10:44 AM
Bharat Road Network gains 6% vs issue price after listing flat at Rs 450
Bharat Road Network Limited (BRNL) made a flat debut on the bourses by listing at Rs 490.90 on the BSE, against its initial public offer (IPO) price of Rs 205 per share. On NSE, BRNL listed right at its issue price of Rs 205.
The stock recovered by over 6% to Rs 218.65 against its issue price after hitting an intraday low of Rs 196.50 on the BSE in early trade.
READ MORE10:32 AM
Dixon Technologies makes stellar debut
Dixon Technologies (India) made a strong debut on the bourses by listing at Rs 2,725, a 54% premium against its initial public offer (IPO) price of Rs 1,766 per share on the National Stock Exchange (NSE) and BSE.
The stock hit a high of Rs 2,908 on BSE and Rs 2,899 on NSE after few seconds of its listing. At 10:04 AM; it was trading at Rs 2,837, a 61% over its IPO price. A combined 1.67 million shares changed hands on the counter on BSE and NSE so far.
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10:17 AM
As IPOs boom, playing in the grey market can hurt badly
Retail investors usually get caught up in the frenzy of a bull market and burn their fingers in IPOs. After a few of them perform well, small investors rush to the market to make a quick buck.
Investors don’t realise that a correction can destroy their wealth, as seen in the case of many IPOs during the bull run of 2008. Only a few companies that offer stock in a bull market manage to give decent returns over the long term due to their valuations at the time of listing.
Most of the real estate company IPOs between 2006-08 are still trading below their listing price, including DLF, HDIL, Parsvnath and Orbit Corporation. While DLF is trading at 63% below its issue price, Orbit Corporation is down 97%.
READ FULL STORY HERE10:07 AM
National Insurance Company looks to raise Rs 5,000 cr from IPO
Non-life PSU insurer National Insurance Company (NIC) is expecting to receive between Rs 4,000 crore and Rs 5,000 crore from the proceeds of its planned public offer, industry sources said.
Sources also said that the NIC, now wholly-owned by the government, would be seeking the amount to shore up its capital base in order to maintain solvency margins.
READ MORE9:56 AM
Life insurers cut fresh exposure in equities by 57% to Rs 16,793 cr in FY17
The life insurance industry, led by state-run LIC, drastically cut down its fresh exposure in equities by 57 per cent during the financial year 2016-17 to Rs 16,793 crore from Rs 39,535 crore a year ago, data collated by the Life Insurance Council said.
This reduction was despite the fact that key market indices went up remarkably during the year with the BSE Sensex alone rising to 29,620 on March 31 this year from 25,342 a year ago.
READ MORE9:43 AM Buzzing Stock
Shares of Laurus Labs added 2% as it has received the EIR from USFDA.
The company has received the establishment inspection report (EIR) from US Food and Drug Administration (USFDA) for its Finished Dosage Formulations (FDF) and Active Pharmaceuticals Ingredients (API's) manufacturing plant, Unit 2, located at Achutapuram, Vishakhapatnam, for the inspection completed in May 2017.
9:39 AM The coming session is likely to witness a range of 10000 on declines and 10200 on advances: SMC Global
9:35 AM Sectoral Trend
NIfty Auto was the biggest sectoral gainer, up 1%, followed by Nifty PSU Bank and Nifty Private Bank, up 0.8% and 0.7% respectively
9:30 AM Nifty Realty was the only sector trading in red, down 0.3% dragged mainly by losses in the Indiabulls real estate, which fell over 6% in the early morning trade.
Source: NSE
9:25 AM Nifty at record high: Top ten gainers on the index
Source: NSE
9:23 AM Top gainers and losers on BSE Sensex
Source: BSE
9:21 AM Broader Markets
Broader markets outperformed the frontline indices with Nifty Midcap hitting its fresh high too. BSE Midcap and BSE Smallcap indices gained 0.8% and 0.9% respectively in the early morning trade.
9:19 AM Markets open
Benchmark indices open higher with Nifty hitting new record high of 10,154, surpassing the previous milestone of 10,137, hit on August 2 on Monday tracking Asian peers, which hit decade highs amid relief that the weekend passed with no new provocation by North Korea.
At 9:17 am, the S&P BSE Sensex was trading at 32,458, up 185 points while the broader Nifty50 index was ruling at 10,150, up 65 points
9:08 AM
Stock recommendations by Angel Broking:
Havells India
View: Bullish
Last Close: Rs 506.90
United Spirits
View: Bullish
Last Close: Rs 2649
Tata Motors
View: Bullish
9:00 AM
Trading ideas from Prabhudas Lilladher
BUY ALLAHABAD BANK
CMP: Rs 72.50
TARGET: Rs 79
STOP LOSS: Rs 68
The stock has recovered strongly from the low of Rs 63 and has moved on significantly and now has given a breakout above the 200-DMA level which was at around Rs 71 to indicate potential and strength to scale further upside. The RSI has been on the rise so is the MACD and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 79 keeping a stop loss of Rs 68.
8:59 AM
Nifty view by Prabhudas Lilladher:
Nifty, after several failed attempts, is taking great difficulty to cross the peak level of 10,137 and is moving in a narrow range coupled with the geopolitical tensions prevailing. The weekly trend has turned up after five weeks and technically, there is no negative signal to create any chaos. However, the support for the week is seen at 9,940 while resistance is seen at 10,200.
8:55 AM Stock recos by Devang Shah
MARUTI SUZUKI– BUY
CLOSE – Rs 8,088
TARGET – Rs 8,200/8250
L&T FINANCE- BUY
CLOSE – Rs- 206.90
TARGET – Rs 215/219
ADANI PORTS- BUY
CLOSE – Rs 404
TARGET – Rs 420/425
8:54 AM Nifty Outlook by Devang Shah
Market finally broke out of short term Bullish Triangular consolidation range on upside as expected last week.One should expect market to trend towards higher levels targets as mentioned below in short term.
Short term trader should be stock specific & book profit at regular intervals in this rally. All the other indices such as midcap & small cap & Nifty Bank also closed weekly in positive territory.
Short-term outlook for the market remains positive till Nifty trades above 9,988 levels and expecting target of 10,300-10,500 levels in short term.
Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and is expecting targets in the range of 12,000-12,200 levels in medium term.
Click here to read more8:52 AM
FPIs withdraw Rs 3,000 cr from stocks in Sept so far
Continuing their selling spree, overseas investors have taken out over Rs 3,000 crore from equities this month so far amid "lacklustre earnings season" and geopolitical headwinds.
The net outflow by foreign portfolio investors (FPIs) follows a withdrawal of Rs 12,770 crore from the stock market in August. Prior to that, they had pumped in over Rs 62,000 crore in the past six months.
According to the latest depository data, FPIs withdrew a net Rs 3,085 crore ($481 million) from September 1-15.
However, they pumped in Rs 3,051 crore in debt markets during this period.
READ MORE8:50 AM
India's forex reserves cross $400 billion
India’s foreign exchange reserves crossed the $400-billion mark last week, data released with a lag of seven days by the Reserve Bank of India (RBI) showed.
As of September 8, the forex reserves with the central bank stood at $400.73 billion, up $2.6 billion from a week earlier. Most of the reserves — about $376.20 billion — are held in foreign currency assets such as the US dollar, euro, pound sterling, Japanese yen, etc, and is valued in terms of the American greenback.
READ MORE8:50 AM
India's CAD at 2.4% of GDP
India’s current account deficit (CAD) in the first quarter ended June soared to a four-year high of $14.3 billion, or 2.4% of gross domestic product (GDP), from 0.1 per cent a year ago and 0.6 per cent in the fourth quarter.
The CAD, the difference between imports and exports, was at $0.4 billion a year ago and $3.4 billion in the fourth quarter of 2016-17.
Despite the high CAD, strong capital flows ensured that the balance of payment surplus was at $11 billion, a two-year high.
READ MORE8:44 AM
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 52 points higher at 10146 indicating a positive opening for the domestic market.
8:44 AM
Asian Shares at 10-year highs
Asian shares hit decade highs on Monday and the dollar held firm early in a week in which the U.S. Federal Reserve is likely to wrestle with its bloated balance sheet as part of a long reversal of super-cheap money worldwide.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9% to reach heights not visited since late 2007. Samsung Electronics led the gains, along with healthcare and financial stocks.
Australia’s main index added 0.6% while Japan’s Nikkei was closed for a holiday. E-Mini futures for the S&P 500 rose 0.2%.
8:43 AM
Wall Street hits record highs
Wall Street reached record highs on Friday, with the S&P 500 surpassing 2,500 points as telecommunications shares rose and technology bounced back after two days of declines.
The Dow Jones Industrial Average rose 0.29% to end at 22,268.34 points, while the S&P 500 gained 0.18% to 2,500.23. The Nasdaq Composite added 0.3% to 6,448.47.
8:42 AM Good Morning and welcome to markets live blog. Catch all live market action here.
First Published: Mon, September 18 2017. 09:16 IST
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