Sensex ends marginally lower, Nifty holds 11000 as investors await Budget

All that happened in the market today

3:39 PM

Metals crack

3:36 PM

Sectoral Trend

3:35 PM

Sensex top gainers and losers

3:33 PM

Markets at close

 

The Sensex and Nifty ended lower for a second straight session on Wednesday, tracking Asian peers, as caution crept into the markets ahead of the federal budget, due on Thursday.

 

The S&P BSE Sensex ended at 35,965, up 68 points while the broader Nifty50 index settled at 11,027, up 21 points.

3:21 PM

HDFC Securities Report on SBI Life Insurance

 

PAT  for  the  quarter  was  up  21% at Rs 2.3 billion despite business strain on strong growth. We upgrade our margin assumption resulting in VNB increasing by  4.6/5.5% for FY18/19 and tweak APE growth assumptions also. We continue to  like  SBI  Life  due to strong distribution footprint of its parent SBI along with industry tailwinds from financialisation of savings. We maintain BUY with a target price of Rs 840.

3:11 PM

Budget 2018: India Inc wants GST reforms, friendly-business policies

 

Tabled in Parliament on Monday by Finance Minister Arun Jaitley, the Economic Survey has estimated that the Indian economy will grow by 7-7.5% in 2018-19, re-establishing India as the world's fastest-growing major economy.

 

Every budget rides high on the expectations of taxpayers and the finance minister has a challenging task of balancing tax cuts and increased revenues and here's what India Inc expects from Budget 2018. READ MORE

3:02 PM

Good news on earnings: Early corporate results point to recovery

 

An analysis of the third quarter results (October-December 2017) of some 385 companies suggests that corporate growth has rebounded to an appreciable extent even if allowance is made for the low base created by the demonetisation of November 2016 as well as the patchy implementation of the goods and services tax. Sales have grown a commendable 12.8%, while other income rose 28%. READ MORE

2:45 PM

Vakrangee declines for third straight day; stock tanks 20%

 

Shares of Vakrangee were locked in lower circuit of 20% at Rs 336, extending their past two days decline on the BSE, on heavy volumes.

 

In the past three trading days, the stock has tanked 33% from Rs 505 on Thursday, January 25, 2018, as compared to a marginal 0.36% decline in the S&P BSE Sensex. READ MORE

2:29 PM

Markets check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,852.70	-181.03	-0.50
S&P BSE SENSEX 50	11,475.37	-53.23	-0.46
S&P BSE SENSEX Next 50	35,672.45	-653.40	-1.80
S&P BSE 100	11,385.68	-77.18	-0.67
S&P BSE Bharat 22 Index	3,828.44	-39.21	-1.01

2:15 PM

Sectoral trend

2:02 PM

Fed expected to keep interest rates steady as Yellen era ends

 

The Federal Reserve is expected to leave interest rates unchanged on Wednesday while signaling a gradual tightening of monetary policy later this year as the US economy continues to expand and job gains remain solid.

 

Investors will focus on the US central bank's gauge of inflation, which remains stubbornly below its 2% target, the risks it sees to its economic outlook, and any assessment of the impact of the Trump administration's tax overhaul on growth. READ MORE

1:46 PM

Praxis Home Retail locked at 5% lower circuit on debut

 

Praxis Home Retail was locked in 5% lower circuit at Rs 285 on BSE, falling 9.5% from its early morning high on listing day.

 

The stock opened at Rs 300 and touched high of Rs 315 after few minutes of its debut on the bourses. READ MORE

1:33 PM

Markets check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,868.06	-165.67	-0.46
S&P BSE SENSEX 50	11,482.60	-46.00	-0.40
S&P BSE SENSEX Next 50	35,693.19	-632.66	-1.74
S&P BSE 100	11,392.67	-70.19	-0.61
S&P BSE Bharat 22 Index	3,841.43	-26.22	-0.68

(Source: BSE)

1:33 PM

Silent correction in rupee, even as dollar weakens against major currencies

 

The US government's move to tacitly root for a weak dollar will have varied implications for India in terms of its attractiveness as a market to foreign investors, and thereby inflows, inflation, exports and imports.

 

The US dollar was already under pressure since November, but last week, US Treasury Secretary Steven Mnuchin endorsed a weaker dollar, stating that it would be favourable for exports from the largest economy of the world. READ MORE

1:19 PM

Road to listing: Asset manager UTI MF still faces bumps along the way

 

Despite the change in guidelines limiting crossholding in mutual funds (MFs) to up to 10 per cent, listing may not be a given for UTI MF, the country's sixth largest asset manager. Three out of the four government shareholders - State Bank of India (SBI), Life Insurance Corporation of India (LIC) and Bank of Baroda (BoB) --- will have to compulsorily dilute their stake in the asset management company (AMC) besides vacating their seats on the UTI Board. READ MORE

12:44 PM

HDFC Securities Report on Indian Oil Corporation

 

Stellar performance: Maintain BUY

 

The brokerage believes strong GRMs should continue owing to delay in the addition of net  global  refinery  capacity  and  strong demand (1.3mbpd) for petroleum products  in  CY18. For the company, GRMs are expected to improve by $1.0 to  1.5/bbl  from  current level on account of gradual increase in share of heavy  and  cheap crude at its Paradeep refinery to 40% of total throughput from  0%  currently.

12:31 PM

Dr Reddy's falls for fourth straight day on poor Q3 results

 

Dr Reddy’s Laboratories was trading lower for the fourth straight trading day, down 3.4% at Rs 2,233 on BSE after the company reported 29% year on year (YoY) decline in its consolidated net profit at Rs 3,344 million in December 2017 quarter (Q3FY18).
 

The net profit was impacted by a Rs 930 million charge on revaluation of deferred tax assets post the changing tax laws in the US. READ MORE

12:14 PM

Sectoral Trend

12:00 PM

Road to listing: Asset manager UTI MF still faces bumps along the way

 

Despite the change in guidelines limiting crossholding in mutual funds (MFs) to up to 10 per cent, listing may not be a given for UTI MF, the country's sixth largest asset manager. Three out of the four government shareholders - State Bank of India (SBI), Life Insurance Corporation of India (LIC) and Bank of Baroda (BoB) --- will have to compulsorily dilute their stake in the asset management company (AMC) besides vacating their seats on the UTI Board. READ MORE

11:42 AM

ICICI Prudential AMC to shut two schemes, return Rs 7 bn to investors

 

ICICI Prudential's asset management division took a gutsy call recently. The portfolio management services (PMS) is shutting down two of its schemes and returning the money to the investors. Both schemes are run with a focus on small-caps and both are managed by Aditya Sood. READ MORE

11:33 AM

Morgan Stanley shifts p-note base as govt tightens rules for FPIs

 

Morgan Stanley, India’s largest participatory notes (p-note) issuer, has shifted its operations from Singapore to France amid changes to the Indo-Mauritius tax treaty. According to sources, all the p-notes issued by the American brokerage starting from January 1, 2018 will be coming through France route instead of Singapore. However, the Morgan Stanley has not shut-down its Singapore operations as a substantial amount of p-notes it has issued from that jurisdiction are still active and transferring these instruments to a different location could trigger tax provisions of indirect transfers. READ MORE

 

11:18 AM

Bettering 2017 returns will be challenging: Motilal Oswal MD Navin Agarwal

 

The Indian markets have extended last year’s gains but 30% returns in 2018 will be challenging, says Navin Agarwal, managing director, Motilal Oswal Financial Services. CLICK HERE FOR FULL INTERVIEW

11:00 AM

Market check

S&P BSE Sensex	35,927.60		-0.29%
Nifty 50	11,031.35		-0.17%
S&P BSE 200	4,819.91		-0.26%
Nifty 500	9,724.85		-0.19%
S&P BSE Mid-Cap	17,484.92		-0.61%
S&P BSE Small-Cap	18,886.59		0.07%

10:51 AM

Jubilant Life gains on ANDA approval for generic drug

 

Jubilant Life Sciences was up 3.4% at Rs 961, extending its 3% gain in past two days on BSE, after the company announced that it has received Abbreviated New Drug Application (ANDA) approval for Clonidine Hydrochloride Extended-Release Tablets.

 

“Jubilant Pharma, a material wholly owned subsidiary of the Company, through one of its wholly owned subsidiaries, has received Abbreviated New Drug Application (ANDA) final approval for Clonidine Hydrochloride Extended-Release Tablets, 0.1 mg, the generic version of Kapvay® of Concordia,” Jubilant Life Sciences said in a press release. READ MORE

10:38 AM

60 stocks that doubled your money since Budget 2017; HEG up 1500%

 

As the markets prepare for Budget 2018, as many as 60 stocks from BSE 500 have doubled investor’s money since the presentation of the last budget on February 1, 2017.

 

HEG Limited tops this list with a stellar rise of over 1,500%, followed by Indiabulls Ventures that appreciated 1137%. Rain Industries, Venky’s India, Bombay Dyeing, Dilip Buildcon, Vakrangee, NIIT Technologies, Astral Poly Technik and Escorts are some of the other stocks that have gained over 100% during this period, ACE Equity data show. By comparison, the S&P BSE Sensex gained around 30%. READ MORE

10:17 AM

Jubilant Life gains on ANDA approval for generic drug

 

Jubilant Life Sciences was up 3.4% at Rs 961, extending its 3% gain in past two days on BSE, after the company announced that it has received Abbreviated New Drug Application (ANDA) approval for Clonidine Hydrochloride Extended-Release Tablets.

 

“Jubilant Pharma, a material wholly owned subsidiary of the Company, through one of its wholly owned subsidiaries, has received Abbreviated New Drug Application (ANDA) final approval for Clonidine Hydrochloride Extended-Release Tablets, 0.1 mg, the generic version of Kapvay® of Concordia,” Jubilant Life Sciences said in a press release. READ MORE

9:51 AM

Hedging gets pricey for sky-high Indian stocks before Budget 2018

 

Investors in Indian shares are growing increasingly anxious after a stellar rally.

 

The India VIX Index, which measures the cost of NSE Nifty 50 Index options, has risen the most since September 2016 in January, climbing in tandem with the equity gauge. While the trend has been similar in the US and other Asian markets, it’s especially pronounced in India, where five straight weeks of simultaneous gains marked a record. READ MORE

9:30 AM

Telcos commit Rs 740-bn investment into infrastructure to curb call drops

 

As the problem of call drops continue to irk consumers, mobile operators have committed to invest over Rs 740 billion for upgrading the existing infrastructure and also expand the network capacity.

 

As per Telecom Secretary Aruna Sundararajan, Reliance Jio has committed to invest Rs 500 billion to install 100,000 towers in the coming fiscal whereas Bharti Airtel, which has invested Rs 160 billion on infrastructure and will be spending an additional Rs 240 billion on the network. READ MORE

9:22 AM

Sectoral Trend

9:20 AM

Sensex top gainers and losers