Live Markets Commentary
Sify Editors @ 4:35 PM
Sensex ends 122 points up
The Indian stock market ended on a firm note on Wednesday, after trading in positive territory right through despite investors treading somewhat cautiously amid the ongoing debate in Parliament on GST Bill.
The rupee's continued strength against the U.S. dollar aided sentiment. Asian markets ended mostly higher, while major European markets were a bid mixed after a cautious start.
The BSE benchmark Sensex, which rose to 29,554.39 in the final hour, ended at 25,531.43, gaining 121.91 points or 0.41%. The Nifty50 of the National Stock Exchange ended up 43 points or 0.47% at 9143.80, after touching a high of 9153.15.
In the forex market, the rupee strengthened to 64.88 against the U.S. dollar, its highest since October 2015, thanks largely to a surge in foreign inflows and dollar selling by exporters and banks.
Metal, capital goods, bank and telecom stocks moved up. A few stocks from FMCG space gained as well. Information technology, oil, power and realty stocks were a bit weak. Activity was stock specific in midcap and smallcap sections.
Automobile stocks had a choppy ride following the Supreme Court imposing a ban on sale of BS-III vehicles from April 1, 2017. The apex court said that the manufacturers were fully aware of April 1 deadline in advance, adding that public health more important than inventories. The country switches to stricter Bharat Stage IV (BS-1V) emission norms from 1 April, when sale and registration of the more polluting BS-III vehicles will stop.
Sify Editors @ 3:55 PM
Sensex ends higher as foreign inflows continue
Indian shares ended higher for a second consecutive session on Wednesday as strong foreign investments into the country continued, although broader gains were capped ahead of the earnings season.
The broader NSE Nifty ended 0.47 percent higher at 9,143.80 while the benchmark BSE Sensex closed 0.41 percent higher at 29,531.43.
Sify Editors @ 3:10 PM
Stocks seen hitting record high by end-June on economic optimism
India's benchmark BSE Sensex share index will scale a new record high by mid-year, according to strategists and brokers in a Reuters poll, who have upgraded their forecasts significantly from three months ago.
This more bullish view emerges from the poll despite widespread concern since the last Reuters poll over the damage a disruptive and radical government move to replace the bulk of currency in circulation may have done to the economy.
So far there is no official evidence of such damage occurring. India's economy had grown 7 percent versus a year ago last quarter, while the government's ability to drive such sweeping change appears to have emboldened investors and traders alike.
Sify Editors @ 2:55 PM
Sensex moves in tight range as lawmakers debate GST Bill
The market, which edged higher after a slightly positive start, is holding its gains with investors treading cautiously, closely following the proceedings in Parliament where the GST debate is currently on.
After finance minister Arun Jaitley started the debate by introducing the five bills - for taxes pertaining to centre, state, inter-state, union territory and compensation for states' losses - and assuaged states' concerns, members from opposition parties, including TMC, Congress and AIADMK spoke on GST. The TMC has urged the centre to defer rollout of GST to September 1. The government is keen on implementing the regime from July 1, 2017.
The Sensex is now up 65.51 points or 0.23% at 29,475.03, around 60 points off the day's high of 29,535.04. The Nifty50 of the National Stock Exchange, which rose to 9140.45, is up 15.50 points or 0.17% at 9116.30.
Sify Editors @ 2:30 PM
With the realty space likely to see a revival of sorts thanks to the government's initiatives on affordable housing schemes, paint, cement and steel stocks are expected to see some upside in the medium term.
Asian Paints and Berger Paints from the painting space look good. Add these at declines.
Sify Editors @ 2:05 PM
IndusInd Bank counter sees huge volumes
Swinging between gains and losses amid large volumes, IndusInd Bank is up marginally this afternoon. The IndusInd Bank counters on the stock exchanges witness unusually huge volumes today.
The stock is trading at Rs 1405, not far from an all-time high of Rs 1425 it had touched on Tuesday (28 March 2017).
On BSE, the IndusInd Bank counter has clocked a volume of about 3.7 million shares so far in the session, as against average daily volume of just around 1.35 lakh shares.
On the National Stock Exchange, nearly 1.2 million shares have changed hands so far.
Several analysts and brokerages including CLSA have raised the stock's ratings. CLSA expects the bank to record a 25% earnings growth over the next three years, saying growth in IndusInd’s loans will be led by an increasing share of non-auto retail loans that it plans to cross-sell to its existing customer base.
Sify Editors @ 1:20 PM
Vardhman Special Steels hits new all-time high
Vardhman Special Steels spurted to a new all-time high at Rs 141.95 on BSE this morning, gaining nearly 20%, after the company announced that it has fixed 10 April 2017 as the record date for the proposed rights issue of shares in the ratio 2:3 (two equity shares for every three held).
The total issue size is Rs 67.85 crore and issue price is Rs 50 per equity share.
On the National Stock Exchange, the stock rose to Rs 139.50. It is currently trading at Rs 137, up 15% from previous closing price.
Sify Editors @ 12:45 PM
Dishman Pharma dishes out handsome gains again
Dishman Pharmaceuticals is up sharply today, extending previous session's hefty gains, after the company said that its partner Tesaro Inc has received US Food and Drug Administration nod for cancer drug Zejula capsules.
The stock vaulted to Rs 321.50, a new high, and is currently trading at Rs 307, up 10.5% over Tuesday's closing price.
On the National Stock Exchange, the Dishman Pharma counter has clocked a volume of over 11 million shares so far this morning.
Clarifying on reports about the company bagging USFDA nod for the drug, Dishman Pharmaceuticals said that it has about thirteen molecules in late phase lll development across various customers.
Sify Editors @ 12:30 PM
Kotak Bank in focus ahead of press meet
Kotak Mahindra Bank is trading 0.6% down at Rs 854, after having opening at Rs 864.10 and edging up slightly, with investors looking ahead to the bank's promoter, Vice Chairman & MD Uday Kotak's press meet scheduled for this evening.
It is widely expected that Uday Kotak will announce a big acquisition this evening. It is speculated that the bank might acquire Axis Bank.
There are also speculations that Kotak Bank might look at buying a big stake or acquiring a microfinance firm. According to some reports, Kotak may look at buying a stake in M&M Financial Services or Shriram Transport Finance. Manappuram Finance and South Indian Bank are also speculated to be in the radar.
Kotak Bank, which has solid liquidity, has convened a board meeting on Thursday (March 30) to raise funds, adding credence to the news that it might look to acquire a major stake or make a buy-out pretty soon.
According to a filing by the bank with the stock exchanges, the board will decide on raising of equity capital through rights issue, private placement, follow-on public offer, qualified institutional placement, GDR, ADR or through any other permissible mode.
Sify Editors @ 11:30 AM
Larsen & Toubro (Rs 1561) is among the safe bets if one is looking at medium to long term. The company's pretty strong order book is set to drive the stock up north.
The company has announced that its construction arm L&T Construction has bagged major orders worth Rs 2400 crore in domestic and international markets.
Sify Editors @ 10:30 AM
Suven Life Sciences receives product patent from New Zealand : Stock retreats after good start
Suven Life Sciences Limited has announced that it has been granted one product patent from New Zealand, corresponding to the New Chemical Entities for the treatment of disorders associated with Neurodegenerative diseases. The Patent is valid through 2033.
Suven Life Sciences shares advanced to Rs 171.90 in early trades and after having eased to Rs 169.50 now, are up 0.5% from previous closing price.
The compounds are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer’s disease, Attention deficient hyperactivity disorder, Huntington’s disease, Major Depressive disorder, Parkinson and Schizophrenia, the company said.
With these new patents, Suven Life Sciences now has a total of twenty six granted patents from New Zealand.
These patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II.
Sify Editors @ 9:30 AM
Sensex marginally higher after steady start; Bharti Infratel extends gains
The Indian stock market is marginally higher Wednesday morning, with positive global cues triggering some buying at select counters.
The overnight positive close on Wall Street set up a steady start for markets across the Asian region.
The BSE benchmark Sensex is up 54.25 points or 0.18% at 29,463.77, after having advanced to 29,494.44 earlier. The Nifty50 of the National Stock Exchange is up 16.05 points or 0.18% at 9116.85, off an early high of 9134.05.
In the forex market, the rupee hit a new 17-month high of 64.94 against the U.S. dollar, after opening at 65.09. On Monday, the rupee had closed at 65.42 a dollar.
Axis Bank is up 1%, extending previous session's gains. State Bank of India, Asian Paints, Larsen & Toubro, ITC, ONGC, HDFC Bank, Tata Consultancy Services, Bajaj Auto and NTPC are modestly higher.