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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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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Sensex, Nifty rangebound; Cap Goods, Metals indices up

Stock Market Updates CapitalHeightAfter a brief rally, the market continued to slip. The Sensex is up 78.69 points or 0.3 percent at 26039.47 and the Nifty is up 17.45 points or 0.2 percent at 8019.75. About 1423 shares have advanced, 682 shares declined, and 107 shares are unchanged.

L&T, Asian Paints, Tata Steel, Lupin and Sun Pharma are top gainers while HDFC, Wipro, BHEL, Maruti and GAIL are losers in the Sensex. Gold prices were up by Rs 59 to Rs 29,162 per 10 grams in futures trade today as speculators raised their bets even as metal weakened overseas.

Market analysts attributed the rise in gold prices at futures trade to widening of positions amid a better trend in precious metals overseas.

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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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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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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 Steel in red again; posts Q2 net loss of Rs 49.38 cr

tata-steelTata Steel   today reported a consolidated net loss of Rs 49.38 crore for the second quarter ended September 30, 2016-17.

It had posted net profit of Rs 5,609.43 crore in the same quarter of last fiscal 2015-16.

The total consolidated income of the steel giant rose marginally to Rs 27,471.15 crore in July-September quarter of the current fiscal, from Rs 27,456.30 crore a year ago.

The firm’s total expenses were however lower at Rs 25,968.85 crore, as against Rs 26,988.65 crore.

On a quarter-on-quarter basis, the firm managed to narrow its net loss. Tata Steel had reported consolidated net loss of Rs 3,183.07 crore in the April-June quarter.

Total consolidated income rose 4 per cent sequentially from Rs 26,406.10 crore in June quarter this fiscal to Rs 27,471.15 crore in September quarter.

Tata Steel said it has been directed by promoter, Tata Sons, to convene an extraordinary general meeting (EGM) to remove the steel major’s Chairman Cyrus P Mistry and independent director Nusli N Wadia.

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Tata Steel Q2 FY17 net loss at Rs 49.5 crore

tata-steelTata Steel Ltd has announced the following results for the quarter ended September 30, 2016:

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.

Total Income has decreased from Rs 27,582.6 crore for the quarter ended September 30, 2015 to Rs 27,579.6 crore for the quarter ended September 30, 2016.

On a standalone basis, the company has posted a net profit of Rs 2495.60 million for the quarter ended September 30, 2016 as compared to net loss of Rs 288.5 crore for the quarter ended September 30, 2015. Total Income has increased from Rs 10,765.8 crore for the quarter ended September 30, 2015 to Rs 11,882.9 crore for the quarter ended September 30, 2016.

BSE 426.85 [10] ([2.29]%)
NSE 426.50 [10.50] ([2.40]%)

Live Stock Market Updates – Sensex, Nifty consolidate gain

sensex

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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