Sensex, Nifty end marginally higher; PSBs gain on bankruptcy code amendment

All that happened in the market today

Benchmark indices eased off early highs to marginally higher in lacklustre trade on Wednesday, as gains in PSU Bank, auto and realty indexes were offset by losses in pharmaceuticals and energy stocks.

PSU banks jumped after the central cabinet approves amendment to the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets.

The sentiment was also lifter as Asian shares gained to reach their highest in a decade as strong world growth and rising corporate profits lured hordes of investors into equities, while oil prices jumped closer to a recent 2-1/2 year top.

Investors also await the minutes from the US Fed’s latest policy meeting, which will be out later today.

 

3:45 PM

Top Sectoral loser: Nifty Pharma

Source: NSE

3:41 PM

PSU Banks gain

Source: NSE

3:37 PM

Sectoral Trend

Source: NSE

3:36 PM

Top Sensex gainers and losers

Source: BSE

3:34 PM

Broader Markets

In broader markets, the BSE Midcap ended in negative while the BSE Smallcap settled 0.23% higher

3:32 PM

Markets at Close

 

The S&P BSE Sensex ended at 33,561, up 83 points, while the broader Nifty50 was ruling at 10,342, up 15 points.

 

3:20 PM

Asian markets rally

 

Asian shares joined a global rally to reach their highest in a decade on Wednesday as strong world growth and rising corporate profits lured hordes of investors into equities, while oil prices jumped closer to a recent 2-1/2 year top.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4% to Tursday's 1.3% rise - the biggest gain in eight months, supported by energy and technology sectors.

 

The index has been on an uptrend most of this year, posting a monthly loss only once in 2017. For the year so far, it is up about 33%, on track for its best annual performance since a 68% jump in 2009.

 

Hong Kong's Hang Seng index is up 35.5% year-to-date while China's CSI 300 has risen 27.4% so far in 2017.

3:07 PM

PSU Banks jump on reports of bankruptcy code amendment

 

Shares of India’s top state-owned lenders surge: State Bank of India up as much as 2.7% and Punjab National Bank up as much as 3.5% on media reports that the central cabinet approved amendment to the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets.

3:00 PM

Europe Check

 

European stocks hovered around the flatline on Wednesday morning as positive global sentiment eased.

 

The pan-European Stoxx 660 was 0.05% lower with most sectors suffering losses in early deals.

2:47 PM

Future Group shares gain on expansion plans

 

Shares of Future Group companies, Future Retail, Future Lifestyle, Future Consumer, Future Market and Future Enterprises rallied up to 11% on the BSE in intra-day trade after the announcement of plans to open 10,000 member-only Easyday stores by 2022, utilising the technology and data of Alphabet Inc's Google and Facebook Inc. READ MORE

2:30 PM

Market Check

At 2:30 pm, the S&P BSE Sensex was trading at 33,551, up 73 points, while the broader Nifty50 was ruling at 10,335, up 8 points.

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,544.47	+66.12	+0.20
S&P BSE SENSEX 50	10,777.37	+12.14	+0.11
S&P BSE SENSEX Next 50	35,579.83	-128.33	-0.36
S&P BSE 100	10,797.10	+3.92	+0.04
S&P BSE Bharat 22 Index	3,737.50	-0.91	-0.02

2:17 PM

Jaypee crisis: SC restrains JAL directors from alienating properties

 

The Supreme Court on Wednesday directed 13 directors, including five promoters of embattled Jaiprakash Associate Limited (JAL), not to alienate their personal properties and asked the firm to deposit Rs 150 crore and Rs 125 crore by December 14 and December 31, respectively.

 

A Bench, comprising Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud, accepted a demand draft of Rs 275 crore by the real estate firm.

 

The Bench further restrained the directors from alienating the properties of their immediate family members and cautioned any violation of its directive would hold them liable for criminal prosecution. READ MORE

2:00 PM

Buzzing in trade

Shares of Ramco System rose more than 3% intraday as it has received repeat order from LBC Express.

 

LBC Express Inc., Philippines has signed a multi-million dollar repeat order with the company to unify and automate its logistics and supply chain operations across its 1300 global branches and 121 warehouses, as per company release.

1:43 PM

US inflation will soon rebound, but Fed 'very uncertain', says Janet Yellen

 

Federal Reserve Chair Janet Yellen stuck by her prediction that U.S. inflation will soon rebound but offered on Tuesday an unusually strong caveat: she is "very uncertain" about this and is open to the possibility that prices could remain low for years to come.

 

A day after announcing her retirement from the U.S. central bank, planned for early February, Yellen said the Fed is nonetheless reasonably close to its goals and should continue to gradually raise interest rates to keep both inflation and unemployment from drifting too low. READ MORE

1:26 PM

Cipla shines in gloomy pharma pack, biggest beneficiary of faster approvals

 

In a matter of few days, Cipla has announced the approval for the launch of three key generic drugs in the US market, which has boosted its share price. Recent news apart, even in the past few months, Cipla has been among the top performing pharmaceutical stocks. 

 

While Cipla getting approval for the launch of respiratory inhalation product in the US was the reason for Friday's cheer, the gains this week follow the announcement of approval of generic version of cancer drug, Dacogen. 

 

Given the company's low base of US business, plans to ramp up its product pipeline for launch in the world’s largest healthcare market (US) and business prospects in other key markets, investors have been bullish on the company’s long-term prospects, and this interest is likely to remain high. READ MORE