3:30 pm Market Closing: Benchmark indices ended off day’s high due to some profit booking at higher levels in second half of session.
The 30-share BSE Sensex was up 139.42 points at 33,136.18 and the 50-share NSE Nifty rose 30.90 points to 10,155.30.
The market breadth also turned in favour of declines as about 1,414 shares declined against 1,261 advancing shares on the BSE.
JK Lakshmi Cement, VIP Industries, Shoppers Stop, DHFL, M&M Financial, Jubilant Foodworks, PNB Housing Finance, BEML, Radico Khaitan, United Spirits, Oberoi Realty, Indiabulls Real Estate, and Balrampur Chini gained up to 9 percent.
Binani Industries, United Breweries, HCC and PC Jeweller fell up to 6 percent.
3:20 pm Stocks in focus: ICICI Bank and Tata Motors extended losses in late trade, falling nearly 1 percent and 2 percent, respectively.
3:16 pm Buzzing: Idea Cellular shares gained 2.8 percent after 52 lakh shares changed hands in a block deal on the NSE at a price of Rs 79.10 per share.
3:10 pm 2G Case: The Delhi High Court today sought response of former telecom minister A Raja, DMK MP Kanimozhi and others on the CBI’s plea challenging their acquittal by a special court in the 2G spectrum case.
A similar order was passed by Justice S P Garg on the plea of the Enforcement Directorate (ED) challenging their acquittal in the money laundering case arising out of the 2G scam case.
While issuing notices to Raja, Kanimozhi and others in the two cases, the court asked them to file their responses before the next date of hearing on May 25.
The court also allowed the interim plea of the ED, represented by Additional Solicitor General (ASG) Tushar Mehta, for maintaining status quo with regard to the properties worth around Rs 223 crore which the agency had attached in the money laundering case.
The ED did not want the properties to be released from attachment, a consequence of the acquittal in the money laundering case, saying that third party rights might be created in them.
3:05 pm Axis Bank board meeting: A board meeting of Axis Bank will be held on April 26, 2018 to consider and approve the audited financial results of the bank, for the quarter/financial year ending as on March 31, 2018.
The board also recommend final dividend, if any, for the FY 2017-18.
Here are the top headlines at 3 pm from Moneycontrol News’ Sakshi Batra
2:40 pm Stock update: Max Financial Services gained nearly 4 percent intraday Wednesday as company board approved raising up to Rs 5,000 crore via debt to invest in Max Life
2:28 pm Europe Trade: European markets traded mixed, as investors awaited a likely hike in US interest rates later in the day.
The pan-European Stoxx 600 was flat shortly after the opening bell, with sectors and major bourses pointing in opposite directions.
2:25 pm Sugar Prices Update: Sugar prices edged higher at the wholesale market in the national capital on emergence of buying by stockists and bulk consumers following uptick in demand.
Marketmen said fresh buying by stockists and bulk consumers due to pick up in demand, mainly led to rise in sugar prices.
Meanwhile, the government scrapped export duty of raw and refined sugar to boost shipments as the country is all set to produce record 29.5 million tonnes of the sweetener in the current 2017-18 marketing season.
Export duty on sugar was 20 per cent.
A notification issued by the Central Board of Excise and Custom said that it has been decided to reduce export duty on raw sugar, white or refined sugar from 20 percent to Nil.
Earlier, the government had doubled import duty on sugar to 100 percent to check shipments.
Sugar output of India, the world’s second largest producer, is estimated to rise sharply to 29.5 million tonnes in the 2017-18 marketing year (October-September) from 20.3 million tonnes in the previous year.
2:10 pm Market Update: Benchmark indices lost more than half of gains as the volatility increased ahead of the outcome of Federal Reserve’s policy meeting due later today.
Globally investors expect rate hike from the central bank. Fed Chairman Jerome Powell’s commentary on future rate hikes will also be closely watched.
The 30-share BSE Sensex was up 167.84 points at 33,164.60 and the 50-share NSE Nifty gained 40.60 points at 10,165 while the Nifty Midcap was also off day’s high, trimming gains to 0.4 percent from 1 percent.
Nifty Bank index also halved its gains, rising half a percent but PSU Bank reduced gains sharply to 0.2 percent from 2 percent in morning.
IOC, Eicher Motors, Tata Motors, Vedanta, Adani Ports, Tata Steel and Bharti Infratel fell more than 1 percent.
Here are the top headlines at 2 pm from Moneycontrol News’ Anchal Pathak
1:52 pm Fundraising: Yes Bank informed exchanges that the Capital Raising Committee of the board has approved a proposed drawdown of the second tranche under the USD 1 billion Medium Term Note Programme of the bank, within the limits permitted by regulatory authorities.
1:42 pm Letter of Intent to BHEL: GIPCL has issued a letter of intent to Bharat Heavy Electricals for design, engineering, supply & procurement, construction, erection, testing, commissioning and operation & maintenance (O&M) of 75 MW (AC) solar power project at Gujarat Solar Park, Charanka, in Gujarat, on engineering, procurement and construction (EPC) basis.
1:31 pm Voting Rights for Mindtree Shares: Coffee Day Enterprises has said that its promoter VG Siddhartha will vote “alongside and in tandem” with the company with regard to their shareholding in mid-sized IT company, Mindtree.
Coffee Day Enterprises runs the popular coffee chain, Cafe Coffee Day.
Earlier this month, Siddhartha had resigned as a director of Mindtree citing pre-occupation with immediate business priorities for the Coffee Day group.
“The company has entered into an agreement for exercising of voting rights with VG Siddhartha on March 19, 2018, wherein VG Siddhartha has agreed that with respect to 54,69,750 (3.34 percent) shares of Mindtree owned by him, he shall vote alongside and in tandem with Coffee Day Enterprises,” Coffee Day Enterprises said in a regulatory filing.
The filing added that the title and ownership of the 54,69,750 shares of Mindtree will continue to belong exclusively to Siddhartha.
“It is clarified that no shares of Mindtree or voting rights with respect to 54,69,750 (3.34 percent) of Mindtree have been transferred by VG Siddhartha,” the filing said.
Siddhartha owns 3.34 per cent stake in Mindtree, while Coffee Day Enterprises holds 10.65 per cent, and Coffee Day Trading owns 6.46 per cent.
1:20 pm Market Outlook: Hemang Jani, Head – Advisory, Sharekhan said though the sentiment is down we are not looking at sharp correction/ fall in the market from current levels as earnings previews for Q4 will start flowing in from next week onwards, projecting good quarterly numbers expectations.
US market also is going to be driven more by the earnings expectations and not so much by Fed meet or its stance on interest rates. Small pull back is what most participants are expecting in both India and US over next few days, he added.
1:10 pm JP Associates in focus: The Supreme Court asked the embattled realty firm Jaiprakash Associates Limited (JAL) to deposit Rs 200 crore in two installments by May 10.
The bench headed by Chief Justice Dipak Misra asked the real-estate major to deposit Rs 100 crore by April 6 and the rest by May 10.
The bench, comprising justices A M Khanwilkar and D Y Chandrachud, also asked the firm not to send any notices for default in payment of EMIs to home buyers who have opted for refund.
The top court asked JAL to submit a project-wise chart of home buyers seeking refund so that the amount can be dispersed on pro-rata basis.
1:01 pm Market Update: Benchmark indices were off day’s high in afternoon as investors turned cautious ahead of the outcome of US Federal Reserve’s policy meeting due later today.
The street is largely expecting a rate hike. Investors will also be closely eyeing Fed Chairman Jerome Powell’s commentary on future rate hikes.
The 30-share BSE Sensex was up 201.62 points at 33,198.38 and the 50-share NSE Nifty rose 54.60 points to 10,179.
The gap between advances and declines narrowed as about five shares advanced for every four shares falling against 4:1 in morning on the BSE.
ICICI Bank and Tata Motors fell half a percent each while HDFC twins, Reliance Industries, Infosys and L&T continued to support the market.
Here are the top headlines at 1 pm from Moneycontrol News’ Sakshi Batra
12:50 pm ICICIDirect Strategy on Bank Nifty: The recent leg of underperformance was again seen in Bank Nifty. However, as the Bank Nifty approached the highest Put base of 24000 ahead of March expiry, traces of short covering are visible in select stocks from the private banking space.
Bank Nifty/Nifty price ratio in the last week, has already fallen from 2.4 to 2.37 levels. The ratio has good support around 2.35 levels. Hence, the level of 24000 may not be breached.
Most private banking stocks are oversold and staging a pullback ahead of the impending March expiry.
Recent short additions in the recent time frame have been focussed on 24500 Call strike. As per the intraday data building up currently, that is seeing closure in OI. It suggests a covering based relief rally is plausible in the banking index
Hence, we recommend selling Bank Nifty 24000 Put. The strategy will gain from a rise in Bank Nifty as well as from a steep time decay ahead of the March expiry
12:40 pm SME IPO: SS Infrastructure Development Consultants will open its initial public offering for subscription on March 28, with a price band of Rs 37-40 per share.
The offer consists of 42,78,000 equity shares; of which up to 2,22,000 equity shares will be reserved for subscription by the Market Makers to the issue.
The company is aimed to raise Rs 17.11 crore through the issue will close on April 5.
The net proceeds will be utilised for Renovation of existing offices and Opening of new branch office; purchasing of software’s and hardware’s; repayment of secured & unsecured loans; funding the working capital requirements; and general corporate purposes.
SS Infrastructure is engaged in the business of engineering and architectural consultancy and is an integrated infrastructure development solution provider in India.
12:31 pm HSBC on Indian Firms: Firms in India are most concerned about rising protectionism across the world, which in turn is affecting cost of cross-border trade and international business, says a survey.
According to HSBC’s global survey, that covered 6,000 companies in 26 markets, nine in ten businesses in India feel governments are turning increasingly protectionist, more than the global average.
As per the survey titled ‘Navigator: Now, next and how for business’, three in five (61 percent) of respondents globally think governments are becoming more protective of their domestic economies.
The rise in protectionism is leading to an increase in the cost of doing international business, altering trade routes and raising hurdles to obtaining trade finance, the survey said.
Other regions where the sentiment is strongest among companies are MENA (70 percent) and Asia Pacific (68 percent). In the USA, 61 percent believe protectionism is on the rise, while in Europe, half (50 percent) are seeing a rise in protectionist tendencies.
“An increase in protectionist sentiment is causing concerns about the cost of doing cross-border trade and international business,” said Rajat Verma, Head of Commercial Banking, HSBC India.
Verma further noted companies are adapting to business plans and relationships to participate in shifting supply chains.
12:21 pm Stocks Recommendations:
Jindal Steel Ltd: BUY| Target Rs245| Stop Loss Rs225| Return 5%
The stock took support from the trend line on the daily chart with good volumes. The relative strength index or the RSI and CCI have also taken support from the oversold zone on the daily chart. We recommend buying from current level for the target of Rs245 and a stop loss below 225.
Marico: BUY| Target Rs328| Stop Loss Rs308| Return 3%
The stock outperformed well on Tuesday with huge volume breakout and gave a closing above 200-DMA on the daily chart which is a bullish sign. We recommend buying from current level for the target of Rs328 and a stop loss of Rs308.
Adani Ports: BUY| Target Rs390| Stop Loss Rs370| Return 5%
The stock has formed a Hammer-like pattern which was in green following another hammer pattern which was in red in the bottom. Formation of these pattern in quick time suggests reversal on the daily chart.
The RSI has also shown reversal on the daily chart. We recommend buying from current level for the target of Rs380 – 390 with a stop loss placed below Rs370.
12:15 pm Technical Outlook: Mustafa Nadeem of Epic Research said the volatility is here to stay since we have seen it rebounding from lower levels and may further inch up in coming days. The volatility on global front as well is going high with CBOE above 19 level and it may stretch its run in coming days of March.
He maintains the bearish stance on Nifty and any rebound will be due to the band of averages at present levels and it may consolidate further to drift lower in medium term toward 9,750 – 9,850.
12:05 pm Rajya Sabha Disruption: The Rajya Sabha was adjourned for the day without transacting any business after opposition Congress and parties from Tamil Nadu and Andhra Pradesh disrupted proceedings over various issues.
Chairman M Venkaiah Naidu adjourned the House barely four minutes after the start of proceedings, as members of opposition parties staged protests in the Well.
No sooner were the listed papers laid on the table, members of Andhra parties including TDP and KVP Ramachandra Rao of the Congress trooped in the Well shouting slogans for special status for the state.
Members of Tamil Nadu parties – DMK and AIADMK – too were in the Well demanding immediate constitution of the Cauvery Water Management Board for division of river water between Tamil Nadu and Karnataka.
Here are the top headlines at 12 pm from Moneycontrol News’ Anchal Pathak
11:55 am Market Update: The market continued to trade strong but is slightly off day’s high, with the Sensex rising more than 250 points and the Nifty is hovering around 10,200 levels.
All eyes are on the outcome of US Federal Reserve meeting due later today. The street is expecting a rate hike. Investors will also be closely eyeing Fed Chairman Jerome Powell’s commentary on future rate hikes
Midcaps held morning gains, with the Nifty Midcap rising a percent.
Bharti Airtel was the top gainer among Nifty50 stocks, rising nearly 4 percent.
11:45 am Buzzing: Shares of Steel Strips Wheels (SSWL) rose over 1 percent on winning export order for UK aftermarket.
The company has bagged another exports order for supply of steel wheels for UK Aftermarket.
Total order covers supplies of approximately 7,000 wheels in a period of 30 days.
Wheels to be dispatched from company’s Chennai & Dappar plant from this month onwards.
11:30 am Joint Venture: Adient, the global leader in automotive seating, and Arvind, one of the world’s largest textile-to-retail conglomerates, announced the formation of Adient Arvind Automotive Fabrics, a joint
The joint venture will develop, manufacture and sell automotive fabrics in India.
Adient Arvind Automotive Fabrics will be based in Ahmedabad, India.
11:20 am Buzzing: Share price of Jubilant Foodworks added 2 percent on introducing Everyday Value at Rs 99 for small group size pizzas.
Domino’s Pizza announced the launch of everyday value price in its range of regular sized pizzas. The everyday value price will enable customers to buy two regular pizzas at an attractive price of Rs 99 each.
The everyday value price will help Domino’s pizza in increasing pizza penetration across marke, especially in smaller towns, company said.
11:10 am Anti-Dumping Duty: The Trump Administration has decided to slap an anti-dumping duty on the stainless steel flanges imported from China and India after it found in its preliminary probe that both the countries had provided subsidies to the exporters.
In January, the US had slapped anti-dumping duty on finer denier polyester staple fibre from China and India after the Department of Commerce found that exporters from both the countries received subsidies of 41.73 to 47.55 per cent and 9.50 to 25.28 percent, respectively.
The Department of Commerce has found that exporters from China and India have sold stainless steel flanges in the US at 257.11 per cent and 18.10 to 145.25 per cent less than fair value, respectively, according to an official statement issued yesterday.
Here are the top headlines at 11 am from Moneycontrol News’ Sakshi Batra
11:00 am Steet Strips Wheels win export order: The company has bagged another exports order for supply of steel wheels for UK Aftermarket.
Total order covers supplies of approximately 7,000 wheels in a period of 30 days.
Wheels to be dispatched from company’s Chennai & Dappar plant from this month onwards.
10:40 am Fundraising: Metals and mining giant Vedanta is planning to raise Rs 4,500 crore by issuing non-convertible debentures.
“We would like to inform you that the company proposes to offer Rated, Secured, Redeemable, Non-Cumulative, Non-Convertible Debentures aggregating up to Rs 4,500 crore, in one or more tranches,” Vedanta Ltd said in a BSE filing.
In this regard, the company will hold a meeting of its duly constituted Committee of the Directors on March 23, 2018.
“The…issuance is pursuant to the approval of the shareholders passed vide special resolution at the 52nd Annual General Meeting of the company held on July 14, 2017 and the Board of Directors’ resolution passed at their meeting held on January 31, 2018,” it added.
Vedanta Limited, a Vedanta Group company is a global diversified natural resources company, with operations across zinc-lead-silver, oil and gas, iron ore, copper, aluminium and commercial power.
10:30 am Market Outlook: “We have seen a weak start to the year with volatility globally & locally seeing stocks underperform. However, we think you could see another 10 percent upside in FY19 from June/July period onward as earnings start to grow. Nifty December 2018 target 11,700 & March 2019 target 12,000,” Sanjiv Bhasin, Executive Vice President, IIFL said.
10:20 am Market Update: Frontline indices rallied further, with the Sensex rising 319.77 points or 0.97 percent to 33,316.53, backed by banking & financials, Reliance Industries, ITC and L&T.
The Nifty gained 92.60 points or 0.91 percent at 10,217 while the Nifty Bank rose 1 percent and PSU Bank index surged 2 percent.
The Nifty Midcap also traded in line with frontliners, with the Nifty Midcap index rising 1 percent on strong market breadth. About four shares advanced for every share falling on the BSE.
10:10 am IPO Opens: State-owned steel manufacturer Mishra Dhatu Nigam (MIDHANI) has opened its initial public offering for subscription.
The IPO comprises of an offer for sale of 4,87,08,400 equity shares by the President of India acting through the Ministry of Defence.
The offer will constitute 26 percent of the post issue paid-up equity share capital.
The company has fixed price band at Rs 87-90 per share for the issue that is scheduled to close on March 23, 2018.
The government through MIDHANI issue is aimed to raise Rs 423.8-438.4 crore at lower and upper end of price band, by diluting 26 percent equity of the company.
As it is an offer for sale issue, the company will not receive any proceeds from the Offer and all proceeds will go to the government.
Established in 1973, MIDHANI is one of the leading manufacturers of special steels, superalloys and only manufacturer of titanium alloys in India. These are high value products which cater to niche end user segments such as defence, space and energy.
Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak
9:58 am Market Update: Benchmark indices extended rally, with the Sensex rising 257.64 points or 0.78 percent to 33,254.40 and the Nifty gaining 81.40 points or 0.80 percent at 10,205.80.
9:50 am Buzzing: Majesco, USA, the Insurance arm and a subsidiary of Majesco said InsurTech start-up based in California, has been selected Majesco Policy for P&C and Majesco Billing on the Majesco CloudInsurer platform to support their launch and growth strategies in a SaaS model.
The start-up will write personal lines (auto, home, dwelling fire and umbrella) insurance in California through their agent network.
9:40 am Rupee Trade: The rupee edged marginally higher by 1 paisa to 65.19 against the US dollar in early trade ahead of the Federal Reserve’s policy decision today.
Besides, the dollar’s weakness against some currencies overseas, fresh selling of the American currency by exporters as well as banks supported the rupee, forex dealers said.
A higher opening in the domestic equity market influenced the currency’s movement, they added.
Yesterday, the domestic unit had slipped by 3 paise to end at 65.20 a dollar due to demand uptick for the greenback.
9:30 am Market Update: The Sensex extended rally in morning, rising 220 points, backed by Reliance Industries, L&T, HDFC Bank, Vedanta, HDFC, ITC, SBI, IOC, Infosys and ICICI Bank that gained up to 1.5 percent.
Indiabulls Housing Finance was the biggest gainer among Nifty50 stocks, rising 3 percent while only 8 stocks were in the red among 50 stocks which were Eicher Motors, Bharti Infratel, HUL, Tech Mahindra, Hero MotoCorp, Zee Entertainment, Bosch and Wipro.
9:26 am Buzzing: Alembic Pharmaceuticals shares recouped opening losses to trade 3 percent higher after the company clarified that none of the observations to Panelav facility are related to data integrity or repetitive in nature.
The company informed exchanges that the United States Food and Drug Administration (US FDA) has conducted an inspection at formulation facility at Panelav during March 12-20.
“This was a scheduled inspection and at the end of the inspection, the US FDA issued a Form 483 with 3 observations. None of the observations are related to data integrity or repetitive in nature,” the company said.
Alembic further said it would submit the reply to the US FDA shortly.
9:20 am Listings on BSE: The equity shares of Bharat Parenterals are listed and admitted to dealings on the BSE in the list of ‘XT’ Group securities.
Equity shares of Shreeshay Engineers are also listed on the BSE and admitted to dealings on the SME Platform of Exchange in the list of ‘MT’ Group securities.
9:15 am Market Opening: Benchmark indices opened sharply higher on short covering and following positive lead from global peers. Investors are interested to see the outcome of Federal Reserve meeting due tonight.
The 30-share BSE Sensex was up 194.69 points or 0.59 percent at 33,191.45, and the 50-share NSE Nifty gained 57.50 points or 0.57 percent at 10,181.90.
Nifty Midcap Index was up 147 points or 0.8 percent.
BEML, Ashok Buildcon, LT Foods, KRBL, KPIT Technologies, Canara Bank, United Bank of India, IDBI Bank, Andhra Bank, Allahabad Bank and Max Financial gained up to 5 percent.
9:14 am Alembic Pharma in Focus: Alembic Pharma has received Form 483 3 observations from the USFDA for Panelav unit.
However, there are no observations for Panelav unit w.r.t data integrity or repetitive.
The company will respond to US FDA w.r.t Panelav unit observations shortly.
The US FDA inspected Panelav unit during March 12-20, 2018.
9:08 am Stocks in news: New Kid on the block: Mishra Dhatu Nigam has fixed its initial public offering price band of Rs 87-90 apiece. The company is raising Rs 438 crore through an offer for sale by the government.
The government is diluting 26% of its stake in the company and is giving a discount of Rs 3 per share to retail investors.
MOIL: Sunil Porwal has been appointed as the government nominee director on the firm’s Board.
Equitas: The firm will allot 1,59,798 shares at Rs 10 each under ESOP scheme.
Sterlite Power: The firm has acquired Rs 1,500 crore Goa-Tamnar project.
UltraTech Cement: According to a PTI report, the company may get support from Binani creditors.
Ashok Leyland: The company will be supplying 50 e-buses for Ahmedabad’s BRT corridor, according to a report in The Hindu BusinessLine.
Larsen & Toubro: The company is set to win EPC contract for new dry dock in Kochi, The Hindu BusinessLine reported.
Greenply Industries to explore an option to demerge its MDF Division into Greenpanel Industries
NRB Bearings approves dividend at Rs 1.40 per share
Ashoka Buildcon declares interim dividend
9:05 am Technical Recommendations:Here’s what SMC Global Securities has to recommend:
Eris Lifesciences Ltd: BUY| Target Rs895| Stop Loss Rs750| Return 11%
Future Lifestyle Fashion Ltd: BUY| Target Rs464| Stop Loss Rs380| Return 13%
Chambal Fertilisers Ltd: BUY| Target Rs187| Stop Loss Rs152| Return 13%
9:02 am Pre-opening Trade: The market started off the day on a positive note in its pre-opening trade, with the Sensex rising 120.42 points to 33,117.18.
The 50-share NSE Nifty reclaimed 10,150 levels, rising 54.10 points to 10,178.50.
8:58 am Market Check: The market is likely to open mildly higher on Wednesday, tracking positive trend in global peers. The Nifty50 closed 30 points higher at 10,124 on Tuesday.
SGX Nifty also indicate a positive start to the market as it was trading 17 points higher at 10,175 on the Singapore Stock Exchange.
Most Asian markets traded higher, following positive lead from Wall Street, with more focused on the Federal Reserve after it kicked off its March meeting. The Hang Seng was up 1.2 percent while Kospi, Shanghai Composite and ASX 200 were up 0.2-0.4 percent.
US stocks advanced modestly on Tuesday as higher oil prices lifted the energy sector, but another slump in Facebook Inc shares curbed gains.
The Dow Jones Industrial Average rose 116.36 points, or 0.47 percent, to 24,727.27, the S&P 500 gained 4.02 points, or 0.15 percent, to 2,716.94 and the Nasdaq Composite added 20.06 points, or 0.27 percent, to 7,364.30.