Nifty ends below 10,200, Sensex down 174 points; banks, realty drag

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3:42 PM

Nifty PSU Bank index down over 1.5%

Source: NSE

3:40 PM

Top index laggard: Nifty Realty

Source: NSE

3:38 PM

Sectoral trend

Source: NSE

3:37 PM

Top Sensex gainers and losers

Source: BSE

3:35 PM

Broader Markets

Broader markets underperformed the benchmark indices with BSE Midcapand BSE smallcap indices down 0.8% each

3:33 PM

Markets at close

The S&P BSE Sensex ended the day at 33,053, down 174 points while the broader Nifty50 index ended at 10,192, down 47 points

3:21 PM

LIC cuts stake

State-owned Life Insurance Corporation (LIC) has reduced its stake in IT firm Mastek by 3.09% after selling 7.30 lakh shares in the open market.

 

As per a BSE filing, LIC, which had 6.14 per cent stake in Mastek earlier, brought down the shareholding in the company to 3.05%. LIC sold the stake between December 18, 2014 and December 11, 2017.

3:11 PM

Aadhaar-PAN linking deadline relaxed for 'certain' financial dealings: Govt

 

The government has amended rules requiring mandatory quoting of national biometric identifier Aadhaar and PAN for certain financial transactions like opening of a bank account by keeping the deadline open-ended in place of the current December 31.

 

A new rule modifying the Prevention of Money Laundering Act of 2002 has been notified to replace the requirement of submitting "the Aadhaar number and Permanent Account Number by December 31, 2017" with "submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government".

 

The notification by the Department of Revenue in the finance ministry effectively paves the way for extending the deadline for mandatory quoting of Aadhaar for activities like the opening of a bank account. READ MORE

3:00 PM

Cement shares gain as Supreme Court allows use of pet coke

 

Shares of cement companies moved higher by up to 6% on the BSE after media reports suggested that the Supreme Court has allowed the use of pet coke, the primary fuel and input material for cement makers.

 

Kakatiya Cement, HeidelbergCement India, Mangalam Cement, JK Cements, Shree Cement, JK Lakshmi Cement, Prism Cement, India Cements and Shree Digvijay Cement Company were up in the range of 2% to 6% on the BSE.

 

Most of the cement stocks had underperformed the market after the Supreme Court (SC) on November 17, asked all the states and Union Territories to consider enforcing the decision of the Ministry of Environment and Forest (MoEF) and the Central Pollution Control Board (CPCB) prohibiting the use of pet coke and furnace oil by the industry in Uttar Pradesh, Haryana and Rajasthan. READ MORE

2:43 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,107.29	-120.70	-0.36
S&P BSE SENSEX 50	10,662.06	-30.77	-0.29
S&P BSE SENSEX Next 50	35,222.27	-188.65	-0.53
S&P BSE 100	10,682.52	-35.26	-0.33
S&P BSE Bharat 22 Index	3,675.19	-13.16	-0.36

2:26 PM

Liquor stocks gain; GM Breweries, Associated Alcohols soar over 10%

 

Shares of liquor companies rallied up to 14% on BSE on Wednesday on the back of heavy volumes, extending their past two-and-half months rally after the company reported a good set of numbers for the quarter ended September (Q2FY18).

 

GM Breweries and Associated Alcohols & Breweries surged more than 10%, Som Distilleries, United Breweries, Global Spirits, IFB Agro Industries, Pincon Spirit and Empee Distilleries were up in the range of 2% to 10% on the BSE. 

 

Thus far total 13 companies from the breweries & distilleries sector declared their Q2FY18 results, and doubled their aggregate net profit to Rs 322 crore. These companies had reported combined net profit of Rs 153 crore in the same quarter last fiscal year.

2:10 PM

Punj Lloyd surges on contract wins

 

Shares of Punj Lloyd rose 13.6% to Rs 23.4, their highest since Nov 3 after the company got project to upgrade a section of road connecting the towns of Yargi and Kalewa in Myanmar worth Rs 1,177 crore.

1:52 PM

Bonds fall after November inflation spurs rate-hike talk

 

The price of India’s benchmark 10-year bond fell to its lowest in more than 16 months on Wednesday after unexpectedly high consumer inflation in November raised fears the Reserve Bank of India (RBI) could hike interest rates sooner than had been expected.

1:35 PM

ADB lowers India's GDP forecast for FY18 to 6.7%

The Asian Development Bank on Wednesday raised its economic growth estimate for developing Asia to 6% for this year from a previous estimate of 5.9%, citing stronger than expected exports and China's resilience.

 

The Manila-based ADB kept its 2018 growth forecast at 5.8%.

 

"Developing Asia's growth momentum, supported by recovering exports, demonstrates that openness to trade remains an essential component of inclusive economic development," ADB chief economist Yasuyuki Sawada said in a report, an update of the bank's previous estimates released in September. READ MORE

1:17 PM

I-T dept conducts surveys at Bitcoin exchanges across the country

 

The Income Tax Department on Wednesday conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said.

 

They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.

 

The survey, under section 133A of the Income Tax Act, is being conducted for "gathering evidence for establishing the identity of investors and traders, transaction undertaken by them, identity of counterparties, related bank accounts used, among others," they said. READ MORE

1:03 PM

MCX seeks Sebi nod 

 

The Multi Commodity Exchange (MCX) has sought approval from the Securities and Exchange Board of India (Sebi) for introducing liquidity enhancement schemes for its recently launched gold options contracts.

 

“MCX is facing some issues with gold options contracts. It has sought permission to launch liquidity enhancement schemes to boost volumes. We are considering it,” said Sebi Chairman Ajay Tyagi on Tuesday on the sidelines of an event organised by the Association of Investment Bankers of India. READ MORE

12:47 PM

Reliance Securities on ABB India

 

ABB India  was among the earliest players to tap solar opportunity in India via range of solar inverters (50% market  share) and power evacuation solutions.

 

In T&D space, high technology products i.e. HVDC, Static Compensators, FACTS & GIS are its key focus areas. 

 

On the Rail side, it supplies Traction Transformers & Converters, which constitute 4-5% of annual orders. 

 

Led by better operating margins, ABB India’s has reported a strong performance with PAT grew by 18.2% YoY to Rs0.83bnin 3QCY17. However, its top-line declined by 13.1% YoY to Rs18.8bn, as all its businesses reported lower revenues following GST roll-out. 

 

Looking ahead, the Management expects revenue to come back to normal level as GST clarity issue among the suppliers and vendors is over. 

 

Valuing at 50x CY18E (15% discount to its mean multiple of 60x (2005-15) earnings of Rs32.1/share,  we have BUY recommendation with a Target Price of Rs 1,607.

12:32 PM

Markets check

At 12:30 am, the S&P BSE Sensex was trading at 33,356, down 129 points, while the broader Nifty50 was ruling at 10,284, down 44 points.

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,360.26	+132.27	+0.40
S&P BSE SENSEX 50	10,737.96	+45.13	+0.42
S&P BSE SENSEX Next 50	35,464.68	+53.76	+0.15
S&P BSE 100	10,758.37	+40.59	+0.38
S&P BSE Bharat 22 Index	3,698.22	+9.87	+0.27

Source: BSE

12:25 PM

Vodafone, Idea Cellular begin deal closure talks

 

The Aditya Birla Group and Vodafone Group PLC have started talks on the “closing adjustments” of the merger between Idea Cellular and Vodafone India, and the discussions are focused on how to resolve Idea’s losses incurred since the announcement of the deal in March. The deal is expected to close in the first half of 2018. READ FULL REPORT

(From left to right) Kumar Mangalam Birla, Chairman, Aditya Birla Group and Vittorio Colao, CEO, Vodafone Group at the press conference to announce Vodafone-Idea merger (Photo: Kamlesh Pednekar)

12:11 PM

InterGlobe Aviation share sale begins; stock down 3%

 

InterGlobe Aviation, the owner of India’s biggest airline IndiGo, dipped 3.3% to Rs 1,142 on the BSE in intra-day trade, after the share sale by its promoter begins today. The shares will be sold at a floor price of Rs 1,130 per share.

 

Two promoter entities of InterGlobe Aviation plans to offload about 11.19 million equity shares representing 2.91% of the total equity capital of the company through the offer for sale (OFS) route, the company said in regulatory filings. READ MORE

11:41 AM

Unitech extends fall

 

Unitech dipped 11% to Rs 6.85 on the BSE in intra-day trade, extending its Tuesday 5% decline, after the Supreme Court today stayed on the National Company Law Tribunal (NCLT) Order suspending its directors and allowing the government to appoint its nominees in their place. READ MORE

11:32 AM

BS Banking Round Table

 

What is wilful defaulter? Only two people can say if a person is a wilful defaulter -- the person himself or God: KC Chakrabarty , ex-deputy Governor, RBI

11:28 AM

BS Banking Round Table

 

Currently, one problem with DICGC insurance system is that it does not distinguish between weak and strong banks: Rajnish Kumar of State Bank of India

11:13 AM

Buzzing stock

ALERT: Supreme Court stays NCLT order allowing govt to takeover Unitech Board; stock down over 3% 

11:02 AM

Buzzing stock 

 

Hindustan Copper surged 7% to Rs 95.65 on the National Stock Exchange (NSE) in early morning trade after the company announced that it has re-opened the Kendadih copper mine located in Jharkhand. READ FULL REPORT

10:58 AM

BS Banking Round Table

For most of the banks, the MCLR has come down by more than 1%, When repo rate was going up in the past 7 years, the bank base rate increased less than the repo rate: Chanda Kocchar of ICICI Bank 

10:56 AM

BS Banking Round Table

 

Why keep the interest rate high for those who keep Rs 50 lakh in their account? Savings for poor people are reduced. Anti-customer, anti-poor measures are being taken: KC Chakrabarty, ex-deputy Governor, RBI 

10:50 AM

BS Banking Round Table

 

Banks have missed the opportunity arising out of Demonetisation; savings rate should have come down to 1%: KC Chakrabarty , ex-deputy Governor, RBI 

10:46 AM

BS Banking Round Table

 

The biggest change that we see is with the payments system, how customers will interact with the rest of the ecosystem: Chanda Kocchar of ICICI Bank

10:46 AM

BS Banking Round Table

 

Credit growth was 5.5% earlier and it has reached 10% now. Retail growth is 16-17%. Corporate credit growth has shown an uptick: Chanda Kocchar of ICICI Bank