Live Markets Commentary
Sify Editors @ 4:10 PM
Sensex ends 457 points up as stocks rally on global cues
The BSE benchmark rose to a one-week high and the Nifty50 of the National Stock Exchange spurted to a 3-week high, as stocks rallied on the Indian bourses on Thursday, tracking positive global cues and on slightly easing concerns about liquidty in the economy following the central bank withdrawing the incremental CRR requirement.
Expectations that the European Central Bank will extend its stimulus to spur Eurozone economic growth contributed as well to market's smart upmove.
The Sensex ended up 457.41 points or 1.74% at 26,694.28, slightly off the day's high of 26,733.87. The Nifty50 gained 144.80 points or 1.79% as it settled at 8246.85, after scaling a high of 8256.25 intraday.
In the forex market, the rupee was trading at 67.42 against the U.S. dollar around late afternoon, up 0.32% from its previous close of 67.64.
Sify Editors @ 3:40 PM
The Indian stock market ended on a buoyant note on Thursday, with the bulls staging a strong comeback.
Positive lead from global markets amid hopes the ECB will extend stimulus and slightly easing concerns about liquidity set up a bright start and stocks gained in strength as the day progressed.
The Sensex ended up 457.41 points or 1.74% at 26,694.28.
The Nifty50 climbed 144.80 points or 1.79% to 8246.85.
Except telecom and to some extent healthcare stocks, stocks from other sectors had a strong outing.
Automobile and metal stocks were the star performers.
FMCG, capital goods, bank, oil, consumer durables, power and realty stocks saw some strong buying.
Several stocks from midcap and smallcap segments rose sharply.
The market breadth was pretty strong.
Sify Editors @ 3:10 PM
Hold State Bank of India (Rs 260). Add at declines for medium term.
Sify Editors @ 2:50 PM
Bharat Forge looks good for medium term. Stay invested in the stock and add at declines.
Sify Editors @ 2:30 PM
Buy Reliance Industries on dips for medium term. Modest upside in the near term is not ruled out.
Sify Editors @ 1:50 PM
Crompton Greaves declines on weak results, termination of power business sale deal
Crompton Greaves is down sharply today after the company announced the termination of the deal with Pauwels Spaco Limited, a Special Purpose Vehicle of first reserve for sale of its power business in Europe, North America and Indoneisa.
Crompton Greaves shares tumbled to Rs 60.05 this morning, losing nearly 9% in the process. Despite having recovered to Rs 62.10 now, the stock is still deep down in negative territory, with a loss of around 5.7%.
On BSE, the Crompton Greaves counter has clocked a volume of 32.61 lakh shares so far in the session, as against an average daily volume of 7.61 lakh shares. On the National Stock Exchange, over 33 million shares have been traded so far at the Crompton Greaves counter today.
It may be recalled that in May 2016, Crompton Greaves, along with its subsidiaries, CG International BV and CG International Holdings Singapore PTE, had signed a SPA with Pauwels Spaco – an SPV of First Reserve, for the sale of the Company’s transmission & distribution business outside India.
The company said in a press release that certain conditions precedents to the Share Purchase Agreement continue to remain unfulfilled and that the fulfillment of the same is beyond the reasonable control of the parties in the multi-geography/product line international power business of the company.
Following a review of the situation, the parties to the agreement decided not to further pursue the completion and the SPA consequently stands terminated, the filing from the company said.
Crompton Greaves has stated that it will continue to explore alternative geography and product wise options for sale of its international power business, while continuing the strategic initiatives for improving overall operational efficiency of the international power business.
Besides news of the termination of the deal, Crompton Greaves' reverse turnaround results too contributed to the sell-off at the counter. The company reported consolidated net loss of Rs 10.41 crore for the quarter ended September 2016, as against net profit of Rs 10.58 crore in the corresponding quarter of the previous financial year.
On standalone basis, Crompton Greaves posted a net profit of Rs 89.94 crore for the quarter ended September 30, 2016 as compared to Rs 101.16 crore for the quarter ended September 30, 2015. Total income increased from Rs 1189.73 crore for the quarter ended September 30, 2015 to Rs 1277.01 crore for the quarter ended September 30, 2016.
Sify Editors @ 1:15 PM
Sensex spurts more than 400 pionts as buying gathers momentum
The Indian stock market remains high up in positive territory this afternoon, as buying continues at several large and midcap counters, on positive global cues ahead of the European Central Bank's monetary policy meeting.
The ECB is widely expected to extend its stimulus measures to spur eurozone economic growth. Positive outlook for the U.S. economy is also aiding sentiment back home.
Following the Reserve Bank of India withdrawing the incremental Cash Reserve Ratio requirement, concerns about liquidity in the economy have subsided a bit and this is helping the market too.
The Sensex, which soared to 26,645.47, is now up 387.30 points or 1.5% at 26,624.17. The Nifty50 of the National Stock Exchange is up 127.40 points or 1.57% at 8229.45.
Automobile and metal stocks are up with strong gains. Stocks from consumer discretionary, FMCG, information technology, banking, capital goods, oil and realty sectors are also mostly notably higher. Power stocks are exhibiting a mixed trend. Pharmaceuticals stocks are mostly subdued following the US President elect Donald Trump stating that he would bring down the prices of prescription drugs.
Sify Editors @ 12:40 PM
Buy NTPC (Rs 162) on dips. Keep a stop loss around Rs 140.
Sify Editors @ 12:20 PM
Bosch looks poised for further upside in the near to medium term. Hold.
Sify Editors @ 12:00 PM
Hold Punjab National Bank with a stop loss around Rs 120. Buy at declines for medium term.
Sify Editors @ 11:40 AM
Metal stocks are faring well this morning, with overall positive sentiment in the market thanks to positive leads from global markets and positive news from Tata Steel aiding the rally.
Jindal Steel & Power is up nearly 4%. Vedanta is gaining 3.7%, Tata Steel is rising 3.5% and SAIL is trading 3% up, Hindalco is advancing 2.6% and NMDC is up 2.3%. Coal India, Hindustan Zinc and JSW Steel are up 1.5% - 2%, while Nalco is gaining about 0.7%.
Sify Editors @ 11:10 AM
Tata Steel rises as UK units enters into agreement with Trade Unions
Tata Steel is trading more than 3% up at Rs 425 this morning, on fairly strong volumes following the company's UK unit reaching an agreement with trade unions for the closure of its defined pension scheme to future accrual.
Shares of Tata Steel Limited opened at Rs 416.10 this morning, a positive gap of nearly 1%, and advanced to Rs 426.50 and is now within a striking distance of a 52-week high of Rs 440.90 it had touched on November 10. The stock had tumbled to a low of Rs 211.30 on February 12 this year.
Tata Steel has announced that its UK unit, Tata Steel UK has reached an agreement with the trade unions to progress towards the closure of its defined benefit pension scheme to future accrual.
That the unit has reached an agreement with trade unions on several proposals is expected to structurally reduce risks and help the firm secure a sustainable future for its UK business.
Employees at Tata Steel UK would be offered a competitive defined contribution scheme as part of the proposal for the closure of the British Steel pension scheme to future accrual.
Tata Steel UK and trade unions have also reportedly agreed on the principle that subject to the structural de-risking and de-linking of the British Steel Pension Scheme fund from the business, Tata Steel UK will continue the existing blast furnace configuration in Port Talbot until 2021.
Following this, the company will continue to invest across the UK sites to enhance the competitive position of Tata Steel UK in the European steel industry.
A pact that will support workers through future changes by investing in their skills to support digital initiatives, plant upgrades and automation, has also been offered for the employees.
The company has also offered an employment pact until 2021 which supports employees through future changes by investing in their skills to support further plant upgrades, automation and other digital initiatives.
Sify Editors @ 10:45 AM
Stay invested in Tata Motors and Maruti Suzuki for fairly decent medium term gains. Fresh buying can be considered at sharp declines.
Sify Editors @ 10:15 AM
Buy Vedanta for some near term gains. Investors looking at medium term can buy at declines.
Sify Editors @ 9:45 AM
Indian equity market indices open in green
The Sensitive Index (Sensex) of the BSE, which had closed at 26,236.87 points on Wednesday, opened higher at 26,366.52 points. Minutes into trading, it was trading at 26,368.64 points, up by 131.77 points, or 0.50 percent.
At the National Stock Exchange (NSE), the broader 51-scrip Nify, which had closed at 8,102.05 points, was quoting at 8,168.90 points, up 66.85 points or 0.83 percent.
Indian equity markets plunged on Wednesday after the Reserve Bank of India (RBI) decided to keep its key lending rates unchanged in its fifth bi-monthly monetary policy of 2016-17. Investors' sentiments were subdued as the RBI lowered the forecast for India's economic growth rate to 7.1 per cent from an earlier 7.6 per cent.
Sify Editors @ 9:15 AM
Sensex soars 325 pionts as stocks open on buoyant note
The Indian stock market is up sharply Thursday morning, with traders indulging in some hectic buying across the board, betting on hopes the RBI's decision to withdraw the incremental Cash Reserve Ratio requirement will help improve liquidity in the economy.
Further, the central bank's views that the impact of demonetisation on GDP growth is unlikely to be any significantly negative helped bolster sentiment.
A firm trend in Asian markets on the back of overnight rally on Wall Street is helping as well.
The BSE benchmark Sensex is up 325 points or 1.24% at 26,561.87. The Nifty50 of the National Stock Exchange is up 84.40 points or 1.03% at 8186.45.
In the forex market, the rupee opened at 67.53 against the U.S. dollar, up 10 paise from its previous close of 67.63.
Mirroring the buoyant mood, all the sectoral indices are up in green. Metal and automobile stocks are among the most prominent gainers. Several key stocks from information technology, banking, capital goods, consumer durables, power, realty and oil sectors are also trading sharply higher, while pharmaceuticals stocks are subdued.
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 29272.73||Rs. 41630.00|
|Mumbai||Rs. 29700.53||Rs. 41630.00|
|Delhi||Rs. 29732.62||Rs. 41630.00|
|Kolkata||Rs. 29251.34||Rs. 41630.00|
|Kerala||Rs. 28556.15||Rs. 41630.00|