Market Live: Sensex trades lower, Nifty below 10,100; RBI rate decision eyed

Market Live: Sensex trades lower, Nifty below 10,100; RBI rate decision eyed. Investors maintained cautious stance ahead of RBI policy decision.

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Investors maintained cautious stance ahead of RBI policy decision.

10:35 am Inflation: Countering the Congress's allegations of "price rise", Finance Minister Arun Jaitley today said inflation data shows a steady decline in general prices.

Taking to Twitter, he gave comparative data on inflation during the UPA rule and the Narendra Modi government with the help of graphs.

"Since the issue of price rise has been raised by some in the Congress Party, let the data on inflation figures speak for itself," he tweeted.
 

"Inflation Data shows a steady decline in general prices," he said in another tweet.

10:25 am Rupee Trade: The rupee depreciated by 3 paise to 64.41 against the dollar at the interbank forex market today ahead of the announcement of RBI's monetary policy amid foreign fund outflows.

Dealers said increased demand for the American currency from importers also weighed on the rupee but dollar's weakness against other currencies overseas limited the losses.

Yesterday, the rupee had struggled to hold on to early strong gains and eventually ended the day almost flat at 64.38 against the US dollar.

10:15 am Buzzing Stocks: Shares of Plastiblends India and The Byke Hospitality fell 2-8 percent intraday on the back of weak September quarter (Q2FY18) numbers.

Byke Hospitality has reported 10 percent decline in its Q2FY18 net profit at Rs 5.2 crore against Rs 5.76 crore in a year ago period.

Revenue of the company was down 45 percent at Rs 29.4 crore and EBITDA was down 6 percent at Rs 11 crore.

The company announced acquisition of the 3 hotels, The Byke Nature Villas (35 rooms) in Shimla, The Byke Puja Samudra (42 rooms) in Kovalam and The Byke Brightlands Resort (63 rooms) in Matheran.

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Market Live: Sensex, Nifty trade lower after Fitch cuts FY18 India growth forecast

Investors remained cautious ahead of mid-term review of foreign trade policy due later today and RBI policy tomorrow.

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11:16 am Market Check: Equity benchmarks remained under pressure in morning after the Fitch Ratings lowered India's economic growth forecast for FY18. Investors also maintained their cautious stance ahead RBI policy meet and mid-term review of foreign trade policy.

The 30-share BSE Sensex was down 107.30 points at 32,762.42 and the 50-share NSE Nifty declined 31.70 points to 10,096.10.

 About two shares declined for every share rising on the BSE.

11:05 am Project Execution: Tejas Networks has successfully completed execution of a high capacity national optical backbone network in Bangladesh for Bangladesh Submarine Cable Company, in partnership with Telephone Shilpa Sangstha.

10:55 am Debt Financing: Asian Development Bank (ADB) has approved debt financing and partial risk guarantees totaling USD 583 million to develop Reliance Power's 750 MW LNG Based Combined Cycle Power plant and LNG Terminal Project in Bangladesh

10:45 am RBI Preview: The Reserve Bank of India (RBI) looks set to keep its policy rate on hold on Wednesday, after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.

All but two of 54 analysts in a Reuters Poll said the repo rate would be left at 6.00 percent, the lowest since November 2010.

In August, the RBI made its only cut in 2017, of 25 basis points, and in October, it held.

On Wednesday, after a two-day meeting, the RBI is likely to reiterate concern about inflation, as the annual rate increased to 3.58 percent in October. That's low by Indian standards, but not far from the central bank's 4 percent target.

Another source of RBI discomfort is that core inflation, which excludes food and energy prices, has remained stubbornly high at around 4.5 percent.

The central bank is likely to reiterate a "neutral" stance, thus giving itself flexibility to cut rates in February, even though only seven of the 48 analysts in the Reuters poll who gave a view on 2018's first meeting expect that outcome.

10:35 am Services PMI: The Indian service sector dipped into contraction territory during November, following growth in the previous two months. This was matched by a reduction in new work. Panellists widely blamed the deterioration in business performance to the goods and service tax (GST). Meanwhile, cost pressures intensified during the latest survey period.

Posting below the no-change mark of 50.0 in November, the seasonally adjusted seasonally adjusted Business Activity Index signalled a contraction of the service sector for the first time in three months. That said, the rate of decline was modest.

With growth in manufacturing production offsetting the fall in services activity, private sector output rose for the third consecutive month in November. Reflecting a slowdown in output growth, the Nikkei Composite Output Index fell from 51.3 in October to a three-month low of 50.3 in November. This signalled a broad stagnation in private sector output in India.

10:15 am Order Win: Steel Strips Wheels announced bagging of another exports order for supply of steel wheels for European Union caravan market.

Order comprises of 18,500 newly developed steel wheel to be shipped from company's Chennai plant from current month onwards, the company said.

10:05 am Buzzing: Bharat Forge shares gained more than 3 percent in morning after strong trend continued in North America class 8 truck orders in November.

North America class 8 truck orders for the November month were at 32,387 units, a massive growth of 68 percent over 19,285 units in year-ago.

The reason for strong leap in truck and tractor sales was US economic growth that has been topping 3 percent for last two quarters.

However, month-on-month basis, class 8 truck orders declined 9 percent from 35,700 units in October.

North American business contributes 40 percent to company's total revenue.

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Market Live: Infosys helps Sensex gain strength again; Tata Motors rises 2%

Biocon surged 10 percent as the US FDA approved Mylan and Biocon's Ogivri, the first biosimilar for Trastuzumab, for the Treatment of HER2-Positive breast and gastric cancers.

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11:48 am Buzzing: Shares of Wipro declined 3.2 percent as National Grid US filed lawsuit against company in the US court.

The suit filed by National Grid against the company in the US court for the Eastern District of New York seeking damage amounting to USD 140 million plus additional cost related to the project.

National Grid has been a valued customer of Wipro in the US and UK for several years.

The company strongly believes that the allegations misstate facts and the claims are baseless. The company will vigorously contest the allegations in court.

 The lawsuit is related to an enterprise resource planning (ERP) implementation project, which began in 2009, and was undertaken by National Grid US.

11:40 am Crude Oil Update: Crude oil futures eased by Rs 26 to Rs 3,736 per barrel today as speculators reduced their positions amid a weakening trend overseas.

Profit-booking at existing levels too weighed on crude prices, analysts said.

At the Multi Commodity Exchange, crude oil for delivery in December was trading lower by Rs 26, or 0.69 percent, to Rs 3,736 per barrel in 1,902 lots.

The oil for delivery in far-month January 2018 also fell by Rs 25, or 0.66 percent, to Rs 3,749 per barrel in 43 lots.

The West Texas Intermediate (WTI) crude lost 0.3 percent at USD 58.15 a barrel, while Brent crude, the international benchmark, fell 0.4 percent to USD 63.51 a barrel at the New York Mercantile Exchange.

11:20 am Buzzing: Tata Motors share price rallied 3 percent intraday following strong commercial vehicle sales data reported by the company in November

"The commercial and passenger vehicles sales performance in domestic market in November 2017 was at 52,464 units, a growth of 58 percent, over last year due to growing demand across segments, introduction of new products and strong customer initiatives," the company said in its filing.

Commercial vehicle sales increased 71.9 percent year-on-year to 35,307 units in month gone by.

"The commercial sector has bounced back strongly after the initial disruption in the market, surrounding demonetization and the BS4 transition that largely affected the transport industry last year," the company said.

Tata Motors said passenger vehicle sales growth of 35 percent at 17,157 units was driven by strong growth momentum of new generation Tata cars.

11:06 am Market Check: Equity benchmarks gained strength again, backed by Infosys that extended rally to nearly 4 percent after appointment of Salil S Parekh as MD & CEO of the company.

The 30-share BSE Sensex was up 112.18 points at 32,945.12 and the 50-share NSE Nifty gained 30.70 points at 10,152.50.

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Market Live: Sensex gains 100 pts, Nifty above 10,300 at open; Quess Corp jumps 8%

Quess Corp was up 8 percent after acquisition of 51 percent equity stake in Tata Business Support Services Limited.

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9:26 am Assets Sale: Lenders of debt ridden Reliance Communications have approved the sale of its real estate assets in Delhi and Chennai to Canada-based asset management firm Brookfield, said a source.

"Lenders have approved sale of real estate assets RCom holds in Delhi and Chennai for Rs 801 crore to Brookfield," a source privy to the development told PTI on condition of anonymity.

When contacted RCom declined to comment on the development, while email query sent to Brookfield elicited no reply.
 

The proceeds will be used for retiring debts, the source said.

9:20 am Jet Airways in focus: Jet Airways, in analysts meet, said it would focus on reducing expenses, especially in trimming maintenance and distribution costs, as the full-service airline pursues strategic growth priorities amid stiff competition.

To bolster its overall income, the carrier would also focus on enhancing ancillary revenue by around Rs 250 crore.

In a presentation made to investors on Monday, the carrier has listed out its priorities for strategic growth.

The airline would look to reduce maintenance expense from January 2019 as well as bring down the cost of sales and distribution, as per the presentation.

Going forward, Jet Airways said it would also be deploying "15 per cent fuel efficient B737-Max (aircraft) inductions commencing from June 2018".

More than 25 such planes are expected to be delivered to the airline by March 2020.

9:15 am Market Check: Equity benchmarks opened higher on Tuesday, continuing upmove for fourth consecutive session while the broader markets also participated in rally, backed by positive global cues.

The 30-share BSE Sensex was up 109.13 points at 33,469.03 and the 50-share NSE Nifty rose 30 points to 10,328.80.

About 892 shares advanced against 258 declining shares on the BSE.

Yes Bank, Reliance Industries, Vedanta, Cipla, Wipro, Tech Mahindra, Tata Motors, Bajaj Finance and Bharti Airtel were early gainers while TCS, L&T and NTPC were losers.

SKM Egg and Venkys gained 4-11 percent.

L&T Finance Holdings fell 3 percent after big block deals.

Jet Airways fell 4 percent post analysts meet.

Quess Corp was up 8 percent after acquisition of 51 percent equity stake in Tata Business Support Services Limited. 

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Market Live: Nifty struggles below 10,300 on subdued Asia trade; Bharti Infra up

L&T surged 2 percent after bagging Mumbai Trans Harbour Link project.

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11:00 am USFDA Nod: Glenmark Pharmaceuticals has received final approval from the US health regulator for generic version of Loestrin tablets used to prevent pregnancy.

"Glenmark Pharmaceuticals USA has been granted final approval by the US Food and Drug Administration (USFDA) for Hailey 24 Fe (Norethindrone Acetate and Ethinyl Estradiol tablets, USP and Ferrous Fumarate tablets), 1 mg/20 mcg, the generic version of Loestrin 1 24 Fe tablets, of Allergan Pharmaceuticals," the company said in a filing.

According to IQVIATM sales data for the 12 months to September 2017, the Loestrin 24 Fe tablets market achieved annual sales of approximately USD 96.7 million, Glenmark said.

 10:50 am Market Check: Benchmark indices were mildly lower amid consolidation, tracking subdued trade in Asian markets, and after investors digested Moody's India rating upgrade.

The 30-share BSE Sensex was down 30.71 points at 33,312.09 and the 50-share NSE Nifty declined 15.80 points to 10,267.80.

The broader markets outperformed benchmarks on positive breadth. About 1,359 shares advanced against 857 declining shares on the BSE.

10:44 am Order Win: Home-grown telecom gearmaker Himachal Futuristic Communications (HFCL) today said it has bagged a Rs 128-crore order from Bharat Sanchar Nigam Ltd.

"The company has received the purchase order worth Rs 128 crore approximately from Bharat Sanchar Nigam Ltd for supply of packet microwave radio systems on pan-India basis for BSNL mobile network," HFCL said in a BSE filing.

The company said the equipment purchase order is part of a turnkey project and the balance order for installation and AMC support services will be issued separately by BSNL.

10:32 am Rupee Update: The rupee depreciated by 7 paise to 65.08 against the dollar today after renewed demand for the US currency from importers.

The dollar made headway against the euro after Angela Merkel's attempts to form a new government for Europe's biggest economy collapsed, plunging Germany into a crisis. A subdued start at domestic stock markets cast its shadow, traders said.

On Friday, the rupee had bounced back in style to end at a one-week high of 65.01 after Moody's upgraded India's sovereign credit rating.

 10:22 am USFDA Approval: Drug major Cipla has received final approval from the US health regulator for generic version of Dacogen, indicated for treatment of patients with myelodysplastic syndromes.

In a BSE filing today, Cipla said "it has received final approval for its abbreviated new drug application (ANDA) for Decitabine Injection 50 mg single-use sterile vial from the United States Food and Drug Administration (USFDA)".

The approved product is a generic equivalent of Otsuka America Pharmaceutical Inc's Dacogen. It is indicated for treatment of patients with myelodysplastic syndromes (MDS), the company added.

10:12 am Bond Yields: Indian bond yields fell sharply in morning after the central bank unexpectedly cancelled its sale of bonds via open market operation post market hours on Friday, reports Reuters.

The Reserve Bank of India said on Friday it was withdrawing the OMO sale that was scheduled for November 23 due to “recent market developments and based on a fresh review of the current and evolving liquidity conditions”.

The benchmark 10-year bond yield was down 12 basis points at 6.92 percent.

10:05 am Acquisition: Eris Lifesciences on Saturday said it has entered into a definitive agreement to buy India branded generics business of Strides Shasun for an aggregate cash consideration of Rs 500 crores.

The transaction is subject to customary closing conditions and parties intend to close the transaction by November 30th, 2017.

Strides’ India branded generics business comprises of a portfolio of 130 plus brands in the domains of neurology, psychiatry, nutraceuticals and gastro.

As per the terms of the agreement, Eris will acquire the marketing and distribution rights for the said portfolio of products in India, along with the employees forming part of the business. Strides will retain the global rights to the products.

The acquisition is Eris’s fourth—and the largest--in the last 18 months, the company will be among the top ten companies in the central nervous system (CNS) segment.

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Market Live: Sensex opens below 33K, Nifty mildly lower; Sun Pharma, Vedanta dip 2%

Rain Industries, HEG, Graphite India, Goa Carbon and Phillips Carbon plunged 5 percent.

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Earnings Reaction: India's largest drug maker Sun Pharma share price fell 2 percent after earnings.

The company reported 59 percent decline in net profit to Rs 912.1 crore in the second quarter ended September as the company faces pricing pressure in US generics market.

The company was benefited last year by an extending limited competition for generic blood cancer drug imatinib in US market.
 

The company reported net profit of Rs 2235 crore in the same period of previous year. Revenues declined 19.5 percent to Rs 6650 crore compared to Rs 8260 crore in the year-ago period.

CNBC TV18 Poll estimated the net profit at Rs 802 crore and revenues at Rs 6861 crore.

9:32 am Oil Update: Oil prices tumbled today, continuing Tuesday's slide after the International Energy Agency cast doubts over the past months' narrative of tightening fuel markets.

Brent crude futures were at USD 61.44 per barrel, down 1.24 percent from their last close.

US West Texas Intermediate (WTI) crude was at USD 55.10 per barrel, down over 1.08 percent.

The price falls mean that crude prices are now down by around 5 percent since hitting 2015 highs last week, ending a 40-percent rally between June and early November.

9:25 am Subscription: Bharat 22 Exchange Traded Fund (ETF), comprising 22 companies, yesterday attracted robust bids with the portion reserved for anchor investors getting subscribed six times to the tune of Rs 12,000 crore on the opening day. The issue opened for subscription today.

ICICI Prudential Mutual Fund managed Bharat 22 ETF's new fund offer (NFO) has size of over Rs 8,000 crore.

As much as 25 percent of the total issue size, or Rs 2,000 crore, was reserved for anchor investors who put in bids worth about Rs 12,000 crore, ICICI Prudential MF said.

The NFO received subscriptions from across the board including mutual funds, foreign portfolio investors, insurance and retirement funds.

The issue will remain open till November 17.

9:20 am Buzzing: Share price of Indiabulls Housing Finance advanced 2 percent in morning on the back partial stake sale in OakNorth Bank.

The company has sold 1/3 of its stake (around 10 percent) in OakNorth Bank to Government of Singapore owned investment arm GIC for Rs 770 crore.

The company had invested Rs 663 crore in November 2015 for a 40 percent stake in the bank.

With this divestment the company has recovered its entire investment in bank made 2 years ago. The balance investment of company in the bank is worth Rs 1,510 crore at current valuation.

9:15 am Market Check: Equity benchmarks opened mildly lower on Wednesday, tracking subdued global cues following correction in metals and crude oil prices.

The 30-share BSE Sensex was down 41.86 points at 32,900.01 and the 50-share NSE Nifty fell 16.70 points to 10,169.90.

Sun Pharma, Lupin, Vedanta, Hindalco, NALCO, Bajaj Finance, Bharti Infratel and GAIL were early losers while HPCL, BPCL, TCS, Ambuja Cements and Dr Reddy's Labs were early gainers.

Rain Industries, HEG, Graphite India, Goa Carbon and Phillips Carbon plunged 5 percent.

After earnings, Waterbase, MOIL, Panacea Biotec and Cox & Kings gained 4-6 percent while Corporation Bank, Indiabulls Real, CEAT and JK Tyre lost 1-5 percent.

Fortis Healthcare and Religare Enterprises rallied 3-5 percent post deal.

Jet Airways was up 1 percent as stock is out of NSE F&O ban and ahead of analysts' meet.

The cautious sentiment from the last session continued through Asia's today's trading day, with energy-related plays in the region falling on weakening oil prices.

China's Shanghai Composite, Hong Kong's Hang Seng, Japan's Nikkei, Australia's ASX 200 and South Korea's Kospi were down 0.3-0.8 percent.

The US markets also closed lower, with the Dow Jones, S&P 500 and Nasdaq Composite falling 0.1-0.3 percent. Concerns about a potential global economic slowdown and US tax reform dampened investor sentiment.

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Market Live: Sensex tests 33,000 in opening, Nifty trades flat; Bharti Infra dips

Sun Pharma, HCL Technologies, Bharti Airtel, M&M, Lupin, Yes Bank, Kotak Mahindra Bank and Eicher Motors were early gainers.

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9:36 am Buzzing: Share price of Havells India gained 1 percent in the early trade on signing pact with Hyundai Electric & Energy Systems.

Hyundai Electric & Energy Systems and Havells India announced the signing of memorandum of understanding (MoU) to mutually explore and supply low and medium voltage protection and switching devices, as per company release.

Under the agreement, Hyundai Electric will supply low and medium voltage protection and switching devices to Havells as brand labeling.

Hyundai Electric will also grant manufacturing license and technology transfer for low-capacity Magnetic Contactors (MC) and Molded Case Circuit Breakers (MCCBs) to Havells.

9:26 am Listing: Footwear retailer Khadim India will list on the bourses today following the conclusion of its Rs 543 crore initial public offer last week.

Khadim India's IPO was subscribed 1.90 times during November 2-6. The price band for the offer was fixed at Rs 745-750 per share.

The IPO comprised fresh issue of equity shares aggregating up to Rs 50 crore, besides an offer for sale of up to 65,74,093 shares by existing shareholders.

The net proceeds from the issue are to be utilised towards payment of loans and general corporate purposes. Axis Capital and IDFC Bank were the book running lead managers to the issue.

9:20 am MSCI rejigs index constituents: In the semi-annual index review for the MSCI equity indexes, Britannia, Petronet LNG and Vakrangee have been added to MSCI Global Standard Index while Apollo Hospitals has been removed. The MSCI Global Small Cap Index has seen 30 additions and 10 deletions. The stocks that have been added include CDSL, Chambal Fertilisers, Cochin Shipyard, DCM Shriram, Deepak Fertilisers, Eris Lifescience, Fortis Healthcare, Gujarat Alkalies, Gulf Oil Lubricants, Himadri Chemicals, IDFC, Jindal Saw, Jindal Stainless, Minda Industries, Nesco, Quess Corp, Radico Khaitan, Rain Industries, Shankara Building Products, Suprajit Engineering, Techno Electric, Tejas Networks, Time Techno, Uflex, VIP Industries and Welspun Corp. The exclusions include Adani Transmission, Future Retail, Indo Count, JB Chemicals, Kansai Nerolac, Kushal, L&T Finance, TVS Motor, Vakrangee and Videocon.

9:15 am Market Check: Equity benchmarks opened flat on Tuesday after sharp correction seen in previous session. Investors focussed on corporate earnings.

The 30-share BSE Sensex was down 14.55 points at 33,019.01 and the 50-share NSE Nifty fell 3 points to 10,222.

Coal India, Vedanta, BPCL, L&T and Bharti Infrtel were early losers.

Sun Pharma, HCL Technologies, Bharti Airtel, M&M, Lupin, Yes Bank, Kotak Mahindra Bank and Eicher Motors were early gainers.

PTC India Financial, Dhanlaxmi Bank, United Bank, Jindal Poly and TNPL fell 1-8 percent after weak earnings. Repco Home, Satin Creditcare, KEI Industries and NMDC were under pressure.
Vakrangee, Future Retail and Apollo Hospital gained 2-4 percent. 

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