Fall in land prices due to Demonstration Will Give Push To Luxury Market

demonetisation The luxury market in India is likely to touch $ 18.5 billion in 2016 as against $ 14.7 bn last year and will clock a compounded annual growth rate (CAGR) of 25%, chief executive officer (CEO) of NITI Aayog (National Institution for Transforming India), Amitabh Kantsaid at an ASSOCHAM event held in New Delhi.

“The introduction of GST (goods and services tax) will also provide India a huge competitive advantage to India’s luxury sector,” said Kant while inaugurating an ASSOCHAM Luxury Summit.

“My personal view is that sheer social demographics, growth of the economy, rise of the very young population all this will fuel growth and enable growth of a huge luxury market in India,” he said.

“We are just at the beginning of the curve and I think this market will grow and blossom in the next two-three decades,” added Kant.

Terming India which is growing at the rate of 7.6% per annum as ‘an oasis of growth in the midst of a very-very barren economic landscape across the world,’ he said, “The challenge for India is really to grow at very high rates of 9-10% per annum for three decades or more, that is the ambition, that is the hunger which India has.”

“We have grown at those rates for a relatively short period of 5-6 years, but we need to do this on a sustained basis for a three decade period,” further said Kant.

He said that India’s luxury sector is dogged by various challenges like extremely high rents in tier I cities which has led to very diminishing space.

“For the luxury market to grow, we need to provide space at extremely low cost and I think that fortunately my view is that, with demonetisation land prices will fall over a period of time and that will give a further push to the growth of luxury market,” said Kant.

Talking about the need for infrastructure, he said, “We need to create many more good malls to enable good quality infrastructure to come across India.”

He said that while the luxury market in India together with high net-worth individuals and spend on lifestyle products will keep growing but one of the key challenges for India is that it has not been able to create its own luxury brands.

“France, Italy they have all made their own remarkable brands and it is important that India creates its own great brands in the luxury market over the years because brands give real values over a period of time,” said the NITI Aayog CEO.

“I think the second key challenge if you want the luxury market to grow and expand is very important that we keep expanding the circle of growth and move from tier I to tier II and tier III cities,” he added.

Kant quoted the examples of ‘success stories’ of what automobile giants BMW and Mercedes have done and how they adapted to the Indian market by penetrating in to the tier II and tier III markets.

“Mercedes’ biggest sale is in Aurangabad, BMW’s biggest sale is in tier II and tier III cities, they have adapted and modified themselves to Indian markets and therefore done extremely well and that’s what luxury brands have to do,” he said.

He emphasised upon the need to promote love and passion for luxury brands in India. “Luxury market is essentially driven by good brands and therefore, in the long run, while high net-worth individuals will grow, a lot of wealth will get created in India, I think you need to look at this market from not a prospective of two-three years but a long term perspective of two decades market.”

He also said that it is necessary to enable many of the unique designers, craftsmen to grow within India. “India also has a very large pool of skilled craftsmen, we are very skilled in producing hand-made luxury products, India has been inspiring the luxury and fashion industry for years and has been a source of inspiration for the rest of the world.”

Kant said that India is currently passing through a window of demographic transition which rarely happens. “72% of our population is below the age of 32 and rarely has this happened in the history of the world when you have a very young population, when you pass through this window of demographic transition that the luxury market does not grow.”

He also said that India is passing through exactly the same transitions which happened during the period of 1946-64 in Europe and America and the people who were born during that period are all now retiring across the world.

“This to my mind is the most important economic and social trend that is taking place across the world, the population in Europe and America is getting older, they all are retiring while the population in India is getting younger and will keep getting young till 2040 and therefore the luxury market will keep going up,” said Kant.

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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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GST for first 12 mnths will be disruptive: Credit Suisse

Goods and service taxSpeaking to CNBC-TV18 Neelkanth Mishra of Credit Suisse said that Donald Trump’s victory has led to external readjustments in countries like Brazil and Indonesia. The rise in US yields can have an impact on the local interest rates starting to move up, he said. Other than oil, every other commodity seems to be holding up, he said.

He expects the US Fed to raise rates in December.

He also spoke on metals. One can assume financial involvement in metals can be driving prices up. But you can’t speculate on iron ore. Thermal coal prices, coking coal are hard, physical markets, he said. In metals like zinc, there is a clear shortage that people are starting to see. In aluminium a lot of the cost is in power. There is a physical demand, but how much is restocking or steady demand we will find out soon, he said.

Following the government’s move to ban old Rs 500 and Rs 1000 notes, a few sectors will be seeing some pain. He said there will be sectors where there will be short-term but intense impact at least in the case of non-perishables. There will be sectors where demand destruction could be permanent, he said.

In many MFIs the lending behaviour was starting to get risky and people were jostling for market share. Once in systems like these you see a temporary slowdown. For many MFIs and NBFCs the concerns can be longer-lasting.

After the effect of demonetisation subsides, then GST disruption will start to keick in, he said, adding that these radical reforms will cause some short-term pain.

GST for first 12 months will be disruptive for the economy, he said. The next twelve months will be one of time correction, he said.

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Apollo Tyres – Announces Q2 results

Apollo Tyres – Announces Q2 results (Standalone & Consolidated) & Limited Review Report (Standalone & Consolidated) for the Quarter ended September 30, 2016

Apollo Tyres Ltd has announced the following results for the quarter ended September 30, 2016:

The Unaudited Standalone results for the Quarter ended September 30, 2016

The Company has posted a net profit of Rs. 2046.17 million for the quarter ended September 30, 2016 as compared to Rs. 2151.83 million for the quarter ended September 30, 2015. Total Income has decreased from Rs. 25307.69 million for the quarter ended September 30, 2015 to Rs. 23456.75 million for the quarter ended September 30, 2016.

The Consolidated Results are as follows:

The Unaudited Consolidated results for the Quarter ended September 30, 2016

The Group has posted a net profit after tax, minority interest and share of profit of associates of Rs. 2600.39 million for the quarter ended September 30, 2016 as compared to Rs. 2800.73 million for the quarter ended September 30, 2015. Total Income has increased from Rs. 32868.85 million for the quarter ended September 30, 2015 to Rs. 33552.49 million for the quarter ended September 30, 2016.

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Live Stock Market Updates – Sensex Ends Higher; Lupin among top Gainers

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Closing Bell:

Finally, the BSE Sensex ended with a gain of 184 points at 27,459. The BSE Sensex opened at 27,552 touched an intra-day high of 27,591 and low of 27,399.

The NSE Nifty closed with a gain of 63 points at 8,497. The NSE Nifty opened at 8,536 hitting a high of 8,535.85 and low of 8,481.

Live Market:

The Indian stock market snapped a five-day losing streak amid a rebound in Asian equities and also the FBI cleared presidential candidate Hillary Clinton of potential criminal charges in its private email server probe.

At 11:10 AM, the S&P BSE Sensex is trading at 27,511 up 237 points, while NSE Nifty is trading at 8,516 up 83 points.

The BSE Mid-cap Index is trading up 1.53% at 13,036 whereas BSE Small-cap Index is trading up 1.70% at 13,097.

Lupin, ITC, Adani Ports, SBI and Tata Steel are among the gainers, whereas Asian Paints, HUL, TCS, Wipro and Bajaj Auto are losing sheen on NSE.

All the BSE sectoral indices were trading in the positive territory.

The INDIA VIX is down 2.12% at 16.4900. Out of 1,876 stocks traded on the NSE, 226 declined, 1,131 advanced and 319 remained unchanged today.

A total of 17 stocks registered a fresh 52-week high in trade today, while six stocks touched a new 52-week low on the NSE.

PNB Housing Finance shares got listed at Rs 863, a 11.35% premium over the issue price of Rs 775.The stock got listed on NSE at Rs 860, up 10.97%.

Lupin soared 7% after the company has received the inspection closure report from the USFDA for its Goa facility.

Punjab National Bank climbed 5.8%. Punjab National Bank reported a net profit of Rs.549 crore in the second quarter of the current fiscal, a fall of 11% from the Rs 621 crore profit recorded in the corresponding year-ago period.

Dalmia Bharat Ltd gained 1.7% its boards of Dalmia Bharat and OCL India decided to merge the two entities. The merged entity will have a cement capacity of 25 million tonne spread across eastern and southern India.

Bank of Baroda rallied 4%.  Bank of Baroda reduced the marginal cost of fund (MCLR) based interest rates by 10 basis points across different tenors with effect from 7 November.

PNB Housing Finance was trading at Rs 889 at BSE, a premium of 12.98% over the initial public offer price of Rs 775 per share on its debut on the bourses today.

KPIT Tech gained 2.5% : KPIT Technologies will sell its Berlin-based subsidiary KPIT medini Technologies AG to ANSYS, but did not disclose the deal size.

Dena Bank dropped 2% after the bank posted net loss at Rs 44 crore for the quarter ended September 30, 2016 as compared to net profit of Rs. 38.8 crore for the quarter ended September 30, 2015.

HCC climbed 4.6% to Rs 36 on the BSE. The RBI mandated Overseeing Committee (OC) has approved the (S4A) Scheme of Sustainable Structuring of Stressed Assets for Hindustan Construction Company. The ICICI led joint lenders’ forum had proposed the scheme for the infrastructure major.

The rupee opened marginally lower by four paise at 66.70/$ as against the previous close of 66.74/$.

Asian markets opened in the green after a week of declines & should see pull back from deeply oversold zone extend as we head into the results of US elections due on Tuesday night.

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GST Meet Inconclusive as Centre, States Differ on Dual Control

GST NEWS

The second day of the Goods and Services Tax Council meeting was not as fruitful as the first, as a consensus on the administrative control of businesses and cross-empowerment proved elusive. The States continued to seek greater control of assessees.

“This issue is very contentious, and its consequences still have to work themselves out. So, there is a requirement of cross-empowerment coupled with defined jurisdictions,” said Finance Minister Arun Jaitley after the fourth meeting of the GST Council on Friday.

Two options

The Council discussed two options: horizontal and vertical division of assessees, the Minister said. Under the proposal for horizontal division, States would be given single control of all assessees with an annual turnover of up to ₹1.5 crore, beyond which there would be cross-empowerment of Centre and State officials. In the vertical division, both the Centre and the States will get a fixed number of assessees.

Sources indicated that most States were keen to go for the horizontal division of assessees.

“The pros and cons of the formations were discussed today. We don’t want to rush into anything as the consequences are unseen,” said Jaitley. The mechanism of administrative control would also be uniform for both services and goods producers, he further said, pointing out that there were several activities such as work contracts and restaurants that pay both service tax as well as central excise duty or value added tax.

Stressing that a substantial part of the discussions on dual control has now been completed, Jaitley said he has called an informal meeting with State Finance Ministers for November 20 to find a solution.

Meeting deferred

The meeting of the GST Council, which was earlier scheduled for November 9 and 10, has been deferred. It will now meet on November 24 and 25 to approve the issue as well as finalise the draft model legislations for Centre, State and integrated GST as well as the compensation law.

Officers will now begin discussions on the four draft laws and finalise their reports by November 15, following which States will be given a week to study them.

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GST will Come on Time, but Multiple Rates will Dilute Benefits

arun-jaitley
India moved a step closer to creating a national sales tax but a deal on rates reached on Thursday will hit some businesses harder than others, while its complexity will dilute any boost to growth and undermine its reliability as a revenue generator.
The Goods and Services Tax (GST), due to be rolled out from April 1, 2017, had been billed as the one reform that could help Prime Minister Narendra Modi deliver on his jobs and growth agenda. In a key Modi win, parliament amended the constitution in August to clear the way for the GST, which would unify Asia’s third-largest economy into a common market for the first time.
But Thursday’s bargain between Finance Minister Arun Jaitley and his counterparts from India’s 27 state governments has exposed the difficulties of dealing with so many stakeholders.
The GST Council, set up to oversee the tax, agreed on a more steeply progressive structure for goods than earlier foreseen with rates of 5, 12, 18 and 28 percent, depending on the kind of product involved. The top rate, Jaitley said, would apply to the kind of goods bought by middle-class Indians.
On top of that, essentials like grains that make up half the consumer price index would not be taxed at all. Finally, a “cess” – a separate central tax – would be added to the top 28 percent GST rate on luxury cars and harmful products like tobacco and fizzy drinks.

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Four-Tier GST Final with 5% as Floor Rate, 28% at Peak, says Arun Jaitley

Goods and service tax

The Centre and the states have managed to hammer out a broad consensus on the contentious issue of fixing tax rates under the proposed goods and services tax (GST) regime, marking a significant step forward in the rollout of the new tax regime by early next fiscal. On Thursday, a four-tier GST rate structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent was approved by the GST Council.

Chaired by Union Finance Minister Arun Jaitley, the Council met in New Delhi for the fourth time to thrash out vexed issues of rates and dual control, wherein it was decided to fix 5 per cent duty on mass consumption items and a 28 per cent rate on items such as packaged consumer goods. This is a departure from the Centre’s earlier proposal of a 6 per cent floor rate and 26 per cent peak rate.

Briefing reporters after the meeting, Jaitley said all GST decisions were made by consensus, except on fixing the 28 per cent rate slab for which “Kerala FM had an alternative view”. Though some states such as Kerala wanted a 40 per cent tax on demerit goods, members of the GST Council finally decided in favour of fixing a higher rate of 28 per cent and levying a cess on the differential between the 28 per cent rate and current tax incidence for demerit and luxury goods.

About 50 per cent of items in the Consumer Price Index (CPI) basket, along with food grains, will be exempted from the proposed GST while white goods and goods with effective tax rate of 30-31 per cent but being used by lower middle class, will be in the lower tax slab. “We have been able to finalise the rate structure today and the rate structure would be the following: that there will be a zero tax rate in which several items, which approximately constitute 50 per cent of the CPI basket, would be included. We won’t call it the exempted item.

We would call it zero-rate item and it was decided that food grains used by common people would be in this category. It would be zero-rated so that its impact in terms of inflationary pressure on common people is the least,” Jaitley said.

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Live Stock Market Updates – Sensex slips over 100 points; Pharma, Metal slip

stock-market-liveThe Indian stock market fluctuated between gains and losses as a selloff in drug makers was countered by rally in FMCG companies.  The domestic market has opened in green.

At 12:41 PM, the S&P BSE Sensex is trading at 27,349 down 80 points, while NSE Nifty is trading at 8,486 up mere two points.

The BSE Mid-cap Index is trading down 0.85% at 12,903 whereas BSE Small-cap Index is trading down 1.75% at 12,937.

ITC, HUL, Adani Ports, Cipla, GAIL and ICICI Bank are among the gainers, whereas Sun Pharmaceuticals, Dr Reddy’s, Lupin, L&T and Maruti Suzuki are losing sheen on NSE.

Some buying activity is seen in FMCG, private banking, media and metal sectors, while pharma, auto, banking, IT and realty sectors are showing weakness on NSE.

The INDIA VIX is 2.90% at 16.9425. Out of 1,897 stocks traded on the NSE, 1,387 declined, 663 advanced and 397 remained unchanged today.

A total of 25 stocks registered a fresh 52-week high in trade today, while 30 stocks touched a new 52-week low on the NSE.

Shares of the FMCG stocks rallied after the GST council decided on a four tier tax rate structure. The tax rate slabs have been fixed at 5%, 12%, 18% and 28%, Finance Minister Arun Jaitley said in a press conference in New Delhi. ITC Ltd is currently trading at Rs 250.85, up by Rs 10.5 or 4.37% from its previous closing of Rs 240.35 on the BSE.

Larsen and Toubro slipped 1.3%. Suuti will pare its holding in India’s largest engineering company Larsen and Toubro Ltd through a block deal, as per media reports.

Pharmaceuticals stocks are under pressure as reports suggested that United States may bring charges of price collusion against a group of drug makers before the end of this year.

Sun Pharmaceuticals Industries Ltd is currently trading at Rs 661.3, down by Rs 43.7 or 6.2% from its previous closing of Rs 705 on the BSE. The scrip opened at Rs 680 and has touched a high and low of Rs 680 and Rs 654 respectively. So far 13128419 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 169676.15 crore.

Glenmark Pharmaceuticals Ltd is currently trading at Rs 856.95, down by Rs 55.5 or 6.08% from its previous closing of Rs 912.45 on the BSE. The scrip opened at Rs 911.95 and has touched a high and low of Rs 911.95 and Rs 851.35 respectively. So far 924463 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 25746.43 crore.

Dr Reddys Laboratories Ltd is currently trading at Rs 3103.95, down by Rs 158.05 or 4.85% from its previous closing of Rs 3262 on the BSE. The scrip opened at Rs 3238 and has touched a high and low of Rs 3238 and Rs 3085 respectively. So far 344198 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 55711.14 crore.

Lupin Ltd is currently trading at Rs 1401.95, down by Rs 71.6 or 4.86% from its previous closing of Rs 1473.55 on the BSE. The scrip opened at Rs 1460 and has touched a high and low of Rs 1461.95 and Rs 1394 respectively. So far 1248551(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 66492.91 crore.

Union Bank of India gained 0.40% to Rs 138. The bank will announce its Q2 numbers today.

Mphasis slipped 3.4%. The IT company registered 3% rise in its consolidated net profit at Rs 211 crore for the quarter ended September 30, 2016 against Rs 204 crore in the same quarter last year.

TD Power Systems fell 3.6%. TD Power posted net profit of Rs 1.3 crore for the quarter ended September 30, 2016 against net profit of Rs 1.1 crore in the same quarter a year ago.

Tube Investment dragged 2.9% to Rs 633. The company reported 113.3% rise in net profit at Rs 54 crore for the quarter ended September 30, 2016 against Rs 25 crore in the corresponding quarter a year ago.

Berger Paints inched up 0.52% to Rs.262. The company reported a 55% jump in its consolidated net profit at Rs 139 crore for the quarter ended September, aided by exceptional gains of Rs 44.20 crore.

Colgate-Palmolive (India) Ltd is currently trading at Rs 988.6, up by Rs 37.1 or 3.9% from its previous closing of Rs 951.5 on the BSE. The scrip opened at Rs 972 and has touched a high and low of Rs 1031.6 and Rs 972 respectively. So far 1292938 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 25879.43 crore.

Dabur India Ltd is currently trading at Rs 297.35, up by Rs 5.45 or 1.87% from its previous closing of Rs 291.9 on the BSE. The scrip opened at Rs 293.85 and has touched a high and low of Rs 300.8 and Rs 293.3 respectively. So far 1158967 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 51418.78 crore.

Hindustan Unilever Ltd is currently trading at Rs 856, up by Rs 16.25 or 1.94% from its previous closing of Rs 839.75 on the BSE. The scrip opened at Rs 848 and has touched a high and low of Rs 866.85 and Rs 848 respectively. So far 1226295 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 181744.97 crore.

VST Industries Ltd is currently trading at Rs 2335, up by Rs 29.9 or 1.3% from its previous closing of Rs 2305.1 on the BSE. The scrip opened at Rs 2377 and has touched a high and low of Rs 2440 and Rs 2306.05 respectively. So far 4547(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 3559.07 crore.

The rupee opened marginally higher by one paise at 66.73/$ as against the previous close of 66.74/$.

Asian markets would see further weakness creep in as the losing streak in equities continues. Historically most US elections have seen a pre-election rally which may not be in the offing this time as uncertainty has been prevalent right till the end of the campaigns, with both participants equally poised near the finish line. However market underperformance before the event could see a smart year end rally as most negatives would be priced in & event uncertainty over equities could bounce sharply from oversold levels.

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Live Stock Market Updates – Nifty trade below 8,500 mark

NSEThe Indian stock market fluctuated between gains and losses as a selloff in drug makers was countered by rally in FMCG companies.  The domestic market has opened in green.

At 9:40 AM, the S&P BSE Sensex is trading at 27,439 up mere nine points, while NSE Nifty is trading at 8,486 up mere two points.

The BSE Mid-cap Index is trading up 0.05% at 13,021 whereas BSE Small-cap Index is trading down 0.14% at 13,148.

ITC, HUL, Adani Ports, Cipla, GAIL and ICICI Bank are among the gainers, whereas Sun Pharmaceuticals, Dr Reddy’s, Lupin, L&T and Maruti Suzuki are losing sheen on NSE.

Some buying activity is seen in FMCG, private banking, media and metal sectors, while pharma, auto, banking, IT and realty sectors are showing weakness on NSE.

The INDIA VIX is 0.71% at 16.5825. Out of 1,867 stocks traded on the NSE, 807 declined, 663 advanced and 397 remained unchanged today.

A total of 20 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

The rupee opened marginally higher by one paise at 66.73/$ as against the previous close of 66.74/$.

Asian markets would see further weakness creep in as the losing streak in equities continues. Historically most US elections have seen a pre-election rally which may not be in the offing this time as uncertainty has been prevalent right till the end of the campaigns, with both participants equally poised near the finish line. However market underperformance before the event could see a smart year end rally as most negatives would be priced in & event uncertainty over equities could bounce sharply from oversold levels.

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