CLOSING BELL

Equity indices recouped losses partly in the last half-an-hour trading session mainly due to short-covering by traders coupled along with some sporadic buying from investors.

The BSE Sensex still ended in the negative terrain at 35,592.50, down 64.20 points, while the Nifty had shed 9.35 points and closed at  10,652.20.

After opening higher, the Sensex ranged between a high of 35,734.14 and a low of 35,375.51, before finishing at 35,592.50.

Similarly, the Nifty touched an intraday low of 10,583.65 before finally settling at 10,652.20, down by 9.35 points.

Heavyweights such as Bajaj Finance, Sun Pharma, Axis Bank and ICICI Bank gave the indices good support, while weakness in Reliance, L&T, ONGC and HDFC Bank weighed down heavily on overall market.

Large-cap stocks

UPPER CIRCUIT STOCKS ON BSE

Upper Circuit Stocks on BSE

BSE benchmark Sensex fell over 200 points intraday following losses in auto, banking, metals and oil & gas stocks amid selling by domestic institutional investors.

The 30-share index declined 119.47 points, or 0.34 per cent, to 35,537.85.

The NSE Nifty too was down by 33.50 points, or 0.31 per cent, at 10,628.50.

Large-cap stocks

Bank of India shares surge over 6%

Bank of India shares climbed over 6% at Rs 96.65 today despite the bank reported a net loss of ₹4,738 crore for the third quarter ended December 2018 as its bad loan provisions more than doubled to ₹9,180 crore mainly on account of the first 40 large accounts referred by the RBI for bankruptcy proceedings and also due to a fresh hit from the IL&FS crisis.

For Q3 of FY18, it had posted a net loss of ₹2,341 crore.

NEW 52-WEEK LOW STOCKS on NSE

NEW 52-WEEK LOW on NSE

NEW 52-WEEK HIGH ON NSE

NEW 52-WEEK HIGHS

 

TOP 20 STOCK FUTURES CONTRACTS (NSE)

Top 20 Stock Futures Contracts

TOP 20 OPTION CONTRACTS ON NSE

TOP 20 OPTION CONTRACTS

Most Active Contracts on NSE

BSE Sensex chart

Large-cap stocks

Broker's call: Persistent Systems (HOLD)              

JMFL says Target Price is Rs 730

Persistent (PSYS) reported a 2.2% QoQ dollar revenue growth in Q3FY19 due to weak IP sales (-8% YoY) in a traditionally strong quarter. However, a sharp 2.5 ppt QoQ EBITDA margin expansion led to a 13% increase over JMFL's EBITDA estimates. This could lend support to consensus earnings estimates – management was hopeful of sustaining the margins around Q3FY19 levels despite the planned investments in sales – though we would be cautious on extrapolation.

Persistent Systems mentioned that its CEO search is in the final stages; the task for the new CEO appears well cut-out, in the broker's view.

Despite its head-start in the Digital services domain, Persistent has been struggling to scale it further

The Nifty Call: Nifty 50 January Futures (10,640)

With the mixed global cues, the domestic bellwether indices - the Sensex and the Nifty -- started the session marginally in the negative territory and continued to trade in the negative zone. The Nifty January futures contract opened the session at 10,679. After recording an intra-day high at 10,694, the contract resumed its down-move. It has registered an intra-day low at 10,632.

Nifty Futures Contract

Mid-session

Markets witnessed fresh bouts of selling in the afternoon session.

The Sensex sheds 160.72 points, or 0.45 per cent, to 35,495.98.

Sectoral indices, led by capital goods, auto, oil and gas, metal and healthcare, rose up to 1.50 per cent.

The NSE Nifty too was down by 69.20 points, or 0.65 per cent, at 10,592.35.

Large-cap stocks

Broker's Call: Zee Entertainment (Buy)-

JMFL'S Target Price for Zee Entertainment: Rs 550

Zee in its press release on Jan 27 stated that promoter (Essel Group) has reached an agreement with major Group lenders that: (1) declares ‘no default’ in repayment, despite a sharp 27% decline in Zee share price last Friday and despite no further increase in the quantum of shares pledged; (2) allows promoters to run the strategic sale process to maximize value for all stakeholders—lenders, minority shareholders, Essel Group etc; (3) gives promoters time till beyond April (i.e. more than 90 days) to find a suitable strategic partner.

Top 25 Volume Gainers on NSE

Top 25 Volume Gainers

 

Stocks at 52-Week Low On NSE

STOCKS AT 52-WEEK LOW ON NSE

Sensex chart

Large-cap stocks

Buy SBI if reverses above ₹275 levels

₹281 • SBI

Reliance Ind: Sell on rallies with stop-loss

Broker's Call: City Union Bank  (BUY)  

JMFL says CUB Target Price is Rs 220

CUB reported a steady quarter in Q3 of FY19 , with net profit up 15% YoY to Rs 180 crore. NII witnessed a healthy growth of 5.0% QoQ with NIM expansion of 9 bps QoQ. However, PPoP growth was marginal at 3.5% YoY due to lower treasury income and higher operation expenses (+21.4% YoY).

As guided in previous quarters, the stressed paper mill account (c.0.3% of gross loans) slipped during the quarter which resulted in an increase in specific credit costs (+29 bps QoQ to 1.1%). Loan growth continued to be healthy (+18% YoY), with growth witnessed across retail loans (+27% YoY), MSME (+14 YoY) and wholesale traders (+13% YoY).

JMFL says, "We expect margins to come off slightly (10 bps compression over FY18-21E) driven by competition but a simultaneous improvement in credit costs (17 bps compression over FY18-21E to 1%) should keep RoA on a stable track (1.6% over FY19-21E)."

JMFL maintains BUY for the stock with a target price of Rs  220.

Broker's Call: TTK Prestige (Buy)

CMP: Rs 7,650

TTK Prestige (TTK) reported yet another steady quarter with revenue/EBITDA/adj. Net income growth of 21%/28%/30% YoY respectively, albeit on a soft base (3yr CAGR of 9%/14%/15%).

The company continues to gain market share across product categories and hopes to maintain strong revenue growth momentum with a 14-15% EBITDA margin trajectory on the back of distribution expansion (deeper rural penetration) and product expansion (cleaning solutions, water purifiers, etc).

JMFL says : We roll forward with an SOTP-based Mar’20 Target Price of Rs 7.800 and maintain BUY. Lower-than-expected growth/margins are keys risk to our call. - JMFL CALL

TTK Prestige products

Shares of Tata Power were up 1 per cent today despite the company  reported nearly 67-per cent decrease in consolidated net profit in the third quarter of current fiscal due to lower profits from coal business and higher expenses (including increased fuel costs and losses) at Mundra power plant.

Several state-owned banks will be profitable by year-end: Goyal

The Centre is confident of several public sector banks (PSBs) turning profitable at the end of the current fiscal, Interim Finance Minister Piyush Goyal said here on Monday.

All the 21 PSBs recorded operating profits at the end of FY18, but due to higher provisioning, all of them, barring Vijaya Bank, recorded net losses.

Nifty Bank Stocks

Nifty Bank Stocks

Broker's call: M&M Financial Services (Hold)

Centrum Broking

M&M Financial Services (Hold)

CMP: ₹403.15

Target: ₹450

M&M Financial Services’ net interest income (NII) at ₹1,200 crore (+20.1 per cent y-o-y) was slightly higher than our estimate, driven by 30 per cent y-o-y growth in assets under management (AUM).

Nifty Next 50 Losers

Nifty Next 50 Losers

Nifty Next 50 Gainers

Nifty Next 50 Gainers

TOP LOSERS ON NSE

Top Losers on NSE

TOP GAINERS ON NSE

Top Gainers on NSE

The BSE benchmark Sensex and NSE Nifty Tuesday started on a volatile note tracking weakness in global equities.

The 30-share index turned rangebound, and was trading 103.32 points lower at 35,553.38.

Similarly, the 50-share Nifty slipped 29 points to 10,631.95.

Yesterday, the Sensex plunged 368 points to close at 35,656.70; and the broader NSE Nifty tumbled 119 points to end at 10,661.55.

In today's morning session, PowerGrid, RIL, Infosys, HDFC Bank, L&T, Yes Bank, HUL, NTPC and Coal India were among the top losers, falling up to 1.60 per cent.

Large-cap Stocks

Rupee trades flat in early trade

The rupee on Tuesday depreciated 12 paise to 71.22 in the opening trading session amid strengthening American currency and rising crude prices. The rupee opened on a weak note at 71.19 then fell further to 71.22 against the US dollar.

At 10.30 am, the rupee was being quoted at 71.12 against its previous close of 71.10.

LIC offloads 2 per cent in Reliance Industries

Domestic insurance major Life Insurance Corporation of India sold 12.74 crore shares or 2.01 per cent in Reliance Industries. In a disclosure to the exchanges, LIC said that it sold stake in the corporate behemoth between 29.2.2015 and 23.01.2019.

READ MORE

Go long on ONGC above ₹139 levels

READ MORE

Shares of Maruti Suzuki were trading firm today on reports that the company has launched new Baleno.

The company had said that the Baleno is among the top selling cars in India and holds over 26 per cent of market share in the A2+ segment.

ITC Stock Technicals

Sell ITC with stop-loss at  ₹277 levels

' Tax evasion probe: I-T dept raids 74 locations in TN

The Income Tax Department on Tuesday launched searches at 74 places in Tamil Nadu in connection with a tax evasion probe against some real estate groups and a retail store chain in the state, officials said.

READ MORE

Sun TV to invest  ₹300 crore in Bengali, Marathi channels

Chennai-headquartered Sun TV Network Ltd will invest ₹300 crore in its forthcoming Bengali and Marathi entertainment channels as it looks to have presence in the regional entertainment industry outside South India.

SUN TV shares were down Rs 8 or 1.50% at Rs 524.40 on the NSE today.

Go long on Infosys above ₹735 levels

Day Trading Guide For January 29, 2019

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

₹2083 • HDFC Bank

READ MORE

BSE SECTORAL INDICES

Fresh fears over CBI raids and scam rumours had triggered selling in the initial trades.

The BSE benchmark Sensex declined 30 points and was trading at 35,643.12.

Sectoral indices led by Oil & Gas, FMCG, PSUs, Capital Goods and Energy stocks moved into the negative terrain.

On the NSE, the Nifty was up 7.30 points at 10,668.85.

Large-cap stocks

BoB, Axis Bank, OBC, HDFC, HCL Tech results

Over 50 firms, including Apar Ind, Axis Bank, Bajaj Finserv, Bajaj Finance, BoB, Bharat Financial, Bliss GVS, Cera Sanitaryware, CG Consumer, DCM Shriram and others will announce results today. READ MORE

An equated principal amount, combined with reducing interest amount component, will lead to reducing monthly instalments,” said Axis Bank

Today's Pick: Chennai Petroleum Corporation (₹242.2): Sell

Investors with a short-term perspective can consider selling the stock of Chennai Petroleum Corporation at current levels. The stock tumbled 5.8 per cent accompanied by an above average volume breaking below a key support level of ₹257 on Monday. READ MORE

Chennai Petroleum will stop processing Iranian crude oil from October. File Photo

 

Pre-Open Trade

The BSE Sensex was up by 60 points at 35,716.72 and the Nifty slipped 7 points at 10,653.70.

File Photo

NSE SECTORAL INDICES (Jan 29, 2019)

Asian markets slip as China's Huawei in legal hot water; focus on US-China talks

Asian shares stumbled on Tuesday and the dollar hovered near two-week lows as prospects for a long-awaited US-China trade deal was dealt another blow after the United States levelled sweeping criminal charges against China's telecom giant Huawei. READ MORE

Markets nervous on scam talk, CBI raids

New Delhi-based digital news portal   Cobrapost  announced that it will expose a ‘financial scam’ worth over ₹33,000 crore on Tuesday.  Cobrapost  is founded by Aniruddha Bahal, the co-founder of Tehelka.

The mood in the domestic stock markets was already sombre after CBI last week raided large corporates, expectation of a populist Budget, and weak fiscal deficit numbers. READ MORE

COMMENT NOW