Volatility continued in the market and domestic indices extended losses as investors continued to book profits from the recent outperformers with DIIs also remaining on the sell mode this month so far. But pharma and IT sectors provided some respite backed by weak rupee and firm US equity market may now shift its focus onto PM Donald Trump's tax relief programmes and IIP and inflation numbers to be released later in the week.
3:44 PM
Sctoral trend: Nifty PSU Bank biggest sectoral loser
Source: NSE
3:41 PM
Sensex heatmap at close
Source: BSE
3:38 PM
Markets at close
The S&P BSE Sensex ended at 33,218, down 152 points, while the broader Nifty50 closed at 10,303, down 47 points.
3:21 PM
Buzzing stock
Manappuram Finance lost over 4% to Rs 94 on BSE after the company's consolidated net profit fell 16.64% to Rs 160.37 crore on 1.07% decline in total revenue to Rs 839.80 crore in Q2 September 2017 over Q2 September 2016.
3:09 PM
Broader markets underperform
The BSE Midcap and the BSE Smallcap indices slipped 1% each in last leg of trade.
3:01 PM
Centrum Broking on Lupin
We maintain buy rating for Cipla and revise our TP to Rs 700 (earlier Rs610) based on 24x March’19E EPS of Rs29.2. Cipla’s Q2FY18 results exceeded our and consensus estimates. Cipla’s revenues grew 9% YoY, margin improved 160bps to 19.7% and net profit grew 18% YoY. The acquired Invagen and Exelan in the US are well-integrated with Cipla. The domestic business (40% of reveues) grew 12% YoY and 30%QoQ due to re-stocking by trade after successful implementation of GST. Steady growth in the domestic market, with leadership position in respiratory, oncology and anti-infective segments would drive future growth.
We maintain Buy rating for Cipla and revise our TP to Rs700 (earlier Rs610) based on 24x March’19E EPS of Rs29.2, and with an upside of 15.2% over CMP. We have enhanced our FY18E and FY19E EPS estimates by 9% and 15% respectively. We expect the domestic and South African businesses to drive future growth. Key risks to our assumptions include slow growth in the domestic market and regulatory risks for its manufacturing facilities catering to global markets.
2:44 PM
Top five Nifty losers
Source: NSE
2:28 PM
Buzzing stocks
Shares of household appliances companies – Hawkins Cookers and Butterfly Gandhimathi Appliances – rallied by up to 13% on the BSE in otherwise range-bound market after reported a strong set of numbers in September quarter (Q2FY18). READ MORE
2:05 PM
Kotak Securities on Apollo Tyres
Apollo Tyres’s 2QFY18 results improved QoQ, but remained significantly weak YoY. Raw material price increase and weak performance at European operations impacted company’s 2QFY18 results YoY. Consolidated revenue during the quarter was Rs 3470 crore, 13% higher YoY. EBITDA and PAT declined by 17% YoY and 46% YoY respectively. Rubber prices have been stable and that should support EBITDA margins QoQ. EBITDA margins on a YoY basis is expected to stay lower in 2HFY18. While FY18 is expected to be a weak year for the company, we expect performance to improve over FY19/FY20. We cut our earnings to factor in weak performance in 2QFY18 and expect continued stress in Europe operations. We retain BUY with revised price target of Rs 278. Lower than expected volume growth and increase in raw material cost are key risks to our earnings estimates.
1:45 PM
Crude oil up to $65 a barrel not a worry
With crude oil crossing $64 a barrel on the developments in Saudi Arabia, this country's current account deficit (CAD) could see a little more pressure. However, the expectation is that this could be financed easily, as capital flows, particularly on the debt side, are robust and will not trigger huge withdrawal from the foreign exchange reserves. These had widened to a four-year high of 2.4 per cent of Gross Domestic Product (GDP) in the first quarter of the current financial year. READ FULL REPORT
1:31 PM
Markets check
At 1:30 pm, the S&P BSE Sensex was trading at 33,354, down 16 points, while the broader Nifty50 was ruling at 10,336, down 14 points.
1:06 PM
One year of demonetisation: Note ban helped expedite gold reforms
Demonitisation of high value currency notes a year ago has hastened positive changes in the gold trade, with several subsequent measures having helped to make the gold jewellery business more transparent.
Soon after announcement of withdrawal of high value currency notes on November 8 last year, those having a huge number of such notes, not shown on their books, rushed to buy gold jewellery. On that night, several jewellers were open till late, as the officially withdrawn currencies could be accepted till midnight. READ MORE
12:49 PM
106 stocks from BSE Smallcap index gain over 100% in past one year
As many as 106 stocks from the BSE Smallcap index have become multi-baggers, rallying more than 100% in the last one year since the government banning the use of certain high-denomination notes on November 8, 2016.
The mutual funds have made net investments of Rs 118, 960 crore in equities market, as compared to Rs 15,939 crore net inflows by the foreign portfolio investors (FPIs) in past one year, the Sebi data shows.
Among the sectoral classifications, consumer durables, realty, metal and oil & gas indices beat the market by gaining in the range of 39% to 62% during the period. READ MORE
12:34 PM
Asset mobilisation through NFOs at 9-year high
Asset mobilisation through the new fund offer (NFO) route has hit a nine-year high in 2017. The mutual fund (MF) industry launched a total of 47 NFOs during the first 10 months of the year, to mop up a cumulative Rs 13,500 crore. The average NFO size, too, has increased to a nine-year high of Rs 288 crore. The amount raised this year is still a fraction of what it used to be during the bull run of 2005-08.
The annual mop-up during those four years was an average Rs 28,000 crore. Industry players say, currently, investors prefer existing funds with a reasonable performance track record over new scheme launches. It is quite evident, as equity schemes got inflows of Rs 1.16 lakh crore so far in 2017, of which equity NFOs contributed a mere 12 per cent.
Industry officials expect the trend of more money flowing into existing schemes will continue. Fund houses that don’t have existing schemes in any of the product categories will only launch NFOs, they say. READ MORE
The benchmark indices extended losses in last leg of trade to settle lower on Wednesday as Reliance Industries fell on oil price worries, while Bharti Airtel slumped after a key investor sought to exit.
Crude oil prices slipped on Wednesday, but hovered near two-and-a-half year highs hit earlier this week, potentially stalling a record-setting rally in domestic market on concerns Reserve Bank of India (RBI) would hold off on cutting interest rates.
Globally, Asian shares paused at decade peaks and the dollar dipped amid concerns that the Republican plans for major US tax cuts were running into headwinds even before the Senate releases its own version of the proposals.
 "Sensex slips 152 points, Nifty closes at 10,303; Bharti Airtel top loser")
