MARKET WRAP: Fed hikes rate; Sensex slips 53 pts, PSBs, metals crack

the Nifty Metal index ended 1.04 per cent lower weighed by National Aluminium Company, Vedanta and Steel Authority of India. The Nifty PSU Bank index, too, fell 1.80 per cent due to a fall in SBI

3:40 PM

Top sectoral gainers and losers on NSE

3:39 PM

S&P BSE Sensex: Top gainers and losers

3:37 PM

Market at close

 

The S&P BSE Sensex shed 53 points or 0.14 per cent to settle at 36,432 while NSE's Nifty50 index dropped 16 points or 0.14 per cent to close at 10,952

3:25 PM

'See a positive picture for the commodity complex in 2019'

Gold prices are set to rise next year as the Federal Reserve slows its pace of US interest-rate hikes, yet we do not expect the yellow metal to run away to the upside either since the economy will remain strong. In a widely anticipated decision, the U.S. central bank hiked interest rates by 25 basis points on Wednesday. But what took markets by surprise was the Fed's commitment to retain the core of its plan to tighten monetary policy, despite rising uncertainty about global economic growth. Gold prices have tended to rise as real yields fall, and vice versa. READ MORE

3:11 PM

After record FDI in 2018, retail sector gears up for more M&As in new year

With the lines getting blurred between organised brick-and-mortar model and new-age online platforms, retail sector is ending the year 2018 with a record level of FDI and is gearing up for more mergers and acquisitions, partnerships and other deals in the new year. READ MORE

2:58 PM

NEWS ALERT ONGC board approves buyback of 25 crore shares, sets Jan 4 as record date for buyback

2:55 PM

NEWS ALERT ONGC board approves share buyback worth upto Rs 40.22 bn at Rs 159 per share

2:54 PM

Top gainers and losers in S&P BSE Sensex

2:48 PM

Top losers in BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
TI FINANCIAL	497.00	-26.55	-5.07	934
SHARDA CROPCHEM	314.80	-13.95	-4.24	21208
TEAM LEASE SERV.	2829.45	-125.10	-4.23	160
NATL. ALUMINIUM	61.60	-2.50	-3.90	1445769
GREAVES COTTON	122.50	-4.55	-3.58	262103

2:42 PM

NEWS ALERT Rupee breaches 70 per dollar mark to trade at 69.93 per dollar

2:29 PM

Mid, Smallcap indices hit 12-week high, gain up to 8%

 

The S&P BSE Midcap and the S&P BSE Smallcap index hit their respective 12-week high after a recovery in rate sensitive and consumer discretionary goods & services sector stocks as lower oil & bond yields bode well for financials. These indices were trading at their respective highest levels since September 28, 2018.

 

Midcap and Smallcap indices were trading higher for the eight straight days, gaining 8% and 7%, respectively, after the appointment of Shaktikanta Das as the 25th governor of the Reserve Bank of India (RBI). Strong mutual fund buying coupled with short covering drove the indices higher. In comparison, the S&P BSE Sensex was up 4% during the same period. Read more

2:18 PM

NEWS ALERT CONCOR to issue 1 free share for every 4 held

2:16 PM

NEWS ALERT| 115 mn shares of GSFC worth Rs 1.30 bn trade in a block on BSE at Rs 112 per share; stock up 2%

2:13 PM

Web Exclusive Is the Nifty50 on course to hit the 11,200 mark? Here's what charts say

NIFTY50: The index closed above the 100- day moving average (DMA) on Wednesday with decent volumes on the daily chart. It made a high of 10,985, which was above its 100-DMA of 10,937, and eventually closed at 10,967. The continuous four-day upward rally has boosted the investor sentiment. The Relative Strength Index (RSI) is trading at 61 while Moving Average Convergence and Divergence (MACD) is in positive crossover above zero line, as per the chart. Read more

2:00 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,302.94	-181.39	-0.50
S&P BSE SENSEX 50	11,422.21	-54.22	-0.47
S&P BSE SENSEX Next 50	33,187.78	-82.85	-0.25
S&P BSE 100	11,216.55	-49.41	-0.44
S&P BSE Bharat 22 Index	3,497.30	-16.32	-0.46

1:45 PM

Gold gains amid weaker dollar, equities sell-off

Gold prices edged higher on Thursday supported by a softer dollar and weakness in the equities market, after the U.S. Federal Reserve delivered a less-dovish outlook on monetary tightening than many had expected.

Spot gold rose 0.4 per cent to $1,248.48 per ounce, after declining the most since Nov. 27 in the previous session. Prices crossed the 200-day moving average around $1,252 an ounce before the Fed's statement on Wednesday. US gold futures declined 0.4 per cent to $1,251.3 per ounce on Thursday. READ MORE

1:33 PM

Markets regulator to take a leaf out of US dual-class structures

The Securities and Exchange Board of India (Sebi) is studying the success of dual-class share structures in the US before similar instruments can be rolled out in India, said people with the direct knowledge of the development.

 

The markets regulator has set up an expert group, which is looking at whether structures such as differential voting rights (DVRs) can take off in India the way they have in the US. READ MORE

1:23 PM

NEWS ALERT Govt seeks Parliament nod to provide equity worth Rs 250 cr in form of bonus shares issued by Oil India

1:17 PM

WEB EXCLUSIVE Six things to keep a tab on your online equity portfolio

If you have an online trading account or even if you do not have an online trading account, you can still have an online portfolio tracker. You just need to feed in your equity portfolio and the portfolio algorithm automatically updates your portfolio prices on a real time basis. Even corporate actions like splits and bonuses are automatically updated in your portfolio. What exactly is the utility of this online equity portfolio? READ HERE

Photo: Shutterstock.com

1:01 PM

IIFL Wealth sees opportunity in corporate bonds after IL&FS crisis

India’s highly rated corporate bonds present a good buying opportunity as authorities looking to move past fallout from a landmark default could take further supportive steps in coming months, according to the nation’s second-biggest wealth manager. READ MORE

12:45 PM

Equity market investors witness bumpy ride in 2018 as volatility peaks

After a smooth sail in 2017, equity market investors have witnessed a bumpy ride this year. Sample this — there have been six trading sessions this year when the benchmark Nifty gained or fell more than 2 per cent, up from zero last year.

 

Similarly, the number of sessions when the index has moved by more than 1.5 per cent has quadrupled to 17 this year. READ MORE

12:34 PM

Top gainers and losers in S&P BSE Sensex

12:16 PM

Rail stocks extend gains on order flow; BEML zooms 30% in 10 days

 

Shares of companies related to the railway sector were trading higher by up to 7% on the back of the order flow. BEML, Texmaco Rail and Engineering, Titagarh Wagons and Commercial Engineers & Body Builders Company (CEBBCO) were up 2% to 7% on BSE.

 

BEML on November 23, announced that it has bagged contract worth of Rs 30.15 billion from the Mumbai Metropolitan Region Development Authority (MMRDA) to supply rolling stock on Metro corridors 2A, 2B and 7. Read more

12:14 PM

NEWS ALERT Government tables second supplementary demands for Grants for this financial year in Parliament

12:13 PM

COMMENT Morgan Stanley on US Fed rate hike

As expected, the FOMC raised interest rates by 25bp at its December FOMC meeting. Aside from that. the three key changes in the materials coming out of the December FOMC meeting skewed more dovish. First, the statement acknowledged that although risks to the outlook are still balanced, policymakers are closely watching financial market and global economic developments. Second, the economic projections for 2019 were revised lower, and third, the dots for 2019 were revised lower. Chair Powell indicated that the lower rate path was, in part, intended to offset some of the tightening in financial conditions, but financial conditions did not ease in response

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, New York January 20, 2015. REUTERS

11:59 AM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,280.55	-203.78	-0.56
S&P BSE SENSEX 50	11,419.44	-56.99	-0.50
S&P BSE SENSEX Next 50	33,223.12	-47.51	-0.14
S&P BSE 100	11,216.11	-49.85	-0.44
S&P BSE Bharat 22 Index	3,494.74	-18.88	-0.54

11:46 AM

Motilal Oswal on Healthcare

 

-- After an impressive double-digit growth in Oct’18, Indian pharmaceutical market’s (IPM) secondary sales growth slowed to 6.3% YoY in Nov’18. The YoY growth was largely led by prices (up 4.6% YoY) and new launches (up 2.5% YoY). However, volumes declined by 0.8% YoY for Nov’18.

 

-- After posting a healthy growth for the last 12-15 months, volume growth slowed to 1.3% YoY for the quarter ending Nov’18. But, the lull in volume growth was offset by price growth (+4.8% YoY), which is on an up-trend since the past 4-6 months. New launches (up 2.7% YoY) continued to support growth to some extent.

 

-- The YoY growth was 9.3% for 12M ending Nov’18 v/s 9.4% YoY for 12M ending Oct’18. 

11:35 AM

Reliance Securities on HCL Technologies

 

HCL Technologies'strong positioning in the high-growth engineering services businesses, improving growth in global IMS and strong outlook for digital and products & platforms businesses (Mode 2 and 3) will drive underlying revenue, in our view. Management commentary on growth sustenance in 2HFY19E and improving organic growth profile are also key positives.

11:31 AM

Reliance Securities on Persistent Systems

 

Persistent Systems’ stock price was down 0.6% in yesterday’s trade, while the BSE Sensex rose 0.4%. Persistent in 2QFY19 posted a steep 4.3% QoQ USD revenue decline, owing to a substantial 10.6% QoQ decline in IP revenue, while service revenue dipped 2% QoQ owing to a project getting completed earlier than expected, along with an offshore shift. Enterprise performance was disappointing, with revenue down 1.2% QoQ owing to a decline in Digital revenue (-1.7% QoQ). We believe Persistent’s long-term business direction remains on track, with focus on 3 key verticals - Healthcare, BFSI and MFG through 4 major services including Data, Artificial Intelligence (AI) & Machine Learning (ML), Cloud, Security and Internet of Things (IoT). We are enthused with renewed focus on specific growth areas and verticals, and appointment of new MD, which could be a key stock driver. Valuation at 11.2x FY20E EPS is one of the lowest in the industry. We have a BUY recommendation on the stock with a Target Price of Rs 760. 

11:19 AM

Web Exclusive Where are gold, rupee and oil prices headed in 2019?

 

International Gold price fell by almost 5 per cent in 2018 as investors avoided investments in gold in the past year due to rising equity markets. Indian gold was up almost 8 per cent in 2018 as the Indian Rupee depreciated by 10 per cent in 2018. However, gold looks an attractive asset class in 2019.

 

The growing economic recovery in the Eurozone led investors to believe that the European Central Bank (ECB) will tighten its monetary policy sooner rather than later. This, in turn, was expected to push the Euro higher against the US dollar and support bullion. Japan’s economy also started to recover. Read more