MARKETS LIVE: Sensex, Nifty trade near fresh highs; Sun Pharma up 6%
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SI Reporter |
New Delhi
Last Updated at December 27, 2017 11:40 IST
Benchmark indices were trading flat on Wednesday, owing to the ongoing holiday season. The bulls remained in control of D-Street despite weak global cues to taking
Nifty above 10,500 and S&P BSE
Sensex above 34,000 on Tuesday.
Globally,
Asian markets were mixed in early Wednesday in trade, with most
markets shrugging off declines seen on Wall Street. Meanwhile, investors in the region await the release of industrial profit numbers out of China.
Meanwhile, Oil prices surged to 2-1/2-year highs and U.S. crude touched $60 a barrel in light trading volume on Tuesday, boosted by
news of an explosion on a Libyan crude pipeline as well as voluntary OPEC-led supply cuts.
Back home, the mop-up under the goods and services tax (GST) in November fell to just above Rs 80,000 crore – a decline that could be attributed to the rate reduction for more than 200 items in the same month and the use of the integrated GST (IGST) as credit for paying taxes. This will heighten the Centre’s fiscal concerns ahead of the Union Budget, dashing hopes of any further reduction in rates in the near future.
11:40 AM
IndiGo, SpiceJet get wings to fly higher
The prospects for listed aviation companies remain strong, driven by robust demand, moderate capacity additions and cost-cutting efforts. While a sharp rise in aviation turbine fuel (ATF) cost has played a spoilsport, airlines have been able to pass it on, thus maintaining their profitability in the first half of FY18.
Rating agency ICRA said the industry’s ability to mitigate the 8.7-per cent increase in fuel costs came on the back of a lower competitive intensity resulting in an improvement in higher per unit profitability and better financial performance.
11:20 AM
BUZZING STOCK
Sun Pharmaceutical Industries was trading 6% higher at Rs 574 on the BSE, after the company announced that the US drug regulator has accepted a New Drug Application (NDA) for OTX-101, a drug being evaluated for treatment of dry eye disease.
The trading volumes on the counter more than doubled with a combined 5.46 million shares changed hands on the BSE and NSE so far.
10:58 AM
2017 wrap: Liquidity-rich markets took GST, note ban impact in their stride
Calendar year 2017 (CY17) has been a good year for the Indian stock market, despit some of the disruptive moves like the rollout of the goods and services tax(GST) and the lingering impact of the government decision to demonetise Rs 500 and Rs 1,000 currency notes late last year. From recovery after demonetisation to investors giving a thumbs-up to GST, from military threats between the US and North Korea to policies of global central banks and the outcome of Assembly elections – markets seem to have taken them all in their stride.
It was clearly the year of mid-and small-caps, which outperformed their larger peers as money – both local and foreign – poured in. While the Nifty50 and S&P BSE Sensex rose 31% and 30%, respectively, in CY17, with both the indices hitting life-time highs in the process, BSE Mid-cap and Small-cap indices rallied 52% and 64%, respectively, during the same period.
READ MORE10:45 AM
NSE revises penalty structure for unauthorised trades
Top stock exchange NSE has decided to impose a penalty of Rs 10,000 for every unauthorised trade by a trading member as identified by investor grievance redressal panel, from January 1, next year.
The amended indicative penalty structure for unauthorised trading also includes debarment of the alleged broker from taking new clients for one month, in case 25 per cent of all the complaints (not less than 10) placed before the panel in the immediately preceding calendar quarter are determined to be illicit transactions.
READ MORE10:25 AM
661 stocks double in 2017; 2.7 times more than last year
More than 600 stocks have doubled this year, 2.7 times more than last year. However, the tally is much less than the peak of previous Bull Run in 2007 when over 1,000 stocks had doubled. It is even less than the number in 2009 (1,158 stocks doubled) — when the market saw a sharp v-shaped recovery following the 2008 Global Financial Crisis. This year the market has seen broad-based gains, supported by both global and domestic liquidity. The mid- and small-cap indices have delivered superior returns than the benchmark Sensex.
READ MORE10:15 AM
Sebi may ease FPI norms, plans new governance model for mutual funds
Markets regulator Sebi is mulling easing access norms for investment by foreign portfolio investors (FPIs) and bringing a new framework to strengthen the governance structure for mutual funds, senior officials have said.
Also, the Securities and Exchange Board of India (Sebi) has plans to review the framework for credit rating agencies (CRA) as it seeks to check the menace of 'rating shopping' and 'pick-and-choose' approach in their actions.
Further, the regulator is looking at providing an additional method for listed entities to achieve the minimum public shareholding requirements.
READ MORE
First Published: Wed, December 27 2017. 09:53 IST
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