Vinod Nair, Head of Research, Geojit Financial Services said: Domestic market inched up supported by positive impetus in global market due to weakened hurricane Irma in US and sign of melting geopolitical tensions. Investors are also awaiting the outcome of CPI Inflation, IIP data tomorrow for any turnaround after the disruption from GST.
3:44 PM Nifty Bank was the top sectoral gainers, up over 1%
Auto index gains
Nifty Auto index gained 0.5% led by Maruti Suzuki up over 2% after the government said on Saturday it would increase taxes for mid-sized, large, and sports utility vehicles under the recently unveiled nationwide tax.
The quantum of the increase was less than expected and tax rates for smaller cars and hybrid vehicles were not raised, comforting investors.
3:40 PM Sectoral Trend
3:38 PM Top gainers and losers on BSE Sensex
3:35 PM Markets at Close
Benchmark indices ended at one-month high on Monday with Nifty50 scaling 10,000-mark led by gains in banking, capital goods, and auto stocks. The Sentiment was also supported by rise in Asian peers.
The S&P BSE Sensex ended the day at 31,882, up 194 points while the broader Nifty50 index ended at 10,006, up 76 points
The Rs 500-crore IPO of Matrimony.com has been oversubscribed 61 percent as per latest data available on the NSE.
The issue has received bids for 17 lakh equity shares against IPO size of 28.1 lakh shares (excluding anchor investors' portion) on first day.
3:16 PM Global Check
The dollar rose on Monday and world shares climbed back towards record highs, on relief that North Korea did not conduct a further missile test at the weekend when it celebrated its founding anniversary.
European shares started 0.75% higher as an official downgrading of Irma’s strength lifted insurance firms. EU, while gold XAU= the yen JPY= and Treasuries US10YT=RR dipped.
Japan’s Nikkei rose 1.4% after Pyongyang held a massive celebration to congratulate the nuclear scientists and technicians who steered the country’s sixth and largest nuclear test a week earlier.
3:07 PM USFDA nod for Lupin
Lupin rose 1.02% to Rs 978 on BSE after the company said it has received final approval from the US drug regulator for its Doxycycline Hyclate Tablet USP, 100 mg.
2:58 PM BUZZING STOCK
Petronet LNG surged 6.65% to Rs 239 on BSE after the company said that it has renegotiated some terms of agreement for purchase of 1.44 million tonnes per annum of LNG with ExxonMobil
66 stocks gain over 50% in 1-month; Future Market, Bombay Dyeing zoom 100%
Bombay Dyeing and Manufacturing, Himachal Futuristic Communications, Emkay Global Financial Services, Future Consumer and JBM Auto are among 66 stocks that rallied more than 50% in past one month on BSE.
Of these 65 stocks, only 18 stocks are from the S&P BSE Smallcap index, while the remaining 47 are non-index stocks. Future Market Enterprises, Bombay Dyeing and Transcorp International have seen their market values more-than-doubled. READ MORE
2:31 PM Insolvency case: SC tells Jaypee associates to deposit Rs 2,000 crore
Jaypee Infratech fell over 4% after the Supreme Court on Monday directed Jaypee Associates to deposit Rs 2,000 crore with it in connection with insolvency proceedings involving Jaypee Infratech, according to media reports.
The court also asked the Interim Resolution Professional, a body set up by the National formed by the National Company Law Tribunal (NCLT), to take over the management of Jaypee Infratech.
Retail inflation in August at five-month high on rising food costs: Poll
India's retail inflation is expected to have picked up to a five-month high in August, largely driven by higher food costs, a Reuters poll showed, easing pressure on the Reserve Bank of India (RBI) to cut interest rates again after poor growth data.
Consumer prices were forecast up at 3.20% in August from a year ago, jumping from July's 2.36%, according to the poll taken September 5-8 of nearly 40 economists. READ MORE
European stocks opened slightly higher, while investors monitored the economic impact of Hurricane Irma.
The pan-European Stoxx 600 was 0.46% higher shortly after the opening bell, with all sectors and major bourses in positive territory.
Equity benchmarks as well as broader markets remained strong in afternoon trade, tracking uptrend in global peers after no missile test from North Korea on September 9.
At 1:45 pm, the S&P BSE Sensex was trading at 31,891, up 203 points while the Nifty50 index was ruling at 10,013, up 78 points.
Pick of the week by HDFC Securities: Radico Khaitan
The imposition of highway liquor sales ban by Supreme Court, demonetization and implementation of GST disrupted the volume growth over the last few quarters but are now events of the past. Relaxation given by Supreme Court and Kerala government are positives for volume growth.
The company has undertaken significant capital expenditure in the past for up-gradation and maintenance of plant & machinery and has sufficient capacity to meet its organic growth for the next 5 years.
Investors could buy the stock at the CMP and add on dips to Rs.152-158 band (~18x FY19E EPS) for sequential targets of Rs 207 (24x FY19E EPS) and Rs 224 (26x FY19E EPS) over the next 3-4 quarters. At the CMP of Rs.176 the stock trades at 20.5x FY19E EPS.
Foreign money is chasing the reform story: Cameron Brandt
The recent liquidity-driven rally in the Indian markets has mostly been driven by domestic flows even as the foreign institutional investors have been recalibrating their strategy. CAMERON BRANDT, director of research, EPFR Global says that lack of earnings growth and flat private investment are key concerns that FIIs have as regards the Indian markets.
HDFC Bank, Maruti Suzuki India, Hindustan Unilever (HUL) and IndusInd Bank from the Nifty50 index hit their respective record high on the National Stock Exchange (NSE), after a strong rally in equity market. CLICK HERE FOR FULL REPORT
Big investors getting into HFCL
Himachal Futuristic Communications (HFCL) seems to be attracting big investors. According to stock market sources, Boston-based fund manager Grantham Mayo Van Otterloo (GMO) and some leading domestic investors have bought this stock in the past week, with the former taking a stake of about one per cent in it. READ FULL ANALYSIS
12:31 PM Buzzing stock
Bharat Heavy Electricals (BHEL) gained over 2% to Rs 130 on BSE after the company announced that it has fixed 30 September 2017 as the record date for the purpose of issuance of 1:2 bonus issue.
12:16 PM Buzzing stock
Shares of capital goods stocks such as Larsen & Toubro (L&T), Siemens, Havells India and Bharat Heavy Electricals Limited (BHEL) were in focus with the S&P BSE Capital Goods index gaining nearly 2%, extending its two-session long gains on BSE. READ FULL STORY
Interview of the day
Vikas Khemani, president and chief executive officer at Edelweiss Securities remains optimistic on the Indian markets and believes earnings growth will be driven by domestic-oriented stories. READ FULL INTERVIEW HERE
Vikas Khemani, President & Chief Executive Officer, Edelweiss Securities
11:53 AM Top five gainers on Nifty
11:39 AM Markets extend gains
At 11:35 am, the Sensex was trading at 31,907, up 220 points, while the broader Nifty50 hit its crucial 10,000 mark. It was up 73 points to trade at 10,008.
Reliance Securities on Jyothy Laboratories (JYL)
Implementation of GST is expected to benefit organised players like JYL as unorganised players would find it difficult to compete under the new structure.
We expect JYL to report net sales of Rs 1860 crore and Rs 2130 crore and net profit of Rs 190 crore and Rs 240 crore in FY18E and FY19E, respectively. Based on expected EPS of Rs 13.1, the stock currently trades at valuations of 30.3x FY19E earnings, which is at a 25% discount to sector multiples.
We maintain our BUY recommendation on the stock with a target price of Rs 430.
Matrimony.com IPO opens today: Should you invest?
The offer (price band: Rs 983 – 985) consists of an offer for sale (OFS) and fresh issue. OFS is from private equity (Rs 325 crore) and promoters (Rs 46 crore). The fresh issue of Rs 130 crore, will be used for repayment of debt (around Rs43 crore), purchase of land for office (around Rs 43 crore) and advertising (Rs 20 crore). READ WHAT BROKERAGES SAY
Broader markets outperformed with the BSE Midcap and the BSE Smallcap indices adding 0.7% each.
10:46 AM Markets check
At 10:45 am, the Sensex was trading at 31,830, up 143 points, while the broader Nifty50 was ruling at 9,980, up 46 points.
10:36 AM Buzzing stock
Panacea Biotech hit a 52-week high of Rs 254, up 15% on BSE in early morning trade, after the company announced fund raising plan and demerger of its real estate business. READ MORE
Infosys crisis: Was Narayana Murthy wrong?
The promoter should either participate in directing the company by joining the board or keep himself/herself detached from the company’s governance. Shareholder activism is desirable. But, when a highly respected and powerful promoter speaks against the board or CEO publicly, the company tumbles into a crisis. READ FULL VIEW HERE
10:00 AM Nifty Auto trades mixed as cess hike comes into effect
9:51 AM GST cess hike on cars from today
The increased Goods and Services (GST) cess on mid- sized, luxury and SUV cars will come into effect from today. The GST Council on September 9 decided to hike cess on mid-sized cars by 2 per cent, taking the effective GST rate to 45 per cent. CLICK HERE FOR FULL REPORT
9:46 AM Buzzing stock
Shares of IndusInd Bank and Bharat Financial Inclusion (BFIL) were trading 1% higher after the board of directors of respective companies signed agreement for exploring merger. READ MORE
9:41 AM Nifty outlook by Angel Broking
It appears that markets are awaiting some trigger to confirm the clear direction in the near-term. Technically speaking, the way index has narrowed down its trading range, it’s a sign that the volatility would increase soon; resulting into a probable breakout in either direction. If we have to guess any one direction, we would certainly go with our recent cautious stance on the market. One of the notable observations to support this view is the negative placement of ‘RSI Smoothened’ on the weekly chart.
Having said that one must understand the fact, it’s very difficult to time such predictions and hence, at present, one should keep tracking key levels for the index i.e. 10,000 and 9, 860. Meanwhile, trades can keep focusing on individual stocks that are providing better trading opportunities.
9:32 AM Sectoral trend
All sectoral indices on NSE were trading in green.
9:23 AM Sensex gainers and losers
9:20 AM Markets at open
At 9:20 am, the S&P BSE Sensex was ruling at 31,865, up 178 points, while the broader Nifty50 was trading at 9,988, up 53 points.
9:07 AM Pre-open trade
The Sensex was trading at 31,784, up 97 points, while the broader Nifty50 was ruling at 9,980, up 45 points in pre-open trade.
Nifty outlook by Devang Shah
Short-term outlook for the market remains positive till Nifty trades above 9,685 levels and expecting target of 10,300-10,500 levels in 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 DETAILS
Maize prices are trading at Rs 1,505 a quintal expected to trade towards Rs 1,470 a quintal. CLICK HERE FOR MORE
Buy Supreme Petro, says Prabhudas Lilladher
The stock has witnessed a decent correction from the levels of 420 to make a bottom at around 322 level and has picked up significantly from thereon. We anticipate still further rally and upward movement in coming days to scale the previous peak of 420 and give a breakout. CLICK HERE FOR MORE TECHNICAL PICKS
8:56 AM Asian markets trade higher
Japan's Nikkei rose 1% after Pyongyang held a massive celebration to congratulate the nuclear scientists and technicians who steered the country's sixth and largest nuclear test a week ago. South Korea's main index added 0.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1%. China's Shanghai Composite and Hong Kong's Hang Seng were also up 0.2% and 0.9%, respectively.
Wall Street update
The US markets ended slightly lower on Friday, but look set to open higher on Monday on the sense of relief on North Korea's inaction over the weekend.
The S&P 500 e-minis were up 8.25 points, or 0.34%, Nasdaq 100 e-minis were up 24.75 points, or 0.42%, while Dow e-minis were up 75 points, or 0.34%.
On Friday, the Dow Jones Industrial Average rose 13.01 points, or 0.06% to 21,797.79, the S&P 500 lost 3.67 points, or 0.15% to 2,461.43 and the Nasdaq Composite dropped 37.68 points, or 0.59% to 6,360.19.
At 8:45 am, the SGX Nifty, Nifty futures being traded on Singapore Stock Exchange, was trading at 10,000, up 53 points or 0.53%.
8:47 AM Good Morning!
Welcome to Business Standard's market liveblog.
First Published: Mon, September 11 2017. 15:30 IST