Sensex pares early gains to end 430 pts lower; Nifty PSU Bank index dips 3%

All that happened in the markets today.

11:57 AM

NEWS IMPACT: ICICI Bank slips as SFIO summons Chanda Kochhar in PNB scam (Image source: NSE)

11:53 AM

NEWS ALERT SFIO summons ICICI Bank's Kochhar and Axis Bank's Shikha Sharma in PNB case: TV Report

11:51 AM

Closed-end funds gain traction: Since 2017, 47 such schemes launched

After two consecutive years of lull, the launch of closed-end funds has gained traction in the past year.

In 2017, 47 closed-end schemes were launched, which collectively mopped up Rs 175 billion. This is more than the combined amount collected in 2014, 2015, and 2016. This year so far, 11 funds have hit the market. READ MORE

11:42 AM

Canara Bank, Bank of India, Andhra Bank hit 52-week lows

 

Shares of four state-owned banks - Canara Bank, Bank of India, Andhra Bank and Bank of Maharashtra – hit their respective 52-week lows on the National Stock Exchange (NSE) in otherwise firm market. 

 

Five public sector banks (PSBs), including Canara Bank and Andhra Bank, are on the brink of being put under the Reserve Bank of India’s (RBI’s) prompt corrective action (PCA) plan. READ MORE

11:25 AM

Offshore India funds, ETFs register $1.1 billion inflow in January

 

India-focused offshore funds, as well as Exchange Traded Funds (ETFs), witnessed a net inflow of $1.1 billion (over Rs 7,100 crore) in January, making it the highest inflow in 10 months, according to a report by Morningstar.

 

This comes following an inflow of $ 6.5 billion in these funds in 2017. READ MORE

11:10 AM

Rural boost for two-wheeler companies; risk-reward favourable for Hero

Aided by a recovery in rural markets and a low base, the two-wheeler segment posted a 25 per cent-plus growth for the second month in a row. The growth was led by TVS Motor, which sold 36 per cent more two-wheelers in February over the year-ago period.

 

Sales of Hero MotoCorp, Bajaj Auto and Royal Enfield also grew at 20-25 per cent year-on-year. READ MORE

11:03 AM

Dilip Buildcon stock gains traction: Rising orders point to better outlook

Shares of Dilip Buildcon have gained a lot of traction recently, rising over 18 per cent to nearly Rs 962 from the closing low of Rs 812 in the first fortnight of February, after consolidating since October last year. And, there could be more gains in store. READ MORE

10:56 AM

Nifty 10,275 a critical support level; short-term trend is hard to judge

The market appears to be stuck inside a narrow trading zone and the background signals are a little negative. The Nifty has been unable to break out above 10,600. But it has managed to stay above a key support 10,275. Any move that closes outside this 10,300-10,600 zone is likely to result in a further three per cent swing, till either 10,000 or till 10,900. READ MORE

10:48 AM

Corporate News

 

Bank of Baroda leaves MCLR unchanged for March.

 

RBI imposes Rs 3 crore penalty on Axis Bank and Rs 2 crore penalty on Indian Overseas Bank for non-compliance of NPA classification norms.

 

SBI Hong Kong confirms it has no exposure in PNB fraud case.

 

HDFC QIP closes today. It has issued 1.03 crore equity shares at Rs 1,825 per share.

 

Ramco Cements to acquire clinker grinding unit from Ramco Industries for Rs 17 crore.

 

IndusInd Bank invoked 4.3 percent Jaypee Infra stake pledged by Jaiprakash Associates.

 

Global Offshore defaults on unsecured demand loan from Axis Bank. The principal amount of Rs 11.26 crore plus interest is outstanding.

 

Somany Ceramics board approved plan to merge three units of promoter group with itself.

 

Arman Financial to raise Rs 50 crore through issue of 16.66 lakh compulsory convertible debentures at Rs 300 each to Saif Partners India.

 

JSW Energy acquires JSW Electric Vehicles.

 

Wanbury says U.S. FDA completes inspection of API facility with five observations.

 

(Source: IIFL report)

10:35 AM

Eris Lifesciences trades higher for fifth straight trading day

 

Eris Lifesciences was up 3% at Rs 817 on the BSE in early morning trade, trading higher for the fifth straight trading day.

 

The stock of pharmaceutical company outperformed the market by gaining 12% from Rs 732 on February 26, 2018, as compared to 1.3% decline in the S&P BSE Sensex. It is trading close to its highest level at Rs 831, touched on November 30, 2017 in intra-day trade. READ MORE

10:21 AM

Promoter pledging: Value of shares falls to 7 per cent in February

The value of shares pledged by promoters of the BSE-listed companies reached over Rs 2.54 trillion at February-end, a decline of 7 per cent compared to the previous month, according to exchange data. READ MORE

10:11 AM

Donald Trump's trade war will only produce losers, warns auto industry

Carmakers and US auto dealers are using a similar refrain to push back against US President Donald Trump’s talk of a trade war: Everyone will suffer if the rhetoric keeps ratcheting up.

“Only losers” will emerge from the U. S. and European Union battling one another with tariffs, said Bernhard Mattes, the president of German auto-industry lobby VDA, which represents carmakers including Volkswagen AG and BMW AG. READ MORE

10:01 AM

Market Check

 

S&P BSE Sensex	33,973.62		0.67%
Nifty 50	10,428.35		0.67%
S&P BSE 200	4,559.60		0.72%
Nifty 500	9,200.15		0.70%
S&P BSE Mid-Cap	16,456.93		0.94%
S&P BSE Small-Cap	18,034.12		0.82%

9:50 AM

Sharekhan on TCS

 

Turnaround in retail, strong y-o-y growth in other verticals (except BFS) and robust outlook in digital indicate FY2019E will be better compared to FY2018, reflecting in the stock price run-up of around 22% in the past six months. However, pick-up in the BFS segment remains the key trigger to double-digit revenue growth in FY2019/FY2020E. 

 

The stock trades at 19x FY2020E earnings, factoring in the near-to-medium term positives. We maintain our Hold rating on the stock with a revised price target of Rs 3,200.

9:45 AM

RBI imposes penalty of Rs 30 mn on Axis Bank and Rs 20 mn on IOB

RBI slapped Rs 30-million fine on Axis Bank for flouting NPA norms and Indian Overseas Bank was fined Rs 20 million for KYC breach

The Reserve Bank of India (RBI) has fined private lender Axis Bank for violating RBI’s regulations for assessment of Non-Performing Assets (NPAs). READ MORE