Closing Bell: Domestic equity benchmark BSE Sensex closed in red due to profit booking at higher levels. At the sectoral level, metals, auto and banking stocks were the worst performers losing up to 3 per cent.  Also, fresh signals from the US bond market about a possible recession kept emerging market investors on the edge.

At close, the 30-share index fell 189.43 points, or 0.50 per cent, lower at 37,451.84, while the broader Nifty fell 59.25 points, or 0.53 per cent, to 11,046.10.

Top gainers in the Sensex pack include HCL Tech, BPCL, Infosys, Tech Mahindra and Eicher Motors, that rose up to 2 per cent.

On the other hand, Yes Bank, Tata Power, Vedanta, Tata Steel, and Coal India fell up to 7 per cent.

The Sensex touched a intra-day high of 37,687.82 points and a low of 37,249.19 points. The BSE market breadth was negative with 1,589 shares declined against 949 advances.

Moody's downgrades Yes Bank ratings

Global rating agency Moody's on Wednesday downgraded Yes Bank 's ratings and said the outlook is negative, wherever applicable. "Today's rating action concludes the review for downgrade initiated on 11 June 2019, it said in a statement.

The downgrade of Yes Bank's ratings takes into account the lower than expected amount of capital raised by the bank recently an the risk that the substantial decline in the bank's share price will challenge it sability to raise sufficient capital to maintain the rating at its previous level, it further said.

Poor recoveries under IBC can derail Centre’s ₹70,000 cr recap plan

While the Centre’s decision to frontload capital infusion of Rs 70,000 crore into PSBs has boosted sentiment, unless there is quick resolution of large accounts under IBC, this may achieve little. What is of more concern, is the paltry amount that banks have been realising from the resolution of accounts under IBC. Click here to read more

BSE Bankex falls over 1% in the afternoon trade

FPI surcharge rollback: No differential regime between foreign, domestic investors, says CBDT

The government’s rollback of enhanced surcharge on select investors, announced as part of a series of measures to boost the economy last week, has not created a differential regime between FPIs and domestic investors, CBDT said in statement on Wednesday. Read more

ICICI Bank unveils ‘Robotic Arms’ for currency sorting at its chests

ICICI Bank , a leading private sector bank, has deployed Industrial ‘Robotic Arms’ for note sorting at its currency chests across 12 cities.

It has become the first commercial bank in the country and among few globally to customise and deploy industrial robots to automate and perform repetitive high volume steps in handling cash processing on high-end note sorting machines.

A short-lived rally in India's bond market

Gains in sovereign Indian bonds proved fleeting on Tuesday as closer analysis of a record transfer from the central bank to the government proved that the payout isn’t actually that big. Read the full story here

Nifty call: Sell on rallies with fixed stop-loss at 11,055 levels

The Sensex and the Nifty began the session in negative territory and extended the down-move on the back of weak global cues. The Asian markets are showing mixed signs. The domestic benchmark indices extend the decline and have slumped about 0.55 per cent. The market breadth of the Nifty index is biased towards declines.  Read the full technicals here

Trends in sugar stocks in the afternoon trade

Govt mulls scrapping cap on foreign investment in coal mining

The Centre has moved a step closer to scrapping a cap on foreign investment in commercial coal mining, a person with direct knowledge of the matter said, as part of efforts to boost economic growth.

The proposal is being discussed at a Wednesday meeting of the cabinet, led by Prime Minister Narendra Modi, and a decision may come within hours, the person said, asking not to be identified because the discussions are private. The change would allow overseas miners such as BHP Group Ltd. and Glencore Plc. to own 100 per cent of mining companies. Other proposals under consideration include raising investment limits in digital media and easing rules for retailers selling a single brand, the person said, without giving details. Read the full story here

NCLT to hear Jet Airways insolvency case on August 28

NCLT's Mumbai bench will hear Jet Airways insolvency case on August on August 28.

Along with the main case of State Bank of India versus Jet Airways , the bench will hear two other applications filed on behalf of Lucky Star, the licensor of Siroya Centre, the headquarters of Jet Airways and HDFC, to whom the BKC property has been mortgaged. Click here to read more

Top gainers in Nifty50 index at noon trade

Expert take:  “Markets have adequately discounted the positive triggers in the last three sessions and now await fresh cues,” said Deepak Jasani, senior vice-president at HDFC Securities.

“Currently, we have negative trigger from U.S, there is no major panic, but domestic markets will wait for fresh major development rather than selling off sharply.”

Rate cuts not enough to revive property market growth: Reuters poll

India's liquidity-starved economy will restrain housing market activity and price rises in coming months and into 2020, according to a Reuters poll of property market experts who were skeptical aggressive interest rate cuts will revive it.

House prices are expected to rise just 1 per cent on average this year and 2 per cent in 2020, the lowest median predictions since polling began for the two years, and well below the current 3.15 per cent rate of consumer price inflation.

A majority of respondents in the August 13-27 survey said risks to those already-modest predictions were skewed more to the downside.

Economic headwinds pull rupee’s resilience in August

The rupee’s resilience in the face economic headwinds has come to an end, with the currency losing its year-to-date gains in the space of just one month.

The country’s massive domestic market is now dragging on the rupee as growth at home slows, foreigners pull cash from local equities and the currency increasingly tracks moves in the yuan as the trade war heats up. Read more here

Fine Organic Industries commences production

Fine Organic Industries on Tuesday said that new manufacturing facility (the third at Ambernath) situated at additional Ambernath Industrial Area, Maharashtra, started its operations.

According to its web site, the company has started development of its new polymer additives manufacturing site that will cater to its growing customer base in India and overseas. The manufactured range will have expanded capacities of its various polymer additives including slip additives.

Acquisition may give boost to Strides Pharma

Strides Pharma Science on Tuesday said that its step-down subsidiary Strides Pharma Inc has acquired a USFDA-approved manufacturing facility in Florida from Micelle BioPharma Inc. The facility is one of the very few with soft gel capsule manufacturing suite for formulations with containment needs.

Broker's call: Marico (Buy)

Marico is a consumer products company operating in the beauty and wellness space. The company’ s geographic segments include India and international, which includes primarily the West Asia, The South Asian Association for Regional Cooperation (SAARC) countries, Egypt, Myanmar, Malaysia, South Africa and Vietnam. It offers various brands in the categories of hair care, skin care, health foods, male grooming and fabric care. Read more here

Broker's call: Mangalam Cement (Buy)

Mangalam Cement had reported a sharp recovery in its operating performance in 1QFY20. Further, a meaningful q-o-q reduction in opex/tonne by ₹135 was more heartening than realisation recovery. Read the full report here

Emami Paper Mills on Wednesday informed the stock exchanges that it will not be investing in Gujarat project until the market condition improves.

BL Kashyap bags orders worth Rs 460 cr

B L Kashyap , a leading infrastructure major has won orders worth Rs 460.53 crore. The projects are from varied sectors and it will be carried out in cities such as Bangalore and Trivandrum.

Markets update:  Domestic equity benchmark BSE Sensex started on a choppy note on Wednesday tracking weakness in metal and banking stocks amid tepid cues from global markets.

After opening slightly higher than its previous close, the 30-share index slipped into the red to trade 144.92 points, or 0.39 per cent, lower at 37,496.35 at 10 am , while the broader Nifty fell 40.80 points, or 0.37 per cent, to 11,064.55.

In the previous session, the BSE barometer closed 147.15 points, or 0.39 per cent, higher at 37,641.27; and the Nifty rose 47.50 points, or 0.43 per cent, to 11,105.35.

Top gainers in the Sensex pack in early trade included Tata Motors, HCL Tech, Bajaj Auto, TechM, Sun Pharma, PowerGrid, Infosys and ITC, that rose up to 3 per cent.

On the other hand, Tata Steel, Maruti, HUL, Kotak Bank and ONGC fell up to 2 per cent.

Foreign portfolio investors sold shares worth a net of Rs 923.94 crore on Tuesday, while domestic institutional investors purchased shares worth Rs 1,162.65 crore, provisional data showed.

Economic headwinds pull rupee’s resilience in August

The rupee’s resilience in the face economic headwinds has come to an end, with the currency losing its year-to-date gains in the space of just one month.

The country’s massive domestic market is now dragging on the rupee as growth at home slows, foreigners pull cash from local equities and the currency increasingly tracks moves in the yuan as the trade war heats up. Read the full story here

Mutual funds set 10-year AUM target at ₹100-lakh cr

Notwithstanding the crisis in debt-oriented schemes, the mutual fund industry is targeting to increase the assets under management (AUM) four-fold to ₹100-lakh crore over the next decade from ₹25-lakh crore now, and the investor base to 10 crore from the existing two crore, a five-fold rise, over the same period. Read more here

MFs brought out risky schemes to chase higher yields: Tyagi

The mutual fund industry rolled out risky investment products in its race to gain higher yields, raising questions on the distinction between lending and investing.

Ajay Tyagi, Chairman, SEBI, said recent events in the debt segment have put the spotlight on several risky investments made by the industry in its quest for higher yields. Read the full story here

Opening Bell:  The 30-share BSE index Sensex opened on a weak note dropping 43.80 points to 37,597.47 against the previous close of 37,641.27. The 50-share NSE index Nifty opened 52.1 points lower 18.25 points at 11,087.10 against the previous close of 11,105.35.

Today's Pick - Apollo Tyres (₹172): Buy

Investors with a short-term perspective can buy the stock of Apollo Tyres at current levels . The stock gained 3.4 per cent with good volume on Tuesday, breaching a key immediate resistance at ₹168. With this rally, the stock appears to have resumed the near-term uptrend that has been in place since it registered a 52-week low at ₹144 in early August this year. Read the full technicals here

Day Trading Guide for August 28, 2019

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

₹2259 • HDFC Bank

₹785 • Infosys

₹245 • ITC

₹125 • ONGC

₹1275 • Reliance Ind.

₹285 • SBI

₹2237 • TCS

11103 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Asian stocks find modest support on firmer US futures

Asian shares eked out meagre gains on Wednesday, as higher Wall Street futures provided some relief for investors after an overnight U.S. selloff, though deeper worries about the global economy are likely to keep a lid on sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.03 per cent, Japan's Nikkei rose 0.04 per cent and Australia's shares rose 0.07 per cent.

The U.S. yield curve inversion deepened on Tuesday to levels not seen since 2007, which sent Wall Street stocks lower. The S&P 500 fell 0.33 per cent. Read the full report here

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