Opening Bell (11 Oct 2018)

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Sensex recovers some losses, but still down over 800 points, Nifty trades around 10,200

It is a gap down opening on D-Street on Thurdsay as global sell-off weighed on Indian indices. The Nifty gave up 10,200 in the opening minutes.

The Sensex has tanked over 900 points, while the Nifty is down over 300 points.

The Sensex is down 927.62 points or 2.67% at 33833.27, while the Nifty is lower 300.20 points or 2.87% at 10159.90. The market breadth is negative as 56 shares advanced, against a decline of 338 shares, while 3,006 shares were unchanged.

Among sectors, there’s selloff across sectors, with maximum pain visible in metals, automobiles, banks, and pharmaceuticals, among others. The midcap index is down 4 percent.

Top losers on the Sensex and Nifty include Yes Bank, Vedanta, Indiabulls Housing and Bajaj Finance.

At 09:36 hrs, the Sensex is down 948.00 points or 2.73% at 33812.89, while the Nifty is lower by 297.70 points or 2.85% at 10162.40. The market breadth is negative as 231 shares advanced, against a decline of 1,369 shares, while 1,800 shares were unchanged.


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Source: https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-bse-nse-sensex-recovers-some-losses-but-still-down-over-800-points-nifty-trades-around-10200-3032661.html

Bulls rule D-Street as Sensex soars 461 points; Nifty above 10,450

Banking big on lenders, bulls went all guns blazing on D-Street on Tuesday as benchmark indices saw a good surge. Benchmarks ended over a percent higher; the Nifty soared past 10,450-mark.

A large part of the rally was fueled by financial names, particularly non-banking financial companies (NBFCs). Investors cheered the news of banks such as State Bank of India (SBI) coming out in support of non-bank lenders. It said that there is still opportunity to buy up to Rs 30,000 crore more of their loans.

In the broader markets, midcaps were big movers in trade today, with the Nifty Midcap index soaring over 4 percent. These also boosted sentiment on D-Street.

Even PSU banks were one of the biggest movers; the Nifty PSU bank index rose over 5 percent. Other gainers include automobiles, which rose around 3 percent.

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Source: https://www.moneycontrol.com/news/business/markets/an-evening-walk-down-dalal-street-bulls-rule-d-street-as-sensex-soars-461-points-nifty-above-10450-3031261.html

MCX SUPPORT & RESISTANCE LEVEL

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Financials help Nifty reclaim 10,400, Sensex soars over 350 points; midcaps outperform

Shares of non-banking financial companies (NBFCs) are surging in trade on Wednesday as investors are betting on reports of banks eyeing portfolio purchases from NBFCs. 

State Bank of India (SBI) has come out in support of non-bank lenders, stating there is still opportunity to buy up to Rs 30,000 crore more of their loans.

"The bank had initially planned for a growth of Rs 15,000 crore through portfolio purchase during the current year which is now being enhanced," SBI said in a statement.

"As per the bank's internal assessment, there may be an opportunity to buy additional portfolio in the range of Rs 20,000-30,000 crore," it said.

NBFCs typically sell down a part of their loan portfolios after holding them for a particular amount of time. Banks buy these portfolios to show growth or to meet priority sector lending requirements.

Aviation stocks are surging in trade on reports of a likely cut in excise for aviation turbine fuel (ATF). Jet Airways, SpiceJet and InterGlobe Aviation are all up around 3-6 percent. 

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Tata Motors hits 7-year low, loses Rs 8,200 crore in market cap as lower China demand dents JLR September sales

TATA MOTORS share price corrected sharply on Tuesday, hitting nearly 7-year low on consistently weak performance from its luxury car brand Jaguar Land Rover.

The stock fell below Rs 200 levels at Rs 170.65, the lowest level since December 19, 2011, falling 19.78 percent intraday.

It closed at Rs 184.25, down Rs 28.50, or 13.40 percent amid high volumes on the BSE and lost Rs 8,228 crore in market capitalisation in a single day.

The stock plunged nearly 60 percent in last one year due to continued weak financial performance at JLR and new emission rules in Europe which hit diesel cars sales.

JLR on Monday reported total retail sales of 57,114 vehicles in September 2018, down 12.3 percent year-on-year, hit by lower demand in China, the company said.

The company's sales in China declined by 46.2 percent during September as compared to the same month last year as ongoing market uncertainty resulting from import duty changes and continued trade tensions held back consumer demand.

Sales of Jaguar brand of vehicles in September were at 19,146 units, an increase of 4.4 percent over September 2017, but Land Rover posted sales of 37,968 units in the month, down 18.8 percent, the company said.

"As a business we are continuing to experience challenging conditions in some of our key markets," JLR Chief Commercial Officer Felix Brautigam said.

Customer demand in China has struggled to recover following changes in import tariffs in July and intensifying competition on price, while ongoing global negotiations on potential trade agreements have dampened purchase considerations, he added.

In North America, Jaguar Land Rover sales were 6.9 percent lower. "It was largely reflecting lower industry sales (down 5.5 percent) and reduced incentives on Jaguar sedans, although Land Rover had a record September with sales up 7.3 percent," the company said.

JLR sales fell 0.8 percent in the UK and 4.7 percent in Europe, which saw large industry declines of 20.5 percent in the UK and 31 percent in Germany primarily relating to the timing of new WLTP homologation rules as well as reduced diesel demand, it added.

However, JLR said strong sales of new models including the electric Jaguar I-PACE, the Jaguar E-PACE compact SUV, and the Range Rover Velar helped offset slower sales of older models, such as the Range Rover Evoque and the Land Rover Discovery Sport.

Following weak September sales, JLR announced two-week shutdown at Solihull plant to align supply to reflect fluctuating demand globally. This is further to three day week from Oct-18 to Dec-18 at Castle Bromwich plant.

While Solihull manufactures RR, RR Sport, Velar, Discovery and F-Pace, Castle Bromwich makes Jaguar XE, XF, XJ and F-Type.

JLR attributed slower production plans to weakening global demand, especially in China, and weakness in diesel sales.

While maintaining Buy call on Tata Motors with a target of Rs 335, Motilal Oswal said it sees rising risk to its JLR FY19 estimated volume decline of around 4 percent, which implies residual growth of around 4 percent in second half of FY19.

The research house had recently cut its EPS estimates for Tata Motors by 35/13 percent driven by cut in JLR's volumes by 6/4.5 percent and JLR's EBITDA by 11/6 percent, respectively.

While retaining Hold rating on the stock, ICICI Securities said JLR is investing aggressively in technologies amid an uncertain business outlook, thereby generating negative free cash flows & stressing its balance sheet.

This is likely to result in muted return ratios with return on capital employed less than 10 percent, it feels.

Going forward while revising estimates, on consolidated basis, over FY18-20E, ICICI expects company's sales to grow at a CAGR of 5.9 percent. "On the margins front, we expect around 140 bps contraction in EBITDA margins with a consequent drop in PAT over FY18-20E.

The only saviour for Tata Motors is the up trending domestic segment wherein the company is witnessing robust prospects both in the M&HCV space as well as PV segment, it feels.

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