Sensex down 74 points; Yes Bank tanks 7%, metal loses shine
20 August 2019
Market Close: Benchmark indices ended lower on August 20 in the volatile trading with Nifty finished below 11,050 level.
The Sensex was down 74.48 points at 37,328.01, while Nifty was down 36.90 points at 11,017. About 915 shares have advanced, 1500 shares declined, and 141 shares are unchanged.
Maruti Suzuki, Tata Motors, HCL Technologies, Infosys and Dr Reddys Laboratories were among major gainers on the Nifty, while losers were Yes Bank, Indiabulls Housing, Britannia Industries, UltraTech Cement and IndusInd Bank.
Among sectors, metal, PSU bank, energy, FMCG and infra witnessed selling pressure, while auto, IT and pharma stocks gained.
Buzzing: Shares of Vodafone Idea fell as much as 8.84 percent intraday on August 20 after the chief executive officer Balesh Sharma stepped down. The situation was worsened by additional loss of subscribers in June.
Gold Update: Gold prices were steady on Tuesday, after skidding below a key level in the previous session following an uptick in risk appetite, with investors awaiting meetings by policymakers later this week for clues on the path forward for interest rate cuts.
Benchmark indices are trading flat with negative bias with Nifty hovering around 11,000.
The Sensex is down 38.84 points at 37,363.65, while Nifty is down 27.90 points at 11,026. About 779 shares have advanced, 1421 shares declined, and 123 shares are unchanged.
Welspun Enterprises said it has received credit rating of 'A1+' from Brickwork Ratings India Private Limited for issuance of commercial paper of Rs 300 crore.
This is the highest credit rating for short term borrowing, it added.
Buzzing: Share price of Himachal Futuristic Communication (HFCL) surged 8.5 percent on August 20 after company received purchase order worth Rs 2,467 crore.
Buzzing: Shares of Mangalore Refinery and Petrochemicals (MRPL) declined 3 percent on August 20 after company shut its Phase-III process units of the refinery due to intensified monsoon.
Kwality touches 52-week low: Shares of Kwality touched 52-week low of Rs 2.19, down 4.3 percent on August 20 as company's losses widened in the quarter ended June 2019. The company's Q1FY20 loss was at Rs 64.6 crore against loss of Rs 0.85 crore in a year ago period.
Mahanagar Gas climbs 12%: Shares of Mahanagar Gas rallied nearly 11 percent on August 20 after foreign promoter offloaded its entire stake in the company.
British Gas sold 98 lakh shares in the natural gas distribution company through block deals on the National Stock Exchange, reports CNBC-TV18
Buzzing: Shares of Va Tech Wabag added more than 2 percent on August 20 after research house Nomura has maintained buy rating on the stock but cut target to Rs 445 per share from Rs 520 per share.
The research house cut FY20/21 EPS estimates by 23 percent / 22 percent to factor in slower execution.
Dollar Update: The dollar held near a three-week high on Tuesday, as expectations global economies would unleash fresh stimulus and an improvement in appetite for riskier assets lifted yields on US government bonds.
Market Opens: It is a flat start for the benchmark indices on August 20 with Nifty around 11,050.
The Sensex is up 28.28 points at 37,430.77, while Nifty is up 1.30 points at 11,055.20. About 327 shares have advanced, 356 shares declined, and 31 shares are unchanged.
Mahanagar Gas, Zee entertainment, Infosys, M&M, HDFC Bank, TCS are among major gainers on the indices, while losers include Britannia, Yes Bank, JSW Steel, IOC, Bharti Infra, Coal India , Tata Motors and ICICI Bank.
Among sectors, FMCG and metal are witnessing selling pressure, while buying seen in the auto, infra, IT and pharma. BSE midcap and smallcap are trading flat.
Rupee Opens: The Indian rupee opened lower at 71.51 per dollar on Tuesday against previous close 71.43 yesterday.
Market at pre-open: Indian indices are trading higher in the pre-opening session with Nifty near 11,100.
At 09:01 hrs IST, the Sensex is up 104.15 points or 0.28% at 37506.64, and the Nifty up 27.60 points or 0.25% at 11081.50.
Asian markets trade higher: Asian shares extended their gains on Tuesday as hopes for stimulus in major economies tempered anxiety about a global recession, helping boost riskier assets and drawing money from safe-havens such as bonds and gold.
Jefferies on Mahanagar Gas
Maintain buy call on the stock
Shell is seen selling remaining 10% at a floor price of Rs 733 per share
Expect margin to expand to Rs 9/scm in FY20-22 from Rs 8.20/scm in FY19
Credit Suisse on Reliance Industries
Upgrade to neutral, target raised to Rs 1,210 from Rs 1,028 per share
Factor in stronger balance sheet with debt reduction of USD 22 billion till FY21
Factor in low capex intensity guidance & higher Jio valuation
Nomura on VA Tech
Buy rating, target cut to Rs 445 from Rs 520 per share
Cut FY20/21 EPS estimates by 23%/22% to factor in slower execution
Recovery of stuck debtors by FY21 a key trigger
Order inflow guidance of Rs 5,000-5,400 crore for FY20 should be met
CLSA on NTPC
Maintain buy rating, target cut to Rs 165 from Rs 170 per share
Getting ready for better times with some bumps
FY20 EPS estimates cut by 4% to factor in weak Q1
Stock can outperform as it has robust RE growth
Citi on NBFCs
AUM growth slowed further due to liquidity constraints/ end-market softness
Asset quality issues emerged in pockets, especially in real estate loans
Funding/NIM remained constrained for mid/small size NBFCs
Preferred pick is HDFC followed by Shriram Transport
Wall Street ends higher: US stocks climbed on Monday as reports of stimulus efforts in China and Germany calmed fears of a severe downturn in the global economy that were stoked last week as bond yields fell.
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader indices in India, a fall of 10.50 points or 0.09 percent. Nifty futures were trading around 11,046-level on the Singaporean Exchange.