Vinod Nair, Head of Research, Geojit Financial Services
Market continued to consolidate as investors wished to stay on the sideline ahead of key economic growth data. Q2FY18 GDP is likely to improve to 6.4% as per the consensus estimates while any extension in crude oil production cut in the upcoming OPEC meet will provide some volatility in the near-term. However, strengthening INR over USD and expectation for further upgrade in earnings after the good set of second quarter results will keep the sentiment positive.
3:42 PM Sensex heatmap at close
3:37 PM Broader markets
The BSE Midcap index was down 0.15, while the BSE Smallcap index remained little changed.
Markets at close
The S&P BSE Sensex ended at 33,602, down 16 points, while the broader Nifty50 was settled at 10,367, down 9 points.
Power Mech Projects rallied 10% to Rs 797 on the BSE in noon deal trade after the company received orders worth Rs 357 crore for infrastructure development work at Andhra Pradesh Medtech Zone Limited (AMTZ), an enterprise under the Government of Andhra Pradesh. CLICK HERE FOR DETAILS
3:15 PM Top five Nifty gainers in last leg of trade
At 3:00 pm, the S&P BSE Sensex was trading at 33,626, up 8 points, while the broader Nifty50 was ruling at 10,367, down 3 points.
RBI unlikely to change interest rates: Poll
The Reserve Bank of India is likely to leave interest rates unchanged at its December policy meeting and through the end of next year, despite expectations that inflation will breach its 4 percent target in the next few months, a Reuters poll showed.
The results, from a poll of economists taken over the past week, also found there is a bigger risk the next move is a cut, even though forecasts diverge in three directions starting from the second quarter of next year. READ MORE
Bitcoin makes history
Bitcoin is not at a size where it would pose a risk to the global economy, Bank of England Deputy Governor Jon Cunliffe said on Wednesday, as the virtual currency soared to a record high above $10,000 on major exchange.
The cryptocurrency has climbed 10-fold so far this year, the largest gain of all asset classes and prompting sceptics to warn it is a classic speculative bubble. READ MORE
2:11 PM Markets check
1:48 PM Buzzing stock
Wipro gained over 1% to Rs 297 as the IT major kicked off its mega Rs 11,000 crore share buyback plan.
The IT major will process the buyback through a tender offer route. An eligible shareholder can tender equity shares in the buyback during the tendering period which is from November 29 to December 13.
Apex Frozen Foods, Shankara Building hit new high
Shares of Apex Frozen Foods and Shankara Building Products rallied more than 300% against their issue price to trade at their respective new highs on the BSE.
Shankara Building Products (SBPL), a fledgling retailer of building materials, was up 8% to Rs 1,917, extending its Tuesday’s 9% surge on the BSE. The company made its debut on the stock exchanges on April 4, 2017, soared 316% from its issue price of Rs 460 per share. READ MORE
1:04 PM Buzzing in trade
ADF Foods rallied 14.83% to Rs 333 on BSE after consolidated net profit rose 89.1% to Rs 5.92 crore on 3.6% decline in net sales to Rs 48.16 crore in Q2 September 2017 over Q2 September 2016.
Oil falls on doubts over output cuts, surprise rise in US fuel stock
Oil prices fell on Wednesday on doubts OPEC and Russia will agree on an extended crude production cut that the market has priced in and after a report of an unexpected rise in US fuel inventories.
US West Texas Intermediate (WTI) crude futures were at $57.72 a barrel att 27 cents, or 0.5% below their last settlement.
Traders said WTI was pulled down by a report from the American Petroleum Institute (API) late on Tuesday which showed US crude inventories rose by 1.8 million barrels in the week to Nov. 24 to 457.3 million barrels.
DLF calls board meeting on Dec 1 to approve QIP, warrants issue
India's largest realty firm DLF has called a board meeting on December 1 to approve its proposals to issue equity shares to institutional investors and warrants or debentures to promoters.
DLF is required to launch QIP (qualified institutional placement) and also issue of warrants or debentures because of proposed infusion of about Rs 10,500 crore by promoters into the company.
Infusion of capital by promoters would lead to increase in promoters stake in DLF to more than 75 per cent. So, the company will have to launch a QIP to maintain the minimum public shareholding limit of 25 per cent. READ MORE
12:17 PM Buzzing in trade
IL&FS Engineering and Construction Company hit an upper circuit limit of 5% at Rs 46.55 on BSE after the company reported turnaround Q2 results.
IL&FS Engineering and Construction Company reported net profit of Rs 40.14 crore in Q2 September 2017 compared with net loss of Rs 81.59 crore in Q2 September 2016. Net sales fell 4.5% to Rs 340.84 crore in Q2 September 2017 over Q2 September 2016.
12:02 PM Market Check at 12
Nifty Realty index zooms 97% in 2017
The Nifty Realty and the S&P BSE Realty indices have gained more than 90% thus far in the calendar year 2017 (CY17), and is set to post their sharpest rally in the past one decade, on the back of an improvement in affordability, and multiple developments on the policy initiatives front.
Keeping behind demonetisation announced by the government in November 2016, the Nifty Realty index and the S&P BSE Realty zoomed 97% and 94%, respectively, so far in CY17. Both these indices hit their multi-year highs, and are set to record their biggest yearly gain since inspection.
By comparison, Nifty 50 and the S&P BSE Sensex are up 26% each thus far in CY17. READ MORE
Sebi slaps Rs 18 lakh fine on Linaks Microelectronics for violating norms
Markets regulator Sebi today imposed a total penalty of Rs 18 lakh on Linaks Microelectronics and its two promoters for not complying with shareholding disclosure norms.
According to a Sebi order, the firm and the two promoters — Anil Kumar Singh and Meena Singh — had not made relevant disclosures as required under the Prohibition of Insider Trading (PIT) Regulations and Substantial Acquisition of Shares and Takeovers (SAST) Regulations to the BSE.
The order has come following an investigation by the Securities and Exchange Board of India (Sebi) into the shareholding of Linaks Microelectronics during September to December 2014. READ MORE
GNA Axles falls 6% after 10% equity changed hand via multiple block deals
GNA Axles dipped 6% to Rs 384 on the BSE in intra-day trade after nearly 10% of total equity of auto ancillary Company changed hands on the counter via multiple block deals. READ MORE
10:47 AM Top Sensex gainers and losers
10:32 AM Market Check
Shalby to launch IPO next week, fixes price band of Rs 245-248 per share
Indian logistics provider Future Supply Chain Solution's initial public offering (IPO) of shares to raise up to Rs 6.5 billion ($100.9 million) will open next week, adding to what has been a record year for initial share sales in the country.
Griffin Partners and India's Future Enterprises Ltd, shareholders of Future Supply Chain Solutions, will sell up to 9.8 million shares in a price range of 660 rupees to 664 rupees each in the IPO that will be open for subscription from December 6 to December 8, according to a public notice.
At the upper end of the price band, the IPO will raise about Rs 6.50 billion. READ MORE
Technofab Engineering surges 20% on order win of Rs 281 crore
Technofab Engineering is locked in upper circuit of 20% at Rs 289, also its 52-week high on the BSE, after the company received an order in the domestic water sector valued at Rs 281 crore. The project is funded by Asian Development Bank.
The company said with this the order backlog stands at approximately Rs 2,000 crore of which the water sector now contributes close to 45%.
“This order gives a further impetus to the Company’s standing in the water sector, coming as it does, soon after securing orders in Bhutan and Uganda, and recently completed projects in Tanzania and Zimbabwe,” Technofab Engineering said in a statement. READ MORE
Lower commodity prices prop up India Inc
Lower commodity and energy prices translated into cumulative savings for listed companies of up to Rs 15.2 lakh crore ($233 billion) over the past five years. The biggest gains accrued to energy companies ($84 billion), automobile and consumer durables makers ($25 billion) and metal and mining companies ($65 billion).
The analysis is based on the quarterly results of 1,924 companies for the past five years. Expenses on raw materials and energy were the equivalent of 46 per cent of net sales of all listed companies during the April-June 2011 quarter. READ MORE
Indian economic growth set to end five-quarter slide: Reuters poll
Indian economic growth likely rebounded in the July-September quarter from the slowest growth in three years, with demand picking up modestly as the effects from a shock ban on high-value currency notes eased, a Reuters poll showed.
9:21 AM Sectoral Trend
9:19 AM Top Sensex gainers and losers
9:18 AM Broader Markets
In broader markets, BSE Midcap and BSE Smallcap indices were in line with the frontline indices, up 0.2% each
9:17 AM Markets Open
Benchmark indices open flat as Asian shares reversed earlier gains, held back by caution over the latest missile test by North Korea and concerns at recent softness in Chinese shares.
At 9:17 am the S&P BSE Sensex was trading at 33,660, up 41 points while the braoder Nifty50 index was ruling at 10,383, up 13 points
Nifty outlook by Prabhudas Lilladher
Market is finding it difficult to comfortably move past 10,400 levels in Nifty and at regular intervals is subjected to profit booking. Bank nifty too moved towards 26,000 levels and eventually witnessed profit booking. The support for the day is seen at 10,320 while resistance is seen at 10,415.
Top trading ideas from Prabhudas Lilladher
BUY INDIABULLS HOUSING FINANCE
CMP: Rs 1,200.05
TARGET: Rs 1,335
STOP LOSS: Rs 1,150
CMP: Rs 1,725.50
TARGET: Rs 1,850
STOP LOSS: Rs 1,670
CMP: Rs 41.05
TARGET: Rs 45
Stock recos for today's trade by HDFC Securities
Buy Green Ply
CMP: Rs 323.5
Target: Rs 365
Buy Salzer Electric
CMP: Rs 219
SL: Rs 206
Target: Rs 240
Hold longs on Nifty with a stoploss of 10,300: HDFC Securities
Nifty broke 8-day winning streak and closed with a loss of 29 points. Primary trend is still bullish and 10,300 is the level, which should be kept as a stop loss in trading long positions. Nifty has been facing resistance in the zone of 10,400-10,410 for last 3 sessions. Any level above 10,410 would extend the rally towards 10600 levels.
Bitcoin at all-time high, tops $10,000 in some exchanges
Virtual currency bitcoin soared to an all-time high above $10,000 on Tuesday on some smaller exchanges and digital currency indexes, but remained just below that milestone in major trading platforms such as Luxembourg-based BitStamp.
Created in 2009, bitcoin uses encryption and a blockchain database that enables the fast and anonymous transfer of funds outside of a traditional centralised payment system.
It has soared more than 900% so far this year, posting the largest gain of all asset classes, amid increased institutional demand for crypto-currencies as financial and mainstream use has expanded. READ MORE
The Nifty50 futures on the Singapore Stock Exchange were trading 18 points higher at 10388 indicating a positive opening for the domestic market.
Asian Markets reverse gains
Asian share markets were not as jubilant, held back by caution over the latest missile test by North Korea and concerns at recent softness in Chinese shares.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up just a fraction, while China’s blue chip index eased 0.5%.
Among the better performers, Japan’s Nikkei added 0.4%, while Australia’s main index rose 0.7%.
North Korean ballistic missile lands in the Sea of Japan: US
North Korea has fired an intercontinental ballistic missile which flew about 1,000 km before splashing down in the Sea of Japan, the US said on Wednesday.
This is the first such launch in two months which comes just a week after the US slapped fresh sanctions on the reclusive nation and declared it a state sponsor of terrorism. READ MORE
US markets end at record highs
Wall Street surged to record highs on Tuesday led by sharp gains in bank stocks. The Dow Jones Industrial Average rose 255.93 points, or 1.09%, to 23,836.71, the S&P 500 gained 25.63 points, or 0.99%, to 2,627.05 and the Nasdaq Composite added 33.84 points, or 0.49%, to 6,912.36. All three indexes ended at their respective record closing highs.
8:27 AM Good Morning!
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First Published: Wed, November 29 2017. 15:35 IST