9:46 AM Nifty Auto leading sectoral gainers
Source: NSE
9:40 AM
Market outlook: Technical view
Continuing its winning spree, the Nifty added 67 points, scaling a fresh record high of 10171.70 after witnessing a gap-up opening and also settled with the highest close. It has given a decisive breakout above our mentioned level of 10150, which signifies further strength.
We had mentioned that “on crossing above 10130-10150 zone, the Nifty can extend its rally towards 10200 level”. This is unfolding nicely. Above 10200, the Nifty can extend gains up to 10240-10250 levels. Immediate support is seen at 10130 followed by 10090
(Source: Emkay Global)
9:35 AM
Buzzing stock
Tata Motors added over 4% to Rs 423 after the auto major's parent firm Tata Sons offered to buy nearly 1.7% of Tata Motors shares worth Rs 2,000 crore at a premium of 4% over Monday's closing price.
9:28 AM Sensex heatmap at open
Source: BSE
9:24 AM
Broader markets outperform
The BSE Midcap and the BSE Smallcap indices outperformed to add 0.4% and 0.3%, respectively.
9:19 AM
Markets at open
At 9:18 am, the Sensex was trading at 32,457, up 33 points, while the broader Nifty50 was ruling at 10,160, up 8 points.
9:15 AM
'Frothy' assets spark concerns as cash floods Indian markets
From officials of India’s central bank and the market regulator to fund managers, people are fretting over elevated asset prices. The nation’s equities and bonds have rallied even as economic growth sags to its weakest since 2014, and earnings remain stubbornly weak. The reason: A surge in local flows after last year's cash ban and buoyant global markets.
This divergence is spiking valuations and inciting caution among authorities and strategists. Michael Patra, a member of the Reserve Bank of India’s rate-setting panel, described the conditions as “frothy and bubbly” in the minutes of last month’s meeting
CLICK HERE FOR THE FULL STORY
Market
9:14 AM
Nifty outlook by Chandan Taparia
Nifty has to continue to hold above 10,138 to extend its move towards 10,200 then 10,270 zones, while on the downside supports are seen at 10,050 and 10,020 zones.
READ MORE9:11 AM
Pre-open trade
The Sensex added nearly 100 points to 32,522, while Nifty hit a fresh high of 10,175, up 22 points in pre-open trade.
9:09 AM
Top picks in a bull market
The scaling of a new high by a broader index, such as the Nifty 50 (the S&P BSE Sensex is not far from its all-time high) is a reflection of the elevated investor sentiment and confidence of the Street. While some market experts say the rally in the stock markets is liquidity-driven, others believe it is already factoring in strong earnings growth, moving forward
Click here for the full story
bse, sensex, bull
9:07 AM
Pick of the week: Astral Poly Technik
Astral Poly Technik (APTL) has increased its manufacturing capacity by ~3x in FY09-16 primarily to cater to the demand from housing and agriculture. APTL plans to enhance its piping capacity to 1.7 Lakh tonnes by FY19E
The company has set up a CPVC compounding plant in Gujarat. Cost savings led by backward integration (making its own CPVC compound) and improved profitability in the adhesive division will lead to EBITDA margin expanding 250 bps to 16.5 % over FY17-19E
Major government infrastructure push and replacement demand from tier II and tier III cities coupled with restocking post implementation of GST is expected to be triggers in near term. Management is confident to achieve double digit volume growth with improving margin in both adhesives and pipes. We maintain a BUY with a target of Rs 791
(Source: Axis Securities)
9:05 AM
DSP Blackrock on interest rate outlook
Slow / sluggish growth calls for a case for reduction in rates whilst rise in core inflation doesn’t bode well for interest rates. The key drivers from the recent rise in inflation are primarily from supply side; ie, fuel prices and statistical impact of rise in HRA due to the central pay commission recommendations pushing up housing inflation coupled with GST implementation. Demand side inflation remains contained. Prospects of slow growth curtails rise in inflation as it curtails demand.
The pretext of slow / sluggish growth will keep the room open for rate cut. Limited availability of fiscal space (government spending) and lack / absence of private investment should aid to curb inflationary pressures keeping the room open for a rate cut.
9:04 AM
Preview: US Fed meet
Nearly nine years since it began purchasing assets to stimulate the struggling US economy, the Fed appears ready to start shrinking the size of its balance sheet, with Goldman Sachs Research economists expecting an announcement of balance sheet "normalization" at this week's FOMC meeting. What this means for the economy and markets is Top of Mind.
Senior Strategist Allison Nathan explains that the uncharted process should be manageable even for sensitive assets like mortgage-backed securities, given the Fed's plans to shrink its balance sheet gradually by letting maturing assets "run off" from its portfolio rather than actively selling them. There are, of course, factors that could raise the risk of a more disruptive normalization process. Nathan points to changes in Fed leadership, inflation and rate expectations as key areas to watch.
(Source: Goldman Sachs)
9:04 AM
Today's picks
9:02 AM
Option strategy on Coal India by MOSL
COAL INDIA - BULL CALL SPREAD
9:02 AM
IPO watch: SBI Life
At the higher end of the price band of Rs700, the issue is priced at 4.2x its FY17 embedded value of Rs165/share (vs. closest peer ICICI Pru trading at 3.8x its FY17 EV). At this valuation the issue seems fairly priced considering SBI Life is a market leader in most of the parameters.
Going ahead, the company is expected to benefit further from the vast bancassurance and private agent network along with its extensive reach and market share. We believe the company will be able to attract adequate investor interest on the basis of its leadership position and expected healthy growth compared to peers.
Given that the current valuations are mature, investors can subscribe to the issue from a long term perspective. However, it must be noted that, insurance being a steady business, it may not attract major listing gains.
(Source: Centrum Broking)
9:00 AM
Market outlook from SMC Global
Today the markets are likely to open on flat note. All emerging markets are trading mixed. The coming session is likely to witness a range of 10100 on declines and 10250 on advances.
9:00 AM
Nifty outlook and technical calls
With trend of all the periodicities being positive and Nifty closing at all time high levels; the bias is positive for the next projected target of 10,200-10,250.
CLICK HERE FOR MORE 8:59 AM
Centrum Broking on Sundaram Finance
We retain Buy on Sundaram Finance (SUF) with sum-of-the-parts based target price revised upwards to Rs2,000 (Rs1,740 earlier). The increase in our target price follows: a) revision in earnings estimates for the core - asset financing business and b) higher contribution from the subsidiaries following improved profitability and outlook therein.
Strong capital position, best-in-class asset quality and superior returns profile continue to remain key strengths. Value un-locking through demerger of non-financial investments into a separate entity could lead to further upside in the stock. Prefer Sundaram Finance in the NBFC space
8:58 AM
Wall Street update
The S&P 500 ended slightly higher on Monday as financial stocks rose ahead of a Federal Reserve meeting, but the Nasdaq pared gains sharply as technology stocks lost ground late in the session.
The Dow Jones Industrial Average index rose 63.01 points, or 0.28% to 22,331, the S&P 500 gained 3.64 points, or 0.15% to 2,503.87 and the Nasdaq Composite index added 6.17 points, or 0.1% to 6,454.64.
8:58 AM
COMMENT:
The jubilant mood on the Street could ebb away as investors tune in to global developments. US President Donald Trump may take on North Korea and Iran in his first address to the United Nations today. Chinese President Xi Jinping and Trump spoke about keeping pressure on North Korea with economic sanctions imposed through the United Nations.
The US Federal Reserve’s two-day policy review commences today. While rates may remain unchanged, the Fed stand on policy normalisation is what investors would watch out for. The outlook is a flat start. Indices could swing as profit booking could set in later in the day. SEBI has allowed real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) to raise capital by issuing debt securities
(Source: Amar Ambani, head of research, IIFL)
8:53 AM Asian markets
Asian shares wavered on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan turned slightly higher after dipping into negative territory. Japan's Nikkei stock index surged 1.2% in early trade, catching up to global equities gains and responding to a weaker yen as Tokyo markets reopened after a public holiday on Monday. China's Shanghai Composite, meanwhile, dipped 0.3%, while Hong Kong's Hang Seng index remained little changed.
8:51 AM
Singapore Nifty
At 8:50 am, SGX Nifty, Nifty futures being traded on Singapore Stock Exchange, was trading at 10,166, up 13 points or 0.13%.
8:50 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Tue, September 19 2017. 08:46 IST
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