Markets shake off Korea tensions: Sensex ends 107 pts higher, Nifty at 9952

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10:23 AM

Gold hits one-year high

 

Gold prices shot up on Monday to their highest in close to a year as investors bought safe-haven assets on worries that North Korea might launch more missiles after its sixth and largest nuclear test. READ MORE

10:07 AM

Interview of the day

 

Country’s gross domestic product (GDP) will take at least two quarters to recover with consumption making up for the low government expenditure and private investment, says Ankur Varman, AVP - Institutional Equity sales at SBI Capital Markets. READ FULL INTERVIEW HERE

9:51 AM

BSE imposes trading curbs

 

Leading stock exchange BSE on Monday imposed trading restrictions on two more firms - Sancia Global Infraprojects and Koa Tools India - on regulator Sebi's directives regarding a clampdown on suspected shell companies. READ MORE 

9:49 AM

Buzzing stock

Sun TV extended gains for the third straight session by rising over 3% to Rs 839 after STAR India on Monday won media rights for the IPL for a period of five years on a bid of Rs 16,347 crore. 

 

A record bid will help Sun TV, owner of the Sunrisers Hyderabad team, as revenues from media rights and sponsorships are shared between the IPL and its franchisees. CLICK HERE FOR FULL STORY

 

9:37 AM

Nifty outlook by Angel Broking

 

We have been quite vocal on the fact the index has slipped into a consolidation mode and hence, we are likely to see such kind of surprises in the market going forward. Despite this corrective move, the Nifty has managed to defend the important support of 9,855. Thus, 9,855-10,000 would now be seen as immediate range for the Nifty and we would see selling pressure coming in at higher levels.

9:30 AM

Nifty outlook by Devangshu Datta

 

Nifty has not been able to break out above resistance between 9,925 and 9,975.  A move beyond those limits could mean a test of support at 9,450-9,500 or a target of 10,200 (a new high). READ MORE 

9:26 AM

Market breadth

 

Market breadth remained impressive. There were four gainers against one loser on the BSE. 990 stocks rallied, 259 stocks fell, while 41 stocks remained unchanged. 

9:23 AM

Top Sensex gainers and losers 

Source: BSE

9:22 AM

Market valuation races ahead of growth

 

The lower-than-expected growth of the economy during the April-June quarter has widened the differential with equity valuations to an all-time high.

 

The benchmark Nifty50 index is trading at 24.2 times its trailing 12-months earnings per share, which is over four times economic growth in terms of gross value added (GVA) of 5.6 per cent during the first quarter of the current fiscal year (FY18)  CLICK HERE TO READ THE FULL STORY

9:21 AM

Broader markets

The BSE Midcap and the BSE Smallcap indices were trading 0.4% and 0.5% higher. 

9:20 AM

Markets at open

At 9:18 am, the Sensex was trading at 31,744, up 41 points, while the Nifty50 was ruling at 9,920, up 7 points.

9:09 AM

Pre-open trade

 

At 9:05 am, the Sensex was trading at 31,755, up 52 points, while the Nifty50 was ruling at 9,933, up 20 points. 

9:06 AM

GDP to grow at 7% in fiscal 2018: Crisil

 

CRISIL has trimmed its fiscal 2018 growth forecast for India by 40 basis points to 7% from 7.4% earlier, after data for the first quarter showed GDP growth at 5.7%, the slowest in the past three years. The 7% growth forecast implies a GDP growth of 7.4% on average in the remaining three quarters. We believe the sharp decline in growth in the first quarter is transitory and the economy will grind up slowly over the next few quarters as the impact of demonetisation and destocking fades. The Purchasing Manager’s Index (PMI) for August already signals a pick-up in manufacturing activity.

9:05 AM

Dr. Reddy’s Laboratories- BUY- Company Update- Suboxone Generic Opportunity To Be Lucrative, Can Sustain For Longer Time

 

The district court of Delaware in the US has ruled that  Dr. Reddy’s Laboratories’ (DRL) generic version of Suboxone film does not infringe upon the  US patents (8017150, 8603514 , 8900497) as asserted by the innovator, Indivior.  

 

Suboxone film is indicated for the treatment of opioid dependence and generates around $720 million in annual sales in the US. DRL’s launch timeline is now contingent on Actavis’ 180-day marketing exclusivity status and approval timeline for its generic version by the US Food and Drug Administration or USFDA. We have retained Buy rating on DRL with a target price of Rs 3,020.

 

(Source: Nirmal Bang)

9:02 AM

Technical calls 

 

Buy Coal India with a target of Rs 1,180, says Vaishali Parekh of Prabhudas Lilladher. READ DETAILS HERE