Sensex tanks 316 pts, Nifty ends below 10150 as Q2 GDP fails to lift spirit

All that happened in Friday's trade

4:10 PM

Jayant Manglik, President Retail Sales, Religare Securities

 

The benchmark indices pared early gains and witnessed continued selling pressure for the third straight consecutive session. India’s Q2 GDP data came in line with market expectations, but it failed to lift the market amid fiscal deficit and rising crude prices concerns. The broader market indices also reacted in line with the frontline index. All the major sectoral indices ended in red with metal, oil&gas, consumer durables and auto being the top losers.

 

In the near term, market may remain volatile given RBI policy next week and US Fed meet in the second week of December. With steady reform implementation and improved corporate earnings, India would continue to remain a preferred investment destination for FIIs and DIIs despite its premium valuations compared to other emerging markets. However, we advise traders to avoid overleveraging and keep their positions hedged until the outcome of RBI policy.

3:45 PM

Top Sensex gainers and losers 

Source: BSE

3:40 PM

Markets at close

The S&P BSE Sensex ended at 32,832, down 316 points, while the broader Nifty50 settled at 10,121, down 104 points. 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,832.94	-316.41	-0.95
S&P BSE SENSEX 50	10,562.77	-111.64	-1.05
S&P BSE SENSEX Next 50	35,098.12	-376.02	-1.06
S&P BSE 100	10,593.22	-112.21	-1.05
S&P BSE Bharat 22 Index	3,677.43	-34.56	-0.93

Source: BSE

3:20 PM

Buzzing stock

 

UFO Moviez India dipped 7% to Rs 453 on the BSE after reporting 44% decline in net profit at Rs 11.3 crore in September quarter (Q2FY18), due to lower operational revenue. The company had a profit of Rs 20 crore in the same quarter last year. CLICK HERE FOR MORE

 

3:14 PM

Q2 GDP growth raises some hope, but meeting FY18 forecast still not easy

 

The Indian economy has to grow by at least 7.5 per cent in each of the remaining two quarters of the current financial year, if it has to come anywhere near the various growth forecasts made by different agencies. This is one message policy makers cannot ignore while they interpret the economic growth numbers for July-September 2017, released by the Central Statistics Office on Thursday. READ FULL ANALYSIS

3:05 PM

Top five Nifty losers in last leg of trade

Source: NSE

3:00 PM

Markets check

At 3:00 pm, the S&P BSE Sensex was trading at 32,889, down 259 points, while the broader Nifty50 was ruling at 10,143, down 83 points. 

2:50 PM

Ashok Leyland zooms ahead in November

 

Automobile major Ashok Leyland has reported a 54 per cent jump in medium and heavy commercial vehicle (M&HCV) sales in November at 10,641 units over last year’s count of 6,928 units.

 

Light commercial vehicle (LCV) sales rose by 44 per cent to 3,819 units, from 2,646 units a year ago. READ MORE DETAILS

2:45 PM

Nifty Auto trades lower 

Source: NSE

2:23 PM

BSE Smallcap index hits new high

 

The S&P BSE Smallcap index hit a new high of 18,411 in early morning trade on Friday on back of strong rally in pharmaceuticals, information technology (IT), restaurants, auto ancillary and consumer discretionary stocks. The index surpassed its previous high of 18,324.83, touched on November 29, 2017 in intra-day trade on the BSE. READ FULL REPORT

2:04 PM

Markets check

At 2:00 pm, the S&P BSE Sensex was trading at 33,064, down 85 points, while the broader Nifty50 was ruling at 10,205, down 21 points. 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,073.07	-76.28	-0.23
S&P BSE SENSEX 50	10,648.84	-25.57	-0.24
S&P BSE SENSEX Next 50	35,566.06	+91.92	+0.26
S&P BSE 100	10,688.42	-17.01	-0.16
S&P BSE Bharat 22 Index	3,715.84	+3.85	+0.10

Source: BSE

1:50 PM

Volume growth to spice up gains for Jubilant, Westlife

 

Stocks of quick service restaurants Westlife Development, Jubilant FoodWorks and Speciality Restaurants have been hitting their 52-week highs this week on expectations that improving demand and new offerings will sustain volume growth going ahead.

 

This, coupled with the recent trigger of revisions in the goods and services tax (GST) rate to five per cent from the earlier 18 per cent should help bring down overall prices. READ FULL ANALYSIS

1:30 PM

Edelweiss Securities on Q2 GDP

 

Real GVA for Q2FY18 came in at 6.1% YoY (Edelweiss expectation: 6.4%) vs 5.6% in the previous quarter. The uptick from previous quarter was mostly led by revival in manufacturing after sharp slowdown seen in last few quarters, suggesting that effect of temporary disruptions (GST/DeMon related) is waning. However, one area where weakness continues to linger is construction activity, which grew less than 3% even after stagnating in last two quarters.  What is also worth highlighting is the considerable slowdown in the government services/spending during the quarter (government front-loaded the expenditure in Q1FY18).

 

Going ahead, we expect further pick up in GDP numbers, helped by supportive base effect and some revival in exports. However, construction weakness is persisting longer than we anticipated and chances of scale-back in government expenditure are rising amid weaker than anticipated revenues. Accordingly, we are revising our FY18 GVA growth forecast to 6.5% from 6.8% earlier.

1:16 PM

Existing investors may hold on to dynamic bond funds

 

Investment advisors were recommending dynamic bond funds to investors till as recently as August, when the Reserve Bank of India (RBI) had cut the repo rate by 25 basis points. These are funds where the fund manager changes the average duration of the portfolio actively to benefit from interest-rate changes. They are marketed as all-weather funds. Many of those who followed the experts’ advice would be a worried lot today. READ FULL ANALYSIS

1:02 PM

4 IPOs rally up to 125% after subdued listing in 2017

 

PSP Projects, Eris Lifesciences, Tejas Networks and Security and Intelligence Services (India) (SIS) rallied up to 125% against their issue price after making a weak debut on the bourses during the calendar year 2017 (CY17).

 

Except Tejas Networks, which gained 2.5%, the market price of the remaining three companies remained below their respective issue prices on the first day of their listings.

 

The strong financial performance and positive corporate announcements led the rally in these stocks post their listings. READ MORE

Representative Image (Photo: Shutterstock)

12:47 PM

Infosys buyback: A chance for small shareholders to cash out

 

The Rs 13,000-crore share buyback programme of Infosys commenced on Thursday. Eligible shareholders can tender their shares till December 14, the last day of the buyback. 

 

The buyback price offered by the company is Rs 1,150. Therefore, investors can pocket 18 per cent more upside (at current market rate) by tendering their shares. The entitlement ratio for retail shareholders works out to 28 per cent. In other words, 28 shares of those holding 100 shares will get accepted in the buyback. 

 

However, an investor can even tender 100 per cent of their shares. If eligible shareholders abstain from participation, the entitlement ratio goes up. READ MORE

12:31 PM

Asia's factory growth robust in Oct on electronics demand, China at risk

 

Asia's major manufacturing economies saw their fastest expansion in factory activity in years last month, driven by robust demand for electronics and firming the case for central banks in the region to shift to tighter monetary policy next year.

 

A raft of mostly strong factory activity surveys released on Friday comes a day after the Bank of Korea became the first major central bank in Asia in three years to raise interest rates.

 

The tightening marks a potential turning point for the region with Malaysia and the Philippines among central banks that could lift rates next year. READ MORE

12:19 PM

Growth outlook for remaining part of FY18 is not without risks

 

GDP growth seems to be changing course, rising 6.3% in the second quarter ended September 30, 2017, after five straight quarterly declines.

 

The pace is expected to quicken in the ongoing second half, which would crank up India’s GDP growth for this fiscal to 6.8%.

 

The drivers in the second half will be a low-base effect (growth had slipped to 6.5% in the second half of last fiscal), dissipating impact of demonetisation, and gradual stabilisation of the GST regime. READ MORE

12:01 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,124.04	-25.31	-0.08
S&P BSE SENSEX 50	10,668.64	-5.77	-0.05
S&P BSE SENSEX Next 50	35,586.89	+112.75	+0.32
S&P BSE 100	10,706.17	+0.74	+0.01
S&P BSE Bharat 22 Index	3,721.38	+9.39	+0.25

11:52 AM

GST rate cut boosts Nov manufacturing PMI to 52.6, fastest since Oct 2016

 

India's manufacturing sector in November recorded the strongest improvement in business activity in 13 months as new orders picked up supported by reduction in GST rates and strong demand conditions, a monthly survey said today.

 

The Nikkei India Manufacturing Purchasing Managers' Index (PMI) rose from 50.3 in October to 52.6 in November, indicating substantial improvement of operating conditions in the country's manufacturing sector.

 

This is for the fourth consecutive month that the index has come in above 50 point mark that separates expansion from contraction. READ MORE

11:41 AM

Agro Tech Foods surges 30% in two days on FPI buying

 

Agro Tech Foods rallied 9% to Rs 682, extending its Thursday’s over 15% surge on the National Stock Exchange (NSE), after the foreign portfolio investor (FPI) bought the stake in agricultural products company through open market.

 

The stock hit a 52-week high in intra-day trade, zooming 30% in the past two trading sessions from Rs 526 on Wednesday, as compared to 1% decline in Nifty 50 index.

 

On Thursday, November 30, 2017, Samsung India Securities Master Investment Trust (Equity) purchased 200,000 equity shares of Agro Tech Foods at Rs 620.93 per share on the NSE, the bulk deal data shows. READ MORE

11:22 AM

Bitcoin rally has more steam left, says CLSA's Chris Wood

 

Despite the stellar 900% return thus far in calendar year 2017 (CY17), rally in bitcoin and other cryptocurrencies has more steam left, says Christopher Wood, managing director & equity strategist at CLSA.

 

One reason for the up move continuing going ahead, Wood cites in his weekly note GREED & fear, is that the retail participation has just started to kick in, which will keep the cryptocurrency story alive. That said, he does not believe cryptocurrencies replacing gold bullion anytime soon. READ MORE

11:09 AM

Nissan sues India over outstanding dues; seeks over $770 mn

 

Japanese automaker Nissan Motor has begun international arbitration against India to seek more than $770 million in a dispute over unpaid state incentives, according to a person familiar with the matter and documents reviewed by Reuters.

 

In a legal notice sent to Prime Minister Narendra Modi last year, Nissan sought payment of incentives due from the Tamil Nadu government as part of a 2008 agreement to set up a car manufacturing plant in the southern state.

 

According to the notice, Nissan said repeated requests to state officials for the payment, due in 2015, were overlooked and even a plea by the company's chairman, Carlos Ghosn, to Modi in March of last year seeking federal assistance did not yield any results. READ MORE

10:55 AM

Top Sensex gainers and losers

Source: BSE

10:37 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,248.19	+98.84	+0.30
S&P BSE SENSEX 50	10,709.43	+35.02	+0.33
S&P BSE SENSEX Next 50	35,770.33	+296.19	+0.83
S&P BSE 100	10,749.33	+43.90	+0.41
S&P BSE Bharat 22 Index	3,735.01	+23.02	+0.62

10:24 AM

M&M Financial hits 52-week high after QIP launch

 

Mahindra & Mahindra (M&M) Financial Services hit a 52-week high of Rs 461, up 5% on the BSE in early morning trade, after the company launched its qualified institutional placement (QIP) issue on Thursday.

 

M&M Financial Services has fixed floor price of Rs 439.63 per share, almost same against Thursday’s closing price of Rs 439.65. The company said may offer a discount of not more than 5% on the floor price.

 

The board of directors of the company at its meeting held on November 1, 2017 approved the issuance of up to 24 million equity shares of Rs 2 each through QIP. It proposed to raise about Rs 1,000 crore. READ MORE

10:09 AM

Indian stock markets now 8th-biggest in the world

 

India is now home to the world’s eighth-biggest stock market, overtaking Canada for the first time in almost a decade. The score: India $2.29 trillion, Canada $2.28 trillion.

 

Mumbai’s total stock market capitalisation hasn’t exceeded Toronto’s since January 21, 2008, when the S&P BSE Sensex plunged as concern grew that a global financial crisis was taking hold. Since then, India’s market swelled by $800 billion as investors flocked to a nation where the government boosted consumption through a job-guarantee plan, streamlined the indirect-tax system and opened more industries to foreigners. READ MORE

9:53 AM

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.

 

Standard Life Aberdeen Plc and mortgage lender Housing Development Finance Corp Ltd will own a minimum 24.99 per cent and 50.01 percent, respectively, in HDFC AMC post IPO, subject to regulatory approvals. READ MORE

9:42 AM

Top sectoral gainer: Nifty Realty

Source: NSE

9:31 AM

Sectoral Trend

Source: NSE