The domestic indices ended largely flat on Thursday following the expiry of derivative contracts for February series.The domestic indices ended largely flat on Thursday following the expiry of derivative contracts for February series.
The S&P BSE Sensex ended at 33,819, down 25 points while the broader Nifty50 index settled at 10,383, down 15 points.
In the global markets, most Asian stocks fell on Thursday, bond yields hit a fresh four-year high and the dollar stood near a one-week high against a basket of major currencies after the minutes from the Federal Reserve's January meeting showed the central bank plans to raise interest rates three times in 2018.
Japanese shares fell sharply to close near one-week low as US rate hike bets boosted demand for the yen and office equipment maker Ricoh said it is conducting impairment tests.
The Nikkei average shed 234 points or 1.07 per cent to 21,736.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.35 per cent in early trade, while E-Mini futures for the S&P 500 lost 0.2 per cent.(with wire inputs)CATCH ALL THE LIVE UPDATES04:02 PMMARKET COMMENT: Jayant Manglik, President, Religare Broking Derivatives expiry turned out to be a non-event as Nifty ended flat after trading volatile in a narrow range. Mostly sectoral indices closed unchanged following benchmark index while correction continued on broader front. The way things have panned out, on both domestic and global front, in the passing weeks, we do not see any chance of overnight reversal. However, possibility of technical bounce can't be ruled out, citing oversold positions. Above all, sentiment is still bearish and traders can't do without short positions. We advise using rebound for fresh shorts while maintaining caution in stock selection. PSU banks and pharma look weak to us while IT and FMCG is showing tremendous resilience so plan accordingly03:45 PMPSU Banks slip further
PSU banks continued to lose ground on Thursday. Indian Bank, Union Bank of India, Oriental Bank of Commerce (OBC) and Bank of Baroda slipped between 1.7% - 2.6%. PNB, however, was the top loser in this space that skidded around 2.8%
03:37 PMSectoral Trend
03:36 PMSensex top losers and gainers
03:34 PMMarket at close The S&P BSE Sensex ended at 33,819, down 25 points while the broader Nifty50 index settled at 10,383, down 15 points.03:25 PMNews Watch Liberty House to approach NCLT on Bhushan Power bid rejection by creditors Sanjeev Gupta-led Liberty House will be approaching the National Company Law Tribunal (NCLT) in connection with its bid rejection by creditors to acquire debt-laden Bhusan Power & Steel. "We will go to the NCLT and ask them to direct RP (resolution professional) and CoC (Committee of Creditors) to open our bid," Liberty said in its statement on Thursday. READ MORE03:15 PMIDBI Bank hits 9-month high; up 21% in four days
IDBI Bank has moved higher to its nine-month high of Rs 74.60, up 6% on the BSE, extending its past over 10% surge in otherwise weak market. The stock of state-owned lender is trading at its highest level since May 18, 2017. READ MORE
03:04 PMRInfra bags Rs 36.4 billion contract for thermal power plant in Tamil Nadu
Reliance Infrastructure (RInfra) today said it has won a Rs 36.4 billion contract from Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) for work related to Uppur Thermal power project. READ MORE03:00 PMMarket Check
S&P BSE Sensex 33,730.77 Up -0.34% Nifty 50 10,358.10 Up -0.38% S&P BSE 200 4,527.94 Up -0.37% Nifty 500 9,131.95 Up -0.39% S&P BSE Mid-Cap 16,354.69 Up -0.35% S&P BSE Small-Cap 17,750.76 Up -0.28%02:47 PMSebi to auction 11 assets of Pancard at a total reserve price of Rs 2.6 bn
Looking to recover over Rs 70 billion of investors' money, markets regulator Sebi will next month auction 11 properties of Pancard Clubs and its late CMD at a total reserve price of Rs 2.6 billion. This is in addition to 22 properties that were auctioned between December and February with combined reserve price of Rs 5.52 billion. READ MORE02:37 PMNSE drops plans to sell 'loss-making' Power Exchange India Limited
The National Stock Exchange (NSE) has decided to call off the sale of its power trading platform Power Exchange India Limited (PXIL). The move comes within months of NSE finding a consortium of buyers who were ready to pick up a stake of NSE at a nominal rate. CLICK HERE FOR FULL STORY
02:28 PMNews Watch PNB hits back at Nirav Modi: Filed complaint as your LoUs were illegal
Punjab National Bank on Thursday responded to the letter sent by Nirav Modi, one of the prime accused in the Rs 114-billion scam at the bank, saying the letters of undertaking issued to his companies were illegal and in violation of the Foreign Exchange Management Act. And, this was what prompted the public-sector bank to go public about the fraud, terming the whole loan taking exercise as “money laundering”, PNB clarified. READ MORE
02:20 PMSectoral Trend
02:18 PMApollo Micro surges 16% after hitting lowest level since listing
Apollo Micro Systems has risen by 16% to Rs 326, bouncing back 18% from its early morning low on the BSE on back of heavy volumes. The stock hit an intra-day low of Rs 276, its lowest level since listing on January 22, 2018. READ MORE02:02 PMBSE Sensex gainers and losers
01:53 PMNews Watch: Balrampur Chini Mills approves buyback of shares for up to Rs 990 mn
Leading sugar firm Balrampur Chini Mills on Wednesday said it will buy back 2.81 per cent of the company's equity shares at a price of Rs 150 per piece.
The board has approved the buyback proposal in Wednesday's meeting.
It has fixed March 6, 2018, as record date to determine eligible shareholders, the company said in a regulatory filing. READ MORE
Sugar01:39 PMFebruary set to worst F&O series since November 2016; bank stocks worst hit
The equity markets set to post their worst performance in 15 months in the February future and option (F&O) series that will end today. At 12:25 pm; Nifty 50 index was trading at 10,351 and has slipped 6.5% thus far, most since the November 2016 F&O series. Derivatives contracts expire on last Thursday of every month. In November 2016, Nifty recorded 7.5% fall in the F&O series, after the government announced the demonetisation of all Rs 500 and Rs 1,000 banknotes earlier that month. READ MORE01:27 PMAbbott excels on power of brands, outpaces MNC peers on sales growth
Abbott India, the listed subsidiary of the US-based pharma giant, has outpaced its multinational peers to register a 14.6 per cent growth in sales to Rs 25.19 billion in nine months of the current financial. READ MOREAn Abbott company logo is pictured at the reception of its office in Mumbai An Abbott company logo is pictured at the reception of its office in Mumbai01:06 PMMarket Check
S&P BSE Sensex 33,715.67 Up -0.38% Nifty 50 10,352.50 Up -0.43% S&P BSE 200 4,527.34 Up -0.39% Nifty 500 9,132.05 Up -0.39% S&P BSE Mid-Cap 16,368.24 Up -0.26% S&P BSE Small-Cap 17,773.03 Up -0.15%12:57 PMDespite liberalisation, power demand to sustain Coal India's dominance
Despite opening up of the coal sector to private miners, Coal India's dominance in the field is expected to remain firm as the power sector will continue to bank heavily upon this state-owned coal monolith.
Coal India officials said that the company has a mandate to supply at least 75 per cent of the production to the power sector and the rest can be offered to others like cement and steel; however, the private miners are most likely to be exempted from the clause. READ MORE
12:38 PMSebi may tighten AIF regulations to better monitor the source of funding
The Securities and Exchange Board of India (Sebi) plans to tighten present Alternative Investment Funds (AIF) regulations to better monitor the source of funding and their end use. According to sources, Sebi may check the anti-money laundering policies implemented by AIFs and examine the sanctity of any back-end arrangements an AIF may have with its investors, whereby money raised in AIFs is invested back in entities owned by the investors. READ MORESebi12:28 PMAdani may sell stake in Australia Carmichael Coal mine amid funding delay
The battle to build one of the world’s biggest coal mines has suffered a fresh setback after Adani Enterprises Ltd. conceded it would fail to meet a March deadline to arrange A$3 billion ($2.3 billion) in financing for the project.
The Indian conglomerate said it will also consider selling a minority stake in its Carmichael project without providing further details. READ MOREmines, mining, miners, mine, coal mine File photo of a coal mine. Photo: Shutterstock12:23 PMBSE to launch cross-currency derivatives, cross INR options from Feb 27
Leading stock exchange BSE today said it will launch cross-currency derivatives and cross INR options next week, a move that will help increase liquidity in the market. The announcement comes after the exchange received markets regulator Sebi's approval for introducing cross currency derivatives (future and options) on pairs such as Euro (EUR)-US Dollar (USD), Pound Sterling (GBP)-USD and USD-Japanese Yen (JPY). READ MORE
12:07 PMKotak Securities on Indian economy We expect MPC to maintain a status quo, at least through 1HCY18, as it awaits clarity on MSP, sustainability of high crude oil prices post winter squeeze, monsoons and global financial conditions. CPI Inflation outturns in 1HFY19 will be crucial in assessing RBI’s next move. We expect inflation to head towards 5.85% by June 2018 (5.6% as per RBI’s upper-bound in 1HFY19). Overall, even as MPC has sounded vigilant on upside risks, we reckon that amid still-subdued capacity utilization levels, and ‘need to carefully nurture’ the nascent recovery, MPC will be on a wait and watch mode12:07 PMNew Fund Offer: Mirae Asset Short Term Fund The NFO period of the fund will be from 23rd February to 9th March 2018. The fund will reopen for fresh purchases on and from 19th March, 2017. The Scheme will be investing in securities issued by corporate (both private sector and public sectors) including banks and financial institutions and Money Market Instruments across maturities/yield curve and ratings. The fund will mainly invest in AAA and AA corporate bonds. It may also invest in government securities across maturities/yield curve. Mahendra Jajoo, Head of Fixed Income will manage this fund (Source: News Release)12:06 PMSectoral Trend
12:02 PMMarkets at noon
S&P BSE Sensex 33,736.43 Up -0.32% Nifty 50 10,360.35 Up -0.36% S&P BSE 200 4,529.20 Up -0.35% Nifty 500 9,138.60 Up -0.32% S&P BSE Mid-Cap 16,370.10 Up -0.25% S&P BSE Small-Cap 17,786.28 Up -0.08%11:59 AMMPC minutes: Govt bonds, rupee slump on RBI's increased inflation concerns
Indian bonds and the rupee weakened on Thursday morning after minutes of the central bank's February monetary policy meetings released on Wednesday showed increased concern among members on the accelerating inflation. The MPC members expressed concern about continued inflationary risks, citing factors including high food and global crude prices and the government's decision to increase spending for the year starting in April to support a struggling agricultural sector. READ MORE11:41 AMIpca Labs hits 52-week high; up 21% in 11 days post Q3 results
Ipca Laboratories hit a 52-week high of Rs 671, up 5% on the BSE in intra-day trade, extending its past 10 days gain, after the company reported more than doubled net profit for the quarter ended December (Q3FY18) on back of strong operational performance. In past 11 trading days, the stock of pharmaceutical company surged 20% from Rs 556 on February 6, as compared to 1.3% decline in the S&P BSE Sensex. READ MORE11:27 AMBSE Sensex: Sun Pharma, Yes Bank top gainers; ONGC, Dr. Reddy among top losers
The S&P BSE Sensex ended at 33,819, down 25 points while the broader Nifty50 index settled at 10,383, down 15 points.
In the global markets, most Asian stocks fell on Thursday, bond yields hit a fresh four-year high and the dollar stood near a one-week high against a basket of major currencies after the minutes from the Federal Reserve's January meeting showed the central bank plans to raise interest rates three times in 2018.
Japanese shares fell sharply to close near one-week low as US rate hike bets boosted demand for the yen and office equipment maker Ricoh said it is conducting impairment tests.
The Nikkei average shed 234 points or 1.07 per cent to 21,736.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.35 per cent in early trade, while E-Mini futures for the S&P 500 lost 0.2 per cent.(with wire inputs)CATCH ALL THE LIVE UPDATES04:02 PMMARKET COMMENT: Jayant Manglik, President, Religare Broking Derivatives expiry turned out to be a non-event as Nifty ended flat after trading volatile in a narrow range. Mostly sectoral indices closed unchanged following benchmark index while correction continued on broader front. The way things have panned out, on both domestic and global front, in the passing weeks, we do not see any chance of overnight reversal. However, possibility of technical bounce can't be ruled out, citing oversold positions. Above all, sentiment is still bearish and traders can't do without short positions. We advise using rebound for fresh shorts while maintaining caution in stock selection. PSU banks and pharma look weak to us while IT and FMCG is showing tremendous resilience so plan accordingly03:45 PMPSU Banks slip further
PSU banks continued to lose ground on Thursday. Indian Bank, Union Bank of India, Oriental Bank of Commerce (OBC) and Bank of Baroda slipped between 1.7% - 2.6%. PNB, however, was the top loser in this space that skidded around 2.8%
03:37 PMSectoral Trend
03:36 PMSensex top losers and gainers
03:34 PMMarket at close The S&P BSE Sensex ended at 33,819, down 25 points while the broader Nifty50 index settled at 10,383, down 15 points.03:25 PMNews Watch Liberty House to approach NCLT on Bhushan Power bid rejection by creditors Sanjeev Gupta-led Liberty House will be approaching the National Company Law Tribunal (NCLT) in connection with its bid rejection by creditors to acquire debt-laden Bhusan Power & Steel. "We will go to the NCLT and ask them to direct RP (resolution professional) and CoC (Committee of Creditors) to open our bid," Liberty said in its statement on Thursday. READ MORE03:15 PMIDBI Bank hits 9-month high; up 21% in four days
IDBI Bank has moved higher to its nine-month high of Rs 74.60, up 6% on the BSE, extending its past over 10% surge in otherwise weak market. The stock of state-owned lender is trading at its highest level since May 18, 2017. READ MORE
03:04 PMRInfra bags Rs 36.4 billion contract for thermal power plant in Tamil Nadu
Reliance Infrastructure (RInfra) today said it has won a Rs 36.4 billion contract from Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) for work related to Uppur Thermal power project. READ MORE03:00 PMMarket Check
S&P BSE Sensex 33,730.77 Up -0.34% Nifty 50 10,358.10 Up -0.38% S&P BSE 200 4,527.94 Up -0.37% Nifty 500 9,131.95 Up -0.39% S&P BSE Mid-Cap 16,354.69 Up -0.35% S&P BSE Small-Cap 17,750.76 Up -0.28%02:47 PMSebi to auction 11 assets of Pancard at a total reserve price of Rs 2.6 bn
Looking to recover over Rs 70 billion of investors' money, markets regulator Sebi will next month auction 11 properties of Pancard Clubs and its late CMD at a total reserve price of Rs 2.6 billion. This is in addition to 22 properties that were auctioned between December and February with combined reserve price of Rs 5.52 billion. READ MORE02:37 PMNSE drops plans to sell 'loss-making' Power Exchange India Limited
The National Stock Exchange (NSE) has decided to call off the sale of its power trading platform Power Exchange India Limited (PXIL). The move comes within months of NSE finding a consortium of buyers who were ready to pick up a stake of NSE at a nominal rate. CLICK HERE FOR FULL STORY
02:28 PMNews Watch PNB hits back at Nirav Modi: Filed complaint as your LoUs were illegal
Punjab National Bank on Thursday responded to the letter sent by Nirav Modi, one of the prime accused in the Rs 114-billion scam at the bank, saying the letters of undertaking issued to his companies were illegal and in violation of the Foreign Exchange Management Act. And, this was what prompted the public-sector bank to go public about the fraud, terming the whole loan taking exercise as “money laundering”, PNB clarified. READ MORE
02:20 PMSectoral Trend
02:18 PMApollo Micro surges 16% after hitting lowest level since listing
Apollo Micro Systems has risen by 16% to Rs 326, bouncing back 18% from its early morning low on the BSE on back of heavy volumes. The stock hit an intra-day low of Rs 276, its lowest level since listing on January 22, 2018. READ MORE02:02 PMBSE Sensex gainers and losers
01:53 PMNews Watch: Balrampur Chini Mills approves buyback of shares for up to Rs 990 mn
Leading sugar firm Balrampur Chini Mills on Wednesday said it will buy back 2.81 per cent of the company's equity shares at a price of Rs 150 per piece.
The board has approved the buyback proposal in Wednesday's meeting.
It has fixed March 6, 2018, as record date to determine eligible shareholders, the company said in a regulatory filing. READ MORE
Sugar01:39 PMFebruary set to worst F&O series since November 2016; bank stocks worst hit
The equity markets set to post their worst performance in 15 months in the February future and option (F&O) series that will end today. At 12:25 pm; Nifty 50 index was trading at 10,351 and has slipped 6.5% thus far, most since the November 2016 F&O series. Derivatives contracts expire on last Thursday of every month. In November 2016, Nifty recorded 7.5% fall in the F&O series, after the government announced the demonetisation of all Rs 500 and Rs 1,000 banknotes earlier that month. READ MORE01:27 PMAbbott excels on power of brands, outpaces MNC peers on sales growth
Abbott India, the listed subsidiary of the US-based pharma giant, has outpaced its multinational peers to register a 14.6 per cent growth in sales to Rs 25.19 billion in nine months of the current financial. READ MOREAn Abbott company logo is pictured at the reception of its office in Mumbai An Abbott company logo is pictured at the reception of its office in Mumbai01:06 PMMarket Check
S&P BSE Sensex 33,715.67 Up -0.38% Nifty 50 10,352.50 Up -0.43% S&P BSE 200 4,527.34 Up -0.39% Nifty 500 9,132.05 Up -0.39% S&P BSE Mid-Cap 16,368.24 Up -0.26% S&P BSE Small-Cap 17,773.03 Up -0.15%12:57 PMDespite liberalisation, power demand to sustain Coal India's dominance
Despite opening up of the coal sector to private miners, Coal India's dominance in the field is expected to remain firm as the power sector will continue to bank heavily upon this state-owned coal monolith.
Coal India officials said that the company has a mandate to supply at least 75 per cent of the production to the power sector and the rest can be offered to others like cement and steel; however, the private miners are most likely to be exempted from the clause. READ MORE
12:38 PMSebi may tighten AIF regulations to better monitor the source of funding
The Securities and Exchange Board of India (Sebi) plans to tighten present Alternative Investment Funds (AIF) regulations to better monitor the source of funding and their end use. According to sources, Sebi may check the anti-money laundering policies implemented by AIFs and examine the sanctity of any back-end arrangements an AIF may have with its investors, whereby money raised in AIFs is invested back in entities owned by the investors. READ MORESebi12:28 PMAdani may sell stake in Australia Carmichael Coal mine amid funding delay
The battle to build one of the world’s biggest coal mines has suffered a fresh setback after Adani Enterprises Ltd. conceded it would fail to meet a March deadline to arrange A$3 billion ($2.3 billion) in financing for the project.
The Indian conglomerate said it will also consider selling a minority stake in its Carmichael project without providing further details. READ MOREmines, mining, miners, mine, coal mine File photo of a coal mine. Photo: Shutterstock12:23 PMBSE to launch cross-currency derivatives, cross INR options from Feb 27
Leading stock exchange BSE today said it will launch cross-currency derivatives and cross INR options next week, a move that will help increase liquidity in the market. The announcement comes after the exchange received markets regulator Sebi's approval for introducing cross currency derivatives (future and options) on pairs such as Euro (EUR)-US Dollar (USD), Pound Sterling (GBP)-USD and USD-Japanese Yen (JPY). READ MORE
12:07 PMKotak Securities on Indian economy We expect MPC to maintain a status quo, at least through 1HCY18, as it awaits clarity on MSP, sustainability of high crude oil prices post winter squeeze, monsoons and global financial conditions. CPI Inflation outturns in 1HFY19 will be crucial in assessing RBI’s next move. We expect inflation to head towards 5.85% by June 2018 (5.6% as per RBI’s upper-bound in 1HFY19). Overall, even as MPC has sounded vigilant on upside risks, we reckon that amid still-subdued capacity utilization levels, and ‘need to carefully nurture’ the nascent recovery, MPC will be on a wait and watch mode12:07 PMNew Fund Offer: Mirae Asset Short Term Fund The NFO period of the fund will be from 23rd February to 9th March 2018. The fund will reopen for fresh purchases on and from 19th March, 2017. The Scheme will be investing in securities issued by corporate (both private sector and public sectors) including banks and financial institutions and Money Market Instruments across maturities/yield curve and ratings. The fund will mainly invest in AAA and AA corporate bonds. It may also invest in government securities across maturities/yield curve. Mahendra Jajoo, Head of Fixed Income will manage this fund (Source: News Release)12:06 PMSectoral Trend
12:02 PMMarkets at noon
S&P BSE Sensex 33,736.43 Up -0.32% Nifty 50 10,360.35 Up -0.36% S&P BSE 200 4,529.20 Up -0.35% Nifty 500 9,138.60 Up -0.32% S&P BSE Mid-Cap 16,370.10 Up -0.25% S&P BSE Small-Cap 17,786.28 Up -0.08%11:59 AMMPC minutes: Govt bonds, rupee slump on RBI's increased inflation concerns
Indian bonds and the rupee weakened on Thursday morning after minutes of the central bank's February monetary policy meetings released on Wednesday showed increased concern among members on the accelerating inflation. The MPC members expressed concern about continued inflationary risks, citing factors including high food and global crude prices and the government's decision to increase spending for the year starting in April to support a struggling agricultural sector. READ MORE11:41 AMIpca Labs hits 52-week high; up 21% in 11 days post Q3 results
Ipca Laboratories hit a 52-week high of Rs 671, up 5% on the BSE in intra-day trade, extending its past 10 days gain, after the company reported more than doubled net profit for the quarter ended December (Q3FY18) on back of strong operational performance. In past 11 trading days, the stock of pharmaceutical company surged 20% from Rs 556 on February 6, as compared to 1.3% decline in the S&P BSE Sensex. READ MORE11:27 AMBSE Sensex: Sun Pharma, Yes Bank top gainers; ONGC, Dr. Reddy among top losers
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