Markets pare losses to end in green; Nifty closes at 10399; NTPC top gainer

All that happened in today's trade

In a volatile trading session, the benchmark indices extended gains for the eighth straight day with the Nifty settling just one point below its crucial 10,400 mark ahead of the derivatives expiry of November series due on Thursday. 

Broader sentiment was, however, subdued after Standard & Poor’s retained the country’s sovereign rating of “BBB-minus” and maintained “stable” outlook, citing low income levels, high debt and weaker government finances.

Bond yields too rose 3 basis points to 7.03% on the back of the S&P rating review, though investors are now awaiting key macrodata due later this week for cues.

Overseas, Asian stocks gave back earlier modest gains and fell back from a decade high, weighed by weakness in the Chinese and South Korean markets.

3:55 PM

Anand James, Chief Market Strategist, Geojit Financial Services 

 

Domestic indices shrugged off negativity among Asian peers and enthused by expectations for further reform measures, in the light of textile sector now getting finance ministry's nod. Amendments in the 'Insolvency And Bankruptcy Code' may put the banking sector again in prime focus, but it was short-covering ahead of the F&O expiry that was giving muscle to the late rise. RBI’s December policy meet will be in focus, but with inflation firm, investors may go in with low rate-cut expectations.

3:53 PM

Bitcoin hits new record high

 

Bitcoin's vertiginous ascent showed no signs of stopping on Monday, with the cryptocurrency soaring to another record high just a few percent away from $10,000 after gaining more than a fifth in value over the past three days alone.

 

The digital currency has seen an eye-watering tenfold increase in its value since the start of the year, and has more than doubled in value since the beginning of October. READ FULL REPORT

3:53 PM

Sensex heatmap at close

Source: BSE

3:46 PM

Broader markets

Broader markets outperformed the benchmark indices with the BSE Midcap and the BSE Smallcap indices gaining 0.5% and 0.7%, respectively. 

3:41 PM

Markets check

The S&P BSE Sensex ended at 33,724, up 45 points, while the broader Nifty50 closed at 10,399, up 10 points.

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,724.44	+45.20	+0.13
S&P BSE SENSEX 50	10,841.03	+11.76	+0.11
S&P BSE SENSEX Next 50	35,876.50	+90.42	+0.25
S&P BSE 100	10,865.08	+14.32	+0.13
S&P BSE Bharat 22 Index	3,764.67	+15.82	+0.42

Source: BSE

3:22 PM

Buzzing stock

Ashok Leyland was trading 4% higher at Rs 124 on the BSE in noon deal after the company and Hino Motors Ltd. Japan have entered into a Mutual Cooperation Agreement (MCA) for Euro VI Engines.

 

“As per agreement, Ashok Leyland will utilize Hino's engine technology for Ashok Leyland's EURO-VI development and will support in development of Hino's engine parts purchasing in India for global operation,” the company said in a press release. READ FULL REPORT

3:12 PM

Top five Nifty gainers in last leg of trade 

Source: NSE

3:07 PM

Markets check

At 3:00 pm, the S&P BSE Sensex was trading at 33,687, up 8 points, while the broader Nifty50 was ruling at 10,385, down 4 points.

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,722.77	+43.53	+0.13
S&P BSE SENSEX 50	10,838.32	+9.05	+0.08
S&P BSE SENSEX Next 50	35,871.65	+85.57	+0.24
S&P BSE 100	10,862.57	+11.81	+0.11
S&P BSE Bharat 22 Index	3,764.20	+15.35	+0.41

Source: BSE

2:44 PM

Success of bitcoin, other cryptocurrencies just a bubble 

 

Central bankers say the success of bitcoin and other cryptocurrencies is just a bubble.

 

But it keeps them awake at night because these private currencies threaten their control of the banking system and money supply, which could undermine the monetary policies they use to manage inflation. READ FULL REPORT

2:23 PM

Buzzing stocks

 

Shares of personal products company, Emami, realty firm, DLF, two-wheeler company, TVS Motor Company, broadcasting & cable TV operators, Zee Entertainment Enterprises and TV18 Broadcast are among 24 stocks from the S&P BSE 500 index that hot their respective 52-week high on the BSE in an otherwise subdued market.

 

Bajaj Electrical, Eveready Industries, PC Jeweller, Symphony, V-Guard Industries and Westlife Development from the consumer related sectors, too, hit 52-week high today. READ FULL REPORT

2:00 PM

Reliance Securities on Torrent Pharma

 

Torrent Pharmaceuticals (TRP) is a strong player in chronic segment in India and Unichem acquisition is a strategic fit for the Company as it would further strengthen its presence in key chronic therapy segment. TRP would be able to improve the profitability of Unichem’s product portfolio through its strong field force and distribution network.  

 

Looking ahead, we expect a healthy growth in TRP’s domestic formulation (14.5% CAGR), Brazil (15.8% CAGR) and RoW (13.3% CAGR) business over FY17-19E.

 

We expect TRP’s Sales, EBITDA and PAT to witness 13%, 15% and 15% CAGR, respectively, while EBITDA margin is expected to improve by 100bps to 24.5% over FY17-19E.

 

We have not factored the impact of Unichem acquisition into our valuation model due to pending regulatory approvals. Envisaging a healthy growth in India and Brazil businesses led by new launches and improvement in sale force productivity, we maintain our BUY recommendation and Target Price of Rs 1,450, valuing the stock at 20x FY19E EPS of Rs 72.5.

1:53 PM

Insolvency and Bankruptcy Code

 

Lenders and prospective bidders are having a serious difference of opinion on the valuation of toxic assets, to be auctioned under the modified insolvency law.

 

While the lenders are insisting that resolution professionals get the enterprise valuation of these companies done to ensure sale negotiations begin from a higher point, the bidders say such firms should be sold at a “scrap” value in accordance with the provisions of the Insolvency and Bankruptcy Code (IBC). READ FULL REPORT

1:31 PM

Skipper hits record high

 

Skipper hit a record high of Rs 293, up 11% on the BSE in intra-day trade, extending its Friday’s 3.5% gain on the BSE, after the company’s board gave an in-principle nod to tie-up with Metzerplas of Israel to make Drip irrigation system. READ FULL REPORT

1:02 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,555.87	-123.37	-0.37
S&P BSE SENSEX 50	10,787.21	-42.06	-0.39
S&P BSE SENSEX Next 50	35,727.20	-58.88	-0.16
S&P BSE 100	10,812.54	-38.22	-0.35
S&P BSE Bharat 22 Index	3,749.20	+0.35	+0.01

12:45 PM

Interview of the day

 

India should see over 20% equity return in 2018: Motilal Oswal

 

In an interview, Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services, says that with Moody’s upgrading India’s sovereign rating and earnings growth coming back, the country will remain a hot destination for foreign investors. READ FULL INTERVIEW HERE