Sensex, Nifty end flat; Oil marketing companies gain ground

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4:42 PM

Markets at close

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,609.16	-24.48	-0.08
S&P BSE SENSEX 50	10,621.00	0.52	0.00
S&P BSE SENSEX Next 50	34,980.82	+209.14	+0.60
S&P BSE 100	10,636.26	+10.76	+0.10
S&P BSE MidCap	16,114.50	+64.27	+0.40

(Source: BSE)

2:57 PM

Buzzing stock

 

Prakash Industries rallied to its almost seven-year high of Rs 149, up 9% on the BSE in intra-day trade after the company reported nearly five-fold jump in net profit at Rs 65 crore in September quarter (Q2FY18). It had posted profit of Rs 14 crore in the same quarter last fiscal year. The stock is trading at its highest level since November 2010. 

2:30 PM

MAS Financial Services to debut tomorrow 

 

Non-banking financial company MAS Financial Services will make stock market debut tomorrow after having concluded its initial share sale offer last week.

 

The Rs 460-crore initial public offer (IPO) was over- subscribed 128 times from October 6-10.

 

The company had fixed the price band at Rs 456-459 per share for the IPO.

2:18 PM

Reliance Securities on KNR Constructions 

 

KNR Constructions (KNRC) surged nearly 2% in Monday’s trade on expectations of better performance, led by possible surge in order inflow and execution expertise. Notably, KNRC has been very consistent in terms of execution and delivering higher growth over the years. We expect KNRC’s revenue and PAT to register 18% and 11% CAGR, respectively through FY17-FY19E on the back of decent order book and healthy order inflow in coming months. We maintain our positive view on KNRC mainly owing to healthy order book, strong balance sheet (0.1x net D/E) and sound execution credentials. We reiterate our fundamental BUY recommendation on the stock with a SOTP-based Target Price of Rs 245.

1:55 PM

Gold: Place long-term bets on structured plans

 

Roll-out of a uniform indirect tax code or GST and Prevention of Money Laundering Act, or PMLA, has put the gold market in a spot. At the global level, expectations that the US Federal Reserve may raise interest rates for a third time by December this year has prompted traders to take a cautious stance on bullion. Gold is highly sensitive to the US interest rates and inflation and increases the opportunity cost of holding non-yielding bullion which is priced in US greenback. READ MORE

1:12 PM

Markets check

At 1:10 pm, the Sensex was trading at 32,588, down 44 points, while the broader Nifty50 was ruling at 10,220, down 10 points. 

1:11 PM

Buzzing stock

 

Aries Agro soared 18% to Rs 244, extending its previous day’s rally on the National Stock Exchange (NSE) after ace investor Vijay Kishanlal Kedia hiked stakes in the fertiliser company by nearly two percentage points via open market purchases. READ MORE

12:38 PM

Top five losers on Nifty in noon deals 

Source: NSE

12:22 PM

Samvat 2073: Market stays resilient amid multiple disruptions

 

From the demonetisation drive that sought to curb the menace of black money in the economy to implementation of goods and services tax (GST) bill and a possible delay in the earnings of India Inc, the markets have taken the developments in their stride. At the global level, the surprise victory of Donald Trump in the US presidential election, geopolitical tensions and monetary policies of global central banks impacted sentiment. Yet, the Indian markets notched up gains of around 17% during Samvat 2073. READ FULL REPORT

12:07 PM

Jaitley launches MCX gold options

 

Finance Minister Arun Jaitley on Tuesday launched gold options trading on the leading commodity bourse MCX and said this is one of the steps towards formalising trade in the yellow metal. READ FULL REPORT

11:43 AM

BASF India, Adani Transmission, NBCC, Radico Khaitan hit new highs

 

BASF India, Adani Transmission, NBCC (India), Radico Khaitan, Trent, Uflex, Tata Chemicals, NIIT Technologies and Federal Bank are among 14 stocks from the S&P BSE500 index, which hit their respective new highs on the BSE in an otherwise subdued market. READ MORE

 

11:27 AM

Indian investment banks topple foreign peers in IPO showdown

 

Domestic investment banks (i-banks) have edged out their foreign peers in capturing a significant chunk of the booming initial public offering (IPO) market in the past two years. In terms of deal size, domestic i-banks had cornered a 66 per cent market share in calendar year 2016. This year, their share in the IPO pie has risen to 73 per cent, data collated from Prime Database shows. READ FULL REPORT

11:07 AM

Broader markets outperform 

 

The BSE Midcap and the BSE Smallcap indices were trading 0.4% and 0.5% higher, respectively. 

10:48 AM

Markets check

At 10:45 am, the Sensex was trading at 32,593, down 40 points, while the broader Nifty50 was ruling at 10,232, up 2 points.

10:46 AM

Earnings alert: Infosys

 

Infosys Limited, a global leader in consulting, technology, outsourcing and next-generation services, will announce the results for its second quarter ended September 30, 2017 on Tuesday, October 24, 2017 around 3:45 p.m. Indian Standard Time (IST)

 

(Source: Company release)

10:27 AM

Buzzing stock 

Sasken Technologies surged 13% to Rs 595 on the BSE after the company reported a strong 55% year-on-year jump in its consolidated net profit at Rs 18.77 crore in September 2017 quarter (Q2FY18). The company had profit of Rs 12.12 crore in the same quarter year ago (Q2FY17). READ MORE

10:07 AM

Modi risks wealth erosion as savers chase India stock rally

 

Indians pouring record amounts of their savings into a stock-market rally risk getting burned.

 

Earnings per share at companies in the NSE Nifty 50 Index have stagnated since the run up to the 2014 elections, which triggered a surge in equity prices. The index has risen 50 per cent over the same period. Bridging the gap won't be easy after already-slowing economic growth was slugged by Prime Minister Narendra Modi’s demonetisation drive late last year and the disruptive roll-out of the goods and services tax this July. READ MORE

9:46 AM

Wipro trades volatile ahead of Q2 numbers 

9:30 AM

Anand Rathi Research on Colgate Palmolive

 

Reporting a fourth consecutive quarter of volumes declining, market-leader Colgate Palmolive continued to lose market share in toothpastes, its share having slipped from a peak of 57.9% to 54%. Lower toothpaste prices under the GST have not led significant volumes revival. The change in consumer preference to herbal and ayurved-based products, a lower rate of premiumisation and keener competition from Patanjali are major concerns.

9:26 AM

Elara Capital on market outlook

 

Post the strong rally (25% YTD CY17), India’s equity markets appear to be expensive — Nifty forward P/E stands at 20x. The elevated Nifty forward P/E and the run-up in prices have kept investors guessing on whether 1) high valuations are justified, and 2) upside exists from the current levels, that too compared to some EM which looks cheaper.

 

Commonly, forward P/E is assumed to be positively related to earnings growth expectations and negatively related to risk. In our view, the “above normal” earnings growth (AEG) expectations and the risk inherent in AEG should drive forward P/E.

9:25 AM

Sensex heatmap at open 

Source: BSE

9:24 AM

IIFL on Sterlite Technologies

 

Sterlite Technologies Ltd (STL) delivered yet another strong performance during Q2 FY18 with consolidated revenue growing 42% yoy driven by pickup in optic fibre (OF) business. The strong demand in the OF segment aided volumes. Operating performance improved during Q2 FY18, driven by the improving product mix and economies of scale. Its current order book has increased to Rs. 38bn, with 61% contribution from products and the balance by services segment. 

 

During the quarter, STL launched a high-speed 5G-ready network solution named FlashFWD aimed to deliver fibre for 5G support. STL’s OF capacity expansion to 50 mn fkm is on track and expected to be completed by mid CY19. Going forward, capex from telcos to improve network infrastructure, Governments BharatNet program and smart city projects would be the key growth drivers for the Company. 

 

STL’s fully integrated business model and higher scale of operations would keep margins elevated at ~20% levels over next few years. We increase our earnings estimates marginally to factor in the strong order inflows and improved industry outlook. We retain our Accumulate rating on the stock for target price of Rs.275 (16x FY19E EV/EBITDA)

9:21 AM

Indian equity markets may need to swallow a bitter pill: Sukumar Rajah

 

There has been much uncertainty surrounding India’s recent reforms and how they may impact the economy and stock market. Some observers have argued that the government’s move to remove cash from circulation to thwart corruption has been a failure. And, some say the implementation of the new Goods and Services Tax (GST) could be more disruptive than expected.

 

While it is still too early to be certain exactly how these reforms will play out, our belief is that over the longer term, comprehensive reforms should likely overhaul the current system and improve efficiency. In particular, we will be closely watching the Indian government’s response to a growing number of bad bank loans—so-called “non-performing assets”. CLICK HERE FOR THE FULL STORY

9:20 AM

Markets at open

At 9:19 am, the Sensex was trading at 32,636, up 2 points, while the broader Nifty50 was ruling at 10,224, down 6 points. 

9:19 AM

Index watch

Index	Current	Change	%change
NIFTY 50 Pre Open	10,227.65	-3.20	-0.03%
NIFTY 50	10,227.75	-3.10	-0.03%
NIFTY NEXT 50	28,654.40	7.95	0.03%
NIFTY 100	10,592.85	-2.30	-0.02%
NIFTY 200	5,548.40	0.40	0.01%
NIFTY 500	8,987.15	1.90	0.02%
NIFTY MIDCAP 50	4,924.80	10.75	0.22%
NIFTY MID100 FREE	18,799.15	20.05	0.11%
NIFTY SML100 FREE	8,018.70	8.75	0.11%
INDIA VIX	10.5425	-0.77	-6.78%
Source: NSE

9:16 AM

Markets at open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,619.19	-14.45	-0.04
S&P BSE SENSEX 50	10,629.26	+8.78	+0.08
S&P BSE SENSEX Next 50	34,799.74	+28.06	+0.08
S&P BSE 100	10,634.25	+8.75	+0.08
S&P BSE MidCap	16,047.72	-2.51	-0.02

(Source: BSE)

9:10 AM

Pre-open trade

 

The benchmark indices were trading flat in pre-open trade. At 9:08 am, the Sensex was trading at 32,654, up 20 points, while the broader Nifty50 was ruling at 10,227, down 3 points. 

9:02 AM

Nifty outlook by Angel Broking 

 

There has been no stopping for our markets; but being the festival week, the index is likely to consolidate now. In the upwards direction, 10,260-10,300 are seen as immediate levels; whereas, on the flipside, the base has shifted towards 10,180-10,120 for days to come. One needs to keep following individual stocks that are offering better opportunities and are likely to fetch higher returns as compared to the index. Traders should look to book timely profits and should trade with an appropriate exit strategy.

9:00 AM

Today's Picks

 

Devangshu Datta on Nifty, Bank Nifty, Bajaj Finance, Hindustan Unilever and Bharti Airtel

 

CLICK HERE FOR DETAILS 

8:59 AM

Technical calls

 

BUY ZEE ENTERTAINMENT    

 

CMP: Rs 514.45     

TARGET: Rs 550      

STOP LOSS: Rs 500

 

CLICK HERE FOR MORE