4:03 PM Analyst View
Vinod Nair, Head of Research, Geojit Financial Services said: Market went to consolidation at 10k as high valuation and lack of fresh triggers influenced investors to stay on the sidelines. Positive sentiment and high liquidity will continue to support the market while any major disparity between earnings and current valuation could lead to consolidation.
3:48 PM Amara Raja Batteries gained 2% even after teh company reported a 23.58% decline in net profit at Rs 99.85 crore for the quarter ended June 2017 due to a steep rise in the cost of materials, besides other expenditure. The company's net profit stood at Rs 130.53 crore in the corresponding quarter last year.
Asian stocks advanced on Monday, taking their cue from Wall Street, while the dollar moderated but retained most gains made on stronger-than-expected July jobs growth and the promise of a US tax plan that will repatriate corporate profits.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5% while Japan's Nikkei was up 0.6%.
Chinese blue chips rose 0.1%, while the Shanghai Composite was flat. However, Hong Kong's Hang Seng climbed 0.4%.
South Korea's KOSPI was up 0.5%, while Australian shares surged 1%.
3:45 PM Top sectoral gainers and losers
3:43 PM Metal Index was one of the top sectoral gainers on the frontline indices, up over 1% led by gains mainly in Tata Steel (up 4%) ahead of the earnings folllowed by JSPL, SAIL, Hindalco and Coal India
Crude steel output in the first two months grew by 4.5 per cent to 16.4 million tonnes.
3:41 PM Oil and Gas stocks continued their rally for third straight session: HPCL, IOC, Petronet LNG, BPCL, Indraprastha Gas and Oil India gained between 1.25-6.1%
3:39 PM Top Sensex gainers and losers
3:37 PM Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap indice up over 1% each
3:36 PM Benchmark indices ended the day flat amid lack of any major domestic cues. Both the NSE Nifty and BSE Sensex hit record highs last week, raising concerns that factors such as positive earnings and hopes of an improving economy were already factored into prices.
The BSE Sensex ended at 32,273, down 51 points while the broader Nifty50 index settled at 10,057, down 9 points
3:16 PM Benchmark indices fall marginally in the last leg of the trade dragged mainly by IT stocks. Other laggards included NTPC, Dr Reddy's M&M, Tata Motors and Bharti AIrtel
3:10 PM Indian Hume Pipe advanced 3.19% to Rs 544.50 on BSE after the company said it has secured a work order of Rs 257.44 crore from Madhya Pradesh Urban Development Company.
At 3:00 pm, the Sensex was trading at 32,329, up 4 points, while the broader Nifty50 was ruling at 10,074, up 8 points.
In broader markets, the BSE Midcap and BSE Smallcap indices outperformed the markets, up over 1% each for the day
Eros International Media rose over 5% to Rs 220.80 on reports the company is in talks with US-based Apple Inc to sell its entire library of films and music for about $1 billion.
2:27 PM The Nifty IT index fell as much as 0.86% to its lowest in over a week. Tata Consultancy Services and Infosys led the losses, with both falling over 1%
2:04 PM Shares of Tata Steel gained over 4% to their highest in over six years. Later in the day, the company is expected to post a consolidated profit for the quarter-ended June, compared with a loss last year.
The dollar edged lower on Monday following sharp gains in the previous session, as investors focused on inflation data due this week that could determine the currency's longer-term trajectory.
The dollar index against a basket of six major currencies was 0.1 percent lower at 93.44 having climbed 0.75 percent on Friday. That was its biggest single-day rise of 2017 and pulled it away from 92.548, its lowest level since May 2016 that it marked on Wednesday.
Shares of Dabur India rose nearly 4 percent intraday on Monday as investors cheered the positive brokerage recommendations on the stock.
The fast-moving consumer goods (FMCG) major reported 10 percent drop in its consolidated net profit for the June quarter at Rs 265 crore against Rs 293.6 crore posted during the same period last year. It must be noted that there was a one-time loss of Rs 14.5 crore due to the provisions made for goods and services tax (GST).
At 1:00 pm, the Sensex was trading at 32,320, down 5 points, while the broader Nifty50 was ruling at 10,073, up 6 points.
12:24 PM Nifty Bank trades positive
The Nifty Bank index was trading 0.3% higher. The index lost 1.2% since last Tuesday as investors were disappointed after India's central bank maintained a "neutral" stance despite cutting interest rates by 25 basis points.
12:06 PM Nifty Realty (up 1%) was the leading sectoral gainer
11:44 AM Earnings impact
Britannia surged over 6% to Rs 4,140, its fresh 52-week high, after the FMCG major reported 1.5% decline in its consolidated net profit at Rs 216 crore vs 219 crore reported in the same quarter of previous fiscal year.
11:30 AM Value funds of one-year tenor falling under the equity category continue to be under-performers due to over exposure to sectors like IT and pharma that have missed the ongoing bull-run in the markets. CLICK HERE FOR FULL REPORT
Govt gears up for divestment drive
After a brisk start to the Centre’s 2017-18 disinvestment programme, the finance ministry’s Department of Investment and Public Asset Management (Dipam) has lined up a healthy pipeline to meet a highly ambitious target of Rs 72,500 crore. CLICK HERE FOR FULL REPORT
Tata Steel hits 52-week high
Shares of Tata Steel rose over 3% to hit fresh 52-week high of Rs 593 in early trade ahead of its first quarter results to be announced later in the day.
10:05 AM Markets check
At 10:00 am, the Sensex was trading at 32,315, down 9 points, while the broader Nifty50 was ruling at 10,067, up 1 point.
Govt launches new ETF
Market outlook by HDFC Securities
During the course of the week we will get manufacturing data from across the globe. In terms of results, 13 Nifty companies including Tata Motors, Tata Steel and SBI will report their quarterly numbers. Markets should be happy that the US continues to do add jobs in the ninth year of recovery. The economy added 2, 09,000 new jobs in the month of July. Analysts were expecting 1,75,000 job additions. The unemployment rate was knocked down to a 16-year low of 4.3%.
The better than expected job numbers nudge the US Fed to soon start contracting their balance sheet. However, it may not be before the September meeting of the FOMC. However, that will not adversely impact our markets. Expect the Nifty to gradually inch higher this week.
9:35 AM Sectoral trend
All but two sectors were trading in green.
9:31 AM Broader markets outperform
The BSE Midcap and the BSE Smallcap indices added 0.6% each, outperforming Sensex and Nifty.
Top Sensex gainers and losers
Jaiprakash Associates surged a whopping 16% to Rs 30 after the company on Saturday reported a standalone net profit of Rs 764.99 crore in the quarter ended June, on higher income and lower expenses incurred during the period.
9:20 AM Markets at open
At 9:19 am, the Sensex was trading at 32,377, up 52 points, while the Nifty was at 10,085, up 19 points.
Nifty outlook by Angel Broking
We expect the index to remain within a range of 10,150-9,944 for a while and hence, one should ideally continue focusing on individual stocks that are offering much better trading opportunities.
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9:09 AM Technical picks
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Nifty Outlook by Devang Shah
Short-term outlook for the market remains positive till Nifty trades above 9,709 levels and is expecting target of 10,400 levels in the short-term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and is expecting targets in the range of 12,000-12,200 levels in medium term. CLICK HERE FOR MORE
9:04 AM Commodity picks
Turmeric prices expected to continue to trade higher towards Rs 7,770 in the coming days. READ HERE MORE
9:02 AM Pre-open trade
At 9:01 am, the Sensex was trading at 32,498, up 172.61 points, while the broader Nifty50 was ruling at 10,095, up 29.45 points.
8:53 AM Asian markets
Asian stocks advanced on Monday, taking their cue from Wall Street's strong end to the previous week, while the dollar finally pulled ahead after stronger-than-expected jobs growth in July. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2% in early trade. Japan's Nikkei added 0.5%. South Korea's KOSPI climbed 0.3%, while Australian shares jumped 0.8%.
8:51 AM Singapore Nifty
At 8:50 am, the Nifty was trading at 10,104, up 3 points or 0.03%.
8:49 AM Good Morning!
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First Published: Mon, August 07 2017. 15:30 IST