Nifty Eyes 8150; SBI Tanks 5%, Auto & Oil Stocks Lead

Bussing stocks11:55 am Exclusive: Speaking to CNBC-TV18 from the sidelines of Pune Inc Conclave Power Minister Piyush Goyal said demonetization has huge advantages. It will take India to digital banking and make it a cashless society.

He said the government will use the money from demonetization to pump prime economy.

When asked what one should expect from the Union Budget on February 1, Goyal said ‘Good things’. He said: “The Finance Minister over the last three Budgets – July’14, Feb’15 and Feb’16 has consistently worked on a series of measures. He focused on a sustainable framework for India’s development.”

FM Arun Jaitley never tinkered with rates, minor changes but looked at structural improvements, so that India could move towards and economy, which like China sees 2-3 decades of high-level growth, said Goyal.

11:45 am Sameer Nair Group CEO of Balaji Telefilms says that new shows have a much lower margin and hopes to have 10 shows on air by FY17 end.

TV business gross margin is likely to be up 25 percent by this fiscal year, he believes.

The plan now is to get next releases of movies in the next fiscal year, he says, adding that film business will likely book profit in FY18.

Balaji Telefilms will look to air new shows on Sony, Sun TV and Doordarshan.

11:30 am Exclusive: The demonetization move by the government on November 8 seems to have put the buzzing FMCG sector on a pause mode.

Industry sources told CNBC-TV18 that top FMCG companies like HUL , Nestle India , ITC, as well as Dabur are adopting a ‘wait and watch’ mode with regards to new product launches and may defer new launches of high-end, premium products by one-two quarters.

They would look at geography specific launches to minimise the impact of demonetization, say sources, adding that the worst hit categories are luxury chocolates, premium cookies and ice-creams.

Nestle, ITC may defer launches in premium chocolate, confectionery & cookies space, and HUL, Dabur may defer product launches in premium personal care space, say industry sources.

The market has recovered from early weakness but the Nifty is almost nearing 8150. The 50-share index is up 6.80 points at 8121.10 and the Sensex is up 21.34 points at 26337.68. About 1457 shares have advanced, 652 shares declined, and 112 shares are unchanged.

Bharti Airtel, Cipla, Hero MotoCorp, BHEL and Bajaj Auto are top gainers while ICICI Bank, Wipro, TCS and Axis Bank are losers in the Sensex. SBI is down 5 percent intraday on Monday after RBI increased cash reserve ratio (CRR).

India is proving to be immune from the heavy selling in global emerging market debt, as Prime Minister Narendra Modi’s clampdown on undeclared cash has sparked expectations of a rate cut and pushed issuers to take advantage of low yields.

Indian Railways Finance Corporation, NTPC, Vedanta Resources, Exim India and Axis Bank all rushed to print rupee notes last week to access cheaper funding.

“The debt market is very compelling,” said Killol Pandya, head of fixed income at Peerless Funds Management. “Issuers that were otherwise going to banks are approaching the bond market as banks are yet to cut lending rates.”

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Sensex, Nifty rangebound; Cap Goods, Metals indices up

Stock Market Updates CapitalHeightAfter a brief rally, the market continued to slip. The Sensex is up 78.69 points or 0.3 percent at 26039.47 and the Nifty is up 17.45 points or 0.2 percent at 8019.75. About 1423 shares have advanced, 682 shares declined, and 107 shares are unchanged.

L&T, Asian Paints, Tata Steel, Lupin and Sun Pharma are top gainers while HDFC, Wipro, BHEL, Maruti and GAIL are losers in the Sensex. Gold prices were up by Rs 59 to Rs 29,162 per 10 grams in futures trade today as speculators raised their bets even as metal weakened overseas.

Market analysts attributed the rise in gold prices at futures trade to widening of positions amid a better trend in precious metals overseas.

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Sensex, Nifty sluggish; SBI down 2%, auto stocks rise

bear-marketThe market is sluggish with the Nifty hovering around 7950. The 50-share index is up 28.25 points or 0.4 percent at 7957.35 and the Sensex is up 56.65 points or 0.2 percent at 25821.79. About 1048 shares have advanced, 1346 shares declined, and 169 shares are unchanged.

Auto stocks are rising with Bajaj Auto, Hero MotoCorp and Maruti leading the pack. HUL and Adani Ports are other gainers in the Sensex. Among losers are BHEL, SBI, L&T, GAIL and NTPC.

The rupee slipped from its initial recovery, dropping 7 paise to Rs 68.23 in late morning deals following bouts of dollar demand from importers despite higher domestic equities.

Overseas, the US dollar took a breather against basket currencies in early Asian trade, as investors consolidated the gains built on expectations of increased fiscal spending and higher inflation under a Trump administration.

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Nifty nears 6-month low; shuts below 8,100 mark

Dalal Street CapitalHeightThe Indian equity market declined for the fourth consecutive session. A sharp plunge in the rupee against the dollar and exception of strong foreign capital outflows after hints of rate hike in December by US Federal Reserve Chairwoman, Janet Yellen dampened the market sentiment. The Sensex dropped over 100 points during the last trading session while the broader Nifty50 hit a 6-month low. The domestic market posted its worst week since February 12.

Moreover, the prevailing cash crunch following the government’s demonetization decision has severely impacted select sectors such as real estate, consumer goods and metal. Besides, a mixed trend on other Asian bourses also influenced the trading momentum. Prices of few key commodities have fallen considerably since the move was announced amid drying up of demand. Also, fears have risen regarding production of the key commodities as farmers are not getting enough cash to buy seeds for winter crops.

The 30-share index closed down 77 points, or 0.30%, at 26,150.24. The BSE Sensex opened at 26,270, touched an intra-day high of 26,349 and low of 26,118.

The NSE Nifty closed with a loss of mere six points at 8,074. The NSE Nifty opened at 8,097 hitting a high of 8,129 and low of 8,048.

Among the 50-stocks of Nifty, NTPC, Eicher Motors, Sun Pharma, Bharti Airtel, Hero MotoCorp and Ambuja Cements were among the gainers on NSE, whereas Zee, Asian Paints, Tata Steel, Bharti Infratel, GAIL and TCS were among the losers today.

Today’s decline was led by the metal, consumer durables, banking, FMCG, finance and technology stocks, while oil & gas, realty, power, pharma and telecom were among the gainers.

The India VIX (Volatility) index was down 4.83% at 17.8050. Out of 1,367 stocks traded on the NSE, 610 declined and 714 advanced today. The BSE Midcap and Smallcap indices ended up in the range of 0.2-0.6%.

The rupee was trading down 34 paise at 68.15 per US dollar.

Asian markets closed mostly lower on Friday, with the Japanese market leading gains on the back of a relatively weaker yen, helping shares of the country’s big exporters. At the close in Tokyo, the Nikkei gained 0.58% to hit a new 6-month high. Hang Seng closed marginally higher, whereas Shanghai Composite slipped 0.5%.

European indices are trading in red.  The FTSE 100 and CAC 40 were trading down by 0.4% each, while DAX is marginally lower.

Meanwhile, IT stocks continue to reel under pressure for the third straight day after Nasscom revised the IT sector’s growth forecast downwards to 8-10 per cent this year, as its biggest members such as TCS, Wipro, and Infosys struggle to grow faster because of an uncertain environment.

Punj Lloyd gained 2.6% to Rs 19.55 on NSE after the company said that its wholly-owned subsidiary executed definitive agreements with India Power Green Utility to co-develop 30 megawatts of solar assets.

Dilip Buildcon advanced 1.6% after the company announced that Northern Coalfields (M.P) has declared DBL-DECO (a joint venture of the Company) as the successful bidder (L1) for Excavation of Overburden of First Dig (Solid) and Re-handling by Mechnical Means at specified places at NIGAHI OCP of NCL at a project cost of Rs 1,469.8 crore.

Career Point rose 1%. The company has acquired 1,68,000 fully paid up equity shares 40% of Rs 10 each of Gyan Eduventure Pvt. Ltd., the subsidiary of the Company and consequently, Gyan Eduventure Pvt. Ltd. has now become a wholly owned subsidiary of the Company.

Canara Bank gained 2.6% after the bank has revised deposit interest rates in different maturities in retail and bulk deposits in the range of 5bps to 25 bps and these are effective from November 21, 2016.

IL&FS Transportation Networks advanced 1% after the company announced that the joint venture of the Company and IL&FS Engineering and Construction Co in the ratio of 51:49, has emerged as the Lowest Bidder for the development of two road projects of Madhya Pradesh Road Development Corporation under Madhya Pradesh District Road II Sector Project. The company had quoted an amount of Rs 213.5 crore for Project I and Rs 161.7 crore for Project 2 respectively. The construction period for Project 1 is 730 days and Project 2 is 548 days.

Deepak Fertilisers dropped 6.2%.  The company reported a net profit of Rs 26.96 crore for the quarter ended September 30, 2016 against Rs 28.31 crore in the corresponding quarter last year.

Petronet LNG climbed 8.3%.  The company’s net profit of Rs 460 crore in July-September is 82% higher than the Rs 253 crore net profit in the same period a year ago.

Reliance Industries rose 1% after the company entered into a global partnership agreement with GE to enter into the Industrial Internet of Things (IIOT) space by building joint applications on the latter’s Predix platform.

A total of eight stocks registered a fresh 52-week high in trade today, whereas 56 stocks touched a new 52-week low on the NSE.

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Results to watch out for! BHEL, Ashok Leyland, Bharat Forge, Indigo in focus

The results which are expected today are BHEL, Ashok Leyland, Bharat Forge, Indigo, Tata Communications, Insecticides (India), KEC International, MRPL,Mcleod Russel India,Bombay Dyeing, PTC India Financial Services, Repco Home Finance, Sml Isuzu,Wabco India, Nesco.

Themis Medicare, Jpt Securities,Thirani Projects, Kamanwala Housing Construction ,Transwarranty Finance, Kernex Microsystems (India), Ufo Moviez India,Khaitan Chemicals & Fertilizers ,Vandana Knitwear, Kiran Syntex , Vesuvius India, Kothari Petrochemicals, Vidli Restaurants, Kusam Electrical Industries, Vinyl Chemicals India, Ladderup Finance, Vishvaprabha Trading.

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Nifty opens below 8500, Sensex in red; ONGC, Tata Motors drag


9:35 am Market check: The Sensex is up 31.52 points or 0.1 percent at 27558.74, and the Nifty up 11.80 points or 0.1 percent at 8525.80. About 1344 shares have advanced, 384 shares declined, and 65 shares are unchanged.

The market has once again opened lower dragged by global concerns. The Nifty opened below 8500, down 14.45 points or 0.2 percent at 8499.55 and the Sensex is down 48.92 points or 0.2 percent at 27478.30.

ONGC, Tata Motors, L&T, Axis Bank and Asian Paints are losers in the Sensex. BHEL is the only green stock in the Sensex.

The Indian rupee opened flat at 66.72 per dollar Thursday against previous close 66.71. The dollar dropped, extending the longest losing streak since July, as currency traders seeking a clearer signal that Federal Reserve policy makers are determined to raise rates this year were left disappointed.

Investors are also coping with uncertainty just six days before the tightening US presidential election and two days before the October employment report.

Global markets fear a Donald Trump win in US Presidential election while the Federal Reserve kept interest rates unchanged in its last decision before the polls. The central bank maintained status quo in interest rates but signalled it could hike in December, as equities remained pressured by uncertainty over the impending US elections.

Among global markets, Asia shares eased as MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1 percent in early trade, while Australia’s market lost 0.5 percent. Tokyo markets were closed for a holiday, which was likely just as well as the Nikkei would have been hard pressed by the rising yen.

Wall Street stayed weak with the S&P 500 heading towards its seventh straight session of declines, its longest such streak in about five years. Investors generally view Clinton as a known quantity, but there is deep uncertainty about what a Trump win might mean for US economic policy, free trade and geopolitics.

Crude oil prices tumbled nearly 3 percent after a record weekly build in US crude stocks added to worries of all-time highs in OPEC production that suggested little could be done to rein in a global glut. Crude inventories rose by 14.4 million barrels for the week ended October 28 – the biggest ever rise in US. crude stocks in a week, overwriting a 2012 record.

Gold prices briefly hit highest level at USD 1309 an ounce for the first time since October 4.

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