Live Markets Commentary
Sify Editors @ 4:10 PM
Sensex snaps 3-day losing streak, ends 164 points up
The Indian stock indices Sensex and the Nifty50 ended on a firm note on Thursday, snapping their 3-day losing streak, as the market switched back to the buying mode on positive global cues.
Even as the market traded firm right through the session, the mood was a bit cautious at times and movements a bit rangebound till a few minutes before the closing bell, as concerns about the trade and economic policies the U.S.
government continued to weigh on the market.
Some hectic buying in a few front line stocks lifted the indices up by a good margin in the final minutes. Markets across the globe are looking ahead to the vote on the controversial healthcare legislation in the U.S.
Activity was stock specific for most part of the session with corporate news providing some direction.
The Sensex ended up 164.48 points or 0.56% at 29,332.16, after hitting a high of 29,373.79 in the last hour. The Nifty50, which rose to 9099.05, ended at 9086.30, gaining 55.85 points or 0.62%.
Sify Editors @ 3:30 PM
Sify Editors @ 3:10 PM
Bhushan Steel vaults 10% on buzz Vedanta is in race to acquire company
Bhushan Steel vaulted 10% this afternoon on reports that Vedanta Limited is in talks with lenders to buy Bhushan Steel. After paring some gains, the stock is currently up 8.5%
The exchanges have sought clarification from the company with regard to the news item and a response from the company is awaited.
According to resports, Vedanta has joined the race to buy the debt-laden Bhushan Steel Limited. JSW Steel is also reported to be in the race to buy the company, which has debts to the tune of Rs 30,000 crore - 33,000 crore.
Major lenders to Bhushan Steel are State Bank of India and Punjab National Bank.
Bhushan Steel posted a net loss of Rs 734 crore in the October - December 2016 quarter, as compared to net loss of Rs 693.6 crore in the year-ago quarter.
Idea Cellular and Bharti Airtel are trading flat amid cautious moves by investors.
Idea Cellular, which is to merge with Vodafone India, added 12.06 lakh new mobile subscribers in February 2017, resulting its total customer base increasing to 19.32 crore. Bharti Airtel added 12.46 lakh users in February. In the telecom space, Idea Cellular and Bharti Airtel enjoy market share of 23.64% and 33.11%, respectively.
Sify Editors @ 2:40 PM
The Board of Directors of Hindustan Petroleum Corporation have declared Interim Dividend of Rs 6.40 per equity Share of face value of Rs 10/- each for the Financial Year 2016-17. The stock is trading 1.8% up at Rs 520 now.
BPCL and Indian Oil Corporation boards are also expected to announce interim dividends today. These two stocks are currently trading higher by 1.6% and 1.9%, respectively.
Sify Editors @ 2:10 PM
The rupee's solid upmove against the U.S. dollar is likely to weigh on IT stocks in the near term. Quarterly results will provide some direction with regards to stocks in this space. Stocks like Infosys and Tata Consultancy Services are likely to be a bit sluggish despite results, as H1-B visa issues could hurt their fortunes.
Sify Editors @ 1:40 PM
Positive global cues, strong rupee lift Indian equities
Positive global cues, coupled with a marginally strong rupee and healthy buying in automobile, oil and gas, and capital goods stocks lifted the Indian equity markets on Thursday.
The key indices traded in the green during the mid-afternon trade session on the back of short covering -- breaking the streak of three consecutive sessions of losses.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 33.10 points or 0.37 per cent to 9,063.55 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,201.01 points, traded at 29,260.84 points (at 1.00 p.m.) -- up 93.16 points or 0.32 per cent from the previous close at 29,167.68 points.
The Sensex has so far touched a high of 29,315.18 points and a low of 29,198.08 points during the intra-day trade.
The BSE market breadth was tilted in favour of the bulls -- with 1,647 advances and 933 declines.
Sify Editors @ 1:10 PM
Som Distilleries on a high after company begins beer supply in Karnataka
Som Distilleries & Breweries shares vaulted 19% to Rs 143.80 on BSE today, lifted by an announcement from the company that it has started supplying Black Fort Beer in Karnataka.
At Rs 142, the stock is now up 17% from its previous closing price.
Som Distilleries said that it expects to gain substantial market share pretty quickly, considering the response the product is receiving from consumers. The company also said that it is planning further launches of its mainline brands in the coming month.
The stock is likely to see a turnaround performance in the next couple of quarters, if not for a longer period, after having delivered negative returns in the last one year.
Besides making beer from malt plus whiskies, the company, which has a product portfolio of beer, rum, brandy, vodka and whisky, is also engaged in blending and bottling of Indian made foreign liquor.
Some of the top beer brands of the company include Hunter and Power Coal, besides Black Fort. Milestone 100 and White Fox are its brands in whisky and vodca products.
Net profit of Som Distilleries & Breweries declined 33.20% to Rs 1.71 crore in the quarter ended December 2016 as against Rs 2.56 crore during the previous quarter ended December 2015. Sales were up nearly 5% to Rs 43.52 crore in the quarter ended December 2016, from Rs 41.48 crore during the previous quarter ended December 2015.
Sify Editors @ 12:40 PM
Hindustan Zinc tops the chart after company announces massive dividend
Hindustan Zinc is up sharply this morning, with the counter attracting buyers after the company's board approved special interim dividend of Rs 27.50 per share on Wednesday. The company has fixed 30 March 2017 as the record date for the payout.
Hindustan Zinc tops the chart on the National Stock Exchange this morning, with the counter clocking a turnover of over Rs 291 crore so far in the session, clocking a volume of around 9.13 million shares.
On BSE, the Hindustan Zinc counter has clocked a volume of around 1.17 million shares so far today.
The stock rose to Rs 322.10 and is currently trading at Rs 320, up 2.6% from previous closing price. It had touched a 52-week high of Rs 333.20 on 3 February 2017, rising more than 100% from a 52-week low of Rs 158.20 recorded on 8 April 2016.
The board of directors of the company on Wednesday approved special interim dividend of 1375% (Rs 27.50 per share of Rs 2 each) for the financial year 2016.17.
The payment of this dividend will result in an outflow of Rs 13,985 crore, including dividend distribution tax.
The company had paid a Golden Jubilee dividend in April 2016 and an interim dividend in October 2016. Thus, the aggregate dividend paid by Hindustan Zinc in the current financial year works out to Rs 27,157 crore including DDT. This is the largest dividend outflow by any company in the country in a single financial year. The government will get a total of Rs 11,259 crore of this dividend payout.
The Vedanta group company posted a net profit of Rs 2319.90 crore in the quarter ended December 31, 2016 as compared to Rs 1839.58 crore in the quarter ended December 31, 2015. Total income increased from Rs 4313.46 cror for the quarter ended December 31, 2015 to Rs 5972.16 crore for the quarter ended December 31, 2016.
Sify Editors @ 12:10 PM
Sensex rises; financials, autos bounce back
Indian stocks rose on Thursday tracking a recovery in global markets with energy shares leading the gains while financial and auto shares bounced back.
Key indexes had on Wednesday recorded their highest intraday loss in over two months, triggered by a slump on the Wall Street due to a lack of clarity in U.S President Donald Trump's economic policies.
U.S. shares recovered on Wednesday while Asian stocks rose on Thursday, taking cues from gains on Wall Street.
"The bounce-back is due to both global and local factors. Mutual funds are getting record-high inflows everyday. Flows have been very strong on both domestic and FII (Foreign Institutional Investors) fronts," said Miraj Vora, derivative analyst at Prabhudas Lilladher Pvt Ltd.
As per the provisional data available on the NSE website, FIIs were net buyers of stocks worth 3.57 billion rupees on Wednesday.
The broader NSE index was up 0.47 percent at 9,072.50 by 0610 GMT, while the benchmark BSE index was 0.46 percent higher at 29,300.41.
Sify Editors @ 11:40 AM
Sadbhav Infrastructure Projects zoomed to Rs 108.35 this morning, buoyed by an announcement from the company that it has emerged as the lowest bidder for a hybrid annuity model project, to be awarded by the National Highway Authority of India.
The project cost is estimated to be around Rs 1060 crore. Sadbhav Infrastructure's bid price stood at Rs 982 crore, says the filing from the company.
From around Rs 93 on 17 March 2017, the stock has rallied pretty sharply over the past few sessions. Some profit taking is not ruled out at current levels. One can consider buying the stock on dips.
Sify Editors @ 11:10 AM
Stay invested in shares of state-run oil marketing firms HPCL, BPCL and IOC.
These stocks are trading notably higher this morning, ahead of their board meetings to consider interim dividend.
Earlier this year, HPCL, BPCL and IOC, declared dividends of Rs 22.50 per share, Rs 19.50 per share and Rs 13.50 per share, respectively.
Sify Editors @ 10:40 AM
Buy Sun TV Network for the target price of Rs 390.
Sify Editors @ 10:20 AM
Buy Arvind for the target price of Rs 290.
Sify Editors @ 9:50 AM
Sensex up over 100 points after positive start; PSU oil stocks rise
With investors picking up stocks in early trades, the key Indian stock indices Sensex and the Nifty50 got off to a firm start Thursday morning, after three successive days of losses.
The overnight positive close on Wall Street and the resultant steady start in Asian markets contributed to the higher opening here. Also, the finance minister Arun Jaitley's remarks that the country's GDP is likely to grow 7% - 8% if th global economy is on track, and optimism about implementation of GST from July are also aiding sentiment.
The BSE benchmark Sensex is up 101.44 points or 0.33% at 29,269.12, after rising to 29,315.18. The Nifty50 of the National Stock Exchange, which advanced to 9076.35, is now up 27 points or 0.3% at 9057.45.
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 41327.00||Rs. 29732.62|
|Mumbai||Rs. 41327.00||Rs. 30352.94|
|Delhi||Rs. 41327.00||Rs. 30053.48|
|Kolkata||Rs. 41327.00||Rs. 30224.60|
|Kerala||Rs. 41327.00||Rs. 29197.86|