3:51 PM
Anand James, Chief Market Strategist, Geojit Financial Services
Positivity in global peers and buoyancy in the pharma sector following USFDA clearances helped extend yesterday’s gains, but profit booking in the recent outperformers capped any further gains. Anticipations on further list of stressed assets should keep banking stocks in focus, in view of provisioning required.
3:50 PM Sectoral trend
Source: NSE
3:40 PM Sensex heatmap at close
Source: BSE
3:38 PM
Markets at close
The S&P BSE Sensex ended at 33,478, up 118 points, while the broader Nifty50 settled at 10,326, up 28 points.
Source: BSE
3:22 PM
Tencent surpasses Facebook in market value
China's social media and video game giant Tencent overtook Facebook in market value today as investors sent the company soaring to the top five list of the world's biggest firms.
Tencent's shares, traded in Hong Kong, have doubled in value this year as the tech company's earnings have repeatedly outmatched analysts' expectations.
READ FULL REPORT3:19 PM Top five Nifty losers in last leg of trade
Source: NSE
3:08 PM
Buzzing stocks
Shares of six auto ancillaries companies – ABC Bearings, Automobile Corporation of India, Bharat Gears, Bharat Seats, Minda Industries and Timken India – hit their respective new highs on Tuesday. These companies reported strong results for the quarter ended September 2017 (Q2FY18).
The aggregate net profit of these 6 companies increased by 65% to Rs 132 crore in Q2FY18 against Rs 80 crore in the same quarter last year.
READ MORE2:58 PM
Vedanta set to overtake Aditya Birla group as largest aluminium maker
Anil Agarwal-owned Vedanta Ltd is poised to overtake Aditya Birla group as the largest producer of aluminium in the country in the current fiscal.
Vedanta, which produced 0.96 million tonne of aluminium across its two facilities in Odisha and Chhattisgarh, is on course to clock an annual output of 1.6 million tonne this year.
READ FULL REPORT2:51 PM
HDFC Securities report on Strides Shasun
In another business restructuring, Strides Shasun (STR) sold its India-branded business to Eris Life Sciences, for a consideration of Rs 5bn. The business contributed only ~5% to the total topline in FY17, and would have required significant investment to scale it up further. This is the second such business rationalisation by STR in FY18, along with the hive-off of the commodity API business. We believe that these divestments would help narrow STR’s focus on the high potential business segments, i.e. the US and Australia, where investments are now complete, and strong growth is expected to kick-in over FY18-20E. At ~16x/12x FY19E/FY20E EPS, STR is available at attractive valuations. With debt expected to drop by ~Rs 8bn in FY19E (32% of Sep-17 net debt) owing to these divestments, we find more comfort with our FY19/20E earnings estimates. On the back of the launches of gLovaza and potassium citrate in the US, and an expected string of approvals over the next 12 months (new GDUFA guidelines), mgt has guided for a ~US$ 50mn/qtr rev run-rate for the US business from 4QFY18 (v/s our est. of US$ ~38mn). We believe that this is an opportune time to invest in STR, with strong sequential improvement likely from 2HFY18. Re-iterate BUY with a TP of Rs 1,200 (18x Sep19E + Rs 100/sh for Solara + Rs 30/sh for Biopharma).
2:35 PM
Tea shares surge
Shares of tea companies have rallied up to 17% on the bourses in intra-day trade on expectations that lower production may boost tea prices.
Rossell India, Goodricke Group, McLeod Russel India, Warren Tea, Jay Shree Tea Industries, Harrisons Malayalam and Tata Coffee among few were trading higher by more than 4% on the BSE. On comparison, the S&P BSE Sensex was up 0.52% at 33,535 at 01:13 PM.
READ MORE2:21 PM Top Nifty gainers
Source: NSE
1:48 PM
Vadilal family drama
Even as the eight-decade-old Gujarat-headquartered ice-cream maker Vadilal Industries Ltd (VIL) was getting its act together, the fallout of an old family feud threatens to throw a spanner in the company’s future growth plans.
READ FULL REPORT
1:25 PM
Moody's explains why India deserved a rating upgrade
The report seeks to answer questions such as the drivers of the upgrade, the reason for the upgrade amid the current economic slowdown, how does the recently announced bank recapitalization plan help Indian banks and so on. Moody's expects India's continued progress on economic and institutional reforms will, over time, enhance India's high growth potential.
READ FULL REPORT1:07 PM Market Check at 1 pm
12:46 PM
Corporate India is still a global minnow in terms of profits
A strong rally on Dalal Street has made India one of the biggest in terms of market capitalisation globally but corporate India is still a global minnow in terms of actual profits. During the 12 months ending September this year, the combined net profit of BSE 500 companies at around $69.5 billion was a fifth of the combined net profit of China’s 300 biggest companies and a ninth of that at the euro zone’s 500 biggest listed companies. The gap with America is more.
READ MORE12:30 PM Buzzing Stock
Satin Creditcare Network gained 3.81% to Rs 339.25 on BSE after the company said that National Housing Bank has granted certificate of registration to the company's wholly owned subsidiary.
12:15 PM
Bulls make a comeback in Shriram Transport Finance
The share price of Shriram Transport Finance has gained about 19 per cent in the past one month, far higher than the 1.5–3 per cent rise on the BSE Sensex and Nifty.
The price movement is not only an indicator of change in sentiment but also reiterates the long-term comfort investors have had with the stock. The deal with IDFC Limited, called off about a month ago, came as a major relief as it was said to be value depletive for its shareholders.
READ MORE11:58 AM Top Sensex gainers and losers
Source: BSE
11:44 AM
This stock has surged 43,000% in the past 10 years
Cooling is hot business for this company. A change of business philosophy coupled with growing demand for its products have generated a fortune for the shareholders of this company over the last 10 years. A quick analysis of companies in the BSE 500 group in the last 10 years shows that shares of Symphony have surged a massive 43,000% – from Rs 3.64 on November 20, 2007 to around Rs 1,567 levels now, according to ACE Equity data.
READ MORE11:33 AM Market Check at 11:30 am
11:21 AM
EV foray to keep Maruti ahead in the race
The Maruti Suzuki stock hit a new 52-week high after the company’s Japanese parent, Suzuki, on Friday formally unveiled plans to introduce electric vehicles (EVs) in India by 2020 with technical support from Toyota. Currently under an agreement with the parent, Maruti already sources gasoline/diesel cars produced by Suzuki in India.
The pact means Suzuki will manufacture the EVs in collaboration with Toyota (to be sold by Maruti) and also develop the entire EV ecosystem, including charging stations, here.
READ MORE11:08 AM
Dr Reddy's turns volatile after receiving EIR from USFDA
Dr Reddy’s Laboratories moved higher by 10% to Rs 2,494 on the BSE at 10:16 AM; after the company said its facility at Vishakhapatnam received Establishment Inspection Report (EIR) from the US health regulator, but the inspection has not closed.
The stock erased most of its gain and was trading 3% higher at Rs 2,498 on the BSE and NSE at 10:42 AM. The trading volumes on the counter more than doubled with a combined 1.07 million shares changed hands in first one-and-half hour of trading on both the exchanges.
11:07 AM
WhatsApp earnings leak: Sebi must monitor insider trading on social media
A recent Reuters news report identifies a dozen messages that accurately predicted Q2 earnings patterns (and a bonus announcement in one case) for specific listed stocks.
Given the accuracy of some of the messages cited by the report, the regulator, Sebi, should definitely take cognizance of the situation and carry out an investigation. If it does discover that any of these messages originated from insiders, Sebi has the power to hand out prison sentences, or fines, or both.
More broadly, Sebi should try to create means of observing this medium and others like it. While Whatsapp is the most popular of the encrypted instant message platforms, there are several others like it. Other market regulators such as America's SEC also have to deal with the issue of price-sensitive information being passed through such mediums.
10:29 AM
Logistics shares gain on infrastructure status; Gati, VRL hit 52-week highs
Shares of logistics companies were trading higher by up to 6% on the BSE in early morning trade after getting infrastructure status.
Gateway Distriparks, Gati, Sical Logistics, VRL Logistics, Transport Corporation of India, Lancer Container Lines, Allcargo Logistics and Mahindra Logistics were up in the range of 2% to 6% on the BSE.
READ MORE10:15 AM
Yellen announces resignation; will leave Fed once successor sworn-in
Janet Yellen has submitted her resignation from the Federal Reserve board to President Donald Trump, announcing that she will leave the board when her successor is sworn in as Fed chairman.
In a letter to the president, Yellen said yesterday she would "do my utmost" to make sure that there is a smooth transition to Jerome Powell, who was tapped by Trump on November 2 to become the next Fed leader after the president decided not to offer Yellen a second term.
READ MORE
10:05 AM Buzzing Stock
ARSS Infrastructure Projects rose 14.23% to Rs 55 on BSE after the company said it received a work order worth Rs 87.09 crore from Rail Vikas Nigam.
9:55 AM
Vedanta set to overtake Aditya Birla group as largest aluminium maker
Anil Agarwal-owned Vedanta Ltd is poised to overtake Aditya Birla group as the largest producer of aluminium in the country in the current fiscal.
Vedanta, which produced 0.96 million tonne of aluminium across its two facilities in Odisha and Chhattisgarh, is on course to clock an annual output of 1.6 million tonne this year.
As against this, the combined capacity of Aditya Aluminium and Hindalco, subsidiaries of Birla group, across four locations in Odisha, Madhya Pradesh and Uttar Pradesh is 1.32 million tonne. The group, as a whole produced 1.26 million tonne aluminium in FY17.
READ MORE9:51 AM
Domestic institutions lend their weight as anchors in IPOs
Domestic institutional investors, particularly mutual funds, have played an active role as anchor investors in initial public offerings (IPOs) this year.
They have invested nearly 50 per cent of the Rs 9,800 crore of anchor money invested in IPOs this year, data from Prime Database shows.
The anchor book was driven mainly by foreign players in the last IPO cycle of 2009 and 2010, with domestic players investing a mere 11 per cent of the Rs 1,674-crore anchor book in 2009.
READ MORE9:31 AM
Reliance Industries gains 2% after it raised $800 million by selling 10-year bonds, making it the first company to take advantage of India’s rating upgrade last week.
9:22 AM Sectoral Trend
Source: NSE
9:20 AM Top Sensex gainers and losers
Source: BSE
9:18 AM Broader Markets
The broader markets were trading a bit higher than benchmark indices with BSE Midcap and BSE Smallcap indices up 0.4% and 0.5%
9:17 AM Markets Open
Benchmark indices open on a positive note following Asian stocks, which edged higher on Tuesday as investors took heart from further evidence of strength in the global economy.
At 9:17 am, the S&P BSE Sensex ws trading at 33,467, up 107 points while the broader Nifty50 index was ruling at 10,328, up 29 points
9:12 AM
Today's picks: November 21, 2017
Ambuja Cements
Current price: Rs 265
Target price: Rs 270
Keep a stop at Rs 262 and go long. Add to the position between Rs 268 and Rs 269. Book profits at Rs 270.
Coal India
Current price: Rs 278
Target price: Rs 273
Keep a stop at Rs 281 and go short. Add to the position between Rs 274 and Rs 275. Book profits at Rs 273.
NTPC
Current price: Rs 180
Target price: Rs 184
Keep a stop at Rs 178 and go long. Add to the position between Rs 182 and Rs 183. Book profits at Rs 184.
9:07 AM
Short term trend may be down; Nifty support around 10,125
The market rebounded from near 10,100 on last Wednesday and it has since tested upside resistance at 10,325. However, there are still net losses in the November settlement.
The near-term signals are hard to decipher. After hitting a high of 10,490 on November 6, the market has reacted to a recent low of 10,094 on November 15. Weak macro-economic data and average second quarter (Q2) results were balanced by the sentimental driver of the Moody’s upgrade.
READ MORE9:00 AM
Few trading ideas by Prabhudas Lilladher:
BUY BPCL
CMP: Rs 504.45
TARGET: Rs 545
STOP LOSS: Rs 488
BUY INDIABULLS REAL ESTATE
CMP: Rs 233.05
TARGET: Rs 255
STOP LOSS: Rs 220
BUY GAIL
CMP: Rs 460.35
TARGET: Rs 495
8:53 AM
Nifty outlook by Prabhudas Lilladher:
Nifty has given sideways move; a confirmation comes only with a cross of 10,350-10,380 levels for a strong uptrend. The support for the day is seen at 10,250, while resistance is seen at 10,340.
8:48 AM
Reliance Industries, Adani, REC issue $1.7-billion bonds
Reliance Industries, Adani Abbot Point Terminal, and Rural Electrification Corporation (REC) on Monday launched bond issues overseas worth $1.7 billion in order to reduce their finance costs.
The bond issues follow last week’s upgrade by Moody’s of India’s sovereign rating from the lowest investment grade Baa3 to a notch higher at Baa2. The agency has also upgraded the ratings of several public sector companies such as State Bank of India, Indian Oil Corporation, Oil and Natural Gas Corporation, and NTPC.
READ MORE8:45 AM
Centre gets Rs 14,500 crore from Bharat-22 ETF, issue subscribed 4 times
The government’s Bharat-22 exchange traded fund (ETF) has garnered Rs 14,500 crore, officials said on Monday.
With this, the Centre’s disinvestment proceeds for 2017-18 has reached Rs 52,500 crore, higher than the 2016-17 revised estimate of Rs 45,500 crore, and Rs 20,000 crore short of this year’s budgeted estimate of Rs 72,500 crore. Four more months are still left for the financial year to end.
The new fund offer of (NFO) of Bharat ETF was subscribed four times and saw demand worth nearly Rs 32,500 crore.
READ MORE8:38 AM
Notice sent to 100 cos on post GST tweak
Keeping up the pressure on the consumer goods sector, the Central Board of Excise and Customs (CBEC) chairman has written to the biggest companies to ensure that cuts in the goods and services tax (GST) are passed on to customers.
The GST Council has cut rates on 178 products including chocolates, detergent, toothpaste, shampoo, air freshener and shaving cream to 18% from 28% and the government is keen that this translates into lower prices for buyers.
8:37 AM
Mutual Funds log Rs 51K-cr inflow in Oct
Investors have pumped over Rs 51,000 into various mutual fund schemes in October after pulling out more than Rs 16,000 crore in the preceding month, latest data with industry body Amfi showed.
With the latest inflow, total infusion in MF schemes reached to over Rs 2.5 lakh crore in the first seven months (April—October) of the current fiscal, Association of Mutual Funds in India noted.
8:36 AM
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 14.5 points higher at 10,329 indicating a positive opening for the domestic market.
8:36 AM Asian Check
Asian stocks edged higher on Tuesday as investors took heart from further evidence of strength in the global economy, while the dollar hovered near a one-week high against its peers thanks to higher US yields and a floundering euro.
Gains on Wall Street overnight also helped MSCI’s broadest index of Asia-Pacific shares outside Japan rise 0.5% and back towards a decade-high struck earlier this month.
South Korea’s KOSPI rose 0.3%, Australian stocks climbed 0.2% and Japan’s Nikkei advanced 1.1%. Shanghai added 0.2% and Hong Kong’s Hang Seng was 0.7% higher.
8:35 AM
US markets end higher
US stocks rose in overnigh trade, with Verizon boosting the telecoms sector after the stock got an upgrade, while a deal in semiconductors lifted high-performing tech shares.
The Dow Jones Industrial Average rose 72.09 points, or 0.31%, to 23,430.33, the S&P 500 gained 3.29 points, or 0.13%, to 2,582.14 and the Nasdaq Composite added 7.92 points, or 0.12%, to 6,790.71.
8:34 AM Good Morning!
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First Published: Tue, November 21 2017. 15:35 IST
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