Market Live: Sensex lower, Nifty struggles below 9500; CDSL rises 80% on debut

Fortis Healthcare was down 2.5 percent on Nomura downgrade. Jain Irrigation, Havells India, DCB Bank and InterGlobe Aviation were also under pressure.

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10:55 am Buzzing: Share price of Unichem Laboratories surged 6.5 percent intraday as its Goa facility has received Establishment Inspection Report from USFDA.

The company's formulations manufacturing facility at Goa has received an Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA).

The company's 54th annual general meeting (AGM) of the company will be held on July 22, 2017.

10:40 am Downgrade: Shares of Fortis Healthcare were under pressure after Nomura downgraded the stock to neutral, making investors cautious. The stock fell around 4 percent intraday on the back of this development.
 

The brokerage house highlighted how the revenue growth has remained muted over the past two years. There is a industry slowdown in both hospitals and diagnostics segments.

“With increased competition and pricing pressure, we reduce our long-term expectations for growth and margins. We now expect long-term EBITDA margins for SRL at 25% vs 30% earlier,” the brokerage house said in its report.

10.17 am Market Check: Equity benchmarks continued to reel under selling pressure, with the Sensex down 91.93 points at 30,765.59, dragged by banks, auto and infra stocks.

The 50-share NSE Nifty struggled below 9500, down 27.10 points at 9,477 on weak market breadth. About five shares declined for every four shares rising on the BSE.

L&T, HDFC, HDFC Bank, ICICI Bank, Reliance Industries, Bharti Airtel, Maruti and Tata Motors were down 0.5-2 percent whereas ITC, Sun Pharma and Dr Reddy's Labs gained 1-2.5 percent.

10:04 am Bumper Listing: Central Depository Services (CDSL) shares debuted with 68 percent gains on the National Stock Exchange. The share price opened at Rs 250 against the issue price of Rs 149.

The bumper listing was on expected lines as the issue has overwhelming response, oversubscribing 170 times. The grey market premium also indicated the strong listing.

At 10:04 am, the stock price was trading at Rs 264.80, up 77.7 percent, with volume of 1.5 crore shares after hitting a high of Rs 268 in morning trade.

9:50 am CDSL pre-opening: CDSL shares settled at Rs 250 in pre-opening trade, up by 67.78 percent or Rs 101 over its issue price of Rs 149.

It was on expected lines as the issue oversubscribed 170 times.

9:35 am IPO: The Reserve bank of India (RBI) has removed restrictions placed on purchase of shares in AU Small Finance Bank by foreign investors with the total foreign investment coming below the threshold caution limit.

The aggregate limit of total foreign investment that can be received by the company shall remain at 49 percent, the RBI said in a release. The restrictions placed on "the purchase of shares of the above company are withdrawn with immediate effect", the release said.

AU Small Finance Bank (SFB) has hit the capital market with an IPO to raise around Rs 1,900 crore. Its share sale of 3,76,95,520 shares was oversubscribed 1.36 times on the second day of the offer on Thursday.

9:25 am CDSL to debut: After overwhelming response to issue price, Central Depository Services (CDSL) is all set to make its debut today. The final issue price is fixed at Rs 149, the higher end of price band.

According to sources, the grey market premium for the stock is around Rs 90-100, which indicated that the listing may be around Rs 225-250 per share.

9:15 am Market Check: The market started off July series on a weak note, with the Nifty falling below 9500 level on weakness in banks stocks.

The 30-share BSE Sensex was down 115.22 points at 30,742.30 and the 50-share NSE Nifty slipped 37.20 points to 9,466.90.

Asian Paints, Tech Mahindra, Tata Motors, Tata Motors DVR, HDFC, HDFC Bank and Kotak Mahindra Bank were under pressure while Bank of Baroda and Sun Pharma gained in early trade.

The broader markets were also under pressure, with the Nifty Midcap down 0.5 percent as about two shares declined for every share rising.

Jaypee Infratech, Aditya Birla Money, Aditya Birla Nuvo, Grasim Industries, Amtek Auto, Metalyst Forging and Shiva Cement gained 1-7 percent.

Fortis Healthcare was down 2.5 percent on Nomura downgrade. Jain Irrigation, Havells India, DCB Bank and InterGlobe Aviation were also under pressure.

The Indian rupee slipped 9 paise in the early trade at 64.72 per dollar versus 64.63 Thursday.

Ashutosh Raina of HDFC Bank expects the pair to trade in a range of 64.50-64.90/dollar for today.

Asian markets lost ground despite China manufacturing activity beating expectations. Japan's Nikkei 225 dropped 1.08 percent while the Kospi slipped 0.2 percent and Australia's S&P/ASX 200 pulled back 1.45 percent. Hong Kong's Hang Seng Index declined 0.88 percent. On the mainland, the Shanghai Composite was off by 0.18 percent.

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Market Live: Sensex extends gains; Nifty reclaims 9550 ahead of F&O expiry

Axis Bank, Infosys, Tata Motors DVR, Infosys, Tata Steel, Bharti Infratel, Eicher Motors, Bank of Baroda and L&T were trading higher in early trade while Bank Nifty gained 100 points.

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11:15 am Buzzing: Shares of Axis Bank soared 4 percent intraday as investors cheered fresh fundraising by the bank.

The private sector lender raised Rs 3,500 crore by issuing debt securities on a private placement basis.

The board of directors of the bank approved and allotted 35,000 unsecured subordinated perpetual additional tier-I Basel III compliant non-convertible debentures aggregating Rs 3,500 crore on a private placement basis, it said in a regulatory filing

"These debentures will strengthen the overall capital adequacy ratio of the bank by an estimated 74 basis points (0.74 percentage) and also enhance the long term resources," the bank said in its statement.

11:00 am USFDA approval: Cadila Healthcare gained around a percent intraday after the firm’s subsidiary received a drug regulator’s approval.

 Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals USA received final approval from US FDA to market Dextroamphetamine Sulfate Extended Release Capsules, 5 mg. The drug will be produced at the company's manufacturing facility located at Sr Louis, MO, USA.

Dextroamphetamine is a central nervous system stimulant used in the treatment of Attention Deficit Hyperactivity Disorder and in the treatment of narcolepsy, a type of sleep disorder, the company informed the exchanges in a statement.

The development follows a string of positive news flows in terms of US FDA’s approvals. Its Moraiya plant has received several drug approvals, setting the ball rolling for the company.

10.45 am Market Check: Equity benchmarks extended gains in morning trade, with the Nifty reclaiming 9550 level ahead of expiry of June derivative contracts.

The 30-share BSE Sensex was up 179.57 points at 31,013.89 and the 50-share BSE Nifty rallied 57.30 points to 9,548.55, driven by banks, technology and auto stocks.

The broader markets outperformed benchmarks, with the BSE Midcap and Smallcap indices rising 0.7 percnet and 1.2 percent, respectively. About four shares advanced for every share rising on the BSE.

10:39 am Stake buy: CARE Ratings (erstwhile Credit Analysis and Research) shares rallied more than 16 percent in morning trade after its rival picked up stake in the company through block deals. CRISIL shares gained as much as 2.6 percent and Canara Bank rose 4 percent in morning trade.

Rating agency CRISIL has purchased 26,22,430 equity shares of CARE Ratings (representing 8.9 percent of its equity share capital).

The investment has been made pursuant to a bid process conducted by Canara Bank, subsequent to their request for quotation issued on June 19, 2017, CRISIL said in its filing.

10:28 am CDSL listing: After overwhelming response to issue price, Central Depository Services (CDSL) is all set to make its debut on exchanges on Friday, June 30. The final issue price is fixed at Rs 149, the higher end of price band.

According to sources, the grey market premium for the stock is around Rs 90-100, which indicated that the listing may be around Rs 225-250 per share.

The Rs 524-crore initial public offering of CDSL, which was opened for subscription during June 19-21, received tremendous response from all types of investors, oversubscribing 170.16 times.

The portion set aside for qualified institutional buyers oversubscribed 148.71 times while non-institutional investors' category comprising high net-worth individuals subscribed 563 times.

The reserved portion of retail individual investors applied for 23.83 times the shares on offer.

10:02 am Eris lists: Eris Lifesciences started off first trade at Rs 614.55 on the National Stock Exchange, up nearly 2 percent over issue price of Rs 603. The moderate upside was due to tepid response to the issue and subdued market conditions.

The stock touched a high of Rs 628 (up 4.14 percent) and low of Rs 605.60 in early trade.

At 10:02 hours IST, it was trading at Rs 608.25, up 0.87 percent over issue price, with more than 18 lakh shares volume on the NSE.

The company's public issue, which was oversubscribed 3.29 times, opened for subscription during June 16-20.

Eris Lifesciences is into manufacturing of branded pharmaceutical products in select therapeutic areas.

9:59 am Market Outlook: Jayant Manglik, President, Retail Distribution, Religare Securities expects volatility to remain high, due to scheduled F&O expiry and GST implementation ahead.

Traders are already struggling. He feels the upcoming events will further add to their worries. He reiterated his view to keep leveraged positions hedged and avoid highly volatile counters for day trade.

9:55 am Listing: Eris Lifesciences settled at Rs 611 in pre-opening trade, marginally higher over issue price of Rs 603.

9:49 am F&O data: ICICIdirect said FMCG, telecom and automobile stocks are witnessing high rollover of positions while the media, finance and banking space is witnessing relatively low rolls into the June series

Roll activities have found further momentum while total Nifty open interest has increased further by almost 2 percent due to continuous fresh additions seen in the next series.

July series has added close to 3 million shares against closure of 2.58 million shares in the June series. The roll spread has remained subdued near just 13 points (excluding dividend of almost 24 points in the July series). Data suggests short accumulation in the July series as the Nifty failed to sustain its highest Put base of 9500 strike. The near month open interest for the Nifty is on the lower side but looking at high open interest prevailing in stocks, VWAP activity cannot be ruled out.

9:37 am Buzzing: Shares of LT Foods rose 2 percent intraday as the company has started new rice processing plant at Rotterdam, Netherlands.

The company has commenced operations at its first rice processing plant in Europe at Rotterdam, Netherlands.

The company has made an investment of USD 15 million in this plant, which has initial capacity of 60000 tonnes and scope for further expansion in the future.

“The company is planning to expand its geographical footprint in important markets of Europe and UK through this plant by increasing its sales from the current 5000 tonnes to 60000 tonnes over the next 3 years,” company said in press release.

9:27 am FII View: Sanjay Mookim of Bank of America Merrill Lynch feels the impact of GST on listed company volumes and earnings may extend beyond the June quarter.

"At rich valuations, any hiccup in numbers could be a risk; though we think the Indian market continues to be joined at the hip to global/EM equities," he said.

He stayed cautious in the near term.

9:15 am Market Check: Equity benchmarks opened strong on Thursday ahead of expiry of June F&O contracts later today and due to positive global cues.

The 30-share BSE Sensex was up 146.19 points at 30,980.51 and the 50-share NSE Nifty rose 44.90 points to 9,536.15.

Axis Bank, Infosys, Tata Motors DVR, Infosys, Tata Steel, Bharti Infratel, Eicher Motors, Bank of Baroda and L&T were trading higher in early trade while Bank Nifty gained 100 points.

Nifty Midcap rose more than 100 points as about six shares gained for every share falling on the NSE.

Tinplate, Goa Carbon, Amtek Auto, Metalyst Forgings, Jaypee Infratech, Jaiprakash Associates, Mindtree, Hexaware, Jet Airways, SpiceJet, Shree Renuka, Bajaj Hindusthan, Sintex and India Cements rallied 1-5 percent. However, RCF fell 5 percent on offer for sale issue.

The Indian rupee has opened higher by 9 paise at 64.46 per dollar against previous close of 64.55.

The dollar fell close to one-year lows against the euro and slipped against sterling as investors priced in tighter monetary policy in Europe.

This after Bank Of England Governor Mark Carney said that the central bank is likely to need to raise interest rates as the British economy comes closer to operating at full capacity. Also the release of disappointing US housing sector data continued to weigh on sentiment.
Asian bourses traded higher, taking cues from a stronger finish in US markets, with traders expected to digest comments from top central bankers overnight. 

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Live Stock Market Updates – Nifty tests 9500, Oil stocks rise

Live Stock Market Updates – Nifty tests 9500, Oil stocks rise

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The INDIA VIX is up 0.8% at 12.6. The S&P BSE Sensex is trading at 30,902 down 55 points, while NSE Nifty is trading at 9497 down 13 points.

The BSE Oil & Gas is the top gaining index in the morning session on Wednesday. It is up by 0.42% at 13,358. Indian Oil Corporation is contributing majorly to the index gains and pulling it to higher levels.

IOC is trading higher by 1.4% at Rs 395.60 per share.

  

Other stocks in the index viz. Hindustan Petroleum Corporation is up by 1.57% at Rs 510.50 per share, BPCL is up by 1.46% at Rs 620.95 per share, GAIL is up by 1.08% at Rs 363.80, OIL is up by 0.95% at Rs 271.70 per share & ONGC is also trading higher by 0.25% at Rs 160.35 per share.

National Pharmaceutical Pricing Authority (NPPA) on Tuesday announced provisional ceiling prices of 761 medicines, including HIV, diabetes, anti-cancer and antibiotic. Majority of drug prices are being reduced as the GST regime is couple of days away.

At 10 AM, the S&P BSE Sensex is trading at 30,902 down 55 points, while NSE Nifty is trading at 9497 down 13 points. A total of 10 stocks registered a fresh 52-week high in trade today, while 46 stocks touched a new 52-week low on the NSE.

The BSE mid-cap Index is trading up 0.02% at 14,466, while BSE small-cap Index is trading down 0.06% at 15,132.

Some buying activity is seen in Auto, Utilities & Realty, while Consumer Durables and Capital Goods indices are showing weakness on BSE.

IOC, BPCL, GAIL are among the gainers, Asian Paints, ACC & Zee Entertainment Enterprise are losing on the NSE.

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Market Live: Nifty struggles below 9550, Midcap underperforms; Bharti extends gains

Sterlite Technologies, United Spirits, Max Financial, NOCIL and Videocon Industries gained 2-5 percent while REC, PFC, Union Bank, PNB, Canara Bank and Apollo Tyres fell 1-2 percent.

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12:40 pm Interview: As the economy gears up for the goods and services tax (GST), this change is expected to be a welcome one for the tiles industry by creating a seamless national market for the organised players resulting in the removal of interest rate barriers and an improvement in supply chain.

Ashok Kajaria, CMD of Kajaria Ceramics said that Q1 numbers will take a hit especially in the month of June.
 

He further said that Kajaria Ceramics is projecting a double-digit growth in FY18.

He also expects strong recovery in demand from Q2 onwards.

Will gain market share from unorganised players, said Kajaria.

Sanjay Agarwal of Century Plyboard said that shift from unorganised market will accelerate after introduction of e-way bill.

He said that 80 percent of the plywood industry is unorganised.

Actual effect of GST will be visible after a year, added Agarwal.

12.12 pm Market Check: Equity benchmarks remained under pressure, with the Nifty struggling below 9550 level on consistent selling in banks, auto, technology and infra stocks.

The 30-share BSE Sensex was down 95.42 points at 31,042.79 and the 50-share NSE Nifty fell 41.85 points to 9,533.10.

About 1,652 shares declined against 694 advancing shares on the BSE.

Infosys, SBI, Axis Bank, Tata Motors, L&T and Asian Paints were down 1-3 percent while Bharti Airtel extended gains to 2 percent.

11:50 am Interview: According to Habil F Khorakiwala, Founder, Chairman & Group CEO of Wockhardt, Indian generic companies have been very competitive in the US markets. Indian pharma industry will hold its ground when it comes to US market.

He said that pricing pressure exists in the US. Pricing pressure should be between 7 percent and 9 percent, depending on portfolio.

On business front, he said Wockhardt will continue to do well in UK and Indian markets.

"As far as debt is concerned, we have not taken any action for the time being," said Khorakiwala.

Wockhardt is taking effective steps to solve problems with regards to the US market.

11.30 am Market Check: Benchmark indices extended losses in morning trade, with the Nifty breaking 9550 level on further correction in banks.

The 30-share BSE Sensex was down 94.36 points at 31,043.85 and the 50-share NSE Nifty fell 43.45 points to 9,531.50. About 1,600 shares declined against 636 advancing shares on the BSE.

11:00 am Morgan Stanley on materials: Giving its view on aluminium stocks, Morgan Stanley said that it prefers, among the materials pack, Vedanta over Hindalco.

On aluminium stocks, it said that the Street is not fully incorporating strength in global aluminium price to levels that we believe are sustainable.

“Our overweight rating on Vedanta factors robust volume growth in key commodities as new capacities ramp up, stable / improving price outlooks for key commodities, and a strong balance sheet with net debt/EBITDA at 0.7x (F18),” its report added.

Meanwhile, on Hindalco, it said that the positive outlook factored in improved free cash flow driven by price-led upstream EBITDA growth and stable downstream earnings and management’s focus on deleveraging.

10:30 am Buzzing Stock: United Spirits gained over 3 percent intraday on Tuesday, following a ratings upgrade by Goldman Sachs.

Citing it as a source of opportunity, the research firm upgraded United Spirits to buy from a neutral rating due to better prospects of margin expansion. This is due to an improvement in product mix as well as cost savings undertaken by the company, its report stated.

10.15 am Market check: Equity benchmarks erased early gains, with the Nifty breaking 9550 level on correction in banks, auto, infra and select technology stocks.

The 30-share BSE Sensex was down 41.90 points at 31,096.31 and the 50-share NSE Nifty slipped 29.70 points to 9,545.25.

The broader markets underperformed benchmarks, with the BSE Midcap and Smallcap indices falling 0.8 percent each on weak breadth.

More than two shares declined for every share rising on the BSE.

ICICI Bank, Infosys, SBI, Axis Bank, Tata Motors and ONGC were down 1-2 percent whereas ITC, HDFC Bank, HDFC, Adani Ports and M&M outperformed, up 0.6-1.2 percent.

10:02 am Listing: Tejas Networks has seen a tepid listing on Tuesday as the stock price opened at Rs 257.70 on the National Stock Exchange, up only 0.27 percent from its issue price of Rs 257.

It, so far, managed to hold its issue price. The stock touched a high of Rs 266.15 in early trade.

At 10:02 hours IST, the share price was quoting at Rs 262.90, up Rs 5.90, or 2.30 percent on the NSE.

9:46 am Credit Suisse on Bharat Financial: Credit Suisse has maintained outperform rating on the stock, saying loan waiver is a non-issue for the company.

After recently visiting company's operations in the Vidarbha region in Central India—one of the worst affected regions on collections post demonetisation, its takeaway is that the peak of collections pain is behind us, with numbers improving week-on-week.

News flow on loan waivers should have negligible/nil impact on the business, according to the research house. Fresh loans are disbursed only to fully current borrower groups.

"We continue to see value in the Bharat Financial. While there could be 1-2 quarters of further high provisioning, this is well known to the markets. Looking beyond, we believe that the stock should re-rate as fresh slippages stay in check and growth/profitability improve," it said.

9:32 am FII View: Naveen Kulkarni of Phillip Capital said GST would throw the system into chaos over the next three months, as the channel adapts.

Large companies have better prepared IT systems, which could translate into market share gains, he feels.

Primary sales in the B2C segments will be sluggish in the transition period, but he expects a pick-up from the festival season in Q3.

He said while the near-term impact on B2C categories will be negative, considering the productivity gains and possible market share gains, he remains optimistic on larger consumer-facing companies.

Key beneficiaries include HUL, Colgate, Havells, Asian Paints, Titan Industries, Bajaj Electricals, Crompton Greaves and V-Guard.

Also read - Bull's Eye: Buy Cipla, Reliance Defence, Century Textiles, Mindtree; Sell Sun TV

9:15 am Market Check: Equity benchmarks started off truncated week on a positive note, with the Nifty reclaiming 9600 level after a meeting between US President Donald Trump and Prime Minister Narendra Modi in the US.

The 30-share BSE Sensex was up 56.47 points at 31,194.68 and the 50-share NSE Nifty rose 26.40 points to 9,601.35.

ITC, HDFC, HDFC Bank, Adani Ports, HUL and Asian Paints were early gainers while SBI, ICICI Bank, Axis Bank, Infosys and Tata Motors were under pressure.

About five shares advanced for every share falling on the BSE.

Jaiprakash Associates and Jaypee Infra rallied 10-20 percent. Sterlite Technologies, United Spirits, Max Financial, NOCIL and Videocon Industries gained 2-5 percent while REC, PFC, Union Bank, PNB, Canara Bank and Apollo Tyres fell 1-2 percent.

The Indian rupee opened marginally higher at 64.48 per dollar against 64.52 Friday.

Markets in Asia were mixed as traders watched for signals from central bankers' speeches. The Nikkei 225 rose 0.37 percent, while South Korea's benchmark Kospi index reversed earlier losses to trade 0.17 percent higher.

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