12:05 PM
Govt looking to sell up to 25% stake in four defence companies
According to a Reuters report, the government of India is considering selling up to 25% of its stake in four state-owned companies under the control of the department of defence through an initial public offering, a public notice showed on Friday.
The government has invited proposals for the IPO by 3 pm on Aug. 18. The government is looking to sell stakes in Mazagon Dock, Bharat Dynamics, Garden Reach Shipbuilders & Engineers and Mishra Dhatu Nigam.
11:46 AM
Biocon has slipped 8% to Rs 347 after the US Food and Drug Administration (FDA) issued Form 483 with 10 observations after inspecting the company’s Bengaluru plant.
Biocon on Monday, On July 31, 2017, said that this USFDA visit was a part of the regular periodic audit for small molecule injectable.
The company has responded to the regulator with a corrective and preventive action plan and is on track to implement them in timely manner, the company spokesperson said in response to media queries regarding the USFDA visit to Biocon in the month of May/June 2017.
CLICK HERE FOR MORE DETAILS11:45 AM Pharma stocks drag
Shares of pharmaceutical companies were trading under pressure with the frontline stocks like Sun Pharmaceutical Industries, Lupin and Dr Reddy’s Laboratories hitting their respective 52-week lows in morning trade.
11:18 AM
Ceat tanks
Shares of Ceat tanked 8% on the BSE after the tyre maker reported a 98.6% decline in its consolidated net profit at Rs 1.38 crore for the June quarter due to destocking by trade partners ahead of the GST rollout and higher expenses.
The company had posted a net profit of Rs 103.26 crore during the corresponding period of the previous fiscal, Ceat said in a BSE filing.
11:08 AM In broader markets, BSE Midcap and BSE Smallcap indices fell 0.4% and 0.2% respectively
10:42 AM Market Check
At 10:42 am, the S&P BSE Sensex was trading at 32,133, down 104 points while the broader Nifty50 index was ruling at 10,000, down 13 points
10:26 AM Titan Company hit a record high of Rs 616, up 10% on BSE in early morning trade, after the company’s consolidated net profit in June quarter nearly doubled at Rs 238 crore, on back of healthy growth in jewellery business. Tata Group Company had profit of Rs 121 crore in the same quarter last fiscal.
10:14 AM
RBI likely to cut rates again by 2017-end: Chris Wood of CLSA
There is more room for the Reserve Bank of India (RBI) to cut rates even after the recent 25 basis point (bps) cut earlier this week, and it is likely that the central bank will do so one more time before the end of calendar year 2017 (CY17) given the high real interest rates in India, writes Christopher Wood, managing director and equity strategist at CLSA in his weekly note, GREED & fear.
9:59 AM PNB Housing Finance surged 6% to Rs 1,533 on BSE in early morning trade after the company reported a robust 93% year on year (YoY) jump in net profit at Rs 185 crore in June quarter (Q1FY18), on back of strong net interest income. The housing finance company had logged profit of Rs 96 crore in the same quarter an year ago.
9:37 AM
Videocon fell 2% after a media report said that a SBI-led consortium of lenders has ordered a forensic audit of of the company. The move is preliminary to the start of debt restructuring after Videocon defaulted on loans worth Rs 43,000 crore.
9:35 AM Ahead of earnings
Sobha rose 1%, Andhra Bank was up 1%, HPCL gained 0.5%, Fortis Healthcare advanced 0.7% while Apollo Tyres lost 2.5% and M&M shed 0.6% ahead of their Q1 earnings results
9:32 AM Mercator gained 3.17 % after a media report suggested that the company has shown preliminary interest in acquiring state-owned Dredging Corp.
9:31 AM Pharma stocks under pressure
Pharma stocks remained under pressure with Nifty Pharma index down almost 2%. All except 1 stock were trading lower in the index.
Source: NSE
9:23 AM Top gainers and losers on BSE Sensex
Source: BSE
9:20 AM In broader markets, BSE Midcap index underperformed the benchmark indices, down 0.4% while BSE Smallcap fell 0.1%
9:18 AM Benchmark indices opened marginally lower on Friday with Nifty50 testing its crucial-10,000 mark amid lack of any major cues. Investors remained on edge as the Street remained disappointed with Reserve Bank of India's 25 bps rate cut.
At 9:18 am, the S&P BSE Sensex was trading at 32,205, down 31 points while the broader Nifty50 index was ruling at 10,005, down 8 points
9:09 AM Benchmark indices trade marginally lower in the pre-open trade with the Nifty50 index testing 10,000 levels amid lack of any major cues
9:03 AM
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8:58 AM Technical view
Chandan Taparia of MOSL
Nifty has broken its rising support trend line by connecting the recent swing lows of 9,543, 9,646, 9,838 and 9,944. Now, if it sustains below 10,050, then profit-booking could continue towards 9,950-9,928 zones while on the upside hurdles are placed at 10,080 then 10,120 levels.
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8:55 AM Stock recos from Prabhudas Lilladher
BALRAMPUR CHINI - BUY
CMP: Rs 175.40
TARGET: Rs 220
STOP LOSS: Rs 155
FORTIS HEALTHCARE - BUY
CMP: Rs 163.30
TARGET: Rs 200
STOP LOSS: Rs 145
POWER FINANCE CORP - BUY
CMP: Rs 126.30
TARGET: Rs 138
8:53 AM
Nifty outlook from Prabhudas Lilladher
The daily trend in Nifty has turned down since 2 days, also RSI in the daily chart has started showing signs of reversal, whereby view now turns to corrective. The support for the day is seen at 9960 while resistance is seen at 10,050. We maintain a cautious view as a break of 9,950 in Nifty would drag it to 9,850, which also is our weekly support.
8:47 AM
Commodity check
Oil prices remained under pressure following losses overnight. Persistent concerns about high crude supplies from OPEC offset the previous day's data showing record US gasoline demand.
US crude was little changed at $49.04 a barrel, after sliding 1.1% overnight, putting it on track for a weekly loss of 1.3%.
Global benchmark Brent slipped 0.1% to $52.01, extending Thursday's 0.7% loss, headed for a 1% weekly decline.
8:46 AM
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 6 points lower at 10,036 indicating a flat opening for the domestic market.
8:45 AM
Global Markets
MSCI's broadest index of Asia-Pacific shares outside Japan was marginally higher, with many investors reluctant to stake out fresh positions ahead of US job data later in the global day. The index was poised to rise 0.2% for the week, taking its gains for far this year to nearly 24 %.
Japan's Nikkei dropped 0.4% on a stronger yen, and looked set to end the week little changed. South Korea's KOSPI, which closed at a 3-1/2-week low on Thursday, recovered 0.3%. It is down 0.4% this week.
Overnight, the S&P 500 and the Nasdaq fell on Thursday, weighed down technology stocks, while the Dow Jones Industrial Average edged up to a seventh straight record high.
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