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  • Market plummets on Union Budget woes, global selloff

    Heavy selloff across all sectors dragged benchmark indices steeply lower, triggered by weak global cues. The Nifty opened below 11800 mark and extended losses as the session progressed. The index managed to end above 11550 mark after briefly slipping below that mark in intraday.

    The Sensex slumped 792.82 points or 2.01% to settle at 38,720.57, its lowest closing level since 17 May 2019. The index fell 37.01 points, or 0.09% at the day's high of 39,476.38. The index fell 907.91 points, or 2.30% at the day's low of 38,605.48.

    The Nifty 50 index plunged 252.55 points or 2.14% to settle at 11,558.60, its lowest closing level since 17 May 2019. The index fell 39.25 points, or 0.33% at the day's high of 11,771.90. The index fell 287.85 points, or 2.44% at the day's low of 11,523.30.

    Selling was wide spread. The S&P BSE Mid-Cap index fell 1.99%. The S&P BSE Small-Cap index fell 2.46%.

    The market breadth was weak. On the BSE, 571 shares rose and 1953 shares fell. A total of 145 shares were unchanged.

    Weak global cues spoiled investors sentiment. Global shares tumbled as hopes of steep cuts in interest rates by the US Federal Reserve faded after the world's largest economy posted better-than-expected jobs data Friday.

    As fears of slowdown grow, a foreign brokerage reportedly downgraded global equities from equal-weight to underweight as the upside remains fairly limited from current levels. Over the next 12 months, there is now just 1% average upside to the foreign broker's price targets for the S&P 500, MSCI Europe, MSCI EM, and Topix Japan. The broker's average expected return for global stocks fell to the lowest in six years, global PMIs and commodity prices continued to deteriorate and earnings estimates remained higher.

    Back home, the government's move to increase minimum public shareholding in listed companies also disappointed domestic investors. Finance Minister Nirmala Sitharaman in her maiden Budget speech on Friday, 5 July 2019, urged Sebi to consider increasing the minimum public shareholding in listed firms to 35% from 25%. The proposal is potential negative for MNC and companies with high promoter holding. This proposal could also increase the supply of paper in the market, which would suck money out of secondary market.

    As many as 1,037 companies need to dillute promoter holding to bring public shareholding to 35% as proposed by the 2019-20 Union Budget. Of these, 62 companies had market cap of more than Rs 10,000 crore. As many as 320 companies belonged to the finance, textiles, chemicals, auto ancillaries and pharmaceuticals sectors.

    Further, in order to discourage the practice of avoiding dividend distribution tax (DDT) through buyback of shares by listed companies, the government proposed that listed companies shall be liable to pay additional tax of 20% in case of buyback of share, as is the case for unlisted companies.

    Forty-four companies announced/closed their buybacks after 1 April 2019. Of the Rs 26562.69-crore proposed outgo from companies, investors have received Rs 3033.58 crore.

    Among the sectoral indices on the BSE, the S&P BSE IT index (down 0.10%), the S&P BSE Teck (down 0.37%) and the S&P BSE Healthcare index (down 1.30%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Capital Goods index (down 3.78%), the S&P BSE Realty index (down 3.50%) and the S&P BSE Auto index (down 3.14%) underperformed the S&P BSE Sensex.

    ONGC (down 5.43%), NTPC (down 4.98%), Larsen & Toubro (down 4.3%), Power Grid Corporation of India (down 2.58%) and Bharti Airtel (down 2.27%) declined.

    Auto shares slumped. Hero MotoCorp (down 5.31%), TVS Motor Company (down 4.53%), Escorts (down 3.76%), Tata Motors (down 3.43%), Eicher Motors (down 2.99%), Bajaj Auto (down 2.05%), Ashok Leyland (down 1.78%) and Mahindra & Mahindra (down 1.12%) edged lower.

    Car major Maruti Suzuki India fell 5.21% to Rs 6033.15 after the company cut its production by 15.61% to 1.11 lakh units in June 2019 over June 2018. The announcement was made during trading hours on Friday, 5 July 2019. The stock fell 2.71% to Rs 6,364.75 on Friday.

    Banks witnessed heavy selling. PSU banks plunged. Bank of India (down 9.86%), Canara Bank (down 8.19%), Union Bank of India (down 8.15%), Indian Bank (down 5.68%), Syndicate Bank (down 5.28%), IDBI Bank (down 4.59%), Bank of Baroda (down 4.49%), State Bank of India (down 4.14%), Central Bank of India (down 3.61%), United Bank of India (down 3.4%), Punjab & Sind Bank (down 3.19%), Andhra Bank (down 3.15%), Allahabad Bank (down 2.89%), Bank of Maharashtra (down 2.71%) and UCO Bank (down 0.51%) advanced. Corporation Bank rose 0.71%.

    Punjab National Bank (PNB) fell 10.95% to Rs 72.80 after the bank reported a borrowal fraud of Rs 3805.15 crore in non-performing asset account of Bhushan Power & Steel. The announcement was made on Saturday, 6 July 2019.

    PNB reported that the borrowal fraud includes domestic exposure of Rs 3191.51 crore at the large corporate branch at Chandigarh and overseas exposures of approx. Rs 345.74 crore at Dubai branch and approx. Rs 267.90 crore at Hong Kong. The bank said that the fraud has been reported to the RBI on the basis of Forensic Audit Investigation findings and Central Bureau of Investigation (CBI) filing first information report (FIR), on suo moto basis, against the company and its directors, alleging diversion of funds from banking system. In the accounts of Bhushan Power & Steel (BPSL), the bank has already made provisions amounting to Rs 1932.47 crore, as per prescribed prudential norms. PNB observed that BPSL has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks. At present, the case is at National Company Law Tribunal (NCLT) which is in advance stage and the bank expects good recovery in the account.

    Private sector bank stocks slipped. IndusInd Bank (down 3.66%), Axis Bank (down 2.84%), City Union Bank (down 2.84%), Kotak Mahindra Bank (down 2.77%), ICICI Bank (down 2.37%), Federal Bank (down 2.19%) and RBL Bank (down 1.01%) edged lower.

    Yes Bank rose 5.56% to Rs 93.10. The bank said today, 8 July 2019, that its financial position is sound and stable and its liquidity and operating performance continue to be robust.

    Meanwhile, Yes Bank announced the appointment of Rajeev Uberoi as senior group president - governance and controls and Anurag Adlakha as senior group president & head - financial management & strategy.

    HDFC Bank fell 2.48% to Rs 2414. HDFC Bank before market hours today, 8 July 2019 announced that its advances aggregated to approximately Rs. 829500 crore as of 30 June 2019 as compared to Rs 708600 crore as of 30 June 2018 and Rs 819400 crore as of 31 March 2019. The bank's deposits aggregated to approximately Rs 954500 crore as of 30 June 2019 as compared to Rs. 805800 crore as of 30 June 2018 and Rs 923100 crore as of 31 March 2019. The bank's CASA ratio stood at around 40% as compared to 41.7% as of 30 June 2018 and 42.4% as of 31 March 2019. During the quarter ended 30 June 2019, the bank purchased loans aggregating Rs 7230 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation.

    Shares of Bajaj Finserv and Bajaj Finance crashed amid strong selling pressure. Bajaj Finserv (down 10.08%) and Bajaj Finance (down 8.18%) declined.

    In a media interview, Bajaj Finserv managing director Sanjiv Bajaj reportedly highlighted his concern about tight liquidity among non-bank lenders and said that lending to the small and medium enterprises segment and rural markets has also slowed down. The consumption-focused finance companies are likely to be affected by slowdown in rural demand and high competition, he reportedly said.

    IT heavyweights, TCS (up 0.67%) and Infosys (down 0.11%) will announce their results on 9 July and 12 July, respectively.

    MindTree slumped 10.43% to Rs 773.95. The stock turned ex-dividend today for a final dividend of Rs 4 per share and a special dividend of Rs 20 per share.

    MindTree announced after market hours on Friday, 5 July 2019, that Krishnakumar Natarajan, executive chairman, N S Parthasarathy, executive vice chairman and chief operating officer and Rostow Ravanan, CEO and managing director have submitted their resignations as members of the board of directors of Mindtree and as employees of the company. They will stay as board members till 17 July 2019 and as employees in line with their employment contracts to ensure smooth transition. Further, along with the other founders of the company, they have asked the company to de-classify them as promoters under applicable laws. Mindtree said that it will announce a new leadership team in due course.

    India's benchmark bond yield fell for the fifth consecutive trading session. The yield on 10-year benchmark federal paper fell to 6.584% at 15:31 IST compared with 6.695% at close in the previous trading session.

    Bond yields declined after the government proposed to start raising a part of its gross borrowing programme in external markets in external currencies. This will have beneficial impact on demand situation for the government securities in domestic market.

    Besides broadening the bond market, this proposal could open up a new source of funding the budget deficit. It could play a critical role in reducing the local government borrowing in rupee and alleviate the pressure on local liquidity, leaving more funds in the local market.

    The government also cut FY20 fiscal deficit target to 3.3% from 3.4%.

    In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.675, compared with its close of 68.42 during the previous trading session.

    In the commodities market, Brent crude for September 2019 settlement rose 13 cents at $64.36 a barrel. The contract rose 41 cents or 0.64% to settle at $64.23 a barrel in the previous trading session.

    Overseas, European markets were trading lower while Asian markets ended lower on Monday after a strong jobs report moderated expectations that the US Federal Reserve could soon be making a move on interest rates.

    China's foreign exchange reserves expanded slightly to $3.1192 trillion at the end of June, official data showed Monday. The amount increased by $18.2 billion, or 0.6$ from the end of May, according to the State Administration of Foreign Exchange (SAFE).

    US stocks closed slightly lower Friday, 5 July 2019, following an unexpectedly strong US payrolls report, reducing the chances of multiple Federal Reserve rate cuts by the end of the year.

    On the data front, the US economy added a better-than-expected 224,000 jobs in June, while the unemployment rate ticked up slightly to 3.7% from 3.6%.

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Flash News 18-Oct-2019
  •  ( 16:00) Nifty end above 11,650  
  •  ( 15:53) Barometers extend rally to 6th session  
  •  ( 14:51) Asian stocks slide after weak China GDP  
  •  ( 13:19) Major block deal alert in 3M India  
  •  ( 12:07) Cyient's Q2 consol. PAT up 8.83% at Rs 98.50 cr. Q-o-Q  
  •  ( 11:50) Jay Bharat Maruti Q2 PAT down 77.1% at Rs 3.76 crore  
  •  ( 11:50) China Q3 GDP grows 6% YoY, slowest in 27 years  
  •  ( 11:47) L&T Infotech Q2 consol. PAT up 1.20% at Rs 360.10 cr  
  •  ( 11:47) Zee Entertainment Q2 consol. PAT up 6.87% at Rs 413.23 cr  
  •  ( 11:47) L&T Infotech Q2 consol. PAT up 1.20% at Rs 360.10 cr  
  •  ( 11:47) South Indian Bank Q2 PAT up 20.5% at Rs 84.48 cr  
  •  ( 11:44) RIL hits Rs 9 trillion market cap  
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18 October 2019 00:00
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