MARKET WRAP: Sensex dips 333 pts; PMI data, proposed FPI norms spook Street

Among sectoral indices, the Nifty FMCG index settled over 2.5 per cent lower weighed by HUL and Britannia Industries.

11:10 AM

Balkrishna Ind falls 8% after board approves capex plan of Rs 17 billion

 

Balkrishna Industries dipped 8% to Rs 1,261 on the BSE in early morning trade after the company said its board approved capital expenditure (capex) plan of Rs 17 billion in US and India. The entire capex would be funded via a mix of debt and internal accruals.

 

The stock was trading lower for the third straight trading sessions, down 14% from its all-time high of Rs 1,467 recorded on Wednesday, August 29, 2018, in intra-day trade. It had outperformed the market in past one month by surging 20% as compared to 3.7% rise in the S&P BSE Sensex till Tuesday. READ MORE

10:55 AM

Web Exclusive How to hedge your market exposure

 

What do we understand by the word hedge? The word hedge refers to protection against unfavorable price movements. It can involve protection against downsides if you are long on the market and protection against upsides if you are short in the market. In other words, hedging is nothing but an insurance against the volatility of your portfolio. You incur a cost to hedge but that also protects you against deep losses in a worst-case scenario. There are 3 ways to hedge your exposure in the market when you are holding on to equity market positions as an investor or as a trader. READ MORE

10:40 AM

Ashok Leyland, Bajaj Auto gain; Maruti Suzuki falls post August sales

Shares of select automobiles companies such as Ashok Leyland, Bajaj Auto, and Eicher Motors were trading higher by up to 4% on Monday after reporting good vehicle sales in the month of August. READ MORE

10:25 AM

Rupee slide nearing its end, RBI likely to step in, say economists

The rupee could be hovering around the last leg of its fall, but depreciation pressure would continue a little longer, economists and currency experts have said. The rupee should consolidate around the present level, but global sentiments could push it back to 72-72.5 a dollar level. READ MORE

10:21 AM

JM Financial on ABB

The company reported strong results in 2QCY18 as sales/EBTIDA grew by 22%/33% due to execution pickup in HVDC project and nascent revival in process industries. Given a 25% correction in stock price from peak, PE multiples have declined sharply to 47x 1-year forward, a 35% discount to its median, while earnings are expected to grow at robust pace of 24% CAGR over CY17-20E. We upgrade the stock from SELL to BUY as we revise our TP to INR1,500, based on 40x CY20E EPS (1.6x PEG and 45% discount to average PE)

10:15 AM

Stocks in news 

 

 

·         The U.S. FDA completed auditing Sun Pharma's Halol plant with no observations, two people familiar with the matter to BloombergQuint. 

 

·         Larsen & Toubro proposed to sell 59 lakh shares, which is 3.41% of the paid-up equity capital of L&T Infotech Ltd. through the stock exchange mechanism. 

 

·         Godrej Consumer Products Ltd., through its subsidiary, has divested its entire stake in its United Kingdom arm. 

 

·         Idea Cellular Ltd. changes its name to ‘Vodafone Idea limited’ with effect from Aug. 31. 

 

·         Ramky Infrastructure to sell 100% of its stakeholding in NAM Expressway Ltd. to Singapore based Cube Highways Pvt. Ltd. for Rs 140 crore, along with all its liabilities. 

 

·         HCL Technologies partners with ScienceLogic to bring artificial intelligence operations to its customers. 

 

·         LT Foods board approved the investment of Rs 140 crore by India Agri Business Fund II in its wholly owned subsidiary Nature Bio Foods Ltd.

 

·         Vedanta Ltd said that KK Kaura has resigned from the post of the interim chief executive officer, with effect from Aug. 30. 

 

·         PNB is looking to sell its entire holding of 0.11% in the National Stock Exchange and is expecting to raise over Rs 48 crore by divesting the stake. 

 

·         Wipro Ltd. bagged a deal which was valued at over $1.5 billion from Alight Solutions LLC. This is the company’s biggest deal so far.

 

·         State Bank of India hikes benchmark lending rate by 0.2% across all tenors up to three years. 

 

·         MOIL revises prices of different grades of Manganese Ore and other products, effective Sept 1. 

 

·         V-Mart opens three new fashion stores, one in the state of Bihar and other two in the state of Assam. This takes the total number of stores to 184.

 

·         Hindustan Construction Company’s board to meet on Sept. 05 to consider fund raising by the issue of equity shares or other securities.

(Source: IIFL report)

10:00 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,794.93	+149.86	+0.39
S&P BSE SENSEX 50	12,279.23	+48.42	+0.40
S&P BSE SENSEX Next 50	35,866.66	+209.92	+0.59
S&P BSE 100	12,068.18	+51.21	+0.43
S&P BSE Bharat 22 Index	3,771.89	+20.80	+0.55

9:45 AM

Stock Alert Wipro surges 9% on winning over $1.5 billion deal from Alight Solutions

 

Shares of Wipro has surged 9% to Rs 328 on the BSE in early morning trade after the company on Sunday said that it has won its largest contract to date from US-based human resources (HR) and financial solutions company Alight Solutions LLC.

 

The stock was trading close to its 52-week high of Rs 335 touched on January 16, 2018, on the BSE in intra-day trade. READ MORE

9:30 AM

INTERVIEW OF THE DAY Our June 2019-end target for Nifty50 index is 11,892: Saion Mukherjee

 

The markets have been gaining ground amid a weakening rupee over the past few weeks. SAION MUKHERJEE, head of India equity research at Nomura, tells Puneet Wadhwa that though it seems unlikely that just the current rupee depreciation can trigger a sell-off, a substantial depreciation leading to higher inflation/monetary tightening could hurt growth, and hence markets as well. Click here for full interview

9:20 AM

Nifty sectoral trend

9:18 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 38,798, up 153 points while the broader Nifty50 was ruling at 11,712, up 31 points.

9:02 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,763.10	+118.03	+0.31
S&P BSE SENSEX 50	12,272.13	+41.32	+0.34
S&P BSE SENSEX Next 50	35,706.80	+50.06	+0.14
S&P BSE 100	12,053.94	+36.97	+0.31
S&P BSE Bharat 22 Index	3,755.86	+4.77	+0.13

9:02 AM

NEWS ALERT Rupee opens firm at 70.78 per dollar

8:56 AM

Technical calls by Prabhudas Lilladher

 

BUY LARSEN TOUBRO

CMP: Rs 1,369.55

TARGET: Rs 1,480

STOP LOSS: Rs 1,310

 

The stock has been consolidating near 1350 levels for quite some time and currently has given a breakout above that range and looks promising for further upside in the coming days. The trend has been positive and with the RSI on the rise, a positive bias has been maintained. With good consistent volume activity witnessed, we recommend a buy in this stock for an upside target of 1480 keeping a stop loss of 1310.

 

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