Sensex ends over 100 pts lower, Nifty below 10,400; RIL, Infy down 1% each

All that happened in the market today

3:45 PM

Market rundown by Anand James, Chief Market Strategist, Geojit Financial Services 

 

"Stocks gave away the early gains as the investors became cautious ahead of the September quarter GDP data release scheduled on Thursday.  Decent rollover numbers may be suggestive of the short term positivity in the market, with sectoral continuing to continuing to roll in, this time along home finance companies which rose after government’s proposal to tax unsold realty inventory stoked expectations of more activity in the housing sector. Global cues remain muted for now, setting the stage for OPEC's meeting on Thursday and voting on US Tax reform bill."

3:40 PM

Top Sectoral loser: Nifty PSU Bank index

Source: NSE

3:39 PM

Sectoral Trend

Source: NSE

3:36 PM

Top Sensex gainers and losers

Source: BSE

3:34 PM

Broader Markets

The broader markets were outperforming the benchmark indices with BSE Midcap and BSE Smallcap indices up 0.1% and 0.3% respectively

3:34 PM

Markets at close

Benchmark indices ended lower on Tuesday, weighed down by market heavyweights such as Reliance Industries and Infosys, with investors now focussed on September-quarter GDP data, due on Thursday

The S&P BSE SEnsex ended at 33,618, sown 105 points while the broader Nifty50 index settled the day at 10,370, down 29 points

3:21 PM

Order Win

 

State-owned power equipment maker BHEL has bagged an order worth Rs 64 crore for setting up six decentralised sewage treatment plants in Raipur, Chhattisgarh.

 

"Valued at over Rs 64 crore, the order for sewage treatment plants with a cumulative capacity of 25.4 million litres per day, has been placed on BHEL by Raipur Development Authority," the company said in its filing.

3:10 PM

Eris Life extends rally post acquisition of Strides' India branded business

 

Eris Lifesciences moved higher by 11% to Rs 721, extending its 11% gain of the last six trading sessions after the company acquired the domestic formulations business of Strides Shasun in an Rs 500-crore deal, marking its foray into the fast-growing central nervous system (CNS) segment.

 

According to media report, Credit Suisse initiated coverage of Eris Lifesciences with a recommendation of outperform with price target of Rs 770 per share within a year.

 

Eris Lifesciences and Strides Shasun signed an agreement on Saturday, November 18, in which Eris Lifesciences will acquire 130 Strides Shasun brands in the neurology, nutraceuticals and gastrointestinal segments, along with employees who form part of the business. READ MORE

3:00 PM

Market Check

 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,600.65	-123.79	-0.37
S&P BSE SENSEX 50	10,807.86	-33.17	-0.31
S&P BSE SENSEX Next 50	35,870.11	-6.39	-0.02
S&P BSE 100	10,837.01	-28.07	-0.26
S&P BSE Bharat 22 Index	3,741.97	-22.70	-0.60

2:48 PM

Nifty PSU Bank index down over 1%

Source: NSE

2:34 PM

Glenmark Pharma falls 3% as Baddi unit gets 7 observations from USFDA

 

Glenmark Pharmaceuticals dipped 3% to Rs 574 on the BSE in intra-day trade after the company said its Baddi unit gets seven observations from US health regulator.

 

“The US Food and Drug Administration (USFDA) issued seven observations through the form 483,” Glenmark Pharmaceuticals said in a regulatory filing.

 

The Baddi unit of Glenmark Pharmaceuticals underwent an US FDA audit from November 6, 2017 to November 11, 2017. The Baddi unit contributes approximately 10% of the revenue of US sales. READ MORE

2:17 PM

Buzzing in trade

 

Eris Lifesciences surged 5.13% to Rs 683.60 on BSE on reports a global brokerage house has initiated coverage with outperform call on the stock.

2:02 PM

Trai issues recos on net neutrality

Telecom regulator, TRAI, has issued recommendations on net neutrality. The two major recommendations are: 1) Internet service providers must not engage in discriminatory treatment of content, and 2) Licensee can't enter into an agreement that has any discriminatory content effect.

 

The Telecom Regulatory Authority of India (TRAI) on Tuesday also recommended an amendment to licence agreement with regard to internet services providers (ISPs), among other recommendations for the much-awaited net neutrality debate.

1:48 PM

Top Sensex gainers and losers

Source: BSE

1:35 PM

Broader Markets

The broader markets continued to outperform equity benchmarks in afternoon, with the Nifty Midcap index trading near its record high level.

1:26 PM

Q2 review: Nearly 45% of corporate results are above expectation

 

The June quarter of the financial year 2017-18 (Q1FY18) was a disaster due to de-stocking measures. However, the September quarter (Q2) was anticipated to be better given the low base and re-stocking activities. We thought that de-stocking was largely over but how much will be the revival is still yet to be known. Economic activities had started to improve and procedure of GST was getting better day by day. READ MORE

12:54 PM

Buzzing stock

 

Reliance Communications tanked 6.37% to Rs 12.50 at 9:19 IST on BSE after the company issued a clarification on media reports that China development bank is filing insolvency case against the company. READ MORE

12:36 PM

Reliance Securities on JK Lakshmi Cement

 

JK Lakshmi Cement (JKLC) surged over 4% in Monday’s range-bound market on the expectations of likely improvement in its profitability ahead due to various measures taken by the company.

  

While the recent ban of petcoke usage is expected to impact JKLC’s operational performance, visible improvement in Eastern realizations and healthy demand in its key markets are likely to nullify the impact to an extent.

 

Considering the initiatives undertaken to improve Eastern operations profitability by means of WHRS, CPPs, conveyor belt, railway siding and SGU in Orissa are likely to aid JKLC to improve its operational performance further in ensuing quarters.

 

We maintain our fundamental BUY rating on the stock with a Target Price of Rs 500.

12:28 PM

Dolly Khanna's portfolio

 

Half of the stocks in Dolly Khanna, the Chennai-based investor’s portfolio, have appreciated by up to 550% thus far in the current calendar year 2017 (CY17).

 

As of September 2017, Dolly Khanna holds more than 1% stake in 22 companies, as per data filed by these companies’ shows. Of these the market price of 11 stocks rallied more than 100% in CY17.

READ FULL STORY

11:51 AM

PSBs may face Rs 40,000-cr loss due to bad loans

 

Commercial banks wrote off about Rs 35,000 crore of bad loans in July-September, taking write-offs to Rs 65,800 crore in the first half of the financial year.

 

Credit costs — the amount set aside for bad loans and stressed assets — for ageing non-performing assets (NPAs) and National Company Law Tribunal cases would take provision coverage ratio to 58-60 per cent by the end of FY18, from 44.3 per cent at the end of March 2017, according to rating agency ICRA. READ FULL REPORT

11:33 AM

Marketc check

At 11:32 am, the S&P BSE Sensex was trading at 33,654, down 69 points, while the broader Nifty50 was ruling at 10,383, down 16 points. 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,662.73	-61.71	-0.18
S&P BSE SENSEX 50	10,828.60	-12.43	-0.11
S&P BSE SENSEX Next 50	35,952.09	+75.59	+0.21
S&P BSE 100	10,858.37	-6.71	-0.06
S&P BSE Bharat 22 Index	3,740.14	-24.53	-0.65

Source: BSE

11:32 AM

Morgan Stanley more bullish on China than India

 

Morgan Stanley has reduced the size of its overweight rating on India for 2018 to accommodate Brazil's upgrade to the overweight category where they expect a significant economic growth. China is its biggest overweight in the global context. READ MORE

Jonathan Garner, chief Asia and emerging markets equity strategist, Morgan Stanley

10:58 AM

Gas companies in a sweet spot 

 

With judicial action increasingly becoming negative on the use of pet coke, higher demand from industrial users should benefit gas companies. Industrial usage is expected to increase further with furnace oil and pet coke bans in the National Capital Region (NCR), Rajasthan, Uttar Pradesh and Haryana.

 

The industries are to shift to alternative fuels, including natural gas, to fulfil their energy requirements. READ FULL ANALYSIS

10:34 AM

Buzzing stock 

 

Rallis India surged 7% to Rs 246 on the BSE in early morning trade after the Franklin Templeton Mutual Fund bought nearly one percentage point stake in Tata Group Company for Rs 41 crore through open market. READ MORE

10:16 AM

Goldman Sachs sets Nifty target of 11,600 for Dec 2018

 

Goldman Sachs expects the healthy run in the global equity markets, including India, seen this year to continue in 2018 as well. The US-based brokerage expects the benchmark Nifty to climb to 11,600 by the end of the next calendar year, implying a 12 per cent upside from current levels. The forecast is impressive, considering the 50-share index has already rallied 28 per cent in the past one year. READ MORE

10:03 AM

Markets check

At 10:00 am, the S&P BSE Sensex was trading at 33,663, down 61 points, while the broader Nifty50 was ruling at 10,380, down 19 points.

9:53 AM

900% rise in a yr! Bitcoin surges past $9000

 

The price of bitcoin surged past $9,000 over the weekend for the first time, a rise of nearly 900% this year. Its rise is only getting faster.

 

Bitcoin rose as high as $9,682 Monday morning in Asia, meaning it has taken just seven days for the digital currency to go from $8,000 to $9,000, according to research site CoinDesk. That marks the fastest thousand-point rally in its short history, surpassing the eight days it took to go from $3,000 to $4,000, and the nine days it needed to go from $5,000 to $6,000. READ FULL REPORT

9:41 AM

Bharat 22 ETF makes decent debut 

Bharat 22 Exchange Traded Fund (ETF) made a decent debut on the BSE by listing at Rs 36.30, a 0.91% premium over its issue price of Rs 35.97 per unit. 

 

The ETF touched a high of Rs 37.40 and low of Rs 35.97.

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9:30 AM

Sectoral trend 

Source: NSE

9:22 AM

Sensex heatmap at open

Source: BSE