Indices end at record closing high; Nifty settles Oct expiry above 10,300

All that happened in the market today

Benchmark indices rose in the last leg of the trade to ended the day at fresh highs at October expiry with Nifty50 surpassing 10,350-mark. The broader markets ended at fresh high too.

S&P BSE Sensex settled at new high of 33,147, up 104 points for the day. Nifty50, on the other hand, also achieved new milestone, ending at fresh closing high of 10,334, up 39 points.

The market remained flat for most of the day, faltering a bit after having touched record highs in the previous session as investors booked profits in recent outperformers such as State Bank of India.

Asian stocks stalled on Thursday, weighed as Wall Street shares pulled back from record highs, while the euro stretched gains ahead of a European Central Bank policy meeting at which it could take a major step away from accommodative policy.

The sentiment was dampened after a senior North Korean official said that  the recent warning from North Korea’s foreign minister of a possible atmospheric nuclear test over the Pacific Ocean should be taken literally.

3:44 PM

Market rundown by Mr. Anand James, Chief Market Strategist of Geojit Financial Services 

 

"Profit booking in some PSBs and derivatives’ expiry kept markets guessing even as global peers remained on the backfoot ahead of a bunch of central bank meetings. However, sectoral cues kept markets buoyant with firm metal prices leading metal and mining companies higher while small and midcap segments outperformed the broad market indices on anticipation of better outcomes from the MSMEs meeting with the GST council scheduled on Sunday."

3:41 PM

Sectoral trend

Source: NSE

3:38 PM

Top Sectoral Gainer: Nifty Metal index

Source: NSE

3:37 PM

Nifty PSU Bank index snap's Wednesday's 30% rally

Source: NSE

3:35 PM

Top Sensex gainers and losers 

Source: BSE

3:34 PM

Broader Markets

Broader markets ended at fresh highs too. the BSE Midcap and BSE Smallcap indeces were trading higher by 0.5% and 0.6% respectively

3:32 PM

Markets at close

Benchmark indices rose in the last leg of the trade to ended the day at fresh highs at October expiry with Nifty50 surpassing 10,350-mark.

S&P BSE Sensex settled at new high of 33,147, up 104 points for the day. Nifty50, on the other hand, also achieved new milestone, ending at fresh closing high of 10,334, up 39 points.

3:19 PM

Buzzing Stock

Saksoft rose 6.83% to Rs 223 on BSE after the company's promoter SAK Industries acquired 0.94% stake in the company.

3:13 PM

Markets at fresh highs

Sensex rose as much as 154 points to hit the record high of 33,196 , surpassing its previous milestone of 33,117 hit on Oct 25 while Nifty gained as much as 40 points to hit 10,355, surpassing the last high of 10,340 hit on Oct 25.

3:00 PM

Markets at 3pm

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,070.37	+27.87	+0.08
S&P BSE SENSEX 50	10,699.04	+16.70	+0.16
S&P BSE SENSEX Next 50	35,796.11	+318.46	+0.90
S&P BSE 100	10,741.97	+29.73	+0.28
S&P BSE MidCap	16,336.54	+87.18	+0.54

(Source: BSE)

3:00 PM

Centrum on GSK Pharma

 

We maintain our Sell rating on GlaxoSmithKline Pharma (GSK) and revise our target price to Rs1,525 (earlier Rs1,390) based on 24x March’19E EPS of Rs63.4. GSK’s Q2FY18 results exceeded our and consensus estimates. GSK revenue grew by 5%, EBIDTA margin improved 540bps to 23.0% and net profit grew 27% YoY. 

 

GSK’s pharma segment grew by 6.3% during the quarter. That said, the company has a strong presence in the vaccines segment and is likely to derive growth from the same. Key risks to our assumptions include faster-than-expected growth in the domestic market and higher growth of its flagship brands. We recommend a switch to other pharma companies, Abbott India or Sanofi India, due to GSK’s rich valuations.

2:58 PM

Khadim India Limited IPO opens on November 02, 2017. Price Band: Rs 745 to Rs 750

2:56 PM

Market strategy

 

The surge in stock prices of corporate banks and telecom stocks over the past few days and the continued strong performance of metal stocks further reduce the overall investment reward-risk balance. For investors with large positions in the abovementioned sectors, it would make sense to book some profits at current levels. The real problem is finding substitute ideas. We face the same problem given 30% position in the abovementioned sectors in our Model Portfolio. 

 

(Source: Report by Sanjeev Prasad, Co-Head and Managing Director at Kotak Institutional Equities)

2:43 PM

Axis Bank asset quality may deteriorate more than expected, says Moody's

 

Global ratings agency Moody's on Thursday said private lender Axis Bank's asset quality may deteriorate further and more than what was previously expected over the next 12-18 months.

 

In addition, compared to the other rated Indian banks, the bank has been a laggard in recognising its asset quality problems, a credit negative for its credit quality, Moody's said in its statement. READ MORE

2:39 PM

HDFC Securities on HUL

 

We expect Revenue/EBITDA/APAT CAGR of 12%/18%/20% respectively over FY17-20E. HUL’s high valuation is justified, considering consistent market share gain with margin expansion and strong RoCE. We expect HUL to be a key beneficiary  of  GST  and  premiumisation. We value HUL based on 42x P/E on Sep-19EPS to arrive at a target price of Rs 1,401. We maintain BUY recommendation.