Sensex ends 181 points lower, Nifty settles below 10,150; metal stocks dive

All the happened in the market here

3:44 PM

Nifty Chart for the day

Source: NSE

3:42 PM

Nifty Metal index tanked

Source: NSE

3:40 PM

Sectoral Trend

Source: NSE

3:38 PM

Top Sensex gainers and losers

Source: BSE

3:36 PM

Broader Markets

Broader markets underperformed benchmark indices with BSE Midcap and BSE smallcap down 1% and 1.5% respectively

3:33 PM

Markets at Close

S&P BSE Sensex ended at 32,760, down 181 points while the broader Nifty50 index settled at 10,118, down 68 points

3:20 PM

ADAG stocks dive 

Anil Ambani-controlled Reliance Group companies (ADAG) remained under pressure by falling up to 15% on the BSE in intra-day trade.

 

Reliance Communications (RCom), Reliance Home Finance, Reliance Nippon Life Asset Management, Reliance Capital, Reliance Infrastructure,  Reliance Naval and Engineering and Reliance Power were down in the range of 8% to 15% on the BSE. READ MORE

3:12 PM

Oil price fall impact

Oil refiners such as Hindustan Petroleum and aviation shares, including IndiGo Airlines’ parent InterGlobe Aviation, jumped on plunging crude oil prices.

 

2:59 PM

Markets Check at 3pm

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,749.74	-192.13	-0.58
S&P BSE SENSEX 50	10,541.14	-74.38	-0.70
S&P BSE SENSEX Next 50	34,699.99	-485.19	-1.38
S&P BSE 100	10,555.50	-86.28	-0.81
S&P BSE Bharat 22 Index	3,669.45	-41.85	-1.13

2:52 PM

Metals Crack

The Nifty Metal index slipped over 3%, tracking lower global commodity prices.Metal stocks like Vedanta and Hindalco Industries fell over 4% each 

2:41 PM

All is well under the leadership of Nilekani at Infosys: Narayana Murthy

 

Infosys co-founder N R Narayana Murthy said stability is restored at the helm of Infosys and “all is well” under the chairmanship of Nandan Nilekani. 

 

Nilekani took charge as the non-executive chairman of India’s second largest IT services after its first non-founder CEO Vishal Sikka quit in August citing “continuous distractions”. 

 

Murthy, who last month raised his concerns saying that “we will no longer know the truth” about the investigations carried out over allegations pertaining to Panaya acquisition, on Wednesday said: “Absolutely all is well.” READ MORE

2:25 PM

Asia Check

Asian stocks stumbled on Wednesday after weaker crude oil prices took a toll on Wall Street, while the euro kept big gains after enjoying a boost from robust German economic growth.

 

China’s Shanghai index was down 0.55%, Australian stocks dropped 0.6% and South Korea’s KOSPI shed 0.4%. Japan’s Nikkei lost 1.5%.

2:10 PM

Tyre stocks in focus; Balkrishna Industries hits new high

 

Shares of tyre companies were in focus in otherwise weak market with most of frontline stock rallying up to 8% on the BSE in intra-day trade.

 

BIL hit a new high of Rs 2,242, up 8% on the BSE in intra-day trade. The stock soared 25% in past one week after its board recommended bonus issue in the ratio of 1:1 i.e. 1 bonus share for every 1 share held. The board also declared 2nd interim dividend of Rs 2.50 per equity share in addition to Rs 2.50 per equity share declared in Q1FY18. READ MORE

1:58 PM

Top Sensex gainers and losers

Source: BSE

1:34 PM

Buzzing Stock

Shares of Panacea Biotec and Cox & Kings rose 7-8% intraday on the back strong September quarter (Q2FY18) numbers.

 

Panacea Biotec has reduced its losses in the Q2FY18 by posting loss at Rs 5.6 crore against Rs 47.9 crore in the year ago period.

 

Revenue was up 45% at Rs 152 crore, EBITDA rose 578 percent at Rs 46.8 crore and margins was up 2420 bps at 30.8%.

1:21 PM

Mutual fund flows into equities hit Rs 1-lakh crore mark in CY17

 

Domestic mutual funds (MFs) continue to pour money into equity markets, with their net flow crossing Rs 1-lakh crore mark during calendar year 2017 (CY17).

 

Till November 10, MFs pumped in a net Rs 102,810 crore in equities - up an over three-fold as compared to the previous year (CY16) when they had put Rs 29,374 crore in equities during the same period, Securities and Exchange Board of India (Sebi) data show.

 

On the other hand, foreign portfolio investors (FPIs) have invested Rs 48,190 crore in the equity segment so far in CY17, NSDL data show. Their investment stood at around Rs 43,280 crore in the same period last year. READ MORE

1:00 PM

Markets at 1:00 pm

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,823.77	-118.10	-0.36
S&P BSE SENSEX 50	10,569.79	-45.73	-0.43
S&P BSE SENSEX Next 50	35,046.55	-138.63	-0.39
S&P BSE 100	10,596.60	-45.18	-0.42
S&P BSE Bharat 22 Index	3,683.22	-28.08	-0.76

Source: BSE

12:44 PM

Higher volumes to cushion NMDC

 

Government-owned mining entity NMDC’s performance for the quarter ended September reflects the prevailing weak iron ore pricing trend.   Expectations of a cut in Chinese steel production during the winter season, thereby muting iron ore demand, is putting pressure on the commodity’s prices. The per-tonne ore price (ex-China) has fallen from about $95 in February to $62. As a result, NMDC’s stock price has fallen from Rs 152 in early March to Rs 125.3 now. READ FULL ANALYSIS

12:31 PM

Buzzing stock

Bank of Baroda was up 4% to Rs 181 on the BSE in intra-day trade after the state-owned lender reported improved operational performance and assets quality in September quarter (Q2FY18). The stock rebounded 7% from its early morning low of Rs 169. READ MORE

12:15 PM

Why the Street is positive on PNB Housing despite rich valuations

 

In just about a year of its listing (November 2016), PNB Housing has been quick to grab the Street’s attention. After listing, gains of over 55 per cent have been adequately supported by fundamentals, quarter after quarter, with the momentum being maintained in September 2017 quarter (Q2). In fact, despite the 19 per cent correction from its end-August peak of Rs 1,715, the stock is still among the top performers in the housing finance space in the past one year. READ FULL ANALYSIS

12:01 PM

Shreyas Shipping hits 52-week high

 

Shreyas Shipping & Logistics hit a 52-week high of Rs 541, up 20% on the BSE in intra-day trade, after the company reported a strong net profit of Rs 19.70 crore in September quarter (Q2FY18). It had profit of Rs 2.41 crore in a year ago quarter. READ FULL REPORT

11:57 AM

Reliance Securities on KEC International

KEC International  (KEC) has delivered a strong performance in Q2FY18 with its net profit rising by 42% YoY to Rs 894 million led by higher margin and lower interest cost. Despite higher commodity prices, KEC’s overall EBITDA margin expanded by 139 bps YoY to 10.1% in Q2FY18 owing to absence of low-margin legacy orders in Water, Railways and Power Systems segments and execution of recently bagged better-margin orders by SAE Towers. 

 

With fresh orders worth Rs 57.5 billion, KEC’s order book stood at Rs 140 billion as of FY18 YTD (+14% YoY). We expect the strong order intake traction to continue, going forward led by higher T&D spending by SEBs, improved Railways ordering and recovery in overseas markets i.e. Saudi, SAARC & Africa.

 

We expect KEC’s earnings to witness 25.2% CAGR over FY16-19E on strong order book, improving margin profile and healthy outlook in T&D and other emerging business segments.

 

We continue to remain positive on the fundamentals of KEC with a Target Price of Rs 372.

11:35 AM

Markets check

At 11:30 am, the S&P BSE Sensex was trading at 32,867, down 74 points, while the broader Nifty50 was ruling at 10,157, down 29 points. 

11:21 AM

Edelweiss Securities on trade deficit

 

Trade deficit in October widened sharply to $14 billion (near 3-year high) from $9 billion in September impacted by weaker exports and rise in oil and gold imports. On trend basis – 3MMA (monthly data is volatile), the key highlights were: a) non-oil exports growth moderated a bit to 9% from 11% previously with acute weakness seen in some labour intensive industries – textiles, leather  and gems/jewellery; b) Growth in non-oil/non-gold imports is holding up at mid-teens on trend basis led by imports of metals, coal and chemicals. Part of this could be import substitution as domestic demand remains soft; and c) Agriculture imports have slowed suggesting that import duty hikes in few agri-commodities in recent months may be taking effect. Going ahead, exports momentum needs to be tracked closely. While global trade is holding up and therefore should help India’s trade, sustained weakness in exports from labour-intensive sectors remains a concern.

10:49 AM

FPI investments at 7-year peak

 

Foreign portfolio investors (FPIs) have pumped in nearly $10 billion (Rs 65,400 crore) in the primary share market, highest in seven years.  However, it’s a different story in the secondary market, with FPIs offloading stocks worth $3.4 billion. In effect, their total net inflow of $6 billion (Rs 39,200 crore) this year is largely a result of their investment in the primary market. READ FULL REPORT

10:27 AM

Buzzing stock

 

Infibeam Incorporation was up 4.5% at Rs 185 on the BSE in early morning trade after its consolidated net profit more than doubled at Rs 21.6 crore in the second quarter ended September 2017 (Q2FY18). The company had profit of Rs 7.8 crore in year ago quarter. READ MORE

10:02 AM

Markets at 10am

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,874.62	-67.25	-0.20
S&P BSE SENSEX 50	10,586.05	-29.47	-0.28
S&P BSE SENSEX Next 50	35,115.17	-70.01	-0.20
S&P BSE 100	10,613.77	-28.01	-0.26
S&P BSE Bharat 22 Index	3,699.02	-12.28	-0.33

(Source: BSE)

10:01 AM

Economy watch:

 

ICRA expects the current account deficit to more than double to US$7.5-8.5 billion in Q2 FY2018 from US$3 billion in Q2 FY2017. Nevertheless, the size of the current account deficit would soften appreciably on a sequential basis, from the US$14 billion recorded in Q1 FY2018.

 

ICRA estimates that every US$1 increase in the price of the Indian crude oil basket, would bloat annual net oil imports and the current account deficit by US$1.2 billion. The sharp merchandise trade deficit for October 2017 and the rise in crude oil and other commodity prices portend a sequential uptick in the current account deficit for Q3 FY2018, despite the expectation of subdued gold imports. Primarily led by the rise in commodity prices we have revised our baseline forecast for the current account deficit for FY2018 to US$35-39 billion

 

(Source: ICRA report)

10:01 AM

Sun Pharma top loser

 

Sun Pharma shed over 2% to Rs 514 after the Dilip Shanghvi-controlled firm posted a 59 per cent drop in net profit for the second quarter, but it was above market expectations. Revenue fell 15 per cent to Rs 6,590 crore and the US business continued to suffer. CLICK HERE FOR DETAILED EARNINGS

10:00 AM

Nomura on Eicher Motors

 

We roll forward our valuations to FY20F, discounted back to Nov-18. We continue to ascribe a valuation of ~30x P/E to Royal Enfield (Rs 31,580), 10x EVEBITDA to VECV (INR2,643), and Rs 98 for the Polaris JV to arrive at our new target price of Rs 33,049 (vs. Rs 33,083 earlier). This is largely driven by roll forward of valuation to Nov-18 (from Sep-18). The stock trades at 29.6x/24.9x FY19F/20F P/Es, which are in the fair value zone, in our view. We prefer MSIL (MSIL IN, Buy) and M&M (MM IN, Buy) in the OEM segment.