Markets end flat as Jackson Hole meet gets underway; pharma stocks lead

All that happened in Thursday's trade

4:01 PM

Vinod Nair, Head of Research, Geojit Financial Services 

 

Market traded in a narrow range as every upward move in the current consolidation phase is facing strong resistance due to lack of encouraging cues. Moreover, tomorrow’s Fed chair speech at Jackson Hole will be watchful, whereas the domestic market will remain shut to observe a holiday, which influenced the participants to stay on the back foot. On the other hand, healthcare stocks remained in focus on supportive USFDA grounds, which led the sector to outperform.

3:58 PM

Market breadth

The breadth, indicating the overall health of the market, was strong. On the BSE, 1,432 shares declined and 1,127 shares rose. A total of 148 shares remained unchanged. 

3:57 PM

Broader markets outperform 

The BSE Midcap index gained 0.8%, while the BSE Smallcap index closed 0.3% higher. 

3:56 PM

Top gainers 

Top five gainers on the Nifty were all from the pharma pack and added between 2% to 4%. 

Source: NSE

3:35 PM

Markets at close

 

The Sensex closed at 31,596, up 28 points, while the broader Nifty50 settled at 9,857, up 4 points. 

3:27 PM

Buzzing stocks

IndusInd Bank, Dewan Housing Finance (DHFL), Hindustan Petroleum Corporation (HPCL), Dilip Buildcon, JSW Steel, Avenue Supermarts (D-Mart) and Vakrangee are among 13 stocks from the S&P BSE 500 index that hit their respective record highs on BSE. CLICK HERE FOR FULL REPORT 

3:26 PM

Nifty Pharma holds gains

Nifty Pharma (up 3%) leads among NSE sectoral indices thanks to gains in Cadila, Divi's Lab and Aurobindo Pharma. 

Source: NSE

3:22 PM

Oil update

 

Oil prices steadied on Thursday, holding on to most of their recent gains after another fall in US crude inventories indicated a tighter market, and as a tropical storm headed towards oil producing facilities in the Gulf of Mexico. Benchmark Brent crude was down 5 cents a barrel at $52.52. US light, sweet crude was 5 cents lower at $48.36 a barrel.

3:04 PM

Markets check

 

At 3:00 pm, the Sensex was trading at 31,627, up 59 points, while the broader Nifty50 was ruling at 9,868, up 16 points. 

2:51 PM

The task ahead for Infosys

What it needs to do to restore confidence and continue to be a preferred employer. READ IT HERE 

2:17 PM

Buzzing stock

Aptech hit a nine-year high of Rs 306, up 11% on BSE in intra-day trade, extending its 2-day rally on back of heavy volumes. The stock is trading at its highest level since January 21, 2008. READ MORE

1:55 PM

Europe check

Europeans stocks opened higher as investors await comments on monetary policy from the Jackson Hole meeting.

 

The pan-European Stoxx 600 was 0.32% higher in early deals with most sectors moving in positive territory.

1:37 PM

Infosys board members to resign for Nandan Nilekani's return: Report

 

Majority of Infosys board members have offered to resign in a shakeout at India's second-largest software company that will likely see its celebrated co-founder Nandan Nilekani return a decade after he quit, according to a report by television channel ET Now.

 

Nilekani is said to have asked for a clean board before he takes over at Infosys.

 

The board members - except for Punita Sinha and Roopa Kudva- are likely to resign, said the report, which could not be independently confirmed. 

 

Click here for full report

1:18 PM

Market Check

Equity benchmarks continued to trade in a tight range in afternoon due to lack of triggers at domestic as well as global level.

 

At 1:18 pm, the BSE Sensex was trading at 31,630, up 62 points while the Nifty50 was ruling at 9,873, up 20 points

12:58 PM

BUZZING STOCK

Shares of Indian Hume Pipe Company advanced nearly 4% intraday as it has received order worth Rs 100.46 crore.

 

The order includes the augmentation of water supply scheme part-II-distribution system, Bilaspur (Chattisgarh) under AMRUT mission.

12:41 PM

Infosys back on top 10 m-cap list

 

With the m-cap of Rs 210,379 crore, Infosys is currently stands at ninth rank, ahead of Indian Oil Corporation, which had m-cap of Rs 208,318 crore at 11:49 am, the BSE data shows.

 

The m-cap of Infosys had declined by Rs 33,914 crore or 14.5% in just two trading sessions between August 18 and August 21, after Vishal Sikka, the company’s first non-founder Chief Executive Officer (CEO), resigned on last Friday, August 17, citing slander by founders. READ MORE

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12:23 PM

Bank of India slashes savings deposit rate

Bank of India fell 1% after it slashed savings deposit rate by 50 bps to 3.5% for balance upto Rs 50 lakh but kept savings deposit rate unchanged at 4% for balance above Rs 50 lakh.

12:00 PM

Cadila Healthcare surges

Cadila Healthcare has moved higher by 7% to Rs 496 on BSE in intra-day trade after the drug maker announced that the Zydus Cadila received final approval from the US health regulator to market antipsychotic Ziprasidone Hydrochloride capsules. READ MORE

11:37 AM

Lupin gains

Lupin rose over 3% to Rs 984 on BSE after the company announced the launch of generic Seroquel XR tablets in the US.

11:17 AM

Buzzing stock

Avenue Supermarts, which operates supermarket chain D-Mart stores, hit a new high, crossing Rs 1,000 mark at Rs 1,018, up 3% on BSE in intra-day trade in an otherwise range-bound market.

 

Avenue Supermarts (D-Mart) has continued its upward move in past nine trading sessions. Since August 10, the stock rallied 16% from Rs 880 as compared to a marginal 0.19% rise in the S&P BSE Sensex. READ MORE

Neville Noronha, CEO & MD, Avenue Supermarts

11:01 AM

Earnings impact

 

Castrol India fell 1.65% to Rs 382.30 on BSE after net profit dropped 33.35% to Rs 137.90 crore on 10.34% fall in total income to Rs 885.90 crore in Q2 June 2017 over Q2 June 2016.

10:46 AM

Canada, Japan up India bet, investors double equity holdings in past year

India's long-term growth potential and a politically stable environment are leading more geographies to raise their bets on the country. 

 

Canada, which has historically not been a big investor in Indian equities, has seen its equity holding in listed Indian shares double in the past year and grow by more than 100 times in the past eight years. 

 

The country is now the seventh largest investor in the India and stands a good chance of overtaking Norway, United Kingdom (UK) and Luxembourg to enter the top five league. READ MORE
 

10:34 AM

Markets Check

At 10:33 am, the BSE Sensex was trading at 31,590, up 22 points while the Nifty50 was ruling at 9,854, up 2 points

10:18 AM

Liquor stocks gain

 

Shares of liquor companies have rallied by up to 15% on BSE in early morning trade after the report suggests that the Supreme Court on Wednesday clarified that the liquor ban on highways does not extend to municipal areas.

 

The court, in an order dated July 11, which was uploaded on the Supreme Court website on Wednesday, clarified that the 500-metre ban does not prohibit licensed establishments within municipal areas.

 

Among the individual stocks, United Spirits, Globus Spirits, GM Breweries, Pincon Spirit and Radico Khaitan were up in the range of 5% to 13% on BSE. READ MORE

10:03 AM

Where are the markets headed?

Investors should not get perturbed by intermittent corrections in the market, leading money managers from Mutual Fund Industry concluded at the Business Standard Fund Cafe held in Mumbai recently. Cement, capital goods and consumption are among a few sectors which are expected to lead the next leg of the rally. 

 

Click here to find out what top money managers had to say about markets prospects and investment options at the event.

 

9:49 AM

LIC to meet FinMin on Infosys buyback

 

Life Insurance Corporation of India (LIC) will soon consult the finance ministry on the Infosys crisis.

 

According to sources, the insurer may seek the ministry’s guidance on opting to take the buyback route opened by Infosys. The state-run insurance company, which owns 7.03 per cent stake in the information technology (IT) major, is mulling over the amount of shares it would tender in the repurchase scheme.

 

Click for full report

9:38 AM

Metals shine

Extending gains for the third session straight, Nifty Metal index gained 0.7% led by gains in JSPL, NALCO, JSW Steel and Hindalco

9:29 AM

Banks slip

PSU Bank index fell 0.3% with 10 of 11 stocks trading in red after the Cabinet on Wednesday approved a framework to speed up mergers of public sector banks, the first of which could take place by March. The mergers will not involve any cash but only share swaps. 

Source: NSE

9:26 AM

In Spotlight

Infosys gained over 1%, becoming the top gainer on BSE Sensex after reports that Nandan Nilekani may return to the company's board of directors to calm investors' nerves

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9:23 AM

Top gainers and losers on BSE Sensex

Source: BSE