Sensex snaps 4-day gaining streak, Nifty ends below 9,900 amid lack of cues

All that happened in Thursday's trade

3:52 PM

Anand James, Chief Market Strategist, Geojit Financial Services

 

Market hesitated to take a stance amid weak cues from European peers fuelled by political instability in Spain. Nifty looked reluctant to push beyond its 50-day moving average, but outcome of Friday's GST council meeting and the upcoming earnings season will decide the direction of the market in the short run.

3:44 PM

Sectoral trend

Source: NSE

3:42 PM

Sensex heatmap at close

Source: BSE

3:38 PM

Markets at close

The Sensex settled at 31,592, down 79 points, while the broader Nifty50 ended at 9,888, down 26 points. 

3:30 PM

These 18 stocks from BSE Smallcap index up between 10% and 20% 

 

Gravita India, Ramky Infrastructure, D-Link (India), Ashapura Minechem, Tinplate Company of India, TVS Electronics, Walchandnagar Industries and Jai Corp were among 18 stocks from the small-cap index that rallied between 10% and 20% on the BSE in otherwise range-bound market. READ FULL REPORT

3:22 PM

Global stock market party settles down

 

Global stocks came off record highs and the euro held near a seven-week low on Thursday as investors prepared to parse minutes from the European Central Bank’s last meeting for clues to its exit from ultra-easy monetary policy.

 

Political tensions emanating from Spain, where one of its richest regions Catalonia has pledged to declare ‘independence in days’, was also at the forefront of concerns for European markets.

 

Spain's government bond yields rose to their highest level since March while Madrid's stock market headed for its biggest weekly loss of the year.

3:20 PM

Buzzing stock 

Hatsun Agro Product lost over 2% to Rs 760 on BSE, with the stock sliding on profit booking after Wednesday's rally triggered by SBI MF purchasing bulk shares of the company. 

3:13 PM

Top losers on Nifty in last leg of trade 

Source: NSE

2:47 PM

Shell companies crackdown

 

As many as 450,000 directors may face disqualification for their association with shell companies, Union minister P P Chaudhary said on Thursday as the government steps up its fight against the black money menace. READ MORE

2:27 PM

Buzzing stock

 

Apex Frozen Foods hit a new high of Rs 364, up 8% on BSE in intra-day trade, appreciating 108% against its initial public offer (IPO) price of Rs 175 per share. CLICK HERE FOR DETAILS

2:01 PM

Arundhati Bhattacharya made SBI more relevant in just 4 years 

 

State Bank of India (SBI) Chairman Arundhati Bhattacharya’s four-year term, which will end on October 6, has been eventful. Her tenure also coincided with rising bad loans of the banking sector, and the subsequent fire-fighting that is going on the resolution front. Besides that, she prepared the ground for the merger of its associate banks with itself which was completed earlier this year. READ FULL REPORT

1:44 PM

Markets check

 

At 1:40 pm, the Sensex was trading at 31,655, down 16 points, while the broader Nifty50 was ruling at 9,909, down 5 points.

1:15 PM

Sensex at 32,500 by year-end? 

 

Indian stocks are set to rise further over the coming year but will lag predictions from three months ago on worries shares have become too pricey and that the economy is headed for a rough patch, a Reuters poll showed. READ FULL REPORT

12:59 PM

Bhansali Engineering Polymers hits record high

 

Bhansali Engineering Polymers hit a new high of Rs 115, up 16% on the National Stock Exchange (NSE), extending its previous day’s rally on back of heavy volumes. In past two trading sessions, the stock zoomed 39% from Rs 83 on October 3, 2017.

 

The BSE said, the exchange has sought clarification from Bhansali Engineering Polymers on October 5, 2017, with reference to increase in volume. READ MORE 

12:42 PM

Credit growth on consumer front doing well: SBI's new head Rajnish Kumar

 

Corporate credit growth is limited but credit is growing well on the consumer front, the newly named head of SBI, Rajnish Kumar, said in a conference call on Thursday. He will take over from current Chairman Arundhati Bhattacharya, who will complete her four-year term on Friday.

 

Kumar also said that the Indian economy is undergoing a transformation and that the banking industry is facing huge challenges. Kumar added that SBI would completely transform in the next three years. READ MORE

Rajnish Kumar

12:28 PM

BUZZING STOCK

Natco Pharma rose 4.10% to Rs 993.45 on BSE, extending yesterday's 20% rise triggered by Mylan receiving US drug regulator's approval for generic version of Copaxone.

 

On the BSE, 1.67 lakh shares were traded in the counter so far, compared with average daily volumes of 60,127 shares in the past one quarter. The stock had hit a high of Rs 1,049.75 and a low of Rs 988.60 so far during the day.

12:17 PM

Fake stock tips continue to circulate

 

The Securities and Exchange Board of India's (Sebi's) and Telecom Regulatory Authority of India's (Trai's) joint effort to curb messages on mobile phones (SMSes) with fake stock tips has not yielded the desired result. 

 

Many continue to receive these, claiming to be sent from leading brokerages. Sources say the regulators and police cyber teams haven't been able to identify the people doing this. Regulators can only warn investors of such traps, said an official at one. READ MORE

12:05 PM

Vedanta: Triggers outweigh worries

 

The Vedanta stock may have come off its peak seen in the last fortnight of September, but the company’s business prospects remain firm. The temporary closure of almost half of its captive power capacities (1,605 MW out of 3,615 MW) at Odisha aluminium smelter due to environmental reasons is one factor that has impacted street sentiment, but broader markets too have been under pressure. 

 

Nevertheless, analysts don’t see much impact of the power capacity closure till remaining capacities are functional and the matter does not aggravate further. READ MORE

11:54 AM

Services sector activity expands

Services sector activity in India expanded for the first time in three months in September as it rebounded from GST-related contractions, driven by a surge in new business orders that supported job creation, a monthly survey said today.

 

The Nikkei India Services PMI Business Activity Index rose to 50.7 in September -- from 47.5 in August -- a reading that pointed to a slight pace of expansion. READ MORE

11:41 AM

Investment by foreign telcos goes up in smoke

 

Sistema Shyam Teleservices is expected to get a final nod for its merger with Reliance Communications in a few days. But this is one merger deal which the Russian company may not like to remember as part of its Indian telecom journey. 

 

Most foreign telcos, which earlier made a beeline for the high-growth industry, have hardly found any return on India investments. The process of their exit at a substantial loss is being accentuated by the onslaught of Reliance Jio in the market.  READ MORE

11:28 AM

Market Check

Benchmark indices continued trading flat on the late morning deals. At 11:28 am, the S&P BSE Sensex was trading at 31,657, down 14 points while the broader Nifty50 index was trading at 9,906, down 8 points

11:11 AM

Slips in trade

SBI Life Insurance Company was down 1% at Rs 693 in intra-day trade, falling below its initial public offer (IPO) price of Rs 700 per share on the National Stock Exchange (NSE) and BSE. The stock hit its lowest level since listing on Tuesday, October 3, 2017.

 

SBI Life Insurance Company had made a quite debut by listing at Rs 735, a 5% premium against its issue price of Rs 700 per share on the NSE. READ MORE

10:59 AM

Buzzing Stock

 

VST Tillers Tractors surged 10% to Rs 2,285 on BSE in early morning trade after the company reported 31% growth in total sales at 3,196 units in the month of September. It had sold 2,440 units in the same month last year.

 

The company sold 1,855 units of power tillers for the month, while the tractors sales of the company stood at 1,341 units for the month ended September 2017. READ MORE

10:49 AM

Fresh investments to remain muted as slowdown continues

 

With the Reserve Bank of India (RBI) keeping its key rates unchanged, India Inc leaders said they do not expect the investment cycle to revive in the near future — especially for the capital-intensive sectors. 

 

India's bank rates are already among the highest in the world which is making it easier for foreign companies, who borrow abroad, to buy out stressed companies while local companies suffer, say chief executive officers (CEOs). READ MORE

10:42 AM

Prataap Snacks makes strong debut

 

Prataap Snacks has made a strong debut on bourses by listing at Rs 1,270, a 35% premium against its initial public offer (IPO) price of Rs 938 per share on the National Stock Exchange (NSE). On BSE, the stock listed at Rs 1,250, a 33% above its issue price.

 

The Rs 482 crore IPO of Prataap Snacks was subscribed 47.29 times, data from stock exchanges showed. The portions reserved for qualified institutional buyers (QIBs) and retail investors were subscribed 77 times and 8 times, respectively. READ MORE

10:41 AM

IPO Note by Geojit Financial Services

 

Godrej Agrovet Ltd.– “Rating – Subscribe”

 

Price Range Rs 450 - Rs 460

 

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With its quality and innovative products and rising demand in each of its business verticals provides ample scope to further improve its revenue generation. At an upper price band of Rs 460, GAVL is available at a P/E of 35x on FY17 EPS (Post IPO dilution). With better future prospects in hand, we recommend 'Subscribe' to the issue, with a medium to long term perspective.

10:00 AM

International funds gain on rupee fall, commodity gain

 

International funds have emerged the best-performing ones in the past month, with rupee depreciation and a rise in commodity prices propping their returns. Average category returns for the past month have been 3.6%, higher than all other categories, including diversified equity funds. 

 

The benchmark Sensex on the BSE exchange slid 0.1% in the month. Within the international category, investors have a few choices and they need to look at the country and theme to assess if a particular fund is suitable, say experts. READ MORE

9:49 AM

IT majors might disappoint in Sept quarter

 

The July-September quarter is usually a strong period for India's top information technology (IT) service companies but this one is likely to be different. Analysts estimate the sequential revenue growth on a constant currency basis in that quarter for the top five IT companies at no more than 2-3%. 

 

Further, the expected revival in spending in the key segment of banking, financial services and insurance (BFSI) is also unlikely e soon, affecting revenue growth of the sector in FY18. READ MORE

9:38 AM

Nearly half of stocks down 20% from 52-week highs

 

Nearly half the stocks in the broader market have come off more than 20% from their yearly highs, even as the benchmark indices are only three per cent shy of new record highs. 

 

In the BSE 500 index, 91% of India's market capitalisation, 199 scrips have lost 20% or more from their highs as investors have turned wary, due to deteriorating fundamentals and lack of earnings growth. 

 

Similarly, 237 of 850 components in the BSE Small cap Index have lost more than 20% from their one-year peak, with 80 of these plunging over 50%. READ MORE

9:25 AM

Nifty Realty was the top sectoral gainer

Source: NSE