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Markets snap 4-day record closing trend, end flat; Nifty up 2% for the week

NTPC, Kotak Mahindra Bank, Cipla, SBI and Bajaj Auto contributed the most on BSE Sensex

SI Reporter  |  New Delhi 

The markets ended flat, snapping 4-day record closing trend after opening at record highs after information technology heavyweight Infosys' June quarter results beat Street estimates, while TCS, which declared its results post market hours on Thursday, was the top loser on Sensex and Nifty. 

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3:53 PM Vinod Nair, Head of Research, Geojit Financial Services says: Profit booking at record high and tepid result from IT majors had influenced the market to turn range bound. The quarter earnings growth may not match the current premium valuation due to a tepid start of result season while investors giving more weight to the prevailing positive macros will help to maintain a positive vibe in the market.

3:43 PM Nifty IT index was the top sectoral loser, down over 1% for the day dragged by Just Dial, TCS, Wipro and Tata Elxsi. Infosys also slipped in red, ending 0.7% down for the day after rising nearly 3% in early-morning trade

3:41 PM Market breadth remains negative with 1,681 declines against 1,010 advances

3:40 PM Both indices were up over 2% each for the week, their biggest weekly gains since mid-March.

3:39 PM NTPC, Kotak Mahindra Bank, Cipla, SBI and Bajaj Auto contributed the most on BSE Sensex while Wipro, TCS, Tata Motors and Coal India shed the most on the index

3:34 PM In broader markets, the BSE Midcap index outperformed the benchmark indices, up 0.2% for the day while the BSE Smallcap index ended 0.3% lower.

3:33 PM The BSE Sensex settled the day at 32,020, down 16 points while the broader Nifty50 index ended at 9,886, down 5 points

3:31 PM Snapping four-day record closing trend, benchmark indices settled the day flat with a negative bias.

3:29 PM ONGC, Coal India, M&M and Cipla are the top weekly losers on NIfty50

3:25 PM ACC, GAIL, Aurobindo Pharma, Hindalco, Indiabulls Housinf Finance, Bharti Airtel are the top gainers for the week on Nifty50, up between 5-10%

3:23 PM Top weekly gainers: BSE Bankex, BSE Healthcare head for a 2% gain each

3:18 PM Shares of newly listed companies AU Small Finance, Central Depository Services (India), Housing & Urban Development Corporation (HUDCO) and Shankara Building Products tanked up to 22% from their intra-day high levels on Friday on profit booking.

3:13 PM Market's off days lowAt 3:13 pm, BSE Sensex was trading at 32,030, down 6 points while Nifty50 was ruling at 9,886, down 4 points

2:57 PM

GVK Power & Infrastructure rose 3.5% to Rs 7.79 on BSE after the company said it has completed the sale of residual 10% stake in Bangalore International Airport.

2:54 PM Banking and pharma were the only sectirs trading in green while IT and realty indices fell the most on NSE

2:53 PM Infosys slips in red after in the last leg of trade. The stock was down nearly 1% at Rs 969 after hitting Rs 1,000 in the early morning deals

2:52 PM Global Market Check: Global stocks scaled record highs on Friday, capping their best week in over two months as the dollar stayed close to nine-month lows, with bets on a gradual U.S. Federal Reserve rate hike path and hopes for a strong earnings season boosting risk appetite.

2:17 PM Market check: Benchmark indices continued trading in red in the afternoon trade with Nifty50 struggling below 9,900. At 2:15 pm, BSE Sensex was trading at 32,008, down 29 points while Nifty50 was ruling at 9,878, down 13 points

1:38 PM About 1,601 shares declined against 914 advancing shares on the BSE.

1:38 PM Investors booked profits in financial stocks such as ICICI Bank, down as much as 1.1% in intra-day after two straight sessions of gains while Yes Bank slid as much as 1.4% after advancing for five consecutive sessions.

1:36 PM In broader markets, BSE Midcap outperformed the benchmark indices, up 0.1% in today's trade while BSE Smallcap was trading 0.3% lower

1:34 PM Kotak Mahindra Bank, SBI, Infosys, HeroMoto Corp and Sun Pharma gained the most on BSE Sensex while TCS, Coal India, Wipro, ITC and Tata Motors lost the most on the index

1:22 PM Religare Enterprises is locked in upper circuit of 10% at Rs 118.70 on BSE on back of heavy volume in otherwise subdued market.

The trading volume on the counter more than doubled with 2.02 million shares changing hands on NSE and BSE combined. An average 1.11 million shares were traded daily in past two weeks.

1:16 PM The decline in the WPI inflation in June 2017 reinforces our expectation that the MPC will reduce the repo rate by 25 bps in their August 2017 meeting, in a split vote: Aditi Nayar, principal economist, ICRA

1:15 PM The WPI inflation is likely to rise modestly over the coming months and print between 1.5-2.5%, unless commodity prices record an unexpected rally or the rupee displays a sharp depreciation. Average WPI inflation is likely to increase mildly to 2.0% in FY2018 from 1.7% in FY2017: Aditi Nayar, principal economist, ICRA

1:04 PM

Upasna Bhardwaj, Economist, Kotak Mahindra Bank on WPI numbers
 
The sharply lower than expected WPI inflation continues to point towards the persistence of benign overall wholesale and retail inflation trajectory. Muted commodity prices along with sustenance of weak food price pressures, barring few items is expected to provide RBI with the comfort on 25 bps of a rate cut in the August meeting. More importantly, we would be interested in the forward guidance of the RBI, since all metrics of inflation continue to surprise on the downside while growth remains muted.

1:03 PM June WPI inflation hits lowest since 2016

A massive contraction in food prices dragged India's annual rate of inflation based on wholesale prices to record low levels of 0.90 per cent in June, official data showed on Friday. CLICK HERE FOR DETAILS

12:43 PM

MARKET CHECK
 
At 12:40 pm, the Sensex was trading at 32,009, down 27 points, while the broader Nifty50 was ruling at 9,876, down 15 points

12:22 PM Bhushan Steel slipped over 2% to Rs 62 after the National Company Law Tribunal (NCLT) issued notice against the company over the insolvency proceedings initiated by their lenders State Bank of India and Punjab National Bank.

11:46 AM Nifty IT falls 0.7% post TCS, Infosys results; sector to underperform. CLICK HERE FOR FULL REPORT

11:43 AM TCS Q1 numbers a disappointment, Street positive on Infosys, says Saurabh Jain of SMC Global. CLICK HERE FOR FULL INTERVIEW

10:51 AM GlaxoSmithKline Pharmaceuticals, GIC Housing Finance, HDFC trade ex-dividend CLICK HERE FOR MORE

10:49 AM Zee Entertainment Enterprises gets NCLT approval for scheme of arrangement READ ABOUT IT HERE

10:47 AM Markets trade weak. Sensex slips 110 points to 31,926 levels. Nifty down 31 points at 9,861 levels at 10:47am

10:16 AM TCS reported a modest Q1FY18 on operational parameters with constant currency revenue growth of 2% QoQ. Our earnings estimates for FY18/FY19 were already lower than consensus by 3-4% but we trim our estimates modestly further by 1.9% and 1.5% for FY18 and FY19, respectively. Target price moves from Rs 2,411 to Rs 2,375. Downgrade to HOLD: ICICI Securities on TCS

10:11 AM Indian IT faces three key challenges: 1) overall outsourcing spending falling; 2) the shift towards As-a-Service and away from traditional sourcing hurting them given higher exposure to traditional spending; and 3) higher competitive intensity in the new areas from both global MNCs, smaller challengers with niche skills and higher insourcing. In such a scenario, we continue to stay cautious on both growth and margins. HCL Tech remains our only Buy, Wipro followed by TCS remain our top Reduce ideas: Nomura on Indian IT sector

10:09 AM I am encouraged by the uptick in revenue per employee for six quarters in a row, and the strong momentum in our new high growth services and software, as we accelerate our focus on innovation-led growth: Vishal Sikka, CEO, Infosys on Q1 numbers

10:06 AM We currently have a ACCUMULATE rating on Infosys with a TP of Rs 1,000. At CMP of Rs 977, stock trades at 14.7x/13.3x FY18/19E P/E. We will review our earnings estimates post conference call: Emkay Global on Infosys

10:06 AM Infosys Jun’17 quarter results are better on reported basis with a constant currency revenue growth of 2.7% qoq.  Volumes were inline with a growth of 1.7% but pricing surprised positively with a realisation improvement of about 130bps in the quarter: Emkay Global on Infosys

9:41 AM Biocon hits 52-week high, up 10% after USFDA approves new breast cancer drug. CLICK HERE FOR NEWS REPORT

9:38 AM Market breadth turned negative with 843 declines against 783 advances on the BSE. 

9:37 AM S&P BSE Midcap index outperfprm to gain 0.2%, while S&P BSE Smallcap index was little changed

9:24 AM Markets pare gains to slip in red; Sensex tests 32,000, Nifty below 9,900

9:23 AM Infosys (up 3%) was the top gainer post Q1 results, scaling past Rs 1,000, while TCS was the top loser slipping over 2% to Rs 2,376

9:16 AM Markets open at lifetime high; Nifty hits 9,900 mark for the first time ever

9:07 AM Sensex trades above 32,100, Nifty hits 9,900 in pre-open trade; TCS top loser

9:05 AM Infosys gains 2% to Rs 997 in pre-open trade post Q1 results

9:03 AM Infosys declares FY18 margin guidance at 23-25%

9:02 AM Infosys raises FY18 dollar sales growth to 7.1-9.1% from 6.1-8.1%

8:57 AM Infosys Q1 PAT at Rs 3,480 crore vs Rs 3,603 (QoQ), maintains FY18 sales growth guidance at 6.5% to 8.5% in CC terms 

8:53 AM Oil markets dipped on Friday, pulled down by high fuel inventories and improving industry efficiency, but were still on track for a solid weekly gain. Brent crude futures, the international benchmark for oil prices, were down 8 cents, or 0.2% at $48.34 per barrel, but up 3.5% for the week. US West Texas Intermediate (WTI) crude futures were at $45.98 per barrel, down 10 cents, or 0.2%, but up around 4% for the week.

8:53 AM BS Special: Indian IT to see margin contraction in Q1FY18 due to rupee appreciation READ THE FULL ARTICLE HERE

8:50 AM

Shrikant Chouhan, Head-Technical Research, Kotak Securities 
 
As the market is approaching bigger psychological mark, our advice for the traders is to be quick while taking profits and investors should look at consolidating portfolios or park funds only in top companies. Technically Nifty would face resistance at 9,970 and at 10,150. On the downside, till the market is not breaking the 9,700 mark, the trend would remain strong.

8:47 AM Revenue growth for 1Q18 was in line with recent expectations while margins disappointed. Potential closure of a large deal should help tide over weak 2H but margins will still decline YoY for FY18E due to the poor start. TCS maintains leadership in digital in our view, but is captured in valuation premium vs peers. We cut estimates and price target to Hold and prefer Infosys (Buy), which provides better valuation support and has an upcoming capital return program: Jefferies on TCS results

8:45 AM We cut our FY18/19E EPS by 3%/4% to factor in lower profitability in our estimates. We continue to prefer players with growth acceleration such as Mphasis, Mindtree and L&T Infotech: Emkay Global on TCS results

8:44 AM Q1FY18 performance was better on revenue front, driven by strong volume growth of 3.5% qoq. The growth in focus geographies was encouraging across verticals with a cautiously optimistic approach towards Insurance and Retail: Emkay Global on TCS results

8:44 AM Go short on Infosys keeping a stop loss at Rs 990, says Devangshu Datta. CLICK HERE FOR MORE TRADING IDEAS

8:40 AM TCS Q1 net down 5.8% to Rs 5,950 crore on sharp rise in rupee. CLICK HERE FOR FULL REPORT

8:39 AM At 8:40 am, the SGX Nifty was trading at 9,907, up 13 points or 0.14%. 

8:38 AM Welcome to live market updates

First Published: Fri, July 14 2017. 15:31 IST
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Markets snap 4-day record closing trend, end flat; Nifty up 2% for the week

NTPC, Kotak Mahindra Bank, Cipla, SBI and Bajaj Auto contributed the most on BSE Sensex

NTPC, Kotak Mahindra Bank, Cipla, SBI and Bajaj Auto contributed the most on BSE Sensex The markets ended flat, snapping 4-day record closing trend after opening at record highs after information technology heavyweight Infosys' June quarter results beat Street estimates, while TCS, which declared its results post market hours on Thursday, was the top loser on Sensex and Nifty.  image
Business Standard
177 22

Markets snap 4-day record closing trend, end flat; Nifty up 2% for the week

NTPC, Kotak Mahindra Bank, Cipla, SBI and Bajaj Auto contributed the most on BSE Sensex

The markets ended flat, snapping 4-day record closing trend after opening at record highs after information technology heavyweight Infosys' June quarter results beat Street estimates, while TCS, which declared its results post market hours on Thursday, was the top loser on Sensex and Nifty. 

image
Business Standard
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