9:49 AM
Equity funds sitting on Rs 50,000-crore cash pile
Equity fund managers are sitting on a cash pile of over Rs 50,000 crore, say industry sources. Some even peg it at Rs 75,000 crore, considering the equity component of popular balanced funds.
Fund managers say cash as a percentage of the corpus for several of their schemes is now in the double digits as inflows into equity schemes have been consistently high while stock valuations soar.
Between January and August, equity schemes, including ELSS, have received inflows of Rs 81,000 crore, and balanced funds Rs 53,000 crore.
READ MORE9:39 AM Buzzing Stock
Adani Power gained over 3.5% after 2 Adani Power companies managed to secure a shade over one-third of the total coal auctioned by Coal India under the Shakti scheme by offering discounts ranging from 1 paise per unit to 3 paise per unit over existing tariff.
9:33 AM RIL gains
Reliance gained over 2% after Trai cuts IUC to 6 paise per minute from October 1. The new charges are being seen as a relief for the latest entrant, Reliance Jio. It is estimated to save about Rs 3,800 crore annually from this move.
9:28 AM Bharti Airtel slips
Bharti Airtel fell as much as 6% at open after Telecom Regulatory Authority of India (Trai) cut the interconnect usage charges (IUC, also known as terminating charges) by 57 per cent to 6 paise per minute effective October 1, from 14 paise currently.
In two years, the charges would come down to zero, meaning there won’t be any payment for calls landing on other telcos’ networks. READ MORE
The stock pared some losses and was trading over 2% lower at 9:28 am.
9:22 AM Top gainers and losers on BSE Sensex
Source: BSE
9:18 AM Broader Markets
Broader markets were trading inline with the benchmark indices with BSE Midcap and BSE Smallcap up 0.3% and 0.4% respectively
9:17 AM Markets open
Rangebound movement continue in the benchmark indices on Wednesday, as investors await the outcome of two-day Fed policy review later in the day. A weakness in the rupee and concerns over the war of words between the US and North Korea may also dampen the sentiment.
At 9:17 am the S&P BSE Sensex was trading at 32,475, up 73 ponts while the broader Nifty50 index was ruling at 10,166, up 19 points
9:08 AM
Top trading ideas for today's trade by HDFC Securities
Kajaria Ceramic - BUY
CMP: Rs 737
Stop Loss: Rs 700
Target: Rs 800
Gujarat Industries Power - Buy
CMP: Rs 139
Stop Loss: Rs 132
Target: Rs 153
9:04 AM
Nifty Outlook by HDFC Securities
Nifty is maintaining the bullish setup of higher tops and higher bottoms with most of the oscillators indicating bullish momentum. Nifty has also broken out from the consolidation and now looks all set to extend the rally towards next target of 10,540. Support has now shifted upwards to 10,043 in Nifty.
9:01 AM
Technical calls from Prabhudas Lilladher:
BUY FEDERAL BANK
CMP: Rs 119.10
TARGET: Rs 130
STOP LOSS: Rs 112
The stock has been on a good rise in recent times from the low of Rs 104 and is on the verge of a breakout above the Rs 121. The RSI indicator is on the rise indicating strength and potential to rise still further and scale fresh new heights. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 130 keeping a stop loss of Rs 112.
8:59 AM
Nifty View from Prabhudas Lilladher:
Nifty after making a new high, is taking a breather with a positive bias witnessing the level of 10,080 as near-term support. Our view remains bullish for a projected target of 10,200-10,250. However, the support for the day is seen at 10,100 while resistance is seen at 10,200.
8:57 AM
SBI Life's $1.3 billion IPO to open today
The capital market will see India's first billion-dollar initial public offering (IPO) since 2010 today. SBI Life Insurance, a subsidiary of the country's largest lender SBI, will hit the market on to raise up to Rs 8,400 crore. The IPO, which has a price band of Rs 685 to Rs 700 per share, is expected to be the largest in the insurance space.
8:53 AM
ICICI Lombard IPO oversubscribed 3 times on last day
The initial share sale offer of ICICI Lombard General Insurance Company was oversubscribed 2.98 times at the end of the last day of bidding on Tuesday, stock exchange data showed.
The initial public offer (IPO), through which the insurer is looking to raise about Rs 5,700 crore, received bids for 18,34,60,772 shares against the total issue size of 6,16,66,740 shares, as per NSE data.
The category reserved for qualified institutional buyers (QIBs) was oversubscribed 8.17 times, non institutional investors 83 per cent and retail investors 1.21 times, investment banking sources said.
READ MORE8:52 AM Trai cuts IUC to 6 paise per minute from October 1
In a fresh blow to incumbent mobile operators, including Bharti Airtel and Vodafone, the Telecom Regulatory Authority of India (Trai) has cut the interconnect usage charges (IUC, also known as terminating charges) by 57 per cent to 6 paise per minute effective October 1, from 14 paise currently. In two years, the charges would come down to zero, meaning there won’t be any payment for calls landing on other telcos’ networks. READ MORE
8:50 AM
Donald Trump warns US may have to 'destroy' North Korea
President Donald Trump warned leaders gathered at the UN General Assembly on Tuesday that the United States may have to destroy North Korea if Kim Jong-Un's nuclear-armed regime threatens its neighbours. "Rocket Man is on a suicide mission for himself and for his regime," he said, using his new nickname for the North Korean leader, Kim Jong Un.
8:39 AM
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 16 points lower at 10151 indicating a flat opening for the domestic market.
8:39 AM Asian peers steady
Asian stocks were mostly steady on Wednesday after Wall Street again rose to record highs, although movements were limited as a wait-and-see mood prevailed before the Federal Reserve reveals its monetary policy stance later in the day.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%.
Japan's Nikkei was flat and South Korea's KOSPI was off 0.2%.
8:38 AM Wall Street
The three major US stock indexes edged higher on Tuesday, logging closing records, with financial stocks providing the biggest boost a day ahead of the Federal Reserve’s concluding statement from its two-day policy meeting.
The Dow Jones Industrial Average rose 39.45 points, or 0.18%, to 22,370.8. The S&P 500 gained 2.78 points, or 0.11%, to 2,506.65 and the Nasdaq Composite added 6.68 points, or 0.1%, to 6,461.32.
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First Published: Wed, September 20 2017. 09:15 IST
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