MARKET WRAP: Indices end at over 5-month high, Nifty at 10,947; RIL up 3%

Benchmark indices rose on Tuesday led by index heavyweights such as Reliance Industries (RIL).

12:30 PM

Fund houses jump ship ahead of ICICI Securities rout: All you need to know

 

Immediately after the lock-in period ended in April, certain fund houses have managed to escape the rout that shares of ICICI Securities witnessed in the light of Sebi’s scrutiny over its IPO. Certain fund houses managed to sell as many as 1.46 million shares in May, booking losses between 20 and 30 per cent. READ MORE

12:15 PM

Indian bourses fail to halt dragon march into Asian stock exchanges

Chinese stock exchanges are going all out in stamping their authority in the Asian financial space by picking up stake in stock exchanges across the continent. Meanwhile, India's desperate attempts to thwart China's aggressive charge have proved to be toothless. READ MORE

12:02 PM

Market at Noon

 

S&P BSE Sensex	36,159.08		0.62%
Nifty 50	10,923.20		0.65%
S&P BSE 200	4,698.87		0.68%
Nifty 500	9,344.90		0.72%
S&P BSE Mid-Cap	15,710.11		0.83%
S&P BSE Small-Cap	16,496.94		1.12%

11:45 AM

Sebi mulls compulsory delivery for metal derivatives contracts

The markets regulator is considering a proposal for delivery-based settlement of metal derivatives contracts. Both the Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX) had proposals in this regard and these are being discussed with the Securities and Exchange Board of India (Sebi). READ MORE

11:30 AM

Britannia might replace HPCL in the Nifty 50 index, says brokerage

 

Consumer goods company Britannia Industries could replace state-owned oil marketing company Hindustan Petroleum Corporation (HPCL) in the benchmark Nifty 50 index, said domestic brokerage ICICI Direct. Besides, JSW Steel or Godrej Consumer Products also have a fair chance of replacing Lupin in the index, the brokerage added.

 

According to brokerages, NSE could announce changes to its index next month and it could become effective from the start of the October series derivatives contract. READ MORE

11:15 AM

Panic selling post RBI ban opens door for cryptocurrency arbitrage

 

Amid the panic induced by the freezing of bank accounts run by cryptocurrency exchanges in line with the Reserve Bank of India’s (RBI’s) direction in April, traders in India found a lucrative arbitrage opportunity to mint money like never before.

 

It all transpired on a cryptocurrency exchange platform Koinex, which had announced that it will not be accepting any more cash deposits in its digital wallet after July 6 and will not provide a cash-out facility for cryptocurrency holdings after 2pm on Monday READ MORE

11:00 AM

For Biocon, regulatory nod to give boost to biosimilar monetisation

 

Biocon’s recent announcement of it receiving good manufacturing practice (GMP) certificate from European Union’s drug regulator for its Bengaluru-based sterile manufacturing facility should ease concerns. The latest clearance to this plant, which had received some observations after inspection by UK MHRA in March 2018, paves the way for drug approvals and launch of the company’s biosimilar in Europe. READ MORE

10:44 AM

HEG, Graphite India hit new high on expectations of robust Q1 results

Shares of graphite electrode players -- Graphite India (up 4% at Rs 1,027 per share) and HEG (up 3% at Rs 3885 per share) hit their respective new highs on the BSE in intra-day trade on expectations of continuous healthy performance by these companies on the back of increasing realisations. READ MORE

10:30 AM

Arysta buy to make UPL the world's fifth largest crop protection company

 

Acquisition of Arysta Life Sciences, a part of the US-based Platform Specialty Products, if it goes through will make UPL the world's fifth largest crop protection company and the largest generic player with combined revenues of slightly lower than $4.6 billion. The company is currently the ninth largest with annual revenues of $2.7 billion. READ MORE

10:15 AM

Capital First to raise up to Rs 1 bn via private placement of bonds

Non-banking financial company Capital First on Monday said it will raise up to Rs 1 billion by issuing bonds on a private placement basis. "The debenture committee at its meeting held on Monday (July 9, 2018) has approved an issue of rated, secured, redeemable, non-convertible debentures of Rs 500 million plus greenshoe option of Rs 500 million on private placement basis," the company said in a regulatory filing. READ MORE

10:01 AM

Market Check

 

S&P BSE Sensex	36,135.08		0.56%
Nifty 50	10,906.15		0.49%
S&P BSE 200	4,693.90		0.57%
Nifty 500	9,327.65		0.54%
S&P BSE Mid-Cap	15,685.62		0.67%
S&P BSE Small-Cap	16,449.20		0.83%

9:45 AM

HCL Technologies gains 4% as board mulls share buyback proposal

HCL Technologies was up 4% to Rs 1,000 on the BSE in early morning trade after the company said on Monday after market hours that it will consider share buy-back on July 12. READ MORE

9:32 AM

BS Special IT Sector Preview: Cross currency to affect reported dollar revenue

The IT firms under our coverage universe are expected to post a combined 0.8% quarter-on-quarter (QoQ) rise in dollar revenue in the first quarter of financial year 2018-19 (Q1 FY19). Reported dollar revenue is likely to be adversely affected owing to the strengthening Dollar against major cross-currencies including euro, pound and Australian Dollar (2-4% QoQ). We expect 40-120 bps adverse impact of cross-currencies in Q1 FY19. The top-5 IT firms are likely to post -2% to +2% QoQ dollar revenue growth, with TCS likely to lead the pack. READ MORE

9:22 AM

Sectoral trend

9:20 AM

Top Sensex gainers and losers