Sensex slips 162 points, Nifty below 10,500 on fiscal deficit concerns

All that happened in the markets today.

12:24 PM

Careful, investors! Hectic IPO activity ahead; analysts advise caution

After a fundraising of nearly Rs 700 billion via initial offerings (IPOs) in 2017, there still seems to be room for more. Over two dozen companies have lined up their initial share sale plans, together worth Rs 250 billion in the coming months, mainly for business expansions and capital requirements. READ MORE

12:12 PM

Market Check

 

S&P BSE Sensex	34,204.99		-0.41%
Nifty 50	10,503.60		-0.48%
S&P BSE 200	4,595.04		-0.35%
Nifty 500	9,262.40		-0.43%
S&P BSE Mid-Cap	16,554.37		-0.28%
S&P BSE Small-Cap	18,067.94		-0.12%

12:00 PM

Sensex to recover most losses on solid earnings growth: Reuters poll

Indian stocks will recover most of their recent losses, helped by strong corporate earnings, but will close out 2018 a little short of the record high hit at the end of January, a Reuters poll found.

 

After gaining almost 28 percent in 2017, the BSE Sensex rose to a record high of 36,443.98 in January, but is down more than 5 percent since then and is expected to end the year under that lifetime high. READ MORE

11:51 AM

Salasar Techno hits highest level since listing;up 238% against issue price

Shares of Salasar Techno Engineering rose by 8% to Rs 365 on the BSE, its highest level since listing on July 25, 2017. The stock appreciated 238% against its issue price of Rs 108 per share. READ MORE

11:41 AM

Cipla gains after inking pact with Roche Pharma

Cipla rose 1.41% to Rs 594 on BSE after the company announced partnership with Roche Pharma India to create greater access to key medicines. READ MORE

11:30 AM

PNB stock cracks 6% to hit 20-month low after Firestar files for bankruptcy

Shares of Punjab National Bank slumped over 6% and fell to a 20-month low on the bourses after Nirav Modi's Firestar Diamond filed a bankruptcy plea in the United States (US) and a local court in Mumbai issued summons to the accused diamantaire. Meanwhile, media reports have surfaced that Nirav Modi is not coming back to India anytime soon. CLICK HERE FOR FULL STORY

11:20 AM

India to grow 7.6% in calendar year 2018 amid note ban disruption: Moody's

Moody's Investors Service on Wednesday estimated that India will grow 7.6 per cent in calendar year 2018 and 7.5 per cent in 2019, amid signs of economic recovery from impact of demonetisation and GST. "There are some signs that the Indian economy is starting to recover from the soft growth patch attributed to the negative impact of the demonetisation undertaken in 2016 and disruption related to last years rollout of the Goods and Service Tax," it said. CLICK HERE FOR FULL STORY

11:14 AM

Market Check

 

S&P BSE Sensex	34,175.16		-0.50%
Nifty 50	10,505.30		-0.46%
S&P BSE 200	4,592.14		-0.42%
Nifty 500	9,264.20		-0.41%
S&P BSE Mid-Cap	16,552.96		-0.29%
S&P BSE Small-Cap	18,055.14		-0.19%

11:07 AM

India factory growth slows to 4-month low as rising prices dent demand: PMI

Growth in India's factory activity slowed to a four-month low in February as new orders eased and weighed on output after manufacturers raised prices at the fastest pace in a year, a business survey showed on Wednesday. That suggests retail inflation could continue to pick up over coming months, pressuring the Reserve Bank of India (RBI) to raise interest rates despite concerns that tighter policy could weigh on economic growth. READ MORE

11:03 AM

Sector watch: Auto

 

We expect automobile sales in February 2018 to remain buoyant as they will continue to benefit from the low base caused by demonetisation last year, although Y-o-Y growth numbers will not entirely mirror the preceding month’s trend, considering that February 2017 was a month of recovery across segments. Besides, the lesser number of despatch days available for original equipment manufacturers (OEMs) in February 2018 to supply various models to their dealers will cause a M-o-M decline in sales volume. 

 

We expect market leader Hero MotoCorp to report 12% sales growth while TVS Motor Company is likely to register close to 18% growth supported by strong exports and three-wheeler sales. Bajaj Auto’s launch of Discover bike model will aid two-wheeler sales while its three- wheeler and export volume continues to do well. In the passenger car segment, we expect market leader Maruti Suzuki India to report 8% Y-o-Y growth in sales, backed by the popularity of last year’s launches.

 

Source: Nirmal Bang report

10:57 AM

Sectoral Watch: Nifty Bank down over 1%

10:45 AM

Self-proclaimed Bitcoin inventor accused of swindling $5-bn cryptocurrency

Craig Wright, the self-proclaimed inventor of bitcoin, is accused of swindling more than $5 billion worth of the cryptocurrency and other assets from the estate of a computer-security expert. Wright, who claimed in 2016 that he created the computer-based currency under the pseudonym Satoshi ‎Nakamoto, allegedly schemed to use phony contracts and signatures to lay claim to bitcoins mined by colleague Dave Kleiman, another cryptocurrency adherent, who died in 2013, according to a lawsuit filed by Kleiman’s brother. READ MORE

10:34 AM

Rupee Check

Falling for the third straight session, the rupee weakened by 23 paise to 65.10 against the US dollar to hit its three-month low in opening trade at the forex market on Wednesday.

 

The dollar firmed up against select global currencies as US Federal Reserve Chairman Jerome Powell's upbeat views on the economy bolstered bets on further Fed interest rate hikes this year.

10:25 AM

Voltas to benefit from early onset of summer; AC business to drive growth

The early onset of summer, the launch of inverter window air-conditioners (ACs) and potential benefits accruing from Budget proposals have put Voltas in the spotlight. The market seems to have had an inkling, given the Voltas stock was up over 6 per cent in the last few days. READ MORE

10:12 AM

Tailwind ahead for M&M Financial Services as asset quality improves

Mahindra and Mahindra Financial Services (M&M Financial) reported a good December quarter (Q3) because of growth in its core business, led by an improvement in asset quality. Besides a 44 per cent year-on-year (y-o-y) surge in net interest income, its non-performing assets (NPAs) declined in Q3. READ MORE