Market Live: Sensex, Nifty open at record high; ONGC, Bharti Infratel, SBI gainers

Moneycontrol News

10:10 am Rupee Trade: The rupee was higher by 14 paise at 64.90 against the dollar after the European Central Bank (ECB) said it would soon taper off its monetary stimulus.

It got more lift from fresh selling of the US currency by exporters and banks amid stronger domestic equities.

The dollar's weakness against the euro and other currencies overseas following the ECB move triggered the rise in the local unit, traders said.

On Friday, the rupee had taken a big knock by plunging 23 paise to close at 65.05 a dollar.

10:02 am Earnings reaction: Shares of Ramkrishna Forgings touched 52-week high of Rs 824.95, surging as much as 17 percent in morning as it has turned profitable in the quarter ended September 2017 (Q2FY18).

The company has reported net profit of Rs 23.5 crore in Q2FY18 against loss of Rs 5 crore in the same quarter last fiscal. Its revenue increased 114 percent at Rs 333 crore.

The operating profit (EBIDTA) was up 130 percent at Rs 65 crore and margins was up 150 bps at 19.5 percent.

9:55 am Suggestion on GST rates: The Group of Ministers set up to make GST composition scheme more attractive suggested lowering tax rates for manufacturers and restaurants under the plan to 1 percent.

At present, while manufacturers pay GST at 2 percent, the rate for restaurants is 5 percent. Traders currently pay 1 percent.

The GoM headed by Assam Finance Minister Himanta Biswa Sarma has also suggested doing away with the tax rate distinction between AC and non-AC restaurants, those which are not covered under composition scheme, and tax them at 12 percent.

It also suggested that hotels which has room tariff of more than Rs 7,500 should attract 18 percent tax rate.

9:45 am Crude Oil Update: Oil markets were flat today, with Brent crude opening above USD 60 per barrel on expectations an OPEC-led production cut due to expire next March would be extended.

Brent crude oil futures, the international benchmark for oil prices, were at USD 60.41 per barrel, down 0.05% from their last settlement.

That's close to their highest level since July 2015 and up more than 36 percent since their 2017 lows last June.

US West Texas Intermediate (WTI) crude futures were up by 0.07 percent, at USD 53.94 a barrel.

9:35 am IPOs this week: It has been a busy October for markets as India Inc. raised over Rs 15,000 crore so far in the month bolstered by a sustained rally in the stock market that took the benchmark indices to record highs this past week.

The euphoria in the primary markets is unlikely to die down soon as long as equity markers are flushed with liquidity.

Three companies are scheduled to open their issue in the coming week starting from 30 October to 3 November which includes names like Mahindra Logistics, New India Assurance, and Khadim India.

9:25 am USFDA approval: Shares of Cadila Healthcare gained 1 percent in the early trade on the back of USFDA approval to market breast cancer drug.

Zydus Cadila has received final approval from the United States Food and Drug Administration (USFDA) to market Tamoxifen Citrate tablets USP in the strengths of 10 mg (base) and 20 mg (base).

The drug will be manufactured at the group’s formulations manufacturing facility at SEZ in Ahmedabad.

The drug is indicated to treat breast cancer in women and men and to reduce the incidence of breast cancer in women at high risk for breast cancer.

9:20 am Buzzing: Share price of Alkem Laboratories added 1 percent in morning as no Form 483 issued for its USA facility.

United States Food and Drug Administration (USFDA) has not issued Form 483 for its St Louis, USA facility on the completion of inspection.

USFDA had conducted an inspection at the said facility from October 23 to October 27, 2017.

The stock gained 15 percent in the last one year.

9:15 am Market Check: Equity benchmarks started off the week at record high, with the Nifty crossing earlier intraday record high. Investors continued to focus on earnings.

The 30-share BSE Sensex was up 117.35 points at 33274.57 and the 50-share NSE Nifty rose 45.80 points to 10,368.80.

ICICI Bank was down over a percent post earnings on profit booking. The stock seems to have already priced in earnings and better-than-expected slippages.

ONGC, Bharti Airtel, Tech Mahindra, HCL Technologies, Maruti Suzuki, Vedanta and Reliance Industries were early gainers.

About 1,030 shares advanced against 239 declining shares on the BSE.

The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.7 percent each.

Punj Lloyd, United Spirits, Ramakrishna Forgings, Tata Metaliks, Linde India, Dalmia Bharat Sugar, Jet Airways, InterGlobe Aviation, SpiceJet, Shriram EPC, Shriram City and IDFC were up 1-7 percent.

SPARC and AU Small Finance were down 1-4 percent.