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

Live Stock Market Updates - Indices open in the green

Nifty and Sensex opened in the green today. Infosys and HDFC Bank helped market open higher; on the other hand, ICICI Bank dropped at the opening. 

At 9:20 AM, the S&P BSE Sensex was trading at 33,275, up by 114 points, while NSE Nifty was trading at 10,364, up by 41 points.

The BSE Mid-cap Index is trading up by 0.66% at 16512, whereas BSE Small-cap Index is trading up by 0.69% at 17429.

Infratel, ONGC, UPL, Yes Bank, Maruti are among the gainers, whereas India Bulls Housing Fin, Dr. Reddy, ICICI Bank, Wipro have lost steam on NSE.

Some buying seen in Telcom, Energy, Auto, Oil & Gas, while IT, Utilities, Banking, Realty,sectors showed weakness on the BSE.

The INDIA VIX is up by 6.23% at 12.19.

Out of 1,957 stocks traded on the NSE, 1174 advanced, 352 declined, and 431 remained unchanged today.

A total of 45 stocks registered a fresh 52-week high in trade today, while 3 stocks touched a new 52-week low on the NSE.

Positive opening likely following strong global cues

The Indian equity markets are likely to open the last trading session of the week on an optimistic note following positive cues from the Asian peers and strong close on Wall Street in overnight trade. The trends on SGX Nifty suggest markets are likely to open with gains of 24 points at 9,945. 
 
Now, going forward, the level of 9,850 is a crucial support for the Nifty followed by 9,800. On the upside, Nifty has resistance in the range of 9,930-9,950, and if it manages to successfully hold above this level, it may scale up to levels of 10,040-10,080. 
 
Back home, Indian markets snapped four day winning streak to end marginally lower on Thursday. The BSE Sensex lost 80 points to finish at 31,592 and the Nifty50 index slipped 26 points to settle below the 9,900-mark. The market breadth, indicating the overall health of the market, was positive. 
 
The US stock indices ended Thursday’s session firmly in the green as the indices extended their run of record highs. Technology and financial stocks were among the best performing sectors. The Dow Jones Industrial Average ended higher by about 114 points to 22,775. The tech-heavy Nasdaq Composite Index rose 51 points to close at 6,585 and the S&P 500 inched up 14 points to finish at 2,552. 
 
Asian stock markets opened in the green on Friday following the positive leads from Wall Street. Japan’s Nikkei 225 has added 40 points and Hong Kong's Hang Seng has surged 186 points.  The Chinese market was closed for a public holiday.  

Markets likely to open in negative terrain

Indian equity markets are likely to open with marginal losses on Thursday tracking muted cues from Asian markets. The trends on SGX Nifty suggest Nifty it set to open with modest loss of 20 points at 9,927. 
 
Nifty50 index has so far retraced 50% of its fall and now, going forward, the level of 9,990 is a key resistance level as 61.8% is placed at this level. On the downside, supports are seen at 9,880 and 9,850. 
 
Back home, Indian markets extended their gain for fourth consecutive trading session on Wednesday after the RBI kept the policy repo rate unchanged. At the end, the BSE Sensex gained 174 points to finish at 31,672 and the Nifty 50 index climbed 55 points to settle above the 9,900-mark. The BSE Mid-Cap index added 0.39% and the BSE Small-Cap index rose 0.79%. 
 
The US markets eked out modest gains on Wednesday, extending their recent streak of gains that’s taking all major benchmarks to new record closing highs. The Dow Jones Industrial Average inched up 20 points to 22,661.64, the Nasdaq Composite Index gained 3 points to 6,535 and the S&P 500 crept up 3 points to 2,538. 
 
Equities market in Asia began the session on muted note with Japan’s Nikkei 225 trading with gains of 2 points. The markets in Hong Kong and China were closed for holidays.

Markets may open with modest gains tracking positive global cues

Indian equity markets are expected to open with modest gains on Wednesday tracking positive leads from global peers. Trends on SGX Nifty suggest markets are likely to open with gains of 17 points at 9,892.
 
Reserve Bank of India's Monetary Policy Committee (MPC) will conclude its two day meet today and announce the policy. The consensus on the street is that RBI will maintain status quo on lending rates, citing the risk of inflation. 
 
The zone of 9,900-9,930 is a key resistance area for the Nifty50 index. On the downside, the zone of 9,810-9,830 is an immediate support level and a breach of this support level may open gates for correction up to the levels of 9,760 and 9,700. 
 
Back home, Indian markets registered decent gains on the first trading session of the October month. The BSE Sensex surged 214 points to finish at 31,497 and the Nifty index gained 71 points to close at 9,860. The market breadth, indicating overall health of the market, was optimistic. The BSE Mid-Cap index gained 0.77% and the Small-Cap index gained 0.49%. 
 
The August core sector output was up by 4.9% as compared to just 2.6% in the month of July, data released by government showed. 
 
On Tuesday evening, the Central government announced reduction in excise duty on petrol and diesel by Rs 2 per litre. 
 
The US equities continue to set fresh records on Tuesday. The Dow Jones Industrial Average added 84 points to settle at 22,642. The Nasdaq Composite Index rose 15 points to close at 6,532. The S&P 500 inched up 6 points to finish at 2,535. 
 
Asian equity benchmarks are trending up in the early morning trade on Wednesday, tracking positive cues overnight from Wall Street.  Japan’s Nikkei 225 has gained 47 points, Hong Kong's Hang Seng has surged 243 points and China’s Shanghai Composite has added 10 points.

Positive opening likely on strong global cues

Indian equity markets will open after a long weekend and there are chances that the indices may see a positive opening on Tuesday on the back of strong global cues. Trends on SGX Nifty suggest markets to open with gains of 38 points at 9,878. 
 
Nifty has strong resistance placed in the region of 9,830-9,860, and if it successfully holds above these levels, Nifty is likely to scale up to the level of 9,900 in the short term. On the flipside, important support is placed in the zone of 9,680-9,700 and a breach of this support zone may lead to further correction up to the level of 9,630. 
 
Back home, Indian markets, after opening in positive territory and extending gains in early trade, pared almost entire gains to end flat on Friday. The BSE Sensex closed almost unchanged at 31,284 and the Nifty rose 20 points to settle at 9,789. The broader markets outperformed the benchmark indices as the Mid-Cap and Small-Cap gained 0.83% and 1.09%, respectively. 
 
The US equities ended Monday’s trading session firmly in positive territory. The strength came following the release of a report from the Institute for Supply Management (ISM) which said that its Purchasing Manager’s Index had climbed to 60.8 in September from 58.8 in August. The Dow Jones Industrial Average closed up 150 points at 22,557, S&P 500 surged 10 point to 2,529, while Nasdaq Composite Index added 21 points to close at 6,516. 
 
Equity markets in Asia were trading higher in early Tuesday trading. Japan’s Nikkei 225 gained 160 points, Hong Kong's Hang Seng has jumped 475 points and China’s Shanghai Composite has climbed 10 points.    

Markets likely to open with marginal gains

The Indian equity markets may open on a flat-to-positive note on Friday. Trends on SGX Nifty suggest that markets are likely to open with marginal gains of 15 points at 9,809. 
 
Nifty has resistance placed in the region of 9,800-9,830, and if it successfully manages to stay above this level, expect the rally to extend up to the level of 9,880 in the short term. On the other hand, a breach of the level of 9,685 would mean continuation of the trend on the downside, and in that case, the next levels to watch out for would be 9,630 and 9550 on the downside. 

Back home, Indian markets snapped seven day’s losing streak and ended the session with modest gains on Thursday as traders covered their short positions on the eve of September series derivative expiry. The BSE Sensex surged 123 points to settle at 31,282 and the Nifty climbed 33 points to close at 9,769. The Mid-Cap and Small-Cap index gained 0.77% and 0.9%, respectively. 
 
The US equities eked out modest gains on Thursday with the S&P 500 index scaling to a new record closing high. The Dow Jones Industrial Average inched up 41 points to settle at 22,381. The Nasdaq Composite Index ended almost unchanged. The S&P 500 rose 3 points to close at 2,510.   
 
Asian markets were mixed in early Friday trade, with Japan’s Nikkei 225 being the only market trading in negative terrain with loss of 70 points.  On the other hand, Hong Kong's Hang Seng has gained 60 points and China’s Shanghai Composite has added 14 points.