Midday Review

Date Heading Details
20-Aug-2019   15:05 Hrs IST Volatility continues on Dalal Street <p align="justify">Volatility continued on Dalal Street in late afternoon session, despite firm cues from European markets. Domestic sentiments remained pessimistic, as former Reserve Bank of India's (RBI) Governor Raghuram Rajan called slowdown in the economy very worrisome and said the government needs to fix the immediate problems in power and non-bank financial sectors and come out with a new set of reforms to energise private sector to invest.<br></p><p align="justify">On the global front, European markets were trading in green, as German employment increased in the second quarter largely due to the growth in outdoor work in spring. The data from Destatis showed that employment increased by seasonally adjusted 50,000 or 0.1 percent sequentially in the second quarter. Asian markets were also trading in green. <br></p><p align="justify">Back home, realty stocks were in watch, after Housing and Urban Affairs Secretary Durga Shankar Mishra said that the government may consider amendments in the real estate law RERA, if required, to make it more effective. </p><p align="justify">The BSE Sensex is currently trading at 37291.75, down by 110.74 points or 0.30% after trading in a range of 37220.96 and 37511.55. There were 13 stocks advancing against 18 stocks declining on the index.</p><p align="justify">The broader indices were trading in red; the BSE Mid cap index was down by 0.79%, while Small cap index was down by 0.65%.</p><p align="justify">The few gaining sectoral indices on the BSE were IT up by 1.49%, TECK up by 1.22%, Auto up by 0.75% and Consumer Disc up by 0.11%, while Metal down by 1.95%, Basic Materials down by 1.50%, PSU down by 1.42%, Energy down by 1.04%, Bankex down by 0.95% were the top losing indices on BSE.</p><p align="justify">The top gainers on the Sensex were Maruti Suzuki up by 2.77%, HCL Tech. up by 2.09%, Infosys up by 1.91%, Mahindra &amp; Mahindra up by 1.52% and Tata Motors up by 1.49%. On the flip side, Yes Bank down by 7.17%, Indusind Bank down by 2.34%, ITC down by 2.07%, Axis Bank down by 1.99% and SBI down by 1.67% were the top losers.</p><p align="justify">Meanwhile, terming slowdown in the economy as ‘very worrisome', Former Reserve bank of India (RBI) Governor Raghuram Rajan has said that the government needs to fix the immediate problems in power &amp; non-bank financial sectors.</p><p align="justify">Rajan also expressed a need for fresh set of reforms to boost the economy and growth rate. Besides, he called for a fresh look at the way GDP in India is calculated, adding that there are a variety of growth projections from the private sector analysts, many of which are perhaps significantly below government projections.</p><p align="justify">Former RBI Governor further noted that businesses all around are worrying and complaining out loud that they need some kind of stimulus. Meanwhile, India's economic growth slowed to 6.8 per cent in 2018-19 - the slowest pace since 2014-15.</p><p align="justify">The CNX Nifty is currently trading at 11000.65, down by 53.25 points or 0.48% after trading in a range of 10985.30 and 11076.30. There were 17 stocks advancing against 33 stocks declining on the index.</p><p align="justify">The top gainers on Nifty were Maruti Suzuki up by 2.63%, HCL Tech. up by 1.96%, Infosys up by 1.85%, Mahindra &amp; Mahindra up by 1.57% and TCS up by 1.46%. On the flip side, Yes Bank down by 7.18%, Indiabulls Housing Finance down by 4.83%, Britannia down by 3.13%, Indusind Bank down by 2.86% and Ultratech Cement down by 2.85% were the top losers.</p><p align="justify">Asian markets were trading mostly in green; Nikkei 225 surged 114.06 points or 0.55% to 20,677.22, Straits Times gained 10.91 points or 0.35% to3, 139.36, Taiwan Weighted advanced33.75 points or 0.32% to10, 522.50, Kospi gained 20.35 points or 1.05% to 1,960.25, Jakarta Composite soared 1.33 points or 0.02% to 6,298.05. </p><p align="justify">On the flip side, Hang Seng slipped 39.32 points or 0.15% to 26,252.52 and Shanghai Composite was down by 3.50 points or 0.12% to 2,879.60.</p><p align="justify">European markets were trading mostly in green; FTSE gained 16.57 points or 0.23% to 7,206.22, CAC rose 2.96 points or 0.06% to 5,374.52, while DAX was down by 9.61 points or 0.08% to 11,705.76.</p><p align="justify"><br></p>
20-Aug-2019   13:01 Hrs IST Key gauges continue to trade sluggish <p align="justify">Indian equity benchmarks continued to trade in red in afternoon deals with frontline gauges trading with a cut of around half a percent amid slips in crude oil prices. Broader indices were also trading in red. Some cautiousness remained on the street with report that former Reserve Bank of India's (RBI) Governor Raghuram Rajan called slowdown in the economy very worrisome and said the government needs to fix the immediate problems in power and non-bank financial sectors and come out with a new set of reforms to energise private sector to invest. Traders paid no heed towards finance minister Nirmala Sitharaman's statement that the government would trim the corporate tax rate gradually to 25% for all companies, including the large ones with an annual turnover of over Rs 400 crore.</p><p align="justify">On the global front, Asian stocks were trading mostly in green with the signs of progress on trade negotiations and speculation of government stimulus to shore up economic growth. Back home, Auto stocks remained in top gear on hopes that a monsoon revival, drop in dealer stocks and an expected stimulus package from the government would boost demand. In scrip specific developments, Dr. Reddy's Lab surged on launching Vigabatrin Powder for Oral Solution and Maruti Suzuki India edged higher on launching 5-year, 1-lakh km warranty scheme for various models.</p><p align="justify">The BSE Sensex is currently trading at 37301.72, down by 100.77 points or 0.27% after trading in a range of 37241.83 and 37511.55. There were 13 stocks advancing against 18 stocks declining on the index.</p><p align="justify">The broader indices were trading in red; the BSE Mid cap index declined 0.86%, while Small cap index was down by 0.65%.</p><p align="justify">The few gaining sectoral indices on the BSE were IT up by 1.26%, TECK up by 1.05% and Auto was up by 0.56%, while Metal down by 1.63%, PSU down by 1.34%, Basic Materials down by 1.31%, Realty down by 1.22% and Energy was down by 1.14% were the top losing indices on BSE.</p><p align="justify">The top gainers on the Sensex were Infosys up by 1.99%, Maruti Suzuki up by 1.87%, Hero MotoCorp up by 1.14%, TCS up by 0.98% and Bajaj Auto up by 0.95%. On the flip side, Yes Bank down by 6.98%, Indusind Bank down by 2.75%, Bajaj Finance down by 1.83%, ICICI Bank down by 1.77% and ITC down by 1.67% were the top losers.</p><p align="justify">Meanwhile, with an effort to make mergers and acquisitions (M&amp;A) filings approval faster, Competition Commission of India (CCI) has introduced an automatic system of approval for combinations under Green Channel. Under this process, the combination is deemed to have been approved upon filing the notice in the prescribed format. This system would significantly reduce time and cost of transactions.</p><p align="justify">The Green Channel is aimed to sustain and promote a speedy, transparent and accountable review of combination cases, strike a balance between facilitation and enforcement functions, create a culture of compliance and support economic growth.</p><p align="justify">Besides, the regulator also revised its pre-filing consultation guidance note to extend its scope to include consultation to assist the parties to determine whether their combination is eligible for Green Channel.</p><p align="justify">The CNX Nifty is currently trading at 10997.05, down by 56.85 points or 0.51% after trading in a range of 10994.40 and 11076.30. There were 16 stocks advancing against 34 stocks declining on the index.</p><p align="justify">The top gainers on Nifty were Infosys up by 2.00%, Maruti Suzuki up by 1.73%, Hero MotoCorp up by 1.24%, Dr. Reddys Lab up by 1.09% and Wipro up by 1.09%. On the flip side, Yes Bank down by 6.98%, Indiabulls Housing down by 5.26%, Britannia Industries down by 3.04%, Indusind Bank down by 3.02% and Ultratech Cement down by 2.89% were the top losers.</p><p align="justify">Asian markets were trading mostly in green; Nikkei 225 surged 114.06 points or 0.55% to 20,677.22, Straits Times gained 10.91 points or 0.35% to3, 139.36, Taiwan Weighted advanced33.75 points or 0.32% to10, 522.50, Kospi gained 20.35 points or 1.05% to 1,960.25, Jakarta Composite soared 1.33 points or 0.02% to 6,298.05. On the flip side, Hang Seng slipped 39.32 points or 0.15% to 26,252.52 and Shanghai Composite was down by 3.50 points or 0.12% to 2,879.60.<br></p>
20-Aug-2019   12:00 Hrs IST Benchmarks extend losses in early noon session
20-Aug-2019   11:21 Hrs IST Local equities slip into red zone; Nifty below 11,050 mark
20-Aug-2019   10:11 Hrs IST Benchmarks trade in green with marginal gains in early deals
19-Aug-2019   15:01 Hrs IST Bourses trim gains in late afternoon session
19-Aug-2019   12:56 Hrs IST Indian equities hold gains in afternoon session
19-Aug-2019   12:01 Hrs IST Barometer gauges maintain gains in early noon deals
19-Aug-2019   11:12 Hrs IST Local equities gather traction in morning session
19-Aug-2019   10:10 Hrs IST Benchmarks trade firm in early deals; Sensex above 37,500 mark