3:45 PM Top Sectoral loser: Nifty Pharma
3:41 PM PSU Banks gain
3:37 PM Sectoral Trend
3:36 PM Top Sensex gainers and losers
3:34 PM Broader Markets
In broader markets, the BSE Midcap ended in negative while the BSE Smallcap settled 0.23% higher
Markets at Close
The S&P BSE Sensex ended at 33,561, up 83 points, while the broader Nifty50 was ruling at 10,342, up 15 points.
Asian markets rally
Asian shares joined a global rally to reach their highest in a decade on Wednesday as strong world growth and rising corporate profits lured hordes of investors into equities, while oil prices jumped closer to a recent 2-1/2 year top.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4% to Tursday's 1.3% rise - the biggest gain in eight months, supported by energy and technology sectors.
The index has been on an uptrend most of this year, posting a monthly loss only once in 2017. For the year so far, it is up about 33%, on track for its best annual performance since a 68% jump in 2009.
Hong Kong's Hang Seng index is up 35.5% year-to-date while China's CSI 300 has risen 27.4% so far in 2017.
PSU Banks jump on reports of bankruptcy code amendment
Shares of India’s top state-owned lenders surge: State Bank of India up as much as 2.7% and Punjab National Bank up as much as 3.5% on media reports that the central cabinet approved amendment to the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets.
European stocks hovered around the flatline on Wednesday morning as positive global sentiment eased.
The pan-European Stoxx 660 was 0.05% lower with most sectors suffering losses in early deals.
Future Group shares gain on expansion plans
Shares of Future Group companies, Future Retail, Future Lifestyle, Future Consumer, Future Market and Future Enterprises rallied up to 11% on the BSE in intra-day trade after the announcement of plans to open 10,000 member-only Easyday stores by 2022, utilising the technology and data of Alphabet Inc's Google and Facebook Inc. READ MORE
2:30 PM Market Check
At 2:30 pm, the S&P BSE Sensex was trading at 33,551, up 73 points, while the broader Nifty50 was ruling at 10,335, up 8 points.
Jaypee crisis: SC restrains JAL directors from alienating properties
The Supreme Court on Wednesday directed 13 directors, including five promoters of embattled Jaiprakash Associate Limited (JAL), not to alienate their personal properties and asked the firm to deposit Rs 150 crore and Rs 125 crore by December 14 and December 31, respectively.
A Bench, comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud, accepted a demand draft of Rs 275 crore by the real estate firm.
The Bench further restrained the directors from alienating the properties of their immediate family members and cautioned any violation of its directive would hold them liable for criminal prosecution. READ MORE
2:00 PM Buzzing in trade
Shares of Ramco System rose more than 3% intraday as it has received repeat order from LBC Express.
LBC Express Inc., Philippines has signed a multi-million dollar repeat order with the company to unify and automate its logistics and supply chain operations across its 1300 global branches and 121 warehouses, as per company release.
US inflation will soon rebound, but Fed 'very uncertain', says Janet Yellen
Federal Reserve Chair Janet Yellen stuck by her prediction that U.S. inflation will soon rebound but offered on Tuesday an unusually strong caveat: she is "very uncertain" about this and is open to the possibility that prices could remain low for years to come.
A day after announcing her retirement from the U.S. central bank, planned for early February, Yellen said the Fed is nonetheless reasonably close to its goals and should continue to gradually raise interest rates to keep both inflation and unemployment from drifting too low. READ MORE
Cipla shines in gloomy pharma pack, biggest beneficiary of faster approvals
In a matter of few days, Cipla has announced the approval for the launch of three key generic drugs in the US market, which has boosted its share price. Recent news apart, even in the past few months, Cipla has been among the top performing pharmaceutical stocks.
While Cipla getting approval for the launch of respiratory inhalation product in the US was the reason for Friday's cheer, the gains this week follow the announcement of approval of generic version of cancer drug, Dacogen.
Given the company's low base of US business, plans to ramp up its product pipeline for launch in the world’s largest healthcare market (US) and business prospects in other key markets, investors have been bullish on the company’s long-term prospects, and this interest is likely to remain high. READ MORE
Indian crude breaches $60 a barrel; are excise cuts coming?
With crude oil going above $60 a barrel and the Organisation of the Petroleum Exporting Countries (OPEC) expected to extend ouput cuts later this month, the Indian government faces a difficult decision to renew the excise reduction on transport fuels in this election season. READ FULL REPORT
Bitcoin has unusual relationship with volatility
Cryptoassets are showing the signs of a bubble. Market capitalisation is $222 billion, 16 times as much as a year ago, with no significant change in tangible economic value. The virtual currencies elicit investment excitement and breathless news coverage; sober analysis treating both technical issues and economic fundamentals is rarer. READ MORE
Shares of the Bangalore-based professional service provider TeamLease Services rose as much as 16%, the most since November 8, to record high of Rs 2,190 after T. Rowe Price International Small Cap Equity Trust bought stake in the company on Tuesday.
At 12:00 pm, the S&P BSE Sensex was trading at 33,565, up 87 points, while the broader Nifty50 was ruling at 10,344, up 18 points.
11:44 AM Top five gainers on Nifty
IPO: National Insurance to learn from others' setbacks
After seeing the tepid response to the initial public offers (IPOs) of equity from its two bigger peers, National Insurance plans to review its own strategy in this regard. The IPOs of New India Assurance (NIA) and General Insurance Corporation (GIC), both government-owned like National Insurance, failed to enthuse small investors.
National Insurance is planning its own IPO in March-April 2018. READ MORE
Maruti Suzuki, Bajaj Auto hit new highs
Shares of two automobile companies – Bajaj Auto (Rs 3,344) and Maruti Suzuki India (Rs 8,487) - have hit their respective new highs on the BSE in intra-day trade on Wednesday in otherwise subdued market.
At 10:59 AM; both these stocks were trading higher by 1% as compared to a marginal 0.13% rise in the S&P BSE Sensex. In past three months, Bajaj Auto (up 22%) and Maruti Suzuki India (13%) has outperformed the Sensex, which gained 7% during the period. READ MORE DETAILS
At 10:55 am, the S&P BSE Sensex was trading at 33,531, up 53 points, while the broader Nifty50 was ruling at 10,332, up 5 points.
Leather, footwear stocks in focus
Shares of leather and footwear companies were in focus, ralliying by up to 9% on the BSE in early morning trade on hopes of incentive package from the government.
Superhouse, Relaxo Footwear, Mirza International, Mayur Leather, Liberty Shoes, Bata India, and Khadim India were up in the range of 2% to 9% on the BSE. On comparison, the S&P BSE Sensex was up 0.30% at 33,578 points at 09:39 AM. READ MORE
Earnings growth worries
The July-September 2017 earnings of India Inc were muted as companies struggled to adjust to the goods and services tax that rolled out on July 1. While revenue growth was the second best in three years, profitability proved to be a major concern. The combined net profit for 1,852 companies declined by 2.6 per cent, year-on-year (YoY), even as revenue grew by 8.7 per cent. READ FULL ANALYSIS
NCC hits 52-week high
NCC hit 52-week high of Rs 115, up 6% on the BSE in early morning trade on back of heavy volumes after the company said consortium formed by it and BGR Infra has bagged coal mine project from NTPC to develop and operate around Rs 25,071 crore coal block in Chhattisgarh. READ MORE
9:47 AM Sectoral trend
How Moody's rating upgrade is boosting confidence in Indian bond markets
India's sovereign rating upgrade by Moody's is a shot in the arm for Indian companies looking to raise funds in offshore bond markets.
Driven by more attractive rates and relatively strong economic fundamentals among emerging markets, offshore dollar borrowing by Indian companies has already risen 32 per cent from the start of 2017 to $8.81 billion, according to Reuters data. CLICK HERE FOR MORE
9:25 AM Sectoral trend
Nifty Pharma, the biggest sectoral gainer in the previous session, opened in red, led by losses in Dr Reddy's and Sun Pharma.
9:22 AM Sensex heatmap at open
Markets at open
At 9:19 am, the S&P BSE Sensex was trading at 33,577, up 98 points, while the broader Nifty50 was ruling at 10,359, up 32 points.
Stocks in news
Reliance Industries, Bajaj Steel, CESC, Bank of Baroda, Dabur, India Grid, Adani Enterprises, SAIL and Lakshmi Vilas Bank etc
BUY MAHANAGAR GAS
CMP: Rs 1,113.75
TARGET: Rs 1,245
STOP LOSS: Rs 1,060
Nifty outlook by Prabhudas Lilladher
Market so far has maintained itself well above its near term support levels, with Nifty having a resistance at 10,385 & support of 10,200. The RSI on daily chart is on an up move indicating strength & potential to re-test the previous high. The support for the day is seen at 10,280 while resistance is seen at 10,370.
Buy TATA ELXSI
CMP: Rs 932
SL: Rs 890
Tgt: Rs 1000
Devangshu Datta on Nifty, Bank Nifty, Sun Pharma, Coal India, Tata Steel
8:59 AM Wall Street update
US stocks jumped on Tuesday, pushing all three major indexes to record closing highs, led by gains in this year’s top-performing technology sector.
The Dow Jones Industrial Average rose 160.5 points, or 0.69% to 23,590.83, the S&P 500 gained 16.89 points, or 0.65% to 2,599.03 and the Nasdaq Composite added 71.76 points, or 1.06% to 6,862.48.
Asian shares joined a global rally and scaled a fresh decade peak. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.6% to Wednesday’s 1.3% rise - the biggest gain in eight months, supported by energy and technology sectors.
The index has been on an uptrend most of this year, posting a monthly loss only once in 2017. For the year, it is up about 33 percent so far, on track for its best annual performance since a 68 percent jump in 2009.
Japan's Nikkei was up 0.8% on Wednesday and South Korea's KOSPI climbed 0.4%. Australia's benchmark S&P/ASX 200 index inched higher towards critical chart level of 6,000 points.
At 8:45 am, the SGX Nifty was trading at 10,382, up 25 points or 0.25%.
8:44 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Wed, November 22 2017. 15:30 IST