Nifty hits fresh closing high, ends above 10,150; Sensex up 151 points

All that happened in Monday's trade

4:14 PM

Vinod Nair, Head of Research, Geojit Financial Services  

 

Market advanced and touched another historic high on firm global cues. Strength in rupee and a gradual pick up in FII buying has increased the liquidity in the market. On the other hand, focus has now shifted to US Fed policy meet, which begins tomorrow. The consensus is showing status quo in interest rate while investors are keenly looking for any announcement for trimming the balance sheet.

4:12 PM

Nifty Bank ends above 25,000

Source: NSE

4:09 PM

Nifty PSU Bank sole sectoral loser 

Source: NSE

3:59 PM

Sensex heatmap at close 

Source: BSE

3:55 PM

Market breadth 

The breadth, indicating the overall health of the market, was strong. On the BSE, 1,530 shares rose and 1,075 shares declined. A total of 195 shares were unchanged.

3:50 PM

Broader markets outperform 

 

The BSE Midcap and the BSE Smallcap added 0.7% and 0.8%, respectively. The Nifty Midcap settled at fresh closing high to gain nearly 1% at 4,977.  

3:41 PM

Markets at close

The Sensex settled at 32,423, up 151 points, while the Nifty50 closed at 10,153, up 67 points. 

3:28 PM

Centrum Broking on Sundaram Finance

 

We retain 'Buy' on Sundaram Finance (SUF) with SOTP based TP revised upwards to Rs 2,000 (Rs 1,740 earlier). The increase in our TP follows a) revision in earnings estimates for the core - asset financing business and b) higher contribution from the subsidiaries following improved profitability and outlook therein. Strong capital position, best-in-class asset quality and superior returns profile continue to remain key strengths. Value un-locking through demerger of non-financial investments into a separate entity could lead to further upside in the stock. Prefer Sundaram Finance in the NBFC space.

3:20 PM

All but two sectors are trading in green 

Source: NSE

3:15 PM

Buzzing stocks 

Shares of Himachal Futuristic Communications (HFCL), HEG and MIRC Electronics are locked in their respective upper limit of circuit filters for the second straight session on the BSE.

 

HFCL hit an over nine-year high of Rs 35.95, up 10%, extending its 17% surge in past two trading sessions after the company said it was no longer under the Corporate Debt Restructuring (CDR) mechanism. The stock was trading at its highest level since February, 2008. READ MORE 

3:13 PM

Volatility index

India VIX, an index to measure the volatility in the markets, eased over 2% to 11.51. 

Source: NSE

3:08 PM

US oil prices hit $50 

 

US crude oil prices rose above $50 per barrel and were near last week’s multi-month highs as the number of US rigs drilling for new production fell and refineries continued to restart after getting knocked out by Hurricane Harvey.

 

US West Texas Intermediate (WTI) crude futures were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

3:06 PM

European markets trade higher

 

European markets rose to six-year high as global investors returned to equities amid cooling geopolitical tensions. The pan-European Stoxx 600 was up by around 0.5%, Germany's DAX, Britain's FTSE and France's CAC 40 added 0.6%, 0.3% and 0.4%, respectively. 

2:59 PM

HDFC Securities on Va Tech Wabag

 

With ~2.3x Order book to revenue, Va Tech Wabag offers strong revenue visibility. We expect revenues to grow at 17% CAGR over FY17‐19E driven by faster execution. EBITDA margin expansion of 50bps over the next two years should lead to EBITDA CAGR of 19%. We expect earnings to witness 41% CAGR FY17‐19E led by better operating performance and improvement in overseas operations.

 

At CMP of Rs 636, the stock is trading at 16x of its FY19E EPS and ~8x EV/EBITDA. We recommend investors to buy the stock between Rs 585-636 with target of Rs 780 over the next 4 quarters. We have valued the stock based upon ~20x FY19E earnings and 9.5x EV/EBITDA.

2:45 PM

Nifty holds on to morning gains, trades above 10,150

Top five gainers 

Source: NSE

2:27 PM

Small-cap rally: Indiabulls Ventures zooms 1262% in CY17

 

he S&P BSE Small-cap index hit its all-time high of 16,869 level in intra-day deals on Monday. The index has gained nearly 40% thus far in calendar year 2017 (CY17). However, the rally in some of the individual stocks that comprise this index has been sharper. READ FULL REPORT

2:01 PM

Buzzing stock

 

Tide Water Oil (India) has moved higher by 15% to Rs 6,437 on BSE in noon deals after the company announced that it has approved the pre-dealing application form received from Standard Greases and Specialities, joint promoter in connection with further acquisition of 174,240 equity shares or 5% stake of the company. READ MORE

1:44 PM

Edelweiss Securities on Minda Corporation 

 

We estimate consolidated EPS to clock nearly 24% CAGR over FY17-19 led by higher SOB across key clients and new product launches. We estimate RoE to improve to nearly 20% in FY19 (13% in FY17) given improving margin outlook. We revise up target multiple to 18x (from 15x) in sync with upgrade of multiples across the sector and Motherson. We maintain ‘BUY’ with target price of Rs 151 (18x FY19E EPS). At CMP, the stock trades at 15.5x FY19E PER. 

1:29 PM

Broader markets outperform

 

The BSE Smallcap index held on to gains to trade near its all-time high hit in early trade. The index was up over 1%, while the BSE Midcap was trading 0.8% higher.  

1:26 PM

Markets check

At 1:25 pm, the Sensex was trading at 32,471, up 198 points, while the broader Nifty50 was ruling at 10,162, up 76 points. 

1:12 PM

Nifty Auto was the top sectoral gainer, up over 1% in the afternoon deals

Source: NSE

12:56 PM

ORDER WIN

Shares of Punj Lloyd gained nearly 9% intraday as it has won order worth Rs 120 crore.

 

The company has won a prestigious order worth Rs 120 crore for the supply and commission of five full body truck scanners (FBTS) from the Ministry of Home Affairs.

 

The company will become first private sector company in India to install these X-ray based FBTS at the country's borders, which can detect concealed arms, ammunition, explosives, detonators, IEDs, narcotics, and fake currency.

12:41 PM

Nifty, Nifty Midcap, BSE Smallcap, BSE500 indices hit new high

Supportive global cues helped Nifty 50, Nifty Midcap from the National Stock Exchange (NSE) and S&P BSE Small-cap and S&P BSE500 index from the BSE (Bombay Stock Exchange) hit their respective high in intra-day deals on Monday.

 

While Nifty 50 index hit a new high of 10,167, surpassing its previous high of 10,115 made on August 1, 2017 in intra-day trade, the Nifty Midcap50 and Nifty Midcap100 indices, too, recorded high of 4,979 and 19,126 levels, respectively on the NSE.

 

Going ahead, experts remain optimistic on foreign fund flows into the Indian equity markets. Economic growth, they say, is the key factor driving them to invest here. That said, investors will also be keeping a tab on the upcoming results season to assess the impact of the goods and services tax (GST) bill, progress of monsoon and Reserve Bank of India’s (RBI’s) strategy on rates. READ FULL REPORT HERE

12:27 PM

Bajaj Auto hits record high; market-cap crosses Rs 90,000 crore

 

Bajaj Auto hit a record high of Rs 3,129, up 3.5% on BSE in intra-day trade to regain its status as the country’s most valued two-wheeler company in terms of market capitalisation (market-cap).

 

The stock surpassed its previous high of Rs 3,122 touched on September 9, 2016 in intra-day trade.

 

The market-cap of Bajaj Auto crossed Rs 90,000 crore mark today, after a sharp 7% rally in the last two trading sessions. 

Click to read full report

12:12 PM

August equity flows surprise fund executives

 

Equity mutual funds got inflows of Rs 20,000 crore in August, 2.4 times the average monthly inflows seen during the previous seven months of 2017. The unusually high inflow tally raised many eyebrows, with some market players requesting industry body, the Association of Mutual Funds in India (Amfi), to reconfirm the data. 

 

Sources in the Amfi said the data were accurate. Also, the high tally was not on account of huge one-off flows into arbitrage schemes, said industry players. READ MORE

11:58 AM

Slips in trade

Indiabulls Real Estate dipped 7% to Rs 232 in intra-day on BSE after more than eight percentage points of total equity of real estate developer changed hands in multiple block deals.

 

The name of the buyers and sellers were not ascertained immediately.

 

The promoter group entity IBREL IBL Scheme Trust had sold its entire of 8.99% in the company through open market in past two months.

11:45 AM

Over 90 stocks on the NSE hit fresh 52-week highs.

 

As much as 93 stocks on the NSE hit fresh 52-week highs which include names like Page Industries, Honeywell Auto, Britannia Industries, Bajaj Auto, Dixon Technologies, HDFC Bank, L&T, Bata India, TVS Motors, JBM Auto, HEG, and Gillette India among others.

11:32 AM

Mutual Fund assets now a fifth of banking system deposits

 

Assets under management (AUM) of the domestic mutual fund (MF) industry touched a record high of Rs 20.6 lakh crore in August. This is nearly a fifth of the banking system deposits, which stood at Rs 106.7 lakh crore last month. In March 2014, MF assets accounted for only a tenth of the banking system deposits.   

 

The MF industry, which offers a mix of equity and debt products, has been a prime beneficiary of the improvement in and shift towards financial savings in the country.  READ MORE

11:25 AM

Markets Check

Benchmark indices held on to morning gains led by auto, banking and FMCG indices. At 11:25 am, the S&P BSE Sensex was trading at 32,472, up 200 points while the broader Nifty50 inces was ruling at 10,159, up 74 points.

10:59 AM

Infosys' Senior VP quits
 

Infosys Senior Vice President Sanjay Rajagopalan has resigned from his post, a month after Vishal Sikka stepped down as the company’s MD and CEO.

 

In his Linked In profile, Mr. Rajagopalan described himself as a “free man.” He also mentioned that he was employed with Infosys from August 2014 to September 2017, a duration of three years and two months.

 

It was widely anticipated that Mr. Rajagopalan would quit after Mr. Sikka put down his papers. Mr. Sikka had brought some of his former SAP colleagues to Infosys to help him implement his new initiatives. One among them was Mr. Rajagopalan, in October 2014.