Market Opens :
Indices start the day on a flat note with Nifty below 10,750; PSU banks in focus.
The Sensex is up 7.59 points at 35763.85, while Nifty is down 5.30 points at 10730.20. About 428 shares have advanced, 333 shares declined, and 42 shares are unchanged. Tech Mahindra,
Allahabad Bank, ICICI Bank, SBI, Indiabulls Housing, are among major gainers, while losers are Reliance Power, BPCL, HPCL, IOC, Bharti Airtel, Vodafone Ida, TCS and Yes Bank.
Rupee Opens:
The Indian rupee opened marginally higher at 71.07 per dollar on Thursday versus previous close 71.11.
Rupee rose in the latter half of the session primarily on back of gains in domestic equities and as FIIs poured in funds after remaining on the sell side for last few sessions. Rally in global crude oil prices, stronger dollar and widening trade deficit is expected to keep the rupee under pressure. On the domestic front, no major economic data is expected to be released but a stronger dollar could keep the rupee weighed down
Global Markets :
SGX Nifty:
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 24.50 points or 0.23 percent. Nifty futures were trading around 10,742.50-level on the Singaporean Exchange.
Asia shares trade steady:
Asian shares held near 4-1/2-month highs on Thursday after US Federal Reserve minutes affirmed it would be "patient" on interest rate rises and risk assets got a lift from hopes of further progress in US-China trade talks.
Wall Street ends higher:
US stocks ended higher on Wednesday after minutes from the Federal Reserve's last meeting reaffirmed for investors that the US central bank would be "patient" with respect to further interest rate hikes.
Domestic Markets :
A breather for D-Street! Indian market snapped its 8-day losing streak and closed with handsome gains led by large-cap names.
The S&P BSE Sensex rallied over 400 points while Nifty50 reclaimed 10700 levels. The Nifty index posted its best daily gain since Jan 31, 2019, when the index rose by 1.68 percent.
The advance-decline ratio was on the whole balanced and therefore the current bounce should be taken with a pinch of salt, suggest experts as the pain may not be over yet.
The market rallied in expectation of dovish minutes from the US Fed and resumption of dialogue between the US and China adding positive vibes for the global market.
Strong inflows from DIIs, appreciation of rupee and value buying in mid & small caps helped the domestic market, experts said.
On the institutional front, both FPI and DIIs were net buyers in Indian markets for Rs 713 crore, and Rs 113 crore respectively, according to provisional data.
Technical View:
Nifty formed a bullish candle on the daily charts
Considering the current environment, the market is unlikely to cross 11,000 immediately, but 10,900 could be possible which will act as a stiff resistance level, experts said.
Three levels: 10646, 10752, 10850
Big News:
The government on February 20, announced final recapitalisation tranche amount of Rs 48,239 crore for as many as 12 public sector banks, in a bid to take them out of Reserve Bank of India’s (RBI) prompt corrective action framework.
The 12 banks are Allahabad Bank, Corporation Bank, Bank of India, Bank of Maharashtra, Punjab National Bank, Union Bank, Andhra Bank, Syndicate Bank, Central Bank, United Bank, UCO Bank and IOB.
As of December 2018 government has infused Rs 51,533 crore via budgetary allocation and recap bonds.
Reports suggest that the RBI began to place state-run banks under the PCA framework for the first time in September 2016, when their NPAs soared beyond the regulatory tolerance levels.
The lending ability of as many as 11 PSBs was contained by the RBI when they were put under the PCA framework. The restrictions under the framework, which included a restriction on dividend distribution, restriction on branch expansion, restriction on management compensation and director’s fees, could be imposed as and when the banks would breach various regulatory threshold limits.
Results on February 21: Anik Industries, Gopal Iron & Steels
Here are stocks that are in the news today:
PSU Banks: Government to infuse Rs 48,239 crore in 12 PSU banks - Rs 6,896 crore in Allahabad Bank, Rs 9,086 crore in Corporation Bank, Rs 4,638 crore in Bank Of India, Rs 205 crore in Bank of Maharashtra, Rs 5,908 crore in PNB, Rs 4,112 crore in Union Bank, Rs 3,256 crore in Andhra Bank, Rs 1,603 crore in Syndicate Bank, Rs 2,560 crore in Central Bank Of India, Rs 2,839 crore in United Bank, Rs 3,330 crore in UCO Bank and Rs 3,806 crore in Indian Overseas Bank
IL&FS Financial Services: Company is unable to service obligation on interest payment of NCDs worth Rs 4.2 crore.
Steel: Government extends exemption on some imported grades of steel until April 17, 2019.
JSW Steel: Moody's changes company's outlook to positive; affirms all ratings.
Yes Bank: Moody's affirms bank's ratings; outlook changed to stable from negative.
Diligent Media Corporation: With a view to optimise cost and cut-down losses, the management has decided to suspend publication & distribution of Jaipur Edition of DNA.
Dynamatic Technologies: Company has signed a Memorandum of Understanding with Joint-Stock Company (JSC) Russian Helicopters on Ka-226T Helicopter with an intent to build.
Zuari Agro Chemicals: Board approved raising of funds by way of issue of compulsory convertible debentures to the existing shareholders of the company on a rights basis up to Rs 500 crore.
Sharon Bio-Medicine: Company has received recovery notice under the Maharashtra Value Added Tax Act amounting to Rs 11.17 crore for the period April 1, 2015 to November 3, 2015 and Rs 2.47 crore for the period April 1, 2011 to March 31, 2012. The liability of the said tax would be addressed in line with the Resolution Plan approved by NCLT and later by NCLAT.
Shipping Corporation of India: Company has given physical delivery of its 1 bulk carrier M V Tamilnadu to its buyer.
Bank of Baroda: Board of directors fixed March 11, 2019 as record date for issuing and allotting equity shares of the bank to the shareholders of Vijaya Bank and Dena Bank.
Jubilant Life Sciences: Company issued commercial papers of Rs 75 crore.
Grasim Industries: Company completed acquisition of the chlor-alkali business of KPR Industries.
Tata Steel: Moody’s Investors Service has upgraded company's corporate family rating (CFR) by one notch to Ba2 from Ba3.
Dr Reddy's Laboratories announces the re-launch of its Buprenorphine and Naloxone Sublingual Film after favorable ruling in patent litigation
BPCL: Company is planning to raise up to Rs 2,000 crore during the current financial year through private placement of unsecured non-convertible debentures subject to market conditions.
Sayaji Hotels: Tourism Finance Corporation of India has withdrawn the name of Sanjay Ahuja, Nominee Director from the board of the company.
REC: Company announced a consent solicitation exercise in relation to certain Senior USD Notes.
Bulk Deals on February 20
Gretex Industries: Meghkumar Mahendrakumar Shah sold 24,000 shares of the company at Rs 9 per share on the NSE.
Gujarat Raffia-Roll: Sanjaykumar Sevantilal Shah sold 27,010 shares of the company at Rs 13.25 per share.
Punj Lloyd: JM Global Equities Private Limited sold 24,00,000 shares of the company at Rs 1.8 per share.
Tara Jewels: Punjab National Bank sold 1,47,458 shares of the company at 50 paise per share.
Tarapur Transformers: Rita Rajkumar Singh sold 1,25,605 shares of the company at Rs 2.85 per share.
Viji Finance: Vijay Kothari sold 4,87,657 shares of the company at 86 paise per share.
Analyst or Board Meet/Briefings
Metalyst Forgings: Board meeting is scheduled on February 27 to consider the un-audited financial results for the quarter and nine months ended December 2018.
Corporation Bank: Board meeting is scheduled to be held on February 25 to consider raising of capital by way of preferential allotment of equity shares to Government of India to the tune of Rs 9,086 crore.
Rollatainers: Board meeting is scheduled on February 25 to consider the un-audited financial results of the company for the quarter and nine months ended December 2018.
India Home Loan: Extraordinary General Meeting to be held on March 16.
Magma Fincorp: Company's officials will be attending Kotak Institutional Equities — Chasing Growth 2019 conference on February 21 at Mumbai.
Gujarat Gas: Company's officials will be attending Kotak Institutional Equities — Chasing Growth 2019 conference on February 21 at Mumbai.
JMT Auto: Board meeting is scheduled on February 25 to consider the results for the quarter ended December 2018.
United Bank of India: Board meeting is scheduled on February 25 to consider prior intimation for seeking approvals relating to preferential allotment to government.
Rallis India: Company's officials will meet analysts/investors on February 21 and 22.
Thyrocare Technologies: Company's officials will meet representative(s) of Consortium Securities Private Limited on February 22 and Pragya Equities Private Limited on February 27.
Ambuja Cements: Company's officials will meet analysts/investors on February 21.
Zensar Technologies: Company's officials will be attending Kotak Institutional Equities — Chasing Growth 2019 conference on February 21 at Mumbai.
S Chand and Company: Company proposes to meet Indus Capital Partners from Hong Kong on February 21 in New Delhi.
Vakrangee: Analyst/Investor meeting for the company has been scheduled from February 25 to 28 in UK & Europe.
Tamil Nadu Newsprint and Papers: Company's officials will meet HDFC Asset Management Company on February 21.
NIIT: Sapnesh Kumar Lalla, Chief Executive Officer and Kapil Saurabh, Associate Vice-President would be meeting investors in a Non-Deal Roadshow on February 22 in Mumbai.
Great Eastern Shipping: Company's officials will meet Nalanda Capital on February 27.
SRF: Ashish Bharat Ram, Managing Director of the company is meeting certain select investors in the UBS Road Show in London on February 21.
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