Nifty ends flat after hitting historic 10k mark; Nifty Bank at record high

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4:14 PM

Journey to landmark 10,000 mark

 

Nifty took over nine years to hit 2000 from its base value of 1,000. CLICK HERE FOR THE PDF

4:11 PM

Vinod Nair, Head of Research, Geojit Financial Services

 

Nifty witnessed a historical day by touching 10,000 supported by better earnings from blue-chips and strong liquidity. However, profit booking at higher levels pulled the market to mild correction due to psychological effect, muted Q1 results from midcap companies and investors awaited tomorrow’s US Fed monetary policy meet.

3:50 PM

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,472 shares declined and 1,203 shares rose. A total of 167 shares were unchanged.

3:49 PM

In the broader market, the BSE Midcap added 0.5% to close at 15,312, while the BSE Smallcap ended at its record high of 16,054, up 0.1%. 

3:47 PM

Bharti Airtel ended flat at Rs 427 ahead of its June quarter results later in the evening. 

3:45 PM

Sectoral gainers and losers (source: NSE)

3:41 PM

Nifty Bank ends at record high (source: BSE)

3:39 PM

Markets at close

 

Sensex ended at 32,228, down 17 points, while the Nifty50 settled at 9,964, down nearly 2 points. 

3:20 PM

Asian Paints, India's biggest paint maker by market capitalisation, posted a 20% fall in first-quarter consolidated profit on Tuesday. The company said its decorative business was impacted in June ahead of the rollout of the Goods and Services Tax while higher material prices also squeezed margins.

Stock was trading flat at Rs 1,152. 

3:09 PM

European markets

 

Strength among commodity firms and banking stocks as well as a string of solid updates boosted European shares on Tuesday. The pan-European STOXX 600 index rose 0.3% bolstered by strength in mining firms and banks while blue chips gained 0.4%. Germany's DAX rose 0.1% and the commodity-heavy FTSE 100 was up 0.5%.

3:07 PM

Markets check

At 3:00 am, the Sensex was trading at 32,268, up 25 points, while the Nifty50 was ruling at 9,975, up 9 points. 

2:44 PM

BSE Midcap (0.5%) and BSE Smallcap indices (0.1%) outperform Sensex, Nifty

2:29 PM

Gautam Shah, CMT Associate Director, Chief Technical Analyst- JM Financial Services

 

It is truly a historic moment for the Indian markets that should be celebrated in every right. Markets levels are never about a destination, it’s the journey that matters and it’s been a special one for this year. The Indian investor needs to be congratulated for being an integral part and a catalyst for this move, something that we have not seen in the previous milestones.

 

One should not get carried away in believing that this run-up would continue for good. For the first time this year, the market looks overbought technically and hence could shed some weight in the near-term.

 

If this happens, it would be an healthy outcome. We see signification resistance around the 10,000-10,100 mark and do not think the market is ready to get past this hurdle in the current attempt. Profit-booking in trading/leverage positions is recommended. However, over the medium-term, we see the Indian market scaling greater heights and testing the 11,000 mark and hence investors are advised to stay put and add to positions on dips of 3-5%. The Metals and Auto sectors are likely to see continuing strength while IT and Pharma could end their long period of underperformance. 

1:58 PM

Top Sensex gainers and losers in noon deals (source: BSE)

1:56 PM

COMMENT: Mustafa Nadeem, CEO, Epic Research

 

Technically it is more of a psychological mark which was out there to be achieved and Nifty did it very smoothly. Going forward 2-3 days will be crucial as it will give a lot of cues for future course of direction. Bank Nifty leading the broader indices rally may continue to do better while some minor profit booking cannot be ruled out though the undertone remains bullish.

 

The global liquidity glut will continue to push the markets to new high and investors are looking for more gains from rising Indian equities. The implementation of reforms and signs of revival of economy is giving boost to expectation of market hitting new highs

 

1:52 PM

Market check

 

At 1:50 pm, the Sensex was trading at 32,246, up 0.29 points, while the Nifty50 was ruling at 9,964, down 1.65 points. 

1:28 PM

Monetary Policy expectation

 

ICRA anticipates that the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) would reduce the repo rate by 25 basis points (bps) in the upcoming policy review in August 2017. However, the decision is unlikely to be unanimous and the tone of the policy document may not signal that further cuts would be forthcoming. In addition, the RBI is likely to indicate that additional open market operations would be conducted to manage the prolonged liquidity surplus

1:26 PM

COMMENT: Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas

 

We are in a long term bull market in India and 10K nifty is just an important milestone in this journey. We hope more investors are able to participate in this opportunity as Equity has been best performing asset class both in India and globally. As we are in the quarterly results season, some volatility is possible, but we continue to be positive on equity markets from two-three years horizon

1:24 PM

Volatility index India VIX down over 2% to 11 (Source: NSE)

1:01 PM

Nifty at 10,000

It took 592 trading days for the Nifty to scale 1000 points to hit the 10,000 mark in intraday trade. CLICK HERE FOR THE CHART

12:28 PM

Idea Cellular surged 7% to Rs 98.30 on BSE on back of heavy volumes after the Competition Commission of India (CCI) on Monday approved the merger with Vodafone India.

11:45 AM

COMMENT: Rakesh Tarway - Head Research, Reliance Securities on Nifty hitting 10,000 mark

 

NIFTY finally touched round and psychologically important mark of 10000 on the back of strong domestic liquidity, rally in global equity markets and reasonable earnings performance from domestic companies.

 

Valuations are now discounting good earnings growth for the next year and any disappointment on the same might lead to sell off in equity markets. Retail investors should be preferring regular periodic investments in equity markets rather than bulk one time investments to spread out the risk

11:36 AM

Stellar debut

Salasar Techno Engineering has made a stellar debut by listing at Rs 259, a 140% premium against its initial public offer (IPO) price of Rs 108 on BSE (Bombay Stock Exchange).

 

At 11:36 am; the stock was trading at day's high of Rs 272 on BSE. It touched a low of Rs 250 in intra-day trade so far. Around 938,000 equity shares changed hands on the counter, the BSE data shows.

11:34 AM

16 stocks zoom over 4000% in a decade

In the last one decade, 77 stocks listed on the NSE have rallied more than 1,000% or more than 11 times. The companies, or initial public offers (IPO), which got listed after September 27, 2007 were not considered for the study.

 

Of these total 77 stocks, 16 stocks have zoomed more than 4000%, 10 between 2000% and 3,700% and 12 in the range of 1500% to 3000%.

 

Among individual stocks, Ajanta Pharma, Eicher Motors, Somany Ceramics, Can Fin Homes, Bajaj Finance, Vakrangee, Indo Count Industries, Natco Pharma, Kajaria Ceramics and KRBL are the 48 stocks that currently feature in Nifty 500 index and have rallied more than 4000%.

Click here  for full report

11:32 AM

At 11:30 am, S&P BSE Sensex was trading at 32,240, down 5 points while the broader Nifty50 index was ruling at 9,961, down 5 points.

 

In broader markets, the BSE Midcap outperformed the benchmark indices, up o.3% while the BSE Smallcap was a little changed.

10:54 AM

A look back at NSE's 25-year history

NSE, which was the first exchange in the country to provide a fully automated screen-based electronic trading system to the investors, was established in 1992 as a tax-paying company. It was recognised as a stock exchange by the market regulator Sebi in April 1993, when P V Narasimha Rao headed the country as Prime Minister and Manmohan Singh was the Finance Minister. The equity segment of the NSE commenced operations in 1994, and derivative segment came into being in 2000, while the internet trading also started in 2000.

Click here for more details


 

10:48 AM

Rally in index heavyweights, rate cut expectations, gush of liquidity are among 5 factors that helped Nifty cross 10,000. Click here for more details

Buildings are reflected on the glass windows of the NSE (National Stock Exchange) building in Mumbai (Photo: Reuters)

10:34 AM

Idea Cellular gained nearly 5% after CCI approved the proposed merger between Vodafone India and Idea on Tuesday. Vodafone's India unit and Idea, currently ranked at two and three, respectively, will have a combined base of nearly 400 million customers and 41% revenue market share. 

10:24 AM

ITC: Price hikes improve earnings visibility; BUY, says Ambit Capital

 

ITC has fully passed on the recent increase in taxes with a total price hike 7-8% across its cigarettes portfolio. The hike is the highest in the lower-end 64mm segment (37% of sales; Bristol up 20% and Gold Flake up 9%) followed by 6-11% for 69mm (40% of sales). The premium segment (84mm; 19% of sales) got a lower hike of 7% as taxation for this segment is now largely ad valorem and higher hikes wouldn’t help margins.

 

Target price of Rs 320 (9% upside) implies 25x FY19E P/E, which is at an unjustified discount of 30% (vs historical average of 20%) to the sector despite dominance (80%+ market share) in cigarettes business that accounts for 85% of ITC’s profits

10:23 AM

IIFL on market outlook

 

Investors will not read too much into these levels as performance of one’s portfolio and the long term trend in the market is what matters