HDFC twins, ICICI Bank drag market, TCS, Reliance, ITC bat for bulls##HDFC twins, ICICI Bank drag market, TCS, Reliance, ITC bat for bulls

Aug 1, 2018 3:58 PM

Sensex, Nifty snap 4-day gaining streak##Sensex, Nifty snap 4-day gaining streak

Aug 1, 2018 3:55 PM

Markets at close: Sensex, Nifty end lower in volatile trade##Markets at close: Sensex, Nifty end lower in volatile trade

Indian equity benchmark indexes closed lower on Wednesday, breaking a 4-day gaining streak, after the RBI raised repo rate by 25 basis points. The central bank, however, maintained its neutral stance on monetary policy. The silver lining for the indexes, however, is that the Sensex ended above 37,500, and Nifty was able to hold on to 11,300 mark. Banks underperformed with the Nifty Bank slipping nearly 170 points lower. But gains in midcaps kept market breadth in favour of advances with the NSE advance-decline ratio at 1:1. HDFC twins and ICICI Bank pulled indexes lower, while the support came from TCS, Reliance and ITC. Among stocks, Tata Motors recovered 6 percent from lows to close in the green after Q1 earnings, while Bajaj Auto closed at day’s low despite reporting in-line sales for July.

Aug 1, 2018 3:48 PM

Cabinet approves LIC-IDBI Bank deal##Cabinet approves LIC-IDBI Bank deal

Aug 1, 2018 3:26 PM

Here are the main highlights of RBI governor Urjit Patel's press briefing##Here are the main highlights of RBI governor Urjit Patel's press briefing

Mounting trade tensions and tightening financial conditions have increased.

Financial markets remain unsettled, capital flows to emerging markets have declined.

Instances of contagion have occurred since April.

MPC took note of the rise in retail inflation for the third consecutive month.

Households reported an uptick in inflation expectations.

Inflation projections for second half of this year remain broadly unchanged.

Aug 1, 2018 2:59 PM

RBI hikes repo rate by 25 basis points to 6.50%##RBI hikes repo rate by 25 basis points to 6.50%

As expected, the Reserve Bank of India has hiked repo rate by 25 basis points to 6.50 percent. Reverse repo rate stands at 6.25 percent and MSF at 6.75 percent. The RBI's MPC maintains its neutral stance with objective of achieving 4 percent CPI in medium-term. On inflation, the RBI has lowerd CPI forecast to 4.6% for the first half of the current fiscal, from the earlier projected 4.8-4.9 percent. CPI forecast for the second half is raised to 4.8 percent vs 4.7 percent from the earlier projected estimates. CPI inflation is projected at 5% for Q1 FY20 with risks evenly balanced.

Dr. Chetan Ghate, Dr. Pami Dua, Dr. Michael Debabrata Patra, Dr. Viral V. Acharya and Dr. Urjit R. Patel voted in favour of the decision, while Dr. Ravindra H. Dholakia voted against the decision.

On inflation outlook, the central bank said that the MSP hike will have a direct impact on food inflation, second round effects on headline inflation. However, overall performance of monsoon so far augurs well for food inflation in medium-term. Oil prices have moderated slightly, but remain at elevated levels. Also, the reductino of GST for certain goods likely will have some direct moderating impact on inflation. It added that the core inflation has been broad-based and risen significantly in recent months, but adds that financial markets continue to be volatile.

Aug 1, 2018 2:36 PM

July GST collections come in at Rs 96,483 crore##July GST collections come in at Rs 96,483 crore

Aug 1, 2018 2:30 PM

Market update: Sensex, Nifty remain weak, RBI decision on key rates, monetary policy shortly##Market update: Sensex, Nifty remain weak, RBI decision on key rates, monetary policy shortly

Benchmark indexes trade weak ahead of the RBI MPC meeting outcome on key interest rates and monetary policy guidance. The Sensex trades lower by 96 points, or 0.26 percent lower, to 37,510.03, while the Nifty is down by nearly 20 points, or 0.17 percent, to 11,337.15. Nifty Bank, Fin Service, PSU Bank, PVT Bank, all are down by up to 0.88 percent awaiting RBI decision.

Aug 1, 2018 2:27 PM

Tata Motors hits 2-week low after company posts biggest quarterly loss in nearly 10 years##Tata Motors hits 2-week low after company posts biggest quarterly loss in nearly 10 years

Shares of Tata Motors traded at Rs 262.80, falling by Rs 1.35 or 0.51 percent on the BSE at 1.15 pm. Intra-day, the stock has seen a high of Rs 262.80 and a low of Rs 248, after opening at Rs 248. Earlier, Tata Motors’s shares fell as much as over 5.34 percent to Rs 250, lowest since July 18. The automaker posted June-quarter consolidated net loss of Rs 1902 crore, its biggest loss in nearly 10 years. This was also co’s first quarterly loss in nearly three years. Profitability was hurt as dealers in China delayed purchases of luxury brand Jaguar Land Rover (JLR) to benefit from an import duty cut that came into effect after quarter-end. Jefferies cuts price target to Rs 355 from Rs 440 and maintains “buy” rating. The brokerage firm said while this may seem like a one-off (hurt by China import duty cut), such disappointments have been a recurring issue for JLR in a weak environment. Credit Suisse cuts price target to Rs 440 from Rs 460, maintains “outperform” rating. In fact, 26 of 39 brokerages rate the stock “buy” or higher, 11 “hold” and two “sell” or lower. The median price target is Rs 358, according to Thomson Reuters Eikon. Tata Motors has an estimated PE of 8.56, lower than the sector average of 17.43. More than 16 million shares change hands, compared with 30-day average of 11.4 million shares. (Reuters)

Aug 1, 2018 1:27 PM

Nifty Bank continues to underperform, pulls indexes lower##Nifty Bank continues to underperform, pulls indexes lower

Aug 1, 2018 1:11 PM

Market update: Sensex, Nifty trade lower ahead of RBI monetary policy decision##Market update: Sensex, Nifty trade lower ahead of RBI monetary policy decision

Indian markets continue to trade with caution ahead of the Reserve Bank of India's (RBI) decision on key policy rates and monetary policy guidance. The Sensex was trading at 37,549.35, lower by 57.23 points, or 0.15 percent, while the Nifty is flat at 11,353.30, down by 3.20 points, or 0.03 percent.

Aug 1, 2018 1:06 PM

Tata Global Bev Q1 net profit up 6.6% at Rs 116.2 crore##Tata Global Bev Q1 net profit up 6.6% at Rs 116.2 crore

Aug 1, 2018 12:57 PM

IndusInd Bank hits record, technical suggest may test resistance at Rs 2,069##IndusInd Bank hits record, technical suggest may test resistance at Rs 2,069

Shares of private sector lender Indusind Bank Ltd gained as much as 1.3 percent to a record of Rs 2,021. At 12.47 pm, it traded at Rs 2013.60, adding Rs 19.20, or rising by 0.96 percent on the BSE. It has so far ranged between Rs 2,020.05 and Rs 1,996.80. Stock breaks above a resistance at Rs 1,976.61, the 50 percent Fibonacci projection level of the uptrend from December 23, 2016 low to February 1, 2018 high. Breakout suggests stock may now rise up to the next resistance at Rs 2,068.75, the 61.8 percent projection level. Stock’s wave pattern suggests it’s in the wave iii of a five-wave uptrend; this uptrend constitutes the final wave 5 of a larger degree. Trend intensity (TI) indicator rises to 16, suggesting start of a new uptrend, MACD is also positive and above its signal line. Stock up 21 percent this year as of last close, has outperformed the broader NSE index’s 7.84 percent gains in the same period. (Reuters)

Aug 1, 2018 12:50 PM

Mahindra&Mahindra shares flat after July sales number are out##Mahindra&Mahindra shares flat after July sales number are out

Shares of Mahindra & Mahindra declined by 0.09 percent, or Rs 0.80, to Rs 933.10 on the BSE. The automobile company released July sales numbers today. Here are the main highlights:

M&M total Tractor sales up 20% at 22,679 Units Vs 18,957 Units (YoY).

M&M Domestic Tractor Sales up 21% at 21,574 Units Vs 17,804 Units (YoY); Tractor Export Sales down 4% at 1,105 Units Vs 1,153 Units (YoY).

M&M Total Auto Sales up 13% at 47,199 Units Vs 41,819 Units (YoY); Domestic Auto Sales up 12% at 44,605 Units Vs 39,834 Units (YoY); Auto Export Sales up 31% at 2,594 Units Vs 1,985 Units (YoY).

Aug 1, 2018 12:44 PM

Skymet says June-September monsoon rains seen at 92% of long-term average##Skymet says June-September monsoon rains seen at 92% of long-term average

Aug 1, 2018 12:14 PM

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