Live Markets Commentary
Sify Editors @ 4:30 PM
Sensex gains nearly 300 points as stocks rally on global cues, GST hopes
After opening on a cautious note with a slightly negative bias, the Indian stock market rallied into positive territory and gained in strength as the session progressed on Monday to close on a buoyant note.
Firm global markets and expectations that GST Bill will be passed in the monsoon session of parliament drove up stock prices. Hopes of fresh stimulus by the Japanese central bank and expectations that the U.S. Federal Reserve will keep interest rates unchanged after its meeting later this week, helped lift sentiment.
The BSE benchmark Sensex ended up 292.10 points or 1.05% at 28,095.34, slightly off the day's high of 28,110.37. The Nifty50 of the National Stock Exchange closed at 8635.65, gaining 94.45 points or 1.11%. The Nifty50 hit a high of 8641.15. While the Sensex hit a fresh 11 month high, the Nifty recorded its best level since 23 July 2015.
In the forex market, the rupee was trading at 67.28 against the U.S. dollar around late afternoon, down from its previous close of 67.08.
Bank, realty and consumer durables stocks rallied. Shares of state-run oil companies were in focus on reports that the government is likely to start consultations on a plan to merge thirteen state run oil firms, aiming to take on global oil majors.
Sify Editors @ 3:45 PM
Key Indian stock indices Sensex and the Nifty50 hit fresh 52-week highs and ended on a buoyant note today.
Firm global markets and expectations that GST Bill will be passed in the monsoon session of parliament drove up stock prices.
The Sensex ended up 292.10 points or 1.05% at 28,095.34.
The Nifty50 closed at 8635.65, up 94.45 points or 1.11%.
Bank, oil, realty and consumer durables stocks rallied.
Automobile, capital goods, IT and power stocks too mostly closed higher.
Telecom, metal and FMCG stocks ended on a mixed note.
Midcap and smallcap stocks had a good outing.
The market breadth was strong.
Sify Editors @ 3:35 PM
Buy Sobha (Rs 321) at sharp declines for medium to long term.
Sify Editors @ 3:25 PM
Hold KEC International with a stop loss around Rs 132 for short term. One looking at long term can buy the stock at declines.
Sify Editors @ 3:20 PM
Sensex gains over 300 points, set for buoyant close
The Indian stock market is well on course to end on a buoyant note today, with the bulls turning quite agressive this afternoon on hopes the GST bill will be passed in parliament this week.
A positive close in most of the markets in Asia and a firm start in Europe contribute as well to the upmove here.
The Sensex is up 305.10 points or 1.1% at 28,108.34. The Nifty50 is up 98.05 points or 1.15% at 8639.25.
Sify Editors @ 3:05 PM
Hold BHEL. Fresh buying can be considered at declines.
Sify Editors @ 2:40 PM
Buy Oil India. Add more in small quantities at declines.
Sify Editors @ 2:15 PM
The Indian stock market has moved up sharply this afternoon, led by gains in the banking space. The overall mood, which was quite cautious early on in the session, has turned slightly bullish amid hopes the government will speed up economic reforms.
The Sensex is up by about 265 points or 0.95% at 28,068.21. The Nifty50 is up 84.20 points or 0.99% at 8625.40.
Sify Editors @ 2:00 PM
PSU oil shares retreat after smart rally
Shares of state-run oil companies are in focus today on reports that the government is likely to start consultations on a plan to merge thirteen state run oil firms, aiming to take on global oil majors.
If the 13 PSU oil companies are merged, the revenue of the entity would be significantly higher than global energy major Chevron and its market value be more than that of Russian oil major Rosneft.
It is reported that the government is looking at whether the consolidated entity can include all non-corporate government bodies in the oil sector such as Oil Industry Development Board, Petroleum Planning and Analysis Cell and Petroleum Conservation Research Association.
In 2005, the Congress-led UPA government had planned to merge state-run oil & gas companies, but decided not much later to drop the move after the official committee formed to study the idea advised against the proposal.
Shares of Hindustan Petroleum Corporation (4%), Indian Oil Corporation (3.2%) and BPCL (2%) are up sharply despite coming off the day's highs.
ONGC is gaining about 1.3% and Oil India is up marginally, while GAIL India is slightly weak. Chennai Petroleum Corporation (5.5%) and Mangalore Refinery & Petrochemicals (8.5%) are up with handsome gains.
BPCL, Indian Oil Corporation and MRPL hit fresh 52-highs today. Chennai Petroleum Corporation recorded its highest level in six years.
Sify Editors @ 1:45 PM
Buy Reliance Communications for medium term. Add on dips.
Sify Editors @ 1:30 PM
Indian shares rose on Monday, with recent under-performers such as Infosys and State Bank of India recovering on improved sentiment following assurances from global policymakers on the need to boost growth.
Policymakers from the Group of 20 countries agreed at the weekend to work to support global growth and better share the benefits of trade, in a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism.
Overall sentiment was however still cautious given uncertainty surrounding whether the current session of parliament will pass the Goods and Services Tax (GST) bill and as investors awaited other corporate earnings.
"Markets are receiving mixed signals over the uncertainty clouding GST as of now but if it's passed then FII (foreign institutional investor) inflow will increase, which could benefit the market," said Vinod Nair, head of research with Geojit BNP Paribas Financial Securities
The broader NSE Nifty was trading 0.5 percent higher as of 0712 GMT, while the benchmark BSE Sensex also rose 0.5 percent.
Sify Editors @ 1:05 PM
Axis Bank shares fall on weak June-quarter results
Shares of Axis Bank, India's third-biggest private sector lender, fall as much as 3.6 pct to 518.50 rupees, their lowest since June 29.
Bank reports on Friday June-qtr net profit of 15.56 bln rupees ($231.55 mln), over 4 bln rupees short from a year earlier.
Net NPA rose to 1.08 pct versus 0.70 pct in the previous quarter.
Profit missed expectations for a second consecutive quarter.
Up to Friday's close, stock had risen 19.7 pct this year, compared with 9.3 pct gain in the Nifty Financial Services index.
($1 = 67.2000 Indian rupees)
Sify Editors @ 12:45 PM
After opening on a cautios note with a negative bias, the Indian stock market has moved higher with investors indulging in some strong buying at a few front line counters.
Amid weakness in global markets, investors are tracking results from India Inc and other corporate news for direction.
Reports that the government is set to start consultations for an ambitious plan to merge 13 state oil firms to create a giant corporation also aid sentiment.
The Sensex is up 143.25 points or 0.51% at 27,946.49, slightly off the day's high of 27,961.16. The Nifty50 of the National Stock Exchange is up 44.40 points or 0.52% at 8585.60.
Sify Editors @ 12:30 PM
Buy Indiabulls Housing Finance. Add at declines for medium term.
Sify Editors @ 12:00 PM
ITC looks good for medium to long term. Take modest exposure at current levels and go in for more at declines.
Sify Editors @ 11:30 AM
Buy Larsen & Toubro at sharp declines. The stock may see modest upside in the near term.
Sify Editors @ 11:10 AM
Cairn India, Vedanta edge higher after weak start
Shares of Cairn India and Vedanta are in focus following the boards of the two companies revising the final terms and conditions for the merger deal to be more attractive to minority shareholders.
After opening lower and declining to Rs 162.85, Vedanta shares are currently up 1.3% at Rs 171.80. Cairn India too have turned positive after a weak start. At Rs 193.25, Cairn India is up 0.65% from its previous close. Both Vedanta and Cairn India had ended with strong gains on Friday.
As per earlier proposal, each Cairn India share was to get one share of Vedanta and one redeemable preference share. Now, under the new terms, Vedanta will give one share and four redeemable preference shares for each share in Cairn India.
If the takeover is to take effect, the country's largst life insurer Life Insurance Corporation of India and the U.K.- based Cairn Energy Plc will have to approve the deal and also form part of the board of Vedanta. Once done, the deal will give Vedanta the access to Cairn India's cash pile of around $3.5 billion.
Vedanta announced that rising commodity prices and the company's engagement with shareholders caused it to amend the terms of the deal. Vedanta Resources had bought bought 58.5% in Cairn India from Cairn Energy Plc for $8.67 billion in 2011. Vedanta currently holds 59.88% stake in Cairn India.
The shareholders of Vedanta and Cairn India will get an opportunity to vote on the new offer in September.
Sify Editors @ 10:50 AM
Buy State Bank of India for medium to long term gains. Keep a stop loss at Rs 210 for near term.
Sify Editors @ 10:35 AM
Hold Punjab National Bank (Rs 125) for long term. Add small quantities at declines.
Sify Editors @ 10:20 AM
Stay invested in Biocon (Rs 815) if looking at medium to long term. Fresh buying can be considered at sharp declines. For short term, keep a stop loss around Rs 755.
Sify Editors @ 10:00 AM
Sensex down 50 points amid cautious trades; Axis Bank declines on results
The Indian stock market is trading lower Monday morning, with investors treading cautiously amid weak global cues.
With the government likely to list the GST Bill for discussion in the Rajya Sabha and a slew of corporate earnings reports due over the next few days, investors are a bit wary of making big moves for now.
The BSE benchmark Sensex is down by about 50 points or 0.2% at 27,753.23, coming off a low of 27,736.51. The Nifty50 of the National Stock Exchange is down 13 points or 0.14% at 8528.20.
In the forex market, the rupee is trading at 67.19 against the U.S. dollar, down from its previous close of 67.08 a dollar.
Axis Bank is down by about 2% on disappointing results. Axis Bank announced that its net profit declined 21.37% to Rs 1555.53 crore in the quarter ended June 2016, compared to the year-quarter. Total income was up 13.22% in the first quarter. The drop in net profit was due to a sharp 88.73% surge in provisions and contingencies.
Sify Editors @ 9:45 AM
The 30-scrip Sensitive Index (Sensex), was trading 60.35 points or 0.22 per cent lower during the morning session.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 13.40 points or 0.16 per cent lower at 8,527.80 points.
The Sensex of the BSE, which opened at 27,753.96 points, was trading at 27,742.89 points (at 9.17 a.m.) in the early session, lower 60.35 points or 0.22 per cent from the previous day's close at 27,803.24 points.
The Sensex touched a high of 27,775.57 points and a low of 27,736.51 points in the trade so far.
Sify Editors @ 9:15 AM
The market has opened flat on Monday with the Nifty below 8550.
The 50-share index is down 21.65 points or 0.2 percent at 8519.55 and the Sensex is down 57.53 points or 0.2 percent at 27745.71.
Sify Editors @ 2:00 PM
Week Ahead: Quarterly results, global factors to set the trend
The Indian stock market, which stayed in a tight range for most part of last week, is likely to see some wild swings in the coming week, with traders reacting to crucial quarterly results, trend in global markets and the rupee and crud oil's movements.
Activity ahead of expiry of July series derivatives contracts is also expected to render price movements quite volatile at times.
Maruti Suzuki, Dr Reddy's Laboratories, HDFC, Bajaj Auto, Larsen & Toubro, ICICI Bank, Bharti Airtel, ACC, Ambuja Cements and Asian Paints will announce their quarterly results next week.
Zee Entertainment Enterprises, Bharti Infratel, Eicher Motors and Yes Bank are some of the other top notch companies that are scheduled to announce their results next week.
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 31187.17||Rs. 47160.00|
|Mumbai||Rs. 32780.75||Rs. 47160.00|
|Delhi||Rs. 31978.61||Rs. 47160.00|
|Kolkata||Rs. 32609.63||Rs. 47160.00|
|Kerala||Rs. 30374.33||Rs. 47160.00|