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MARKETS LIVE: Sensex falls over 100 pts, Nifty below 10,400; RIL down 1%

Catch all live market action here

SI Reporter  |  New Delhi 

Share prices get boost after buyback
Indian shares traded lower on Tuesday, weighed down by market heavyweights such as Reliance Industries and Infosys, with investors now focussed on September-quarter GDP data, due on Thursday

Asian shares also fell, stepping back from decade highs as Chinese stocks stumbled for a second straight session. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3%.


Investor confidence in China has been dented by rising bond yields as Beijing steps up its crackdown on shadow banking and other risky forms of financing. Higher borrowing costs threaten to squeeze corporate profits.

Back home, November expiry has been a mixed affair so far. Market-wide rollovers on the D-3 came in at 27% which is on the higher side compared to the average rollovers of 21% of the last three series. futures rollovers, meanwhile, stood at 32% which is also high compared to the average rollovers of 18% of the last three series. 

2:34 PM

Glenmark Pharma falls 3% as Baddi unit gets 7 observations from USFDA
 
Glenmark Pharmaceuticals dipped 3% to Rs 574 on the BSE in intra-day trade after the company said its Baddi unit gets seven observations from US health regulator.
 
“The US Food and Drug Administration (USFDA) issued seven observations through the form 483,” Glenmark Pharmaceuticals said in a regulatory filing.
 
The Baddi unit of Glenmark Pharmaceuticals underwent an US FDA audit from November 6, 2017 to November 11, 2017. The Baddi unit contributes approximately 10% of the revenue of US sales. READ MORE

2:17 PM

Buzzing in trade
 
Eris Lifesciences surged 5.13% to Rs 683.60 on BSE on reports a global brokerage house has initiated coverage with outperform call on the stock.

2:02 PM

Trai issues recos on net neutrality

Telecom regulator, TRAI, has issued recommendations on net neutrality. The two major recommendations are: 1) Internet service providers must not engage in discriminatory treatment of content, and 2) Licensee can't enter into an agreement that has any discriminatory content effect.
 
The Telecom Regulatory Authority of India (TRAI) on Tuesday also recommended an amendment to licence agreement with regard to internet services providers (ISPs), among other recommendations for the much-awaited net neutrality debate.

1:48 PM Top Sensex gainers and losers

Source: BSE

1:35 PM Broader Markets

The broader markets continued to outperform equity benchmarks in afternoon, with the Nifty Midcap index trading near its record high level.

1:26 PM

Q2 review: Nearly 45% of corporate results are above expectation
 
The June quarter of the financial year 2017-18 (Q1FY18) was a disaster due to de-stocking measures. However, the September quarter (Q2) was anticipated to be better given the low base and re-stocking activities. We thought that de-stocking was largely over but how much will be the revival is still yet to be known. Economic activities had started to improve and procedure of GST was getting better day by day. READ MORE

12:54 PM

Buzzing stock
 
Reliance Communications tanked 6.37% to Rs 12.50 at 9:19 IST on BSE after the company issued a clarification on media reports that China development bank is filing insolvency case against the company. READ MORE

The earnings of Anil Ambani's Reliance Communications slumped after Reliance Jio offered free calls and data plans.

12:36 PM

Reliance Securities on JK Lakshmi Cement
 
JK Lakshmi Cement (JKLC) surged over 4% in Monday’s range-bound market on the expectations of likely improvement in its profitability ahead due to various measures taken by the company.
  
While the recent ban of petcoke usage is expected to impact JKLC’s operational performance, visible improvement in Eastern realizations and healthy demand in its key markets are likely to nullify the impact to an extent.
 
Considering the initiatives undertaken to improve Eastern operations profitability by means of WHRS, CPPs, conveyor belt, railway siding and SGU in Orissa are likely to aid JKLC to improve its operational performance further in ensuing quarters.
 
We maintain our fundamental BUY rating on the stock with a Target Price of Rs 500.

12:28 PM

Dolly Khanna's portfolio
 
Half of the stocks in Dolly Khanna, the Chennai-based investor’s portfolio, have appreciated by up to 550% thus far in the current calendar year 2017 (CY17).
 
As of September 2017, Dolly Khanna holds more than 1% stake in 22 companies, as per data filed by these companies’ shows. Of these the market price of 11 stocks rallied more than 100% in CY17.

READ FULL STORY

11:51 AM

PSBs may face Rs 40,000-cr loss due to bad loans
 
Commercial banks wrote off about Rs 35,000 crore of bad loans in July-September, taking write-offs to Rs 65,800 crore in the first half of the financial year.
 
Credit costs — the amount set aside for bad loans and stressed assets — for ageing non-performing assets (NPAs) and National Company Law Tribunal cases would take provision coverage ratio to 58-60 per cent by the end of FY18, from 44.3 per cent at the end of March 2017, according to rating agency ICRA. READ FULL REPORT

11:33 AM Marketc check

At 11:32 am, the S&P BSE Sensex was trading at 33,654, down 69 points, while the broader Nifty50 was ruling at 10,383, down 16 points. 

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,662.73 -61.71 -0.18
 
S&P BSE SENSEX 50 10,828.60 -12.43 -0.11
 
S&P BSE SENSEX Next 50 35,952.09 +75.59 +0.21
 
S&P BSE 100 10,858.37 -6.71 -0.06
 
S&P BSE Bharat 22 Index 3,740.14 -24.53 -0.65

Source: BSE

11:32 AM

Morgan Stanley more bullish on China than India
 
Morgan Stanley has reduced the size of its overweight rating on India for 2018 to accommodate Brazil's upgrade to the overweight category where they expect a significant economic growth. China is its biggest overweight in the global context. READ MORE

morgan stanley, jonathan garner
Jonathan Garner, chief Asia and emerging markets equity strategist, Morgan Stanley

10:58 AM

Gas companies in a sweet spot 
 
With judicial action increasingly becoming negative on the use of pet coke, higher demand from industrial users should benefit gas companies. Industrial usage is expected to increase further with furnace oil and pet coke bans in the National Capital Region (NCR), Rajasthan, Uttar Pradesh and Haryana.
 
The industries are to shift to alternative fuels, including natural gas, to fulfil their energy requirements. READ FULL ANALYSIS

10:34 AM

Buzzing stock 
 
Rallis India surged 7% to Rs 246 on the BSE in early morning trade after the Franklin Templeton Mutual Fund bought nearly one percentage point stake in Tata Group Company for Rs 41 crore through open market. READ MORE

rallis india

10:16 AM

Goldman Sachs sets Nifty target of 11,600 for Dec 2018
 
Goldman Sachs expects the healthy run in the global equity markets, including India, seen this year to continue in 2018 as well. The US-based brokerage expects the benchmark Nifty to climb to 11,600 by the end of the next calendar year, implying a 12 per cent upside from current levels. The forecast is impressive, considering the 50-share index has already rallied 28 per cent in the past one year. READ MORE

10:03 AM Markets check

At 10:00 am, the S&P BSE Sensex was trading at 33,663, down 61 points, while the broader Nifty50 was ruling at 10,380, down 19 points.

9:53 AM

900% rise in a yr! Bitcoin surges past $9000
 
The price of bitcoin surged past $9,000 over the weekend for the first time, a rise of nearly 900% this year. Its rise is only getting faster.
 
Bitcoin rose as high as $9,682 Monday morning in Asia, meaning it has taken just seven days for the digital currency to go from $8,000 to $9,000, according to research site CoinDesk. That marks the fastest thousand-point rally in its short history, surpassing the eight days it took to go from $3,000 to $4,000, and the nine days it needed to go from $5,000 to $6,000. READ FULL REPORT

9:41 AM Bharat 22 ETF makes decent debut 

Bharat 22 Exchange Traded Fund (ETF) made a decent debut on the BSE by listing at Rs 36.30, a 0.91% premium over its issue price of Rs 35.97 per unit. 
 
The ETF touched a high of Rs 37.40 and low of Rs 35.97.

CLICK HERE FOR DETAILS

9:30 AM Sectoral trend 

sectors
Source: NSE

9:22 AM Sensex heatmap at open

heatmap
Source: BSE


9:19 AM

Markets at open
 
At 9:18 am, the S&P BSE Sensex was trading at 33,680, down 43 points, while the broader Nifty50 was ruling at 10,383, down 16 points. 

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,691.01 -33.43 -0.10
 
S&P BSE SENSEX 50 10,835.23 -5.80 -0.05
 
S&P BSE SENSEX Next 50 35,917.49 +40.99 +0.11
 
S&P BSE 100 10,862.33 -2.75 -0.03
 
S&P BSE Bharat 22 Index 3,753.18 -11.49 -0.31

Source: BSE

9:13 AM Stocks in focus 

Reliance Communications, Tata Power, Patel Engineering, Coal India, Punjab National Bank, and PNB Housing Finance etc

9:08 AM

Today's picks
 
Devangshu Datta on Nifty, Bank Nifty, Hindustan Petroleum, Axis Bank, NTPC
 

9:05 AM

Nifty outlook by Prabhudas Lilladher
 
Nifty has surged to move towards 10,400 with all indicators showing potential for further up move to projected target of 10,550. The support for the day is seen at 10,350 & resistance is seen at 10,450. As we are approaching the expiry of November Future contracts we may see some volatility. 
 

9:03 AM

Technical calls
 
BUY CAN FIN HOMES  
   
CMP: Rs 473.70        
TARGET: Rs 528    
STOP LOSS: Rs 450
 

8:56 AM

Bharat 22 ETF to make a debut on bourses today
 
The Bharat 22 ETF will be listed on the exchanges later today. The ETF, comprising scrips of 22 blue-chip companies, this month attracted robust bids, with the portion reserved for anchor investors getting subscribed six times to the tune of Rs 12,000 crore on the opening day.

8:51 AM

Wall Street on Monday

Wall Street’s major indexes ended little changed on Monday, retreating modestly from record highs set during the session, as gains for Amazon countered losses in shares of energy companies.
 
Investors also digested strong economic data, which showed sales of new US single-family homes unexpectedly rose in October to a 10-year high amid robust demand across the country.
 
The Dow Jones Industrial Average rose 22.79 points, or 0.1% to 23,580.78, the S&P 500 lost 1 points, or 0.04% to 2,601.42 and the Nasdaq Composite dropped 10.64 points, or 0.15% to 6,878.52.

8:49 AM

Asian markets

Asian shares stepped back from decade highs as Chinese stocks stumbled for a second straight session. Mainland stocks have jumped 22 percent in 2017, with the gains concentrated in a handful of large index-weighted stocks. The index was down 0.3% while Shanghai's SSE Composite index slipped 0.2% at 0221 GMT.
 
MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3% from last week’s high of 570.21 points. It was on track to end November in the black.
 
The index has been on an uptrend most of this year, posting a monthly loss only once in 2017.
 
Australian shares were flat while Japan's Nikkei rose 0.2%.

8:41 AM

Singapore Nifty
 
At 8:40 am, the SGX Nifty, an early indicator of Nifty50's movement in India, was trading at 10,396, down 21 points or 0.21%.

8:40 AM Good Morning!

Welcome to Business Standard's market liveblog. 

First Published: Tue, November 28 2017. 14:44 IST
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MARKETS LIVE: Sensex falls over 100 pts, Nifty below 10,400; RIL down 1%

Catch all live market action here

Catch all live market action here

Investor confidence in China has been dented by rising bond yields as Beijing steps up its crackdown on shadow banking and other risky forms of financing. Higher borrowing costs threaten to squeeze corporate profits.

Back home, November expiry has been a mixed affair so far. Market-wide rollovers on the D-3 came in at 27% which is on the higher side compared to the average rollovers of 21% of the last three series. futures rollovers, meanwhile, stood at 32% which is also high compared to the average rollovers of 18% of the last three series. 
image
Business Standard
177 22

MARKETS LIVE: Sensex falls over 100 pts, Nifty below 10,400; RIL down 1%

Catch all live market action here


Investor confidence in China has been dented by rising bond yields as Beijing steps up its crackdown on shadow banking and other risky forms of financing. Higher borrowing costs threaten to squeeze corporate profits.

Back home, November expiry has been a mixed affair so far. Market-wide rollovers on the D-3 came in at 27% which is on the higher side compared to the average rollovers of 21% of the last three series. futures rollovers, meanwhile, stood at 32% which is also high compared to the average rollovers of 18% of the last three series. 

image
Business Standard
177 22