A share broker monitors market fluctuation
Benchmark indices opened in the positive territory on Thursday ahead of the expiry of the Futures and Options (F&O) contracts for the September series.
The S&P BSE Sensex of the BSE was ruling over 38,952 levels, up 360 points, or 0.93 per cent, while the NSE's Nifty50 index was trading above 11,556 level, up 116 points, or 1.02 per cent.
ICICI Bank, Maruti Suzuki India, IndusInd Bank, and Bajaj Finance were the rop gainer sin the early trade on the Sensex, gaining in the range of 1 - 2 per cent. On the other hand, YES Bank dipped the most, down over 4 per cent, followed by HCL Tech (down 0.86 per cent), and Power Grid (down 0.4 per cent).
Sectorally, all the indices were trading in the green. Nifty Bank and Nifty Auto indices were trading 0.8 per cent higher, followed by gains in Nifty Financial Services, and FMCG indices.
In the broader market, the S&P BSE Mid-Cap index added 0.4 per cent, while the S&P BSE Small-cap index gained 0.3 per cent.
GLOBAL CUES
On Wall Street, stocks rose as investors shrugged off the news of an impeachment inquiry into President Donald Trump. The Dow Jones Industrial Average rose 0.61 per cent, the S&P 500 gained 0.62 per cent, and the Nasdaq Composite added 1.05 per cent. Asian stocks edged up on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent. Japan's Nikkei rose 0.45 per cent. Australian shares were up 0.13 per cent.
Oil futures rose in Asia in a sign of cautious optimism about global economic prospects. Brent crude rose 0.29 per cent to $62.54 per barrel.
(With inputs from Reuters)
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10:04 AM
Cut in corporate tax rate mildly credit positive for construction & infra firms: ICRA
Many large-size construction companies were paying an effective tax rate of over 30%, which will come down to ~25% with the revision in the corporate tax rate, provided they avail the lower tax rate option. Some construction companies with focus on infrastructure projects were paying a lower effective tax rate in the last few years as they were availing of the tax exemptions under Section 80-IA for projects which started execution before April-2017. Since, this tax exemption was project-specific and most of these projects are either completed or likely to be completed by FY2020, the effective tax rate for such companies was also expected to go up from FY2020/FY2021 onwards. With the reduction in corporate tax rate, such companies would also benefit from lower corporate tax rate. Some construction companies have sizeable MAT credit entitlement/assets on their books and hence clarity on whether they will be able to use this post moving to the lower corporate tax regime would be crucial.
10:02 AM
MOFSL on auto sector
We believe that the sizeable corporate tax cut (10%) by the government improves the long-term attractiveness of the auto sector, as the cyclical revival in demand
would be complemented by disproportionate RoE improvement due to lower taxes. Our top-picks are Maruti Suzuki India (MSIL) and Motherson Sumi (MSS) in large-caps, while Ashok Leyland and Endurance Technologies are our mid-cap picks. We remain cautious on mainstream 2W players due to disruption from BS6 and faster electrification in hypercompetitive environment. However, Eicher Motors (EIM) is our only pick from 2W space.
10:01 AM
Nifty IT index slips
09:58 AM
Momentum Picks by ICICI Securities
09:53 AM
Market check
09:43 AM
Gati locked in 5% upper circuit band
Allcargo Logistics is in talks to buy a stake in smaller rival Gati Ltd, Bloomberg reported citing sources, as India’s biggest cargo company attempts to boost its presence across Asia’s third-largest economy.
09:42 AM
IDBI Bank dips over 2%
09:40 AM
MOIL gains 2.6%
HSBC has upgraded the stock to buy with the target price Rs 180 /share.
09:40 AM
Financials rally on report Govt could notify rules for resolution of NBFCs
09:36 AM
IndiGo hits 52-week high
Morgan Stanley has raised target price of Rs 2,261, up 25 per cent from its current market price
09:34 AM
Glaxosmithkline Pharma slides over 3%
09:26 AM
Sterlite Technologies jumps over 3.5%
Broadband solution provider Sterlite Technologies said its Mauritius-based arm has signed a pact to acquire entire stake in the UK-based Impact Data Solutions at an enterprise value of around Rs 105 crore.
09:23 AM
YES Bank dips over 2%
In a regulatory filing, the private sector lender said it is awaiting Reserve Bank of India (RBI) approval to increase the authorised share capital of the bank before a planned share sale.
09:22 AM
CG Power gains 5%
The company has appointed Ashish Kumar Guha as its chairman, after Gautam Thapar was ousted from the position in August for allegedly being involved in financial irregularities.
09:21 AM
DHFL dips 4%
09:21 AM
NEWS ALERT | 19.4 lakh shares of ZEEL trade in a block deal on NSE
09:19 AM
Sectoral trends at NSE during Opening trade
09:19 AM
Top gainers and losers on S&P BSE Sensex during Opening trade
09:18 AM
Market at Open
09:18 AM
Market at Open
09:11 AM
NEWS ALERT | Govt likely to bring resolution plan for NBFCs: sources to CNBC TV18
-- Govt to carve out special window under IBC Sec 227
-- Under the window, govt to clarify who could initiate bankruptcy, provide moratorium for resolution professional
-- MCA to issue only notification for rules in next two weeks
-- Govt to avoid regular IBC process for NBFCs
09:07 AM
Rupee Opening Alert
Re opens mildly higher at 70.97/$ vs Wednesday's close of Rs 71.03
09:06 AM
Top gainers and losers on S&P BSE Sensex during Pre-open
09:05 AM
Market at Pre-open
09:05 AM
Market at Pre-open
08:59 AM
Govt measures don't address slowing consumption demand, says Matt Wacher
The reduction in the corporation tax will boost earnings, but for sustained growth there needs to be a revival in consumption demand, says Matt Wacher, chief investment officer (Asia Pacific), Morningstar’s Investment Management Group. In an interview with Samie Modak, Wacher says the investment manager is underweight on India. READ FULL INTERVIEW HERE
Matt Wacher, chief investment officer (Asia Pacific), Morningstar’s Investment Management Group
08:55 AM
BNP sees second-order boost on corporate tax cut, tweaks stock picks
The brokerage has re-balanced its “quality list” of stocks again, after having made adjustments a day before the government reduced corporation tax rates (September 20).
This time, it added firms ranging from large-cap stocks such as Britannia Industries to smaller names like Manappuram Finance, wrote Abhiram Eleswarapu, head (equity research), BNP Paribas Securities, in a note published on September 24. READ MORE
08:51 AM
Market Ahead, September 26: Top factors that could guide markets today
Markets are expected to remain volatile today as investors adjust their positions for the Sept series of Futures and Options contracts, which expire today. As per technical evidence, a 'bearish belt hold' pattern was formed on the daily charts yesterday, suggesting indecisive move ahead. LISTEN TO PRE-MARKET PODCAST HERE
08:49 AM
Stocks to watch: CG Power, YES Bank, Sterlite Tech, NTPC, GSK Pharma, ZEEL
Here's a look at the top stocks that may remain in focus today -
ZEEL: Essel group promoters have decided to concentrate on selling their non-media assets rather than looking for further dilution of their shareholding in Zee Entertainment Enterprises (ZEEL) through a stake their current shareholding in ZEEL is 24 per cent.
CG Power: The company has appointed Ashish Kumar Guha as its chairman, after Gautam Thapar was ousted from the position in August for allegedly being involved in financial irregularities. READ MORE
08:45 AM
Sebi eases norms for registration of FPIs, junks 'broad-basing' criteria
The Securities and Exchange Board of India (Sebi) on Wednesday issued a notification for easing the process for on-boarding overseas investors. The notification states that foreign portfolio investors (FPIs) are no longer required to meet the ‘broad-basing’ criteria, under which at least 20 investors were required to establish a fund. READ MORE
Seb
Benchmark indices opened in the positive territory on Thursday ahead of the expiry of the Futures and Options (F&O) contracts for the September series.
The S&P BSE Sensex of the BSE was ruling over 38,952 levels, up 360 points, or 0.93 per cent, while the NSE's Nifty50 index was trading above 11,556 level, up 116 points, or 1.02 per cent.
ICICI Bank, Maruti Suzuki India, IndusInd Bank, and Bajaj Finance were the rop gainer sin the early trade on the Sensex, gaining in the range of 1 - 2 per cent. On the other hand, YES Bank dipped the most, down over 4 per cent, followed by HCL Tech (down 0.86 per cent), and Power Grid (down 0.4 per cent).
Sectorally, all the indices were trading in the green. Nifty Bank and Nifty Auto indices were trading 0.8 per cent higher, followed by gains in Nifty Financial Services, and FMCG indices.
In the broader market, the S&P BSE Mid-Cap index added 0.4 per cent, while the S&P BSE Small-cap index gained 0.3 per cent.
GLOBAL CUES
On Wall Street, stocks rose as investors shrugged off the news of an impeachment inquiry into President Donald Trump. The Dow Jones Industrial Average rose 0.61 per cent, the S&P 500 gained 0.62 per cent, and the Nasdaq Composite added 1.05 per cent. Asian stocks edged up on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent. Japan's Nikkei rose 0.45 per cent. Australian shares were up 0.13 per cent.
Oil futures rose in Asia in a sign of cautious optimism about global economic prospects. Brent crude rose 0.29 per cent to $62.54 per barrel.
(With inputs from Reuters)
CATCH ALL THE LIVE UPDATES
Auto Refresh
10:04 AM
Cut in corporate tax rate mildly credit positive for construction & infra firms: ICRA
Many large-size construction companies were paying an effective tax rate of over 30%, which will come down to ~25% with the revision in the corporate tax rate, provided they avail the lower tax rate option. Some construction companies with focus on infrastructure projects were paying a lower effective tax rate in the last few years as they were availing of the tax exemptions under Section 80-IA for projects which started execution before April-2017. Since, this tax exemption was project-specific and most of these projects are either completed or likely to be completed by FY2020, the effective tax rate for such companies was also expected to go up from FY2020/FY2021 onwards. With the reduction in corporate tax rate, such companies would also benefit from lower corporate tax rate. Some construction companies have sizeable MAT credit entitlement/assets on their books and hence clarity on whether they will be able to use this post moving to the lower corporate tax regime would be crucial.
10:02 AM
MOFSL on auto sector
We believe that the sizeable corporate tax cut (10%) by the government improves the long-term attractiveness of the auto sector, as the cyclical revival in demand
would be complemented by disproportionate RoE improvement due to lower taxes. Our top-picks are Maruti Suzuki India (MSIL) and Motherson Sumi (MSS) in large-caps, while Ashok Leyland and Endurance Technologies are our mid-cap picks. We remain cautious on mainstream 2W players due to disruption from BS6 and faster electrification in hypercompetitive environment. However, Eicher Motors (EIM) is our only pick from 2W space.
10:01 AM
Nifty IT index slips
09:58 AM
Momentum Picks by ICICI Securities
09:53 AM
Market check
09:43 AM
Gati locked in 5% upper circuit band
Allcargo Logistics is in talks to buy a stake in smaller rival Gati Ltd, Bloomberg reported citing sources, as India’s biggest cargo company attempts to boost its presence across Asia’s third-largest economy.
09:42 AM
IDBI Bank dips over 2%
09:40 AM
MOIL gains 2.6%
HSBC has upgraded the stock to buy with the target price Rs 180 /share.
09:40 AM
Financials rally on report Govt could notify rules for resolution of NBFCs
09:36 AM
IndiGo hits 52-week high
Morgan Stanley has raised target price of Rs 2,261, up 25 per cent from its current market price
09:34 AM
Glaxosmithkline Pharma slides over 3%
09:26 AM
Sterlite Technologies jumps over 3.5%
Broadband solution provider Sterlite Technologies said its Mauritius-based arm has signed a pact to acquire entire stake in the UK-based Impact Data Solutions at an enterprise value of around Rs 105 crore.
09:23 AM
YES Bank dips over 2%
In a regulatory filing, the private sector lender said it is awaiting Reserve Bank of India (RBI) approval to increase the authorised share capital of the bank before a planned share sale.
09:22 AM
CG Power gains 5%
The company has appointed Ashish Kumar Guha as its chairman, after Gautam Thapar was ousted from the position in August for allegedly being involved in financial irregularities.
09:21 AM
DHFL dips 4%
09:21 AM
NEWS ALERT | 19.4 lakh shares of ZEEL trade in a block deal on NSE
09:19 AM
Sectoral trends at NSE during Opening trade
09:19 AM
Top gainers and losers on S&P BSE Sensex during Opening trade
09:18 AM
Market at Open
09:18 AM
Market at Open
09:11 AM
NEWS ALERT | Govt likely to bring resolution plan for NBFCs: sources to CNBC TV18
-- Govt to carve out special window under IBC Sec 227
-- Under the window, govt to clarify who could initiate bankruptcy, provide moratorium for resolution professional
-- MCA to issue only notification for rules in next two weeks
-- Govt to avoid regular IBC process for NBFCs
09:07 AM
Rupee Opening Alert
Re opens mildly higher at 70.97/$ vs Wednesday's close of Rs 71.03
09:06 AM
Top gainers and losers on S&P BSE Sensex during Pre-open
09:05 AM
Market at Pre-open
09:05 AM
Market at Pre-open
08:59 AM
Govt measures don't address slowing consumption demand, says Matt Wacher
The reduction in the corporation tax will boost earnings, but for sustained growth there needs to be a revival in consumption demand, says Matt Wacher, chief investment officer (Asia Pacific), Morningstar’s Investment Management Group. In an interview with Samie Modak, Wacher says the investment manager is underweight on India. READ FULL INTERVIEW HERE
Matt Wacher, chief investment officer (Asia Pacific), Morningstar’s Investment Management Group
08:55 AM
BNP sees second-order boost on corporate tax cut, tweaks stock picks
The brokerage has re-balanced its “quality list” of stocks again, after having made adjustments a day before the government reduced corporation tax rates (September 20).
This time, it added firms ranging from large-cap stocks such as Britannia Industries to smaller names like Manappuram Finance, wrote Abhiram Eleswarapu, head (equity research), BNP Paribas Securities, in a note published on September 24. READ MORE
08:51 AM
Market Ahead, September 26: Top factors that could guide markets today
Markets are expected to remain volatile today as investors adjust their positions for the Sept series of Futures and Options contracts, which expire today. As per technical evidence, a 'bearish belt hold' pattern was formed on the daily charts yesterday, suggesting indecisive move ahead. LISTEN TO PRE-MARKET PODCAST HERE
08:49 AM
Stocks to watch: CG Power, YES Bank, Sterlite Tech, NTPC, GSK Pharma, ZEEL
Here's a look at the top stocks that may remain in focus today -
ZEEL: Essel group promoters have decided to concentrate on selling their non-media assets rather than looking for further dilution of their shareholding in Zee Entertainment Enterprises (ZEEL) through a stake their current shareholding in ZEEL is 24 per cent.
CG Power: The company has appointed Ashish Kumar Guha as its chairman, after Gautam Thapar was ousted from the position in August for allegedly being involved in financial irregularities. READ MORE
08:45 AM
Sebi eases norms for registration of FPIs, junks 'broad-basing' criteria
The Securities and Exchange Board of India (Sebi) on Wednesday issued a notification for easing the process for on-boarding overseas investors. The notification states that foreign portfolio investors (FPIs) are no longer required to meet the ‘broad-basing’ criteria, under which at least 20 investors were required to establish a fund. READ MORE
Seb
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