Moody's upgrades SBI, HDFC Bank ratings to Baa2 from Baa3

In the case of HDFC Bank, Moody's has also upgraded the bank's baseline credit assessment (BCA) and adjusted BCA to Baa2 from Baa3.

Moody's Investors Service has upgraded the long-term ratings of four Indian financial institutions to Baa2 from Baa3. The four are Export-Import Bank of India, HDFC Bank, Indian Railway Finance Corporation Ltd, and State Bank of India.

In the case of HDFC Bank, Moody's has also upgraded the bank's baseline credit assessment (BCA) and adjusted BCA to Baa2 from Baa3.

Moody's has upgraded the Counterpart Risk Assessment (CR Assessment) of HDFC Bank and its Hong Kong branch to Baa1(cr) from Baa2(cr); and of SBI, its Hong Kong, London and Nassau branches to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr). In addition, Moody's has assigned a CR Assessment of Baa2(cr)/P-2(cr) to State Bank of India, DIFC branch.

In addition, Moody's has changed to stable from positive the ratings outlook for IRFC; EXIM India and its London branch; HDFC Bank, its Bahrain and Hong Kong branches; as well as SBI and its Hong Kong, London, and Nassau branches. Moody's has assigned a stable outlook to SBI's DIFC branch.

Moody's continues to assess India's Macro Profile (operating environment for the banks) as Moderate. The assessment incorporates the weak, but stable credit conditions in the country, with such a situation representing the key risk to the banks' balance sheets. Corporate leverage has started to fall and asset quality deterioration for the banks has peaked.

Furthermore, the clean-up of balance sheets is underway, with the latest effort being the asset quality review conducted by the Reserve Bank of India in December 2015 and the promulgation of the Insolvency and Bankruptcy Code 2016.

The capitalization profile of the public sector banks - a segment which accounts for nearly 70% of total banking system assets remains far below that of their private sector peers. To a large extent, the capital shortfall has been addressed by the government's announcement on October 24, 2017 of a recapitalization plan for public sector banks, which should help facilitate these banks in writing down bad loans.

However, the credit implication will depend on the hair-cuts that the banks will need to take in the resolution process and the developments in their other credit metrics after the process is complete.

Funding remains credit strength for Indian banks. The banks' funding and liquidity profiles which are largely funded by customer deposits with limited reliance on confidence sensitive market funding have remained stable.

Live Stock Market Updates - Nifty regains 10,300 level; ITC gains by 1.65%

Nifty recoups from the early morning losses to trade steady at 10,300 level.
Nifty and Sensex trading flat, showing steady recovery from the morning losses as Reality and FMCG sector gain strong. Reality sector gains by 1.6%, driven by the surge in L&T Constructions(+3%), after it bags order worth Rs 4,023 Cr.

At 11:43 AM, the S&P BSE Sensex is trading at 33,237, down by 13 points, while NSE Nifty is trading at 10,298 down by 10 points.

The BSE Mid-cap Index is trading up by 0.22% at 16,613 whereas BSE Small-cap Index is trading higher by 0.43% at 17,706.

	Gainers	% change	Losers	% change
1	LT	3.01	AUROPHARMA	-2.72
2	ULTRACEMCO	2.32	ASIANPAINT	-2.39
3	GAIL	2.19	TATAMOTORS	-2.11
4	ITC	1.48	BPCL	-1.63
5	YESBANK	1.41	HINDPETRO	-1.61

Some buying seen in Basic Materials, FMCG, Reality, and Capital goods sectors, while Energy, Healthcare, IT, Telecom, Auto, Oil&Gas, and Metal show weakness on the BSE.

The India Vix is down by 2.11% at 12.98.

Out of 1,972 stocks traded on the NSE, 813 advanced, 768 declined, and 391 remained unchanged today.

A total of 44 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

Nifty Realty Index up 1%. Sobha (+10%), Unitech (+5%), Indiabulls Real Estate, Prestige (+2%).

Mahindra Logistics lists at Rs 432 , a premium of 0.70% over its issue price of Rs 429.  

Rice producers stock fall as basmati exports may drop to 3-year low. LT Foods, Chaman Lal Setia Exports (-1%).

Divi's Lab says USFDA withdraws warning letter for co's Vizag unit-II. Stock spurts 3%.

SBI stock up 1% ahead of Jul-Sep earnings.

Hatsun Agro halts 8-day gains after multiple block deals. Around 40 lakh shares or 2.5% equity change hands in multiple block deals.

L&T unit wins orders worth Rs 4,023 Cr across various business segment. Stock inches up 1%.

Axis Bank stock dips 1% ahead of meet to raise funds.

Just Dial stock jumps to 6-month high as Google may acquire co. Stock rallies 13.5%.

Live Stock Market Updates - Nifty, Sensex trade on a choppy note; Cipla gains by 4%

Nifty and Sensex are trading on a choppy notes as weakness is seen across several sectors with Telecom sector losing around 2%. Bharti Airtel drags the index by losing over 5%.

At 10:37 AM, the S&P BSE Sensex is trading at 33,404, up by 33 points, while NSE Nifty is trading at 10,357, up by 7 points.

The BSE Mid-cap Index is trading up by 0.28% at 16,590.09 whereas BSE Small-cap Index is trading up by 0.28% at 17,718.02.

Cipla, Sun Pharma, Tech Mahindra, Infratel, and Asian Paints are among the gainers, whereas Bharti Airtel, HPCL, Indian Oil, YES Bank, and Zee Entertainment are losing steam on NSE.

Some buying seen in IT,  FMCG, Healthcare, and Teck sectors, whereas Basic Materials, Telecom, Energy, Oil & Gas, Consumer Durables, and Metal sectors show weakness on the BSE.

The India Vix is up by 0.67% at 13.32.

Out of 1,970 stocks traded on the NSE, 901 advanced, 676 declined, and 393 remained unchanged today.

A total of 41 stocks registered a fresh 52-week high in trade today, while 12 stocks touched a new 52-week low on the NSE.

Bharti Airtel stock drops over 5.4% after 2.19 Cr shares change hands in a block deal. Three Pillars exits stake in Bharti Airtel via multiple block deals.

Lupin stock up 1% on short covering as company said it would try to resolve warning letter early.

Cipla stock surged 4% post better-than-expected earnings.

Ujjivan stock rallies over 5% after 1.03 Cr shares or 7.7% equity change hands in multiple blocks on the NSE.

Sun Pharmaceutical’s subsidiary Taro Pharma reported a strong performance during the previous quarter. Stock rises 2%.

Axis Bank board to meet on Nov. 10 to consider raising funds. Stock up 4%.

Adlabs to sell Novotel Imagica Khopoli Hotel for Rs 213 Cr to Bright Star. Stock spurts 3%.

Live Stock Market Updates - Sensex, Nifty open at new highs, Bharti Airtel gains by 2.5%

Benchmark indices, Nifty and Sensex, opened trade at record highs, following the strong buying in Telecom, Metal, Pharma, and Banking sectors.

At 9:36 AM, the S&P BSE Sensex is trading at 33,653, up by 80 points, while NSE Nifty is trading at 10,446 up by 22 points.

The BSE Mid-cap Index is trading down by 0.03% at 16,721.04 whereas BSE Small-cap Index is trading up by 0.54% at 17,765.39.

Bharti Airtel, Axis Bank, ONGC, Ambuja Cement, and Hindalco are among the gainers, whereas PowerGrid, BPCL, Adani Ports, ICICI Bank, and HCL are losing steam on NSE.

Some buying seen in Telecom, Capital Goods, Reality, Metal, and Pharma sectors, whereas Energy and IT sectors show weakness on the BSE.

The India Vix is up by 0.35% at 12.04.

Out of 1,971 stocks traded on the NSE, 1,093 advanced, 429 declined, and 435 remained unchanged today.

A total of 62 stocks registered a fresh 52-week high in trade today, while 6 stocks touched a new 52-week low on the NSE.

TRAI seeks details from RComm by Mon on disruption of 2G services

Vedanta Jul-Sep consol net profit up 47% on year at 20.9 bln rupees

Power Grid Jul-Sep PAT up 14.4% on year at 21.4 bln rupees

LIC places $1 bln bid for shares in New India Assurance IPO

Bajaj Auto Oct total sales 382,464 units, up 7% on year

Bharat Forge: North America Class 8 truck sales for October at 35,700 vs 13,674 last year (up 161% YoY and up 62% QoQ).

Hindalco subsidiary Novelis reported better than expected results.

Dr. Reddy’s launched Azacitidine injection in the Canadian market.

Lupin launched antibiotic gacticlate Tablets, which has a market size of $263 million in U.S