3:55 PM
Anand James, Chief Market Strategist, Geojit Financial Services
GST rate revision potential has given the much needed diversion that market needed, especially for FMCG stocks, while it also helped that global risk appetite was seen improving after North Korean impasse softened. RBI minutes will now give some insight on the panel’s thinking on inflation expectation.
3:47 PM Sectoral trend
Source: NSE
3:42 PM Top Sensex gainers and losers
Source: BSE
3:40 PM Market breadth
The market breadth, indicating the overall health of the market, was strong. 1,647 shares rose and 942 shares fell. A total of 115 shares were unchanged.
3:38 PM Broader markets mirror key indices
The BSE Midcap and the BSE Smallcap indices added 1% and 1.3%, respectively.
3:36 PM Markets extend gains for second session
The Sensex ended at 31,770, up 321 points, while the Nifty50 settled 103 points higher at 9,897. In intraday trade, the Nifty had hit its crucial 9,990 mark.
3:30 PM Buzzing stocks
Tobacco Stocks in focus; Godfrey Phillips Up 16% intra-Day. READ FULL REPORT HERE
3:21 PM Asian markets end mixed
Asian markets ended mixed as tensions in the Korean peninsula went off the boil. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3% and Japan's Nikkei lost 0.1%. Hong Kong's Hang Seng index added 0.8%, while China's Shanghai Composite ended 0.1% lower.
3:19 PM European markets
Miners and oil stocks helped Europe's major share index make robust gains on Wednesday as higher metals prices lent a hand and investors awaited euro zone GDP figures expected to confirm the bloc's economic growth was on track. The pan-European STOXX 600 rose 0.7% its third day of gains after a sharp sell-off last week. Euro zone stocks and blue chips jumped 0.8%.
3:02 PM Markets check
Market extend gains in noon deals. At 3:00 am, the Sensex was trading at 31,782, up 333 points, while the broader Nifty50 was at 9,897, up 100 points.
2:45 PM
Inflation may limit further monetary easing
Retail and wholesale inflation accelerated in July and the uptrend is likely to continue in the coming months, limiting the space for further monetary easing, says a Morgan Stanley report.
CLICK HERE FOR DETAILS2:12 PM
Top sectoral gainer
Consumer stocks gained as the Nifty FMCG index rose over 3%, recovering from recent losses sparked by worries about the impact of goods and services tax (GST). Tata Global Beverages, Godrej Industries and ITC led the gains on the index.
1:39 PM Buzzing stock
Hero MotoCorp is the best performing stock among automobiles, up 10% thus far in the month of August. In comparison, the S&P BSE Sensex and S&P BSE Auto index were down 2.7% and 2.3%, respectively. CLICK HERE FOR FULL REPORT
1:19 PM Buzzing stock
Biocon has dipped 8% to Rs 321 on BSE in intra-day trade on the back of heavy volumes on reports of withdrawal of Trastuzumab application. CLCIK HERE FOR FULL REPORT
1:01 PM Market check
At 1:00 pm, the S&P BSE Sensex was trading at 31,589, up 140 points while the broader Nifty50 index was ruling at 9,832, up 38 points.
Broadermarkets outperformed benchmark indices with BSE Midcap and BSE smallcap up 0.8% and 0.9% respectively.
12:31 PM
Oil Check
Oil prices rose on Wednesday, lifted by declining U.S. crude inventories, although markets were still restrained by general oversupply.
The market focus was turning to the release of official Energy Information Administration data due later on Wednesday for a further update on inventories.
Brent crude futures LCOc1 were at $51.07 per barrel at 0620 GMT, up 27 cents or 0.5% from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.75 a barrel, up 20 cents, or 0.4%.
12:03 PM Earnings Impact
Sanghvi Movers hit a fresh 52-week low of Rs 141, down 9% on BSE, extending its past one week fall, after reporting a net loss of Rs 3.64 crore in June quarter (Q1FY17), due to lower operational income. The company had profit of Rs 25 crore in the same quarter last fiscal.
11:45 AM Tata Global Beverages hit a record high of Rs 189, up 6% on BSE in early morning trade, after the company said it will launch its premium natural mineral water brand 'Himalayan' in the US market.
11:24 AM
Shares of construction companies Simplex Infrastructures and Gayatri Projects have rallied up to 8% on BSE in intra-day trade after reporting a strong set of numbers in April-June quarter (Q1FY18).
Simplex Infrastructures has surged nearly 8% to Rs 500 after the company posted 67% year-on-year (YoY) jump in net profit at Rs 29 crore, despite single digit growth in topline. Total operational income grew 6% to Rs 1,539 crore from Rs 1,445 crore in the same quarter last year.
The company said the fresh order inflow during the quarter was Rs 1,406 crore against Rs 1,145 crore in an year ago quarter.
10:56 AM
JK Tyre slips after reverse turnaround in Q1
JK Tyre & Industries fell 3.49% to Rs 146.50 on BSE after the company reported consolidated net loss of Rs 107.73 crore in Q1 June 2017, compared with net profit of Rs 100.26 crore in Q1 June 2016.
Photo: Shutterstock
10:48 AM Market Check
Benchmark indices gain marginally with Sensex up 52 points at 32,501 and Nifty 50 at 9,801, up 7 points
10:36 AM
Shreyas Shipping zooms 20%
Shreyas Shipping & Logistics is locked in upper circuit of 20% at Rs 364 on BSE with no sellers seen on the counter, after it reported a more than four-fold jump in net profit at Rs 20.46 crore in June quarter (Q1FY18). The company had logged profit of Rs 4.87 crore in the same quarter of last fiscal year.
Operational revenues during the quarter under review increased 39% to Rs 118 crore from Rs 85 crore in the corresponding quarter of previous fiscal. Earnings before interest, taxation, depreciation and amortisation (EBITDA) margin improved to 24% in Q1FY18 from 14% in year ago quarter.
Click here for full report10:18 AM
Earnings Impact
Prestige Estates projects jumped 4.35% to Rs 270 on BSE after consolidated net profit spurted 96.4% to Rs 93.90 crore on 35.4% increase in net sales to Rs 1279.60 crore in Q1 June 2017 (Y-o-Y)
The stock had underperformed the market over the past one month till 14 Aug 2017, declining 2.62% compared with the Sensex's 1.79% fall.
10:03 AM
Corporate earnings hit fresh roadblocks in Q1
The combined net profit (adjusted for exceptional gains or losses) of 1,261 companies — excluding those in the oil and gas, and banking sectors — was up just 0.3% year-on-year (y-o-y) during the April-June 2017 quarter, only a notch better than the 1% decline during the March 2017 quarter.
9:35 AM SAIL gained 1% after the state-run company said that it is planning to set an operating profit target for the next two to three years and has vowed to work towards optimising manpower utilisation, exploring ways to increase net sales realisation and reduce procurement costs, and improving branding and distribution efforts.
9:30 AM
Earnings Impact
Coal India fell 1.34 % after it posted a 23% decline in consolidated profit at Rs 2,351.2 crore for the quarter ended June 30, 2017, due to higher expenses. The company had posted a consolidated profit of Rs 3,065.2 crore in the year-ago period.
9:29 AM Nifty FMCG was the top sectoral gainer, up 1% led by gains in Tata Global Beverages, Jubilant Foodwords, Godrej Industries, Britannia among others
9:27 AM Banking index was the only sectoral index trading in red. Nifty Bank was down 0.1% with Nifty PSU Bank and Nifty Pvt Bank index fallinh 0.1% and 0.2% respectively.
Source: NSE
9:24 AM Top gainers and losers on BSE Sensex
Source: BSE
9:20 AM Broader Markets
Broader markets outperformed the benchmark indices with BSE Midcap and BSE Smallcap up 0.7% and 0.6% respectively
9:19 AM Market check
Benchmark indices opened marginally higher after global stocks rose on easing north Korea tensions. Investors also reacted positively to the rise in July retail inflation reported on Monday.
At 9:17 am, the S&P BSE Sensex was trading at 31,508, up 59 points while the broader Nifty50 index was ruling at 9,822. up 28 points
9:08 AM
BS Fund Cafe: Biggest challenge is not to sell negative experiences in MFs
Top mutual fund CEOs say that even as the industry’s assets have touched a record Rs 20 lakh crore, they need to improve penetration, communicate the product attributes more effectively and strengthen the hands of distributors’.
For the mutual fund industry, acche din seems to have already come as annual assets grow at 25 per cent and mutual funds become a key part of the investor’s portfolio.
But is this growth sustainable?
9:06 AM
More shell firms found: PAN deactivation jolt for tax evaders in stock market
Of the 1.1 million permanent account numbers (PAN) that the government deactivated last month, income-tax (I-T) sources say a majority were duplicates and were being used to open share-trading and demat accounts, transact on the stock markets, and operate in shell firms.
The I-T department has discovered one individual could have five to seven PAN cards, each with a slightly different spelling of the holder’s name.
According to I-T officials, such people, who have been identified as small- and medium-sized stock brokers, sub-brokers and their clients, have evaded taxes.
Click here for detailed report
9:01 AM
Nifty outlook from Chandan Taparis of MOSL
Nifty has to continue to hold above 9,775 zone to witness an up move towards 9,860-9,880 zones which is the 38.20% retracement of its recent fall from 10,138 to 9,685 levels. On the downside, it has support at 9,750 and 9,710 levels to hold the recent pull back rally.
Click here for technical calls from MOSL
Photo: Shutterstock
8:59 AM
Top technical calls from Prabhudas Lilladher:
TATA GLOBAL BEVERAGES
CMP: Rs 178.75
TARGET: Rs 200
STOP LOSS: Rs 162
ESCORTS - BUY
CMP: Rs 611.55
TARGET: Rs 665
STOP LOSS: Rs 560
GLENMARK PHARMA - BUY
CMP: Rs 629.80
TARGET: Rs 685
8:57 AM
RIL to be in focus
The government has imposed a new penalty of $264 million (about Rs 1,700 crore) on Reliance Industries Ltd and its partners for producing less than the targeted natural gas from eastern offshore KG-D6 fields in 2015-16.
The total penalty now, which is in the form of disallowing recovery of cost incurred for missing the target during six years beginning April 1, 2010, stands at $3.02 billion, an oil ministry official said.
Click here for more
Photo: Reuters
8:56 AM Oil Check
Oil prices edged up on Wednesday on a fall in US crude inventories, although markets were still being weighed down by general oversupply.
Brent crude futures LCOc1 were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4% from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.70 a barrel, up 15 cents, or 0.3%.
8:53 AM
Inflationary pressure back after GST roll-out
Amid concerns over deflationary impulses expressed in the second volume of the Economic Survey 2016-17, the retail inflation rate rose to a three-month high of 2.36% in July, against the record low of 1.5% in June due to the impact of the goods and services tax (GST) rates for some services and the revision in house rent allowance (HRA) for central government employees.
However, the wholesale price index (WPI) rate doubled to 1.88% in July, against 0.9% in June.
Click here for full report
Photo: Shutterstock
8:47 AM
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 12 points higher at 9808 indicating a positive opening for the domestic market.
8:46 AM
US debt level at new record high
US debt level notched another record high in the second quarter, after having earlier in the year surpassed its pre-crisis peak, on the back of modest rises in mortgage, auto and credit card debt, where delinquencies jumped.
Total US household debt was $12.84 trillion in the three months to June, up $552 billion from a year ago, according to a Federal Reserve Bank of New York report published on Tuesday.
8:44 AM Asian Markets
Asian stocks gained after North Korean leader Kim Jong Un delayed a decision on fire missiles towards Guam, waiting to see what the US does. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2% while Japan's Nikkei dithered either side of flat.
The break in threat and counter-threat was enough for South Korean stocks to bounce 0.7%, though they remain well short of the record peak touched last month.
8:43 AM
Wall Steet
The US stocks ended little changed as declines in Home Depot and other retailers following results offset upbeat US retail sales data.
US retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles as well as discretionary spending, it said. The data helped the dollar index touch its highest level in nearly three weeks.
The Dow Jones Industrial Average was up 5.28 points, or 0.02%, to 21,998.99, the S&P 500 lost 1.23 points, or 0.05%, to 2,464.61 and the Nasdaq Composite dropped 7.22 points, or 0.11%, to 6,333.01.
8:41 AM Good Morning and welcome to today's market live blog. Catch all the live market action here.
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