Live Markets Commentary
Sify Editors @ 4:25 PM
Sensex, Nifty end higher; Axis Bank up on takeover talk
Indian shares closed at their highest level since September as Axis Bank surged on a media report it would become the target of a takeover, although telecom firms fell after Reliance Jio Infocomm unveiled a sharply discounted tariff plan.
The benchmark Sensex closed up 0.35 percent at 28,761.59, its highest close since Sept. 22.
The broader Nifty ended 0.32 percent higher at 8,907.85, its highest close since Sept. 9.
Axis surged 4.8 percent after CNBC-TV 18 reported that the lender could attract interest from other banks, citing unidentified sources. Axis Bank on Monday denied news reports of a merger with Kotak Mahindra Bank.
Sify Editors @ 3:55 PM
After a listless start and a subsequent sluggish display, the market rallied and ended on a firm note on Tuesday.
Short-covering in some front line stocks ahead of near month derivatives expiry lifted the key indices.
The Sensex ended up 100.01 points or 0.35% at 28,761.59.
The Nifty50 ended at 8907.85, up 28.65 points or 0.32%.
Oil, bank and consumer durables stocks ended higher.
IT stocks started off on a firm note, but failed to hold at higher levels.
Healthcare, automobile, capital goods, metal, power and realty stocks turned in a mixed performance.
Midcap and smallcap segments saw stock specific activity.
The market breadth was slightly positive.
Sify Editors @ 3:40 PM
Realty stocks Sobha, HDIL and Oberoi Realty can be picked up for medium term.
Sify Editors @ 3:25 PM
SRF is a good one for long term. Accumulate at declines.
Sify Editors @ 3:10 PM
Sensex rises 100 points, looks headed for positive close
Thanks to some strong buying in a few front line stocks, including Axis Bank, HDFC, Reliance Industries and Hindustan Unilever, the Sensex has edged up a bit in late afternoon trade and looks headed for a slightly positive close.
The mood is quite cautious amid mixed global cues. A lack of triggers from the domestic front too contribute to sluggish movements of stocks in the Indian market today.
The Sensex is up 100.12 points or 0.35% at 28,761.70 at present. The Nifty50 is up 23.50 points or 0.26% at 8902.70.
Sify Editors @ 2:50 PM
Buy Bharat Forge if looking at medium to long term. Add more at sharp declines.
Sify Editors @ 2:30 PM
Buy Indian Cements (Rs 170). Increase exposure at declines for medium term.
Sify Editors @ 2:10 PM
Britannia signs MoU with Greek firm Chipita ; Stock down marginally after steady start
Britannia Industries Limited has announced that the company has signed a non-binding Memorandum of Understanding (MOU) with Chipita, a Greek Company for exploring certain business opportunities.
The company said that it is in advanced stages of discussion with Chipita to finalise definitive agreements, including setting up a Joint Venture, to explore certain business opportunities.
Britannia Industries edged up to Rs 3270.50 in opening trades, but drifted down to Rs 3218 soon thereafter. At Rs 3235.00, the stock is now down by about 0.5% from its previous closing price.
The company reported consolidated net profit of Rs 220.49 crore for the quarter ended December 31, 2016 as compared to Rs 210.81 crore in the year-ago quarter. Total income was up more than 6% at Rs 2394.15 crore in the December 2016 quarter, over the year-ago quarter.
On standalone basis, Britannia Industries posted a net profit of Rs 210.76 crore in the quarter ended December 31, 2016 as compared to Rs 196.72 crore for the quarter ended December 31, 2015. Total income increased from Rs 2075.73 crore for the quarter ended December 31, 2015 to Rs 2227.19 crore for the quarter ended December 31, 2016.
Sify Editors @ 1:50 PM
Radico Khaitan shares rallied to Rs 142.75 earlier in the session on reports that Bacardi India is in preliminary talks to buy stake in Radico Khaitan.
The stock gave up some gains subsequently and is currently trading at Rs 136, up nearly 2% from its previous closing price.
The exchanges have sought clarification from the company regarding the news item in the media and a reply from the company is awaited.
Sify Editors @ 1:20 PM
Buy South Indian Bank (Rs 21). Add at declines.
Sify Editors @ 1:00 PM
Buy Nalco and add more in small quantities at declines for medium term.
Sify Editors @ 12:40 PM
Ambuja Cements reports strong results, but stock trades weak
Ambuja Cements trades weak this morning, despite the company reporting a sharp surge in net profit in the December 2016 quarter.
Ambuja Cements posted standalone net profit of Rs 175.88 crore in the quarter ended December 31, 2016 as compared to Rs 109.96 crore in the quarter ended December 31, 2015. Total income, however, decreased from Rs 2462.52 crore in the quarter ended December 31, 2015 to Rs 2272.11 crore in the quarter ended December 31, 2016.
On consolidated basis, the company posted a net profit of Rs 205.70 crore in the quarter ended December 31, 2016 as compared to Rs 111.04 crore in the year-ago quarter. Total income increased from Rs 2466.89 crore in the quarter ended December 31, 2015 to Rs 4993.30 crore in the quarter ended December 31, 2016.
The increase in profits was due to lower tax charges and lower operating costs on the back of significant reduction in energy costs of 9%. The company increased usage of pet coke during the December 2016 quarter to 65%, up from 50% in the year-ago quarter.
The demonetisation move impacted the company, resulting in net sales dropping by about 6.75% in the quarter, to Rs 2197 crore.
Ambuja Cements expects strong growth this year as it hopes the interest subsidy schemes and interest rate, along with the thrust on infrastructure development will help the industry. Also, the award of infrastructure status to affordable housing sector and increased allocation for railways, road and irrigation projects augur well for the industry, Ambuja Cements said in its outlook.
Ambuja Cements shares saw some hectic buying earlier this month on reports that LafargeHolcim was mulling merger of Ambuja Cements and ACC. The stock retreated later after the company clarified that it had no information about any such move.
Ambuja Cements, moving in a tight band between Rs 232.25 and Rs 238.50, is currently trading at Rs 235.70, down 1.5% from its previous closing price.
The stock had rallied to Rs 282 by early September 2016, rising from a low of Rs 185 it had touched in end February 2016. After hitting that high in September, the stock lost its way and declined to around Rs 190 by the last week of November 2016, before bouncing back into the reckoning.
Sify Editors @ 12:10 PM
Sensex, Nifty caught in tight band; HOV Services spurts
Amid stock specific moves in highly lackluster trades, the Indian stock indices are moving in a tight range today. Though global cues are slightly positive, investors appear reluctant to indulge in any significant buying or selling so far.
The Sensex is down 16.16 points or 0.06% at 28,645.42 now. The Nifty50 of the National Stock Exchange is down 3.05 points or 0.03% at 8876.15.
Among Sensex stocks, Hindustan Unilever, Axis Bank, Tata Motors, Asian Paints and Wipro are up 1% - 1.4%. Tata Steel is rising 0.9% and Reliance Industries is up 0.7%, while GAIL India and Adani Ports are gaining about 0.5% each. Lupin, ONGC and ICICI Bank are also trading higher.
Sify Editors @ 11:40 AM
Buy NMDC (Rs 143) for medium term. Add more at declines.
Sify Editors @ 11:10 AM
Jindal Steel & Power looks poised for further upside. Hold.
Sify Editors @ 10:50 AM
shares of PSU oil marketing firms BPCL, HPCL and IOC for medium term
gains. Add more of these in small quantities at declines.
Sify Editors @ 10:30 AM
Ambuja Cement falls on lower Dec-quarter sales
Shares of Ambuja Cement fall as much as 2.8 pct to 232.75 rupees, posting biggest intraday percentage drop since Dec. 12
The cement maker said on Monday its Dec-qtr net sales fell 6.8 percent.
Revenue declined given lower cement volumes, while weak prices impacted Ambuja's operations across regions, particularly eastern India, Morgan Stanley analysts write.
"We expect a pickup in volume momentum in the ensuing quarters, helped by improving demand trend, though it will continue to lag the growth of large peers," - Morgan Stanley analysts.
Up to Monday's close, stock has gained about 16 pct this year.
Sify Editors @ 10:00 AM
Sensex up marginally after slightly listless start; HCL Tech, Tech Mahindra rise
It's a cautious and somewhat listless start for Indian stocks Tuesday morning, despite a fairly positive lead from global markets.
Asian markets edged higher, with some of them holding nearly 18-month highs. Major European markets closed higher overnight, while the U.S. market was closed for Presidents Day holiday.
The BSE benchmark Sensex is up 21 points or 0.07% at 28,682.58. The Nifty50 of the National Stock Exchange is up 10 points or 0.12% at 8889.20.
Sify Editors @ 9:25 AM
The Sensex opens in the green
The BSE Sensex, which opened at 28,716.70 points, was trading at 28,672.58 points (at 9.16 a.m.) in the early session, higher 11.00 points or 0.04 per cent from Monday's close at 28,661.58 points.
The Sensex touched a high of 28,726.10 points and a low of 28,663.93 points in the trade so far.