Sensex ends up 295 pts, Nifty above 10,500; Realty, Pharma, Metals gain

All that happened in markets today.

3:51 PM

MARKET COMMENT: Jayant Manglik, President, Religare Broking

 

Markets witnessed a breather today and gained nearly a percent, taking pause after the recent decline. Nifty opened gap-up, tracking firm global cues but profit taking at higher levels capped upside. Meanwhile, participants were busy in bargain hunting and almost all the sectoral contributed in the move.

 

We feel global cues will continue to dominate our market trend, in absence of any major event. Nifty may some bounce or consolidate further however sustainability at higher level seems difficult. Traders should use further recovery to reduce existing longs and creating fresh shorts. PSU banks are still weakest while others are seeing mixed trend

3:40 PM

Top Sectoral gainer: Nifty Realty

3:38 PM

Sectoral Trend

3:37 PM

Sensex losers and gainers

3:36 PM

Market at close

The S&P BSE Sensex ended at 34,300, up 295 points while the broader Nifty50 index settled at 10,540, up 85 points.

3:21 PM

Edelweiss Research on ONGC's Q3FY18 results

 

Key highlights: 1) gas production growth at 4% missed 6% estimate, due to delay in Vashista project, which will likely ramp up to 2.5mmscmd by Mar’18; 2) net realisation at USD61/bbl was inline, implying no oil subsidy; 3) cash cost/barrel at USD9/bbl came 4% higher on one-off depletion expense, which will normalise in Q4FY18. We expect ONGC’s Rs 800bn projects under implementation to significantly revive gas production (FY17-20E CAGR of 8%). 

 

We have trimmed FY19E gas production by 2%, factoring in slight delay in projects commissioning, and introduced contribution from OPAL (ONGC’s stake: 49%). Maintain ‘BUY’ with DCF-based target price of Rs 239

3:21 PM

Protectionism, again: Joint action by stock exchanges raises concerns

 

The joint statement issued by three stock exchanges on Friday — deciding to immediately terminate the agreements for licensing indices and prices of Indian securities to foreign exchanges — raises concerns on several fronts. The action constitutes protectionism, which harms a market (Singapore Stock Exchange, or SGX) that has served global investors well. READ MORE

3:19 PM

IPO watch: Aster DM (Source: Choice Research)

3:15 PM

Centrum Broking on Deccan Cements Limited (DCL)

 

Despite earnings decline seen during FY17/18 (on DCL’s  peak performance in FY16), we continue to like DCL owing to following: robust demand across south and Maharashtra markets will boost DCL’s earnings, DCL’s debt free balance sheet along with no near term capex requirement will bolster free cash generation. This should boost DCL’s capability to undertake future expansion (probably during FY20-22) without leveraging its balance sheet. We roll forward valuations to FY20E. Thus, we maintain BUY with a revised target price of Rs 720

3:12 PM

Centrum Broking on Sun TV Network

 

We maintain our BUY rating on Sun TV Network with revised target price of Rs1170 (28x FY20E EPS) as we roll forward our valuations to FY20E. We expect the ad growth momentum to continue going forward as witnessed in Q3FY18E where the company posted 22% YoY growth. Further investment in comissioned programming to bear fruits in medium term. Digitisation in TN could offer the company incrementally Rs3bn in reveneus and management is in advance stage to sign contract with Arasu Cable. Turnaround in IPL from FY19E would further aid margins and profitibility

3:09 PM

Gold funds losing sheen? Investors pull out Rs 6.79 bn in 10 months of FY18

 

Investors have pulled out Rs 1.1 billion from gold exchange-traded funds in January, taking the total outflow to Rs 6.79 billion in the first 10 months of the current fiscal, mainly on account of poor returns.

 

The outflow meant assets under management (AUM) of gold funds plunged by over 15% during the period under review to Rs 49.06 billion from Rs 56.70 billion in the year-ago period, latest update with the Association of Mutual Funds in India (Amfi) showed. READ MORE

2:59 PM

Here's why the new order by Indian bourses may spook foreign investors

 

A move by Indian exchanges to stop licensing its products and data to bourses abroad will likely force foreign investors into a tough option: migrate their trading onshore to India, with its uncertain regulatory environment and higher taxes, or give up their exposure to a hot emerging market.

 

India's three main stock exchanges - the National Stock Exchange, BSE Ltd and Metropolitan Stock Exchange - said Friday they would stop licensing products and data to foreign exchanges to prevent trading from migrating overseas. READ MORE

2:46 PM

Robust IIP seen in December, though a tad lower than November's 17-mth high

 

After registering the highest growth in 17 months in November, the index of industrial production (IIP) may remain robust in December, lead indicators point out. This is largely due to the low base effect a year ago, which was brought about by demonetisation. Consumer price index (CPI)-based inflation also hit a 17-month high in December, but may cool down a bit in January.

 

IIP data for December, out in this evening along with CPI for January, will be crucial for the second advance estimates of GDP for 2017-18, which will be released by the end of this month. IIP constitutes only a fourth of the data for industry in GDP these days, with the bulk taken from corporate results filed with MCA 21 or the stock exchanges. Also, price deflators in GDP are different from CPI inflation or even WPI inflation, but may correspond to broad movements. CLICK HERE FOR FULL STORY

2:30 PM

Flight of risk capital: GVA growth likely to fall in second half of 2018-19

 

Inflation worries prompted the Reserve Bank of India to maintain status quo in the latest Monetary Policy Review. While five Monetary Policy Committee members voted to hold rates, one wanted a hike. The central bank thinks growth is rebounding.

 

But it sees multiple threats on the inflation front, including an inflationary Budget. Strong job growth in America makes it likely that the US Federal Reserve will accelerate normalisation, by hiking interest rates faster and selling off excess bonds acquired during the taper years. READ MORE

2:17 PM

Tata Steel surges 5% on strong Q3 results

 

Tata Steel has moved higher by 5% to Rs 718 on BSE in noon deal, extending its Friday’s nearly 2% gain after the company reported nearly five-fold jump in a consolidated net profit of Rs 11.35 billion for the third quarter ended December 2017 (Q3FY18), on the back of higher revenues mainly from domestic operations.

 

The company had reported a net profit of Rs 2.31 billion in the third quarter of 2016-17. CLICK HERE FOR FULL STORY