MARKET COMMENT Jayant Manglik, President, Religare Broking Nifty ended flat amid volatility on the F&O expiry day, while rollover and unwinding of derivatives positions kept the participants busy. In line with the benchmark index, sectoral indices also remained volatile and ended mixed. We expect consolidation in Nifty ahead. However, there'll be no shortage of opportunities on stock-specific front. In absence of any major event on domestic front, global cues would dictate the market trend in near future. Traders should continue with stock-specific trading approach and prefer banks, auto and pharma for fresh buying.

Nifty sectoral gainers and losers of the day

BSE Sensex: RIL, Maruti Suzuki, IndusInd Bank among top losers of the day

Market at close The S&P BSE Sensex ended at 38,690, down 33 points while the broader Nifty50 index settled at 11,677, down 15 points.

ITI surges 20% on work order win of Rs 66.34 billion from BSNL Shares of ITI surged 20% to Rs 112 on the BSE after the company said it has received an advance work order (AWO) worth of Rs 66.34 billon from BSNL. READ MORE

Broadband, OTT challenge for media companies; Cable firms to be hit most The Nifty Media is the second worst performing index among sectoral indices at the National Stock Exchange (NSE), falling nine per cent over the past year. In comparison, the general benchmark Nifty 50, trading at all-time highs, has gained 18 per cent during the period. READ MORE

Kotak Institutional Equities maintains SELL on Reliance Industries Our reverse valuation exercise suggests that investors have not only priced in a robust energy segment performance in RIL’s current valuations, but also ascribed the EV of leading players in key sectors that are being targeted by RIL’s platform narrative—Bharti’s India business (telecom), Avenue Supermarts (retail), Flipkart (e-commerce) and key players in the media sector (content ecosystem). The recent sharp rally leaves limited scope for disappointment on that narrative, which may not be ruled out given well-funded competition in key segments. Reiterate SELL. RIL is valued at $91 billion (Rs 6 lakh crore)

Gold edges down as rate hike views dent appeal Gold prices inched lower on Thursday as the dollar firmed amid expectations of higher US interest rates, but the precious metal continued to hold above a key support level of $1,200.   Spot gold was down 0.4 per cent at $1,202.02 an ounce, while US gold futures were down 0.3 per cent at $1,207.80 an ounce. READ MORE

Bosch hits over 10-month high; stock surges 16% in two days Shares of Bosch hit an over 10-month high of Rs 21,881, up 9% on Thursday in intra-day trade, extending its Wednesday’s 6.5% rally on the BSE in an otherwise subdued market. READ MORE

IL&FS group plans to shed 37% debt, board approves asset divestment plan Faced with overleverage and tight liquidity conditions, the IL&FS group has firmed up plans to shed its debt by 37.5 per cent, or by Rs 300 billion, to Rs 500 billion by divesting 25 projects over 12-18 months. The board of directors has approved the specific asset divestment plan, the company said. Two-third of debt will be from IL&FS Transportation Network Ltd (ITNL). READ MORE

Market Check Index Current Pt. Change % Change   S&P BSE SENSEX 38,643.17 -79.76 -0.21   S&P BSE SENSEX 50 12,216.34 -24.25 -0.20   S&P BSE SENSEX Next 50 35,511.14 +164.10 +0.46   S&P BSE 100 11,997.48 -11.66 -0.10   S&P BSE Bharat 22 Index 3,736.26 +18.04 +0.49 (Source: BSE)