3:52 PM Analyst View
Vinod Nair, Head of Research at Geojit Financial Services says: After a range bound movement the market suddenly spiked up towards the last hour of trade supported by renewed buying in beaten down stocks. Banking stocks grabbed investor’s attention on account of cabinet nod to oversee PSU banks consolidation. Global market remains supportive ahead of Jackson Hole meeting tomorrow which may hold the market direction in the absence of major domestic cues.
3:50 PM Nifty chart for the day
3:48 PM Banking and financial stocks rally
Banking and financial also contributed to the rally. Among private banks IndusInd Bank and ICICI Bank gained over 1.5% each while among PSU Banks PNB and Canara Bank were up 2.6% and 3.3% respectively. Nifty PSU Banks gained over 2% for the day.
3:44 PM Realty index up over 3%
The realty index was the top sectoral gainer, up 3.2% led by gains in IndiaBulls Real Estate, DLF, Delta Corp and HDIL
3:42 PM Top gainers and losers of Sensex
3:38 PM Broader Markets
Broader makrets outperformed the frontline indices with BSE Midcap and BSE Smallcap up over 1% each
Markets at close
The Sensex and Nifty were ended higher on Wednesday, gaining for second straight session with Nifty reclaiming the 9,850-mark, led by realty, banking and financial stocks. The gains, however, remained range-bound for want of fresh triggers after a tepid results season.
The S&P BSE Sensex ended the day at 31,568, up 276 points while the broader Nifty50 index settled at 9,852, up 87 points
Tata Power's Q1 profit from renewable business jumps 339% to Rs 142 cr
Tata Power on Wednesday said its renewable portfolio recorded a 329% jump in consolidated net profit at Rs 142.18 crore in the quarter to June 30, against the corresponding three months a year ago.
The renewable business capacity of Tata Power crossed 2,000 MW and non-fossil fuel portfolio stood at 3,144 MW, a 92 per cent increase from a year ago, it said in a statement.
SMS Pharma surges
SMS Pharmaceuticals has surged 20% to Rs 87.60 on BSE in intra-day trade after the successful inspection of Telengana plant by Japanese regulator.
The company successfully completed inspection by Pharmaceuticals and Medical Devices Agency (PMDA) Japanese Authorities for the manufacturing facility-Unit II, located in Hyderabad – Telangana.
Bearish operators tightening grip over gold futures
As gold prices hover around $1300 per ounce and Rs 29,000 per 10 gram in India, bearish operators are tightening their grip by raising speculative short bids in gold futures. Gold has faced resistance above $1300 last week and since then it fell below that while remaining in the tight range.
Hopeful of a rise in prices, Indian traders have increased bearish bets with open interest surging to above 11,000 lots from 9,000 in August. Out of these, top 10 long side open positions are 3,691 lots while short positions of top 10 traders are at 6,334 lots. Gold futures are actively traded on Multi Commodity Exchange(MCX).
In Asian markets, MSCI's broadest index of Asia-Pacific shares outside Japan inched up to a two-week high, before pulling back.
Financial markets have been buffeted in recent weeks by heightened tensions on the Korean peninsula, turmoil in the White House, and growing doubts about Trump's ability to fulfill his economic agenda.
Australian stocks were down 0.3% and South Korea's KOSPI gave back earlier modest gains to slip 0.1%.
Japan's Nikkei bucked the trend and rose 0.3%, lifted as the dollar strengthened against the yen.
Investors want Nilekani back on Infosys board
Domestic Institutional Investors (DIIs) have written a letter to Infosys seeking the return of co-founder Nandan Nilekani on the company’s board. Nilekani left Infosys in 2009 to take charge at the Unique Identification Authority of India (UIDAI), the implementing agency of Aadhaar.
The letter mentioned that Nilekani would be the right person to have a “resolution” to the ongoing issues between the board and the management as he is considered a credible leader among customers, employees and all the other stakeholders.
2:41 PM Banks lead
Banks were among the top gainers with private-sector lender IndusInd Bank rising 1.6%. Among state-run peers PNB and Canara Bank rose over 2.5% each.
Diversified miner Vedanta Resources said its quarterly core earnings rose about 48% as zinc production at its Indian unit jumped.
The company reported an 84% jump in mined metal content, comprised mainly of zinc, at its Indian unit to 233,000 tonnes for the first quarter ended in June 30.
The production jump boosted the unit's revenue by about 90% to $695 million.
BLS International Services rallied 18% to Rs 208 on BSE after the foreign institutional investor (FIIs) bought one percent point stake in the company through open market.
GMO Emerging Domestic Opportunities Fund had purchased 1.05 million equity shares or 1.02% stake in BLS International Services on Tuesday, August 22, at Rs 176.99 per share, the BSE bulk deal data shows.
1:57 PM Pfizer gains
Pfizer rose 2.46% to Rs 1,796.55 on BSE after report suggested that India has granted the company a patent for its blockbuster Prevenar 13, a vaccine that helps prevent pneumonia.
1:42 PM European markets
European markets opened slightly lower, as traders paused for breath after a global rally spurred by gains for tech shares on Wall Street.
The pan-European Stoxx 600 edged 0.14% lower shortly after the opening bell with almost all sectors and major bourses in negative territory.
At 1:21 pm, the Sensex was trading at 31,431, up 139 points, while the broader Nifty50 was ruling at 9,798, up 32 points.
Multiple factors in favour of gas utility companies
After posting a strong quarterly performance, Indraprastha Gas (IGL), Gujarat Gas and Mahanagar Gas are well-placed to clock robust growth in the coming years. While low gas prices are supporting demand, together with rupee appreciation, the two factors are propping up margins. READ FULL ANALYSIS HERE
12:49 PM Buzzing stocks
Shares of Kishore Biyani – led Future Group companies are on a roll with Future Lifestyle Fashions (up 8% at Rs 389), Future Consumer Products (up 8% at Rs 48) and Future Retail (up 5% at Rs 512) hitting their respective lifetime highs on the BSE. CLICK HERE FOR MORE
12:29 PM Buzzing stock
DLF has moved higher by 7% to Rs 189 on BSE in intra-day trade, after the company said that its board will meet on Friday, August 25, to consider stake sale in rental arm. READ MORE
ED mulls selling Vijay Mallya's shares in UB
The Enforcement Directorate (ED) has approached a special court under the Prevention of Money Laundering Act (PMLA) to sell the stake of beleaguered businessman Vijay Mallya in United Breweries (UB) and United Spirits (USL). READ FULL REPORT HERE
11:47 AM Buzzing stock
Shares of Gati rose 4% in Wednesday’s trade after the company said that its profit jumped more than three-fold to Rs 18.31 crore in June quarter. The company had reported Rs 5.11 crore profit in the corresponding quarter of last year.
What markets want to hear from Murthy
Can the concall inflict more damage to the already wounded Infosys?
Some experts do think so. At a broader level, however, they feel the call is primarily to address investor concerns and Narayana Murthy’s stand that has seen a massive erosion of shareholder wealth over the past few trading sessions. CLICK HERE FOR REPORT
Murthy postpones investor concall
Infosys co-founder N R Narayana Murthy has postponed investors’ concall to August 29, citing health reasons. CLICK HERE FOR REPORT
At 11:00 am, the Sensex was trading at 31,439, up 147 points, while the broader Nifty50 was ruling at 9,802, up 37 points.
10:54 AM Buzzing stock
Avenue Supermarts, which operates supermarket chain D-Mart stores, hit a new high of Rs 996, up 4% in intra-day trade, extending Tuesday’s 3% gain on the National Stock Exchange (NSE). The stock is trading at its highest level since listing on March 21, 2017. READ MORE HERE
Mayuresh Joshi, Fund Manager at Angel Broking writes key takeaways from Q1FY18 earnings. READ MORE
Nifty tops global markets in 2017
Despite falling more than 2% in August, the outperformance of the Indian market vis-à-vis other major developed and emerging continues. In 2017 so far, the benchmark Nifty has gained 26.5% in dollar terms – the highest by any major benchmark index globally. READ FULL STORY HERE
Six of 10 Nifty100 firms see earnings cut after Q1
Factoring in the likely disruption due to the introduction of the goods and services tax (GST), the Street had lowered its estimates for the June quarter (Q1) earnings. Yet, to the surprise of investors, the performance of more than six out of 10 CNX Nifty100 companies fell short of even these reduced estimates. READ FULL ANALYSIS HERE
9:47 AM Sectoral trend
All but two stocks were trading in green.
Fortis Healthcare rallied nearly 6% to Rs 150 after the company's promoters Malvinder and Shivinder Singh pledged 2.64 million more shares, representing about 0.5% of the share capital through Fortis Healthcare Holdings.
Meanwhile, Rekha Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala, on Tuesday purchased 45 lakh shares of Fortis Healthcare at Rs 134.6 apiece, totalling Rs 61 crore, through an open market transaction, data put up on National Stock Exchange of India website showed. READ FULL REPORT HERE
9:23 AM Market breadth
Market breadth, indicating the overall health of the market was positive. On the BSE, 813 stocks rose, 208 stocks declined, while 35 stocks remained unchanged.
9:21 AM Sensex heatmap at open
9:19 AM Broader markets
The BSE Midcap and the BSE Smallcap indices outperformed adding 0.6% each.
9:18 AM Markets at open
At 9:17 am, the S&P BSE Sensex was trading at 31,414, up 122 points, while the Nifty50 was ruling at 9,810, up 45 points.
The dollar edged higher against a basket of currencies on Wednesday, after getting a boost the previous day as investors adjusted positions ahead of a global central bankers' conference later this week.
The dollar index, which tracks the greenback against a basket of six major currencies, edged up 0.1% to 93.605, adding to its 0.5% gain from the previous day.
Murthy takes battle to investors today
Infosys co-founder N R Narayana Murthy has begun reaching out to investors in a bid to explain his stand on the public battle with the Infosys board and the management that led to the resignation of its first non-founder chief executive Vishal Sikka.
He would be holding an investors’ call later in the evening to explain why the values of the company he built have been diluted and how that is bad for Infosys in the long run. READ FULL REPORT HERE
BSE to delist 200 companies today
Stock exchange major BSE will delist 200 firms from its platform with effect from today.
According to the BSE, stocks of 117 companies that have remained suspended for more than 10 years would be "delisted from the platforms of the exchange" with effect from August 23, 2017. Besides, the scrip of 28 companies that have remained suspended for more than 10 years and are "under liquidation" would also be delisted from August 23, 2017.
9:02 AM Pre-open trade
The S&P BSE Sensex was trading at 31,365, up 73 points, while the Nifty50 was ruling at 9,814, up 49 points.
Stocks in news
Infosys, TataMotors, Bharti Airtel, Idea Cellular, Larsen & Toubro, Reliance Industries, DLF and Fortis Healthcare
Technical calls by Prabhudas Lilladher
Buy Apollo Hospitals with a target of Rs 1,200
Buy Aptech with a target of Rs 280
Today's picks by Devangshu Datta
Nifty outlook and technical calls by HDFC Securities
Hold longs with a stop loss of 9,685 on Nifty
Buy Radico Khaitan and Future Consumer
Asian stocks edged higher on Wednesday to extend a global rally spurred by gains for tech shares on Wall Street and miners in Europe, while the dollar was buoyant against the euro and yen ahead of a meeting of central bankers later in the week.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%. Australian stocks added 0.3% and South Korea's KOSPI gained 0.3%. Japan's Nikkei rose 0.8%, lifted as the dollar strengthened against the yen.
Wall Street on Tuesday
US stocks ended up on Tuesday, with each of the three major indexes posting their best one-day percentage gains in over a week, as lawmakers' comments on tax reform and the debt ceiling boosted investor optimism.
The Dow Jones Industrial Average rose 196.14 points, or 0.9% to 21,899.89, the S&P 500 gained 24.14 points, or 0.99% to 2,452.51 and the Nasdaq Composite added 84.35 points, or 1.36% to 6,297.48.
At 8:30 am, the SGX Nifty, Nifty futures being traded on Singapore Stock Exchange, was trading at 9,812, up 24 points.
8:38 AM Good Morning!
Welcome to Business Standard's market live blog.
First Published: Wed, August 23 2017. 15:30 IST