Live Markets Commentary
Sify Editors @ 4:35 PM
Indian shares closed little changed on Tuesday as investors were cautious ahead of Federal Reserve Chair Janet Yellen's speech later this week at the gathering of central bankers in Jackson Hole, Wyoming, for further cues on U.S. interest rates.
The benchmark BSE Sensex ended 0.02 percent higher at 27,990.21, while the broader NSE Nifty closed up 0.04 percent at 8,632.60.
Sify Editors @ 4:15 PM
Sensex, Nifty end flat; Infosys, TCS move up
The Indian stock market ended flat on Tuesday, after a highly volatile session. While the overnight weak close on Wall Street and subdued Asian markets resulted in a subdued start and a subsequent weak spell for the Indian market, a steady trend in Europe pulled stocks out of the red in late afternoon trade.
Recent weak data on inflation and industrial production weighed on sentiment even as some interesting corporate news triggered some hectic buying in some top and second rung stocks.
The BSE benchmark Sensex ended up 4.67 points or 0.02% at 27,990.21, after scaling a low of 27,854.43 and a high of 28,028.98 intraday. The Nifty50 of the National Stock Exchange closed up 3.45 points or 0.04% at 8632.60. The Nifty touched a low of 8580.00 and a high of 8642.15 during the session.
Sify Editors @ 3:55 PM
Sensex ends just 4.67 points higher. Nifty 50 ends 3.45 points up with 24 advances and 27 declines.
Welspun India continued to reel, falling 19.98% to Rs 66.10. The stock Stock has been hit ever since its second biggest customer Target Corp said on Friday it was severing ties with Welspun India over a cotton supply dispute. Monday's 20% slump was its worst day since Jan 2008.
The National Stock Exchange (NSE) on Tuesday has named four banks, including Citigroup and Morgan Stanley, to manage its planned initial public offering of shares next year.
The country's biggest bourse said in June it would file for a domestic initial public offering (IPO) by January 2017, and would also pursue one abroad.
Oberoi Realty's target price has been raised by HSBC from Rs 250 to Rs 260. The stock is down Rs 2.50 at Rs 311 at the moment.
Deutsche Bank has made a big cut to Just Dial target price - bringing it down from Rs 1000 to Rs 600. It has though retained the buy rating on the stock
Good morning and welcome to our coverage of the markets on a morning when Asian shares inched ahead while oil fell for a second session on Tuesday, as investors awaited guidance on whether the Federal Reserve will raise US interest rates this year.
The whole world seems to have hushed ahead of comments from Fed Chair Janet Yellen at the central bank's annual meeting in Jackson Hole on Friday. Investors still doubt the stars will align for a hike anytime soon, so a hawkish tone from Yellen would challenge that equanimity.
"Ever so slowly, the market does seem to be reluctantly acknowledging the chorus of senior Fed speakers who have suggested recently that a 2016 rate hike is still quite probable and September is 'live'," wrote analysts at ANZ in a note.
"But in reality, the response has been very muted."
A deputy governor at the Reserve Bank of India (RBI) since 2013, Patel is due to replace outgoing RBI governor Raghuram Rajan on Sept. 4.
Patel headed a panel that recommended landmark changes to monetary policy in India, including a switch to inflation-targeting and the creation of a committee to set interest rates, and his views are seen as closely aligned to Rajan's.
As such traders expect Patel to keep the repo rate on hold at the RBI's next policy review on Oct. 4 after inflation accelerated to 6.07 percent in July, above the RBI's near-term target of 5 percent.
"Patel is more of an inflation-focused guy and effectively with the inflation rate going up, expectations of a deep rate easing have diminished", said Dhananjay Sinha, head of research at Emkay Global Financial Services.
The broader NSE index was down 0.5 percent at 8,622.95 as of 0720 GMT, after falling 0.07 percent in the previous session. The benchmark BSE index was 0.47 percent lower at 27,947.27.
The Nifty Bank index dropped 0.61 percent, with
State Bank of India and Punjab National Bank
falling 1 percent each. The Nifty PSU Bank index was
down 0.8 percent.
Stay invested in Bharat Forge for medium term gains.
Sify Editors @ 12:55 PM
Buy Bata India for medium term. For short term, keep a stop loss around Rs 520.
Sify Editors @ 12:25 PM
ITC is a good buy if one is looking at long term. Buy at declines.
Sify Editors @ 12:05 PM
Fortis Malar Hospitals hits the roof
Fortis Malar Hospitals Limited shares hit the roof this morning, rising 20% to Rs 68.50, buoyed by an announcement from Fortis Healthcare that its board has approved demerger of its diagnostics business into Fortis Malar Hospitals.
This move by the Fortis Group is to ensure independent growth of hospital as well as diagnostics business verticals.
Shares of Fortis Healthcare Limited started off on a firm note and rose to Rs 194.40, but retreated subsequently and slipped into negative territory. At Rs 186, the stock is now down by about 1%.
Before demerger, the Hospital business will be sold to Fortis Healthcare by way of a slump sale for a cash consideration of Rs 43 crore. After demerger, Fortis Malar Hospitals will be renamed SRL, which will include Diagnostics and Hospital business.
Sify Editors @ 11:40 AM
Shares of Indian state banks fall after Patel picked as new RBI Gov
Shares of Indian public-sector lenders fall after govt picks RBI Deputy Gov Urjit Patel as next governor.
Patel, seen by markets as being more hawkish, would continue Rajan's drive to clean up banks.
State Bank of India, Bank of Baroda, and Punjab National Bank down between 0.7 pct and 1.7 pct.
Patel will start his three-year term on Sept 4.
Sify Editors @ 11:20 AM
After a cautious and somewhat sluggish start, the Indian stock market has drifted lower this morning, with investors pressing sales at several counters, tracking weak global cues.
Healthcare, IT, telecom, automobile and metal stocks are mostly lower. Bank stocks are weak too, while realty and FMCG stocks are finding some support.
The Sensex is down 104.78 points or 0.37% at 27,972.22. The Nifty50 of the National Stock Exchange is down 38.40 points or 0.44% at 8628.50.
Sify Editors @ 11:00 AM
Buy State Bank of India at current levels and add more in small quantities at declines.
Sify Editors @ 10:40 AM
Buy Edelweiss Financial Services for the target price of Rs 118.
Sify Editors @ 10:20 AM
Hold NBCC with a stop loss around Rs 230 if looking at near term. Fresh buying for medium term can be considered at declines.
Sify Editors @ 10:00 AM
The Indian stock market opened on a subdued note Monday morning, with investors treading cautiously amid weak cues from Asian markets. The weak close on Wall Street last Friday amid concerns about U.S. interest rates is also weighing on sentiment.
Meanwhile, market analysts appear confident that the appointment of Dr Urdit Patel as the new Governor of the Reserve Bank of India will result in continuity in policies.
Th BSE benchmark Sensex, which opened flat at 28,088.07, rose to 28,143.28 subsequently and is currently up 16.86 points or 0.06% at 28,093.86. The Nifty50 of the National Stock Exchange is up 7.20 points or 0.08% at 8674.10, coming off a low of 8659.10.
In the forex market, the rupee weakened to 67.19 against the U.S. dollar, down 0.2% from its previous close of 67.06.
Sify Editors @ 9:30 AM
Buy Power Grid for the target price of Rs 204.
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 31914.44||Rs. 45935.00|
|Mumbai||Rs. 34181.82||Rs. 45935.00|
|Delhi||Rs. 32299.47||Rs. 45935.00|
|Kolkata||Rs. 32695.19||Rs. 45935.00|
|Kerala||Rs. 31390.37||Rs. 45935.00|