MARKETS: Sensex pares gains, ends just 62 pts higher; YES Bank surges 36%

All that happened in markets today

11:45 AM

NEWS ALERT | Indian automakers import 10% of raw material from China: SIAM president

11:43 AM

RBL Bank shares rebound 15% after plunging 31% in two days

Shares of RBL Bank surged up to 15 per cent to Rs 239 on the BSE in Wednesday's early morning deals, after the private sector clarified that the bank is "financially strong and well-capitalized". RBL Bank's stock hit an all-time low of Rs 199 on Monday, March 9, 2020. It had fallen below its IPO price of Rs 225 per share. In the past two trading days, the stock has tanked 31 per cent, against 7 per cent decline in the S&P BSE Sensex in the same period. READ MORE

11:32 AM

Bank is financially strong, well capitalised and profitable: RBL Bank

RBL said there was no adverse change in asset quality and its guidance remained consistent.

 

The liquidity position of bank was healthy with the liquidity coverage ratio (LCR) at 145 per cent of statutory requirements at the end of last week, the statement said. READ MORE

11:23 AM

NEWS ALERT | Bandhan Bank opens 125 new banking outlets across 15 states: CNBC TV18

Alert: RBI, in February, had lifted the restriction on new branch opening for the bank

11:11 AM

Rollover risks rise for additional tier-I bonds after YES Bank crisis

According to a note by ICRA, the RBI move can have negative repercussions for the entire AT-1 bond market, which currently stands at around Rs 93,669 crore. Most of these bonds were issued in FY17 and FY18 with call dates after five years.

 

These are due for calls in FY22 and FY23. With the premium on these bonds expected to spike because of the regulator's treatment of YES Bank's bonds, banks may decide against exercising call option at higher yields to replace existing bonds. READ MORE

10:58 AM

YES Bank, IL&FS scams keep debt fund investors on edge. What's the way out?

“One should develop tolerance to net asset value (NAV) fluctuation. Sticking to fund houses that have seen several cycles and can ride through the marginal ups and downs, including noise levels, would be a good strategy,” says A Balasubramanian, chief executive officer, Birla Sun Life Mutual Fund. READ MORE

10:43 AM

IT shares under pressure on Covid-19 outbreak; TCS, Wipro hit 52-week lows

Shares of information technology (IT) companies were under pressure on Wednesday with sector giant Tata Consultancy Services (TCS) and Wipro hitting their respective 52-week lows on the National Stock Exchange (NSE) in the early morning trade on concerns over potential impact from COVID-19 (Coronavirus). Nifty IT index, the top loser among the key sectoral indices, too hit its 52-week low of 14,356, down 3.4 per cent on the NSE. READ MORE

10:34 AM

Telcos gain on report evaluation of their AGR math may take 6 months

Shares of telecom companies gained on Wednesday on report that it would take at least six months to evaluate the companies' self-assessment of dues linked to adjusted gross revenue (AGR). Among individual stocks, Vodafone Idea surged as much as 23.5 per cent to Rs 4.94 on the BSE while Bharti Airtel was up 2.46 per cent to Rs 508.5. In comparison, the benchmark S&P BSE Sensex was trading 0.1 per cent higher at 10 AM. READ MORE

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10:28 AM

HPCL, BPCL tank over 4% after crude oil prices rise for second straight day

At 9:43 am, Brent Crude Futures were at $38.45 per barrel-mark, up 3.3 per cent, while the US WTI was at $35.26/bbl, up 2.62 per cent. This comes after an over 8 per cent rise in the oil prices on Tuesday. Prices inched higher on hopes of a supply cut by US producers.

 

Occidental Petroleum on Tuesday joined a growing list of hard-pressed North American oil producers slashing spending and drilling to support the low crude oil prices. READ MORE

10:20 AM

RIL jumps 6% post Monday rout as oil prices rise, Macquarie upgrades

RIL had hit a 52-week low of Rs 1,094.95 on Monday (March 9) owing to crash in crude oil prices after Saudi Arabia and Russia triggered a price war.

 

At 09:34 am, shares of the company were trading 4.8 per cent higher at Rs 1,166.50 on the BSE. In comparison, the S&P BSE Sensex was trading 162 points or around half a per cent higher at 35,798 levels. READ MORE

10:12 AM

MF equity flows climb to 11-month high, garner over Rs 10,000 crore

According to industry executives, investors are showing greater maturity and refraining from pulling out funds at the first signs of weakness in the markets. “Small investors continue to show faith in their equity investments. They have been increasing their SIP (systematic investment plans) allocations in the form of additional purchases,” said a senior executive of a fund house. READ MORE

10:02 AM

MARKET CHECK:: Sensex off day's high

9:59 AM

Sector View

9:47 AM

Sector Watch :: Nifty Metal index trades over 1% lower

9:38 AM

HCL Technologies, Tech Mahindra may withstand coronavirus impact

According to analysts, while discretionary spend by global enterprises is likely to negatively impact all Indian IT firms, more revenues from products and less exposure to financial services segment are likely to lessen the impact for HCL Technologies and Tech Mahindra.

 

“HCL Technologies and Tech Mahindra are more defensive large-cap stories to play amidst the coronavirus outbreak, given higher annuity through IMS (infrastructure management services) and product revenues for the company. Similarly, higher exposure to defensive segments like telecom and lower exposure to banking, financial services and insurance, (BFSI) — only 13 per cent of revenues — work for Tech Mahindra,” said an ICICI Securities report. READ MORE