Sensex ends 108 pts higher, Nifty comfortably above 10,150; PSU banks gain

All that happened in the markets today

1:02 PM

Bond yields shed over 20 bps on lower govt borrowing in H1

The yield on 10-year Government of India bonds fell by over 20 basis points in early morning trading on lower market borrowings in the first half of next fiscal. The lower bond yields will also mean relief for bank as the pressure from Mark to Market (MTM) valuation will subside for 2017-18.

At present yield on 10 year benchmark (7.17 per cent 2028) was 7.38 per cent, according to Clearing Corporation of India data. On Monday, the yields were closed above 7.60 per cent. READ MORE

12:44 PM

PSU banks extend gain after government cuts H1 borrowing

Shares of public sector banks were trading higher for the second straight day with the Nifty PSU Bank index gaining more than 1% on Tuesday, extending its previous day’s 5% rally, after the government announced lower-than-expected borrowing programme for the first half of the financial year 2018-19 (FY19). READ MORE

12:30 PM

NMCE-ICEX merger: NCLT convenes meeting of shareholders, lenders on April 5

The National Company Law Tribunal (NCLT) has convened a meeting of shareholders and lenders of Ahmedabad–based National Multi Commodity Exchange (NMCE) and its bonding partner, Indian Commodity Exchange (ICEX), to arrive at a consensus over the proposed swap ratio of the merger betwen the two exchanges.
 

To be held in NMCE’s office on April 5, the meeting would be chaired by former justice of Gujarat High Court Kamal Mehta. READ MORE

12:16 PM

Commercial and non-core assets' monetisation plan positive for IBREL

Indiabulls Real Estate (IBREL) is making progress on its plans to monetise its commercial and non-core assets with two deals it announced on Monday and Friday involving its Mumbai commercial and Chennai properties.

 

The company is divesting its entire stake in certain subsidiaries and thereby indirectly divesting 50 per cent stake in Indiabulls Properties (IPPL) and Indiabulls Real Estate Company (IRECPL) at an aggregate enterprise value of around $1.4615 billion or Rs 9,500 crore. READ MORE

12:01 PM

Markets at noon

 

S&P BSE Sensex	33,108.05		0.13%
Nifty 50	10,147.65		0.17%
S&P BSE 200	4,445.93		0.33%
Nifty 500	8,944.50		0.34%
S&P BSE Mid-Cap	16,007.86		0.80%
S&P BSE Small-Cap	17,105.01		1.07%

11:46 AM

Volume Toppers

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
V-MART RETAIL	1937.00	45.30	2.39	7493691
JP ASSOCIATES	18.65	0.45	2.47	3231841
CENTRAL BANK	74.80	0.65	0.88	2258613
IDBI BANK	74.55	2.45	3.40	2082411
REL. COMM.	23.40	0.05	0.21	2017598

11:33 AM

NEWS ALERT Karnataka Polls On May 12, Results On May 15

11:32 AM

Kotak Securities on govt's borrowing FY19 program

The borrowing announcement will bring much needed cheer to the bond market which has been saddled with negative sentiments. The CMB issuances (Rs1tn budgeted) will likely take care of redemption pressure and any revenue-expenditure mismatches in 1HFY19. Lighter supply (skewed at shorter end) will imply bull flattening of the curve in the near term. The benchmark 10-yr paper will likely trade in 7.20-7.50% range in 1HFY19, after ending FY2018 at ~7.40%. The enhancement of FPI limits in early April could further act as a catalyst. The bond rally will benefit banks as it will lead to lower MTM provisions on AFS investment book. PSU banks will benefit relatively more due to higher duration compared to private banks

11:29 AM

Top BSE500 gainers

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
PNB HOUSING	1261.50	72.55	6.10	8013
SOBHA	501.00	27.80	5.87	16436
CORPORATION BANK	31.95	1.75	5.79	113598
JM FINANCIAL	130.75	7.05	5.70	73012
BIRLA CORPN.	729.20	36.95	5.34	3710

11:15 AM

India bonds gain sharply on surprise cut in govt borrowing

 Indian government bonds rallied with the benchmark 10-year yield falling to its lowest in two months on Tuesday following a surprise cut in the borrowing programme for the fiscal year starting April.

 

The 10-year bond yield dropped to as much as 7.3565 percent from 7.62 percent, its lowest since January 29, while the rupee was at 64.77 per dollar from 64.87 on Monday. READ MORE

10:59 AM

Six stocks to buy in an uncertain environment of protectionism and fraud

Initially, it was Industrialisation, then Globalisation and now the latest buzz word is PROTECTIONISM. Leaders of most of the major nations are trying to protect the interests of their own economy including the US, China, India, and Australia, by imposing tariffs/duties on imports, restricting human flows etc to support their own manufacturing and services industries. Recent decisions taken by US President Donald Trump to increase Visa charges and impose import duties on steel, aluminum, and other various products from China and other countries are leading to a trade war, which may eventually turn into a currency war. The latest chain of events from the US points to increasing geo-political risk. READ MORE

10:46 AM

Interview of the day We are neutral on equities for next six months, says Rajesh Saluja

Indian equities might not see much gain in 2018, given various headwinds and the coming state and general elections. RAJESH SALUJA, managing director and chief executive officer, ASK Wealth Advisors, in conversation with Vishal Chhabria, says from a three- to five-year horizon, he would advise clients to use volatility as a friend and increase allocation to equities. He believes as earnings catch up, stocks will get re-rated and that's what investors should look at. READ MORE

Rajesh Saluja, Managing Director and Chief Executive Officer, ASK Wealth Advisors

10:34 AM

V-Mart Retail shares hit new high after promoter group rejigs stake

Shares of V-Mart Retail hit a new high of Rs 2,103 per share, up 11% on the BSE after promoters of the company re-align their shareholding in the company through block deals in early morning trade on Tuesday. The stock surpassed its previous high of Rs 1,990 per share touched on March 8, 2018 in intra-day trade. READ MORE

10:19 AM

NEW LISTING Bandhan Bank

Bandhan Bank has made a strong debut at the bourses on Tuesday. The stocks listed at Rs 499, a 33% premium against its issue price of Rs 375 per share on the National Stock Exchange (NSE). On the BSE, the stock listed at Rs 485, 29% higher against its issue price. READ MORE

Bandhan Bank

10:13 AM

Nomura on Tata Power

We believe that Tata Power's earnings growth outlook remains healthy and impetus to reduce leverage by monetising non-core investments/assets is intact. We maintain our Buy rating; at a current market price of Rs 80, the stock trades at FY19F P/E of 12x (EPS = Rs 6.8) and P/B of 1.2x (BVPS = Rs 67.8), and our Rs 98 target price implies 22.5% potential upside.