Sensex ends a tad above 34,000, down 407 pts, Nifty falls 1%; banks drag

All That happened in markets today.

3:44 PM

Top Sectoral gainer: Nifty Metals

3:41 PM

Top Sectoral loser: Nifty bank 

3:39 PM

23 stocks from BSE500 gain over 10% during current week in weak market

 

FDC, SpiceJet, Steel Authority of India (SAIL), Bharat Forge, Ipca Laboratories, Jet Airways and Bajaj Electricals are among 23 stocks from the S&P BSE500 index up over 10% during current week in an otherwise weak market.

 

Bombay Dyeing & Manufacturing, HEG, Fortis Healthcare, Himachal Futuristic Communications (HFCL), Firstsource Solutions, Jamna Auto Industries, Greenply Industries and Shankara Building Products, too, were up more than 10%. READ MORE

3:36 PM

Sectoral Trend

3:33 PM

Sensex losers and gainers

3:32 PM

Markets at Close

 

Benchmark indices slumped more than 1% on Friday, in line with Asian peers, as the global rout in equities returned, while lingering concerns over inflation back home weighed on the market.

 

The S&P BSE Sensex ended at 34,005, down 407 points while the broader Nifty50 index settled at 10,454, down 121 points.

3:20 PM

Everything's a sell in China after $828 billion equity rout

 

Investors got a stark reminder of how fast their bets can turn in China, where the most bullish trades are falling apart.

 

The country’s currency was their latest favorite to succumb to a route that has roiled financial markets around the world this week, losing as much as 1.2% on Thursday for the biggest decline since the aftermath of its 2015 shock devaluation. That follows a selloff in large caps and banks that has wiped out about $828 billion from the value of Chinese equities. READ MORE

3:12 PM

Insolvency process: JSW, Tata Steel lead in buying stressed assets

JSW Steel and Tata Steel have emerged as the most aggressive bidders for stressed assets put on the block under the Reserve Bank of India (RBI)-mandated insolvency process. READ MORE

3:00 PM

Market Check

S&P BSE Sensex	33,961.77		-1.31%
Nifty 50	10,451.65		-1.18%
S&P BSE 200	4,577.40		-0.95%
Nifty 500	9,247.25		-0.81%
S&P BSE Mid-Cap	16,621.81		-0.16%
S&P BSE Small-Cap	18,147.06		0.09%

2:55 PM

India's January retail inflation seen easing only slightly, still above target: Reuters poll

 

Retail inflation in India eased only slightly last month from a 17-month high hit in December, according to a Reuters poll, offering scant relief to policymakers mindful of the tentative economic recovery. The Reserve Bank of India (RBI) kept its key policy rates unchanged on Wednesday and retained its “neutral” stance in an attempt to maintain a delicate balancing act and nurture growth.

 

But the central bank raised its inflation expectations for the fiscal year starting in April on surging oil prices and after the government announced an increase in rural and healthcare spending in its budget, which would be inflationary. “There are upside risks to inflation, primarily stemming from higher minimum support price (MSP) for kharif crops as stated in the union budget, increase in customs duties, and fiscal slippage,” said Nikhil Gupta, research analyst at Motilal Oswal.

2:42 PM

HPCL Q3 profit rises 23% to Rs 19 bn; income up 13%

 

State-owned oil refiner Hindustan Petroleum Corp Ltd's profit rose 22.6 per cent in the third quarter, beating estimates. Profit rose to Rs 19.50 billion ($303.05 million), compared with Rs 15.90 billion a year earlier. Analysts on average had expected a profit of Rs 15.50 billion, according to Thomson Reuters data READ MORE

Earnings impact: HPCL
 

2:25 PM

Healthy outlook: Aurobindo Pharma posts Rs 5.95 billion net profit in Q3

 

Aurobindo Pharma's reported profit after tax at Rs 5.95 billion for the December quarter (Q3), up a mere 3% year-on-year, may have disappointed the street as the stock fell 2.4% to Rs 602 on Thursday, but a look at the core performance and future prospects provide comfort. For one, Aurobindo had to re-measure its US deferred tax assets and liabilities based on the new tax law and also recognise a one-time charge of Rs 664 million in Q3.

 

Thus, its net profit came below estimates of Rs 6.63 billion. CLICK HERE FOR FULL STORY

2:06 PM

Bharat Forge: Market share gains, new products helped to outperform in Q3

 

The Bharat Forge stock was up nearly 8% on a better-than-expected December quarter performance, a strong outlook for the March quarter and FY19, and investments in an electric vehicle start-up. Top line growth of 47% over the year-ago period was led by 38% growth in volumes, while the rest came from increasing share of value-added products. READ MORE

1:49 PM

Moody's ups outlook on IOB and Central Bank to positive from stable

 

Global ratings agency Moody's has revised the outlook on two Indian public sector lenders, the Indian Overseas Bank (IOB) and Central Bank of India (CBI), from "stable" to "positive".

 

The positive outlook reflects the upward pressure that could develop on the banks' long-term ratings if capital positions continue to improve over the next 12-18 months due to capital infusions from the government, Moody's said in statement on Friday. CLICK HERE FOR FULL STORY

1:48 PM

MARKET CHECK

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,999.80	-413.36	-1.20
S&P BSE SENSEX 50	10,910.66	-116.26	-1.05
S&P BSE SENSEX Next 50	34,422.79	-209.35	-0.60
S&P BSE 100	10,850.64	-107.75	-0.98
S&P BSE Bharat 22 Index	3,681.85	-30.58	-0.82

1:41 PM

BUZZING STOCK

GMDC shares gained 4% as profit in Q3 increased sharply by 68.8% to Rs 78.5 crore compared to Rs 46.5 crore in year-ago.

 

Revenue from operations jumped 33.1% to Rs 506.1 crore, from Rs 380.3 crore in same period last year. Operating profit shot up 98.6% to Rs 131.3 crore and margin 850 basis points to 25.9% compared to same quarter last year.

1:24 PM

Indiabulls Real Estate surges 8% on business restructuring plan

 

Indiabulls Real Estate moved higher by 8% to Rs 230 on BSE in noon deal after the Mumbai-based real estate said that its board will meet next week to consider the business restructuring plan that it considered in April last year.

 

“The board of directors is scheduled to meet on Wednesday, February 14, 2018, to consider the various options and recommendations of the committee constituted for the reorganization/ restructuring of the existing residential and commercial office leasing businesses of the Company and to take appropriate decisions, as required,” Indiabulls Real Estate said in a regulatory filing. READ MORE

1:09 PM

Steel and mining companies still bearing the brunt of ban in Karnataka, Goa

 

Steel and mining companies operating in mineral-rich states of Karnataka and Goa till date bear the brunt of the iron ore mining ban, which brought the two industries onto their knees between 2011 to 2014.

 

“Till today, we regret the expansion opportunity we lost due to the ban in Karnataka. As per our business plan, JSW Steel was to have 16 million tonne capacity at Vijaynagar alone by 2012. We are still at 12 million tonnes here (at Vijaynagar),” deputy managing director of the company Dr Vinod Nowal. CLICK HERE FOR FULL STORY

1:01 PM

Sensex top gainers and losers

12:50 PM

Surya Roshni up 12% on order win of Rs 839 million; zooms 42% in one week

 

Surya Roshni hits record high of Rs 522, up 12% on BSE in intra-day trade after the company said it has received an order worth of Rs 839 million for supply of LED street and tube lights.

 

“The Company has obtained orders for supply of LED street lights under SLNP (Street light National Program) and for supply of LED tube lights aggregating to Rs 839 million from Energy Efficiency Services Limited (EESL),” Surya Roshni said in a regulatory filing. READ MORE

12:33 PM

Sectoral Trend

12:21 PM

Malvinder & Shivinder Singh took Rs 5 bn out of Fortis without board nod

 

India's tycoon Singh brothers took at least Rs 5 billion ($78 million) out of the publicly-traded hospital company they control without board approval about a year ago, people with knowledge of the matter said READ THE FULL STORY HERE

Shivinder M Singh, vice-chairman, Fortis Healthcare

12:20 PM

Nirmal Bang maintains 'accumulate' rating on ACC

 

Despite a rise in interest costs, ACC’s APAT stood at ~Rs 2 billion. We have moved forward our valuation to CY19E earnings and valued ACC based on 13.0x CY 2019E EV/EBITDA and $140 CY 2019E EV/mt  to arrive at a target price of Rs 1,891. We have retained Accumulate rating on the stock.

12:18 PM

Reliance Securities on Hexaware

 

Notwithstanding Hexaware’s differentiated business strategy, we believe its near-term growth will be a challenge owing to client-specific issues. Notably, the stock has substantially outperformed the broader market over the past year and in light of expected slower growth, current valuations at 19.6x/17.0x CY18E/CY19E EPS seem to be prohibitive, in our view. Thus, rolling over our estimates to CY19E EPS, we downgrade our recommendation on the stock to REDUCE from HOLD with a revised target price of Rs 313 (from Rs 285 earlier).

12:06 PM

Vakrangee hits 5% upper circuit after falling 62% in nine trading days

Vakrangee is locked in upper circuit of 5% at Rs 202, recovering 10% from its early morning low on BSE with no sellers seen on the counter. The stock opened 5% lower at Rs 183, against its Thursday’s close of Rs 192 on BSE.  READ MORE

12:03 PM

NEWS UPDATE

Malvinder & Shivinder Singh said to have taken Rs 5 bn out of Fortis, say reports

11:45 AM

India's oil hunger to double despite its electric car ambitions

Even though India aspires to sell only electric vehicles by 2030, it still sees gasoline and diesel consumption doubling over that period. The two ideas may not be contradictory.
 

Electric vehicles will take time to become affordable enough for price-sensitive Indian masses, according to the country’s energy forecaster. READ MORE

11:30 AM

Sugar  shares in focus; Dhampur, Mawana, Dwarikesh up over 4%

Shares of sugar companies were trading higher by up to 20% on BSE in otherwise weak market after the government imposed a limit on the amount of sugar that mills can sell in the market during February and March.
 

The market price of Avadh Sugar & Energy, Dhampur Sugar Mills, Magadh Sugar, Mawana Sugars, Dwarikesh Sugar and Uttam Sugar Mills were trading higher by more than 4% on BSE. READ MORE

11:15 AM

Cement, two-wheelers and building materials. Stocks you should avoid now

The steep increase in domestic and global bond yields may have stirred the market out of its complacency and into recognizing that the deterioration may be here to stay for longer than earlier, says Sanjeev Prasad, executive director and co-head, Kotak Institutional Equities in a recent co-authored report with Sunita Baldawa and Anindya Bhowmik. READ MORE

11:00 AM

Markets Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,917.72	-495.44	-1.44
S&P BSE SENSEX 50	10,873.12	-153.80	-1.39
S&P BSE SENSEX Next 50	34,276.86	-355.28	-1.03
S&P BSE 100	10,811.97	-146.42	-1.34
S&P BSE Bharat 22 Index	3,672.60	-39.83	-1.07

(Source: BSE)