MARKET WRAP: Sensex rallies 281 points, Nifty ends at 11,076; BPCL gains 6%

All that happened in markets today.

12:26 PM

Benign inflation reinforces case for further rate cuts: Kotak Securities

Moderating core inflation should offset the impact of higher food prices, keeping the headline number in check. After a dismal growth performance in 1QFY20 and with inflation staying benign, MPC’s focus will remain on addressing the weakening growth trajectory. We expect the MPC to cut the repo rate by up to 75 bps through the rest of FY2020—including a cut of around 40 bps in the October policy—with focus remaining on transmission.

12:23 PM

NEWS ALERT | YES Bank promoters allege unabated speculation in the stock by short sellers: CNBC TV18

-- Promoters seek  an investigation by BSE & NSE

-- YES Bank promoters say negaitve messages being circulated via whatsapp

12:09 PM

Auto stocks gain

12:08 PM

MARKET CHECK

11:05 AM

NEWS ALERT | J.Kumar Infra gets letter of acceptance from Mumbai Metro for project worth Rs 1,998 cr: BSE filing

11:02 AM

Banks, NBFCs slip up to 5% after Altico Capital misses interest payment

Shares of banks and non-banking financial companies (NBFCs) dropped up to 5 per cent in the morning deals on Friday, a day after Altico Capital India, a lender to real estate companies, said it has defaulted on interest payments to Mashreq Bank of Dubai. An interest payment of Rs 19.97 crore was due on September 12, according to a regulatory filing with the BSE. This payment is now in default. The principal amount for the external commercial borrowing on which Altico Capital has defaulted stands at Rs 340 crore, the filing said. READ MORE

10:44 AM

Nomura on policy rates

We expect inflation to evolve in line with the RBI’s projections. While we believe Q2 marked the trough in the growth rate cycle, the RBI’s FY20 GDP growth projection still appears too optimistic (RBI: 6.9%; Nomura: 6.0%) and is widely expected (by us as well as consensus) to be downgraded at the 4 October policy meeting. Hence, we expect the RBI to deliver a cumulative 40bp rate cut in Q4, most of which will likely be frontloaded in October itself

10:43 AM

COMMENT :: BofAML on RBI policy outlook

·        August inflation posted a lower than expected 3.2%. Core is a reasonable 4%. We track 3.6% in September on higher agflation.

 

·        RBI MPC may cut by 35bp on Oct 4 & 15bp by Dec, pause, and cut 40bp to 4.5% repo rate by Sept 2020, if global growth weakens.

 

·        We see case for 50bp RBI cut on Oct 4, on 1. weak growth; and 2. time running out for lending rate cuts as busy season nears.

10:38 AM

Gravita India climbs 5% as Ghana subsidiary enhances production capacity

Gravita India shares zoomed 5 per cent to Rs 47.50 on the BSE on Friday after the company announced its Ghana subsidiary had enhanced the production capacity. At 10:11 AM, the stock was trading 2.43 per cent higher at Rs 46.30 as compared to a 0.2 per cent dip in the benchmark S&P BSE Sensex. A total of 51,000 shares had changed hands on the BSE and National Stock Exchange (NSE) by the time this report was filed. READ MORE

10:29 AM

NEWS ALERT | Bank Of Baroda to consider raising capital via bonds on Sept 18: BSE filing

10:18 AM

Oberoi Realty surges 6%

10:06 AM

Maruti, Bajaj Auto, M&M: How to make money in frontline auto stocks

Auto stocks have been in focus off-late in the backdrop of a continuous drop in sales. On its part, the government said it would respond to the demands of the automobile industry, which is facing the worst slump in two decades. Finance Minister Nirmala Sitharaman's assurance to the industry came ahead of the GST Council meeting, slated for September 20. READ MORE

9:58 AM

Sensex turns flat

9:55 AM

Wockhardt down over 4%

9:48 AM

Indiabulls Housing Finance dips over 2%