Markets rundown by Jayant Manglik, President, Retail Distribution, Religare Securities
Markets ended almost flat in a volatile session today, pressurized by weak global cues. The news of another missile test by the North Korea led a feeble start but buying in select index majors pared losses completely in the middle. However, profit taking in last half an hour again pushed the bulls slightly on the back foot. Amid all, only IT index managed to close with the decent gain while majority ended flat.
3:46 PM
Pharma falls
The Nifty Pharma Index was down 0.5%, breaking its three-day winning streak.
Dr. Reddy’s Laboratories and Aurobindo Pharma, which gained in the last three sessions, fell 2% and 1.3%, respectively.
Source: NSE
3:40 PM
ONGC gains
State-owned Oil and Natural Gas Corp however rose over 4.4%, the top percentage gainer on the NSE index, snapping a three-session losing run on rising crude oil prices as demand outlook brightens.
3:38 PM
Top Sensex gaienrs and losers for the day
Source: BSE
3:36 PM
Broader Markets
Among broader markets, BSE Midcap index underperformed the benchmarks indices, down 0.3% while BSE Smallcap index was up 0.4%
3:35 PM
Markets at close
Equity benchmarks rebounded in last hour of trade, but ended flat supported by index heavyweights Reliance Industries, HDFC Bank and Infosys. The indices were up 1% for the week.
The S&P BSE Sensex settled at 32,272, up 30 points while the broader Nifty50 index ended at 10,085, down 1 point
3:24 PM
Revival or just low base? FMCG volume sales grew 6% in July
The local fast-moving consumer goods (FMCG) market grew six per cent by volume in July, triggering hope of a revival in the sector that was struggling to grow. Data from consumer analytics firm Kantar Worldpanel, show that recent growth was aided by 12% expansion of the rural FMCG market and seven per cent growth in overall foods and beverages (F&B) category.
A detailed analysis of historical data, however, reveals that a low base may have played a key role in the recent uptick in the sale of chips, biscuits, shampoos, and soaps. READ MORE
3:16 PM
MIRC hits upper circuit
MIRC Electronics has hit the upper circuit for the second straight day, up 20% at Rs 24.16 on BSE after the company on Wednesday reported nearly four-fold jump in net profit at Rs 4.50 crore in June quarter (Q1FY18).
The company engaged in consumer electronics business had reported a profit of Rs 1.16 crore in a year ago quarter.
Net sales during the quarter, however, declined by 14% to Rs 207 crore against Rs 240 crore in the corresponding quarter of previous fiscal.
2:57 PM
Oil Check
Oil prices were lower on Friday but on course for weekly gains, the third in a row in the case of Brent, as the clean-up after hurricanes in the United States gathered pace and the outlook for demand took on a firmer tone.
US West Texas Intermediate crude was down 17 cents, or 0.4%, at $49.72 a barrel. It briefly broke above $50 on Thursday, hitting a four-month high, and finished 1.2% higher at $49.89, its highest close since July 31.
2:49 PM
Bombay Burmah gains
Bombay Burmah Trading Corporation gained 11% to Rs 1,188 on back of more than two-fold jump in trading volume. The company engaged in tea & coffee business has rallied 36% from Rs 871 on August 3, after it reported a good set of numbers for June quarter (Q1FY18). The company’s net losses narrowed to Rs 1.69 crore in Q1FY18 from Rs 3.67 crore in a year ago quarter.
2:35 PM
Wipro bags 7-yr data centre services deal
India's third largest software services firm Wipro today said it has bagged a seven-year contract from European energy company, innogy SE.
The financial details of the contract, which will see Wipro managing the data centre and cloud services for innogy SE, were not disclosed.
As part of the agreement signed in November 2016, "innogy transferred its twin data centres in Neurath and Niederaussen in Germany to Wipro on February 1, 2017," Wipro said in a BSE filing on . READ MORE
2:18 PM
Britannia hits a new high
Britannia Industries hit a new high of Rs 4,380 on BSE in intra-day trade, extending its 12% gain since August 3, post Q1FY18 results.
“Britannia is continuously investing in research and development facilities for new innovations and new range of products, which will accelerate product innovations in new categories and also help the company to pick up further growth,” according to analyst at Karvy Stock Broking.
2:03 PM
BUZZING STOCK
Bombay Dyeing & Manufacturing Company has appreciated over 100% in the past one month on the BSE.
Bombay Dyeing is locked in upper circuit of 5% at Rs 175 on the BSE. The stock has no sellers on the counter. A combined 1.86 million shares changed hands and there were pending buy orders for 1.36 million shares on BSE and NSE.
The company’s net loss had narrowed to Rs 33 crore in Q1FY18, against loss of Rs 44 crore in a year ago quarter. Its revenue for the Q1FY18 came in at Rs 623 crore, registering 31% Year on Year (YoY) increase. This was primarily driven by 137% YoY increase in revenues from real estate segment. Earlier, this month, it sold 48.457 acres of freehold land situated at district Pune, Maharashtra for Rs 13.57 crore.
1:51 PM
Chris Wood of CLSA on mutual fund flows & portfolio strategy
Net inflows into Indian equity mutual funds surged to a record high in August. This was prompted by locals “buying the dip” after a 4.2% decline in the Sensex last month. GREED & fear’s base case is that these inflows continue.
The investment in BDO Unibank in the Asia ex-Japan long-only portfolio will be removed and replaced by an investment in H-share listed China Construction Bank. A 3% investment will be initiated in Indian consumer finance play Indiabulls Ventures. This will be paid for by shaving the existing investments in HDFC Bank, Indiabulls Housing Finance and Bajaj Finance by 1ppt each
(Source: GREED & fear, a weekly note to investors)
1:48 PM
Nomura on bullet train project moving ahead
The Governments of Japan and India have agreed to implement the Mumbai Ahmedabad bullet train system at a total cost of $17 billion and targets to complete it by 2023. We believe the 2023 timeline will be extremely difficult to meet given the complexities involved in constructing the project. Nevertheless, the project could bring in opportunities for both equipment manufacturers as well as construction companies. Larsen & Toubro is a key play on this story, in our view, especially given its success in dealing with Japanese companies for JVs during construction contracts for the Dedicated Freight Corridor project
Equity benchmarks rebounded in last hour of trade, but ended flat supported by index heavyweights Reliance Industries, HDFC Bank and Infosys. The indices were up 1% for the week.
Global stocks remaind subdued after North Korea fired another missile over Japan into the Pacific Ocean on Friday, in a sign that Pyongyang remains defiant despite tightening international sanctions.
The launch happened early on Friday after US markets had been shut for the day. European shares were also trading lower for the day.
However, most analysts feel that the threat to stability for the Indian equity markets is mostly from the global geopolitical situation that can see the markets perform in tandem with peers. That said, the reaction, however, they feel will be short-lived and investors should use any decline to buy stocks from a medium-to-long term perspective.
 "Sensex ends flat, Nifty below 10,100; indices up 1% for the week")
