Indices end at record closing high; Nifty settles Oct expiry above 10,300

All that happened in the market today

3:44 PM

Market rundown by Mr. Anand James, Chief Market Strategist of Geojit Financial Services 

 

"Profit booking in some PSBs and derivatives’ expiry kept markets guessing even as global peers remained on the backfoot ahead of a bunch of central bank meetings. However, sectoral cues kept markets buoyant with firm metal prices leading metal and mining companies higher while small and midcap segments outperformed the broad market indices on anticipation of better outcomes from the MSMEs meeting with the GST council scheduled on Sunday."

3:41 PM

Sectoral trend

Source: NSE

3:38 PM

Top Sectoral Gainer: Nifty Metal index

Source: NSE

3:37 PM

Nifty PSU Bank index snap's Wednesday's 30% rally

Source: NSE

3:35 PM

Top Sensex gainers and losers 

Source: BSE

3:34 PM

Broader Markets

Broader markets ended at fresh highs too. the BSE Midcap and BSE Smallcap indeces were trading higher by 0.5% and 0.6% respectively

3:32 PM

Markets at close

Benchmark indices rose in the last leg of the trade to ended the day at fresh highs at October expiry with Nifty50 surpassing 10,350-mark.

S&P BSE Sensex settled at new high of 33,147, up 104 points for the day. Nifty50, on the other hand, also achieved new milestone, ending at fresh closing high of 10,334, up 39 points.

3:19 PM

Buzzing Stock

Saksoft rose 6.83% to Rs 223 on BSE after the company's promoter SAK Industries acquired 0.94% stake in the company.

3:13 PM

Markets at fresh highs

Sensex rose as much as 154 points to hit the record high of 33,196 , surpassing its previous milestone of 33,117 hit on Oct 25 while Nifty gained as much as 40 points to hit 10,355, surpassing the last high of 10,340 hit on Oct 25.

3:00 PM

Markets at 3pm

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,070.37	+27.87	+0.08
S&P BSE SENSEX 50	10,699.04	+16.70	+0.16
S&P BSE SENSEX Next 50	35,796.11	+318.46	+0.90
S&P BSE 100	10,741.97	+29.73	+0.28
S&P BSE MidCap	16,336.54	+87.18	+0.54

(Source: BSE)

3:00 PM

Centrum on GSK Pharma

 

We maintain our Sell rating on GlaxoSmithKline Pharma (GSK) and revise our target price to Rs1,525 (earlier Rs1,390) based on 24x March’19E EPS of Rs63.4. GSK’s Q2FY18 results exceeded our and consensus estimates. GSK revenue grew by 5%, EBIDTA margin improved 540bps to 23.0% and net profit grew 27% YoY. 

 

GSK’s pharma segment grew by 6.3% during the quarter. That said, the company has a strong presence in the vaccines segment and is likely to derive growth from the same. Key risks to our assumptions include faster-than-expected growth in the domestic market and higher growth of its flagship brands. We recommend a switch to other pharma companies, Abbott India or Sanofi India, due to GSK’s rich valuations.

2:58 PM

Khadim India Limited IPO opens on November 02, 2017. Price Band: Rs 745 to Rs 750

2:56 PM

Market strategy

 

The surge in stock prices of corporate banks and telecom stocks over the past few days and the continued strong performance of metal stocks further reduce the overall investment reward-risk balance. For investors with large positions in the abovementioned sectors, it would make sense to book some profits at current levels. The real problem is finding substitute ideas. We face the same problem given 30% position in the abovementioned sectors in our Model Portfolio. 

 

(Source: Report by Sanjeev Prasad, Co-Head and Managing Director at Kotak Institutional Equities)

2:43 PM

Axis Bank asset quality may deteriorate more than expected, says Moody's

 

Global ratings agency Moody's on Thursday said private lender Axis Bank's asset quality may deteriorate further and more than what was previously expected over the next 12-18 months.

 

In addition, compared to the other rated Indian banks, the bank has been a laggard in recognising its asset quality problems, a credit negative for its credit quality, Moody's said in its statement. READ MORE

2:39 PM

HDFC Securities on HUL

 

We expect Revenue/EBITDA/APAT CAGR of 12%/18%/20% respectively over FY17-20E. HUL’s high valuation is justified, considering consistent market share gain with margin expansion and strong RoCE. We expect HUL to be a key beneficiary  of  GST  and  premiumisation. We value HUL based on 42x P/E on Sep-19EPS to arrive at a target price of Rs 1,401. We maintain BUY recommendation.

2:38 PM

Result review: Mindtree

 

Mindtree’s 2.1% growth in 2QFY18 in constant currency (CC) terms was below our expectation of 3.5%. However, 90bps of cross currency tailwind helped the company to deliver 3% QoQ growth in USD terms. Though were expecting only ~6%-7% in USD revenue growth for FY18  against company’s guidance of low double-digit growth at the start of the year (which was lowered to high single-digit growth post 1QFY18), we were expecting a good performance from Mindtree in a seasonally strong 2Q.

 

Post 2QFY18, we have retained our Sell rating on Mindtree with a September 2018 target price of Rs426 based on 11.0x September 19E EPS (20% discount to the target P/E multiple we have assigned to Infosys and TCS). Our EBIT margin and EPS estimates for FY19 and FY20 have been increased as we have decreased the capex number (current run-rate has been fairly muted), resulting in lower depreciation. While the stock price is down ~40% from its life-time high, we see more downside.

 

(Source: Report by Girish Pai, Head of Equity Research, Nirmal Bang Institutional Equities)

2:18 PM

RCom shares fall 5% as the company plans to shut down 2G operations

 

Continuing to fall for the second straight session, shares of Reliance Communications today fell by nearly 5 per cent amid buzz that the debt-ridden company is planning to shut down its wireless telephony business.

 

After a weak opening, shares of the company further lost 4.55 per cent to Rs 15.70 - 52-week low - on BSE.

2:10 PM

US Fed meeting preview

 

At the Oct 31-Nov 1 meeting, we expect the Fed to recognise the economy is sound despite hurricane activity, while maintaining its close watch on the incoming data on inflation. We expect the Fed to next raise rates at its December meeting, resuming its previously established gradual pace. 

 

Rates markets are not yet focused on the November 1 FOMC meeting statement, in part because investors do not expect meaningful changes in the language. Instead, investors are consumed by uncertainty over the next Fed Chair and the prospects for tax reform before year-end.

 

(Source: Morgan Stanley)

2:06 PM

5 non-A group stocks zoom over 100% in October

 

Sanwaria Consumer, Shree Ganesh Biotech (India), Avon Lifesciences, Polo Queen Industries and Shiva Granito are five of the non-A group stocks that saw their market value  zoom in the range of 140% to 210%, so far in the month of October.

 

Except Sanwaria Consumer which in B group and featured in the S&P BSE Smallcap index, the remaining four stocks trading under XD, XT and M segment on the BSE. READ MORE

1:50 PM

BSE PSU index hits highest level since December 2010

 

Shares of public sector undertaking (PSU) companies including banks are on a roll with the BSE PSU index hitting nearly seven-year high after strong rally in metal, banking, oil & gas sector stocks.

 

Steel Authority of India (SAIL) and Bharat Heavy Electricals (BHEL) were up more than 10% each in intra-day trade, while, Engineers India, NLC India, IFCI, Union Bank of India, NMDC, IDBI Bank, Corporation Bank and Punjab National Bank (PNB) from the index up in the range of 5% to 8% on the BSE. READ MORE

1:33 PM

Unlike peers, HCL Technologies sure-footed

 

HCL Technologies’ September quarter results were mixed — the growth in top line was below analysts' estimates, but the operating margin performance was in line with expectations. However, the management’s commentary was positive and could buoy the sentiment.

 

 The stock, which dipped nearly four per cent intra-day, erased the losses towards close, ending just 0.7% lower. Revenues grew 2.3% sequentially at Rs 12,434 crore, below the three-per-cent-level pegged by analysts. READ MORE

1:18 PM

Markets are discounting BJP victory in Gujarat elections

 

With the Election Commission (EC) calling elections in Gujarat, analysts believe political considerations are likely to play a more dominant role in driving economic decisions. Markets at current levels, though are pricing in a BJP victory to some extent, they are likely to trade sideways till the final outcome is known.

 

Between now and the general elections (likely in May 2019) there are 12 assembly polls, which analysts say, in a way will also be interpreted as a referendum on the Modi-led government's two key reforms - the note ban drive and goods and services tax (GST) implementation. READ MORE

1:00 PM

Market Check at 1 pm

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,070.37	+27.87	+0.08
S&P BSE SENSEX 50	10,699.59	+17.25	+0.16
S&P BSE SENSEX Next 50	35,818.10	+340.45	+0.96
S&P BSE 100	10,743.63	+31.39	+0.29
S&P BSE MidCap	16,352.77	+103.41	+0.64

12:42 PM

Optimism on PSU banks justified, but selectively

 

In an extended Diwali party for public sector banks (PSBs), the mega-bailout announced by the government on Tuesday pushed their stocks to record the biggest single-day gain on Wednesday.  Big or small, the entire pack was buzzing with gains ranging between 18% and 41%.

 

While giants such as the State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB) spiralled 27-41 per cent, smaller peers such as Canara Bank, Bank of India, Union Bank, Indian Bank, Allahabad Bank and IDBI Bank jumped 20-35%. READ MORE

12:28 PM

Slips in trade

 

PI Industries lost 5.94% to Rs 735.25 on BSE after net profit dropped 20.75% to Rs 80.34 crore on 3.13% rise in net sales to Rs 561.08 crore in Q2 September 2017 over Q2 September 2016.

12:13 PM

Nifty PSU Bank index pares gains to trade 1% lower

Source: NSE

11:53 AM

Buzzing stock

GVK Power & Infrastructure rose 4.95% to Rs 16.33 at on BSE after the company confirmed that it received the order for Navi Mumbai Airport.

11:36 AM

Top Sensex gainers and losers

Source: BSE

11:21 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,977.15	-65.35	-0.20
S&P BSE SENSEX 50	10,675.01	-7.33	-0.07
S&P BSE SENSEX Next 50	35,684.54	+206.89	+0.58
S&P BSE 100	10,716.29	+4.05	+0.04
S&P BSE MidCap	16,291.41	+42.05	+0.26

10:59 AM

Buzzing in Trade

Larsen & Toubro (L&T) was up 3% at Rs 1,243 on the BSE after the company announced that its construction arm has won orders worth Rs 3,551 crore across various segment. The stock had rallied 6% on Wednesday.

 

“The company’s transportation infrastructure & water effluent treatment business have jointly bagged an order worth Rs 1,123 crore from a prestigious government client for design and construction of smart trunk infrastructure with roads, storm water drains, water supply network, sewerage network and others,” L&T said in a press release. READ MORE