MARKET LIVE: Indices in the green, Sensex holds 34k; Hero MotoCorp dips 2%

Domestic equity indices were trading with meagre gains on Wednesday, in line with the trend in most Asian markets.
The S&P BSE Sensex hovered around 34,000 levels, up 72 points while the Nifty50 index was trading around 10,090 levels. HDF and HCL Tech (both up 1%) were the top Sensex gainers. On the other hand, Tata Steel and Hero MotoCorp slipped 2 per cent each and were the top laggards in the index.
The Nifty sectoral trend was mixed.

Results today
A total of 24 companies including Shriram Transport Finance, Tanla Solutions, Century Textiles are scheduled to announce their March quarter numbers.
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10:17 AM
Hero MotoCorp dips 2% as Q4 profit falls 26%; ICICI Sec downgrades stock
Shares of Hero MotoCorp snapped the four-day winning streak and fell as much as much as 2.25 per cent to Rs 2,331.85 on the BSE after the two-wheeler maker reported a 26.46 per cent decline in consolidated profit after tax (PAT) at Rs 613.81 crore for the quarter ended March 31 (Q4FY20) Revenue from operations during the quarter under review stood at Rs 6,333.89 crore as against Rs 8,120.73 crore in the same quarter a year ago, Hero MotoCorp said in a regulatory filing, adding that it sold 1,323,000 two-wheeler units during the quarter. READ MORE
Hero MotoCorp
10:05 AM
BROKERAGE VIEW:: ICICI Securities on Titan Co
RATING: HOLD | TARGET PRICE: Rs 1,000
Stores that have recovered to 80% of pre-COVID levels form a very small portion of overall revenue and recovery is likely to be delayed (discretionary nature and impulse-led purchases, touch-and-feel requirement and low footfalls at stores as consumers remain vary of travelling out). Having said that, the long-term formalisation and market share gains narrative only gets stronger. Customer acquisition is likely to accelerate with the introduction of a new growth engine – grow the core (more designs in low price range). Maintain HOLD.
10:02 AM
BROKERAGE VIEW:: MOFSL on HUL
RATING: BUY | TARGET PRICE: Rs 2,400
Despite being the largest consumer company in India, its 10-year sales/EBITDA/PAT growth has been healthy at 8.1%/13.3%/12.4% CAGR. Earnings growth has consistently gained momentum in recent years, which is particularly impressive given the weak mid-single earnings growth posted by (much smaller) peers in recent years. HUVR has delivered EBITDA/PAT CAGR of 13%/13.1% in the last five years, while both EBITDA/PAT have reported ~17% CAGR in the last three years ending FY20.
10:00 AM
BROKERAGE VIEW:: ICICI Securities on PVR
We continue to believe PVR is a proxy play on urban/semi urban discretionary spends. However, leisure activities and discretionary spend will take a backseat during a stressed macroeconomic setup in the near term. Current cash of | 227 crore raising of Rs 300 crore via rights issue is likely to ensure liquidity in near term. We will closely track the reopening of cinemas amid Covid-19 and turn buyer only when we witness footfall revival and stability. We maintain HOLD rating and value the stock at 10x FY22E (ex-Ind-AS) EV/EBITDA with a target price of Rs 1,085/share.
09:58 AM
Nifty50 finds it tough to breach 10,300
“The level of 10,300 acted as a major barrier. The market slumped mainly due to sudden weakness in global markets and a surge in the Dollar Index. Worldwide investors are turning cautious on equity as the past rise was significant and uninterrupted. We are also witnessing a similar trend in our markets, however, if the market defends the level of 9,940 then it would be positive for the market. Buying is advisable if the market drops below the level of 9,940 and recovers back. On the higher side, the level of 10,170 would be a major hurdle,” said Shrikant Chouhan, executive vice president, equity technical research, Kotak Securities. READ MORE

09:54 AM
BROKERAGE VIEW:: Prabhudas Lilladher on PVR Ltd
Rating: ACCUMULATE | CMP: Rs 1,087 | TP: Rs 1,131
While we continue to maintain our positive stance on the multiplex space (low ticket consumer discretionary play) near term challenges with respect to fixed cost and liquidity management persist given the leveraged BS of PVR (D/E of 0.9x as of FY20). As a result, we downgrade the stock to ACCUMULATE (BUY earlier)
effectively valuing it at EV/EBITDA multiple of 10x (earlier 8.5x; long period average is 12x) with a TP of Rs 1,131 (Rs 1,518 earlier).
09:50 AM
JM Financial rises 3% on Rs 770 cr QIP
>> Co has launched Rs 770 cr QIP at an indicative price of Rs 70 per share

09:41 AM
MARKET UPDATE:: KRBL slips over 5%
09:35 AM
IPO offers dry up amid Covid-19 scare; filings with Sebi lowest in 6 years
Initial public offers (IPOs) have dried up this year as uncertainty continues around the Covid-19 pandemic, with draft red herring prospectus (DRHP) filings with the Securities and Exchange Board of India (Sebi) hitting a six-year low.

So far this year, only seven companies, looking to raise less than Rs 6,500 crore, have filed their DRHPs — a preliminary prospectus filed ahead of an IPO that contains key details such as the number of shares being offered, financial results, and risk factors. READ MORE

09:31 AM
NEWS ALERT :: Fuel prices hiked for fourth straight day
Press Trust of India
✔
@PTI_News
Petrol price hiked by 40 paise/litre, diesel by 45 paise; 4th straight daily increase after oil PSUs ended 82-day hiatus in rate revision
508
9:10 AM - Jun 10, 2020
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MARKET LIVE: Sensex dips 300 pts, slips below 31k; auto stocks drag

Indian markets declined over 1 per cent on Friday, pulled down by auto and bank stocks, amid mixed global cues.
The S&P BSE Sensex gave up 31,000 after sliding 320 points and the Nifty50 index was near 9,060 levels, down 83 points. Mahindra & Mahindra (down 4%) and Axis Bank (down 3%) were the top Sensex losers while ONGC gained 2 per cent. Biocon dipped 4 per cent after its Q4 net profit declined 42.2 per cent to Rs 123 crore on y-o-y basis.
Trend among Nifty sectoral indices was largely negative, led by Nifty Bank index, down 1.8 per cent. On the other hand, Nifty Metal index gained over 1 per cent.
The losses were more contained in the broader market as both the MidCap as well as the SmallCap index were trading 0.3 per cent lower.

RESULTS TODAY
Today, a total of 12 companies including Cipla, Aaarti Drugs, and M&M Finance are scheduled to announce their results
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11:13 AM
BUZZING STOCK | Ajanta Pharma hits 52-week high in today's trade
11:06 AM
PVR, Inox Leisure hit 52-wk lows on report of lockdown extension in Mumbai
As multiplexes were the first to be shut and could be the last to be opened, the market value of these stocks have more than halved from their peak. Inox Leisure and PVR have tanked 62 per cent and 60 per cent, respectively from their respective 52-week high values (touched in February 2020) on concerns of the impact of the Covid outbreak on the firms' revenues and cash accruals on account of closures of cinemas. READ MORE

10:56 AM
BROKERAGE VIEW:: Edelweiss Securities on IndiaMart InterMESH
IndiaMART InterMESH (IndiaMART) reported Q4FY20 results significantly ahead of expectations despite the lockdown impact. That said, management painted a gloomy outlook for MSMEs, which would translate to 10–20% business mortality of its paying customers. The company’s focus is now on customer retention via discounts and relaxed payment terms. It has undertaken cost-cutting measures such as salary rationalisation, cutbacks in discretionary spends, etc to absorb the impact on profit. All in all, we are slashing revenue/PAT by 22%/22% for FY21E and 36%/29% for FY22E. We are building in a 13% fall in revenue run-rate over the next two quarters and a slow recovery thereafter. That said, we anticipate a stronger recovery should the government package suitably address MSME challenges. Besides, we believe this lockdown would accelerate digital adoption, implying higher growth potential over the medium-to-long term. Maintain ‘BUY’ with a revised TP of Rs 2,535 (Rs 2,815 earlier) as we roll over the valuation to Q4FY22.
10:55 AM
BROKERAGE VIEW:: Edelweiss Securities on ABB India
In line with its closest peer Siemens, ABB too struggled with revenues, down 20% YoY, and gave cautious commentary for Q2CY20. Negative operating leverage and forex loss led to a mere 1% EBITDA margin. The silver lining is 10% YoY growth in new orders (Rs19.5bn) driven by motion (+30% YoY, railways) and industrial automation (+10% YoY, wind-led), despite a 45% YoY plunge in robotics (auto-led). Key takeaways from management commentary: i) Enhanced focus on 3Cs—customer/services, cost optimization and cash flows—to adapt to the new normal. ii) Market consolidation, infra boost and higher localisation are the key opportunities. We retain ‘HOLD’ with revised CY20/CY21E earnings (cut by 23/14%) and TP of Rs 900 as we roll forward the valuation to March 2022 (40x PE versus 42x earlier). We continue to prefer SIEM over ABB given the latter’s better scalability and growth potential over two–three years and wider industry coverage.
10:53 AM
BROKERAGE VIEW:: Prabhudas Lilladher on Manappuram Finance
Rating: ACCUMULATE | CMP: Rs 123 | TP: Rs 142
With COVID uncertainty looming large & Mngt citing caution, non-gold segments are expected to witness stress on growth & asset quality. Against this backdrop, we prune down EPS estimates by 13-14% over FY21-22E. While non-gold mix face challenging business cycles, gold business traction stands supported by gold price uptick. We, therefore, reiterate Accumulate rating, but tweak our PBV multiple to 1.7x (earlier 1.5x) arriving at price target of Rs 142 (earlier Rs 130) FY22E.
10:42 AM
Central banks may be forced to sell gold; India at risk: Chris Wood
The potential for forced selling in gold, Wood believes, could come from central banks given the dramatic fiscal deterioration being suffered by many countries. India, he said, is at risk given its substantial gold holdings.

“Another potential seller is Saudi Arabia where fiscal pressures caused a draconian threefold increase in the value-added tax (VAT) rate to 15 per cent and the suspension of cost of living allowances,” Wood said. READ MORE

10:33 AM
Alembic Pharma hits new high, surges 45% in 4 weeks on strong Q4 results
On the National Stock Exchange (NSE), the pharma firm's stock gained 3 per cent and hit a high of Rs 874. In comparison, the S&P BSE Sensex and Nifty50 index were down 2.5 per cent in the past two trading days. The stock price more-than-doubled from its recent low of Rs 436, touched on March 23, 2020. READ MORE

10:26 AM
Manappuram Finance jumps 7% in a weak market on strong Q4 result
The company's total income grew 38.7 per cent to Rs 1618.15 crore during the quarter as against Rs 1166.51 crore during same quarter a year ago.

For the whole FY20, profit before tax grew by 37.8 per cent to Rs 2007.30 crore, as compared to Rs 1456.59 crore during FY19, total income for the fiscal year grew 30.8 per cent to Rs 5551.19 crore, as against Rs 4242.04 crore during the previous fiscal year. READ MORE

10:20 AM
Day 3 of stimulus announcement :: FM Nirmala Sitharaman to hold press conference at 4 pm
>> Media reports suggest focus could be on infra and fisheries sector

10:17 AM
Rupee Opening
Rupee opens higher at 75.48 per US dollar vs Thursday's close of 75.56/$

MARKET LIVE: Sensex holds gains, up 700 pts; L&T, ICICI Bank top gainers

Indian markets were trading firm, up 2 per cent, on Wednesday after Prime Minister Narendra Modi announced a Rs 20-trillion stimulus package to jump start the battered economy, the details of which will be announced through the week. WHAT BROKERAGES SAY ABOUT THE ANNOUNCEMENT
The S&P BSE Sensex jumped 713 points to 32,080 levels and the Nifty50 index was testing 9,400 levels. Maruti Suzuki India gained 6 per cent ahead of its March quarter results. Vedanta hit 10 per cent upper circuit after promoter Anil Agarwal announced intention to take the firm private by buying out shares held by public. Besides, Larsen & Tourbo and ICICI Bank (both up 6%) were the top gainers in Sensex pack.
All the Nifty sectoral indices were in the green, led by Nifty Private Bank index, up 5 per cent.
Earnings today
Maruti Suzuki and nine other firms are slated to report their March quarter results today. India's largest carmaker's profit could fall up to 40 per cent on a year-on-year basis, while revenue decline could be in early teens, led largely by sharp fall in volumes. READ PREVIEW HERE

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02:43 PM
NEWS ALERT | Southwest Monsoon seen advancing over Andaman sea around May 16, says MeT Dept: CN
02:38 PM
COVID-19 FALLOUT :: UK GDP shrinks by record 5.8% in March, reports Reuters
>> Britain’s economy shrank by a record 5.8% in March as the coronavirus crisis escalated
>> In the first three months of the year, GDP contracted by 2.0% from the last three months of 2019, the biggest drop since the depths of the financial crisis in late 2008, the Office for National Statistics said.
02:36 PM
Nestle India at day's low, down over 5% now in an otherwise strong market
02:35 PM
At $45 bn, India's PE/VC investment in 2019 highest in over 10 yrs: Report
India’s share in the APAC deal market increased to nearly 25 per cent in 2019 and the investment value was about 70 per cent higher than in 2018 and nearly 110 per cent higher than the previous five-year average. The top 15 deals in India, which constituted more than 35 per cent of total investment value in 2019, include five from real estate; three in IT and ITES; and the rest across BFSI, telecommunications, energy, and consumer technology. Notable large investments in 2019 included stakes in Reliance Jio Infratel, Pipeline Infrastructure, Axis Bank, GMR Airports, GVK Airport Holdings, and Paytm. READ MORE

02:25 PM
Vedanta delisting bid 'not serious', says Stakeholders Empowerment Services
“It can be said that offer is not serious, as expecting that investors will lap up the offer at a price which is less than 50 per cent of 52-week high, almost 45 per cent of book value (31st March 2019), a dividend yield of 20 per cent plus when interest rates are historic low with a chance of revival, amounts to questioning the wisdom of investors. Finally, is the price fair? The unequivocal answer is not at all,” SES analysts Varun Krishnan and JN Gupta have said in a note. READ MORE

02:17 PM
CPSE stocks rally; BHEL surges 25%, REC and Engineers India up over 10%
BEML, Bharat Electronics (BEL), Moil, Balmer Lawrie & Company, NMDC, Steel Authority of India (SAIL), Shipping Corporation of India and National Fertilisers were up in the range of 6 per cent to 10 per cent, while Rail Vikas Nigam, MSTC, India Tourism Development Corporation (ITDC) were locked in 5 per cent upper circuit on the BSE. READ MORE

02:16 PM
NEWS ALERT | PM Modi to meet chairpersons of empowered groups later today: ANI
ANI
✔
@ANI
Prime Minister Narendra Modi to meet Chairpersons of the Empowered Groups later today. #COVID19 (file pic)
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02:14 PM
NEWS ALERT | Tata Motors restarts operations at select plants and dealerships: CNBC TV18
02:09 PM
Rupee closing
Rupee ends higher at 75.47/$ vs Tuesday's close of 75.50 against the US dollar
02:04 PM
New SIP registrations slip to 13-month low of 750,000 in April
The number of new registrations for systematic investment plans or SIPs slipped to a 13-month low of 750,000 in April.

Compared to March’s tally, it was 11 per cent less. As a result, the SIP closure ratio (the share of closure requests as a percentage of new SIPs) spiked to 72 per cent in April, from 70 per cent. At the same time, the number of closures saw some easing after crossing the 600,000-mark in March. READ MORE

01:55 PM
Escorts hits over 2-month high ahead of Q4 results; stock up 18% in 6 days
Shares of Escorts hit an over two-month high of Rs 819, surging 7 per cent, on the BSE on Wednesday ahead of the company's January-March quarter results (Q4FY20) results scheduled for tomorrow. The stock was trading at its highest level since March 6, 2020. The board of directors of the company is scheduled to meet on Thursday, May 14, 2020, to consider audited financial results for the quarter and year ended March 31, 2020. The board will also consider the payment of dividend for the fiscal, if any.

MARKETS: Sensex erases gains, ends 262 pts lower; banks, metals, FMCG drag

Erasing all its morning gains, the domestic equity market ended in the negative territory on Tuesday amid selling in banks, metals and FMCG counters.
Shares of state-run banks dropped with Nifty PSU Bank index hitting an over 13-year low on the National Stock Exchange (NSE) on concerns over asset quality. Among individual stocks, State Bank of India (SBI) hit a 52-week low of Rs 168.80 apiece. The stock ended at Rs 171.40 on the NSE, down over 4 per cent. READ MORE
At the index level, the S&P BSE Sensex slipped 262 points or 0.83 per cent to end at 31,453.51, with SBI being the top loser and M&M (up over 3 per cent) the top gainer. NSE's Nifty lost 88 points or 0.95 per cent to settle at 9,205.60 levels.
All the sectoral indices on the NSE ended in the red. Nifty Bank fell 472 points or 2.39 per cent to 19,272, while Nifty FMCG slipped 1.67 per cent to 27,138.60 levels. Nifty Pharma dropped nearly 2 per cent to 9,181.50 levels and Nifty Metal dived over 1 per cent to 1,693.65 levels.
In the broader market, both S&P BSE MidCap and S&P BSE SmallCap indices dropped nearly a per cent each to 11,391.21 and 10,649.61 levels, respectively.
Global Markets
Asian stocks rose on Tuesday, tracking a late Wall Street rally as governments eased coronavirus lockdowns while oil extended gains on expectations fuel demand would begin to pick up.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.84 per cent. The gains were led by Australia’s ASX 200, which rose 1.42 per cent. Hong Kong’s Hang Seng climbed 0.84 per cent.
European stocks also gained as a jump in shares of French energy major Total and a slew of positive earnings reports added to optimism over the easing of lockdowns by major economies.
In commodities, oil prices jumped again on hopes for a recovery in vehicle traffic and fuel demand, as some US states and countries in Europe and Asia start to ease coronavirus lockdown measures.
(With inputs from Reuters)
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04:05 PM
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
"Markets traded volatile with benchmark indices closing negative. Losses were led by financials. Markets are trading uncertain regarding the impact of lockdown measures and its effect on earnings. Investors are advised to trade cautiously tracking the global markets and stock specific earnings commentary."
03:54 PM
Sectoral gainers and losers on the NSE
03:48 PM
MARKET AT CLOSE | Losers and gainers on the S&P BSE Sensex
03:39 PM
CLOSING BELL
The S&P BSE Sensex declined 262 points or 0.83 per cent to settle at 31,453.51 while NSE's Nifty ended at 9,205.60, down 88 points or 0.95 per cent.
03:28 PM
Nifty PSU Bank index hits lowest level since July 2006; SBI at 52-week low
Among individual stocks, State Bank of India (SBI) was the top loser, hitting a 52-week low of Rs 168.80, tanking 6 per cent in the intra-day trade. Bank of Baroda (BoB) hit a multi-year low of Rs 44, down 4 per cent. Bank of India, Punjab National Bank (PNB), Union Bank of India and Canara Bank were down in the range of 2 per cent to 3 per cent. The PSU banks trade at a P/B of 0.8x, below their historical average of 1.2x. READ MORE
bad debts, bad loans, stressed assets, banks
03:19 PM
NEWS ALERT | Dabur says production has been resumed at all manufacturing locations
03:15 PM
BUZZING STOCK | Tata Motors slips nearly 4%
03:07 PM
MARKET ALERT :: Sensex extends decline; slumps over 250 pts
03:02 PM
Aarti Industries jumps 9%, hits new high; stock rallies 31% in 8 days
Shares of Aarti Industries hit an all-time high of Rs 1,192, up 9 per cent on the BSE on Tuesday on the back of an over two-fold jump in trading volumes. The specialty chemicals firm's stock surpassed its previous high of Rs 1,137, touched on April 29, 2020. In the past eight trading days, Aarti Industries' stock price has surged 31 per cent from the level of Rs 911 on April 22, after the company announced that during January-March quarter (Q4FY20), it commissioned and commercialised the initial phase of its upcoming unit/ project at Dahej SEZ and had also exported few shipments to the global customers. READ MORE
shares, growth, results, earnings, GDP, markets, stock, investment, shares, buybacks, investor, equity, BSE
02:59 PM
MARKET UPDATE | SBI hits 52-week low

MARKET LIVE: Sensex plunges 800 pts; metals, banks dip, pharma stocks gain

Indian equity markets plunged on Tuesday, tracking global peers, after US oil prices slipped below $0 a barrel in overnight trade. Further, US President Donald Trump's announcement that he would sign an executive order to temporarily suspend immigration into US also impacted sentiment. Volatility index, India VIX, spiked 5 per cent.
Among headline indices, the S&P BSE Sensex slipped 878 points, or 2.73 per cent, to 30,780 levels and the Nifty50 index hovered around 9,000 levels. Tata Steel and IndusInd Bank (both down over 7%) were the top laggards in the Sensex pack. Besides, Infosys slipped 2 per cent post March quarter results while oil-related stocks like Reliance Industries (down 4%) were also under pressure.
Majority of the Nifty sectoral indices were in the red, led by Nifty Metal index, down 5.8 per cent. On the other hand, Nifty Pharma index gained, led by Aurobindo Pharma, up 10 per cent.

RESULTS TODAY
Seven companies, including ACC and ICICI Prudential Life Insurance, are scheduled to report their March quarter earnings today.
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10:50 AM
BROKERAGE VIEW:: ICICI Securities on Engineers India
Engineers India (EIL) is relatively better placed to tackle the current Covid-19 related challenges in terms of execution delay, migrant workers, postponement of
orders, etc. Company has an advantage in the consultancy segment due its non-dependency on ground-level execution. Also, the open-book estimate portion of
LSTK does not carry working capital risk. Factoring-in the current lockdown, we cut FY20E, FY21E and FY22E earnings by 4.9%, 23.8% and 27.5% respectively.
Given the strong balance sheet and attractive valuation with net cash at 57% of market cap, we maintain BUY on the stock with a revised target price of Rs 103
(previously: Rs 131).
10:45 AM
BROKERAGE VIEW:: Edelweiss Securities on Telecom sector
A paradigm shift in consumer behaviour is underway in the wake of the lockdown and social distancing, which discourages person-to-person contact. We argue this is leading to higher dependency on digital tools such as video-conferencing, collaborative applications, etc, thereby driving up demand for telecom services. Besides, we see a miniscule financial impact of the lockdown on service delivery as government has exempted movement of critical staff. Consumers, too, attach a higher value to such services amid fettered physical movement. That said, we do expect the lockdown to arrest 4G subscriber addition and churn while accelerating SIM-consolidation. Bharti Airtel’s (Bharti) Africa business is particularly at risk should commodity prices stay persistently low, as seen during H1FY17 when the crude oil plunge triggered a currency crisis in Nigeria. On balance, Bharti remains our top pick as its strong balance sheet can withstand any AGR outcome while contribution of the vulnerable Africa business to its equity value is insignificant. We are upgrading Bharti Infratel (Infratel) to ‘BUY’ (from ‘HOLD’), expecting the high odds of a three-private-player industry structure sustaining.
10:43 AM
BROKERAGE VIEW:: Prabhudas Lilladher on Infosys
Rating: HOLD | CMP: Rs 651 | TP: Rs 668
We have cut our revenue estimates for FY21E/FY22E by 2% & except revenue decline of 5% in FY21E. Our near term revenue forecast stands at QoQ decline of 3% in Q1FY21 and 2% decline in Q2FY21.This led to cut in EPS by ~5%/4% for FY21E/22E. We have assigned 16X multiple (unchanged) on FY22E earnings to arrive at changed target price of Rs. 668 (earlier 694). After a strong bounce back in stock, upside will be modest from hereon, downgrading to HOLD from BUY.
10:38 AM
Aurobindo Pharma gains 15% as USFDA grants VAI to Unit IV facility
Shares of Aurobindo Pharma surged 15 per cent to Rs 621.60 on the BSE in an otherwise weak market on Tuesday after US drug regulator USFDA classified the company's Unit IV of Hyderabad plant as VAI (voluntary action indicated). At 10:00 am, the stock was trading 12 per cent higher at Rs 605, as compared to 2.6 per cent decline in the benchmark S&P BSE Sensex. READ MORE
Aurobindo Pharma
10:35 AM
NEWS ALERT | Pharma stocks gain in an otherwise weak market
-- Nifty Pharma up 3% as compared to 2.6% decline in Nifty 50 index
-- Dr Reddy's hits 52-week high, Sun Pharma nears 52-week high
10:32 AM
EXPERT COMMENT :: Sriram Iyer, senior research analyst at Reliance Securities on Oil price collapse
After ending in negative territory, WTI May contract has started higher this Tuesday morning in Asian trading. However, upside could remain limited as rapidly filling storages and demand destruction from Covid-19 could see a slower expected reopening of the US economy.

Technically NYMEX June, which is active, could find support at $17.30, but a fall below could see more downside pressure towards $15.50 to $13.70 in coming sessions. MCX Crude Oil May will continue to trade on bearish note below 1,900 levels, downside negative momentum can take prices to 1,650-1,500 levels in coming sessions.

So, strategy for Crude Oil May will remain Sell in the range of 1,700-1,710, with the stop loss of 1,800 and a target of 1,500.
10:26 AM
More dips ahead suggest bearish phase, going by major falls since 2008
There were four such instances during the global financial crisis in 2008-09, five during the 2011 Euro crisis, two during China’s 2015 currency devaluation, and three during the taper tantrum, noted the data from foreign brokerage firm Jefferies India.

The 2008-09 period saw dips ranging between 18 per cent and 45 per cent. The Euro crisis had five double-digit declines between 10 per cent and 17 per cent. The 2015 China decline twice fell 11-12 per cent. The taper tantrum was relatively mild, with three dips of 8-9 per cent. READ MORE

10:19 AM
Infosys, TCS, Wipro: IT stocks tumble as Trump plans immigration suspension
Shares of information technology (IT) companies were under pressure, falling by up to 6 per cent on the National Stock Exchange (NSE) in early morning deals on Tuesday, after US President Donald Trump announced a temporary suspension of immigration into the country. Tata Consultancy Services (TCS), Infosys, Tech Mahindra, Wipro, HCL Technologies, Hexaware Technologies, NIIT Technologies and Mindtree were down 1 per cent to 5 per cent on the NSE in intra-day trade. READ MORE
IT firms, IT sector, firms, companies, workers, jobs, employment
10:16 AM
MARKET VOICE | As a fund house, we are buying into this market correction: Mahesh Patil
This is a good time for investors to rebalance their asset allocation. Wherever the equity component has gone down due to the fall in the market, investors should increase their equity exposure. READ MORE

10:06 AM
NEWS ALERT | Ten most productive days were lost; gave a concession period of 30 days: LIC India
-- Invested Rs 1.3 trillion last year: LIC India
(as told to CNBC TV18)

MARKET WRAP: Sensex slips 674 pts, financials hit; Nifty settles at 8,084

Continuing their downward trend, the benchmark indices settled with over 2 per cent loss on Friday as coronavirus (Covid-19) cases showed no signs of abating. Global confirmed cases surpassed 1 million on Thursday with more than 52,000 deaths. Back home, an ongoing 21- day lockdown has already brought the economy to a standstill.
The S&P BSE Sensex ended at 27,591, down 674 points or 2.39 per cent amid heavy selling in financial stocks such as ICICI Bank (down 7.5 per cent), HDFC (over 5 per cent), HDFC Bank (down 2 per cent), and Axis Bank (down over 9 per cent). The other major contributors to the index's loss were Infosys, TCS, and Asian Paints. They all fell in the range of 3-5 per cent.
India VIX cooled-off over 8 per cent to 55.01 levels. On the other hand, the Nifty50 index ended at 8,084, down 170 points or over 2 per cent. In the broader market, the S&P BSE MidCap index declined over 1 per cent lower at 10,219 whereas the S&P BSE SmallCap closed at 9,409, down over 1 per cent.
Among sectors, pharma stocks continued to rally. The Nifty Pharma index rose around 5 per cent to 7,362 levels with 8 out of 10 constituents advancing. Nifty FMCG index, too, ended in the green - up 0.7 per cent at 26,538 levels.
On a weekly basis, the S&P BSE Sensex lost 7.46 per cent, while the Nifty50 slipped 6.65 per cent.
RBI cuts money market timing
Meanwhile, the Reserve Bank of India (RBI) has cut timing for money market operations from 9am to 5pm to 10am till 2pm. Truncated hours will be in operational till April 14.

Global markets
European stock markets slipped on Friday, erasing meagre gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day's gains on hopes of a global supply cut. With virus-fighting lockdowns raising the risk of a prolonged global downturn, investors continued to seek the safety of the US dollar and government bonds, pushing US Treasury yields near their lowest in three weeks.
With over a million people infected worldwide, there were more signs the pandemic would take a massive toll on economic growth. Morgan Stanley said the US economy will shrink 5.5% in 2020, the steepest drop since 1946, with a huge 38% contraction predicted for the second quarter.
The pan-European STOXX 600 index was down 0.4%, taking MSCI'S All Country World Index down 0.3%. MSCI's Asia-Pacific index outside Japan dipped 0.6% while Japan's Nikkei erased earlier gains to end flat. US stock futures sank nearly 1 per cent.
Brent crude futures gained 3.64% to $31.03, extending Thursday's record 24.7% surge , while US West Texas Intermediate (WTI) crude fell 0.83% to $25.11.
(With inputs from Reuters)
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04:04 PM
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
The Indian markets opened and stayed negative, with reduced volatility. A ratings downgrade for the Banking sector, due to the impact of Covid-19 and ensuing stressed asset concerns, impacted the financial stocks. FIIs were net sellers to the tune of Rs 1,100 crore, on April 1, and show no signs of reversal. Markets are trading uncertainty, regarding the spread of the virus in India, as hope emerged of infections peaking in some of the worst affected global markets.
04:03 PM
Sectoral losers and gainers on the NSE
04:03 PM
MARKET AT CLOSE | Top losers and gainers on the S&P BSE Sensex
03:41 PM
CLOSING BELL
The S&P BSE Sensex ended at 27,591, down 674 points or 2.39 per cent while NSE's Nifty50 ended at 8,084, down 170 points or over 2 per cent.
03:23 PM
MARKET CHECK
03:09 PM
NEWS ALERT | OPEC+ producers debate possible oil cuts of 10 million barrels per day: Reuters quoting sources
The OPEC+ crude oil exporter group is debating cutting global supply by 10 million barrels per day (bpd), an OPEC source said on Friday, adding that any further cuts must include producers from outside the alliance. US President Donald Trump on Thursday said he had brokered a deal that could result in Russia and Saudi Arabia cutting output by 10 million to 15 million bpd, representing 10-15% of global supply. Trump said he made no offer to cut US output.
03:08 PM
Rupee trades near day's low
03:06 PM
Nifty Energy Index trades in the green
03:00 PM
ALERT :: Market holiday
Stock market will remain closed on Monday, April 6, on account of Mahavir Jayanti
02:59 PM
STOCK ALERT :: Maruti Suzuki declines for sixth straight session

MARKETS ON MONDAY: Sensex ends 162 pts up, Nifty at 10,379 on Asian cues

The domestic markets ended higher on Monday taking cues from their Asian counterparts. The S&P BSE Sensex ended at 33,788, up 162 points while the broader Nifty50 index settled at 10,379, up 48 points.The domestic markets ended higher on Monday taking cues from their Asian counterparts. The S&P BSE Sensex ended at 33,788, up 162 points while the broader Nifty50 index settled at 10,379, up 48 points.
Among sectoral indices, the Nifty FMCG index ended 1.13% up led by a rise in the shares of Marico and ITC.
Asian shares edged higher on Monday as a bounce in US stock futures soothed sentiment even as US President Donald Trump kept up his twitter war with China over trade just a couple of days before Chinese President Xi Jinping gives a keynote speech.
MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent. Japan's Nikkei wavered either side of flat, and South Korea edged ahead by 0.2 per cent.
Back home, upcoming quarterly results season, along with the release of macroeconomic data points on industrial production (IIP) and inflation, are expected to determine the trajectory of key equity indices this week.
According to market observers, global cues such as concerns over trade protectionist measures between the US and China, combined with the direction of foreign fund flows and crude oil prices, will also impact investors' risk-taking appetite.
(with Reuters inputs)
CATCH ALL THE LIVE UPDATES04:30 PMMARKET COMMENT
With a broader view, we would reiterate that worse is not over yet for our markets. What we saw on Monday was just a relief rally and hence, one needs to keep booking timely profits and ideally should stay light on positions
(Source: Angel Broking)
03:50 PMAllegations against ICICI Bank pose reputational risks: Fitch
An investigation into allegations that India's ICICI Bank (BBB-/Stable/bbb-) extended a loan with a potential conflict of interest raises questions over the bank's governance and creates reputational risks, says Fitch Ratings. Other regulatory sanctions are also possible, depending on the outcome of the investigation. The allegation relates to a $500 million loan to Videocon Group, whose controlling shareholder co-founded a separate company with the spouse of ICICI's CEO. A significant portion of the loan has since become non-performing. ICICI's board has denied any wrongdoing, highlighting that the loan was underwritten in accordance with the bank's credit standards and was extended as part of a consortium involving over 20 banks.
The bank has stressed that it has not given any credit to the borrower group outside of the consortium. Nevertheless, the presence of the bank's CEO on this credit committee - and the bank's reluctance to support an independent probe - have, in our opinion, created doubts over the strength of its corporate governance practices.
(Source: Fitch release)03:40 PMTop gainers in Nifty Bank index:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)AXIS BANK 517.40 500.20 17.20 3.44PUNJAB NATL.BANK 105.10 102.15 2.95 2.89FEDERAL BANK 99.50 97.25 2.25 2.31INDUSIND BANK 1860.10 1824.15 35.95 1.97BANK OF BARODA 153.25 150.40 2.85 1.8903:39 PMTop gainers in the Nifty FMCG index:
COMPANY LATEST PREV CLOSE GAIN() GAIN(%)MARICO 327.35 320.65 6.70 2.09ITC 265.50 260.85 4.65 1.78TATA GLOBAL 277.25 272.70 4.55 1.67HIND. UNILEVER 1391.00 1374.80 16.20 1.18JUBILANT FOOD. 2449.35 2430.35 19.00 0.7803:37 PMSectoral Trend
03:35 PMBSE Sensex: top gainers and losers of the day
03:32 PMMarket at close The S&P BSE Sensex ended at 33,788, up 162 points while the broader Nifty50 index settled at 10,379, up 48 points.03:20 PMNEWS WATCH RInfra wins Rs 1,081 cr contract for Kudankulam Nuclear Power Proj
Reliance Infrastructure Ltd (RInfra) today said it has won a Rs 1,081 crore contract from Nuclear Power Corporation of India Ltd (NPCIL) for works pertaining to two units of the Kudankulam project in Tamil Nadu. The company said its engineering, procurement and construction (EPC) division has won the contract amidst competition from leading players like BHEL, Larsen & Toubro, Tata Projects and BGR. READ MORE
RInfra stock quote:
02:59 PMTata Motors reclaims top spot in light commercial vehicles after two years
The previous financial year (FY18) belonged to Tata Motors in more ways than one. The country’s biggest commercial vehicle maker reclaimed leadership position in the light commercial vehicle (LCV) space from rival M&M after a gap of two years. Besides, the Mumbai-headquartered company also overtook Japanese car maker Honda to occupy the fourth spot in the domestic passenger vehicle market. READ MORE
02:58 PMICICI board is said to be divided over CEO Chanda Kochhar's future
The board of India’s ICICI Bank Ltd., which less than two weeks earlier expressed full faith in Chief Executive Officer Chanda Kochhar, is divided over whether to ask her to step down as federal authorities investigate allegations of impropriety over loans made to Videocon group, people with knowledge of the matter said. READ THE FULL ARTICLE HERE02:57 PMMOST ACTIVE STOCKS IN BSE 500 BY VOLUME
COMPANY NAME LATEST CHG() CHG(%) VALUE( CR) VOLUMEICICI BANK 282.20 1.60 0.57 865.71 30677222IDBI BANK 73.65 0.55 0.75 45.69 6204134REL. COMM. 24.00 -0.35 -1.44 11.92 4965597JP ASSOCIATES 20.50 0.05 0.24 9.47 4620748PUNJAB NATL.BANK 104.40 2.40 2.35 35.22 3373227GMR INFRA. 20.55 0.40 1.99 5.51 2681292CLICK HERE FOR THE FULL LIST02:54 PMMorgan Stanley on Titan Company
We forecast 15% revenue growth and 42% EBIT growth for jewellery. Based on our estimates, Titan will report F18 revenue growth of 25%, which underscores our view on rapid market share gains for Titan's jewellery business from the unorganized jewellery segment. The watch segment is likely to report 10% revenue growth and 5x EBIT growth off a weak base. Overall, we estimate revenue, operating profit,and adjusted net profit growth of 16%, 63%,and 55%, respectively, for Titan in 4QF18.02:36 PMCompany Update: Finolex Cables
We recently met the top brass of Finolex Cables (FCL). Key takeaways include: 1) FCL posted lower revenue growth versus peers in past two-three years, largely owing to weak housing demand where the company has major (~60% of revenues) presence compared to peer-set; 2) management seemed upbeat on communication cables segment (we estimate the unit to log ~25% CAGR over FY17-20) given burgeoning demand for optic fiber cables (to lay 35-40mn km annually over next two-three years) as India remains highly under fiberised (~40-45%) to meet the complete 4G roll out; and 3) with FCL’s new PVC switches unit coming up at Goa, it is targeting INR2bn revenues from fans and switchgears by FY20. Notwithstanding the real estate slow-down, we expect 15%/20% earnings/OCF growth over FY17-20 on strong growth in non-housing segments. We maintain ‘BUY’ with TP of Rs 800, based on 25x FY20E PE
(Source: Edelweiss Research)
02:31 PMTOP CONTRIBUTORS TO SENSEX'S GAIN
COMPANY LATEST CHG(RS) CHG(%) CONTRIBUTION(POINTS)ITC 265.40 4.80 1.84 59.04HDFC BANK 1938.80 16.10 0.84 48.46AXIS BANK 518.70 18.00 3.59 45.91H D F C 1842.70 13.10 0.72 31.67LARSEN & TOUBRO 1327.70 16.60 1.27 23.67Click here for more02:29 PMFY18 fiscal deficit to be below revised target as govt gets RBI, FCI boost
The government’s fiscal deficit at the end of March 2018 may have been slightly below its 2017-18 revised estimate of Rs 5.95 trillion, clawing back from a Rs 1.2-trillion overshoot at the end of February, Business Standard has learnt. This was achieved partly as the Reserve Bank of India (RBI) transferred an additional Rs 100 billion in surplus to the central coffers, and the Food Corporation of India (FCI) returned nearly Rs 500 billion in allocation to the finance ministry 02:28 PMMARKET COMMENT Motilal Oswal Research
As we step into FY19, the clamor for an earnings recovery has become louder. This is particularly because the last three years were characterized by a muted earnings performance due to macro disruptions and several policy changes pertaining to asset quality in the banking sector. Although we expect Nifty earnings to grow by a decent 11% in FY18, it is much below our FY18-beginning estimate of +17% – this can be mainly attributed to the drag from corporate banks (ICICI Bank, Axis Bank and SBI, which together accounted for 62% of the cut in Nifty PAT estimate in a span of a year).  Overall, we expect FY19 to kick-start earnings recovery for India, although the market is likely to be distracted by several macro factors along the way, such as the ongoing global trade conflict, the US Fed rate increase cycle, domestic equity flows and, last but not the least, the domestic political developments in an election-heavy year. Although the path to earning revival is more like a game of snakes-and-ladders than a straight line, we expect more encouraging ladders than slippery snakes in FY19. Also, after the recent correction in the markets and the softening of bond yields, we believe valuations offer enough bottom-up stock-picking opportunities.02:26 PMSharekhan on Pharmaceuticals
We anticipate a weak quarter for pharma companies owing to continuing regulatory and pricing challenges in the US and 4% rupee appreciation. US business will continue to remain under pressure as increased competition and sustained pricing challenges will impact growth. Within our coverage universe, we prefer Aurobindo Pharma, Cadila, Cipla, and Biocon as investment options02:24 PMMARKET COMMENT (Sharekhan)
The consensus earnings estimates are factoring a 20% plus annual growth rate in Sensex earnings over FY2018 to FY2020. Though the revision in earnings of some banks and other adjustment could lead to some downward revision in estimates going forward, the healthy growth in earnings would definitely support equity markets. More importantly from an investor’s perspective, the year ahead would be more of a stock picker’s market rather than an all out rally as seen in 2017. Thus, one needs to carefully select quality companies with specific growth stories. We, at Sharekhan, have a track record of giving quality research ideas along with outperforming research-based investment products designed for investors with varied risk profiles and needs.02:21 PMGlobal IT Spending to Grow 6.2% in 2018: Gartner
Worldwide IT Spending Forecast (USD billion)   2017Spending 2017Growth (%) 2018Spending 2018Growth (%) 2019 Spending 2019 Growth (%)Data Center Systems 181 6.3 188 3.7 190 1.1Enterprise Software 352 8.8 391 11.1 424 8.4Devices 663 5.1 706 6.6 715 1.3IT Services 933 4.4 1,003 7.4 1,048 4.6Communications Services 1,392 1.3 1,452 4.3 1,468 1.1Overall IT 3,521 3.8 3,740 6.2 3,846 2.8Source: Gartner (April 2018)
02:18 PMCALL SUCCESS & UPDATE: Dilip Buildcon Ltd Reco Price (Rs) 983, Previous Target (Rs) 1,193, Return Achieved 21%, New Target (Rs) 1,294, Expected Return 10% We had reiterated a BUY on Dilip Buildcon Ltd (DBL) and upgraded our target to Rs.1,193 in our sector report dated November 29, 2017. The target has been achieved in Friday’s trading session with the stock delivering a return of ~21% from our sector report and generating a cumulative return of ~91% from our initiating coverage report dated October 05, 2017.
The outlook continues to remain bright as the company has received massive orders of ~Rs.190 bn in the past two months, and has more than doubled its order book to ~Rs.320 bn as of FY18 end. The order pipeline continues to remain strong with large number of projects likely to be awarded by the Government under the recently announced Bharatmala programme. We remain bullish on DBL’s growth prospects and recommend investors to HOLD the stock for revised target of Rs.1,294
(Source: IIFL)02:17 PMSector watch Cement
Even as demand for cement  has picked up from Q3 FY2018 and the trend is expected to continue in Q4 FY2018, with the  growth  expected at around 5% in FY2018 and FY2019, expectation of higher petcoke, coal and diesel prices are likely to put pressure on the profitability margins and debt metrics of the cement companies in the coming quarters.
(Source: ICRA)
02:12 PMNEWS IMPACT
State-run Bharat Petroleum Corporation Ltd (BPCL) is planning to hive off its gas business into a separate wholly-owned subsidiary, reports Mint. By hiving off this business as a separate subsidiary, the company intends to sharpen its focus and bring all natural gas-related businesses into one fold, the report says.
BPCL stock quote:
02:00 PMMarket Check
 S&P BSE Sensex 33,813.15 Up 0.55% Nifty 50 10,383.35 Up 0.50% S&P BSE 200 4,572.85 Up 0.48% Nifty 500 9,206.15 Up 0.37% S&P BSE Mid-Cap 16,630.96 Up 0.21% S&P BSE Small-Cap 17,948.58 Up 0.37%01:44 PMNitesh Estates advances after dispute settlement
Nitesh Estates rose 1.38% to Rs 12.50 on BSE after the company said that it has settled the dispute in respect of the lease rights of land situated at Chennai. The announcement was made after market hours on Friday, 6 April 2018. READ MORE
01:30 PMIndusInd Bank, Escorts, Shakti Pumps among 18 stocks that hit new highs
The private sector lenders, IndusInd Bank, Kotak Mahindra Bank and Shiram Transport Finance, the consumer discretionary goods & services sector companies such as Avenue Supermarts (owner of D-Mart), Jubilant FoodWorks, Titan Company and Britannia Industries were among 18 stocks that hit their respective new highs on the BSE on Monday. Century Plyboards, Dilip Buildcon, Apollo Tyres, Escorts, Excel Industries, HIL, KEI Industries, Pidilite Industries, Power Mech Projects, Shakti Pumps (India) and SRF too hit record highs in intra-day trade today. READ MORE
01:15 PMGeojit on NATCO Pharma
NATCO Pharma (NATCO) is a R&D focussed, vertically integrated pharmaceutical company with an experienced management team and presence across multiple speciality therapeutic segments. We expect EBITDA margin to remain stable at 40% over FY18-20E led by new launches in US & India and improvement in operational efficiency. Consolidated Revenue/PAT to grow at 17%/13% CAGR over FY18 - 20E led by prime molecules such as Tamiflu, Copaxone, Doxorubicin and Lanthanum and better growth in domestic market. We value Natco at 19x on FY20E EPS and arrive at a target price of Rs 908 and recommend ‘Buy’ rating.01:00 PMInfosys Q4FY18 results: Here's what leading brokerages expect
Infosys is set to announce its fourth-quarter numbers on April 13. On a year-to-date basis, the stock has rallied around 10 per cent and has outperformed the Nifty IT index that gained around 9 per cent during this period. By comparison, the Nifty50 index slipped around 2 per cent YTD. Analysts expect information technology (IT) firms to report an improvement in earnings before interest and taxes (EBIT) margins in Q4FY18, aided by currency, operational efficiency and automation. Key monitorables for the Street include FY19E revenue guidance/outlook, along with sustainable margin trends. For Infosys, analysts are also keeping a tab on the strategy roadmap by the new chief executive (CEO), Salil Parekh. READ MORE
Infosys12:47 PMDubai-based firm issues gold-backed cryptocurrency to draw Muslim investors
In Dubai's decades-old Gold Souk, customers from around the world haggle over bangles and necklaces. Elsewhere in the emirate, the region's top centre for gold trade, bullion is playing a new role in financial engineering. A local start-up company founded last year, OneGram, is issuing a gold-backed cryptocurrency - part of efforts to convince Muslims that investing in cryptocurrencies complies with their faith. READ MORE
12:32 PMApollo Tyres stock: Higher volume, steady raw material prices are positives
Apollo Tyres has hit fresh 52-week highs over the last week, gaining six per cent on expectations of improvement in profitability in the coming quarters, led by steady rubber prices, improving volume growth and anti-dumping duty on the truck and bus radial (TBR) segment tyres. Further, stabilisation in its Hungarian operations and gradual increase in contribution from the OEM (original equipment manufacturer) segment would likely to push its profitability further. READ MORE
12:19 PMCOMMODITY WATCH: Gold
The underlying commodity repeatedly tagging upper Bollinger band signals a possibility of a sharp upside momentum in coming months (possible widening of bands by resumption of spurt in upside volatility). Hence, there is a higher possibility of upside breakout in the Gold prices.
MCX Gold Fut is moving within an upward sloping channel (orange parallel trend lines), and also facing resistance at down sloping intermediate trend line ~31,000-31,100 levels (blue dashed down trend line, connecting previous tops)
(Source: HDFC Securities)

Top stocks of FY18: HEG rallies 1,343%; Graphite India up 573%

The S&P BSE Sensex gained 12 per cent in financial year 2018 (FY18), compared to a 16% rise in the previous corresponding period. Among individual stocks, around 20 scrips in the S&P BSE 500 index surged over 100 per cent in FY18.The S&P BSE Sensex gained 12 per cent in financial year 2018 (FY18), compared to a 16% rise in the previous corresponding period. Among individual stocks, around 20 scrips in the S&P BSE 500 index surged over 100 per cent in FY18.
The top gainers of FY18 include HEG that rallied 1,343 per cent, followed by Graphite India and Indiabulls Ventures that gained 573 per cent and 324 per cent respectively, Ace Equity data show.
Some of the other stocks that more than doubled investors’ wealth in FY18 include Avanti Feeds, Sterlite Technologies, Radico Khaitan, Indiabulls Real Estate, Avenue Supermarts, Nocil, NIIT Technologies, V-Mart, Adani Transmission and Rain Industries.
HEG had reported a robust performance during the first nine months (April-December) of current financial year 2017-18 (FY18), posted net profit of Rs 4,473 million. It had reported a net loss of Rs 466 million during the same period of FY17 and loss of Rs 500 million in entire FY17.
“HEG's debt has dropped to Rs 2billion, which is likely to be NIL in Q4FY18 itself. The company has been evaluating capacity expansion by 20ktpa depending on Needle Coke availability. Growth and diversification are also options for cash usage,” said analysts at Emkay Global in a recent report.
“Technology deterrence, physical set-up barrier and limited Needle Coke supply will restrict any new capacity addition at least for next two – three years. Therefore, we believe both offtake and realisation will continue to be robust and sustainable for the next few years,” they added. ​
Among losers, over 75 stocks in the BSE 500 slipped in the range of 20% to 80% in FY18. Top losers include Sintex Industries (down 82%), JBF Industries (down 67%), Siti Networks (down 59%) and Bank of Maharashtra (down 58%).
Top Gainers: BSE 500Stock Price (Rs)Stock Name 31-Mar-2017 27-Mar-2018 % ChangeHEG 222.85 3217.85 1343.95Graphite India 112.20 755.40 573.26Indiabulls Ventures 58.16 246.75 324.23VenkyS (India) 1017.50 3879.65 281.29Rain Industries 109.15 384.00 251.81Himadri Speciality Chemical 43.65 149.05 241.47Phillips Carbon Black 330.00 1093.95 231.50Adani Transmission 64.35 191.15 197.05Avanti Feeds 741.20 2192.75 195.84Bombay Dyeing 83.00 242.20 191.81Source: AceEquity
Top Losers: BSE 500Stock PriceStock Name 31-Mar-2017 27-Mar-2018 % ChangeAdvanced Enzyme Technologies 412.01 212.90 -48.33Dena Bank 38.40 19.20 -50.00Kwality 155.80 75.40 -51.60HDIL 81.85 39.30 -51.99Reliance Naval and Engineering 67.25 29.35 -56.36Indo Count Industries 196.85 84.90 -56.87Bank Of Maharashtra 33.60 14.00 -58.33Siti Networks 38.00 15.50 -59.21JBF Industries 277.85 90.65 -67.37Sintex Industries 105.80 18.35 -82.66Source: AceEquity

Stocks slide to 5-month lows, Nifty ends below 10,000 on trade war fears

The BSE Sensex plunged by about 410 points to close at a five-month low while the broader Nifty crashed below the 10,000 mark for the first time this year following a global sell-off due to fears of a trade war as US President Donald Trump announced tariffs on Chinese goods.
The 30-share Sensex tumbled by 409.73 points or 1.24 per cent to close at a five-month low of 32,596.54, a level last seen on October 23 last year.
The 50-issue Nifty ended below the psychological 10,000-level by dropping 116.70 points or 1.15 per cent to 9,998.05, the lowest closing level in five months. The level was last seen on October 11 last year, when it had closed at 9,984.80.
Investors lost around Rs 1.57 trillion in market valuation on Friday.
For the fourth straight week, the flagship Sensex recorded a fall of 579.46 points, or 1.75 per cent, while the NSE Nifty lost 197.10 points, or 1.93 per cent.
Realty, metal, bankex, capital goods, healthcare, PSU, auto and oil & gas stocks recorded widespread losses.
Metal stocks led by SAIL, Jindal Steel, Vedanta, Hindalco Ind. Jindal Steel, National Aluminium, Hindustan Zinc, Tata Steel, NMDC and JSW Steel fell up to 6.58 per cent due to intense selling pressure.
Banking stocks took a hit after Totem Infrastructure was booked by the CBI for allegedly defrauding a consortium of eight banks led by Union Bank to the tune of Rs 1,394 crore.
The Nifty Bank index fell 471.10 or 1.95 per cent to close at around eight-month low of 23,670.40 as Axis Bank, PNB, Yes Bank, Canara Bank, ICICI Bank, IDFC Bank, SBI, Bank of Baroda, HDFC Bank, Kotak Bank, Federal Bank and IndusInd Bank dropped up to 3.87 per cent.
Union Bank of India also ended lower by 8.29 per cent to Rs 86.85 amid concerns over losses incurred in a Rs 13.94-billion loan fraud case.
Investor sentiment turned extremely bearish, in line with sharp losses on the Wall Street, Asian and European markets, on growing fears of a global trade war after Donald Trump imposed tariffs on Chinese imports and Beijing drawing up a list of retaliatory measures, brokers said.
The markets opened with a negative bias as global trade war tensions intensified after US President Donald Trump ordered at least USD 50 billion in tariffs on Chinese imports and China announced plans for reciprocal tariffs on USD 3 billion of imports from the US, Anand Shah, Deputy CEO & Head of Investments – BNP Paribas Mutual Fund said.
Vinod Nair, Head of Research, Geojit Financial Services Ltd said, "Volatility expanded and market is losing its grip due to escalating tensions of trade war and spike in oil prices." "Market corrected 10% from its peak while metal & PSU banks continue to be the laggards.
We expect domestic chaos to stabilize as pressure of redemption will be over by the end of FY18 but pre-election volatility may take some time." In the Sensex kitty, Tata Motors, L&T, Bajaj Auto, Dr Reddy's RIL, Wipro, HDFC, Sun Pharma, Heromotocorp, HUL, Maruti Suzuki, Bharti Airtel, ONGC, ITC, TCS and NTPC, lost up to 2.10 per cent.
IT and media stocks, however, posted gains. Adaniports, Infosys, Powergrid, M&M, Coal India and Asian Paints ended in the positive zone, gaining up to 0.99 per cent. The sectoral indices led by realty fell 3.31 per cent, metal 2.89 per cent, bankex 2.08 per cent, finance 1.73 per cent, capital goods 1.56 per cent, healthcare 1.48 per cent, PSU 1.30 per cent, energy 1.15 per cent, auto 0.85 per cent, oil & gas 0.85 per cent, infrastructure 0.84 per cent, power 0.68 per cent, FMCG 0.64 per cent and consumer durables 0.08 per cent.
While, Teck and IT indices ended in the positive zone with gaining up to 0.32 per cent.
In the broader market, the BSE small-cap index fell by 1.54 per cent while the mid-cap index shed 1.36 per cent.
Shares of Gitanjali Gems continued to be under selling pressure, falling 4.93 per cent to Rs 9.65.
In Asian region, Japan's Nikkei lost 4.51 per cent, Hong Kong's Hang Seng fell 2.45 per cent, while Shanghai Composite Index shed 3.39 per cent.
European markets were down in early deals. Paris CAC 40 was down 1.69 per cent, while Frankfurt's DAX lost 1.81 per cent. London's FTSE shed 0.85 per cent.

Indices end flat on F&O expiry; Sensex down 25 pts, Nifty below 10,400

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

Sensex ends 145 pts down, Nifty at 10,501; PNB crashes over 10%

The benchmark indices ended lower on Wednesday taking cues from its key Asian peers.The benchmark indices ended lower on Wednesday taking cues from its key Asian peers.
The S&P BSE Sensex ended at 34,156, down 145 points while the broader Nifty50 index settled at 10,501, down 39 points.
Among stocks, Punjab National Bank (PNB) declined 10% on BSE during the day after the state-owned bank said that it had detected some fraudulent and unauthorised transactions worth about Rs 1.13 trillion ($1,771.69 million) at one of its branches in Mumbai. The development triggered a fall in most other banking stocks, with the Nifty Bank index slipping around 5%.
In global markets, Asian stocks ended mixed in cautious trade Wednesday ahead of Lunar New Year holidays and the US inflation report due later in the day, which may provide further cues on interest-rate changes in the world's largest economy.
Japanese shares hit a four-month low as the dollar slid to a 15-month low against the yen and data showed the country's GDP grew at a slower than expected 0.5 percent annual pace in the fourth quarter, marking the eighth straight quarter of expansion.
The Nikkei average dropped 90.51 points or 0.43 per cent to 21,154.17, the lowest closing level since October 12, 2018. The broader Topix index closed 0.82 per cent lower at 1,702.72 amid across-the-board selling.
Chinese stocks eked out modest gains in thin trade ahead of the week-long Lunar New Year holiday starting on Thursday. The benchmark Shanghai Composite index rose 14.20 points or 0.45 per cent to 3,199.16. Hong Kong's Hang Seng index was up as much as 2.5 per cent in late trade after having shed over 9 per cent last week.
(with Reuters inputs)
CATCH ALL THE LIVE UPDATES03:40 PMTop Sectoral losers: Nifty PSU Banks cracks nearly 5%

03:37 PMSectoral Trend
03:34 PMSensex losers and gainers
03:33 PMMarket at close
The benchmark indices ended in negative on Wednesday, taking cues from its key Asian peers. Shares of Punjab National Bank crashed 10% after the bank reported some 'fraudulent and unauthorised' transactions worth about $1.77 billion at one of its branches in Mumbai.
The S&P BSE Sensex ended at 34,156, down 145 points while the broader Nifty50 index settled at 10,501, down 39 points.
03:18 PMNCC surges 9% on strong Q3 results NCC has rallied 9% to Rs 130 on BSE after the company reported 72% year on year (Y-o-Y) growth in net profit at Rs 1,004 million in December quarter (Q3FY18), on back of healthy operational performance. The construction & engineering company had profit of Rs 583 million during the same quarter last fiscal. However, the operational revenue during the quarter declined 2.7% to Rs 18,507 million from Rs 19,037 million in the corresponding quarter of previous fiscal. READ MORE03:10 PMIdea Cellular board approves equity issue of up to Rs 35-bn through QIP Telecom major Idea Cellular today said its Board has accorded final approval for issuing equity shares for up to Rs 3,500 crore through Qualified Institution Placement (QIP) route. "The Board of Directors at its meeting today has accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors...," Idea Cellular said in a BSE filing. READ MORE03:00 PMMarket CheckS&P BSE Sensex 34,246.33 Up -0.16% Nifty 50 10,540.65 Up 0.01% S&P BSE 200 4,624.65 Up -0.02% Nifty 500 9,346.25 Up -0.02% S&P BSE Mid-Cap 16,918.82 Up 0.39% S&P BSE Small-Cap 18,531.96 Up 0.37%02:45 PMMittal steers clear of trouble, sells stake in KSS ahead of Essar Steel bid
ArcelorMittal Chairman L N Mittal has sold his 33% personal holding in KazStroyService (KSS), an oil infrastructure provider company based in Kazakhstan, in an effort to put to rest questions on his eligibility to bid for stressed assets. KSS owns 100% in KSS Petron, which became a non-performing asset (NPA) in 2015. READ MORE02:32 PMSectoral watch: Insurance
Merger of three PSU general insurers likely before next fiscal-end
The merger of the three public sector general insurance companies -- National Insurance Company (NIC), United India Insurance and Oriental Insurance Company -- is likely to be completed before the end of the next financial year. The chiefs of the three companies will have their first meeting with the government on this issue on the 16th of this month. READ MORE02:17 PMNews: Coal India target for power sector pegged at 513 mn tonnes for next fiscal
Coal India will supply 513 million tonnes of coal and offer 12 million tonnes more via e-auction to the power sector in 2018-19 (FY19). The remaining 90 million tonnes of the sector’s demand will come from Singareni Collieries and captive coal blocks, Coal India executives said. After facing a deficit in the last quarter, the power ministry has asked Coal India and Indian Railways to ensure a supply of 615 million tonnes annually, with 288 rakes moving every day. The deficit, according to the ministry, had led to a shortage of power generation. READ MORE
02:10 PMInvesting strategy: For regular income, systematic withdrawal plan is more tax-efficient option
From April 1, mutual fund investors who had chosen the dividend option in equity funds will have to pay a flat 10 per cent tax on the payouts they receive. Those who don't need the money should immediately shift to the growth option and redeem only when there is a need. Those who chose the dividend option because they needed a regular income should shift to a systematic withdrawal plan (SWP), which is a more tax-efficient option. READ MORE
01:59 PMSectoral Trend
01:52 PMMust Read: Ugly face of capitalism
It speaks volumes for the reputation of Malvinder and Shivinder Singh, promoters of Fortis Healthcare and Religare Enterprises, that shares of both the companies soared following news that the brothers had stepped down from the board of the former. The two, respectively chairman and executive vice-chairman of Fortis, had opted to step down following a high court ruling upholding a $550-million award by a Singapore arbitration tribunal to Japanese drug maker Daiichi Sankyo against the brothers for concealing facts when they sold group company Ranbaxy in 2007. READ MORE01:33 PMScam worth Rs 110 bn: PNB detects fraud transactions; stock price drops 7% In what may turn out to be one of the biggest scams in Indian corporate history, Punjab National Bank has detected fraudulent transactions worth around Rs 110 billion from one of its Mumbai branch allegedly by diamond merchant Nirav Modi, his relatives and business partner Mehul Choksi during this year. PNB share prices fell around 7% in the early trade on Wednesday morning after the bank reported fraudulent transactions worth $1.77 billion to Bombay Stock Exchange. READ MORE01:31 PMIndex watch
S&P BSE Sensex 34,327.02 Up 0.08% Nifty 50 10,555.30 Up 0.15% S&P BSE 200 4,638.24 Up 0.28% Nifty 500 9,373.55 Up 0.27% S&P BSE Mid-Cap 16,977.50 Up 0.74% S&P BSE Small-Cap 18,610.26 Up 0.80%01:27 PMIPO watch: Aster DM
Aster DM Ltd has shown consistent sales growth of 38% during FY12-17 with EBITDA growth of 16% as the company doubled its number of clinics in past two years. This has resulted in increased expenditure base. Further due to one-time write-off take in Saudi Arabia, the company reported loss at PAT level in FY17. However, we believe these are one-time incidents. We expect Aster DM to be back to double digit EBITDA margins soon.  Going forward, as the company is coming out of its investment phase, we expect Aster to report higher growth in profitability and improvement in margins as well as return ratios. At higher band the issue is offered at 19.6x FY18E calculated EV/EBITDA. We like the company’s strong brand equity and consistent track record. We recommend investors to subscribe the issue for long term gains. (Source: Nirmal Bang)01:15 PMACE, Mastek, Nitco,Precision Wires from BSE Smallcap index hit 52-week high Action Construction Equipment (ACE), Precision Wires India, Mastek, Pancea Biotech and Nitco were among 10 stocks from the BSE Smallcap index hitting their respective 52-week highs in otherwise subdued market after reported a good set of numbers for the quarter ended December 2017 (Q3FY18). Firstsource Solutions, J Kumar Infrastructure, Lumax Auto Technologies, Shriram EPC and Zydus Wellness too touched 52-week high on BSE in intra-day trade. READ MORE12:56 PMHDFC Securities on Mahanagar Gas The  company  has  started  work  on  building  an infrastructure in Raigad district,  and  is  expanding  in  the authorised areas close to Thane city (Ambernath, Kalyan, Dombivali, Ulhasnagar). We expect an overall volume growth of 4-5%  over  FY18E-20E. There will be pressure on margins as in near term as company  is  expanding  its  network into area where volumes growth will be predominately driven by price sensitive industrial customers. Our target is Rs 1,240/share (27x FY20E standalone EPS)12:54 PMGlaxoSmithKline Consumer HealthcareRating: AccumulateTarget Price: Rs 6,797 GSK under the new MD (Navneet Saluja) has given cautiously optimistic outlook in demand led by 1) high double digit growth in base Horlicks sachet priced at Rs.5 2) focus on increasing share in high growth protein segment led by Horlicks Growth Plus, Protein and Cardia Plus 3) brand extension of Horlicks in other food products.  While GSK has right to win in MFD and high protein categories, we remain sceptical of GSK's renewed effort in foods space given that it has failed to make a dent in categories like Energy Bars, Biscuits and Instant Noodles etc. in the past.  We estimate 5% volume CAGR over FY17-20 as against 0.5% decline in FY16 and ~6% decline in FY17. GSK trades at 30.8xDec19 EPS which is at 15% discount our coverage universe. We value the stock at 35xDec19 and arrive at a target price of Rs.6797. Retain "Accumulate" (Source: Prabhudas Lilladher)12:53 PMMotilal Oswal Research on Sun TV With growth revival in the next two - three years driving standalone EPS CAGR of 24%, RoE of 33%, and steady FCF generation, the stock should continue to offer healthy upside. We value SUNTV at 30x December 2019E EPS (~15% discount to ZEEL), arriving at a target price of Rs 1,225. SUNTV currently trades at ~19% discount to ZEEL. Despite being a regional player, this valuation gap should reduce, as SUNTV is likely to grow at a steady pace.12:51 PMNirmal Bang on Bata India (BIL) Taking into consideration the 9MFY18 performance, we have slightly reduced our revenue estimates, but increased our margin estimates as BIL is making conscious efforts to optimise its costs and premiumise its revenues.  Following continuous rise in new product varieties, premiumisation, increased advertisement spending and decent SSG, we expect BIL to clock revenues/EBITDA/PAT CAGR of ~11%/21%/23%, respectively, over FY17-FY20E. We have rolled forward our estimates to FY20 and this has resulted in a change in our rating on BIL from Accumulate to Buy with a March 2019 target price of Rs821 (from Rs755 earlier). We continue to value BIL’s business at 32x FY20E earnings12:50 PMRBI's measures are good; be selective in buying PSU banks, say analysts Banking stocks came under selling pressure on Wednesday after the Reserve Bank of India (RBI) unveiled new norms for dealing with non-performing assets (NPAs) on Monday. Nifty PSU Bank was the worst performing index, falling over 3% in intra-day deals. Most experts remain bullish on the banking space from a long-term perspective, but suggest investors be selective and buy only those banks whose non-performing assets are at a manageable level and there is credit growth / earnings visibility READ MORE12:45 PMIndian pharma firms renew focus; Dr Reddy's, Cipla eye $100-bn China market Dr Reddy’s Laboratories (DRL) is expanding its presence in China, the world’s second-largest pharmaceutical market, where other drug manufacturers such as Cipla and Lupin are exploring opportunities. The more than $100-billion China market is dominated by local drug manufacturers and multinationals and India’s pharmaceutical exports of around $160 million are a fraction of the companies’ sales. READ MORE12:30 PMGAIL Q3 results: LPG, gas transmission segments witness strong traction GAIL’s December 2017 quarter operating performance may have disappointed, but strong revenue growth and net profits being marginally lower than expectations, coupled with good prospects, offer some comfort. Led by strong volume growth across segments, net sales grew 19 per cent year-on-year (y-o-y) to Rs 144.14 billion, and were ahead of Bloomberg’s consensus estimates of Rs 137.5 billion. READ MORE12:19 PMSecurities Appellate Tribunal defers Sebi- Price Waterhouse hearing The Securities Appellate Tribunal (SAT) on Tuesday deferred hearing in Price Waterhouse's (PW's) appeal against an order passed by the market regulator Securities and Exchange Board of India (Sebi). The tribunal will next hear the matter on Friday. READ MORE11:59 AMMarkets at noon
 S&P BSE Sensex 34,282.79 Up -0.05% Nifty 50 10,537.25 Up -0.02% S&P BSE 200 4,632.75 Up 0.16% Nifty 500 9,362.05 Up 0.15% S&P BSE Mid-Cap 16,961.40 Up 0.65% S&P BSE Small-Cap 18,598.24 Up 0.73%11:50 AMBSE top gainers and losers
11:30 AMPNB detects $1,772 million fraudulent transactions; stock slips 7% Punjab National Bank (PNB) has slipped 7.4% to Rs 150 on BSE in intra-day trade after the state-owned bank said that it had detected some fraudulent and unauthorised transactions worth about Rs 1.13 trillion ($1,771.69 million approx) at one of its branches in Mumbai. READ MORE11:18 AMNo reduction in inflows for mutual funds after LTCG, DDT says AMFI The mutual funds industry does not see any reduction in the inflows of funds after the proposal of long term capital gains tax (LTCG) and dividend distribution tax (DDT), an official said here on Tuesday. The industry also expects there would be no level playing field between mutual funds and unit linked insurance plan (ULIP) after the introduction of LTCG and DDT, Association of Mutual Funds of India (AMFI) Chief Executive N. S. Venkatesh said.  READ MORE11:01 AMSectoral Trend

Sensex ends 330 pts higher, Nifty above 10,550; IT, pharma, realty gain

The indices ended higher on Thursday after the market heavyweights such as Infosys gained over 2%. The S&P BSE Sensex gained over 500 points to 34634 levels before trimming gains. In broader markets, Nifty50 index hit an intra-day high of 10,637 levels.The indices ended higher on Thursday after the market heavyweights such as Infosys gained over 2%. The S&P BSE Sensex gained over 500 points to 34634 levels before trimming gains. In broader markets, Nifty50 index hit an intra-day high of 10,637 levels.
The S&P BSE Sensex ended at 34,413, up nearly 330 points while the broader Nifty50 index settled at 10,576, up around 100 points.
Among other index stocks, Sun Pharma, Dr. Reddy's, State Bank of India, Axis Bank and HDFC gained between 1.5% to 6.1%. Shares of Cipla surged as much as 6.85% after the country’s fourth-largest drugmaker by revenue reported a 7% jump in quarterly profit on Wednesday.
The day's gains came even as Asian shares flirted with six-week lows. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed as U.S. bond yields crept up towards four-year highs. Among regional indices, Nikkei 225, Straits Times, KOSPI and Hang Seng moved up between 0.4% to 1.2%.
(with Reuters inputs)CATCH ALL THE LIVE UPDATES03:42 PMNifty top gainer: Nifty Pharma Index
03:38 PMMarkets Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,413.16 +330.45 +0.97 S&P BSE SENSEX 50 11,026.92 +108.24 +0.99 S&P BSE SENSEX Next 50 34,632.14 +596.51 +1.75 S&P BSE 100 10,958.39 +120.39 +1.11 S&P BSE Bharat 22 Index 3,712.43 +12.53 +0.34(Source: BSE)03:37 PMSectoral Trend
03:35 PMSensex heatmap
03:33 PMMarkets at close Benchmark indices rose more than 1 per cent on Thursday after seven consecutive sessions of declines, as market heavyweights such as Infosys recovered and as drug maker Cipla gained on solid earnings. The S&P BSE Sensex ended at 34,413, up nearly 330 points while the broader Nifty50 index settled at 10,576, up around 100 points. 03:21 PMPharma shares in focus; Cipla, Sun Pharma surge over 5% Shares of pharmaceutical companies were in focus with the Nifty Pharma index gaining nearly 4% on back of strong rally in Cipla and Cadila Healthcare post their December quarter results. Among the pharma index, Cipla and Sun Pharmaceutical Industries have rallied more than 5% each, while Cadila Healthcare, Dr Reddy’s Laboratories and Divi’s Laboratories up in the range of 2% to 4% on the National Stock Exchange (NSE). READ MORE
03:13 PMEarnings impact
Balrampur Chini shares declined 3 per cent as profit in quarter ended December 2017 fell sharply by 65 per cent to Rs 61.4 crore from Rs 175.2 crore in year-ago, impacted by disappointing operational performance. Revenue from operations increased 6.9 per cent to Rs 1,001.9 crore in Q3FY18, compared to Rs 937 crore in same period last year.03:00 PMHeidelbergCement India surges 12% on strong Q3 results HeidelbergCement India surged 12% to Rs 168 on BSE in afternoon deals after the company reported net profit of Rs 318 million for the quarter ended December 2017 (Q3FY18), on back of higher sales. It had posted a net loss of Rs 36 million in the same quarter last fiscal. Net sales during the quarter rose 24.8% to Rs 4,839 million against Rs 3,878 million in the corresponding quarter of previous year. READ MORE02:46 PMMarket Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,399.70 +316.99 +0.93 S&P BSE SENSEX 50 11,017.53 +98.85 +0.91 S&P BSE SENSEX Next 50 34,523.25 +487.62 +1.43 S&P BSE 100 10,945.09 +107.09 +0.99 S&P BSE Bharat 22 Index 3,712.15 +12.25 +0.33(Source: BSE)02:29 PMPrestige, HDFC Capital to invest Rs 25 bn for affordable housing projects
Realty firm Prestige Estates Projects has partnered HDFC's arm HDFC Capital Advisors to set up Rs 25 billion (Rs 2,500 crore) fund to develop affordable and mid-income housing projects across the country. This platform would enable Prestige group to develop projects worth Rs 100 billion (Rs 10,000 crore). READ MORE02:13 PMSectoral Trend
02:09 PMHow you can smartly use the systematic exit route to avoid LTCG tax The finance minister has in the Finance Bill, 2018 proposed to tax certain long-term capital gains that have so far been exempt from tax. Currently, capital gains from transfer of equity shares in a company and a units of equity-oriented mutual fund schemes are exempt from tax, provided they have been held for more than one year prior to transfer. Equity shares should also have been subject to Security Transaction Tax (STT) in order to avail this exemption. In other words, long-term capital gains from the transfer of listed shares and units of an equity-oriented scheme are not subject to tax. CLICK HERE FOR FULL STORY01:40 PMHEG erases three-week loss in two days by surging 37% ahead of board meet HEG has surged an over 10% to Rs 3,045 on BSE in intra-day trade, extending its Wednesday’s 20% rally ahead of board meeting today to consider either the interim dividend or proposal for buy back of equity shares of the Company. The stock of the leading graphite electrode manufacturer has rallied 37% in past two trading sessions from Rs 2,215 on BSE. The BSE & NSE have revised the circuit filter of the stock from 5% to 20% with effect from Wednesday, February 7, 2018. HEG erased its entire 30% decline recorded during three weeks in past two days. The stock hit an all-time high of Rs 3,147 on January 16, 2018 in intra-day trade. READ MORE01:14 PMBank of England to send new rates message in last year before Brexit The Bank of England is expected to say on Thursday that another interest rate increase could be nearing as Britain's economy grows faster than expected ahead of its departure from the European Union in just over a year's time READ MORE HERE
01:00 PMMarket Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,539.46 +456.75 +1.34 S&P BSE SENSEX 50 11,061.15 +142.47 +1.30 S&P BSE SENSEX Next 50 34,580.13 +544.50 +1.60 S&P BSE 100 10,984.39 +146.39 +1.35 S&P BSE Bharat 22 Index 3,727.89 +27.99 +0.7612:41 PMBuying bitcoins? Cryptocurrencies are like ponzi schemes: World Bank chief The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin. “In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.” READ MORE12:23 PMNew Sebi norms to bar MFs from dumping investors with 'NAV management' fee The chief of a large fund house sits late afternoon every day and dutifully pours over the net asset values (NAVs) of his schemes. After scrutinising the returns for the day, he decides on the expense ratios that need to be charged and deducted for each category. The executive is not alone. In fact, many fund houses, especially those that handle significant institutional money, dabble in what some call "NAV management", which involves adjusting the expenses based on the returns made on the particular day. The Securities and Exchange Board of India's (Sebi's) diktat asking fund houses to disclose the total expense ratio (TER) of their schemes daily, however, may put an end to this practice. READ MORE12:06 PMMarket rout weighs on net asset values of most mutual fund schemes The top 10 holdings of equity MFs were not spared in the ongoing market carnage. Barring ITC, all other stocks with highest exposure have seen a drop in their stock prices between 4% and 9% this month. The top 10 stocks account for nearly a fifth of the total equity assets under management (AUM). The correction has weighed on the net asset values (NAVs) of most MF schemes. Mortgage firm HDFC has declined the most this month, followed by Reliance Industries. These two accounted for Rs 255 billion of equity MF AUM as of December 2017. Kotak Mahindra Bank and HDFC Bank, too, have seen their stock prices erode by nearly 7% each. In comparison, the Sensex is down 5.2% this month. ITC and Infosys are the only two stocks in the top 10 that have managed to outperform the market this month. READ MORE11:51 AMAshok Leyland, Shakti Pumps, Zydus Wellness, Jubilant Life hit 52-week high Ashok Leyland, Shakti Pumps, Zyndus Wellness, Excel Industries, FDC, Jubilant Life Sciences, Polaris Consulting & Services, Hinduja Global Solutions and Inox Leisure have hit their respective 52-week highs on BSE on Thursday. These stocks have trading higher by up to 19% today, extending their gain after reported a strong set of numbers for the quarter ended December 2017 (Q3FY18). READ MORE11:36 AMStock market correction: Investors should opt for large-cap and debt funds We were in the midst of a global bull market wherein some indices, such as the Dow Jones, gained nearly 1,000 points in about ten to fifteen days. Indian markets, too, saw the best rally one month prior to the budget presentation in over a decade with the indices gaining around 6% in January 2018. Clearly, global markets have been overbought as of January. The current correction seen in Indian equities is largely owing to the correction in global markets. That said, India remains a great structural story for the next 10 years. READ MORE11:22 AMMarket check
S&P BSE Sensex 34,536.69 Up 1.33% Nifty 50 10,591.40 Up 1.09% S&P BSE 200 4,627.30 Up 1.35% Nifty 500 9,318.75 Up 1.22% S&P BSE Mid-Cap 16,589.41 Up 1.46% S&P BSE Small-Cap 18,114.59 Up 2.16%11:17 AMBS Insurance Round Table 2018: Are IPOs the new game-changer for insurance industry? Watch Live
insurance11:13 AMFDC hits 52-week high as board approves buyback; strong Q3 results FDC hits a 52-week high of Rs 280, up 10% on BSE in early morning trade, extending its previous days 6% surge, after the company said that its board has approved the buyback proposal at a price of Rs 350 per equity share through tender offer. “The board approved the buyback of 3.43 million equity shares of the Company at a price of Rs 350 per equity share for an aggregate amount not exceeding Rs 1,200 million from the equity shareholders of the Company on a proportionate basis through the "Tender Offer" route,” FDC said in a regulatory filing. READ MORE10:54 AMSensex losers and gainers
10:42 AMBudget 2018 to aid growth, but with higher inflation, weaker fiscal balance With eight state elections in 2018 and the national election to follow by spring 2019, Finance Minister Arun Jaitley’s fifth Budget had to balance economic priorities against political imperatives. As a result (as Amartya Sen once commented on a paper decades ago), it has some good points and some not-so-good points. READ MORE10:33 AMGalaxy Surfactants gains 13% against issue price after quiet debut Galaxy Surfactants has moved higher to Rs 1,674, up 10% against its issue price of Rs 1,480 after making a quiet debut on the bourses. The stock opened 3% higher at Rs 1,520 on BSE and at Rs 1,525 on the National Stock Exchange (NSE). The Rs 9,370 million initial public offer (IPO) of speciality chemicals manufacturer Galaxy Surfactants received strong response and subscribed 20 times, the BSE data shows. READ MORE10:16 AMInsolvency rules tweaked to maximise bid value, period of restructuring cut The insolvency regulator has amended rules to prevent low bidding for stressed assets being restructured through the National Company Law Tribunal (NCLT). Through a notification, the Insolvency and Bankruptcy Board of India also virtually shortened the period for resolution professionals to present a resolution plan to NCLT from the present 270 days to 255 days. To prevent low bids, the regulator said two valuers will determine the liquidation value and the fair value of a company being restructured. Earlier, in one of the resolution cases, it was found that the valuation done by the valuer was incorrect. As a result, the resolution professional was changed and he appointed a new valuer. READ MORE10:01 AMCipla gains 7% on healthy operational performance in Q3 Cipla has surged 7% to Rs 608 on BSE in early morning trade after the company reported a healthy performance in December quarter (Q3FY18) with EBITDA (earnings before interest, tax, depreciation and amortization) margins improved 230 bps to 20.9% from 18.6% in year ago quarter and 19.7% in previous quarter. EBITDA margins have been improving continuously driven by cost optimization across all spend lines despite R&D getting stepped up to 7.6% of sales during the quarter, Cipla said in a press release. READ MORE09:45 AMGet ready for most cryptocurrencies to hit zero, says Goldman Sachs The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc’s global head of investment research. Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, Goldman’s Steve Strongin said in a report dated February 5. While he didn’t posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different tokens to move in lockstep wasn’t rational for a “few-winners-take-most” market. CLICK HERE FOR FULL STORY09:34 AMSebi permission for mutual funds, PMS in commodity derivatives soon The new managing director and chief executive officer of the National Commodity and Derivatives Exchange (NCDEX), Vijay Kumar, has assumed office at a time when the commodities market is set to enter a phase of heightened activity. Two weeks after his taking over, Finance Minister Arun Jaitley presented the Budget, in which he stressed the importance of commodity futures and options and developing an institutional mechanism for farmers to benefit from them and warehousing. READ MORE