Sensex ends 71 pts down, Nifty at 10,360 levels; PSU Bank Index up 0.8%

Catch all the market action here.

9:28 AM

Sectoral Trend

9:27 AM

BSE Sensex top gainers and losers

9:18 AM

Market at open

 

At 9:17 am, the S&P BSE Sensex was trading at 33,765, down 10 points while the broader Nifty50 was ruling at 10,365, down 12 points.

 

9:03 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,881.89	+107.23	+0.32
S&P BSE SENSEX 50	10,857.47	+32.99	+0.30
S&P BSE SENSEX Next 50	33,761.78	-82.74	-0.24
S&P BSE 100	10,773.09	+23.46	+0.22
S&P BSE Bharat 22 Index	3,583.27	+2.60	+0.07

(Source: BSE)

8:54 AM

Aviation stocks: Increase in crude oil prices could put pressure on growth

Aviation stocks gained on Monday after posting another month of strong double-digit increase in passenger traffic (volumes), even as the market remains weak. Airlines flew 11 million passengers in January, a 19.7 per cent increase over December 2017 and the year-ago period.

 

Strong growth and a moderate supply imply airlines such as Jet Airways, IndiGo and SpiceJet have reported load factors in the range of 89-95 per cent, improving their aircraft utilisation (load factor) and cost efficiencies. READ MORE

8:45 AM

HDFC Securities on Sobha Developers

 

With steady pre-sales in Bengaluru, new launches in Chennai, Mysore and Kochi should drive pre-sales. Improving collections, focus on affordable housing and 5-7 launches in the near future are key trigger for further re-rating. We remain constructive. Maintain BUY

8:45 AM

Rs 114-bn PNB scam: Experts see share price slipping to Rs 90-100 levels

Shares of Punjab National Bank (PNB) are down 28 per cent in four trading sessions, including Monday’s 7.4 per cent fall. The nearly Rs 111-billion decline in PNB’s market value, following the alleged Rs 114-billion fraud detected on February 14, may suggest that there is value in the counter. But, most experts said investors should not hurry as the market had not factored in the event completely. READ MORE

8:44 AM

Market watch (Source: Geojit Financial)

8:36 AM

Corporate News 

 

 

Vardhman Special Steels’ QIP closes today; Issue price fixed at Rs 140 apiece

 

Vascon Engineers signs pact with Lina Ashar Foundation to develop Pune land parcel

 

Advanced Enzyme Board approves additional investment of 300,000 ringgit in Malaysian unit

 

Gayatri Projects announces reorganisation of its energy business

 

Pratibha Industries says the lenders are advised to submit a resolution plan

 

Godawari Power & Ispat board approves amalgamation of Jagdamba Power & Alloys with self

 

UCO Bank seeks shareholders’ nod to issue shares worth up to Rs. 6,510cr on a preferential basis to the government

 

Fortis Healthcare clarifies that it hasn’t gotten any communication about an SFIO probe into the company

 

Religare Enterprises approves raising funds through the issue of warrants worth Rs 916cr

 

M&M to make an additional investment of over Rs. 500cr for electric vehicles and electric components at its Chakan plant

 

Sun Pharma unit's holding in Ranbaxy Malaysia to rise to 90.7%

 

HDFC in M&A talks with Apollo Munich

 

(Source: IIFL report)

8:33 AM

Kotak Securities on Vascon Engineers

 

The company is expected to re-launch Windermere project in Pune by end of February 2018 and would launch affordable housing project at Katvi, Pune in April 2018. It also intends to launch four more real estate projects in FY19E which includes two projects in affordable housing space. Its subsidiary GMP is doing well after exiting services business. We have revised our estimates for EPC business in FY18E and FY19E assuming some shift in execution of large size project. We maintain our positive view on the company based on pickup in order book and traction in real estate business. We maintain BUY on VEL with revised SOTP based target price of Rs 57 (Vs Rs 60 earlier)

8:30 AM

Prabhudas Lilladher on Britannia Industries

 

We expect Britannia to enter new margin trajectory with an expansion of 170bps over FY18‐20. We estimate 21% PAT CAGR over FY17‐20. We value the stock at 41xFY20 EPS given strong growth outlook and visibility and arrive at a SOTP based target price of Rs5226. We retain Britannia as high conviction BUY in our coverage universe.

8:28 AM

Reliance Securities on Nestle

 

We expect Nestle to report earnings CAGR of 16.8% through CY17-19E. While revenue growth is likely to rebound due to recovery in consumer demand, improved product-mix and trade stabilisation post GST, we expect its margins to improve gradually on the back of benign input cost and increased operating leverage. Based on expected EPS of Rs191, stock currently trades at 39.7x CY19E earnings. 

 

Considering the increased visibility in earnings coupled with reasonable valuations, we upgrade our recommendation on the stock to BUY from HOLD with a revised Target Price of Rs8,405 (from Rs7,564 earlier).

8:27 AM

MARKET COMMENT: Devang Mehta, Head – Equity Advisory, Centrum Wealth Management 

 

There has been a sharp recovery in the global markets, but India has seen huge selling pressure on every rally due to the recent turn of events domestically, one after another. The much awaited resumption in earnings growth seem to be back. Going forward, economic growth  & robust earnings momentum can help investors create huge wealth in the years to come. Investors should follow a bottom up approach to accumulate good quality businesses, which after this correction, are available at reasonable valuations & better price points

8:25 AM

GLOBAL MARKETS

 

Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak, while the dollar edged up to pull further away from three-year lows. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.5 %. Australian stocks fell 0.3 %, South Korea's KOSPI lost 0.7 % and Hong Kong's Hang Seng dropped 0.85 % READ MORE

8:24 AM

INTERVIEW OF THE DAY: You will now see more volatility than you have in the past: Mark Mobius

 

Markets are near the top but may hold, says MARK MOBIUS, former executive chairman, Templeton Emerging Markets Group. The 81-year-old investment expert, in India to announce his association with private equity firm Equanimity Investments, tells Samie Modak that India’s growth will outpace China READ MORE