On account of the counter strike by Pakistan to retaliate against the Indian Air Force air strike deep inside Pakistan, the Indian indices went red on Wednesday. The BSE Sensex went down by 68 points to 35,905 after making a high of 36,371 in the morning session of Wednesday trade. The 50-stock Nifty went down by 28 points to 10,806 levels. Consumer durables and telecom stocks were the main losers in today's intraday trade session.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Commenting on the market outlook, Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business Online, "Indian markets are in range-bound position till the 50-stock Nifty trades in between 10,500 to 10,950 levels. Bull or bear run into the Indian markets would become clear as and when the Nifty breaks either sides of the range."

See Zee Business Live TV streaming below:

3:33 PM

Closing bell: Sensex bleeds 68 points, Nifty down 28 points

On account of the counter strike by Pakistan to retaliate against the Indian Air Force air strike deep inside Pakistan, the Indian indices went red on Wednesday. The BSE Sensex went down by 68 points to 35,905 after making a high of 36,371 in the morning session of Wednesday trade. The 50-stock Nifty went down by 28 points to 10,806 levels. Consumer durables and telecom stocks were the main losers in today's intraday trade session.

3:25 PM

Telecom stocks follow the blood bath at Dalal Street

Following the bleeding in consumer durable stocks the BSE Telecom index too went off by more than half a per cent. Index major Bharti Infratel Ltd went off by around 3.6 per cent, GTPL Hathway Ltd shares crashed by near 2.9 per cent, OnMobile Global Ltd counter went down by near 2.88 per cent, shares of Sterlite Technologies Ltd went southward by near 2.1 per cent, Tata Teleservices (Maharashtra) Ltd by around 2.2 per cent, Tejas Networks Ltd lost 2.8 per cent while Vodafone Idea Ltd and ITI counter went down by more than 1.1 per cent.

3:15 PM

S&P BSE consumer durables bleed maximum

Getting hit by escalating Indo-Pak tension, the S&P BSE consumer durables index bleeds maximum by going off by more than half a per cent. Index major Titan Company Ltd stocks went off by around 2 per cent, shares of VIP Industries went down by more than 3 per cent, Symphony Ltd stocks went down by around 2.5 per cent, Blue Star counter went off by around 1.9 per cent while TTK Prestige Ltd stocks were down by near 1 per cent. But, Crompton Greaves Consumer Electricals Ltd counter went up by more than 4 per cent, PC Jeweller Ltd counter added more than 5 per cent from its previous close while Rajesh Exports shares were up by near 0.7 per cent. 

2:30 PM

Pakistan markets crash on IAF air strike

On account of Indian Air Force (IAF) striking deep inside Pakistan and destroying twelve terror camps run by Jaish-e-Mohammed outfit run by Maulana Masood Azhar, the Karachi Stock Exchange (KSE) tanked over 700 points or near 1.85 per cent to 38,100 levels. Till 2:26 Pm intraday trade the KSE had a volume of 135,185,110 worth 6,176,048,032 Pakistani rupee. Witnessing a topsy-turvy trade the KSE has made a high of 38821 before nosediving to Wednesday's low at 37330 levels.

2:10 PM

Markets pare losses caused by escalation in Indo-Pak tension

After losing its early gains due to news of escalation in Indo-Pak standoff, the Indian indices pared its losses in less than an hour. The BSE Sensex rose 36 points and regained 36,000 levels while the 50-stock Nifty rose 6 points to 10,841 levels.

12:15 PM

Markets turn red after the escalation in Indo-Pak standoff

After hailing the IAF air strike in early morning intraday trade session by gaining around 1 per cent, the Indian indices pared its gains on news of escalating Indo-Pak tension. The BSE Sensex corrected over 200 points to  35,744 levels while the 50-stock Nifty lost 81 points to 10,753.

11:40 AM

Elara Securities view and valuation of cement counters

Cement companies reported lower-than-expected EBITDA due to lower realization. The average realization for the industry fell by 1% QoQ and improved by 3% YoY. Among large caps, ACC and Ambuja Cement reported lower-than-expected EBITDA while Shree Cement reported higher-than-expected EBITDA as the company had booked incentives. In the mid-cap space, India Cements reported the highest earnings to miss while Prism Cement and Star Cement posted the highest earnings surprise, due to lower-than-expected cost.   

Volume growth for the industry remains robust at 10% YoY and 11% QoQ. Strong YoY growth was due to a high base. The past year’s industry growth was 16% YoY. UltraTech Cement reported volume growth of 14%, due to organic and inorganic expansion, while Ramco Cement posted 21% YoY growth, due to strong demand in Andhra Pradesh, Telangana, and East India. Ambuja Cement reported the lowest growth of 4% YoY on capacity constraints.

Outlook: We expect industry cost pressures to subside due to softening in fuel cost. On the pricing front, South India has seen a sharp increase in prices in February. This should bolster earnings in the upcoming quarters. Thus, we believe South India-based companies, such as Orient Cement and India Cement, are likely to outperform in the near term while in the long run, firms with a presence in Central, Northeast India, and North India are like to outperform due to a better demand-supply situation.

11:30 AM

View and valuation by Narnolia Financial Advisors on banking stocks 

Banks have reported mixed set numbers during 3Q FY19. Advances performed well on the expectations registering 14% YoY growth for our coverage companies. Overseas advances continued to drag the overall growth. Advances growth was supported by loan to NBFCs and retail portfolio. Under the retail housing loan and credit card/personal loan, the segment grew well. NIM has shown improvement with healthy NII growth of 19% YoY. Cost of deposits continued to rise but the reset of increased MCLR led yield to perform better. The decline in bond yield during the quarter supported the other income. PAT growth was strong at 18% on a sequential basis for our coverage companies but remained below our expectations mainly on account of higher provisions. 

Despite higher PCR, banks decided to provide contingent provisions proactively which led some drag on the overall profitability. Management preferred to strengthen the balance sheet and hence PCR of most of the banks improved significantly. Slippages remained under control for most of the banks and higher recovery and upgradation led the assets quality to improve during the quarter. IL&FS crisis has been mostly recognised by most of the lenders. Government infusion of capital in PCA banks has also resulted in enhanced provisioning for some PSU lenders which resulted in a decline in NPA. However, the agriculture sector has also come under stress due to loan waiver cases. Banks like HDFC bank has provided contingent provision on account of anticipated losses, which is expected to arrive from loan waivers on agriculture portfolio. We maintain a positive view on banks led by improving assets quality and NIM. Advances growth is likely to remain healthy. Our top picks are ICICI Bank, AXIS Bank, SBI, FEDERAL Bank and HDFC Bank.

Source: Narnolia Financial Advisors

11:25 AM

Markets undergoe some profit booking in mid-session

The Indian indices have welcomed the IAF air strike on Pakistan in the early morning session on Wednesday. The BSE Sensex was up by 252 points to 36,230 after making a high of 36,371 levels while the 50-stock Nifty was up by 55 points to 10,888 levels. Consumer goods, telecom, oil and gas stocks led the rally at Dalal Street.

11:20 AM

Consumer goods share pulling Indian indices

Cheering the Dalal Street rally on Wednesday, the BSE consumer goods index added around 2 per cent from its Tuesday close. The index major Suzlon Energy Ltd scaled more than 6 per cent, shares of Sadbhav Engineering went northwad by adding more than 3.5 per cent, BEML stock went up by more than 3 per cent, Bharat Electronics shares wend northward by around 2.8 per cent, CG Power and Industrial Solutions counter scaled around 3.9 per cent, Dilip Buildcon stocks rocked by near 3 per cent, Havells India counter went up by near 2.3 per cent while L&T and Lakshmi Machine Works stocks went up by around 2.1 per cent.

10:55 AM

Markets extend early gains

The Indian indices have welcomed the IAF air strike on Pakistan in the early morning session on Wednesday. The BSE Sensex gained 378 points and crossed the psychological 36,000 levels and reached 36,351 levels while the 50-stock Nifty scaled 101 points to 10,936 levels. Telecom, oil and gas stocks lead the rally at Dalal Street in early morning intraday trade on Wednesday. 

10:00 AM

Sensex up 300 points, Nifty adds over 80 points

The BSE Sensex gained 306 points and crossed the psychological 36,000 levels and reached 36,280 levels while the 50-stock Nifty scaled 84 points to 10,919 levels. Telecom, oil and gas  stocks   lead   the  rally at Dalal Street.

9:30 AM

Oil and Gas follow telecom rally

Following the telecom rally at Dalal Street, oil and gas index too added more than half a per cent from its Tuesday close. The Oil and Gas major Indian Oil Corporation Ltd went up by near 1.6 per cent, Hindustan Petroleum Corporation Ltd shares went up by around 1.4 per cent, shares of Castrol India Ltd went northward by around 1.2 per cent, Indraprastha Gas Ltd counter went up by around 1.3 per cent while Petronet LNG Ltd stock went up by more than 2 per cent. The Sensex major Reliance Industries went up by more than 1 per cent, ONGC counter added around 0.75 per cent while the BPCL counter added around half a per cent from its Tuesday close.

9:22 AM

Telecom stocks lead the rally at Dalal Street

The BSE telecom index led from the front in the Dalal Street rally and added more than 1 per cent from its previous close. The index major Tata Communications Ltd scaled more than 4 per cent, shares of Reliance Communications was up by 1.7 per cent, Vodafone Idea stock went up by 1.3 per cent, GTPL Hathway counter went northward by around 3.4 per cent while Bharti Airtel counter added near 1.8 per cent from its Tuesday close. 

9:18 AM

Opening bell: Sensex, Nifty cheer IAF air strike on Pakistan

The Indian indices have welcomed the IAF air strike on Pakistan in the early morning session on Wednesday. The BSE Sensex gained 212 points and crossed the psychological 36,000 levels while the 50-stock Nifty scaled 54 points to 10,889 levels. Telecom, oil and gas stocks lead the rally at Dalal Street in early morning intraday trade on Wednesday.

9:10 AM

Sensex, Nifty up in pre-open session

The Indian indices have welcomed the IAF air strike on Pakistan in pre-open session on Wednesday. The BSE Sensex gained 165 points and crossed the psychological 36,000 levels while the 50-stock Nifty scaled 45 points o 10,881 levels.

9:05 AM

Fed Chief's dovish stance on rate change

The Fed is in "no rush to make a judgment" about further changes to interest rates, Powell told US lawmakers on Tuesday as he spelled out the central bank`s approach to an economy that is likely slowing. In two hours of testimony to the Senate Banking Committee, Powell elaborated on the "conflicting signals" the Fed has tried to decipher in recent weeks, including disappointing data on retail sales and other aspects of the economy that contrast with steady hiring, wage growth, and ongoing low unemployment.

9:00 AM

Asian stocks edge higher

Asian shares edged higher on Wednesday and the dollar fell to a three-week low after Federal Reserve Chairman Jerome Powell reinforced the US central bank's recent shift towards a more "patient" approach on policy in the face of a slowing economy. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent in early trade, not far from its five-month high marked on Monday. Japan's Nikkei share average gained 0.4 per cent, while Australian stocks rose 0.3 per cent.