Live Markets Commentary
Sify Editors @4:15 PM
The Indian stock market opened on a strong note on Friday, but failed to hold gains and closed in negative territory, as a subdued trend in Asian and European markets and a drop in crude oil prices prompted investors to either stay away on the sidelines or press some sales.
Also, investors were cautious, looking ahead to a speech from the US Federal Reserve Chair Janet Yellen, due later in the day. It is expected that the speech by Yellen might provide some clues about U.S. interest rate hikes.
The BSE benchmark Sensex, which rose to 27,935.88, ended down 53.66 points or 0.19% at 27,782.25. The Nifty50 of the National Stock Exchange closed at 8572.55, down 19.65 points or 0.23%, after rising to a high of 8622.95 early on in the session.
Sify Editors @3:35 PM
Despite a srong start, key Indian stock indices ended lower on Friday, tracking weak global cues.
The mood was cautious with investors looking ahead to a speech from US Federal Reserve Chair Janet Yellen, due later in the day.
The Sensex, which rose to 27,935.88, ended down 53.66 points or 0.19% at 27,782.25.
The Nifty50 closed at 8572.55, down 19.65 points or 0.23%, after rising to a high of 8622.95 early on in the session.
IT, realty and capital goods stocks were among the prominent losers.
Bank, healthcare and power stocks too traded weak.
Metal and FMCG stocks closed on a mixed note.
Automobile, consumer durables and oil stocks edged higher.
Midcap and smallcap segments saw stock specific activity.
The market breadth was weak.
Sify Editors @3:05 PM
Tata Communications hits fresh 52-week high as company plans to expand data storage
Tata Communications is trading sharply higher today on reports the company, aiming to address concerns on data storage, is planning to set up storage infrastructure in countries of operations to win local business.
This follows governments asking telecom providers to set up their servers locally so that data transmitted through mails and messages that are stored online do not go out of the country.
To expand cloud services across Europe and Asia, Tata Communications is set to invest in new technologies and expects its mobility, unified communications and video streaming services will help push its data services and cloud business.
Sify Editors @3:00 PM
Shares of Wipro Ltd fall as much as 1.53 pct to its lowest since June 2014
A block deal of 1.73 lakh shares changed hands at 500.3 rupees on the BSE on Friday, Thomson Reuters data shows
Stock broke support from the 61.8 pct Fibonacci projection level at 511.40 rupees, on the price fall from the Mar 11, 2015 high of 677.60 rupees to the April 24, 2015 low of 512.50 rupees and a retracement to the Oct. 1, 2015 high of 613.30, on Thursday.
Trend intensity indicator (TI) increased 2 points from Thursday's level to 23 points, indicating stock is in a strong downtrend
As per StarMine data, 16 of 47 analysts covering the stock have "sell" or "strong sell" rating, compared with 13 "buy" or "strong buy" ratings, while 18 analysts have "hold" ratings
Stock down about 10 pct this year as of Thursday's close, compared with an 8.13-pct gain for the broader NSE index.
Sify Editors @2:40 PM
Asian Paints is a good stock to hold if one is looking at long term. Fresh buying can be considered at declines.
Sify Editors @2:20 PM
Buy Tata Global Beverages. For short term, hold with a stop loss around Rs 128
Sify Editors @2:00 PM
Amid stock specific activity in cautious trades, the Indian stock market is down marginally in negative territory this afternoon.
With global cues not any positive and no encouraging news flowing in on the domestic front, investors appear to be largely staying on the sidelines today.
The Sensex is down 40.84 points or 0.14% at 27,795.071 now, while the Nifty50 of the National Stock Exchange is at 8575.65, down 16.55 points or 0.19% from its previous close.
Sify Editors @1:45 PM
Trident: Looks Welspun India's Loss is Trident's gain
Shares of Trident Limited are up sharply today amid reports in some circles that the company might well be the choice of Target Corp for business worth $90 million following the latter's decision to terminate its contract with Welspun India.
As may be recalled, Target Corp decided to terminate its contract with Welspun India Limited late last week, alleging Welspun supplied bed-sheets and pillow covers made of non-Egyptian cotton. Target had stated that Welspun Global Brands (Welspun), one of the producers of Egyptian Cotton 500-thread count sheets under the Fieldcrest label for Target, was found to have substituted another type of non-Egyptian cotton when producing these sheets between August 2014 and July 2016 without Target having any knowledge of this substitution.
Following this, WalMart, another big customer of Welspun India, was reported to be reviewing the quality of products supplied by Welspun. And, bad news for Welspun did not stop at that, with some other reputed clients of Welcome in the U.S., like Bed Bath & Beyond and JC Penny also said to be probing into the quality of supplies from Welcome. Macy's, Khol's, Costco and Home Depot are among the other notable clients of Welcome India in the U.S.
Sify Editors @1:30 PM
The BSE Sensex inched lower on Friday, heading for its worst week since early May, as investors stayed on the sidelines ahead of a speech by U.S. Federal Reserve Chair Janet Yellen in Jackson Hole, Wyoming later in the day.
Investors are wary Yellen will hint at a near-term interest rate hike, which could divert some of the massive liquidity that has underpinned emerging markets, after hawkish comments from a slew of other Fed officials recently.
Caution ahead of Yellen's speech has hit both global and Indian shares this week.
"Market is not expecting any immediate rate hike by the Fed but any indication of future rate hike will be key. Having said that, I think India still remains a preferred market versus emerging economies," said Daljeet Kohli, director and head of research at IndiaNivesh Securities.
Sify Editors @12:55 PM
Buy Godrej Properties at declines for medium term.
The stock is likely to see modest upside in the near term.
Sify Editors @12:35 PM
Stay invested in Idea Cellular. Fresh buying can be considered at declines.
Sify Editors @12:15 PM
Rail stocks exhibit mixed trend
After recording fairly impressive gains in the previous session after the Cabinet Committee on Economic Affairs approved nine projects worth about Rs 24,000 crore in nine states for expansion of railway network and connectivity across the country, rail stocks are exhibiting a mixed trend today.
On Thursday, the CCEA gave its nod for massive line expansion programme for the railways, that includes track construction of a total length of nearly 2000 km, at an estimated cost of Rs 24,374.86 crore.
The projects include construction of second railway line between New Bongaigaon and Kamakya, between Karagpur and Adityapur, between Rajnandgaon and Nagpur and beween Mathura and Jhansi.
Sify Editors @11:50 AM
Sensex recovers after fall from higher levels; Biocon rises on strong volumes
After a bright start and a subsequent fall into negative territory, the Indian stock market has edged up a bit this morning, with investors largely treading cautiously ahead of a speech by Janet Yellen, the US Federal Reserve Chair.
Asian markets are exhibiting a mixed trend. Activity is largely stock specific with corporate news providing some direction to investors.
The BSE benchmark Sensex, which declined to 27,793.22 after advancing to 27,935.88 in early trades, is currently up 5.84 points or 0.02% at 27,841.74. The Nifty50 of the National Stock Exchange is up 0.70 points or 0.01% at 8592.90, after scaling a high of 8622.95 and a low of 8573.30.
Bharti Infratel is gaining 2.3%. GAIL India, Tata Motors, Tata Motor DVR,
Cipla, Hindalco, Mahindra & Mahindra, Tech Mahindra and Reliance
Industries are up 1% - 2%.
Sify Editors @11:05 AM
Biocon Ltd gained as much as 5.11% to surge to a record high of Rs 909.80 following news that European Medicines Agency on Thursday accepted Biocon and US drugmaker Mylan's regulatory submission for proposed breast cancer drug. The submission could lead to approval of the drug, clearing for sales in Europe. Biocon shares were now up over 3.4% at Rs 894.90.
Sify Editors @11:00 AM
Bank of America Merill Lynch's recent buy call on IndusInd Bank with a target price of Rs 1300 has not helped the stock in the near term. It has slipped 1.8% to Rs 1160 at 10.47 am, reports Reuters.
Sify Editors @ 9:45 AM
|Cities||Gold (10g)||Silver (1Kg)|
|Chennai||Rs. 31636.36||Rs. 45040.00|
|Mumbai||Rs. 32791.44||Rs. 45040.00|
|Delhi||Rs. 32192.51||Rs. 45040.00|
|Kolkata||Rs. 32823.53||Rs. 45040.00|
|Kerala||Rs. 31229.95||Rs. 45040.00|