After a tough year, fund managers bet on mid- and small-caps for 2020

Mid and small-cap stocks, which had a difficult last year, can get their mojo back in 2020, say domestic fund managers. They expect the stocksof smaller-sized companies to start staging a strong recovery after the economy starts to respond to the government’s efforts to revive growth.
"Mid- and small-cap stocks can be attractive investment opportunities for the next year, following the lack of broader market participation for the last two years. Valuations have slid to reasonable levels, limiting further downside," says Anoop Bhaskar, head of equity at IDFC Mutual Fund (MF).
"Divergence between the Nifty and mid- and small-caps has been close to historical extremes. While it is difficult to spot the bottom, historically, broader markets tend to outperform for 18-24 months after such extremes are reached," says Pankaj Tibrewal, equity portfolio manager at Kotak MF.
In 2019, the BSE MidCap had slipped 15 per cent before the corporate tax cut in September led to market recovery. The BSE SmallCap had corrected more than 17 per cent during the same period. In 2018, the BSE MidCap had corrected 13.4 per cent, while the BSE SmallCap had corrected 24 per cent.
Whenever the price-to-earnings (P/E) valuation of small-caps has gone down to 40-45 per cent of the Nifty, there tends to be a bottoming out, say fund managers. The Nifty is currently trading at around 14.5 times its one-year forward P/E multiple.
After a tough year, fund managers bet on mid- and small-caps for 2020
Also, the share of market cap of the Nifty SmallCap is currently 5.3 per cent of the market cap of the Nifty, which is close to its lowest levels seen in six years.
"At close to these levels in the past, we have seen a bottoming out of mid- and small-cap stocks," says Bhaskar.
Amid weak sentiment, even quality mid- and small-cap stocks have come under heavy selling pressure, say market experts.

"Good quality stocks in this segment had to face collateral damage because they happened to be in this segment. Such stocks offer strong opportunities for next year," says Ambareesh Baliga, independent capital markets professional.
Further, higher liquidity in the banking system can help smaller companies, which tend to suffer when interest rates are on the higher side.
"There is enough liquidity in the overall banking system. This should lead to transmission of credit to the economy," says Tibrewal.
"These companies often find it difficult to convert their earnings before interest, tax, depreciation, and amortisation into profit before tax when interest costs are higher," adds Bhaskar. However, foreign investors are still circumspect of a strong broader market rally
"Narrow market performance should continue at least till mid-year as uncertainty stays high, but we must start reducing concentration risk," Credit Suisse said in a recent note.
Brokerages say that going ahead, revival of domestic economy will be crucial and on the global front, the trading relationship between the US and China will be a key factor to watch out for.

Market tanks as stimulus hopes dim; CEA asks companies to change mindset

Stocks slid more than 1.5% on Thursday as comments from key policymakers failed to assure investors that the government was serious about taking steps to revive economic growth.
A slowdown in Asia's third-largest economy has dampened demand for everything from cars to underwear, with the crucial automobile manufacturing sector hit particularly hard, prompting calls from companies for a fiscal stimulus.

Chief economic adviser Krishnamurthy Subramanian said companies should not depend on the government for a stimulus and need to change their mindset.
Subramanian said it would be a 'moral hazard' if the government were to use public money to cushion private losses, but added the government was serious about encouraging investment. He was speaking at an event in New Delhi on Thursday.
The central bank has already cut interest rates four times this year to boost credit to the private sector.
Speaking at the same event, the top bureaucrat in India's power ministry, Subhash Chandra Garg, said gross domestic product growth in April-June would likely be around 5.5%-5.6%.
The estimate from Garg, formerly the finance secretary, was lower than the 5.8% rate at which the economy grew in January-March, which was the slowest in over four years.
"Hopes of a stimulus have been dashed after certain statements from government officials hint that such a stimulus cannot come from the government," said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.
"The problem is that no one can gauge when this slowdown will witness a moderation."
The broader NSE index ended 1.62% lower at 10,741.35 after hitting a fresh six-month low, while the benchmark BSE index closed down 1.59% at 36,472.93.
The top decliner on the BSE index was private-sector lender Yes Bank Ltd, which fell 12%. The Nifty PSU bank index shed 3.66%, led by a 3.3% fall in State Bank of India.
Meanwhile, the rupee weakened 0.42%, hitting an eight-month low of 71.9750 against the dollar.
The Nifty information technology index was the lone gainer among the 14 Nifty sectoral indexes.
The Nifty real estate index ended more than 6% lower, with DLF Ltd falling 16.7% after a report said the Supreme Court had issued a notice to the real estate developer for allegedly suppressing material information from shareholders.
The NSE index has slipped 9.5% since hitting an all-time high in June amid weak corporate earnings, poorly received budget proposals and the slowdown in the automotive industry.
"Market participants ... are looking for structural reforms," said Anand James, chief market strategist at Geojit Financial Services. "Markets are pessimistic for the time being, and a V-shaped recovery is not expected."

Markets snap 9-day winning streak on late selling, fall in banking stocks

Stocks took a breather today after nine sessions of gains owing to a rush among investors to book profits towards the fag-end amid sustained foreign fund outflows even as global cues were positive.
The BSE Sensex, after resuming higher at 34,443.42, advanced to hit a high of 34,591.81 on buying by domestic institutional investors (DIIs) as well as retail participants.

However, investors preferred to lock in gains towards the close of the session, with the benchmark finally ending at 34,331.68, down 63.38 points, or 0.18 per cent.
The gauge had risen 1,375.99 points, or 4.17 per cent in the previous nine sessions.
Likewise, the 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20 after hitting the day's high of 10,594.20 and a low of 10,509.70.
It had gained 420.30 points, or 4.15 per cent in the past nine sessions.
Investor sentiment got a boost after the IMF yesterday said India is expected to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019, leaving its nearest rival China behind.
Index heavyweight HDFC Bank ended 0.8% lower, while Axis Bank ended 2.6% lower, dropping for a fourth straight session.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,512 shares fell and 1,141 shares rose. A total of 156 shares were unchanged.
Index heavyweight and cigarette major ITC gained 3.08% to Rs 276.
Most FMCG stocks gained. Godrej Consumer Products (up 5.27%), Britannia Industries (up 0.2%), Colgate-Palmolive (India) (up 0.94%) GlaxoSmithkline Consumer Healthcare (up 0.34%), Marico (up 0.25%), Tata Global Beverages (up 1.77%) and Bajaj Corp (up 0.59%) rose.
Jyothy Laboratories (down 0.03%), Hindustan Unilever (down 0.04%), Nestle India (down 0.45%) and Procter & Gamble Hygiene and Health Care (down 0.09%) edged lower.
Maruti Suzuki India shed 0.25%. Maruti Suzuki India during market hours today, 18 April 2018 said that the company has attained leadership position in utility vehicles sales in the domestic market in 2017-18, with over 27.5% market share. Riding on the success of models like Vitara Brezza, Ertiga and S-Cross, Maruti Suzuki's sale of utility vehicles reached 253,759 units in 2017-18, growing 29.6% over previous year sales of 195,741 units.
M&M lost 1.55%. M&M today launched the Plush New XUV500 in the premium SUV segment with a bold new design, plush, luxurious interiors and higher power and torque. It offers a more pleasurable ride through an enhanced suspension, and comes with a quieter cabin. Starting at Rs 12.32 lakhs (ex-showroom Mumbai, for W5 variant), it will be available at Mahindra dealerships across India with immediate effect. The announcement was made during market hours today, 18 April 2018.
Cement major ACC dropped 0.92% ahead of its Q1 March 2018 result today, 18 April 2018.
Lupin fell 1.76%. Lupin announced that it has received tentative approval from the United States Food and Drug Administration (USFDA) to market a generic version of AbbVie Inc's AndraGel, 1.62%. Lupin's Testosterone Gel is the generic equivalent of AbbVie Inc.'s AndroGel. The announcement was made after market hours yesterday, 17 April 2018.

Sensex ends at fresh closing high, up 251 pts, Nifty settles near 10,900

Benchmark indices ended at fresh closing highs for a third straight session on Friday, led by financial stocks amid improved investor sentiment after the government decided to cut tax rates on certain products and services.Benchmark indices ended at fresh closing highs for a third straight session on Friday, led by financial stocks amid improved investor sentiment after the government decided to cut tax rates on certain products and services.
The rates have been lowered after revenues dipped following the rollout of a landmark nationwide sales tax from July. Taxes on goods including used motor vehicles and precious stones, and services relating to mining and oil exploration, are among those that will be reduced from January 25.
Both indexes posted their seventh consecutive weekly gain.
Meanwhile, Asia stocks shook off losses on Wall Street and edged up to record highs on Friday following China’s announcement of faster-than-expected fourth quarter growth, while worries over a possible US government shutdown weighed on the dollar.CATCH ALL THE LIVE UPDATES03:41 PMNifty Bank ends at record high up 1.40%
03:39 PMSectoral Trend
03:35 PMSensex Top gainers and losers
03:33 PMMarkets at close Benchmark indices ended at fresh closing highs for a third straight session on Friday, led by financial stocks amid improved investor sentiment after the government decided to cut tax rates on certain products and services. The S&P BSE Sensex ended at 35,511, up 251 points while the broader Nifty50 index settled at 10,894, up 77 points.03:20 PMCrude oil prices at $60 conducive to revenue growth: Air India CMD Crude oil prices at around $60 per barrel is the "ideal" level for Air India to sustain its new-found revenue growth, the airline's Chairman and Managing Director (CMD) Pradeep Singh Kharola said. When asked about the surge in crude oil prices and its impact on Air India's revenue growth, Kharola told IANS: "I believe the airline is comfortable with oil prices being in the range of $60-65 per barrel." "Anything beyond this range will obviously erode our bottom line," he said at the company's HQ.
03:09 PMSatyam scam: SAT refuses to lift Sebi's two-year ban on Price Waterhouse The Securities Appellate Tribunal (SAT) on Friday said that Price Waterhouse could continue to service existing clients whose financial year started on January 1, 2018, but it refused to grant a stay on a two-year audit ban ordered by the market regulator. The markets regulator, Securities and Exchange Board of India (Sebi), had last week barred Price Waterhouse from auditing listed companies in the country for two years, after a probe into the nearly decade-old accounting fraud case at software services company, B Ramalinga Raju-led Satyam Computer, that became India's biggest corporate scandal. It had however allowed Price Waterhouse to continue auditing books for the current fiscal year ending in March. READ MORE02:55 PMSebi allows investment up to 25% in REITs/InvITs to attract investors To make REITs and InvITs more attractive, markets regulator Sebi has allowed strategic investors like registered NBFCs and international multilateral financial institutions to invest up to 25% of the total offer size of such trusts. "The strategic investor(s) shall, either jointly or severally, invest not less than 5% and not more than 25% of the total offer size," Securities and Exchange Board of India said in a circular. Read more
02:46 PMJubilant FoodWorks hits new high on solid Q3 performance Jubilant FoodWorks hit a new high of Rs 2,053, up 6% on BSE in intra-day deal, after the company reported a strong Same Store Growth (SSG) of 17.8% for Domino’s as against analyst’s expectation of around 8% in December quarter (Q3FY18). The company had recorded a negative growth of 3.3% in a year ago quarter. The company reported more than doubled net profit at Rs 660 million in Q3FY18 from Rs 200 million in the corresponding quarter of previous fiscal. Operating revenues grew 20.7% year on year (YoY) to Rs 7.95 billion over the previous year quarter. READ MORE02:30 PMHackers have walked off with 14% of big digital currencies Digital currencies and the software developed to track them have become attractive targets for cybercriminals while also creating a lucrative new market for computer-security firms. In less than a decade, hackers have stolen $1.2 billion worth of Bitcoin and rival currency Ether, according to Lex Sokolin, global director of fintech strategy at Autonomous Research LLP. Given the currencies’ explosive surge at the end of 2017, the cost in today’s money is much higher. “It looks like crypto hacking is a $200 million annual revenue industry,” Sokolin said. Hackers have compromised more than 14 percent of the Bitcoin and Ether supply, he said. READ MORE02:16 PMCigarette maker ITC's third-quarter profit rises 17%; beats estimates ITC Ltd, India's biggest cigarette maker, posted a 16.8% rise in its third-quarter profit on Friday, helped by a one-time gain. The company, which also makes consumer goods ranging from biscuits to skincare products, said its profit rose to Rs 30.90 billion ($484.53 million) in the quarter ended December 31, from Rs 26.47 billion a year ago. Read more Earnings impact
02:01 PMMarket CheckS&P BSE Sensex 35,378.16 Up 0.33% Nifty 50 10,830.30 Up 0.12% S&P BSE 200 4,775.74 Up 0.21% Nifty 500 9,645.80 Up -0.01% S&P BSE Mid-Cap 17,596.99 Up -0.18% S&P BSE Small-Cap 19,272.54 Up -0.07%01:47 PMManappuram Finance to discuss on investment proposals; stock rebounds 7% Manappuram Finance has moved higher to Rs 121, up 4%, bouncing back 7% from its intra-day low on the National Stock Exchange after the company said it called a board meeting in next week to discuss on investment proposals. The stock hit a low of Rs 113 in early morning trade before the announcement. “The board meeting of directors of the company will be meeting on Tuesday, January 23, 2018 at 11.00 am at Mumbai interalia to discuss on investment proposals,” Manappuram Finance said in a regulatory filing. READ MORE01:33 PMAdani Ports gain on brokerages upgrade Adani Ports and Special Economic Zone (APSEZ) was up 4% to Rs 430 on Friday, erasing most of its yesterday’s loss on BSE, after the brokerages upgrade the stock post December quarter (Q3FY18) results. On Thursday, the stock ended 4.4% lower at Rs 414 on BSE. APSEZ has posted an 18% year-on-year increase in consolidated net profit for the third quarter of 2017-18 financial year to Rs 9.94 billion while its consolidated income from operations grew 22% for the same period. Consolidated operating EBITDA (earnings before interest, tax, depreciation and amortization) increased by 46% to Rs 19.67 billion in Q3FY18 from Rs 13.44 billion in Q3FY17. The cargo volumes were up 16% during the quarter. Click here for full story01:15 PMRecapitalisation bonds for reviving state-owned banks won't have same tenure The Union government is mulling different tenures for its Rs 1.35-trillion recapitalisation bonds for reviving public sector banks. In doing so, the government may follow a different practice than the one adopted in its previous recapitalisation bond exercise in 1993-94 when it had a fixed tenure for all the bonds before they were converted into perpetual bonds. "The recapitalisation bonds may likely have different tenures so that when the redemption of bonds takes place, the government doesn't have to pay the entire amount at one go to the banks," said a senior finance ministry official. READ MORE01:00 PMUS SEC raises doubts about Bitcoin ETFs amid biggest cryptocurrency slump The US Securities and Exchange Commission (SEC) has questioned the prospects of bitcoin exchange-traded funds saying there are a significant number of investor protection issues about cryptocurrencies and related products that need to be examined. The issues need to be addressed before sponsors begin offering these funds to retail investors, the SEC said in a letter on Thursday to two trade groups. "We have asked sponsors that have registration statements filed for such products to withdraw them," the SEC said. READ MORE12:45 PMHDFC Bank Q3 net profit rises record 20% to Rs 46.43 billion HDFC Bank Ltd, India's second-biggest lender by assets, on Friday reported a record-high quarterly profit, helped by an increase in interest and fee incomes. Net profit rose 20 per cent to Rs 46.43 billion ($728.40 million) for the third quarter ended Dec 31, from Rs 38.65 billion a year ago. Read more
Earnings Impact

12:33 PMSectoral Trend
12:15 PMFranklin Low Duration Fund: Focus on high-yielding securities pays off Launched in July 2010, Franklin India Low Duration Fund features in the credit opportunities fund category of CRISIL Mutual Fund Ranking. The fund has been constantly ranked in the top 30 percentile (CRISIL Fund Rank 1 or 2) in the four quarters ended September 2017. Its month-end assets under management (AUM) increased from Rs 30.08 billion to Rs 55.86 billion in three years. Read more12:02 PMBiocon hits record high on collaboration with Sandoz Biocon hits a record high of Rs 564, up 4% on the National Stock Exchange (NSE), after the company entered into a global partnership with Sandoz to develop, manufacture and commercialise multiple biosimilars in immunology and oncology. Sandoz is a Novartis division and a global leader in biosimilars. “Under the terms of the agreement, both companies will share responsibility for end-to-end development, manufacturing and global regulatory approvals for a number of products and will have a cost and profit share arrangement globally,” Biocon said in a press release. Read more11:49 AMFDI in banks: More foreign money into banking system, so what? A market expert on a television channel jokingly said the CNX Nifty Bank index could someday become bigger than the BSE Sensex. On Thursday morning, with gains of about 500 points it seemed as though the joke could become true, thanks to reports that the government is considering increasing the foreign direct investment limit to 100% for private lenders and 49% for public sector banks. Read more11:31 AMCyient hits 52-week high post Q3 results Cyient hit a 52-week high of Rs 622, up 7% on BSE in early morning trade, after the company reported 1.3% quarter on quarter (Q-o-Q) dollar revenue growth at $152 million in December quarter. Services revenue grew 4.2% (4.4% in constant currency) on Q-o-Q was highest ever at $139.9 million. In rupee terms, revenue grew 1.9% to Rs 9.83 billion on sequential basis. Net profit for the quarter declined 2.4% Q-o-Q at Rs 1.09 billion without one offs. Click here for full story11:16 AMMarket CheckS&P BSE Sensex 35,411.66 Up 0.43% Nifty 50 10,851.30 Up 0.32% S&P BSE 200 4,785.33 Up 0.41% Nifty 500 9,681.45 Up 0.36% S&P BSE Mid-Cap 17,699.52 Up 0.40% S&P BSE Small-Cap 19,400.87 Up 0.60%11:02 AMOil prices fall over 1% on recovery in US output Oil prices dropped more than 1% on Friday as a bounce-back in US production outweighed ongoing declines in crude inventories. If Friday’s falls last, this week will see the biggest weekly price declines since October. Brent crude futures LCOc1 were at $68.46, down 85 cents, or 1.2%, from their last close. On Monday, they hit their highest since December, 2014 at $70.37 a barrel.10:45 AMAlembic gains on share buyback plan Alembic rallied 7% to Rs 63.20 on BSE in intra-day trade after the pharmaceutical company announced that its board will consider share buyback proposal on January 23, 2018. “The board of directors of the company also consider and approve, the proposal for buy-back of fully paid-up equity shares of the Company, which would include maximum amount, maximum number of equity shares, mode of buy-back and other matters incidental thereto,” Alembic said in a regulatory filing. Read more10:31 AMHigher crude oil prices will impact corporate earnings, say analysts The twin tailwinds of low bond yields and cheap crude oil that were driving equity markets in India, despite lacklustre corporate earnings, are now receding. Crude oil prices have more than doubled from the lows of 2016 pushing up India’s import bill and raising fears of a higher current account and fiscal deficit. A persistently higher deficit translates into a weaker rupee and higher consumer inflation. Bulls are also facing the heat from a steady rise in bond yields both in India as well as in the US. Click here for full story10:19 AMWonderla Holidays nears record high on GST rate cut Wonderla Holidays has surged 9% to Rs 424 on BSE in early morning trade after the Goods and Services Tax (GST) Council on Thursday cut rates on 83 employment-oriented goods and services. The stock is trading close to its record high of Rs 430 touched on December 23, 2015. Read more 10:02 AMWhatsApp earnings leak case: Axis Bank appoints agency to help with probe Private lender Axis Bank has appointed an external agency to probe the alleged leak of its June quarter earnings on social media platform WhatsApp. Sources said the private sector lender had appointed one of the Big Four accounting and audit firms to conduct a free and fair inquiry. Confirming the development, an Axis Bank spokesperson said, “The matter is under investigation and we are working with one of the leading experts in the field. Based on the outcome of the investigation, appropriate action, if necessary, shall be taken.” Click here for full story
09:48 AMNo proposal to hike FDI limit in Private Banks: Media Reports
09:31 AMIUC cut impact: Bharti Airtel Q3 net profit falls 39% to Rs 3.05 billion Pricing pressures and regulatory changes in the India wireless business continue to impact the operational performance of Bharti Airtel, which reported a 39% year-on-year (y-o-y) drop in its December quarter net profit at Rs 3.05 billion. Consolidated revenues, which include the company’s Africa business, fell 13% over the year-ago quarter to Rs 203.1 billion. While revenues were marginally lower than estimates, there was an over 10% gap between the Street’s bottom line estimates and the reported numbers. Read more Earnings impact
09:23 AMSectoral Trend

Markets settle at new high, Nifty ends above 10700; HDFC Group shares rally

Benchmark indices ended at  record closing highs on Monday led by stocks of private lenders, with better-than-expected growth in industrial output and a global equities rally boosting sentiment.Benchmark indices ended at  record closing highs on Monday led by stocks of private lenders, with better-than-expected growth in industrial output and a global equities rally boosting sentiment.
Industrial activity in the country, as measured by the Index of Industrial Production (IIP), brought some cheer, rising to a 25-month high of 8.4% in November from 2.2% the previous month.
Meanwhile, Inflation based on wholesale prices eased to 3.58% in December 2017 as prices of food articles declined even as fuel cost witnessed a surge. The inflation was 3.93% in November 2017 and 2.10% in December 2016.
Asia shares ex-Japan hit historic highs after Wall Street extended its record-breaking run as banks reported solid fourth-quarter earnings and robust retail sales drove investor optimism about economic growth.CATCH ALL THE LIVE UPDATES03:43 PMNifty Bank hits record high
03:38 PMSectoral Trends
03:36 PMSensex top gainers and losers
03:33 PMMarket at close
Benchmark indices ended at new closing highs on Monday led by stocks of private lenders, with better-than-expected growth in industrial output and a global equities rally boosting sentiment. The S&P BSE Sensex ended at 34,843, up 251 points while the broader Nifty50 index settled the day at 10,741, up 60 points03:19 PMPE investments jump 55% to all-time high of $24 bn across 591 deals in 2017 Private equity firms invested $23.8 billion across 591 deals in 2017, making it the biggest year for PE investments in India, says a report. According to deal tracker Venture Intelligence, the investment value is 39 per cent higher than the previous high of $17.1 billion (recorded in 2015) and 55 per cent higher than $15.4 billion invested during 2016. Read more03:10 PMInfosys Q3 results: Volume growth provides stability to performance The third quarter results of FY18 results for all IT companies will be driven by seasonality and hence will be muted as compared to the results posted in H1FY2018. We expect the top-tier companies to grow 0.9-2.5% Q-o-Q, during the quarter. Infosys was not expected to deliver any extraordinary results for the quarter, especially when the company had already downgraded its full-year guidance to 5.5-6.5% y-o-y CC growth, which implies an ask rate of 0.4-1.6% CC Q-o-Q growth for H2FY2018. For the quarter, we went with the expectations that the company will post 1% sequential growth in US dollar revenues to $2,755 million. EBITDA margins were expected to show a downtick of about 7bps Q-o-Q to 26.7%, while EBIT was expected to have a downtick of 39 bps Q-o-Q to end the period at 23.8%, towards the lower end of the guided 23-25%. Consequently, PAT was expected to be at Rs 35.9 billion, a dip of 3.7% Q-o-Q. Read more
03:03 PMKodakOne blockchain and crypto coin: A new kind of intellectual property? It’s easy to be a bit amused about Kodak’s new blockchain and cryptocurrency, the KodakOne. The old photography company is the classic case of a firm that failed to keep up with technological change. But now Kodak is exploiting one of the most interesting characteristics of the blockchain (the technology behind Bitcoin) to reshape how we understand and manage intellectual property. Read more02:46 PMLa Opala RG soars 12% on bonus issue plan La Opala RG has moved higher by 12% to Rs 694 on BSE in noon deal trade after the houseware company said that its board will meet on February 5, 2018 to consider issue of bonus shares. “In the next meeting of the board of directors of La Opala RG scheduled for 5th February, 2018, the board of directors may consider issue of bonus shares to the shareholders of the company which, if approved, will be subject to applicable regulatory provisions and the approvals of shareholders and others as may be required for the same,” La Opala RG said in a regulatory filing. Read more02:30 PMCapital expenditure done, Reliance Industries now eyes debt reduction In June 2011, at Reliance Industries’ (RIL’s) 37th annual general meeting (AGM), Chairman and Managing Director Mukesh Ambani had told shareholders that RIL would be a “debt-free” company. Ten months later, RIL was virtually debt-free on a net-cash basis at the consolidated level, after considering its cash and bank balances as well as investments. With its capital expenditure plan nearly completed, India's most valuable company is once again in a position in which it will start reducing debt. Click here for full story02:17 PMHDFC Group shares rally; HDFC, HDFC Bank, HDFC Standard Life hits new high Shares of HDFC Group companies were in focus with most of the frontline stocks – HDFC Bank, Housing Development Finance Corporation (HDFC) and HDFC Standard Life Insurance – hitting their respective new highs on the National Stock Exchange (NSE) in intra-day trade on Monday. These three stocks were up in the range of 2% to 7%, while Gruh Finance was trading 1% higher at Rs 510. On comparison, the Nifty 50 index was up 0.66% at 10,752 points at 01:55 pm. Read more
02:00 PMSoftBank mulls $18-bn Japan wireless unit IPO to fund its tech investments SoftBank Group Corp said on Monday it was considering listing its Japanese wireless business, seeking to raise a reported $18 billion in a move that would accelerate the conglomerate's transformation into one of the world's biggest tech investors. A spin-off – potentially the biggest IPO by a Japanese company in nearly two decades – would also give the unit more autonomy as well as help investors with valuing the business and its parent. Read more
01:44 PMHDFC: Impact of Fund raising
01:30 PMMarket Check
Index Current Pt. Change % Change S&P BSE SENSEX 34,873.36 +280.97 +0.81 S&P BSE SENSEX 50 11,224.88 +78.59 +0.71 S&P BSE SENSEX Next 50 37,527.41 -30.85 -0.08 S&P BSE 100 11,268.80 +64.22 +0.57 S&P BSE Bharat 22 Index 3,811.71 +4.46 01:16 PMSebi has approved appointment of Vijay Kumar as NCDEX MD & CEO Market regulator Sebi has approved appointment of Vijay Kumar as Managing Director and CEO of the countrys largest agri-commodity bourse NCDEX, a top official of the exchange said. Kumar, a former chief business officer at NCDEX, is likely to assume the office next week. The exchange's selection committee had picked his name for the MD and CEO's post from a list of 11 candidates. READ MORE12:58 PMMuthoot Capital Services zooms 20% on strong Q3 results Muthoot Capital Services was locked in upper circuit of 20% to Rs 799 also its record high on BSE, after the company reported a more than doubled net profit at Rs 157 million for the quarter ended December 2017 (Q3FY18). The company engaged in the business of financing had profit of Rs 64 million in the same quarter last year. Net interest income (operational revenue minus finance costs) grew 68% at Rs 730 million against Rs 434 million in the corresponding quarter of previous fiscal. READ MORE12:41 PMBull market in 2008 and now: Top five companies, valuation, and more It has been a decade since the 2004-08 bull market peaked. The benchmark BSE Sensex touched a record of 20,873 on January 8, 2008, before the meltdown triggered by the US subprime crisis, which led to the global financial crisis. Ten years on, a new bull market is underway for the Indian market. The Sensex has nearly doubled since its 2013 lows and is currently inching towards 35,000. The market currently trades above its long-term average and it compares favourably to the 2008 period. Read more
12:22 PMWe prefer large-caps that could gain from govt initiatives: Manish Kumar The past year’s rally in the markets has taken valuations to the higher end of the historical band. In an interview, MANISH KUMAR, chief investment officer (CIO), ICICI Prudential Life Insurance Company, tells Business Standard the mid- and small-cap space looks frothy. So, one has to be prudent in investment decisions. Click here for full interview
12:15 PMWholesale price index-based inflation eases to 3.58% in December from 3.93% in November 2017
12:02 PMSectoral Trend
11:44 AMHDFC hits record high as board approves Rs 130 billion fund raising plan Housing Development Finance Corporation (HDFC) hit lifetime high of Rs 1,832, up 4% on BSE after its board approved fund raising worth Rs 130 billion through a combination of a preferential allotment and Qualified Institutions Placement (QIP). The stock surpassed its previous high of Rs 1,805 touched on November 7, 2017 in intra-day trade. Read more11:30 AMNPA disclosure rules: Sebi keen on implementing a revised proposal The Securities and Exchange Board of India (Sebi) has approached the Prime Minister’s Office (PMO) and the Ministry of Corporate Affairs (MCA) to look into its proposal mandating listed companies to make public disclosures within a day of loan defaults. According to sources, the market regulator is keen on implementing its initial proposal with certain changes. The new rule was to come into effect in October 2017 but got deferred due to hurdles in its implementation. Read more11:17 AMPolaris Consulting surges on higher indicative price for delisting Polaris Consulting & Services hit a 52-week high of Rs 422, up 8% on BSE in intra-day trade, after Virtusa Consulting Services Private Limited (Acquirer), the promoter of the company set Rs 370 per share as indicative price for delisting of shares from the stock exchanges. The indicative price is 67.6% premium to Rs 220.73 per equity share, at which the acquirer 78.65% of the voting share capital of the company in March 2016 from the erstwhile promoters and public shareholders and it is 59.2% premium to the floor price of 232.37, as determined in accordance with the Sebi delisting regulations, Virtusa Consulting Services Private Limited said in a regulatory filing. Read more11:00 AMMarket Check

S&P BSE Sensex 34,921.63 Up 0.95% Nifty 50 10,768.35 Up 0.82% S&P BSE 200 4,793.41 Up 0.81% Nifty 500 9,737.90 Up 0.75% S&P BSE Mid-Cap 18,235.44 Up 0.54% S&P BSE Small-Cap 20,161.09 Up 0.84%10:40 AMBhansali Engineering Polymers up 5% on robust Q3 results Bhansali Engineering Polymers was locked in upper circuit of 5% at Rs 209 on BSE after the company reported nine-fold jump in net profit at Rs 291 million for the quarter ended December 2017 (Q3FY18), on back of strong operational income. The company engaged in specialty chemicals business had profit of Rs 31 million in the same quarter last fiscal. Read more10:23 AMRipple: it's a potential tech giant, not a Bitcoin-like cryptocurrency Ripple is nothing like bitcoin. Anybody who believes they are getting in on the next Bitcoin when buying Ripple is hugely mistaken. Ripple is not a cryptocurrency and should rather be viewed as a technology services provider which should ideally be listed on NASDAQ. Another aspect which Ripple enthusiasts forget is that, in many senses, Ripple is not truly decentralised and has a strong control over its inner workings. Ripple uses a novel "consensus algorithm" to validate transactions, and it requires computers to identify themselves and obtain permission to participate in the currency's network. This stands in stark contrast to Bitcoin, where any computer is allowed to join. Read more
10:09 AMIDFC - Capital First merger impact

10:05 AMCapital First hits 52-week high on merger with IDFC Bank Capital First hit a 52-week high of Rs 901, up 8% on BSE in early morning trade after the company engaged in financial services business announced that its board approved the merger of company with IDFC Bank. IDFC Bank and Capital First on Saturday, January 13, 2018 announced that the boards of directors of IDFC Bank and Capital First at their respective meetings held on January 13, 2018, approved a merger of Capital First with IDFC Bank. Pursuant to the merger which is subject to regulatory and shareholder approvals, IDFC Bank will issue 139 shares for every 10 shares of Capital First, the lenders said in separate filings to the exchanges. READ MORE09:51 AMP-notes investment drops to Rs 1.28 lakh cr in Nov Overall investments into the Indian capital market through participatory notes (P-notes) fell to Rs 1.28 lakh crore at November-end after witnessing a rise in the previous month. Total value of P-notes investment in Indian markets - equity, debt and derivatives - declined to Rs 1,28,639 crore at November-end from Rs 1,31,006 crore at the end of October, according to market regulator Sebi data.09:37 AMEarnings impact: Infosys
09:30 AMSectoral Trends