The benchmark indices opened lower in Thursday's session as investors remained cautious ahead of the
derivatives expiry of November series and September quarter
GDP data due today. Negative trend seen in
Asian markets after a plunge in high-flying technology shares also hurt sentiment.
On Wednesday, market-wide rollovers for the November series moved to 57% which is a tad higher compared to average rollovers of 55% of the last three series. Nifty futures rollovers stood at 46% which is higher compared to the average rollovers of 42% of the last three series.
Meanwhile, economic growth pace is expected to have picked up in Q2, halting a five-quarter slide as businesses started to overcome teething troubles after the bumpy launch of a national sales tax.
A Reuters poll of 52 economists over the past week showed gross domestic product growth likely rose to 6.4% from a year ago in the July-September quarter, from 5.7% in the previous period.
9:47 AM
Stocks of credit rating agencies lose sheen
Buoyant credit growth is essential not only for banks but also for credit rating agencies. In fact, demand for loans is their bread and butter. So, until the going was good, shares of CRISIL, CARE Ratings and ICRA were in vogue, even reckoned as all-weather ones.
Lately, however, these are losing the sheen. They underperformed the broader markets in the past 12 months. The twin problem of anaemic loan demand and a nearly 80 per cent reduction in rating subsidies for small and medium enterprises (SMEs) after the Union Budget significantly impacted them since the June quarter.
READ FULL REPORT9:30 AM
Broader markets under pressure
The BSE Midcap and the BSE Smallcap indices shed 0.6% each.
9:28 AM Sensex heatmap at open
Source: BSE
9:23 AM Markets at open
At 9:20 am, the S&P BSE Sensex was trading at 33,448, down 154 points, while the broader Nifty50 was ruling at 10,314, down 47 points.
Source: BSE
9:13 AM
Rollovers to December series
With a session left in November series, market-wide rollovers moved to 57% which is a tad higher compared to average rollovers of 55% (last three series). Market wide futures OI is ~INR 1.63tn as compared to ~INR 1.62tn on the D-1 of October expiry. Average roll levels across stock futures were ~48-50bps (cost to long rollers) in most of the names.
Nifty futures rollovers stand at 46% which is higher compared to the average rollovers of 42% (last three series). Nifty futures OI stands at INR 271bn (~26.2mn shares) as against the OI of INR 322bn (~31.3mn shares) on D-1 of the last series. Nifty futures roll levels (cost to long rollers) was ~37-38bps (screen levels of ~38points. Around 23.5k contracts got rolled today while ~2.7k contracts were unwound in the near month.
9:09 AM
Technical calls
ESCORTS – BUY
CMP: Rs 703.50
Stop Loss: Rs 688
Target: Rs 745
9:07 AM
Technical calls by Prabhudas Lilladher
BUY ESCORTS
CMP: RS 703.50
TARGET: Rs 750
STOP LOSS: Rs 650
9:04 AM
Nifty outlook by Chandan Taparia
Nifty index failed to surpass 10,400 zones and corrected towards 10,345-mark. It formed a Bearish candle but has been consolidating between 10,340 and 10,410 zones from last four trading sessions. It requires a decisive range breakout to start the next leg of rally. Now it has to continue to hold above 10,350 to witness an up move towards 10,400, and then 10,450, while on the downside supports are seen at 10,300 then 10,250 zones.
READ MORE9:02 AM
Derivative strategy on Nifty
NIFTY - BULL CALL SPREAD
BUY 1 LOT OF 10350 CALL @ 31
SELL 1 LOT OF 10400 CALL @ 13
8:57 AM
Today's picks
Devangshu Datta ON Nifty, Bank Nifty, Asian Paints, TCS, Coal India
8:56 AM
Bitcoin breaches $11,000, but fades after sharp rally
Bitcoin zoomed past $11,000 to hit a record high for the sixth day in a row on Wednesday after gaining more than $1,000 in just 12 hours, stoking concerns that a rapidly swelling bubble could be set to burst in spectacular fashion.
After soaring more than 1,000 per cent since the start of the year, bitcoin rose as much as 15 percent on Wednesday, but by mid-afternoon in New York, the virtual currency was trading at $9,500, down 3.7 per cent on the day on Luxembourg-based Bitstamp, one of the largest and most liquid cryptocurrency exchanges.
READ MORE8:54 AM
Wall Street update
The Nasdaq was on pace for its biggest one-day drop in more than three months on Wednesday as investors bailed out of high-flying tech stocks and shifted bets to banks and other pockets of the market that could benefit from improving economic conditions, lower regulations and taxes, and higher interest rates.
The Dow Jones Industrial Average rose 94.78 points, or 0.4% to 23,931.49, the S&P 500 lost 2.61 points, or 0.10% to 2,624.43 and the Nasdaq Composite dropped 96.25 points, or 1.39% to 6,816.11.
8:51 AM
Asian markets
Asian shares fell on Thursday, weighed down by a plunge in high-flying technology shares, a move that some see as a healthy correction after a strong rally but others believe may herald the peak of a “super cycle” that has been boosting the sector.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.5% with technology bellwether Samsung Electronics falling 2.9% to two-month lows.
Japan's Nikkei dipped 0.3% led by falls in Sony, Murata manufacturing and other technology shares.
Asia tech shares came under pressure after US hi-tech giants plummeted.
8:48 AM
Singapore Nifty
At 8:45 am, SGX Nifty, an early indicator of Nifty50 movement in India, was trading at 10,306, down 53 points or 0.52%.
8:46 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Thu, November 30 2017. 09:28 IST
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