The BSE Sensex ended 48 points lower, or 0.13 percent, to settle at 37,983. The Nifty settled 15 points lower, or 0.13 percent, to end Tuesday's trade at 11331. The Nifty MidCap index fell sharply, correcting well over half a percent. The Bank Nifty also fell 0.54 percent. Among Nifty gainers, PowerGrid, Kotak Bank, Hero Moto, ITC and Asian Paints surged by up to 3 percent. SBI, Indiabulls Housing Finance, HDFC, Adani Ports and Bajaj Auto declined by up to 2.5 percent. 

-Market fails to hold opening gains, ends in the red for 4th straight session.

-Nifty ends with a minor cut of 15 points after slipping to 11,303 intra-day.

-HDFC twins a drag on index, drag nifty by 37 points.

-Sensex fails to hold 38,000, ends 48 points in the red.

-RIL erases gains on media reports with respect to proposed stake sale to Aramco.

-HDFC Bank drags Nifty Bank by 142 points while Kotak Bank supports with 113 points.

-HDFC Bank Down 6.1 percent in 3 sessions, biggest 3-day fall in last 6 years.

-IT stocks gain with rupee remains under pressure against the US dollar, Infosys top gainer.

-Kotak Mahindra Bank rises over 3% after reporting 12-qtr high NII growth in Q1

-Asian Paints up 2% ahead of earnings; margin seen declining 130 bps

-Yes Bank ends in the red after 2 promoters including Rana Kapoor pledge the entire stake.

-DHFL advances 14% amid reports on deal finalisation.

Concerns over muted retail demand for vehicles compliant with Bharat Stage-VI emission norms, increasing cost of owning a vehicle, and high inventory levels weighed on shares of Ashok Leyland, which fell nearly 6 percent today. The stock also traded ex-dividend today, dragging prices to a three-year low of Rs 74.9. The company has announced dividend of Rs 3.1 per share, the highest dividend payout by the company in 15 years.

Bank of Baroda (BoB) has cut its deposit rates by 25 basis points (bps) across tenors. Vikramaditya Singh Khichi, executive director of BoB, spoke about the deposit rates as well as the merger of Vijaya Bank and Dena Bank with BoB.

“We thought this would be an opportune time to look at cutting down or bringing down the deposit rates primarily because of two reasons. Till 2019, the credit growth was outpacing the deposit growth by a very big margin. If the credit growth was around 14 percent, deposit growth was around sub-11 percent which has now moderated to around 12 percent and deposits continue to grow at 10 percent. Secondly, Reserve Bank of India (RBI) in its last monetary policy has changed its stance to accommodative thereby bringing a lot of liquidity in the system,” Khichi said on Tuesday. READ MORE

Shares of Apollo Tyres have fallen nearly 17 percent since Finance Minister Nirmala Sitharaman announced a hike in excise duty on certain kinds of synthetic rubber to 10 percent in the Union Budget for the current financial year. The stock fell over 5 percent to a three-year low of 166 rupees as it traded ex-dividend. The company has announced dividend of Rs 3.25 per share. This is the highest dividend payout by the company in 11 years.

The NBFC sector is expected to report a net profit of Rs 8,100 crore in Q1FY20, up 15 percent on a year-on-year basis, according to Motilal Oswal. The sector has reported an increase in its net profit for the June quarter consecutively for the last four years. The sector reported a PAT of Rs 3,600 crore in Q1FY16, which rose to Rs 7,100 crore in Q1FY19. In Q1FY17 and Q1FY18, the sector reported a profit of Rs 4,200 crore and Rs 4,900 crore, respectively, Motilal Oswal said in a note. READ MORE

Just Dial has been one of the biggest wealth destroyers in the last 5 years. The stock, which was trading at around Rs 1,600 in July 2014, has fallen over 50 percent to around Rs 726 per share currently. To put it into perspective, an investment of Rs 1 lakh in 2014 would have reduced to Rs 45,000 in 2019.

The stock has fallen as much as 61.6 percent from its all-time high of Rs 1,895 hit on August 5, 2014, to Rs 726 yesterday. It hit its 52-week low of Rs 318.20 on Dec 27, 2016. The stock, however, has rebounded around 128 percent till date from its all-time low of Rs 318. READ MORE

Shreekant M Bhandiwad, deputy managing director of Can Fin Homes, spoke to CNBC-TV18 about the company's financial performance and shared growth outlook. “Loan growth has been almost about 17 percent and we have added Rs 622 crore over March and year-on-year growth has been to the extent of 40 percent. Disbursements have gone up by 10 percent and sanction has gone up by 7 percent. Growth is equal in both housing and non-housing segment,” said Bhandiwad. READ MORE

Shares of YES Bank slipped more than 4 percent intraday on Tuesday after promoter Rana Kapoor pledged his entire holding of 4.31 percent. According to an exchange filing, Morgan Credits pledged 7.02 crore shares of YES Bank accounting 3.03 percent of the total share capital while Rana Kapoor pledged 10 crore shares or 4.31 percent of his total shareholding. Both Morgan Credits (MCPL) and Rana Kapoor pledged the shares in favour of Minestrone Trusteeship Services, the debenture trustee, for the benefit of the holders of debentures issued by MCPL. READ MORE

Hiren Ved, director & CIO of Alchemy Capital Management, spoke to CNBC-TV18 about the market fundamentals and select stocks. “We will have to see that there is some respite in the economy and in the first place we have to see that there is no negative growth and it flat lines and there is hope for positive. So whether it's auto numbers or credit growth, I think all the lead indicators have to stabilise at some point in time for people to get that confidence that you indeed hit a trough,” Ved said on Tuesday. READ MORE

Dewan Housing Finance Corp surged over 15 percent despite the company's auditors raising concern over its future. DHFL announced its audited March quarter earnings later Monday. Furthermore, the auditors said they were unable to obtain adequate information to provide a basis for an audit opinion. Deloitte Haskins & Sells and Chaturvedi & Shah are the statutory company's auditors.

The stock has reportedly surged on reports of a soon-to-be-announced stake-sale deal by the debt laden mortgage firm, according to a Cogencis report. 

The stock opened nearly 4 percent lower today after the company's auditors raised doubts over its ability to continue as a going concern. At 11.34 am, DHFL was up 15.5 percent, quoting at Rs 60.65 on NSE.

SBICAP Securities has a 'sell' call on Kotak Mahindra Bank, said Krishnan ASV, vice-president of the company, adding "we are unable to see any visibility around how the return on equity (RoE) will be". "Capital allocation and the entire headwind around what happens with the promoters’ stake are the two big reasons why SBICAP Securities has a sell on this stock," he said in an interview with CNBC-TV18. READ MORE

Shares of TVS Motor Company plunged over 5 percent intraday on Tuesday after the auto major reported a decline of 5.5 percent in its consolidated net profit for the June quarter. READ MORE

Shares of Kotak Mahindra Bank gained 2 percent on Tuesday after the lender's standalone profit for Q1 grew 32.7 percent year-on-year (YoY) to Rs 1,360.2 crore driven by lower provisions and higher net interest income. The profit in the corresponding quarter last fiscal stood at Rs 1,024.94 crore. Meanwhile, the consolidated profit rose to Rs 1,932 crore, up 23 percent from Rs 1,574 crore YoY. Provisions and contingencies declined to Rs 316.76 crore from Rs 469.63 crore YoY. The stock gained as much as 1.9 percent to Rs 1,481.4 per share on the BSE. READ MORE

Ashwani Gujral - ashwanigujral.com

- Buy Reliance Industries with a stop loss of Rs 1,265, target at Rs 1,320.

- Buy Tata Consultancy Services with a stop loss of Rs 2,090, target at Rs 2,140.

- Sell HDFC with a stop loss of Rs 2,210, target at Rs 2,150.

- Sell Bajaj Finserv with a stop loss of Rs 7,300, target of Rs 7,150.

- Sell Kotak Mahindra Bank with a stop loss of Rs 1,470, target at Rs 1,400.

Click or tap to check out more buy-sell ideas from market experts Mitessh Thakkar and Prakash Gaba

Kotak Mahindra Bank’s (KMB) operating profit grew by a healthy 18 percent on year, aided by the growth in net interest income (NII) and fees. According to CLSA, the bank has fared well in scaling-up CASA (current account, savings account) deposits, which rose 24 percent and with disciplined growth in loans. The brokerage said the recent cut in the savings deposit rate offered a slight lift to net interest margins (NIMs) (full impact from Q2). "With funding costs now among the lowest in sector, KMB has the potential to gain market share in corporate as well quality retail loans." READ MORE

Shares of Kotak Bank were up more than a percent in early trade.

Indian equity benchmark indices, the BSE Sensex and NSE Nifty50, started mildly higher on Tuesday amid mixed global cues and modest set of June quarter earnings from companies such as Kotak Bank, TVS Motors et al. The Sensex started 45.56 points higher, or 0.12 percent, to trade at 38,076 in initial trade. The Nifty50 was up by just 9 points, or 0.08 percent, to trade at 11,355. The Nifty MidCap index outperformed rising 0.31 percent, but the banking gauge Nifty Bank slipped in the red dragged by HDFC Bank and ICICI Bank as well as Yes Bank. Nifty gainers included Kotak Mahindra Bank, Eicher Motors, UPL, Hero Moto, Bajaj Finance, rising between 1 and 1.2 percent. Yes Bank dipped 3.51 percent, while ZEEL, Bharti Infratel and HDFC Bank and HDFC fell between 1 and 1.5 percent. 

Zee Entertainment Enterprises Ltd (ZEEL) will report its June-quarter results on Tuesday and analysts expect the company to report double-digit profit and revenue growth.

CNBC-TV18’s poll estimates Zee Entertainment’s revenue to grow at 11 percent and profit to grow by 15 percent in Q1FY20.

However, operating margins are expected to remain flat or decline by 10 basis points (bps) to 31.8 percent. READ MORE

Larsen and Toubro (L&T) will report its June-quarter results on Tuesday and analysts expect the engineering conglomerate to robust earnings growth.

-The revenue is expected to grow by around 11 percent at around Rs 31,400 crore, the EBITDA margins are expected to remain steady between 10 percent and 10.5 percent band and the profit growth is seen at around 27 percent at Rs 1,550 crore.

-The profit growth is expected to be faster on account of the one-offs that the company had last year which are not expected this time around and hence the profit growth of around 27 percent. READ MORE

United Spirits on Monday reported a 25.66 percent jump in consolidated net profit to Rs 181.7 crore in the first quarter of 2019-20. The company had posted a consolidated net profit of Rs 144.6 crore in the year-ago quarter, United Spirits said in a regulatory filing. Consolidated total income during the period under review stood at Rs 7,296.2 crore as against Rs 6,678 crore in the corresponding quarter last fiscal, it added. Commenting on the performance, United Spirits CEO Anand Kripalu said, "During the quarter, our core business was affected by general elections in line with our earlier guidance." READ MORE

Morgan Stanley on Kotak Bank: The brokerage has an 'overweight' call on the stock with a target at Rs 1,600 per share. Asset quality and CASA traction for the private sector lender remained strong, it added.

Credit Suisse on Kotak Bank: The brokerage is 'neutral' on the stock with a target at Rs 1,340 per share. It says that the company's Q1 results are largely in-line with the estimates and the margin outlook remains strong.

Click or tap for more brokerage calls for today