Share Market Update: Sensex ends 645 points higher, Nifty at 11,313 mark; Raymond rises 8%

Monday market action

On Monday, market ended lower for the sixth straight day. Sensex fell 141 points to 37,531, Nifty lost 48 points to 11,126. Healthcare, capital goods, oil and gas sector stocks were the top losers. YES Bank, Axis Bank, Bajaj Auto, ICICI Bank were the top gainers on Sensex. Tata Steel, ONGC and ITC were top Sensex losers.

Mid cap, small cap indices trade flat

Mid cap and small cap indices were trading 5 points and 7.62 points higher in early trade.


 

Market breadth

Market breadth was marginally positive with 635 stocks trading higher compared to 598 falling on the BSE.

Selling pressure in consumer durables stocks

Consumer durables stocks were top losers with the BSE index falling 591 points to 25,128 in early trade.


 

FPIs/FIIs in action

On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 494 crore on Monday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 904 crore, provisional data available with BSE showed.

YES Bank share price top Sensex, Nifty loser

Shares of YES Bank fell nearly 10% on Wednesday's session after the private lender denied reports suggesting talks between the bank and Microsoft Corporation and two other tech firms for a possible stake sale, as a part of its efforts to raise capital.

YES Bank in a regulatory filing said it is "not aware of the source, which resulted in the news item and as a matter of policy, the bank would not like to comment on such article."

YES Bank shares plunge 10% as lender denies reports of strategic investment by Microsoft

Market Update

Share Market Live: After a positive start, benchmark indices Sensex and Nifty turned flat on Wednesday amid weak global cues and continued forieng fund outflows. Currently, Sensex trades 10 points higher at 37,545 and Nifty is up 3 points at 11,134. 

Rupee opens on a cautious note

The Indian rupee opened on a cautious note and fell 20 paise to 71.22 against the US dollar in early trade on Wednesday tracking subdued opening in domestic equities and foreign fund outflows

Effects of global slowdown more pronounced in India: IMF

As the global economy is witnessing “synchronized slowdown”, the effect is “more pronounced” this year in some of the largest emerging market economies like India, said the new International Monetary Fund (IMF) Managing Director, Kristalina Georgieva.

"In 2019, we expect slower growth in nearly 90 per cent of the world. The global economy is now in a synchronized slowdown," Georgieva said at the IMF headquarters on Tuesday, Efe news reported. "Global trade growth has come to a near standstill," she warned.

China's accelerated growth is experiencing a gradual decrease, she added.

Global economy experiencing 'synchronised slowdown', says new IMF chief Georgieva


 

Sensex pack gainers/losers

Top Sensex gainers in early session included ICICI Bank, Kotak Bank, L&T, M&M, IndusInd Bank, Asian Paints and HDFC Bank, rising up to 1.39 per cent.

On the other hand, top losers were Yes Bank, HCL Tech, ONGC, Hero MotoCorp, TCS, Tata Steel and Infosys, falling up to 8.33 per cent.

Global Market Update

On the global front, ahead of scheduled high level trade talks between the US and Chinese officials on Thursday, US announced visa restrictions against officials of the Chinese government and the Communist Party of China for instituting a highly "repressive campaign" against ethnic and religious minorities, including the Uyghur Muslims, in the country's Xinjiang province.

The fresh developments weighed heavily on investors' sentiments globally.

In addition, the International Monetary Fund has forecasted the weakest growth in a decade following tariff disputes.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were trading lower, while those in Seoul were trading in the green. Shares on Wall Street ended lower on Tuesday.

(PT I)

Titan shares plunge 6% on Q2FY20 business update

The share price of Titan Company fell almost 6.5% to Rs 1,177.75 on Wednesday as its jewellery division reported a sharp fall in the sales in second quarter of this financial year, following a sharp surge in gold prices.

Tata Group company, which owns the Tanishq brand, informed the exchanges that though its retail sales of jewellery segment grew by 7% in Q2, revenues declined 2% y-o-y in Q2 substantially due to adverse impact of the hedges matured during the quarter.

"While retail sales declined in July, between August & September the retail growth was 15% y-o-y over the same period in the previous financial year possible due to an enhanced level of promotions & schemes," the company said.

IndiaBulls Real Estate stock locked in upper circuit of 5%

IndiaBulls Real Estate share price was locked in the upper circuit of 5% today after the realty firm said it would hold a meeting of the board of directors of the company to consider buyback of shares on October 11, 2019.  IndiaBulls Real Estate share price opened 5% higher at 43.10 compared to the previous close of Rs 41.05 on BSE.

"We wish to inform that a meeting of the Board of Directors of the Company will be held on Friday, October 11, 2019, to consider, inter alia, the proposal of buyback of equity shares of the company," IndiaBulls Real Estate said on Tuesday.  

 

IRCTC IPO likely to list at 64% premium over issue price

The allotment of shares for the initial public offer (IPO) of Indian Railway Catering and Tourism Corporation (IRCTC) will be held from October 9 to October 10 and tentative listing date of the firm on bourses is October 14. Geetanjali Kedia, senior research analyst at SPTulsian.com expects the IRCTC share to list at around Rs 520-Rs 525. That amounts to 64% premium to the issue price of Rs 320 at the higher end.

"The grey market premium of around Rs 200 captures the value of the business. Further gains will depend on how the company ramps up its e-ticket business, how its private train project ramps up and when the new water bottling plants come up," Kedia told The Economic Times.

IRCTC IPO: PSU share likely to list at 64% premium over issue price

 

Maruti Suzuki Ciaz continues its dominance for 5 years

Maruti share price rose 1.67% intraday to Rs 6741.85, after the carmaker in a press release informed that its premium sedan Ciaz completed its 5 glorious years of being one of the best-selling premium sedan in the country.

Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India Limited, said,"Since its launch, Ciaz has witnessed a resounding success in the highly competitive premium sedan market. Ciaz commands a 30% market share in the premium sedan segment, and has struck a chord with Indian consumers."

BHEL bags significant order

Bharat Heavy Electricals Limited (BHEL) has bagged a significant order for the Turbine Generator (TG) and associated packages for the greenfield 2x660 MW Khurja Super Thermal Power Project in Bulandshahr district of Uttar Pradesh. Post the announcement, BHEL shares rose after 2 days of consecutive fall and  jumped 2.6% intraday to Rs 43.95 on the BSE.

Valued at around Rs 1,600 cr, the order has been placed on BHEL by THDC India Ltd, a Joint Venture of the Government of India and the Government of Uttar Pradesh," the regulatory filing added. 

Raymond's subsidiary sells property to VRSA for Rs 700 crore

Raymond shares climed 9.63% to Rs 599.8 after the company signed an agreement to sell its 20-acre land parcel in Thane for Rs 700 cr. Raymond's stock has gained after 3 days of consecutive fall.

The filing read,"JK lnvesto Trade (India) Limited (JKIT), an Associate Company of Raymond has entered into an Agreement For Sale (AFS) for its property measuring 78,310 sq. meters (~20 acres) located at VIllage Panchpakhadi, Thane (West) with an affitiate of Virtuous Retail South Asia(VRSA) for Rs. 700 crores subject to payment of taxes, cost of approval as applicable."

The land parcel at Raymond Junction adjoining the Singhania School has a significant advantage in terms of its location and this deal is seen to be iconic as it will bring in significant commercial development in Thane.

Commenting on the development, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, "The sale of JKIT land parcel is a major step towards our strategy of asset monetization and value creation for our shareholders."

Closing Session

Benchmark indices Sensex and Nifty ended majorly bullish on Wednesday, backed by positive domestic as well as global cues. While Sensex ended 645 points higher at 38,177, Nifty closed 186 points at 11,313.  Sectorally, except for IT scrips, all the other indices ended on a bullish note, with over 3.4% gain registered in banking and PSU banking indices and over 2% advance recorded in realty financial services and metal indices and over 1% gain in pharma and auto stocks.

Sensex gainers

ICICI Bank  (1.33%), Mahindra and Mahindra (1.30%) and L&T (0.94%) were the top Sensex gainers.