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Wednesday, October 23rd, 2019

MARKETS LIVE: Nifty at fresh record high, nears 10,000 mark; RIL, ITC lead

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by July 24, 2017 General

11:16 AM

Dollar index struggles near a 13-month low 

The dollar struggled near a 13-month low against a basket of major currencies ahead of the Fed policy meeting later in the week as US political woes dampened hopes for quick passage of president Donald Trump’s stimulus and tax reform agendas. After touching 93.823, its lowest level since June 2016 early on Monday, it edged up to 93.908, marginally above Friday’s close.

11:01 AM At 11:00 am, the Sensex was trading at 32,218, up 189 points, while the Nifty50 was ruling at 9,967, up 51 points. 

10:57 AMRIL hits fresh 52-week high; top gainer on Sensex, Nifty

Reliance

10:40 AMMarkets extend gains

Nifty nears its key psychological 10,000 mark, while Sensex trades above 32,200 

10:22 AM Overseas investors have pumped in $2.4 billion in the capital markets this month, enthused by trouble-free roll-out of GST and on hopes of better corporate earnings, taking the total to $25 billion so far this year. CLICK HERE FOR DETAILS

Foreign flows surpass last year's tally

10:12 AM The International Monetary Fund (IMF) has retained India’s economic growth projections at 7.2 per cent in 2017-18, up slightly from 7.1 per cent in the previous year. However, the growth would accelerate to 7.7 per cent in 2018-19, IMF said while also maintaining the growth rate level projected in April. CLICK HERE FOR FULL REPORT

10:05 AMMarkets at new highs

In intraday trade, the Sensex gained as much as 156 points to touch its fresh high of 32,185 level, while the Nifty added 37 points to hit its new high of 9,953 mark.

10:01 AM Lupin bucked weakness in the Nifty Pharma index to gain nearly 3% to Rs 1,175 on the NSE after the company announced the successful completion of an inspection carried out by the US regulator at its Goa manufacturing facility.   

Lupin

9:51 AM Divi’s Labs shed over 4% after the drug firm reported 41.50% dip in standalone net profit at Rs 176.54 crore for the first quarter ended June 30, impacted by USFDA alert for a unit at its Visakhapatnam facility. The company had posted a net profit of Rs 301.81 crore for the corresponding period of previous fiscal.

Divi's Labs

9:50 AM ITC hikes cigarette prices effective July 18: TV reports 

9:39 AMSensex touches fresh high of 32,140, surpassing previous high of 32,131 hit on July 17. 

Sensex

9:34 AMNifty Bank hits fresh high; 10 out of 12 constituents were trading in green (Source: NSE)

Nifty-Bank

9:31 AMNifty PSU Bank (up 0.7%) was the leading sectoral gainer (Source: NSE)

PSU Bank

9:28 AMTop Sensex gainers and losers (Source: BSE)

gainers1

gainers1

9:25 AM

Nifty outlook by by Anand James of Geojit Financial Services 

Successive triangular patterns supports the 10,300 view, but with oscillators tightly wound, volatility or a minor pull back may be expected, which should render the uptrend healthier. Direct fall below 9,824 could significantly puncture upside potential, and instead draw up the possibilities of 9,400 levels, but favoured view expects downsides to be limited to 9,700 vicinity in a worst-case scenario.

9:23 AM At 9:20 am, the Sensex was trading at 32,081, up 52 points, while the Nifty50 was ruling at 9,924, up 9 points.

9:18 AM The Nifty index opens at fresh record high of 9,939. Last time, it hit its lifetime high of 9,928 on July 17.

National Stock Exchange

 

9:16 AMOil update

Oil prices gained on Monday after a steep fall the session before, buoyed by expectations that a joint OPEC and non-OPEC meeting later in the day may address rising output in Nigeria and Libya, two OPEC members so far exempt from a push to cut production. London Brent crude for September delivery was up 24 cents at $48.30 a barrel. 

9:13 AM Shareholders might have cheered the bonus issue announcement by Reliance Industries (RIL) at its annual general meeting (AGM), however, it may not alter the oil-to-telecom conglomerate’s fortunes by much looking at the past. Previous two bonuses— in 1997 and 2009 — by the country’s most valuable company, have failed to fuel any rally in its stock price READ MORE HERE

9:11 AM Nifty outlook and top stock picks by Devang Shah for today’s trade CLICK HERE FOR MORE

9:11 AMEarnings analysis

The corporate results season for the April-June 2017 quarter has started on an encouraging note, thanks to a better-than-expected performance by industry heavyweights such as Reliance Industries (RIL) and Hindustan Zinc. CLICK HERE FOR THE FULL REPORT 

9:10 AM Buy Apolllo Hospitals, Emami, says Vaishali Parekh of Prabhudas Lilladher CLICK HERE FOR MORE

9:09 AM

Market outlook for the day

Today the markets are likely to open on flat note. All emerging markets are trading mixed. The coming session is likely to witness a range of 9800 on declines and 9980 on advances on the Nifty: SMC Global

9:08 AM In pre-open trade, the Sensex was trading at 32,090, up 61 points, while the Nifty50 was ruling at 9,933, up 18 points.

9:01 AM

Earnings today

HDFC Bank, Ambuja Cements, Zee Entertainment, HUDCO, Indiabulls Realty and Tata Communications are among 37 companies scheduled to report their quarterly numbers during the day. 

9:01 AM

Arihant Capital Markets on Bajaj Auto

With good monsoon, low Inflation and lower interest rates management is expecting a good growth and improvement in margin as well as revenue levels. We forecast Bajaj’s domestic and export volumes to recover from Q2 FY18. We have valued the stock at PE of 20(X) to its FY19E EPS of Rs 141 and arrived at fair value of Rs 2820. We have “NEUTRAL” Rating on the stock

9:00 AM We expect markets to consolidate gains in Sept quarter, says Manulife Asset Management in this exclusive interview. READ IT HERE

8:59 AM

IMF kept its growth forecasts for the world economy unchanged for this year and next, although it slightly revised up growth expectations for the eurozone and China. The global gross domestic product would be 3.5% in 2017 and 3.6% in 2018, it said. 

8:58 AM

The day ahead will see major index companies including Ambuja Cements, Bharti Infratel, HDFC Bank, Indiabulls Housing Finance, Zee Entertainment reporting their first quarter earnings. 
 

Companies including Delta Corp, GIC housing Finance, Hudco, I G Petrochemicals, Indiabulls Real Estate, IRB Infrastructure Developers, Just Dial, L&T Infotech, M&M Financial, Zee Learn, Excel Crop Care, Flexituff International, Gulf Oil, Info Edge, JM Financial, Navkar Corp, NELCO, Patel Engineering, Petron Engineering Construction, Swaraj Engines, Tata Communications, Texmaco Infrastructure, Texmaco Rail, Vinyl Chemicals, Wendt India among others announce their results and stock specific action could be seen in these counters.

8:58 AM The International Monetary Fund (IMF) in its updated World Economic Outlook says it sees India’s growth at 7.2% in 2017. 

growth, investment, income, dividend, mutual fund, finance

8:56 AM

IIFL on Sterlite Technologies

We had recommended a BUY on Sterlite Technologies Ltd in our Q1 FY18 result update dated July 20, 2017 for a price target of Rs.202. The target was achieved in Friday’s trading session with the stock delivering 17% return since last result update. The stock has been a stellar performer with the share price multiplying by >3.5x from our initiating coverage report released during March 2016.

We continue to remain bullish on the company’s growth prospects on account of robust industry outlook, its market leadership position, and ongoing capacity expansion in optic fiber segment. Rising share of services segment and addition of smart city projects would further support growth. However with the sharp run-up in price, the stock is now trading at premium valuations. We downgrade the stock to Accumulate with a revised target of Rs.234

8:56 AM

IIFL on RIL

Reliance Industries (RIL) reported an exemplary operational performance in Q1 FY18 in both of its core segments of refining and petrochemicals. GRMs at US$11.9/bbl was highest since Q2 FY09 and petrochemical segment EBIT margins of 16.5% was highest since Q2 FY10. With a backdrop of such strong performance along with scale up of new projects in the core businesses and tremendous value creation potential of its telecom business, we maintain our BUY rating with an upward revision in estimates and target. The announcement of 1:1 bonus issue will incrementally add to shareholder value

8:55 AMWeekly roundup

Nifty was up 1.5% for the week, snapping a three-week losing streak, its biggest weekly gain since late May. On the other hand, BSE Sensex was up 1.4% for the week, extending gains for the second consecutive week

8:53 AM

Wall Street update

US stocks ticked lower on Friday as weak earnings from industrial giant General Electric weighed, while tech shares retreated from record highs and energy tracked the price of oil lower. The Dow Jones Industrial Average fell 31.71 points, or 0.15% to 21,580.07, the S&P 500 lost 0.91 points, or 0.04% to 2,472.54 and the Nasdaq Composite dropped 2.25 points, or 0.04% to 6,387.75.

8:52 AMAsian markets

Asian stocks slipped on Monday as demand for riskier assets ebbed after recent strong gains. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%, Japan’s Nikkei dropped 0.8%on a stronger yen. Australian shares retreated 0.2% and South Korea’s KOSPI was flat. China’s Shanghai Composite and Hong Kong’s Hang Seng were trading higher and added 0.2% and 0.4%, respectively.

8:44 AM At 8:40 am, SGX Nifty was trading at 9,931, up 19 points or 0.19%. Traded in Singapore, the SGX Nifty is an early indicator of movement of Indian Nifty index. 

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