MARKET WRAP: Sensex slumps 470 pts, Nifty ends at 10,705; YES Bank dips 16%

All that happened in markets today.

8:39 AM

HDFC Property Fund, Motilal Oswal Real Estate look to buy ready homes

HDFC Property Fund and Motilal Oswal Real Estate, which are raising new real estate funds, are looking at buying apartments and projects at lower valuations as property developers struggle with lower sales and liquidity. HDFC Property Fund is raising a $500-million (Rs 3,600 crore) private equity (PE) fund. READ MORE

8:37 AM

Don't fall for GCPL's valuation, wait for good growth outlook: Analysts

Cheap valuations may not always be the best investment argument and a buying point for a stock unless the future growth outlook of the company is reasonably good. That’s what the current risk-reward matrix of Godrej Consumer Products’ (GCPL) stock suggests. 

Nitin Gupta, analyst at SBICAP Securities believes that the external environment is challenging for GCPL’s domestic business, while the company’s key international markets are also facing pressure. “Unless the overall growth picks up structurally, the stock may not get higher valuations,” Gupta says. READ MORE HERE

8:34 AM

Icra sees FY20 steel demand growth shrinking to 5-6% from 7.9% in FY19

Domestic steel consumption growth is expected to decelerate to around 5-6 per cent this fiscal, from 7.9 per cent in FY2019, on the back of an unprecedented slowdown in economic activity, said Icra in its report today.

 

The country’s GDP growth tapered to 5.0 per cent in Q1 FY2020. READ MORE

8:32 AM

FPI inflows: Emerging markets yet to gain from global liquidity

The worst quarter for foreign outflows in 20 years marks a divergence between foreign investor activity and liquidity in global markets, generally seen fueling the post-crisis inflows into emerging markets. An analysis of indices tracking liquidity in major markets shows conditions remain benign. Both the Bloomberg Euro Area Financial Conditions Index and the Bloomberg U. READ MORE

8:30 AM

US Fed cuts interest rate for the second time in a row: Top 4 highlights

The US Federal Open Market Committee (FOMC) of the Federal Reserve on Wednesday delivered second rate cut in a row, slashing interest rates by 25 basis points on the back of global uncertainties. The rate now stands in the range of 1.75-2 per cent.

 

While US consumers continued to make big purchases owing to an uptick in wages, unresolved trade negotiations between the United States and China have dampened business investment and slowed the manufacturing sector, Fed chairman Jerome Powell said during the press conference. READ HIGHLIGHTS HERE

US Fed chief Jerome Powell

8:27 AM

India underweight stance pays off for ace investor Shankar Sharma

While not exactly a doomsday advocate, Sharma has been perceived as a perennial bear with regard to his views on Indian equities. His decision to remain underweight on the country for many months now seems to have been proven right, though. India’s benchmark indices are up 1.3 per cent in the year-to-date, but have slid 7.4 per cent since July 5 in rupee terms.

 

“We have avoided the bullish noise coming out of India. Back in April, I had tweeted that this market, irrespective of the election results, was toast. There was adequate data to suggest you were heading for a serious downturn,” says Sharma. READ MORE HERE

Shankar Sharma, vice-chairman and joint managing director at First Global

8:25 AM

NEWS ALERT | Bank of Japan keeps rates unchanged at -0.1%: CNBC TV18

-- BoJ leaves forward guidance for policy rates unchanged. To review the economy, prices at the next meeting

8:23 AM

Nifty outlook and trading ideas by CapitalVia: Buy HUL, Nestle India

Nifty View

Markets consolidated in narrow range, but witnessed some short covering on Wednesday as Brent crude prices settled around $64 as currency traded positively. Reality, metal, PSU bank sector witnessed buying which led Nifty to close at 10,840.65 adding 23.05 points. Banknifty closed at 27,172.70 gaining 40.95 points.
 

As per option data for the next week, handful of put writing was seen on lower strikes ranging from 10,650 to 10,800 which will act as support for the weekly expiry. We can witness resistance on higher end at 11,000 and 11,100 as highest OI stand on these strikes. We should keep a positive bias on the Nifty and should keep eye on 10,750 as it will act as major support for Nifty. READ MORE

8:18 AM

Bulk deals on BSE as on Wednesday

Click here for full list

8:17 AM

Bulk deals on NSE as on Wednesday

Click here for full list

8:15 AM

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

8:14 AM

Rupee Check

Source: Bloomberg

8:13 AM

Oil Check

-- Oil prices edged higher in early Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend.

-- At 8:12 am, Brent Crude Futures were at $62.72 per barrel

8:11 AM

SGX Nifty

At 8:10 am, SGX Nifty as trading 11.5 points lower at 10,844.5 levels.

8:10 AM

Asian Market Check

Source: Reuters