Daily Equity Market News | Share Market Blog | Daily NIFTY Sensex Updates: August 2017

Tuesday 29 August 2017

Market Live: Sensex slips over 200 pts, Nifty below 9850 on North Korea tensions

ACC, Bank of Baroda and Tata Power were under pressure, down 1-2 percent after NSE decided to exclude these stocks from Nifty50. HPCL and UPL gained up to 2 percent on addition in Nifty50.

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10:40 am Power pact: Union Power Minister Piyush Goyal said India has entered into a pact with Germany to improve parameters for grid integration of renewable energies.

The Ministry of New and Renewable Energy (MNRE) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH India on behalf of Germany signed an agreement on technical cooperation under the "Indo-German Energy Programme – Green Energy Corridors (IGEN-GEC)" here.

This relationship between GIZ nad India will result in improved market mechanisms and regulations and help train manpower in India to ensure grid stability to ensure more and more integration of renewables in the country, Goyal said.

10:29 am FII View: Asian markets sink further jolted by North Korean missile test over Japan which led to buying in safe havens assets such as gold, Japanese Yen as well as US Treasuries.

“The North Korean situation is likely to continue being a short-term worry for global markets. I think going forward, markets would be volatile for a while. It would be sensible to take some risk off the table,” Manulife AMC's Geoff Lewis said in an interview with CNBC-TV18.

10:15 am Market Check: Equity benchmarks extended losses in morning as the Sensex was down 227.05 points or 0.72 percent at 31,523.77, dragged by index heavyweights HDFC, HDFC Bank, Reliance Industries and Infosys.

The Nifty broke 9,850 level, down 68.95 points or 0.70 percent to 9,843.85.

The broader markets outperformed benchmarks, though they were also under pressure. The BSE Midcap index was down 0.3 percent and Smallcap declined 0.5 percent as about 1,171 shares declined against 705 advancing shares on the BSE.

10:05 am Infosys buyback: Infosys founders are likely to sell some of their stake in the company's Rs 13,000-crore share buyback programme, the company said today.

The promoters' keenness to participate in the buyback comes within days of a silent coup by founders led by N R Narayana Murthy to seize control of India's second-biggest software services firm.

The founders and their families between them hold some 12.75 percent (29.28 crore shares) of Infosys. Murthy declined to comment on if he would participate in the buyback.

The buyback price of Rs 1,150 is higher than the current stock trading price of Rs 941.15 and is considered "reasonably good" by the firm's former CFO V Balakrishnan.

Founded in 1981 by seven engineers - all former employees of Patni Computer Systems - with an initial capital of USD 250, Infosys today has grown into over USD 10 billion company.

9:58 am Buzzing: Share price of Swan Energy gained 4 percent as it subsidiary company entered into contract with Hyundai Heavy Industries Company

Triumph Offshore, 100 percent subsidiary of company, has executed ship building contract with Hyundai Heavy Industries Company, South Korea in connection with its upcoming FSRU project at Jafrabad, Gujarat.

The contract includes the construction of one 180000 CBM LNG Floating Storage and re-gasification unit (FSRU).

9:45 am OFS opens: NTPC fell more than 4 percent in early trade on equity dilution by the government through offer for sale route.

The offer for sale issue of the country's largest power generation company has opened for subscription today and will remain opened till Wednesday.

In two days, the Government of India will a 5 percent stake (i.e. 41,22,73,220 equity shares) in the company with a greenshoe option to sell an additional 5 percent stake.

The government has set a floor price at Rs 168 per share for the sale through a stock market auction. It will get more than Rs 13,500 crore through this stake sale.

Non-retail investors are allowed to place their bids for the issue on both days while retail investors can participate in the issue on second day i.e. Wednesday.

Retail investors will get shares at a 5 percent discount to the cut-off price.

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Monday 28 August 2017

Market Live: Midcap outperforms Sensex; Nifty holds 9,900; Infosys, L&T support

Infosys surged 4 percent as CLSA upgraded the stock to buy from underperform and raised target price to Rs 1,070 from Rs 940 after co-founder Nandan Nilekani joined the company again as non-executive chairman.

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1:20 pm Market Check: Equity benchmarks remained positive in afternoon trade, with the Sensex rising 159.67 points to 31,755.73 and the Nifty up 49.50 points at 9,906.55.

The rally was backed by Infosys (up 3.78 percent), L&T (1.38 percent) and HDFC (0.7 percent), which were leading contributors. However, Tata Motors, TCS, SBI, Dr Reddy's Labs and Tata Steel were under pressure.

The broader markets continued to outperform benchmarks as the BSE Midcap and Smallcap indices gained 0.8-0.9 percent. About 1,517 shares advanced against 858 declining shares on the BSE.

1:10 pm Doklam border issue ends: Two months after the Doklam standoff, both India and China have finally decided to withdraw troops from the tri-junction.

In a statement, the Ministry of External Affairs said on Monday that in recent weeks India and China have maintained diplomatic communications on Doklam.

According to sources, the troops withdrawal process was still on at the time of filing this report.

“In recent weeks, India and China have maintained diplomatic communication in respect of the incident at Doklam. During these communications, we were able to express our views and convey our concerns and interests,” the statement said.

"On this basis, expeditious disengagement of border personnel at the face-off site at Doklam has been agreed to and is on-going," the MEA statement further said.

1:00 pm USFDA nod: The US Food and Drug Administration has cleared Glenmark's Indore facility with zero 483s observations, according to sources of CNBC-TV18.

The inspection by the US health regulator at company's Indore unit was lasted for one week.

Glenmark manufactures oral solids at its Indore facility for US market.

Glenmark has no comment to make w.r.t US FDA inspection outcome.

12:45 pm Essar Steel in focus: Sources told CNBC-TV18 that Essar Steel's committee of creditors and its IRP will hold first meeting on August 31 as lenders are keen to rope in new investor for the company and change promoter.

Turnaround advisory firm Alvarez & Marsal is appointed a interim resolution professional for Essar Steel.

Sources said more than 6 companies, including JSW Steel, Tata Steel etc informally expressed interest in acquiring controlling equity stake of Essar Steel.

Global firms ArcelorMittal, SSG International, Posco, Liberty House also expressed interest in acquiring stake in the company.

Essar Steel has a debt of approximately Rs 45,000 crore to 22 lenders led by SBI.

Tata Steel told CNBC-TV18 that it is evaluating various strategic opportunities on an ongoing basis and would not like to comment on market speculation.

12:40 pm Europe trade: European markets opened on a negative note, as investors gear up for the next round of Brexit talks in Europe, while keeping a close eye on the moves in oil.

The pan-European Stoxx 600 was 0.5 percent lower with all sectors moving south. The UK's FTSE 100 will be closed today due to a public holiday.

12:30 pm Market Outlook: "Market will continue to be rangebound & move sideways," Ajay Bodke of Prabhudas Lilladher said in an interview to CNBC-TV18.

He feels the market will wait for Q2 earnings before decisively breaking recent highs. Downside on Infosys looks limited, according to him.

Thursday 24 August 2017

Market Live: Midcap outperforms Sensex, Nifty; Infosys most active, MTNL up 12%

SREI Infrastructure shares gained 3.5 percent as Bharat Road Network IPO will open from September 6-8.

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1:55 pm Management Speak: On Monday, McDonald's India terminated its franchise agreements with Connaught Plaza Restaurants Limited (CPRL), which runs 169 restaurants in north and east India. Also McDonald's has filed an appeal with the National Company Law Appellate Tribunal (NCLT) challenging the reinstatement of Bakshi.

In an interview to CNBC-TV18, Vikram Bakshi, MD of CPRL spoke at length about the agreement.

"We go right back to the judiciary who gave me the right to come back and work in the company and to bring it back to its old glory. McDonald's doesn't want it. So I guess the decision finally have to be made, one way or the other. What you are forgetting is that I did not start this," said Bakshi.

If partners have to part, they have to part on the basis of policy of India, he added.

He further said that according to Indian policy a foreign company wanting to buy out the shareholding of an Indian partner, it can do so on the basis of fair market value.

1:35 pm Appointment: Tata Sons today announced the appointment of Roopa Purushothaman as its Chief Economist and Head of Policy Advocacy.

Purushothaman, who will join Tata Sons with effect from September 1, comes from Everstone Capital, where she was leading the research function.

"In her role, Purushothaman will drive macroeconomic research as well as all policy and advocacy initiatives as relevant to the businesses of the Tata group," Tata Sons said in a statement.

1:18 pm Market Check: Equity benchmarks continued to consolidate in afternoon, with the Nifty hovering around 9,860 level as investors looked for triggers.

The 30-share BSE Sensex was up 45.64 points at 31,613.65 and the 50-share NSE Nifty gained 12.65 points at 9,865.15.

The BSE Midcap and Smallcap indices gained half a percent each. About 1,354 shares advanced against 998 declining shares on the BSE.

Equity market will remain shut on Friday for Ganesh Chaturthi holiday.

1:10 pm Liquor stocks in focus: Investors cheered liquor stocks, as key companies in the sector rose between 2 and 15 percent intraday.

United Spirits (up 6 percent), Globus Spirits (5 percent), Pincon Spirits (8 percent), Radico Khaitan (5 percent) and United Breweries gained around 2 percent.

The development comes after a newspaper reported a clarification issued by the Supreme Court stating that the highway liquor ban does not apply within city limits. This is seen as bringing in a huge relief to these companies.

The publication further laid out what the apex court said in its order. "The purpose of the directions contained in the order dated December 15, 2016 is to deal with the sale of liquor along and in proximity of highways properly understood, which provide connectivity between cities, towns and villages. The order does not prohibit licensed establishments within municipal areas. This clarification shall govern other municipal areas as well. We have considered it appropriate to issue this clarification to set at rest any ambiguity."

Friday 18 August 2017

Market Live: Sensex falls nearly 400 points Sikka’s move; Nifty below 9800

ITC, M&M, Bharti Infratel and UltraTech Cement gained the most on both indices, while Infosys, State Bank of India and Bank of Baroda were the top losers.

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1:10 pm Market Check: Selling pressure on the market dominated for the larger part of the trading session so far, dragged largely by a fall in Infosys due to the exit of Vishal Sikka as its MD and CEO.

The Sensex was down 397.20 points or 1.25% at 31398.26, while the Nifty was down 108.60 points or 1.10% at 9795.55. The market breadth was negative as 628 shares advanced against a decline of 1,669 shares, while 113 shares were unchanged.

TCS, HUL, Bharti Infratel and BPCL gained the most on both indices, while Infosys, Sun Pharma, and Zee Entertainment were the top losers.

According to a CNBC-TV18 alert, the fall in Infosys contributed to almost 65 percent to the Nifty’s losses, while the stock collectively eroded market cap worth Rs 27,000 crore.

12:40 pm Expert Speak: VK Sharma, Head - Private Client Group, HDFC Securities said this in a statement.

"Sikka’s exit draws a long drawn out board room battle to a close. While the company did better than the industry during Sikka’s tenure, it was no where near achieving Sikka’s own $20 bn target by 2020. The forthcoming buy back may belay the stock from falling more. Sikka’s allegation that he was continuously being distracted does not wash as he had long enough a honeymoon period to make his mark."

12:28 pm Infosys' m-cap tanks: The fall in Infosys' stock has led to a steep fall in the market capitalisation of the company. It fell over Rs 16,600 crore on the back of the fall in the stock.

As of closing price on Thursday, Infosys had a market cap at Rs 2,34,554.78 crore. Meanwhile, this figure came down to Rs 2,17,924.74 crore.

12:20 pm Market Check: Indices continued to trade lower in the afternoon session, with the Nifty firmly trading below 9850.

The Sensex was down 301.30 points at 31494.16, while the Nifty was down 82.05 points at 9822.10. The market breadth was negative as 740 shares advanced against a decline of 1,498 shares, while 94 shares were unchanged.

ITC, TCS, BPCL and Bharti Infratel gained the most on both indices, while

Among global markets, European stocks were set to open sharply lower on Friday morning as investors reacted to Spain's worst terror attack in more than 13 years.

The FTSE 100 is seen 48 points lower at 7,345; the DAX is expected to open down by 84 points at 12,123 and the CAC 40 is set to open 39 points lower at 5,110.

11:55 am FII View: Small correction can be possible but the major fall is unlikely in the market as it has strong liquidity support (from FIIs as well as DIIs), Inderjeet Bhatia of Macquarie Research said.

He is not worried if the market corrects 3-5 percent from hereon, especially after more than 20 percent rally since the beginning of current calendar year.

He advised buying on every correction as fundamentals of the economy are strong and earnings recovery will start from second half of FY18 and will be strong in next financial year.

11:38 am Management Speak: The government has capped prices of orthopedic knee implants at a significantly lower rate than current market rates.

In an interview to CNBC-TV18, Suneeta Reddy, Joint MD of Apollo Hospitals Enterprises spoke about the latest happenings in her company and sector.

Capping the prices of orthopedic knee implants at lower rate is feasible, she said.

Whatever is happening with the stent or the knee is not going to impact the profitability of the entire hospital significantly, she added.

11:15 am Market Check: The decline in benchmark indices halted in the previous session, Sensex and Nifty steadying at lower levels.

The Sensex was down 243.16 points at 31552.30, while the Nifty was down 61.65 points at 9842.50. The market breadth was negative as 717 shares have advanced, 1322 shares declined, and 102 shares are unchanged.

Thursday 17 August 2017

Market Live: Nifty manages to hold 9900, midcaps & PSU banks rally

Midcaps continued to gain, while strong movements was seen among metals as well as information technology stocks.

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10:45 am MF to invest in REIT and InvITs: UTI Mutual Fund has modified the asset allocation pattern for seven of its schemes after the Securities and Exchange Board of India allowed mutual funds to invest in REITs and InvITs, a notice from the fund house said.

The seven schemes are UTI Smart Woman Savings Plan, UTI Retirement Benefit Pension Fund, UTI Children's Career Balanced Plan, UTI Unit Scheme for Charitable & Religious Trust and Registered Societies, UTI Income Opportunities Fund, UTI Medium Term Fund, and UTI Dynamic Bond Fund.

As per the applicable limits set by SEBI, at the mutual fund level, the company will allocate not more than 10 percent of units issued by a single issuer of REIT and InvIT.

10:30 am MF update: Birla Sun Life Mutual Fund renames all legal entities, prefixes 'Aditya', with an immediate effect. The name change will also be applicable for all the scheme names of the fund house.

Subsequently, Birla Sun Life Asset Management Company will be called Aditya Birla AMC, Birla Sun Life Trustee Company to be called Aditya Birla Sun Life Trustee, and Birla Sun Life Mutual Fund as Aditya Birla Sun Life Mutual Fund.

The name change is pursuant to receipt of fresh Certificate of Incorproation from Ministry of Corporate Affairs and SEBI Registration Certificate.

10:07 am Bullion Update: Gold edged up early Thursday, extending gains from the previous session, as the dollar remained subdued after minutes from the Federal Reserve's July meeting hinted at a delay in further rate hikes.

Spot gold was up 0.4 percent at $1,287.21 per ounce by 0110 GMT, after gaining nearly 1 percent the previous day.

U.S. gold futures for December delivery rose 0.8 percent to $1,293.30 per ounce.

The U.S. dollar was on the defensive on Thursday after the minutes from the Federal Reserve's last policy meeting showed policymakers were increasingly wary of recent softness in inflation and could delay a rate hike.

(With inputs from CNBC)

10:02 am Market Check: Equity benchmark indices were trading steady, marginally higher from their opening tick, with the Sensex rising almost one third of a percent. The Nifty managed to hold on to 9900-mark.

The Sensex was up 83.82 points at 31854.71, while the Nifty was up 30.30 points at 9927.60. The market breadth was positive as 1,348 shares advanced against a decline of 437 shares, while 62 shares were unchanged.

Metal stocks continued to gain, but in the broader market, midcaps and smallcaps continued to rise, which aided the rally on D-Street.

Infosys, Coal India and Vedanta gained the most on both indices, while HUL, Kotak Mahindra Bank and Zee Entertainment were the top losers.

Also Read: Nifty eyes Mount 11K in next 12 months; top 15 stocks which could outperform index

9:50 am Forex update: On account of Parsi New Year, forex and money markets will be closed today.

9:30 am Buzzing Stock: Shares of Infosys rose 3.6 percent in the early trade on Thursday as the company announced that it will consider share buyback issue on August 19.

The decision will be taken during a meeting of board of directors of the company on Saturday.

For the same purposes, the company has closing the trading window with immediate effect and the trading window will re-open on August 22, 2017.

If the buyback is approved, any offers to purchase or solicitations of offers to sell will be made pursuant to a tender offer statement on schedule to which will be filed with the US Securities and Exchange Commission by the company.

9:18 am Market Opens: Equity benchmark indices continued its positive momentum from the previous session, with the Nifty climbing above 9900 in the opening tick.

At 09:17 hrs, the Sensex was up 43.94 points at 31814.83, while the Nifty was up 10.95 points at 9908.25. The market breadth was healthy as 519 shares advanced against a decline of 252 shares, while 25 shares were unchanged.

Midcaps continued to gain, while strong movements was seen among metals as well as information technology stocks.

Infosys, HDFC, and Vedanta were the top gainers on both indices, while Bajaj Auto, HUL, Power Grid and Zee Entertainment lost the most.

Asian stocks edged up on Thursday as tensions between the US and North Korea came off the boil, while worries about President Donald Trump's ability to implement his pro-growth agenda and the Federal Reserve's concerns about low US inflation hit the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 percent in early trade.

Japan's Nikkei slipped 0.1 percent, weighed down by the yen's strength.

South Korean shares advanced 0.1 percent after the leaders of both North Korea and the United States appeared to back off from their heated rhetoric from last week.

Meanwhile, US stocks ended slightly firmer on Wednesday but off the day's highs as worries mounted over President Donald Trump's agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation.

Indexes lost some ground following Trump's disbanding of two high-profile business advisory councils after two more CEOs resigned from the manufacturing council on Wednesday in response to his comments on weekend violence in Charlottesville, Virginia.

Wednesday 16 August 2017

Market Live: Sensex, Nifty trade marginally higher; midcaps back in the green

The drag was led by a fall in banks, while pharmaceuticals and FMCG stocks were in the green.

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11:29 am Management Speak: The movie business has been weathering storms in recent months in the form of demonetisation and the Goods and Services Tax (GST), but leading cinema-exhibition company PVR has its eyes firmly set on attracting more audiences.

The company recently launched 10 more screens in Pune as part of its expansion plans, taking its screen count in Maharashtra to 160 screens across 38 properties. After Pune, cities such as Mysore, Hyderabad, Chennai and Ghaziabad will see the launch of around two to three screens each in the next few months.

In all, the company currently has nearly 600 screens in India and adds about 70-75 screens every year, Chief Executive Officer Gautam Dutta told Moneycontrol. The capital expenditure for each new screen is around Rs 2.5 crore on average.

Cinema's classification in the highest GST tax slab of 28 percent, however, is being considered by industry experts to be a stumbling block. Ajay Bijli, PVR's Chairman and Managing Director, has previously said that had it not been for the high GST rate, the company would have been scaling up opportunities for the domestic box office.

Dutta said that while no negative effects of GST have been felt so far, he expects the government to take the entertainment business seriously.

11:07 am Market Check: Benchmark indices were trading off the day’s low points, with the Nifty hovering 9800-mark.

At 11:01 hrs, the Sensex was up 45.85 points at 31494.88, while the Nifty traded higher by 10.85 points at 9805.00. The market breadth continued to be narrow as 1,341 shares advanced against a decline of 753 shares, while 88 shares were unchanged.

Midcaps are back in the green, while pharma, metals, IT and FMCG too gained. Banks were a laggard.

10:55 am Buzzing Stock: Jubilant Foodworks, the operator of Domino’s Pizza and Dunkin’ Donuts, gained around 6 percent intraday on Wednesday as investors cheered a target price hike by CLSA.

The global research firm increased the target price on the stock from Rs 1,600 to Rs 1,900, implying an upside of over 18 percent. Further, CLSA also raised the target PE multiple from 55 times to 60 times as well.

Affirming its positive stance is also the increase in same store sales growth (SSSG) and FY19-20 earnings per share (EPS) forecasts by 6-12 percent as well.

Here's a look at the stock's three-month chart.

Friday 11 August 2017

Market Live: Sensex off day's low, down 200 pts; Midcap rebounds; pharma gains

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

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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.

Thursday 10 August 2017

Market Live: Midcap underperforms Sensex; Aurobindo up 3%, Motherson trims losses

After earnings, Tata Motors down 4 percent while Aurobindo Pharma rallied 4 percent.

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12:07 pm Market Check: Benchmark indices continued to trade lower and are heading towards lower closing for fourth consecutive session.

The 30-share BSE Sensex was down 103.86 points at 31,693.98 and the 50-share NSE Nifty fell 28.55 points to 9,879.50 on weak breadth.

About 1,624 shares declined against 626 advancing shares on the BSE. The BSE Midcap and Smallcap indices underperformed Sensex, down 0.8 percent.

Motherson Sumi trimmed its losses to 2 percent from 6 percent post earnings.

11:55 am Earnings: Auto ancillary firm Motherson Sumi Systems missed analysts' expectations on bottomline as well as operational front for April-June quarter as profit fell 21 percent year-on-year to Rs 347.3 crore.

Profitability was impacted by one-time loss of Rs 150.15 crore and weak operational performance by SMP that makes exteriors and interiors of cars.

Revenue during the quarter increased sharply by 25.8 percent to Rs 13,366.6 crore, including Rs 1,823 crore from PKC acquired recently.

11:35 am Market Outlook: The D-Street on Thursday continued to see weak movements as the Sensex lost around 100 points.

Institutions such as JM Financial had flagged concerns regarding the overbuying in the market when the Nifty hit 10,000 and now see a meaningful correction on the cards.

“You can call it a transition phase…the Nifty could test the lower end of the target of 9300,” Gautam Shah, Associate Director & Technical Analyst at JM Financial told CNBC-TV18 in an interview. He expects a correction of 5-10 percent from here as

well.

Until now, the correction was in pockets and going forward, this could see some sort of an expansion, he added.

Further, Shah also expects the decline to be more on a global level and India could face collateral damage because of that as well.

One of the key factors that supported the market in the bullish run was the strong liquidity as inflows via mutual funds by retail investors were surging. With the risk in the market, is there a chance of these flows reducing? Shah is wary of that and is

unsure of what will drive the market if liquidity dries out.

11:20 am Buzzing: Shares of Hindustan Construction Company (HCC) rose 3.3 percent intraday on bagging contract from Jammu & Kashmir State Power Development Corporation.

The company has been awarded a prestigious contract worth Rs 810.37 crore by Jammu & Kashmir State Power Development Corporation (JKSPDCL).

The contract includes construction of the 93 MW (3 x 31 MW) new Ganderbal Hydro Power project on Sind river in Central Kashmir on EPC basis.

The said work is to be completed in 48 months.

11:05 am Listing: Cochin Shipyard, the largest public sector shipyard company, will make a debut on exchanges on Friday, August 11. The issue price is fixed at higher end of price band of Rs 424-432 per share.

According to the grey market premium, the listing price is likely to be at a premium of around Rs 120-150 per share. It meant the opening price for the stock could be around Rs 550.

The premium of at least Rs 100 could be possible because of overwhelming response received by the issue, analysts feel.

The public issue was oversubscribed 76.19 times, with receiving bids for 258.9 crore equity shares against IPO size of 3.39 crore shares.

10:45 am Earnings: Auto ancillary company Bharat Forge reported solid performance in the quarter ended June 2017 and announced the issue of bonus shares in the proportion of one bonus share for every share held..

Profit during the quarter surged 43.4 percent year-on-year to Rs 175 crore on robust exports business.

Revenues increased 31.4 percent to Rs 1,258 crore in April-June quarter compared with Rs 957 crore in year-ago quarter.

"Q1FY18 was a strong quarter for the company with robust export revenues on back of increasing demand across automotive and industrial sectors," Baba Kalyani, chairman & managing director said.

Despite disruption in domestic automotive demand caused by GST transition, domestic revenues were flat compared to previous year on the back of market share gain and new product ramp up, he added.

Operating profit grew by 36.4 percent to Rs 333 crore and margin expanded by 70 basis points to 27.7 percent compared with same quarter last year.

10:15 am Market Check: Equity benchmarks extended losses in morning trade, with the Sensex falling 150.96 points to 31,646.88 and the Nifty down 48.60 points at 9,859.45.

The broader markets continued to see heavy selling pressure for third consecutive session today. The BSE Midcap and Smallcap indices fell more than 1 percent as about four shares declined for every share rising on the exchange

10:02 am Listing: Security and Intelligence Services (India) opened the first trade at Rs 855 on the National Stock Exchange, up 4.9 percent over its issue price of Rs 815.

The listing was on expected lines as the issue saw a subscription of 7 times.

At 10:02 hours IST, the stock was trading at Rs 856.95, up 5.14 percent over issue price but down 2.6 percent from pre-opening price.

In the pre-opening, the stock settled at Rs 879.80, higher by 8 percent from its issue price.

SIS India raised Rs 780 crore through public issue that was opened for subscription between July 31 and August 2. The price band for the issue was at Rs 805-815 per share.

9:53 am Pre-opening: Security and Intelligence Services settled at Rs 879.80, up 8 percent over issue price of Rs 815 in pre-opening trade.

9:51 am Earnings Reaction: Shares of National Aluminium Company (NALCO) tumbled 7 percent intraday Thursday as it has reported fall in its net profit during the quarter ended June 2017.

The company's Q1 net profit was down 4.5 percent at Rs 128.9 crore against Rs 135 crore, in the same quarter last year.

Meanwhile, revenue of the company has increased 14 percent at Rs 1911.6 crore versus Rs 1666.1 crore.

The operating profit (EBITDA) was up 16.9 percent at Rs 227.5 crore and EBITDA margin was at 12.62 percent.

The company has achieved remarkable growth in production on all fronts.

9:42 am Earnings Estimates: Textile company Page Industries' first quarter profit is seen rising 13.4 percent year-on-year to Rs 76 crore and revenue may grow 14.2 percent to Rs 652 crore due to strong volume growth.

According to average of estimates of analysts polled by CNBC-TV18, operating profit is seen rising 13.8 percent to Rs 124 crore and margin may expand 10 basis points to 19.2 percent compared with same quarter last year.

Page Industries located in Bangalore is the exclusive licensee of JOCKEY International Inc (USA) for manufacture, distribution and marketing of the Jockey brand in India, Sri Lanka, Bangladesh, Nepal and the UAE.

Analysts expect volume growth at 7-8 percent and realisations at 7-8 percent that may negate the impact of high cotton price.

They don't expect GST impact on the company, infact that is positive for Page.

Most of their products are in the sub Rs 1,000 range.

Branded apparel below Rs 1,000 has a GST rate of 5 percent, which is lower than what the company was paying earlier.

9:33 am FII View: Manishi Raychaudhuri of BNP Paribas Securities said notwithstanding the narrow breadth of positive surprises, analysis of earnings estimate progression across Asian countries and sectors shows that the earnings per share

in some sectors, mostly in ASEAN markets, are beginning to show upward inflections.

These, along with sectors with secular upward momentum, could be the next outperformers, he feels.

Some sectors, like Indian financials, are showing signs of earnings per share bottoming out, he said.

9:25 am Buzzing: Shares of National Peroxide gained 9.2 percent intraday on robust Q1 (April-June) numbers.

The company has reported 46.7 percent jump in its Q1 net profit to Rs 17.9 crore versus Rs 12.2 crore in the same quarter last fiscal.

Revenue of the company rose 18 percent at Rs 76.9 crore versus Rs 65.1 crore.

The company at its meeting held on August 9, has considered and approved capacity expansion of company's hydrogen peroxide plant at Kalyan (on 50 percent week-on-week basis) from 95,000 tonnes per annum to 1,50,000 tonnes per annum.

9:15 am Market Check: Equity benchmarks fell further in opening trade Thursday, with the Sensex losing more than 100 points.

The 30-share BSE Sensex was down 122.54 points at 31,675.30 and the 50-share NSE Nifty slipped 41.55 points to 9,866.50.

After earnings, Tata Motors down 4 percent while Aurobindo Pharma rallied 4 percent.

Eicher Motors, ONGC, Tata Power and SBI fell up to 1 percent.

Nifty Bank was down 0.4 percent. Nifty Midcap lost 0.7 percent as about two shares declined for every share rising on the NSE.

Wednesday 9 August 2017

Market Live: Nifty struggles below 10,000, Midcap falls too; banks drag again

Banks fell for the second day in a row, with the Nifty Bank down 0.6 percent. ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, IDFC Bank and Bank of Baroda were down between 0.5 percent and 1 percent.

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10:42 am Geopolitical tensions: Geopolitical tensions ramped up after President Donald Trump warned North Korea it would be "met with fire and fury" if it continued to make threats against the US. His comments came on the back of a report from the Washington Post that the hermit state had created a miniaturized nuclear weapon that could fit in its missiles.

Just hours after Trump's warning, North Korea reportedly said it was "carefully examining" a plan to strike the US Pacific territory of Guam with missiles.

10:30 am Market Check: Benchmark indices remained under pressure amid consolidation, tracking weakness in global peers due to geopolitical tensions.

The 30-share BSE Sensex was down 60.45 points at 31,953.74 and the 50-share NSE Nifty fell 13.05 points to 9,965.50. The broader markets, too, were down 0.3 percent on weak breadth.

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

Banks fell for the second day in a row, with the Nifty Bank down 0.6 percent. ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, IDFC Bank and Bank of Baroda were down between 0.5 percent and 1 percent.

9:55 am Earnings impact: Shares of SRF touched 52-week low of Rs 1425.30, down 7.7 percent intraday on the back of poor Q1 (April-June) numbers.

The company has reported 32.9 percent decline in its Q1 net profit at Rs 103.8 crore versus Rs 154.6 crore, in the same period last fiscal.

The operating profit (EBITDA) was down 30.8 percent Rs 209.1 crore and EBITDA margin was at 16.8 percent.

Meanwhile, its revenue was up 6.4 percent at Rs 1,388.4 crore versus Rs 1,305.5 crore.

The board has approved setting-up of a facility to produce specialty chemicals (P-33) for agro industry at SRF's Chemical Complex in Dahej, Gujarat at an estimated cost of Rs 85 crore.

9:45 am Market Outlook: The market has seen some moderation, which was expected after sharp rally in the year so far but deep correction is unlikely, that is the word coming from Mahesh Patil, the Co-CIO of Birla Sun Life AMC on Wednesday.

Equity benchmarks already corrected around 2 percent from its record highs touched last week, which was on expected lines. Anyway the market always gives investors a chance to book some profits after some period of time. In previous session, the Nifty fell below 10,000-mark for the first time in two weeks, especially after capital market regulator SEBI on Monday released a list of 331 shell companies identified by Corporate Affairs Ministry.

The market shot up more than 20 percent year-to-date and the maximum correction seen in 2017 was around 2.5 percent that was healthy correction.

The current correction was also on expected lines as earnings revival has not seen so far, even Q1 earnings were a mixed bag, Patil said in an interview to CNBC-TV18.

He further said, "The current correction does not mean that we are at mouth-watering level."

He expects new supply of USD 4-5 billion through large issuance to hit market soon.

"We at Birla Sun Life have been cautious on the market and are not in a hurry to buy stocks. The recent rally surprised us as valuations in near term will remain high," he said.

Hence, he expects some correction in near-to-short term, which could be 6-7 percent (that can be called healthy correction) but he is positive on market with long term perspective.

He wants to see some earnings visibility before deploying cash in the market. He is a bit defensive; therefore he has increased exposure to consumer staples due to steady earnings.

9:30 am Earnings snapshot: Gautam Singh of Spark Capital said Q1FY18 earnings season started with a mixed set of results as 38 percent of the Spark coverage companies beat estimates while 41 percent missed the estimates.

On sector level, private banks, midcap IT and large cap cement players surprised positively whereas capital goods and pharma companies disappointed in this quarter, he added.

In the Nifty 50, out of the 35 companies that came out with results, 34 percent of them beat estimates while 37 percent missed estimates, Singh said.

9:20 am Buzzing: Shares of PVR rose more than 1 percent in early trade on the back of stake sale in its joint venture company.

The company in its meeting held on August 8 has approved sale of its 51 percent stake in PVR bluO Entertainment.

PVR bluO Entertainment is a joint venture between PVR and Major Cineplex group of Thailand in which PVR owns 51 percent stake with balance 49 percent stake held by Major group.

The company has signed definitive agreements with Smaaash Entertainment along with its partner Major Complex Group to sell 100 percent stake in PVR bluO Entertainment for a consideration of approximately Rs 86 crore.

9:15 am Market Check: Equity benchmarks extended previous day's losses in opening trade Wednesday, tracking weakness in Asia.

The 30-share BSE Sensex was down 91.45 points at 31,922.74 and the 50-share NSE Nifty fell 34.40 points to 9,944.15.

Nifty Bank was down 0.5 percent as Yes Bank, ICICI Bank, Bank of Baroda and Axis Bank were under pressure.

Nalco, Hindalco Industries and Vedanta gained up to 3 percent.

PVR, Endurance and Meghmani Organics gained up to 3 percent post earnings while HPCL, HDIL, Sintex Industries, JP Associates, HCC, Suzlon Energy and Balrampur Chini fell up to 10 percent.

Tuesday 8 August 2017

Market Live: Sensex tests 32K, down 200 pts; Nifty breaks 10,000; Metals shine

Equity benchmarks erased opening gains, with the Nifty testing 10,000 level due to selling pressure in banking & financials and oil stocks.

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11:17 am Market Check: Benchmark indices extended losses in morning trade, with the Sensex falling as much as 358 points but trimming some losses.

The cut in losses indicated that investors as well as traders could be using "buy on dips' strategy due to stable earnings in Q1FY18 and improving fundamentals of the economy.

The 30-share BSE Sensex was down 198.37 points at 32,075.30 and the 50-share NSE Nifty fell 58.35 points to 9,999.05.

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

11:05 am Interview: Dr Lal Pathlab's Q1 earnings were strong as margins bounced back due to seasonality and strong traction was seen in the core Delhi market.

Speaking about recent acquisition, Doctor Om Manchanda, CEO of Dr Lal Pathlabs said the acquisition in Bangladesh is a minor one and it will not impact FY18 numbers.

The company has seen improvement in volume performance after demonetisation, said Manchanda.

He further said that cannot estimate as to how Q2 will pan out, currently. However, competition continues to be very strong, he added.

10:53 am Buzzing: Sintex Plastics Technology, the subsidiary of Sintex Industries, started off the first trade at Rs 130 level on exchanges but cooled off due to weak market conditions.

In early trade itself, the stock was locked at 5 percent upper circuit at Rs 136.50 on good buying but as the market started drifting sharply lower, the stock caught in bear grip and lost its momentum.

It fell as much as 4.92 percent at Rs 123.60 on the BSE at 10:42 hours IST. Hence, the total loss from its day's high was 9.5 percent.

Sintex Industries demerged its plastic division into Sintex Plastics Technology in May 2017.

As per scheme of arrangement, Sintex Industries' shareholders received two equity shares of Sintex Plastics Technology for every two shares held.

10:07 am Market Check: Equity benchmarks erased opening gains, with the Nifty testing 10,000 level due to selling pressure in banking & financials and oil stocks.

The 30-share BSE Sensex was down 143.89 points at 32,129.78 and the 50-share NSE Nifty fell 43.05 points to 10,014.35.

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

9:50 am Pre-opening: Sintex Plastics settled at Rs 130 per share in pre-opening trade on NSE.

9:39 am Buzzing: Shares of Dr Lal PathLabs gained 3.3 percent intraday on the back of strong June quarter numbers and on acquisition of company in Bangladesh.

The company has registered 11 percent increase in its consolidated net profit to Rs 44.4 crore for the quarter ended June 30 against net profit of Rs 40 crore in the same quarter last year.

The total income of the company was up 12 percent at Rs 256.8 crore versus Rs 229.2 crore.

The company in its board meeting held on August 07 has approved the acquisition of a company in Bangladesh named Dr Lal PathLabs Bangladesh (DLPLB).

The company has decided to acquire 70 percent stake in DLPLB from its existing shareholders with the objective of strengthening its presence in Bangladesh.

9:29 am FII View: Ridham Desai of Morgan Stanley said Indian markets are becoming institutionalised, led by domestic investors.

In Q2FY18 so far, foreign portfolio investor equity ownership rose to record levels of 27.5 percent, up 59 bps QoQ. Domestic Mutual Funds' equity stake at 5.6 percent is at the highest level since December 2001.

Of the top 20 stocks owned by foreign portfolio investors, HDFC Bank and ICICI Bank saw the most buying, while Infosys saw the most selling.

He said the largest overweight is on HDFC Bank, and the largest underweights are Reliance Industries and Infosys.

Domestic Mutual Funds bought ICICI Bank the most and sold L&T the most, he added. Overall, institutions bought ICICI Bank the most and sold Infosys the most, Desai said.

9:15 am Market Check: The market rebounded with marginal gains in opening Tuesday, with the Nifty inching towards 10,100 level.

The 30-share BSE Sensex was up 70.09 points at 32,343.76 and the 50-share NSE Nifty rose 23.60 points to 10,081.

Tata Steel gained 2 percent as brokerage houses raised target price post Q1 earnings.

Bharti Airtel gained over 1 percent and Bharti Infratel lost 3 percent after former sold stake in later.

Bank of Baroda, Eicher Motors, Bajaj Auto and Sun Pharma were up half a percent while IOC, BPCL and Dr Reddy's Labs were under pressure.

The Nifty Midcap index was up 0.3 percent as about two shares advanced for every share falling on the NSE.

NALCO, Sintex Industries, JSPL and Idea Cellular gained up to 3 percent.

Friday 4 August 2017

Nifty struggles @10K, trust only winners! 100 stocks hit fresh record high in July

The momentum might have slowed down but nearly 100 stocks from the S&P BSE 500 index hit fresh record highs in the month of July which most experts say could be your winning bets.

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The Nifty50 has fallen 124 points from its record high of 10,137.85 recorded earlier in the month of August after a strong 5 percent rally seen in the month of July.

The momentum might have slowed down but nearly 100 stocks from the S&P BSE 500 index hit fresh record highs in the month of July which most experts say could be your winning bets.

The momentum has slowed down but history suggests that correction in the market has not lasted for more than 200 points in the past. If the index closes below its 13-DEMA and 20-DEMA convincingly, further correction cannot be ruled out in that case.

The index might be going through consolidation but the good news is that there was lot of stock specific action which was seen in the month of July as nearly 100 stocks rose to fresh all-time highs which include names like Eicher Motors, Page Industries, Maruti Suzuki, RIL, HDFC Bank, Avanti Feeds, IndusInd Bank, ACC, Yes Bank, VST Industries, Kotak Mahindra Bank, etc. among others.

“It undoubtedly makes sense to hold stocks in the portfolio which have hit record highs provided they are backed by core business fundamental which supports a growth prospectus,” Dinesh Rohira, Founder & CEO, 5nance.com told Moneycontrol.

“Given that a current rally in the market is partly driven by excess liquidity despite a marginal growth in earnings, an investor should remain caution towards this euphoria,” he said.

Analysing quarterly performance of companies can be used as an add-on filter before making an investment decision, suggest experts.

“If on the quarterly basis their performances are good and have already given significant upside, one should not mind entering at high because the upside is very much justified,” Abnish Kumar Sudhanshu, Technical Analyst, Aadya Commodities Pvt. Ltd told Moneycontrol.

“I would advise investors to observe the quarterly performance and also focus on the future growth trajectory. We advise investors to look to enter in Kotak Mahindra, Voltas, Piramal Enterprise, Maruti, and Hindalco etc.,” he said.

Before making an investment decision, investors should analyse the company’s fundamentals on the basis of business outlook, revenue track record as well as demand environment.

The stock specific action is likely to continue as benchmark indices might stay in a range. But, investors should remain watchful of the stocks they want to put fresh money while in some case it makes sense to book partial profits.

“While expensive valuations (post sharp run-up) warrant a re-evaluation of the fundamentals of companies, it should be noted that the quality companies with a moat in terms of brand, market leadership, and capital efficiency, always command premium multiples,” Pankaj Pandey, Head-Research, ICICI Direct told Moneycontrol.

“These premium multiples, therefore, should be seen in conjunction with reasonable growth visibility and strong balance sheets that these companies have,” he added.

Pandey further added that if the investment thesis and growth visibility is in line with expectations for a quality company, one should stick with such companies. Otherwise, one can book profits where current levels have priced in most of the growth.

Investing in small & midcap space:

Among the small and midcap names, stocks which have hit fresh record highs last month include names like Manappuram Finance, Rain Industries, Jindal Stainless, Gayatri Projects, NBCC, JSW Steel, Chambal Fertilisers, Sterlite Technologies and Apollo Tyres etc. among others.

Mid cap and small cap investing have always been a bottom up phenomenon rather being a top down approach. The S&P BSE 500 index has most of the top quality stocks across largecap, midcap as well as smallcaps.

“While it is difficult to gaze through quality names the focus needs to be sticking with quality business models with superior return on capital over a sustained period of time,” Pandey of ICICI Direct said.

“We believe that people need to be cautious while downgrading in quality. We continue to advise that comfort over management, business model, growth visibility and sustainability is a key in midcap investing,” he said.

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