MARKET WRAP: Sensex ends 54 points down, Nifty at 11,035; Wipro falls 4%

All that happened in the markets today

12:26 PM

NEWS ALERT | China's benchmark stock index Shanghai Composite slips 4%

12:22 PM

Granules rallies 10% as promoters sell 5 million shares in block deals

Shares of Granules India rallied 10 per cent to Rs 114 in intra-day trade on the BSE on Friday after the company said its promoters sold partial stake as well as monetized personal assets to reduce their leverage. The pharmaceutical company's stock was trading close to its 52-week high of Rs 123 which it touched on September 10, 2018 on the BSE in an intra-day deal. READ MORE

12:12 PM

MARKET CHECK

11:59 AM

Wipro share price falls 5% to Rs 256 after block deals

Shares of Wipro fell 5 per cent to Rs 256 in intra-day trade on the BSE in after huge block deals were executed on the counter. Till 11:22 am, a combined 57.86 million equity shares, representing 1.3 per cent equity, of Wipro had changed hands on the National Stock Exchange (NSE) and BSE. READ MORE

11:41 AM

eClerx Services surges 8% as board considers share buyback proposal

eClerx Services surged 8 per cent to Rs 1,118 apiece on the BSE in intra-day trade so far on Friday after the company announced to consider share buyback proposal in its board meeting on Thursday, March 14, 2019. The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple. READ MORE

11:14 AM

Top gainers and losers on S&P BSE Sensex

11:02 AM

Arvind Fashions hits 5% upper circuit; stock lists at Rs 592

Shares of Arvind Fashions locked in upper circuit of 5 per cent at Rs 621 apiece on the BSE on Friday. The stock of Lalbhai Group’s company opened at Rs 592 on first day of its listing. The stock listed and admitted to dealings on the Exchange in the list of 'T' group securities. The T group represents scrips which are settled on a trade-to-trade basis as a surveillance measure. READ MORE

10:50 AM

Bull-run in gold coming; watch out for $1,400/oz level: CLSA's Chris Wood

Gold prices are likely to trend higher going ahead, but investors need to be cautious and should not believe the bull-run in gold has begun till the prices convincingly break above the $1,400 per ounce (oz) mark, says Christopher Wood, managing director and equity strategist at CLSA in his weekly note to investors GREED & fear. READ MORE

10:41 AM

Top gainers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
ADVANCE. ENZYME.	185.25	22.00	13.48	6094046
JAI CORP	108.90	8.90	8.90	462523
ECLERX SERVICES	1098.50	63.50	6.14	2957
NAVKAR CORPORAT.	47.40	2.40	5.33	428937
SHEELA FOAM	1449.00	66.15	4.78	1

10:30 AM

VST Industries hits 52-week high; stock up 7% in two days

The shares of VST Industries hit a 52-week high of Rs 3,500, up 4 per cent in intra-day trade on the BSE in otherwise subdued market. The stock surpassed its previous high of Rs 3,430 recorded on September 7, 2018 in intra-day trade. At 09:46 am, the benchmark S&P BSE Sensex was quoting 0.18 per cent lower at 36,660 points. The cigarettes and tobacco products firm has rallied 7 per cent in past two trading days, after industry giant ITC increased the price of three cigarette brands - Bristol, Flake Excel and Capstan. READ MORE

10:18 AM

Nomura on Alkem Labs

We value ALKEM on 22.5x FY21F EPS of Rs 87.3 to arrive at our target price of INR 1,965. We raise the valuation multiple from 21x to 22.5x as we factor in lower contribution to FY21F EPS from Mycophenolate Mofetil suspension, or MMS, (8% now vs 20% earlier). We had attributed a lower multiple earlier to account for the potential risk from competition in MMS, which has now played out. 

10:14 AM

NEWS ALERT | Granules India promoter sells 50 lakh shares; stock up over 4%

10:11 AM

Max group's Analjit Singh plans to sell stake, real estate to repay loans

Max group promoter Analjit Singh has put together a plan to sell a minority stake in Max Financial Services (MFSL), the holding company of Max Life, as well as some real estate assets to repay loans it had raised through the pledging of promoter shares in two listed companies. According to merchant banking sources, the process is expected to be completed in four to six months. The promoters have, however, decided not to sell off or merge the life insurance business with a strategic investor as they nearly did a few years ago. READ MORE

10:03 AM

MARKET CHECK

9:53 AM

India's ongoing bull market phase longest and slowest, says Morgan Stanley

The domestic markets are in the midst of its “longest and slowest” bull market, according to foreign brokerage Morgan Stanley. The ongoing bull phase started in March 2009, when the markets troughed, following the 2008 Global Financial Crisis. READ MORE