11:07 am Silver Update: Taking cues from overseas markets, silver prices eased Rs 60 to Rs 38,785 per kg in futures trade today as participants cut bets.
Also, profit-booking at existing levels by speculators weighed on silver prices.
At the Multi Commodity Exchange, silver for delivery in March dropped Rs 607, or 0.15 percent, to Rs 39,785 per kg in a business turnover of 185 lots.
Similarly, the white metal for delivery in far-month May traded Rs 48, or 0.12 per cent, lower at Rs 30,283 per kg in 9 lots.
Here are the top headlines at 11 am from Moneycontrol News’ Sakshi Batra
11:00 am Market Outlook: The market gave a big surprise to investors in 2017 as the 50-share NSE Nifty shot up 29 percent, which was largely in line with global trend, but it was despite growth slowdown due to twin disruptions — demonetisation and GST implementation.
The stupendous rally was driven not only by liquidity, but also by hope of earnings and economic recovery (due to reforms by Modi government) going ahead, which had been lagging for many quarters in the past.
That kind of returns seem unlikely in 2018 though earnings and economic recovery look possible, is the word coming from Aditya Birla Capital.
What it expects is 12-15 percent return in the current year and the similar kind of uptrend is likely to continue in 2019 & 2020 as well.
10:40 am Tejas Networks in focus: Tejas Networks today announced that it has successfully completed GPON equipment installations in over 40,000 gram panchayats in India as part of the BharatNet Phase-1 project.
BharatNet is an ambitious Government of India project to bring high-speed broadband connectivity to 250,000 gram panchayats of the country.
10:28 am Gold Update: Gold futures today fell 0.09 percent to Rs 29,130 per 10 grams as participants cut bets amid weak global sentiment. Besides, profit-booking by speculators also weighed on prices.
At Multi Commodity Exchange, prices for delivery in February contracts fell Rs 26, or 0.09 percent, to Rs 29,130 per 10 grams in a business turnover of 94 lots.
Also, the metal for delivery in far-month April declined Rs 18, or 0.06 percent, to Rs 29,104 per 10 grams in 4 lots.
10:15 am Buzzing: Shares of Whirlpool of India added more than 3 percent in morning as company is going to increase its capacity.
The company is proposing to enhance its single door refrigerator existing capacity of 21 lakh by 6 lakh per annum from internal sources at an estimated cost of Rs 182 crore to be spent over next two years.
The setting up of additional capacity is being undertaken in line with company’s focus strategy and to meet the increasing demand of its products since the present capacity utilization of single door refrigerator is around 94 percent.
10:02 am Market Check: Benchmark indices remained volatile in morning, after hitting a record high on the Sensex.
The 30-share BSE Sensex was up 14.47 points at 34,457.66 and the 50-share NSE Nifty rose 3.80 points to 10,640.80.
The market breadth remained positive as about 1,349 shares advanced against 875 declining shares on the BSE.
Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak
9:55 am World Bank on India: With an “ambitious government undertaking comprehensive reforms”, India has “enormous growth potential” compared to other emerging economies, the World Bank said today, as it projected country’s growth rate to 7.3 percent in 2018 and 7.5 for the next two years.
India, despite initial setbacks from demonetisation and Goods and Services Tax (GST), is estimated to have grown at 6.7 percent in 2017, according to the 2018 Global Economics Prospect released by the World Bank here today.
“In all likelihood India is going to register higher growth rate than other major emerging market economies in the next decade. So, I wouldn’t focus on the short-term numbers. I would look at the big picture for India and big picture is telling us that it has enormous potential,” Ayhan Kose, Director, Development Prospects Group, World Bank, told PTI in an interview.
9:45 am Rupee Trade: The rupee recovered by 5 paise to 63.66 against the dollar in morning today on mild selling of the US currency by exporters amid a higher opening in domestic equity markets.
Currency traders said weakness in the dollar against major global currencies overseas supported the rupee.
Yesterday, the rupee had dropped sharply by 20 paise to end at a fresh one-week low of 63.71 against the US currency following steady uptick in dollar demand from importers and banks amid surging crude prices.
9:35 am IPO opens: Apollo Micro Systems, which raised nearly Rs 47 crore from anchor investors yesterday, has opened its Rs 156-crore initial share-sale for subscription today.
The company has allotted 16,96,050 shares to four anchor investors at a price of Rs 275 per scrip, garnering Rs 46.64 crore, the company said in a statement.
Among the anchor, investors are Sundaram Mutual Fund A/C Sundaram Infrastructure Advantage Fund and Jupiter South Asia Investment Company Ltd – South Asia Access Fund.
The price band for the offer, which will close on January 12, has been fixed at Rs 270-275 per equity share.
Proceeds of the initial public offer (IPO), through which Apollo Micro Systems is estimated to raise Rs 156 crore, will be used to meet additional working capital and other general corporate purposes.
9:21 am Buzzing: Share price of Balasore Alloys gained nearly 6 percent in the early trade as the company will acquire 70 percent of Zimbabwe Alloys.
The company will acquire either by itself and/or through its nominees and affiliates, 70 percent shares of Zimbabwe Alloys (ZAL).
ZAL holds 19,780 hectares of mining areas in different parts of Zimbabwe, which has proven resources of 72.25 million tonnes of chrome ore.
Zimbabwe Alloys Chrome is a wholly owned subsidiary of ZAL has a ferro chrome plant.
The scheme is subject to fulfilment of certain conditions precedent contained in the scheme of arrangement.
9:15 am Market Check: Benchmark indices opened flat on Wednesday, continuing previous day’s consolidation further as investors await December quarter earnings.
The 30-share BSE Sensex was up 36.20 points at 34,479.39 and the 50-share NSE Nifty gained 2.40 points at 10,639.40.
Bharti Airtel, ONGC, Coal India, ITC, Infosys, Sun Pharma, Reliance Industries, Vedanta, Tech Mahindra and HCL Technologies were early gainers.
HPCL, BPCL, Eicher Motors, Asian Paints, Kotak Mahindra Bank, Axis Bank and IndusInd Bank were early losers.
The Nifty Midcap Index was up 40 points. About three shares advanced for every two shares falling on the NSE.
Shalby fell 4 percent after weak earnings for December quarter.
Jubilant Foodworks, Future Retail, Infinite Computer Solutions, V-Mart Retail, Idea Cellular, Glenmark Pharma and Punj Lloyd gained 1-4 percent.