Markets end lower after record high; Sensex down 99 pts, Nifty below 10,500

All that happened in Wednesday's session

3:58 PM

Anand James, Chief Market Strategist, Geojit Financial Services 

 

Markets remained buoyant for most part of the day, but were in no mood to push much higher ahead of F&O expiry. Rising oil and tensions in the Korean peninsula are back to dominating global cues, while potential for long term capital gains being taxed are also viewed with caution. While SEBI's new framework to ease norms for FII investment may enthuse the investors in the new year, uncertainties over the H1B visa regime could stir up the momentum in IT stocks. 

3:40 PM

Sensex heatmap at close

Source: BSE

3:38 PM

Markets at close

 

The S&P BSE Sensex settled at 33,911, down 99 points, while the broader Nifty50 ended at 10,490, down 41 points.

 

S&P BSE Sensex	33,873.79		-0.40%
Nifty 50	10,486.25		-0.43%
S&P BSE 200	4,651.94		-0.39%
Nifty 500	9,434.20		-0.38%
S&P BSE Mid-Cap	17,658.42		-0.27%
S&P BSE Small-Cap	19,041.57		-0.37%

3:25 PM

L&T's construction arm wins orders worth Rs 1,125 cr

 

Larsen & Toubro (L&T) on Tuesday said its construction arm has won orders worth Rs 1,125 crore across business segments. READ MORE

3:20 PM

Buzzing stock

 

McNally Bharat rallied as much as 5% to Rs 62.80 after the Kolkata-based construction and engineering firm  received an order for construction of 60 TPH Green Anode Plant from Vedanta Limited for a value of Rs 133.50 crore. 

3:12 PM

Sensex trades below 34,000

Source: BSE

3:06 PM

Markets pare gains; at day's low

S&P BSE Sensex	33,876.93		-0.39%
Nifty 50	10,481.65		-0.47%
S&P BSE 200	4,648.60		-0.47%
Nifty 500	9,424.50		-0.48%
S&P BSE Mid-Cap	17,623.92		-0.47%
S&P BSE Small-Cap	18,984.05		-0.67%

Source: Smartinvestor

2:43 PM

How automation, Infosys spat disrupted India's IT sector

 

The resilient Indian IT industry, which has been going through challenging times on multiple fronts, faced disruption in 2017 from increasing automation and the boardroom spat in software major Infosys spilling into the public domain.

 

Though the $150-billion (almost Rs 10 trillion) software sector reconciled to single-digit export growth of 7-8 per cent for the 2017-18 fiscal, demand for more automation and using Artificial Intelligence (AI) in the services had put the vendors under pressure to hone the skills of their techies in the thousands and invest in new technologies to deliver on time for global enterprises. READ FULL REPORT

2:35 PM

Nifty Pharma top sectoral gainer 

Source: NSE

2:05 PM

Markets check

 

At 2:00 pm, the S&P BSE Sensex was trading at 34,102, up 92 points, while the broader Nifty50 was ruling at 10,547, up 16 points. 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,113.66	+103.05	+0.30
S&P BSE SENSEX 50	11,000.37	+31.23	+0.28
S&P BSE SENSEX Next 50	36,892.21	+41.97	+0.11
S&P BSE 100	11,049.19	+28.28	+0.26
S&P BSE Bharat 22 Index	3,801.75	-2.16	-0.06

Source: BSE

1:47 PM

Buzzing stock

 

Prestige Estates Projects has moved higher by 8% to Rs 324 on the BSE in noon deal after the company announced that it will acquire 66.66% stake in a group company, Prestige Projects, for Rs 324 crore.

 

Prestige Estates Projects currently holds 33.34% stake in Prestige Projects (PPPL), an associate of the company. PPPL is in the business of real estate development and owns a land parcel admeasuring over 180 acres located in Sarjapur road, Bengaluru. READ MORE

1:31 PM

Top MF holdings see little change in 2017

 

Mutual fund managers played safe in 2017 when it came to their top holdings. In a year that saw several scheme categories deliver market-beating 30 per cent-plus returns, the list of companies most owned by mutual funds remained the same, by and large.

 

There were only five stocks at the start of the year in which mutual fund exposure was over Rs 10,000 crore. At the end of the year, this number rose to 10. Fund managers tried to remain with trusted businesses in the large-cap category and kept on pumping inflows into select counters. READ FULL STORY

1:17 PM

Buzzing stocks 

 

Sanwaria Consumer, Morpen Laboratories, Godwari Power Ispat, Waterbase, MIRC Electronics, Puravankara and Sterling Tools are among 34 stocks from the S&P BSE Smallcap index that rallied up to 225% after these companies announced their respective September quarter (Q2FY18) results.

 

Action Construction Company, Set Automotive, Jai Corp, Bhansali Engineering Polymers, GM Breweries, Goodricke Group and Butterfly Gandhimati Appliances also surged more than 50% post Q2FY18 results. By comparison, the S&P BSE Sensex recorded an average gain of 3.4% during the period. READ FULL REPORT

1:01 PM

GIC acquires 33.34% stake in DLF rental arm for nearly Rs 9,000 crore

 

Realty major DLF on Wednesday announced that its promoters have concluded the sale of 33.34 per cent stake in its rental arm to sovereign wealth fund GIC for nearly Rs 9,000 crore.

 

In late August, the promoters had sold the entire 40 per cent stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for Rs 11,900 crore and proposed to invest proceeds into DLF.

 

This deal included sale of 33.34 per cent stake in DCCDL to GIC for Rs 8,900 crore and buyback of remaining shares worth Rs 3,000 crore by DCCDL.

 

DLF will use the funds to reduce net debt, which has surged to nearly Rs 27,000 crore. READ MORE

12:43 PM

From D-Mart to GIC, NIA, HDFC Life and more: Top 10 biggest IPOs of 2017

 

The year 2017 has been a bumper one for initial public offerings (IPOs) on Dalal Street, with as many as 167 issues hitting the stock market and raising Rs 68,810 crore so far. This is much more than the cumulative Rs 50,930 crore garnered in the past five calendar years.

 

General Insurance Corporation of India (GIC) topped the IPO chart, garnering over Rs 11,372 crore in the largest public float by any firm since Coal India’s October 2010 offer that raised Rs 15,000 crore.

 

GIC was followed by New India Assurance Company, which raised Rs 9,600 crore, HDFC Standard Life Insurance Company (Rs 8,695 crore) SBI Life Insurance Company (Rs 8,400 crore) and ICICI Lombard General Insurance (Rs 5,700 crore). READ MORE

12:19 PM

Small, mid-caps to surprise, FIIs to remain bullish on India

 

In 2018, mid-and small-caps will keep throwing up surprises based on their size/base, faster adjustment to emerging changes, financial and operational restructuring, corporate announcements including merger, demerger, hive-offs, turnaround, asset value unlocking etc.

 

FIIs seem to have again become bullish on India post the PSU Bank recap plan announcement, which is likely to provide greater avenues for lending to banks and enable them to take bigger haircuts on stressed assets, push forward the resolution process and set the stage for a capex cycle recovery in the medium term. 

 

On the other hand, Indian bond yields have hardened in recent months. As far as the equity markets are concerned, the focus may slowly shift from liquidity to earnings. READ MORE

12:02 PM

Market Check at 12 pm

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,071.76	+61.15	+0.18
S&P BSE SENSEX 50	10,987.73	+18.59	+0.17
S&P BSE SENSEX Next 50	36,925.05	+74.81	+0.20
S&P BSE 100	11,040.20	+19.29	+0.18
S&P BSE Bharat 22 Index	3,808.12	+4.21	+0.11

11:40 AM

IndiGo, SpiceJet get wings to fly higher

 

The prospects for listed aviation companies remain strong, driven by robust demand, moderate capacity additions and cost-cutting efforts.  While a sharp rise in aviation turbine fuel (ATF) cost has played a spoilsport, airlines have been able to pass it on, thus maintaining their profitability in the first half of FY18.  

Rating agency ICRA said the industry’s ability to mitigate the 8.7-per cent increase in fuel costs came on the back of a lower competitive intensity resulting in an improvement in higher per unit profitability and better financial performance.

11:20 AM

BUZZING STOCK

Sun Pharmaceutical Industries was trading 6% higher at Rs 574 on the BSE, after the company announced that the US drug regulator has accepted a New Drug Application (NDA) for OTX-101, a drug being evaluated for treatment of dry eye disease.

 

The trading volumes on the counter more than doubled with a combined 5.46 million shares changed hands on the BSE and NSE so far.

 

10:58 AM

2017 wrap: Liquidity-rich markets took GST, note ban impact in their stride

 

Calendar year 2017 (CY17) has been a good year for the Indian stock market, despit some of the disruptive moves like the rollout of the goods and services tax(GST) and the lingering impact of the government decision to demonetise Rs 500 and Rs 1,000 currency notes late last year. From recovery after demonetisation to investors giving a thumbs-up to GST, from military threats between the US and North Korea to policies of global central banks and the outcome of Assembly elections – markets seem to have taken them all in their stride.

 

It was clearly the year of mid-and small-caps, which outperformed their larger peers as money – both local and foreign – poured in. While the Nifty50 and S&P BSE Sensex rose 31% and 30%, respectively, in CY17, with both the indices hitting life-time highs in the process, BSE Mid-cap and Small-cap indices rallied 52% and 64%, respectively, during the same period. READ MORE

10:45 AM

NSE revises penalty structure for unauthorised trades

 

Top stock exchange NSE has decided to impose a penalty of Rs 10,000 for every unauthorised trade by a trading member as identified by investor grievance redressal panel, from January 1, next year.

 

The amended indicative penalty structure for unauthorised trading also includes debarment of the alleged broker from taking new clients for one month, in case 25 per cent of all the complaints (not less than 10) placed before the panel in the immediately preceding calendar quarter are determined to be illicit transactions. READ MORE

10:25 AM

661 stocks double in 2017; 2.7 times more than last year

 

More than 600 stocks have doubled this year, 2.7 times more than last year. However, the tally is much less than the peak of previous Bull Run in 2007 when over 1,000 stocks had doubled. It is even less than the number in 2009 (1,158 stocks doubled) — when the market saw a sharp v-shaped recovery following the 2008 Global Financial Crisis. This year the market has seen broad-based gains, supported by both global and domestic liquidity. The mid- and small-cap indices have delivered superior returns than the benchmark Sensex. READ MORE

10:15 AM

Sebi may ease FPI norms, plans new governance model for mutual funds

 

Markets regulator Sebi is mulling easing access norms for investment by foreign portfolio investors (FPIs) and bringing a new framework to strengthen the governance structure for mutual funds, senior officials have said.

 

Also, the Securities and Exchange Board of India (Sebi) has plans to review the framework for credit rating agencies (CRA) as it seeks to check the menace of 'rating shopping' and 'pick-and-choose' approach in their actions.

 

Further, the regulator is looking at providing an additional method for listed entities to achieve the minimum public shareholding requirements. READ MORE

 

10:03 AM

RCom extends rally on debt cut plan

 

Reliance Communications (RCom) surged 25% to Rs 26.66 on Wednesday morning, extending its previous day’s over 30% rally on the BSE, after the company announced debt cut plan.

 

In the past two trading sessions, the stock zoomed 63% from Rs 16.31 on Friday, December 22, 2017, while, in past six trading days, it soared 125% from Rs 11.83 on December 18.

 

Anil Ambani-owned RCom said on Tuesday it has exited the strategic debt restructuring (SDR) scheme of lenders by agreeing to sell its telecom towers, real estate and other assets, and getting a strategic investor in the “new RCom”, which would help reduce its debt by Rs 39,000 crore.

9:48 AM

Bitcoin up 15%, crosses $16,000 after its worst week since 2013

 

Bitcoin rose 15 per cent on Tuesday, recouping about half of the losses it sustained last week, its worst since 2013, as investors who had missed out on earlier rallies brought the world's biggest and best-known digital currency.

 

While bitcoin investors and analysts believe last week's decline in its value was a natural correction after a heady run-up in prices, there have been further warnings from market regulators and central banks.

 

Bitcoin fell nearly 30 per cent at one stage on Friday to $11,159.93. At 3:09 p.m. (2009 GMT) on Tuesday, bitcoin was up 15 per cent at $16,030 in light trading on the Luxembourg-based Bitstamp exchange. READ MORE

9:37 AM

Sectoral Trend

Source: NSE

9:28 AM

Top Sensex gainers and losers

Source: BSE

9:21 AM

Broader Markets

The broader markets were inline with the benchmark indices with BSE Midcap up 0.2% and BSE Smallcap index gaining 0.3%

9:19 AM

Markets Open

Benchmark indices open flat on Wednesday, owing to the ongoing holiday season. The bulls remained in control of D-Street despite weak global cues to taking Nifty above 10,500 and S&P BSE Sensex above 34,000 on Tuesday.

At 9:18 am, the S&P BSE SEnsex was trading at 34,049, up 39 points while the broader Nifty50 index was ruling at 10,525, down 5 points

9:12 AM

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