Market Live: Sensex slumps 300 pts, Nifty holds 9700; Cochin Shipyard surges 22%

11:10 am Market Check: Market Check: Benchmark indices recouped some early losses, led by technology and pharma stocks.

The 30-share BSE Sensex was down 205.93 points or 0.65 percent at 31,325.40 and the 50-share NSE Nifty fell 71.20 points or 0.73 percent to 9,749.05.

Infosys gained further, up 0.6 percent while SBI rebounded from early losses, up 0.5 percent ahead of earnings due later today.

Healthcare stocks, the most beaten down in recent correction, saw some short covering as Dr Reddy’s Labs, Sun Pharma and Lupin gained nearly 1 percent.

Selling continued in HDFC Bank, Reliance Industries, Asian Paints, L&T, Maruti Suzuki, Adani Ports and ONGC fell up to 2 percent.

10:55 am Earnings Estimates: Country’s largest lender State Bank of India is set to announce its consolidated earnings (along with other banking subsidiaries) today. Profit is expected to grow a whopping 394.2 percent to Rs 2,485.3 crore in the quarter ended June 2017, compared with Rs 502.9 crore in same quarter last year.

Net interest income, the difference between interest earned and interest expended, is likely to increase 3.7 percent year-on-year to Rs 18,767.2 crore in Q1.

Analysts feel lower trend of slippages (Rs 10,368 crore in Q4FY17) will be seen positive. If net interest margin comes above 2.8 percent then that will also be positive.

10:45 am Market Outlook: The market has been falling sharply for the fourth consecutive session, which was warranted after one-way rally seen since February.

Geopolitical tensions and the release of list of 331 shell companies by SEBI caused selling pressure.

The market has been waiting for this correction for long time, especially after one-way rally but it is very difficult to figure out the bottom, Hiren Ved, Director & CIO, Alchemy Capital Management said in an interview with CNBC-TV18.

He sees lot of opportunities in current correction.

Geopolitical tensions surrounding around North Korea is not expected to escalate further, he feels. It will be short term impact on markets, according to him.

10:30 am Market Check: Equity benchmarks recouped some losses from day’s low, though it continued to see selling pressure for fourth day.

The 30-share BSE Sensex was down 220.24 points at 31,311.09 while the 50-share NSE Nifty fell 71.30 points at 9,748.95.

10:15 am Earnings Estimates: Public sector lender Bank of Baroda’s first quarter profit is expected to increase 8.4 percent year-on-year to Rs 459.3 crore compared with Rs 423.6 crore in same quarter last year.

Net interest income is likely to rise 4.4 percent to Rs 3,519.6 crore from Rs 3,371.1 crore on year-on-year basis.

Slippages and operating profit growth will be key factors to watch out for. Slippages from restructured book will be seen closely. At the end of March 2017, restructured book was at Rs 10,785 crore.

Analysts said if slippages fall below Rs 3,500 crore (against Rs 4,077 crore in Q4FY17) and gross non-performing assets come below 10.7 percent (10.46 percent) then that will be positive.

Low cost deposit flow may remain strong in June quarter.

10:00 am New listing: Cochin Shipyard started off trade at Rs 466 today, higher by 8 percent over issue price.

The stock immediately crossed Rs 500 level, which was on expected lines after strong subscription of 76 times.

It was trading at Rs 528, up 22 percent.

9:50 am Pre-opening for new entrant: Cochin Shipyard share price settled at Rs 440 on the National Stock Exchange, up 1.85 percent over its issue price of Rs 432.

9:38 am Buzzing: Shares of J Kumar Infraprojects and Prakash Industries were locked at 20 percent lower circuit in the opening trade on Friday.

These shares traded for the first time today after they were banned for trading on SEBI order since Tuesday.

On Thursday evening, the Securities and Appellate Tribunal (SAT) has stayed SEBI’s order against J Kumar Infra & Prakash Industries, which were among the 331 companies that the market regulator had suspected as ‘shell’ companies.

9:30 am Nifty Bank dropped 200 points as Federal Bank, PNB, IDFC Bank, ICICI Bank, Canara Bank, IndusInd Bank and Bank of Baroda were down 1-3 percent.

9:25 am Stocks at Day’s low: Syndicate Bank, L&T Finance Holdings, M&M Financial, Bajaj Finance and Manappuram Finance fell up to 5 percent.

9:15 am Market Check: Equity benchmarks fell sharply in opening trade, with the Sensex losing more than 300 points and the Nifty trading near 9,700 level.

The 30-share BSE Sensex was down 287.79 points or 0.91 percent at 31,243.54 and the 50-share NSE dropped 93.55 points or 0.95 percent at 9,726.70.

Power Grid, Tech Mahindra and Wipro were only gainers among Nifty stocks.

The broader markets fell more than benchmarks as the BSE Midcap and Smallcap indices were down nearly 2 percent each.

About 11 stocks declined for every share rising on the NSE.

J Kumar Infra and Prakash Industries fell 20 percent each after beginning of trade for first time in last four consecutive sessions.

JP Associates, Indo Count, Balaji Telefilms, SCI and Indo Amines fell up to 6 percent. However, Gujarat Gas and MOIL rallied 4 percent after earnings.