Nifty hits 8050, Sensex opens firm; L&T up, Wockhardt falls 3%

nifty_up_Boosted by strong global cues, the market opened firm Wednesday. The Sensex is up 152.47 points or 0.6 percent at 26113.25, and the Nifty up 48.90 points or 0.6 percent at 8051.20. About 423 shares have advanced, 79 shares declined, and 20 shares are unchanged.

L&T, GAIL, Wipro, Adani Ports and Cipla are gainers while Dr Reddy’s Labs and Bajaj Auto are losers in the Sensex. Wockhardt is down around 3 percent post US FDA warning letter.

The Indian rupee has touched 8-month low in early trade. It has opened at 68.36 against the US dollar, down 11 paise compared with previous settlement at 68.25 a dollar.

Pramit Brahmbhatt of Veracity says a stronger Dollar index will continue to put pressure on the rupee for the day, as it is trading above the 101 mark.

According to him, the trading range for the USD-INR is seen between 68-68.50 against the US dollar.

The dollar resumed its uptrend helped by a surge in US existing home sales last month that further cemented expectations not only of a Federal Reserve interest rate hike in December, but also of further tightening next year.

Among global markets, Asian stocks crept to one-week highs as investors tried to share in the exuberance of Wall Street, where the three main indices seized record peaks for a second straight session.

MSCI’s broadest index of Asia-Pacific shares outside Japan also added 0.3 percent, edging further away from four-month lows hit on Monday.

The Dow closed up 0.35 percent and above 19,000 for the first time. The S&P 500 gained 0.22 percent and the Nasdaq 0.33 percent. Still, the market is starting to look expensive with the S&P 500 trading near 17.3 times forward 12-month earnings, compared to the 10-year median of 14.7, according to StarMine data.

Crude oil prices gave up gains on worries Iran and Iraq were not ready to agree on an OPEC output freeze. Prices earlier rose to the highest level this month on reports cartel members had overcome their internal disputes.

Gold edged lower on after US equities hit all-time highs on market expectations for higher growth and more spending from a Donald Trump presidency. Investors cut holdings for an eighth consecutive session, amid speculation that the Federal Reserve will raise US interest rates next month.

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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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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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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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Nifty reclaims 8200, Sensex rises over 300 pts; Tata Motors up

Dalal Street CapitalHeight9:30 am Downgrades:  Credit Suisse has downgraded cement stocks like UltraTech Cement, Ambuja Cements and discretionary stocks like Asian Paints, Eicher Motors to underperform and Kajaria Ceramics to neutral. It has We reverted to an overweight on IT and pharma.

Neelkanth Mishra of Credit Suisse said, “While there would be significant but short-term growth disruption from demonetisation for most sectors, for some, impact could last longer. It may take years for currency in the black market to replenish, hurting real estate volumes and prices. NBFCs, construction, cement and discretionary demand to be hurt.”

The market has seen a super strong opening after losing 1200 points in last two consecutive sessions. The Nifty is up 95.45 points or 1.2 percent at 8203.90 and the Sensex is up 257.01 points or 0.9 percent at 26561.64. About 781 shares have advanced, 134 shares declined, and 25 shares are unchanged.

NS Venkatesh of Lakshmi Vilas Bank said, “The rupee fell to a 4-month low on expectations that Trump’s policies may boost inflation in the US and lead to higher interest rates. It is expected to take cues from the equity market and also take support from balance of trade published yesterday which was favourable.”

The dollar held near an 11-month high against a basket of currencies as some stability returned to the US bond market following a vicious sell-off, helped by unexpectedly strong data on US October retail sales.

Global markets are higher as the Trump rally continues and oil rebounds.

Asian shares won the reprieve from a rally in Wall Street shares as the sell-off in global bonds and sharp gains in the dollar paused for now.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent in early trade on Wednesday, bouncing back from a four-month low touched the previous day. Japan’s Nikkei rose 1.0 percent to nine-month high thanks to the fall in the yen against the dollar.

On Wall Street, the Dow Jones industrial average rose 0.29 percent to a record high while the S&P 500 gained 0.75 percent.

Since Donald Trump’s unexpected victory in the US Presidential election last week, US shares have rallied while US bond prices tumbled, pushing up their yields sharply, as investors expect higher inflation under his presidency.

Voltas, SCI and Ramco Industries will announce September quarter results today. Oil market companies will be in focus as petrol price was  cut by Rs 1.46 a litre and diesel by Rs 1.53 per litre, reversing the rising trend of the past few weeks.

In the currency space, the dollar held near an 11-month high against a basket of currencies as some stability returned to the US bond market following a vicious sell-off, helped by unexpectedly strong data on US October retail sales.

Saudi energy minister is expected to travel to Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum.

Gold edged higher, snapping a three-session losing streak, on uncertainty over the economic policies of US President-elect Donald Trump. Trump has vowed to boost domestic spending, which has the potential to stoke inflation and dent demand for non-yielding bullion, but the market is seeking more detail on his policies.

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Buzzing Stocks: Corporation Bank, Suzlon gain, while Tata Motors drops

Bussing stocksCorporation Bank soared 13% to Rs 47.65 on the BSE after the bank posted a net profit of Rs 206 crore for the quarter ended September 30, 2016 as compared to Rs 188 crore for the quarter ended September 30, 2015.

Hindalco Industries zoomed 3.8% after the company posted a net profit of Rs 439.7 crore for the quarter ended September 30, 2016 as compared to Rs 123.5 crore for the quarter ended September 30, 2015.

Tata Motors tanked 7.5%. The company has posted a net profit after tax, share of profit of joint ventures and associates of Rs 848 crore for the quarter ended September 30, 2016 as compared to net loss of Rs 1,740 crore for the quarter ended September 30, 2015.

Suzlon Energy rallied 6.7%. The company has posted a net profit of Rs 238 crore for the quarter ended September 30, 2016 as compared to net loss of Rs 202 crore for the quarter ended September 30, 2015.

Reliance Infrastructure slipped 5.7%. The company has posted a net profit after tax, minority interest and share of profit of associates of Rs 571 crore for the quarter ended September 30, 2016 as compared to Rs 426.3 crore for the quarter ended September 30, 2015.

Bank of Baroda climbed 5.7% after the bank posted four-fold rise in net profit at Rs 552 crore for the quarter ended on September 30, 2016, despite increase in bad loans. It had reported a net profit of Rs 124 crore during the same period last fiscal.

Tata Steel fell 5.7%.  The company has posted a net loss of Rs 49.5 crore for the quarter ended September 30, 2016 as compared to net profit of Rs 5,609 crore for the quarter ended September 30, 2015.

Aurobindo Pharma slipped 2.4%.  The pharma company reported 33.5% year-on-year rise in consolidated net profit to Rs 605.64 crore for the quarter ending September mainly on account of robust formulation sales.

BPCL slipped 1.5% after the oil marketing company posted a net profit of Rs 1,305 crore for the quarter ended September 30, 2016 as compared to Rs 1,034.52 crore for the quarter ended September 30, 2015.

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Market may rebound; all eyes on Tata Motors, Tata Steel post Q2

Dalal Street CapitalHeightAfter severe cuts last week, the market is expected to see a bit of rebound as global market stabilise. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early trades while Australian stocks were off 0.5 percent.

The risks of faster-than-expected Federal Reserve rate increases have dragged on emerging market assets, particularly equities and currencies, which have benefited from large capital inflows.

The US dollar scaled an eleven-month peak on Tuesday and Treasury yields extended their rise as investors braced for higher inflation in the United States amid expectations of fiscally expansionary polices under Donald Trump’s presidency.

In the US, after choppy trading late in the session, the Dow ended at a record high while the S&P 500 and the Nasdaq Composite dipped.

On Friday, the Sensex is down 698.86 points or 2.5 percent at 26818.82 and the Nifty is down 229.45 points or 2.7 percent at 8296.30. About 462 shares have advanced, 2223 shares declined, and 146 shares are unchanged. The midcaps underperformed the benchmark indices closing 3.5 percent in the red while the bank stocks slipped more than 2 percent.

In key earnings over the weekend, Tata Motors posts a disappointing set of numbers while Tata Steel delivered a mixed performance but the weak Indian operations expected to weigh on the stock. Bank of Baroda is expected to gain today after slippages halve in the second quarter and gross NPAs remain flat.

In the currency space, the dollar rose to an 11-month high against a basket of major currencies, in step with a jump in US bond yields as traders bet fiscal and trade policies under a Donald Trump administration would stoke inflation.

Nymex crude prices pared losses after falling to their lowest levels in three months yesterday,

As the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output.

Brent, however, is gaining about a percent in early morning trade.

From the precious metals space –gold prices edge up as bargain-hunters were tempted to buy after the metal hit its lowest in 5-1/2 months the previous session.

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Tata Motors plans commercial LNG bus launch by Apr next year

tata-motorsTata Motors, which had launched the country’s first CNG bus fleet, is planning to commercially roll out eco-friendly LNG bus by April next year.

The company had made a pilot-run for the nation’s first LNG (liquefied natural gas) powered bus in Thiruvananthapuram last week and hopes to launch first in Kerala.

The company had unveiled the first LNG bus at the Delhi Auto Expo, 2014.

“If all goes well, we are planning the commercial launch next April. We are working overtime to get regulatory approvals including those from ARAI,” Tata Motors engineering head Ajit Jindal told PTI.

He, however, denied the plans that the company has inked an agreement with Kerala.

“We have not signed any agreement with Kerala as yet or any other state. Kerala is keen to place an order for 1,000 buses with us and we have offered to make 10 percent of that (100) to be LNG-powered,” Jindal said.

“Going forward, if the demand is good we can also offer just chasis,” he said.

When asked about the advantages of LNG over CNG in terms ownership cost for a customer, he said, there is no significant cost advantage over CNG, but coastal states can gain considerably from fuel transportation cost.

From the point of view of diesel, the gains are huge as cost of ownership will be cheaper by around 30 percent, while acquisition cost may be higher by Rs 4-5 lakh, he added.

In terms of ease of usage, the LNG buses offer a great advantage over CNG variants as the dead weight of a CNG cylinder and that of a cryogenic cylinder is huge apart from very low filling time, he said.

“With a full tank, an LNG bus can run as much as 700 km in one filling, while a CNG bus can at best deliver just about 200 km per cylinder,” Jindal said.

He also said an LNG-powered bus (Tata LPO1613), is lighter in weight compared to buses powered by conventional fuels, and has enhanced levels of payload.

Jindal said they have not spent too much on developing this bus which will be sold initially as fully built units of 9 meters or 35 seaters and 12 meters or 50 seaters, the engines are same as that of its CNG buses.

About fuel supply, Jindal said the company is talking to Petronet LNG and Indian Oil to set up special filling stations.

But again he said, no agreement has been reached between them.
From the emission side, LNG being a cleaner fuel can reduce greenhouse gases by 30 percent than diesel.

If it places an order, Kerala will be the first state to explore trial run of LNG-driven technology, he said.

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Live Stock Market Updates – Nifty hovers at 8,400 mark

There is selling pressure seen in the Indian stock market.  Donald Trump elected as US President.

The Indian stock market crashed on opening on Wednesday morning, with the Sensex sinking over 1,600 points while the Nifty slumped to near 8,000 levels.

The Nifty cracked over 400 points but bounced back from its crucial support level of 8,000. The fall in the index was weighed down by losses in realty, power, oil & gas, metal, consumer durable, and banking stocks.

At 12:01 PM, the S&P BSE Sensex is trading at 26,791 down 800 points, while NSE Nifty is trading at 8,243 down 303 points.

The BSE Mid-cap Index is trading down 4.72 % at 12,350, whereas BSE Small-cap Index is trading down 5.74% at 12,303.

Bharti Infratel, HDFC Bank, Power Grid, Lupin are losing sheen on NSE.

All the BSE sectoral indices were trading in the negative territory. Realty, metal, auto and IT are showing weakness on NSE.

The INDIA VIX is up 19.60% at 20.0575. Out of 1,870 stocks traded on the NSE, 1,495 declined, 78 advanced and 297 remained unchanged today.

A total of nine stocks registered a fresh 52-week high in trade today, while 170 stocks touched a new 52-week low on the NSE.

The rupee opened lower by 19 paise at 66.80/$ as against the previous close of 66.61/$.

On the economy front, Prime Minister Narendra Modi to abolish the Rs 500 and Rs 1,000 notes on Tuesday. Nearly 40 percent of the economy is driven by small- and medium-sized enterprises that largely run on cash transactions.

intraday-tips

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

sensex

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

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

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

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

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

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

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

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

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

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

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