Live Markets Commentary
Sify Editors @ 4:30 PM
Sensex ends 89 points up; Bank stocks rise
Indian stock indices Sensex and the Nifty50 ended modestly higher amid stock specific activity on Friday. After a steady start and a subsequent smart upmove, the market moved in a tight band till around mid afternoon, and then after seeing some upside, pared some gains in the final minutes.
A positive lead from Asian markets and strong buying in the banking space after the finance minister Arun Jaitley said that the finance ministry and the central bank have taken a crucial policy decision on dealing with bad loans of banks lifted the indices higher in early trades.
The BSE benchmark Sensex ended up 89.24 points or 0.3% at 29,421.40, after scaling a low of 29,350.17 and a high of 29,539.85 intraday. The Nifty50 of the National Stock Exchange, which swung between 9089.50 and 9133.55, ended at 9108.00, gaining 21.70 points or 0.24%.
Sify Editors @ 3:30 PM
Federal Bank (Rs 89) looks good on the charts. A rise to Rs 94 - 96 looks very likely. Hold with a stop loss at Rs 84.
Sify Editors @ 3:00 PM
PNC Infratech (Rs 116) looks good. The company has emerged the lowest bidder among a total of six bidders, for two hybrid annuity highways contracts.
Sify Editors @ 2:30 PM
Avenue Supermarts (D-Mart), which made a sensational debut earlier this week, gaining 115% on its first outing, and advanced to Rs 657.45 in the next session, is down by about 2% at Rs 622 now.
The stock had declined to Rs 612.60 earlier in the session.
Investors, who got allotment in the IPO can consider taking some profits at current levels and look at adding small quantities at sharp declines.
Sify Editors @ 2:00 PM
Skipper vaults to 14-month high after company bags Rs 405 crore order
Skipper Limited shares hit a 14-month high at Rs 177.90 today, after the company said that it has bagged contracts worth Rs 405 crore for supply of transmission towers to the projects of Power Grid Corporation of India, Transmissions Corporation of Telengana and Power Transmission Corporation of Uttrakhand.
Over 1.6 lakh shares have changed hands at the Skipper counter on BSE so far in the session, nearly seven times the average daily volume of around 24,000 shares. On the National Stock Exchange, the counter has clocked a volume of nearly 7.28 lakh shares so far today.
Sify Editors @ 1:30 PM
Edelweiss Financial Services (Rs 140) is likely to edge higher, riding on positive ratings from Crisil and ICRA for the proposed short term debt issue aggregating to Rs 2000 crore of the company.
Sify Editors @ 1:00 PM
Indian Overseas Bank and IDBI Bank are likely to see the going a bit tough in the near term following the central bank placing these banks under watch list and advising them to stay off risky assets in order to not further stress their financial health.
Sify Editors @ 12:30 PM
Airlines stocks move north on strong volumes
All the three airlines stocks, Jet Airways, SpiceJet and Indigo, are on a trip up north today on fairly impressive volumes.
Jet Airways is rising 2.3% on strong volumes. On the National Stock Exchange, the stock rose to Rs 494.80 before giving up some gains. The Jet Airways counter on NSE has clocked a volume of nearly 2.2 million shares so far in the session. On BSE, the Jet Airways counter has clocked a volume of around 3.18 lakh shares so far.
The SpiceJet stock, which has moved past Jet Aiways in terms of market capitalisation, is also trading notably higher today. The stock is trading 2.7% up at Rs 96. The stock touched a high of Rs 97.40 earlier this morning, hitting its higest in neary 7 years, after having opened at Rs 94.40. SpiceJet's market value stands at approximately Rs 57.58 billion. Over 7.8 million shares have changed hands so far at the SpiceJet counter on BSE today.
Meanwhile, Interglobe Aviation (Indigo), which holds the top spot among airlines stocks in terms of market capitalisation, is up 4.5% at Rs 1020, after hitting a high of Rs 1045 earlier in the session. On BSE, the Indigo counter has clocked a volume of 1.67 lakh shares so far in the session, more than thrice the average daily volume witnessed at the counter.
Sify Editors @ 12:00 PM
Bharti Airtel to acquire Tikona's 4G business; Stock pares some gains after strong upmove
Telecom stock Bharti Airtel is trading firm Friday morning, with the company's deal with Tikona Digital Networks to acquire the latter's 4G business including broadband wireless acess spectrum attracting investors to the counter.
Bharti Airtel announced that it has entered into a definitive agreement with Tikona Digital Networks (Tikona) to acquire Tikona's 4G business including broadband wireless access (BWA) spectrum and 350 sites, in five telecom circles for about Rs 1600 crore. Bharti Airtel will fund the acquisition by way of cash and debt.
The acquistion is expected to be completed within sixty days. Once through, Bharti Airtel expects to roll-out high speed 4G services on the newly acquired spectrum in the five circles.
The acquisition, to be made through Bharti Airtel's subsidiary Bharti Hexacom Limited, will give the telco a Pan India footprint in the 2300 MHz band and bolster the company's spectrum holding in all the five circles.
Bharti Airtel shares rallied to Rs 348 in early trades, and despite having eased to Rs 342.80 now, still remains fairly well placed in positive territory with a gain of 1.2%.
Sify Editors @ 11:30 AM
Sensex rises for 2nd day as FM's comment boosts lenders
Indian shares rose for a second consecutive session as lenders such as State Bank of India rallied after Finance Minister Arun Jaitley said the government would soon announce new measures to tackle non-performing assets (NPAs).
The government and the Reserve Bank of India would announce the measures in "a couple of days", Jaitley said at a CNBC-TV18 event.
Lenders also got a boost from expectation of good demand for Yes Bank's up to $750 million share sale announced on Thursday.
But broader sentiment remained cautious, with the NSE index poised to record its first weekly loss in three, retreating from a record high hit last week.
"Yes Bank's Qualified Institutional Placement yesterday was subscribed at almost 1,500 rupees per share and this has improved the sentiment in the sector, resulting in a rally in bank stocks. The finance minister's statement on the NPAs issue too was a positive," said Rakesh Tarway, head of research at Reliance Securities Ltd.
The broader NSE index was up 0.44 percent at 9,126 by 0510 GMT, while the benchmark BSE index was 0.52 percent higher at 29,484.97.
Sify Editors @ 11:00 AM
Bank stocks in demand; Bankex, Nifty Bank slightly down from record highs
Bank stocks, which got off to a firm start, continue to trade in positive territory thanks to sustained buying support.
The sector is seeing some brisk buying today on the back of a statement from finance minister Arun Jaitley that the finance ministry and the Reserve Bank of India have taken a crucial policy decision on dealing with bad loans of Indian banks. Jaitley said an announcement in this regard will be made in a few days.
The BSE Bankex is up 1.2%. The Nifty Bank is up 1.1%, Nifty PSU Bank index is rising 2.7% and Nifty Pvt Bank index is up 1.05%.
The BSE Bankex, which registered a high of 24,346.02 last Friday (17 March 2017), is currently at 24,042.50. The Nifty Bank index, at 21,124.00, off the day's high of 21,144.50, is not far off its all-time high of 21,336.05, recorded recently.
Among the top stocks in the banking space, ICICI Bank is up 3.2%, State Bank of India is gaining 2.5%, Punjab National Bank is up 2.8%, Bank of India is gaining 4.2%, Bank of Baroda is rising 3.75% and Federal Bank is up 2.4%. Yes Bank, Axis Bank and IndusInd Bank are up 0.7% - 1.2%, while HDFC Bank and Kotak Bank are around their previous closing levels.
Syndicate Bank, Oriental Bank of Commerce, Allahabad Bank, Union Bank of India and Andhra Bank are up 2.3% - 4%. City Union Bank, Karur Vysya Bank and IDFC Bank are gaining 1% - 1.75%, while IDBI Bank is modestly higher.
Sify Editors @ 10:30 AM
Siemens (Rs 1253) looks good for near to medium term. The company's fairly strong order book is likely to drive the stock up by about 5% - 10% in the near to medium term. Keep a stop loss around Rs 1170.
Sify Editors @ 10:00 AM
Sensex up 117 points, led by gains in bank stocks
The Indian stock market is modestly higher Friday morning, with investors tracking positive cues from Asian peers and indulging in some selective buying.
Wall Street ended lower overnight after U.S. lawmakers deferred a vote on a healthcare bill. The bill intends to replace the Affordable Care Act.
The BSE benchmark Sensex is up 116.78 points or 0.4% at 29,448.94. The Nifty50 of the National Stock Exchange is up 30.30 points or 0.33% at 9116.30.
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 41332.00||Rs. 29647.06|
|Mumbai||Rs. 41332.00||Rs. 30417.11|
|Delhi||Rs. 41332.00||Rs. 30053.48|
|Kolkata||Rs. 41332.00||Rs. 30224.60|
|Kerala||Rs. 41332.00||Rs. 29197.86|