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Thursday, June 22, 2017

Sensex Rises Over 100 Points Led By ITC, Nifty Settles At 9,438

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The BSE benchmark Sensex rose over 100 points led by gains in FMCG heavyweights such as ITC and Hindustan Unilever which rose for second day in a row on GST boost. However, the gains in today’s session were capped as state-run banks and pharma shares succumbed to selling pressure. Earlier in the day, the Sensex rose over 200 points and the broader Nifty touched high of 9,499 and low of 9,428. The Sensex ended 106 points higher at 30,571 and Nifty rose 10 points to close at 9,438.

From the Nifty basket of shares, 33 ended lower while 18 closed higher. State Bank of India was the top Nifty loser, declining 4 per cent to close at Rs. 294. Bank of Baroda, ACC, Ambuja Cements, Lupin, Eicher Motors, ICICI Bank, Aurobindo Pharma, GAIL India, Indian Oil and Sun Pharma were also among the losers. On the other hand, ITC was the top Nifty gainer, the stock surged 6 per cent to close at Rs. 304. Bharti Infratel, Zee Entertainment, L&T, Hindustan Unilever and TCS were among the gainers.

On the sectoral front, FMCG shares witnessed good buying interest with Nifty FMCG index rising 3.6 per cent. On the other hand, PSU banking shares witnessed heavy selling with Nifty PSU index falling 4.2 per cent. Pharma, realty and energy shares also witnessed selling pressure.

The broader markets underperformed the benchmark indices. The BSE mid-cap and small-cap indices fell over a per cent each.

The overall market breadth was extremely bearish as 1,841 shares ended lower while 881 closed higher on the BSE.

Here are the highlights of today’s trading session:

3:09 pm: Shares of cement companies were facing the heat of selling pressure. ACC, Ambuja Cements, India Cements, Shree Cement, Grasim Industries and Manglam Cement were trading lower by 1-3 per cent each.

2:43 pm: The overall breadth turns extremely bearish as 1,731 shares fall while 931 advance on the BSE.

2:28 pm: Tanla Solutions was the top loser from the small-cap space, down 11 per cent at Rs. 42.60. Indo Solar, MBL Infra, T D Power Systems, Caplin Point Laboratories, Suni Hi-Tech, Jet Airways and JP Associates were also among the losers from the small-cap space.

2:18 pm: Broader markets underperform benchmark indices. The BSE mid-cap index falls 0.8 per cent and small-cap index declines 0.53 per cent.

1:53 pm: Venky’s India’s shares jump 5 per cent to Rs. 1,219 after the company reported that its net profit in March quarter more than doubled to Rs. 42 crore from Rs. 20.19 crore during the same period last financial year.

1:46 pm: Selling pressure visible in banking, metal, oil & gas, power, realty, power and pharma shares.

1:09 pm: Bank of India’s loss narrows to Rs. 1,045 crore from Rs. 3,587 crore during the same period last year. Gross non-performing loans as a percentage of total advances eases to 13.22 per cent from 13.38 per cent iin the previous quarter. Shares fall 3.47 per cent to Rs. 172.10.

12:48 pm: Stock markets off day’s high on selling pressure in PSU banks, pharma, oil & gas and auto shares. Sensex up 108 points or 0.35 per cent at 30,573 and Nifty was up 18 points or 0.19 per cent at 9,446.

12:42 pm: Market breadth turns bearish as 1,445 shares decline while 1,062 advance on the BSE.

12:27 pm: Mid-cap shares were witnessing selling pressure. The BSE mid-cap index was down 0.36 per cent; Cummins India was the top loser from this space, down 5 per cent at Rs. 921. Bajaj Finserve, Kamsai Nerolac, Bank of India, OFSS, Tata Power, Torrent Power, Aditya Birla Fashion and Retail and Reliance Communications were also among the losers.

12:07 pm: Oil & gas stocks were witnessing selling pressure. The BSE Oil & Gas index was down 0.72 per cent; HPCL, BPCL, Castrol India, IGL, GAIL India and Indian Oil were among the laggards.

11:42 am: FMCG shares extend gains. The BSE FMCG index was the top sectoral gainer up 2.6 per cent; ITC, Hindustan Unilever, Britannia Industries, Marico and Nestle India were among the gainers.

11:32 am: Strong reform measures like GST and political stability at centre are driving domestic stock markets higher, says market expert Ajay Bagga.

11:25 am: The market breadth was neutral as 1,126 shares were advancing while 1,246 were declining on the BSE.

11:11 am: Pharma shares witness selling pressure. The BSE Healthcare index falls nearly 1 per cent; Sun Pharma, Lupin, Dr Reddy’s Labs, Piramal Enterprises, Aurobindo Pharma and Shasun Strides were among the losers from this space.

10:43 am: PSU banking shares were witnessing selling pressure. The Nifty PSU bank index fell 2.25 per cent; Bank of India was the top loser from this space, down 3 per cent at Rs. 173. State Bank of India, Andhra Bank, IDBI Bank, Allahabad Bank, Bank of Baroda, Oriental Bank of Commerce and Syndicate Bank were also among the laggards.

10:28 am: FMCG shares rally for second day in a row. The BSE FMCG index rises 2 per cent on the back of gains in ITC, Hindustan Unilever, Nestle India, Marico, Britannia Industries and Dabur Ltd.

10:09 am: LT Foods was the top gainer from the small-cap space, up 12 per cent at Rs. 80.50. Shaily Engineering, BL Kashyap, MEP Infrastructure Developers, Kohinoor Foods, SORIL Infra Resources, Bliss GVS Pharma and Indiabulls Ventures were also among the gainers from the small-cap space.

9:40 am: Shares of Suzlon Energy jumped as much as 8 per cent to hit intraday high of Rs. 22.25 after the company reported profit of Rs. 579 crore against loss of Rs. 334 crore during the same period last year.

9:23 am: The broader markets were in-line with the benchmark indices. The BSE mid-cap and small-cap indices were up 0.5 per cent each. Indian Hotels was the top gainer from the mid-cap space, up 2.34 per cent at Rs. 142. Bharat Electronics, NLC India, Bharat Forge, Central Bank, GMR Infra, Jindal Steel and Page Industries were also among the gainers.

9:20 am: From the Nifty basket of shares, 39 were trading higher while 12 shares were among the losers. ITC was the top Nifty gainer, the stock rose 2.76 per cent to Rs. 294. Indiabulls Housing Finance, Bharti Airtel, Tata Motors, Tata Steel, TCS, Kotak Mahindra Bank, Tata Motors DVR, Axis Bank and Reliance Industries also advanced 1-1.7 per cent each. On the other hand, BPCL, Tata Power, Wipro, Sun Pharma, State Bank of India and GAIL India were among the laggards.

8:44 am: Suzlon Energy may react to its earnings after the company reported net profit of Rs. 579 crore in March quarter against loss of Rs. 333.9 crore. Its revenues rose to Rs. 4,999 crore from Rs. 3,246 crore.

Foreign institutional investors sold shares worth Rs. 989 crore while domestic institutional investors bought shares worth Rs. 349 crore on Friday.

Shares of Kotak Mahindra Bank and Tata Motors DVR will be in focus today after both of them were included in the BSE benchmark- Sensex replacing GAIL India. With these two additions the tally of stocks in Sensex will rise to 31 from 30 at present from June 19.

Among other shares, Just Dial may react to its earnings which came over the weekend. Just Dial reported that its net profit in the March quarter declined to Rs. 25.4 crore from Rs. 40 crore during the same period last year.

GAIL India will be reporting its March quarter earnings later in the day. Analysts expect the company to report net profit of Rs. 1,113 crore on sales of Rs. 13,226 crore compared with net profit of Rs. 770 crore on sales of Rs. 11,627 crore during the same period last year.

Live: Sensex Falls 150 Points, Nifty Below 9,400; Pharma Shares Weigh

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The Sensex fell over 150 points and Nifty moved below 9,400 on the back of weakness in pharma, FMCG, banking, realty and energy shares. Pharma shares were among the worst hit in trade so far with frontline pharma shares like Sun Pharma, Cipla and Aurobindo Pharma falling between 3 and 5 per cent each. Analysts say the Nifty is likely to trade in the range of 9,400 on the downside and 9,500 on the upside and any breakout on the either side of the range will decide the trend for the index going ahead.

Here are the live market updates:

10:16 am: Sun Pharma shares fall 6 per cent to hit fresh 52-week low of Rs. 601 after its US-based subsidiary Taro Pharma reported weaker-than-expected earnings.

10:06 am: Selling pressure visible across the board barring a few IT stocks.

9:59 am: Adani Enterprises was the top loser from the mid-cap space, down 7 per cent at Rs. 112.60. Reliance Communications, Bank of India, Indian Bank, Adani Power, Havells India, GMR Infra, MRPL, Reliance Infra and Jindal Steel were also among the losers, down 4.6-7 per cent each.

9:45 am: GAIL India was among the top Nifty losers, down 5.2 per cent at Rs. 369.85 after the company post market hours on Monday reported 69 per cent drop in fourth quarter net profit as it wrote down the value of its investment in Dabhol power plant.

Net profit for the January-March quarter of the last fiscal was Rs. 260.16 crore, or Rs. 1.54 per share, as against Rs. 832.13 crore, or Rs. 4.92 a share, net earnings in the same period a year before.

9:41 am: Shares of PSU banks extended their yesterday’s down move. The PSU bank sub-index on the NSE- Nifty PSU index slumped 1.73 per cent; Bank of India was the top loser from this space, down 5 per cent at Rs. 150. Oriental Bank of Commerce, Allahabad Bank, Syndicate Bank, Punjab National Bank, Andhra Bank, Bank of Baroda and IDBI Bank were alss among the laggards.

9:31 am: The broader markets were underperforming the benchmark indices. The BSE mid-cap and small-cap indices slumped over 1.5 per cent each.

9:24 am: From the Nifty basket of shares, 37 were declining while 14 were advancing. Sun Pharma was the top Nifty loser, down 5 per cent at Rs. 607. GAIL India, Aurobindo Pharma, Cipla, Bank of Baroda, Indiabulls Housing Finance, State Bank of India, Adani Ports, Tata Power and Ambuja Cements were also among the losers, down 1.6-4.7 per cent each.

9:20 am: The stock markets edge lower after a positive start. Sensex falls 56 points to 30,515 and Nifty slips 24 points to 9,415.

10 stocks that powered Nifty past 9,500

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It took just five trading sessions for the Nifty to rise 100 points to 9,500. The 50-share benchmark of the National Stock Exchange (NSE) hit the mark for the first time on Tuesday, closing at 9,512.25, up 0.7%, as better-than-estimated corporate earnings growth in the March quarter and expectations of an early monsoon boosted investor confidence.

The BSE Sensex closed up 0.86% at 30,582.60.

Market sentiment also improved as India’s retirement fund manager Employees’ Provident Fund Organization (EPFO) is expected to invest at least Rs18,000 crore in stocks in the current financial year, adding more liquidity to the markets. The 50-share index has gained 16.2% while the 30-share index jumped 14.86% in 2017.

According to NSE and Mint research, financial stocks drove the Nifty’s rally to 9,500. Gains in both HDFC Bank Ltd and Housing Development Finance Corp. Ltd contributed 14.57% and 9.32% respectively to the Nifty’s rise this year.

Reliance Industries Ltd contributed 9.23%, Larsen and Toubro Ltd 6.58% and ITC Ltd 6.39% to the Nifty’s jump in 2017.

Vikram Limaye’s BCCI stint will end in August, NSE tells Sebi

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Vikram Limaye will finish his term in the four-member panel formed by the Supreme Court to manage the Board of Control for Cricket in India (BCCI) and recuse himself in case the apex court grants him an extension, said two people with direct knowledge of the matter.

Limaye’s appointment as chief executive officer of the National Stock Exchange of India (NSE) has been held up owing to the market regulator’s concerns about this dual role.

The NSE board has assured the Securities and Exchange Board of India (Sebi) that Limaye will not continue in his BCCI role beyond August, said the first person cited earlier. This was in response to a second set of questions sent by Sebi to NSE after a previous round in April.

Limaye, currently the managing director and chief executive officer of IDFC Ltd, and a NSE spokesperson declined comment on the matter.

On 31 January, Limaye was appointed by the apex court to the four-member Committee of Administrators (CoA) to manage the affairs of the BCCI. He was appointed for a period of six months.

“Sebi was uncomfortable that his dual responsibilities would hamper his duties and role at NSE. The exchange has assured that Limaye’s role is non-administrative and is finite. He would ensure that his duties towards NSE are not hampered,” said the second person.

The market regulator is satisfied by this response since it gives clarity to the issue and the regulator may clear his appointment in the coming weeks, said this person.

An email sent to Sebi was not answered immediately.

NSE is expecting Limaye to join the exchange by June. It expects to start roadshows for its initial public offering (IPO) within a quarter of Limaye’s taking charge, said the first person.

NSE has already filed a draft prospectus and its IPO would see existing shareholders selling 25% shares to the public through the offer for sale (OFS) route.

“The exchange is hopeful that Limaye would assume charge at NSE in June. Typically, August is a lean period for US investors, so the exchange is targeting its roadshows by September,” said the first person.

“In any case NSE did not want to list without resolving the co-location issue. So a September timeline seems fairly adequate as independent auditor would submit its report by May end,” this person added.

On 27 April Mint had reported that NSE’s public offering would be delayed till the bourse resolves the allegations of providing unfair access to certain brokers on its co-location platform and has a full-time chief executive officer in place.

Separately, a conflict of interest emerged on the BCCI panel when it choose to appoint Dhruva Advisors LLP as a tax adviser to the cricket body. The Print, a news media website. first reported this on 10 May.

Dinesh Kanabar, CEO of Dhruva Advisors, was part of the four-member search committee that picked Limaye as CEO of NSE. Kanabar is also an independent director at NSE.

“As a prudent measure corporate governance measure Dhruva was not appointed. This appointment could have later raised questions of conflict of interest,” said the second person.

Dinesh Kanabar, CEO of Dhruva Advisors, was part of the four-member search committee that picked Limaye as CEO of NSE. Kanabar is also an independent director at NSE.

Markets live: Sensex, Nifty hit all time highs, Zensar Tech shares fall 9%

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Mumbai: The BSE Sensex hits record high as it hits 30,071.61 in the opening hours on Wednesday. The broader Nifty, too, hits fresh high of 9,328.05 points tracking gains in the global equity markets. The Bharatiya Janata Party (BJP) is expected to win the municipal corporation of Delhi (MCD) polls in the national capital. The Indian rupee, hits 20-month high as it trades past 64 in the opening hours against the US dollar.

Analyst believes that better-than-expected quarterly results and the forecast of a normal monsoon also boosting investor sentiments. Global markets gained in the wake of French elections. Emmanuel Macron advanced as the favourite in the presidential run-off, easing concerns that France will leave the euro currency bloc. Investors are cautious ahead of the details of White House tax plan, set to be unveiled Wednesday; Bloomberg reports that plan would cut the federal corporate tax rate to 15% from 35%.

10.03am: BSE Sensex trades higher by 133 points, or 0.45%, to 30,077, while the Nifty 50 rises 38 points, or 0.41%, to 9,345.

9.50am: Axis Bank shares rise 1.1% to Rs520.80 ahead of its March quarter earnings. According to 23 Bloomberg analyst estimates, the company may post net profit of Rs 872.90 crore.

9.40am: Zensar Technologies Ltd shares fall 9% to Rs 834.10 after the company said its net profit fell 84.4% in March quarter to Rs10.73 crore against Rs68.96 crore a year ago.

9.30am: BSE Sensex trades higher by 100 points, or 0.33%, to 30,043, while the Nifty 50 rises 24 points, or 0.26%, to 9,331

9.25am: Wipro Ltd shares rise 3% to Rs 508.70 after the company reported better then expected earnings. Net profit jumped 13% to $349 million from $309 million in the preceding quarter, on account of gains made on the sale of Wipro EcoEnergy for $70 million.

9.20am: IDFC Bank Ltd rose 4.4% to Rs 62.05 after the bank reported 6.6% increase in its net profit to Rs 176 crore in March quarter against Rs 165.10 crore a year ago.

9.15am: The rupee opened at 64.16 a dollar and touched a high of 63.96, a level last seen on 10 August 2015. At 9.15am, the rupee was trading at 63.97 a dollar, up 0.40% from its Tuesday’s close of 64.28.

9.10am: Banking stocks trading higher after Reserve Bank of India (RBI) governor Urjit Patel said in a Lecture at Columbia University that it has favoured consolidation of some public sector banks to create fewer but healthier banks and resolve the problem of stressed assets.

9.05am: The 10-year bond yield was trading at 6.943% compared to its previous close of 6.942%. Bond yields and prices move in opposite directions.

9.03am: Oriental Bank of Commerce shares rose 5%, Andhra Bank 4%, Dena Bank 3%, City Union Bank 2.7%, Union Bank 2.3%, Corporation Bank 2%, Allahabad Bank 2%, Syndicate Bank 1.9%, Axis Bank 1.5%, Central Bank of India 1.5%, IDBI Bank 1.4%, South Indian Bank 1.4%, Punjab National Bank 1.3%.

9.00am: Asian currencies were trading higher. Taiwan dollar was up 0.34%, Malaysian ringgit 0.33%, Singapore dollar 0.11%, Thai baht 0.05% and Indonesian rupiah rose 0.04%. However, Japanes

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