standard that there was no order against the process READ MORE

12:21 PM

PSBs rally on privatisation buzz; Nifty PSU Bank index up 3%; PNB gains 5%

Shares of public sector banks were trading higher, in an otherwise range-bound market, rallying up to 6 per cent on the National Stock Exchange (NSE). At 11:20 am, the Nifty PSU Bank index was trading 2.3 per cent higher, having zoomed nearly 3 per cent in the intra-day trade. Among individual stocks, Punjab National Bank jumped 5.2 per cent to Rs 34.6 apiece on the NSE in the intra-day trade. According to media reports, the US Bankruptcy court has recognised the claim of Punjab National Bank on proceeds of any asset sold by the American debtors of Nirav Modi entities. READ MORE

12:07 PM

Have the markets topped out? Here's what leading brokerages think

Though most analysts expect the global central banks to keep the liquidity tap open that should keep the markets supported, valuations of the Indian markets, they say, are beginning to look stretched. In this backdrop, they remain cautious with some even expecting a minor correction from here on. READ MORE

11:57 AM

BUZZING STOCK:: Future Retail leaps 18%

11:50 AM

Huge response to sovereign gold bonds may continue, say mkt players

High gold prices appear not to be a deterrent for those investing in gold as is reflected in the latest issue of sovereign gold bonds (SGBs) that opened this month. As much as 6.35 tonnes-worth of bonds were sold, the highest ever, and helped the government raise Rs 3,387 crore. Going ahead, experts say the response during the festive season will be crucial. This is for two reasons: One, gold prices have seen wide fluctuations in recent trade, and, two, investors might diversify their investments. READ MORE

11:38 AM

Going long on gold second most crowded trade globally, says BofA Securities

Going long on US technology stocks topped was the most crowded trade among global fund managers in August with 59 per cent of those surveyed globally bullish on this asset class. Surprisingly, 31 per cent of fund managers surveyed by BofA Securities believe gold is overvalued. Among those surveyed, 46 per cent believed equity markets are in a bull phase, while a net 79 per cent expect a stronger global economy over the next year. READ MORE

11:28 AM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
IRB INFRA.DEVL.	136.15	14.56
HIMADRI SPECIALT	54.35	13.11
ADANI ENTERP.	233.35	9.20
VARROC ENGINEER	245.60	8.31
INOX LEISURE	283.45	8.06

11:13 AM

Hindustan Aeronautics rises 6%, nears 52-week high post Q1 results

Shares of Hindustan Aeronautics Limited (HAL) soared as much as 6.8 per cent to Rs 1,360 on the BSE on Wednesday after the company registerd a marginal increase in its consolidated revenue for June quarter of FY21 (Q1FY21). The state-owned aerospace and defence company's revenue increased 0.8 per cent year-on-year (YoY) to Rs 10,239 crore from Rs 10,149 crore in the year-ago quarter. Net profit for the quarter fell by 1 per cent YoY to Rs 1,226 crore from Rs 1,238.9 crore in Q1FY20. READ MORE

11:00 AM

Here's what may trigger re-rating in ZEEL stk post 94% YoY dip in Q1 profit

At 10:47 am, the stock was trading 2.7 per cent higher at Rs 179 per share, as against 0.48 per cent rise in the benchmark S&P BSE Sensex. A combined 42.7 million shares had changed hands on the counter on the BSE and NSE till the time of writing of this report. The stock had hit an intra-day low of Rs 169.35, thereby clocking an 8 per cent gain from the day's low. READ MORE

10:47 AM

Making sense of markets that don't move in sync with the monsoons

An analysis of monsoon data with calendar year market returns shows a correlation of -0.27. The correlation is one when two variable move together in perfect sync. It is minus one when they move in exactly the opposite direction. READ MORE

10:33 AM

Sebi's new margin norms will be painful for investors, market participants

For the past several years, these cash margins were not demanded from clients and were borne by their brokers. The market regulator, however, tightened the margins norms due to the misuse of securities by a few unscrupulous brokers in the industry. These new norms also brought along multiple challenges for investors and stockbrokers alike. READ MORE