Markets end marginally lower as investors focus on Q1 results; PSBs drag

Track all that happened in the market here

11:21 AM

Oil update

Oil prices held steady on Thursday, hanging on to gains made the previous session when falling US crude stocks lifted the market, as analysts offered mixed supply outlooks for the commodity ahead of a key OPEC meeting next week.

 

Brent crude futures, the international benchmark for oil prices, were at $49.66 per barrel, just 2 cents down from their last settlement. US West Texas Intermediate (WTI) crude futures were at $47.10 per barrel, 2 cents below their last close.

10:51 AM

Canara Bank slipped over 5% to Rs 350 after the public sector lender posted just 9.9% growth in net profit to Rs 252 crore for the June quarter. CLICK HERE FOR EARNINGS DETAILS 

10:15 AM

MARKET CHECK

At 10:15 am, the Sensex was trading at 31,953, down 2 points, while the broader Nifty50 was ruling at 9,893, down 5 points. 

10:05 AM

Nifty Realty (up 0.7%) was the leading sectoral gainer 

9:59 AM

Wipro trades flat at Rs 272 ahead of its Q1 earnings. Buyback, guidance for Q2 among key things to watch out for 

Logo of Wipro

9:53 AM

Just Dial gained 5% to Rs 373 on BSE in early morning trade after the company said its board will meet on July 24, to consider share buyback proposal.

JustDial

9:47 AM

Sensex turns flat to quote below 32,000, Nifty hovers around 9,900

9:43 AM

Kotak Mahindra Bank was up 2% at Rs 1,012 ahead of its June quarter numbers. Brokerage Motilal Oswal Securities expects the standalone earnings to grow 28% YoY. Net interest margin (NIM) is likely to decline nearly 5 bps QoQ, but improve 16 bps YoY.

 

9:38 AM

Earnings today: Reliance Industries, Wipro, ABB, Alembic Pharma, Bajaj-auto, Force Motors, Hindustan Zinc, Kotak Mahindra Bank, NIIT Tech, and RBL Bank

9:33 AM

In the broader market, BSE Midcap was little changed, while BSE Smallcap added 0.3%.

9:31 AM

Top Sensex gainers and losers 

9:24 AM

ONGC was the top gainer and added 3% to Rs 167, while HPCL slipped nearly 4% to Rs 364 after cabinet approval to their merger. CLICK HERE FOR MERGER DETAILS

ONGC

9:20 AM

Markets open higher

 

At 9:20 am, the Sensex was trading at 32,044, up 89 points, while the Nifty50 was ruling at 9,918, up 18 points. 

9:15 AM

BoJ policy outcome

The Bank of Japan kept monetary policy steady and pushed back again the timing for achieving its 2% inflation target, reinforcing expectations it will lag well behind major global central banks in dialing back its massive stimulus program. 

9:11 AM

Result review: Motilal Oswal Research on L&T Finance Holdings

 

L&T Finance Holdings (LTFH) is a quintessential turnaround story, in our view. From a company with 20+ product lines and sub-standard return ratios, it is gradually transforming itself to a focused financier with eight product lines across three verticals, with a target to achieve 18-20% RoE by FY20 (~12% in FY17)

 

While the stock has re-rated well over the past year on account of strong execution by management, we expect re-rating to continue. We thus initiate coverage on the stock with a Buy rating and a target price of Rs 180