MARKET WRAP: Sensex sinks 770 pts on weak Q1 GDP nos, Nifty ends at 10,798

All that happened in markets today.

8:22 AM

Banks meet on Sep 4 to discuss merger; SBI and BoB to share expertise

The chairman and managing directors (CMDs) of 10 public sector banks, which are on the government’s merger list, will meet on September 4 in Mumbai to discuss the plan.

 

The meeting, anchored by the ministry of finance, will also be attended by the representatives of State Bank of India and Bank of Baroda, which will share their experiences with mergers, two people familiar with the development confirmed. READ MORE

8:19 AM

NEWS ALERT | Expect very weak GDP numbers for next 2 quarters: Pronab Sen to CNBC TV18

-- Don't see RBI's rate cut to be of much help

8:17 AM

From Adani Power to Bata India, best mid-caps after market correction

Post its outperformance in FY17 and for some part of FY18, the Nifty Midcap 100 index has lagged leading indices such as the Nifty 50 over the past year and a half. For the year-to-date, it has shed over 15 per cent, which is more than double that of the leading index.

 

After trading at a 14 per cent premium to the Nifty a year ago, the Nifty Midcap 100 is now trading at a steep 20 per cent discount to the index of 50 large companies. READ MORE

8:14 AM

Modi government will have to deliver to stay in power: Mark Mobius

Mark Mobius, founder, Mobius Capital Partners. Speaking to Samie Modak on the occasion of the launch of his book ‘Invest for Good’, the investment guru explains why companies need to focus on corporate responsibilities and good governance. Edited excerpts: How will the trade war impact world economy? In the short-term, people will pull back, not make fresh investment commitment due to heightened uncertainty. READ FULL INTERVIEW HERE

Mark Mobius

8:10 AM

Economic slowdown, low GDP growth likely to hurt banks' earnings: Analysts

A 25-quarter-low gross domestic product growth print of 5 per cent for the April-June 2019 quarter (first quarter or Q1), indicating further slowdown in economic activities, has deteriorated the earnings outlook for Indian banks.

 

The slowdown is likely to lead to higher asset quality pain, compared to analysts’ earlier estimates, thereby higher bad loan provisioning. READ MORE

8:09 AM

NEWS ALERT | IOC cuts jet fuel price by Rs 596.60 to Rs 62,699/kL Vs 63,296.5/kL earlier: CNBC TV18

8:06 AM

Brokerages cut target prices of 123 BSE stocks, downward forecasts continue

Brokerages have cut the target prices of 123 stocks from the BSE 200 universe in the last three months. Most analysts are revising their forecasts downwards, following the disappointing June quarter results amid a downturn in the economy. The average reduction in 12-month price target for the BSE200 universe is 5 per cent. READ MORE

8:02 AM

Weekly market outlook and two trading ideas by Prabhudas Lilladher

BUY TATA CHEM

 

CMP: Rs 584.30

 

TARGET: Rs 640

 

STOP LOSS: Rs 545

 

The stock has formed a double bottom formation pattern on the daily chart at around Rs 545 levels and has given a decent bounce back to improve the bias and has the potential to rise further in the coming days owing to favorable indicators. The relative strength index (RSI) has also indicated a trend reversal from the oversold zone and is on the rise and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 640, keeping a stop loss of Rs 545. READ MORE

8:01 AM

Two pharma stocks that Gaurav Garg of CapitalVia Research is bullish on

Buy Aurobindo Pharma: above Rs 607.20

 

Target: Rs 652

 

Stop loss: Rs 580

 

The stock has shown reversal from the lower levels and formed a bullish flag pattern on daily charts. It is trading near its 50-day exponential moving average (EMA) and a breakout will result in good upside momentum.

 

Considering the technical evidence discussed above, we recommend buying the stock above Rs 607.20 for a target of Rs 652, keeping a stop loss at Rs 580 on closing basis. READ MORE

7:59 AM

Nifty outlook and top stock calls by Angel Broking: Buy Escorts, Siemens

New month to probably bring back some revival
 

Trading for last week began with a decent upside gap, which was mainly a reaction of the various announcements made by the FM Sitharaman on the previous Friday evening. However, immediately index lost this early morning lead which was mainly caused by the escalated trade war between the US and China. Due to this, index not only erased all opening gains but also went on to sneak well inside the negative territory. READ MORE

7:56 AM

Bulk deals on BSE as on Friday

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7:54 AM

Bulk deals on NSE as on Friday

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7:53 AM

FII/FPI & DII trading activity on NSE, BSE and MSEI

7:52 AM

Rupee Check

Source: Bloomberg

7:51 AM

Oil Check

Oil prices fell on Tuesday, declining for a second day as more signs emerged of the toll from the US-China trade war, with South Korea revising down second-quarter growth due to lower exports, Reuters reported.

At 7:50 am, Brent Crude Futures were at $58.73 per barrel