Sensex, Nifty Back at Morning Highs; Biocon Zooms by 7%

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Nifty and Sensex closing towards their morning gains as buying is seen in Bank, Media, Metal, and Realty sectors. Pharma sector continues with its downtrend, shedding around 1% with Glenmark and Divi’s Lab losing more than 2%. However, Biocon breaks the trend, gaining by 7%.

At 12:50 PM, the S&P BSE Sensex is trading at 33,639, up by 66 points, while NSE Nifty is trading at 10,444, up by 20 points. The BSE Mid-cap Index is trading up by 0.08% at 16,738.90 whereas BSE Small-cap Index is trading up by 0.71% at 17,894.62.

Hindalco, Axis Bank, ONGC, Yes Bank, and Indusland Bank are among the gainers, whereas Hero Motocorp, Sun Pharma, Lupin, BPCL, and HCL are losing steam on NSE. Some buying seen in Telecom, Bank, Industrials, Finance sectors, whereas Energy, Healthcare, and Auto sectors show weakness on the BSE.

The India Vix is up by 1.27% at 12.15.

Out of 1,974 stocks traded on the NSE, 982 advanced, 644 declined, and 348 remained unchanged today.

A total of 93 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

Royal Orchid announces partnership with UK-based Bespoke Hotels. Stock up 4%.

United Bank cuts lending rate by 10-35 bps across all tenors w.e.f November 6.

Vakrangee to consider bonus issue on November 13.

HCC JV bags Pune Metro order.

Dena Bank seeks bids to sell off 20 NPAs worth Rs 7.47 bn.

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Market opens at new 52-wk high; Sensex up 150 pts, Nifty eyes 9K


9:37 am Buzzing: Wockhardt tanked nearly 7 percent intraday as investors turned bearish after the company’s US arm received a warning letter from the US drug regulator.

The US Food and Drug Administration issued a warning letter to Morton Grove Pharmaceuticals, a stepdown subsidiary of the company in Illinois, US. “This would mean that current portfolio of the company will continue to be made available in the market. However, new approvals will be withheld till resolution,” it told the exchanges in a notification on Wednesday.

The warning letter comes as a blow to the company, which was struggling with issues of regulatory non-compliance. Three plants of Wockhardt in India are already under an import ban in the US. Its formulations units at Chikalthana and Waluj in Maharashtra have been under the USFDA’s import alert since 2013, while its bulk drug plant at Ankleshwar in Gujarat was issued an import alert in August.

9:27 am FII view: The employment data in the US does not show any spectacular progress, but remains steady, Willem Buiter, Chief Economist at Citi told CNBC-TV18. This may result in the US Federal Reserve hiking key rates when it meets in March, he added.

However, he said emerging markets are unlikely to falter as the momentum in the emerging markets steadily pick up pace in 2017. He said, for instance, the worst performers of last year, Russia and Brazil, are showing various positive signs.

The dollar’s movement will largely depend on the fiscal package that is proposed to the US Congress, according to the economist, who sees a slight uptick in the dollar in 2017.

9:15 am Market Check:

Equity benchmarks started off session at fresh 52-week high on Thursday, with the Nifty March futures hitting 9000 level, backed by banks, auto, technology and metals stocks.

The 30-share BSE Sensex was up 148.09 points at 29132.58 and the 50-share NSE Nifty gained 41.90 points at 8987.70. About 673 shares advanced against 106 declining shares on the BSE.

Tata Motors, ICICI Bank, Wipro, Bajaj Auto, GAIL, Hindalco and Tata Motors (DVR) were early gainers while Dr Reddy’s Labs and Coal India were under pressure.

The Indian rupee gained by 8 paise at 66.75 per dollar versus 66.83 Wednesday.

Tirthankar Patnaik of Mizuho Bank says he expects the USD-INR to range between 66.50-67.50/dollar in the near term with the State election results on March 11 crucial for its continued strength.

The dollar hit a seven-week high after hawkish comments from two Federal Reserve officials increased expectations that the US Central Bank is closer to raising interest rates. Futures traders are now pricing in a 69 percent chance of a Fed hike in March, up from 35 percent on Tuesday.

Asia markets traded mostly higher, tracking gains in the US where the Dow Jones industrial average closed above 21,000 on the back of President Donald Trump’s speech to lawmakers.

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Nifty touches 8950, Sensex & Midcap strong; auto stocks in focus

nifty-updates-capitalheight11:33 am IPO: Avenue Supermarts, the operator of supermarket retail chain D-Mart, has set a price band of Rs 295-299 for its upcoming Rs 1,870-crore initial public offering (IPO).
The issue will open on March 8 and close on March 10, 2017.
Avenue Supermarts has reserved 50 percent portion of public issue for qualified institutional buyers and out of which, 60 percent may be allocated to anchor investors.

The company said 15 percent portion of the total issue size is reserved for non-institutional investors and the rest 35 percent for retail investors.
Grey market brokers say that the issue is quoting at a premium of Rs 170-180 in the unofficial market.

11:20 am Indiabulls Real in focus: Indiabulls Real Estate’s arm has suspended work on its luxury residential project called Sky Suites that it was developing in Mumbai’s business district of Lower Parel. The project is being set up by Indiabulls Sky Suites, a subsidiary of IBREL arm Indiabulls Properties Investment Trust.

The company was forced to suspend work on the project after the Airport Authority of India placed severe height restrictions on the project, asking it to keep the height of the residential tower at 163 metres against 327 metres that the company had asked for.

Since the height restriction will limit the total area that can be built, the company is now forced to have a re-look at the revenue model of the project.
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Sensex, Nifty Hold Early Gains; Mid, Smallcap Outperform Again

market-at-higher-point1-capitalheight10:15 am FII View: Gautam Chhaochharia, Head of India Research at UBS Securities, said that the longer India story remains intact. Demonetization doesn’t impair the economic trajectory in the long term. He said he is estimating a 3-6 month disruption which may have been priced in by many stocks already.

It is difficult to assess the impact on GDP rate owing to cash ban. “It is difficult to take a linear view,” he said, adding that he believes the GDP for this fiscal year could be about 6 percent, but it will go up to 8 percent because of base effect.

Nifty earnings growth in FY17 will be 5 percent, and 14 percent for FY18, he said.

FIIs have been net sellers in the last two weeks on buzz that the US Fed will hike rates and make borrowings expensive. Till a week ago, markets were EM driven, he said, admitting that over the last week India has been under performing a bit.

10:00 am Market Check Equity benchmarks retained early gains with the Nifty holding 8150 level, supported by banking & financials, auto, infra, oil and metals stocks. However, healthcare stocks were under pressure.

The 30-share BSE Sensex was up 114.15 points at 26464.32 and the 50-share NSE Nifty rose 37 points to 8163.90. The broader markets continued to outperform benchmarks as the BSE Midcap index was up 0.9 percent and Smallcap gained 1 percent on strong breadth.

About 1476 shares advanced against 390 declining shares on the exchange.

HDFC, Maruti Suzuki, Coal India, Reliance Industries, GAIL and Mahindra & Mahindra were top gainers among Sensex 30 stocks, up 1-2 percent whereas Infosys, Infosys, Lupin, Axis Bank, HUL and Cipla declined.

Japanese markets slipped in a mostly lower Asian trading session, despite the release of government data hinting at a stabilization in domestic demand. The country’s seasonally adjusted unemployment rate was steady in October at 3 percent, the same level as August.

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Sensex, Nifty May Stay flat; Idea, Tata Steel in Focus

stock market news capitalheightThe SGX Nifty indicates a tepid start for Indian market as US markets slipped the most in four weeks as Trump-fuelled rally fades. Asia markets were mixed, taking cues from the US where a post-election rally appeared to stumble.

Traders also looked ahead to key global events set to take place this week, including a meeting on Wednesday between the world’s largest oil producers, and the release of the US nonfarm payroll report on Friday.

Japanese shares were likely pressured by a slightly stronger yen, which traded at 111.94 against the dollar on Tuesday morning in Asia, climbing from levels near 113.00 in the previous week.

US stocks declined for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week.

Back home, the 30-share BSE Sensex was up 33.83 points at 26350.17 and the 50-share NSE Nifty gained 12.60 points at 8126.90 while the BSE Midcap index jumped 1 percent and Smallcap rose 0.66 percent on positive breadth. About 1658 shares advanced against 936 declining shares on the exchange.

In a move to spur deposits, the Reserve Bank of India has eased current cash withdrawal limits of legal tender notes at banks and ATMs on or after November 29. New Rs 2000 and 500 notes will be issued for such withdrawals.

Idea Cellular may be in focus as it puts its entire tower assets on the block. It eyes a billion dollars from the sale of nearly 11,000 telecom towers.

Tata Steel has entered into an agreement to sell its speciality business in the United Kingdom. Liberty House will buy the assets for 100 million pounds.

Among asset classes the dollar edged down against a basket of major currencies surrendering some gains after a sharp rally that followed Donald Trump’s surprise victory in the US Presidential election. The dollar had surged more than 4 percent against a basket of currencies in the wake of the election earlier this month- but has now retreated from its 14-year high.

Prices pared gains after a source said OPEC experts ended their meeting on Monday without agreeing on concrete details of a planned reduction in oil output by individual countries. Details are supposed to be presented to an OPEC ministerial gathering tomorrow. With OPEC scrambling to rescue the deal, analyst are warning of a sharp price correction if the producer group fails.

Gold prices rose more than 1 percent, recovering from their lowest levels since February as the dollar and long-dated US treasury bond yields retreated from recent highs.

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Abbott India Soars 4.8% Post Q2 FY17 Results

Abbott India  Q2 FY17 results

Abbott India Q2 FY17 results

Abbott India soared 4.8% on the BSE. The company reported 23% increase in standalone net profit at Rs 75 crore for the quarter ended September 30. The company’s net profit in the corresponding quarter of the previous fiscal year was Rs 61 crore.

The scrip opened at Rs 4700 and has touched a high and low of Rs 4950 and Rs 4675 respectively. So far 12800 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 9978.47 crore.

The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 6050 on 31-Dec-2015 and a 52 week low of Rs 4360 on 13-Jun-2016. Last one week high and low of the scrip stood at Rs 5035 and Rs 4471.2 respectively.

The promoters holding in the company stood at 74.99 % while Institutions and Non-Institutions held 8.66 % and 16.35 % respectively.

The stock is currently trading above its 50 DMA.

Abbott India Ltd
BSE 4,925.40 229.65 (4.89%)
NSE 4,939.55 246.70 (5.26%)

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Tata Chemicals Clocks 1.5% Gain on the Bourses

tata-chemicalsTata Chemicals Ltd is currently trading at Rs 473.1, up by Rs 8.05 or 1.73% from its previous closing of Rs 465.05 on the BSE.

The company has received an approval from the CCI for the proposed acquisition of its urea and customized fertilizers business by Norway’s Yara Fertilisers. Under the deal, Tata Chemicals will sell its urea plant in Babrala, Uttar Pradesh, which has an annual capacity of about 1.2 million tonnes for an estimated Rs 2,670 crore.

The scrip opened at Rs 470 and has touched a high and low of Rs 481 and Rs 467 respectively. So far 332448 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 11847.61 crore.

The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 585.1 on 24-Oct-2016 and a 52 week low of Rs 310.05 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs 468.05 and Rs 445.5 respectively.

The promoters holding in the company stood at 30.8 % while Institutions and Non-Institutions held 48.1 % and 21.1 % respectively.

The stock is currently trading below its 50 DMA.

Tata Chemicals Ltd
BSE 472.15 7.10 (1.53%)
NSE 471.80 5.90 (1.27%)

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Nifty Rangebound, Midcap Outperforms; Liquor, Aviation Stocks Up

Dalal Street CapitalHeight10:20 am FII View: Asian markets look attractively valued. Mean-reversion on valuation over the next five years would deliver an annual return of 8.9 percent.

He further says earnings in the region are recovering, most evidently in the cyclical markets of North Asia, as is liquidity. Sentiment remains too negative and investors are sheltering in the more defensive ASEAN and India markets.

By contrast, he advocates a more pro-cyclical, pro-value stance, and favoured markets are Korea, Singapore and Taiwan.

Sector-wise, he is overweight on technology, materials, banks and consumer discretionary.

While he likes risk as an investment factor, he acknowledges it could backfire on trade frictions, more political upsets and a stronger USD in 2017.

With valuations 0.5 standard deviation below mean, though, Asia ex-Japan looks to be pricing in too fearful an outlook, Rosgen says.

10:00 am Market Check: Equity benchmarks turned volatile after early sell-off, with the NSE Nifty hovering around 8100 level. Banks and select technology stocks were under pressure while auto, healthcare, telecom and select healthcare stocks gained.

The 30-share BSE Sensex was down 58.28 points at 26258.06 and the 50-share NSE Nifty fell 14.35 points to 8099.95 while the broader markets outperformed.

The BSE Midcap and Smallcap indices gained half a percent each on positive breadth. About two shares advanced for every share declining on the BSE.

Liquor stocks like Globus Spirits, United Spirits, GM Breweries and Som Distilleries surged 3-14 percent while aviation stocks like InterGlobe Aviation, Jet Airways and SpiceJet gained 1-5 percent.

Banks are still under pressure, though these stocks recovered a bit from day’s lows. ICICI Bank, Bank of Baroda, SBI, PNB, Kotak Mahindra Bank, Bank of India and Axis Bank were down 1-3 percent.

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Adani Enterprises Gets 100 MW Solar Generation Plant Order in Australia

adaniThe Whyalla City Council today formally reached agreement with the Adani Group for the Indian company to develop a $ 200 million solar generator north of the city.

The project will involve a 100 MW solar generation plant,with potential capacity of up to 150 MW which would make it one of the largest in Australia on one site.

Adani, the largest solar energy generator in India, is planning to have a number of solar projects in Australia with a total capacity of 1,000 MW within the next five years.

The solar projects are in addition to Adani’s $16.5 billion investment in the planned Carmichael coal mine in Queensland’s Galilee Basin as well as rail and port facilities.

Construction of the Whyalla project is due to start mid-2017 and be completed in approximately 12 months.

The workforce will peak at 350 employees, with full time operation staff to number up to five. A land purchase agreement has been signed with the council for the site which is in an industrial land estate.

The solar generated electricity will be fed into the main network which will boost reliability of supply in the region.

Adani currently has solar generation projects in India planned or operational totalling more than 1,400 MW, including one of the world’s largest solar plants at Tamil Nadu in southern India which has a capacity of almost 650 MW.

The solar projects are part of Adani’s global strategic balanced approach topower generation with coal-fired, solar and wind plants.

The company’s CEO of Australian operations, Jeyakumar Janakaraj, said solar opportunities in Australia were enormous because it had the highest solar radiation per square metre of any continent in the world.

Solar energy penetration in Australia – more than 2 million homes have solar PV and/or solar hot water systems – demonstrated acceptance of the renewable energy source.

“Coupled with the company’s $ 3.3 billion dollars of investment to date across its mine, rail and port projects in Queensland, Adani’s plans to pursue solar investment opportunities reflect the confidence the company has in the Australian market,” Janakaraj said.

Whyalla Mayor Lyn Breuer said Whyalla City Council was pleased to be working with Adani on its project, and looked forward to the economic benefits the project would bring.

“We have been working with Adani for quite some time now to reach this agreement, and we are very much looking forward to seeing the project come to fruition,” Breuer said. “Whyalla City Council strongly supports renewable projects, and we believe Adani’s solar generator project will bring major benefits to the City of Whyalla and the region as a whole.”

Member for Giles, Eddie Hughes, warmly welcomed Adani’s intent to build one of Australia’s largest solar farms in Whyalla.

“This is great news for Whyalla,” said Hughes. “For many years we have promoted Whyalla as a perfect location for solar energy production. We have sun, land, a skilled workforce and a supportive community. Those attributes have attracted the interest of Adani.”

“Construction of the plant will provide a boost to employment and it will provide one element in what is shaping up to be a much brighter future next year. I look forward to Adani becoming part of the Whyalla community and making a very positive contribution to the future of our city.”

 Adani Enterprises Ltd
BSE 63.65 1.75 (2.83%)
NSE 63.55 1.90 (3.08%)

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