12:15 PM
No relief for telcos in September quarter
The revenues of top telecom operators are expected to decline four-eight per cent sequentially in the September quarter (Q2), belying hopes of a recovery. Following a six-seven per cent sequential fall in two quarters (December and March), revenues had stabilised in June quarter (Q1), growing 0.5-0.7 per cent. But, factors such as higher taxes (goods and services tax or GST), seasonal weakness and increased competitive intensity are expected to put more pressure on revenues and operating profits in Q2.
READ FULL ANALYSIS11:54 AM
Buzzing stocks
Shares of fertilizers companies rallied by up to 11% on BSE in intra-day trade on the back of heavy volumes.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Gujarat State Fertilizers & Chemicals (GSFC), Nagarjuna Fertilizers and Chemicals, Zuari Agro Chemicals, Rashtriya Chemicals & Fertilizers (RCF) and Southern Petrochemicals (SPIC) were up more than 2% on BSE.
READ MORE11:46 AM Markets check
At 11:45 am, the S&P BSE Sensex was trading at 31,665, up 168 points, while the broader Nifty50 was ruling at 9,914, up 55 points.
11:30 AM
Kotak Institutional Equities on OMCs
The reduction in excise duty on diesel and gasoline by Rs 2 per liter, although passed on to end-consumers, will allay recent apprehensions on marketing margins for OMCs. However, any structural expansion in margins is certainly ruled out under the current environment; diesel margins have contracted by nearly Rs 1 per liter over the past fortnight, which needs to reverse in the near term for restoration of normalcy. We reiterate our negative stance on OMCs with relative preference for IOCL.
11:17 AM Nifty Bank trades in green ahead of RBI policy outcome
Nifty Bank added over 300 points in the last four sessions.
Source: NSE
10:58 AM
Buffett may trade stocks on result of tax plan
Warren Buffett said he’s following tax proposals in Congress and may be compelled to buy or sell shares in his investment portfolio based on the outcome of the legislation.
"We’ve got actions on both sides that we would take,” he said on CNBC Tuesday. Buffett added that he thinks Congress and President Donald Trump will succeed in cutting taxes.
READ FULL REPORT
10:46 AM
Buzzing stock
Shares of all three state-owned oil marketing companies (OMCs) were trading higher by up to 4% on BSE in early morning trade after the government cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday.
Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation (IOCL) have gained between 3% and 4%, extending their gains for the past 2 days on the BSE.
(READ MORE)
10:31 AM
Mutual funds lap up perpetual bonds for higher yields
Mutual funds (MFs) are lapping up perpetual bonds issued by public sector banks (PSBs), with the amount invested in such bonds rising nearly eight times in the past year. The assets of debt schemes in these bonds, also known as additional tier-1 bonds, have risen to about Rs 16,000 crore from Rs 2,000 crore a year ago, estimates from Value Research suggest.
READ FULL ANALYSIS HERE10:16 AM
Broader markets outperform
The BSE Midcap and the BSE Smallcap indices outperformed to add 0.8% and 0.7%, respectively.
10:15 AM Markets check
At 10:12 am, the S&P BSE Sensex was trading at 31,608, up 110 points, while the broader Nifty50 was ruling at 9,894, up 35 points.
10:01 AM
Why RBI might not cut rates today
The six-member Monetary Policy Committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, will announce its interest rate decision today.
Analysts largely expect the central bank to maintain the status quo, but add there could be a rate cut later in the financial year. There are also some who see the rate-cut cycle, which started on January 15, 2015, by bringing down the repo rate to 7.75 per cent from 8 per cent, to have reached its end.
READ FULL STORY9:54 AM Buzzing stock
Natco Pharma is locked in maximum upper limit of day, up 20% to Rs 954 on BSE after the company said its marketing partner Mylan has received final approval of generic Glatiramer Acetate, for both 20 mg/mL and 40 mg/mL versions. READ FULL REPORT
9:37 AM
Ajay Bodke, CEO & Chief Portfolio Manager PMS, Prabhudas Lilladher on fuel excise cut
Having exhausted nearly 98% of fiscal deficit in the first five months of FY18, around 50% cut in RBI dividend on a YoY basis, large shortfall expected in budgeted divestment proceeds & spectrum revenues and uncertainty surrounding the mop-up of indirect tax receipts in the wake of disruptions in supply chains after GST roll out, I wonder what will happen to fiscal deficit number for FY18. I think the RBI would be well advised to take note of this development and refrain from cutting rates especially with inflation expected to remain close to its targeted level till year-end. Higher than budgeted fiscal deficit would lead to additional budgeted borrowing in the second half of FY18 and exert pressure on interest rates and inflation, further pushing back any hopes of revival of private sector capex and add to the earning woes of India Inc. Negative from equity market perspective
9:32 AM
BPCL, HPCL, IOC gain after fuel excise cut
Shares of oil marketing companies such as BPCL, HPCL and IOC rallied up to nearly 3% after the government on Tuesday cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday.
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9:25 AM
Nifty outlook by Angel Broking
Our recent cautious stance on the market remains intact and we see strong hurdle in the vicinity of 9,890-9,920. On the flipside, we would see index retesting 9,775-9,685 levels in days to come. But, if we increase the time window a bit, the possibility testing lower levels is on cards now. Traders are advised to stay light and avoid taking undue risks.
9:22 AM Sensex heatmap at open
Source: BSE
9:20 AM Broader markets
Broader markets outperformed with the BSE Midcap and the BSE Smallcap indices gaining 0.3% and 0.2%, respectively.
9:19 AM Markets at open
At 9:18 am, the S&P BSE Sensex was trading at 31,477, down 19 points, while the broader Nifty50 was ruling at 9,855, down 3 points.
9:14 AM
Oil prices
Oil prices eased on Wednesday over caution that a price rally that lasted for most of the third quarter would not extend through the last three months of the year.
US West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $50.05 per barrel, down 37 cents, or 0.7% from their last close.
Brent crude futures, the international benchmark for oil prices, were down 35 cents, or 0.6 percent, at $55.65 a barrel.
9:07 AM
Pre-open trade
Nifty opens above 9,850 in pre-open trade. At 9:05 am, the S&P BSE Sensex was rulinh at 31,560, up 63 points, while the broader Nifty50 was trading at 9,884, up 24.85 points.
9:04 AM
Nifty outlook by HDFC Securitirs
We see Strong resistance in the zone of 9,921-9,950 for Nifty. Aggressive longs should only be taken above 9,950 in Nifty. Any level below 9,685 would resume downtrend in Nifty and in that case Nifty could plunge towards next support of 9,450. READ MORE
9:01 AM
Technical calls by Vishali Parekh
BUY VOLTAS
CMP: Rs 522.95
TARGET: Rs 563
STOP LOSS: Rs 494
8:58 AM
Wall Street on Tuesday
The three major US stock indexes and the Russell 2000 posted record high closes for the second straight day on Tuesday, helped by gains in airlines and as carmakers rose after strong September vehicle sales.
The Dow Jones Industrial Average rose 84.07 points, or 0.37 percent, to close at 22,641.67, the S&P 500 gained 5.46 points, or 0.22 per cent, to 2,534.58 and the Nasdaq Composite added 15.00 points, or 0.23 percent, to 6,531.71.
All three hit record closing highs, along with the Russell 2000 small-cap index , which has been lifted recently by optimism about tax law overhaul prospects.
8:47 AM
Asian markets
Across Asia this week, trade has been generally subdued and volumes thin with China and South Korea closed for week-long holidays and analysts cautioning against reading too much into index moves.
Japan's Nikkei climbed to the highest since August 2015 to 20,669.86 points, aided by strong gains in Toyota Motor and Mazda Motor Corp.
MSCI’s broadest index of Asia-Pacific shares outside Japan was steady following three consecutive days of gains.
Australian shares skidded as a drop in oil prices dented energy-related stocks. The S&P/ASX 200 index was down 33.242 points, or 0.6% to 5,668.2.
8:45 AM
Singapore Nifty
At 8:45 am, the SGX Nifty was trading at 9,881, up 7 points or 0.07%.
8:44 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Wed, October 04 2017. 11:45 IST
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