MARKETS ON THURSDAY: Sensex, Nifty gain for 6th session; IT stocks lead

All that happened in the markets on Thursday

3:42 PM

Nifty IT index ends 3.21% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
HCL TECHNOLOGIES	1010.05	967.30	42.75	4.42
TCS	3139.25	3014.15	125.10	4.15
INFOSYS	1162.60	1124.25	38.35	3.41
TECH MAHINDRA	652.80	633.35	19.45	3.07
TATA ELXSI	1069.90	1042.60	27.30	2.62

3:38 PM

Sectoral Trend

3:34 PM

BSE Sensex: gainers and losers of the day

3:31 PM

Market at close

 

The S&P BSE Sensex ended at 34,101, up 161 points while the broader Nifty50 index settled at 10,459, up 42 points.

3:18 PM

Buzzing Stock

National Aluminium Company is quoting at Rs 77.3, up 3.07% on the day as on the NSE. National Aluminium Company Ltd is up 6.62% in last one year as compared to a 13.99% gain in Nifty and a 24.4% gain in the Nifty Metal index.

3:10 PM

After 1,400% gain in 2 years, rally in Venky's stock may pause for now

 

Over the past few years, this company has not only satiated the hunger of consumers of its products, but also investors who had an appetite for risk.

 

In the past two years, Venky’s (India) has jumped nearly 1,400 per cent from Rs 383 levels to Rs 4,500 levels now, ACE Equity data shows. In comparison, the S&P BSE Sensex has moved up 36 per cent during this period. In the last one year alone, the stock has gained an impressive 323 per cent.

 

The rally, analysts say, came on the back of strong earnings that led to a better perception among investors, aiding a re-rating. This rally, they now suggest, could be nearing an end for now. READ MORE

3:00 PM

Indian banks need to improve risk management, governance practices: S&P

 

Global credit agency Standard and Poor's (S&P) said the Indian banks need to improve risk management and governance practices in the light of troubles faced by the two private lenders ICICI Bank and Axis Bank.

 

"As a number of banks in India confront serious governance and risk issues, the 'tone at the top' is crucial. Leadership groups in Indian banks need to ensure that they enhance the risk culture, reputation, and financial strength of banks," said S&P Global Ratings credit analyst Michael Puli. READ MORE

2:48 PM

Top BSE500 gainers

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
TATA SPONGE IRON	1199.60	1081.40	118.20	10.93
HATSUN AGROPROD.	750.00	700.00	50.00	7.14
TATA METALIKS	845.00	799.65	45.35	5.67
DISH TV	77.60	73.80	3.80	5.15
JBF INDS.	110.30	105.05	5.25	5.00

2:31 PM

MARKET COMMENT Ridham Desai, head of India research and India equity strategist at Morgan Stanley

India's relative growth is likely to accelerate in the coming months. The recent RBI policy meeting has convinced the market that a rate hike is not around the corner. Therefore, we think that the relationship between India's short rate differential with the US and equity market performance relative to the world will likely be reestablished (falling relative rates = outperformance). The third factor is the collapse in India's beta to a 13-year low.

While fundamentally this means that India's prospective absolute returns have shrunk, if beta remains low and the world is in a low-return phase, India will likely outperform. Finally, FPI positioning, which has been falling for three years, is now at 2011 levels.

Ridham Desai

2:16 PM

Dish TV India up 6% after promoters make open offer at Rs 74 per share

Dish TV India has moved higher by 6% to Rs 78.20 on the BSE in noon deal, after the promoters have made an open offer at price of Rs 74 per share.
“World Crest Advisors LLP together with Veena Investments Pvt Ltd and Direct Media Distribution Venture Pvt Ltd have made an open offer to acquire around 500 million equity shares, which represents about 26% of the emerging share capital of Dish TV at a price of Rs 74 per share aggregating to Rs 37 billion,” Dish TV said in a regulatory filing. READ MORE

2:01 PM

Market Check

 

S&P BSE Sensex	34,114.42		0.51%
Nifty 50	10,461.30		0.42%
S&P BSE 200	4,593.64		0.29%
Nifty 500	9,254.55		0.26%
S&P BSE Mid-Cap	16,619.99		-0.01%
S&P BSE Small-Cap	17,992.38		0.05%

1:46 PM

OMCs extend losses as crude oil soars on escalating Syria tensions

Share of oil marketing companies (OMCs) — Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil Corporation (IOC) — extended losses, falling by six to eight per cent on Wednesday on concerns of a military escalation in Syria. HPCL, BPCL and IOC were down over 2.5% each on the BSE. READ MORE

1:30 PM

MRF shares hit new high of Rs 78,234 per share

Shares of MRF hit a new high of Rs 78,234, up 2% on the BSE. The stock of tyre company gained 13% or Rs 9,045 from its recent low of Rs 69,189 on March 23, 2018. On comparison, the S&P BSE Sensex was up 4.3% during the same period. So far in the calendar year 2018, MRF shares have beat the market by gaining 8% against 0.05% decline in the benchmark index. READ MORE

1:16 PM

US Federal Reserve officials discuss 'slightly steeper' future rate hikes

US Federal Reserve officials signalled that the central bank may have to accelerate the pace of future rate hikes amid stronger economic growth and inflation, according to the minutes of the Fed's latest monetary policy meeting. READ MORE

1:02 PM

Market Check

 

S&P BSE Sensex	34,017.92		0.23%
Nifty 50	10,428.55		0.11%
S&P BSE 200	4,586.34		0.13%
Nifty 500	9,236.10		0.06%
S&P BSE Mid-Cap	16,628.15		0.04%
S&P BSE Small-Cap	17,998.41		0.08%

12:44 PM

News Watch Delhi HC dismisses Monsanto plea to enforce BT cotton seed patent

The Delhi High Court on Wednesday dismissed the US-based agro major Monsanto Technology’s plea to enforce the patent for its BT cotton seeds in India.

 

A Bench of Justice S Ravindra Bhat and Justice Yogesh Khanna partially allowed the counter-claims of three Indian seed companies that Monsanto did not have a patent for its BT cotton seeds, a genetically modified variant that resists bollworms. READ MORE
 

12:30 PM

Global oil demand not to peak soon, India vulnerable to high prices: IEA

International Energy Agency said on Wednesday that global oil demand will not peak in the near future and India's vulnerability to high prices will increase with surge in its crude oil imports.

 

Oil demand will continue to grow stronger this year, at about 1.5 million barrels per day, driven by petrochemicals and other sectors, IEA Executive Director Fatih Birol said. READ MORE

12:15 PM

Manipal's revised offer for Fortis falls short of Street's expectations

Private equity firm TPG backed-Manipal Hospitals has sweetened the offer to acquire the hospital business of Fortis Healthcare to address the valuation concerns of the latter’s shareholders, but it is still short of the Street’s expectations. READ MORE

12:01 PM

IT stocks gain ahead of March quarter results; TCS, Infosys, HCL Tech up 3%

Shares of information technology (IT) companies were in focus and trading higher by up to 5% on the BSE ahead of financial results for the fourth quarter and the year ended 31 March 2018. Tata Consultancy Services (TCS), Infosys and HCL Technologies from the large-cap IT stocks were up 3% to 4% on the BSE. NIIT Technologies, Datamatics Global Services, Zensar Technologies, Aptech, KPIT Technologies, Hexaware Technologies and Tata Elxsi from the mid and small-cap were up between 3% and 5% on the BSE. READ MORE

11:47 AM

Bandhan Bank enters league of top-50 most valuable company

Bandhan Bank, the private sector lender, has entered the list of the top-50 most valuable companies in terms of market capitalization (m-cap) following a sharp surge in its stock price post listing.

Bandhan Bank, with an m-cap of Rs 640 billion, stood at 50th position in overall m-cap ranking on the BSE at 10:37 am, the exchange data shows. The bank climbed 5 positions in the m-cap pecking order since its debut on the bourses on March 27, 2018. READ MORE

11:30 AM

Stocks at 52-week high

COMPANY	PRICE( )	52 WK HIGH	CHG( )	CHG(%)
AARTI INDS.	1241.00	1243.65	21.45	1.76
IPCA LABS.	708.75	719.00	15.30	2.21
JUBILANT FOOD.	2508.80	2522.00	22.45	0.90
MRF	77594.95	77984.65	1127.35	1.47
TITAN COMPANY	986.90	989.90	6.95	0.71

11:25 AM

MARKET COMMENT Stefan Koopman, Market Economist, Rabobank International

The minutes of the March 20-21 meeting of the FOMC, in which the target range for the federal funds rate was raised by 25 bps to 1.50-1.75%, didn’t show much new in terms of headlines. The minutes read that “a number of participants indicated that the stronger outlook for economic activity, along with their increased confidence that inflation would return to 2 percent over the medium term, implied that the appropriate path for the federal funds rate over the next few years would likely be slightly steeper than they had previously expected”. It makes for a juicy headline, but this slightly hawkish change of heart was already being reflected in the upward shift in the dot plot.

11:16 AM

After touching 20-mth low in Feb, MFs see redemptions of Rs 500 bn in March

Mutual funds witnessed huge redemptions of over Rs 500 billion by investors in March on strong outflow from liquid and debt funds, according to industry body Amfi. Besides, MF schemes saw a net inflow of Rs 2.72 trillion in 2017-18, much lower than Rs 3.4 trillion seen in the previous financial year. READ MORE

11:01 AM

INTERVIEW OF THE DAY Oil prices can hit $80 a barrel in a year: Paul Hickin of S&P Global Platts

Oil prices hit their highest in over three years on Wednesday after US President Donald Trump threatened to fire missiles at Syria in response to a suspected chemical attack last week. London – based PAUL HICKIN, associate director at S&P Global Platts shares his thoughts on the road ahead for the oil markets with Puneet Wadhwa on the sidelines of International Energy Forum (IEF).  READ MORE

Paul Hickin, Platts

10:45 AM

VA Tech Wabag shares gain 4% on winning Rs 5,200 million Namami Gange order

Shares of VA Tech Wabag was up 4% to Rs 518 per share on the BSE in early morning trade after the company said that it has won orders worth of Rs 5,200 million under Namami Gange scheme (National Mission for Clean Ganga – NMCG) and repeat order from oil & gas sector. READ MORE

10:32 AM

Phased physical settlement of stock derivatives mandatory, says Sebi

Markets regulator Sebi on Wednesday decided to make physical settlement of stock derivatives mandatory in a phased or calibrated manner, a move that could bring some much-needed balance between equity cash and derivative segments. The regulator has strengthened the existing entry criteria for introduction of stocks into the derivative segment in line with the increase in market capitalisation since the last revision of the criteria in 2012, Sebi said in circular. READ MORE

10:16 AM

SGX to continue to offer trading in Indian derivatives despite NSE ban

The Singapore Exchange (SGX) will continue to offer trading in Indian derivatives even as its partner National Stock Exchange (NSE) has decided to terminate licensing agreements for providing indices and securities-related data feed services to the foreign counterpart.

 

The exchange said it would introduce proprietary Indian equity derivatives products in June 2018 and would simultaneously delist existing Nifty-based derivatives contracts. READ MORE

10:00 AM

Market Check

 

S&P BSE Sensex	33,999.93		0.18%
Nifty 50	10,419.25		0.02%
S&P BSE 200	4,586.89		0.14%
Nifty 500	9,236.40		0.06%
S&P BSE Mid-Cap	16,656.09		0.21%
S&P BSE Small-Cap	18,028.74		0.25%

9:45 AM

Foreign funds with India link face uncertain future over Sebi's diktat

Several foreign funds face an uncertain future with the Securities and Exchange Board of India’s (Sebi’s) order barring Persons of Indian Origin (PIO) from being the end-beneficiaries. According to sources, close to 150 foreign funds currently registered with Sebi are promoted by PIOs. They now face revocation of licences. READ MORE

9:32 AM

Oil marketing companies extend losses