Indices wave goodbye to 2017 on a positive note; Nifty ends above 10,500

All that happened in today's trade

3:50 PM

Sectoral trend

Source: NSE

3:45 PM

Markets at close

The S&P BSE Sensex settled at 34,056, up 209 points, while the broader Nifty50 ended at 10,530, up 52 points. For the year, both the indices added nearly 28%. 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,056.83	+208.80	+0.62
S&P BSE SENSEX 50	10,979.78	+60.67	+0.56
S&P BSE SENSEX Next 50	36,849.38	+204.10	+0.56
S&P BSE 100	11,029.78	+60.96	+0.56
S&P BSE Bharat 22 Index	3,772.25	+12.68	+0.34

Source: BSE

3:26 PM

Buzzing stock

 

Shares of Infibeam Incorporation turned volatile trading 12% lower at Rs 144.80 on Friday at 02:12 PM; on back of heavy volumes.

 

The stock of internet software & services recovered 47% from its early morning low of Rs 98.80 on the BSE. It was closed at Rs 165 on Thursday. READ MORE

3:23 PM

Top 10 best and worst performing stocks of 2017

 

The year 2017 was rewarding one for Dalal Street, with over 80 stocks on the BSE 500 more than doubling investors' wealth during the year, even as the S&P BSE Sensex rallied 27%. Two stocks - HEG and Indiabulls Ventures - delivered over 1,000% during the period.  

 

There were at least 79 stocks on the BSE-500 that gained over 100% in 2017. By comparison, the BSE-500 and the S&P BSE Sensex advanced 35% and 27%, respectively. READ MORE

3:21 PM

Realty, consumer durable sectors outperform, up over 100% in CY17

 

Contrary to expectations that demonetisation and implementation of the goods and services tax (GST) bill will dent the fortunes of consumer durables sector and realty sectors, both indices have maned to outperform the markets during calendar year 2017 (CY17).

 

While the S&P BSE Consumer Durables index gained 101% during CY17, the S&P BSE Realty index rallied 106% during the same period. By comparison, the S&P BSE Sensex moved up over 27%. READ MORE

3:20 PM

April-Nov fiscal deficit hits 112% of full-year target

 

India reported a fiscal deficit of Rs 6.12 lakh crore  ($95.77 billion) for April-November or 112 per cent of the budgeted target for the current financial year that ends in March.

 

Net tax receipts in the first eight months of 2017/18 financial year were Rs 6.99 lakh crore ($109.39 billion), government data showed on Friday. CLICK HERE FOR DETAILS

3:15 PM

Central borrowing of Rs 50,000 cr to delay lending rate cuts: BofAML 

 

The additional borrowing of Rs 50,000 crore by the Centre is a "negative surprise" that will sustain higher yields and delay lending rate cuts, the key for economic growth recovery, says a report.

 

"We thought that the government's decision to borrow another Rs 500 billion/0.3 per cent of GDP was an avoidable negative surprise in an already nervous G-sec market," Bank of America Merrill Lynch said in a research note. READ MORE

3:06 PM

Markets check 

At 3:00 pm, the S&P BSE Sensex was trading at 34,056, up 208 points, while the broader Nifty50 was ruling at 10,530, up 53 points. 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,046.69	+198.66	+0.59
S&P BSE SENSEX 50	10,977.87	+58.76	+0.54
S&P BSE SENSEX Next 50	36,812.53	+167.25	+0.46
S&P BSE 100	11,026.29	+57.47	+0.52
S&P BSE Bharat 22 Index	3,771.20	+11.63	+0.31

Source: BSE

2:52 PM

Ignore bitcoin mania: Five personal finance lessons from 2017

 

For those who had an allocation to equities, 2017 was a very good year. But with interest rates on fixed-income products falling, fixed-income investors took a beating. Here are five key lessons you can draw from the year that has just gone by. CLICK HERE FOR MORE

2:30 PM

Sensex heatmap in afternoon trade 

Source: BSE

2:04 PM

Improving BFSI demand positive for IT

 

Stocks of IT majors have gained up to four per cent over the past week on expectations that IT budgets of North American companies could trend higher. Over 60 per cent of revenues for top IT firms come from North America, and revenue visibility, given a positive management commentary by Accenture, could lead to a growth upcycle.

 

On Accenture results last week, analysts at Morgan Stanley had said, “Revenue beat, uptick in lower end of guidance, record growth in new bookings, among others, bode well for Indian IT vendors and could reflect positively on the stocks. READ FULL REPORT

1:47 PM

Buzzing stocks 

 

Shares of Jaiprakash Associates (JP) Group stocks Jaiprakash Associates, Jaiprakash Power Ventures and Jaypee Infratech rallied by upto 20% in intra-day trade on the BSE, extending their gains for the past three days on back of positive media reports.

 

Jaiprakash Power Ventures has surged 20% to Rs 9.52, also its 52-week high on the BSE in intra-day trade today on back of heavy volumes. The stock rallied 37% in past four trading sessions after the media report suggested that lenders scout for new owner for JP Group arm Prayagraj Power. READ MORE

1:30 PM

Arihant Capital Markets on Bank of Baroda

 

Bank of Baroda has entered into an agreement with UniCredit SPA, Baroda Pioneer Asset Management Company Ltd and Baroda Pioneer Trustee Company Pvt Ltd to acquire a 51% stake in both the asset management and trustee company.

 

Pursuant to the share purchase agreement (SPA), the Bank will be purchasing from its joint venture partner, UniCredit, their entire equity stake of 51% in the Baroda Pioneer AMC and the Trustee Company. Post the acquisition, BoB will become the sole shareholder of the AMC and the Trustee Company and sole sponsor of the Baroda Pioneer Mutual Fund.

 

Valuation

 

We have valued stock on P/ABV(x) of 2.1(x) on its FY 19E ABV of Rs 101 per share and have arrived at fair value of Rs 212. We have BUY rating on the stock.

1:02 PM

Market Check at 1 pm

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,988.75	+140.72	+0.42
S&P BSE SENSEX 50	10,957.08	+37.97	+0.35
S&P BSE SENSEX Next 50	36,832.43	+187.15	+0.51
S&P BSE 100	11,009.88	+41.06	+0.37
S&P BSE Bharat 22 Index	3,768.06	+8.49	+0.23

12:47 PM

Insolvency process: Edelweiss joins race for Monnet Ispat

 

Edelweiss Asset Reconstruction Company has joined the race to buy Monnet Ispat & Energy’s assets after JSW Steel presented a resolution plan asking lenders to take a 72 per cent haircut on the company’s Rs 8,900-crore debt. Till now, JSW Steel was the only company to have submitted a resolution plan.

 

According to a source close to the development, Edelweiss has already submitted its expression of interest and would be presenting a resolution plan in the coming days. The last date for Monnet Ispat will be extended as lenders are not happy with JSW Steel’s offer. Monnet Ispat plans to file an application for a 90-day extension before the National Company Law Tribunal. Monnet Ispat’s 180 days would be completed on January 13 and 270 days on April 4. The delay is good for JSW Steel, which has sought clarity on the income-tax to be levied on the haircut taken by the bank and interest foregone by them. The coming Budget is expected to clarify on this aspect. READ MORE

12:30 PM

Soon, Venezuela to launch oil-backed Bitcoin-like cryptocurrency

 

Venezuela's cryptocurrency will launch within days and be backed by 5.3 billion barrels of oil worth $267 billion, in a bid to offset a deep financial crisis, the socialist government said on Thursday.

 

President Nicolas Maduro surprised many earlier this month when he announced the "petro" cryptocurrency, to be backed by OPEC member Venezuela's oil, gas, gold and diamond reserves.

 

Despite the scepticism of cryptocurrency experts who do not think Venezuela has the wherewithal to pull it off, communications minister Jorge Rodriguez said the first petro offering would come within days. READ MORE

12:14 PM

Sensex logs best annual gain in three years; 227 stocks rally up to 1455%

 

As 2017 draws to a close, the S&P BSE Sensex looks set to log best yearly gain in the last three years. Thus far in CY17, the index has gained 27%, while the S&P BSE Midcap and the S&P BSE Smallcap indices have surged 48% and 60%, respectively, on the back of a strong rally in metal, automobiles, telecom, banking, capital goods, consumer durables and realty shares. 

 

The strong net inflows of over Rs 1-lakh-crore by the domestic mutual funds have led the rally in equity markets. The mutual funds have made net investments of Rs 1.17-lakh crore in equities market, as compared to Rs 51,492 crore net inflows by the foreign portfolio investors (FPIs) till December 27, 2017, the Sebi data shows.

 

The year saw the Sensex, Nifty, Midcap and Smallcap indices zooming to their respective new highs. READ MORE

11:51 AM

India's 1st bitcoin trading app out; allows transaction with mobile number

 

At a time when bitcoins are in focus also for the wrong reasons, cryptocurrency dealer Pluto Exchange on Thursday announced the launch of India's first mobile application for transacting in virtual currencies.

 

At a press conference here, Pluto Exchange founder and Chief Executive Bharat Verma said his company is all set to launch the country's first app-based wallet that enables bitcoin transactions using a mobile number.

 

"The Pluto Exchange mobile app offers a solution to the coordination problem between payment processors, financial gateways and banks," Verma said. READ MORE

11:35 AM

Don't bank too much on bank stocks

 

One axiom of modern economics is that a financial crisis takes longer to mitigate than a crisis in any other given sector. Finance is the life-blood of every sector and a crisis in finance affects every other sector. At a global level, we’ve seen this since the so-called Subprime Crisis in 2008.

 

The global economy has still not fully recovered despite interventions by central banks. India has been in the middle of an unacknowledged bank crisis since 2012-13. It started with the government opening up the liquidity tap to combat the second stage of the global financial crisis. READ MORE

11:18 AM

Amulya Leasing & Finance up 5% after stake sale by promoter

 

Amulya Leasing & Finance is locked in upper circuit of 5% at Rs 624, extending its Thursday’s 5% gain on the BSE after the promoter Sameer Gupta sold his entire 35.19% stake in the company through an open market transaction. The stock is trading at its 52-week high levels.

 

On December 28, 2017, Sameer Gupta offloaded 1.76 million equity shares representing 35.19% stake of Amulya Leasing & Finance for Rs 98.22 crore on the BSE. The promoter had sold these shares at price of Rs 557.13 per share, the bulk deal data shows.

 

As on September 2017, Gupta held almost similar stake in the company, according to the BSE data. READ MORE

11:05 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,991.86	+143.83	+0.42
S&P BSE SENSEX 50	10,961.79	+42.68	+0.39
S&P BSE SENSEX Next 50	36,937.15	+291.87	+0.80
S&P BSE 100	11,019.19	+50.37	+0.46
S&P BSE Bharat 22 Index	3,781.55	+21.98	+0.58

10:50 AM

Astron Paper makes strong debut; stock zooms 141% against issue price

 

Astron Paper & Board Mill made a stellar debut and was locked in upper circuit at Rs 120.75, up 141% against its issue price of Rs 50 per share on the National Stock Exchange (NSE). On BSE, it froze at Rs 120 with no sellers seeing on the counter.

 

The stock of paper manufacturer listed at Rs 115 on the NSE and at Rs 114 on the BSE. A combined 6.11 million shares changed hands and there were pending buy orders for 315,927 shares on the both the exchanges.

 

The stock is trading under trade-to-trade (T2T) or T segment in which no intra-day trading is allowed for shares falling in that segment, as each trade results in delivery. Transactions placed in this segment have to be mandatorily settled on gross basis i.e. by taking or giving delivery even if you have bought and sold the shares during the same settlement cycle. READ MORE

10:39 AM

Mutual funds wary of rising inflows

 

Continuous large inflows with expectations of high returns by investors are unnerving executives in the mutual fund industry, which now manages nearly Rs 23 lakh crore of assets, more than three times of what it did five years ago.   “When inflows become so large, management becomes an issue,” said a chief executive of a fund house. “The risks attached become equally important if we want many more happy investors,” he added. READ MORE

10:21 AM

China Development Bank in talks with RCom as firm plans to reduce debt

 

China Development Bank, a creditor of Reliance Communications Ltd, said it is in talks with the Indian wireless carrier, following a plan by the Anil Ambani-backed firm to reduce its debts.

 

Any progress will be disclosed in the near future, the Chinese bank told Reuters late Thursday in response to a request for comment on the Indian carrier's debt-reduction plan.

 

RCom, as the Indian carrier is known, announced on Tuesday a plan to slash its debt by 390 billion rupees ($6.1 billion) underpinned by the sale of some of its spectrum, tower, fibre and real estate assets for which the company said it has already received some non-binding offers. READ MORE

10:06 AM

RCom to sell wireless business to Reliance Jio; stock hits 52-week high

 

Shares of Anil Ambani-owned Reliance Communications (RCom) zoomed 35% to Rs 41.77, also its 52-week high on the BSE in early morning trade after Mukesh Ambani-led Reliance Jio said it will acquire RCom's mobile business assets including spectrum, mobile towers and optical fibre network of the company. On the National Stock Exchange (NSE), the stock rallied 30% to Rs 40.15 in intra-day trade.

 

"Reliance Jio Infocomm, a subsidiary of Reliance Industries Limited, today announced signing of definitive agreement for the acquisition of specified assets of Reliance Communications Limited and its affiliates," Reliance Jio said in a statement.

 

“The company expects the transactions to close in a phased manner between January and March 2018, subject to lenders’ and other applicable approvals,” RCom said in a statement. READ MORE

9:42 AM

Year-end rise in yields puts banks in the soup

 

With yields rising sharply, banks are caught between a rock and a hard place. And as the quarter for the banks ends on Friday, the treasury departments are hoping the yields scale back so that their losses, even nominal, can be minimised.

 

The yields on 10-year bonds have risen about 96 basis points since August even after a rate cut by the Reserve Bank of India (RBI) in that month. 

 

From the start of this quarter, the yield movement so far has been about 73 basis points. One basis point is a hundredth of a percentage point. READ MORE

9:31 AM

Sectoral Trend

Source: NSE

9:27 AM

Top Sensex gainers and losers

Source: BSE

9:19 AM

Broader Markets

Broader markets were outperforming the benchmark indices with BSE Midcap and BSE Smallcap indices up 0.6% and 0.5% respectively

9:19 AM

Markets Open

At 9:17 am, the S&P BSE Sensex was trading at 33,941, up 93 points while the broader Nifty50 index was  ruling at 10,505, up 27 points