Nifty Settles Above 8000; Midcap Index Outperforms with 1% gain

Dalal Street CapitalHeightSupported by positive Asian and European markets, the Indian stock market closed Wednesday trading session in the positive zone for the second consecutive session.

Investors still expected sentiment to remain weak given continued worries about the economic impact from Narendra Modi’s action, with volatility expected ahead of the monthly expiry of derivative contracts on Thursday.

Economic Affairs Secretary Shaktikanta Das said that banks, NABARD and RBI have been advised to make cash available to district cooperative banks to ensure that farmers have access to funds. A total of Rs 21,000 crore has been sanctioned by NABARD to district central cooperative bank.

With the new currencies yet to reach many of the rural areas, the government said Rs 500 and Rs 2000 notes have been made available in 1.55 lakh post offices across the country. In addition, to promote greater usage of payments through e-wallets, RBI has decided to increase the monthly transaction limit for individuals from Rs 10,000 to Rs 20,000. Similar enhancements have also been announced by RBI for merchants.

Asian markets, Hong Kong’s Hang Seng and Shanghai Composite Index were marginally down, while Japan’s Nikkei was marginally up.

The S&P BSE Sensex closed at 26,052, up 91 points, while NSE Nifty ended the day at 8,033, up 31 points. A total of 6 stocks registered a fresh 52-week high in trade today, while 35 stocks touched a new 52-week low on the NSE. Out of 1,883 stocks traded on the NSE, 371 declined, 1243 advanced and 269 remained unchanged today.

The BSE Mid-cap Index is trading up 1.22% at 12043, whereas BSE Small-cap Index is trading up 1.51% at 11802.

Healthcare, Metal, Consumer Durables, Capital Goods sectors saw promising traction towards end of the trading hours, while Banking, Finance, Telecom, Power sectors indicated lack of trading activity on BSE.

Lupin, Hindalco, Asian Paints, Tata Steel, Bosch and L&T were the top gainers, whereas M&M, HDFC, Bank of Baroda, Maruti, Gail, BPCL and Bharti Airtel were the losers on NSE in the closing hours.

The India VIX was down 1.50% at 18.1875. The Rupee was trading lower at Rs. 68.50/$. Gold was trading at Rs 29,173 per 10 gms and silver was trading at Rs 40,795 per kg. Crude Oil is trading Rs 3306 per lot.

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Live Stock Market Updates – Sensex up 100 ponts; Nifty hovers around 7,950 mark

nifty-updates-capitalheightAt 9:41 AM, after crossing the psychological 26,000 market, the S&P BSE Sensex is trading at 25,924 up 160 points, while NSE Nifty is trading at 8,007.10 up 78 points.

Out of 1,854 stocks traded on the NSE, 307 declined, 1152 advanced and 395 remained unchanged in the opening hour.

The BSE Mid-cap Index is trading up 1.13% at 11867, whereas BSE Small-cap Index is trading up 1.22% at 11633.

Hindalco, Tata Motors, Maruti, Adani Ports, and Bank of Baroda are among the gainers, whereas NTPC, Bharti Airtel, Bosch, Dr Reddy and Sun Pharma are losing sheen on Nifty 50.

Some buying activity is seen in Auto, Metal, Bank, Consumer Durables and Information Technology sectors, while Telecom, Power and Realty showing weakness on BSE.

The INDIA VIX is down 1.80% at 18.7525.

A total of 4 stocks registered a fresh 52-week high in trade today, while 23 stocks touched a new 52-week low on the NSE.

The Indian rupee opened marginally higher by three paise at 68.13/$ against the previous close of 68.16/$.

Asian markets excluding Japan all traded in the green as an earthquake in Japan & threats of a Tsunami break out kept the Japanese index flat to marginally negative. This after oil hit a new 4 week high along with the Dow Jones, Nasdaq & the S&P index rising in tandem. The risk on trade is back in action as globally bullishness resurfaces with Japan & the US indices in new bull markets.

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Live Stock Market Updates – Sensex, Nifty consolidate gain

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The Indian stock market gained the most in nearly 1-month, following a rebound in Asian markets after their steepest slide since Brexit, on speculation that U.S. President-Elect Donald Trump will pursue business-friendly policies. Nifty Realty index surged 4.5% after losing more than 10% on black money crackdown. Nifty Bank hits 20K for the first time since September 23, 2016.

At 2:11 PM, the S&P BSE Sensex is trading at 27,688, up 436 points, while NSE Nifty is trading at 8,567  up 135 points. The BSE Mid-cap Index is trading up 2.34% at 13,023 whereas BSE Small-cap Index is trading up 2.66% at 13,042.

Tata Steel, Cipla, SBI, Bharti Airtel and Sun Pharma are among the gainers, whereas Infosys, Godrej Properties, Redington and Prestige estates are losing sheen on BSE.

All the BSE sectoral indices were trading in the positive territory. Some buying activity is seen in metal, telecom, auto, banking, basic materials and pharma sectors.

The INDIA VIX is down 8.25% at 15.2475. Out of 1,878 stocks traded on the NSE, 193 declined, 1,396 advanced and 289 remained unchanged today.

A total of 18 stocks registered a fresh 52-week high in trade today, while four stocks touched a new 52-week low on the NSE.

Motherson Sumi Systems rallied 6.5% after the company has posted a net profit of Rs 480 crore for the quarter ended September 30, 2016 as compared to Rs 380 crore for the quarter ended September 30, 2015.

Sun Pharma gained 2.3%.  The pharma company will announce its Q2 numbers today.

Bosch soared 2.5% to Rs 21,800. The company reported a net profit of Rs 704 crore for the second quarter ended September 30, 2016. It had posted a net profit of Rs 393 crore in the same quarter last fiscal.

SAIL climbed 4.8%. SAIL said it has signed a memorandum of understanding (MoU) with South Korean giant Posco for technical collaboration for operational improvements.

Lupin slipped 0.53%. Lupin reported its profit surged 58% from a year ago on strong sales growth in the US, the drugmaker’s biggest market. Net profit at India’s third largest drugmaker rose to Rs 662 crore for the quarter.

Tata Chemicals rallied 3% ahead of Q2 numbers today.

JK Tyre jumped 6% after the company registered a consolidated net profit of Rs 110 crore for the second quarter ended September 30, 2016 on account of growth in sales of passenger radials and agri tyres. It had posted a net profit of Rs 115.8 crore in the same quarter last fiscal.

Cipla soared 6.5%. The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs 354 crore for the quarter ended September 30, 2016 as compared to Rs 543 crore for the quarter ended September 30, 2015.

Godrej Properties dropped 2.7%. The company has posted a net profit after minority interest of Rs 23.5 crore for the quarter ended September 30, 2016 as compared to Rs 103.9 crore for the quarter ended September 30, 2015. Total Income has decreased from Rs 1350 crore for the quarter ended September 30, 2015 to Rs 359 crore for the quarter ended September 30, 2016.

Tata Steel soared 9.6%. The company might be planning to close down the deficit-hit pension fund at the heart of its UK steel crisis, as per media reports.

Bank of India jumped 7.6%. The bank will announce its Q2 numbers today.

Apollo Tyres gained 2%. Apollo Tyres reported a decline of 7% in consolidated net profit at Rs 260.03 crore for the quarter ended September.

Balrampur Chini Mills rallied 2.7%. The company said that the board will consider a proposal for buy back of equity shares of the company on November 15. Shares of the company closed 1.18 per cent up at Rs 115.65.

Narayana Hrudayalaya soared 4%. Narayana Hrudayalaya announced that its board has approved cessation of operation at its unit at Berhampore, West Bengal by selling its entire shareholding in its wholly owned subsidiary, Asia Healthcare Development Ltd, to Lila Hospitals Private Ltd.

UCO Bank soared 8%. The bank reported a net loss of Rs 384.8 crore for the quarter ended September 30, 2016 against a net profit of Rs 156 crore in the same quarter last year.

Snowman Logistics slipped 1.6%. Snowman Logistics its revenue for the quarter declined 15% yoy to Rs 47 cr as revenue from temperature controlled services declined by 10.7%.

The rupee opened lower at 66.39/$ as against the previous close of 66.42/$.

Asian markets opened deep in the green as oversold indices saw short covering coupled with fresh buying as the Dow Jones index touched new highs. This after huge intraday swings with US futures hitting lows of -800 points at one time. Bond yields on the US 10 year paper hit over 2% as optimism on growth with infra spending rising saw the yields near 9 month highs.

The markets have been roiled for some time ever since the chances of a Trump victory surfaced though major bets remained on Hillary who eventually had to concede defeat. For now, Trump’s acceptance speech suggests he has indeed left the campaign ‘trumpisms’ aside and is set to usher in a new world order. The US markets may not have saluted his victory on Wednesday but he is known to be a friend of Wall Street.

Bonds and Gold which saw some smart up move failed to maintain their gains. Banks in India are stepping up activity to help cope with disruption caused by the withdrawal of Rs 500 and Rs 100 currency notes. While a lot of people are finding ways and means to change their high value notes, expectations are that earnings recovery could be pushed a few quarters further.

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Sensex roars with gains, Nifty eyes 8600; SBI, Tata Steel up 8%

stock-marketAfter badly bruised yesterday, the market is picking up pace as investors are actively buying. The Sensex is up 471.03 points or 1.7 percent at 27723.56 and the Nifty is up 158.05 points or 1.8 percent at 8590.05. About 1971 shares have advanced, 310 shares declined, and 84 shares are unchanged.

SBI, Tata Steel, Cipla, ICICI Bank and Adani Ports are top gainers while HDFC Paints, Infosys, HDFC, Wipro and Hero MotoCorp are losers in the Sensex.

Gold held steady early after briefly surging to a six-week high in the previous session, as global markets and the US dollar showed surprise gains in the wake of Republican Donald Trump’s presidential victory. Donald Trump’s victory in the US presidential race throws into question the core assumption in global financial markets that the Federal Reserve will raise interest rates soon and follow with further gradual hikes over coming years.

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Live Stock Market Updates – Sensex falls over 350 points; Nifty holds 8,500

sensex fallsThe Sensex and Nifty staged a gap down opening in trades today on the back of weak global cues. The domestic market dropped the most in four-weeks tracking a rout in global equities amid mounting anxiety ahead of next week’s American presidential election.The Nifty slipped below its crucial psychological level of 8,550 weighed down by losses in realty, power, oil & gas, metal, consumer durables, capital goods and banking stocks.

At 2:54 PM, the S&P BSE Sensex is trading at 27,580 down 296 points, while NSE Nifty is trading at 8,529 down 97 points.

The BSE Mid-cap Index is trading down 1.40% at 13,254 whereas BSE Small-cap Index is trading down 1.44% at 13,362.

NTPC, Dr Reddy’s, M&M and HUL are among the gainers, whereas ONGC, SBI, ICICI Bank, Adani Ports and GAIL are losing sheen on BSE.

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

The INDIA VIX is up 7.45% at 16.9075. Out of 1,871 stocks traded on the NSE, 1,337 declined, 182 advanced and 352 remained unchanged today.

A total of 19 stocks registered a fresh 52-week high in trade today, while nine stocks touched a new 52-week low on the NSE.

TajGVK Hotels & Resorts Ltd is currently trading at Rs 126.5, up by Rs 5.3 or 4.37% from its previous closing of Rs 121.2 on the BSE. The company reported net profit at Rs 3.4 crore for the quarter ended September 30. EBITDA increased by 39.5% yoy to Rs 15.7 crore while EBITDA margins increased by 526 bps yoy to 23.9% driven by operational efficiencies.

Zensar Technologies Ltd is currently trading at Rs 1048, up by Rs 116.7 or 12.53% from its previous closing of Rs 931.3 on the BSE. Zensar Technologies Limited, an RPG Company and the shareholders of Foolproof Ltd. today announced that they have entered into a definitive agreement for Zensar to acquire Foolproof Limited along with its two wholly owned subsidiary companies in UK and one wholly owned subsidiary Company in Singapore for an undisclosed sum.

Mahindra & Mahindra Ltd climbed 3% on the BSE after the automaker’s sales grew 1% which included a 28% jump in exports for the month of October.

Bharti Infratel Ltd is currently trading at Rs 369.9, up by Rs 14.7 or 4.14% from its previous closing of Rs 355.2 on the BSE.

DCB Bank slipped 1% after huge block deal.Around 1.23 million shares of the bank has changed hands in a two block deal.

Bajaj Auto is trading lower after the company said that its domestic motorcycle sales rose 5% in the month of October 2016, at 212,997 units as against 202,042 units in the same month of last year.

MIC Electronics tumbled 9% to Rs 16 on BSE after consolidated net profit declined 71.6% to Rs 2 crore on 2% rise in net sales to Rs 54 crore in Q2 September 2016 over Q2 September 2015.

Cox & Kings slipped 1% after the company has partnered with UAE Exchange India, the leading financial institution, to provide Inward remittance and domestic money transfer services in India.

Escorts is trading marginally lower on BSE after the company reported strong tractor sales in October 2016 over October 2015. Domestic tractor sales rose 52% to 8,859 units in October 2016 over October 2015. Export rose 270% to 111 units in October 2016 over October 2015.

Dabur India advanced 1.3% after the company is planning to acquire personal care business of CTL group in South Africa, as per media reports.The acquisition will mark Dabur’s entry into the South African personal care market, the company said in a statement.

MOIL rallied 5.6%  to Rs 381. The company has increased prices of various grades of manganese ore for the October-December quarter effective from November 1, 2016. The prices have been increased by 30% on the existing prices of all Ferro Grades of ore, while prices have been increased by 25% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices.

Lupin is trading lower on the BSE. The pharma company said that it has received final approval from the USFDA to market norgestimate and ethinyl estradiol tablets marked for use by females of reproductive potential to prevent pregnancy.

Tata Motors fell 2.6%. The company sold 16,311 units of passenger vehicles in October, up 28% from the year ago. Jaguar Land Rover, a wholly owned subsidiary of Tata Motors, reported 7% year-on-year rise in US October sales figures.

Coal India is trading 1% lower at Rs 326. Coal India produced 273.57 million tonnes (MT) of coal in the first seven months of the ongoing fiscal, lower than the 307 MT target, as per media reports.

Majesco zoomed 2.8%. The company reported a consolidated net profit of Rs 7 crore for the quarter ended September 30, 2016 against net loss of Rs 0.78 crore in the same quarter a year ago.

VST Industries slipped 2.8% to Rs 2,400. VST Industries reported 11% rise in net profit at Rs 35 crore for the quarter ended September 30, 2016 against Rs 32 crore in the corresponding quarter a year ago.

IL&FS Engineering is trading marginally lower. The company will announce its Q2 numbers today.

Maithan Alloys tanked 12.3%. The company informed BSE that due to adverse market conditions, the production at the Kalyaneshwari Plant has been cut by 15 per cent with effect from October 31, 2016. Between July and October 2016, the cost of imported manganese ore, which accounts for the major cost of production has increased by 200%, imported coke by 80%, whereas the sales price of silico manganese, the finished product, has increased only by 30%.

BGR Energy Systems slumped 3%. BGR Energy Systems  received a contract worth Rs.2,600 crore from Tamil Nadu Generation and Distribution Corp. Ltd for the execution of a thermal power project. The contract should be completed in three years.

NHPC inched up 0.19% after the company announced commissioning of a 50MW wind power project in Rajasthan.

Ujaas Energy zoomed 14.4%. The company has bagged an order from Airports Authority of India for design, manufacturing and commissioning of rooftop grid-connected solar photovoltaic system.

Central Bank of India slipped 1.3%. The board on Tuesday considered and approved raising of equity capital by issuance and allotment of up to 1.71 crore equity shares of the face value of Rs 10 each at the issue price of Rs 91.45 per equity share aggregating to Rs 156.79 crore to Life Insurance Corporation of India including its various schemes on preferential basis.

The rupee opened lower by eight paise at 66.78/$ as against the previous close of 66.70/$.

Asian markets opened weak as overnight US indices triggered a sharp correction in global markets with Europe, Latin America following suit. This after pollsters predicted a closer than expected result in the US elections on the 8th November which showed both candidates evenly poised. This set the “cat among st the pigeons’ & the Dow Jones slipped to July levels from where the rally started giving up all the gains of the last 4 months.

Expect high volatility as data is analysed by experts & opinion on the results keeps market on the tenter hooks. Gold continues to hit new highs as uncertainty drives the price higher.

The Fed meet underway is expected to keep rates unchanged. Investors have priced in a status quo for now ahead of the US Presidential elections.

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Live Stock Market Updates – Sensex Slips Over 250 Points; Realty, Banking, IT Drag

stock market crash todayThe Sensex and Nifty staged a gap down opening in trades today on the back of weak global cues. The domestic market dropped the most in four-weeks tracking a rout in global equities amid mounting anxiety ahead of next week’s American presidential election.The Nifty slipped below its crucial psychological level of 8,550 weighed down by losses in realty, power, oil & gas, metal, consumer durables, capital goods and banking stocks.

At 1:42 PM, the S&P BSE Sensex is trading at 27,594 down 282 points, while NSE Nifty is trading at 8,536 down 91 points.

The BSE Mid-cap Index is trading down 1.40% at 13,254 whereas BSE Small-cap Index is trading down 1.44% at 13,362.

NTPC, Dr Reddy’s, M&M and HUL are among the gainers, whereas ONGC, SBI, ICICI Bank, Adani Ports and GAIL are losing sheen on BSE.

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

The INDIA VIX is up 7.45% at 16.9075. Out of 1,871 stocks traded on the NSE, 1,337 declined, 182 advanced and 352 remained unchanged today.

A total of 19 stocks registered a fresh 52-week high in trade today, while nine stocks touched a new 52-week low on the NSE.

Mahindra & Mahindra Ltd climbed 3% on the BSE after the automaker’s sales grew 1% which included a 28% jump in exports for the month of October.

Bharti Infratel Ltd is currently trading at Rs 369.9, up by Rs 14.7 or 4.14% from its previous closing of Rs 355.2 on the BSE.

DCB Bank slipped 1% after huge block deal.  Around 1.23 million shares of the bank has changed hands in a two block deal.

Bajaj Auto is trading lower after the company said that its domestic motorcycle sales rose 5% in the month of October 2016, at 212,997 units as against 202,042 units in the same month of last year.

MIC Electronics tumbled 9% to Rs 16 on BSE after consolidated net profit declined 71.57% to Rs 2 crore on 2% rise in net sales to Rs 53.97 crore in Q2 September 2016 over Q2 September 2015.

Cox & Kings slipped 1% after the company has partnered with UAE Exchange India, the leading financial institution, to provide Inward remittance and domestic money transfer services in India.

Escorts is trading marginally lower on BSE after the company reported strong tractor sales in October 2016 over October 2015. Domestic tractor sales rose 51.9% to 8,859 units in October 2016 over October 2015. Export rose 270% to 111 units in October 2016 over October 2015.

Dabur India advanced 1.3% after the company is planning to acquire personal care business of CTL group in South Africa, as per media reports.The acquisition will mark Dabur’s entry into the South African personal care market, the company said in a statement.

MOIL rallied 5.6%  to Rs 381. The company has increased prices of various grades of manganese ore for the October-December quarter effective from November 1, 2016. The prices have been increased by 30% on the existing prices of all Ferro Grades of ore, while prices have been increased by 25% on all grades of SMGR (Mn 30%) and SMGR Low (Mn 25%) on the prevailing prices.

Lupin is trading lower on the BSE. The pharma company said that it has received final approval from the USFDA to market norgestimate and ethinyl estradiol tablets marked for use by females of reproductive potential to prevent pregnancy.

Tata Motors fell 2.6%. The company sold 16,311 units of passenger vehicles in October, up 28% from the year ago. Jaguar Land Rover, a wholly owned subsidiary of Tata Motors, reported 7% year-on-year rise in US October sales figures.

Coal India is trading 1% lower at Rs 326. Coal India produced 273.57 million tonnes (MT) of coal in the first seven months of the ongoing fiscal, lower than the 307 MT target, as per media reports.

Majesco zoomed 2.8%. The company reported a consolidated net profit of Rs 7 crore for the quarter ended September 30, 2016 against net loss of Rs 0.78 crore in the same quarter a year ago.

VST Industries slipped 2.8% to Rs 2,400. VST Industries reported 11% rise in net profit at Rs 35 crore for the quarter ended September 30, 2016 against Rs 32 crore in the corresponding quarter a year ago.

IL&FS Engineering is trading marginally lower. The company will announce its Q2 numbers today.

Maithan Alloys tanked 12.3%. The company informed BSE that due to adverse market conditions, the production at the Kalyaneshwari Plant has been cut by 15 per cent with effect from October 31, 2016. Between July and October 2016, the cost of imported manganese ore, which accounts for the major cost of production has increased by 200%, imported coke by 80%, whereas the sales price of silico manganese, the finished product, has increased only by 30%.

BGR Energy Systems slumped 3%. BGR Energy Systems  received a contract worth Rs.2,600 crore from Tamil Nadu Generation and Distribution Corp. Ltd for the execution of a thermal power project. The contract should be completed in three years.

NHPC inched up 0.19% after the company announced commissioning of a 50MW wind power project in Rajasthan.

Ujaas Energy zoomed 14.4%. The company has bagged an order from Airports Authority of India for design, manufacturing and commissioning of rooftop grid-connected solar photovoltaic system.

Central Bank of India slipped 1.3%. The board on Tuesday considered and approved raising of equity capital by issuance and allotment of up to 1.71 crore equity shares of the face value of Rs 10 each at the issue price of Rs 91.45 per equity share aggregating to Rs 156.79 crore to Life Insurance Corporation of India including its various schemes on preferential basis.

The rupee opened lower by eight paise at 66.78/$ as against the previous close of 66.70/$.

Asian markets opened weak as overnight US indices triggered a sharp correction in global markets with Europe, Latin America following suit. This after pollsters predicted a closer than expected result in the US elections on the 8th November which showed both candidates evenly poised. This set the “cat among st the pigeons’ & the Dow Jones slipped to July levels from where the rally started giving up all the gains of the last 4 months.

Expect high volatility as data is analysed by experts & opinion on the results keeps market on the tenter hooks. Gold continues to hit new highs as uncertainty drives the price higher.

The Fed meet underway is expected to keep rates unchanged. Investors have priced in a status quo for now ahead of the US Presidential elections.

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Asian shares, dollar rattled by US election uncertainty

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Asian shares stumbled and the US dollar was on the defensive on Wednesday as signs that Republican US presidential candidate Donald Trump could be closing the gap with his Democratic rival Hillary Clinton spooked investors.

Anxiety in markets has deepened over a possible Trump victory given uncertainty on the Republican candidate’s stance on several issues including foreign policy, trade relations and immigrants, while Clinton is viewed as a candidate of the status quo.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.4 percent while Japan’s Nikkei fell 1.1 percent.

The tumultuous presidential race appeared to tighten after news that the Federal Bureau of Investigation was reviewing more emails as part of a probe into Clinton’s use of a private email server.

While Clinton held a five-percentage-point lead over Trump, according to a Reuters/Ipsos opinion poll released on Monday, some other polls showed her Republican rival ahead by 1-2 percentage points.

That pushed U.S. S&P 500 Index down to a four-month closing low on Tuesday. The CBOE volatility index , often seen as investors’ fear gauge, briefly rose to a two-month high above 20 percent.

In the currency market, traders sold the dollar partly as they suspect Trump would prefer a weaker dollar given his protectionist stance on international trade.

The euro rose to a three-week high of USD 1.1069, up about two percent from its 7-1/2-month low of USD1.0851 hit just over a week ago. Against the yen, the dollar slipped to 104.03 yen from three-month high of 105.54 yen set on Friday.

“If you had a long dollar position on the view that the dollar would gain because Clinton would win, you would surely close that position because her victory is less certain,” said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank.

“And people were buying back the euro because that is the currency that had been being shorted the most against the dollar,” he added.

Other safe-haven assets were also favoured, with the Swiss franc rising to 1.0782 franc per euro, its highest level since late June. Gold hit a four-week high of USD 1,291.6 per ounce on Tuesday and last stood at USD 1,288.5.

In contrast, the Mexican peso, seen as the most vulnerable to a Trump presidency due to his proposals such as building a wall along the US border with Mexico, posted its biggest fall in two months.

The peso slid to 19.265 to the dollar, its lowest level since early October.

The tense back drop in markets came as the Federal Reserve holds its two-day policy meeting, with its statement due later on Wednesday.

While traders do not expect the central bank to raise interest rates just a week ahead of the presidential election, they are looking for signs that the Fed is set to hike rates in December.

US interest rate futures are pricing in about 70 percent chance of a rate hike in December but virtually no likelihood of a hike on Wednesday.

Oil prices tumbled to one-month lows as a trade group’s report of larger-than-expected US crude inventory added to concerns about oversupply from growing doubts over whether oil producing countries can agree on an output cut later this month.

Brent crude futures fell to USD 47.90 per barrel, having hit a low of USD 47.72 on Tuesday.

Still, even as investors were moving out of riskier assets, copper bucked the trend, rising to a three-month high of USD 4,922 a tonne.

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Live Stock Market Updates – Nifty trades below 8650

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The domestic market are trading flat as global investors remained cautious as the acrimonious US presidential election campaign entered its final week. The Bank of Japan on Tuesday held off on expanding stimulus and maintained short-term interest rate target. Market is also watching global cues, with the U.S. Federal Reserve’s meeting set to begin on Tuesday, which could provide clues on a December rate hike.

The Indian equity market opened higher on Tuesday after Chinese manufacturing gauges climbed to two-year highs and Bank of Japan kept monetary rates unchanged.

At 1:36 PM, the S&P BSE Sensex is trading at 28,009 up 78 points, while NSE Nifty is trading at 8,662 up 36 points.

The Nikkei Markit India Manufacturing Purchasing Managers’ Index (PMI) a gauge of manufacturing performance jump to 54.4 in October from 52.1 in September, indicative of a robust improvement in manufacturing business conditions in the country. Manufacturing sector growth in India hit a 22-month high in October, driven by a sharp and accelerated increase in new orders, purchasing activity and output.

The BSE Mid-cap Index is trading up 0.37% at 13,523 whereas BSE Small-cap Index is trading up 0.21% at 13,612.

HDFC, Hero MotoCorp, Tata Steel, Lupin and Adani Ports are among the gainers, whereas ONGC, Axis Bank, Infosys, M&M, Coal India and Sun Pharmaceuticals are losing sheen on BSE.

Some buying activity is seen in metal, telecom, power, utilities and basic materials sectors, while consumer durables, banking,power, IT, teck and FMCG are showing weakness on BSE.

The INDIA VIX is up 0.85% at 15.6225. Out of 1,888 stocks traded on the NSE, 760 declined, 832 advanced and 296 remained unchanged today.

A total of 115 stocks registered a fresh 52-week high in trade today, while 10 stocks touched a new 52-week low on the NSE.

Ashok Leyland Ltd is currently trading at Rs 91.55, up by Rs 0.2 or 0.22% from its previous closing of Rs 91.35 on the BSE. The company posted its total sales in October at 12,533 vehicles versus 9,803 vehicles last year. The company said October M&HCV sales were at 9,574 vehicles versus 7,176 vehicles last year. Its LCV sales stood at 2,959 vehicles compared to 2,627 vehicles last year.

PC Jeweller Ltd is currently trading at Rs 497.5, down by Rs 13.55 or 2.65% from its previous closing of Rs 511.05 on the BSE.

Nihar Info Global Ltd advanced 1.6%. The company has received the Purchase Orders from My Home Constructions, Rain Industries and Pamidi RSB Build Tech in the last ten days.

Eicher Motors jumped 3% after the company reported a 33% increase in total sales in October 2016 at 59,127 units as against 44,522 units in the same month last year. During October 2016, the number of motorcycle units exported, increased by 95% to 748 units from 384 units in October 2015.

Strides Shasun Limited gained 1% after the company announced that it has received approval from the United States Food & Drug Administration (USFDA) for Abacavir Tablets USP, 300 mg.

Maruti Suzuki dropped 0.32% to Rs 5,880 after its sales dipped in the month of October. The company sold 1,33,793 units in October compared to 1,34,209 vehicles in October 2015.

BGR Energy Systems soared 5.3% after the company has been awarded the Balance of Plant (BoP) Contract from TANGEDCO for 1×800 MW North Chennai Thermal Power Project – Stage III. BGR Energy secured this contract in an International  competitive bidding which witnessed stiff competition. The value of the contract is Rs 2,600 crore The contract completion period is 36 months from the date of award.

Allcargo Logistics rose 1% to Rs 191 after the company said its board will meet on 7 November 2016, to consider a proposal for buyback of the equity shares of the company.

Sical Logistics gained 2% to Rs 222.10 after the company securing contract from West Bengal Power Distribution Corporation.

Kitex Garments tanked 10.4% to Rs 458 on BSE after net profit fell 52.4% to Rs 12.92 crore on 20.5% decline in net sales to Rs 95.55 crore in Q2 September 2016 over Q2 September 2015.

Bharti Infratel zoomed 2%. KKR and pension giant Canada Pension Plan Investment Board (CPPIB) are in talks with Bharti Airtel to acquire a significant stake in its listed tower arm Bharti Infratel, as per media reports.

Reliance Industries is trading marginally higher on the BSE. The Directorate General of Hydrocarbons is understood to have computed the penalty payable by Reliance Industries (RIL) for exploiting natural gas that migrated to its KG-D6 block from ONGC’s adjacent asset at upwards of $1 bn, as per media reports.

NBCC inched up 1% after the government will engage state-run construction company NBCC to monetise around 771 acre of prime land held by erstwhile VSNL, a company that the government had sold to the Tata group in 2002 as part of its asset-sale programme.

ONGC slipped 1% to Rs 287.  ONGC Videsh Ltd, the overseas arm of state-owned ONGC, has completed the acquisition of additional 11% interest in Russia’s Vankor oilfield, taking its total stake to 26%.

Karnataka Bank is trading lower by 0.57% on the BSE. The bank informed the BSE that the board of directors at its meeting held on Friday finalised the right issue opening and issue closing dates. The issue opens on November 7, and closes on November 21. Last date for request of split application form is November 15.

Ujaas Energy climbed 13.8%. The company reported a net profit of Rs 9.7 crore for the quarter ended September 30 compared with Rs 3.3 crore reported in the year-ago period.

Heritage Foods slipped 2.4%. The company said it would acquire the dairy business of Reliance Retail through a slump sale. The company has executed a binding agreement for the acquisition. The proposed transaction is subject to regulatory approvals and other conditions and procedures that are customary for similar transactions, Heritage Foods said in a BSE filing.

Avanti Feeds gained 2% after the company reported its consolidated net revenue for Q2 of FY17 was 34% higher YoY at Rs 713 crore. However, reported Ebitda fell by 11% YoY to Rs 56 crore and Ebitda margins shrank 397 bps YoY to 7.9%.

The rupee opened higher by seven paise at 66.72/$ as against the previous close of 66.79/$.

Asian markets opened on a weak note following the US indices which closed marginally in the red after very range bound trade. Uncertainty on the US elections which are due next week coupled with rise in bond yields kept sentiment weak. The only exception continues to be Brazil & Russia where the indices continue to tread higher with more money chasing growth as economies see better times ahead. Mutual Funds pumped in net Rs. 8,106 crore, foreign funds pulled out more than Rs. 10,000 crore in October; a bulk of the withdrawals was in debt.

The dollar has weakened. China’s manufacturing sector saw its fastest pace of expansion in recent years as Purchasing Managers’ Index (PMI) moved higher to 51.2 in October.

Crude oil prices, which were subdued for weeks rose marginally on expectations of some consensus among OPEC members in managing production. The email saga may be haunting Clinton but polls suggest she is still ahead in the race for US President. The Bank of Japan maintained status quo on rates. Fed outcome tomorrow will be eyed though nothing much is expected ahead of US presidential elections.

India’s core sectors grew 5% in September driven by strong growth in the steel and petroleum products sectors. The growth in the Index of Eight Core Industries is stronger than the 3.2% rise in August.

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Sensex opens flat, Nifty below 8600; ITC up 1%, Tata stocks sink

150130141223-stock-market-down-780x4399:55 am Result poll: India’s biggest car manufacturer Maruti Suzuki is expected to report stellar performance in July-September quarter with profit rising a whopping 52 percent year-on-year to Rs 1,868 crore but margin may decline, according to analysts polled by CNBC-TV18. Revenue during the quarter is seen rising 30 percent year-on-year to Rs 18,222 crore as the mix shifted towards high priced vehicles like Vitara Brezza and Baleno. Compact car segment growth was 9 percent due to success of new Baleno and Celerio. Utility vehicle segment also saw big surge due to success of Vitara Brezza and Ertiga. Maruti sold 4.2 lakh vehicles in Q2, registering a 19 percent growth compared with 3.53 lakh units sold in year-ago period with exports and domestic volumes rising 18 percent.

9:45 am Tata in soup? Markets regulator Sebi has begun looking into the high profile Tata-Mistry case for any possible breach of corporate governance norms and listing regulations at various listed companies of the over USD 100 billion conglomerate. Besides, stock exchanges, sought clarification from many of the group’s listed companies on the purported disclosure by ousted Chairman Cyrus Mistry about Rs 1.18 lakh crore possible writedown at the group firms. “We (Sebi) are taking note of each and every development and will act immediately on any hint of possible violation of corporate governance and listing norms or any other regulation under our jurisdiction,” a senior official said.

9:30 am FII view: Willem Buiter of Citi says he continues to expect sluggish global growth in 2016 and 2017, with relatively steady growth in advanced economies and a pickup in emerging markets (EMs) growth.

He feels inflation in advanced economies is off its recent lows and will likely rise significantly in the coming 6-12 months.

The rise in inflation in advanced economies is mainly due to base effects, the rebound in oil prices and diminishing external drags, he says.

But although there are some upside risks to commodity prices over the next year, global disinflationary pressures remain quite strong, according to Buiter.

The market has opened in red dragged by September Futures and Options (F&O) expiry jitters and Tata group stocks weakness. The Sensex is down 70.51 points or 0.2 percent at 27766.00, and the Nifty is down 27.50 points or 0.3 percent at 8587.75.

About 449 shares have advanced, 492 shares declined, and 59 shares are unchanged.

ITC, Asian Paints, Dr Reddy’s Labs, Sun Pharma and Hero MotoCorp are gainers while Tata Motors, Tata Steel, ICICI Bank, TCS and Bharti are losers in the Sensex.

The Indian rupee opened lower by 9 paise at 66.92 per dollar versus previous close 66.83.

Mohan Shenoi of Kotak Mahindra Bank said, “With upcoming US elections, Fed rate hike on November 2 looks unlikely. However, dollar continues to strengthen on the back of expectations of Fed rate hike in December.”

The US dollar fell against a basket of major currencies after touching a nearly nine-month high on Tuesday as the greenback looked vulnerable to weakness on uncertainty surrounding Federal Reserve monetary policy and the US election.

Meanwhile, the euro rose from a seven-month low on signs that the european economy may be improving enough to reduce pressure on the ECB to further ease monetary policy.

Asian shares edged down after disappointing earnings from technology giant Apple dragged on Wall Street, while the dollar remained shy of this week’s nearly nine-month highs.

The Dow Jones industrial average rose 30.06 points, or 0.17 percent, to 18,199.33, the S&P 500 lost 3.73 points, or 0.17 percent, to 2,139.43 and the Nasdaq Composite dropped 33.13 points, or 0.63 percent, to 5,250.27.

Disappointing results and forecasts from some other major US companies weighed on European and Asian stocks.

Gold prices fell as investor appetite for riskier assets recovered slightly, denting demand for safe-haven bullion.

Oil prices bounced off session lows for a time after the U.S. government reported a surprise drawdown in crude inventories, but oil ended lower on growing doubts that OPEC would cut production enough to drain a global oversupply.

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SBI Q2 PAT Seen Down 3.8% to Rs 2424.4 cr: Centrum

Stat Bank Of India Q2 PATCentrum has come out with its second quarter (July-September) earnings estimates for the Financials sector. The brokerage house expects SBI   to report net profit at Rs 2424.4 crore, down 3.8 percent quarter-on-quarter.

Net Interest Income is expected to increase by 4.5 percent Q-o-Q (up 5 percent Y-o-Y) to Rs 14961.3 crore, according to Centrum.

Centrum’s report on SBI

We expect SBI to report 5% YoY growth in NII led by 10% YoY growth in loans. With lower slippages QoQ, margins are expected to improve sequentially. Though on a YoY basis, they still remain lower.

Retain Buy, with an SOTP-based TP of Rs280. Commentaries on the merger of subsidiaries, trend in asset quality for the entity (on a consolidated basis) remains key focus areas.

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Source: moneycontrol