Sensex tanks 297 points; banking, realty lead fall

Nifty index ends 78.75 points lower

Closing Bell

Stock market indices fell steadily from the morning session and ended in the negative territory on the back of sustained selling amid lack of enough buying support from investors and traders alike  Market participants turned cautious as optimism waned over upcoming trade talks between the US and China.

The BSE benchmark Sensex  declined 297.5 points and ended at 37,880.40. It ended yesterday at 38,177.95.

The Nifty, on the NSE, too fell 78.75 points to 11,234.55.

Sectoral indices such as Banking, Auto, Financial Services, Pharma, Media and Metal lost in a range between 1 per cent and 3 per cent.

Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 485.24 crore on Wednesday, according to provisional exchange data.

RIL stock climbs 2.75%

Shares of Reliance Industries climbed 2.75% today after the refiner would soon resume loading Venezuelan oil in October after a four-month pause, a move that could help the state-run Venezuelan firm drain its high oil inventories.

The RIL stock closed at Rs 1,362.40, up by Rs 36.75 or 2.75% on the BSE.

Bharti Airtel, Vodafone Idea surge on RJio move to charge IUC

Shares of Bharti Airtel touched a 52-week high of Rs 384.85, before closing at RS 377.40, up by 5% on the BSE. Similary, shares of Vodafone Idea added nearly 6 per cent and ended at Rs 6.18.

The movement followed Reliance Jio's announcement that it would charge an Interconnect Usage Charge (IUC) from customers for calls made to the other networks.

On Wednesday, in an unprecedented move RJio decided to charge 6 paise per minute for calls to rival networks.

 

 

3.15 pm

 

3.05 pm

NIFTY SECTORAL INDICES

Nifty sectoral indices

 

2.50 pm

Nifty call

Nifty 50 October Futures (11,245):

Sell on rallies with stop-loss above 11,320...

 

2.40 pm

 

2.20 pm

Bharti Airtel, Vodafone Idea surge on RJio move to charge IUC

Shares of Bharti Airtel touched a 52-week high of Rs 385, gaining 7 per cent on the NSE. Similary, shares of Vodafone Idea added 6 per cent today.

The movement followed Reliance Jio's announcement that it would charge an Interconnect Usage Charge (IUC) from customers for calls made to the other networks.

On Wednesday, in an unprecedented move RJio decided to charge 6 paise per minute for calls to rival networks.

RJio’s decision to charge users for IUC may be followed by tariff hikes: Brokerage firm Emkay

Reliance Jio Infocomm’s (RJio) decision to pass on Interconnect Usage Charges (IUC) to its users is likely to be followed by tariff hikes, according ...

Read More

RJio to charge 6p/min for calls to rival networks

Blames the move on regulatory uncertainty over Interconnect Usage Charge

Read More  

2.05 pm

Indiabulls Housing Fin, Lakshmi Vilas Bank hit 52-week lows

Shares of Indiabulls Housing Finance (IBHF) and Lakshmi Vilas Bank (LVB) plummeted up to 20 per cent on Thursday, after the Reserve Bank of India rejected their merger proposal.

READ MORE

RBI shoots down Indiabulls-LVB merger

The RBI on Wednesday rejected the proposed amalgamation of lndiabulls Housing Finance Ltd and lndiabulls Commercial Credit Ltd with Lakshmi Vilas Bank ...

Read More  

Technicals: Indiabulls Housing faces resistance at Rs 430

BL Research BureauThe shares of Indiabulls Housing Finance Limited marked a new 52-week low on the back of the news that a PIL has been filed against ...

Read More  

2 pm

 

 

1.50 pm

Gail India (₹127.5): Sell

The stock of Gail India had slumped 3.7 per cent in today’s session witnessing selling interest. It has breached a key short-term support at ₹130 as well as 50-day moving average level.

 

 

Q1 results: GAIL’s profit after tax up by 15 per cent

GAIL’s PAT was Rs 1,288 crore in the first quarter of 2019-20

Read More

GAIL on a slippery slope

A rally above the ₹160-165 zone is needed to alter the short-term downtrend and take the stock up to ₹185

Read More  

1.35 pm

 

1.25 pm

Broker's call

Reliance Securities

Jubilant FoodWorks:  Reduce

CMP: Rs 1,320

Target Price: Rs 1,050

 

Domino’s Pizza Inc reported its Q3CY19 earnings, below  expectations. the chain of restaurants operating in the similar space indicates that Q2FY20 saw sequential decline in Same-Store-Sales (SSS) growth with some volume up-tick during Navaratri festival.

The foray of Amazon and Dunzo into food delivery business is an added disruption to the delivery moat of Jubilant FoodWorks. Taking cues from its performance of international operations, we do not expect JUBI to report beyond 5-6% SSS growth in 2QFY20. FY20E is expected to be the year of moderation in SSS with higher investments across the businesses.

Slower headline growth is likely to keep operating margin under pressure, which may further lead to download trajectory of RoE. Such scenario is likely to keep the valuation multiples under check.

At current market price, Jubilant Foodworks trades at 45x of FY21E earnings. Valuing at PE multiple of 36x FY21E, we reiterate our recommendation to reduce the holdings on the stock with an unrevised Target Price of Rs 1,050, which implies 20% downside from the current level.

Domino’s Pizza Q3CY19 Earnings – Key Highlights

US SSS grew by 2.4% YoY vs. expectation of 2.8%, while International SSS grew by 1.7% YoY vs. consensus expectation of 2.9%.

Domino Pizza announced new 2-3 year outlook (vs. earlier 3-5year) given faster changing market dynamics and uncertainty arising from new entrants into quick service food delivery segment.

Sales growth range for the next 2-3 years is seen at 7-10% (from 8-12% earlier). US SSS growth guidance now stands at 2-5% (from 3-6% earlier) and international SSS growth is seen 1-4% (. from 3-6% earlier).

The revised guidance in international markets reflects longer-than-expected weakness in some of the key markets.

Thus, the company has lowered its outlook than envisaged earlier mainly driven by the ongoing competitive intensity. 

As per the estimate, India retail sales account for 7-8% of Domino Pizza’s total international retail sales (US $6,953, as on December 2018). Notably, India has the highest stores among the Top-10 international markets for the company.

Jubilant FoodWorks Q1 net profit dips marginally to Rs 71.48 cr

Jubilant FoodWorks Ltd, which operates fast-food chains Domino’s Pizza and Dunkin’ Donuts, on Wednesday reported a marginal decline in its ...

Read More  

 

 

12.50 pm

Nifty Bank chart

 

12.30 pm

 

Nifty Chart Oct 10, 2019 at 12.15 pm

 

12.25 pm

Crude prices slip as hopes for progress in US-China trade talks fade

Oil prices slid on Thursday as hopes faded for any significant progress in US-China trade talks that could dispel clouds over the global economy and gloom over prospects for weaker oil demand.

File Photo   -  Reuters

 

 

12.15 pm

DII Investment data

DII Investment data

Source: Dalmia Securities

12.10 pm

FII INVESTMENTS

 

FII investments data

Source: Dalmia Securities

 

12.05 pm

Broker's call

ICICI Securities

Intra-day future recommendation

 Sell ITC in the range of | 250.50-251.50

 

ITC ties up with AP govt to improve quality, sales of chilli output

ITC has joined hands with the Andhra Pradesh Government to develop a chilli value chain.The Agri Business Division of ITC and the Department of ...

Read More  

11.55 am

RIL shares gain 2.60%

 

Shares of Reliance Industries climbed over 2.50% today after the refiner would soon resume loading Venezuelan oil in October after a four-month pause, a move that could help the state-run Venezuelan firm drain its high oil inventories.

The RIL stock rose 2.60% at Rs 1,359 on the NSE today.

Why Reliance Jio's move to hike voice call tariffs is good news for other telecom players

Airtel, Vodafone-Idea are expected to gain the most

Read More  

 

11.50 am

Moody's cuts India's growth forecast to 5.8 per cent for FY20

 

International rating agency Moody's on Thursday announced the lowering of India's Gross Domestic Products (GDP) growth to 5.8 per cent.

READ MORE

 

The US-China trade tensions will cumulatively reduce global GDP by 0.8 per cent by 2020, points out IMF.

 

11.40 am

Torrent Pharma shares drop 2.60% on US FDA warning

Drug firm Torrent Pharmaceuticals  stock dropped 2.60% today after the company had said it received a warning letter from the US health regulator for its Indrad facility in Gujarat. This action by the (USFDA) follows earlier intimation received from the regulator in August 2019, wherein the agency had classified its inspection as "Official Action Indicated" (OAI).

Torrent Pharma was down 2.60% at Rs 1,623 on the BSE. Volumes traded in the counter were 41,000 shares against the 2-week average quantity of 7,517.

Torrent Pharma expands recall of hypertension drug in US

Expanding recall for Losartan potassium tablets USP and Losartan potassium / hydrochlorothiazide tablets to the consumer level

Read More  

Torrent Power Q1 net up 22 per cent at ₹276 cr

Torrent Power on Monday posted about 22 per cent rise in consolidated net profit at ₹276.59 crore for June quarter ended this year compared to ...

Read More  

11.25 am

 

11.20 am

Broker's Call

Geojit Financial Services

 

Ujjivan Financial Services Ltd: Reduce  CMP: Rs. 299                        

Target Price: Rs. 276

 

As per the Small Finance Bank licensing condition of the Reserve Bank of India, UFSL needs to undertake a separate listing of the Ujjivan Small Finance Bank (USFB) by January 2020.

Though solid performance continues (as seen in Q1FY20 with 51% YoY growth in loans & advances and 79% YoY growth in net income, along with improvement in asset quality), the separate listing of Ujjivan Small Finance Bank will be negative for the current shareholders, as it will ultimately lead to a considerable holding company discount and dilution.

Ujjivan to dilute promoter stake by 10-15%

The SFB may do a re-think on listing if market conditions remain volatile

Read More

Ujjivan SFB starts listing work

Ujjivan Small Finance Bank (USFB) is readying plans for an initial public offering and is also exploring other options to meet the RBI norms for ...

Read More  

11.15 am

IRCTC IPO: How to check your allotment status

You can check your position in ipo.alankit.com anytime soon using your PAN and application number details.

READ MORE

While IRCTC IPO could fetch about Rs 500 crore, public offering of IRFC could garner close to Rs 1,000 crore.   -  The Hindu

 

 

11.05 am

Better linkage between spot and futures markets will bring more participants: BSE CEO

 In an interview with BusinessLine, Ashishkumar Chauhan, Managing Director and CEO, BSE, shares his views and vision for the exchange’s commodity play. Excerpts:

READ MORE

 

11.05 am

What to watch: Eyes on TCS, IndusInd, GM Breweries results

IT behemoth Tata Consultancy Services, California Software Company, private banking major IndusInd Bank and GM Breweries will declare their July-September quarterly results on Thursday. IndusInd Bank and TCS will set the direction not only for the respective sectors

READ MORE

TCS has been trying to re-imagine hiring in order to attract top talent istock

 

11 am

RBI shoots down Indiabulls-LVB merger

The RBI on Wednesday rejected the proposed amalgamation of lndiabulls Housing Finance Ltd and lndiabulls Commercial Credit Ltd with Lakshmi Vilas Bank (LVB).

 

What the merger with Indiabulls Housing Finance would have meant for Lakshmi Vilas Bank

Lakshmi Vilas Bank, which is under the prompt corrective action (PCA) norms of the Reserve Bank of India, would have received a boost if the proposed ...

Read More

Why has Lakshmi Vilas Bank fallen by more than 50 per cent over the past year?

Deteriorating finances and the RBI placing it under PCA suggest more pain ahead for the bank

Read More

Indiabulls Housing profit drops 40 per cent at Rs 579 crore

IBHFL’s loan assets declined 10 per cent y-o-y to Rs 1,13,189 crore

Read More  

Will RBI approve LVB, Indiabulls Housing merger?

Presence of RBI nominee directors on LVB board doesn't imply automatic approval: apex bank

Read More  

10.55 am

TOP GAINERS ON BSE

TOP GAINERS ON BSE

 

10.50 am

VOLUME GAINERS ON BSE

Spurt in volumes on BSE

 

 

10.40 am

Rupee wipes off early gains against dollar, but still holds firm

The rupee appreciated by 20 paise to 70.87 against the US dollar in early trade on Thursday, as easing crude prices and optimism regarding US-China trade talks strengthened investor sentiments.

READ MORE

Dollar demand could weigh on the rupee

BL Research BureauThe rupee has marginally declined since the RBI's monetary policy announcement, last week. Though it briefly appreciated above 71, ...

Read More  

10.20 am

 

Sensex, Nifty slip in early trades after yesterday's rally

The BSE benchmark Sensex  declined over 199 points in early trades today as optimism started waning across Asian markets over upcoming trade talks between US and China.

After opening lower at 38,130.23, the Sensex steadily fell further to a low of 37,978.86, before being quoted  at 38,076.43, down by 101.52 points from its previous close.

The Nifty, on the NSE, too fell by 30.05 points to 11,283.25.

Sectoral indices such as Banking, Auto, Financial Services, Pharma, Media and Metal lost between 0.50 per cent and 2 per cent. However, IT sector bucked the overall weak movement and scored 0.55% gain at 15,213.15.

Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 485.24 crore on Wednesday, according to provisional exchange data.

NIFTY SECTORAL INDICES

 

10.05 am

NIFTY BANK STOCKS

 

10.05 am

NIFTY AUTO STOCKS

 

10 am

Wall Street gains on trade optimism, but Beijing tempers hopes

 

Wall Street rose on Wednesday on hopes of progress in US-China trade talks, though stocks pared gains late after Chinese officials said Beijing had lowered expectations for negotiations this week.

READ MORE

File Photo   -  Reuters

 

9.55 am

 

9.50 am

What to watch: Century Textiles to turn ex-date for de-merger

 

The shares of Century Textiles & Industries will turn ex-date on Friday for the proposed de-merger. The company will hive off its cement division and merge it with UltraTech Cement

 

READ MORE

Trading Call: Century Textiles & Industries (₹915): Buy

The stock of Century Textiles & Industries jumped 6 per cent accompanied by above average volume on Wednesday, decisively breaking above the key ...

Read More

Century Textiles posts multi-fold jump in net profit

Century Textiles & Industries has reported a multi-fold jump in its net profit at Rs 120.24 crore for the first quarter ended June 30, mainly on ...

Read More  

9.40 am

What to watch: USFDA nod may buoy Cadila Healthcare

 

Cadila Healthcare Ltd on Wednesday said it has received the final approval from the US heath regulator (USFDA) to market generic cholesterol-lowering Colesevelam Hydrochloride tablets

READ MORE

Cadila Healthcare standalone Q1 net down 75%

Cadila Healthcare Ltd posted standalone net profit of Rs 79 crore for the quarter ended June 2019, sharply down by about 75 per cent from Rs 310 ...

Read More

Cadila Healthcare: In bad shape - Sell

USFDA observations on contamination at a plant, and lack of near-term blockbuster products have taken a toll on the stock

Read More  

9.35 am

 

9.30 am

Day Trading Guide for October 10, 2019

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading in stocks such as  HDFC Bank, Infosys, ITC, ONGC, Reliance Ind and Nifty 50 futures.

 

 

9.25 am

Asian stocks recover but anxiety over trade talks lingers

 

Global stocks recouped early losses as news reports raised hopes that the US and China would settle some economic disputes, but investors were kept on edge by an earlier report that trade talks due to begin on Thursday could be cut short.

READ MORE

 

 

9.15 am

Cipla (₹423.5)

Investors with a short-term perspective and contrarian view can buy the stock of Cipla at current levels

READ MORE

Cipla announces closure of USFDA inspection at Bengaluru facility

Cipla on Sunday announced the closure of the inspection by the US health regulator at the company’s API manufacturing facility in Bengaluru.“Following ...

Read More  

Cipla falls on June-quarter profit miss

Shares of Cipla Ltd fell as much as 3.5 per cent to Rs 500.25 on Thursday morning. The drugmaker posted a 6 per cent jump in June-quarter profit to Rs ...

Read More  

9.05  am

MF asset slips 4% in September as inflow into equity, debt fund slows down

 

The asset under management of mutual fund industry was down 4 per cent last month at Rs 24.50 lakh crore against Rs 25.48 lakh crore logged in August largely due to outflow from liquid funds and inflow into equity funds dipping to four-month low.

READ MORE

 

 

9 am

 

Pre-Open session

The BSE benchmark Sensex declined 47.72 points at 38,130.23 and the Nifty, on the NSE, was down 32.80, at 11,280.50

 

Published on October 10, 2019