Live Markets Commentary
Sify Editors @ 4:40 PM
Deepak Jasani, Head - Retail Research, HDFC Securities has this to say on Sensex soaring Mt 31000: "Sensex attaining 31,000 level is one more milestone in this upmove with the latest rise of 1000 points taking just one month and at the same time Sensex grew 20% from its recent bottom in just 5 months. We seem to be headed higher with or without some intermittent corrections thrown in."
Sify Editors @ 4:10 PM
Sensex ends above 31,000, sets record
The benchmark BSE Sensex rallied on Friday to end above 31,000 for the first time, as higher derivatives rollover led to strong follow-up buying in index heavyweights such as Reliance Industries and ITC Ltd .
The Sensex closed up 0.9 percent at 31,028.21, after hitting a high of 31,074.07.
The NSE Nifty rose 0.9 percent to end at 9,595.10, after touching a record high of 9,604.90.
For the week, the Nifty gained 1.77 percent while the Sensex rose 1.85 percent.
Sify Editors @ 3:40 PM
Both Nifty and Sensex hit new life-time highs today. But don't bet on the rally to continue in a market that is already the most highly priced major market in the world at the moment. "Most of the movement on the indexes since Thursday is due to broad index-level buying in the markets because of the F&O expiry," Tirthankar Patnaik, chief strategist and head of research, India at Mizuho Bank, explained.
Sify Editors @ 3:20 PM
Cipla plunges to 11-month low on unexpected Q4 loss
Cipla Ltd drops as much as 4.7 pct to 480.2 rupees, its lowest since June 27, 2016.
Quarterly net loss narrowed to 617.9 mln rupees ($9.57 million), but missed analysts' expectations of a profit for the period.
"Going forward we expect near-term growth to be weak led by challenges in India business and limited margin improvement," analysts at Jefferies write.
Stock on track for a fifth straight session of falls; stock among biggest pct losers on the NSE index.
Stock had declined 11.4 pct this year as of Thursday's close.
About 3.1 mln shares change hands, 2.6 times the 30-day average of 1.2 mln shares.
Sify Editors @ 2:50 PM
State-run oil marketing company Hindustan Petroleum Corp Ltd reported a 31 percent jump in March-quarter net profit on Friday, beating street estimates, as income from operations grew.
Sify Editors @ 2:30 PM
HDFC Securities maintains buy on Voltas
Voltas' 4QFY17 result was a beat on all counts, with strong UCP revenue growth at 28% and EMPS margins at 5.7% (+250bps YoY). While EBITDA grew 23% YoY (Rs 2.2bn), a lower tax rate (tax refunds of earlier year) led to an APAT growth of 50% YoY to Rs 2.0bn. The order book stands robust at Rs 43.2bn (+10% YoY). With completion of most legacy projects, the management expects EMPS margins to improve further in FY18/19E. VOLT continues to maintain a leadership position in the AC industry, given its distribution strength and favourable industry macros (low penetration and increasing affordability). VOLT would further leverage its distribution strength to drive growth in the other consumer durable categories (JV with Arcelik). Strong AC franchise and entry into other consumer durable categories provide multi-year growth visibility for VOLT.
Reiterate BUY with a revised SOTP-based Target Price of Rs 521/share (valuing EMPS/EPS/UCP at Mar-19E P/E of 10/20/30x).
Sify Editors @ 2:00 PM
Sensex crosses 31,000-mark, Nifty nears 9,600 level
Healthy buying in metal and automobile stocks, and a strong rupee took the Indian equity markets to a record high during the mid-afternoon trade session on Friday.
The 30-scrip Sensitive Index (Sensex) of the BSE crossed the 31,000 mark for the first time to touch a new high of 31,034.30 points intra-day.
At 1.45 p.m., the Sensex traded at 31,008.24 points -- up 258.21 points or 0.84 per cent from its previous close at 30,750.03 points.
The wider 51-scrip NSE Nifty also traded close to the important 9,600 level. It traded at 9,584.10 points -- up 74.35 points or 0.78 per cent.
The Nifty, too, touched a new high of 9,592.15 points intra-day.
Sify Editors @ 1:30 PM
"Most of the movement on the indexes since Thursday is due to broad index-level buying in the markets because of the F&O expiry," says Tirthankar Patnaik, chief strategist and head of research, India at Mizuho Bank.
"On Thursday, major shorts were covered and longs have been rolled, so there is follow-up buying in today's session. Nifty saw 75 percent rollover yesterday," says Miraj Vora, derivative analyst at Prabhudas Lilladher Pvt. Ltd.
Sify Editors @ 1:00 PM
Sensex, Nifty at record high, metal stocks soar
Healthy buying in metal and automobile stocks, and a strong rupee took the Indian equity markets to a new high yet again during the mid-afternoon trade session on Friday.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,765.77 points, traded at 30,959.62 points (at 12.45 p.m.) -- up 209.59 points or 0.68 per cent from its previous close at 30,750.03 points.
The wider 51-scrip NSE Nifty traded at 9,570.30 points -- up 60.55 points or 0.64 per cent.
The Sensex touched a new intra-day high of 30,977.27 points and the Nifty that of 9,574 points.
Sify Editors @ 12:30 PM
Sensex hits record highs; Tata Steel scales over 2-1/2 year peak
Indian shares hit record highs on Friday, with Reliance Industries and Tata Steel Ltd leading the gains, as higher derivatives rollover led to strong follow-up buying in index heavyweights.
The broader NSE Nifty rose as much as 0.65 percent to a record high of 9,572.25, while the benchmark BSE Sensex gained as much as 0.73 percent, also touching a life-high of 30,975.52.
"Most of the movement on the indexes since Thursday is due to broad index-level buying in the markets because of the F&O expiry," said Tirthankar Patnaik, chief strategist and head of research, India at Mizuho Bank.
"On Thursday, major shorts were covered and longs have been rolled, so there is follow-up buying in today's session. Nifty saw 75 percent rollover yesterday," said Miraj Vora, derivative analyst at Prabhudas Lilladher Pvt. Ltd.
A higher rollover is typically a bullish sign and means investors expect gains to continue.
Sify Editors @ 12:00 PM
HDFC securities maintains buy on Tata Motors
Tata Motors' 4QFY17 performance was a solid beat, with higher-than-expected EBITDA margin of 14.5% at JLR, as hedging losses eased (GBP 315mn vs GBP 455mn QoQ). The India business recorded better performance, with an EBITDA margin of 6%, (vs 4.8% est) driven by lower BS-3 discounts and price hike of 3% in Jan-17. Maintain BUY with a revised SOTP-based Target Price of Rs 542.
Sify Editors @ 11:30 AM
Sensex up by 187.04 points, marks an all-time high of 30,937.07
The market on Friday witnessed a surge in its trade with the Sensex and Nifty hitting an all time high of 30,862.63 and 9,534.75 respectively.
Beating the analysts' expectations, the market-wide rollover of futures and options (F&O) contracts stood at 76 per cent, which were higher than the average of 75 per cent seen during the comparable period of last three series.
However, the Rollover of the Nifty futures stood at 74 per cent, which were higher compared with the average rollover of 69 per cent seen in last three series.
Sify Editors @ 11:00 AM
Cipla lowers bio drugs investment
Cipla Ltd, India's fifth-largest drugmaker by sales, plans to reduce investment in biosimilars to sharpen its focus on building a portfolio of high-margin respiratory products. The move signals a shift in Cipla's strategy from just three years ago, when Chairman and founder Yusuf Hamied said the company aimed to replicate its success at launching cut-price AIDS drugs in Africa in 2001 with cheap biosimilars. Copies of biotechnology drugs, however, are harder to make, command much higher research and development investments, and have a much tougher regulatory process. They account for a growing share of new drugs, and the future sales of copycat products are set to switch to these from simple small-molecule pills like aspirin.
Sify Editors @ 10:30 AM
State Bank of India is set to hire Bank of America Merrill Lynch, Deutsche Bank, IIFL, JM Financial, Kotak and SBI Capital to manage a share sale of up to $2.3 billion, IFR reported on Friday, citing two sources with knowledge of the plan.
Sify Editors @ 9:30 AM
Sensex Markets Dashboard
The BSE Sensex, which opened at 30,765.77 points, was trading at 30,773.05 points in the early session, higher 23.02 points or 0.07 per cent from the previous day's close at 30750.03 points.
The Sensex touched a high of 30,818.70 points and a low of 30,745.57 points in the trade so far.
|Gold Rate in Chennai||Rs. 27760.00 (-0.07%)|
|Gold Rate in Mumbai||Rs. 28420.00 (0.74%)|
|Gold Rate in Delhi||Rs. 28100.00 (-1.4%)|
|Gold Rate in Kolkata||Rs. 28080.00 (0%)|
|Gold Rate in Kerala||Rs. 27100.00 (-0.37%)|
|Gold Rate in Bangalore||Rs. 27200.00 (-7.23%)|
|Gold Rate in Hyderabad||Rs. 30200.00 (9.58%)|