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Markets pare losses to settle near day's high; Nifty ends above 10,050

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SI Reporter  |  New Delhi 

stock-market
The benchmark indices erased entire losses to settle near day's high thanks to gains in metal, oil & gas and banking stocks, while the pharma index was the sole sectoral loser. Almost all constituents of the Nifty pharma index, which shed as much as 2.5% intraday, were in red.

Overseas, European markets got off to an underwhelming start, with Britain's FTSE 100, Germany's DAX and France's CAC 40 all lower. The FTSE was nevertheless on course for its best week in two months, having been boosted by the latest tumble in the pound.


4:01 PM

Vinod Nair, Head of Research, Geojit Financial Services 
 
Market started with a negative bias due to profit booking while later the trend changed with renewed buying on index heavyweights. The pharma sector continued to face US regulatory & pricing pressure which refrained investors to give focus even at the low valuation. On the other hand, investors are watchful of the US employment data later today to take cues on the stability of US market.

3:59 PM

Bharat-22 ETF
 
The ETF will feature four banking stocks -- SBI, Axis Bank, Bank of Baroda and Indian Bank -- other than CPSEs such as Nalco, ONGC, IOC, BPCL and Coal India. Besides, there will be nine other PSUs as well as REC and PFC. SUUTI's holding in ITC has also been included. CLICK HERE FOR FULL REPORT

Second CPSE ETF to be more diversified

3:45 PM Top Sensex gainers and losers 

gainers1
Source: BSE

3:42 PM Market breadth

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,388 shares fell and 1,198 shares rose. A total of 172 shares remained unchanged. 

3:40 PM In the broader market, the BSE Midcap outperformed to gain 0.6%, while the BSE Smallcap index settled little changed. 

3:35 PM Markets at close

The Sensex ended at 32,325, up 87 points, while the Nifty50 closed at 10,066, up 52 points. Both indices settled the week marginally higher.  

3:30 PM IOC crosses Rs 2 lakh crore m-cap

The market capitalisation of Indian Oil Corp crossed Rs 2 lakh crore, surpassing ICICI Bank, Larsen & Toubro and Bharti Airtel. The stock was the top Nifty gainers, up over 10%.

3:21 PM Arun Jaitley on divestment roadmap 

Cochin Shipyard IPO one of the most successful in recent times

3:19 PM Arun Jaitley on divestment roadmap

Revised divestment target in FY17 Was Rs 45,500 crore, and we realised Rs 46,247 crore 

3:16 PM Arun Jaitley on divestment agenda

Bharat-22 ETF will have sectoral share capping of 20%. It will also have some holdings of SUUTI, CPSE ETF and PSU Banks. Single company stock cap in Bharat-22 ETF will be at 15%

3:14 PM Arun Jaitley on divestment rodemap  

Created new ETF under the name of Bharat-22 

3:13 PM Arun Jaitley on divestment rodemap

Have very stiff divestment target of Rs 72,500 crore for FY18 

3:11 PM Finance Minister Arun Jaitley on divestment rodemap

Have raised Rs 9,300 crore via divestment in FY18 so far

3:04 PM

Earnings impact

HPCL surged over 8% to Rs 429 after the public sector undertaking reported a Rs 924.75 crore net profit for the June quarter, less than half the Rs 2,098 crore net profit reported for the corresponding quarter of the last financial year.
 
The oil refiner also incurred a hit in Gross Refinery Margins. GRM for the quarter ending June 30 stood at $5.86 per barrel. The GRM was $6.83 per barrel in the last financial year.

HPCL

2:59 PM

European markets 
 
European markets opened mixed as investors monitored earnings reports and awaited US jobs report. FTSE 100 and CAC 40 were up 0.1%, while Euro Stoxx 50 was little changed.  

2:29 PM

HPCL Q1 earnings
 
PAT comes in at Rs 924.7 crore vs ₹2098 crore YoY
Gross Refining Margins (GRMs) at $5.86/bbl
Sales at Rs 59,891 crore vs Rs 51,600 crore YoY
 

2:17 PM All but Nifty Pharma index was trading in green in noon deals 

Sectors
Source: NSE

2:12 PM Markets check

At 2:10 pm, the Sensex was trading at 32,257, up 20 points, while the broader Nifty50 was up 26 points at 10,039. 

2:01 PM Earnings impact

Indian Oil Corp gained as much as 5% to Rs 406 after the company reported better-than-expected first-quarter profit on Thursday. 

IOC

1:22 PM

RIL snaps two-day gaining streak
 
Reliance Industries shed over 2% to Rs 1,615 and was one of the top five losers on the Sensex. The fall came after two consecutive sessions of gains as investors locked in profits. The stock hit a record high on Thursday. 

RIL

1:04 PM

Market Check
 
At 1:04 pm, the S&P BSE Sensex was trading at 32,168, down 70 points while the broader Nifty50 index was ruling at 10,010, down 3  points.

In broader markets, the BSE Midcap outpweformed markets, up 0.1% while BSE Smallcap index was little changed.

12:46 PM Top Sensex gainers and losers

Source: BSE

12:05 PM

Govt looking to sell up to 25% stake in four defence companies

According to a Reuters report, the government of India is considering selling up to 25% of its stake in four state-owned companies under the control of the department of defence through an initial public offering, a public notice showed on Friday.
 
The government has invited proposals for the IPO by 3 pm on Aug. 18. The government is looking to sell stakes in Mazagon Dock, Bharat Dynamics, Garden Reach Shipbuilders & Engineers and Mishra Dhatu Nigam.

11:46 AM

Biocon has slipped 8% to Rs 347 after the US Food and Drug Administration (FDA) issued Form 483 with 10 observations after inspecting the company’s Bengaluru plant. 
 
Biocon on Monday, On July 31, 2017, said that this USFDA visit was a part of the regular periodic audit for small molecule injectable.
 
The company has responded to the regulator with a corrective and preventive action plan and is on track to implement them in timely manner, the company spokesperson said in response to media queries regarding the USFDA visit to Biocon in the month of May/June 2017.

CLICK HERE FOR MORE DETAILS

11:45 AM Pharma stocks drag

Shares of pharmaceutical companies were trading under pressure with the frontline stocks like Sun Pharmaceutical Industries, Lupin and Dr Reddy’s Laboratories hitting their respective 52-week lows in morning trade.

11:18 AM

Ceat tanks

Shares of Ceat tanked 8% on the BSE after the tyre maker reported a 98.6% decline in its consolidated net profit at Rs 1.38 crore for the June quarter due to destocking by trade partners ahead of the GST rollout and higher expenses. 
 
The company had posted a net profit of Rs 103.26 crore during the corresponding period of the previous fiscal, Ceat said in a BSE filing.

11:08 AM In broader markets, BSE Midcap and BSE Smallcap indices fell 0.4% and 0.2% respectively

10:42 AM Market Check

At 10:42 am, the S&P BSE Sensex was trading at 32,133, down 104 points while the broader Nifty50 index was ruling at 10,000, down 13  points

10:26 AM Titan Company hit a record high of Rs 616, up 10% on BSE in early morning trade, after the company’s consolidated net profit in June quarter nearly doubled at Rs 238 crore, on back of healthy growth in jewellery business. Tata Group Company had profit of Rs 121 crore in the same quarter last fiscal.

10:14 AM

RBI likely to cut rates again by 2017-end: Chris Wood of CLSA
 
There is more room for the Reserve Bank of India (RBI) to cut rates even after the recent 25 basis point (bps) cut earlier this week, and it is likely that the central bank will do so one more time before the end of calendar year 2017 (CY17) given the high real interest rates in India, writes Christopher Wood, managing director and equity strategist at CLSA in his weekly note, GREED & fear.
 

9:59 AM PNB Housing Finance surged 6% to Rs 1,533 on BSE in early morning trade after the company reported a robust 93% year on year (YoY) jump in net profit at Rs 185 crore in June quarter (Q1FY18), on back of strong net interest income. The housing finance company had logged profit of Rs 96 crore in the same quarter an year ago.

9:37 AM

Videocon fell 2% after a media report said that a SBI-led consortium of lenders has ordered a forensic audit of of the company.  The move is preliminary to the start of debt restructuring after Videocon defaulted on loans worth Rs 43,000 crore.

Videocon

9:35 AM Ahead of earnings

Sobha rose 1%, Andhra Bank was up 1%, HPCL gained 0.5%, Fortis Healthcare advanced 0.7% while Apollo Tyres lost 2.5% and M&M shed 0.6% ahead of their Q1 earnings results

9:32 AM Mercator gained 3.17 % after a media report suggested that the company has shown preliminary interest in acquiring state-owned Dredging Corp.

9:31 AM Pharma stocks under pressure

Pharma stocks remained under pressure with Nifty Pharma index down almost 2%. All except 1 stock were trading lower in the index. 

Source: NSE

9:23 AM Top gainers and losers on BSE Sensex

Source: BSE

9:20 AM In broader markets, BSE Midcap index underperformed the benchmark indices, down 0.4% while BSE Smallcap fell 0.1%

9:18 AM Benchmark indices opened marginally lower on Friday with Nifty50 testing its crucial-10,000 mark amid lack of any major cues. Investors remained on edge as the Street remained disappointed with Reserve Bank of India's 25 bps rate cut. 

At 9:18 am, the S&P BSE Sensex was trading at 32,205, down 31 points while the broader Nifty50 index was ruling at 10,005, down 8 points

9:09 AM Benchmark indices trade marginally lower in the pre-open trade with the Nifty50 index testing 10,000 levels amid lack of any major cues

9:03 AM

Option Strategy on Nifty by Motilal Oswal Securities
 
NIFTY – BEAR PUT SPREAD
 
BUY NIFTY 10100 PUT
 
SELL NIFTY 9950 PUT

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8:58 AM Technical view

Chandan Taparia of MOSL

Nifty has broken its rising support trend line by connecting the recent swing lows of 9,543, 9,646, 9,838 and 9,944. Now, if it sustains below 10,050, then profit-booking could continue towards 9,950-9,928 zones while on the upside hurdles are placed at 10,080 then 10,120 levels.

Click here for stock recommendations

8:55 AM Stock recos from Prabhudas Lilladher

BALRAMPUR CHINI - BUY 
     
CMP: Rs 175.40    
TARGET: Rs 220    
STOP LOSS: Rs 155
 
FORTIS HEALTHCARE - BUY  
  
CMP: Rs 163.30        
TARGET: Rs 200     
STOP LOSS: Rs 145
 
POWER FINANCE CORP - BUY     
 
CMP: Rs 126.30       
TARGET: Rs 138      

8:53 AM

Nifty outlook from Prabhudas Lilladher
 
The daily trend in Nifty has turned down since 2 days, also RSI in the daily chart has started showing signs of reversal, whereby view now turns to corrective. The support for the day is seen at 9960 while resistance is seen at 10,050. We maintain a cautious view as a break of 9,950 in Nifty would drag it to 9,850, which also is our weekly support.

8:47 AM

Commodity check
 
Oil prices remained under pressure following losses overnight. Persistent concerns about high crude supplies from OPEC offset the previous day's data showing record US gasoline demand.
 
US crude was little changed at $49.04 a barrel, after sliding 1.1% overnight, putting it on track for a weekly loss of 1.3%.
 
Global benchmark Brent slipped 0.1% to $52.01, extending Thursday's 0.7% loss, headed for a 1% weekly decline.

8:46 AM

SGX Nifty
 
The Nifty50 futures on the Singapore Stock Exchange were trading 6 points lower at 10,036 indicating a flat opening for the domestic market.

8:45 AM

Global Markets
 
MSCI's broadest index of Asia-Pacific shares outside Japan was marginally higher, with many investors reluctant to stake out fresh positions ahead of US job data later in the global day. The index was poised to rise 0.2% for the week, taking its gains for far this year to nearly 24 %.
 
Japan's Nikkei dropped 0.4% on a stronger yen, and looked set to end the week little changed. South Korea's KOSPI, which closed at a 3-1/2-week low on Thursday, recovered 0.3%. It is down 0.4% this week.
 
Overnight, the S&P 500 and the Nasdaq fell on Thursday, weighed down technology stocks, while the Dow Jones Industrial Average edged up to a seventh straight record high.

8:45 AM Good morning and welcome to market's live blog. Catch all the market action here.

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Markets pare losses to settle near day's high; Nifty ends above 10,050

Catch all the live market action here

Catch all the live market action here

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Business Standard
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Markets pare losses to settle near day's high; Nifty ends above 10,050

Catch all the live market action here


image
Business Standard
177 22