MARKET WRAP: Sensex dips 495 pts; Nifty below 11,600; RIL, financials drag

All that happened in the markets today

12:54 PM

Nifty PSU Bank index is trading almost 1.5% lower

12:48 PM

Centrum on CRISIL

CRISIL’s Q1CY19 results fell short of our revenue estimate by 11 per cent, primarily due to a large sequential drop in research revenues and also sequential decline in ratings revenues.The global risk analytics industry is seeing a decline in demand because of changing regulatory milestones as well as better preparedness across large banks. While this has impacted growth in CRISIL’s research segment, demand for credit risk management services may stay steady as clients ramp up their credit risk architecture. We revise our rating to Add from Buy with TP changed to Rs1,600.

12:41 PM

Index watch: NiftyBank needs to hold 30,000 level for the trend to reverse

NiftyBank slipped 307 points, or 1.01 per cent, to close at 30,223.40 on Thursday after rising above its previous all-time high of 30,648. It is witnessing selling pressure above 30,600 - a level which the index has scaled thrice in the current month. The Bearish Engulfing Candlestick pattern suggests any breach of 30,150 levels may further trigger a fall to its support of 30,000 levels. On Monday, the index was trading at 29,918.35, down 1.01 per cent. READ MORE

12:29 PM

Market check | Indices at day's low; Nifty at 11,659.15, Sensex at 38,862.47

Sensex

12:11 PM

Indiabulls Real Estate off lows, gains 4.39%

12:08 PM

Heatmap: S&P BSE Sensex

11:59 AM

NEWS ALERT | SC says Rel Infra's subsidiary Delhi Airport Metro Express' debt not to be declared NPA until further orders, reports CNBC TV18

11:56 AM

DCB Bank hits 52-week high post March quarter earnings

DCB Bank shares hit a 52-week high of Rs 211, up 4 per cent, on the BSE, in an otherwise weak market on Monday, after the private sector lender reported healthy earnings for the last quarter of fiscal 2018-19 (Q4FY19). The stock was trading close to its all-time high level of Rs 213 apiece hit on June 16, 2017, on the BSE. READ MORE

11:41 AM

NEWS ALERT | Maruti to launch BS-VI compliant version of its hatchback 'Baleno'

11:34 AM

BHEL slides 2.3%

11:19 AM

Aviation stocks struggle to take off

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)	VOLUME
SPICEJET	129.60	141.70	128.35	-6.65	-4.88	76.98	5939467
JET AIRWAYS	144.15	157.50	132.20	-19.75	-12.05	49.29	3419456
INTERGLOBE AVIAT	1488.00	1544.30	1485.30	-66.70	-4.29	10.85	72913
GLOBAL VECTRA	109.65	114.50	107.00	-6.00	-5.19	0.21	19022
TAAL ENTERPRISES	270.00	270.00	260.00	0.00	0.00	0.01	235

11:11 AM

NEWS ALERT | Alembic Pharma gets USFDA nod for Teriflunomide Tablets & Tobramycin Ophthalmic Solution, reports CNBC TV18

11:10 AM

Reliance Capital dips 27% in three days on Brickwork, CARE rating downgrade

Shares of Anil Dhirubhai Ambani Group (ADAG) companies are under pressure, trading lower for the third straight day on the BSE after CARE Ratings and Brickwork Ratings revised the long-term rating for various existing debt instruments of Reliance Capital (RCap). Reliance Capital slipped 11 per cent to Rs 135 on the BSE in intraday trade, plunging 27 per cent in past three trading sessions from a level of Rs 184 on April 15, 2019. READ MORE

10:59 AM

Edelweiss on DCB Bank

DCB Bank’s (DCB) Q4FY19 PAT at INR963mn (up >10% QoQ) came broadly in line with our estimate. Key highlights: a) below-trend loan growth along with continued pressure on NIMs kept NII growth below trend at sub-15% (>20% earlier run-rate) & is a key variable; b) asset quality was steady with slippages at 1.8% leading to GNPLs of 1.84% (1.92% in Q3FY19); and c) opex growth was below trend, indicating operating leverage benefits have started to flow in, but cost-income (~54%), albeit improving, remains high. Therefore, sustained improvement is key. While DCB’s performance has been steady, we believe NIM pressure along with high cost ratios will translate in to sub-par RoE (14–15% by FY21E), implying limited upside. Maintain ‘HOLD’ with target price of Rs 213

10:59 AM

Investec on RBL Bank

We expect RBK is well paced to deliver 35-40%+ PAT CAGR over the next 3 years enabling the bank to reach 1.5% RoAs by FY20E exit. We marginally increase our estimates and building capital raising of Rs30-35bn for FY0E as per the banks resolution leading to increase in target price to Rs790 (Rs660 earlier). Premium valuations (2.7x FY20E P/B) are sustainable and we reiterate buy.