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Share market highlights: Sensex, Nifty decline after 2-day rally as US markets tumble
Weak US consumer data and hawkish comments from the Fed's policymakers dragged markets lower.
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Equity benchmarks declined on Thursday after a two-day rally, mirroring a weak trend in the US markets and fresh foreign fund outflows.
Weak US consumer data and hawkish comments from the Fed's policymakers dragged markets lower.
The 30-share BSE Sensex declined dropped 187.31 points or 0.31 per cent to settle at 60,858.43. During the day, it tumbled 329.19 points or 0.53 per cent to 60,716.55.
The broader NSE Nifty dipped 57.50 points or 0.32 per cent to end at 18,107.85.
From the Sensex pack, Asian Paints, Tata Motors, IndusInd Bank, Kotak Mahindra Bank, Hindustan Unilever, Titan, UltraTech Cement, Bajaj Finserv, ITC and Nestle were the biggest laggards.
Tata Steel, Power Grid, Tech Mahindra, Axis Bank, HDFC Bank and Larsen & Toubro were among the gainers.
Elsewhere in Asia, equity markets in Tokyo and Hong Kong settled lower, while Seoul and Shanghai ended in the green.
European benchmarks were trading in the red during mid-session deals. Markets in the US had ended lower on Wednesday.
"Domestic indices snapped their previous gains amid negative sentiments from their global counterparts. Weak US consumer data and hawkish comments from the Fed's policymakers on Wednesday hammered investor risk appetite. Lingering fears of recession dragged global bourses down, leaving the market volatile," said Vinod Nair, Head of Research at Geojit Financial Services.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 319.23 crore, according to exchange data.
International oil benchmark Brent crude declined 0.68 per cent to USD 84.40 per barrel.
Stock market live updates: Yes Securities gives NEUTRAL rating to PSP Projects Ltd
We have revised our rating to “NEUTRAL” with a revised TP of Rs764 valuing the EPC business at 12x FY25E EPS, implying an upside potential of 9% from the current levels, says Yes Securities
Stock market live updates: Yes Securities gives NEUTRAL rating to PSP Projects Ltd
We had put the stock under review post recent run up in the stock and disappointing execution in 1H. However, with the recent interaction it has been coming across that the execution is now streamlined thereby providing revenue visibility and hence we have revised our revenue and EBITDA estimates by 4% each and PAT by 6% for FY25E With strong order book, timely project execution and prudent management pedigree, we expect PSPPL to post a revenue / EBITDA CAGR of 12%/15% over FY22/FY25E, says Yes Securities
Stock market live updates: Yes Securities gives NEUTRAL rating to PSP Projects Ltd
PSP Projects Ltd (PSPPL) Q3 performance was subdued with marginalrevenue growth of 2.4% YoY (on account of higher base) to Rs5bn however margins were in line with the consensus. Company has bagged highest ever order inflow of Rs32.9bn till date surpassing FY23E guidance. The entire orderbook of Rs50.8bn as on 3Q (excl.Bhiwandi and Pandharpurforming 16% of OB) is under execution. Current bid pipeline stands at Rs45bn, of which 70% orders are from Gujarat and 60% are private. FY24E revenue guidance stands at Rs26‐27bn, with margin of 12‐12.5% and an order inflow of Rs30bn. Key positives in PSP are its execution ability with stable cash flow, consistent order win in the building construction segment and lean balance sheet for growth, says Yes Securities
Stock market live updates: Yes Securities gives NEUTRAL rating to PSP Projects Ltd
Reco : NEUTRAL
CMP : Rs 698
Target Price : Rs 764
Potential Return : +9%
Stock market live updates: Yes Securities gives BUY rating to Indusind Bank Ltd
Growth has returned for IIB, with management now guiding for 20-25% loan growth,going forward: Retail book has grown 5% QoQ and within retail, non-vehicle loans have grown 6% QoQ. Vehicle finance had its best ever quarter with a disbursement of Rs 127.13bn, up 19% QoQ with the book having grown 7% QoQ. The microfinance book has grown 2% QoQ. Corporate book has grown 4% QoQ driven by the small corporate book, which was up 11% QoQ driven by continuous scale up of SME business, says Yes Securities
Stock market live updates: Yes Securities gives BUY rating to Indusind Bank Ltd
We maintain ‘Buy’ rating on IIB with a revised price target of Rs 1495: We value the bank at 1.9x FY24 P/BV for an FY23E/24E/25E RoE profile of 13.8/14.0%/15.2%, says Yes Securities
Stock market live updates: Yes Securities gives BUY rating to Indusind Bank Ltd
While NIM stood at 4.27% for the quarter, management re-iterated prior guidance of 415-425 bps: The relatively conservative guidance is likely a tacit acknowledgement that liability retailisation is still work-in-progress. Share of LCR retail deposits is still 42.4%, which is materially lower than key private sector peers. Cost of deposits jumped 37 bps QoQ in a sign of things to come, with management conceding there could be a similar rise in 4Q. What saved the day from NIM was a 151 bps rise in loan-to-deposit ratio to 83.9%, a non-structural factor aiding margin, says Yes Securities
Stock market live updates: Yes Securities gives BUY rating to Indusind Bank Ltd
Recommendation : BUY
Current price : Rs 1,223
Target price : Rs 1495
Potential return : 22%
Stock market live updates: Yes Securities gives BUY rating to ICICI Prudential Life
We maintain ‘Buy’ rating on IPRU with a revised price target of Rs 680: We value IPRU at 2.3x FY24 P/EV for an FY23E/24E/25E RoEV profile of 16.6/17.0%/17.2%, brokerage Yes Securities said
Stock market live updates: Yes Securities gives BUY rating to ICICI Prudential Life
Protection continues of be an area of healthy growth, with retail protection also growing on sequential basis: Total Protection APE has grown 22.7% YoY in 9MFY23 with its share reaching 19.7% in total APE. It is true that sequential momentum in retail protection has come from ROP but there has been a sequential pick up in retail protection even without ROP. There are no supply side issues or demand side weakness and it is just that the distribution network is still getting used to changes to under-writing norms, which is a big shift in terms of how Protection is being sold, brokerage Yes Securities said
Stock market live updates: Yes Securities gives BUY rating to ICICI Prudential Life
Going forward, IPRU will not be dependent mainly on VNB margin for VNB growth: There is a long way to go in terms of enhancing the activity and capacity of non-ICICI Bank partners. Further, IPRU is also working on whom to pitch for in terms of new partnerships. There has also been an investment in the agency network, which takes 1-2 years to have impact. In FY24, topline will be the main driver for VNB growth with VNB margin being stable to higher. IPRU can grow VNB in line with VNB for the sector, which implies 15-20% compounded growth for VNB, brokerage Yes Securities said
Stock market live updates: Yes Securities gives BUY rating to ICICI Prudential Life
Recommendation : BUY
Current Price : Rs 484
Target Price : Rs 680
Potential Return : 40%
LIVE Updates | Indian Union Budget 2023-24 Expectations: Govt must renew focus on enhancing infrastructure, says Zoomcar
The automobile sector has been through numerous ups and downs in recent years. In this year's Union Budget, the government must renew its focus on enhancing infrastructure to make the production and usage of EVs and EV-related features, like charging stations, easier. The best alternative and most plausible solution for those seeking eco-friendly and sustainable commute options, apart from EVs, would be to rent cars. The government must encourage people to make sustainable choices when it comes to commuting. Renting an EV would be ideal for a majority of the population that wishes to own a car without the commitment and additional costs. We are hoping for the car rental sector to grow further and this progress is significantly reliant on the budget, said Greg Moran, CEO and CoFounder at Zoomcar
SBI raises Rs. 97 billion through infrastructure bond
This issuance is very significant considering this is the first time an Indian bank is issuing a 15 years long-term infrastructure bond helping the bank in long-term lending to the infrastructure segment. We believe this issue will help develop a long-term infra-bond curve and encourage banks to issue for longer tenors, SBI said
SBI raises Rs. 97 billion through infrastructure bond
Based on the response, the Bank has decided to accept Rs. 9,718 crores at a coupon rate of 7.70% payable annually for a tenor of 15 years. This represents a spread of 17bps over the corresponding FBIL G-Sec par curve. Before this, the Bank had raised infrastructure bonds of Rs. 10,000 crores on December 06, 2022, at a spread of 17bps over the corresponding FBIL G-Sec par curve. The Bank has an AAA credit rating from domestic credit rating agencies for these instruments, SBI said
SBI raises Rs. 97 billion through infrastructure bond
State Bank of India (SBI), the country’s largest lender, has raised Rs. 9,718 crores (Rs. 97 billion) through its second infrastructure bond issuance on Wednesday at a coupon rate of 7.70%. The fund proceeds will be utilized in enhancing long-term resources for funding infrastructure and the affordable housing segment. The tenor of these bonds is 15 years. The issue attracted an overwhelming response from investors with bids of Rs. 14,805 crores and was oversubscribed by ~2.96X against the base issue. The total number of bids received was 118 indicating wider participation. The investors were across mutual funds, provident & pension funds, and insurance companies
Stock market live updates: Anand Rathi gives BUY rating to IndusInd Bank
Valuation. Our Jan’24 Rs1,408 target stems from a two-stage DDM model. This implies a ~1.6x P/ABV multiple on its FY25e book. Risks: Lumpy slippage in the corporate book; volatility in asset quality from the MFI book, says brokerage Anand Rathi
Stock market live updates: Anand Rathi gives BUY rating to IndusInd Bank
With credit growth expected to be strong and moderating credit costs, earnings are expected to be robust. We maintain our positive view on the bank with a TP of Rs1,408, valuing it at 1.6x P/ABV on its FY25e book, says brokerage Anand Rathi
Stock market live updates: Anand Rathi gives BUY rating to IndusInd Bank
Indusind Bank’s Q3 FY23 profitability improved, with a 1.86% RoA (up 8bps q/q) and stable asset quality. Key positives were 1) strong disbursements in the VF book, 2) strong retail deposit growth, 3) sturdy balance sheet with 70% coverage and a Rs21.9bn provision buffer (0.8% of loans) and 4) strong liquidity and capitalisation, says brokerage Anand Rathi
Stock market live updates: Anand Rathi gives BUY rating to IndusInd Bank
Rating: Buy
Target Price: Rs.1,408
Share Price: Rs.1,218
Stock market live updates: Anand Rathi gives BUY rating Bandhan Bank
We believe, on a sustainable basis, Bandhan would deliver 2.5%+ RoA and 25% RoE. We initiate coverage on Bandhan Bank with a BUY rating and a target of Rs327, valuing the bank at 1.9x FY25e ABV, says brokerage Anand Rathi
Stock market live updates: Anand Rathi gives BUY rating Bandhan Bank
Diversification across products and regions are strategic priorities of Bandhan Bank. This would transform its business model to be more scalable and sustainable. For this, the bank reinforced its top management, hiring professionals from various private banks. A combination of deepening product penetration and branch penetration across states would drive a 21% loan CAGR over FY23-25. With asset quality issues likely to be peaked out in H2FY23 earnings are expected to normalize thereafter, says brokerage Anand Rathi
Stock market live updates: Anand Rathi gives BUY rating Bandhan Bank
Rating : Buy
Target Price : Rs327
Share Price : Rs240
Stock market live updates: Currency basket update
The dollar wound back London-trade losses in the New York session and made gains in Asia. The Australian dollar was last down 0.5% at $0.6907. The euro was under gentle pressure at $1.1078 and the New Zealand dollar wobbled slightly lower
Stock market live updates: S&P 500 futures in Asia drops
S&P 500 futures dropped 0.2% in Asia and were close to breaking below the 50-day moving average
Stock market live updates: Nikkei drops
Japan’s Nikkei also dropped 1% and the yen rose about 0.4% to 128.45 per dollar, unwinding moves that followed the Bank of Japan (BOJ) scotching speculation of a shift and leaving monetary policy settings unchanged a day earlier
Stock market live updates: MSCI Asia ex Japan index falls
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8% and benchmark 10-year U.S. Treasury yields, which fall when prices rise, hit their lowest since September at 3.66%. U.S. crude futures fell 1%
Stock market live updates: Asian stock markets struggle
Asian stock markets struggled to make headway on Thursday, after weak U.S. consumer data stoked recession worries and nudged investors toward safe assets such as bonds, while Japan’s yen rose as markets doubted the Bank of Japan’s policy commitments
Stock market live updates: ACCUMULATE Minda Corp Ltd, says Anand Rathi
Given above is the weekly chart of MINDACORP which depicts a perfect symmetrical triangle breakout above 230 mark. This pattern has a theoretical target of over 300 levels. The price action is supported with positive placement of weekly RSI which indicates strength in the momentum.
Stock market live updates: ACCUMULATE Minda Corp Ltd, says Anand Rathi
Brokerage Anand Rathi advises traders to accumulate the Minda Corp Ltd stock in the range of 234 - 226 with a stop loss of 200 (daily closing basis) for an upside target of 290
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