Last hour sell-off drags Sensex 289 pts lower; RIL, financials top losers

All that happened in the markets today

3:01 PM

MARKET CHECK

3:00 PM

Centrum on financial sector

Banks will continue to gain market share from NBFCs. We prefer banks having higher-rated corporate loan books given the signs of recovery in the corporate segment. Banks having a strong CASA and retail term-deposit franchises would also be preferred as garnering a sticky liability franchise is important. From our coverage universe, we prefer State Bank of India and ICICI Bank among larger banks and Federal Bank among mid-cap banks

3:00 PM

COMMENT :: Centrum Broking on WPI data

The softening of WPI inflation displays the similar narrative depicted by the retail inflation, with core components reflecting weakening demand and thereby establishing a strong footing for the central bank and the government to reinvigorate the weakening growth impulses.

Going forward, food prices are expected to witness a growth in the near term which could pressurize inflation sequentially. The acceleration in prices will largely depend on the monsoon outcome. Thus, any shortfall in rain is doomed to result in spike of food prices

2:54 PM

Gold Check | Gold jumped more than 1% intra-day to hit highest level since April 2018: Reuters

- Spot gold climbed 1.01% to $1,355.49 per ounce at 1:20 pm

- Bullion has risen 1.1% so far this week

- US gold futures jumped 1.2% to $1,359.50 an ounce

2:47 PM

Elara Capital on Zensar Technologies

We maintain our estimates. We have not taken into account the divesture of the non-core multi-vendor support (MVS) segment that accounted for 4.8% of revenue in FY19 due to uncertainty regarding timing of the divesture. With increased confidence in management’s ability to improve lagging parts of the portfolio, we change our rating to Buy from Accumulate with a new TP of Rs 340 from 280 based on 13x (from 15x FY20E) FY21E P/E. We assign a lower multiple as we look at earnings further out into the future.

2:43 PM

Reliance Securities on KEC International

T&D sector has been a bright spot in the domestic infrastructure space in last couple of quarters with pick-up in order inflow and execution. We reiterate BUY recommendation on the stock with an unrevised Target Price of Rs 383, valuing it at 15x of FY21 earnings.

2:40 PM

Rupee check

Source: Bloomberg

2:37 PM

Smartlink Holdings hit 52-week high today on share buyback

2:36 PM

NEWS ALERT | Tata Comm divests remaining 26% stake in Singapore Data Centre Biz: CNBC TV18

2:24 PM

Prabhudas Lilladher on Avenue Supermart (DMart)

Rating: HOLD 

CMP: Rs1,310 

TP: Rs1,338

We estimate 28 store openings in FY20 and 30 in FY21. We estimate 28.7% sales and 33.1% EBIDTA and 37.4% PAT CAGR over FY19-21 on 50bps margin expansion. D’Mart is planning a QIP (upto 25mn shares) and OFS (to reduce promoter holding to 75%) which can provide an inflow of ~Rs35bn and fund growth. We value the stock at 46xJune21 EPS and arrive at a target price of Rs1338 (Rs1228, 45xFY21 EPS earlier). Long term outlooks remain positive; invest on declines in run upto to QIP and OFS.

2:20 PM

Eros International slides 4.9%

2:14 PM

Stock recommendation by Prabhudas Lilladher

2:14 PM

NEWS ALERT | Biocon gets certificate of good manufacturing practice from EU regulator for Bengaluru unit: CNBC TV18

2:07 PM

IndusInd Bank lost over Rs 9,000 crore market cap in 2 days; stock down 10%

IndusInd Bank has lost an over Rs 9,000 crore market capitalisation (market-cap) in the past two trading days after foreign brokerage UBS downgraded the stock to ‘sell’ from ‘neutral’ on expectations of higher credit costs. Shares of the private sector lender were down 5 per cent at Rs 1,412 on Friday, falling 10 per cent in two days. At 01:45 pm, IndusInd Bank market cap stood at Rs 85,461 crore. It has lost Rs 9,094 crore since Wednesday (June 12) when its market cap was Rs 94,555 crore, the BSE data shows. READ MORE

1:57 PM

Kansai Nerolac slips over 3.2%