MARKET WRAP: Sensex ends 318 pts higher ahead of RBI board meet outcome

The Nifty PSU Bank index ended 0.75 per cent lower weighed by Oriental Bank of Commerce and State Bank of India (SBI).

1:46 PM

Even as realty sector lags, large listed developers are gaining share

The BSE Realty sector has been one of the biggest losers among sectoral indices in 2018 so far, down over 38 per cent. About half of that loss has come over the last couple of months due to the liquidity problems facing non-banking financial companies (NBFCs). READ MORE

1:30 PM

Devangshu Datta Healthy takeaway from IIP

 

The rate of change of retail inflation fell to 3.31 per cent, year-on-year (YoY) in October, down from 3.77 per cent in September 2018. Meanwhile, the Index of Industrial Production (IIP) rose to 4.5 per cent YoY for September 2018. These are good numbers but there are base effects. Read more

1:17 PM

Sovereign bonds face barrier as debt-ridden PSBs sell into every rally

India’s sovereign bonds face a conundrum. Every rally hits a wall of selling as the nation’s state-owned lenders, the biggest holders of debt, head for the exit.

 

Public-sector banks have cut holdings by a net 312 billion rupees ($4.4 billion) this quarter, even as sovereign bonds are poised for their first quarterly advance in more than a year. READ MORE

1:00 PM

S&P BSE Sensex top gainers and losers

12:46 PM

Funds may think twice on India as government-RBI strife deepens

 

India’s rupee and bonds may come under pressure on concern the government’s attempts to restrict central bank’s freedom of action will unnerve overseas investors. READ MORE

12:31 PM

PSU banks trade mixed ahead of RBI board meet

Shares of public sector banks (PSBs) were trading on a mixed note ahead of the Reserve Bank of India (RBI) board meeting today.
 

Bank of Maharashtra, Syndicate Bank, Vijaya Bank and Central Bank of India were up 2% each, while Dena Bank, Andhra Bank, Bank of Baroda, Corporation Bank, Indian Overseas Bank and Allahabad Bank were up 1% each. READ MORE

12:14 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,572.36	+115.20	+0.32
S&P BSE SENSEX 50	11,190.78	+32.30	+0.29
S&P BSE SENSEX Next 50	32,402.32	+200.12	+0.62
S&P BSE 100	10,983.44	+37.12	+0.34
S&P BSE Bharat 22 Index	3,464.67	+3.07	+0.09

12:08 PM

HDFC Securities on Suprajit Engineering

We expect capacity expansion (250mn to 300mn cables), acquisition of new business in 4W cable segment and ramp up of new H7 line of Phoenix are key positives for the company. It is also confident of passing on costs (lag effect) and maintained 14-16% EBITDA margin guidance for FY19. We have cut EPS by 13/9% for FY19/20E factoring in margin pressure. Expect EPS CAGR of 15% over FY18-21E. We value the stock Rs 282(20xSept-20E EPS). Maintain BUY

12:07 PM

Elara Capital on Bharti Airtel

We attended Bharti Airtel’s analyst meet on November 16th 2018 and we felt that the key message was that while India wireless ARPU should go up (and management believes strongly it has bottomed out), there are other drivers for Bharti Airtel’s India revenue to improve. These include 1) content tie-ups that could drive revenue sharing from subscription and advertising (with the added benefit of potentially reducing churn) 2) Airtel’s payment bank which has got a new leader and has done a successful pilot with an NBFC for handset financing using proprietary data to create a score analogous to a credit rating, 3) Adding more services to Airtel’s B2B services that currently include connectivity and data center services and 4) Rapid expansion for Airtel DTH and focused expansion for Airtel broadband

12:03 PM

NEWS ALERT Supreme Court upholds UltraTech's bid for Binani Cement

12:01 PM

Nifty Metal index gains in trade led by Hindalco

11:54 AM

IDBI Bank and 10 other banks under PCA near asset quality stability

 

Eleven state-owned banks under Prompt Corrective Action (PCA) regime are inching towards gaining stable asset quality. Sequentially, the asset quality profile of these banks seems to be gaining some stability. Their gross non-performing assets declined in the second quarter (Q2) over the first, indicating that pace of fresh slippages is slowing. Banks have also written off many bad loans for which they made 100 per cent provisions. READ MORE
 

 

11:51 AM

Dr Reddy's Labs gains 3% on successful USFDA audit of Srikakulum plant

Shares of Dr. Reddy’s Laboratories were up 3% at Rs 2,546 per share on BSE in intra-day trade as United States Food and Drug Administration (USFDA) has completed the audit of Andhra Pradesh plant with zero observations. READ MORE

11:45 AM

What happened at RBI’s October 23 board meet

Centre and RBI disagreed on a range of issues, including providing liquidity to NBFCs and MSMEs, along with Centre’s demand to review economic capital framework of RBI and to ease the prompt corrective action framework READ MORE

11:42 AM

RBI board meet: What is expected in today's meeting

- RBI agreeing to bring some banks out of PCA
- Committee to discuss economic capital framework and governance in RBI
- Breather window to ease liquidity for MSMEs likely