MARKETS ON FRIDAY: Sensex ends flat, Nifty holds 10,300; PSU banks gain

All that happened in the markets on Friday

3:45 PM

Nifty PSU Bank ends 0.90% up. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
PUNJAB NATL.BANK	102.15	97.00	5.15	5.31
ALLAHABAD BANK	53.50	51.70	1.80	3.48
ANDHRA BANK	45.40	44.20	1.20	2.71
ORIENTAL BANK	98.90	97.05	1.85	1.91
BANK OF INDIA	113.10	111.10	2.00	1.80

3:40 PM

Nifty Pharma ends 1.35% higher. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)
PIRAMAL ENTERP.	2663.90	2540.40	123.50	4.86
AUROBINDO PHARMA	619.40	599.15	20.25	3.38
LUPIN	809.05	786.70	22.35	2.84
GLENMARK PHARMA.	563.60	556.55	7.05	1.27
SUN PHARMA.INDS.	512.60	507.55	5.05	0.99

3:34 PM

BSE Sensex gainers and losers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 33,627, up 30 points while the broader Nifty50 index settled at 10,331, up 6 points.

3:23 PM

News Watch RCom gets tribunal nod for tower, fibre business sale

Reliance Communications Ltd (RCom) said on Friday it received the National Company Law Appellate Tribunal's (NCLAT) approval to proceed with the sale of its tower and fibre business. READ MORE

Impact on stock:

3:01 PM

Gold hits over two-week low as dollar firms ahead of US jobs data

Gold prices hit over two-week lows on Friday, ahead of the US payrolls data later in the day, weighed down by a firmer dollar even as President Donald Trump re-ignited trade war fears by proposing $100 billion in new tariffs on China. READ MORE

2:46 PM

PSU Bank extends gain; PNB, Allahabad Bank up 3%

Shares of public sector bank were in focus for the second straight day with Nifty PSU Bank index nearly 1%, extending its Thursday’s 5% surge, after the Reserve Bank of India (RBI) maintained status quo on the key short-term borrowing rate in its first bi-monthly monetary policy for the financial year 2018-19 (FY19) on Thursday.
 

Punjab National Bank (PNB), Allahabad Bank, Oriental Bank of Commerce, Bank of Baroda, Union Bank of India, Bank of India and Canara Bank were up in the range of 1% to 4% on the National Stock Exchange (NSE). READ MORE

2:30 PM

Crude update

Oil prices fell after US President Donald Trump's threat of new tariffs on China reignited fears of a trade war between the world's two biggest economies.

 

President Trump said on Thursday he had ordered US trade officials to consider tariffs on USD 100 billion more of imports from China, escalating tensions with Beijing.

 

Brent crude for June delivery was down 0.5 per cent, at $67.99 per barrel while US West Texas Intermediate crude for May delivery was down 0.5 per cent, at $63.22 a barrel.

2:18 PM

Earnings

 

Samsung Electronics Co. reported higher-than-projected profit as demand for its memory chips remained strong enough to outweigh concerns about display supplies to Apple Inc.

 

Operating income rose to 15.6 trillion won ($14.7 billion) in the three months ended March, according to preliminary results released Friday from the Suwon, South Korea-based company. That compares with the 14.5 trillion-won average of analysts’ estimates compiled by Bloomberg. READ MORE

2:01 PM

Market Check

 

S&P BSE Sensex	33,550.62		-0.14%
Nifty 50	10,301.45		-0.23%
S&P BSE 200	4,537.33		-0.02%
Nifty 500	9,137.35		-0.10%
S&P BSE Mid-Cap	16,516.36		0.16%
S&P BSE Small-Cap	17,820.61		0.26%

1:45 PM

EOW attaches 3 accounts of 63 Moon Technologies with Rs 4.8 billion funds

The city police's economic offences wing (EOW) has, as part of its ongoing probe into the National Spot Exchange (NSEL) payments scam, attached three bank accounts of that bourse’s parent entity, 63 Moons Technologies (earlier known as FTIL). Sources said this was to enforce a notification in this regard of the Maharashtra government. The money in question is about Rs 4.8 billion. READ MORE

1:31 PM

Galaxy Surfactants extends fall after Tarapur plants receive Form 483

Galaxy Surfactants dipped 2% to Rs 1,400, extending its past three days 5% decline after the company received Form 483 for two of its facilities in Maharashtra after United States Food and Drug Administration (USFDA) audit. READ MORE

1:15 PM

Top BSE500 Gainers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
SOBHA	548.70	40.60	7.99	209623
JAI CORP	161.00	11.80	7.91	960849
MPHASIS	930.00	57.70	6.61	58341
MMTC	64.30	3.95	6.55	1053606
HIND.COPPER	72.20	4.20	6.18	1218395

1:03 PM

Stick largely to accrual funds despite softening of 10-yr govt bond yield

 

As was widely expected, the Monetary Policy Committee decided to keep interest rates unchanged. But, the lowering of the inflation estimate for 2018-19 did surprise many.

 

The benchmark 10-year government bond yield, which had risen to 7.78 per cent in the recent past, had softened to around 7.3 per cent after the government announced that it would borrow less in the first half of the financial year. After the monetary policy, it fell further to 7.13 per cent, following the Reserve Bank of India’s (RBI’s) dovish outlook on inflation. READ MORE

12:47 PM

Pidilite joins Rs 500 billion market-cap league; stock hits new high

Pidilite Industries has entered into the league of corporate entities with a market value of over Rs 500 billion after the stock price of the company hit new high on the BSE.
 

Pidilite Industries with the m-cap of Rs 500.73 billion stood at number 62nd position in overall m-cap ranking at 10:28 am, the BSE data shows. The stock was trading 1% higher at Rs 977 hit a new high of Rs 982 on the BSE in intra-day deal. READ MORE

12:31 PM

Rural-focused stocks to gain on the expectation of normal monsoon

Companies that get a sizable share of sales from rural markets could see higher growth on the expectation of a normal monsoon, which has been forecast for this year, as of now. Two non-government bodies, Skymet and Weather Risk Management Services have said they expect rain in the June to September period to be on the positive side of normal. READ MORE

12:16 PM

Lupin gains on EIR from USFDA for Pithampur Unit 1

Lupin has moved higher by 7% to Rs 843 on the National Stock Exchange (NSE) after the pharmaceutical company said that it has received establishment investigation report (EIR) from the United States Food and Drug Administration (US FDA) for the successful inspection of Pithampur Unit 1. The inspection was conducted in July 2017. EIR indicates closure of plant inspection by the US regulatory agency. READ MORE

12:00 PM

Market Check

S&P BSE Sensex	33,576.13		-0.06%
Nifty 50	10,313.75		-0.11%
S&P BSE 200	4,536.90		-0.03%
Nifty 500	9,142.70		-0.04%
S&P BSE Mid-Cap	16,498.60		0.05%
S&P BSE Small-Cap	17,823.28		0.27%

11:48 AM

Vedanta may pay high logistic cost to haul bauxite from Odisha refinery

 

Even as mining entity Vedanta looks at entering into a long-term contract with Odisha Mining Corporation (OMC) to secure bauxite for its Lanjigarh (Kalahandi district) alumina refinery from the latter’s newly opened Kodingamali mines, the company is worried about escalation in the cost of procuring the raw material. READ MORE

11:30 AM

Volume Toppers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
MAGMA FINCORP	157.70	-7.10	-4.31	32194873
REL. COMM.	23.80	0.45	1.93	6085613
UNITECH	6.47	-0.41	-5.96	2542440
IDBI BANK	71.50	-0.95	-1.31	2428590
JP ASSOCIATES	19.40	-0.50	-2.51	2406816

11:15 AM

Depositories to monitor foreign investment limits in Indian cos: Sebi

Markets regulator Sebi on Thusday put in place a new system for depositories to monitor the foreign investment limits in listed Indian companies. The new system would become effective May 1 this year, the Securities and Exchange Board of India (Sebi) said in a circular. READ MORE

11:01 AM

Net inflows into equity mutual funds drop 59% in March: Amfi data

Net inflows into equity mutual funds (MFs) have more than halved in March to Rs 66.6 billion from Rs 162.7 billion in February. The amount is also lower than that of March 2017 when the figure stood at Rs 82.16 billion, data by the Association of Mutual Funds in India (Amfi) shows. The data includes inflows into both equity funds and equity-linked saving schemes (ELSS). READ MORE

10:45 AM

Sona Koyo Steering share sale begins; stock falls 9%

Shares of Sona Koyo Steering Systems have dipped 9% to Rs 89.45 per share on the BSE in early morning deal as the promoters share sale through offer for sale (OFS) began today, April 6, 2018. The floor price of the OFS is Rs 85 per share. READ MORE

10:32 AM

With RBI's near-ban announcement, cryptocurrency prices crash sharply

Without saying so categorically, the Reserve Bank of India (RBI) as good as banned crypto currency on Thursday. As a result, prices of bitcoin and other crypto currencies on Indian exchanges have crashed. READ MORE

10:15 AM

Sobha surges 11% on strong sales volume in March quarter

Shares of Sobha have surged 11% to Rs 564 per share on the BSE in early morning trade after the real estate developer said it has reported strong 40% year on year growth in sales volume for the quarter ended March 2018 (Q4FY18). READ MORE

10:00 AM

Market Check

 

S&P BSE Sensex	33,534.04		-0.19%
Nifty 50	10,306.90		-0.18%
S&P BSE 200	4,533.59		-0.10%
Nifty 500	9,133.10		-0.14%
S&P BSE Mid-Cap	16,479.46		-0.06%
S&P BSE Small-Cap	17,780.75		0.03%

9:52 AM

Sebi, RBI issue circular on changes in monitoring of FPI holdings

The Securities and Exchange Board of India (Sebi), and the Reserve Bank of India (RBI), have issued a circular on changes in the monitoring of foreign investment holdings in listed companies. This was triggered by a breach in the rule on foreign shareholding at HDFC Bank a year before. READ MORE

9:39 AM

US: March Employment Preview

We forecast a somewhat soft 140k increase in nonfarm payroll employment for March, largely due to payback after warm weather pushed up February’s employment growth. Despite this temporary weakness, monthly nonfarm payroll growth is likely to still average close to +230k for Q1 2018, indicating strong labour demand.

With no calendar effect this month, we expect a steady 0.2% m-o-m increase in average hourly earnings (AHE), bringing the y-o-y rate to 2.7%. Finally, we expect the unemployment rate to tick down 0.1pp to 4.0% after remaining at 4.1% for the past five months.

(Source: Nomura)

9:37 AM

MARKET COMMENT Chris Wood of CLSA

The Reserve Bank of India held its policy meeting yesterday and today. It delivered a relatively hawkish message. While maintaining its neutral stance and keeping the policy repo rate at 6%, the RBI also noted that there are now clearer signs of revival in investment activity.

The higher bond yields in India seen earlier this year were not primarily driven by correlation with higher US bond yields. Rather they reflected growing localised concerns about fiscal deterioration as a result of an anticipated increase in populist policies ahead of the general election which is due to be held in April-May 2019.

A renewed increase in bond yields would be a threat to still high equity valuations in India. Meanwhile, the continued relative stability of the rupee will probably in large part hinge on the credibility of monetary policy given the still anticipated fiscal deterioration.

CLSA Managing Director & Equity Strategist Christopher Wood

9:30 AM

Nifty Metal index falls around 1% amid fresh trade war concerns. Top losers:

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)
HINDALCO INDS.	210.05	214.15	-4.10	-1.91
VEDANTA	286.00	289.90	-3.90	-1.35
S A I L	74.35	75.25	-0.90	-1.20
TATA STEEL	574.85	580.45	-5.60	-0.96
JSW STEEL	305.50	308.40	-2.90	-0.94