Live Markets Commentary
Sify Editors @ 4:00 PM
Sensex ends at record closing highs
Indian shares ended at a record closing highs on Wednesday, buoyed by solid company results and higher global markets.
The benchmark BSE index closed up 0.63 percent at a record closing high of 30,133.35. The index hit an all-time high of 30,167.09 earlier in the session, surpassing a record last hit in March 2015.
The broader NSE index gained 0.49 percent to end at a record closing high of 9,351.85. The index hit an intraday high of 9,367, surpassing Tuesday's high.
Sify Editors @ 3:20 PM
Adani Group shares decline on huge volumes
Shares of Adani group companies are down sharply this afternoon, with the bears running berserk at the counters.
Adani Enterprises is down as much as 20% at Rs 119.70. Over 32 million shares have changed hands at the Adani Enterprises counter on the National Stock Exchange so far in the session.
Adani Transmission is down 6.2% at Rs 79.30, slightly off the day's low of Rs 78.30. The Adani Transmission counter on NSE has clocked a volume of around 1.18 million shares so far in the day.
Adani Ports and Special Economic Zone is down 2,3% at Rs 323.20, after having declined to a low of Rs 318.90, and Adani Power is down 0.7% at Rs 32.75.
Sify Editors @ 3:00 PM
Buy Sun TV for the target price of Rs 960.
Sify Editors @ 2:30 PM
Buy ICICI Bank for the target price of Rs 284.
Sify Editors @ 2:00 PM
Zee Learn (Rs 47.80) is trading higher despite having shed a couple of rupees from the day's high. The stock jumped this morning after the company reported a whopping 88.8% increase in net profit to Rs 14.65 crore in the fourth quarter. Net sales were up nearly 20% in the quarter, compared to year-ago quarter.
The stock looks well on course to move past a 52-week high of Rs 51.30 it touched late last month. Stay invested.
Sify Editors @ 1:30 PM
Sensex, Nifty hold gains near all-time highs; Bank stocks in demand
The banking space is seeing some good buying today following remarks by the central bank governor Urjit Patel about ways to resolve the problem of stressed assets of banks.
Speaking at the Columbia University, the Reserve Bank of India governor said that the central bank favoured consolidation of some public sector banks to create fewer but healthier banks and resolve the problem of stressed assets.
Sify Editors @ 1:00 PM
Kolte-Patil Developers hits new high
Shares of leading realty firm Kolte-Patil Developers Limited hit a new high today after the company announced the signing of its largest private society redevefopment project till date on Wednesday.
The stock spurted to Rs 204 around mid morning, and despite having shed some ground since then, still remains comfortably placed in positive territory at Rs 197, netting an impressive gain of 3.2%.
The realtor said that it has entered into an agreement with Dahisar Shree Avadhoot Co-operative Housing Society Limitecl, having a plot area of 15,035 square meters. Kolte-Patil's economic interest in this project is 4 lakh square feet. Payments of the corpus fund, rental and other project expenses are linked to the approvals and project timelines.
The said project, strategically located in Dahisar East, is well connected to the Western ExpressHighway. The Metro VII project, currently under construction, is at close proximity to the site.The project links Andheri East to Dahisar East and has recently been extendd to the Mumbai airport in the south and Mira-Bhavander in the North.
"We have a diversified portfolio at strategic locations, and all projects are of an optimal size enabling quick turnover. Our Mumbai foray will facilitate PAT expansion and reduce working capital cycle for the Company while providing synergies to the existing Pune operations", the company's CEO Mr Gopal Sarda said.
Sify Editors @ 12:30 PM
Larsen & Toubro at declines for medium to long term. Though the
stock may stay sluggish in the near term, some upside is very likely.
Sify Editors @ 12:00 PM
LIC Housing Finance sees wild swings despite company reporting higher earnings
LIC Housing Finance company shares rose to a new high at Rs 688 on BSE (Rs 687.80 on NSE) this morning, riding on strong quarterly results.
However, due to lack of support at higher levels, the stock declined to Rs 664.55 subsequently, netting a loss of about 1.6%, before edging up to Rs 672 (down marginally from previous closing price).
LIC Housing Finance reported an 18.1% jump in net profit to Rs 529.2 crore for the quarter ended March 2017, from the year-ago quarter. The company's net interest income rose 24.5% to Rs 1073 crore in the fourth quarter.
Gross NPA in terms of percentage was 0.43% as on 31 March 2017, compared to 0.45% in the preceding quarter, while Net NPA stood at 0.14% as on 31 March 2017, against 0.22% a quarter earlier. The housing finance company disbursed 15% more loans in the fourth quarter, over the year-ago quarter.
Provisions were up at 89.3 crore in the quarter, from Rs 37.3 crore in the year-ago quarter and Rs 45.3 crore in the December 2016 quarter.
Sify Editors @ 11:30 AM
Indian Terrain Fashions vaulted to a new high of Rs 212.75 after the counter witnessed some bulk deals this morning.
On Tuesday, Reliance Mutual Fund bought shares of the company via bulk deals on the National Stock Exchange.
At Rs 205, the stock is now up 1.6% from its previous closing price. Some upside is not ruled out.
Sify Editors @ 11:00 AM
International is a good one for long term. The thrust on infrastructure
development is expected to result in some smart upside for the stock.
Sify Editors @ 11:00 AM
IDFC Bank rises sharply on strong Q4 numbers
The IDFC Bank counter on the bourses is attracting investors Wednesday morning following the bank reporting impressive numbers for the quarter ended March 2017.
IDFC Bank, which rose to Rs 63.50 in early trades, remains firmly entrenched in positive territory at Rs 62 now, gaining about 4.3%. The stock had touched a 52-week high of Rs 83.45 in late September 2016.
IDFC Bank reported after market hours on Tuesday that it posted a net profit of Rs 175.95 crore in the quarter ended March 2017, up 6.57% compared to year-ago quarter. Other income declined almost 60% as a result of the bank's decision to reduce some of its investment in treasury. Net interest income grew 20.44% to Rs 502 crore and Net interest margins stood at 2.2% in the fourth quarter.
The bank's gross non-performing assets in the March 2017 quarter declined 57% sequentially to Rs 1542.1 crore. Gross NPAs were Rs 3586.7 crore in the previous quarter. The bank's asset quality improved to 2.99% for the quarter, as against 7.03% a quarter earlier. Net NPAs improved from 2.57% in the December 2016 quarter, to 1.14% in the March 2017 quarter.
The sharp improvement in asset quality was due to the bank selling fourteen large corporate loans worth Rs 2000 crore to Asset Reconstruction Companies. Provisioning for bad loans dropped down by as much as 98% on sequential basis, toRs 4.79 crore.
IDFC Bank said that it will focus on ramping up retail loan portfolio and looks to double that from the current 25% of the loan book. While continuing to serve corporate sector, the bank has said that it will stay away from infrastructure loans.
Sify Editors @ 10:35 AM
Wipro reports better than expected results, 1:1 bonus; Stock pares some gains after bright start
IT major Wipro came out results that beat market expectations, and giving further boost to sentiment, announced a 1:1 bonus to its shareholders. However, a rather weak guidance for the first quarter of the current financial year is likely to limit the stock's upside and even trigger some selling going ahead.
After trading hours on Tuesday, Wipro announced that posted consolidated net profit of Rs 2267 crore in the quarter ended March 2017, up 7.2% compared to December 2016 quarter. Revenues increased 4.8% to Rs 15,033.8 crore in the March 2017 quarter, over the preceding quarter.
Wipro's IT revenues for the fourth quarter beat guidance, coming in at $1954.6 million. The company had forecast revenues of $1922 - 1941 million. Sequentially, revenues were up 2.72% compared to a quarter earlier.
Wipro CEO Abidali Z Neemuchawala said that the company is confident that the recovery in energy and utilities and demonstrated strength in digital will help improve growth trajectory during the course of the current financial year.The company expects IT services revenues to be in the range of $1915 million - $1955 million in the first quarter ending June 2017.
Sify Editors @ 10:05 AM
Sensex hits record high; rupee at 20-month high
India's benchmark BSE Sensex rose as much as 0.4 percent to hit a record high on Wednesday, surpassing its previous milestone hit in March 2015, while the rupee hit a 20-month against the dollar.
The market rally comes after a string of solid domestic quarterly results, while hopes for additional foreign inflows to India have increased on renewed optimism about the U.S. economy and after the first round of an election in France went to the market's preferred candidate.
The Sensex rose to a high of 30,071.77 points, surpassing a record last hit in March 2015. The broader NSE Nifty rose as much as 0.4 percent to a record high of 9,343.15 points, its second consecutive all-time milestone.
The rupee strengthened to as much as 63.93 per dollar, its highest since August 2015, compared to its close of 64.2650 on Tuesday.
Sify Editors @ 9:25 AM
Sensex hits new high past 30,000; Nifty scales fresh record high
Strong fourth quarter results and a bonus announcement by IT major Wipro set up a firm start for the Indian stock market on Wednesday. A stronger rupee and lower oil prices contributed as well to the higher opening in the market.
The BSE benchmark Sensex has risen to 30,081.93, gaining 138.69 points or 0.46%. The Nifty50 of the National Stock Exchange is up 31.50 points or 0.34% at 9338.10, slightly off a new all-time high of 9342.15 it touched a little while ago.
In the forex market, the rupee opened at 64.19 against the U.S. dollar and strengthened to 63.99 a dollar, the highest since early August 2015. On Tuesday, the rupee had closed at 64.26 a dollar.
Wipro spurted to Rs 513 in early trades, and despite paring some gains subsequently, still remains well placed in positive territory at Rs 507, up 2.5% from its previous closing price.