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Sunday, December 22, 2024 | 09:34 PM ISTEN Hindi

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MARKET WRAP: Sensex ends 250 pts lower as RBI maintains status quo on rates

The Nifty Metal index settled 3.7 per cent lower weighed by Jindal Steel and Power Hindalco and Tata Steel. Nifty Auto index, too, slipped 2.3 per cent due to a fall in Bharat Forge and Tata Motors

Image SI Reporter New Delhi
Stock market

2:34 PM

NEWS ALERT FY19 GDP growth target maintained at 7.4%
2:33 PM

NEWS ALERT MPC maintains stance to Calibrated Tightening
2:31 PM

NEWS ALERT RBI leaves repo rate unchanged at 6.50%
2:14 PM

Sebi to issue fresh notices to NSE, other entities in co-location case soon
 
The Securities and Exchange Board of India (Sebi) is in the process of issuing a fresh set of show-cause notices to the National Stock Exchange (NSE) and over a dozen other entities in the co-location (colo) case. According to people in the know, these notices are part of the adjudication proceedings, and seek an explanation from alleged wrongdoers as to why a monetary penalty should not be imposed on them. Earlier, Sebi had issued two sets of show-cause notices to the exchange and others. Read more
2:09 PM

NEWS ALERT Novartis India Vice Chairman & MD, Milan Paleja to step down effective May 31, 2019
2:01 PM

Market check
Index Current Pt. Change % Change
 
S&P BSE SENSEX 35,879.14 -255.17 -0.71
 
S&P BSE SENSEX 50 11,280.28 -89.20 -0.78
 
S&P BSE SENSEX Next 50 31,834.70 -460.84 -1.43
 
S&P BSE 100 11,028.90 -97.95 -0.88
 
S&P BSE Bharat 22 Index 3,380.84 -50.39 -1.47

1:49 PM

Stocks near 52-week lows on BSE500

COMPANY LATEST 52 WK LOW PREV LOW PREV DATE VOLUME
RELIANCE CAPITAL 222.25 221.85 221.10 26-OCT-2018 637700
ASHOK LEYLAND 103.85 103.20 103.25 05-OCT-2018 2562052
MAHINDRA LIFE. 389.00 386.40 388.00 26-NOV-2018 784
NILKAMAL LTD 1506.55 1495.00 1491.95 11-OCT-2018 693
ELGI EQUIPMENT 226.80 225.00 226.80 28-NOV-2018 127
FORCE MOTORS 1665.00 1650.00 1650.00 25-OCT-2018 8409

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1:34 PM

MARKET COMMENT :: Dhananjay Sinha of Emkay Global

We believe that the short-term shift in market views may reverse. The market is still above the fair value and the likelihood of global liquidity relapsing into a significant surplus is low. Our base-case for the Nifty stands at 10400-11000 over the next 12 months vs. 10900 currently.

Our sectoral position: Overweight on IT services, Pharmaceuticals, BFSI (primarily private banks) and Speciality Chemicals; Equal weight on Auto & Auto Ancillaries, Consumers, Oil & Gas and Metals & Mining; and Underweight on Capital Goods, Construction & Infra, Cement, Telecom, and Fertilizers & Agro Chem
1:33 PM

Prabhudas Lilladher on S Chand & Co

S Chand is trading at 6.6x FY19E and 5.5x FY20E, in comparison to Navneet which is trading at 15.4x FY19E and 13.2x FY20E. We believe the current valuation gap should narrow given expected improvement in return ratios, margins and working capital cycle. Maintain BUY with a target price of Rs400
1:30 PM

MARKET COMMENT :: Morgan Stanley

We think what matters is our economists forecasts of the growth differential between EM and US widening in EM's favour from here on out. What we have in mind is not a US recession as the base case for next year. If that were our case, we would not be forecasting modestupside for EM of around 5% from current levels and a flat S&P 500.

As GDP differential widens, we think S&P earnings growth decelerates from 23% in 2018 to 4% in 2019 while EM earnings growth accelerates from 3% to 7%. Hence, there is a leadership transition both in momentum in economic growth and in earnings growth. EM moves from last to first in terms of EPS growth while the US moves from first to last.

MSCI EM has already outperformed DM by 830 bps since the trough and outperformed S&P by 890 bps reversing around 35% to 40% of the prior underperformance. As this change in performance begins to be better understood we expect asset allocation flows to move towards EM in the December / January reallocation period.

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, New York January 20, 2015. REUTERS
The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, New York January 20, 2015. REUTERS

1:28 PM

Sudhir Valia's Sun Pharma stake helps ARC, realty business raise debt
 
Sudhir Valia, brother-in-law of Sun Pharmaceutical Industries’ founder Dilip Shanghvi, has got a helping hand in running his own businesses due to the family’s stake in India’s largest drug maker by sales. At least two of Valias' entities, Suraksha Realty and Suraksha Asset Reconstruction Company (ARC), have the backing of Lakshdeep Investments and Finance, which holds Valias' stake in Sun Pharma. Read more
1:27 PM

Kotak Securities on real estate

Residential real estate sales in September 2018 held the momentum of preceding months with sales of 31.6 mn sq. ft, with declining launch activity (13.1 mn sq. ft in September 2018) helping steadily absorb the legacy build-up of inventories. Sales trends were stronger in the top three cities. Real estate prices remain in a narrow range with all-India prices at Rs5,381/sq. ft. However, a 37% yoy growth in sales for our coverage universe for 2QFY19 against 6% yoy growth for the industry reflects the continued impact of consolidation in a post-RERA regime.
1:26 PM

Nomura on Sun Pharma

Management believes the transactions like sales through AML, and providing loans and advances is in the interest of Sun Pharma. However, management is willing to reconsider the structures and reverse the transactions in case it satisfies the minority shareholders. We find the comment incongruous as to how a transaction deemed good for SUNP by the promoter/CEO could be judged unacceptable to the other shareholders at large.
 
We value Sun Pharma based on 22.5x FY20F EPS to arrive at our unchanged target price of INR513/sh. We have a Neutral rating on the stock; we prefer Lupin (LPC IN), Dr Reddy’s (DRRD IN) and Glenmark (GNP IN) in the space, all rated Buy.
1:16 PM

Sun Pharma hits lowest level since April 2013; falls 33% from 52-week high
 
Shares of Sun Pharmaceutical Industries continued to be under pressure, hitting an over five-year low of Rs 433 per share, down 2%. The stock has fallen 12% in three days, even though the company made a clarification related to corporate governance and whistleblower issues. Brokerages are concerned about an increase in unsecured loans and advances to employees, domestic super-stockist distribution structure, as well as lack of clarity on a whistle-blower case. Read more
1:05 PM

Web Exclusive Chart Check: How to trade banking stocks ahead of RBI policy
 
The Nifty Bank is witnessing higher volatility ahead of Monetary Policy announcement by the Reserve Bank of India (RBI) later today. The current level on technical chart indicates upper band resistance around 26,860 – 26,920 levels. The index has gained strength over the past few sessions. The 100-day exponential average (DEA) is hovering around 26,050 levels, which the index has been honouring since the last four – six sessions. The outlook for Nifty Bank index remains stable, though the impact of monetary policy could adversely affect the rising trend for the December series, as the technical chart suggests. Read more
 
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First Published: Dec 05 2018 | 8:14 AM IST