MARKET WRAP: Sensex cracks 572 pts on global sell-off; IT, auto stocks drag
The Nifty IT index fell 2.1 per cent weighed by Infibeam Avenues, Tech Mahindra and Infosys. The Nifty Auto index, too, ended 2.2 per cent lower pulled by Maruti Suzuki and Tata Motors.
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1:22 PM
IDFC Securities to finalise buyer on Friday; Equirus among four in fray
IDFC Ltd will finalise the buyer for its broking arm on Friday, said people with the direct knowledge of the development. At least three bidders are in the fray to acquire IDFC Securities, which has substantial presence in the investment banking and institutional broking business. Meanwhile, Dharmesh Mehta, former managing director and chief executive officer of Axis Capital, has withdrawn his application. READ MORE
IDFC Ltd will finalise the buyer for its broking arm on Friday, said people with the direct knowledge of the development. At least three bidders are in the fray to acquire IDFC Securities, which has substantial presence in the investment banking and institutional broking business. Meanwhile, Dharmesh Mehta, former managing director and chief executive officer of Axis Capital, has withdrawn his application. READ MORE
1:07 PM
S&P BSE Sensex top gainers and losers
12:47 PM
New retail benchmarks set by RBI likely to hit profitability of banks
Though borrowers from retail and micro, small and medium enterprises (MSME) segments will benefit from the transparent and standard lending rate structure, the same will impact profitability of banks.
The Reserve Bank of India (RBI) on Wednesday announced the linking of all new floating retail and MSME loans to external benchmarks such as RBI’s policy rate, and yields on 91 or 182-day government treasury bills (T-bills), from April 2019. READ MORE
12:31 PM
Fitch cuts India's growth forecast to 7.2% in FY19 on higher financing cost
Fitch Ratings Thursday revised downwards India's GDP growth forecast to 7.2 per cent for current fiscal citing higher financing cost and reduced credit availability. In its Global Economic Outlook, Fitch projected that for 2019-20 and 2020-21 financial years, India's GDP growth will be 7 per cent and 7.1 per cent respectively. READ MORE
12:19 PM
Shares of ICICI Lombard General Insurance Company has moved higher by 2% to Rs 912 per share on the BSE in an otherwise weak market. The stock was trading close to its 52-week high of Rs 936 touched on September 17, 2018, in intra-day trade.
In past one week, the stock of general insurance company has outperformed the market by gaining 14% after the private equity investor Warburg Pincus on Friday sold nearly three percentage point stake in the company through the open market. In comparison, the S&P BSE Sensex was down 2% during the same period. READ MORE
ICICI Lombard nears 52-week high; stock up 14% in a week
Shares of ICICI Lombard General Insurance Company has moved higher by 2% to Rs 912 per share on the BSE in an otherwise weak market. The stock was trading close to its 52-week high of Rs 936 touched on September 17, 2018, in intra-day trade.
In past one week, the stock of general insurance company has outperformed the market by gaining 14% after the private equity investor Warburg Pincus on Friday sold nearly three percentage point stake in the company through the open market. In comparison, the S&P BSE Sensex was down 2% during the same period. READ MORE
12:04 PM
Market check
| Index | Current | Pt. Change | % Change |
| S&P BSE SENSEX | 35,504.84 | -379.57 | -1.06 |
| S&P BSE SENSEX 50 | 11,147.91 | -131.19 | -1.16 |
| S&P BSE SENSEX Next 50 | 31,248.29 | -491.84 | -1.55 |
| S&P BSE 100 | 10,888.56 | -134.51 | -1.22 |
| S&P BSE Bharat 22 Index | 3,335.14 | -33.22 | -0.99 |
11:52 AM
Oil falls amid stock market slide, OPEC meeting eyed
Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.
International Brent crude oil futures were at $61.04 per barrel, down 52 cents, or 0.8 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $52.38 per barrel, down 51 cents, or 1 per cent.
11:44 AM
Nifty Realty index is trading 3% lower weighed by DLF
11:28 AM
Amara Raja, Ashok Leyland hit 52-week low; Maruti Suzuki, TVS Motor down 4%
Shares of automobile companies are trading lower with Nifty Auto index and S&P BSE Auto index falling 4.5% in past three days as the auto companies delivered a subdued volume performance in November 2018 and concerns of muted outlook. At 10:59 am; Nifty Auto (8,839) and the S&P BSE Auto (19,937) were down 1.7% each, as compared to 1% decline in the benchmark indices Nifty 50 and the S&P BSE Sensex. Read more
11:19 AM
Edelweiss on Nestle
Nestle’s focus on innovation, new launches, market share and premiumisation is envisaged to boost volume-led growth and clearly remains unabated. Also, the company’s new strategy— top line and market share focus—is encouraging. We believe it has levers to clock 16.6%, 22.3% and 24.1% revenue, EBITDA and PAT CAGR over CY18-20E.
11:05 AM
NEWS ALERT Sun Pharma promoter create pledge on 30 lakh shares from November 29 to December 4, reports CNBC TV18
11:04 AM
ICICI direct on Phoenix Mills
RATING: BUY
PRICE: Rs 622
TARGET: Rs 775
PML is currently trading at 14.1x FY20E EV/EBITDA. We like PML given its quality of retail asset portfolio, almost doubling its asset portfolio, which would drive the next leg of growth. In our view, PML’s current valuation reflects only operational retail & commercial asset valuation and does not assign any value to its expansion portfolio (~24% of our valuation). Hence, we initiate coverage on PML with SOTP based TP of Rs 775 per share.
10:59 AM
10:45 AM
NEWS ALERT Fitch sees Rupee weakening to 75 per dollar by FY19 end
10:43 AM
NEWS ALERT Fitch cuts India FY20 GDP growth forecast to 7% from 7.3%
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First Published: Dec 06 2018 | 8:10 AM IST
