3:20 PM Slips in trade
Bharat Petroleum Corp fell as much as 3.7% to its lowest in four weeks, after its September-quarter profit missed market estimates.
Asian markets wavered in Monday trade after US stocks closed mostly lower on Friday, with Japan's Nikkei 225 index ending lower for the fourth straight session.
The Nikkei 225 fell 1.32%, or 300.43 points, to close at 22,380.99 — its lowest close since October 31. Across the Korean Strait, the Kospi edged down 0.5% to end at 2,530.35
2:59 PM Buzzing stock
Shares of Vakrangee touched their 52- week highs, gaining 5% on the back of strong Q2 numbers.
Vakrangee has reported 13 percent jump in its Q2 (August-September) consolidated net profit at Rs 189.8 crore versus Rs 168 crore, in the quarter ended June 2017.
2:44 PM Nifty Energy index falls nearly 1%
Select hotel & restaurant shares gain on GST rate change
Shares of hotels & restaurant companies rallied up to 16% on the BSE in intra-day trade in otherwise subdued market after the Goods and Services Tax (GST) Council decided to reduce the tax rate for all restaurants, barring those in luxury hotels, to 5%, without any input tax credit.
Restaurants in hotels with room tariff of Rs 7,500 and above per day will attract 18% GST with full input tax credit.
Among the individual stocks, Royal Orchid Hotels hit a 52-week high of Rs 156, up 16%, and Speciality Restaurants rallied 8% to Rs 127 on the BSE in intra-day trade. READ MORE
Jaypee Infratech up 10% for second straight day
Jaypee Infratech was locked in upper circuit for the second day in a row, up 10% at Rs 15.22 on the BSE, after media report suggested that the company has received interest from 18 bidders.
In the past three trading sessions, the stock rallied 23% from Rs 12.34 on November 8, 2017, as compared to 0.07% decline in the S&P BSE Sensex. A combined 1.14 million shares changed hands and there were pending buy orders for 4.74 million shares on the NSE and BSE. READ MORE
1:55 PM Market Check
1:47 PM Buzzing in trade
Axis Bank jumped 1.8% to its highest since September 2016 after the bank said it will raise capital by selling securities to a group of investors including Bain Capital and Life Insurance Corp.
SBI extends gain post September quarter results
State Bank of India (SBI) gained nearly 4% to Rs 345 in intra-day trade, extending Friday’s 6% surge on the BSE, after the bank’s asset quality improved sequentially in September quarter (Q2FY18).
The gross non-performing assets (NPAs) declined to 9.83% in Q2FY18, as against 9.97% in Q1FY18. Net NPAs, too, fell to 5.43% of the net advances at the end of second quarter this fiscal, from 5.97% in the previous quarter. The bank’s slippage ratio accretion of fresh bad loans as a percentage of total loan book) declined to 1.85% in Q2, as against 5.38% in the June quarter. READ MORE
Abbott India soars 20% on strong Q2 results
Abbott India was locked in upper circuit of 20% at Rs 5,401, also its 52-week high on the BSE, after the pharmaceutical company reported a 83% year on year growth in net profit at Rs 137 crore in September 2017 quarter (Q2FY18).
It had reported a profit of Rs 75 crore in the same quarter year ago, and Rs 48 crore in previous quarter. Revenue from the operations grew 29% to Rs 931 crore in Q2FY18 from Rs 721 crore in the corresponding quarter of previous quarter. READ MORE
1:09 PM Buzzing stock
Hatsun Agro Product surged 20% to Rs 895, also its record high on the National Stock Exchange (NSE) after DSP Blackrock Mutual Fund bought more than one percentage point stake in the company through open market. READ MORE
12:45 PM Top five Nifty losers
12:43 PM Markets check
At 12:45 am, the S&P BSE Sensex was trading at 33,231, down 83 points, while the broader Nifty50 was ruling at 10,281, down 40 points.
India lags emerging markets pack in earnings surprise
More than half the companies in each of the major emerging markets (EMs) have announced their September quarter earnings. As a pack, the EM and Asia-Pacific (excluding Japan) region has managed to beat Street expectations. The MSCI EM and Asia Pacific (ex-Japan) index this year gained 32 per cent and 27 per cent, respectively. For the rally to sustain and valuations to remain in check, it is critical for companies in these regions to meet earnings expectations. READ FULL ANALYSIS
Motilal Oswal on SBI
We see the NPL cycle turning for SBIN, and expect the bank to reduce its net NPA to 3.1% by FY19E. SBIN is well capitalized, with a Tier-1 of 11%, which will enable it to utilize the capital infusion from the government for cleansing its books and thus report a prompt recovery. We build in capital infusion of Rs 120,00 crore in FY19 from recapitalization, revise our estimates (7% FY18 PAT estimate cut to account for higher credit costs) as we build in credit cost of 2.6%/2.1%/1.8% over FY18-20E, and estimate SBI to report net profit of INR316b in FY20. We maintain SBIN as our top Buy in the PSU banking space, with an SOTP-based TP of INR415 (1.4x Sep-19E ABV for standalone bank).
P-note investments hit 8-year low
Investments in the Indian capital market through participatory notes (P-notes) plunged to an over eight-year low of Rs 1.23 lakh crore at September-end in view of stringent norms put in place by regulator Sebi. READ FULL REPORT
Interview of the day
The centre is looking to raise at least Rs 8,000 crore this week by divesting holdings in 22 companies through the Bharat-22 exchange-traded fund (ETF). Nimesh Shah, managing director & chief executive of ICICI Prudential AMC, which is managing the ETF, believes that diversification across sectors poised to benefit from government policies and relative attractiveness to the benchmark indices will draw investors towards the new fund offer (NFO). READ FULL INTERVIEW HERE
Nimesh Shah, managing director & chief executive of ICICI Prudential AMC
RCom shares slump 9%
Reliance Communications shares fell more than 9% after the company reported a loss in the September quarter. Shares in the company were trading at Rs 12.80, down 9%. It dropped to a low of 12.75 earlier in the session. READ MORE
Axis Bank hits fresh 52-week high
Axis Bank hit a fresh 52-week high of Rs 565, up 4% on the BSE after the private lender's board of directors on Friday agreed raising of Rs 11,625 crore through the issue of preferential equity shares and convertible warrants to Bain Capital, Life Insurance Corporation of India (LIC) and others. The bank made announcement on Friday after market hours. READ MORE
10:48 AM Broader markets trade flat
The BSE Midcap and the BSE Smallcap indices were little changed from the previous close.
10:46 AM Markets check
At 10:46 am, the S&P BSE Sensex was trading at 33,230, down 83 points, while the broader Nifty50 was ruling at 10,283, down 38 points.
New India Assurance makes weak debut
The New India Assurance Company has listed at Rs 749, 6% below its issue price of Rs 800 per share offered to qualified institutional buyers (QIBs) and non-institutional investors (NIIs). The company issued shares at Rs 770, a discount of Rs 30 on the offer to retail individual investors and eligible employees. READ MORE
The September quarter outperformers
Here are some of the companies that attracted Mudar Patherya's attention during the September quarter of the current financial year: Torrent Power: If you think the power sector theme is passé, welcome to the outlier. CLICK HERE FOR DETAILS
9:41 AM Idea Cellular dips 6%
Idea Cellular shed nearly 6% to Rs 91 after the company announced that it and Vodafone India has approved the sale of their respective standalone telecom tower business to ATC Telecom Infrastructure Pvt.
The deal has been struck at an aggregate enterprise value of Rs 7,850 crore, Idea Cellular said in a BSE filing. The combined portfolio of Idea Cellular and Vodafone India consists of approximately 20,000 towers, with a combined tenancy ratio of 1.65 times as of June 30. READ MORE
Nifty outlook by Angel Broking
The immediate support for the Nifty index is placed around 10,260, which if breached could drag the index up to 10,180 (38.2% retracement level of the recent rally and the previous breakout level). On the flipside, the resistance is seen around 10,380 followed by the recent high.
9:27 AM Sectoral trend
9:21 AM Sensex heatmap at open
9:18 AM Markets at open
At 9:17 am, the S&P BSE Sensex was trading at 33,363, up 49 points, while the broader Nifty50 was ruling at 10,323, up 2 points.
9:12 AM Oil update
Oil trading was cautious on Monday amid ongoing tensions in the Middle East and after a rising rig count in the United States suggested producers are preparing to increase output.
Brent crude futures were at $63.58 per barrel, up 6 cents from their last close. US West Texas Intermediate (WTI) crude was at $56.81 per barrel, up 7 cents from its last settlement.
Technical picks by Angel Broking
Last Close: Rs 382.35
Soybean prices at the Indore market are trading at Rs 2,768 a quintal. Going ahead, prices are expected to trade with a positive bias and head towards Rs 2,800 a quintal.
Nifty outlook by Prabhudas Lilladher
Nifty has shown resistance at around 10500 levels and has witnessed some volatility with profit booking in some counters. As of now, Nifty has taken support at 10250 levels, which is also where the significant moving average of 34WMA lies. However, the support for the week lies at 10120 while resistance lies at 10460. As said earlier, a decisive breach of 10200 can bring about fresh selling and we may see more downside. READ MORE
Technical calls by Devang Shah
CLOSE – Rs- 178
TARGET – Rs 190-200
8:54 AM Wall Street on Friday
Wall Street ended marginally lower on Friday, with losses in Intel and Apple as investors worried about the future of promised corporate tax cuts following dueling plans unveiled by Republican lawmakers.
The Dow fell 0.17 percent to end at 23,422.21, while the S&P 500 slipped 0.09 percent to 2,582.3. The Nasdaq Composite edged up 0.01 percent to 6,750.94.
8:50 AM Asian markets
Asian markets were trading mixed. Japan's Nikkei dipped 0.6%, Taiwan's TSEC was flat, while China's Shanghai Composite and Hong Kong's Hang Seng gained 0.3% and 0.3%, respectively.
8:45 AM Singapore Nifty indicates flat start
At 8:45 am, the SGX Nifty was trading at 10,332, down 9 points or 0.09%.
8:44 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Mon, November 13 2017. 15:30 IST