MARKET WRAP: Indices end flat, Nifty at 10,380; YES Bank rallies 9%

Nifty IT index was the top loser of the day, falling 2.1 per cent weighed by HCL Technologies and Infosys. On the other hand, among gainers, the Nifty Metal index rose 1.3 per cent led by NMDC.

9:56 AM

ICICI Securities on Larsen & Toubro

 

L&T is consistently delivering in terms of bagging orders, strong execution of backlog and at the same time improving the quality of its balance sheet thereby generating reasonable cash flows. PAT CAGR of 20% over FY18-20 coupled with improvement in return ratios should rerate the stock as the expected performance is among the best in the capital goods space. We assign a target price of Rs 1,655 with a BUY rating on the stock.

9:48 AM

Larsen & Toubro gains 6% as Q2 profit beats estimate

Shares of Larsen & Toubro ((L&T) were up by 6% at Rs 1,379 per share on the BSE in early morning trade after the company reported 23% year-on-year (Y-o-Y) jump in its consolidated net profit at Rs 22.30 billion in September quarter (Q2FY19). The consolidated gross revenue during the quarter grew 21% at Rs 320.81 billion on a Y-o-Y basis. READ MORE

9:32 AM

Challenging demand outlook may derail Tata Motor's JLR turnaround plan

Demand issues in China continue to weigh on Tata Motors forcing the company to cut costs, curtail capital expenditure and improve its cash flow at its UK-based subsidiary Jaguar Land Rover.

 

The company, which reported a consolidated loss of Rs 10 billion in the September quarter, seeks to improve its performance in the second half largely on the back of a turnaround plan for JLR with gains pegged at 2.5 billion pounds over the next 18 months. READ MORE

9:20 AM

Sectoral trend on the NSE

9:19 AM

BSE Sensex opening gainers and losers

9:16 AM

Market at open

 

At 9:15 AM, the S&P BSE Sensex was trading at 34,548, up 106 points while the broader Nifty50 was ruling at 10,412, up 26 points.

 

9:04 AM

Rupee open:

Rupee opens 8 paise higher at 73.87 against US dollar against Wednesday's close of 73.95

9:01 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,601.57	+159.52	+0.46
S&P BSE SENSEX 50	10,936.78	+65.29	+0.60
S&P BSE SENSEX Next 50	31,440.53	+126.30	+0.40
S&P BSE 100	10,722.68	+60.96	+0.57
S&P BSE Bharat 22 Index	3,426.22	+32.86	+0.97

8:57 AM

Motilal Oswal on Tata Motors

 

We cut our FY19/20 estimates by 79%/36% to factor in uncertainty in JLR volumes in key markets, which is reflecting in lowering of guidance by management. For FY20, we are building in a moderate recovery, with EBIT margin of nearly 2% (v/s guidance of 4-7%). Maintain Buy with a target price of nearly Rs 248 [Sept-20 SOTP].

8:54 AM

Coal India share sale garners just Rs 42 bn, much less than govt's target

 

The Coal India share sale on Wednesday garnered bids worth only Rs 42 billion, less than a third of what the government had targeted. The centre was looking to divest shares worth over Rs 148 billion in the coal miner as a part of its ambitious Rs 800-billion disinvestment programme for 2018-19. READ MORE

8:49 AM

Nifty outlook by Prabhudas Lilladher

Nifty has made a good recovery from the bottom made at 10000 levels to bounce and rise up to almost 10400 levels, however, the upward movement conviction can be maintained only a close above 10500-10550 levels and as for Bank Nifty, a breach of the level of 25900 would be crucial for further development. However, the support for the day is seen at 34150/10300 while resistance is seen at 34720/10450. Bank Nifty would have a range of 24850-25430. READ MORE

8:43 AM

Markets rally as rift between RBI, govt eases; global cues aid sentiment

Stocks rallied on Wednesday after the government moved to ease concerns over the independence of the Reserve Bank of India (RBI). Buzz that the government was mulling fresh steps to ease liquidity concerns triggered gains in the shares of non-banking financial companies (NBFCs) and banks. Also, positive global cues, following sharp overnight gains in the US markets, aided sentiment. READ MORE

8:38 AM

SGX Nifty

The SGX Nifty was at 10,420, up 0.32% from the previous close.

8:37 AM

Oil prices

Oil prices fell early on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.

 

The Brent crude January futures contract lost 44 cents, or 0.32 per cent, to trade at $74.72 per barrel. West Texas Intermediate (WTI) crude futures fell 46 cents to $65.01 a barrel. Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent falling 8.8 per cent for the month and WTI dropping 10.9 per cent.

8:31 AM

Asian Markets

Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session thanks to upbeat corporate earnings, while the dollar hovered near a 16-month high on further signs of strength in the world's largest economy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent, adding to modest gains the previous day, though this came after a brutal October month. South Korea's KOSPI put on 0.5 per cent while Japan's Nikkei slipped 0.3 per cent following two days of big gains.