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Closing Bell: Sensex ends 170 points lower in volatile trade, Nifty gives up 11,250, HDFC twins top drag, banks, consumer stocks dip

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Indian equity indices ended sharply lower on Wednesday underperforming Asian peers, dragged lower by profti-booking in index heavyweight stocks such as Reliance Industries, HDFC twins and consumer stocks. The NSE Nifty50 ended below 11,250, at 11,235.45, slipping by 43.45 points, or 0.39 percent, while the BSE Sensex settled at 37,121.22, diving by 169.45 points, or 0.45 percent. Midcaps also under performed. Here are the main highlights from the stock markets today:

Closing Bell: Sensex ends 170 points lower in volatile trade, Nifty gives up 11,250, HDFC twins top drag, banks, consumer stocks dip
  • IndusInd Bank, Maruti, HDFC twins, Yes Bank, HUL, ITC lead among Sensex laggards##IndusInd Bank, Maruti, HDFC twins, Yes Bank, HUL, ITC lead among Sensex laggards

    Closing Bell: Sensex ends 170 points lower in volatile trade, Nifty gives up 11,250, HDFC twins top drag, banks, consumer stocks dip
  • Closing Bell: Sensex, Nifty end lower on profit-booking in heavyweight stocks##Closing Bell: Sensex, Nifty end lower on profit-booking in heavyweight stocks

    The NSE Nifty50 ended below 11,250, at 11,235.45, slipping by 43.45 points, or 0.39 percent, while the BSE Sensex settled at 37,121.22, diving by 169.45 points, or 0.45 percent.

  • HDFC Bank, IndusInd Bank, Yes Bank, SBI among top drags on Nifty Bank##HDFC Bank, IndusInd Bank, Yes Bank, SBI among top drags on Nifty Bank

    Closing Bell: Sensex ends 170 points lower in volatile trade, Nifty gives up 11,250, HDFC twins top drag, banks, consumer stocks dip
  • Maruti Suzuki falls nearly 1.5%##Maruti Suzuki falls nearly 1.5%

    Maruti Suzuki India Ltd, the country’s largest automaker, falls as much as 2.31 percent to Rs 8,205.50, losing Rs 193.65 in value. It hit the day's low of Rs 8.191.15, after opening at Rs 8425.50.

  • KIOCL plunges by 20% daily limit after buyback approval##KIOCL plunges by 20% daily limit after buyback approval

    KIOCL Ltd drops by daily limit of 20 percent to Rs 183.2. The iron ore pellet maker on Tuesday approved share buyback worth up to Rs 2.14 billion ($29.45 million) at Rs 170 per share, an over 25 percent discount to Tuesday’s close. Stock had gained 30 percent as of Tuesday after the company, owned 99 percent by the Indian government, said last Wednesday it was considering buyback. More than 400,000 shares change hands, compared with the 30-day average of more than 114,200 shares. As of last close, stock had shed 38.9 percent this year. (Reuters)

  • Market update: Sensex, Nifty extend losses as rupee weakens against the dollar##Market update: Sensex, Nifty extend losses as rupee weakens against the dollar

    The BSE Sensex slided 206.84 points, or 0.55 percent, to trade at 37,083.83, while the NSE Nifty50 slipped below 11,250 mark, to trade at 11,225.35, lower by 53.55 points, or 0.47 percent at 3.07 pm. Indices extended losses as the Indian rupee weakened against the US dollar, trading at 72.75.

  • Expect Nifty to fall back to the 200-DMA (now at 10,740), says CLSA's Laurence Balanco##Expect Nifty to fall back to the 200-DMA (now at 10,740), says CLSA's Laurence Balanco

  • Zee Entertainment dips over 3%, Sensex, Nifty extend losses##Zee Entertainment dips over 3%, Sensex, Nifty extend losses

    Zee Entertainment Enterprises shares extended losses for the second consecutive session with the stock dipping more than 3 percent. Shares traded at Rs 450.95, down by 2.93 percent at 2.23 pm on the BSE. The stock has lost over 5% in the last two sessions. Meanwhile, benchmark equities trade volatile. The NSE Nifty50 traded at 11,242.45, slipping by 36.45 points, or by 0.32 percent. The BSE Sensex traded at 37,196.77, lower by 93.90 points, or 0.25 percent. 

  • HDFC Bank falls over 1%, moves below 200 dma##HDFC Bank falls over 1%, moves below 200 dma

    Shares of HDFC Bank fell over 1 percent to hit the day's low of Rs 1968.55. At 1.56 pm, the stock quoted at Rs 1972.200, lower by 0.85 percent, losing Rs 17.05 in value. The index heavyweight stock is moving below its 200 day moving average of Rs 1977.36. Over 2.53 million shares traded on the NSE. The stock had opened at Rs 1994.85 and touched a high of Rs 1998.

  • Sensex, Nifty fall on profit-booking##Sensex, Nifty fall on profit-booking

    Indian equity market turned negative on Wednesday afternoon as investors took to profit-booking after a broad rally in the first half waned. Crude prices firming up and an unchanged rupee additionally weighed on trade sentiment. 

    The BSE Sensex traded at 37,284.83, slightly down by 5.84 points, or 0.02 percent, while the NSE Nifty50 was in the green, marginally up by 2.60 points, or 0.02 percent higher, to trade at 11,281.50 at 1.35 pm. 

    Midcaps traded sharply lower with the Nifty MidCap dipping nearly a percent, while the BSE MidCap declined by nearly half a percent. Nifty Bank traded flat, slipping by 0.07 percent, but gains in PSU banks kept that indice higher at 0.71 percent. 

    Metal shares also were off from the day's high with the Nifty Metal traded higher by 1.34 percent. Nifty Media slumped 2.33 percent. Among stocks, HDFC twins, Reliance Industries, Maruti Suzuki, IndusInd Bank, Hindustan Unilever, Yes Bank, Axis Bank, ITC and Wipro were among top laggards, while ICICI Bank, Kotak Bank, TCS, ONGC and LT offered support. 

  • Tata Steel shares hit 4-month high##Tata Steel shares hit 4-month high

    Shares of Tata Steel Ltd rose 2.62 percent to Rs 628.8, its highest since May 17. The Tata Group steelmaker on Tuesday concluded the acquisition of 51 percent equity stake in Creative Port Development Pvt Ltd. Shares traded at Rs 622.15, higher by 1.53 percent, adding Rs 9.40 in value at 1.27 pm on the NSE.

  • Here are the main highlights from Economic Affairs Secretary's press briefing##Here are the main highlights from Economic Affairs Secretary's press briefing

  • Strides Pharma Science slips after US FDA issues 3 observations, Sensex, Nifty slip##Strides Pharma Science slips after US FDA issues 3 observations, Sensex, Nifty slip

    Strides Pharma Science Ltd falls as much as 5.2 percent to Rs 472.35, its lowest since August 24. The pharma company said its formulation facility in the southern Indian city of Bengaluru has been issued Form 483 with three observations after U.S. FDA’s inspection. The pharmaceutical company also said it believes observations are not material in nature. Strides Pharma stock posts biggest intraday fall since July 16. As of last close, stock is down 37.5 percent this year. Shares traded at Rs 492.60, losing Rs 5.60 in value, or by 1.12 percent at 1.02 pm. The BSE Sensex erased gains and traded lower at 37,263.06, slipping by 27.61 points, or 0.07 percent. The NSE Nifty50 traded in the green at 11,289.65, still up by 10.75 points, or by 0.10 percent.

  • Glenmark inducted into Dow Jones Sustainability Emerging Market Index, 2018##Glenmark inducted into Dow Jones Sustainability Emerging Market Index, 2018

  • Sugar stocks off from the day's high after government defers subsidy decision##Sugar stocks off from the day's high after government defers subsidy decision

    Sugar stocks erased early morning gains after the Union cabine deferred decision on subsidy for sugar exports. Earlier, according to CNBCTV18, the proposal was to give subsidy on exports of 50 lakh tonnes of sugar at Rs 13.88 per quintal. Consequently, shares of Balrampur Chini Mills which surged nearly 4 percent to trade at Rs 88.10 earlier slipped to Rs 85.60, marginally up by 0.82 percent. Triveni Engineering cooled down to Rs 48, trading negative by 1.34 percent, after jumping 2.77 percent to Rs 50. Shree Renuka shares traded at Rs 15.70, slipping 7 percent from the day's high. Sakthi Sugars fell more than 8 percent from the day's high to trade lower by 2.17 percent at Rs 18. Dwarikesh Sugar gained by 4.64 percent to Rs 28.20. Dhampur Sugar rose 3 percent to Rs 141.25.

  • HDFC, Reliance Nippon Life asset management companies' shares fall after Sebi revises TER##HDFC, Reliance Nippon Life asset management companies' shares fall after Sebi revises TER

    Asset management companies fall after market regulator, Securities and Exchange Board of India (Sebi), on Tuesday revised total expense ratio (TER) slab structure for mutual funds since its introduction in 1996. Reliance Nippon Life Asset Management Ltd falls as much as 8.96 percent to hit a life-low of Rs 194.50, while HDFC Asset Management Co. ltd slips up to 7.6 percent to Rs 1,419.50, its lowest ever. HDFC AMC shares traded at Rs 1,428, losing Rs 108.20 in value, or by 7.04 percent on the NSE at 11.05 am. Reliance Nippon Life Asset Management ltd shares traded at Rs 193.95, down by Rs 19.70, or by 9.22 percent. Benchmark indices traded positive. The NSE Nifty 50 traded at 11,309.40, rising by 30.50 points, or by 0.27 percent. The BSE Sensex traded at 37,361.87, higher by 71.20 points, or 0.19 percent.

  • TVS Motor marginally up on partnership with Torino Motors, Sensex, Nifty positive##TVS Motor marginally up on partnership with Torino Motors, Sensex, Nifty positive

    Shares of TVS Motor Company ltd edged up by 0.17 percent to trade at Rs 593.70 at 10.50 am after the two-wheeler company entered into partnership with Torino Motors for Mexican market. Shares have traded between the opening high of Rs 599.70 and a low of Rs 589.55.

    Equity indices traded positive after initial volatility as crude oil prices slipped and the Indian rupee recovered. The NSE Nift50 traded at 11,316.50, rising by 37.60 points, or 0.33 percent. The BSE Sensex also gained over 111 points, or 0.30 percent, to trade at 37,401.93.

  • Nigel Dsouza explains why bulls will defend 10,200-10,250 level##Nigel Dsouza explains why bulls will defend 10,200-10,250 level

    FII’s have been sellers in the cash market and have net sold near Rs 1,000 crore in past 4 out of 6 sessions. However, going by the derivative market action 10,200- 10,250 mark should be the levels that the bulls will look to defend. And here is why:

    PCR now sub 1.2: As seen in the last few months when the PCR has hit over 1.7 levels we brace for a correction as put writing has become too easy. And when it dips towards the 1.1 mark we see a bounce as call writing has become too easy.


     
    Contra long calls: While the markets ended at day’s low on Tuesday, there were some contra long calls taken. For starters, no contraction was seen in the Nifty premium in the futures market as it held onto the 31 points premium. Contra long calls were taken by FII’s as they bought near 10,000 long contracts. FII’s added 5 longs for every 1 short position on Tuesday.

    11200-1250 range important support levels: The recent low on the Nifty was 11,250, while maximum open interest was seen at 11,200 put. If all goes wrong there is cushion on the downside as the FII’s have bought far more puts than calls. In fact, on Tuesday, FII’s bought 23,000 put contracts.

  • Rupee off lows, up 33 paise vs yesterday's closing of 72.97/$##Rupee off lows, up 33 paise vs yesterday's closing of 72.97/$

  • Titan hits 6-month low as CLSA cuts rating, target by 31%##Titan hits 6-month low as CLSA cuts rating, target by 31%

    Shares of Titan Company hit a six-month low of Rs 786.10 as brokerage CLSA Asia Pacific Markets has reportedly cut target price for its shares by over 31 percent and downgraded it to 'sell' from 'outperform'. CLSA has set a target price of Rs 720 for the shares. The brokerage said growth remains a concern after the company missed its guidance for the quarter ended June. Shares of Titan were among the worst performers on the Nifty 50. At 9.44 am, they traded over 1.8 percent lower at Rs 809.10.

  • Metal companies shine as US exempts India from import tariffs##Metal companies shine as US exempts India from import tariffs

    Shares of steel companies rose on report that the US has exempted India from tariffs on steel and aluminium, albeit with certain conditions. The report said the US will exempt a certain percentage of exports from India, which may press for a complete waiver of tariffs going ahead. Sentiment was also aided by higher base metal prices that rose on hope of strong consumption in China because of a likely stimulus package for the country's infrastructure sector.

    Shares of Jindal Steel & Power, JSW Steel, Hindustan Copper, Hindustan Zinc, Hindalco Industries, National Aluminium Co, Tata Steel, MOIL,  Welspun Corp, Steel Authority of India, NMDC, and Vedanta traded 0.4-4.4 percent higher. At 9.54 am, the Nifty Metal index was up 0.86 percent at 3679 points. Meanwhile, the BSE Sensex traded at 37,351.65, higher by 60.98 points, or 0.16 percent. The NSE Nifty50 below the 11,300 levels, trading at 11,289.90, up by 11 points, 0.10 percent.

  • Coal India, ONGC, Sun Pharma, Tata Steel among Sensex gaines, HDFC twins drag##Coal India, ONGC, Sun Pharma, Tata Steel among Sensex gaines, HDFC twins drag

    Closing Bell: Sensex ends 170 points lower in volatile trade, Nifty gives up 11,250, HDFC twins top drag, banks, consumer stocks dip
  • Opening Bell: Sensex, Nifty open 0.4 percent higher amid positive Asian cues##Opening Bell: Sensex, Nifty open 0.4 percent higher amid positive Asian cues

    The BSE Sensex settled at 37,432.93, surging by 142.2 points, or 0.38 percent in the opening tick, while the NSE Nifty 50 rose by 0.42 percent, or 47.75 points, to 11,326.65. At 9.20 am, the Sensex edged back to 37,386, up by 95 points, or 0.3 percent, while the Nifty trimmed gains to trade at 11,292, higher by 13.70 points, or 0.1 percent. Among stocks, ONGC, Sun Pharma, Cipla, Asian Paints, Hindalco, Coal India, Tata Steel surged by up to 2.51 percent. The laggards include Titan, Zee Entertainment, Power Grid, HDFC, SBI, NTPC, Wipro, dipping by up to 2.15 percent. On the NSE, Nifty Bank traded in the green, up by 0.03 percent, but PSU Bank continued their downtrend, trading lower by 0..43 percent. Nifty Media dipped 0.91 percent. Pharma rose 1.47 percent, while Metal gained 0.92 percent.

  • Rupee opens higher at 72.71 against the dollar##Rupee opens higher at 72.71 against the dollar

    The Indian rupee opened higher at 72.71 against the US dollar on Wednesday. The Indian rupee depreciated 46 paise on Tuesday to end at record closing low of 72.96 a dollar. It has depreciated more than 14 percent year-to-date.

  • Here is the list of stocks that will be on radar today##Here is the list of stocks that will be on radar today

  • Surge in petrol prices hit pre-festive buying, says LocalCircles survey##Surge in petrol prices hit pre-festive buying, says LocalCircles survey

    Ahead of the festive season, the surge in petrol rates has left consumers scrambling and cutting household expenses to adjust with the price hike, a survey said.

    "The festive season is nearing. Everyone wants to spend on gifts and do those much-awaited upgrades of the home appliances. But the roof-touching fuel prices have put a dent in the pre-festive season spirit," citizen engagement platform LocalCircles said in its latest survey. 

  • Macquarie Neutral on banks, metals but positive on cement, real estate, industrials, IT and autos##Macquarie Neutral on banks, metals but positive on cement, real estate, industrials, IT and autos

  • Here’s how brokerages rate specific stocks and sectors##Here’s how brokerages rate specific stocks and sectors


    Jefferies on Consumer Staples:
    Consumer staples have seen a sharp re-rating in the past 18 months.
    Up-cycle has played out and see limited scope for earning upgrades. 
    Given stretched valuations, expect de-rating over the next 6-12 months.
    Remain cautious with select buys; Like ITC, Dabur, Nestle and Asian Paints

    Morgan Stanley On Glenmark Pharma:
    Equal-weight call, target at Rs 567/share.
    Target multiple of 17x represents a 15-20 percent discount to pharma industries.
    See earnings CAGR of 7.6 percent over FY19-20.
    Higher than expected competition in key products a downside risk.

    Bank of America Merrill Lynch Fund Manager Survey:
    Investors surveyed expect global growth to slow next year, up from net 7 percent in August.
    Worst outlook on the global economy since December 2011.
    Trade war remains the tail risk for the fourth straight month.
    Long FAANG+BAT most crowded trade followed by short EM equity and long $.
    Investors selling EMs, banks and materials in favour of Japan, healthcare & industrials.
    Allocation to EM equities falls 9 ppt to net 10 percent Underweight, lowest since March 2016.
    Allocation to EM equities sees a reversal from net 43 percent overweight in April 2018.
    EM was the most favoured region among respondents in April.

    Credit Suisse on Telecom:
    Bharti and Vodafone Idea’s net subscriber additions remain weak
    Acceleration in subscriber acquisition for Jio aided by a push for JioPhone. 
    Market share gains for Jio likely at expense of incumbent operators. 
    Expect ARPU and EBITDA pressures to continue for the incumbent operators.
    Retains cautious stance on the sector.
    Neutral call on Bharti Airtel, target at Rs 400/share.
    Underweight on Vodafone Idea, target at Rs 45/share.

    Credit Suisse on Bank of Baroda:
    Downgrades to underperform from outperform, target cut to Rs 120 from Rs 184/share.
    Could see an increase in NPAs and provisioning post-merger.
    With multiple large/weak PSU banks, consolidation still an overhang.
    Extracting synergies in PSU bank mergers would be difficult. 

    Macquarie on Pharma:
    After 1.5 Years, domestic MAT growth is now in double digits. 
    Expect domestic sales growth for Indian pharma companies to settle at 12 percent YoY.
    Amongst large caps, like Cipla, remain seller of Lupin.
    Jubilant Life is our preferred pick amongst midcaps.

    HSBC on M&M Finance:
    Track well on growth and asset quality led by strong rural demand.
    Rising interest rates could weigh on net interest margin.
    Company has enough levers in P&L to sustain roe improvement.
    Lower FY19/20 estimates by 3-5 percent on lower NIMs.
    Reiterates buy call, target cut to Rs 569 from Rs 578/share.

    Nomura on Reliance Nippon AMC:
    Downgrades to neutral from buy, target cut to Rs 210 from Rs 315/share.
    SEBI cuts total expense ratio for MFs by 20-25 bps. 
    TER cut is in addition to the recent 15 bps cut in lieu of exit loads.
    In last 6 months, SEBI cut TERs by 40 bps vs industry profitability of 25 bps.
    AMCs will also have to absorb some part of the impact.

    Nomura on JSW Steel:
    Buy call, target at Rs 484/share.
    Indian steel on cusp of strong demand growth.
    Balance sheet remains strong despite capex-intense phase.

    Morgan Sanley on HDFC AMC:
    Overweight call, target cut to Rs 1,765 from Rs 2,050/share.
    Lowering EPS/PT materially on sharp TER cut by SEBI.
    Cut estimates for equity and gross revenue/AAAUM by 20 bps and 11bps.
    Expect some further near-term weakness.


    CLSA on MF fee cut:
    MF fee cut could impact sector earnings by 25 percent.
    MF fee cut could lead to a 15-25 bps reduction in equity fees.
    This will impact all funds & should be effective in 2-3 months.
    See some knock-on impact for brokers and private banks.
    Risk arises for life insurers in the case IRDAI reviews ULIP fee.

  • Citi hopeful on real estate sector, maintains SELL on DLF with TP of Rs 161 per share##Citi hopeful on real estate sector, maintains SELL on DLF with TP of Rs 161 per share

  • These are the stocks making the biggest moves premarket##These are the stocks making the biggest moves premarket

    Godrej Consumer Products (GCPL): Homegrown FMCG firm is looking to garner revenue worth Rs 100 crore from the male grooming segment over the next two to three years. The company on Tuesday rolled out an entire range of male grooming products in the estimated Rs 5,500-crore market under its Cinthol brand.

    PNB: Shareholders of Punjab National Bank (PNB) cleared proposal for selling 10 crore equity shares to the employees of the bank and Rs 2,816 crore capital infusion by the government.

    Reliance Capital: Chairman Anil Ambani said the company is aiming to reduce its debt by exiting all the non-financial businesses in its portfolio in the next 12-18 months.

    SBI: In a step towards becoming carbon neutral, country's largest lender State Bank of India (SBI) is looking to install solar panels over around 10,000 ATMs across the country in the next two years.

    IL&FS group shares: Crisis-ridden infrastructure conglomerate IL&FS group, once hailed as a pioneer of public-private partnership, has come under the scanner of multiple regulators, including SEBI, for alleged defaults related to financial disclosures and corporate governance.

    ICICI Bank: The lender has applied for consent to the markets regulator to settle allegations against its chief Chanda Kochhar relating to corporate governance issues in Videocon loan case.

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