MARKET WRAP: Sensex falls 106 pts on sell-off in banks, Nifty holds 10,800

The S&P BSE Sensex shed 106 points or 0.29 per cent to settle at 36,107 with Tata Motors (up over 1 per cent) being the top gainer and IndusInd Bank (down over 2 per cent) the worst performer.

10:26 AM

Top gainers and losers on S&P BSE Sensex

10:19 AM

3QFY19 Results Preview | HDFC Securities on Financials

 

3QFY19 is expected to be predominantly good for banks. With system credit growth at 15% YoY (Dec-18), we expect large banks to register higher loan growth. Meanwhile, NIM tailwinds are expected to play out, driven by an increase in pricing power and lower slippages. As bond yields have fallen, treasury gains will accrue. On the asset quality front, stress accretion will reduce (except IL&FS). Credit costs may remain high for corporate heavy banks and PCR will continue to improve. The change in guard at the RBI will impact liquidity and PSB reforms (e.g. PCA) and must be watched closely. 

10:16 AM

IOL Chemicals hits 11-year high; up 25% in 7 days on credit rating upgrade

Shares of IOL Chemicals and Pharmaceuticals (IOL) were up 5 per cent to Rs 207 per share on BSE, extending its past six trading days gain after CARE Ratings improved the credit rating for banking facilities availed by the company. The stock of the leading manufacturer of APls/bulk drugs and specialty chemicals firm trading at its highest level since January 8, 2008. It touched an all-time high of Rs 220 on January 3, 2008, on the BSE. Read more

10:04 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,183.61	-29.30	-0.08
S&P BSE SENSEX 50	11,344.53	-6.36	-0.06
S&P BSE SENSEX Next 50	32,701.72	+90.10	+0.28
S&P BSE 100	11,127.32	-1.25	-0.01
S&P BSE Bharat 22 Index	3,497.21	+2.73	+0.08

9:59 AM

Elara Capital on IndusInd Bank

 

IndusInd Bank’s credit growth consistency at 25 per cent remains untouched, while IL&FS exposure has led to short-term pains in terms of elevated credit cost. However, a pro-active approach towards IL&FS bodes well, and, hence we believe this overhang will be a short term phenomenon. We expect return on equity (ROE) at 13.9% in FY19E, 16.3% in FY20E and 17.5% in FY21E. We reiterate Accumulate with a revised TP of Rs 1,760 from Rs 1,564 on 3.7x (from 3.4x) FY20E P/ABV.

9:42 AM

Bandhan Bank is trading over 1% higher

9:37 AM

Drop in oil, metal prices likely to hurt Nifty50 companies' Q3 net profit

The decline in crude oil and metal prices is expected to result in a fall in net profit of companies in the Nifty50 index of the National Stock Exchange for the October-December 2018 period, after five quarters of growth. The combined net profit of the Nifty50 companies is estimated to fall by 3.6 per cent year-on-year (YoY) to around Rs 85,000 crore, their worst show in seven quarters. In comparison, these companies’ earnings were up 12.9 per cent during October-December 2017 and 14.6 per cent in the September quarter of 2018-19. Read more

9:26 AM

Vakrangee is trading 5% higher in early deals

9:25 AM

NEWS ALERT

NEWS ALERT

SBI keeps lending rate unchanged at 8.20-8.75 per cent

9:20 AM

Sectoral trend on NSE

Sectoral trend on NSE

9:18 AM

Opening gainers and losers on S&P BSE Sensex

Opening gainers and losers on S&P BSE Sensex

9:16 AM

Market at open

At 9:15 AM, the S&P BSE Sensex was trading at 36,203, down 10 points, while the broader Nifty50 was ruling at 10,844, down 11 points.

9:03 AM

Market at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,268.64	+55.73	+0.15
S&P BSE SENSEX 50	11,356.52	+5.63	+0.05
S&P BSE SENSEX Next 50	32,675.59	+63.97	+0.20
S&P BSE 100	11,136.45	+7.88	+0.07
S&P BSE Bharat 22 Index	3,493.20	-1.28	-0.04

9:01 AM

Rupee opening 

 

Rupee opens flat at 70.46/$ vs its previous close of 70.46 against the US dollar.

8:56 AM

Today's picks

TCS 

Current price: Rs 1887 

Target price: Rs 1855

Keep a stop at 1,905 and go short. Add to the position between 1860 and 1870. Book profits at 1855.

 

Tata Steel 

Current price: Rs 479 

Target price: Rs 470

Keep a stop at 484 and go short. Add to the position between 471 and 473. Book profits at 470. Read more