Sensex up 161 points; Maruti Suzuki, Sun Pharma dip 3%

04 Sep 2019

Market Close: Benchmark indices witnesses a volatile session on September 4 but managed to end higher with Nifty above 10,800.

At close, the Sensex was up 161.83 points at 36,724.74, while Nifty was up 39 points at 10,836.90. About 1197 shares have advanced, 1179 shares declined, and 163 shares are unchanged.

Tata Steel, BPCL, IOC, Dr Reddy’s Labs and JSW Steel were among major gainers on the Nifty, while losers were Maruti Suzuki, Sun Pharma, Britannia Industries, Tata Motors and Asian Paints.

Among sectors, buying seen in the bank, energy, infra, IT and metal, while FMCG, auto and pharma remained under pressure.

Market at day's high:

Indian indices are trading at day's high level with Nifty above 10,850 level helped by the metal, infra, IT and banking stocks.

The Sensex is up 211.36 points or 0.58% at 36774.27, and the Nifty up 58.60 points or 0.54% at 10856.50. About 1117 shares have advanced, 1137 shares declined, and 144 shares are unchanged.

Vascon Engineers bags order: The company has received tender from Maharashtra State Police Housing & Welfare Corporation (A Government of Maharashtra Undertaking) for construction of staff quarters alongwith multipurpose hall in Mumbai amounting to Rs 465 crore. The work has to be completed within 36 months from the date of receipt of this tender.

Maruti Suzuki announces 'no production days'; share falls 4%

Shares of Maruti Suzuki India fell nearly 4 percent after the company said it has decided to shut down passenger vehicle manufacturing plants for two days.

The company in its press release reported that no passenger vehicle manufacturing operations will be carried out from Gurugram plant and Manesar plant in Haryana on September 7 and 9. Read more

Market Update: Benchmark indices are trading in the green, with Sensex up more than 140 points and Nifty trading 40 points higher.

The Sensex is up 147.51 points or 0.40 percent at 36710.42, and the Nifty up 39.60 points or 0.37 percent at 10837.50. About 1000 shares have advanced, 1117 shares declined, and 127 shares are unchanged.

HDFC Bank, HCL Technology, SBI are among the top gainers on the BSE, while Sun Pharma, Tata Motors and IndusInd Bank are the top losers.

On the sectoral front, Nifty Bank and Nifty Financial Services were the biggest winners, up 1.37 percent and 1.27 percent, respectively. Meanwhile, Nifty Media emerged as the biggest loser, down 0.95 percent.

Buzzing: A day after making a healthy gain of 8 percent, shares of IDBI Bank fell 4.51 percent on September 4 on account of profit booking.

Shares of the bank saw a healthy traction on September 3 after the cabinet approved a plan to infuse Rs 9,300 crore in IDBI to raise capital adequacy ratio.

HDIL gains 5%: Shares of Housing Development and Infrastructure (HDIL) continued their upward march for the third consecutive session, gaining almost 5 percent on BSE on September 4 after the National Company Law Appellate Tribunal (NCLAT) put on hold insolvency proceedings against the company.

Buzzing: Shares of Ashok Leyland cracked over 6 percent on September 4, after the company reported a massive fall of 70 percent in M&HCV (medium and heavy commercial vehicles) truck sales in the domestic market in August 2019.

Rupee trades higher: The Indian rupee has extended the morning gains and trading higher by 28 paise at 72.11 per dollar versus Tuesday's close of 72.39.

Crude Update: Oil prices recovered some ground on Wednesday after touching their lowest in close to a month during the previous session on concerns that a weakening global economy could depress demand.

Market Update:

Benchmark indices are trading volatile with Nifty trading below 10,800 level.

The Sensex is down 100.41 points at 36,462.50, while Nifty is down 37.10 points at 10,760.80. About 834 shares have advanced, 907 shares declined, and 87 shares are unchanged.

Crude Update: Oil prices recovered some ground on Wednesday after touching their lowest in close to a month during the previous session on concerns that a weakening global economy could depress demand.

Sun Pharma declines 5% after SEBI orders forensic audit

Shares of Sun Pharmaceutical Industries declined 5 percent after SEBI ordered a forensic audit against the company.

"SEBI has ordered a forensic audit to confirm the findings of its initial inquiry," a senior SEBI official told Moneycontrol on condition of anonymity.

Balkrishna Industries hits 52-low: Shares of Balkrishna Industries touched their 52-week low of Rs 682.65, falling 6.4 percent on September 4 after Macquarie initiated coverage on the stock with an underperform rating with target at Rs 575 per share.

Tata Communications in partnership with Neeco: Shares of Tata Communications added 3.6 percent on September 4 after Neeco Global ICT Services has become a customer of Tata Communications to take to market and deliver Internet of Things (IoT) services for enterprises in Europe.

Buzzing: Shares of Yes Bank slipped 2 percent on September 4 after foreign research house Morgan Stanley has remained underweight on the stock and also cut the target price to Rs 55 from Rs 95 per share.

Market Opens: It is a flat start for the Indian indices with positive bias on September 4 with Nifty above 10,800.

The Sensex is up 45.10 points or 0.12% at 36608.01, and the Nifty up 20.70 points or 0.19% at 10818.60. About 361 shares have advanced, 210 shares declined, and 30 shares are unchanged.

Bajaj Hindustan, Marico, Gail, Britannia, Zee Entertainment, Vedanta, L&T, Hero MotoCorp, Eicher Motors, and Coal India are among major gainers on the indices, while losers include Axis Bank, Yes Bank, HDFC Bank, ICICI Bank and Sun Pharma.

Among sectors, bank and pharma stocks are witnessing selling pressure, while some buying is seen in the FMCG, infra and IT.

Rupee Opens: The Indian rupee gained in the early trade on Wednesday. It has opened higher by 21 paise at 72.18 per dollar versus previous close 72.39.

Market at pre-open: Benchmark indices are trading higher in the pre-opening session on September 4.

At 09:03 hrs IST, the Sensex is up 20.05 points or 0.05% at 36582.96, and the Nifty up 4.30 points or 0.04% at 10802.20

Macquarie on HDFC Life

Maintain neutral; target at Rs 475 per share

Co remains confident of maintaining wallet share of 66% from HDFC Bank

Expect premiums sourced by HDFC Bank for co, to grow 15-20% on sustainable basis

Kotak Institutional Equities on L&T

Maintain buy call on the stock, target at Rs 1,545 per share

August has been strong w.r.t order wins for L&T

Estimate order wins of Rs 55,000-60,000 cr over May-August

Large orders dominating ordering mix may lend volatility to fin performance

Morgan Stanley on Oberoi Realty

Co concludes Rs 889 cr thane land transaction with GSK Pharma

Assuming 10 msf development potential at thane land, estimate sales potential of Rs 10,000 per sq ft

Stay overweight on the stock with target at Rs 633 per share

Morgan Stanley on IGL

Overweight on the stock with target at Rs 351 per share

Co raised CNG prices by Rs 0.5/Kg this week; expect another hike of Rs 0.7/Kg soon

Expect price hike trend to reverse from Q4; forecast domestic prices to fall 23% by 2020

Morgan Stanley on Yes Bank

Remain underweight on the stock; target cut to Rs 55 from Rs 95 per share

Volatility shows asset quality concerns, lack of clarity on timing, & price of further fundraising

Target a CET-1 ratio of 10% by end of FY21

Macquarie on Balkrishna Industries

Initiate coverage with underperform & target at Rs 575 per share

Believe return on equity is set to decline over the next two years

Forecast EPS to decline 5% over FY19-21

UBS on Infosys

Buy call on the stock with target at Rs 850 per share

Higher FY20 revenue visibility, margin improvement to help outperformance

Expect operating margin to start trending upwards from Q2FY20

Morgan Stanley on HDFC AMC

Downgrade to equal-weight from OW; raise target to Rs 2,650 from Rs 2,300 per share

Co has seen strong market share gains in systematic equity inflows

Believe operating profit/AAAUM have peaked & see little upside

BofaML on Titan

Maintain buy call with target at Rs 1,320 per share

Expect co to post a strong H2FY20 led by promotions, healthy festive demand

Credit Suisse on IT

Investors admit fundamentals have deteriorated but sector remains safe hiding place

Moderating global eco should reflect in slowing rev growth in H2FY20

Sense a strong bias towards Infosys over TCS heading in Q2

Investors hint at Tech Mahindra & HCL Tech being better near-term risk-reward plays

Most investors sounding cautious on midcaps

Asian markets trade lower: Asian stocks dipped early Wednesday after poor US economic data stoked global recession fears and further soured investor sentiment already hurt by heightened trade war concerns.

Wall Street ends lower: US stocks fell on Tuesday as investors worried about global growth prospects after data showed US factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.

SGX Nifty: Trends on SGX Nifty indicate a positive opening for the broader indices in India, a gain of 40 points or 0.37 percent. Nifty futures were trading around 11,859.50-level on the Singaporean Exchange.