Sensex ends 509 pts lower, Nifty slips over 1%; Nifty Metal index down 2%

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3:41 PM

Top 5 losers in Nifty Metal

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
COAL INDIA	278.90	295.50	-16.60	-5.62	10203316
WELSPUN CORP	149.90	158.65	-8.75	-5.52	359496
HIND.COPPER	71.65	74.15	-2.50	-3.37	5829253
S A I L	72.80	75.30	-2.50	-3.32	11121078
MOIL	200.00	204.55	-4.55	-2.22	292548

3:37 PM

Sectoral Trend

3:35 PM

BSE Sensex: M&M is top gainer for the day, while Tata Motors is the top loser

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 33,176, down 510 points while the broader Nifty50 index settled at 10,195, down 165 points.

3:28 PM

Tata Motors, Force Motors, BEML hit fresh 52-week lows

Shares of Tata Motors, Tata Motors DVR, Force Motors, BEML, ICRA, Great Eastern Shipping Company and Max Financial Services were among nine stocks from the S&P BSE 500 index hitting their respective fresh 52-week lows in noon deal on the BSE. READ MORE

3:17 PM

Nifty Metal index slips 2.5%. Coal India, Sail among top losers

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
COAL INDIA	277.95	295.50	-17.55	-5.94	7141900
WELSPUN CORP	153.70	158.65	-4.95	-3.12	249078
S A I L	73.10	75.30	-2.20	-2.92	9562551
HIND.COPPER	72.10	74.15	-2.05	-2.76	5485531
MOIL	199.90	204.55	-4.65	-2.27	244409

3:04 PM

Maruti Suzuki zooms past M&M, set to emerge as top UV player this fiscal

India's largest passenger car maker Maruti Suzuki India is all set to end this fiscal as the top utility vehicle (UV) player, toppling the erstwhile market leader in the segment Mahindra and Mahindra (M&M). For the April to February period, Maruti already has a lead of 21,700 units over M&M (which is equal to the average monthly volume of M&M), and thus it is expected to end the year with a lead over its closest rival. READ MORE

2:43 PM

HPCL, GSPC deals to hit oil PSU dividends in FY18 by at least 17%

 

India’s largest hydrocarbon producer, Oil and Natural Gas Corporation (ONGC), has told the government it will not raise the dividend payout for 2017-18.

 

The reason is that it had to go for two major deals, both on government order.

Of acquiring a majority stake in Hindustan Petroleum Corporation (HPCL) and Gujarat State Petroleum Corporation’s (GSPC’s) KG basin gas block.

 

According to multiple sources, this would mean a cut of about 17 per cent on the dividend collected from petroleum companies, to Rs 145 billion in 2017-18 from Rs 175 billion in 2016-17. READ MORE

2:27 PM

OMCs under pressure

 

Shares of oil marketing companies (OMCs) were under pressure falling by upto 4% on the BSE in intra-day trade. Indian Oil Corporation (IOCL), Hindustan Oil Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) were trading lower in the range of 3% to 4% on the BSE. READ MORE

2:10 PM

ICICI Securities IPO: Public holidays may cost ICICI Bank Rs 3 bn in taxes

ICICI Bank has been successful in launching the initial public offering (IPO) of its investment banking arm, ICICI Securities, before the end of this financial year but there remains a question on whether the private lender will be able to get the benefit of the long-term capital gains (LTCG) tax exemption on profits made on the sale of equity shares. READ MORE

2:00 PM

Market Check

 

S&P BSE Sensex	33,403.28		-0.84%
Nifty 50	10,263.20		-0.94%
S&P BSE 200	4,499.11		-0.70%
Nifty 500	9,068.15		-0.72%
S&P BSE Mid-Cap	16,349.67		-0.28%
S&P BSE Small-Cap	17,722.06		-0.18%

1:46 PM

BSE Smallcap: ITDC, MMTC among top gainers, Kwality top loser

1:28 PM

HDFC board approves HDFC AMC IPO, to hold 50% post public offer

The board of HDFC Asset Management Co Ltd on Thursday gave its approval to begin the process for launching an initial public offering (IPO) of India’s second-biggest mutual fund manager by assets, according to a stock exchange filing. READ MORE

1:16 PM

HPCL, GSPC deals to hit oil PSU dividends in FY18 by at least 17%

India’s largest hydrocarbon producer, Oil and Natural Gas Corporation (ONGC), has told the government it will not raise the dividend payout for 2017-18. The reason is that it had to go for two major deals, both on government order. Of acquiring a majority stake in Hindustan Petroleum Corporation (HPCL) and Gujarat State Petroleum Corporation’s (GSPC’s) KG basin gas block. READ MORE

1:02 PM

IDFC Bank allots 3.60 lakh equity shares

IDFC Bank has allotted 360,550 equity shares of Rs 10 each under ESOS. Post the aforesaid allotment, the Equity Share Capital of the Bank now stands at 3,404,074,905 equity shares of Rs.10 each, aggregating to Rs.34,040,749,050.

12:46 PM

BSE Midcap: Shriram City, Canara Bank among top gainers, Reliance Infra top loser

12:31 PM

JP Associates rallies 35% in two days on Rare Enterprises stake buy

Jaiprakash Associates has moved higher by 15% to Rs 22, extending its Thursday’s over 15% surge on the National Stock Exchange (NSE), after Rare Enterprises purchased 30 million shares of the company worth Rs 551 million through open market. READ MORE

12:15 PM

Edelweiss ends deal to buy Religare Enterprises' securities unit

Edelweiss Financial Services Ltd said on Friday its acquisition of Religare Enterprises Ltd's securities business had been terminated for want of necessary approvals. READ MORE

12:01 PM

Markets at noon

 

S&P BSE Sensex	33,444.44		-0.72%
Nifty 50	10,286.95		-0.71%
S&P BSE 200	4,505.39		-0.57%
Nifty 500	9,085.45		-0.53%
S&P BSE Mid-Cap	16,358.73		-0.22%
S&P BSE Small-Cap	17,771.93		0.10%

11:44 AM

Nifty PSU Bank up 4% in one week;Canara, Syndicate, Dena Bank up over 15%

Shares of public sector banks (PSBs) were in focus with the Nifty PSU Bank index rising 4% thus far in current week, to record its biggest weekly gain since November 2017. READ MORE

11:34 AM

Top Sensex losers

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
TATA MOTORS	346.50	353.05	-6.55	-1.86	183007
O N G C	178.60	181.50	-2.90	-1.60	133584
NTPC	167.45	169.85	-2.40	-1.41	648635
TATA MOTORS-DVR	193.85	196.30	-2.45	-1.25	38070
ASIAN PAINTS	1147.35	1160.95	-13.60	-1.17	12111

11:28 AM

Jefferies on Shriram Transport Finance (SHTF)

We believe SHTF should benefit from stronger CV volumes, ticket size inflation and focus on widening distribution. Despite rising bond yields, NIMs should be broadly stable, given stronger pricing power in niche used CV segment, stable funding cost. Asset quality could improve and credit costs could fall driving 34% EPS CAGR and 430 bps ROE expansion over FY18-20E. At 2.1x FY19 BV, valuation appears reasonable. Buy.

11:26 AM

Here's what Morgan Stanley expects from FOMC meeting next week

We expect the Fed to hike its target range by 25bp at its March meeting with a hawkish bias in its projections. While too early to call for 4 hikes this year, the FOMC moves decisively in that direction. Our strategists suggest maintaining UST 2s30s curve flatteners.

Under Chair Powell's leadership, weexpect theFOMC to adopt the practice of holdinga press conferencefollowingeach of its 8 meetings peryear, likely to comeasan announcementat the December2018 meeting(to begin in 2019). While previous Chairs Yellen and Bernanke focused on beinghighly prepared for every press conference (making each one quite an endeavor for Chair and staff alike), Chair Powell has already shown in testimony he may be more willing to speak off the cuff, taking a more casual approach.

 

11:15 AM

IPO WATCH: HAL

 

Rating: Subscribe

 

Given strong balance sheet, robust order book and execution capabilities, we are constructive on HAL long term prospect. At an upper price band of Rs1,240, HAL is available at a reasonable valuation of 16x on FY17 EPS. As Indian defence industry is poised for growth, we recommend ‘Subscribe’ to the issue, with a long term perspective

 

(Source: Geojit Financial Services)

11:00 AM

INTERVIEW OF THE DAY

 

Broader index earnings growth to be in high single-digits: SBI Life CIO

 

Gopikrishna Shenoy, chief investment officer, SBI Life, expects 15%-plus earnings growth for Nifty companies for the next two financial years. He adds the trajectory of interest rates is likely to be upward and volatility in the bond market may likely continue for some more time. Read full interview here

 

10:46 AM

HAL IPO Analysis: Clear skies ahead for this public-sector defence major

India’s largest defence public-sector company Hindustan Aeronautics (HAL) has many things going for it. The maker of the indigenous light combat aircraft or the Tejas will be the biggest beneficiary of rising defence budgets and the ‘Make in India’ programme, as 60 per cent of India’s defence-related requirements are currently met through imports. READ MORE

10:40 AM

MARKET COMMENT Chris Wood of CLSA

Equity investors should be aware that Libor rates have picked up in recent weeks resulting in a widening “Ted spread” and Libor-OIS spread. This presumably reflects primarily funding pressures created by repatriation of offshore US corporate cash. But whatever the reason, this will lead to rising costs for wholesale funding-dependent financial institutions. It remains a positive, as well as a relief, for investors in Asian and emerging markets that the US dollar is still weak.

CLSA Managing Director & Equity Strategist Christopher Wood

10:39 AM

Gold policy likely to boost supply by Indian refineries

 

The government’s proposed gold policy, being finalised after recommendations from a NITI Aayog panel, should lead to a big rise in India’s sourcing of refined gold from local refineries.

 

Data compiled by the global gold miners’ body, World Gold Council, showed India’s total dore (unrefined gold) import was 245.7 tonnes for calendar year 2017, compared to 141.9 tonnes the previous year. READ MORE

10:17 AM

HEG hits new high; stock zooms 1245% in one year

 

HEG hit a new high of Rs 3,148, up 4%, extending its past four days 18% rally on the BSE in otherwise weak market on Friday. The company engaged in graphite electrodes business has outperformed the market by surging 23%, as compared to 0.61% rise in the Sensex thus far in the current week.

 

In past one year, the market value of HEG zoomed 1,245% from Rs 234, against 13% rise in the benchmark index. READ MORE

10:00 AM

Market Check

 

S&P BSE Sensex	33,528.75		-0.47%
Nifty 50	10,324.15		-0.35%
S&P BSE 200	4,519.02		-0.27%
Nifty 500	9,120.65		-0.15%
S&P BSE Mid-Cap	16,430.67		0.22%
S&P BSE Small-Cap	17,835.52		0.46%