Sensex ends 100 pts higher, Nifty above 10,200 ahead of Infosys results

All that happened in the market today

9:03 AM

Equinomics Research recommends Indian Energy Exchange

 

IEX is well positioned to gain from fast growing energy trading segment as proportion of energy traded over power exchanges continues to increase from 23.8% in FY2013 to 34.5% in FY2017. IEX dominates the market with its share in total volume traded through exchanges in the last five years at an average of over 93.5%. At the current market price, IEX is priced at 43.5x its FY2017 Diluted EPS. This is on the back of cash rich balance sheet (~Rs.500 crore), high profit margins, negative working capital cycle and superior return profile. Hence, we suggest our clients, with long-term investment perspective, to accumulate the stock on every major decline.

9:03 AM

NSE bans 8 companies from trade

 

The derivative contracts of BEML, DHFL, HDIL, Indiabulls Real Estate, Infibeam, Jaiprakash Associates, JSW Energy and Reliance Capital have crossed 95 percent of the market-wide position limit and are currently in the ban period.

8:58 AM

Top Technical Calls from Prabhudas Lilladher:

BUY RALLIS INDIA     

CMP: Rs 239.45       

TARGET: Rs 260     

STOP LOSS: Rs 228

 

BUY GSFC   

CMP: Rs 142.55     

TARGET: Rs 155    

STOP LOSS: Rs 134

Click here for rationale

8:55 AM

Today's Picks: 24 October, 2017

 

Bank Nifty 

 

Current: 24,088 (fut: 24,166)

Target: NA

Stop-long positions at 24,050. Stop-short positions at 24,275. Big moves could go till 24,475. 23,850. The financial index is more bullish than the Nifty.

 

Bharti Airtel 

 

Current price: Rs 497.5 

Target price: Rs 507 

Keep a stop at Rs 492 and go long. Add to the position between Rs 503 and Rs 505. Book profits at Rs 507.

Click here for more

8:53 AM

Nifty outlook by Prabhudas Lilladher:

 

Nifty though has its daily trend down, it still is sustaining above its crucial support of 10,120 levels. Bank Nifty too has its near term support at 23,900, hence a bounce from these levels cannot be ruled out. The support for the day is seen at 10,130 while resistance is seen at 10,220.

8:51 AM

IEX recoups losses to end 1.5% down on trading debut

 

Shares of Indian Energy Exchange (IEX) ended 1.5 per cent lower than its issue price during its stock market debut on Monday. The stock had dropped as much as nine per cent, but managed to recoup most of the losses.

 

 The stock ended at Rs 1,625 compared to the initial public offering (IPO) price of Rs 1,650. It hit a low of Rs 1,500 and a high of Rs 1,660 on the National Stock Exchange (NSE), where Rs 540 crore worth of shares were traded. IEX is India’s largest power trading exchange. READ MORE

8:51 AM

Rollover analysis

 

After a truncated trading week, weakness was evident in Nifty in the early part of the day’s trade. However it quickly recovered some of the lost ground in the second half and ended with marginal gains. Weakness in banks has kept a check on the benchmark index’s advance. Earnings season so far has been a mixed bag. Major disappointments have emerged from banks with fresh recognitions arising from power, agriculture, SMEs and retail sector.

 

Market-wide rollovers on the D-3 stands at 19% compared to the average rollovers of 22% (last three series). Average roll levels (cost to long rollers) across the stock futures were at ~54-56bps. Nifty futures rollover stands at 17% as compared to the average rollovers of 22% of last three series. 

 

Nifty futures OI is at ~29.57mn shares as against ~24.34mn shares on D-3 of the last expiry. Nifty futures roll cost (cost to long rollers) were ~46-48bps.

 

Among the sectors, IT (28%), Telecom (23%) and Banking (21%) have witnessed reasonable rollovers compared to the other sectors on the D-3. High rollovers were seen in BIOS (37%), INFO (30%) and AXSB (32%). 

 

(Source: Edelweiss Research)

 

8:49 AM

Mahindra Logistics sets IPO price band
 

Mahindra Logistics, the subsidiary of Mahindra and Mahindra, has fixed the price band at Rs 425-429 per share for its initial public offering that is scheduled to open on October 31. The discount of Rs 42 per share will be offered to its eligible employees, the company said in its filing. READ MORE

8:47 AM

Reliance Nippon AMC IPO: Should you invest?

 

Sticking to its schedule, Reliance Capital is on track to list its asset management arm — Reliance Nippon Life Asset Management (RNLAM). The issue, which would open on Wednesday and is the first one by an asset management company (AMC), has many positives such as a diversified asset base with strong investment track record. These attributes have helped RNLAM grow its business profitably READ MORE HERE

8:46 AM

Infosys Q2 preview: What Dalal Street wishes to hear from Nandan Nilekani

 

Analysts, at large, believe that more than the Q2 numbers, the management commentary will remain in focus as an update on the company's strategic preferences is crucial at this juncture. CLICK FOR MORE

8:45 AM

Earnings today

 

Infosys, HDFC Bank, Asian Paints, Ambuja Cements, Zee Entertainment, Can Homes, ABB, Rallis India, Raymond and ICICI Prudential are some of the companies scheduled to announce quarterly results on Tuesday. 

8:45 AM

Infosys likely to name next CEO today

 

Infosys is likely to name its next chief executive officer on Tuesday. Finding a CEO was among the key tasks taken up by co-founder and Chairman Nandan Nilekani when he took charge in August. 

 

Among the probable candidates for the post are B G Srinivas and Ashok Vemuri, two former executives who had quit before co-founder N R Narayana Murthy hired Vishal Sikka in 2014. Two people familiar with the development said there was a strong case for Srinivas, group managing director, PCCW Group of Hong Kong, who left Infosys as president, global markets, in 2014. U B Pravin Rao, interim MD and CEO, may be moved to his earlier role as chief operating officer. A company spokesperson dismissed it as speculative. CLICK HERE FOR THE FULL STORY

8:40 AM

SGX Nifty

 

The Nifty futures on the Singaporean stock exchange were trading lower by around 14 points at 10186, a fall of around 0.14% indicating a flat opening for the Indian markets

8:38 AM

Asian shares hover near recent highs

 

Asian shares held within striking distance of recent decade highs on Tuesday even as Wall Street fell from record levels, while currencies kept to narrow ranges ahead of key economic events.

 

Investors are closely watching China and the 19th Communist Party Congress, which winds up on Tuesday and at which President Xi Jinping is expected to release the composition of the Standing Committee - the apex of power in the country.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1% firmer at 549.71 points, not far from a 10-year high of 554.63 set last week.

 

Australian shares also edged higher and back toward a 5-1/2 month peak touched on Monday, while Japan's Nikkei fell 0.2% from a 21-year high.

8:37 AM

US markets end lower

 

US stocks closed lower on Monday after starting the day at record highs, weighed down by the tech and industrial sectors. 

 

The Dow Jones Industrial Average fell 54.67 points, or 0.23%, to end at 23,273.96, the S&P 500 lost 10.23 points, or 0.40%, to 2,564.98 and the Nasdaq Composite dropped 42.23 points, or 0.64%, to 6,586.83.

A street sign for Wall Street is seen outside the New York Stock Exchange in Manhattan, New York City