MARKET WRAP: Sensex slips 45 pts, RIL falls 2.75%; Rupee hits all-time low

Among sectoral indices, the Nifty Pharma index rose 2.7 per cent led by a rise in Lupin and Dr. Reddy's Laboratories. The Nifty IT index, too, settled 1.8 per cent higher.

1:14 PM

Amid green shoots, economy to grow 7.6% in Q1 on low-base effect: Report

The economic growth is expected to rise to 7.6 per cent in the April-June quarter of 2018-19 from a sub-six per cent figure in the year-ago period mainly due to a low-base effect, says a report by HDFC Bank.

According to a HDFC Bank research report, growth numbers across sectors in the first quarter are likely to get a boost from a favourable base effect even as there are some genuine signs of revival in the economy. READ MORE

1:01 PM

Crude oil prices may rise further in 2018, remain above $75 a barrel: IEA

In what could be the bad news for consuming countries like India, the International Energy Agency (IEA) has said crude oil prices are likely to rise further in 2018 and may remain above $75 a barrel for some time, owing to the geo-political situations across the world — including Iran sanctions and drop in Venezuela production. READ MORE

12:55 PM

NEWS IMPACT

12:53 PM

NEWS ALERT: LIC's 7.9% investment in IDBI Bank not subject to HC directive

12:51 PM

NEWS ALERT: IDBI board concludes discussion on LIC's investment

12:49 PM

Top gainers in BSE 500:

COMPANY	PRICE()	CHG()	CHG(%)
WELSPUN INDIA	75.45	6.15	8.87
JAI CORP	169.45	11.65	7.38
INDO COUNT INDS.	79.50	4.50	6.00
HIMATSING. SEIDE	295.10	15.95	5.71
PNC INFRATECH	168.45	8.50	5.31

12:42 PM

Uncertainty over Rana Kapoor's reappointment is 'big negative' for YES Bank

Markets, for one, do not like uncertainty – and that’s exactly what’s driving down YES Bank at the bourses. On Thursday, the Reserve Bank of India (RBI) approved the continuation of Rana Kapoor as their managing director and chief executive till further notice.

 

This, analysts believe, has triggered one of the catalysts that can trigger a correction in the stock. On Friday, the stock slipped 7 per cent in intra-day deals to hit an eight-week low of Rs 338 levels. READ MORE

12:33 PM

A fall in Indian stock mkt will be a buying opportunity: CLSA's Chris Wood

The rally in Indian equity markets thus far in calendar year 2018 (CY18) amid a weakening rupee has surprised CLSA’s Christopher Wood, their managing director and equity strategist.

 

One reason why the Indian stock market has been so resilient, Wood says, is that India is primarily a domestic-driven economy and is less exposed to Trump-driven trade concerns. He believes a correction in the Indian equities will be a good buying opportunity. READ MORE

Christopher Wood, Managing Director & Equity Strategist, CLSA

12:17 PM

Sensex set for new highs even though rated expensive: Reuters poll

Indian shares will hit a new record high by year-end despite being rated as expensive, strategists polled by Reuters said, citing high oil prices and election uncertainty as the biggest downside risks to the BSE Sensex. READ MORE

12:01 PM

Market at Noon

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	38,636.29	-53.81	-0.14
S&P BSE SENSEX 50	12,222.99	-2.08	-0.02
S&P BSE SENSEX Next 50	35,525.33	+28.72	+0.08
S&P BSE 100	12,003.70	-0.24	0.00
S&P BSE Bharat 22 Index	3,746.86	+11.78	+0.32

(Source: BSE)

11:48 AM

Top contributors to Sensex today

COMPANY	LATEST	CHG(RS)	CHG(%)	FREE FLOAT MKT CAP (RS CR)	CONTRIBUTION (POINTS)
INFOSYS	1437.00	19.50	1.38	269361.00	41.99
ITC	321.75	2.55	0.80	390423.10	35.28
LARSEN & TOUBRO	1362.75	13.20	0.98	189206.91	20.97
INDUSIND BANK	1902.00	25.80	1.38	95831.32	14.92
SUN PHARMA.INDS.	650.65	11.15	1.74	70580.21	13.95

11:47 AM

Commodity derivatives: NCDEX's clearing corporation set to go live in Sept

The markets regulator is working to expand the width and depth of the commodity derivatives market.

 

Among the measures are a clearing corporation which is separate from an exchange’s trading function, allowing equity and commodity exchanges to enter each other’s area, inviting proposals for commodity index futures and rules for entry of foreign traders. READ MORE

11:46 AM

ICICI Securities recommends Security and Intelligence Services (SIS) 

We initiate coverage on SIS with an ADD rating and DCF based Jun’19 target price of Rs1240. Market leadership across underpenetrated market segments (especially India Security Services and Facilities management), favourable policy framework, active inorganic strategy and potential for scale-driven operating leverage are the key components of our positive rating on the stock.

11:44 AM

IT stocks gain ground

COMPANY	LATEST()	CHG()	CHG(%)	VOLUME
FIRSTSOUR.SOLU.	74.80	0.65	0.88	387904
WIPRO	302.85	4.00	1.34	164102
INFIBEAM AVENUES	228.50	0.45	0.20	155668
HEXAWARE TECH.	437.00	4.30	0.99	133050
INFOSYS	1435.30	17.80	1.26	109166

11:43 AM

Sector watch: Metals & mining

The July production volume for non-ferrous companies has come along expected lines. Key highlights: 1) HZL’s zinc and lead volumes were both down owing to operational issues at the Rampur Agucha mine and maintenance at the Dariba smelter, respectively. 2) Hindalco reported stable aluminium (Al) production while copper (Cu) volumes were crumbled by major maintenance activity in July. 3) Vedanta’s Al volume remained stable though the Cu division was impacted by the ongoing shutdown.

Going ahead, we believe that HZL’s mined metal (MM) production volume would be restored and thus do not see a risk to our full-year estimate. Al volumes at both Vedanta and Hindalco are expected to remain robust and Cu volumes at Hindalco are likely to spring back. Maintain ‘BUY’ on Hindalco, Vedanta and HZL

(Source: Edelweiss Securities)