MARKET WRAP: Sensex up 137 pts, Nifty ends at 10,967 led by PSU banks, FMCG

The Nifty PSU Bank index ended 2.9 per cent higher led by Vijaya Bank and Bank of India after TV reports suggested that Allahabad Bank, Bank of India and Bank of Maharashtra may come out of PCA soon

10:34 AM

Top gainers in BSE500

COMPANY	PRICE()	CHG()	CHG(%)	VOLUME
SHARDA CROPCHEM	306.15	30.20	10.94	5496
PRISM JOHNSON	95.45	9.20	10.67	102192
ITD CEM	117.50	7.20	6.53	18954
ORIENT CEMENT	85.00	5.10	6.38	7511
UCO BANK	20.40	1.00	5.15	165990

10:25 AM

OMCs, airlines gain on crude oil slump; SpiceJet, HPCL, BPCL rise up to 5%

 

Shares of oil marketing companies and airline companies were trading higher on Wednesday following an overnight slump in global crude oil prices.

 

SpiceJet, Hindustan Petroleum Corporation (HPCL), Jet Airways, InterGlobe Aviation (Indigo), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC) rose up to 5 per cent on the BSE in early trade. Read more

10:24 AM

BATA India hits 52-week high

10:12 AM

Financials gain amid easing liquidity; Nifty PSU Bank index rises 2%

 

Shares of financials including banks, non-banking financial companies (NBFC), housing finance company (HFCs) and microfinance institutions (MFIs) were trading higher by up to 6% on BSE in early trade after the Reserve Bank of India (RBI) announced the plan to scale up liquidity infusion via purchase of government bonds. Read more

10:00 AM

SENSEX HEAT MAP AT 10am

9:54 AM

J Kumar Infra zooms 30% in two days on receiving Rs 13 bn order from NHAI

 

Shares of J Kumar Infraprojects surged 10% to Rs 152 on Wednesday, extending its previous day's 20% rally on BSE, after the company said it has received an order worth Rs 13.49 billion from the National Highways Authority of India (NHAI). Read more

9:52 AM

MARKET COMMENT Chris Wood of CLSA

Is the Fed about to announce some moderation of its quanto tightening programme? In GREED & fear’s view such a move is quite possible in terms of what is announced later today. And any such move will likely be interpreted positively, at least temporarily, by “oversold” stock markets. It will certainly be extraordinary if there is no mention of the balance sheet issue whatsoever. Still it is true that, following a discussion earlier in the year about whether the course of balance sheet reduction should be moderated, the Fed has remained remarkably silent on this subject in recent months.

Christopher Wood, CLSA

9:50 AM

CITI ON METALS 
 

Overall, we continue to see further Chinese easing and a de-escalation of the trade war as supporting metals demand growth and prices during 2019; however, this will take time to affect the real economy. As discussed in our 2019 outlook: “Call us in March”, our base case remains that as we approach the end of the winter period, the outlook will look a lot less binary and that with improving sentiment, the post Chinese new-year stocking is expected to initiate a trend higher.

9:48 AM

Shares of housing finance companies are trading higher

9:42 AM

Antique Broking on Marico

 

We maintain our forecast of 15% CAGR in revenue growth and 21% CAGR in earnings growth during FY19-21e. This will be led by low double-digit volume growth, coupled with benign raw material prices. The stock has gained 13% during 3QFY19 but, we believe, there is still potential for further gain. We maintain BUY recommendation on the stock.

9:37 AM

MOTILAL OSWAL FINANCIAL SERVICES ON SAIL

 

We expect sales volumes to increase at CAGR of 8.5 per cent to 16.6mt over FY18-20E. Operating parameters continue to improve, while employee cost remains under control. SAIL’s head count has declined by net 13 per cent led by natural attrition and VRS. Expensive retirees have been replaced by cheaper younger employees driving reduction in cost translating into significant savings. We are building in EBITDA/t to decline by nearly Rs 1,800/t in FY20E on lower realization. We value the stock at 6x FY20E EV/EBITDA. At a target price of Rs 51/share, the stock offers limited upside. Maintain Neutral. 

9:28 AM

S&P BSE Oil and Gas index up 0.9%

9:25 AM

IT stocks slip

9:20 AM

Sectoral trend on NSE

9:18 AM

BSE Sensex: gainers and losers in opening deals