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Mahindra & Mahindra is among cheapest stocks in the auto space and is a good buy at current price, Gurmeet Chadha of Complete Circle Consultants told BloombergQuint in an interview.
Bajaj Finance has fallen in one way and it can fall further and test 200-DMA at Rs 2,080, Sumeet Bagadia, associate director at Choice Broking told BloombergQuint. Till the time it does not break Rs 2,380, it is better to stay on the sell side, he added.
The current fall in non-banking finance companies (NBFCs) is a good opportunity to buy on the back of rising demand for credit in longer term. We have increased stake in Bajaj Finance, HDFC, L&T Financial Services, Yes Bank and Equitas Holdings, Sanjeev Bhasin of IIFL told BloombergQuint in an interview.
Government is planning to sell its stake in SJVN to NTPC and in Power Finance Corp. to Rural Electrification Corp., people familiar with the matter told Bloomberg.
The government expects to raise Rs 8,000 crore from stake sale in SJVN and about Rs 12,000 crore from sale of shares in Power Finance, the people said asking not to be named as the information is not public.
Any deal would be dependent on approval from the cabinet committee of ministers.
Indian equity benchmarks extended decline as volatility surged dragged by selling pressure in auto, finance and banking shares.
The Sensex slumped 1.4 percent or 507 points to 36,344 and the Nifty 50 Index tumbled 1.4 percent or 158 points to 10,983. Meanwhile, a gauge of volatility — India VIX surged 6.3 percent.
Seventeen of 19 sector gauges compiled by BSE plunged led by the S&P BSE Realty Index's 4.5 percent drop. On the flipside, the S&P IT Index was top gainer, up 2.25 percent.
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RBI, SEBI, SBI Step In To Assure Nervous Credit Markets
Shares of the Mumbai-based housing finance company fell as much as 7.11 percent to Rs 986.60 as trading volumes surged.
Trading volume was 7.6 times its 20-day average, according to data compiled by Bloomberg.
As many as 2.33 lakh shares changed hands on the BSE compared with an average of 1.94 lakh shares traded daily in the past two weeks.
Shares of the country's fourth largest private sector lender rose as much as 5.4 percent to Rs 226.70 after Friday's 30 percent drop.
Yes Bank has informed exchanges that credit rating agency — Moody's has affirmed its 'Baa3' foreign currency issuer rating on Sept. 20. It also received reaffirmation of AA+ ratings on various borrowings from ICRA with a stable outlook on Sept. 21, the bank said.
Shares of the Mumbai-based construction company rose as much as 7.71 percent, the most in over two months, to Rs 130 after it received order worth Rs 845 crore for Trichy’s International airport by Airports Authority of India and Port Blair’s jetty development.
Shares of the Mumbai-based public sector lender plunged for a second day in a row, the stock fell as much as 20 percent to Rs 42.60 on heavy trading volumes.
Trading volume was 196 times its 20-day average, according to data compiled by Bloomberg.
On the BSE as many as 7.66 lakh shares changed hands compared with an average of 41,000 shares traded daily in the last two weeks.
In the last two trading sessions, the stock has plunged as much as 37 percent.
Tata Steel To Acquire Usha Martin’s Steel Business
Jyotivardhan Jaipuria, founder of Veda Investments told BloombergQuint that Indian markets are expensive, and the ongoing correction is healthy going ahead.
Key highlights of conversation:
The traders are awaiting further possible actions from authorities to calm local financial market after the central bank said it was closely monitoring developments.
Turmoil at India's non-bank finance companies is deepening with a troubled lender further missing debt payment. Sovereign bonds too may see some pressure and yield may stay in a range of 8.05-8.10 percent in the day.
In the rupee market, implied opening suggests the rupee to start trading at around 72.40 and dealers expect a range of 72.20-72.80 in the day. With most markets closed in the region, the volumes could be low.
IIFL on NBFCs
JPMorgan on Tata Steel
Morgan Stanley on Biocon
Credit Suisse on Marico
BofA-ML on Telecom
Morgan Stanley on Reliance Industries
Morgan Stanley on L&T
(As reported on Sept. 21)
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