3:35 PM Broader Markets
In broader makrets, the BSE midcap saw the biggest single ay fall in 2 weeks, ending 0.6% lower, While the BSE Smallcap index was a little changed.
3:34 PM Markets at Close
Benchmark indices ended lower with the Nifty50 settling below 10,250 and Sensex down over 450 points, the biggest single day fall in 2 months in Thursday's session after Apr-Oct fiscal deficit was reported at Rs 5.25 lakh crore, 96.1% of FY18 budget target.
The S&P BSE Sensex ended at 33,149, down 453 points while the broader Nifty50 index settled at 1,226, down 134 points.
India's Power Fin Corp lists its first green bond on LSE in two decades
India's Power Finance Corporation (PFC) has listed its first international bond in almost two decades on the London Stock Exchange to fund renewable energy projects in the country.
The 10-year dated green bond raised $400 million, paying a 3.75 per cent semi-annual coupon and listed on London Stock Exchange's new International Securities Market (ISM) this week.
"The funds raised will help promote renewable energy projects across the country and aid in achieving the government's target of 175GW of installed renewable energy capacity by 2022," said PFC chairman Rajeev Sharma. READ MORE
Interview of the day
Expect 10-12% rise for Sensex, Nifty in the next one year: Sundaram AMC CEO
With the benchmark indices gaining around 26 per cent so far this calendar year (CY17), Sundaram Asset Management Chief Executive Sunil Subramaniam, sayd that fund managers would find it tough to beat the market going ahead, as they would have more challenges to address. He expects a 15-20 per cent growth in the assets under management (AUM) for the industry over the next five years.
Buzzing in tarde
IL&FS gained over 6% intraday as investors bet on an award going in the company’s favour.
The company's subsidiary, Pune Sholapur Road Development Company (PSRDC) had invoked arbitration against National Highways Authority of India with respect to development, maintenance, and management of a highway in Maharashtra.
2:46 PM Fiscal Deficit data
Apr-Oct capital spend at Rs 1.62 lk cr vs Rs 1.25 lk cr YoY
Apr-Oct revenue spend at Rs 11.30 lakh cr vs Rs 10.26 lk cr YoY
Apr-Oct tax mop up at Rs 9.73 lk cr vs Rs 8.18 lk cr YoY
2:40 PM Fiscal Deficit data
Apr-Oct fiscal deficit at 96.1% of Rs 5.465 lakh cr FY18 Budget target; Apr-Oct revenue gap at Rs 4.01 lakh cr vs Rs 3.27 lakh cr YoY
2:33 PM Fiscal Deficit
Apr-Oct fiscal deficit at RS 5.25 lakh crore
2:29 PM Market Check
Tribhovandas Bhimji Zaveri dips 16% on disappointing Q2 results
Tribhovandas Bhimji Zaveri (TBZ) dipped 16% to Rs 116 on the BSE after the company reported 90% fall in its standalone net profit at Rs 80 lakh in September quarter (Q2FY18), due to poor operational performance. It had profit of Rs 7.89 crore in the same quarter last fiscal.
Total income from operations declined 27% to Rs 326 crore in Q2FY18 against Rs 447 crore in the corresponding quarter of previous fiscal. EBITDA (earnings before interest, taxes, depreciation and amortization) margin down to 5.29% in Q2FY18 from 3.66% in Q2FY17. READ MORE
Indian banks 2nd only to Chinese counterparts in exposure to risks: Moody's
Indian banks' exposure to risks has risen and is now second only to those in China in the Asia-Pacific (APAC) region due to large loans given to businesses having poor repayment capacity, ratings agency Moody's Investors Services has reportedly said.
According to a LiveMint report published on Thursday, the Moody's report said that while India's overall credit penetration remained low, its banks' exposure to corporate borrowers that have poor debt servicing capacity has increased the risks of defaults.
Further, the financial daily said while citing the agency's report, while in India, private sector credit as a percentage of the gross domestic product was the third lowest in the region, a significant part of it was owed by businesses that have poor repayment capacity. Private sector credit also includes debt owed by the private non-financial sector and households. READ MORE
Tea stocks extend rally; Goodricke Group, Warren Tea up over 50% in a month
Shares to tea producing companies continued their upward movement on expectation of rise in tea prices on the back of declining production.
Harrison Malayalam and McLeod Russel India were up more than 10% in intraday, while Jay Shree Tea, Kanco Tea, Dhunseri Tea, Goodricke Group, Warren Tea, B&A and Rossell India rose between 5% and 10%, against 0.84% decline in the S&P BSE Sensex.
In past one month, the stock prices of Goodricke Group, B&A, Diana Tea, Warren Tea and Harrisons Malayalam have zoomed more than 50%, while McLeod Russel India, Jay Shree Tea, Dhunseri Tea, Tata Global Beverages and Kanco Tea were up in the range of 25% to 48% on the BSE. READ MORE
10% growth challenging, India needs Rs 50 lakh cr investment: Arun Jaitley
India has standardised itself for a seven-eight per cent growth rate and it will need Rs 50 lakh crore in investments in the next five years, Finance Minister Arun Jaitley said on Thursday.
Further, stating that 10 per cent growth was a very challenging figure, Jaitley said that such a growth rate does not merely depend on domestic factors. He also said that India would eventually have to fall back on domestic demand.
Jaitley said that each of the government's reforms had a particular direction and that structural changes in the economy had been implemented. READ MORE
1:09 PM Markets check
At 1:07 pm, the S&P BSE Sensex was trading at 33,308, down 294 points, while the broader Nifty50 was ruling at 10,274, down 87 points.
Bitcoin a new 'Tulip Mania', say analysts
Having seen a 10-fold jump in one year, popular cryptocurrency, Bitcoin remains volatile – it continues to make the headlines and be a favorite for many. But the trends in Bitcoin mania have appeared a little confusing since Wednesday, with the cyptocurrency plunging nearly 20 per cent in less than 90 minutes – to a low of $9,009, within hours of crossing the $11,000-mark. On Thursday, again, Bitcoin was trading above the $10,000 mark, according to coinmarketcap.com. READ FULL REPORT
12:31 PM Nifty PSU Bank leading sectoral loser
12:16 PM Buzzing stock
Shankara Building Products (SBPL) hit a new high of Rs 2,081, up 7% on the BSE in an otherwise weak market after the company announced the opening of its 122nd store at Vijayawada.
The stock of a leading organized retailer of home improvement and building products in India has rallied 28% in the past three trading sessions from Rs 1,631 on Monday, as compared to 1% decline in the S&P BSE Sensex. READ FULL REPORT
12:03 PM Sensex heatmap in noon trade
Bajaj Auto hits new high
Bajaj Auto hit a new high of Rs 3,372, up 1.7% on the BSE in intra-day trade in an otherwise weak market. At 10:18 AM; the stock was the top gainer among the Sensex, up 1% at Rs 3,354. On comparison, the S&P BSE Sensex was down 0.69% at 33,371.
In past three months, Bajaj Auto has outperformed the market by gaining 22% against 5.5% rise in the benchmark index. READ MORE
11:08 AM Markets check
At 11:00 am, the S&P BSE Sensex was trading at 33,375, down 227 points, while the broader Nifty50 was ruling at 10,293, down 68 points.
McLeod Russel India extends losses
McLeod Russel dipped 6% to Rs 205 on the BSE intra-day trade, extending its Wednesday’s 3% decline, after nearly 10% of total equity of the company changed hands through block deal.
About 10.55 million equity shares representing 9.6% of total equity of McLeod Russel India have changed hands on the BSE, the exchange data shows. READ MORE
Nearly 70% of stressed SMEs face liquidation
Around 70 per cent of small and medium enterprises (SMEs) undergoing insolvency proceedings face liquidation, as their promoters are the only ones presenting resolution plans. The recent ordinance amending the Insolvency and Bankruptcy Code (IBC) virtually debars promoters from bidding for their stressed assets. READ FULL REPORT
10:14 AM All but Nifty Realty index are trading in red
Oil markets on tenterhooks ahead of OPEC meet
Oil markets opened cautiously on Thursday ahead of the outcome of an OPEC meeting in Vienna later in the day, with members set to debate the path for an extension of the group's supply-cut agreement.
The Organization of the Petroleum Exporting Countries (OPEC) will be meeting at its headquarters in the Austrian capital, along with ministers from other oil producing countries, most importantly Russia. READ MORE
Stocks of credit rating agencies lose sheen
Buoyant credit growth is essential not only for banks but also for credit rating agencies. In fact, demand for loans is their bread and butter. So, until the going was good, shares of CRISIL, CARE Ratings and ICRA were in vogue, even reckoned as all-weather ones.
Lately, however, these are losing the sheen. They underperformed the broader markets in the past 12 months. The twin problem of anaemic loan demand and a nearly 80 per cent reduction in rating subsidies for small and medium enterprises (SMEs) after the Union Budget significantly impacted them since the June quarter. READ FULL REPORT
Broader markets under pressure
The BSE Midcap and the BSE Smallcap indices shed 0.6% each.
9:28 AM Sensex heatmap at open
9:23 AM Markets at open
At 9:20 am, the S&P BSE Sensex was trading at 33,448, down 154 points, while the broader Nifty50 was ruling at 10,314, down 47 points.
Rollovers to December series
With a session left in November series, market-wide rollovers moved to 57% which is a tad higher compared to average rollovers of 55% (last three series). Market wide futures OI is ~INR 1.63tn as compared to ~INR 1.62tn on the D-1 of October expiry. Average roll levels across stock futures were ~48-50bps (cost to long rollers) in most of the names.
Nifty futures rollovers stand at 46% which is higher compared to the average rollovers of 42% (last three series). Nifty futures OI stands at INR 271bn (~26.2mn shares) as against the OI of INR 322bn (~31.3mn shares) on D-1 of the last series. Nifty futures roll levels (cost to long rollers) was ~37-38bps (screen levels of ~38points. Around 23.5k contracts got rolled today while ~2.7k contracts were unwound in the near month.
ESCORTS – BUY
CMP: Rs 703.50
Stop Loss: Rs 688
Target: Rs 745
Technical calls by Prabhudas Lilladher
CMP: RS 703.50
TARGET: Rs 750
STOP LOSS: Rs 650
Nifty outlook by Chandan Taparia
Nifty index failed to surpass 10,400 zones and corrected towards 10,345-mark. It formed a Bearish candle but has been consolidating between 10,340 and 10,410 zones from last four trading sessions. It requires a decisive range breakout to start the next leg of rally. Now it has to continue to hold above 10,350 to witness an up move towards 10,400, and then 10,450, while on the downside supports are seen at 10,300 then 10,250 zones. READ MORE
Derivative strategy on Nifty
NIFTY - BULL CALL SPREAD
BUY 1 LOT OF 10350 CALL @ 31
SELL 1 LOT OF 10400 CALL @ 13
Devangshu Datta ON Nifty, Bank Nifty, Asian Paints, TCS, Coal India
Bitcoin breaches $11,000, but fades after sharp rally
Bitcoin zoomed past $11,000 to hit a record high for the sixth day in a row on Wednesday after gaining more than $1,000 in just 12 hours, stoking concerns that a rapidly swelling bubble could be set to burst in spectacular fashion.
After soaring more than 1,000 per cent since the start of the year, bitcoin rose as much as 15 percent on Wednesday, but by mid-afternoon in New York, the virtual currency was trading at $9,500, down 3.7 per cent on the day on Luxembourg-based Bitstamp, one of the largest and most liquid cryptocurrency exchanges. READ MORE
Wall Street update
The Nasdaq was on pace for its biggest one-day drop in more than three months on Wednesday as investors bailed out of high-flying tech stocks and shifted bets to banks and other pockets of the market that could benefit from improving economic conditions, lower regulations and taxes, and higher interest rates.
The Dow Jones Industrial Average rose 94.78 points, or 0.4% to 23,931.49, the S&P 500 lost 2.61 points, or 0.10% to 2,624.43 and the Nasdaq Composite dropped 96.25 points, or 1.39% to 6,816.11.
Asian shares fell on Thursday, weighed down by a plunge in high-flying technology shares, a move that some see as a healthy correction after a strong rally but others believe may herald the peak of a “super cycle” that has been boosting the sector.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.5% with technology bellwether Samsung Electronics falling 2.9% to two-month lows.
Japan's Nikkei dipped 0.3% led by falls in Sony, Murata manufacturing and other technology shares.
Asia tech shares came under pressure after US hi-tech giants plummeted.
At 8:45 am, SGX Nifty, an early indicator of Nifty50 movement in India, was trading at 10,306, down 53 points or 0.52%.
8:46 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Thu, November 30 2017. 15:30 IST