3:08 PM Sectoral trend in last leg of trade
Source: NSE
2:46 PM
Centrum Broking on Sarla Performance Fibers
We maintain our BUY on Sarla Performance Fibers with a revised TP of Rs 78 as we value the company based on our conservative adj. OCF based methodology. Management has temporary closed the Sarla Flex manufacturing unit in USA due to low capacity utilisation which would reduce operating loss to Rs 55 million in FY18E from Rs 169 million in FY17. Further management is looking for a partner to run the plant together which would offer consistent long term demand. Initial implementation issues of GST has been behind and management is confident of volume growth from H2FY18 in the domestic business. While lower gross margin is a worry, management is confident the product mix change would help in the margin expansion over medium term.
2:32 PM Markets check
At 2:30 pm, the S&P BSE Sensex was trading at 33,063, up 11 points, while the broader Nifty50 was ruling at 10,201, up 8 points.
2:21 PM Buzzing stock
Partaap Snacks soared 10% to Rs 1,404 on the BSE in intra-day trade after the company reported more than doubled consolidated net profit at Rs 12.93 crore in September quarter (Q2FY18). It had profit of Rs 5.33 crore in the same quarter last fiscal.
The stock is trading at its highest level since listing on October 5, appreciated 50% against issue price of Rs 938 per share. The S&P BSE Sensex was up 5% during the same period.
READ FULL REPORT2:02 PM Top five losers on Nifty
Source: NSE
1:50 PM
SIP flows now a deluge
The Rs 23-lakh-crore mutual fund (MF) industry is going through some structural changes.
Increasingly, many are investing in MF schemes through systematic investment plans (SIPs). So far this financial year, a record-breaking 4.5 million new SIP accounts have been added, taking the total tally to 18 million in the end November. The quantum of monthly flows through this mode is also on the rise, making historical highs every month. In 2017, the SIP monthly inflows have grown 48 per cent, from Rs 3,973 crore in December 2016 to Rs 5,893 crore in November
READ MORE1:30 PM
Tech Mahindra hits 52-week high
Tech Mahindra hit a 52-week high of Rs 517 on the BSE in intra-day trade in an otherwise weak market. In past seven trading sessions, the stock of IT consulting & software firm outperformed the market by gaining 11% from Rs 466 on December 5, after Tech Mahindra announced to hold analyst meet on December 8 to make presentations on the Company’s strategy and provide business updates. On comparison, the S&P BSE Sensex was up 0.42% during the same period.
READ MORE1:16 PM
Nov WPI inflation jumps to 3.93%
Inflation based on wholesale price index (WPI) accelerated further to 3.93 per cent in November due to a sharp rise in onion prices and costlier seasonal vegetables, government data showed today.
It was 3.59 per cent in October this year, and 1.82 per cent in November last year.
READ FULL REPORT1:01 PM
Bitcoin wallet crash exposes crypto-market weaknesses, concern investors
As bitcoin raced to another record high on Tuesday, one of the biggest providers of digital currency wallets, Coinbase, went down under the weight of traffic, leaving many of its more than 10 million customers unable to access their funds.
At the same time, Bitfinex, the world’s biggest bitcoin exchange by trading volume, said it was under a heavy denial-of-service (DDoS) attack, meaning its servers had been intentionally flooded with junk online requests, taking down its website and crippling its services.
The latest outages show how the market infrastructure for an immature and volatile instrument that millions of investors have piled into may be ill-equipped to cope with sudden shifts in demand, which is worrying some investors.
READ MORE
12:45 PM Top Sensex gainers and losers
Source: BSE
12:31 PM Market Check
12:20 PM
Wealth in real estate may rise twofold in five years: Report
Wealth in real estate in the country is likely to double to Rs 121 lakh crore in the next five years, signifying a turnaround for the sector in future, a report said. Individual wealth in real
estate grew by 8.62 per cent to reach Rs 60.25 lakh crore in FY17. Demonetisation, implementation of RERA and GST are transforming real estate sector in India, according to a study by brokerage Karvy India Wealth Report.
READ MORE12:02 PM
Emerging markets shrug off crises for best gains in eight years
In 2017, the world's emerging markets saw blockbuster returns after easy monetary policy and budding global growth joined hands. Currencies and stocks in developing economies are on track for their biggest rallies in eight years.
READ MORE11:47 AM
Videocon, Jaypee dip even as lenders keep them out of insolvency process
Stocks of Videocon and Jaiprakash Associates shed up to 5% on the BSE even as lenders decided to keep Videocon Industries, and Jaiprakash Associates out of the insolvency process as these companies are in advanced stage of debt resolution.
Videocon hit its lower circuit of Rs 16.70, down 4.84%, while Jaiprakash Associates dipped nearly 2% to Rs 17.65 on the BSE.
A senior official of a public sector bank said Videocon Industries was not taken to the NCLT because it was close to the resolution of its Rs 21,500-crore debt and because it had sold its Kenstar brand and corporate headquarters to repay loans. As per Videocon officials, its debt worth Rs 23,000 crore is housed with its oil subsidiary - Videocon Hydrocarban which has not defaulted on its loans.
READ MORE11:31 AM
Oberoi Realty gains as brokerage initiates coverage with 'buy' rating
Oberoi Realty was up 6% to Rs 481 on the BSE in early morning trade after the brokerage firm Motilal Oswal Securities initiated coverage with ‘buy’ rating on the stock.
Oberoi Realty is a Mumbai-focused premium real estate developer, with presence in the residential, commercial and hospitality segments. The sharp focus on delivery of quality products has helped the company create a strong brand over the past 20 years. Its trusted brand enables its projects to enjoy premium, resulting in superior EBITDA margins of >50%.
READ MORE
11:16 AM
150 seats in Gujarat for BJP can take Nifty to 10,700 levels, say analysts
After a stellar rise of around 26% thus far in calendar year 2017 (CY17), the benchmark indices - S&P BSE Sensex and the Nifty 50 - have remained flat with a marginal fall of 0.22% each in December.
Going into the state election results, opinion polls suggested that the Narendra Modi - led Bharatiya Janata Party (BJP) will wrest control from the Indian National Congress (INC) in Himachal Pradesh (HP) and will retain Gujarat, although with fewer seats than in 2012.
The outcome of the state elections, experts say, is likely to be viewed as a referendum on Prime Minister Modi's performance, especially the implementation of goods and services tax (GST) bill and could have an impact on future economic policy decisions.
READ MORE11:05 AM Market Check at 11 am
10:43 AM
Natco Pharma extends gain after QIP launch
Natco Pharma rallied 5% to Rs 1,013 on the BSE in an otherwise range-bound market after the company launched share sale through qualified institutional placement (QIP) route on Monday, December 11, 2017.
In past four trading sessions, the stock gained 9% from Rs 931, as compared to 0.57% decline in the S&P BSE Sensex.
The board of directors of Natco Pharma at their meeting held on November 2, had approved to raise up to Rs 1,500 crore through various modes including QIP, Global Depository Receipts (“GDRs”) or American Depository Receipts (“ADRs”) or Foreign Currency Convertible Bonds (“FCCBs”) or fully convertible /partly convertible debentures, etc.
READ MORE10:24 AM Pharma stocks gain
Source: NSE
10:00 AM
ICICI Sec seeks Sebi nod to manage own IPO
Domestic broking and investment banking major ICICI Securities has sought the Securities and Exchange Board of India’s (Sebi’s) permission to manage its own share sale.
This is the first time an investment bank is considering managing its own initial public offering (IPO), said industry players. Sources said the capital markets regulator was currently looking at the “unique request” and might revert in a few weeks.
READ MORE9:46 AM
Tata Communications surges 9% as board approves demerger of surplus land
Tata Communications surged 9% to Rs 758 on the BSE in early morning trade after the company said the board has approved demerger of around 773 acres of surplus land to a separate company and listing it subsequently.
"The board of directors of Tata Communications at its meeting held today has approved a draft scheme of arrangement and reconstruction between Tata Communications and Hemisphere Properties India Limited (HPIL) and their respective shareholders," Tata Communications said in a BSE filing.
READ MORE9:37 AM
Sebi norm on profit-sharing puzzles firms
Norms issued by the Securities and Exchange Board of India (Sebi) on profit-sharing agreements have forced companies to seek clarifications. Around six companies have sought informal guidance over applicability of the provisions in various situations. An informal guidance is a method for entities to seek interpretation from the market regulator on any regulation, circular or guideline.
READ MORE9:31 AM Sectoral Trend
Source: NSE
9:22 AM Top Sensex gaienrs and losers
Source: BSE
9:20 AM Broader Markets
Among broader markets, the BSE Midcap was up 0.5% while the BSE Smallcap index was up 0.4%
9:18 AM Markets open
Benchmark indices open marginally higher after the Federal Reserve delivered a much-anticipated interest rate hike but flagged caution about inflation, tempering expectations for future tightening, which weighed on the dollar and Treasury yields.
At 9:17 am, the S&P BSE Sensex was trading at 33,128, up 75 points while the broader Nifty50 index was trading at 10,212, up 19 points
9:08 AM
Top trading ideas by Sacchitanand Uttekar, AVP – Technical (Equity), Tradebulls:
DLF - SELL
CMP: Rs 228
STOP LOSS: Rs 237.30
TARGET: Rs 210
TATA MOTORS - SELL
CMP: Rs 402
STOP LOSS: Rs 412.30
9:05 AM
Nifty outlook by Sacchitanand Uttekar, AVP – Technical (Equity), Tradebulls:
On the 180 min scale as expected the index faced resistance near the upper bound of the ‘Descending /Declining Channel’. The three days sequence of higher tops & higher bottom has been distorted. Traders should maintain shorts with a stop above 10340 with an expectation of a decline towards 10000-9940. With the rising volatility and the latest upward shift in the range of India VIX sustenance above 15.50 level could propel it towards 17.50 in no time.
Due to its high correlation with the Index coupled with Rising crude prices & weakness in rupee could be fatal for the markets from hereon. Investors should adequately hedge their positions during this highly uncertain time & await for a meaningful correction /decline to phase out first & only position themselves once a firm reversal sign is established to add longs.
8:57 AM
Top trading ideas by Prabhudas Lilladher:
BUY AMBUJA CEMENTS
CMP: Rs 264.10
TARGET: Rs 286
STOP LOSS: Rs 255
The stock has more or less made a lower bottom formation pattern in the daily chart and has taken support at the significant 200 DMA level. The stock has regained from thereon and also indicating a positive bias for further rise in the coming days. With favourable factors supporting our view of a bullish run and good volume participation, we recommend a buy in this stock for an upside target of 286 keeping a stop loss of 255.
8:54 AM
Nifty outlook by Prabhudas Lilladher
Nifty confirms a lower top formation indicating a downward move unless it decisively moves past 10,330 levels for next round of rally. For now the slide can approach 10,090 levels. The support for the day is seen at 10,140 while resistance is seen at 10,250. Volatility index continues to rise.
8:48 AM
NSE to auction investment limits for Rs 7,300-cr corp bonds
Leading bourse National Stock Exchange (NSE) will auction investment limits for overseas investors for purchase of corporate bonds worth over Rs 7,300 crore on Thursday.
The auction will be conducted on NSE's e-bid platform from 1530 hrs to 1730 hrs after the close of market hours, the exchange said in a circular.
The auction quota gives overseas investors the right to invest in debt up to the stipulated limit.
READ MORE
A man walks past the NSE building in Mumbai | Photo: Reuters
8:43 AM
Fed raises interest rates by 25 bps as US economy rolls on
The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, as anticipated, but left its rate outlook for the coming years unchanged even as policymakers projected a short-term acceleration in US economic growth.
The move, coming at the final policy meeting of 2017 and on the heels of a flurry of relatively bullish economic data, represented a victory for a central bank that has vowed to continue a gradual tightening of monetary policy.
Having raised its benchmark overnight lending rate three times this year, the Fed projected three more hikes in each of 2018 and 2019 before a long-run level of 2.8 per cent is reached. That is unchanged from the last round of forecasts in September.
READ MORE
8:42 AM
SGX Nifty
The Nifty50 futures on the Singapore Stock Exchange were trading 16 points higher at 10306 indicating a positive opening for the domestic market.
8:42 AM
Asian stocks edged higher
Asian stocks edged higher on Thursday after the Federal Reserve delivered a much-anticipated interest rate hike but flagged caution about inflation, tempering expectations for future tightening, which weighed on the dollar and Treasury yields.
The Fed’s less hawkish statements supported MSCI’s broadest index of Asia-Pacific shares outside Japan which rose 0.3%.
Australian stocks added 0.2% and South Korea's KOSPI climbed 0.55%. Japan's Nikkei inched up 0.1%.
8:38 AM
US markets end mixed led by Fed rate hike
The S&P 500 ended slightly lower on Wednesday pressured by the financial sector after the Federal Reserve announced a widely expected interest rate hike but kept its rate outlook for coming years even as it projected faster US economic growth.
The Dow Jones Industrial Average rose 80.63 points, or 0.33%, to end at 24,585.43, the S&P 500 lost 1.26 points, or 0.05%, to 2,662.85 and the Nasdaq Composite added 13.48 points, or 0.2%, to 6,875.80.
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First Published: Thu, December 14 2017. 14:43 IST
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