MARKET WRAP: Sensex ends 224 pts lower on global cues, fall in bank stocks

Banks were the top losers on Monday, with Nifty PSU Bank index falling over 3%, while Nifty Bank index slipped over 1%

9:48 AM

HDFC Bank Concall

 

Paresh Sukthankar was a contender for the post of MD & CEO. Succession plan for MD & CEO will continue despite Sukthankar's exit. His exit not linked to search of MD & CEO; exit was on personal grounds 

9:44 AM

HDFC Bank Concall

Aditya Puri of HDFC Bank says personally, sad from the resignation of Paresh Sukthankar. Board will decide w.r.t replacement of Sukthankar in 10-15 days

9:30 AM

Paresh Sukthankar resigns as HDFC Bank's deputy managing director

 

HDFC Bank’s Paresh Sukthankar has resigned from the board of the country’s largest private sector bank. He will vacate the post of deputy managing director.

 

Sukthankar has been with HDFC Bank since its inception in 1994. Currently, he is overseeing the banks’ credit and risk management departments as well as finance and human resources 

Stock Impact
 

9:25 AM

Rupee trading strategy from Motilal Oswal

9:22 AM

Nifty sectoral trend

9:20 AM

BSE Sensex heatmap

9:18 AM

Markets at open

 

At 9:16 AM, the S&P BSE Sensex was trading at 37,594, down 275 points while the broader Nifty50 was ruling at 11,352, down 77 points.

9:13 AM

Top trading ideas by Devang Shah

 

TCS - BUY

CLOSE – Rs- 1995

TARGET – Rs 2050-2100

 

TCS closed the weekly in positive territory. Its still trading above 20 DMA. It has wave-V up pending as per weekly chart. Risk Reward is favourable to BUY at current levels. Its daily mometum indicatros are in BUY.One can BUY with a stop loss of Rs-1870 for the target of Rs-2050-2100 levels in short-term.

Click here for more

9:07 AM

MARKET COMMENT G Chokkalingam of Equinomics Research

we believe that this shallow market rally cannot continue – it is madness to keep rising the valuation multiples above 10 times book values for the financials and above 70 PE for the consumer themes on trailing basis. We believe that the sense would prevail soon and quality mid cap stocks would recover substantially.

This happened historically without fail – only time duration was an issue. We suggest that the investors to use the opportunity of prevailing dichotomy in the valuations (between top 15 stocks and mid cap stocks) and focus on quality small and mid cap stocks to create wealth in the long-term

9:06 AM

RUPEE ALERT Rupee hits record low of 69.47 per dollar 

9:02 AM

Markets at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	37,805.57	-63.66	-0.17
S&P BSE SENSEX 50	11,940.46	-18.97	-0.16
S&P BSE SENSEX Next 50	33,880.94	+47.45	+0.14
S&P BSE 100	11,683.39	-13.73	-0.12
S&P BSE Bharat 22 Index	3,606.18	-6.60	-0.18

8:56 AM

IIFL on Capacit’e Infraprojects Ltd

Going ahead, the company expects order inflows to be robust based on the strong order pipeline from its existing clients and opportunities arising from the affordable housing segment. With massive order book in hand and robust execution capabilities, revenues are likely to witness strong growth over the next few years.

The earnings growth is likely to remain healthy with high margin orders in hand. We expect topline to clock ~27% CAGR over FY18-20E with margins of ~15%. At the CMP, CIL is trading at attractive valuation of 14x FY20E P/E. We maintain our BUY rating on the stock for target price of Rs.402 per share.

8:56 AM

MARKET COMMENT Amar Ambani, head of research, IIFL

Stock-specific volatility will continue as corporate earnings are closely watched. The market is expected to consolidate further during this truncated week. Seven of the 10 most valued companies added around Rs. 48,500 crore in market capitalisation last week. Tata Steel, Cadila Healthcare, CARE Ratings, Godrej Industries, DHFL and Ashoka Buildcon will announce their results today. Both the Sensex and Nifty closed lower on Friday.

The outlook is a soft start. US stocks ended lower on Friday. Asian counterparts are on the backfoot. The rupee, which had a rough ride on Friday and fell by 15 paise will be eyed. On the bright side, foreign investors have upped their buying in Indian capital market. They put in more than Rs 2,300 crore into equities while added a little over Rs 6,200 crore into the debt market in August

8:55 AM

Nifty outlook by Devang Shah

 

Short-term outlook for the market remains positive till Nifty trades above 10929 levels and expecting targets in the range of 11,500- 11,600 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 9,951 levels and expecting targets in the range of 12,400-12,500 levels in medium term. READ MORE

8:54 AM

Nomura on IIP numbers

Despite the better performance in June, industrial activity softened in Q2 (averaging 5.2% y-o-y from 6.6% in Q1). Still, we forecast Q2 GDP growth (data out 31 August) will accelerate to 7.8% y-o-y, from 7.7% in Q1. However, we believe growth peaked in Q2 and will slow to an average of 7.2% in H2 2018, owing to the fading effects of remonetisation, tighter financial conditions and weaker global growth.

Our composite leading indicator is also signalling a reversal in non-agriculture GDP growth in Q3 after six consecutive quarters of increases.