Live Markets Commentary
Sify Editors @ 3:30 PM
Sensex hits record high; banks rally
BSE index hit a record high late in the session on Thursday as banks rallied on continued hopes of central bank and government action to tackle bad debt in the sector, with sentiment further boosted by gains in Asian shares.
The benchmark BSE index rose 1.48 percent to end at 30,750.03 points, after earlier climbing to a record high of 30,793.43.
Banking stocks surged, with the Nifty Bank Index rising as much as 3.25 percent to a record high.
Sify Editors @ 2:30 PM
Banks surge on hopes govt, RBI to tackle bad debt
Indian banks rally, helping send Nifty Bank index up as much as 3.2 pct to record high.
Bank index is biggest contributer to gains in broader indexes.
Analysts say the sector is gaining on continued hopes of RBI, government action to tackle bad debt in the sector.
Local media report on Thursday says India will sign pacts with 10 state-run lenders to inject fresh capital if they provide plans to reduce bad loans, citing finance ministry officials.
State Bank of India and Bank Of India rise as much as 2.9 pct and 7.5 pct respectively.
Sify Editors @ 1:30 PM
Lupin Ltd falls as much as 7.7 pct to its lowest since Aug. 8, 2014.
Pharma company posted a 49 pct fall in consolidated net profit for the March quarter, missing analysts' estimates.
Says it expects more pricing pressure in the United States and is currently seeing price erosion in the high single digits.
"U.S. business will continue to see pressure in FY18 and growth will be a challenge led by increased competition in key products and elevated pricing pressure," analysts at Jefferies write.
Stock set to post fourth straight session of losses.
Stock has fallen 17.4 pct this year as of Wednesday's close.
Sify Editors @ 1:00 PM
Sensex, Nifty trade higher on derivatives expiry day
The Indian equity markets on Thursday traded with gains on the back of positive global cues, a strong rupee and healthy buying in capital goods, banking and IT stocks.
The key indices traded with gains of more than half a per cent each on the day of expiry of May futures and options (F&O) contracts.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) traded above its psychologically important 9,400-mark.
Around 12.50 p.m., it rose by 51.80 points or 0.55 per cent to 9,412.35 points.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,374.81 points, traded at 30,454.96 points (at 12.52 p.m.) -- up 153.32 points or 0.51 per cent from its previous close at 30,301.64 points.
The Sensex has so far touched a high of 30,503.39 points and a low of 30,352.26 points.
The BSE market breadth was bullish -- with 1,582 advances and 887 declines.
Sify Editors @ 12:30 PM
GVK Power & Infra falls on wider Q4 loss
Shares of GVK Power & Infrastructure fall as much as 9 pct to 5 rupees, their lowest since June 10, 2016.
Co's March-qtr loss widened, hurt by a 87 pct jump in expenses.
About 4.8 mln shares traded as of 0510 GMT, nearly twice the stock's 30-day avg.
Stock posts biggest intraday pct loss since November 2016.
Sify Editors @ 12:00 PM
Sensex tracks Asian peers higher; Infosys leads
Indian shares rose on Thursday tracking Asian markets that hit two-year highs after the U.S. Federal Reserve signalled a more cautious approach to future rate hikes, but sentiment was subdued ahead of the expiry of monthly derivative contracts.
The MSCI broadest index of Asia-Pacific shares outside Japan rose 1.06 percent to its highest since June 2015.
Traders are waiting for cues from the rollover of monthly derivatives contracts after indexes hit a series of record highs this month.
"Markets are essentially moving higher on global cues," said RK Gupta, managing director at Taurus Asset Management, adding that "a small volatility may be expected due to the F&O expiry today."
The broader NSE Nifty was up 0.61 percent at 9,417.90 as of 0554 GMT, while the benchmark BSE Sensex rose 0.57 percent at 30,474.53.
Infosys Ltd rose as much as two percent after the IT services exporter on Wednesday touted its strategy to hire and train 10,000 American workers over the next two years.
Sify Editors @ 11:30 AM
Sintex Industries rises on huge volumes
Sintex Industries Ltd shares are in focus on Thursday, the ex-date for the proposed demerger of the custom moulding business and prefab business to Sintex-BAPL and Sintex Infra Projects, wholly owned subsidiaries of Sintex Plastics Technology (SPTL). May 26 is the record date fixed for determining the eligibile shareholders for issue of Simplex Plastics Technology shares.
The scheme involves issuance of equity shares of SPTL to the shareholders of SIL so that the latter will get one share of SPTL upon demerger for each share held. Later, it is proposed to list the shares of SPTL on the BSE and the National Stock Exchange.
As per the composite scheme of arrangement approved by the National Company Law Tribunal, Ahmedabad, between Sintex Industries Limited, Sintex Plastics Technology Limited, Sintex-BAPL Limited and Sintex Infra Projects Limited and their respective shareholders and creditors, eligible shareholders for allotment of fully paid up equity shares of the face value of Re 1 of Sintex Plastics Technology Limited, will be determined on the record date (26 May 2017).
As per the scheme, One equity share of Re 1 each will be credited as fully paid-up of Sintex Plastics Technology for every two shares of Sintex Industries, being the consideration of the transfer and vesting of th custom moulding undertaking of Sintex Industries Limited in Sintex-BAPL Limited.
Also, one equity share of Sintex Plastics Technology Limited will be issued for every two equity shares of Sintex Industries, being th consideration of the transfer and vesting of the Prefab Undertaking of Sintex Industries Limited and Sintex Prefab and Infra Limited (Sintex Infra Projects).
The Sintex Industries stock touched a high of Rs 34.50 around mid morning, and is currently trading at Rs 29.20.
On BSE, the Sintex Industries counter has clocked a volume of nearly 29 million shares so far in the session, as compared to average daily volume of around 1.7 million shares. On the National Stock Exchange, the counter has clocked a volume of more than 123 million shares so far in the day.
Sify Editors @ 11:05 AM
Dish TV down over 10% on weak results
Dish TV Limited shares are down more than 10% on weak fourth quarter results.
The stock plunged to a low of Rs 81.30 in early trades and is currently at Rs 82.20, down 10.5% from Wednesday's closing price.
On the National Stock Exchange, the Dish TV counter has clocked a volume of over 8.6 million shares so far in the session. On BSE, around 8.17 lakh shares have changed hands so far at the Dish TV counter this morning, nearly twice its average daily volume.
The company announced just after trading hours on Wednesday that it posted net loss of Rs 28.3 crore (including deferred tax assets of Rs 13 crore) in the fourth quarter, as against net profit of Rs 482.8 crore (including deferred tax assets of Rs 436 crore) in the corresponding quarter last year.
Net profit for the year was Rs 109.3 crore (including deferred tax assets of Rs 74 crore) as against profit of Rs 692.4 crore (including deferred tax assets of Rs 436 crore) in fiscal 2016.
Dish TV's consolidated subscription revenues stood at Rs 620.5 crore in the quarter and operating revenues were Rs 708.5 crore. EBITDA for the quarter was Rs 190.5 crore, compared toRs 260.8 crore in the corresponding quarter last year. EBITDA margin was 26.9% in the fourth quarter of 2016-17, down from 32.6% in the year-ago quarter.
Sify Editors @ 10:30 AM
Sensex up 114 points after firm start; Pharma stocks decline
Indian stocks opened higher on Thursday, tracking positive global cues. With key stocks from IT, oil and banking sectors moving higher on good support, the key indices Sensex and the Nifty50 posted solid gains, bouncing back after three successive days of losses.
The BSE benchmark Sensex is up 113.94 points or 0.38% at 30,415.58, after rising to a high of 30,459.74. The Nifty50 of the National Stock Exchange, which advanced to 9410.30, is currently at 9398.30, up 37.75 points or 0.4% from previous close.
In the forex market, the rupee opened at 64.54 against the U.S. dollar, up 19 paise from its previous close of 64.73.
GAIL India, the top gainer in the Sensex, is up 1.6% at Rs 396.50. IT majors Tata Consultancy Services (1.5%), Infosys (1.3%), FMCG heavyweight ITC (1.3%) and housing finance major HDFC (1%) have posted impressive gains.
Reliance Industries, ONGC, ICICI Bank, State Bank of India, Coal India, Asian Paints, NTPC, Mahindra & Mahindra, Wipro and HDFC Bank are up 0.5% - 1%.
Sify Editors @ 9:30 AM
Bitcoin soars above $ 2,400 to all-time high
Digital currency bitcoin hit a fresh record high on Wednesday, surging above $2,400, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology.
Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset without the need for a central regulator.
Bitcoin hit a record of $2,409 on the BitStamp platform and was last up 4.3 percent at $2,363. So far this year, the price of bitcoin has more than doubled.
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 42700.00||Rs. 29572.19|
|Mumbai||Rs. 42700.00||Rs. 30245.99|
|Delhi||Rs. 42700.00||Rs. 29946.52|
|Kolkata||Rs. 42700.00||Rs. 30032.09|
|Kerala||Rs. 42700.00||Rs. 29090.91|