3:44 PM Nifty Chart for the day
Source: NSE
3:42 PM Nifty Metal index tanked
Source: NSE
3:40 PM Sectoral Trend
Source: NSE
3:38 PM Top Sensex gainers and losers
Source: BSE
3:36 PM Broader Markets
Broader markets underperformed benchmark indices with BSE Midcap and BSE smallcap down 1% and 1.5% respectively
3:33 PM Markets at Close
S&P BSE Sensex ended at 32,760, down 181 points while the broader Nifty50 index settled at 10,118, down 68 points
3:20 PM ADAG stocks dive
Anil Ambani-controlled Reliance Group companies (ADAG) remained under pressure by falling up to 15% on the BSE in intra-day trade.
Reliance Communications (RCom), Reliance Home Finance, Reliance Nippon Life Asset Management, Reliance Capital, Reliance Infrastructure, Reliance Naval and Engineering and Reliance Power were down in the range of 8% to 15% on the BSE.
READ MORE3:12 PM
Oil price fall impact
Oil refiners such as Hindustan Petroleum and aviation shares, including IndiGo Airlines’ parent InterGlobe Aviation, jumped on plunging crude oil prices.
2:59 PM Markets Check at 3pm
2:52 PM Metals Crack
The Nifty Metal index slipped over 3%, tracking lower global commodity prices.Metal stocks like Vedanta and Hindalco Industries fell over 4% each
2:41 PM
All is well under the leadership of Nilekani at Infosys: Narayana Murthy
Infosys co-founder N R Narayana Murthy said stability is restored at the helm of Infosys and “all is well” under the chairmanship of Nandan Nilekani.
Nilekani took charge as the non-executive chairman of India’s second largest IT services after its first non-founder CEO Vishal Sikka quit in August citing “continuous distractions”.
Murthy, who last month raised his concerns saying that “we will no longer know the truth” about the investigations carried out over allegations pertaining to Panaya acquisition, on Wednesday said: “Absolutely all is well.”
READ MORE2:25 PM Asia Check
Asian stocks stumbled on Wednesday after weaker crude oil prices took a toll on Wall Street, while the euro kept big gains after enjoying a boost from robust German economic growth.
China’s Shanghai index was down 0.55%, Australian stocks dropped 0.6% and South Korea’s KOSPI shed 0.4%. Japan’s Nikkei lost 1.5%.
2:10 PM
Tyre stocks in focus; Balkrishna Industries hits new high
Shares of tyre companies were in focus in otherwise weak market with most of frontline stock rallying up to 8% on the BSE in intra-day trade.
BIL hit a new high of Rs 2,242, up 8% on the BSE in intra-day trade. The stock soared 25% in past one week after its board recommended bonus issue in the ratio of 1:1 i.e. 1 bonus share for every 1 share held. The board also declared 2nd interim dividend of Rs 2.50 per equity share in addition to Rs 2.50 per equity share declared in Q1FY18.
READ MORE1:58 PM Top Sensex gainers and losers
Source: BSE
1:34 PM Buzzing Stock
Shares of Panacea Biotec and Cox & Kings rose 7-8% intraday on the back strong September quarter (Q2FY18) numbers.
Panacea Biotec has reduced its losses in the Q2FY18 by posting loss at Rs 5.6 crore against Rs 47.9 crore in the year ago period.
Revenue was up 45% at Rs 152 crore, EBITDA rose 578 percent at Rs 46.8 crore and margins was up 2420 bps at 30.8%.
1:21 PM
Mutual fund flows into equities hit Rs 1-lakh crore mark in CY17
Domestic mutual funds (MFs) continue to pour money into equity markets, with their net flow crossing Rs 1-lakh crore mark during calendar year 2017 (CY17).
Till November 10, MFs pumped in a net Rs 102,810 crore in equities - up an over three-fold as compared to the previous year (CY16) when they had put Rs 29,374 crore in equities during the same period, Securities and Exchange Board of India (Sebi) data show.
On the other hand, foreign portfolio investors (FPIs) have invested Rs 48,190 crore in the equity segment so far in CY17, NSDL data show. Their investment stood at around Rs 43,280 crore in the same period last year.
READ MORE1:00 PM Markets at 1:00 pm
Source: BSE
12:44 PM
Higher volumes to cushion NMDC
Government-owned mining entity NMDC’s performance for the quarter ended September reflects the prevailing weak iron ore pricing trend. Expectations of a cut in Chinese steel production during the winter season, thereby muting iron ore demand, is putting pressure on the commodity’s prices. The per-tonne ore price (ex-China) has fallen from about $95 in February to $62. As a result, NMDC’s stock price has fallen from Rs 152 in early March to Rs 125.3 now.
READ FULL ANALYSIS12:31 PM Buzzing stock
Bank of Baroda was up 4% to Rs 181 on the BSE in intra-day trade after the state-owned lender reported improved operational performance and assets quality in September quarter (Q2FY18). The stock rebounded 7% from its early morning low of Rs 169. READ MORE
12:15 PM
Why the Street is positive on PNB Housing despite rich valuations
In just about a year of its listing (November 2016), PNB Housing has been quick to grab the Street’s attention. After listing, gains of over 55 per cent have been adequately supported by fundamentals, quarter after quarter, with the momentum being maintained in September 2017 quarter (Q2). In fact, despite the 19 per cent correction from its end-August peak of Rs 1,715, the stock is still among the top performers in the housing finance space in the past one year.
READ FULL ANALYSIS12:01 PM
Shreyas Shipping hits 52-week high
Shreyas Shipping & Logistics hit a 52-week high of Rs 541, up 20% on the BSE in intra-day trade, after the company reported a strong net profit of Rs 19.70 crore in September quarter (Q2FY18). It had profit of Rs 2.41 crore in a year ago quarter.
READ FULL REPORT
11:57 AM Reliance Securities on KEC International
KEC International (KEC) has delivered a strong performance in Q2FY18 with its net profit rising by 42% YoY to Rs 894 million led by higher margin and lower interest cost. Despite higher commodity prices, KEC’s overall EBITDA margin expanded by 139 bps YoY to 10.1% in Q2FY18 owing to absence of low-margin legacy orders in Water, Railways and Power Systems segments and execution of recently bagged better-margin orders by SAE Towers.
With fresh orders worth Rs 57.5 billion, KEC’s order book stood at Rs 140 billion as of FY18 YTD (+14% YoY). We expect the strong order intake traction to continue, going forward led by higher T&D spending by SEBs, improved Railways ordering and recovery in overseas markets i.e. Saudi, SAARC & Africa.
We expect KEC’s earnings to witness 25.2% CAGR over FY16-19E on strong order book, improving margin profile and healthy outlook in T&D and other emerging business segments.
We continue to remain positive on the fundamentals of KEC with a Target Price of Rs 372.
11:35 AM Markets check
At 11:30 am, the S&P BSE Sensex was trading at 32,867, down 74 points, while the broader Nifty50 was ruling at 10,157, down 29 points.
11:21 AM
Edelweiss Securities on trade deficit
Trade deficit in October widened sharply to $14 billion (near 3-year high) from $9 billion in September impacted by weaker exports and rise in oil and gold imports. On trend basis – 3MMA (monthly data is volatile), the key highlights were: a) non-oil exports growth moderated a bit to 9% from 11% previously with acute weakness seen in some labour intensive industries – textiles, leather and gems/jewellery; b) Growth in non-oil/non-gold imports is holding up at mid-teens on trend basis led by imports of metals, coal and chemicals. Part of this could be import substitution as domestic demand remains soft; and c) Agriculture imports have slowed suggesting that import duty hikes in few agri-commodities in recent months may be taking effect. Going ahead, exports momentum needs to be tracked closely. While global trade is holding up and therefore should help India’s trade, sustained weakness in exports from labour-intensive sectors remains a concern.
10:49 AM
FPI investments at 7-year peak
Foreign portfolio investors (FPIs) have pumped in nearly $10 billion (Rs 65,400 crore) in the primary share market, highest in seven years. However, it’s a different story in the secondary market, with FPIs offloading stocks worth $3.4 billion. In effect, their total net inflow of $6 billion (Rs 39,200 crore) this year is largely a result of their investment in the primary market.
READ FULL REPORT10:27 AM
Buzzing stock
Infibeam Incorporation was up 4.5% at Rs 185 on the BSE in early morning trade after its consolidated net profit more than doubled at Rs 21.6 crore in the second quarter ended September 2017 (Q2FY18). The company had profit of Rs 7.8 crore in year ago quarter.
READ MORE10:02 AM Markets at 10am
(Source: BSE)
10:01 AM
Economy watch:
ICRA expects the current account deficit to more than double to US$7.5-8.5 billion in Q2 FY2018 from US$3 billion in Q2 FY2017. Nevertheless, the size of the current account deficit would soften appreciably on a sequential basis, from the US$14 billion recorded in Q1 FY2018.
ICRA estimates that every US$1 increase in the price of the Indian crude oil basket, would bloat annual net oil imports and the current account deficit by US$1.2 billion. The sharp merchandise trade deficit for October 2017 and the rise in crude oil and other commodity prices portend a sequential uptick in the current account deficit for Q3 FY2018, despite the expectation of subdued gold imports. Primarily led by the rise in commodity prices we have revised our baseline forecast for the current account deficit for FY2018 to US$35-39 billion
(Source: ICRA report)
10:01 AM
Sun Pharma top loser
Sun Pharma shed over 2% to Rs 514 after the Dilip Shanghvi-controlled firm posted a 59 per cent drop in net profit for the second quarter, but it was above market expectations. Revenue fell 15 per cent to Rs 6,590 crore and the US business continued to suffer.
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10:00 AM
Nomura on Eicher Motors
We roll forward our valuations to FY20F, discounted back to Nov-18. We continue to ascribe a valuation of ~30x P/E to Royal Enfield (Rs 31,580), 10x EVEBITDA to VECV (INR2,643), and Rs 98 for the Polaris JV to arrive at our new target price of Rs 33,049 (vs. Rs 33,083 earlier). This is largely driven by roll forward of valuation to Nov-18 (from Sep-18). The stock trades at 29.6x/24.9x FY19F/20F P/Es, which are in the fair value zone, in our view. We prefer MSIL (MSIL IN, Buy) and M&M (MM IN, Buy) in the OEM segment.
9:58 AM Mutual fund flows into equities hit Rs 1-lakh crore mark in CY17
Domestic mutual funds (MFs) continue to pour money into equity markets, with their net flow crossing Rs 1-lakh crore mark during calendar year 2017 (CY17).
Till November 10, MFs pumped in a net Rs 102,810 crore in equities - up an over three-fold as compared to the previous year (CY16) when they had put Rs 29,374 crore in equities during the same period, Securities and Exchange Board of India (Sebi) data show.
READ THE FULL STORY HERE
Equity mutual fund investment
9:55 AM
Nomura on GST rates
During the 23rd Goods and Services Tax (GST) council meeting, tax rates were lowered for 213 items. The largest changes were made in top 28% tax bracket, where 178 (out of 228 items) were moved into the 18% tax bracket.
Will these changes result in lower inflation? The disinflation expected by the government after the GST implementation (in July 2017) did not materialise due to the asymmetric pricing response of firms (sticky prices downwards, but more flexible upwards), delayed credit (on input tax and transition stocks) and because benefits from the tax changes manifested in other forms (e.g., more volume per pack). This time may not be very different.
9:51 AM
Oil prices slide
Oil prices tumbled on Wednesday, continuing Tuesday’s slide after the International Energy Agency cast doubts over the past months’ narrative of tightening fuel markets.
Brent crude futures were at $61.47 per barrel at 0106 GMT, down 74 cents, or 1.2% from their last close.
US West Texas Intermediate (WTI) crude was at $55.10 per barrel, down 60 cents, or over 1%.
9:32 AM
Mutual fund flows into equities hit Rs 1-lakh crore mark
Domestic mutual funds (MFs) continue to pour money into equity markets, with their net flow crossing Rs 1-lakh crore mark during calendar year 2017 (CY17). Till November 10, MFs pumped in a net Rs 102,810 crore in equities - up an over three-fold as compared to the previous year (CY16) when they had put Rs 29,374 crore in equities during the same period, Securities and Exchange Board of India (Sebi) data show.
READ FULL REPORT9:24 AM Sectoral trend
Source: NSE
9:21 AM Sensex heatmap at open
Source: BSE
9:18 AM Markets check
At 9:17 am, the S&P BSE Sensex was trading at 32,882, down 59 points, while the broader Nifty50 was ruling at 10,166, down 20 points.
9:09 AM
Nifty outlook by HDFC Securities
From the All-time high of 10,490 registered on 6th Nov 2017, Nifty has corrected more than 300 points to 10,175. Nifty formed major bottom at 9,687 on Sept 28, 2017 and if were to apply Fibonacci retracement of the entire upswing from 9,687 to 10,490, then 50% Fibonacci retracement comes at 10,089, which can act as a support going forward. On the upside 10,300-10,350 is the strong resistance zone in Nifty.
READ MORE9:07 AM
Technical calls
BUY UJJIVAN FINANCE
CMP: Rs 388.60
TARGET: Rs 430
STOP LOSS: Rs 360
9:03 AM
Wall Street update
US stock markets closed lower on Tuesday, as a fall in oil prices pulled down energy shares. The Dow Jones edged down 30.23 points or 0.13% to 23,409.47. The wider S&P 500 index fell 5.97 points or 0.23% to 2,578.87, and the tech-focused Nasdaq index was down 19.73 points or 0.29% to 6,737.87.
8:59 AM
Asian markets
Asian stocks slipped in today's trade. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.16%. Australian stocks dropped 0.48% and South Korea’s KOSPI shed 0.5%. Japan’s Nikkei lost 0.8%.
8:47 AM
Singapore Nifty
At 8:45 am, SGX Nifty, an early indicator of Nifty50 performance, was trading at 10,195, down 32 points or 0.32%.
8:45 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Wed, November 15 2017. 15:30 IST
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