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As on Apr 19, 2018 12:00 AM |
Your results on : End Session |
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Key benchmark indices settled higher on positive global cues. The barometer index, the S&P BSE Sensex, rose 95.61 points or 0.28% to settle at 34,427.29. The Nifty 50 index rose 39.10 points or 0.37% to settle at 10,565.30. Metal and mining stocks were in demand. The Sensex and the Nifty, both, settled at their highest closing levels in more than seven weeks. Overseas, most European shares rose as soaring oil prices triggered a broader rally across commodities. Asian stocks rose, building on gains a day earlier, with oil prices at 3-1/2-year highs helping to boost sentiment for the region's equities. In US, the Dow industrials ended lower yesterday, 18 April 2018 as IBM's shares got walloped; however, gains in shares of energy-related firms helped the broader market post modest gains. Wall Street showed a muted reaction to the release of the Beige Book report, which underscored that economic activity remained at a modest to moderate pace in March and early April. The Fed's Beige Book showed that economic activity remained at a modest to moderate pace, though nine of the 12 regional banks expressed concerns about trade tariffs, centered on the tit-for-tat spat between Beijing and Washington. Back home, key indices resumed uptrend after taking a one-day pause yesterday, 18 April 2018, on positive Asian stocks. Indices gyrated in a small range throughout the day. The Sensex rose 95.61 points or 0.28% to settle at 34,427.29, its highest closing level since 26 February 2018. The index rose 147.14 points, or 0.43% at the day's high of 34,478.82. The index rose 27.23 points, or 0.08% at the day's low of 34,358.91. The Nifty 50 index rose 39.10 points or 0.37% to settle at 10,565.30, its highest closing level since 26 February 2018. The index rose 46 points, or 0.44% at the day's high of 10,572.20. The index fell 20 points, or 0.19% at the day's low of 10,546.20. The S&P BSE Mid-Cap index rose 0.63%. The S&P BSE Small-Cap index rose 0.60%. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,369 shares rose and 1,285 shares fell. A total of 163 shares were unchanged. Among the sectoral indices on BSE, the S&P BSE Metal index (up 4.46%), the S&P BSE Basic Materials index (up 2.76%), the S&P BSE Capital Goods index (up 1.06%), the S&P BSE IT index (up 0.92%), the S&P BSE Teck index (up 0.88%), the S&P BSE Industrials index (up 0.73%), the S&P BSE Telecom index (up 0.71%), the S&P BSE Realty index (up 0.70%), the S&P BSE Healthcare index (up 0.63%), the S&P BSE Utilities index (up 0.63%), the S&P BSE FMCG index (up 0.56%) and the S&P BSE Power index (up 0.30%), outperformed the Sensex. The S&P BSE Auto index (up 0.14%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.10%), the S&P BSE Bankex (down 0.04%), the S&P BSE Finance index (down 0.07%), the S&P BSE Energy index (down 0.59%), the S&P BSE Consumer Durables index (down 0.86%) and the S&P BSE Oil & Gas index (down 1.31%), underperformed the Sensex. Metal and mining stocks were in demand. Hindustan Copper (up 11.48%), Hindalco Industries (up 9.13%), National Aluminium Company (up 8.98%), Vedanta (up 6.69%), JSW Steel (up 4.26%), Steel Authority of India (up 4.20%), Jindal Steel & Power (up 4.04%), Tata Steel (up 3.17%) and Hindustan Zinc (up 1.93%), edged higher. US firm Alcoa reportedly predicted a global deficit for both aluminium and alumina in 2018 due to delays in projects to expand smelters in China. NMDC rose 1.75%. NMDC said it has reduced prices of lump ore and fines by Rs 100 each to Rs 2,900 per tonne and Rs 2,560 per tonne with effect from 18 April 2018. The announcement was made after market hours yesterday, 18 April 2018. Index heavyweight and engineering and construction major L&T advanced 1.74% to Rs 1,384.30. Most private sector banks declined. Axis Bank (down 0.91%), Federal Bank (down 0.91%), Kotak Mahindra Bank (down 0.69%), ICICI Bank (down 0.36%) and RBL Bank (down 0.35%), edged lower. HDFC Bank (up 0.41%), City Union Bank (up 0.61%) and Yes Bank (up 2.83%), edged higher. IndusInd Bank fell 0.57% to Rs 1,834.10. The bank's net profit rose 26.81% to Rs 953.09 crore on 16.21% rise in total income to Rs 5858.62 crore in Q4 March 2018 over Q4 March 2017. The result was declared during market hours today, 19 April 2018. IndusInd Bank's gross non-performing assets (NPAs) stood at Rs 1704.91 crore as on 31 March 2018 as against Rs 1498.70 crore as on 31 December 2017 and Rs 1054.87 crore as on 31 March 2017. The ratio of gross NPAs to gross advances stood at 1.17% as on 31 March 2018 as against 1.16% as on 31 December 2017 and 0.93% as on 31 March 2017. The ratio of net NPAs to net advances stood at 0.51% as on 31 March 2018 as against 0.46% as on 31 December 2017 and 0.39% as on 31 March 2017. The bank's provisions and contingencies fell 21.99% to Rs 335.55 crore in Q4 March 2018 over Q4 March 2017. Shares of state-run banks were mixed. UCO Bank (down 1.69%), Andhra Bank (down 1.19%), Punjab National Bank (down 1.18%), Bank of Maharashtra (down 1.05%), Dena Bank (down 1.05%), Allahabad Bank (down 0.79%), Syndicate Bank (down 0.79%), Corporation Bank (down 0.65%), Bank of India (down 0.14%) and United Bank of India (down 0.08%), edged lower. Central Bank of India (up 0.22%), IDBI Bank (up 0.29%), Union Bank of India (up 0.42%), Canara Bank (up 0.51%), Punjab & Sind Bank (up 0.68%), Vijaya Bank (up 1.30%), Indian Bank (up 1.73%) and Bank of Baroda (up 2.22%), edged higher. State Bank of India ended flat at Rs 246.25. Index heavyweight Reliance Industries (RIL) rose 0.33% to Rs 940.10. BP and RIL today announced the sanctioning of the 'Satellite cluster' project in Block KG D6. The companies are moving forward to develop the Block's discovered deep-water gas fields in an integrated series of projects, bringing new gas production for India. The 'Satellite cluster' is the second of three projects in the Block KG D6 integrated development. The announcement was made during market hours today, 19 April 2018. The first of the projects, development of the 'R-Series' deep-water gas fields, was sanctioned in June 2017. Together the three projects will develop a total of about 3 trillion cubic feet of discovered gas resources with a total investment of about Rs 40000 crore (US$6 billion). They are expected to bring a total ~ 30-35 million cubic metres (1 billion cubic feet) of gas a day new domestic gas production onstream, phased over 2020-2022.
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Domestic shares corrected after rising in past nine consecutive sessions. The barometer index, the S&P BSE Sensex, fell 63.38 points or 0.18% at 34,331.68. The Nifty 50 index fell 22.50 points or 0.21% at 10,526.20. FMCG stocks were in demand as forecasts of normal monsoon brightened their outlook. Bank shares declined. Overseas, most European markets were trading higher as investors monitored a fresh batch of corporate earnings and economic data. Asian stocks rose as an encouraging US earnings season underscored resilient growth. Japan's exports edged up in March, on strong demand for cars and equipment to make semiconductors, data from Japan's finance ministry showed. Exports rose 2.1% from a year ago, on a rebound in demand after a lull last month. The increase helped Japan log a 10.8% rise in exports for the business year ended March, the first annual rise in three years. US stocks rallied yesterday, 17 April 2018, amid better-than-expected earnings from industry heavyweights, adding to evidence that the strengthening economy is lifting corporate profits. Meanwhile, a lack of escalation in the trade tensions between China and the US has also emboldened investors. Back home, intraday volatility was high. Domestic stocks drifted higher in early trade tracking positive Asian stocks. Stocks steadily extended gains and hit fresh intraday high in mid-afternoon trade. Volatility ruled the roost in mid-afternoon trade as the key benchmark indices retreated sharply after hitting intraday high. Indices hit fresh intraday low in late trade. The Sensex fell 63.38 points or 0.18% to settle at 34,331.68, its lowest closing level since 16 April 2018. The index rose 196.75 points, or 0.57% at the day's high of 34,591.81. The index fell 125.02 points, or 0.36% at the day's low of 34,270.04. The Sensex jumped 1,375.99 points, or 4.17% in nine trading sessions to settle at 34,395.06 yesterday, 17 April 2018, from its low of 33,019.07 on 4 April 2018. The Nifty 50 index fell 22.50 points or 0.21% to settle at 10,526.20, its lowest closing level since 13 April 2018. The index rose 45.50 points, or 0.43% at the day's high of 10,594.20. The index fell 39 points, or 0.37% at the day's low of 10,509.70. The S&P BSE Mid-Cap index fell 0.07%, outperforming the Sensex. The S&P BSE Small-Cap index dropped 0.37%, underperforming the Sensex. The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,527 shares fell and 1,131 shares rose. A total of 151 shares were unchanged. Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (down 1.18%), the S&P BSE Bankex (down 0.85%), the S&P BSE Energy index (down 0.81%), the S&P BSE Finance index (down 0.66%), the S&P BSE Oil & Gas index (down 0.65%), the S&P BSE Auto index (down 0.47%), the S&P BSE Healthcare index (down 0.47%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.29%), the S&P BSE Industrials index (down 0.21%) and the S&P BSE IT index (down 0.21%), underperformed the Sensex. The S&P BSE Capital Goods index (down 0.13%), the S&P BSE Teck index (up 0.03%), the S&P BSE Power index (up 0.17%), the S&P BSE Utilities index (up 0.3%), the S&P BSE Basic Materials index (up 0.37%), the S&P BSE Metal index (up 0.46%), the S&P BSE Realty index (up 0.49%), the S&P BSE Telecom index (up 0.5%) and the S&P BSE FMCG index (up 1.57%), outperformed the Sensex. Index heavyweight and cigarette major ITC gained 2.82% to Rs 275.30. Most FMCG stocks gained as forecasts of normal monsoon brightened their outlook. Godrej Consumer Products (up 5.37%), Tata Global Beverages (up 1.77%), Bajaj Corp (up 0.59%), Colgate Palmolive (India) (up 0.47%), Hindustan Unilever (up 0.39%), GlaxoSmithKline Consumer Healthcare (up 0.25%), Marico (up 0.25%) and Britannia Industries (up 0.18%), edged higher. Jyothy Laboratories (down 0.03%), Procter & Gamble Hygiene & Health Care (down 0.09%) and Nestle India (down 0.32%), edged lower. A good monsoon could boost revenue of FMCG firms. FMCG companies derive substantial revenue from rural India. FMCG major Dabur India rose 3.48% on reports that a foreign brokerage upgraded its rating on the stock to buy from outperform. The brokerage reportedly said outlook for consumer staple firms are improving with the forecast for normal monsoon in 2018. The brokerage raised Dabur India's target price to Rs 415 from Rs 400 earlier. The Indian Meteorological Department (IMD) predicted the south-west monsoon (June to September) to be at 97% of the long period average (LPA) with a margin of error of +/- 5%. Rainfall between 96% and 104% of LPA during the June-September monsoon period is considered normal. The forecast was made after market hours on 16 April 2018. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation. Car major Maruti Suzuki India shed 0.39%. Maruti Suzuki India during market hours today, 18 April 2018 said that the company has attained leadership position in utility vehicles sales in the domestic market in 2017-18, with over 27.5% market share. Riding on the success of models like Vitara Brezza, Ertiga and S-Cross, Maruti Suzuki's sale of utility vehicles reached 253,759 units in 2017-18, growing 29.6% over previous year sales of 195,741 units. Auto major M&M lost 1.55%. M&M today launched the Plush New XUV500 in the premium SUV segment with a bold new design, plush, luxurious interiors and higher power and torque. It offers a more pleasurable ride through an enhanced suspension, and comes with a quieter cabin. Starting at Rs 12.32 lakhs (ex-showroom Mumbai, for W5 variant), it will be available at Mahindra dealerships across India with immediate effect. The announcement was made during market hours today, 18 April 2018. Bank shares declined. Among private sector banks, Axis Bank (down 2.6%), IndusInd Bank (down 1.23%), RBL Bank (down 0.63%), Kotak Mahindra Bank (down 0.61%), ICICI Bank (down 0.51%), City Union Bank (down 0.44%), HDFC Bank (down 0.39%) and Federal Bank (down 0.2%), edged lower. Yes Bank rose 0.42%. Among state-run banks, Bank of Baroda (down 4.02%), Indian Bank (down 3.84%), Andhra Bank (down 2.1%), IDBI Bank (down 1.69%), Allahabad Bank (down 1.65%), Dena Bank (down 1.55%), Bank of Maharashtra (down 1.39%), Union Bank of India (down 1.33%), Syndicate Bank (down 1.12%), Punjab National Bank (down 0.87%), State Bank of India (down 0.79%), Bank of India (down 0.77%), United Bank of India (down 0.53%), Central Bank of India (down 0.5%) and Corporation Bank (down 0.33%), edged lower. Vijaya Bank (up 0.17%), Punjab & Sind Bank (up 0.40%), Canara Bank (up 0.71%) and UCO Bank (up 1.23%), edged higher.
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Domestic stocks logged gains for the ninth day in a row after the India Meteorological Department (IMD) predicted a normal monsoon this season. The barometer index, the S&P BSE Sensex, rose 89.63 points or 0.26% at 34,395.06. The Nifty 50 index rose 20.35 points or 0.19% at 10,548.70. The Nifty closed at a 7-week high. The Sensex attained its highest closing levels in more than seven weeks. Overseas, European stocks edged higher as attention shifted to the first-quarter earnings season and deal-making. Most Asian stocks fell as investors sought fresh leads after weeks of volatility sparked by trade frictions and geopolitical conflict. China's gross domestic product rose 6.8% from a year earlier in the first quarter, holding steady from the 6.8% growth in the fourth quarter of last year, China's National Bureau of Statistics said today, 17 April 2018. Meanwhile, industrial production grew just 6% in March, compared with 7.2% in the first two months of the year, and 6.8% overall for the quarter. In other data, January to March fixed asset investment growth slowed to 7.5% from a year ago, down from 7.9% in the first two months of the year. US stocks closed sharply higher yesterday, 16 April 2018 with major indexes rallying in a broad advance as the first-quarter earnings season pointed to strong growth and geopolitical tensions showed signs of easing. Back home, stocks opened higher as sentiment was boosted after the IMD forecasted normal monsoon this year. However, after an initial volatility, the key benchmark indices drifted higher and hit fresh intraday high in morning trade. Stocks trimmed gains in mid-morning trade. Key indices bounced from the day's low in afternoon trade. Volatility ruled the roost in mid-afternoon trade as the key benchmark indices once again regained strength after reversing intraday losses. Stocks held firm in late trade. The Sensex rose 89.63 points or 0.26% at 34,395.06, its highest closing level since 26 February 2018. The index rose 128.71 points, or 0.38% at the day's high of 34,434.14. The index fell 75.60 points, or 0.22% at the day's low of 34,229.83. The Sensex has risen 1,375.99 points, or 4.17% in nine trading sessions from its low of 33,019.07 on 4 April 2018. The Nifty 50 index rose 20.35 points or 0.19% at 10,548.70, its highest closing level since 27 February 2018. The index rose 32.10 points, or 0.30% at the day's high of 10,560.45. The index fell 32.70 points, or 0.31% at the day's low of 10,495.65. The S&P BSE Mid-Cap index and the S&P BSE Small-Cap index rose by 0.28% each. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,392 shares rose and 1,252 shares fell. A total of 159 shares were unchanged. Among the sectoral indices on BSE, the S&P BSE Power index (up 1.23%), the S&P BSE Realty index (up 1.21%), the S&P BSE Consumer Durables index (up 1.05%), the S&P BSE FMCG index (up 1.05%), the S&P BSE Utilities index (up 1.05%), the S&P BSE Energy index (up 0.63%), the S&P BSE Oil & Gas index (up 0.46%) and the S&P BSE Finance index (up 0.26%), outperformed the Sensex. The S&P BSE Metal index (up 0.25%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.19%), the S&P BSE Telecom index (up 0.16%), the S&P BSE Bankex (up 0.05%), the S&P BSE Basic Materials index (up 0.02%), the S&P BSE Industrials index (down 0.09%), the S&P BSE Capital Goods index (down 0.19%), the S&P BSE Healthcare index (down 0.21%), the S&P BSE Auto index (down 0.23%), the S&P BSE Teck index (down 0.36%) and the S&P BSE IT index (down 0.38%), underperformed the Sensex. Private sector banks were mixed. ICICI Bank (up 1.50%), Federal Bank (up 0.81%), HDFC Bank (up 0.79%), City Union Bank (up 0.58%) and RBL Bank (up 0.30%), edged higher. IndusInd Bank (down 0.17%), Kotak Mahindra Bank (down 0.42%), Yes Bank (down 0.77%) and Axis Bank (down 1.78%), edged lower. PSU banks declined. Canara Bank (down 2.45%), UCO Bank (down 2.39%), IDBI Bank (down 1.45%), Bank of Baroda (down 1.14%), Punjab National Bank (down 1.06%), United Bank of India (down 1.05%), Punjab & Sind Bank (down 0.93%), Union Bank of India (down 0.56%), Allahabad Bank (down 0.48%), State Bank of India (down 0.44%), Andhra Bank (down 0.35%), Corporation Bank (down 0.32%), Dena Bank (down 0.26%), Syndicate Bank (down 0.26%), Bank of India (down 0.18%) and Indian Bank (down 0.05%), edged lower. Central Bank of India (up 0.79%), Bank of Maharashtra (up 1.05%) and Vijaya Bank (up 1.06%), edged higher. Metal and mining stocks saw mixed trend. National Aluminium Company (up 1.63%), Tata Steel (up 0.58%), Hindalco Industries (up 0.40%), Hindustan Zinc (up 0.33%), Hindustan Copper (up 0.14%) and NMDC (up 0.04%), edged higher. Vedanta (down 0.26%), Steel Authority of India (down 0.39%) and Jindal Steel & Power (down 0.96%), edged lower. Tata Consultancy Services (TCS) fell 0.59%. TCS has opened its North America Insurance Hub for business operations in Cedar Rapids, Iowa. This move, part of a multi-year relationship between TCS and Transamerica, will transform the administration of Transamerica's US insurance and annuity business lines, accelerate the enhancement of its digital capabilities and modernise its platform to service all lines of its business customers. The announcement was made during market hours today, 17 April 2018. Housing Development Finance Corporation (HDFC) rose 1.03%. HDFC Asset Management Company (HDFC AMC), a joint venture between HDFC and Standard Life Investments, reported a 31% jump in profit after tax at Rs 721.61 crore in the year ended March 2018 over the year ended March 2017. The asset management firm's total revenue rose 17.6% to Rs 1867.24 crore in the year ended March 2018 over the year ended March 2017. Total expenses were up 2.11% at Rs 804.73 crore. The announcement was made after market hours yesterday, 16 April 2018. HDFC AMC last month filed a draft red herring prospectus with Sebi for a public offer of up to 2.54 crore shares. Adani Ports and Special Economic Zone (APSEZ) fell 1.24%. APSEZ said it signed a long term agreement with Indian Oil Corporation (IOC) to provide Liquefied Natural Gas (LNG) regasification services on a use or pay basis to the state-run refiner, at its upcoming LNG import terminal at Dhamra in Odisha. As per the contract, IOC has booked 3 million tonnes per annum (MTPA) regasification capacity spread over 20 years. IOC plans to supply the gas to its refineries in Paradip in Odisha and Haldia in West Bengal. The announcement was made after market hours yesterday, 16 April 2018. The Indian Meteorological Department (IMD) predicted the south-west monsoon (June to September) to be at 97% of the long period average (LPA) with a margin of error of +/- 5%. Rainfall between 96% and 104% of LPA during the June-September monsoon period is considered normal. The forecast was made after market hours yesterday, 16 April 2018. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation. India Meteorological Department (IMD) issues operational forecast for the southwest monsoon seasonal rainfall for the country as a whole in two stages. The first stage forecast is issued in April and the second stage forecast is issued in June.
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The Sensex and the Nifty logged modest gains on first trading day of the week. The barometer index, the S&P BSE Sensex, rose 112.78 points or 0.33% to settle at 34,305.43. The Nifty 50 index rose 47.75 points or 0.46% to settle at 10,528.35. The Sensex and the Nifty advanced for the eight straight trading session. Market sentiment got a boost after India's annual WPI-based inflation eased to 2.47% in March, helped by a fall in food prices. The Sensex and the Nifty, both, attained their highest closing levels in almost seven weeks. A bout of volatility was seen in early trade as the key benchmark indices cut losses after a gap-down opening triggered by negative Asian stocks. The Sensex regained the psychological 34,000 level soon after an initial slide pulled it below that level in opening trade. Stocks recovered further lost ground in morning trade. Indices extended losses in mid-morning trade on fresh selling in index pivotals. Indices recovered sharply in afternoon trade after India's annual wholesale price inflation slightly eased in March. Stocks advanced in late trade and hit fresh intraday high. Overseas, Asia and European stocks were mixed as investors assess airstrikes against Syria over the weekend and focus on the start of earnings season in the US as well as speeches by Federal Reserve officials. US stocks fell on Friday, 13 April 2018 as weakness in shares of banks and finance firms added to the political and trade tensions weighing on the market. US President Donald Trump declared mission accomplished via Twitter on Saturday, a day after the US, France and the UK launched military strikes targeting three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7. Meanwhile, Russian President Vladimir Putin reportedly warned on Sunday that further Western attacks on Syria would bring chaos to world affairs, as Washington prepared to increase pressure on Russia with new economic sanctions. Back home, the Sensex rose 112.78 points or 0.33% to settle at 34,305.43, its highest closing level since 27 February 2018. The index rose 148.81 points, or 0.44% at the day's high of 34,341.46. The index fell 293.31 points, or 0.86% at the day's low of 33,899.34. The Sensex has risen 1,286.36 points, or 3.90% in eight trading sessions from its low of 33,019.07 on 4 April 2018. The Nifty 50 index rose 47.75 points or 0.46% to settle at 10,528.35, its highest closing level since 27 February 2018. The index rose 59.55 points, or 0.57% at the day's high of 10,540.15. The index fell 84.25 points, or 0.80% at the day's low of 10,396.35. The S&P BSE Mid-Cap index rose 0.34%. The S&P BSE Small-Cap index rose 0.56%. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,416 shares fell and 1,253 shares rose. A total of 207 shares were unchanged. Among the sectoral indices on BSE, the S&P BSE Realty index (up 1.82%), the S&P BSE Healthcare index (up 1.11%), the S&P BSE FMCG index (up 0.96%), the S&P BSE Basic Materials index (up 0.78%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.72%), the S&P BSE Finance index (up 0.72%), the S&P BSE Power index (up 0.67%), the S&P BSE Utilities index (up 0.56%) and the S&P BSE Capital Goods index (up 0.44%), outperformed the Sensex. The S&P BSE Bankex (up 0.3%), the S&P BSE Industrials index (down 0.13%), the S&P BSE Oil & Gas index (down 0.14%), the S&P BSE Energy index (down 0.15%), the S&P BSE Consumer Durables index (down 0.21%), the S&P BSE Telecom index (down 0.51%), the S&P BSE Teck index (down 0.69%) and the S&P BSE IT index (down 0.78%), underperformed the Sensex. The S&P BSE Metal index settled on a flat note. The S&P BSE Auto index rose 0.33%, matching the Sensex's rise in percentage terms. Index heavyweight and housing finance major HDFC rose 1.64% to Rs 1,870.70. The stock hit a high of Rs 1874.50 and a low of Rs 1834.70 in intraday trade. Index heavyweight and cigarette major ITC rose 1.42% to Rs 264.50. The stock hit a high of Rs 264.90 and a low of Rs 260.75 in intraday trade. Private sector banks rose. Kotak Mahindra Bank (up 1.88%), RBL Bank (up 1.74%), HDFC Bank (up 0.55%), Yes Bank (up 0.31%), City Union Bank (up 0.28%), Axis Bank (up 0.06%) and IndusInd Bank (up 0.06%), edged higher. Federal Bank (down 0.2%) and ICICI Bank (down 0.28%), edged lower. Public sector banks declined. Allahabad Bank (down 2.17%), Punjab National Bank (down 2.07%), Dena Bank (down 1.27%), Indian Bank (down 1.11%), Bank of Maharashtra (down 1.04%), Bank of India (down 0.99%), United Bank of India (down 0.82%), State Bank of India (down 0.76%), Punjab & Sind Bank (down 0.66%), Vijaya Bank (down 0.61%), Bank of Baroda (down 0.6%), Central Bank of India (down 0.5%) and Canara Bank (down 0.34%), edged lower. IDBI Bank (up 0.07%), Union Bank of India (up 0.1%), Corporation Bank (up 0.49%) and Andhra Bank (up 1.4%), edged higher. UCO Bank fell 6.49% to Rs 20.90 on reports CBI filed a case against former bank chairman Arun Kaul relating to an alleged Rs 621 crore bank loan fraud case. Reliance Industries (RIL) fell 0.17% to Rs 937.25. RIL's subsidiary Reliance Jio Infocomm (RJIL) has signed a ~JPY 53.5 billion Samurai term loan with 7 year bullet maturity (the Facility). The Facility is guaranteed by RIL and will be used for funding RJIL's ongoing capital expenditure. The Facility will be shortly launched into syndication. The announcement was made on Saturday, 14 April 2018. Meanwhile, RIL on Sunday, 15 April 2018 said that the company in conjunction with JM Financial Asset Reconstruction Company submitted a resolution plan for Alok Industries. The plan did not meet with the approval of the Committee of Creditors of Alok Industries as required under the Insolvency and Bankruptcy Code, RIL said. Most IT stocks rose. Oracle Financial Services Software (up 2.98%), MindTree (up 1.83%), Hexaware Technologies (up 1.18%), TCS (up 1.07%) and HCL Technologies (up 0.88%), edged higher. Wipro (down 0.15%), Persistent Systems (down 0.41%) and MphasiS (down 1.72%), edged lower. IT major Infosys fell 3.10% to Rs 1,132.80 after the company's operating margin outlook fell short of market expectations. The result was declared after market hours on Friday, 13 April 2018. Infosys' consolidated net profit fell 28.1% to Rs 3690 crore on 1.6% increase in revenues to Rs 18083 crore in Q4 March 2018 over Q3 December 2017. Q4 March 2018 operating margin improved to 24.7% from 24.3% in Q3 December 2017. The result are under International Financial Reporting Standards (IFRS). On a consolidated basis, net profit grew 11.7% to Rs 16029 crore in the year ended 31 March 2018 over the year ended 31 March 2017. Revenues were Rs 70522 crore in the year ended 31 March 2018, a year on year (YoY) growth of 3% in reported terms and a growth of 5.8% in constant currency terms. Operating margins were reported at 24.3% in the year ended 31 March 2018. On a consolidated basis, Infosys expects revenues to grow 6%-8% in constant currency in the fiscal year ending 31 March 2019 (FY 2019). It expects revenues to grow 8.2%-10.2% in rupee terms in FY 2019. Operating margin is expected in range of 22%-24% in FY 2019. On 13 April 2018, Infosys entered into a definitive agreement to acquire WongDoody Holding Company, Inc., a US-based digital creative and consumer insights agency for a total consideration of up to $75 million including contingent consideration and retention payouts, subject to regulatory approvals and fulfillment of closing conditions. On the macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 2.47% (provisional) in March 2018 (over March 2017) as compared to 2.48% (provisional) for the previous month and 5.11% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.47% compared to a build up rate of 5.11% in the corresponding period of the previous year, the Ministry of Commerce & Industry said in a statement today, 16 April 2018. Meanwhile, India is set to get a normal monsoon this year, with average rainfall likely to be 97%, the India Meteorological Department (IMD) announced today, 16 April 2018. Between 96% and 104% of the long-period average is considered a normal monsoon, and the margin of error is 5%. India's merchandise exports fell 0.7% to US$ 29.11 billion in March 2018 over a year ago. Meanwhile, merchandise imports moved up 7.1% to US$ 42.80 billion. The trade deficit jumped 28.6% to US$ 13.69 billion in March 2018 from US$ 10.65 billion in March 2017. The data was released by the Ministry of Commerce and Industry after market hours on Friday, 13 April 2018. Merchandise exports in rupees declined 1.9% to Rs 189271 crore, while imports moved up 5.8% to Rs 278297 crore in March 2018 over March 2017. The trade deficit rose to Rs 89026 crore in March 2018 compared with Rs 70127 crore in March 2017. India's merchandise exports increased 10% to US$ 302.84 billion, while merchandise imports surged 19.7% to US$ 459.67 billion in April-March 2018. An increase in imports was driven by a 25.7% jump in oil imports to US$ 109.11 billion. India's merchandise trade deficit galloped to US$ 156.83 billion in April-March 2018 from US$ 108.92 billion in April-March 2017.
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Domestic stocks logged modest gains in a volatile trading session led by gains in index heavyweights Reliance Industries, HDFC and Infosys. The barometer index, the S&P BSE Sensex, rose 91.52 points or 0.27% to settle at 34,192.65. The Nifty 50 index rose 21.95 points or 0.21% to settle at 10,480.60. Extending gains for the seventh straight trading session, the Sensex and the Nifty, both, settled at their highest level in over six weeks. Sentiment was boosted by upbeat domestic macro economic data showing robust rise in factory output in February and decelerating retail inflation in March. Most IT stocks rose ahead of Q4 results of Infosys. Private sector banks saw mixed trend. Public sector bank stocks rose. Most metal shares rose. Key indices opened higher and hit fresh intraday high in afternoon trade. Stocks sharply pared gains as sudden selling pressure emerged in afternoon trade. The indices gradually recovered and ended with decent gains. The barometer index, the S&P BSE Sensex, rose 91.52 points or 0.27% to settle at 34,192.65, its highest closing level since 27 February 2018. The Sensex rose 212.01 points, or 0.62% at the day's high of 34,313.14 in early afternoon trade. The index rose 2.40 points, or 0.01% at the day's low of 34,103.53 in mid-afternoon trade. The Nifty 50 index rose 21.95 points or 0.21% to settle at 10,480.60, its highest closing level since 28 February 2018. The Nifty rose 61.25 points, or 0.59% at the day's high of 10,519.90 in early afternoon trade. The index fell 7.20 points, or 0.07% at the day's low of 10,451.45 in mid-afternoon trade. The breadth, indicating the overall health of the market, was negative. On BSE, 1,436 shares declined and 1,285 shares rose. A total of 138 shares were unchanged. Among secondary barometers, the BSE Mid-Cap index rose 0.46%, outperforming the Sensex. The BSE Small-Cap index rose 0.26%, underperforming the Sensex. Adani Ports & Special Economic Zone (up 2.66%), Coal India (up 1.57%) and HDFC (up 0.67%) were the top Sensex gainers. Index heavyweight Reliance Industries (RIL) rose 1.22%. RIL has entered into agreements on 12 April 2018 to acquire 34,33,767 equity shares of Indiavidual Learning (Embibe), for cash consideration, translating to 72.69% shareholding of Embibe on a fully diluted basis. RIL has agreed to invest upto rupee equivalent of $180 million into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years. The announcement was made beforer market hours today, 13 April 2018. Embibe is an emerging education technology provider incorporated in India on 28 August 2012. It has operations in India. Embibe operates an AI-based education platform that leverages data analytics to deliver personalized learning outcomes to each student. Most IT stocks rose ahead of Q4 results of Infosys. TCS (up 0.44%), Wipro (up 2.28%), Oracle Financial Services Software (up 0.11%), Tech Mahindra (up 2.38%) and MindTree (up 1.94%) rose. Hexaware Technologies (down 1%) and Mphasis (down 2.22%) fell. IT major Infosys rose 0.58%. The company announces its Q4 results today, 13 April 2018. HCL Technologies (HCL) fell 1.99%. HCL and Sumeru Equity Partners (SEP), a technology and growth-focused private equity firm, have signed a definitive agreement to acquire Actian Corporation. The all-cash deal is valued at $330 million. HCL will own 80% while SEP will own approximately 20% stake of the JV entity which inturn will own 100% shareholding of Actian Corporation. The announcement was made after market hours yesterday, 12 April 2018. Palo Alto-based Actian-a leader in hybrid data management, cloud integration, and analytics solutions-powers insight-driven enterprises around the globe to help them solve the toughest data challenges. Private sector banks saw mixed trend. Kotak Mahindra Bank (up 1.69%), IndusInd Bank (up 0.7%), ICICI Bank (up 0.61%), Federal Bank (up 0.25%) edged higher. RBL Bank (down 0.07%), HDFC Bank (up 0.09%), Yes Bank (down 0.66%) and Axis Bank (down 1.17%) edged lower. Public sector bank stocks rose. Canara Bank (up 1.98%), Indian Bank (up 1.49%), Bank of India (up 1%), Bank of Baroda (up 0.97%), IDBI Bank (up 1.12%), Punjab National Bank (up 0.05%), Vijaya Bank (up 0.62%) edged higher. Andhra Bank (down 0.35%) and State Bank of India (down 1.22%) edged lower. Most metal shares rose. Steel Authority of India (up 3.58%), Jindal Steel & Power (up 2.91%), Hindalco Industries (up 2.17%), NMDC (up 2.23%), National Aluminium Company (up 1.12%), Vedanta (up 0.88%) and Hindustan Zinc (up 0.5%) edged higher. Hindustan Copper (down 1.43%) and JSW Steel (down 0.16%) edged lower. Tata Steel fell 0.54%. The company said total production in India was reported at 3.20 million tonnes (MT) in Q4 March 2018 compared with 3.07 MT in Q4 March 2017. Total sales in India was reported at 3.21 MT in Q4 March 2018 compared with 3.01 MT in Q4 March 2017. The announcement was made during trading hours today, 13 April 2018. Ashok Leyland advanced 3.14%. The company won an order from the Ministry of Defence for supplying Ashok Leyland's High Mobility 10x10 vehicles (HMV 10x10). The initial order is worth over Rs 100 crore. The announcement was made during market hours today, 13 April 2018. Amandeep Singh, Head - Defence, Ashok Leyland, said this order win will pave the company's way for newer opportunities in providing mobility platforms for other missile carriers, missile launchers, modular bridges and other critical loads. Reliance Industrial Infrastructure lost 2.08%. The company's net profit dropped 65.21% to Rs 2.54 crore on 11.91% fall in total income to Rs 27.22 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 12 April 2018. On macro front, the all-India general consumer price index (CPI) inflation eased marginally to five-month low of 4.28% in March 2018, compared with 4.44% in February 2018. India's industrial production continued to record a healthy growth for the fourth straight month at 7.1% in February 2018 over February 2017. The manufacturing sector's production surged 8.7% in February 2018, contributing to the overall growth in industrial production. However, the growth of electricity generation output moderated to 4.5%, while the mining output declined 0.3% in February 2018. Overseas, most European and Asian stocks rose after Donald Trump toned down his rhetoric on the timing of a missile attack on Syria. China's trade balance swung to a deficit of $4.98 billion in March from a $33.7 billion surplus in the previous month. Exports declined 2.7% in March from a year earlier, following a 44.5% surge in February. Imports in March expanded 14.4% from a year earlier, compared with a 6.8% increase in February. US stocks closed sharply higher on Thursday, as geopolitical concerns appeared to fade after President Donald Trump tweeted that a military strike on Syria may not be imminent. Escalating tensions over the Middle Eastern country were seen as a major contributor to weakness in Wednesday's session.
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Domestic stocks logged modest gains in a steady session of trade. The barometer index, the S&P BSE Sensex, rose 160.69 points or 0.47% to settle at 34,101.13. The Nifty 50 index rose 41.50 points or 0.40% to settle at 10,458.65. The Sensex reclaimed the crucial 34,000 level in intraday trade. Extending gains for the sixth straight trading session, the Sensex and the Nifty, both, settled at their highest closing level in over six weeks. Traders and investors are awaiting macro economic data on consumer price index-based inflation and industrial growth later in the day. Key indices opened on a flat note. Stocks firmed up as the day's trade progressed. Metal shares declined. IT shares were in demand as the rupee weakened against the dollar. Private sector banks were mixed. Most public sector banks declined. The barometer index, the S&P BSE Sensex, rose 160.69 points or 0.47% to settle at 34,101.13, its highest closing level since 28 February 2018. The Sensex rose 237 points, or 0.70% at the day's high of 34,177.44. The index fell 15.56 points, or 0.05% at the day's low of 33,924.88 in early trade. The Nifty 50 index rose 41.50 points or 0.40% to settle at 10,458.65, its highest closing level since 28 February 2018. The Nifty rose 52.75 points, or 0.51% at the day's high of 10,469.90 in mid-afternoon trade. The index fell 21.90 points, or 0.21% at the day's low of 10,395.25 in early trade. Broader market witnessed selling pressure. Among secondary barometers, the BSE Mid-Cap index fell 0.13%. The BSE Small-Cap index fell 0.27%. Both these indices underperformed the Sensex. The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,524 shares fell and 1,139 shares rose. A total of 154 shares were unchanged. Among the sectoral indices on BSE, the S&P BSE IT index (up 3.18%) and the S&P BSE Teck index (up 2.49%) outperformed the Sensex. The S&P BSE Metal index (down 1.41%), the S&P BSE Realty index (down 1.82%), the S&P BSE Power index (down 0.43%) underperformed the Sensex. Dr Reddy's Laboratories (down 1.97%), Sun Pharmaceutical Industries (down 1.12%) and Maruti Suzuki India (down 1.07%) edged lower from the Sensex pack. Tata Motors rose 0.77% after Tata Motors group global wholesales, including Jaguar Land Rover (JLR), rose 18% to 153,156 units in March 2018 over March 2017. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range rose 33% to 56,399 units in March 2018 over March 2017. Global wholesales of all passenger vehicles rose 11% to 96,757 units in March 2018 over March 2017. The announcement was made after market hours yesterday, 11 April 2018. Global wholesales for JLR were 76,221 vehicles in March 2018 (including CJLR volumes of 7,126 units). Jaguar wholesales for the month were 21,048 vehicles, while Land Rover wholesales for the month were 55,173 vehicles. CJLR a joint venture between JLR and Chery Automobiles and is an unconsolidated subsidiary for JLR. IT shares were in demand as the rupee weakened against the dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. HCL Technologies (up 4.47%), TCS (up 4.04%), Tech Mahindra (up 3.1%), MphasiS (up 2.4%), Hexaware Technologies (up 1.59%), Persistent Systems (up 1.57%), Oracle Financial Services Software (up 1.82%), MindTree (up 0.89%) and Wipro (up 0.28%) edged higher. IT major Infosys rose 3.41%. Infosys announces its Q4 results tomorrow, 13 April 2018. Private sector banks were mixed. Kotak Mahindra Bank (up 0.38%), HDFC Bank (up 0.46%), Bandhan Bank (up 0.43%), Axis Bank (up 1.63%) and ICICI Bank (up 0.83%) edged higher. Yes Bank (down 0.18%), RBL Bank (down 0.93%), City Union Bank (down 0.39%) and IndusInd Bank (down 0.3%) edged lower. Most public sector banks declined. Bank of Maharashtra (down 1.71%), Union Bank of India (down 2.33%), Andhra Bank (down 2.05%), Allahabad Bank (down 1.48%), State Bank of India (down 1.17%), Bank of India (down 1.83%), Bank of Baroda (down 1%), Canara Bank (down 1%), Punjab National Bank (down 0.78%), Syndicate Bank (down 0.93%) edged lower. IDBI Bank fell 1.04% after the Reserve Bank of India (RBI) has vide letter dated 10 April 2018 imposed a monetary penalty of Rs 3 crore on the bank, for non-compliance with the directions issued by it on Income Recognition and Asset Classification (IRAC) norms. The penalty will not have any material impact on the bank, IDBI Bank said. The bank made the announcement after market hours yesterday, 11 April 2018. Metal shares declined. Steel Authority of India (down 3.84%), Vedanta (down 2.46%), Hindustan Zinc (down 1.7%), Tata Steel (down 1.51%), Jindal Steel & Power (down 1.58%), JSW Steel (down 1.67%), Hindustan Copper (down 1.08%), NMDC (down 0.41%) and Hindalco Industries (down 0.66%) edged lower. National Aluminium Company rose 1.6%. Biocon rose 1.06%. Mylan and Biocon have agreed to accelerate introduction of adalimumab biosimilar in Europe through Mylan's in-licensing arrangement with Fujifilm Kyowa Kirin Biologics (FKB). FKB's product is at an advanced stage of review and could potentially obtain approval in Europe in the second half of 2018. Through this arrangement, Mylan could commercialize FKB's Adalimumab in EU around market formation. Biocon retains its economic interest in this arrangement vis-a-vis Mylan in line with its existing global collaboration with Mylan for monoclonal antibodies. The announcement was made after market hours yesterday, 11 April 2018. Orissa Minerals Development Company surged 9.65% after the company said that it has received six iron and manganese ore mines from the office of Government of Odisha. The mines include Bhadrasahi Iron and Manganese Ore Mines, Roida-Bhadrasahi Iron Ore Mines, Belkundi Iron and Manganese Ore Mines, Kolha-Roida Iron and/or Manganese Ore Mines, Thakurani Iron and Manganese Ore Mines and Bagiaburu Iron Ore Mines. The announcement was made during market hours today, 12 April 2018. On macro front, the government will announce industrial production data for February 2018 later today, 12 April 2018. India's industrial production rose by 7.5% year-on-year in January 2018. The government will also disclose inflation data based on consumer price index (CPI) for March 2017 later today, 12 April 2018. The all-India general CPI inflation dipped to four-month low of 4.44% in February 2018, compared with 5.07% in January 2018. Overseas, European markets were mixed as investor sentiment was curbed by the threat of imminent US military action in Syria. Asian shares declined after Syria tensions and hawkish statements from the US Federal Reserve dented investors' sentiment. US stocks declined on Wednesday, as worries about geopolitical developments deflated the buying mood on Wall Street. A tweet by President Donald Trump implied the possibility of a military strike in Syria and set the downbeat tone for the session. Trump's tweet that Russia should get ready for a potential strike on Syria came after a likely chemical weapons attack over the weekend on a rebel-held town in the eastern Ghouta region of Syria. The newfound focus on geopolitics took the focus off a trade spat between the US and China. Investors also digested the release of minutes from the Federal Open Market Committee's (FOMC) March meeting, which reflected that all policymakers expected the US economy to continue growing and for inflation to rise. Those views strengthened the belief that more interest rate hikes lay ahead.
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Key benchmark indices settled with small gains following a divergent trend in index pivotals. The barometer index, the S&P BSE Sensex, rose 60.19 points or 0.18% to settle at 33,940.44. The Nifty 50 index rose 14.90 points or 0.14% to settle at 10,417.15. Extending gains for the fifth trading session, the Sensex settled at almost six-week high while the Nifty hit over four-week closing high. The market breadth, indicating the overall health of the market, was negative. Shares of public sector oil marketing companies (PSU OMCs) slumped following rise in crude oil prices. Most private sector bank stocks rose. Public sector bank stocks fell. Traders were cautious ahead of the earnings season beginning Friday with Infosys, and as the US Federal Reserve will release minutes of its 20-21 March 2018 meeting on Wednesday. A steep rise in crude oil prices overnight also worried investors. Brent crude oil prices crossed $70 a barrel mark. In the global commodities markets, Brent for June 2018 settlement was up 60 cents at $71.64 a barrel. The contract surged $2.39 a barrel or 3.48% to settle at $71.04 a barrel during the previous trading session. Spike in oil prices raises India's import bill as the country imports majority of its crude requirements. After opening with minor gains, key indices tumbled in morning trade. Indices pared losses and were trading with small losses in mid-morning trade. Key indices bounced back in afternoon trade. The barometer index, the S&P BSE Sensex, rose 60.19 points or 0.18% to settle at 33,940.44, its highest closing level since 1 March 2018. The Sensex rose 101.29 points, or 0.30% at the day's high of 33,981.54 in mid-afternoon trade. The index fell 129.51 points, or 0.38% at the day's low of 33,750.74 in morning trade. The Nifty 50 index rose 14.90 points or 0.14% to settle at 10,417.15, its highest closing level since 13 March 2018. The Nifty rose 25.90 points, or 0.25% at the day's high of 10,428.15 in early trade. The index fell 46.65 points, or 0.45% at the day's low of 10,355.60 in morning trade. Among the sectoral indices on BSE, the S&P BSE Consumer Durables index (up 1.02%), the S&P BSE Metal index (up 1.62%), the S&P BSE Teck index (up 1.19%) outperformed the Sensex. The S&P BSE Energy index (down 0.43%), the S&P BSE Finance index (down 0.45%) and the S&P BSE Bankex (down 0.69%), underperformed the Sensex. Among secondary barometers, the BSE Mid-Cap index fell 0.19%, underperforming the Sensex. The BSE Small-Cap index rose 0.20%, outperforming the Sensex. The market breadth, indicating the overall health of the market, was negative. On BSE, 1,506 shares fell and 1,195 shares rose. A total of 132 shares were unchanged. TCS (up 2.85%), Sun Pharmaceutical Industries (up 2.5%) and Reliance Industries (up 1.37%) were the top gainers in the Sensex pack. Adani Ports and Special Economic Zone (down 2.42%), Dr Reddy's Laboratories (down 0.58%) and ITC (down 0.58%) were the biggest losers in the Sensex pack. IT major Infosys rose 0.88%. Infosys announces its Q4 results on Friday, 13 April 2018. In an announcement made after market hours yesterday, 10 April 2018, Calix announced a strategic multi-year partnership with Infosys, that will accelerate communications service provider (CSP) adoption of AXOS, its Software Defined Access (SDA) Platform. Calix and Infosys will jointly invest to co-create new services and value-added offerings on the award winning AXOS platform. Calix is the leading global provider of the cloud and software platforms, systems, and services. Through this partnership, Infosys will develop and deliver new software modules for the AXOS platform. With these new capabilities, service providers can reduce the cost of operating their networks, improve network intelligence and deliver improved subscriber experiences. The fully abstracted, modular, standards-based architecture of the AXOS platform makes it an ideal innovation platform for technology leaders who want to deliver break-through capabilities to CSPs. Auto major Mahindra & Mahindra (M&M) rose 1.24%. M&M announced during trading hours today, 11 April 2018, that Mahindra Defence signed a Memorandum of Understanding with ShinMaywa Industries, Japan, manufacturer of Amphibious Aircraft US-2, at Defexpo 2018, Chennai. The MoU offers both the companies to join forces in order to set up MRO services / manufacturing and assembling of structural parts & components for US-2 amphibian aircraft. This MOU also envisages both the companies to build up a strategic partnership for future versions of US-2 amphibian aircraft. Shares of Axis Bank fell 1.19% while Kotak Mahindra Bank rose 1.09% following reports of Kotak Mahindra Bank looking to acquire Axis Bank. According to media reports, Axis Bank could be a potential acquisition target after its board accepted managing director Shikha Sharma's plea to cut her fourth three-year term to seven months after the Reserve Bank of India reportedly did not approve her re-appointment. Sharma, who joined Axis Bank in 2009, will now step down on 31 December 2018. Her fourth term as managing director and chief executive was originally set to end in June 2021. With a very short time left in the CEO's term at Axis Bank, RBI's pressure on Axis Bank's management and with an asset quality clean-up exercise continuing, this is the best opportunity for Kotak Bank to acquire or merge with Axis Bank, the brokerage reportedly said. The deal if explored could make the combined entity the second largest private bank in India in terms of advances and largest in terms of branches. According to a foreign brokerage, the emerging scenario presents a great opportunity for Kotak Mahindra Bank to buy Axis Bank, which has got one of the largest liability/retail asset franchises. Kotak Bank would gain liability and retail asset size enough to rub shoulders with HDFC Bank, the broker added. Most private sector bank stocks rose. Bandhan Bank (up 2.71%), RBL Bank (up 0.53%), Federal Bank (up 2.22%), IndusInd Bank (up 0.59%) and Kotak Mahindra Bank (up 1.09%) edged higher. Yes Bank (down 2.26%) and HDFC Bank (down 0.06%) edged lower. Public sector bank stocks fell. IDBI Bank (down 2.83%), Punjab National Bank (down 3.04%), Bank of India (down 2.81%), Canara Bank (down 2.11%), Allahabad Bank (down 1.46%), Union Bank of India (down 2.23%), Andhra Bank (down 2.22%), Syndicate Bank (down 2.73%), State Bank of India (down 2.26%), Bank of Baroda (down 1.54%), Vijaya Bank (down 1.15%) and Punjab & Sind Bank (down 1.92%) edged lower. Shares of public sector oil marketing companies (PSU OMCs) slumped as crude oil prices rose further after yesterday's rally pushed Brent crude above the $70 per barrel mark. HPCL (down 7.57%), Indian Oil Corporation (down 6.41%) and BPCL (down 7.42%) edged lower. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel. Himachal Futuristic Communications rose 4.26% after the company said it has bagged advance ourchase order for Rs 579 crore approx from Bharat Sanchar Nigam (BSNL) for building 2G global system for mobile (GSM) base service set (BSS) network in Assam. The announcement was made after market hours yesterday, 10 April 2018. Overseas, European equities were trading lower, tracking mixed cues from Asian market, with traders failing to take any significant succour from new signs trade tension between the US and China was easing. China's factory inflation slowed for a fifth month while the consumer price index retreated from a four-year high. The producer price index rose 3.1% in March from a year earlier, compared with 3.7% in February. The consumer price index climbed 2.1%, the statistics bureau said Wednesday, versus 2.9% in February. US stocks surged on Tuesday, 10 April 2018, thanks to a less-aggressive stance on trade taken by Chinese President Xi Jinping. Xi's conciliatory comments on tariffs sent prices of risky assets such as global equities and commodities higher. Chinese President Xi said that Beijing plans to give foreign companies greater access to financial and manufacturing sectors. He also talked about a cut in tariffs on car imports and an improvement in protection of intellectual property, among other measures.
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Key benchmark indices logged modest gains in steady session of trade on firm global cues. The barometer index, the S&P BSE Sensex, rose 91.71 points or 0.27% to settle 33,880.25. The Nifty 50 index rose 22.90 points or 0.22% to settle at 10,402.25. Shares across the globe edged higher after a speech by Chinese President Xi Jinping calmed investor jitters over an escalating US-China trade row. Domestic stocks logged gains for the fourth day in a row today, 10 April 2018. The Sensex settled at over four-week high while the Nifty settled at almost four-week high. The market opened higher and hit fresh intraday high in morning trade. Indices pared gains in mid-morning trade as profit selling emerged at higher levels. The market turned range bound since early afternoon trade and ended with decent gains. The barometer index, the S&P BSE Sensex, rose 91.71 points or 0.27% to settle 33,880.25, its highest closing level since 12 March 2018. The Sensex rose 161.44 points, or 0.48% at the day's high of 33,949.98 in morning trade. The index rose 24.76 points, or 0.07% at the day's low of 33,813.30 in mid-morning trade. The Nifty 50 index rose 22.90 points or 0.22% to settle at 10,402.25, its highest closing level since 14 March 2018. The Nifty rose 45.50 points, or 0.44% at the day's high of 10,424.85 in morning trade. The index rose 2.15 points, or 0.02% at the day's low of 10,381.50 in mid-morning trade. Among secondary barometers, the BSE Mid-Cap index rose 0.18%. The BSE Small-Cap index fell 0.02%. Both these indices underperformed the Sensex. The market breadth, indicating the overall health of the market, was negative. On BSE, 1,430 shares fell and 1,274 shares rose. A total of 136 shares were unchanged. Among the sectoral indices on BSE, the S&P BSE Metal index (up 2%), the S&P BSE Realty index (up 1.25%) and the S&P BSE Capital Goods index (up 1.08%) outperformed the Sensex. The S&P BSE Consumer Discretionary Goods & Services index (down 0.35%), the S&P BSE FMCG index (down 0.02%) and the S&P BSE Healthcare index (down 0.05%) underperformed the Sensex. Coal India (up 2.2%), L&T (up 1.68%) and Bharti Airtel (up 1.01%) edged higher from the Sensex pack. Tata Motors (down 1.37%), M&M (down 1.02%) and Hero MotoCorp (down 1.01%) edged lower from the Sensex pack. Bank stocks saw mixed trend. Among private bank stocks, ICICI Bank (up rose 2.78%), RBL Bank (up 1.01%), Bandhan Bank (up 0.85%) and Yes Bank (up 0.98%) rose. HDFC Bank (down 1%), Kotak Mahindra Bank (down 0.62%) and IndusInd Bank (down 0.66%) fell. Axis Bank jumped 5.43% at Rs 546. The bank's managing director and CEO Shikha Sharma wanted her new term to be reduced to seven months from three-year tenure that has been approved by the bank's board. The Axis Bank board has accepted her request for a shorter seven-month term (from 1 June to 31 December 2018), subject to the approval of the Reserve Bank of India (RBI). The announcement was made after market hours yesterday, 9 April 2018. Among PSU bank stocks, State Bank of India (SBI) (up 1.04%), Punjab National Bank (up 0.1%), Canara Bank (up 0.53%), IDBI Bank (up 0.54%) rose. Bank of Baroda (down 0.26%), Bank of India (down 0.26%) and Union Bank of India (down 0.86%) dropped. HDFC shed 0.65%. The company has increased its retail prime lending rate (RPLR), on which its adjustable rate home loans (ARHL) is benchmarked, by 20 basis points, with effect from 1 April 2018. The announcement was made after market hours yesterday, 9 April 2018. Metal shares were in demand after copper price edged higher in the global commodities markets. Hindalco Industries (up 4%), NMDC (up 3.52%), National Aluminium Company (up 2.78%), Tata Steel (up 2.58%), Hindustan Copper (up 1.97%), Steel Authority of India (up 1.93%), Vedanta (up 1.05%), Jindal Steel & Power (up 0.76%), JSW Steel (up 0.52%) and Hindustan Zinc (up 0.56%) edged higher. Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for May 2018 delivery was currently up 0.73% at $3.0995 per pound on the COMEX. Infosys rose 0.29%. Calix announced a strategic multi-year partnership with Infosys, that will accelerate communications service provider (CSP) adoption of AXOS, its Software Defined Access (SDA) Platform. Calix and Infosys will jointly invest to co-create new services and value-added offerings on the award winning AXOS platform. By reducing time-to-market for new AXOS capabilities and greatly broadening AXOS offerings, the partnership will enable service providers to accelerate deployments of next generation access networks that will dramatically reduce their operating cost and enable them to deploy new services at a rapid pace. The announcement was made after market hours today, 10 April 2018. Wipro rose 0.35% in volatile trade, with the stock reversing initial losses triggered after the company said that its profitability may be impacted in Q4 March 2018 as one of its clients is undergoing insolvency proceedings. The announcement was made after market hours yesterday, 9 April 2018. Wipro said that in 2008, the company had signed a multi-year outsourcing services agreement with a telecom services provider (client) in India, which was subsequently renewed in the year 2013. On 28 February 2018, the client filed a petition to initiate its Corporate Insolvency Resolution Process (CIRP) with the National Company Law Tribunal (NCLT). Wipro subsequently submitted its claim on 28 March 2018. Since then, the company has been engaged with the Insolvency Resolution Professional (IRP) to discuss the potential outcome of the process. It is estimated that this development will have an impact on both revenue and profitability. The company is likely to see an impact on profitability at the net income level in the range of 65-75 basis points of the consolidated revenues for the quarter ended 31 March 2018, Wipro said. The impact of this client insolvency petition will reflect in the financial results of the company for the quarter and year ended 31 March 2018, it added. Dr Reddy's Laboratories fell 0.45%. As informed on 21 July 2017 with regard to the audit of APJ Cuemavaca plant at Mexico, the company during market hours today, 10 April 2018 said that it has received an Establishment Inspection Report (EIR) from the USFDA, for the facility. Maruti Suzuki India fell 0.34%. The company announced that Suzuki Motor Corporation (SMC) has started export of the all-new Swift produced at Suzuki Motor Gujarat (SMG), SMC's 100% subsidiary to produce automobiles in India. Production of the all-new Swift started at SMG in January 2018. It was shipped from Mumbai Port to South Africa, with Maruti Suzuki as its merchant exporter. The announcement was made during trading hours today, 10 April 2018. Future Supply Chain Solutions rose 2.63%. The Reserve Bank of India after market hours yesterday, 9 April 2018 notified that the foreign portfolio investors (FPIs) investment limit under portfolio investment scheme in Future Supply Chain Solutions has increased from 24% to 49% of its paid up capital. Overseas, European shares rose on Tuesday, led higher by gains in Bayer after a report that the US approved its takeover of Monsanto, while a solid update from LVMH lifted luxury sector stocks. Asian markets advanced as investors digested comments from Chinese President Xi Jinping on measures planned to further open up the Chinese economy. Those measures, which Xi brought up in his speech at the Boao Forum for Asia, included lowering import tariffs for autos and other products, as well as enforcing legal intellectual property of foreign firms. US stock futures also edged up amid improved investor confidence. Dow Jones industrial average futures were higher by 270 points in Asian trade. US stock market finished well off session highs on Monday following a report that the Federal Bureau of Investigation (FBI) officers had raided the office of Michael Cohen, Trump's longtime personal lawyer. US stocks had rallied earlier in the session as comments from Trump and administration officials alleviated fears about rising trade hostilities between the US and China.
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Key benchmark indices logged modest gains as global stocks rose on hopes that a full blown trade war between the United States and China could be averted. The barometer index, the S&P BSE Sensex, rose 161.57 points or 0.48% to settle at 33,788.54. The Nifty 50 index rose 47.75 points or 0.46% to settle at 10,379.35. Continuing its rising trend for third-day in a row, the Sensex and the Nifty settled at over 3-1/2 -week closing high. Bank stocks rose. Oil & gas stocks gained. Auto major Tata Motors fell after the company's subsidiary Jaguar Land Rover reported fall in sales in March 2018. Shares of Lemon Tree Hotels surges on debut. After opening on a dull note, the market moved higher and hit fresh intraday high in morning trade. Indices turned range bound in mid-morning trade. Indices extended intraday gains and hit fresh intraday high in mid-afternoon trade. Indices pared gains in late trade as profit selling emerged at higher levels. The Sensex rose 161.57 points or 0.48% to settle at 33,788.54, its highest closing level since 14 March 2018. The Sensex rose 219.53 points, or 0.65% at the day's high of 33,846.50 in mid-afternoon trade. The index fell 48.06 points, or 0.14% at the day's low of 33,578.91 in early trade. The Nifty 50 index rose 47.75 points or 0.46% to settle at 10,379.35, its highest closing level since 14 March 2018. The Nifty rose 66.10 points, or 0.64% at the day's high of 10,397.70 in mid-afternoon trade. The index fell 3.10 points, or 0.03% at the day's low of 10,328.50 in early trade. Among secondary barometers, the BSE Mid-Cap index rose 0.16%. The BSE Small-Cap index rose 0.38%. Both these indices underperformed the Sensex. The market breadth, indicating the overall health of the market, was strong. On BSE, 1,654 shares rose and 1,069 shares fell. A total of 183 shares were unchanged. Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 1.52%), the S&P BSE Consumer Durables index (up 1.7%) and the S&P BSE FMCG index (up 1.15%) outperformed the Sensex. The S&P BSE Teck index (down 0.99%), the S&P BSE IT index (down 0.92%) and the S&P BSE Realty index (down 0.13%) underperformed the Sensex. M&M (up 2.15%), ITC (up 2.05%), Hindustan Unilever (up 1.18%), L&T (up 1.16%) and Asian Paints (up 1.14%) edged higher from the Sensex pack. Infosys (down 1.62%), Bharti Airtel (down 1.21%) and TCS (down 0.97%) edged lower from the Sensex pack. Bank stocks rose. Among private bank stocks, Axis Bank (up 3.44%), IndusInd Bank (up 1.9%), HDFC Bank (up 0.8%), RBL Bank (up 0.45%) and Yes Bank (up 0.6%) gained. Kotak Mahindra Bank (down 0.09%) and ICICI Bank (down 0.05%) fell. Among PSU bank stocks, Allahabad Bank (up 2.44%), Vijaya Bank (up 2.05%), Punjab National Bank (up 3.04%), Bank of Baroda (up 2.03%), IDBI Bank (up 0.41%), Bank of India (up 2.39%) and Union Bank of India (up 2.11%) gained. Canara Bank (down 0.21%) fell. State Bank of India rose 0.29% to Rs 260.55. The bank announced that a meeting of executive committee of the central board of the bank is scheduled on 13 April 2018 to examine the status and decide on extension of validity period for raising of ATI capital by way of Basel III Compliant debt instruments in single/multiple tranches in domestic/international markets in INR/USD through private placement at appropriate time. The announcement was made during trading hours today, 9 April 2018. Oil & gas stocks gained. Among shares of oil exploration and production (E&P) companies, Reliance Industries (up 0.69%) and ONGC (up 0.85%) edged higher. Oil India (down 1.15%) fell. Among PSU OMCs, BPCL (up 3.64%), HPCL (up 3.62%) and Indian Oil Corporation (up 2.92%) edged higher. Auto major Tata Motors fell 1.53% to Rs 358.30 after the company said that sales of its subsidiary Jaguar Land Rover dropped 7.8% to 83,732 units in March 2018 over March 2017. The announcement was made during trading hours today, 9 April 2018. Jaguar sales dropped 12.7% to 24,300 units. Land Rover sales declined 5.7% to 59,432 units. Jaguar Land Rover reported retail sales of 614,309 vehicles for the financial year ended 31 March 2018, up 1.7% on the prior year. Retail sales for the financial year were up year-on-year in China (19.9%), North America (4.7%) and in Overseas markets (3.4%) but down in the UK (12.8%) and in Europe (5.3%). Felix Brautigam, Chief Commercial Officer, Jaguar Land Rover said that weaker market conditions in the UK and Europe, driven by lack of consumer confidence and lower demand for diesel, are impacting growth. NMDC rose 0.21%. The company has set prices of lump ore at Rs 3000 per ton and fines at Rs 2660 per ton with effect from 4 April 2018. The announcement was made after market hours on Friday, 6 April 2018. Shares of Lemon Tree Hotels settled at Rs 71.60, a premium of 27.86% over the issue price of Rs 56 on its debut on the bourses today, 9 April 2018. The stock listed on the BSE at Rs 61.60, a premium of 10% over the issue price of Rs 56. The stock had hit a high of Rs 73.90 and low of Rs 57.30 during the day. The stock saw high volume of 88.01 lakh shares on the BSE. The initial public offer (IPO) of Lemon Tree Hotels received bids for 15.49 crore shares, as per the National Stock Exchange of India (NSE) data. The issue was subscribed 1.19 times. The issue opened for subscription on 26 March 2018 and closed on 28 March 2018. The price band for the issue was fixed at Rs 54 to Rs 56 per share. Lemon Tree Hotels (LTH) is India's largest chain in the mid-priced hotels sector and third largest overall. Tata Chemicals fell 0.46%. The company signed a business transfer agreement with Allied Silica to acquire their business of precipitated silica, on a slump sale basis. The announcement was made on Sunday, 8 April 2018. The transaction includes the acquisition of an existing manufacturing site for manufacturing precipitated silica in Tamil Nadu, which has been recently commissioned. The acquisition involves cash consideration of upto Rs 123 crore to be paid subject to fulfillment of certain agreed conditions and milestones. This acquisition is a part of the Rs 295 crore investment approved by the board of Tata Chemicals in February 2017, for entry into the Highly Dispersible Silica (HDS) business, which was informed to the Stock Exchanges on 9 February 2017. The acquisition is expected to be closed within 3 months. Nitesh Estates rose 2.6% after the company said that it has settled the dispute in respect of the lease rights of land situated at Chennai. Under the settlement as decreed through the arbitral award, the company will receive Rs 15 crore, as per the terms of the award. The announcement was made after market hours on Friday, 6 April 2018. Overseas, European shares rose as hopes that a full blown trade war between the United States and China could be averted. Asian stocks finished higher as investors looked past the trade worries that fueled Friday's declines on Wall Street. US officials on Sunday, 8 April 2018, reportedly noted that any penalties on Beijing are not imminent and there is ample time to work out a deal and step back from a possible trade war. President Donald Trump said in a tweet Sunday he expects China to lower trade barriers with the US acting reciprocally on taxes. A bounce in US stock futures also boosted sentiment across Asian markets. Trading in US index futures indicated that the Dow could jump 188 points at the opening bell today, 9 April 2018. Meanwhile, some media reported that US forces had struck at sites in Syria, presumably in retaliation for an alleged chemical attack on civilians there. China has tightened restrictions on exports to North Korea of items with potential dual use in weapons of mass destruction and conventional arms. The ban on exports of potential dual-use items, including software, machinery and chemicals, is in line with UN Security Council resolution number 2375. That resolution was passed in September. US stocks closed sharply lower on Friday, 6 April 2018, led by a selloff in industrials and financials, as investors continued to fret over an escalating China-US trade fight. The selling pressure followed Federal Reserve Chairman Jerome Powell's speech in which he backed a patient approach to raising interest rates. The Fed chairman said going slow on rate hikes has also reduced the risk of an unforeseen blow to the economy that might have pushed the economy into recession. Investors also digested a weaker-than-expected jobs report that showed that wage growth remains tepid. The US economy added just 103,000 new jobs in March. The unemployment rate was unchanged at 4.1%.
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Key domestic indices reported small gains after alternately moving in positive and negative zone throughout the trading session. The barometer index, the S&P BSE Sensex, rose 30.17 points or 0.09% at 33,626.97. The Nifty 50 index rose 6.45 points, or 0.06% at 10,331.60. Oil & gas stocks gained. Shares of index heavyweight and software major Infosys dropped. Key benchmark indices drifted lower in early trade amid initial volatility. Stocks hovered in a small range in negative zone till mid-afternoon trade. Indices trimmed gains in late trade amid high volatility soon after hitting intraday high. The Sensex rose 30.17 points or 0.09% to settle at 33,626.97, its highest closing level since 15 March 2018. The index rose 100.71 points, or 0.30% at the day's high of 33,697.51. The index fell 95.43 points, or 0.28% at the day's low of 33,501.37. The Nifty 50 index rose 6.45 points, or 0.06% at 10,331.60, its highest closing level since 15 March 2018. The index rose 25.30 points, or 0.25% at the day's high of 10,350.45. The index fell 34.30 points, or 0.33% at the day's low of 10,290.85. The S&P BSE Mid-Cap index rose 0.65%. The S&P BSE Small-Cap index rose 0.61%. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,624 shares rose and 1,056 shares fell. A total of 133 shares were unchanged. Among the sectoral indices on BSE, the S&P BSE Healthcare index (up 0.94%), the S&P BSE Oil & Gas index (up 0.83%), the S&P BSE Consumer Durables index (up 0.62%), the S&P BSE Bankex (up 0.59%), the S&P BSE Finance index (up 0.59%), the S&P BSE Realty index (up 0.58%), the S&P BSE Energy index (up 0.53%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.40%), the S&P BSE Utilities index (up 0.40%), the S&P BSE FMCG index (up 0.36%), the S&P BSE Power index (up 0.35%) and the S&P BSE Auto index (up 0.34%), outperformed the Sensex. The S&P BSE Basic Materials index (up 0.02%), the S&P BSE Metal index (down 0.16%), the S&P BSE IT index (down 0.51%), the S&P BSE Capital Goods index (down 0.52%), the S&P BSE Teck index (down 0.7%) and the S&P BSE Telecom index (down 1.29%), underperformed the Sensex. The S&P BSE Industrials index rose 0.09%, matching the Sensex's rise in percentage terms. Index heavyweight and software major Infosys fell 1.31% to Rs 1,130. Oil & gas stocks gained. Among shares of oil exploration and production (E&P) companies, Reliance Industries (up 0.33%) and Oil India (up 0.18%) edged higher. ONGC (down 0.14%) fell. Among state-run oil marketing companies, BPCL (up 2.87%), HPCL (up 1.64%) and Indian Oil Corporation (up 0.58%) gained. Drug major Lupin rose 3.03% to Rs 809.80 after the company said that it has received the Establishment Investigation Report (EIR) from US Food and Drug Administration (USFDA) for the successful inspection of its Pithampur, Unit 1. The inspection was conducted in July 2017. The announcement was made during trading hours today, 6 April 2018. Lupin's managing director, Nilesh Gupta, said that the successful outcome of this inspection is encouraging, and further validates the company's commitment to meeting global manufacturing standards. Engineering and construction major Larsen & Toubro (L&T) fell 1.31% to Rs 1,311.10. According to media reports, Serious Frauds Investigation Office (SFIO) has received a complaint against the company alleging thousands of crores of financial irregularities, including money laundering and tax evasion. The media report further stated that SFlOs Mumbai Regional Office has written to the Head Office in Delhi stating that it is a fit case to be investigated. With reference to media reports, L&T clarified during trading hours today, 6 April 2018, that it has so far not received any letter or notice from SFIO or any authority on this matter nor any letter or notice from National Highways Authority of India (NHAI) black listing the company on account of any default of its road subsidiaries/projects. Private sector banks ended on a mixed note. Federal Bank (up 3.90%), ICICI Bank (up 0.97%), HDFC Bank (up 0.79%), Yes Bank (up 0.43%) and Kotak Mahindra Bank (up 0.04%), edged higher. City Union Bank (down 0.06%), Axis Bank (down 0.49%) and RBL Bank (down 0.65%), edged lower. IndusInd Bank fell 0.50% to Rs 1,822. IndusInd Bank during market hours today, 6 April 2018 announced collaboration with Samsung Electronics to enable its MasterCard and Visa Credit Card customers to use Samsung Pay. IndusInd credit card holders can now tap and pay at merchant outlets having Point of Sale (PoS) terminals using a wide range of Samsung Smartphones. Samsung Pay is a payments system which allows customers to simply tap and pay on the go using their registered IndusInd Bank Credit Cards. Public sector banks were in demand. Punjab National Bank (up 4.88%), Allahabad Bank (up 3.38%), Andhra Bank (up 2.49%), Bank of India (up 2.08%), Union Bank of India (up 1.79%), Bank of Baroda (up 1.59%), Vijaya Bank (up 1.36%), Dena Bank (up 1.26%), Indian Bank (up 1.04%), Central Bank of India (up 0.92%), Syndicate Bank (up 0.92%), IDBI Bank (up 0.90%), Canara Bank (up 0.74%), Bank of Maharashtra (up 0.70%), State Bank of India (up 0.54%), United Bank of India (up 0.29%), UCO Bank (up 0.22%) and Corporation Bank (up 0.16%), edged higher. Punjab & Sind Bank fell 0.13%. Overseas, European stocks were trading lower, while most Asian stocks declined as traders digested the latest developments in the US-China trade spat and eyed all-important monthly US jobs data for March later in the day for clues on US monetary policy. Mainland China markets are shut for a holiday. German industrial output fell in February, data released today, 6 April 2018 showed. Industrial output in adjusted terms fell 1.6% in February month-on-month after a 0.1% increase in January. Industrial output was up 2.6% from February 2017 in calendar-adjusted terms, although the pace of year-on-year growth slowed from 6.3% in January. Trading in US index futures indicated that the Dow could slide 179 points at the opening bell today, 6 April 2018. In an announcement that came after US stock trading closed yesterday, 5 April 2018 President Donald Trump instructed the US trade representative to consider slapping an extra $100 billion in tariffs on Chinese goods. The latest move is a continuation of a growing trade dispute between the two countries. Trump previously announced $50 billion in proposed tariffs on goods imported from China, which responded by announcing about $50 billion in proposed tariffs on US goods. US stocks closed higher yesterday, 5 April 2018 with major indexes posting their first three-day rally in several weeks as investors dialed back fears that a trade spat between the US and China will turn into a full-blown trade war. Meanwhile, the US trade deficit rose 1.6% in February and remained near a 10-year high. The US trade deficit rose to $57.6 billion in February from $56.7 billion in the prior month, data released yesterday, 5 April 2018 showed.
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Key benchmark indices logged strong gains, in tandem with world stocks, as concerns over trade tensions between between US and China ebbed. The barometer index, the S&P BSE Sensex, rose 577.73 points or 1.75% to settle at 33,596.80. The Nifty 50 index rose 196.75 points or 1.94% to settle at 10,325.15. The Sensex and the Nifty, both, attained their highest closing levels in three weeks. The Reserve Bank of India (RBI) maintained status quo in its first bi-monthly monetary policy meeting today, 5 April 2018. Overseas, Asian and European stocks gained as investors bought back into risky assets as concerns over trade tensions between between US and China ebbed. Representatives from China and the US left the door open for a negotiated solution to avoid tariff proposals that wouldn't take effect for months. Markets in mainland China, Hong Kong and Taiwan were closed for holidays. China's tariffs would place 25% duties on major US exports to China including airplanes, autos and soybeans, covering 106 categories of products and affecting $50 billion of goods. The announcement followed plans by the Trump administration to impose tariffs of 25% on Chinese products worth $50 billion, on top of levies introduced on steel and aluminum last month. Retaliatory Chinese levies on US pork and fruit came into effect early this week. US stocks closed sharply higher yesterday, 4 April 2018 amid heavy intraday volatility as investors turned their focus to earnings and away from a trade conflict between the United States and China. Back home, the Sensex rose 577.73 points or 1.75% to settle at 33,596.80, its highest closing level since 15 March 2018. The index rose 618.39 points, or 1.87% at the day's high of 33,637.46. The index rose 248.79 points, or 0.75% at the day's low of 33,267.86. The Nifty 50 index rose 196.75 points or 1.94% to settle at 10,325.15, its highest closing level since 15 March 2018. The index rose 203.40 points, or 2.01% at the day's high of 10,331.80. The index rose 99.05 points, or 0.98% at the day's low of 10,227.45. The S&P BSE Mid-Cap index rose 1.88%. The S&P BSE Small-Cap index gained 1.87%. Both these indices outperformed the Sensex. The broad market depicted strength. There were over three gainers against every loser on BSE. 2,070 shares rose and 631 shares fell. A total of 134 shares were unchanged. Among the sectoral indices on BSE, the S&P BSE Metal index (up 4.14%), the S&P BSE Basic Materials index (up 3.18%), the S&P BSE Bankex (up 2.78%), the S&P BSE Realty index (up 2.55%), the S&P BSE Finance index (up 2.39%), the S&P BSE Industrials index (up 1.91%), the S&P BSE Consumer Durables index (up 1.85%), the S&P BSE Capital Goods index (up 1.83%) and the S&P BSE Auto index (up 1.76%), outperformed the Sensex. The S&P BSE Consumer Discretionary Goods & Services index (up 1.60%), the S&P BSE IT index (up 1.55%), the S&P BSE Teck index (up 1.44%), the S&P BSE Utilities index (up 1.35%), the S&P BSE Oil & Gas index (up 1.26%), the S&P BSE Energy index (up 1.25%), the S&P BSE Power index (up 1.25%), the S&P BSE Healthcare index (up 0.94%), the S&P BSE Telecom index (up 0.94%) and the S&P BSE FMCG index (up 0.75%), underperformed the Sensex. Metal and mining stocks were in demand as concerns about a trade war between the world's two largest economies eased after the US and China signaled room for talks. China is the world's largest consumer of steel, copper and aluminum. Jindal Steel & Power (up 7.47%), Hindalco Industries (up 6.53%), Vedanta (up 5.74%), JSW Steel (up 4.4%), Steel Authority of India (up 3.94%), Tata Steel (up 3.67%), Hindustan Copper (up 2.87%), National Aluminium Company (up 2.78%), Hindustan Zinc (up 1.92%) and NMDC (up 1.73%), edged higher. Copper edged higher in the global commodities market. High Grade Copper for March 2018 delivery was currently up 1.48% at $3.0550 per pound on the COMEX. Engineering and construction major L&T advanced 2.48% to Rs 1,328.55 after the company said that its construction arm L&T Construction has won orders worth Rs 3376 crore. The announcement was made during market hours today, 5 April 2018. In a separate announcement made during trading hours today, 5 April 2018, L&T said that its wholly owned subsidiary, L&T Hydrocarbon Engineering (LTHE), announced an award for three gas production deck modules by Saudi Aramco. This is the fourth award for the consortium of LTHE with Subsea 7. There are three offshore contracts currently under execution by the Consortium for Saudi Aramco under the long term agreement. Bank shares rose after RBI left key rates unchanged after monetary policy review today, 5 April 2018. Among private sector banks, ICICI Bank (up 3.52%), Kotak Mahindra Bank (up 3.38%), IndusInd Bank (up 2.52%), Yes Bank (up 2.36%), Federal Bank (up 2.35%), RBL Bank (up 1.84%) and HDFC Bank (up 1.21%), edged higher. City Union Bank fell 1.42%. Axis Bank rose 2.65%. In clarification to reports titled RBI drops Axis Bank from list of bullion importers, Axis Bank said that the Reserve Bank of India had informed the bank that its request for renewal of the authorization for import of gold for the financial year 2018-19 cannot be acceded. This does not have material impact on the bank. The announcement was made after market hours yesterday, 4 April 2018. Among the public sector banks, Canara Bank (up 8.26%), Bank of India (up 7.16%), Syndicate Bank (up 6.20%), Bank of Baroda (up 5.72%), Allahabad Bank (up 5.29%), Union Bank of India (up 4.92%), Indian Bank (up 4.76%), State Bank of India (up 4.66%), Andhra Bank (up 4.36%), Vijaya Bank (up 4.05%), IDBI Bank (up 3.65%), Punjab National Bank (up 3.02%), Dena Bank (up 2.58%), Corporation Bank (up 2.24%), Bank of Maharashtra (up 2.16%), United Bank of India (up 1.85%), UCO Bank (up 1.56%), Punjab & Sind Bank (up 1.18%) and Central Bank of India (up 1.08%), edged higher. On the basis of an assessment of the current and evolving macroeconomic situation, RBI's Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6%. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.25%. The decision of the MPC is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth, the RBI said. The RBI raised growth outlook as several factors are expected to accelerate the pace of economic activity in 2018-19. There are now clearer signs of revival in investment activity as reflected in the sustained expansion in capital goods production and still rising imports, albeit at a slower pace than in January. Global demand has been improving, which should encourage exports and boost fresh investment. On the whole, GDP growth is projected to strengthen from 6.6% in 2017-18 to 7.4% in 2018-19. India's services activity rebounded in March, driven by a marginal rise in new businesses, data released today, 5 April 2018, showed. The seasonally adjusted Nikkei India Services Business Activity Index rose to 50.3 in March from 47.8 in February. A reading above 50 indicates economic expansion, while a reading below 50 signals contraction.
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The market declined sharply, mirroring weak global stocks, amid escalating trade war between China and the US. The barometer index, the S&P BSE Sensex, tumbled 351.56 points or 1.05% at 33,019.07. The Nifty 50 index lost 116.60 points or 1.14% at 10,128.40. The Sensex settled a tad above the psychological 33,000 mark after falling below that level in intraday trade. Overseas, US index futures slumped while most shares in Europe and Asia dropped after China today, 4 April 2018 announced additional tariffs on $50 billion of US goods. China will impose additional tariffs of 25% on 106 US goods including soybeans, autos, chemicals, some types of aircraft and corn products, among other agricultural goods. On the macro front, the service sector in China continued to expand in March, albeit at a slower pace, the latest survey from Caixin revealed with a services PMI score of 52.3, down from 54.2 in February. Trading in US index futures indicated that the Dow could slide 530 points at the opening bell today, 4 April 2018. Worries about global trade war have persisted, after the Trump administration put global tariffs on imports of steel and aluminum, but then exempted most countries from those levies. US stocks closed higher yesterday, 3 April 2018 as Tesla, Amazon and other tech companies rebounded after recent sharp losses and as investors looked forward to earnings season. The Trump administration yesterday, 3 April 2018, announced 25% tariffs on $50 billion of annual imports from China, covering around 1,300 industrial technology, transport and medical products. Back home, trading for the day began on a quiet note as stocks traded with small gains in early trade. Key benchmark indices picked up steam in morning trade to hit fresh intraday high. Stocks pared gains in mid-morning trade. Indices reversed trend in afternoon trade. Stocks traded weak in mid-afternoon trade. Fresh sell-off pulled the key equity benchmarks to intraday low in late trade. The Sensex fell 351.56 points or 1.05% to settle at 33,019.07, its lowest closing level since 28 March 2018. The index rose 134.90 points, or 0.40% at the day's high of 33,505.53. The index fell 398.07 points, or 1.19% at the day's low of 32,972.56. The Nifty 50 index fell 116.60 points or 1.14% to settle at 10,128.40, its lowest closing level since 28 March 2018. The index rose 34.85 points, or 0.34% at the day's high of 10,279.85. The index fell 133.70 points, or 1.31% at the day's low of 10,111.30. The S&P BSE Mid-Cap index fell down 0.92%. The S&P BSE Small-Cap index fell 1.01%. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was negative. On BSE, 1,444 shares declined and 1,190 shares rose. A total of 150 shares were unchanged. Breadth was strong till early afternoon trade. It turned negative from positive in mid-afternoon trade. Among the sectoral indices on BSE, the S&P BSE Metal index (down 2.75%), the S&P BSE Consumer Durables index (down 2.55%), the S&P BSE Basic Materials index (down 2.07%), the S&P BSE Capital Goods index (down 1.95%), the S&P BSE Bankex (down 1.63%), the S&P BSE Finance index (down 1.41%), the S&P BSE Power index (down 1.3%), the S&P BSE Realty index (down 1.23%), the S&P BSE Telecom index (down 1.23%), the S&P BSE Oil & Gas index (down 1.15%), the S&P BSE Utilities index (down 1.12%) and the S&P BSE Teck index (down 1.06%), underperformed the Sensex. The S&P BSE IT index (down 0.96%), the S&P BSE Energy index (down 0.92%), the S&P BSE Industrials index (down 0.86%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.65%), the S&P BSE FMCG index (down 0.15%) and the S&P BSE Auto index rose 0.42%%), outperformed the Sensex. The S&P BSE Healthcare index fell 1.05%, matching the Sensex's losses in percentage terms. Banks declined. Among private sector banks, Axis Bank (down 2.61%), Kotak Mahindra Bank (down 2.25%), Yes Bank (down 2.24%), HDFC Bank (down 1.63%), ICICI Bank (down 0.43%) and Federal Bank (down 0.11%), edged lower. RBL Bank (up 0.95%) and City Union Bank (up 1.01%), edged higher. IndusInd Bank shed 2.26% to Rs 1,788.50. In relation announcement on 14 March 2017 of IndusInd Bank having entered into an agreement with Infrastructure Leasing and Financial Services (IL&FS), the promoter shareholder of IL&FS Securities Services (ISSL) to acquire 100% of ISSL (proposed acquisition), the Reserve Bank of India has granted approval for the proposed acquisition. The announcement was made during market hours today, 4 April 2018. Among state-run banks, Bank of India (down 4.04%), Bank of Baroda (down 3.65%), Central Bank of India (down 3.2%), IDBI Bank (down 3.12%), Andhra Bank (down 2.64%), Canara Bank (down 2.55%), Syndicate Bank (down 2.5%), Vijaya Bank (down 1.75%), Union Bank of India (down 1.65%), State Bank of India (down 1.38%), Punjab National Bank (down 1.36%), Indian Bank (down 1.25%), Punjab & Sind Bank (down 1.17%), Allahabad Bank (down 0.8%), Dena Bank (down 0.77%), Bank of Maharashtra (down 0.71%) and Corporation Bank (down 0.32%), edged lower. UCO Bank (up 0.45%) and United Bank of India (up 2.03%), edged higher. Metal and mining stocks fell as copper prices dropped in global commodity markets. Jindal Steel & Power (down 4.42%), Steel Authority of India (down 3.47%), Vedanta (down 3.47%), Hindalco Industries (down 3.37%), NMDC (down 2.44%), JSW Steel (down 2.33%), Hindustan Copper (down 2.22%) and Hindustan Zinc (down 0.89%), edged lower. National Aluminium Company rose 2.86%. Tata Steel fell 3.29%. The board of directors at the meeting held yesterday, 3 April 2018 decided to defer the matter on issuance of unsecured debt securities on private placement basis. The announcement was made after market hours yesterday, 3 April 2018. Copper edged lower in the global commodities market. High Grade Copper for May 2018 delivery was currently off 2.46% at $2.988 per pound on the COMEX. Auto major Tata Motors rose 3.60% to Rs 355.70 on reports Jaguar Land Rover India reported strong sales in the year ended March 2018. According to media reports, Jaguar Land Rover (JLR) India reported 83.33% jump in total sales to 4,609 units in the year ended March 2018 over the year ended March 2017. JLR India plans to bring 10 new products in India in 2018-2019, reports added. Traders and investors are awaiting the outcome of the Reserve Bank of India's (RBI) monetary policy meeting. The RBI's two-day Monetary Policy Committee (MPC) meeting began today, 4 April 2018 for the first bi-monthly monetary policy for 2018-2019. The resolution of the MPC will be announced at 14:30 IST tomorrow, 5 April 2018. As per reports, the central bank is likely to keep interest rates unchanged in the first monetary policy review of the current fiscal year, amid a gradual recovery in growth and easing inflation. In its last meeting on 7 February 2018, RBI decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6%. Consequently, the reverse repo rate under the LAF remains at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 6.25%.
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Key benchmarks registered modest gains after a volatile trading session led by gains in index pivotals ICICI Bank and Reliance Industries. The barometer index, the S&P BSE Sensex, rose 115.27 points or 0.35% to settle at 33,370.63. The Nifty 50 index rose 33.20 points or 0.33% to settle at 10,245. After trading in a small range for most part of the session, stocks staged a comeback in late trade. A bout of volatility was seen in early trade as domestic stocks turned positive soon after a subdued start triggered by negative Asian stocks. Key benchmark indices once again sink in negative zone in morning trade. Stocks extended fall and hit fresh intraday low in mid-morning trade after latest data showed that India's manufacturing growth has slowed to five-month low in March. Indices, however, turned range bound in afternoon trade. Key benchmark indices alternately swung between positive and negative zone in mid-afternoon trade. The Sensex rose 115.27 points or 0.35% to settle at 33,370.63, its highest closing level since 15 March 2018. The index rose 147.58 points, or 0.44% at the day's high of 33,402.94. The index fell 101.53 points, or 0.31% at the day's low of 33,153.83. The Nifty 50 index rose 33.20 points or 0.33% to settle at 10,245, its highest closing level since 15 March 2018. The index rose 43.55 points, or 0.43% at the day's high of 10,255.35. The index fell 40.75 points, or 0.40% at the day's low of 10,171.05. The S&P BSE Mid-Cap index rose 0.92%. The S&P BSE Small-Cap index rose 1.35%. Both these indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,846 shares rose and 796 shares fell. A total of 145 shares were unchanged. Among the sectoral indices, the S&P BSE Power index (up 1.57%), the S&P BSE Utilities index (up 1.13%), the S&P BSE Bankex (up 1.08%), the S&P BSE Industrials index (up 0.96%), the S&P BSE Telecom index (up 0.94%), the S&P BSE Auto index (up 0.85%), the S&P BSE Basic Materials index (up 0.84%), the S&P BSE Finance index (up 0.74%), the S&P BSE Healthcare index (up 0.67%), the S&P BSE Consumer Discretionary Goods & Services index (up 0.65%), the S&P BSE Energy index (up 0.65%), the S&P BSE Oil & Gas index (up 0.62%), the S&P BSE Metal index (up 0.49%), the S&P BSE Realty index (up 0.48%) and the S&P BSE Capital Goods index (up 0.38%), outperformed the Semsex. The S&P BSE FMCG index (up 0.13%), the S&P BSE Teck index (down 0.08%), the S&P BSE IT index (down 0.24%) and the S&P BSE Consumer Durables index (down 0.6%), underperformed the Sensex. Telecom stocks rose. Bharti Airtel (up 1.83%), MTNL (up 2.33%) and Tata Teleservices (Maharashtra) (up 1.24%) gained. Idea Cellular (down 0.19%) fell. Shares of Bharti Infratel rose 0.09%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel. Index heavyweight Reliance Industries rose 0.68% to Rs 898.80. Bank stocks rose. Among private bank stocks, ICICI Bank (up 2.94%), Yes Bank (up 2.11%), Federal Bank (up 1.44%), Axis Bank (up 1.02%), RBL Bank (up 0.71%), Kotak Mahindra Bank (up 0.69%) and City Union Bank (up 0.46%), edged higher. HDFC Bank fell 0.74%. IndusInd Bank rose 1.32% after the bank announced a pilot with WhatsApp enterprise solution in India to communicate with its customers. The private sector lender became one of the first banks to participate in the WhatsApp pilot. The announcement was made during market hours today, 3 April 2018. The integration with WhatsApp will allow IndusInd Bank to start appearing as a verified account when it communicates with its customers. The initial test phase will allow the bank to communicate important transaction alerts to the customers on WhatsApp. It also allows two-way communication with replies to customer messages and provides basic banking services like checking balance, mini statement, checking reward points as well as updation of Aadhaar through WhatsApp. The messaging on WhatsApp is being rolled out to customers in phases; however, customers can save the official WhatsApp number of the bank and initiate conversation. PSU bank stocks rose after the Reserve Bank of India allowed banks to spread bond trading losses over four quarters. United Bank of India (up 3.58%), Bank of India (up 3.11%), Syndicate Bank (up 2.75%), Indian Bank (up 2.44%), Dena Bank (up 2.36%), Bank of Baroda (up 2.29%), Union Bank of India (up 1.94%), Punjab & Sind Bank (up 1.85%), Bank of Maharashtra (up 1.82%), Canara Bank (up 1.80%), State Bank of India (up 1.64%), Corporation Bank (up 1.62%), UCO Bank (up 1.60%), IDBI Bank (up 1.48%), Vijaya Bank (up 1.32%), Andhra Bank (up 0.69%), Allahabad Bank (up 0.60%) and Central Bank of India (up 0.28%), edged higher. Punjab National Bank fell 0.67%. The Reserve Bank of India (RBI) notified yesterday, 2 April 2018, that with a view to addressing the systemic impact of sharp increase in the yields on Government Securities, it has decided to grant banks the option to spread provisioning for mark to market (MTM) losses on investments held in Available for Sale (AFS) and Held for Trading (HFT) for the quarters ended 31 December 2017 and 31 March 2018. The provisioning for each of these quarters may be spread equally over up to four quarters, commencing with the quarter in which the loss is incurred. Bond yields have spiked over the past few months on concerns of excess government bond supply. As bond prices are inversely correlated to yields, there was a possibility of banks facing huge provisioning burden towards bad loans in the fourth quarter. Further, the RBI has asked them to build up reserves to protect themselves against an increase in yields. Banks have been advised to create an Investment Fluctuation Reserve (IFR), which will be eligible for inclusion in Tier 2 capital, with effect from the year 2018-2019. As for an IFR, the RBI said the investment reserve should be at least 2% of the HTM and AFS portfolio. An amount not less than the lower of the net profit on sale of investments during the year; and the net profit for the year less mandatory appropriations, should be transferred to IFR; and where feasible, reserve should be built up within three years. Centrum Capital rose 4.15% after the company said it signed agreement to sell its money exchange business to EBIX Inc for approximately Rs 1200 crore. The announcement was made during trading hours today, 3 April 2018. On the macro front, data released today, 3 April 2018 showed that manufacturing conditions improved for the eighth consecutive in March, but at the weakest pace since October. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) fell to a five-month low of 51 in March from 52.1 in February. The output of eight core infrastructure sector, constituting 40.27% of the weight of items included in the Index of Industrial Production, increased 5.3% in February 2018 over February 2017. Its cumulative output moved up 4.3% in April to February 2017-18. The data was announced after market hours yesterday, 2 April 2018. Overseas, European stocks declined and most Asian stocks settled lower as a sell-off in once much-favored US technology shares deepened and volatility soared. US stocks fell sharply yesterday, 2 April 2018 driven by both uncertainty surrounding trade policy and weakness in the large-capitalization technology and internet sectors. The IHS Markit manufacturing purchasing managers index hit a three-year high of 55.6 in March, up from 55.3. The ISM manufacturing report for the same month came in at 59.3, compared with a previous monthly reading of 60.8. A reading of 50 or above indicates improving conditions.
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Domestic stocks logged modest gains in steady session of trade led by index heavyweights HDFC Bank, Kotak Mahindra Bank and Reliance Industries. The barometer index, the S&P BSE Sensex gained 286.68 points or 0.87% to settle at 33,255.36. The Nifty 50 index advanced 98.10 points or 0.97% to settle at 10,211.80. The Sensex settled above the psychological 33,000 mark after gyrating above and below that level in intraday trade. Auto stocks gained after declaring good monthly sales volume data for March 2018. Trading for the first day of the week, month and financial year 2019 began on a buoyant note as domestic stocks edged higher in early trade on positive Asian stocks. A bout of volatility was seen in morning trade as the key benchmark indices regained strength soon after trimming early gains. Indices marched ahead as the day's trade progressed. Trading resumed after a long weekend. The stock market had remained shut on Thursday, 29 March 2018 for Mahavir Jayanti and also on Friday, 30 March 2018 on the eve of Good Friday. The Sensex gained 286.68 points or 0.87% to settle at 33,255.36, its highest closing level since 15 March 2018. The index gained 320.66 points or 0.97% at the day's high of 33,289.34. The index rose 29.20 points or 0.09% at the day's low of 32,997.90. The Nifty advanced 98.10 points or 0.97% to settle at 10,211.80. The index gained 106.40 points or 1.05% at the day's high of 10,220.10. The index rose 14.05 points or 0.14% at the day's low of 10,127.75. Among secondary indices, the S&P BSE Mid-Cap index rose 1.4%. The S&P BSE Small-Cap index gained 2.35%. Both these indices outperformed the Sensex. The broad market depicted strength. There were more than three gainers against every loser on BSE. 2,104 shares advanced and 532 shares fell. A total of 175 shares were unchanged. The total turnover on BSE amounted to Rs 2708.73 crore, lower than the turnover of Rs 6091.89 crore registered during the previous trading session. Among sectoral indices on BSE, the Healthcare index (up 2.48%), the IT index (up 1.28%), the Auto index (up 2.14%), the Capital Goods index (up 2.03%) and the Power index (up 1.29%) outperformed the Sensex. The Telecom index (up 0.56%), the Bankex index (down 0.37%), the Metal index (up 0.7%) and the Oil & Gas index (down 0.13%) underperformed the Sensex. Index heavyweight Reliance Industries rose 1.12% at Rs 892.70. The company's telecom arm Reliance Jio Infocomm (Jio) announced significant benefits to existing Jio prime members. All Jio prime members who have subscribed to the executive membership benefits till 31 March 2018 will get another year of complimentary prime benefits at no additional fee. Stocks of key public sector banks were mixed. State Bank of India (down 1.52%), Bank of Baroda (down 0.14%) and IDBI Bank (down 1.59%) edged lower. Bank of India (up 1.06%) and Punjab National Bank (up 0.94%) edged higher. Stocks of private sector banks gained. HDFC Bank (up 2.06%), IndusInd Bank (up 1.08%), Kotak Mahindra Bank (up 4.65%) and Yes Bank (up 0.43%) advanced. ICICI Bank lost 5.93%. In its clarification during market hours today, 2 April 2018, ICICI Bank said that the bank has not received any communication from the Enforcement Directorate relating to any enquiry into the loan to Videocon group as on date. The clarification was following media reports indicating that ED has initiated enquiry in ICICI-Videocon loan, asks Sebi for documents. Media reports alleged that the bank sanctioned Rs 3250 crore of loans to Videocon Group because its chairman Venugopal Dhoot supposedly had dealings with NuPower Renewables, founded by ICICI Bank's MD & CEO Chanda Kochhar's husband Deepak Kochhar. ICICI Bank clarified to the bourses aftermarket hours on 28 March 2018 that its board reviewed the bank's internal processes for credit approval and found them robust. The board also expressed and reposed full faith and confidence in its MD & CEO, Chanda Kochhar. In a separate announcement on 29 March 2018, ICICI Bank said that the Reserve Bank of India (RBI) imposed through an order dated 26 March 2018, a monetary penalty of Rs 58.90 crore on ICICI Bank for non-compliance with directions issued by RBI on direct sale of securities from its Held To Maturity (HTM) portfolio and specified disclosure in this regard. ICICI Bank clarified that RBI has imposed a penalty on the bank for continued sale of government securities classified as HTM. ICICI Bank continued with the sales from HTM category for a few weeks during the quarter ended 31 March 2017, due to a genuine misunderstanding on the timing of the applicability of RBI's direction in this matter. Auto stocks gained after declaring good monthly sales volume data for March 2018. Ashok Leyland (up 1.93%) and TVS Motor Company (up 7.35%) surged. Hero MotoCorp gained 2.68% after the company said its total sales rose 20% to 7.30 lakh units in March 2018 over March 2017. The announcement was made during market hours today, 2 April 2018. Hero MotoCorp clocked its highest-ever annual sales of 75,87,130 units in the financial year ended March 2018 (April 2017-March 2018), which translates to a double-digit growth of about 14% over the corresponding fiscal year ended March 2017 with sales of 66,64,240 units of two-wheelers. Bajaj Auto rose 2.22% after the company said that its total sales rose 23% to 3.34 lakh units in March 2018 over March 2017. The announcement was made during market hours today, 2 April 2018. Maruti Suzuki India gained 1.65% after the company said that its total sales rose 14.9% to 1.60 lakh units in March 2018 over March 2017. The announcement was made on Sunday, 1 April 2018. Tata Motors advanced 3.47% after the company registered a growth of 35% at 69,440 units in March 2018 over March 2017 due to the continued strong sales performance of its commercial and passenger vehicles business in the domestic market. The announcement was made on Sunday, 1 April 2018. Mahindra & Mahindra (M&M) rose 0.86% after the company reported strong growth in tractor sales and a decent rise in its auto sales in March 2018 over March 2017. The sales volumes were announced during market hours today, 2 April 2018. M&M's total auto sales rose 10% to 62,077 units in March 2018 over March 2017. Total domestic sales grew by 10% and total exports surged 26%. The company's total tractor sales surged 46% to 28,277 units in March 2018 over March 2017. Domestic tractor sales jumped 50% while exports fell 3%. Eicher Motors shed 0.13%. The company said its total motorcycle sales rose 27% to 76,087 units in March 2018 over March 2017. The announcement was made on Sunday, 1 April 2018. Dr Reddy's Laboratories gained 2.4% after the company announced the filing of New Drug Application (NDA) for its migraine candidate DFN-02 with the US Food and Drug Administration (USFDA). The announcement was made during market hours today, 2 April 2018. Coal India dropped 2.01%. The company announced the provisional production and offtake figures of it and its subsidiaries in March 2018. The company achieved 105% of the targeted coal production at 72.28 million tonnes in March 2018. Actual offtake was 95% of the targeted offtake at 55.19 million tonnes in March 2018. The announcement was made on Sunday, 1 April 2018. In a separate announcement made on Sunday, 1 April 2018, Coal India said that the company is working out the modalities to raise coal sales bills on GCV (Kcal/kg) basis and the exact date of implementation would be intimated soon. Till then, the present mode of raising of coal sales bills would continue. This has the approval of the competent authority of the company. Among other news on the domestic front, as per decision of the GST Council, e-Way Bill system became mandatory from 1 April 2018 for all inter-state movement of goods. Meanwhile, the Lok Sabha and the Rajya Sabha were adjourned till tomorrow after House proceedings resumed today following a four-day break. Repeated disruptions marred House proceedings in the last four weeks, with TDP members agitating for a special category status for Andhra Pradesh and AIADMK members raising the Cauvery water dispute. In the Lok Sabha, no business was transacted for the 18th consecutive day. As many as four no-confidence motions are pending before the Chair but they weren't taken up due to the unrelenting protests inside both Houses. Overseas, European financial markets remained closed today, 2 April 2018 in observance of Easter Monday. Asian shares edged lower amid fears that US President Donald Trump's tariff programs could set off a trade war. Stock markets in Australia, Hong Kong and New Zealand were closed for the Easter holiday. A Bank of Japan survey showed the first softening of business sentiment among Japan's big manufacturers in two years, with the materials sector most directly affected by US trade tariffs showing the sharpest declines. China's manufacturing activity expanded at its weakest pace in four months in March, a private survey showed today, 2 April 2018. The Caixin/Markit Manufacturing Purchasing Managers' index (PMI) dropped to 51 in March from 51.6 in February. The weaker reading follows official data released Saturday, 31 March 2018 showing a rebound to 51.5 from February's holiday-affected 50.3. Meanwhile, China imposed tariffs on a range of US goods, to retaliate against the Trump administration's penalties on imports of Chinese steel and aluminum. The Chinese Finance Ministry said on Sunday, 1 April 2018 that the previously announced tariffs on the imports of American goods would take effect from today, 2 April 2018. Penalties range from 25% on American pork and eight other kinds of goods to 15% on fruit and 120 types of commodities, the ministry said. US stocks rose on Thursday, 29 March 2018 with tech shares leading the way, as equity markets ended a tumultuous quarter on a high note. The US and European markets were closed on Friday, 30 March 2018 for the Good Friday holiday.
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The stock market closed the volatile session with modest losses amid weak global cues. The barometer index, the S&P BSE Sensex, fell 205.71 points or 0.62% to settle at 32,968.68. The Nifty 50 index dropped 62.85 points or 0.62% to settle at 10,121.30. The Sensex settled below 33,000 level after hovering above and below that level in intraday trade. Weakness in global stocks weighed on sentiment on the domestic bourses. Metal and telecom stocks tumbled. Trading was volatile ahead of March F&O expiry and financial year ending. The March 2018 F&O contracts expired today, 28 March 2018. The stock market remains shut on Thursday, 29 March 2018 for Mahavir Jayanti and also on Friday, 30 March 2018 on the eve of Good Friday. Meanwhile, the long-term capital gains tax (LTCG) on equities proposed in the Budget last month will apply on profits made from sale of shares on or after 1 April 2018. Long-term capital gains exceeding Rs 1 lakh from sale of shares made on or after 1 April 2018 will be taxed at 10%. Back to the day's trade, key indices started the session on a negative note amid weakness in global stocks. Indices extended losses in morning trade and traded with modest losses in mid-morning trade. Key indices trimmed losses with the Nifty hitting intraday high in early afternoon trade. Indices extended losses amid volatility to hit intraday lows towards the fag end of session. The Sensex fell 205.71 points or 0.62% to settle at 32,968.68, its lowest closing level since 23 March 2018. The index declined 70.28 points, or 0.21%, at the day's high of 33,104.11. The index dropped 256.73 points, or 0.77%, at the day's low of 32,917.66. The Nifty dropped 62.85 points or 0.62% to settle at 10,121.30, its lowest closing level since 23 March 2018. The Nifty declined 25.80 points, or 0.25%, at the day's high of 10,158.35. The index dropped 87.25 points, or 0.86%, at the day's low of 10,096.90. Among secondary indices, the S&P BSE Mid-Cap index fell 0.53%, outperforming the Sensex. The S&P BSE Small-Cap index declined 0.92%, underperforming the Sensex. The breadth, indicating the overall health of the market, was weak. On the BSE, 1,713 shares declined and 924 shares advanced. A total of 192 shares were unchanged. The total turnover on BSE amounted to Rs 6089.84 crore, higher than the turnover of Rs 5407.62 crore registered during the previous trading session. Among the sectoral indices on BSE, the Healthcare index (down 1.14%), the Telecom index (down 2.58%), the Metal index (down 2.04%), the Bankex index (down 0.65%), the Power index (down 1.05%) and the Realty index (down 1.07%) underperformed the Sensex. The IT index (down 0.31%), the Auto index (down 0.12%) and the Oil & Gas index (up 0.06%) outperformed the Sensex. Bank stocks declined. IDBI Bank (down 5.25%), Punjab National Bank (down 3.83%), Bank of India (down 1.8%) and Bank of Baroda (down 1.08%) edged lower. State Bank of India (SBI) was down 1.48%. The bank announced that the committee of directors for capital raising approved allotment of 29.25 crore equity shares on preferential basis to the Government of India, at Rs 300.82 per share, aggregating to Rs 8799.99 crore. The announcement was made after market hours yesterday, 27 March 2018. Metal and mining stocks slumped. Jindal Steel & Power (down 4.57%), Steel Authority of India (down 4.1%), Tata Steel (down 3.25%), Vedanta (down 3%), JSW Steel (down 3.45%), Hindustan Copper (down 2.33%), NMDC (down 2.18%), Hindalco Industries (down 1.99%), National Aluminium Company (down 1.26%) and Hindustan Zinc (down 1.47%) declined. Telecom stocks tanked. Reliance Communications (down 8.42%), Idea Cellular (down 6.08%) and Bharti Airtel (down 3.05%) fell. Index heavyweight Reliance Industries (RIL) was off 1.91%. Reliance Eagleford Upstream Holding LP (Reliance), a subsidiary of both Reliance Holding USA, Inc and RIL, announced the signing of a purchase and sale agreement with Sundance Energy Inc, to divest its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position for approximate consideration of US$100 million, subject to certain customary adjustments and closing terms and conditions. This transaction is in conjunction with sales made by Pioneer Natural Resources USA Inc and Newpek LLC, the other working interest owners in the joint development with Reliance. The assets being sold are located in Atascosa, La Salle, Live Oak and McMullen Counties, Texas and were not part of near term development plan of the joint development. Reliance continues to retain its interest in the remaining Eagle Ford assets that are core to its development priorities. The sale is expected to close in Q1 June 2018 and is subject to customary closing conditions. Sundance Energy Inc. doesn't belong to the promoter group and the transaction does not fall within related party transactions. The announcement was made after market hours yesterday, 27 March 2018. Wipro rose 3.27% after the company unveiled its Texas Technology Center in Plano, Texas. The company also plans to ramp up its headcount in Texas to 2,000 over the next few years from 1,400 now. The announcement was made after market hours yesterday, 27 March 2018. Engineering and construction major L&T was up 0.39%. The company said that its construction arm has won orders worth Rs 1521 crore. The announcement was made during market hours today, 28 March 2018. On the macro front, the total revenue received under Goods and Services Tax (GST) for the month of February 2018 (received in February/March upto 26 March) has been Rs 85174 crore. 1.05 crore taxpayers have been registered under GST so far till 25 March 2018. Meanwhile, the Lok Sabha was adjourned today, 28 March 2018 till 2 April 2018 amid protests by opposition. The budget session headed towards a washout amid clamour by parties to take up the no-confidence motion against the government. The session will conclude on 6 April 2018. Overseas, shares in Europe and Asia dropped, mirroring overnight slide on Wall Street. US stocks closed sharply lower yesterday, 27 March 2018, erasing earlier gains, as a decline in the broader tech sector brought the major indices down. Last week, reports emerged alleging that Cambridge Analytica, an analytics company, had gathered data from 50 million Facebook profiles without users' permission, raising concerns over data privacy.
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The stock market registered small gains on positive global cues. The barometer index, the S&P BSE Sensex, rose 107.98 points or 0.33% to settle at 33,174.39. Metal and mining stocks gained on easing trade war fears between the US and China. Engineering and construction major L&T nudged higher after securing orders. Market sentiment remained positive throughout the trading session on positive global cues amid reports of trade negotiations between the United States and China, which eased fears of a trade war and improved investors' risk appetite. Overseas, European and Asian stocks advanced after Wall Street rebounded in previous trading session. US stocks closed sharply higher yesterday, 26 March 2018, bouncing back from strong losses in the previous session as trade tensions between the US and China appeared to ease. Back home, the Sensex opened higher on positive global stocks. The index trimmed gains in morning trade and hovered with small gains in mid-morning trade. It hit intraday low in early afternoon trade before recovering some intraday gains and trading range bound for the remainder of the session. The Sensex rose 107.98 points or 0.33% to settle at 33,174.39, its highest closing level since 16 March 2018. The index rose 304.63 points, or 0.92% at the day's high of 33,371.04. The index rose 10.72 points, or 0.03% at the day's low of 33,077.13. Among secondary indices, the S&P BSE Mid-Cap index advanced 1.06%. The S&P BSE Small-Cap index gained 1.36%. Both these indices outperformed the Sensex. The broader market depicted strength. On the BSE, 1,844 shares advanced and 807 shares declined. A total of 156 shares were unchanged. The total turnover on BSE amounted to Rs 5400.23 crore, lower than the turnover of Rs 7010 crore registered during the previous trading session. Among the sectoral indices on BSE, the S&P BSE Metal index (up 1.68%), the S&P BSE Healthcare index (up 0.93%) and the S&P BSE Basic Materials index (up 1.38%) outperformed the Sensex. The S&P BSE Teck index (up 0.07%), the S&P BSE Realty index (up 0.28%) and the S&P BSE Auto index (up 0.22%) underperformed the Sensex. Metal and mining stocks gained on easing trade war fears between the US and China. Jindal Steel & Power (up 6.05%), Hindalco Industries (up 3.63%), Steel Authority of India (up 2.45%), Hindustan Copper (up 1.66%), JSW Steel (up 1.60%), Tata Steel (up 1.30%), Hindustan Zinc (up 0.54%) and National Aluminium Company (up 0.37%), edged higher. NMDC fell 0.61%. Vedanta rose 1.32%. The company said that as a part of regular maintenance program, the company's smelting operations at Tuticorin have taken a maintenance shutdown for approximately 15 days. This activity was earlier scheduled in the month of April 2018. The Refining and Copper rod manufacturing operations will continue as usual, it added. The announcement was made during market hours today, 27 March 2018. Engineering and construction major L&T rose 0.90% to Rs 1,306.85 after the company said that the power transmission & distribution business of L&T Construction has bagged EPC orders worth Rs 4353 crore. The announcement was made during market hours today, 27 March 2018. Separately, L&T during market hours today, 27 March 2018 announced that its heavy engineering arm has received orders worth Rs 747 crore in Haryana. Lupin rose 1.12% after the company announced the launch of its Carbidopa Tablets 25mg having received an approval from the United States Food and Drug Administration (FDA) earlier. Lupin's Carbidopa Tablets, 25mg is the generic equivalent of Aton Pharma, Inc.'s Lodosyn Tablets, 25 mg. It is indicated for use with carbidopa-Ievodopa or with levodopa in the treatment of the symptoms of idiopathic Parkinson's disease (paralysis agitans), postencephalitic parkinsonism, and symptomatic parkinsonism, which may follow injury to the nervous system by carbon monoxide intoxication and/or manganese intoxication. The announcement was made during trading hours today, 27 March 2018. Bank stocks gained after the government announced lower than expected borrowing programme for the first half of FY 2019. Among public sector banks, IDBI Bank (up 5.76%), Corporation Bank (up 5.46%), Indian Bank (up 4.41%), Punjab National Bank (up 3.66%), Union Bank of India (up 3.52%), Dena Bank (up 3.5%), Bank of India (up 3.24%), State Bank of India (up 3.04%), Bank of Maharashtra (up 2.94%), Punjab & Sind Bank (up 2.55%), Vijaya Bank (up 2.36%), Andhra Bank (up 2.18%), Bank of Baroda (up 1.73%), Syndicate Bank (up 1.70%), Allahabad Bank (up 1.34%) and UCO Bank (up 0.70%), edged higher. United Bank of India (down 0.39%), Canara Bank (down 0.48%) and Central Bank of India (down 2.36%), edged lower. Among private sector banks, RBL Bank (up 2.59%), IndusInd Bank (up 1.45%), Kotak Mahindra Bank (up 1.25%), ICICI Bank (up 0.91%), Axis Bank (up 0.74%), City Union Bank (up 0.71%) and Yes Bank (up 0.15%), edged higher. Federal Bank fell 0.49%. HDFC Bank ended flat at Rs 1,893.20. Shares of Bandhan Bank settled at Rs 477.20 on BSE, a premium of 27.25% over the issue price of Rs 375 on its debut on the bourses today, 27 March 2018. Shares of Bandhan Bank listed on the BSE at Rs 485, a premium of 29.33% over the issue price of Rs 375. The stock had hit a high of Rs 498.40 and low of Rs 455 in intraday trade. About 1.39 crore shares were traded on the counter on the BSE. The Government of India (GoI), in consultation with Reserve Bank of India (RBI), deliberated over its borrowing programme for FY 2019 and finalised its borrowing calendar for the first half of FY 2019. GoI had budgeted for FY 2019 Gross G-Sec borrowing of Rs 6.05 lakh crore. The GoI intends to use larger inflows from small savings schemes to fund its fiscal deficit during the year. The GoI will borrow Rs 1 lakh crore from NSSF as against budgeted amount of Rs 75000 crore. After making careful assessment of its financial needs for the first half, the GoI's gross G-Sec borrowing will be only Rs 2.88 lakh crore in the first half of FY 2019. This makes up only 47.5% as against 60-65% share in this period in previous years. The GoI also plans to issue more Floating Rate Bonds (FRBs) and introduce CPI linked bonds, both put together, to the extent of 10% of issuances during the year. The GoI will introduce two benchmarks during this half year - 2-year and 5-year - to meet the market demand. More issuance will be planned in short and long-term maturity bucket, reducing the issuance in medium term segments of 10-14 years to around 29%, as against more than 50% issuances in previous years. GoI's T Bill programme for the first quarter is to raise Rs 1.95 lakh crore. During this period, T Bills of Rs 1.53 lakh crore will expire. The gross borrowing per week under T-Bills will be Rs 15000 crore. On the political front, voting for the Assembly elections in Karnataka will be held on 12 May 2018, and the results will be out on 15 May 2018. Meanwhile, the no-confidence motions moved by various opposition parties against the ruling National Democratic Alliance (NDA) have not been taken up even today as both the houses of Parliament were adjourned for the day. Ever since the second half of the Budget session commenced from March 5, the Parliament has been adjourned over vociferous protests from the opposition parties over a range of issues like PNB scam, Cauvery water board and Andhra Pradesh special category status.
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The market jumped as gains in European stocks and recovery in Asian shares boosted investors' sentiment. The barometer index, the S&P BSE Sensex, rose 469.87 points or 1.44% to settle at 33,066.41. The Nifty 50 index rose 132.60 points or 1.33% to settle at 10,130.65. The Sensex settled above the 33,000 mark and the Nifty ended above the psychological 10,000 level. Banking and metal & mining stocks advanced. Index heavyweights HDFC Bank, HDFC and Reliance Industries advanced. Key indices opened the session with a bit of initial volatility. Indices languished around the flat line till afternoon trade. Key indices extended gains in afternoon trade and settled with strong gains as global cues turned positive. Overseas, European stocks edged higher and Asian stocks ended mixed on hopes that talks between the US and China could prevent any escalation of the trade dispute between the two countries. US stocks fell sharply on Friday, 23 March 2018, as investors assessed the possibility of a trade war brewing between the US and China. Reports suggested that China and the US have quietly started negotiating to improve US access to Chinese markets, after a week filled with harsh words from both sides over Washington's threat to use tariffs to address trade imbalances. Back home, the Sensex rose 469.87 points or 1.44% to settle at 33,066.41, its highest closing level since 21 March 2018. The index rose 518.87 points, or 1.59% at the day's high of 33,115.41. The index fell 81.37 points, or 0.25% at the day's low of 32,515.17. The Nifty 50 index rose 132.60 points or 1.33% to settle at 10,130.65, its highest closing level since 21 March 2018. The index rose 145.45 points, or 1.45% at the day's high of 10,143.50. The index fell 39.50 points, or 0.40% at the day's low of 9,958.55. Among secondary indices, the S&P BSE Mid-Cap index rose 1.19%. The S&P BSE Small-Cap index advanced 0.73%. Both these indices underperformed the Sensex. The breadth, indicating the overall health of the market, was negative. On BSE, 1,550 shares declined and 1,204 shares advanced. A total of 173 shares were unchanged. The total turnover on BSE amounted to Rs 6973.14 crore, higher than the turnover of Rs 3393.42 crore registered during the previous trading session. Among the sectoral indices on BSE, the S&P BSE Finance index (up 2.26%), the S&P BSE Consumer Durables index (up 2.24%) and the S&P BSE Metal index (up 2.27%) outperformed the Sensex. The S&P BSE Healthcare index (up 0.62%), the S&P BSE Utilities index (up 0.16%) and the S&P BSE Power index (up 0.77%) underperformed the Sensex. Metal and mining stocks advanced on reports of easing trade war fears between US and China. Steel Authority of India (up 3.78%), Tata Steel (up 2.80%), JSW Steel (up 2.71%), Hindalco Industries (up 2.43%), Vedanta (up 2.41%), NMDC (up 1.62%), Jindal Steel & Power (up 1.40%), National Aluminium Company (up 1.35%), Hindustan Zinc (up 0.78%) and Hindustan Copper (up 0.08%), edged higher. Housing finance major HDFC advanced 2.66% at Rs 1,832.60. Reliance Industries (RIL) rose 0.92% to Rs 901.05 after the company on 23 March 2018 executed definitive agreements for combination of Saavn, a leading global music OTT platform, with its digital music service, JioMusic. The combined entity is valued at over US$1 billion, with JioMusic's implied valuation at US$ 670 million. The integrated business will be developed into a media platform of the future with global reach, cross-border original content, an independent artist marketplace, consolidated data and one of the largest mobile advertising mediums. Reliance will also invest upto Rupee equivalent of US$100 million, out of which Rupee equivalent of US$20 million will be invested upfront, for growth and expansion of the platform into one of the largest streaming services in the world. The company will continue to operate the over-the-top media platform available on all app stores. The three co-founders of Saavn, Rishi Malhotra, Paramdeep Singh and Vinodh Bhat, will continue in their leadership roles and will drive growth of the combined entity. In addition, Reliance is acquiring partial stake from the existing shareholders of Saavn for US$104 million, while these shareholders retain their balance stake. The shareholder base of Saavn includes Tiger Global Management, Liberty Media and Bertelsmann among others. The announcement was made after market hours on Friday, 23 March 2018. Banks were in demand. Among private sector banks, Yes Bank (up 5.67%), ICICI Bank (up 2.05%), Axis Bank (up 1.30%), Federal Bank (up 0.99%), RBL Bank (up 0.75%), IndusInd Bank (up 0.58%) and Kotak Mahindra Bank (up 0.06%), edged higher. City Union Bank fell 0.82%. Index heavyweight and private sector banking major HDFC Bank rose 2.91% at Rs 1,893.15. Among public sector banks, Canara Bank (up 10.23%), Bank of Baroda (up 6.16%), State Bank of India (up 5.01%), Union Bank of India (up 4.78%), Bank of India (up 4.67%), Indian Bank (up 4.11%), Syndicate Bank (up 4.09%), Allahabad Bank (up 3.53%), Andhra Bank (up 3.25%), Punjab National Bank (up 2.79%), Central Bank of India (up 2.35%), Corporation Bank (up 2.20%), Punjab & Sind Bank (up 1.14%) and IDBI Bank (up 0.42%), edged higher. United Bank of India (down 0.77%), Bank of Maharashtra (down 1.09%), UCO Bank (down 1.15%) and Vijaya Bank (down 1.93%), edged lower.
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The market tumbled due to weak global equities after US President Donald Trump announced tariffs on Chinese goods, stoking fears of a trade war. The barometer index, the S&P BSE Sensex, fell 409.73 points or 1.24% to settle at 32,596.54. The Nifty 50 index fell 116.70 points or 1.15% to settle at 9,998.05. The Sensex ended below the psychological 33,000 mark. The Nifty ended below the psychological 10,000 mark after flirting with that level in the intraday. The Sensex settled at its lowest closing level in more than 21 weeks. The Nifty settled at its lowest closing level in more than 23 weeks. US President Donald Trump signed an executive memorandum on Thursday that would impose retaliatory tariffs on at least $50 billion in Chinese imports. The new measures are designed to penalise China for trade practices that the Trump administration says involve stealing American companies' intellectual property. They will primarily target certain products in the technology sector where China holds an advantage over the US. US stocks fell sharply on Thursday, with major indices suffering their worst day in weeks as the threat of a trade war with China sparked a widespread selloff. Investors are concerned that protectionist trade policies could be met with retaliatory measures by major trading partners, and that a trade war could contribute to inflation in the economy. Asian markets slumped on Friday, tracking sharp falls in US stocks. In Japan, the Nikkei 225 index fell 4.51%. In China, Shanghai Composite index fell 3.39%. China, as a retaliation to US President Donald Trump's tariff plans, announced for reciprocal tariffs on $3 billion of imports from the US. Such imports include US pork, recycled aluminium, steel pipes, fruits and wine. China will also pursue legal action against the US at the World Trade Organization in response to the US planned tariffs on steel and aluminum imports, and called for dialog to resolve the dispute. This is a response to Trump's tariffs on Chinese imports to compensate for alleged intellectual property abuses by China. European market slumped on Friday due to the mounting trade war jitters. Meanwhile, the Bank of England (BoE) said Thursday that a majority of officials on its nine-member Monetary Policy Committee agreed to keep the central bank's benchmark interest rate steady this month at 0.5%. Back home, the Sensex fell 409.73 points or 1.24% to settle at 32,596.54, its lowest closing level since 23 October 2017. The index fell 286.24 points, or 0.87% at the day's high of 32,720.03. The index fell 522.43 points, or 1.58% at the day's low of 32,483.84. The Nifty 50 index fell 116.70 points or 1.15% to settle at 9,998.05, its lowest closing level since 11 October 2017. The index fell 87.05 points, or 0.86% at the day's high of 10,027.70. The index fell 162.85 points, or 1.61% at the day's low of 9,951.90. Broader market witnessed major selling pressure. Among secondary barometers, the BSE Mid-Cap index fell 1.36%. The BSE Small-Cap index fell 1.54%. Both these indices underperformed the Sensex. The market breadth, indicating the overall health of the market, was quite weak. On BSE, 2,107 shares fell and 591 shares rose. A total of 164 shares were unchanged. The total turnover on BSE amounted to Rs 3379.49 crore, compared with the turnover of Rs 3509.35 crore registered during the previous trading session. Among sectoral indices on BSE, the Healthcare index (down 1.48%), the Bankex index (down 2.08%), the Capital Goods index (down 1.56%), the Metal index (down 2.89%) and the Realty index (down 3.31%) underperformed the Sensex. The IT index (up 0.19%), the Telecom index (down 0.27%) and the Power index (down 0.68%) outperformed the Sensex. Metal shares tumbled. Steel Authority of India (down 6.58%), Vedanta (down 5.03%), Jindal Steel & Power (down 4.92%), Hindalco Industries (down 4.79%), Hindustan Copper (down 4.31%), Hindustan Zinc (down 3.97%), National Aluminium Company (down 3.63%), NMDC (down 1.4%) and JSW Steel (down 0.12%), edged lower. Bhushan Steel rose 5.44%. Tata Steel fell 2.40%. Tata Steel announced before trading hours today, 23 March 2018, that it has been declared as the successful resolution applicant by the Committee of Creditors (CoC) of Bhushan Steel (BSL) on 22 March 2018, subject to obtaining necessary regulatory approvals, including approval from the NCLT and the Competition Commission of India. Tata Steel has accepted the Letter of Intent for BSL under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC). Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for May 2018 delivery was currently down 0.46% at $3.006 per pound on the COMEX. Banks declined across the board. Among private sector banks, Yes Bank (down 3.87%), Axis Bank (down 3.34%), ICICI Bank (down 2.73%), City Union Bank (down 2.19%), Kotak Mahindra Bank (down 1.44%), HDFC Bank (down 1.25%), IndusInd Bank (down 0.5%), RBL Bank (down 0.39%) and Federal Bank (down 0.33%), edged lower. Among public sector banks, Union Bank of India (down 8.29%), Syndicate Bank (down 7.4%), IDBI Bank (down 6.21%), Andhra Bank (down 5%), Bank of India (down 4.65%), UCO Bank (down 4.63%), Corporation Bank (down 4.37%), Canara Bank (down 3.85%), Central Bank of India (down 3.66%), Allahabad Bank (down 3.61%), Punjab National Bank (down 3.42%), Punjab & Sind Bank (down 3.17%), Indian Bank (down 3.03%), Dena Bank (down 2.89%), Vijaya Bank (down 2.72%), Bank of Maharashtra (down 2.14%), Bank of Baroda (down 1.41%) and United Bank of India (down 0.15%), edged lower. State Bank of India fell 2.9%. The bank announced during trading hours today, 23 March 2018, that it received an approval from the Government of India (GoI) to increase the paid up capital by way of preferential allotment of equity shares to Gol to the extent of Rs 8800 crore. Earlier, the bank's shareholders had passed the special resolution for issuing equity shares to Gol on preferential basis. State-run NTPC fell 0.21%. The company announced during trading hours today, 23 March 2018, that it has begun extraction of coal from its Dulanga coal mine located in Odisha. In a separate announcement during trading hours today, 23 March 2018, NTPC said that 1st unit of 800 MW of Lara Super Thermal Power Project (Stage-I: 2x800 MW) has been commissioned on 23 March 2018. With this, the total commissioned capacity of NTPC and NTPC group has become 46100 MW and 52991 MW respectively.
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Key benchmark indices logged modest losses in a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 129.91 points or 0.39% to settle at 33,006.27. The Nifty 50 index fell 40.50 points or 0.40% to settle at 10,114.75. The Sensex finished a tad above the psychologically important 33,000 mark after gyrating above and below that level. Private bank stocks saw mixed trend. PSU bank stocks declined. Shares of state-run oil marketing companies dropped while shares of oil exploration and production companies rose as Brent crude oil prices peaked to near $70 a barrel mark yesterday, 21 March 2018. Telecom shares edged lower. A sharp rise in crude oil prices yesterday, 21 March 2018, dented investors' sentiment in domestic market. Spike in oil prices raises India's import bill as the country imports majority of its crude requirements. After a dull opening, key indices firmed up and hit fresh intraday high in morning trade. Indices reversed trend in mid-morning trade and hit fresh intraday low in late trade. The Sensex fell 129.91 points or 0.39% to settle at 33,006.27, its lowest closing level since 20 March 2018. The Sensex rose 145.59 points, or 0.44% at the day's high of 33,281.77 in morning trade. The index fell 172.87 points, or 0.52% at the day's low of 32,963.31 in late trade, its lowest intraday level since 20 March 2018. The Nifty 50 index fell 40.50 points or 0.40% to settle at 10,114.75, its lowest closing level since 19 March 2018. The Nifty rose 52.60 points, or 0.52% at the day's high of 10,207.85 in morning trade. The index fell 49.85 points, or 0.49% at the day's low of 10,105.40 in late trade, its lowest intraday level since 20 March 2018. Among secondary barometers, the BSE Mid-Cap index fell 0.75%. The BSE Small-Cap index fell 1.05%. Both these indices underperformed the Sensex. The market breadth, indicating the overall health of the market, was weak. On BSE, 2,013 shares fell and 706 shares rose. A total of 139 shares were unchanged. The total turnover on BSE amounted to Rs 3493.91 crore, compared with the turnover of Rs 3277 crore registered during the previous trading session. Among sectoral indices on BSE, the Healthcare index (down 0.6%), the Telecom index (down 1.3%), the Auto index (down 0.94%), the Bankex index (down 0.66%), the Capital Goods index (down 1.07%) and the Realty index (down 1.28%) underperformed the Sensex. The Metal index (up 0.37%), the Energy index (up 0.31%) and the Oil & Gas index (down 0.29%) outperformed the Sensex. Wipro (down 2.32%), M&M (down 2.14%) and Maruti Suzuki India (down 2.01%) edged lower from the Sensex pack. Tata Motors (up 1.29%), Sun Pharmaceutical Industries (up 0.64%) and Asian Paints (up 0.56%) edged higher from the Sensex pack. Private bank stocks saw mixed trend. HDFC Bank (up 0.57%), RBL Bank (up 0.4%) and IndusInd Bank (up 1.41%) rose. ICICI Bank (down 2.09%), Kotak Mahindra Bank (down 0.02%) and Yes Bank (down 0.78%) declined. Axis Bank fell 1.06%. The bank issued a clarification after market hours yesterday, 21 March 2018 to media reports referring to a bank guarantee issued by the bank to certain telecom companies. Axis Bank said that the bank guarantee has been issued by the bank on behalf of Bharti Airtel. Telecom Disputes Settlement and Appellate Tribunal (TDSAT), vide its order dated 9 January 2018 has required the bank guarantee to be returned. Axis Bank has been informed that the TDSAT order is operative. The bank is seeking clarification from TDSAT on the matter, and will comply with all directions. Axis Bank clarified that the bank has non-fund based exposure of Rs 9222 crore to the telecom sector as of 31 December 2017, of which approximately 97% is to clients rated AA or better. The bank also informed that it has no exposure to Aircel. PSU bank stocks declined. Syndicate Bank (down 2.69%), Andhra Bank (down 2.44%), State Bank of India (SBI) (down 2.46%), Punjab National Bank (down 1.18%), Canara Bank (down 1.13%), Bank of India (down 1.84%), Union Bank of India (down 2.03%) and Bank of Baroda (down 0.11%) dropped. IDBI Bank (up 0.86%) rose. Shares of state-run oil marketing companies declined as Brent crude oil prices peaked to near $70 a barrel mark yesterday, 21 March 2018. HPCL (down 3.06%), BPCL (down 3.54%) and IOCL (down 1.56%) declined. Higher crude oil prices could increase under-recoveries of public-sector undertaking oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel. Shares of oil exploration and production companies gained. Reliance Industries (RIL) (up 1.22%) and ONGC (up 2.45%) gained. Higher crude oil prices would result in increase in realizations from crude sales for oil exploration firms. Oil India rose 3.24% after the company said that a memorandum of understanding (MoU) was signed between Government of Assam, Oil India and Assam Petro-Chemicals (APL) during the 'Advantage Assam Summit' held at Guwahati, Assam which envisages setting up of a 500 TPD methanol plant at Namrup, Assam and a 200 TPD formalin plant at Boitamari in Bongaigaon district of Assam. The total cost of this project will be Rs 1337 crore. Oil India's contribution will be Rs 242 crore for 49% equity participation in APL. The announcement was made after market hours yesterday, 21 March 2018. Oil India said that that Assam Petro-Chemicals (APL), a company having its registered office at Guwahati, Assam and engaged in the business of manufacture and sale of methanol and formalin is in the process of implementing the 500 TPD (tonne per day) methanol and 200 TPD Formaldehyde project. In the global commodities markets, Brent for May 2018 settlement was down 50 cents at $68.97 a barrel. The contract had spurted $2.05 a barrel, or 3.04% to settle at $69.47 a barrel during the previous trading session. Telecom shares edged lower. Reliance Communications (down 5.36%), Idea Cellular (down 2.02%), Tata Teleservices (Maharashtra) (down 2.16%) and Bharti Airtel (down 0.8%) edged lower. MTNL rose 1.01%. Telecom tower infrastructure provider Bharti Infratel fell 0.51%. Jindal Drilling & Industries surged 8.05% after the company announced that through a settlement, the arbitration award for an amount of $31.77 million by way of damages passed against the company, along with interest and other expenses has been settled for $9.10 million with complete waiver of all costs, legal and other expenses and the payment has since been made. The announcement was made after market hours yesterday, 21 March 2018. Kellton Tech Solutions fell 4.69% to Rs 120.90, with the stock sliding on profit booking after recent rally. Shares of Kellton Tech Solutions had rallied 15.53% in the previous three trading sessions to settle at Rs 126.85 yesterday, 21 March 2018, from its close of Rs 109.80 on 16 March 2018. Overseas, European and Asian bourses declined after the US Federal Reserve raised interest rates for the first time this year. US stocks ended a volatile session slightly lower on Wednesday after the Federal Reserve delivered its sixth interest-rate increase since the end of 2015 and signaled it still expects to deliver two more before the end of the year. The Fed raised overnight rates by 25 basis points, in line with market expectations. Central bank officials also raised their GDP forecast. Fed officials also released their projections for the federal funds rate, which remained unchanged for 2018. The central bank, however, raised its 2019 forecast, saying it sees the benchmark rate at 2.9%, up from a 2.7% projection released in December. In US, the current-account deficit rose by 26% in the fourth quarter, widening to $128.20 billion from a revised $101.5 billion in the third quarter. Existing-home sales ran at a seasonally adjusted annual pace of 5.54 million in February.
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After an intraday rally in first half, the key benchmark indices trimmed gains in second half of the day's trading session to end with modest gains. The barometer index, the S&P BSE Sensex, gained 139.42 points or 0.42% to settle at 33,136.18. The Nifty 50 index rose 30.90 points or 0.31% to settle at 10,155.25. The Sensex settled above the psychological 33,000 mark, a day after falling below that level. Domestic stocks rose for second day in a row even as investors await US Federal Reserve's policy statement due later in the day. Bank stocks were mostly higher. Telecom shares rose. Most sugar stocks rose after the government yesterday, 20 March 2018, scrapped the 20% export duty on sugar in a bid to lift its domestic price. The market hit fresh intraday high in mid-morning trade after opening in positive terrain. Key indices trimmed gains in late trade as negative cues from European and Asian stocks triggered profit booking. The Sensex gained 139.42 points or 0.42% to settle at 33,136.18, its highest closing level since 16 March 2018. The Sensex rose 358.17 points, or 1.09% at the day's high of 33,354.93 in mid-morning trade. The index rose 73.77 points, or 0.22% at the day's low of 33,070.53 in late trade. The Nifty 50 gained 30.90 points or 0.31% to settle at 10,155.25, its highest closing level since 16 March 2018. The Nifty rose 102.95 points, or 1.02% at the day's high of 10,227.30 in mid-morning trade, its highest level since 16 March 2018. The index rose 8.60 points, or 0.08% at the day's low of 10,132.95 in mid-afternoon trade. Among secondary barometers, the BSE Mid-Cap index rose 0.22%. The BSE Small-Cap index rose 0.31%. Both these indices underperformed the Sensex. The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On BSE, 1,417 shares fell and 1,286 shares rose. A total of 157 shares were unchanged. The total turnover on BSE amounted to Rs 3274.87 crore, compared with the turnover of Rs 3551.92 crore registered during the previous trading session. Among sectoral indices on BSE, the Telecom index (up 2.36%), the Capital Goods index (up 0.56%) and the Realty index (up 0.75%) outperformed the Sensex. The Healthcare index (down 0.46%), the Auto index (down 0.12%), the Bankex index (up 0.23%) and the Metal index (down 0.54%) underperformed the Sensex. NTPC (up 2.11%), L&T (up 1.14%) and HDFC (up 1%) edged higher from the Sensex pack. Tata Steel (down 1.85%), Tata Motors (down 1.58%) and Hero MotoCorp (down 1.25%) edged lower from the Sensex pack. IT major TCS shed 0.16%. The company announced that Saudi Real Estate Refinance Company (SRC) has implemented a single, integrated technology platform for its core operations to refinance real estate, a first of its nature deployment in the Middle East region. TCS BaNCS will now service the complete mortgage refinancing lifecycle including the treasury function as well as finance, human resources and payroll administration through its partner network. The announcement was made after market hours yesterday, 20 March 2018. Bank stocks were mostly higher. Among private bank stocks, Axis Bank (up 0.85%), HDFC Bank (up 1%), Kotak Mahindra Bank (up 0.99%) and IndusInd Bank (up 0.88%) rose. RBL Bank (down 0.74%), Yes Bank (down 0.48%) and ICICI Bank (down 0.74%) fell. Among PSU bank stocks, Corporation Bank (up 4.64%), Indian Bank (up 0.9%), Punjab National Bank (up 0.88%), Canara Bank (up 1.32%), IDBI Bank (up 3.05%) and Bank of India (up 2.68%) rose. Bank of Baroda (down 0.48%), Union Bank of India (down 0.47%) and State Bank of India (SBI) (down 0.62%) fell. Telecom shares rose. Reliance Communications (up 8.86%), Bharti Airtel (up 4.39%), Idea Cellular (up 1.88%) and MTNL (up 2.07%) edged higher. Tata Teleservices (Maharashtra) fell 3.69%. Telecom tower infrastructure provider Bharti Infratel fell 1.48%. Max Financial Services advanced 1.8% after the company's board of directors authorised the company to borrow an aggregate amount of upto Rs 5000 crore in one or more tranches. The announcement was made during market hours today, 21 March 2018. Ashok Leyland rose 1.2% after the company said it bagged orders for 2100 buses from The Institute of Road Transport (IRT), Tamil Nadu. The announcement was made during trading hours today, 21 March 2018. Alembic Pharmaceuticals rose 0.96%. The company announced before trading hours today, 21 March 2018, that the United States Food and Drug Administration (USFDA) has conducted an inspection at Alembic Pharmaceuticals Formulation Facility located at Panelav from 12 March 2018 to 20 March 2018. 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 is preparing the response to the observations, which will be submitted to the USFDA shortly. Most sugar stocks rose after the government yesterday, 20 March 2018, scrapped the 20% export duty on sugar in a bid to lift its domestic price. Balrampur Chini Mills (up 8.9%), KCP Sugar & Industries Corporation (up 5.28%), Dwarikesh Sugar Industries (up 0.72%), Dhampur Sugar Mills (up 0.9%) and Simbhaoli Sugars (up 1.12%) edged higher. Shree Renuka Sugar (down 0.97%) fell. Government on 20 March 2018 scrapped the 20% export duty on sugar in a bid to boost overseas sales of the commodity and lift its domestic price. The country is facing surplus production of the sweetener. Industry body Indian Sugar Mills Association (ISMA) has revised India's 2017-18 sugar production estimate to 29.5 million tonnes from its second advance estimate of 26.1 million tonnes. Last month, the government doubled import duty on sugar to 100% to keep a check on falling prices. Sugar marketing year runs from October to September. TRF was locked in 5% upper circuit at Rs 208.75 after the company's board of directors approved the proposal of sale/divestment of the entire shareholding in step down subsidiary. The announcement was made during market hours today, 21 March 2018. Overseas, European and Asian stocks edged lower as investors focused on the US Federal Reserve after it kicked off its March meeting in the previous session. US stocks ended higher Tuesday, led by strong gains in the energy sector as the overall market reclaimed some lost ground from the previous day, when tech shares fell sharply. The US Federal Reserve started a two-day monetary policy meeting yesterday, 20 March 2018. The outcome of the meeting will be announced later in the global day today, 21 March 2018, with new Chair Jerome Powell set to give his first news conference. The US Fed is reportedly likely to raise interest rates, and thereafter likely to go for two more rate hikes this year.
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