Sensex, Nifty end off day's low; Yes Bank plunges 29%
30 April 2019
Market close: Benchmark indices ended lower but off day's low on the back of buying seen in the last hour of trade.
The Sensex was down 35.78 points at 39031.55, while Nifty was down 6.50 points at 11748.20. About 721 shares have advanced, 1780 shares declined, and 149 shares are unchanged.
Yes Bank, Indiabulls Housing, IndusInd Bank, Bharti Infratel and Hero Motocorp were among major losers on the Nifty, while gainers were JSW Steel, HCL Tech, IOC, Zee Entertainment and BPCL.
Among the sectors, Nifty PSU bank declined more than 3 percent followed by auto, FMCG, infra and pharma, while some buying seen in the energy, IT and metal indices.
Buzzing: Shares of Bank of Maharashtra touched 52-week high of Rs 20; rising 3.6 percent intraday after company reported profit in the quarter ended March 2019 (Q4FY19).
Market Update: The Indian indices are trading under pressure with Nifty slipped below 11,700 level.
At 09:48 hrs IST, the Sensex is down 204.98 points at 38862.35, while Nifty is down 63 points at 11691.70. About 458 shares have advanced, 1111 shares declined, and 80 shares are unchanged.
Market Opens: It is flat start for the Indian Indices on April 30. The Sensex is down 60.31 points at 39007.02, while Nifty is down 27.20 points at 11727.50. About 351 shares have advanced, 409 shares declined, and 61 shares are unchanged.
Maruti Suzuki, Yes Bank, Bharti Infratel, IndusInd Bank, Hero Motocorp, DHFL, L&T, PNB Housing, are among major losers on the indices, while gainers are ONGC, Grasim Industries, Wipro and Tech Mahindra.
Among sectors, Bank Nifty is under pressure with a fall of 1 percent. Auto and metal stocks are also trading lower.
Market at pre-open: Benchmark indices are trading flat with positive bias in the pre-opening session on Tuesday.
The Sensex is up 27.60 points or 0.07% at 39094.93, and the Nifty down 4.70 points or 0.04% at 11750.00.
Yes Bank fell 10 percent in pre-opening trading.
Asian markets trade lower: Shares in Asia fell on Tuesday despite another record high close for the S&P 500, as investors await a US Federal Reserve policy decision for clues of whether it will continue to take a "patient" approach to interest rate policy.
CLSA on Hero Motocorp
Retain sell call, target cut to Rs 2,375 from Rs 2,400 per share
2-wheeler demand has weakened post the new insurance norms in September
Cost push from regulatory changes over next 1-year will be a further drag
PhillipCap on Hero Motocorp
Maintain neutral, target raised to Rs 2,811 from Rs 2,700 per share
2-wheeler yet to recover from negative impact of insurance & safety regulations
Jefferies on Hero Motocorp
Hold Rating, target raised to Rs 2,530 from Rs 2,550 per share
Q4 result largely in-line with margin of 13.6%
Morgan Stanley on Hero Motocorp
Underweight call, target at Rs 2,459 per share
EBITDA growth may be weak due to competitive & regulatory pressures
Key to monitor will be market share in scooters & premium bikes
Credit Suisse on Hero Motocorp
Outperform call, target at Rs 2,920 per share
Subdued Q4; weakness likely to continue but valuations favourable
CITI on Hero Motocorp
Buy Call, target cut to Rs 3,250 from Rs 3,350 per share
Cut FY20 EPS estimates by 10% due to subdued vol growth expectations & lower margin
FY21 EPS estimates are increased by 4%, reflecting effective pricing strategy
Nomura on Hero Motocorp
Neutral call, target at Rs 2,725 per share
Q4 in-line; demand outlook remains weak
Macquarie on Hero Motocorp
Outperform call, target at Rs 3,000 per share
PAT declined due to production cuts to correct elevated channel inventory
Nomura on HDFC Life
Protection & annuity growth strong
Valuations remain our only constraint
Maintain neutral call, target raised to Rs 435 per share
Morgan Stanley on HDFC Life
One of the best plays on India's insurance story in the medium term
FY19 saw strong VNB growth helped by continued performance in protection/annuities
Equal-weight call, target at Rs 380 per share
Macquarie on HDFC Life
Neutral call, target at Rs 400 per share
Falling wallet share from HDFC Bank drags Q4
Reported 17% YoY growth in APE, led by a 3.5x rise in group APE
Macquarie on Yes Bank
Double-downgrade to underperform, target cut to Rs 165 from Rs 231 per share
Cut EPS estimate by 45%
Deutsche Bank on Yes Bank
Buy call, target cut to Rs 245 from Rs 330 per share
Q4 was a clean-up act; may see softer earnings in the near term
Credit Suisse on Yes Bank
Neutral Call, target at Rs 205 per share
Cut EPS estimate by 50%
Q4FY19 indicates commencement of clean-up process
CITI on Yes Bank
Downgrade to sell, target cut to Rs 180 from Rs 240 per share
Co faces twin challenges of profitability & capital
HSBC on Yes Bank
Downgrade to reduce, cut target to Rs 164 from Rs 243 per share
Reported its first quarterly loss since FY06
Asset quality deteriorated significantly
Morgan Stanley on Yes Bank
Underweight call, target cut to Rs 125 from Rs 160 per share
Expect a gradual turnaround under the new CEO
See 0.7-0.9% ROA in next 3 years
Credit Suisse on Sun Pharma
Downgrade to neutral, target cut to Rs 470 from Rs 515 per share
Cut FY19-21 EPS estimate by 7-10%
S&P 500 hits record high: The S&P 500 set an intraday record high on Monday, bolstering the view that the decade-long bull market has further to run, after consumer spending rose in March and inflation data was benign.
SGX Nifty: Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 27.5 points or 0.23 percent. Nifty futures were trading around 10,842 - level on the Singaporean Exchange.