MARKET WRAP: Sensex gains 230 pts, ends above 39K level; auto stocks rally

All that happened in the markets today

9:59 AM

MARKET UPDATE:: Sensex slips into the red

9:59 AM

Goldman Sachs upgrades SBI to 'Buy', ups target price by 54%; here's why

"We raise our 12-month target price on the back of increase in medium term adjusted-ROEs (leverage X return on risk weighted assets) by 250 bps to 11.2 per cent; lower cost of equity, by 50 bps on lower risk-free rate; change in FY21 BVPS (c.+20%) as we no longer adjust the capital infusion into YES Bank from SBI’s net worth; and higher subsidiary valuations as we update valuations for the listed subs of SBI and value SBI Life Insurance based on market cap," the report said. READ MORE

9:48 AM

SECTOR WATCH:: Auto stocks in focus

9:44 AM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(%)
VA TECH WABAG	217.00	-4.53
VODAFONE IDEA	8.97	-0.55
CEAT	900.00	1.91
TATA MOTORS	130.15	2.44
GMR INFRA.	25.70	3.21

9:32 AM

SBI trades flat

>> Moody’s has downgraded State Bank of India’s (SBI’s) baseline credit assessment (BCA) from “ba1” to “ba2” as the economic shock from the Covid-19 pandemic may aggravate the weakening borrowers’ credit profiles.

9:30 AM

Birla Tyres hits 5% upper circuit

>> The company's board will meet on August 28 (Friday) to consider capital raising options for an amount aggregating up to Rs 1,100 crore 

9:28 AM

VA Tech Wabag slips around 5.5%

>> The company on Tuesday announced a preferential issue of equity shares aggregating to Rs 120 crore to marquee investors and high net worth individuals such as Rekha Rakesh Jhunjhnwala and others. Basera Home Finance would also be participating.

9:26 AM

TVS Motor Co gains nearly 6%

9:25 AM

Hero MotoCorp up over 3.6%

>> Finance Minister Nirmala Sitharaman Tuesday said the GST Council would look into the auto industry’s demand for lowering the tax rate on two-wheelers, which are now taxed at the highest slab rate of 28 per cent.

9:23 AM

SECTOR WATCH:: Nifty Auto gains 1.5%

9:22 AM

FIRST TRADE:: Gainers and losers on the S&P BSE Sensex

9:18 AM

OPENING BELL

At 09:17 AM, the S&P BSE Sensex was trading 47 points, or 0.12 per cent higher at  38,890.42 levels while the NSE's Nifty was trading at 11,496, up 23 points, or 0.2 per cent.

9:04 AM

Markets at pre-open

9:04 AM

MARKET AT PRE-OPEN

8:54 AM

India to post strong GDP growth pick up in second half of 2020: Moody's

Moody's Investors Service on Tuesday said India, China and Indonesia will be the only G-20 emerging economies to post a strong enough pick up of real GDP in the second half of 2020, and retained its projection of 3.1 per cent growth contraction for India in 2020. "The economic outlook of emerging market countries is more challenging than in advanced economies. In our baseline projections, China, India and Indonesia will be the only G-20 emerging economies to post a strong enough pick up of real GDP in the second half of 2020 and full-year 2021 to end next year above pre-coronavirus levels," Moody's said in the August update of Global Macro Outlook 2020-21. READ MORE