CNBC-TV18 Market LIVE: The BSE Sensex and the NSE Nifty50 recovered to end with marginal gains on Friday after a volatile start as concerns the US economy may slip into recession impacted trade sentiment. Indices were supported by PSU bank and auto shares, while IT limited gains. This blog will keep you posted on the latest updates and developments from the stock markets today:
UPL, PowerGrid, Maruti among top gainers##UPL, PowerGrid, Maruti among top gainers
TCS, Vedanta, HCL Tech were top among top losers##TCS, Vedanta, HCL Tech were top among top losers
Here are the major highlights from the markets today##Here are the major highlights from the markets today
-Market reverses opening losses to end Friday’s session with minor gains.
-Nifty gains more than 100 points and Sensex 375 points from opening lows.
-Nifty reclaims 11,000 and Sensex ends above 200-DMA of 37,274
-Nifty Bank gains the most almost frontline indices, up 500 points from lows.
-ITC, Axis Bank and Maruti top contributors to the upside while TCS and Reliance drag.
-Except HDFC Bank, all the other 11 Nifty Bank constituents close in the green.
-YES BANK gains 3 percent as major part of QIP money is allocated to long only funds.
-Amongst indices, PSU Bank and Auto gain the most while Pharma and IT slip.
-Sensex, Nifty slip 0.6 percent, Nifty Bank and Midcap index nearly 1 percent each for the week.
-IDBI Bank slips 9 percent after posting a disappointing set of earnings for Q1.
-Tata Motors and Hero Moto end with minor gains despite production shutdown.
Closing Bell: PSU Banks, auto shares help indices close in the green, Nifty ends above 11k##Closing Bell: PSU Banks, auto shares help indices close in the green, Nifty ends above 11k
The BSE Sensex settled nearly 39 points higher, or 0.10 percent, at 37350 at close. The NSE Nifty50 settled at 11048, just 18 points up. The Nifty MidCap index was 0.33 percent higher at close, while the Nifty Bank surged 0.71 percent. PSU Bank, auto and power were top sectoral gainers, while IT, energy and metal declined. UPL, PowerGrid, Maruti Suzuki, Yes Bank and Grasim were top gainers, rising by up to 4.51 percent. TCS, Vedanta, HCL Tech, BPCL and Sun Pharma declined by up to 2 percent.
How city gas distribution companies fared in Q1FY20##How city gas distribution companies fared in Q1FY20
After the dismal performance in the December quarter, the first quarter of the financial year 2019-20 took some breather and city gas distribution (CGD) companies reported good earnings in the quarter. The three CGD companies—Gujarat Gas, Mahanagar Gas and Indraprastha Gas—largely met or beat street estimates in the June quarter. The common theme in the Q1FY20 has been margin expansion for all the three companies. For Gujarat Gas, EBITDA per unit expanded substantially to Rs 5.6, a rise of 33 percent year-over-year and up 30 percent quarter-over-quarter. It was a similar story for Mahanagar Gas, which saw an increase of 24 percent YoY and 28 percent QoQ at Rs10.1, reporting record-high margins. READ MORE
PSU banks amongst top gainers in the banking space today##PSU banks amongst top gainers in the banking space today
YES Bank shares can make you rich! It's the top performer on Sensex##YES Bank shares can make you rich! It's the top performer on Sensex
Shares of YES Bank rose as much as 6.5 percent to Rs 81.55 on Friday after the lender said that it has raised Rs 1,930 crore through qualified institutional placement (QIP). The lender also said that that it was planning to raise additional funds over the next 12-18 months after the successful QIP. At 1:05 PM, the stock was trading 4.8 percent higher at Rs 80.20 as compared to a 0.1 percent (29 points) rise in Sensex. READ MORE
This smallcap real estate stock has 40% upside potential from current levels##This smallcap real estate stock has 40% upside potential from current levels
Real estate player Ahluwalia Contracts (India) Ltd may return over 40 percent to investors in the next one year, if HDFC Securities' latest evaluation on the company's stock price is to be believed. The brokerage has maintained a 'buy' rating on Ahluwalia Contracts but reduced the target price to Rs 402 per share from Rs 430. The revised target price still has an upside potential of over 40 percent. Ahluwalia Contracts (India) shares traded 1.22 percent lower at Rs 274.25 apiece on the NSE on Friday. READ MORE
Disappointed with Q1 results? Kotak Institutional Equities suggests this portfolio strategy post earnings
Glenmark Pharma shares hit 52-week low as global brokerages cut target after weak Q1##Glenmark Pharma shares hit 52-week low as global brokerages cut target after weak Q1
Shares of Glenmark Pharma fell as much as 6 percent to a 52-week low of Rs 360.35 on Friday, as global brokerages slashed price target on the stock after weak June-quarter earnings. At 12:23 PM, the stock was trading 5 percent lower at Rs 364 per share on the BSE as compared to a 0.12 percent (46 points) gain in Sensex. Glenmark Pharma reported a 53 percent year-on-year (YoY) fall in its consolidated net profit at Rs 109.28 crore despite a one-time forex gain of Rs 138.21 crore. Meanwhile, consolidated revenue grew 7.3 percent YoY to Rs 2,322.87 crore in Q1.
“Our first-quarter performance in key markets like India and Europe was impressive on account of new product launch and partnership deals. However, the overall performance was impacted due to moderate performance in the US and subdued performance in Latin America,” Glenn Saldanha, Chairman and MD at Glenmark Pharmaceuticals, said in a statement. READ MORE
These 9 stocks have destroyed over 85% of investor wealth in last 1 year##These 9 stocks have destroyed over 85% of investor wealth in last 1 year
Indian equity markets have largely been volatile in the last one year as worries over the economic slowdown, liquidity crunch and weak earnings weighed on investors' risk appetite. The 30-stock Sensex fell 1.4 percent in the last one year while Nifty shed 3.8 during the same period. In the NSE500 index, 370 of 500 stocks have delivered negative returns in the last 1 year.
Some stocks on the index have seen far more erratic erosion in their value than others due on loan defaults and rating downgrades. The financial condition of these firms have deteriorated in the last one year, leaving investors in absolute shock. READ MORE
Yes Bank top Nifty gainer as company plans more fundraising over next 12-18 months##Yes Bank top Nifty gainer as company plans more fundraising over next 12-18 months
IDBI Bank shares plunge 12% as net loss widens in Q1, hits multi-year low##IDBI Bank shares plunge 12% as net loss widens in Q1, hits multi-year low
Shares of IDBI Bank plunged 12 percent on Friday after the public lender reported a net loss in the June 2019 quarter as bad loans increased. Intraday, IDBI Bank's share price fell as much as 11.94 percent to Rs 23.95 per share on the NSE. The Bank's consolidated net loss widened to Rs 3,821.27 crore as against the net loss of Rs 2,383.03 crore in the corresponding quarter last year. READ MORE
Hero MotoCorp manufacturing plants to remain shut for 4 days till August 18, shares up 1%##Hero MotoCorp manufacturing plants to remain shut for 4 days till August 18, shares up 1%
The country's largest two-wheeler maker Hero MotoCorp on Friday said its manufacturing plants have been shut for four days till August 18 to as part of annual routine and also to adjust production in line with current market demand.
In a regulatory filing, Hero MotoCorp said its manufacturing facilities will be closed from August 15 to 18, 2019.
"While this has been part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend, it also partly reflects the prevailing market demand scenario," the company added.
Hero MotoCorp further said production planning is a matter of advance monitoring of the market dynamics and prudent demand forecasting.
"This helps us to plan our production well in advance, thereby enabling us to stay flexible both in terms of volumes and production schedules," the company said.
Hero MotoCorp has been reducing its production due to decline in sales. In the April-July period this year, the two-wheeler market leader's production was at 24,66,802 units, down 12.03 per cent from the year-ago period.
Hero MotoCorp shares traded almost a percent up, quoting at Rs 2659.25 on NSE at 11.55 am. The broader Nifty50 index traded 12 points down at 11017.65.
Major indices now trading just below flatline after paring opening losses of around 1% each##Major indices now trading just below flatline after paring opening losses of around 1% each
Yes Bank raises Rs 1,930 crore via QIP##Yes Bank raises Rs 1,930 crore via QIP
Yes Bank on Wednesday said it has raised Rs 1,930.46 crore through qualified institutional placement (QIP) to fund its business expansion. The QIP opened on August 9 and closed on Wednesday, the bank said in a regulatory filing. With respect to the issue, it said the bank approved the issue price of Rs 83.55, including a share premium of Rs 81.55 per share which is at a discount of 4.95 percent to the floor price of Rs 87.90 per equity. READ MORE
Shares of YES Bank gained 2 percent, hitting the day's high at Rs 79 apiece on NSE. It quoted at Rs 77.85, up by 1.7 percent at 11.13 pm.
Top stock ideas by CLSA in pharma sector after Q1 results
Tata Motors falls nearly 3%##Tata Motors falls nearly 3%
Shares of Tata Motors fell 2.6 percent intraday after Crisil downgraded its long term rating amid weakening risk profile of Jaguar Land Rover. The stock lost more than half of its value in last one year. Crisil in its release said it has downgraded rating on the long-term bank facilities of Tata Motors (TML) to 'AA-/Negative' from 'AA/Negative', but reaffirmed rating on short term bank facility, commercial paper and short-term debt at 'A1+'.
Moody's downgrades Indiabulls Housing Finance's long-term rating; shares fall 8%##Moody's downgrades Indiabulls Housing Finance's long-term rating; shares fall 8%
Shares of Indiabulls Housing Finance slumped over 8 percent on Wednesday after rating agency Moody’s Investors Service downgraded the company’s long term corporate family rating to Ba2 from Ba1. The stock price declined as much as 8.63 percent intraday to Rs 503.75, while the benchmark Nifty50 fell 0.77 percent to 10,944.65. READ MORE
Indiabulls Housing Fin falls 9%, metal stocks among top Nifty losers##Indiabulls Housing Fin falls 9%, metal stocks among top Nifty losers
Believe India is still an expensive market, says Nomura’s Jim McCafferty##Believe India is still an expensive market, says Nomura’s Jim McCafferty
Jim McCafferty, joint-head of Asia Pacific equity research at Nomura, is advising investors to exit US equities and enter Japan and China. Here's the edited excerpt of his interview with CNBC-TV18.
“I saw some very good results from Walmart which is a real bellwether for the US economy, it signals consumer confidence and at the same time in our markets, in China, Alibaba which is a huge constituent of Morgan Stanley Capital International (MSCI) China had strong results,” McCafferty said on Friday. READ MORE
Only 6 Nifty stocks in the green with Yes Bank leading gains post QIP##Only 6 Nifty stocks in the green with Yes Bank leading gains post QIP
CNBCTV18 Market Opening Bell: Sensex, Nifty edge lower on US recession fears, bank, auto shares fall sharply##CNBCTV18 Market Opening Bell: Sensex, Nifty edge lower on US recession fears, bank, auto shares fall sharply
Indian benchmark indices started Friday's trade on a sharply weak note amid worries that the US economy may enter into recession as trade tarriff dispute with China continues. The BSE Sensex was down 206 points, or 0.55 percent, to trade at 37105.50 in initial trade, while the NSE Nifty50 slipped over 73 points, or 0.66 percent, to 10956. The Nifty MidCap index underperformed frontline peers with the index down 0.83 percent. The banking gauge, Nifty Bank also slipped 0.91 percent. Among index gainers, Yes Bank rose 2 percent, while ONGC, Bajaj Finance, Sun Pharma and HDFC increased by up to 0.52 percent. READ MORE
Indian rupee opens lower at 71.36 against the US dollar##Indian rupee opens lower at 71.36 against the US dollar
Top stock recommendations by Mitessh Thakkar, Prakash Gaba, Jai Bala for Friday##Top stock recommendations by Mitessh Thakkar, Prakash Gaba, Jai Bala for Friday
Here are the top buy-sell calls by market experts for Friday:
Mitessh Thakkar - mitesshthakkar.com
- Sell Lupin with a stop loss of Rs 742, target at Rs 716
- Buy IDFC First Bank with a stop loss of Rs 42.3, target at Rs 46
- Sell Kotak Mahindra Bank with a stop loss of Rs 1,502, target at Rs 1,460
- Sell Britannia Industries with a stop loss of Rs 2,520, target at Rs 2,400
Click or tap for more buy-sell ideas by market experts Prakash Gaba and Jai Bala
CLSA bullish on Indraprastha Gas & Indiabulls Real Estate, but bearish on Glenmark Pharma##CLSA bullish on Indraprastha Gas & Indiabulls Real Estate, but bearish on Glenmark Pharma
CLSA has maintained a ‘buy’ rating on Indraprastha Gas Limited with a target price of Rs 390 per share as it expects the volume and margin to remain in-line with expectations. The research house said that IGL's foray into new markets kept the medium-term volume growth story intact. Also, fall in the domestic gas prices could be a tailwind for the company’s margins. CLSA believes that the company is amongst strongest volume growth story in the city gas distribution space.
Click or tap to check out stock ratings from the brokerage for today
Yes Bank raises Rs 1,930 crore via QIP##Yes Bank raises Rs 1,930 crore via QIP
To boost oil and gas production, ONGC to invest Rs 83,000 crore in 25 projects##To boost oil and gas production, ONGC to invest Rs 83,000 crore in 25 projects
Energy major Oil and Natural Gas Corp (ONGC) is investing around Rs 83,000 crore in 25 major projects to boost oil and gas production, which has stagnated over last years, its chairman and managing director Shashi Shanker said on Thursday.
Addressing ONGC employees on the 73rd Independence Day, he said: "15 of these projects currently under execution will directly contribute to oil and gas production." "The cumulative oil and gas gain from these projects is expected to be over 180 million tonne of oil and oil equivalent gas in their life cycle," he said.
The firm produced 24.23 million tonne of crude oil in the 2018-19 fiscal year and 25.81 billion cubic metres of natural gas from its domestic fields. Another 10.1 million tonne of oil and 4.736 bcm of gas was produced from its overseas assets. READ MORE
June quarter earnings: Financials hold fort in an otherwise slow quarter##June quarter earnings: Financials hold fort in an otherwise slow quarter
The June quarter for Nifty50 companies continued to be muted witnessing an impact of weak demand, slow private sector capital expenditure, liquidity tightness, and global trade issues. Of the Nifty 50 companies, eight have reported numbers above expectation, 11 have reported results in-line with expectation, 15 have reported a mixed set of numbers and 16 have reported numbers below estimates, said a report by Centrum Broking. According to the report, the revenues for most automobile and FMCG companies were impacted by muted volumes owing to low discretionary spends, rupee fluctuation, slow progress of monsoon and delayed private sector capex. READ MORE
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