Sensex rises 323 pts, Nifty closes at 10,491; Metal, Pharma stocks rally

All that happened in the markets today.

3:52 PM

Nifty Pharma index ends 2.6% higher

3:49 PM

Nifty Metal index ends 3.2% higher

3:40 PM

Sectoral Trends

3:38 PM

BSE Sensex gainers and losers

3:33 PM

Market at close

 

The S&P BSE Sensex ended at 34,142, up 323 points while the broader Nifty50 index settled at 10,491, up 108 points.

3:14 PM

Sun Pharma turns volatile after three observations for Halol facility

Sun Pharmaceutical Industries has turned volatile, trading 3.5% higher at Rs 561 on the BSE at 02:34 pm, after the company said the US Food and Drug Administration (USFDA) issued Form 483, with three observations, for its Halol facility in Gujarat. READ MORE

2:57 PM

Reliance Securities on Tech Mahindra

Tech Mahindra’s Enterprise Business is expected to be the major revenue growth driver over the next few years, led by BFSI and Retail, apart from Digital initiatives; this business clocked healthy 4.2% QoQ revenue growth in 3QFY18. The company appears on track to perform well on margins in the near-term, with a 173bps QoQ expansion seen in 3QFY18, and management alluding to possibility of further expansion in the near-term. We have a BUY rating on the stock with a target price of Rs750

2:55 PM

Arihant Capital on Ajanta Pharma

 

We believe that AJP’s long-term fundamentals continue to remain healthy driven by strong traction in the US business (post US FDA clearance to its Dahej unit) and above industry growth in domestic business. Sales, EBITDA and PAT witnessed 24%, 37% and 44% CAGR, respectively through FY12-17 owing to strong growth in domestic formulation business (22% CAGR) and healthy growth in exports (21% CAGR). We have HOLD rating on the stock with a Target Price of Rs1500, valuing the stock at 25x FY19E EPS of Rs60.

2:53 PM

MARKET COMMENT: Angel Broking

 

In the series gone by, the volatility index surged to 14-month high due to sudden sell-off ; courtesy to uncertainty in US markets. Stronger hands too tuned bearish as they sold equities worth Rs. 14360 crores. They also formed massive shorts in index futures and exited decent amount of their longs in the same segment. Now, the index futures ‘Long Short Ratio’ has declined from 80% to 49% series on series; which certainly does not bode well for the Bulls. Considering the above data points, we would advise traders avoiding any kind of bottom fishing as we may see further pain going ahead

2:52 PM

Metal stocks rally. Nifty Metal index up over 3%

2:51 PM

Sun Pharma turns volatile after three observations for Halol facility

Sun Pharmaceutical Industries has turned volatile, trading 3.5% higher at Rs 561 on the BSE at 02:34 pm, after the company said the US Food and Drug Administration (USFDA) issued Form 483, with three observations, for its Halol facility in Gujarat. READ MORE

2:46 PM

Once bitten, JSW wants formal nod from banks to takeover Jaypee Infra

JSW Group, which has emerged as the highest bidder for Jaypee Infratech’s real estate assets, is waiting for a formal communication from the banks as it lost out in the race for stressed assets even after emerging as the highest bidder in other companies. The JSW group company, JSW Cement was pipped by Birla owned Ultratech after JSW emerged as the highest bidder in the first round of bidding for Binani Cement but the resolution professionals called for second round of bids. CLICK HERE FOR FULL STORY

2:45 PM

Market Check

S&P BSE Sensex	34,118.35		0.88%
Nifty 50	10,484.00		0.98%
S&P BSE 200	4,579.19		1.02%
Nifty 500	9,238.20		1.09%
S&P BSE Mid-Cap	16,516.37		1.19%
S&P BSE Small-Cap	17,953.50		1.30%

2:23 PM

NSE warns index compilers to not involve themselves in offshore dispute

India’s biggest exchange operator, which cut ties with its international counterparts in an effort to rein in offshore derivatives, warned index compilers about involving themselves in the dispute.
 

Vikram Limaye, chief executive officer of the National Stock Exchange of India Ltd., said in an interview that his company’s relationship with MSCI Inc. depends on the New York-based firm telling its clients to not use its data for futures and options contracts based on Indian stocks. READ MORE

2:07 PM

Siemens extends fall on board nod for sale of mobility, rail traction ops

Siemens dipped 3% to Rs 1,159 in intra-day trade on Friday, extending its 4% fall on Thusday, in otherwise firm market after the company said its board approved to sell its mobility division and rail traction drives business. READ MORE

Photo: Reuters

1:57 PM

Market Check

 

S&P BSE Sensex	34,110.07		0.86%
Nifty 50	10,486.45		1.00%
S&P BSE 200	4,577.45		0.99%
Nifty 500	9,238.55		1.09%
S&P BSE Mid-Cap	16,520.15		1.21%
S&P BSE Small-Cap	17,949.04		1.27%

1:44 PM

IIFL on ICICI Bank

ICICI Bank (Cautious optimism, BUY, target price Rs350): We met the management of ICICI Bank at the IIFL investor conference in Mumbai. The management presented its views on growth opportunities for the bank and the ongoing asset quality challenges. The management also discussed its views on the new NPA resolution framework by the RBI and the impact of implementation of Ind-AS on the bank. The management was especially upbeat on its low cost of funding, which at sub-5% is the lowest in the bank’s history, driven by strong CASA growth

 

(Source: IIFL report)

1:27 PM

Sectoral Watch: Nifty Pharma up over 2%

1:24 PM

MUST READ Intolerance for misconduct: Many PSBs have failed to develop this culture

Everyone seems to be wondering how Gokulnath Shetty, who was considered a “forex specialist” by his employers, retired as just a deputy manager, which is quite low down the overall hierarchy. The ostensible reason for the slow growth in his career path is that Shetty “took” only one promotion in his 36-year-long career at Punjab National Bank (PNB). Many are also surprised that one of the main accused in the Rs 114-billion PNB fraud case managed to stay in the Fort, Mumbai, branch for seven years in the same position doing the same job. CLICK HERE FOR FULL STORY

1:13 PM

Want to lend some stability to your portfolio? Go for gold as a hedge

The price of gold recently touched a 15-month high of Rs 31,820 for 10 grammes. In doing so, it crossed the level seen in November 2016, the month when Prime Minister Narendra Modi announced his government’s ‘demonetisation’ decision revoking the legal-tender status of old Rs 500 and Rs 1,000 currency notes. In the global markets, it is trading at around $1,358.70 an ounce. READ MORE

1:02 PM

BSE Sensex gainers and losers

1:00 PM

India's 10-year bond yields hit two-year high on hawkish RBI minutes

Ten-year bond yields spiked 10 basis points (bps) after minutes of the February 5-6 meeting of the Monetary Policy Committee were revealed by its members on Wednesday.
 

This came with the US Federal Reserve cautioning for more rate hikes in the world’s largest economy. READ MORE

12:50 PM

New watch Infosys shareholders approve appointment of Salil Parekh as CEO, MD

Infosys shareholders have approved the appointment of Salil S Parekh as chief executive officer and managing director of the company, the company has said in a regulatory filing. As per results of postal ballot and e-voting filed by the IT major, 97.96% shareholders through the physical ballot and electronic mode voted in favour of the appointment of Parekh on February 20, 2018. READ MORE
 

12:33 PM

Nifty Pharma index trades nearly 2% higher

12:31 PM

News watch PNB fraud: ED freezes deposits, shares worth Rs 440 mn of Nirav Modi Group

The ED on Friday said it has frozen bank deposits and shares worth about Rs 440 million of the Nirav Modi group, and seized a huge collection of imported watches from locations linked to the billionaire diamantaire. Officials said they have put freeze orders on bank accounts containing Rs 300 million and shares worth Rs 138.6 million of the group under the Prevention of Money Laundering Act. CLICK HERE FOR FULL STORY

12:30 PM

Market Check

 

S&P BSE Sensex	34,078.70		0.77%
Nifty 50	10,460.05		0.75%
S&P BSE 200	4,575.26		0.94%
Nifty 500	9,219.15		0.88%
S&P BSE Mid-Cap	16,515.86		1.19%
S&P BSE Small-Cap	17,943.76		1.24%

12:26 PM

Grasim: Healthy prospects of financial services, cement arms will help

Grasim Industries, which lagged the S&P BSE Sensex in recent months, will be a part of the Nifty50 index from April 1, a move that could lead to some buying as money managers tweak their portfolios to adjust for the changes. On the fundamental side, too, robust prospects of its businesses can provide some permanent triggers. READ MORE

12:15 PM

Jubilant Life Sciences falls 11% after block deals

Jubilant Life Sciences has slipped 11% to Rs 883 on the National Stock Exchange (NSE) in intra-day trade on Friday after more than 7% of the total equity of pharmaceutical company changed hands on the NSE and BSE till noon deal.

 

The exchanges data showing that a multiple block deals executed on the counter in early trade. READ MORE

12:06 PM

News watch Energy-sapping Bitcoin mining is here to stay despite the 'wasteful' method

The enormous use of energy needed to mine bitcoin and other cryptocurrencies is proving to be very contentious, but alternative methods pose far too much of a security risk. The recent warning that electricity use at bitcoin mining facilities in Iceland may exceed that consumed annually by the country’s homes, which could in turn lead to a potential energy shortage, was slightly alarmist in tone. But it showcases the huge amount of computational power needed to mine cryptocurrencies. CLICK HERE FOR FULL STORY

11:53 AM

Phillip Capital on Siemens

 

We believed that like other MNCs in the sector, Siemens would be well‐placed to benefit from higher localisation in the current cycle compared to previous capex cycles. However, due to its greater sectoral reach, it was always pegged a notch higher than its peers such as ABB and GE T&D — but that needs a revaluation now. What is left in the listed entity is exposure to power (generation and T&D), building technologies, and digital and process-industry solutions.

 

Even as we expect Siemens’ earnings CAGR at 21% over FY17‐20, and core RoE (ex‐cash) of 36% in FY20 against 18% in FY17, we cut our target core PE to 32x (March 2020) from 40x, and revise our target to Rs 1,000 (Rs 1,210 earlier). Our target includes the value of a special dividend of Rs 28/share and net cash of Rs 211/share.