Latest news and update

27th Feb, 2019

European markets trade lower ahead of Trump-Kim meeting

Published on: 3:59 pm

  • European stock markets were trading lower on Wednesday, with The pan-European Stoxx 600 was down 0.37% with almost every sector in negative territory.
  • President Donald Trump and North Korean leader Kim Jong Un are due to meet in the Vietnam capital of Hanoi on Wednesday, with the summit looking to work on relations between the two nations, along with the denuclearization of the Korean Peninsula, as per media report. Read more.

Sensex, Nifty end lower as tensions with Pakistan intensify

Published on: 3:30 pm

  • Equity benchmark indices ended lower for the second day amid an escalation in the ongoing India-Pakistan conflict as Pakistani air force claimed to have fired across the Line of Control in the Nowshera sector in Jammu and Kashmir.
  • The Sensex ended 68 points lower at 35,905, while Nifty slipped 29 points at 10,807.
  • Bajaj Auto, Sun Pharma, and Bharti Airtel were the top gainers on the NSE, while losers were Tata Motors, Vedanta, and Infratel.
  • On the sectoral front, auto, infra, and pharma stocks gained, while selling pressure was seen in IT, metal, FMCG and banking space.

Indian Govt's bank recap may not unlock faster growth: Fitch Ratings

Published on: 2:46 pm

  • The Indian government's announcement on February 21, that it will soon inject $7 bn into state-owned banks under its recapitalization plan is likely to help banks meet minimum regulatory requirements, but is not sufficient to support significantly stronger lending growth, says Fitch Ratings.
  • The authorities' approach to the banking sector has clearly shifted towards spurring lending in recent months. Read more. 

Live share market update: Markets witness volatile trading session; Nifty down 25 points

Published on: 2:34 pm

  • Indian equity markets are witnessing an extremely volatile trading session on Wednesday, with the Nifty correcting nearly 120 points from the high point of the day. The Nifty was trading 25 points lower at 10,809, while Bank Nifty was 135 points down at 26,817 at 2.32PM.
  • The correction in the markets was seen following news reports of escalating geopolitical tensions between India and Pakistan.
  • India Vix continued to surge higher gaining 8.55% intraday and is currently trading at 18.5. Read more

Panacea Biotec gains 5% on one-time settlement with consortium of lenders

Published on: 2:24 pm

  • Shares of Panacea Biotec gained 5% in intraday trade on Wednesday as the company announced in a regulatory filing that its board had approved a one-time settlement with the company’s consortium of lenders. 
  • The company board also gave nod to demerging the company’s real estate business through scheme of arrangement subject to applicable approvals. In addition, the company's board approved transferring the pharmaceutical company formulations business to a wholly owned subsidiary of the company. Read more

Max India slumps 12% after board approves stake sale in Max Bupa Health Insurance

Published on: 2:21 pm

  • Shares of Max India were trading 12% down on Wednesday after the company’s board approved stake sale of 51% in Max Bupa Health Insurance to True North. Read more

Cement stocks gain; Ramco Cements up 5%

Published on: 2:20 pm

  • Shares of cement companies were trading higher in the afternoon session on Wednesday’s trade.
  • Ramco Cements and ACC gained after global brokerage firm Deutsche Bank raised price targets on likely strong growth in South India cement business. Read more. 

BEML bags order worth Rs400cr for Bengaluru metro

Published on: 2:12 pm

  • BEML received the contract for seven metro trainsets of 6 cars configuration to augment the metro services in Bengaluru. The order worth ~Rs400cr, the company said in the filing.
  • BEML Ltd is currently trading at Rs830.85 up by Rs7 or 0.85% from its previous closing of Rs823.85 on the BSE. The scrip opened at Rs829.90 and has touched a high and low of Rs853.10 and Rs825 respectively. Read more.

Sensex, Nifty off day’s low; Bajaj Auto, Sun Pharma stocks gain

Published on: 1:53 pm

  • Equity benchmark indices recovered in the afternoon session. The stock markets corrected sharply from its highs with the Sensex losing more than 600 points from intraday high.
  • The Sensex was down 41 points to 35,932, while the Nifty slipped 14 points to 10,820. The market breadth was neutral with 821 shares advancing, 871 shares declining, and 371 remaining unchanged.
  • Ultratech, Bajaj Auto, Sun Pharma, and NTPC were the top gainers, while Vedanta, Infratel, Tata Motors, and Wipro were the top losers on the Nifty50.

BEML bags order worth Rs400cr for Bengaluru metro

Published on: 1:30 pm

  • BEML received the contract for seven metro trainsets of 6 cars configuration to augment the metro services in Bengaluru.
  • The order worth ~Rs400cr, the company said in the filing. Read more. 

India VIX surges 11% after Pak violates Indian air space

Published on: 12:50 pm

  • Volatility gauge India VIX surged 11% at 19.01 after media report stated that Pakistan jets violated Indian airspace and entered border areas of Nowshera sector, but the jets were immediately pushed back by Indian jets on air patrol.
  • The stock markets corrected sharply from its highs with the Sensex losing more than 600 points from intraday high. Read more. 

Rupee depreciates 43 paise at 71.49/$ amid tensions at LoC

Published on: 12:30 pm

  • The Indian rupee erased its morning gains and depreciated 43 paise to trade at 71.49 against the dollar compared to its previous close of 71.07/$.
  • At 12:25 PM, IST, the domestic unit was trading at 71.38 against the dollar. Read more. 

Sensex slips over 100 points on escalating geopolitical tensions

Published on: 12:22 pm

  • Equity benchmark indices erased morning gain after Pakistan jets violated Indian air space. Pakistani fighter jets violated Indian air space in Nowshera sector of Jammu and Kashmir's Rajouri district but were pushed back by Indian aircraft, the media report said.
  • The Sensex fell 156 points to 35,817, while the Nifty was down 58 points to 10,777. The market breadth was neutral with 761 shares advancing, 896 shares declining, and 402 remaining unchanged.
  • The BSE Midcap index was up 0.65% and the BSE Smallcap index was up 0.92%.

Bank of Maharashtra to raise Rs205cr via equity shares

Published on: 11:50 am

  • The board of directors of Bank of Maharashtra held a meeting on February 26, and has considered and approved the proposal for raising equity shares via preferential allotment aggregating to Rs205cr.
  • The bank made the announcement in an exchange filing on Tuesday evening, post market hours. Read more. 

PSU Banks, Realty stocks gain; IT stocks underperform

Published on: 11:28 am

  • Equity benchmark indices staged a strong comeback in Wednesday morning trade with the Nifty recapturing the 10,900 mark on unabated foreign capital inflows amid short covering.
  • Asian stock markets were trading higher as investors watch the second summit between President Donald Trump and North Korean leader Kim Jong Un in Vietnam, where talks will take place to try and convince Pyongyang to end its nuclear program in exchange for sanctions relief.
  • The Nifty PSU Bank index gained over 2% led by Canara BankOriental BankBank of India, and Union Bank which surged over 3-5% respectively. Read more

Allahabad Bank, Corporation Bank and Dhanlakshmi Bank soar intraday Wednesday

Published on: 11:08 am

  • Allahabad BankCorporation BankDhanlakshmi Bank soared 7%, 8% and 10% respectively intraday Wednesday after being removed from the PCA framework.
  • The Reserve Bank of India in its press note informed that the central bank has released Allahabad Bank, Corporation Bank, and Dhanlaxmi Bank from the Prompt Corrective Action (PCA) framework.However, relaxation is subject to certain conditions and continuous monitoring, the RBI said in a press note on Tuesday after market hours. Read more.

Wipro snaps five-day rally; stock down 2%

Published on: 10:59 am

  • Shares of Wipro snapped five-day rally and are currently trading lower on Wednesday's morning trade after a media report said that the foreign brokerage firm Credit Suisse downgraded its rating to underperform from neutral on likely margin volatility.
  • The brokerage firm has also reduced its price target by 13.5% to Rs320 from Rs370 apiece earlier as it sees limited scope for further earnings upgrades, the report added. Read more. 

MRF gains 3% as workers at Chennai plant call off strike

Published on: 10:35 am

  • Shares of MRF were trading 3% higher on Wednesday after the company in its filing to the exchanges informed that workmen at its manufacturing plant in Tiruvottiyur, Chennai, Tamil Nadu have called off the strike.
  • Workmen of the company had called a strike with effect from February 9, 2019, for wage revision and removal of CCTV, the company said in a statement. Read more. 

Sensex, Nifty at day’s high; Reliance, L&T stocks lead

Published on: 10:31 am

  • Equity benchmark indices extended gains in the morning trade. All the sectoral indices, led by auto, metal, banking, FMCG and healthcare, were trading in the green with gains of up to 1.3%.
  • Prominent gainers that supported the recovery were RIL, L&T, Yes Bank, Sun Pharma, Bajaj Auto, M&M, Asian Paints, Hero MotoCorp, Bajaj Finance, and Tata Steel, on the Sensex.
  • The Sensex surged 310 points to 36,283, while the Nifty jumped 76 points to 10,912. 

GMR Infra emerges as highest bidder for Bhogapuram airport project; stock gains 2%

Published on: 9:55 am

  • Shares of GMR Infra gained 2% on Wednesday after the company emerged as the highest bidder for the Development, Operations and Management of Greenfield International Airport at Bhogapuram, Andhra Pradesh on a PPP basis.
  • Andhra Pradesh Airports Development Corporation Limited (APADCL), had initiated the RFP process for the new airport at Bhogapuram in November 2018, the company said in a press note to the exchanges on Wednesday. Read more

Sensex, Nifty surge on positive global cues

Published on: 9:54 am

Rupee up by 10 paise against US Dollar

Published on: 9:50 am

  • The Indian rupee opened marginally higher on Wednesday against the US dollar on account of some selling in greenback from banks and exporters.
  • Meanwhile, the dollar came under pressure after Federal Reserve Chairman Jerome Powell repeated that the US central bank would maintain patience on monetary policy, suggesting it was unlikely to raise interest rates anytime soon. Read more.

Nifty reclaims 10,900 mark; Dhanlaxmi Bank, Corporation Bank stocks surge

Published on: 9:18 am

  • Equity benchmark indices extended gain the early morning trade tracking positive global cues on Wednesday although investors will closely monitor tensions between India and Pakistan.
  • The Sensex was up 216 points at 36,189, while Nifty is up 52 points at 10,888.
  • Yes Bank, Adani Ports, and ICICI Bank, RIL, JSW Steel are among major gainers, while Wipro, HCL Tech, TCS, Tech Mahindra are trading lower.

S Chand acquires remaining 26% stake in Chhaya Prakashani

Published on: 9:18 am

  • S Chand & Company along with Eurasia Publishing House (wholly owned subsidiary of the company) has made an investment in Chhaya Prakashani in December 2016 by way of acquiring 74% of share capital of Chhaya.
  • Consequent upon the investment made by the Company and Eurasia, Chhaya became the subsidiary of the Company on December 5, 2016. Read more. 

RIL clarifies on reports of acquiring Garden Vareli brand

Published on: 9:12 am

  • Reliance Industries, in its filing to the exchanges, clarified on media reports which stated that RIL, TCG front-runners to take over iconic Garden Vareli brand and said that it is mere speculation in the media space.
  • "We would like to clarify that we are unable to comment on media speculation and rumors and it would be inappropriate on our part to do so," the company said in a press note after market hours to the exchanges on Tuesday. Read more. 

Asian markets gain ahead of Trump-Kim summit

Published on: 8:45 am

  • Asian stock markets were trading higher on Wednesday’s morning trade as investors watch the second summit between President Donald Trump and North Korean leader Kim Jong Un in Vietnam, where talks will take place to try and convince Pyongyang to end its nuclear program in exchange for sanctions relief.
  • The two leaders first met last June in Singapore, a summit that was long on historic pageantry but short in any enforceable agreements for North Korea to give up its nuclear arsenal, the media report stated. Read more. 

RBI releases Allahabad, Corporation, Dhanlaxmi Bank from PCA framework

Published on: 8:45 am

  • The Reserve Bank of India in its press note informed that the central bank has released Allahabad Bank, Corporation Bank, and Dhanlaxmi Bank from the Prompt Corrective Action (PCA) framework.
  • However, relaxation is subject to certain conditions and continuous monitoring, the RBI said in a press note on Tuesday after market hours. Read more. 

Top stocks in focus: Allahabad Bank, Corporation Bank, ONGC, Unichem Lab

Published on: 8:32 am

  • The Reserve Bank of India removed Allahabad BankCorporation Bank and Dhanlaxmi Bank from the Prompt Corrective Action Framework subject to certain conditions. Allahabad Bank and Corporation Bank apprised RBI of structural and systemic improvements while Dhanlaxmi Bank found to not be breaching any risk threshold under the PCA framework.
  • Max India approved the divestment of the entire stake of 51% in Max Bupa Health Insurance to True North Fund for Rs511cr. The proposed transaction has valued Max Bupa at an enterprise value of Rs1,001cr. The transaction is subject to approval from both parties, IRDAI, and shareholders of the company. Read more.

Unichem Labs files plea against general court order with EU court

Published on: 8:32 am

  • Unichem Labs, in its filing to the exchanges, informed that the company will lodge an appeal against the General Court's judgment before the European Court of Justice in Perindopril case.
  • Accordingly, the company has asked the court of justice to overturn the General Court judgment, the company said in a press note after market hours to the exchanges on Tuesday. Read more.

Current FII data

Published on: 8:30 am

FII/DII Data:  In yesterday’s trading session, FIIs bought 1674cr stock in the cash market, whereas DIIs sold 720cr worth of stock. In the derivative market, FIIs sold 698cr of Index futures and sold 571cr worth of Index options. In the Stock futures segment, FIIs bought 561cr worth of stock futures and sold 191cr stock options.

FII View: FIIs created bearish positions in the derivative segment which is deduced by the fact that they built 5634 short contracts in the Index Futures while simultaneously reducing 3,389 long contracts in Index Call Options. The long-short ratio in Index Futures currently stands at 1.3 x vs. 1.4x.

II OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 188 (2) 72 0.9 1.3
Index Short 206 3 31
Index Call Long 238 (1) 32 3.0 1.0
Index Call Short 79 (1) 38
Index Put Long 346 (0) 22 2.1 1.1
Index Put Short 162 3 12

SGX Nifty indicates a positive opening for the Indian markets

Published on: 8:29 am

  • SGX Nifty is at 10860, up 37 points. For today, expect higher volatility as we head into derivative contracts expiry on Thursday.
  • Nifty saw another volatile session as Indian Air force struck POK in a swift 30 minutes sortie, which destroyed the heart of terrorist activities. Nifty fell over 150 points in the afternoon session before seeing huge foreign buying, which saw Nifty recover all the losses, however, last hour profit booking saw the index ended lower by 40 points.
  • Media, metals & select IT stocks led the pull-back as the broader markets also saw contrarian buying. Read more.

Broker Radar for February 27

Published on: 8:15 am

Deutsche Bank maintained ‘Buy’ on IndusInd Bank with a TP of Rs2000/share
  • Multiple factors to drive performance
  • See rish reward favourable at current level
  • IL&FS overhang should be over in Q4. Read more. 

What not to miss today

Published on: 7:51 am

  • Markets to open higher; Nifty support @10729, resistance 10930.
  • FIIs bought 1674cr (cash), sold 698cr in Index futures.
  • US markets down on Fed chairman Powell’s remark; Asian stocks gain.
  • Max India Board approves selling of 51% stake in Max Bupa Health Insurance to True North. Read more.

Bulk Deals

Published on: 7:46 am

  • Gujarat Raffia-Roll: Virtue Ceramics Private Limited bought 25,000 shares of the company at Rs14.45 per share on the NSE.
  • Sintercom India: Bellwether Capital Private Limited purchased 1.34 lakh shares of the company at Rs59.34 per share.

Derivative watch

Published on: 7:21 am

  • Nifty and Bank Nifty future saw unwinding of long positions.
  • Heavy call writing is seen in Nifty 11000CE & Bank Nifty 27400CE, indicating a ceiling level for the indices around the mentioned strike levels during the February series.
  • As the volatility levels continue to soar higher, doing a long vega spread in Nifty could yield a positive payoff.
  • Yes Bank added long positions, while Indiabulls Housing Finance added fresh short positions.

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