Sensex slips from record high; Nifty ends 37 points higher

YES Bank zooms on $1.2 bn investment offer from a global investor

Closing Bell

The BSE Benchmark Sensex came off a record high of 40,392.22 in late session due to profit booking by traders and investors alike. Indices have been witnessing a bull-run for a fourth straight session following revival in automobile demand this festive season amidst better than expected earnings from corporates.

Earlier, overall sentiment for equities turned still upbeat after yesterday's Fed rate cut, for the third time this year. The Fed lowered its policy rate to 1.50%-1.75%.

After opening higher at 40,211.99, the BSE benchmark Sensex rose to an historic high of 40,392.22, before finishing at 40,129.05, up by 77.18 points. It ended yesterday at 40,051.87.

On the NSE, the Nifty, which rose to an intraday high of 11,945, finally settled at 11,881.20, up 37.10 points over its previous close.

Among the gainers were heavyweights such as YES Bank, SBI, Infosys, Tata Motors, Bharti Airtel, HCL Tech, HDFC, Bajaj Auto, TCS and Hindustan Lever rose between 1-7 per cent, while losers are M&M, Tata Steel, Tech Mahindra, ICICI Bank, Axis Bank, Reliance, Vedanta and HDFC Bank lost between 1-2 per cent

 

NIFTY PSU BANK STOCKS

NIFTY PSU BANK STOCKS

NIFTY MEDIA STOCKS

NIFTY MEDIA STOCKS

NIFTY IT STOCKS

NIFTY IT STOCKS

 

 

3 pm

 

 

2.55 pm

 

2.40 pm

 

 

2.30 pm

NIFTY BANK CHART

 

2.15 pm

YES Bank gets $1.2 bn offer from global investor; stock zooms 30%

 

Yes Bank on Thursday said it has received a binding offer from a global investor for an investment of $1.20 billion in the Bank through fresh issuance of equity shares.

The bank, however, did not disclose details of the global investor.

READ MORE

YES Bank bets big on API, blockchain tech

Private sector lender YES Bank is upbeat about its API banking platform and blockchain initiatives as part of its transaction banking services. “We ...

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Social media rumours: YES Bank files complaint with Mumbai Police, cyber cell

Seeks the origin of fake news and short-sell positions

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1.55 pm

BPCL divestment: Strategic sale can spur pricing reforms

The argument that privatising BPCL will compromise the energy security of the country is debatable. The Centre will continue to have a significant presence in the fuel market... Read more

 

BPCL disinvestment plan fuels security concerns around Numaligarh Refinery

In the last 10 days, talks of BPCL stake sale has led to massive agitations across Assam

Read More  

 

1.45 pm

Nifty 50 October Futures (11,909): The contract tests a key resistance at 11,900. Tread with caution

 

Both the Sensex and the Nifty are trading sideways, gaining over 0.5 per cent each. The market breadth of the Nifty is biased towards advances. The India VIX, volatility index has fallen 1.5 per cent to 16.4 levels.

READ MORE

All-time-high Sensex at odds with macro-reality

Sensex, Nifty 50 gains do not reflect the indifferent performance of corporates. Optimism over recent policy moves too does not explain the high ...

Read More  

1.40 am

All-time-high Sensex at odds with macro-reality

Sensex, Nifty 50 gains do not reflect the indifferent performance of corporates. Optimism over recent policy moves too does not explain the high valuations

READ MORE

 

12.50 pm

JK Tyre stock jumps nearly 10 per cent

JK Tyre & Industries stock rose nearly 10 per cent today on the back of heavy buying interest in the counter.

At 12.50 pm, volumes traded in the counter were approximately 40.53 lakh shares on the NSE.

The sentiment for the stock was buoyed on reports of the three-fold jump in consolidated net profit to Rs 167.70 crore in the second quarter ended Sept 30, 2019, mainly driven by gains from deferred tax liability.

The company had posted a consolidated net profit of INR 45.78 crore YoY. Consolidated revenue from operations during Q2FY20 stood at Rs 2,154.95 crore as against INR 2,493.76 crore YoY, down 13.59%.

JK Tyre Q2 net profit jumps multifold to ₹168 crore

JK Tyre & Industries Ltd has reported a consolidated net profit of ₹168 crore for the second quarter ended September 30, up 265 per cent against ...

Read More

JK Tyre promoter take control of pledged shares after repaying Rs 200 crore loan

Bengal and Assam Company had borrowed Rs 200 crore from KKR Capital in March 2019 by pledging shares owned by the promoters in JK Tyre

Read More  

12.30 pm

Mid-session

Indian stock indices advanced for a fourth straight session on Thursday, inching up half a percent, after a rate cut by the U.S. Federal Reserve in line with expectations.

At 12.25 pm, the BSE Sensex was up by 185.46 points at 40,237.33. Out of 2,371 shares traded on the BSE, The number of advancing scrips were higher at 1,371 against the number of declining ones at 875. The unchanged ones were at 125.

The Nifty, on the NSE, was at 11,900.75, up by 56.65 points over its previous close.

SECTORAL INDICES ON NSE

NIFTY INDICES

 

 

12.20 pm

Sensex stocks

 

12.15 pm

Sensex chart

 

 

12.10 pm

Infosys surges as market fails to heed rumours

 

Software major Infosys shares jumped nearly 5 per cent today on the bourses even as market players neglected the negative rumours floating around the stock.

READ MORE

Why Infosys insider trading allegation may be baseless

A lot of drama surrounded the whistleblower allegation against Infosys’s top management this month. The stock price crashed and all kinds of rumours ...

Read More

Infosys probe report likely before Q3 results

With both the US market regulator SEC and the Indian regulator SEBI seeking more details from Infosys, it is likely that the final probe report will ...

Read More  

11.40 am

Tata Global shares hit new 52-week high on results

Shares of Tata Global Beverages (TGBL) rallied nearly 6 percent intraday to hit new 52-week high of Rs 311 on the NSE after it reported strong earnings for the quarter ended September 2019.

READ MORE

 

11.35 am

NIFTY CHART

 

11.15 am

Broker's call

 

Indoco Remedies | SELL

PROSE INTEGRATED

Q2FY20 Result Update

 

 CMP: Rs 162 |

Target Price: Rs 100 | Downside: 36%

 

Indoco missed our PAT estimates by 20% despite in-line sales and EBITDA performance, which were dragged by a higher tax rate. While sales growth was encouraging at 21% YoY, led by seasonality, improved productivity in India, and healthy exports performance, the management guided for EBITDA in the range of Rs1.1–1.25bn, in line with our estimates.

The guidance is backed by 15% sales growth in India and 30% in export formulations for FY20E. Though product sales have not achieved normalcy in the US (growth led by milestone payments) and the UK (expected to improve as Goa Plant 1 has received compliant status from UK MHRA), the management remains fairly confident of traction in sales by end of FY21E.

Indoco’s export business in regulated markets is largely CRAMS-based with higher dependency on partners, but it remains confident of capitalizing its relationship with its partners for sales ramp up. We believe this could be a slow process as contracts get renewed with both existing and new partners, and supply resumes at levels prior to the warning letter stage.

Analysts expect sales to register a 13% CAGR over FY19–21E, with EBITDA margin improving to 11.5–12% on a lower base until the capacity utilization for exports plays out. Although the past few months have seen favourable progress in the compliance situation, we believe the company still needs about two years to regain the peak levels of business performance. At the CMP, the stock trades at 26.6x FY21E EPS of Rs6. Maintain SELL.

2QFY20 Result Snapshot: Q2 performance was below expectations despite in-line sales (up 21% YoY) and EBITDA margin at 11.2% (up 230 bps QoQ and 170 bps YoY), primarily due to a higher tax rate.

Domestic sales (up 17% YoY) were led by seasonality, while exports (up 40% YoY) reported a sharp jump due to milestone payments in the US and resumption of sales in the UK.

Indoco Remedies posts net profit of Rs 7.81 cr in Q2

Drug firm Indoco Remedies on Wednesday reported a consolidated net profit of Rs 7.81 crore for the quarter ended September 30.The company had posted a ...

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11.10 am

Olectra Greentech stock rises 6% even as EV buses gain traction

 

Olectra Greentech stock rose over 6% today on positive outlook for the company as EV buses gaining traction on Indian roads.

The company has recently deployed more than 100 electric buses in India, including introduction of 40 buses in Hyderabad.

READ MORE

 

11.05 am

Quess Corp climbs 12% on higher revenues

 

Quess Corp climbed 12% today after the company reported stronger revenues with moderate increase in net profit for the second quarter ended September 2019.

READ MORE

 

11 am

Why FPIs are bullish on the Indian insurance sector

 

Foreign investors continue to pour money into the Indian insurance space. The sector received a record inflow of foreign equity investment in the first half of the current fiscal year.

READ MORE

 

10.50 am

Sensex stocks

 

 

10.45 am

 

10.10 am

Cognizant Q3 net increases 4% to $ 497 mn

 

Cognizant Technology Solutions plans to remove approximately 10,000-12,000 mid-to-senior level associates worldwide from their current roles in coming quarters to improve cost structure

READ MORE

Cognizant inks pact to acquire Contino

Cognizant Technology Solutions has entered into an agreement to acquire Contino, a privately-held technology consulting firm, which specialises in ...

Read More  

10.05 am

Broker's call: Indian Bank (Buy)

 

Geojit

Indian Bank (Buy)

CMP: ₹128.8

Target: ₹156

Indian bank is a mid-sized bank in the public sector, with a loan book size of about ₹1,94,000 crore and deposit base of about ₹2,53,000 crore. The bank operates through a network of 2,884 domestic branches largely distributed across the Southern States.

READ MORE

Indian Bank profit rises to ₹359 crore

  Indian Bank’s second quarter net profit more than doubled to ₹359 crore due to increase in other income and lower provisioning.The bank recorded a ...

Read More  

9.50 am

Rupee up in early trade

The Indian rupee rose in the early trade. It opened higher by 13 paise at 70.77 against the dollar.

At 9.50 am, the domestic currency was quoted at 70.75 against the dollar

It ended on Wednesday at 70.90.

 

Rupee dollar chart

Source: BSE website

9.40 am

Sensex stocks

 

9.35 am

 

9.30 am

Opening Bell

Markets continued their bull run on, with benchmark S&P BSE Sensex and Nifty going up further in the opening trading session today.

An upbeat quarterly earnings reports from corporates helped boost investor sentiment, with PSU banks leading the gains.

The BSE Sensex gained 237.60 points to 40,289.47, while the Nifty was up 68 points to 11.912.65.

Heavyweights such as HDFC Bank, United Bank of India, SBI, JK Tyre, Kotak Mahindra Bank, Infosys, ICICI Bank, Sun Pharma, M&M, JSW Steel and Hindalco, are among major gainers on the indices, while losers are Tata Motors, Yes Bank and Eicher Motors.

All the sectoral indices are trading in the green led by PSU bank, IT, metal, energy and FMCG.

Fed rate cut

The Federal Reserve on Wednesday cut interest rates for the third time this year to help sustain US growth.

The Fed lowered its policy rate to 1.50%-1.75%, but dropped a previous reference in its statement to “act as appropriate” to sustain the economic expansion

Sensex reclaims 40K as FPIs pump in $1 b in a day

Better-than-expected corporate earnings, too, boost sentiment

Read More

Asia shares edge higher after Fed rate cut, focus on BOJ

BOJ likely to keep policy on hold on Thursday

Read More  

9.20 am

Nifty Call

Near-term outlook stays positive above 11,800 levels

People walk past a new brand identity for Nifty Indices inside the National Stock Exchange building in Mumbai.   -  REUTERS

 

 

9.10 am

US Fed cuts interest rates, signals it is on hold

 

The Federal Reserve on Wednesday cut interest rates for the third time this year to help sustain US growth despite a slowdown in other parts of the world, but signalled there would be no further reductions unless the economy takes a turn for the worse.

READ MORE

 

 

9.05 am

Asia shares edge higher after Fed rate cut, focus on BOJ

Asian shares rose on Thursday and U.S. stock futures edged higher after the U.S. Federal Reserve cut interest rates as expected to keep economic expansion on track.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%. Japan's Nikkei stock index rose 0.41%, but Australian shares fell 0.24%.

U.S. Treasury yields extended declines in Asia after the rate cut, but further declines may be limited as Fed Chairman Jerome Powell signalled additional rate cuts are unlikely because there are several areas of strength in the U.S. economy.

U.S. stock futures nudged 0.07% higher on Thursday in Asia after the S&P 500 rose 0.33% to close at a record high on Wednesday for the second time in three trading sessions.

The Fed lowered its policy rate to 1.50%-1.75%, but dropped a previous reference in its statement to “act as appropriate” to sustain the economic expansion

 

 

9.00 am

Broker's call

CSEC Research:

Stocks to watch on positive side:

Tata motors, the rerating in the stock likely on account of good results, M&M, sharp improvement in volumes owing to festive demand warrants attention.

 

Stocks to watch on negative side:

HDFC bank, Kotak bank, the streched valuations likely to cap the upside in these counters, profit booking expected at current & higher levels.

 

9.00 am

Today's stock pick | GE T&D India

Investors with a short-term perspective can buy the stock of GE T&D India at current levels. Following a sharp fall in late July, the stock recorded a 52-week low at ₹124 in early August this year...

READ MORE

8.50 am

Day Trading Guide for October 31, 2019

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading

660 • Infosys

S1S2R1R2COMMENT
650640670680Initiate fresh long positions with a stiff stop-loss if the stock of Infosys reverses higher from ₹650 levels
Published on October 31, 2019