Sensex falls 372 points; Sun Pharma down 9%
13 May 2019
Market Close: Late selling in the market drags Nifty below 11,150 level and Sensex by 372 points in today's trading session.
The Sensex was down 372.17 points at 37090.82, while Nifty was down 130.70 points at 11148.20. About 639 shares have advanced, 1826 shares declined, and 157 shares are unchanged.
Eicher Motors, Zee Entertainment, Sun Pharma, Indiabulls Housing and Yes Bank were among major losers on the Nifty, while gainers were Titan Company, Bharti Infratel, Tech Mahindra, HDFC and HUL.
On the sectoral front, major selling was seen in the PSU Bank and Pharma as both the indices closed with 4 percent cut, followed by metal, auto, energy and infra.
Market Update: It is sharp fall in the benchmark indices as Nifty break below 11,200 level.
At 15:00 hrs IST, the Sensex is down 217.58 points at 37245.41, while Nifty is down 86.80 points at 11192.10. About 597 shares have advanced, 1747 shares declined, and 136 shares are unchanged.
OBC Q4 results: Net profit at Rs 201.5 crore versus Rs loss of Rs 1,650.2 crore, YoY. Gross NPA at 12.66%, while net NPA at 5.93%, QoQ.
Jet Airways tumbles 5%: Etihad Airways has submitted a non-binding bid for Jet Airways, CNBC-TV18 reported. Etihad, which holds 24 percent stake in Jet Airways, has confirmed its bid.
"Etihad has been working consistently with key stakeholders in India over the past 15 months to help find a solution which would ensure Jet’s return as a viable and competitive Indian airline, and continues to do so," CNBC-TV18 report quoting the airline.
Gold trade firms: Gold prices steadied on Monday as trade talks between the United States and China hit a wall, raising doubts over whether the two countries would be able to reach a deal, thereby boosting demand for safe-haven assets.
CLSA on SBI
Buy rating, target raised to Rs 390 from Rs 380 per share
Company set for normalised profits
Fall in credit costs to drive earnings rebound
Morgan Stanley on SBI
Overweight call, target at Rs 425 per share
Profit lower on higher NPL provisions
Core PPoP up 31% YoY, 2% above estimate
Nomura on SBI
Maintain buy rating, target raised to Rs 400 from Rs 375 per share
Valuations reasonable at 0.8x for the improving profitability
Kotak Institutional Equities on SBI
Buy rating, target at Rs 410 per share
Focus shifts to return recovery from balance sheet
Jefferies on SBI
Buy rating, target raised to Rs 375 from Rs 365 per share
Operationally weak quarter, but FY20 should be better
CLSA on Tata Steel
Sell rating, target at Rs 395 per share
JV setback amid weakening European steel demand/margin
Thyssenkrupp JV may not get EU nod on reduced market competition concern
Credit Suisse on Tata Steel
Maintain outperform, target cut to Rs 570 from Rs 628 per share
Thyssenkrupp JV rejected as companies are unable to provide further remedies
CLSA on Eicher Motors
Outperform rating, target cut to Rs 22,500 from Rs 23,900 per share
Cut FY20-21 EPS by 12-14% & valuation finding support at 20x PE
Kotak Institutional Equities on Eicher Motors
Sell rating, target cut to Rs 16,200 from 18,400 per share
Volume outlook remains quite weak
CLSA on Cadila Healthcare
Downgrade to sell from buy, target cut to Rs 250 from Rs 430 per share
Moraiya plant observations worrying
Market Opens: It is weak start for the week as benchmark indices opened lower on May 13 with Nifty around 11,250.
The Sensex is down 69.91 points at 37393.08, while Nifty is down 27 points at 11251.90. About 295 shares have advanced, 398 shares declined, and 46 shares are unchanged.
Tata Steel, Hindalco, Eicher Motors, Dr Reddy's Lab Grasim Industries and Indiabulls Housing are among major losers on the indices, while gainers are TCS, SBI, Wipro, HCL Tech and Tech Mahindra.
Except FMCG and IT all other sectoral indices are trading in red.
Rupee Opens: The Indian rupee slipped in the early trade on Monday. It opened lower by 23 paise at 70.14 per dollar versus previous close 69.91 yesterday.
Market at pre-open: Benchmark indices are trading mixed in the pre-opening session on Monday with Sensex gained more than 200 points.
At 09:02 hrs IST, the Sensex is up 221.78 points or 0.59% at 37684.77, and the Nifty up 0.30 points or 0.00% at 11279.20.
Crude update: Oil futures were mixed on Monday, with US crude edging lower, as investors and traders fretted over global economic growth prospects amid a standoff in Sino-US trade talks.
Asian markets trade lower: US stock futures fell and Asian shares slipped on Monday on growing uncertainty over whether the United States and China will be able to reach a deal to end their escalating trade war.
SGX Nifty: Trends on SGX Nifty indicate a negative start for the broader index in India, a fall of 33 points or 0.29 percent. Nifty futures were trading around 11,250.50-level on the Singaporean Exchange.
Wall Street ends higher: US stocks rebounded from early losses on Friday to snap a four-day losing streak after US President Donald Trump and Treasury Secretary Steven Mnuchin said trade talks between the United States and China were “constructive.”