CNBCTV18 Market highlights: Sensex rises 162 points, Nifty up 47 points, banks, metal, financials gain, auto stocks drag

Sensex heatmap at close: Airtel, SBI top gainers, Maruti top loser##Sensex heatmap at close: Airtel, SBI top gainers, Maruti top loser

Closing Bell: Sensex, Nifty end with gains after volatile trade, banks, metal shares support##Closing Bell: Sensex, Nifty end with gains after volatile trade, banks, metal shares support

The BSE Sensex settled almost 162 points higher, or 0.44 percent, at 36,724.70. The NSE Nifty50 also added almost 47 points, or 0.43 percent, to close at 10,844.70. The Nifty MidCap index rose 75.50 points, or 0.49 percent, to end Wednesday's trade at 15,450.70. The Nifty Bank sharply outperformed, rising 1.12 percent. Among Nifty gainers, Tata Steel, BPCL, Indian Oil Corp, Dr Reddy's Labs and JSW Steel rose between 2 and 3 percent. The top laggards included Maruti Suzuki, Sun Pharma, Britannia, Tata Motors and Asian Paints declined between 2 and 4 percent. 

India VIX falls on low participation, risk appetite##India VIX falls on low participation, risk appetite

Volatility gauge India VIX fell nearly 5 percent to Rs 17.1950 due to low participation in the market as traders faced difficulties in reaching their workplace owing to heavy rainfall in Mumbai. Weak risk appetite due to concern over slowdown in the economy, flagging consumption in the country, and worries over further corporate earnings downgrade also kept investors on the sidelines.

India's August gold imports slump to three-year low as prices hit record: government source##India's August gold imports slump to three-year low as prices hit record: government source

India’s gold imports plunged 73 percent in August from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import duty discouraged retail buying, a government source said on Wednesday. India imported 30 tonnes of gold in August, down from 111.47 tonnes a year ago, said the source, who asked not be named as he was not authorised to speak to media. In value terms, August’s imports fell 62 percent to $1.37 billion, the lowest since August 2016. On Wednesday, local gold futures hit an all-time high of 39,770 Indian rupees ($556.29) per 10 grams, taking their gains to more than 26 percent in 2019.

ICICI Prudential's S Naren: There is a good chance of making money by investing today##ICICI Prudential's S Naren: There is a good chance of making money by investing today

Smallcaps and multicaps are more interesting than largecaps because the latter and indices are heavily weighted in favour of top ten stocks which look overvalued, said S Naren, executive director and chief investment officer of ICICI Prudential AMC in an interview with CNBC-TV18.

“From being cautious, I think it’s come to a situation where you keep investing and an investor today, who doesn’t look at the market for the next five years, there is a good chance of making money because you are investing when everything looks bad,” he said.

“I believe that if I take long-term actively managed fund [it] should do well from here because the ten top stocks are overvalued and the rest of the market is cheap,” he added. READ MORE

Private banks report 10th straight quarterly rise in bad loans: CARE Ratings##Private banks report 10th straight quarterly rise in bad loans: CARE Ratings

Indian banks' non-performing assets (NPAs) have seen a bump-up in recent times, with private lenders witnessing a 10th successive rise in quarterly bad loans, an analysis by CARE Ratings showed.Gross NPAs of a set of 36 banks increased to a peak of Rs 9.66 lakh crore in March 2018 from Rs 6.71 lakh crore in March 2017 and moderated subsequently to Rs 8.70 lakh crore in March 2019 before rising to Rs 8.97 lakh crore in June 2019 again, the credit rating agency noted in a research report. READ MORE

Future Market up 5% as company, ESR India to set up warehouses##Future Market up 5% as company, ESR India to set up warehouses

Shares of Future Market Networks rose nearly 5 percent to Rs 29.25 as the company and ESR India Investments Holdings will together invest Rs 300 crore to develop industrial and warehousing parks in central and north India. So far today, 5,705 shares of the company changed hands on the NSE, lower than daily average trading volumes of 53,042 shares.

Geojit Financial sees 12% upside potential in this large-cap stock. Here's why##Geojit Financial sees 12% upside potential in this large-cap stock. Here's why

The stock has corrected by 4.5 percent in the last two days with the scrip touching an intra-day low of Rs 1927.55, falling over 2 percent. The stock has corrected over 35 percent in the last one year, but the 10-year return on the stock is over 505 percent. READ MORE

This mid-cap stock scaled new peaks 13 times last month##This mid-cap stock scaled new peaks 13 times last month

Amid-cap stock that touched new peaks 13 times last month is Bata India. The largest footwear manufacturer and retailer in India has given handsome returns in the last few years. The stock has continued to soar high despite demand slowdown in the consumption space. This has been possible owing to the strategic initiatives adopted by the company to boost sales.

During the July-August period, Bata’s stock price has rallied nearly 18 percent while on year-to-date basis, the stock surged 37 percent. And in the last 10 years, the stock has given a whopping 1,765.85 percent returns. READ MORE

Nomura recommends a 'buy' on this lone auto stock##Nomura recommends a 'buy' on this lone auto stock

The automobile industry continued to be in the slow lane in August with all major players reporting significant declines in their respective sales. Kapil Singh, an auto analyst at Nomura, said the demand situation is bad and given the economic slowdown, weak demand, and unless we have an improvement in economic growth, we are unlikely to see any swift revival in the auto industry.

"The slowdown has nothing to do with high GST rates because the rates have been more or less the same. In categories like four-wheelers there has been an economic slowdown, so measures that lead to revival and higher spending on infrastructure could lead to an improvement in demand," Singh told CNBC-TV18 on Wednesday. READ MORE

Asia stocks track Chinese gains, pound finds a floor##Asia stocks track Chinese gains, pound finds a floor

Stocks followed a firmer Chinese lead on Wednesday after a report showed growth in the country’s service sector accelerating despite broader economic headwinds, while the pound halted its decline on hopes a no-deal Brexit may yet be averted. In early European trade the pan-region Euro Stoxx 50 futures rose 0.75 percent, Germany’s DAX futures gained 0.75 percent and Britain’s FTSE futures advanced 0.5 percent. The Shanghai Composite Index added 0.3 percent while the blue-chip CSI300 index gained 0.25 percent after activity in China’s services sector expanded at the fastest pace in three months in August, according to a business survey. MSCI’s index of Asia-Pacific shares outside Japan snapped two days of losses and gained 0.6 percent. South Korea’s KOSPI advanced 0.4 percent and Japan’s Nikkei added 0.2 percent.

Sundaram MF's Krishna Kumar's one advice for investors as the market faces 'storm'##Sundaram MF's Krishna Kumar's one advice for investors as the market faces 'storm'

S Krishna Kumar, CIO- Equity, Sundaram Mutual Fund, said that as the market faces a stormy situation, it is important to create a portfolio which is diversified across sectors. "The idea is to focus more on stock-specific issues and play the company that has good quality management, good bandwidth and the ability to weather the storm," said Kumar in an interview with CNBC-TV18. “So buy stocks with visible growth and good managements and sit tight." READ MORE

Sun Pharma shares plunge 5% as Sebi orders forensic audit of company##Sun Pharma shares plunge 5% as Sebi orders forensic audit of company

Shares of Sun Pharma declined over 5 percent on Wednesday on reports that the Securities and Exchange Board of India (Sebi) has ordered a forensic audit against the company to look into allegations of financial irregularities and lapses in corporate governance standards.

The stock fell as much as 5.1 percent to Rs 416.85 per share on BSE. At 9:50 am, the stock was trading 3.7 percent lower at Rs 423 compared to a 0.2 percent or 75 points fall in BSE Sensex at 36,487. READ MORE

Balkrishna Industries falls, Macquarie says company set for de-rating##Balkrishna Industries falls, Macquarie says company set for de-rating

Shares of Balkrishna Industries fell over 6 percent in early trade to hit a two-year low of Rs 682 as brokerage Macquarie India reportedly believes that decline in the company's earnings and low return ratio is likely to drive de-rating of valuation. The brokerage house has initiated its coverage on the stock with an "underperform" rating and a price target of Rs 575. The brokerage also said that the company is facing headwinds due to weakness in global agricultural and mining activities.