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Friday 29 September 2017

Market Live: Sensex holds 100 pts gains, Nifty above 9800; Tourism Fin most active

GAIL surged 6 percent after Petroleum & Natural Gas Regulatory Board Of India has floated consultation paper w.r.t unified tariff for company’s pipelines Rs 57 per mmbtu.


10:30 am Technical Outlook: Nagaraj Shetti, Technical Research Analyst, HDFC securities said the market has now placed at the key support of 9,700 and is in the process of bottom reversal.

According to him, the Nifty sustaining above the key support of 9700 level in the next couple of sessions could open up the possibility of upside bounce in the market, which could take Nifty towards upper 9,950-9,980 levels, in the next 1-2 weeks.

10:20 am Market Check: Equity benchmarks maintained opening gains on first day of October series, with the Nifty holding 9,800 level. Asian markets were mostly higher, which also supported.

 
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The 30-share BSE Sensex was up 119.30 points at 31401.78 and the 50-share NSE Nifty gained 42.00 points at 9,810.95.

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

Tourism Finance Corp of India was the most active stock on exchanges, up 8 percent after big block deal.

10:12 am Buyback: Shares of Lovable Lingerie advanced 14.6 percent intraday as it is going to consider buyback of shares.

The meeting of the board of directors of the company is scheduled to be held on October 06, to consider the proposal for buyback of equity shares of the company.

The trading window of the company will remain closed for trading by designated persons as per insider trading rules of the company from September 29, 2017 to October 12, 2017 (both days inclusive).

10:01 am Rate cut likely?: State Bank of India has cut the interest rate for one year deposits by 25 basis points (bps) for both general public and senior citizens.

In an interview to CNBC-TV18, Rajnish Kumar, Managing Director of State Bank of India said the bank had Rs 25 lakh crore of deposit and one year deposit would be Rs 3 lakh crore.

On lending front, he said bank's market share was around 21-21.5 percent, so to that extent the bank was able to protect market share.

He said segment of operations of non banking financial companies (NBFCs) are different from some public sector undertaking (PSU) banks.

He does not expect rate cut from Reserve Bank of India (RBI) because macroeconomic data is not favourable.

9:55 am Order win: Shares of MEP Infrastructure Developers added 6.3 percent intraday as it has won a contract for collection of toll at all entry points to Delhi.

The company has been awarded the letter of award by the office of the director local bodies (Toll Tax Department) to engage as the contractor for South Delhi Municipal Corporation (SDMC).

The company will collect toll tax & environment compensation charge (ECC) at border points from specified commercial vehicles entering Delhi.

The commercial operations will commence from October 1, 2017 for a period of 5 years.

9:45 am Crude Outlook: Crude oil gained a little over 9 percent month to date.

"Investors have really gained confidence in oil, after the OPEC cuts that were originally discussed earlier in the year are starting to take shape here, and oil production is being curbed," Phil Streible, senior market strategist at RJO Futures, said Thursday on CNBC's "Trading Nation."

Further fueling the commodity's recent upside is the International Energy Agency having upped its demand outlook for the end of this year and into 2018, Streible said.

Due to this combination of production cuts and growing demand, oil could head up to its 2017 high, just above USD 55, or even USD 60 per barrel by year-end. A global supply glut has plagued the market for several years, and OPEC member countries and non-member producers have vowed to implement cuts to curb such oversupply.

9:35 am FM sees rise in GST collections: Finance Minister Arun Jaitley said the Goods and Services Tax (GST) collections in the first two months have met the target and going forward the revenue will see further surge.

"We are now just finished second month. As a base year of 2015-16, we had to give two hikes of 14 percent each to the states, and for both the months (July and August), with some part of the compensation cess, we are well within that figure," he said at the release of a book titled 'India@70 Modi@3.5'.

Total GST collection for August touched Rs 90,669 crore (up to September 25, 2017), against Rs 94,063 crore mopped up in the first month of the new indirect tax regime rollout.

Of this, as much as Rs 14,402 crore has come in from the Central GST (CGST), Rs 21,067 crore from State GST (SGST), Rs 47,377 crore from Integrated GST (IGST) and Rs 7,823 crore from compensation cess levied on demerit and luxury goods. Of Rs 7,823 crore, Rs 547 crore is compensation cess from imports in August.

9:30 am Govt borrowing limit: The Centre yesterday kept the gross borrowing target for October-March unchanged at Rs 2.08 lakh crore but indicated that the government may raise more funds from the market if required.

The net borrowing during the second half of the financial year will continue to remain at Rs 1.92 lakh crore.

A major part of the borrowing will be done in the quarter ended December.

The gross borrowing for 2017-18 has pegged at Rs 5.8 lakh crore, with net borrowing aimed at Rs 4.25 lakh crore, after taking into account the redemption figures.



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Thursday 28 September 2017

Market Live: Sensex rebounds, Nifty above 9700 ahead of expiry; rupee recovers too

Ipca Labs, DHFL, Reliance Home Finance, ICICI Lombard General and Titan Company were under pressure.


10:32 am Market Check: Benchmarks indices rebounded amid volatility ahead of expiry of September futures & options contracts.

The 30-share BSE Sensex was up 68.22 points at 31,228.03 and the 50-share NSE Nifty rose 6.85 points to 9,742.60.

The market breadth turned strong as about two shares advanced for every share falling on the BSE.

The rupee also recovered from its day's low, trading at 65.72 against the US dollar, compared with previous day's closing of 65.71.
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09:30 am IPO: Newgen Software Technologies has filed preliminary papers with markets regulator Sebi to raise an estimated Rs 400 crore through an initial share-sale offering.

The IPO comprises fresh issue of shares aggregating up to Rs 95 crore and an offer for sale of 1,34,53,932 scrips by existing shareholders, including Ascent Capital and Pandara Trust, according to draft red herring prospectus (DRHP) filed with Securities and Exchange Board of India (Sebi).

Proceeds from the fresh issue will be utilised towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes.

According to merchant banking sources, the company's initial public offer (IPO) is expected to fetch Rs 400 crore.

9:25 am 5G Technology: Sterlite Technologies has launched a high-speed 5G ready network solution named FlashFWD at India Mobile Congress (IMC) 2017, being held in New Delhi, India.

Globally, as data consumption continues to grow exponentially, there is a need for new, dense networks that enable extremely high data speeds and low response times. 5G is expected to generate about eight times more data traffic than an average 4G connection, with 15 percent global population expected to have 5G subscriptions by 2021-22.

10:20 am Bad loans: The battle against bad loans shows no signs of abating, with another state-run bank now offloading its exposure in the beleaguered Essar Steel, reports CNBC-TV18.

Indian Overseas Bank has offloaded its exposure in Essar Steel to Edelweiss Asset Reconstruction Company for Rs 1,900 crore. Sources said Edelweiss ARC is likely believed to have bought IOB’s stake at a 50 percent discount to its book value.

10:15 am Stake sale: State-run ONGC yesterday said it may sell its holding in Indian Oil Corporation (IOC) and GAIL to fund the Rs 33,000 crore acquisition of HPCL.

The company is debt free and has got the shareholders' approval to raise Rs 25,000 crore through borrowing, ONGC Chairman and Managing Director Dinesh K Sarraf said. "We have several options to fund the acquisition. On a standalone basis we are debt free so we can borrow from the market. Also, we have certain investments which can be sold," Sarraf said.

ONGC has about 13.77 percent stake in IOC, which is worth around Rs 26,450 crore and 4.87 percent stake in GAIL, which is worth Rs 1,640 crore. Sarraf said no decision on selling stake has been taken but the option is available for the company.

10:06 am Tax woes for telecom sector: Large telecom operators including Bharti Airtel and Idea Cellular today lamented the high taxes, and spectrum costs being faced by the industry, and asked the government for immediate relief to mitigate the woes of the stressed sector.

While most of the speakers at India Mobile Congress inaugural eluded to India's digital vision and technological prowess, Idea Cellular MD and CEO Himanshu Kapania minced no words in highlighting the "severe financial and mental stress" that the industry is going through.

He went on to red flag the industry's woes ranging from introduction and proliferation of bundled unlimited usage plans to "lack of effective regulatory intervention", all of which had bearing on the industry's realisations.

Bharti Airtel MD and CEO for India and South Asia, Gopal Vittal too rued the high taxes in the industry.

10:01 am Modi on GST: Prime Minister Narendra Modi yesterday said traders across the country are “positive” about GST and accepting the new taxation arrangement but they need “handholding” so that their problems can be resolved.

He urged the chief secretaries to use the district administration in this regard, so that small traders are facilitated to access and adopt the new system, according to a PMO statement.

At the meeting, the prime minister reiterated that small businesses must register with the GST network to take advantage of business opportunities, the PMO statement said.





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Tuesday 26 September 2017

Market Live: Sensex, Nifty open flat after yesterday's sharp fall; ONGC gains

Jet Airways, InterGlobe Aviation, SpiceJet, JK Paper and Alkem Labs were down up to 4 percent while REC, Adani Transmission, Avenue Supermarts, Shoppers Stop and DHFL gained 1-6 percent.


9:40 am Rail merger: German industrial group Siemens is likely to decide today to pursue a multibillion-dollar rail merger with French rival Alstom rather than Canada's Bombardier , two sources familiar with the matter told Reuters.

The three major train and rail technology groups active in Europe have been looking at combining their businesses as larger Chinese state-backed rival CRRC embarks on a global expansion drive.

"I think Alstom will make it," one of the people said on Monday. The second person said Siemens' supervisory board would decide the matter on Tuesday, also describing Alstom as the frontrunner.

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 9:35 am Aviation stocks under pressure: SpiceJet and Jet Airways fell 3 percent each after Brent crude oil prices fell 3.8 percent yesterday but rebounded with mild gains today.

9:30 am RBI on NBFCs: Banks can no longer hold more than a 10 percent stake in a deposit taking non-banking finance company, with the exception of lenders owning equity in housing finance companies, and also regulated their commodity derivatives play, according to a Reserve Bank of India circular.

In amendments to the Master Direction - Reserve Bank of India (Financial Services provided by banks) Directions, 2016, the central bank said banks should not invest more than 10 percent of the unit capital of a real estate investment trust (ReIT) or an infrastructure investment trust (InvIT) subject to overall ceiling of 20 percent of its net worth.

9:25 am Asia growth: Developing Asia is on track to grow faster this year and next, the Asian Development Bank said today, buoyed by a pick-up in world trade and China's expansion, but it flagged risks from tightening US monetary policy.

Developing Asia is expected to grow by 5.9 and 5.8 percent in 2017 and 2018, respectively, the Manila-based lender said.

That is unchanged from its July estimates, but higher than the 5.7 percent forecast it gave for both years in its Asian Development Outlook (ADO) released in April.

9:20 am Market Outlook: Aditya Agarwal of Way2Wealth Brokers said being the expiry week, high volatility is expected in coming trading session and traders are advised to keep strict stop losses in short-term trading positions.

"For the current week, we maintain cautious view and believe that 10,180 to 10,250 range will act as a strong hurdle and it will be a daunting task for bulls to surpass this zone immediately," he said.

On the lower side, 9,740 will act as an immediate support whereas the strong support placed at 9,685. Any break below this level will confirm the medium-term downtrend.

9:15 am Market Check: Equity benchmarks opened flat on Tuesday after witnessing sharp fall in previous two sessions, and ahead of expiry of September derivative contracts.

The 30-share BSE Sensex was down 8.55 points at 31618.08 and the 50-share NSE Nifty gained 6.90 points at 9,879.50.

Lupin, ONGC, Power Grid and Sun Pharma were early gainers.

Nifty Midcap was up 0.1 percent. Jet Airways, InterGlobe Aviation, SpiceJet, JK Paper and Alkem Labs were down up to 4 percent while REC, Adani Transmission, Avenue Supermarts, Shoppers Stop and DHFL gained 1-6 percent.

The Indian rupee hit a six-month low, opening lower by 14 paise at 65.24 per dollar today versus 65.10 on Monday.

Asian markets were pressured, following declines on Wall Street overnight, as the war of words between North Korea and the US escalated.




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Wednesday 20 September 2017

Market Live: Sensex, Nifty open mildly higher on RIL support; Bharti, Idea sink

Telecom stocks - Bharti Airtel, Idea Cellular and Reliance Communications fell 3-6 percent after telecom regulator TRAI slashed mobile call connection charge to 6 paise per minute from 14 paise currently, effective October 1.


9:34 am Buzzing: Hyderabad-based Bodhtree Consulting was up 5 percent after it bagged Rs 100 crore order from the Medical Council of India to cover 550 medical colleges in the country under the Digital Mission Mode Project II.

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9:25 am Market Outlook: "The unfaltering rise of stock markets over the past six months has made many of us a skeptical optimist love it or hate it, but you can't ignore it," Kashyap Pujara of Axis Capital said.

While earnings growth concerns continue and achieving GDP growth projection seems challenging at this point, expectations of post-GST recovery and rate cuts will only strengthen the domestic wall of liquidity/equity flows, he added.

According to him, the Street is expecting aggregate 16 percent earnings growth for 350 companies in FY18 but excluding outliers, growth is just 8-9 percent.

However, FY19 expectations broadly remain unchanged, he feels.

This will at best keep the market sideways till earnings catch up. Thus now may well be the right time for bottom-up investing, Pujara said.

9:15 am Market Check: Equity benchmarks opened mildly higher on Wednesday, led by support from index heavyweight Reliance Industries.

The 30-share BSE Sensex was up 63.74 points at 32,466.11 and the 50-share NSE Nifty gained 11.90 points at 10,159.45.

Telecom stocks - Bharti Airtel, Idea Cellular and Reliance Communications fell 3-6 percent after telecom regulator TRAI slashed mobile call connection charge to 6 paise per minute from 14 paise currently, effective October 1.

Tata Motors, ICICI Bank, BPCL, Cipla, Coal India, Ambuja Cements, NTPC and Wipro were also under pressure in early trade.

Reliance Industries rallied 4 percent, followed by L&T, ONGC, HDFC Bank, ITC, Tata Power and Yes Bank.

Nifty Midcap was up 0.4 percent, outperforming benchmarks.

JK Tyre, Apollo Tyres, Ceat, Divis Labs, Kamat Hotels, Adani Transmission, Bombay Dyeing, HEG, Graphite India, Goa Carbon, Rain Industries, Shreyas Shipping and Cadila Healthcare gained up to 10 pecent.




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Tuesday 19 September 2017

Market Live: Sensex, Nifty see profit booking amid consolidation; Fed meet eyed

Gas stocks like GAIL, Gujarat Gas and Indraprastha Gas gained 2-4 percent after Morgan Stanley said gas demand is on secular growth path supported by benign gas prices and favourable government policies.


10:15 am Market Check: Equity benchmarks saw some selling pressure amid consolidation in morning trade as investors looked for cues from Federal Reserve's monetary policy meeting that will begin tonight.

The 30-share BSE Sensex was down 24.75 points at 32,399.01 and the 50-share NSE Nifty fell 10.15 points to 10,142.95.

Equity tips free trialThe broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.3 percent each on positive breadth. About 1,066 shares advanced against 915 declining shares on the BSE.

10:11 am IPO: Footwear retailer Khadim India has received capital markets regulator Sebi's approval to raise an estimated Rs 550-650 crore through an initial public offering.

The company had approached Securities and Exchange Board of India (Sebi) with its draft red herring prospectus in July and received its 'observations' on September 13, which is necessary for any company to launch their public offer.

Khadim India's initial public offer (IPO) comprises fresh issue of equity shares aggregating up to Rs 50 crore and an offer for sale of up to 6,574,093 equity shares by the existing shareholders.

Net proceeds from the issue would be utilised towards payment of loans and for general corporate purposes.

10:05 am Rupee trade: The rupee dropped marginally against the US currency to 64.14 in early trade today on some dollar demand from importers and banks.

The rupee opened lower by 5 paise at 64.18 against the last close of 64.13 at the interbank foreign exchange. It moved in a range of 64.18 to 64.13 in early trade before quoting at 64.14, down by 1 paise, at 0930hrs.

Forex dealers said dollar demand from banks and importers weighed on the rupee.

A weakness in the US dollar against some currencies in the global market and a higher opening of the domestic equity market, however, limited the fall.

9:55 am Buzzing: Shares of Biocon rose 3.6 percent intraday on zero observation from USFDA for Visakhapatnam facility.

United States Food & Drug Administration (USFDA) has completed the audit of active pharmaceutical ingredients facility at Visakhapatnam, Andhra Pradesh without any observations, and so not issued form 483.

The USFDA has inspected the said facility from September 11 to 15.

The company had acquired the above unit from Acacia Lifesciences in October 2015.

The successful audit of this facility reflects our strong commitment to cGMP compliance at our manufacturing facilities, company spokesperson said.

9:45 am Market Outlook: Going forward, Aditya Agarwal of Way2Wealth Brokers expects Nifty to rally towards 10,200-10,250.

Any weekly closing above 10,200 will confirm that the current trend is still up, he said.

In the short term, 10,200 level will act as resistance for Nifty, he added.

"We saw Call writing in 10,200 and 10,300 strike options. However, on the positive side, put writing was seen at 10,100-10,000 which will prove as a strong support zone for indices," he said.

Overall, the outlook for broader indices remains bullish and the current technical setup suggests buy on dips, he feels.

9:35 am USFDA approval: Shares of Glenmark Pharma gained 2 percent intraday on the back of final approval for Desonide Ointment from USFDA.

Glenmark Pharmaceuticals Inc, USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Desonide Ointment, 0.05%, the generic version of Desonide Ointment, 0.05%, of Perrigo New York Inc.

The Desonide Ointment has achieved annual sales of approximately USD 23.4 million, as per IMS Health sales data for the 12 month period ending July 2017.

9:25 am FII View: Mahesh Nandurkar of CLSA said meetings with investors at the CLSA Investors' Forum revealed that India has not remained as much of an overweight market today as it used to be 12-24 months ago.

Foreign flows have been weak and continued strong domestic flows have helped market performance and valuations, which he believes will continue to be the case in the visible future.

He said a process of slow normalisation post GST is now underway and should partially help the September quarter results.

Low base should help YoY performance in the subsequent three quarters, he added.

Nandurkar said the research house remained optimistic that housing-led capex recovery is around the corner.

9:15 am Market Check: The NSE Nifty turned flat after opening at fresh record high on Tuesday as investors looked for cues from two-day monetary policy meeting of Federal Reserve that will begin tonight.

The 30-share BSE Sensex was up 8.83 points at 32,432.59 and the 50-share NSE Nifty gained 6.20 points at 10,159.30.

Gas stocks like GAIL, Gujarat Gas and Indraprastha Gas gained 2-4 percent after Morgan Stanley said gas demand is on secular growth path supported by benign gas prices and favourable government policies.

Biocon, Bharat Gears, Divis Labs, Dixon Technologies, Autolite, TVS Electronics, Graphite India, HEG and ADF Foods rallied up to 10 percent.

InterGlobe Aviation, Bharat Road Network and Mirc Electronics fell up to 6 percent. 




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Monday 18 September 2017

Market Live: Nifty nears record high, Bank index holds 25,000; pharma stocks slip

Nifty Midcap was up 0.8 percent. Among midcaps, Goa Carbon, Bombay Dyeing, Graphite India, HEG, Speciality Restaurants, Jubilant Foodworks, Cadila Healthcare, ICICI Prudential and TVS Electronics gained up to 10 percent.
12:55 pm ICICI Pru in focus: ICICI Prudential Life Insurance Company is among top picks in the sector, CLSA said while maintaining its buy call with a target price of Rs 560 per share.

The research house sees a RoEV (return on embedded value) of 17-19 percent in FY18-20.

The life insurance company has return on embedded value at 16.5 percent for the year ended March 2017, increased from 15.5 percent in FY16 and 15.4 percent in FY15.
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It has maintained its second position in terms of market share (9.2 percent) in FY17.

ICICI Prudential is well capitalised with a solvency ratio of 290 percent, it said, adding cut in dividend payout would improve embedded value growth.

12:42 pm Europe trade: European markets opened higher, as global investors returned to perceived riskier assets amid cooling geopolitical tensions.

The pan-European Stoxx 600 was up by around 0.41 percent shortly after the opening bell, with almost all sectors and major bourses in positive territory.

After a dip in risk appetite towards the end of last week, Asian shares bounced back to hit decade highs on Monday, with South Korea's benchmark leading the gains, brushing aside concerns of escalating tensions in the Korean Peninsula.

12:35 pm Management interview: Dixon Technologies manufactures products in consumer durables, lighting and mobile phone market.

"The company is present across different verticals and we provide complete solutions, we are in consumer electronics, in home appliances, in the segment of mobile phone manufacturing and lighting," Sunil Vachani, Promoter & Chairman said in an interview to CNBC-TV18.

Across these verticals, the company does have anchor customers with whom it has deep relationships. It values relationships with anchor customers, he added.

Penetration level in India in washing machine segment is as low as 6 percent level, LED televisions penetration level is as low as 11-12 percent, said Vachani.

India is going to be the largest market for smartphones in the next three years, he further mentioned.

12:25 pm Tax uniformity on petroleum products: Oil Minister Dharmendra Pradhan said he has requested the Ministry of Finance to bring petroleum products under the ambit of Goods and Services Tax (GST) in the interest of consumers.

Justifying the move, he said there has to be a "uniform tax mechanism" all over the country.

"This is the proposal of the Ministry of Petroleum. We have appealed to all the states and finance ministry (to bring petroleum items under GST). Looking into the consumer interest, there must be tax rationalisation. GST is a well thought mechanism by the Government of India and the states, they developed the GST Council...

"There are two kinds of taxes (on petroleum products). One is the central excise and the other one is state VAT. That is the reason we are expecting uniform tax mechanism from the industry point of view," Pradhan told PTI.

12:20 pm Tower deal: Negotiations are now in the final stages for the sale of a controlling stake in telecom tower giant which will be created by merging Bharti Infratel and Indus Towers, according to a report by CNBC-TV18.

Bharti Infratel is promoted by Bharti Airtel, while Indus Towers is a joint-venture between Vodafone, Bharti Airtel and Idea.

Private equity firm KKR, CPP Investment Board (CPPIB), Bharti Airtel, Bharti Infratel, Vodafone and Idea, among others are locked in negotiations which are now in the advance stages.

Bharti Infratel and Indus Tower combined will likely be bought by KKR and CPPIB. However, Idea and Vodafone do not want to cede their stake in the venture.

Bharti Airtel, Vodafone and Idea are likely to hold onto a minority stake, while KKR-CPPIB could be the majority controlling stakeholders of this venture.

12:09 pm Market Check: The Nifty50 as well as Midcap index continued to trade near record highs in noon, following upside in Asian peers ahead of monetary policy cues from Federal Reserve meeting that will begin on Tuesday.

The 30-share BSE Sensex was up 203.86 points at 32,476.47 and the 50-share NSE Nifty rose 79.30 points to 10,164.70.

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

L&T, Bharti Infratel, IndusInd Bank and Bajaj Auto were top gainers with 2-3 percent rally while Sun Pharma, Dr Reddy's Labs and Aurobindo Pharma fell 0.5-1.5 percent.
 
 
 
 

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Friday 15 September 2017

Market Live: Sensex, Nifty continue to fall. Asia mixed amid North Korea fears

Tata Steel, Vedanta, Sun Pharma, Lupin and Indiabulls Housing were under pressure. BHEL gave up yesterday's gains, down nearly 3 percent.


10:56 am BHEL Corrects: State-run power equipment maker BHEL fell 3 percent as analysts retained their negative stance on the company despite bullet train contract.

"We have been negative on BHEL. We don’t see significant uptick in power segment," Sanjeev Zarbade, analyst at Kotak Securities said in an interview to CNBC-TV18.

He expects Rs 3,000 crore worth of ordering in FY20-22 for BHEL.

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According to him, bullet train is a very minor opportunity for the company and he doesn't see bullet train as a re-rating trigger.

10:45 am Advance tax: Sources told CNBC-TV18 that private sector lender Yes Bank is likely to have paid advance tax of Rs 590 crore for the quarter ended September 2017.

In September quarter 2016, it had paid advance tax of Rs 435 crore.

10:40 am Management Interview: As spot prices of power zoomed to over Rs 9 per unit on September 12, the entire power sector along with stocks like PTC India were in focus. The merchant power went up to Rs 3-4 per unit.

Deepak Amitabh, CMD, PTC India said there has been an imbalance in demand and supply of power that led to tariff movement.

The reason for fall in supply was due to various factors, said Amitabh.

One was due to temporary shutdown of 1000 MW of thermal power plant due to technical issue leading to non-supply of power in bilateral or the exchange market. Two, was lack of rain in the central states for eg Madhya Pradesh which uses 5000 MW of hydro power plant during monsoon and thermal plants on shutdown but since lack of rains, their hydro plants were not running to full capacity and therefore thermal plants were utilisied and so demand for power rose, he said.

However, according to him, average merchant power of Rs 3-4 per unit of power rate is sustainable but not beyond that and it should ease out.

10:20 am Market Check: Equity benchmarks as well as broader markets continued to fall in morning as fresh missile launch by North Korea weighed.

The 30-share BSE Sensex was down 45.66 points at 32196.27 and the 50-share NSE Nifty fell 24 points to 10,062.60.

The BSE Midcap and Smallcap indices underperformed benchmarks, falling over half a percent on weak breadth. About two shares declined for every share rising on the BSE.

10:05 am FII View: A sense of nervousness is existing in the Asian markets today after North Korea fired yet another missile over Japan.

Something like this should make global markets very concerned, Seth Freeman of EM Capital Management said in an interview to CNBC-TV18.

On Indian markets, he said that if you are a trader then there are still opportunities to invest. Indian market and Indian economy is finally at relatively stable upward trajectory point, he added.

Ken Peng, Asia Pacific Investment Strategist at Citi Private Bank said that the latest developments from North Korea will be a headline risk for quite some time to come.

The market is getting used to the launches of missiles by North Korea and more and more investors understand that there is an insurmountable risk for any military action, he added.





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Thursday 14 September 2017

Market Live: Sensex, Nifty, Midcap off day's highs; HDFC twins fall, Wipro down 5%

Sun Pharma rallied nearly 4 percent, followed by Dr Reddy's Labs, Lupin, Reliance Industries, Tata Motors, GAIL and Aurobindo Pharm.


11:20 am Market Check: Equity benchmarks as well as broader markets were off day's highs in morning as HDFC Group, auto and technology stocks were under pressure.

Oil stocks were also off day's highs on profit booking.

The 30-share BSE Sensex was up 41.21 points at 32,227.62 and the 50-share NSE Nifty rose 7.90 points to 10,087.20.
 
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The BSE Midcap and Smallcap indices trimmed gains to half a percent from 1 percent in early trade. About 1,341 shares advanced against 847 declining shares on the BSE.

11:10 am Buzzing: Sun Pharmaceutical Industries share price rallied for third consecutive session today, up 4 percent intraday after Credit Suisse has upgraded rating on the stock to outperform from neutral, citing strong growth trajectory.

The stock surged more than 10 percent in three consecutive sessions.

The research house also hiked its target price to Rs 595 (from Rs 490 earlier), implying potential upside of 23 percent due to higher specialty valuation (net present value Rs 35 per share), FY19 EPS up by 5 percent, separating specialty loss of 15 percent from core profits.

"EPS for FY19/20 is 10 percent higher than consensus due to our view of lower erosion on generics and constructive stance on specialty," it said.

Key risks according to Credit Suisse are Halol resolution delay, Dadra Form 483, and Department of Justice (DOJ) penalty.

10:59 am Market Expert: Ridham Desai of Morgan Stanley said, "This is a bull market and, therefore, we continue to be a buyer, especially on any dips, albeit we expect a moderation in returns in the months ahead. Midcap valuations look stretched. Additionally, stocks of some high-quality companies look rich too."

"Cyclically adjusted valuations are now nudging 5-year highs, as is the market cap to GDP. Most other valuation metrics look reasonable, though valuations on their own - unless at extreme points - rarely give a clue of where stocks are heading."

"We also don't think the market is pricing in a multi-year growth cycle, implying meaningful upside potential to stocks over the next 3-5 years," he added.

10:45 am FII View: Equity markets across the world have performed very well as most markets in Asia have given a return of 20 to 25 percent in dollar terms. India is up 30 percent in dollar terms.

“I am positive on emerging markets for about a year relative to the US,” Marc Faber, the editor and publisher of The Gloom, Boom & Doom Report, said on CNBC's "Squawk Box."

“If I look back, after 2014, emerging markets grossly underperformed the S&P 500. If we look at major markets in Asia, India rose 30 percent in USD and Chin hasn’t gone up that much which bring me to conclude that some money will move from India to Chinese markets,” he said.

Why will the money move from Indian markets to China? “Sentiments around China were very negative in the past six months to a year but that is now turning positive,” added Faber.

10:32 am Buzzing: BHEL shares gained 3 percent as BHEL and Kawasaki will make rolling stock for bullet train.




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Wednesday 13 September 2017

Market Live: Sensex gains, Nifty above 10100; Reliance up 3%, pharma in focus

Midcaps continued their outperformance against frontline indices; Tata Motors, Reliance Industries, and Tata Power were the top gainers.


11:05 am Market Check: The benchmark indices are trading firm with Nifty trading above 10100 level.

The Sensex was up 78.63 points at 32237.29, and the Nifty was up 15.50 points at 10108.55. About 1234 shares have advanced, 950 shares declined, and 115 shares are unchanged.

Reliance Indistries, Sun Pharma, Dr Reddys Labs, M&M, BHEL, Tata Power and Bank of Baroda are top gainers on the indices.

10.50 am Buzzing Stock: Shares of Dr Reddy's Laboratories added 2 percent intraday Wednesday as the company is planning for phase 2 trial of CA-170.

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The company's wholly owned subsidiary Aurigene Discovery Technologies is planning to initiate a Phase 2 trial of CA-170, a PDL1-VISTA inhibitor to be conducted at sites in India.

CA-170 is an oral small molecule targeting the immune checkpoints PDL1 and VISTA.

10.40 am IPO opens: The subscription of Mumbai-based construction company Capacit'e Infraprojects initial public offering has opened on Wednesday, with a price band of Rs 245 to Rs 250 per share.

The issue will close on September 15. Bids can be made for minimum of 60 equity shares and in multiples of 60 shares thereafter.

The book running lead managers to the issue are Axis Capital, IIFL Holdings and Vivro Financial Services. Its equity shares are proposed to be listed on NSE and BSE.

10:30 am Pharma stocks gain: Divis Laboratories extended its gains from the previous session, jumping around 4 percent intraday.

Investors continued to bet on hopes of better outcome from its unit’s inspection by the US FDA.

Simultaneously, the rally spilled over to a couple of other stocks as well. Sun Pharmaceuticals and Dr Reddy’s Laboratories gained around 2 percent. The latter gained after it sad that its wholly owned arm Aurigene Discovery Technologies plans to initiate phase II clinical trials of oral small molecule CA-170 that targets cancer. The trials will be conducted at various sites in India, Dr Reddy's said in a filing to BSE.

10:05 am Market Check: Benchmark indices extended their gains from the opening tick, with the Nifty trading above 10,100-mark. Sharp rally in pharmaceuticals and an upmove on Reliance Industries lent support to the Street.

The Sensex was up 77.73 points at 32236.39, while the Nifty was up 22.75 points at 10115.80. The market breadth was positive as 1,192 shares advanced against a decline of 715 shares, while 79 shares were unchanged.

Midcaps continued their outperformance versus frontline indices, while pharmaceuticals, power and PSU bank index were trading on the higher side.

Tata Motors, Reliance Industries, and Tata Power were the top gainers on both indices, while ITC and Larsen & Toubro lost the most.

9:55 am Buzzing Stocks: Shares of Shemaroo Entertainment, V2 Retail and Future Lifestyle Fashions gained 3-12 percent on the back of strong Q1 earnings.

Shemaroo Entertainment has reported 22 percent jump in its Q1FY18 net profit at Rs 16 crore versus Rs 13.1 crore, in a year ago period.

V2 Retail's Q1FY18 net profit, meanwhile, was up 87 percent at Rs 8.6 crore versus Rs 4.6 crore, in the same quarter last year.

Additionally, Future Lifestyle Fashions registered 29 percent increase in its Q1FY18 net profit at Rs 23.5 crore versus Rs 18.2 crore.

9:45 am Results: The second largest airline Jet Airways on Tuesday said its standalone net income more than doubled to Rs 53.5 crore in the three months to June against Rs 25.9 crore a year ago in spite of a large one-time provisioning of Rs 56.6 crore.

This is the ninth consecutive profitable quarter for the airline after the recovery driven by a rising market and a low fuel price regime since mid 2014.

Total income of the Naresh Goyal-promoted airline rose to Rs 5,953 crore from Rs 5,341 crore, an increase of 11.3 percent driven by increased load factor and an average rise in fares, which was also boosted by increased codeshares with international airlines.

Standalone numbers do not include its subsidiary JetLite. Including this, net rose to Rs 58 crore helped by an 11.8 per cent rise in passenger revenue at Rs 5,136 crore.

9:30 am Corporate update: Drug firm Dr Reddy's Laboratories (DRL) said its wholly owned arm Aurigene Discovery Technologies plans to initiate phase II clinical trials of oral small molecule CA-170 that targets cancer.

The trials will be conducted at various sites in India, Dr Reddy's said in a filing to BSE.

Commenting on the development, Aurigene CEO CSN Murthy said: "Together with Curis, we have designed a phase II trial in selected populations of patients of interest in the CA-170 programme to be treated at major cancer centres in India".

9:15 am Market Opens: After two consecutive sessions of positive trade, benchmark indices opened on a flat note.

Adani Transmission, Tata Power and Tata Motors were the top gainers on both indices, while Videocon, IPCA Labs, L&T and Aurobindo Pharma lost the most.

The Indian rupee opened higher by 6 paise at 63.98 per dollar on Wednesday against the level of 64.04 on Tuesday.

Pramit Brahmbhatt of Veracity said, "Easing of North Korea problem helped dollar find support at 63.80 mark. As far as it trades above 63.80, bias will remain positive towards dollar." "Trading range for the spot USD-INR pair will be 63.80-64.20," he added.

The dollar extended its sharp rally against the yen, although it was capped against the euro with a potentially supportive spike in US yields neutralized by a similar move by their German counterparts.

Meanwhile, the pound hovered within distance of a one-year high after a robust UK inflation report added pressure on the Bank Of England to do more to support the currency.

Among global markets, Asian shares inched up to a 10-year high on Wednesday, cheered by record highs on Wall Street, while the dollar's rise against the yen helped boost Japanese shares.

The major Wall Street indexes hit record closing highs on Tuesday, with financial stocks leading the charge, but gains were stunted by a decline in Apple Inc shares after it unveiled its latest line of iPhones.

In case of commodities, Gold prices held steady on Wednesday as the dollar remained firm, with safe-haven demand for the metal buoyed after U.S. President Donald Trump's latest comments on tensions over North Korea.

Oil prices were mixed early on Wednesday, but largely held on to gains in the previous session after OPEC said it expected higher demand for its crude next year.



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Monday 11 September 2017

Market Live: Global cues lift Sensex over 1 50 pts, Midcap outperforms; L&T rallies

Bharat Financial Inclusion, Future Enterprises, Future Retail, Future Consumer, Jyoti Structures, Kamat Hotels, Federal Mogul, Jain Irrigation, Bajaj Finance and Bombay Dyeing rallied up to 6 percent.


10:22 am Acquisition: Infosys has completed the acquisition of Brilliant Basics, a London-based product design and customer experience (CX) innovator known for its world-class design thinking-led approach and experience in executing global programs.

The acquisition is in accordance with the terms set out in the agreement announced by the company on August 3, 2017. Through this acquisition, Infosys further expands its worldwide connected network of Digital Studios that are focused on fulfilling the needs of global clients for end-to-end Digital Transformation solutions required to meet customer demand for next-generation enhanced customer experiences.
 
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10:10 am Market Check: Equity benchmarks continued to trade strong in morning, tracking positive Asian cues.

The 30-share BSE Sensex was up 177.41 points at 31,864.93 and the 50-share NSE Nifty rose 52.60 points to 9,987.40.

The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.7 percent each on strong breadth. About two shares advanced for every share falling on the BSE.

Larsen & Toubro was biggest gainer again, up 3 percent on top of 4 percent upside in previous session.

Asian stocks rose on fading risk aversion as the dollar clawed back losses. Markets also digested headlines concerning developments out of the People's Bank of China and European Central Bank announced at the weekend. Japan's Nikkei, Hong Kong's Hang Seng, Australia's ASX 200 and South Korea's Kospi were up 0.8-1.4 percent.

10:02 am Japan's machinery orders: Japan’s core machinery orders rose in July at the fastest pace since January 2016, rebounding from a third straight month of falls and an encouraging sign of the increased capital investment needed for sustained economic recovery, reports Reuters.

The 8 percent rise in core orders, which exclude ships and orders from electric power utilities, followed a 1.9 percent decline in June. Orders from manufacturers rose 2.9 percent in July, driven by railway cars, while service-sector orders grew 4.8 percent, led by computer equipment, Cabinet Office data showed on Monday.

9:55 am Acquisition: Share price of Cyient added 2 percent intraday as it is going to acquire 100 percent equity ownership in B&F Design Inc.

The company through its step down subsidiary Cyient Defence Services Inc. signed a definitive agreement to acquire 100 percent equity ownership in B&F Design Inc.

This transaction will further strengthen the automation on its key vertical aerospace and defence in line with strategy for growth.

“This is Cyient’s sixth acquisition in the last three years as part of its design-build-maintain strategy,” said by company.

9:48 am Rupee: The rupee weakened 9 paise to 63.87 against the US dollar in early trade on fresh demand for the greenback from banks and importers.

A strong dollar in overseas markets weighed on the rupee sentiment, currency traders told PTI.

The dollar gained against global currencies amid the United Nations' move to impose fresh sanctions on North Korea.

The rupee had continued its rising run for the third day, surging 27 paise to hit a fresh one-month high of 63.78 against the US currency on Friday.

9:45 am Order win: Shares of White Organic Agro has locked at 5 percent upper circuit on the back of prestigious path breaking order from Patanjali Ayurveda.

There were pending buy orders of 10,315 shares, with no sellers available.

“The acquisition of stake in Future Farms LLP has started showing great results and adding up to the value of the company, as Future Farms has recently bagged order of supplying aloe vera pulp from its Kanpar, Gujarat unit to consumer product manufacturer Patanjali Ayurveda,” company said.

9:35 am IPO opens: The Rs 500-crore initial public offering of Matrimony.com has opened for subscription today, with a price band of Rs 983–985 per share.

This would be the first online matchmaking services provider to list on exchanges. The issue will close on September 13.

The public issue comprised of fresh issue up to Rs 130 crore and an offer for sale of up to 37,67,254 equity shares.

The offer for sale consisted of up to 14,61,006 equity shares by Bessemer India Capital Holdings II Ltd, 1,55,760 shares by Mayfield XII (Mauritius), 16,83,207 shares by CMDB II, 3,84,447 shares by Murugavel Janakiraman and 82,834 shares by Indrani Janakiraman. The offer also included a reservation of shares worth Rs 50 lakh for eligible employees.

Matrimony.com currently operates its business in two segments - one is matchmaking services and second is marriage services and related sale of products.

It already raised nearly Rs 225.88 crore from anchor investors on September 8, ahead of its initial share sale opening on September 11. It will allot 22.93 lakh shares to 10 anchor investors (including Goldman Sachs, Small Cap World Fund, HDFC Trustee Company, Baring Private Equity India AIF, DB International etc) at higher end of the IPO price band.

9:25 am Buzzing: Shares of IndusInd Bank and Bharat Financial Inclusion rose 1-2 percent in early trade as investors reacted to developments around a possible deal between the two entities.

Early on Monday, the private sector lender informed exchanges that it had entered into an ‘exclusivity agreement’ with the micro lender in a bid to explore a merger or expansion plans.

The transaction between the two companies would be subject to due diligence, agreement on the appropriate on the appropriate transaction structure, definitive documentation and Board, shareholders, regulatory, NCLT and other third-party approvals, as applicable, the release said.

The release also indicates that the deal is likely in its final stages, said SP Tulsian of sptulsian.com adding that the swap ration will be most important thing to look at.

According to a source-based report, the swap ratio being considered is one share of IndusInd Bank for 1.75 shares of Bharat Financial. A deal is likely to be announced by the end of September.

9:15 am Market Check: Equity benchmarks started off the week on a positive note, after a consolidation seen in previous week.

The 30-share BSE Sensex was up 183.49 points at 31,871.01 and the 50-share NSE Nifty gained 51.50 points at 9,986.30.

Bank of Baroda, Tata Motors, IndusInd Bank, L&T, Tech Mahindra and Reliance Industries were early gainers while Vedanta, Tata Steel, Tata Power and Power Grid were early losers.

Nifty Midcap 100 and BSE Smallcap indices outperformed benchmarks, rising 0.7 percent each on strong breadth. About five shares advanced for every share falling on the BSE.

Bharat Financial Inclusion, Future Enterprises, Future Retail, Future Consumer, Jyoti Structures, Kamat Hotels, Federal Mogul, Jain Irrigation, Bajaj Finance and Bombay Dyeing rallied up to 6 percent.



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Thursday 7 September 2017

Market Live: Sensex gains 100 pts, Midcap outperforms Nifty; RIL goes ex-bonus

The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.8 percent each. About five shares advanced for every share falling on the BSE.


9:45 am Rupee gains: The Indian rupee traded higher by 6 paise at 64.04 per dollar versus previous close of 64.10.

Mohan Shenoi of Kotak Mahindra Bank said the rupee has been trading in a very tight range for the past few weeks which is likely to continue.

USD-INR trading range for the day is 63.90-64.20, according to him.

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The dollar lost some ground after edging up against the Japanese yen after getting a boost from trump's surprise deal with the democrats on extending the debt limit.

9:42 am New LNG import terminal: Petronet LNG will build a liquefied natural gas (LNG) import terminal in Sri Lanka in collaboration with Japanese and Lankan companies.

The Sri Lankan government issued a letter of intent to the Indian government in this regard on September 1.

9:33 am Partnership: HCL Technologies has announced a partnership that includes purchase of select assets with Alpha Insight, a products and solutions company headquartered in London, with expertise in business flow monitoring and operational intelligence.

The IT firm said that the proposed asset purchase consideration shall be up to EUR 3.25 million, including payments subject to certain financial milestones.

9:25 am Buzzing: Shares of Wipro added 1 percent in the early trade as it has bagged a 5-year IT applications management contract.

The company has won a 5-year IT applications management contract from Outokumpu, which is global leader in stainless steel, headquartered in Finland.

The company will provide applications management services for Outokumpu’s SAP landscape along with legacy applications support to cover Outokumpu locations, globally.

9:15 am Market Check: Equity benchmarks rebounded in opening trade Thursday after sell-off in previous session, tracking positive global cues.

The 30-share BSE Sensex was up 110.97 points at 31,772.94 and the 50-share NSE Nifty rose 37.90 points to 9,954.10.

The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.8 percent each. About five shares advanced for every share falling on the BSE.

Reliance Industries gained nearly 1 percent to hit 52-week high of Rs 832.70 after the stock adjusted for bonus issue in the proportion of one bonus share for every one share held.

Indiabulls Housing Finance surged 2.5 percent again as CLSA raised target price

Eicher Motors, Aurobindo Pharma, Asian Paints, Adani Ports and Dr Reddy's Labs gained 1 percent each.

Bharat Forge gained 3.4 percent as total class 8 truck orders in the North America rose 50 percent YoY.

Fortis Healthcare, Motherson Sumi, Shriram Transport, NBCC, Muthoot Finance, India Cements, GMR Infrastructure, CESC, HPCL, IOC and Petronet LNG gained up to 5 percent.





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Wednesday 6 September 2017

Market Live: Sensex remains under pressure on North Korea tensions; RIL most active

Just Dial rallied 5 percent as HDFC MF picked up stake in company.


10:42 am Aviation sector in focus: Jet Airways shares gained around a percent in morning after a media report indicated that InterGlobe Aviation-run IndiGo is considering investing in company to attain a marked international footprint if it fails to acquire a stake in the debt-laden Air India.

As of now, IndiGo flies to 7 foreign destinations — Bangkok, Doha, Singapore, Kathmandu, Muscat, Dubai and Sharjah. Jet Airways and Air India, on the other hand, have flights which cross the Asian continent.

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10:35 am Buzzing: Bharat Financial Inclusion recouped early losses and gained more than 1 percent to hit fresh 52-week high of Rs 935.45.

The stock fell 2.5 percent in opening after RBI notified on Tuesday that foreign shareholding through FIIs/FPIs in Bharat Financial Inclusion has reached the trigger limit.

Hence, further purchases of equity shares of this company would be allowed only after obtaining prior approval of RBI, RBI said.

10:28 am Most active shares: Reliance Industries, Just Dial, Bharat Financial, Reliance Capital and Infosys were most active shares on the NSE.

10:24 am Market Check: Equity benchmarks remained under pressure, following negative lead from Asia and Wall Street, as investors remained cautious about North Korea tensions.

The 30-share BSE Sensex was down 174.98 points at 31,634.57 and the 50-share NSE Nifty fell 49.10 points to 9,903.10.

The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices were flat with negative bias. About 1,054 shares declined against 875 advancing shares on the BSE.

Asian markets declined. Japan's Nikkei 225 declined 0.3 percent as the dollar remained soft. Across the Korean Strait, the Kospi slipped 0.36 percent.

Down Under, the S&P/ASX 200 fell 0.0.4 percent. Greater China markets were also pressured. The Hang Seng Index was down 1.03 percent. On the mainland, the Shanghai Composite shed 0.28 percent.

10:18 am Rajan on NPAs: Former RBI Governor Raghuram Rajan said the biggest challenge is cleaning up the balance sheets of public sector banks.

"RBI (during his tenure) issued lot of things to increase competition in the banking sector which include giving 23 bank licenses. There were new banks, payment banks, small finance banks," he said at an event here to launch his book 'I do What I do'.

Noting that work is still in progress to reform state- owned banks, he said, "I think at this point, the single biggest challenge is cleaning up the balance sheets of public sector banks."

Before bringing more change in the public sector banking system, "it is extremely important that the banks get back into the business of lending. That is clearly holding up the economy at this point."

10:10 am Infosys postpones results announcement date: Infosys will announce its quarter and half-year ended September 30, 2017 financial results on October 24, the company informed exchanges.

This will be a departure from the tradition where the IT bellwether is among the first companies to announce results in the second week of the month.

No reason was given for the delay.

The board of directors will meet on October 23-24, 2017 and will also consider payment of an interim dividend. The software exporter will hold investor/analyst calls on October 24 to discuss the results and business outlook.

These results will be the first after Nandan Nilekani's return to the company as the non-executive chairman. Nilekani took charge last month after Vishal Sikka resigned as CEO of the company following an extended spat with founder NR Narayan Murthy.

10:07 am Oil prices fall: Oil prices dipped as crude demand remained subdued on the back of refinery closures following Hurricane Harvey which hit the US Gulf coast 10 days ago.

Market focus was also being drawn to Hurricane Irma, a record Category 5 storm, which is barrelling towards important shipping lanes in the Caribbean.

Although many refineries and pipelines which were knocked out by Harvey are now in the process of restarting, analysts say it will take some time before the US petroleum industry is back to full crude processing capacity.

US West Texas Intermediate (WTI) crude futures were at USD 48.55 barrel, 0.23 percent below their last settlement.

10:05 am IPO money: Consumer electronics manufacturer Dixon Technologies on Tuesday raised nearly Rs 180 crore from anchor investors, including Kuwait Investment Authority Fund and Goldman Sachs India. The issue opened for subscription today.

The shares would be allocated at the upper end of the Rs 1,760-1,766 IPO price band.

The company has finalised allocation of more than 10.18 equity shares at a price of Rs 1,766 apiece to the anchor investors, according to a filing submitted to the BSE.

At this price, the total amount is Rs 179.78 crore.

Apart from Kuwait Investment Authority Fund and Goldman Sachs India Fund, other anchor investors include DSP BlackRock Micro Cap Fund, Steadview Capital Mauritius, HDFC Small Cap Fund and HSBC Indian Equity Mother Fund.

Kotak Midcap, ICICI Prudential Growth Fund, SBI Life Insurance Company and Birla Sun Life Insurance Company are among the other anchor investors.

Dixon Technologies aims to raise up to Rs 600 crore from the IPO. The offer comprises fresh issue aggregating up to Rs 60 crore besides an offer for sale of up to 30,53,675 shares by certain existing shareholders.

10:02 am ITC under pressure: Macquarie has downgraded cigarette major ITC to neutral and preferred to switch to Hindustan Unilever, citing fall in cigarette volumes.

"Channel checks suggest that ITC cigarette volume has declined significantly in July-August," the research house said.

The company increased cigarette prices by around 14 percent in the last 9 months.

The research house also slashed target price to Rs 304 from Rs 340, following cut in FY18/19 earnings by 2-5 percent on lower volume assumptions.




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Tuesday 5 September 2017

Market Live: Sensex ranged amid North Korea tensions; Bharti Airtel top loser

Activity in India's dominant services sector contracted for a second straight month in August as disruptions caused by a new tax policy hurt new orders, a private survey showed today.


1:00 pm Buzzing: Sun TV Network shares added another 3 percent on top of 5 percent gains in previous session.

While maintaining buy call on the stock, CLSA raised target price to Rs 965 from Rs 890 following increase in FY19 IPL revenue estimates by 45 percent.

12:56 pm Rupee Outlook: ICICI Securities said the USD-INR fell mildly in August due to geopolitical risk escalation on the back of war rhetoric between the US President and North Korean leader. US July Core PCE fell further to 1.4 percent, drifting away from Federal Reserve's target of 2 percent. US rate hike probability is almost nil for the September Monetary meeting.

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On the domestic front, RBI has cut its benchmark interest rates by 25 bps, which led to a sharp spike in the rupee. However, RBI also raised concerns on inflation in the near term, which capped runaway rupee appreciation, it added.

As such, the research house expects the USDINR pair to remain range bound in the September series.

Current war rhetoric over North Korea escalating into an actual war is a real risk for all emerging currencies, including the rupee, it feels.

12:50 pm Cement price hike: Dealers said cement makers raised prices by up to Rs 27 per 50 kg bag in Mumbai, reports CNBC-TV18 quoting NewsRise.

UltraTech Cement, ACC, Ambuja Cements and Shree Cement gained 1-2 percent.

12:45 pm Market Check: Equity benchmarks continued to be rangebound amid geopolitical tensions concerning North Korea.

The 30-share BSE Sensex was up 23.88 points at 31,726.13 and the 50-share NSE Nifty rose 3.80 points to 9,916.65.

Bharti Airtel was biggest loser among Nifty 50 stocks, down 4 percent followed by Bharti Infratel, HCL Technologies, Sun Pharma.

Reliance Industries, HUL, Tech Mahindra, Kotak Mahindra Bank, Yes Bank, HDFC Bank and Axis Bank were gainers.

12:40 pm Europe trade: European markets were mixed, as geopolitical tension concerning North Korea kept investors at bay while markets lacked overnight guidance due to a Labor Day holiday in North America.

The pan-European Stoxx 600 edged marginally higher shortly after the opening bell, with sectors and major bourses pointing in opposite directions.

12:35 pm Bilateral meeting post-Dokalam: Prime Minister Narendra Modi and Chinese President Xi Jinping today held their first substantive bilateral meeting after the Dokalam standoff, which had put ties between the two countries under strain.

Modi, who attended the BRICS Emerging Markets and Developing Countries Dialogue earlier in the day, met Xi on the sidelines of the 9th BRICS Summit.

The meeting comes amid diplomatic efforts by the two sides to overcome the bitterness caused by the 73-day face-off between their troops in the Dokalam area of the Sikkim sector.

The Chinese and the Indian troops were engaged in a standoff since June 16 after the Indian side stopped the construction of a road by the Chinese Army.

On August 28, India's External Affairs Ministry announced that New Delhi and Beijing have decided on "expeditious disengagement" of their border troops in the disputed Dokalam area.



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