Sensex ends marginally lower, Nifty holds above 10,400; Nifty Pharma up 3%

All that happened in today's trade

3:46 PM

Vinod Nair, Head of Research, Geojit Financial Services 

 

Market went through some profit-booking after touching the all time high. But the gradual change in FII inflows from negative to positive led by domestic cues will keep the India growth story intact. Pharma stocks emerged as a dark horse due to attractive valuations and expectation of faster USFDA approvals for plants. On the global front, Fed kept the rate on hold as expected, while rising optimism on economic development is adding more weights to a hike in the month of December which has largely been factored in the domestic market.

3:45 PM

Market wrap-up by Nikhil Kamath, Co-Founder and Head of Trading, Zerodha

 

Markets closed the session flat for the day; pharma stocks were the best performers for the session, Divi's Labs was the best performer, notching up gains of 17% for the session. Sun Pharma, Lupin, and Aurobindo Pharma were the best performers at the index level. Markets corrected slightly at the opening and then continued to trade rangebound in a very small range throughout the session. 

 

Domestic institutions continue to remain flush with liquidity whereas FIIs continue selling. Overall, we are yet to see the level of bullishness and complacency which could signal the end of the inherent bull trend. This rally could have further legs in the short term; we would still not advocate taking fresh longs at this juncture.

3:42 PM

Sensex heatmap at close

Source: BSE

3:38 PM

Market breadth 

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,420 shares fell and 1,337 shares rose. A total of 142 shares were unchanged.

3:37 PM

Broader markets underperform 

The BSE Midcap and the BSE Smallcap indices settled 0.4% lower each. 

3:36 PM

Markets at close

The S&P BSE Sensex ended at 33,573, down 27 points, while the broader Nifty50 was ruling at 10,423, down 16 points. 

3:29 PM

Sectoral trend

Source: NSE

3:24 PM

Bitcoin crosses $7000

 

Bitcoin reached yet another all-time high, surpassing  $7,000 for the first time ever, boosted by bets the cryptocurrency could enter the financial mainstream after the world's largest derivatives exchange operator said on Tuesday it would launch bitcoin futures.

3:19 PM

JSW Steel: Firm profit outlook will help sustain sentiment

 

JSW Steel may have seen a relatively soft September quarter but its prospects remain firm in light of the improving demand environment, as well as profitability and firm prices. READ FULL ANALYSIS

3:03 PM

HDFC Life IPO: From anchor investment to market share, all you need to know

HDFC Standard Life Insurance, one of the top three private life insurers in profitability, will open its Rs 8,700-crore initial public offering (IPO) next Tuesday and close it on Thursday. This will be the fourth IPO of an HDFC arm.

 

"The issue has been attractively priced for retail investors. I would say investors should not look for the first day pop and invest in the company with a long-term horizon for good returns,” said HDFC Life MD & CEO Amitabh Chaudhry in the company’s IPO roadshow in New Delhi on Wednesday. HDFC Life will get listed on stock exchanges on November 17. 

 

KEY THINGS TO KNOW ABOUT THE COMPANY'S IPO

2:48 PM

SPML Infra zooms 20%

 

SPML Infra was locked in upper circuit of 20% at Rs 161 on the BSE after the company announced the successful implementation of Scheme for Sustainable Structuring of Stressed Assets (S4A). READ MORE

2:24 PM

LIC insurance for New India Assurance's mega IPO

 

Life Insurance Corporation of India (LIC) has again acted as a white knight, to ensure success of The New India Assurance Company’s Rs 9,600-crore Initial Public Offering (IPO), through which the Centre is eyeing Rs 7,680 crore. New India garnered full subscription on Wednesday for its IPO, the country’s fourth largest. It was the issue’s first day and got bids for 125 million shares, as against 120 mn on offer. READ FULL REPORT

2:00 PM

Buzzing stock

 

8K Miles Software Services rallied 11% to Rs 800 in intra-day trade, extending its 29% rally of the last three sessions on the BSE, in an otherwise subdued market. READ MORE

1:43 PM

Sensex heatmap in noon deals 

Source: BSE

1:25 PM

Bank recapitalisation is a fillip for the markets

 

The announcement of the bank recapitalisation plan has imparted new momentum to the stock market rally. Importantly, it seems to have led to a change in the attitude of foreign portfolio investors (FPIs). They were net sellers in equities to the tune of Rs 5,279 crore between April and September, and sold Rs 6,500 crore in October before bank recapitalisation was announced on October 24. But the very next day, they pumped in a mammoth Rs 6,800 crore. READ MORE

1:05 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,593.62	-6.65	-0.02
S&P BSE SENSEX 50	10,838.75	-0.39	0.00
S&P BSE SENSEX Next 50	36,234.65	+50.78	+0.14
S&P BSE 100	10,880.78	+2.15	+0.02
S&P BSE Bharat 22 Index	3,803.16	-12.51	-0.33

12:50 PM

October sales

 

Bajaj Auto today reported 7.38% increase in total sales in October at 3,82,464 units as against 3,56,168 units in the same month last year.

 

Total domestic sales were at 2,47,210 units last month as compared to 2,38,781 units in October 2016, a growth of 3.53%, Bajaj Auto said.

12:36 PM

IT sector seeing disruption, stocks underperforming: Should you go contra?

 

Another quarter has gone by and technology majors have again failed to live up to the expectations – a couple of them have even lowered guidance for seasonally weak December and March quarters. A mere 4% rise in the Nifty IT index year-to-date also reflects the challenges and disruptions the domestic information technology (IT) firms have been facing for the past few quarters. 

 

While valuations on the counter have come off at reasonable levels and the recent dividend/buybacks are seen supporting the stock prices, analysts believe a stock-specific approach across the sector makes better sense than contra bets at present. READ MORE

12:17 PM

SBI cuts lending rates

SBI fell 0.8% after it announced reduction of interest rates on home and automobile loans by five basis points (bps).

 

In a statement issued here the bank said, it has reduced home loan interest rates to 8.30%. Similarly, automobile loan is now offered at a starting interest rate of 8.70% per annum compared to earlier 8.75%.

11:58 AM

BUZZING STOCK

Shares of Solar Industries India rose 6% intraday as it has bagged order worth Rs 1,143.63 crore from Coal India for supply of bulk explosives.

 

The company has bagged the running contract for supply of 375412MT bulk explosives to the subsidiaries of the Coal India.

11:44 AM

Hexaware Technologies hits 52-week high as Q3 profit beats estimates

 

Hexaware Technologies hit 52-week high of Rs 305, up 9% on the BSE, after the company reported a better than expected consolidated net profit of Rs 142 crore in September 2017 quarter (Q3CY17). The analysts on an average had expected profit of Rs 122 crore for the quarter.

 

Revenue for the quarter in line with the analyst estimates of Rs 993 crore against Rs 984 crore in June quarter (Q2CY17). In dollar terms, revenues for the quarter at USD 154 million grew by 0.9% QoQ versus street estimates of 0.5% QoQ growth.

11:33 AM

Slips in trade

Shares of NTPC lost over 2% as investors turned cautious following a boiler blast at one of its plant that killed over 20 people.

 

A massive explosion ripped a boiler in the state-run power giant NTPC's Unchahar plant in Uttar Pradesh's Rae Bareli district on Wednesday, killing at least twenty persons while scores suffered severe burn injuries, officials said.

11:17 AM

PSU Banks extend gains

Source: NSE

11:02 AM

Market Check at 11 am

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,651.46	+51.19	+0.15
S&P BSE SENSEX 50	10,859.35	+20.21	+0.19
S&P BSE SENSEX Next 50	36,442.87	+259.00	+0.72
S&P BSE 100	10,908.19	+29.56	+0.27
S&P BSE MidCap	16,799.79	+153.18	+0.92

10:43 AM

66 resolutions defeated by shareholders in last three years

 

Minority shareholders have defeated at least 66 resolutions in the last three years. This has coincided with the new Companies Act and corresponding changes brought in by regulators that have empowered the shareholders. Other convenience measures such as e-voting have also helped.

 

While the number of rejected resolutions was high in 2014 at over 30, it has stabilized around a dozen defeated resolutions, every year, according to numbers collated by proxy advisory firm Institutional Investor Advisory Services (IiAS).

10:22 AM

Sun Pharma, Dr Reddy's, Glenmark gain even after price-fixing charges in US

 

Shares of pharmaceutical companies were in focus and trading higher in otherwise subdued market even after the media reports suggested the four Indian drug makers are facing allegations of a huge price-fixing conspiracy in the US aimed at keeping prices of generic drugs artificially high. Click here for more

10:11 AM

Do mutual funds also have to be linked with Aadhaar?

 

After PAN, bank account and phone number, now your mutual fund account too has to be linked to Aadhaar. The Association of Mutual Funds in India (Amfi) has informed fund houses that no new folios can be opened after January 1, 2018 unless Aadhaar is provided. Fund houses have been also asked to link all existing folios with Aadhaar by December 31, 2017. Unless this is done, existing investors will not be able to make fresh investments.  READ MORE

9:56 AM

LIC insurance for New India Assurance's mega IPO

 

Life Insurance Corporation of India (LIC) has again acted as a white knight, to ensure success of The New India Assurance Company’s Rs 9,600-crore Initial Public Offering (IPO), through which the Centre is eyeing Rs 7,680 crore. 

 

New India garnered full subscription on Wednesday for its IPO, the country’s fourth largest. It was the issue’s first day and got bids for 125 million shares, as against 120 mn on offer. However, the bulk of the bids were from domestic institutional investors (DIIs), mainly LIC.

9:45 AM

Hopes keep Divi's Labs stock elevated

 

The performance of Divi’s Laboratories in the September quarter (Q2) was hit by import alerts issued by the US FDA (US drug regulator). All its key parameters declined for a third consecutive quarter. Its revenue was down 11%, operating and net profit fell 5% and 8%, respectively, during the period. Profitability, too, was below expectation. 

 

Revenue at Rs 890 crore met the Bloomberg consensus expectation of Rs 883 crore but remediation efforts towards FDA issues took a toll on profitability. 

9:33 AM

India at 8th spot in m-cap rankings

 

India has pipped Canada to become the world’s eighth largest stock market by capitalisation.  This year’s 47 per cent surge in market capitalisation has helped India seal its position in the $2-trillion club. It has also climbed two positions in the coveted league table. 

 

At $2.26 trillion, the Indian stock market is now bigger than those of Canada and Switzerland. It is 5.3 per cent and 12 per cent behind Germany and France, respectively.