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Sify Editors @ 5:00 PM
All eyes on Grand Muhurat that starts at 19:30 on Thursday
Indian domestic markets will be off from trading on Thursday, but a special trading window or the <i> Muhurat </i> trading will be live from 18:30 to 19:30. It is expected to be a grand celebration.
The trading times are the same on the BSE as well as NSE.
It certainly may not be as grand as a Flipkart or an Amazon flash sale, but it sure is a time to charm lady luck and block positions for a long time.
Check out our live section for all the updates on Muhurat as well as to keep a stock of what to buy and what not to.
The pre-open will be live from 18:15 to 18:23, and the post closing is until 19:50.
Sify Editors @ 4:30 PM
Reliance Industries hits record high; leads gains on NSE index
Shares of oil-to-retail conglomerate Reliance Industries Ltd rose as much as 5 percent to a record high of 917.9 rupees on Wednesday.
Stock posts biggest intraday pct gain since March 31, leads gains on the NSE benchmark index and the Nifty energy index.
Reliance's telecoms unit Jio is expected to announce a new attractive data plan when its current unlimited data for 399 rupees for prime members expires later in the day, according to traders.
Separately, Economic Times reported Reliance and partner BP Plc will invest about $1.5 bln to develop satellite gas fields in the KG-D6 block.
Reliance Industries declined to comment.
Sify Editors @ 3:40 PM
Closing Bell: Gains by Energy index trims banking losses; Sensex ends flat
Quick gains made by energy stocks helped maintain markets while the thirty scrip sensitive Sensex closed on a flat note.
The S&P BSE Sensex closed 24.81 points marginally in the red, to end at 32584.35. The 0.08% loss looks like a fraction from the early morning over 100 point loss.
The NSE Nifty too posted a loss. It was down 23.60 points in the red at 10210.85
On the energy index, Gujarat Mineral Development Corporation(up by 5.66%), Reliance Industries (4.68%), Gujarat NRE Coke (2.65%), Petronet (2.30%), Selan Exploration (2.29%) and Mangalore Refinery and Petrochemicals (2.02%) were the stars on the energy index.
The average gain by energy index (2.50%) helped overcome the 1.79% losses posted by Bankex and 0.86% by the Finance index.
Besides banking stocks, sectoral picks such as Healthcare (down by 0.80%), Information technology (0.35%), Auto (0.41%), too had a bearing on the markets today.
On the Sensex, that made a quick rout to end the day on a flat, Reliance (up by 4.68%), PowerGrid (3.59%), Wipro (1.78%), ONGC (1.81%), KotakBank (1.61%), NTPC (1.48%), were the top leaders. The day obviously saw Axis Bank relegated to the bottom with a 9.52% loss in intra-day.
The Axis scrip had company on the loser-board with peers such as ICICI Bank (down by 3.96%) and SBI (2.77%), too joining it.
Healthcare and Pharma scrips such as Cipla (down by 3.72%) too had a bearing on the markets. Lupin (down by 1.47%), Sun Pharma (1.32%) were the other losing stocks on the Sensex.
On a broader side, only the midcap index was able to hold onto its gains. Sify reported that the Smallcap index had gained moderately during the noon session , but that evaporated by end of trading hours.
The end of day table highlighted the top leaders like Gujarat Minerals (up by 5.66%), GHCL (5.32%), and NCC (5.23%).
Continue to bookmark this section and watch the development unfold tomorrow during the muhurat sessions.
Sify Editors @ 3:00 PM
Profit bookings pull equity indices lower
The key Indian equity indices traded on a flat-to-negative note during the late afternoon session on Wednesday as low volumes and profit bookings eroded investors' risk-taking appetite.
According to market observers, heavy selling pressure was witnessed in the banking, automobile and healthcare stocks.
The 30-scrip Sensitive Index (Sensex) of the BSE traded lower by 32 points, or 0.10 per cent.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) was down at 10,209.50 points -- lower by 24.95 points or 0.24 per cent.
The Sensex of the BSE, which opened at 32,518.56 points, traded at 32,577.11 points (at 1.30 p.m.) -- lower by 32.05 points or 0.10 per cent from Tuesday's close at 32,609.16 points.
The Sensex touched a high of 32,594.15 points and a low of 32,462.85 points in the intra-day trade so far.
Sify Editors @ 2:30 PM
UltraTech's 28% profit still beats street; stock slips in intra-day
Ultratech Cement's latest quarter results have announced a 28% fall in second-quarter profit. The numbers hurt by higher expenses, have beat street estimates.
Reuters reported that standalone profit is down by Rs 4.31 billion for the quarter ended Sept. 30 from 6.01 billion rupees a year ago.
The company also announced on Wednesday that revenue from operations on a standalone basis rose 6.1% to Rs 65.71 billion.
The company, a part of the Aditya Birla Group, said that total expenses for the quarter have grown by 11% to Rs 60.95 billion, while analysts had expected a standalone net profit of Rs 4.15 billion.
The stock at 2:50 had briefly touched negative, but is on the green route again. It had opened the morning on Wednesday on a positive note, and touched a peak of 4174.30 at 2:00 PM. Currently it is trading at 4085.30 a share with a flat margin of 0.07%.
Sify Editors @ 2:10 PM
JBF Industries pares some gains after vaulting 20% on likely stake sale
JBF Industries is among a few stocks that have moved up sharply on unusually large volumes on Wednesday.
On BSE, the stock soared to Rs 237.10 in early trades, gaining 20%, but subsequently pared some gains on facing stiff resistance at higher levels. Still, at Rs 223.30, the stock is high up in positive territory with a handsome gain of 13%.
On BSE, the JBF Industries counter has clocked a volume of about 3.05 lakh shares so far in today's session, more than 8 times the average daily volume of 37,000 shares.
The stock, which touched a 52-week high of Rs 326 on 22 June 2017, started drifting lower thereafter and touched a low of Rs 136 by early August, before inching higher again.
The stock's surge today is amid buzz that the company is in talks with Indorama Group, Reliance Industries and The Chatterjee Group for a strategic stake sale.
According to reports, JBF Industries Ltd is in discussions with potential buyers for a stake sale which could lead to a change of management control in the company. It is reported that private equity fund KKR, which holds nearly 20% stake in JBF Industries, is steering the discussions.
Reports further say that Indorama and The Chatterjee Group have already begun the due diligence process on the company.
The stock exchanges have sought clarification on the above report and a response from the company is awaited.
JBF Industries is engaged in the business of manufacturing polyester value-chain products ranging from polyester chips, polyester yarn and films, which are used in the fast-moving consumer goods, textile and packaging industries.
The company has presence in India, Bahrain, Belgium and the United Arab Emirates.
The company's weak financial position due to losses in overseas operations caused delays in servicing of its domestic debt and this resulted in a downgrade of the company by Care Ratings. JBF’s total consolidated debt stood at nearly Rs 11,000 crore as of March 2017.
There were reports earlier this year about JBF's subsidiary JBF RAK, UAE, was in talks to sell its plant in Belgium for up to $298 million in an effort to settle part of its debt. There were also reports that there were concerns around a potential default of JBF’s overseas debt. The company subsequently denied any instance of default in its overseas subsidiaries.
For the financial year ended March 2017, JBF Industries reported consolidated loss of Rs 390 crore on a total income of Rs 9390 crore, compared with a loss of Rs 225 crore on a total income of Rs 9236 crore in the previous year.
Sify Editors @ 1:30 PM
Axis Bank hits over 8-month low; brokerages slash PT
Shares of India's third-biggest private sector lender Axis Bank fall as much as 9.4 pct to 465.15 rupees, the lowest since Feb. 2.
Stock top pct loser on the NSE index.
Bank reported a rise in Q2 profit but said gross bad loans as a percentage of total loans stood at 5.90 pct in the quarter, compared with 5.03 pct a quarter earlier.
Jefferies slashed PT on stock to 635 rupees from 675 rupees, maintaining a "buy" rating, while Morgan Stanley lowered its PT to 480 rupees from 550 rupees with an "equal-weight" rating.
Surge in non-performing loans implies continued uncertainty - Morgan Stanley.
Q2 NIM, which narrowed to 3.45 pct from 3.63 pct a quarter earlier, was under pressure and will likely remain so, impairing earnings - MS.
19 out of 48 analysts covering the stock rate it at "buy", 16 have "hold" while 13 have a "sell" rating; median PT is 526 rupees - Thomson Reuters Eikon data.
Stock had gained 14 pct this year up to Tuesday's close.
Sify Editors @ 1:00 PM
Half-time report: Sensex pares losses; banking scrips crash with Axis down at 8% intra-day loss
Domestic markets, majorly the Sensex, have started rubbing off their losses. The Sensex which started on an over 100 point loss in the red, has pared losses by a fourth. But it is still 27.85 points in red at 32581.31.
By Wednesday noon, the NSE Nifty50, too was spotted in the red, but by 22.40 points or 0.22%. It was trading in the red by a margin of 50 points in the morning session.
On the Sensex, Powergrid (up by 3.37%), Reliance (up by 3.35%), Wipro (1.62%), ONGC (1.58%), and Kotak Bank (1.31%) were the top stocks.
Axis Bank is bleeding in the red with a loss of 8.10%. Axis' loss has taken a heavy toll on the average finance sectoral gain. The average is down by 0.66%. The S&P BSE Bankex too is trading at a low.
On the Bankex, besides Axis, an unusual volume has been spotted on Dena Bank. The scrip besides being a top loser, has also found a fresh 52 week low. ICICI Bank is also among the high turnover scrips trading in the red.
On the broader side, Midcap stocks are performing well, with the MidCap index gaining a 0.04% marginal gain. Small Cap Index too fared well with a 0.10% margin. Other indices on the BSE have been trading in the red, with the exception of Midcap Select Index which is trading with a 0.16% margin.
On an average scale, sectoral stocks such as Energy (Up by 1.80%), Power (0.80%), Oil & gas (0.81%) are trading in the positive. The BSE Bankex is trading with an average loss of 1.61%.
Among gainers so far, NCC is up by 5.17%, while Bombay Dyeing has achieved a 4.99% intra-day gain. The eve of Diwali has seen scrips such as Ashok Leyland, Avanti Feeds, Brittania, Finolex Industries, Whirlpool have raced off to a 52 week high.
Sify Editors @ 12:00 PM
MAS Financial Services debuts on upbeat note
Key Indian stock indices Sensex and the Nifty50 are languishing in negative territory after a weak start on the final session of Samvat 2073, with several front line counters witnessing some profit taking.
Meanwhile, MAS Financial Services, making its debut after a highly successful Initial Public Offering, got off to an upbeat start and is still trading firm, clocking impressive volumes on BSE and NSE.
The stock rose to Rs 670 on the National Stock Exchange, after opening at Rs 660, a hefty premium to the IPO price of 459. On BSE, the stock touched a high of Rs 668.35.
At Rs 674.40, off the day's low of Rs 625, the stock is now up 47% from the issue price. On BSE, the counter has clocked a volume of about 1.8 million shares. On the National Stock Exchange, the counter has recorded a volume of nearly 12 million shares so far in the session.
The Rs 460 crore IPO from the non-banking finance company, that came with a price band of Rs 456 - 459 a share, received very good response from investors and was oversubscribed 128.39 times.
The issue comprised of fresh issue of shares worth Rs 233 crore and an offer for sale of up to Rs 227 crore by existing shareholders.
The company had announced that it would use the net proceeds from its fresh issue for expanding the capital base to meet future requirements.
MAS Financial Services manages assets in micro enterprise, SME, commercial vehicles, two-wheeler and housing loan segments.
The company’s assets under management grew at a healthy 33.4% compounded annual growth rate (CAGR) over FY2013-17 with strong asset quality.
As of 31 March 2017 and 30 June 2018, MAS Financial Services' AUM was Rs 3332.6 crore and Rs 3451.7 crore, respectively.
At Rs 459, the issue price, MAS Financial was valued at 4.1 times of its book value on post dilution basis, more than its peers like Shriram City Union Finance and Capital First.
The company clocked average return on equity of 27.9% over last 5 years, substantially higher than a growth of about 11% reported by its peers in the industry.
The stock is likely to do pretty well going forward, thanks to the company's healthy asset quality and consistent good performance, and investors looking at medium to long term can consider adding this to their portfolio if the stock is not already part of it.
Sify Editors @ 11:00 AM
Nifty retreats from record highs; Axis Bank slumps
The NSE Nifty edged lower on Wednesday, retreating from record highs hit in the previous three sessions after a rise in bad loans at Axis Bank sparked concerns about the recovery of stressed assets in the country's banking sector.
Axis Bank, which fell as much as 9.4 percent to its lowest since Feb. 1, reported on Tuesday a smaller-than-expected profit for the September-quarter, as gross bad loans rose to about 6 percent.
That re-ignited uncertainties about provisioning for loan defaults, dampening sentiment ahead of results from key private sector lenders.
The benchmark Sensex fell as much as 0.44 percent to 32,464.40, while the Nifty looked set to snap a four-session win streak, losing as much as 0.49 percent to 10,184.35.
"The market decline is mainly because of the disappointing set of numbers brought in by Axis Bank," said Deepak Jasani, head of retail research at HDFC Securities. "The rise in the bank's bad loans provides a reality check on the non-performing loan situation at the ground level."
Axis Bank contributed to most of the losses on the NSE index, and also led the losers on the NSE Bank index, which shed about 1.4 percent.
ICICI Bank , which declined as much as 4.1 percent, and HDFC Bank Ltd are set to report second-quarter results next week.
"State-run and private corporate-facing lenders are still not out of the woods as loan slippages continue to mount and that remains a concern," Jasani said.
Shares of Wipro Ltd however rose as much as 3.2 percent after second-quarter profit beat estimates and as the software services exporter said it would match industry growth rates by the fourth quarter.
Indian share markets are closed on Thursday and Friday, but will open for a one-hour special trading session on Thursday evening to mark Diwali, the Indian festival of lights.
Sify Editors @ 9:45 AM
Negative opening for markets on Wednesday
The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a negative note during the morning session of the trade.
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