Nifty fails to settle above 10,400 as BJP's tally in Gujarat narrows

All that happened in today's trade

4:03 PM

Vinod Nair, Head of Research, Geojit Financial Services 

 

Market recovered from the initial disruption after a clear victory for government in Gujarat and Himachal Pradesh state election. Increased investors sentiment will attract liquidity in the market while participants focused on the fulcrum of improvement in fundamentals to strengthen the valuation. Triggers like earnings season and global market movement will be closely watched for any earnings upgrade and US tax reform for the direction. 

4:02 PM

Market breadth

 

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,437 shares rose and 1,209 shares declined. A total of 178 shares were unchanged.

3:58 PM

Broader markets

 

The S&P BSE Midcap index ended at record high level, up 0.7% to 17104, while the S&P BSE Smallcap index settled at 18252.68, up 0.4%. 

3:53 PM

Jayant Manglik, President, Retail Distribution, Religare Securities 

 

It was an eventful day as Nifty witnessed a swing of nearly 400-odd points in early trade and finally settled with gains of over half a percent. Initially, markets reacted sharply on negative side, citing unexpected lead by the Congress in Gujarat election, but not for long. The situation completely reversed in next few minutes as BJP took over Congress in both the states and progressed towards comfortable win. However, volatility remained high on stock-specific front, keeping the uneasiness intact.

 

Nifty has again reached closer to its record high, clearly indicates that bulls are in control. Participants will now be at ease as there's no major event ahead and global cues will take over. We suggest keeping stock-specific trading approach with bias on the positive side.

3:42 PM

Sensex heatmap at close

Source: BSE

3:40 PM

Markets at close

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,601.68	+138.71	+0.41
S&P BSE SENSEX 50	10,832.50	+48.05	+0.45
S&P BSE SENSEX Next 50	35,735.28	+266.81	+0.75
S&P BSE 100	10,851.02	+53.52	+0.50
S&P BSE Bharat 22 Index	3,723.82	+14.92	+0.40

Source: BSE

3:20 PM

Buzzing stock

 

Shares of Eros International rose as much as 4% to Rs 204.50 after the Mumbai-based film distributor signed four film production deals with Drishyam Films, the company said in a filing to BSE.

3:10 PM

Sectoral trend in last leg of trade

Source: NSE

3:03 PM

Markets check

At 3:00 pm, the S&P BSE Sensex was trading at 33,604, up 141 points, while the broader Nifty50 was ruling at 10,397, up 64 points.

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,622.40	+159.43	+0.48
S&P BSE SENSEX 50	10,843.36	+58.91	+0.55
S&P BSE SENSEX Next 50	35,752.64	+284.17	+0.80
S&P BSE 100	10,861.01	+63.51	+0.59
S&P BSE Bharat 22 Index	3,725.11	+16.21	+0.44

Source: BSE

2:51 PM

5 stocks contribute over half of Sensex's market-cap gain in 2017

 

Reliance Industries, HDFC Bank, Maruti Suzuki India, Hindustan Unilever and Bharti Airtel are the top 5 companies that have contributed more than half of the gain in market capitalisation (market-cap) recorded by S&P BSE Sensex companies thus far in the calendar year 2017 (CY17). READ MORE

2:32 PM

Ajay Bodke, CEO & Chief Portfolio Manager, PMS, Prabhudas Lilladher on Gujarat election verdict 

 

BJP's convincing victory in Gujarat after overcoming 22 long years of so called 'anti-incumbancy' is particularly significant as it was achieved despite a virulently castiest  campaign unleashed by the Opposition. The demonizing of major structural reforms like the GST and demonetization  was squarely rejected by the electorate. This would reinforce government's resolve to roll-on reforms jaggarnaut benefiting the economy & markets. This would lead to an acceleration in foreign and domestic direct and portfolio investments.

2:15 PM

Oil edges up on pipeline outage

 

Oil edged up on Monday, lifted by an ongoing North Sea pipeline outage and over signs that booming US crude output growth may be slowing, although the outlook for oil markets cites ample supplies despite ongoing production cuts led by OPEC.

 

US West Texas Intermediate (WTI) crude futures were at $57.39 a barrel, up 9 cents or 0.2% from their last settlement.

 

Brent crude futures, the international benchmark for oil prices, were at $63.37 a barrel, up 14 cents or 0.2% from their last close. READ MORE

2:01 PM

JM Financial on Havells India

 

Havells, in its recent investor meet, showcased the senior/middle management team and elaborated various initiatives taken to remain at top of its game and continue to be ahead of industry. The company has hired over 43 senior professionals across business verticals in past 18 months to strengthen various aspect of the company (product innovation, technology, distribution and so on) and continues to offer innovative products across categories. It talked about various strategic initiatives to grow market share (aims to be among top 3-5 players across product categories) and remains confident about the medium-long term business prospects. While we like the company’s holistic approach towards business segments and execution track record, we maintain our HOLD rating on account of fair valuation.

1:45 PM

Reliance Securities on JSW Steel

 

JSW Steel  closed ~4% higher in trading beating the NSE Metal Index by over 1% and supported by ~1.4x its 2-week average traded volume.

 

Domestic HRC prices continue to remain firm in-line with International steel prices and is currently trading at Rs39,500/tonne up 6% since 1st April  2017.

 

JSTL’s sales volume in 2QFY18 recorded at the highest level in any July-September quarter, partially aided by higher exports. We expect the momentum to continue as we envisage imports to contract due to continued anti-import measures by the government.

 

JSTL continues to be the best bet on domestic steel sector due to efficient operations, lean cost structure and huge potential for volume.

 

We are positive on the stock with a Target Price of Rs 282.

1:32 PM

Elections over, markets to now focus on earnings, budget, macros

 

With the Narendra Modi-led Bharatiya Janata Party (BJP) likely to be back in driver's seat in Gujarat and a possible win in Himachal Pradesh (HP) in the recent assembly elections, analysts expect markets' focus in the short-to-medium term to shift back to macro-economic data, corporate earnings growth, pace of reforms and the upcoming budget in February. CLICK HERE FOR MORE

1:17 PM

BSE Midcap index hits new high

 

The S&P BSE Midcap index hit a new high of 17,184 on the BSE in intra-day deal on Monday after a healthy gain in public sector banks (PSBs), metals and Adani Group stocks. The index surpassed its previous high of 17,133 touched on December 11, 2017 in intra-day trade.

 

At 12:19 PM; the midcap index was trading 1% higher at 17,174, bouncing back 3.5% or 570 points as the counting of votes showed Bharatiya Party Party (BJP) leading in Gujarat and Himachal Pradesh. The index touched low of 16,605 in early morning trade. READ FULL REPORT

1:06 PM

Markets extend gains 

Sensex was up over 300 points, just 65 points away from its all-time high of 33865.95, while Nifty was trading comfortably above 10,400.  

1:00 PM

Gujarat election results: BJP leads in 107 seats

 

As per the trends available for 182 seats, the BJP is ahead in 107 seats, while the Congress candidates have a slight edge over their BJP opponents in a few constituencies. The NCP is leading on one seat. READ MORE DETAILS 

12:49 PM

Buzzing stocks

 

Shares of public sector banks (PSBs) were in focus with the Nifty PSU bank index rallying more than 7% from its early morning lows on National Stock Exchange (NSE).

 

At 11:49 AM; Nifty PSU Bank index, the largest gainer among sectoral indices, was up 3% at 3,854 as compared to 0.81% rise in the benchmark Nifty 50 index. Nifty PSU Bank index has rallied 7.4% from its early morning low of 3,587. Nifty Private Bank and Nifty Bank index were up 1% each. READ FULL REPORT

12:36 PM

Markets check

At 12:35 pm, the S&P BSE Sensex was trading at 33,755, up 292 points, while the broader Nifty50 was ruling at 10,428, up 95 points. 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,757.19	+294.22	+0.88
S&P BSE SENSEX 50	10,876.53	+92.08	+0.85
S&P BSE SENSEX Next 50	35,836.24	+367.77	+1.04
S&P BSE 100	10,892.92	+95.42	+0.88
S&P BSE Bharat 22 Index	3,733.79	+24.89	+0.67

Source: BSE

12:32 PM

Edelweiss Securities on GST e-way bill

 

The GST Council has approved nation-wide implementation of the e-way bill pertaining to inter-state movement of goods from Feb 1 2018 and intra-state movement of goods from June 1 2018. We believe the E-way bill will: 1) empower the government to curb tax evasion and unauthorised movement of goods across the country; 2) will be a major deterrent for unorganised players; 3) reduce tax evasion; and 4) improve compliance and tax collections thereof. As highlighted in our recent report, under the GST regime effective implementation of e-way bill will result in shift of trade from unorganised to organised segment and widen the tax base over long term. Building materials (plywood, tiles), plastic pipes, consumer durables/ electricals and logistics companies would be key beneficiaries.

12:14 PM

The winners and losers in the Trump Tax Bill

 

With the Bill finally headed to a vote this coming week, taxpayers are scrambling to determine whether the legislation renders them winners or losers. READ MORE

11:52 AM

M&M, Maruti Suzuki, HDFC Bank hit record highs

 

HDFC Bank, Mahindra & Mahindra (M&M) and Maruti Suzuki India from the S&P BSE Sensex have hit their respective record highs after a recovery of more than 1,000 points in the benchmark index as Bhartiya Janata Party (BJP) ahead in more than 100 seats in Gujarat election.

 

Gail (India), Graphite India, Balkrishna Industries, Relaxo Footwear, Sun TV Network, Titan Company, Greenply Industries, Century Plyboards (India), Bombay Dyeing & Manufacturing Company were among 17 stocks from the S&P BSE 500 index touched their new highs on the BSE in intra-day trade on Monday. READ MORE

11:38 AM

IIFL on Kalpataru Power & Transmission 

 

Kalpataru Power & Transmission Ltd (KPTL) is set to benefit from strong spends across segments viz, Power T&D, Railways and Oil & Gas pipeline infrastructure. Railways and O&G pipeline business, expected to surge over the next three years, would offset the slower growth in domestic T&D business. KPTL has managed to expand its global footprint to emerge as a leading player in the international power T&D EPC space. With an orderbook of +Rs 100 billion and robust pipeline across segments, KPTL should achieve revenue CAGR of 15.6% over FY17-20E. Margins are likely to stay healthy given the fact that infra business margins have risen to the level of core T&D business margins of 10-11%. Strong cashflows would reduce interest costs as a % of sales, thereby driving earnings growth of 19.8% over the period FY17-20E. Maintaining our Buy recommendation, we have arrived at a target price of Rs.585. Adjusted for asset values and JMC projects, the company currently trades at 11.1x FY20 P/E, which is reasonably attractive considering strong earnings growth and improving return ratios expected over FY17-20.

11:25 AM

Markets check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,685.29	+222.32	+0.66
S&P BSE SENSEX 50	10,851.23	+66.78	+0.62
S&P BSE SENSEX Next 50	35,672.79	+204.32	+0.58
S&P BSE 100	10,863.56	+66.06	+0.61
S&P BSE Bharat 22 Index	3,715.46	+6.56	+0.18

Source: BSE

11:16 AM

Sebi asks MFs to downplay 'Sahi Hai' campaign

 

The Securities and Exchange Board of India (Sebi) has asked industry body, the Association of Mutual Funds in India (Amfi), to tone down its hugely successful ad campaign carrying the slogan ‘Mutual Funds Sahi Hai’.  

 

The securities market regulator is concerned that the ads could persuade investors into buying mutual fund (MF) products without understanding the risks associated with them. READ FULL REPORT

11:00 AM

Buzzing stocks

 

Shares of Adani Group companies have recovered by up to 18% from their early morning lows on hopes that the ruling Bharatiya Janata Party (BJP) will retain power in Gujarat.

 

Adani Enterprises, the flagship company of the Gujarat based Adani Group, was trading 1% higher at Rs 156, recovering 18% from its intra-day low of Rs 132 on the BSE. The stock hit an intra-day high of Rs 158 so far. READ MORE

10:53 AM

Rupee crashes 68 paise to 64.72 a dollar  

 

The rupee plunged 68 paise to 64.72 against the dollar on Monday after early trends suggested that the BJP and the Congress are neck and neck in Gujarat Assembly sweepstakes after one hour of counting of votes.

 

The Congress is leading in 7 seats while the BJP is leading in 6 in the Himachal Pradesh Assembly polls as early trends poured in. READ FULL REPORT

10:44 AM

Will crude oil prices moderate?

 

After declining in the first half of 2017, crude oil prices have taken off pretty well since mid-June due to multiple favourable factors. The production discipline of both, Organization of Petroleum Exporting Countries (Opec) and non-Opec nations, led to global inventories declining through 2017.

 

This coupled with disruption in US crude oil production due to Cyclone Harvey in August and geopolitical issues in West Asia have contributed to a significant rise in crude oil prices during the second half of 2017. READ MORE

10:37 AM

Gujarat election results: BJP leads in 104 seats

 

The BJP is leading in 107 seats and the Congress in 75, as per the trends available after the first hour of counting

 

As per the trends available for 182 seats, the BJP is ahead in 104 seats, while the Congress candidates have a slight edge over their BJP opponents in some constituencies. The NCP is leading on one seat. READ MORE