3:55 PM Market rundown by Vinod Nair, Head of Research of Geojit Financial Services
Outflow of foreign funds due to the concern on gap between high valuation & earnings growth and FEDs stance to trim their balance sheet impacted the market sentiment. Investors are also looking forward for the announcement of stimulus package by PM later today while at the same time concern on fiscal slippage influenced profit booking.
3:43 PM Metal stocks melt
Metal stocks cracked in today's trade dragged by losses in JSW Steel, JSPL, MOIL, NALCO, SAIL and Tata Steel, down between 1.8-4.3%
3:40 PM Nifty Bank extended losses for the third straight session. The index pared some losses but ended the session nearly 1% lower
3:38 PM Sectoral Trend
3:36 PM Top gainers and losers on BSE Sensex
3:35 PM Broader Markets
The broader markets underperformed the benchmark indices with BSE Midcap and BSE Smallcap down 1% and 2% respectively
3:34 PM Markets at close
Benchmark indices extended losses for the fifth straight session on Monday with both Sensex and Nifty ending nearly 1% lower for the day, tracking weakness in Asian peers, with index heavyweights Larsen & Toubro and HDFC Bank dragging down the indices.
The S&P BSE Sensex settled the day at 31,626, down 295 points while the broader Nifty50 ended the day at 9,872, down 91 points
Jaiprakash Associates to raise Rs 2,000 crore
Jaypee group's flagship company Jaiprakash Associates today said its shareholders have approved the proposal to raise up to Rs 2,000 crore through sale of securities.
The special resolution was approved by the shareholders at the company's annual general meeting held on September 23.
Crisis-hit Jaiprakash Associates had sought shareholders nod to raise up to Rs 2,000 crore through issue of securities via routes like qualified institutional placement (QIP).
In a BSE filing, the company said the proposal was approved by the shareholders as over 85 per cent of votes were polled in favour.
3:20 PM Buzzing Stock
Deepak Fertilisers and Petrochemicals rose 2.93% to Rs 376.40 on BSE after the company said it will set up an Iso Propyl Alcohol plant at Taloja with an investment of Rs 450 crore.
RBI spurns investors asking for higher yields
Of the bonds worth Rs 15,000 crore on offer to investors, the Reserve Bank of India (RBI) on Friday did not sell Rs 4,755.5 crore of those because of apprehensions on their part.
Investors are asking for higher yields because they fear fiscal conditions might deteriorate and more bonds might come in.
Of the bonds worth Rs 4,755.5 crore, the RBI did not sell Rs 3,840 crore of those maturing in 2031 and Rs 915.50 crore of the ones maturing in 2022. READ MORE
Novartis India slipped 8% to Rs 626 on BSE in the noon deals after the share buyback price announced by the pharmaceutical company disappointed the investors.
The company announced that its board has approved the buyback of 3.45 million equity shares representing 12.26% of the total paid-up equity share capital at a price of Rs 670 per share. The buyback price is 2% lower to its Friday’s closing of Rs 683 on BSE.
The buyback will be done on a proportionate basis through the tender offer and will cost Novartis India nearly Rs 231 crore. The promoters also intend to participate in the proposed buyback offer. READ MORE
2:50 PM Market Check
The benchmark indices pared some losses with Nifty50 reclaiming the 9,850 level.
At 2:51 pm, the S&P BSE Sensex was trading at 31,607, down 315 points while the broader Nifty50 index was ruling at 9,865, down 98 points
2:37 PM Realty index slips over 3%
RBI has been intervening to stem rupee's appreciation: Arvind Subramanian
The Reserve Bank of India (RBI) has been intervening to stem the rupee's appreciation, Chief Economic Adviser Arvind Subramanian said on Monday.
Subramanian said there was a "big" appreciation of the rupee between January and April which had adversely impacted Indian exports and the country's import-competing sectors.
2:07 PM Only 5 stocks on BSE Sensex were trading in green.
1:53 PM Europe check
European shares edged down on Monday as investors took a cautious view of the upcoming coalition tussle in Germany following elections in which Chancellor Angela Merkel secured a fourth term but saw her party weakened by a surge in support for the far-right.
The reaction on stock markets was more muted relative to currencies where the euro took a hit though most regional benchmarks were flat to lower as market players took the view that a coalition government in Germany could dent some hopes for stronger euro zone integration going forward.
The pan-European STOXX 600 was little changed while euro zone bluechips were down 0.1%. Germany’s DAX was also down 0.1%.
1:40 PM Coffee Day Enterprises slips
Coffee Day Enterprises fell 10.56% to Rs 207.40 on BSE after income tax department raids the company and its subsidiaries.
1:26 PM Sectoral Trend: All sectoral indices were trading in red dragged mainly by meta, realty and pharma indices
Firm prices in Q2 to benefit pan-India cement makers
Cement prices remaining firm on a year-on-year (y-o-y) basis in the seasonally soft September quarter (Q2) should accrue benefit for pan-India manufacturers and players focussed on Northern, Eastern and Western regions. Notably, analysts expect prices to hold ground going ahead as well, led by higher demand, thereby benefitting cement markers. READ FULL REPORT
Safety in SIPs, but trim optimism
SIPs, typically, are meant for investors who want to save for the long-term: for, say, a child’s education, to buy a house, or for retirement. So, it does require discipline, a lot of patience and consistent investment even during bad times. Otherwise, starting an SIP now, when the markets are high, will prove a wasted effort. READ FULL ANALYSIS HERE
These 13 stocks find no buyers
Bombay Dyeing & Manufacturing, HEG, Hindustan Futuristic Communications (HFCL), Goa Carbon and Autolite (India) are among 13 stocks from the BSE ‘A’ & ‘B’ group that have seen no buyers on the counters after surging over 50% in the last one month. READ FULL REPORT
12:23 PM Smallcap index underperforms
BSE Smallcap slipped over 2%, while the BSE Midcap was down over 1%.
12:10 PM Markets check
At 12:05 pm, the Sensex was trading at 31,610, down 311 points, while the broader Nifty50 was ruling at 9,863, down 100 points.
IPO fatigue for retail investors?
Retail investors seem to be developing fatigue for initial public offerings (IPOs), if one goes by the past few offers. The retail portion in the two big insurance IPOs — ICICI Lombard and SBI Life — was subscribed 1.22 times and 0.84 times, respectively. According to experts, many retail players who invest to make listing gains are not finding IPOs lucrative anymore, as companies are pricing the issues aggressively. READ FULL ANALYSIS
11:31 AM India is still a 'buy on dips' market: Macquarie Group
North Korea’s indication of testing a hydrogen bomb rattled global financial markets last week at a time when the US Federal Reserve (US Fed) decided to unwind its balance sheet, starting October. SANDEEP BHATIA, managing director and head of equity India, commodities and global markets, Macquarie Group, SAYS in a geopolitical event, India will be seen as a relatively safe haven within Asia. READ FULL INTERVIEW HERE
Sandeep Bhatia, MD & head of equity India, commodities and global markets, Macquarie Group
66 against the USD?
The recent sharp movement in the rupee-dollar exchange rate has come as a surprise to many importers, who were of the view that the local currency would continue to strengthen.
The recent level of Rs 63 a dollar could be a thing of the past, revealed a poll of 10 currency treasurers, bankers and economists by Business Standard on the possible exchange rate by the end of December 2017 and March 2018. READ FULL REPORT
11:05 AM Rupee trades weak
Rupee opened lower by 5 paise at 64.84 per dollar on Monday versus 64.79 Friday.
Shopper Stop surged 20% to Rs 500, also its 52-week high on BSE in early morning trade, after the company said its board has approved issue of 4.4 million equity shares to e-tail giant Amazon.com at price of Rs 407.78 per share on preferential basis. CLICK HERE FOR FULL STORY
Capacit'e Infra makes strong debut
Capacit’e Infraprojects Limited has made a strong debut in a weak market by listing at Rs 399, a 60% premium against its initial public offer (IPO) price of Rs 250 per share on the National Stock Exchange (NSE) and BSE. CLICK HERE FOR DETAILS
10:16 AM Nifty Metal index leading sectoral loser
Oberoi Realty rallied over 7% to Rs 437 after GlaxoSmithKline Pharmaceuticals said its board has approved the sale of around 60 acres of company land in Thane to Oberoi RealtyBSE 6.38 % for Rs 555 crore.
9:43 AM Top five losers on Nifty
9:36 AM Nifty breaks below 9,900
9:23 AM Top Sensex losers and gainers
9:22 AM Broader markets underperform
The BSE Midcap and the BSE Smallcap indices shed 0.6% each in early trade.
9:20 AM Markets at open
At 9:20 am, the Sensex was trading at 31,775, down 144 points, while the broader Nifty50 was ruling at 9,922, down 43 points.
FIIs on selling spree
Foreign investors remained in exit mode as they have pulled out nearly Rs 5,500 crore from stock markets so far this month due to geopolitical concerns and a tendency to take profit.
According to the latest depository data, the FPIs withdrew a net Rs 5,492 crore ($855 million) during September 1-22. However, they pumped in Rs 4,430 crore in debt markets during this period. READ MORE
At 9:05 am, the Sensex was trading at 31,986, up 64 points, while the broader Nifty50 was trading at 9,961, down 3 points.
9:06 AM Nifty outlook by Angel Broking
While there could be higher volatility, any pullback moves in the index in this week is likely to restrict the upmove around the resistances of 10,050 and 10,150. On Friday, the index has closed a tad above the support of 9,950, which if breached, could drag the index towards the daily ’89 EMA’ support in near-term which is placed around 9,770.
Prices are expected to decline further towards Rs 1,455 per quintal in the coming days. CLICK HERE FOR MORE
Trading ideas by Devang Shah
BUY Tech Mahindra
CMP: Rs 458.40
TARGET: Rs 500
STOP LOSS: Rs 430
Fiscal road map, dollar to dictate market direction
Indian markets, which posted their biggest fall in 10 months on Friday, are likely to remain under pressure in the coming days, as investors await more clarity on the country’s fiscal road map from the government. Meanwhile, strengthening of the dollar, escalating tensions between North Korea and the US, a fall in commodity prices are also expected to make global investors wary of risky assets like emerging markets, including India. READ FULL REPORT
Wall Street on Friday
The S&P 500 closed slightly higher on Friday even though Apple was a drag, as worries about Washington’s latest healthcare legislation proposal eased and investors shrugged off concerns about North Korea.
The Dow Jones Industrial Average fell 9.64 points, or 0.04% to 22,349.59, the S&P 500 gained 1.62 points, or 0.06% to 2,502.22 and the Nasdaq Composite added 4.23 points, or 0.07% to 6,426.92.
8:56 AM Asian markets
Asian markets were trading mixed. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.2% higher. Japan's Nikkei rose 0.6%, Australian shares climbed 0.4% and South Korea's KOSPI was flat. China's Shanghai Composite and Hong Kong's Hang Seng bucked the trend to lose 0.5% and 1%, respectively.
8:50 AM Singapore Nifty
At 8:45 am, the SGX Nifty was trading at 9,967, down 16 points or 0.17%.
8:49 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Mon, September 25 2017. 15:30 IST