MARKET WRAP: Sensex down 219 pts, Nifty ends at 10,527; Adani Gas rises 14%

In the broader market, S&P BSE MidCap index fell 0.7 per cent to end at 14,880 levels, while the S&P BSE SmallCap index slipped 0.4 per cent to 14,351

3:38 PM

Top sectoral gainers & losers on NSE

3:38 PM

S&P BSE Sensex: Top gainers & losers

3:35 PM

Market at close
 

The S&P BSE Sensex dropped 219 points or 0.6 per cent to settle at 34,981 while NSE's Nifty50 index ended the session at 10,527, down 73 points or 0.7 per cent.

3:13 PM

Gold holds firm on subdued dollar

Gold prices were steady in holiday-thin trade on Thursday after hitting a two-week peak in the previous session, with improved risk appetite weighing on the US dollar.

 

Spot gold was 0.1 per cent higher at $1,227.25 per ounce. Prices on Wednesday marked their strongest since Nov. 7 at $1,230.07 per ounce. US gold futures were flat at $1,227.6 per ounce. READ MORE

3:01 PM

S&P BSE Sensex top gainers and losers

2:47 PM

IL&FS effect: Investors shift money to overnight funds, AUM surges 3-fold

 

Overnight funds’ assets under management (AUM) saw a three-fold jump in October as investors turned to the side of caution following the IL&FS group default in September. Experts said overnight funds are seeing such elevated levels of investor interest after a long time. They added that the last time this category saw such a sharp rise in inflows was in 2013, when taper tantrums triggered volatility in the currency and bond markets. Read more

2:32 PM

Indoco Remedies zooms 20% as Goa plant clears USFDA inspection

Shares of Indoco Remedies are locked in upper circuit of 20% at Rs 206 on the BSE after the US health regulator cleared inspection of the company’s Goa plant II & III with two minor observations. READ MORE

2:18 PM

IDFC gains 6% as company's plan to sell brokerage arm fetches 5 bidders

 

Shares of IDFC rose as much as 6% to Rs 41.20 apiece on the BSE in intra-day trade after a media report suggested that the company has put its wholly-owned brokerage subsidiary IDFC Securities up for sale. The bidding process, which started on Tuesday, has received interest from at least five parties, the Business Standard report suggests quoting industry players. Read more

2:02 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,129.88	-69.92	-0.20
S&P BSE SENSEX 50	11,049.73	-24.82	-0.22
S&P BSE SENSEX Next 50	32,133.15	-208.03	-0.64
S&P BSE 100	10,852.20	-31.34	-0.29
S&P BSE Bharat 22 Index	3,437.49	-17.18	-0.50

1:46 PM

Jamie Dimon, Warren Buffett have the last laugh on new-age money Bitcoin

Bitcoin turns 10 this year, but there’s not much to celebrate. Its price has tumbled to near $4,000, down 30 per cent in a month, 50 per cent in six months and almost 80 per cent since December.

 

The crypto-currency experts, who clearly didn’t see this coming, are blaming all sorts of temporary culprits — from jittery markets to “hard forks” (blockchain jargon for radical technical changes in a digital currency.) But they’re kidding themselves. This is a long-term unravelling of all of the lies, exaggeration and populist fantasies that drove last year’s market mania. READ MORE

1:33 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
DEEPAK FERT.	186.50	22.20	13.51	536268
FORBES & CO	2680.00	208.25	8.43	21071
CAPITAL FIRST	533.00	36.35	7.32	151477
IDFC BANK	38.95	2.65	7.30	1753522
JINDAL SAW	85.10	5.50	6.91	515965

1:16 PM

2019 elections mere 'interruptions', stocks will climb in 2019: Edelweiss

While investors in India are worried about upcoming elections and threats to economic expansion, it’s not yet time to lighten up on equities, according to Edelweiss Financial Services Ltd.

 

The polls are mere “interruptions” that won’t disrupt the nation’s economic structure or business cycle, analysts led by Aditya Narain wrote in a note earlier this week. READ MORE

1:02 PM

These brave investors aren't ready to panic-sell equities just yet

Not all investors are rushing to exit stocks and cash in following the latest market bloodletting.

 

“It’s a good time to do the opposite from switching into cash because the level of anxiety is high, and so any improvement in the newsflow would have an outsized positive effect given the state of investor psychology,” Ken Adams, head of tactical asset allocation at Aberdeen Standard Investments, said by phone. “We’re not seeing indiscriminate selling in equities. These aren't panic-panic moves, like we saw during the financial crisis.” Read more

12:46 PM

Deepak Fertilisers recovers 17% after falling 23% in eight days

Shares of Deepak Fertilisers & Chemicals have moved higher by 17% to Rs 192 per share on the BSE intra-day trade, erasing more-than-half of their fall in the past eight days, after the company said that the Income-tax team has left the company's offices and normal day-to-day business has resumed fully.

The stock of fertiliser firm hit a low of Rs 163, its lowest level since August 19, 2016, on Wednesday in intra-day trade. READ MORE

12:28 PM

Web exclusive Why India becoming world's top sugar producer is no good news for companies

 

India toppling Brazil to become the world’s largest sugar producer may not be a good news for companies related to the production of this commodity back home. This, experts say, is on the back of the differential between the minimum selling price (MSP) of the commodity and the production cost, and the existing buffer/inventory in the country amid falling consumption. READ MORE

12:17 PM

After bagging Binani, UltraTech hopeful of increasing profits in N India

 

With Binani Cement under its belt, UltraTech’s leadership position in the northern markets will be strengthened. Consolidation in the industry will also be positive for cement pricing in the region. Moreover, the acquisition will enhance UltraTech’s capacity in the north to 24 million tonnes (mt), similar to that of Shree Cement. UltraTech’s capacity share, too, is expected to increase from 16 per cent to 24 per cent, say analysts. READ MORE

12:03 PM

S&P BSE Sensex top gainers

11:47 AM

Shot in the arm for Dr Reddy's outlook as court clears block on US generic

 

The stock of Dr Reddy's Laboratories was up about six per cent on the bourses, after an appellate court in the US on Tuesday cleared the way for the company to resume sales of a Suboxone generic. The drug is used to treat opioid addiction and is expected to generate as much as $100 million (a little over Rs 7 billion) in revenue annually. Dr Reddy's had stopped selling the drug after a lower court gave an adverse verdict in June. Read more

11:29 AM

S&P DJI seeks 'strategic partners' after snapping relationship with BSE

After the BSE announced snapping of ties with S&P Dow Jones Indices (DJI), the latter said on Wednesday that it is looking at ways of expanding activity and seeking “strategic opportunities” in the country.

“India continues to be an important part of S&P DJI’s global growth strategy and we will continue to find ways to expand commercial activities in the country, look for strategic opportunities,” an official statement said. READ MORE

11:14 AM

NEWS ALERT Current telecom tariff levels unsustainable, says Nitin Soni of Fitch Ratings in an interview to CNBC TV18

11:04 AM

Deepak Fertilizers & Petrochemicals rises 15% 

11:02 AM

Hotel stocks in focus; TajGVK, Royal Orchid, Indian Hotels up over 5%

 

Shares of hotel companies are in focus with TajGVK Hotels & Resorts, Royal Orchid Hotels, Indian Hotels Company, EIH Associated Hotels and India Tourism Development Corporation (ITDC) rallied by up to 18% on BSE in intra-day trade on the expectation of an exponential growth over the next three years. Read more

10:43 AM

Motilal Oswal Securities on Indian Hotels

 

- Indian hospitality industry is set to enter into an upcycle, led by favourable demand-supply dynamics. Industry occupancy (67%) has already breached the optimum level, allowing players to exercise pricing power.

 

- As the second largest hotel chain operator in India (manages 17,145 rooms, ~85% of which are in the domestic market) with presence in high-demand, high-occupancy micro markets, IHIN is strategically well placed to capitalize on the growth opportunities, in our view.

 

- IHIN also has an edge in terms of operating leverage, given its high fixed-cost proportion and efforts to rationalize expenses.

 

- We expect IHIN to record revenue/ EBITDA CAGR of 9%/ 25% over FY18-20. We initiate coverage with a Buy and an SOTP-based TP of INR163, implying an upside of 21%.

10:41 AM

Indian Hotels gains 6% as Motilal Oswal Securities initiates coverage with a BUY rating 

10:22 AM

Top gainers in BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
JINDAL SAW	85.50	5.90	7.41	365588
DEEPAK FERT.	175.80	11.50	7.00	92131
FORBES & CO	2611.00	139.25	5.63	7431
BLISS GVS PHARMA	169.85	8.95	5.56	13815
KWALITY	9.66	0.46	5.00	202055

10:11 AM

NEWS ALERT RBL Bank hikes MCLR by 10-20 bps across tenure

10:07 AM

Adani Gas hits new high; stock zooms 44% in three days

 

Shares of Adani Gas hit a new high of Rs 112 per share, rising 14% on Thursday, and extending their rally of over 25% in the past two days, thereby joining in the Rs 100-billion market capitalisation (market-cap) club. Adani Gas, the gas distribution arm of the Adani Group, market-cap stood at Rs 121.42 billion at 09:21 am, as per BSE data. Read more

9:56 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,358.00	+158.20	+0.45
S&P BSE SENSEX 50	11,125.62	+51.07	+0.46
S&P BSE SENSEX Next 50	32,361.12	+19.94	+0.06
S&P BSE 100	10,927.11	+43.57	+0.40
S&P BSE Bharat 22 Index	3,458.88	+4.21	+0.12

9:45 AM

Nifty IT index is trading higher led by Tech Mahindra

9:35 AM

MFs may no longer be top draw for banks after Sebi trail commission order

 

Mutual funds (MFs) might no longer be the product of choice for large distributors such as banks, after the regulatory order for a shift to trail commissions. The Securities and Exchange Board of India had in a circular dated October 22 introduced a slew of changes aimed at bringing transparency in expenses, reducing of portfolio churning and mis-selling. This was one of the objectives in the scrapping of upfront commission. Read more