MARKET WRAP: Sensex gains 223 pts as banks rally; Nifty settles at 8,993

All that happened in the markets today

10:41 AM

NEWS ALERT :: ATF prices cut in Delhi: TV reports

>> Prices slashed to Rs 29,375.37/kL

Alert: ATF is Aviation Turbine Fuel

10:38 AM

EXPERT SPEAK:: Shankar Sharma

10:31 AM

IndusInd Bank jumps 4% as Goldman Sachs buys stake; stock up 12% in 3 days

According to the bulk deal data on the NSE, Goldman Sachs (Singapore) Pte-ODI bought 4.1 million shares, representing 0.65 per cent stake of IndusInd Bank, at an average price of Rs 430 per share on Wednesday. The name of the sellers not ascertained immediately. READ MORE

10:21 AM

Covid-19 impact: Lockdown relief to agricultural activities lifts sentiment

The measures bode well for these companies and put to rest concerns related to the impact of lockdown on crop harvesting and procurement activities. On Wednesday, the India Meteorological Department gave a forecast of normal monsoon, adding to the relief. READ MORE

10:12 AM

Biocon gains 5% as two Bengaluru facilities receive EIR from USFDA

The company further said that subsequent to the inspection, Biocon Biologics has received approvals for the two products Trastuzumab (Drug Product) and Pegfilgrastim (Drug Substance) from the USFDA in 2019. The receipt of the EIR indicates a successful closure of the inspection. READ MORE

10:08 AM

Rupee hits record low

(Source: Bloomberg)

10:06 AM

BROKERAGE VIEW :: MACQUARIE ON FINANCIALS

>> We now believe that COVID-19 pain will last for the next 12-18 months, and hence we cut earnings massively for FY21E and FY22E by 35-40% for private sector banks. We expect PSU banks, barring SBI, to report losses in FY21E. We cut TPs on average by 45% for private sector and 47% for PSU banks.

>> Our channel checks reveal that customers are opting for the moratorium even if they do not require it, and in many cases customers believe banks will eventually waive them or in the case of penalties in credit card dues, they can complain and eventually get it waived. We believe this has become a moral hazard in the sector and does not bode well for asset quality. We are conservative in raising credit cost estimates for FY21E and FY22E mainly because loans under moratorium and possible restructuring, if allowed in FY21E, will likely become delinquent in FY22E.

>> ICICI Bank, HDFC Bank and IPRU are our top picks in the sector.

10:01 AM

IT stocks slide after Wipro's weak Q4 show; TCS slips 2% ahead of results

At 09:37 am, the Nifty IT index was trading 2.57 per cent lower at 12,375.70 levels with 9 out of 10 constituents trading in the red. While Wipro was trading 0.72 per cent lower at Rs 185.20 apiece, other IT firms took a deeper cut. For instance, Tata Consultancy Services (TCS) was trading 2.4 per cent lower at Rs 1,693.80. READ MORE

9:55 AM

BUZZING STOCK:: IndusInd Bank recovers 5% off lows

9:53 AM

RBI, Sebi split over default recognition; MFs, rating agencies seek clarity

The RBI has announced a three-month moratorium on term loans given by banks, but is silent on liabilities of shadow banks. Sebi, on the other hand, has issued guidelines to rating firms, asking them to avoid assigning a default tag to companies that are unable to pay owing to the ongoing nationwide lockdown. READ MORE

9:44 AM

SECTOR WATCH : Realty counters gain on hopes of resumption in work

9:43 AM

MARKET UPDATE:: Sensex pares losses, turns green

9:41 AM

80% of financial sector IPOs since four years trade below issue price

The sharp fall in equity markets led by financials has seen 13 out of 16 banks, non-banking financial companies (NBFCs) and other financial services companies that raised funds via the initial public offer (IPO) route in the past four year go below their respective issue price on the BSE. These 13 companies raised Rs 32,167 crore through the IPO’s, are currently valued at Rs 17,883 crore, a 44 per cent lower against total issue size. READ MORE

9:32 AM

Broader indices outperform benchmarks

9:32 AM

Vedanta trades higher in a weak market