Live Stock Market Updates – Nifty holds 8,100 mark; Bharti Airtel up 4.6%

nse-buildingThe domestic market are trading flat due to lack of directional cues from global markets.The Indian stock market has opened in red as the Sensex is down 118.97 points, while the Nifty50 is down 39.25 points. Banking stocks slip in opening trade after RBI hikes CRR on incremental deposits. The central bank hopes to curtail surging banking system liquidity that risks stocking inflation.

At 1:24 PM, the S&P BSE Sensex is trading at 26,333, up 17 points, while NSE Nifty is trading at 8,136 up 22 points. Out of 1,889 stocks traded on the NSE, 400 declined, 1,150 advanced and 339 remained unchanged today.

A total of 17 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

The BSE Mid-cap Index is trading up 0.69% at 12,267, whereas BSE Small-cap Index is trading up 0.82% at 12,127.

Power Grid, BPCL, Idea Cellular, Bharti Airtel and Hero MotoCorp are among the gainers, whereas Bank of Baroda, ICICI Bank, SBI, Wipro and TCS are losing sheen on BSE.

Some buying activity is seen in media, metal, auto, pharma and IT sectors, while PSU Bank, Bank Nifty and Private Bank are showing weakness on NSE.

The INDIA VIX is down 2.01% at 17.2575.

Suzlon Energy has secured a fourth consecutive order for 50.40MW wind power project from a business house. The project consists of 24 units of S95 90m tubular tower with rated capacity of 2.1 MW. Located in the district of Anantapur, Andhra Pradesh, the project is scheduled for completion in March 2017. The stock is currently trading at Rs 14.87, up by Rs 0.29 or 1.99% from its previous closing of Rs 14.58 on the BSE.

ICICI Bank Ltd is currently trading at Rs 255.1, down by Rs 4.75 or 1.83% from its previous closing of Rs 259.85 on the BSE. Around 21.3 lakh shares were traded in a single block.

Thirumalai Chemicals reported a net profit of Rs 37 crore for the first half of financial year 2017 as against a profit of Rs 4 crore a year ago. The stock is currently trading at Rs 719.05, up by Rs 34.2 or 4.99% from its previous closing of Rs 684.85 on the BSE.

Amtek Auto Ltd has informed BSE that a meeting of the Board of Directors of the Company meeting will be held on November 30, to consider the proposal of infusion of fresh equity by the new investors and restructuring of the Company as proposed by investors.

Cipla rose 1.6%. Cipla Ltd is in discussions to sell Cipla Vet, its animal health division, as per media report. According to the report, the company hired global investment bank Rothschild to find potential buyers.

Shares of airline stocks rose on Monday as uncertainty over the deal to cut output by the Organization of the Petroleum Exporting Countries at a meeting on Wednesday pushed oil prices down. SpiceJet reported a rise of 103% in its net profit for the second quarter of 2016-17. The company’s Q2 net profit stood at Rs 58.9 crore from Rs 29 crore reported in the corresponding quarter of 2015-16.

Ashok Leyland inched up 1.2%. Ashok Leyland has completed the acquisition of Nissan Motor Co. Ltd.’s stake in each of the three joint ventures formed between the two companies.

Aurobindo Pharma is trading lower at Rs 736. Arrow Generiques SAS, the French subsidiary of Aurobindo Pharma, has signed an agreement to acquire select commercial products in France from Teva.

BEML zoomed 2.5%. The company reported standalone net loss narrowed to Rs 16.6 crore for the second quarter ended September 30, 2016, against that of Rs 24.6 crore in the corresponding quarter of previous fiscal.

Strides Shasun gained 1%. Strides Shasun’s wholly owned subsidiary Strides Arcolab International, UK has entered into an agreement with Moberg Pharma, Sweden to acquire the ‘PediaCare’ brand for a total consideration of $5 million plus inventory value at closing.

Hathway Cable & Datacom slipped 2.6%. The company has reported a net loss of Rs 40 crore for the quarter under review as compared to a net loss of Rs 32 crore for the same quarter in the previous year.

The BSE Oil and Gas index is trading up 1.6% or 190 points at 11,943 as against the previous close of 11,753.

The BSE Oil and Gas index opened at and hit a high of 11,953.45 and a low of 11,705. The oil stocks are trading higher as international oil prices decline after a planned meeting today between OPEC and non-OPEC producers was canceled.

Oil rebounds from 2% losses as OPEC embarks on a last-ditch diplomatic push to reach a production cut and will meet in Vienna on Wednesday; a meeting with non-OPEC producers today was canceled after Saudi Arabia decided not to attend and suggested the oil-club doesn’t necessarily need to curb output.

Hindustan Petroleum Corporation Ltd is currently trading at Rs 479.4, up by Rs 17.2 or 3.72% from its previous closing of Rs 462.2 on the BSE. The scrip opened at Rs 464 and has touched a high and low of Rs 481.25 and Rs 462.35 respectively. So far 2129614 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 46954.05 crore.

Bharat Petroleum Corporation Ltd is currently trading at Rs 659.9, up by Rs 20.25 or 3.17% from its previous closing of Rs 639.65 on the BSE. The scrip opened at Rs 639.65 and has touched a high and low of Rs 663.85 and Rs 639.65 respectively. So far 1597983 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 92504.17 crore.

Indian Oil Corporation Ltd is currently trading at Rs 304, up by Rs 7.5 or 2.53% from its previous closing of Rs 296.5 on the BSE. The scrip opened at Rs 297 and has touched a high and low of Rs 306.3 and Rs 295.5 respectively. So far 1239474 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 143977.58 crore.

Oil India Ltd is currently trading at Rs 442.05, up by Rs 5.15 or 1.18% from its previous closing of Rs 436.9 on the BSE. The company will announce its Q2 numbers today.

Rajshree Sugars & Chemicals climbed 5.3%. The company has entered into a share purchase agreement with the prospective buyer, for the sale of the wholly-owned subsidiary Company Trident Sugars, having the sugar factory at Telangana. As per the said agreement, the prospective buyer is expected to close the sale transaction by March 31, 2017.

GPT Infraprojects advanced 1%. The company announced bourses that it has bagged an order value at Rs 73 crore from Rail Vikas Nigam Ltd.

Uflex zoomed 5.6%. The company reported 17% rise in consolidated net profit to Rs 90 crore for the quarter ended on September 30, 2016. It had posted a net profit of Rs 77 crore for July-September quarter in the year-ago period.

State Bank of India slipped 2% on the BSE. The bank said it will raise Rs 56.81 billion by issuance of preferential shares to the central government, its majority shareholder.

The Indian rupee opened higher by four paise at 68.42/$ against the previous close of 68.46/$.

The demonetization drive of the government is likely to see some protests on the street in various parts of the country as few political parties have joined hands for ‘Akrosh Divas.’

Parliament may see less activity today as attention will be on the protests and dealing with the Opposition tirade. The old tradition of Black Friday is losing its charm abroad; online sales on Thanksgiving and Black Friday rose about 18 pc to $5.27 bn.

Saudi Arabia seems to suggest that oil producers need not reduce output. With the Dow Jones having crossed the key milestone of 19000 & the S&P 2200 markets could see consolidation globally as investors take stock of the last fortnight. Also the rise in bond yields in tandem with the US $ may not last & pause here would be prudent as markets digest the gains.

Falling crude prices cooled Asian shares while the dollar has stepped back against Asian peers. India’s foreign exchange reserves fell for the second consecutive by $1.542 bn to $365.5 bn in the week ended Nov 18.

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Fantastic Friday! Nifty reclaims 8,100 mark, Sensex surges 456 points

nifty-upThe Sensex, Nifty kickstarted the December series on a positive note. Positive global indices, rupee appreciation and also steel makers extended gains after the government imposed anti-dumping duties on some imports lifted the Indian stock markets on Friday.

The key benchmarks traded at high point as traders opted to buy beaten-down but fundamentally strong stocks amid firm global cues. The benchmark indices Sensex and Nifty reclaimed their psychological 26,300 and 8,100 levels respectively.

On the economy front, PM Narendra Modi pushed for the need to move towards a digital economy, emphasizing that people have the right to use their money, but that can also be done digitally.

The BSE Sensex which opened at 25,953.24 points, closed at 26,316, up 456 points or 1.76% from the previous close at 25,860.17 points. The Sensex touched a high of 26,244 points and a low of 25,874.45 points during the intra-day trade so far.

The NSE Nifty closed with a gain of 142 points at 8,107. The NSE Nifty opened at 8,008 hitting a high of 8,122 and low of 7,977.

The NSE market breadth was skewed in favour of the bulls – with 1,344 advances and 293 declines.

Fitch Ratings said Demonetization will have a “negative” impact on growth in the short run but for the full fiscal, the GDP decline would be “relatively moderate”. However, it expects India’s GDP growth to trend higher than China’s in the medium term, adding that it would accelerate next fiscal on the back of reforms and monetary policy easing.

Sentiments remained up-beat from the start of the session with Finance Minister Arun Jaitley saying that the government’s demonetisation move is going to have a positive impact on the economy, including GDP.

The buying was so fierce that not a single sectoral index on the BSE ended with losses; IT, pharma, banking, finance, energy, media and metal stocks ended with the top gainers. Even the mid-cap and the small-cap stocks participated in today’s rally.

Among the 50-stocks of Nifty, Tech Mahindra, TCS, Infosys, HCL Tech and Sun Pharma were among the gainers on NSE, whereas ACC, Bharti Infratel, Bajaj Auto, Eicher Motors and Bharti Airtel were among the losers today.

The India VIX (Volatility) index was up 2.63% at 17.6125.

The rupee was trading marginally up by 32 paise at 68.41 per US dollar. Gold was trading at Rs 28,576 per per 10 gms and silver was trading at Rs 40,225 per kg.

On the global front, Asian stocks closed higher. The Shanghai Composite index and Hong Kong’s Hang Seng index closed higher by 1%. Nikkei 225 ended in green.

European stocks were trading mostly in red due to lack of cues from the U.S. Markets. CAC 40 is trading in green, while FTSE 100 and DAX are trading lower.

J Kumar Infraprojects rallied 9.6% on the BSE.  J Kumar Infraprojects, on behalf of the J. Kumar Infra – CRTG JV, signed an agreement with the Delhi Metro Rail Corporation (DMRC) worth of Rs 1,344.9 crore on Thursday, 24 November 2016, for Phase-2 of the Mumbai metro project and other projects worth Rs 449.19 crore.

Bata India soare 2.3%. The company has posted a net profit of Rs 35 crore for the quarter ended September 30, 2016 as compared to Rs 54 crore for the quarter ended September 30, 2015.

Talwalkars Better Value Fitness climbed 5% after the management has decided to demerge gym business, thereby transferring gym business of TBVFL to TLL, in the interest of maximising overall shareholder value.

LT Foods gained 1%. The company has inked a 51:49 joint venture with Kameda Seika, to sell rice-based snacks in India.

A total of 15 stocks registered a fresh 52-week high in trades today, whereas 13 stocks touched a new 52-week low on the NSE.

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Live Stock Market Updates – Sensex in Red, Auto Shares Down

bear-marketAt 9:43 AM, the S&P BSE Sensex is trading at 25,933 down 122 points, while NSE Nifty is trading at 7,986 down 45 points. Out of 1,871 stocks traded on the NSE, 996 declined, 471 advanced and 404 remained unchanged today.

A total of 6 stocks registered a fresh 52-week high in trade today, while 20 stocks touched a new 52-week low on the NSE.

The BSE Mid-cap Index is trading down 0.55% at 11976, whereas BSE Small-cap Index is trading down 0.47% at 11750.

Hindalco, Infosys, Asian Paints, Dr Reddy, Hero Motors  are among the gainers, whereas Eicher Motors, Tata Motors, Kotak Bank, Bosch, Bank of Baroda, Lupin, are losing sheen on NSE in the morning trading hour.

Some buying activity is seen in Information Technology, Metal, Telecommunication sectors, while Auto, Banking, Healthcare, Capital Goods, Consumer Durables are showing weakness on BSE.

The INDIA VIX is up 2.17% at 18.4325.

Asian markets opened in the red except the Japanese ‘Nikkei” which continues to be in a new bull market orbit. With the US markets closed on Friday for an extended weekend expect profit booking as globally markets digest the gains of last fortnight. Gold prices weaken & bond yields fell as the US $ & indices hit new highs.

The US indices saw their third day of gain ahead of the Thanksgiving Day holiday. The dollar has been on a one way street strengthened by expectations of higher interest rates from the Fed sooner than later. The languishing rupee is down nearly 3pc in November giving heart-aches to importers and some comfort to export-oriented companies.

Foreign investors have offloaded nearly Rs 12,000 crore net in equities and almost similar amount in bonds during November. The usual volatility may set in towards the close of trading. Signals are mixed from Asia even as the Japanese stocks continue to appreciate. The rollovers have been the lowest in half a year, especially the Bank Nifty. Few notable sectors seeing better rolls include pharma, auto, metals and real estate.

On the economy front, Securities houses and rating agencies have cut their estimates of India’s GDP growth in anticipation of temporary headwinds from the 8 November demonetization of high-value currency notes.

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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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Opening Bell – Sensex rallies over 150 points

market-at-higher-point1-capitalheight

At 9:15 AM, the S&P BSE Sensex is trading at 25,928, up 163 points, while NSE Nifty is trading at 7,989, up 60 points.

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.

Nifty continues to see foreign selling dominate proceedings with fear being the dominant theme. The perception of sharp slowdown in the economy on the back of demonetization is leading to short term pain with ETF selling exaggerating the visible fall out. For today, expect bounce back from extremely oversold zone as PCR (put call ratio) trading @ 0.7 indicates pessimism at a high with call writing overdone. Banks, energy & IT should lead the pullback with FMCG & Infra being laggards for today.

On the economy front, the Central bank gave lenders an additional 60 days’ time to reclassify a loan in default as bad on their books and start setting aside money to cover it. This is over and above the 90-day period, according to existing guidelines.

India’s domestic air traffic grew 23.2% in October, continuing its over two-year run of double-digit growth on the back of cheap fares and rising connectivity.

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Live Stock Market Updates – Nifty trades below 7,950 mark

bear-marketThe Sensex slipped below the 26,000 level by falling over 300 points in mid-session trade Monday, pulled down mainly by financial stocks.

The Sensex pared gains after rallying as much as 120 points in morning trade on Monday, led by losses for HDFC, Infosys, TCS and Maruti Suzuki. The domestic market fluctuated between gains and losses as energy producers advanced, while automakers and lenders declined.

The Nifty50 reclaimed the 8,100 mark but immediately turned volatile ahead of expiry of November futures & options contracts due on Thursday.

At 12:46 PM, the S&P BSE Sensex is trading at 25,836, down 314 points, while NSE Nifty is trading at 7,960, down 114 points. It is the first time Nifty dropped below 8,000 since June 2016.

The BSE Mid-cap Index is trading down 2.23% at 11,803, whereas BSE Small-cap Index is trading down 2.69% at 11,550.

Holding ground in the gloomy market were WIPRO, INFY, ONGC while POWERGRID, SBI, HDFC bore the brunt through the first hour of trading.

Only IT index is trading in green, while realty, banking, auto, metal, financial and FMCG were in red.

The INDIA VIX is up 6.13% at 18.8975. Out of 1,885 stocks traded on the NSE, 1,384 declined, 226 advanced and 275 remained unchanged today.

A total of three stocks registered a fresh 52-week high in trade today, while 53 stocks touched a new 52-week low on the NSE.

Rashtriya Chemicals & Fertilizers Ltd fell 3% after the company reported a marginal fall in net profit at Rs 43 crore for the quarter ended September 30. Its net profit stood at Rs 45.6 crore in the year-ago period.

Panacea Biotec rallied 2% after the pharma company announce receipt of Establishment Inspection Report (EIR) from the USFDA indicating the formal closure of the cGMP and Pre­ Approval Inspection conducted by USFDA, at its Oncology Parenteral and Oral Solids Dosage formulation facilities at Malpur, Baddi in Himachal Pradesh.

Cadila Healthcare slipped 1.5%. Zydus Cadila has received the final approval from the USFDA to market for Metronidazole Tablets USP in strengths of 250 mg and 500 mg. The drug which is used to treat infections caused by bacetria will be produced at the group’s formulations manufacturing facility at Baddi.

Mawana Sugars soared 12.6% to Rs 48 on the BSE. The Board of Directors of the Company has agreed to sell one of the operating units of the Company viz. Titawi Sugar Complex (TSC) in Uttar Pradesh as a going concern on an ‘As is Where is What is’ basis to Indian Potash Limited.

Techno Electric & Engineering Company gained 2% after the company has received an approval for sale/disposal of 45 MW Wind Power assets of the company, subject to approval of shareholders and other relevant authorities. The board of director at its meeting held on November 19, 2016 has approved for the same.

HPL Electric & Power hits 10% lower circuit at Rs 91. The company announced that the Company has reduced its debt around Rs 320 crore from IPO proceeds.

Punjab National Bank fell 6.6%. The bank has cut interest rate on fixed deposits by up to 0.25% in line with competition.

India Cements tanked 3%. The company reported a 62% jump in standalone net profit at Rs 62 crore for the quarter ended September 30, 2016. It had posted a net profit of Rs 38.5 crore in the year-ago period.

HDFC and Unitech are trading lower on the BSE. With Unitech defaulting on loan repayment, housing finance major HDFC said it has sold the realty firm’s outstanding loan of Rs 869 crore to JM Financial Asset Reconstruction Company (JMFARC).

NHPC dipped 2%. The Company has posted a net profit of Rs 1,554.7 crore for the quarter ended September 30, 2016 where as the same was at Rs 1215.7 crore for the quarter ended September 30, 2015.

NBCC slumped 3.5%. NBCC reported a consolidated net profit of Rs 69 crore against net profit of Rs 68 crore in the corresponding quarter last year.

Bharat Forge tanked 3.5%. The company announced the acquisition of US-based Walker Forge Tennessee, for a total consideration of USD14mn. Bharat Forge has made this acquisition through its US subsidiary.

Infosys advanced 0.5%. The IT company has invested Rs 145 mn in a start-up UNSILO. The investment is done through Infosys innovation fund.

Alembic Pharmaceutical is trading marginally higher on the BSE. The company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Telmisartan and Amlodipine Tablets.

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Live Stock Market Updates – Sensex, Nifty erase morning gain

Dalal Street CapitalHeightAt 10:10 AM, the S&P BSE Sensex is trading at 26,292 down mere seven points, while NSE Nifty is trading at 8,145 up 33 points.

The BSE Mid-cap Index is trading down 0.21% at 12,019, whereas BSE Small-cap Index is trading down 0.41% at 11,859.

Axis Bank, Tata Motors, Lupin, SBI, Bharti Airtel and ICICI Bank are among the gainers, whereas Wipro, Dr Reddy’s, Sun Pharmaceuticals, Power Grid and Coal India are losing sheen on BSE.

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

The INDIA VIX is down 6.75% at 18.1850. Out of 1,853 stocks traded on the NSE, 524 declined, 927 advanced and 402 remained unchanged today.

A total of three stocks registered a fresh 52-week high in trade today, while 16 stocks touched a new 52-week low on the NSE.

Moody’s has affirmed India’s Baa3 rating and the positive outlook but no upgrade is on the anvil.

Global cues turned weak as profit booking sets in after a week of heady gains both on the indices & bond yields. With US dollar also weakening emerging markets saw a relief rally with Brazilian index up almost 2% even as most European markets ended in the red. We could see some Asian markets also bounce from oversold territory as value buying emerges.

On the global front, all eyes will be on Janet Yellen as she speaks before congress today.

Nasscom cut growth guidance for the industry to 8-10 % in constant currency terms from 10-12%. According to the guidance, India will continue to gain market share of 7% of global software and IT services and 56% of global sourcing.

New Delhi has woken up to tremors as a 4.4 magnitude earthquake struck on the Delhi-Haryana border early morning. The first day of Parliament’s Winter session saw the Opposition launch an attack on the government for the demonetisation of high value currencies.

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Live Stock Market Updates – Sensex rallies over 100 points; Consumer Durables, Pharma drag

Dalal Street CapitalHeightThe domestic market recovered after hitting a five-month low on Tuesday, tracking positive global cues and lower inflation data released yesterday. The Sensex up over 300 points, while the broader Nifty50 index regained its crucial 8,200 level.

At 10:01 AM, the S&P BSE Sensex is trading at 26,329 up 25 points, while NSE Nifty is trading at 8,156 up 48 points.

The BSE Mid-cap Index is trading down 0.28% at 11,943, whereas BSE Small-cap Index is trading down 0.57% at 11,834.

Asian Paints, TCS, ICICI Bank, Maruti Suzuki and ONGC are among the gainers, whereas Lupin, Sun Pharmaceuticals, Cipla and L&T are losing sheen on BSE.

Some buying activity is seen in realty, IT, auto, banking, energy and oil & gas sectors, while pharma, consumer durables, capital goods and industrial sectors are showing weakness on NSE.

The INDIA VIX is down 0.52% at 20.0400. Out of 1,855 stocks traded on the NSE, 436 declined, 1,036 advanced and 383 remained unchanged today.

A total of seven stocks registered a fresh 52-week high in trade today, while 59 stocks touched a new 52-week low on the NSE.

Asian markets traded in the green on opening bell taking cues from the US indices which hit new all time highs. The return of the risk on trade seems imminent with money now entering the developed markets with US, Germany & Japan set to outperform in the near term.With strong expectation of huge infra spend on the anvil the US indices seem set to move higher as higher bond yields coupled with $ strength indicate bullish momentum.

The Indian rupee opened higer by six paise at 67.68/$ against Tuesday close at as against the previous close of 67.74/$.

The Union cabinet on Tuesday approved a modest 6.6% hike in the minimum support price (MSP) of wheat.

On the economy front, India’s retail price inflation fell to a 14-month low of 4.2% in October from 4.39% a month ago as inflation in fruits and pulses softened, raising the chances of an interest rate cut by the central bank.

India’s trade deficit widened to $10.16 billion in October from $8.34 billion in the previous month, as gold imports more than doubled to $3.5 billion from a year ago. Merchandise exports grew 9.6% year-on-year to $23.5 billion, while imports expanded 8.11% year-on-year to $33.67 billion, the data showed.

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Opening Bell – Sensex Falls Over 200 Points

sensex fallsAt 9:15 AM, the S&P BSE Sensex is trading at 26,578 down 241 points, while NSE Nifty is trading at 8,225 down 71 points.

Asian markets opened flat after being under severe selling pressure in the last few days. Institutional investors have opted to sell emerging market stocks & enter developed markets with money aggressively buying into US, German & Japanese indices. This may be the short term aberration from the Trump victory which has seen US $ hit new year highs while bond yields top 2.18% & stocks hit new all time highs.

India and Japan signed a civilian nuclear agreement and a raft of pacts apart from reviewing the progress of Special Strategic and Global Partnership to promote trade and investment. It was the first time Japan, the only country to have suffered a nuclear attack, has concluded such a pact with a country that is not a signatory to the Nuclear Non-proliferation Treaty.

India’s foreign exchange reserves rose by $1.075 billion to $368.232 billion in the week ended November 4, the Reserve Bank of India said. The central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $1.982 billion to $343.927 billion during the week.

The bold move by the government to ban the widest circulated currency notes has received mixed reactions. Hopes are that after the initial hiccups, things will settle down. Fresh measures are being announced to ease the cash crunch. The market could remain choppy as it opens after a long weekend.

The dollar has cooled a bit resulting in benchmark Treasuries and emerging-market stocks changing direction. The US indices ended mixed; while the Dow and S&P notched up gains, the Nasdaq continued to reel under the Trump effect. IT stocks have been at the receiving end ever since Trump’s surprise win.

On the macro front, exports clocked a healthy 4.62% growth in September. WPI inflation for October will be out at noon while CPI combined inflation for October will be released post market hours.

The MSCI has announced changes to its index components and stocks which have made it to the coveted list will see some buying.  The draft model GST law will be shared with states today.

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