Markets end volatile day flat, Nifty dips below 10150 ahead of RBI policy

All that happened in today's trade

11:51 AM

New CEO faces twin tests at Infosys 

 

After well over a decade with Capgemini, Salil Parekh is returning home to head unsettled Indian software services firm Infosys, where he will seek to replicate his success in notching up record growth at the divisions he ran.   

 

Alongside, Parekh has to help the bellwether of India's $154 billion software services sector recover from a nasty public spat between its board and founders that led to the dramatic exit of the previous CEO, Vishal Sikka, in August. READ FULL REPORT

Salil Parekh, Infosys

11:24 AM

Lupin, Glenmark Pharma hit 52-week lows 

 

Shares of two pharmaceutical companies Lupin (Rs 810) and Glenmark Pharmaceuticals (Rs 550) hit their respective 52-week lows on the BSE in intra-day trade in an otherwise firm market.

 

In the past one month, the market price of Lupin fell by 23%, while of Glenmark Pharmaceuticals by 12% on account of negative news flow from the US health regulator. By comparison, the S&P BSE Sensex was down 2% during the same period. READ MORE

11:02 AM

Street signs: LIC pares holdings in PSBs

 

India’s largest institutional investor Life Insurance Corporation (LIC) slashed its holdings in several public sector banks (PSBs) including State Bank of India (SBI) and Bank of Baroda (BoB) during the September quarter. In SBI, the stake has reduced by 231 basis points (bps), while in BoB it fell by 274 bps. READ FULL REPORT

10:48 AM

Crude oil casts a shadow on Dalal Street

 

The recent weakness on Dalal Street has raised fears of crude oil’s adverse impact on Indian equities. The benchmark Nifty 50 index is down 3.2 per cent from the lifetime high it hit on November 3.

 

In the same period, Brent crude oil is up 1.9 per cent and hit a new 52-week high. This also suggests the Indian markets are now struggling to hit fresh highs as oil prices inch up. In stock market parlance, every rally is being sold into by long-term investors, creating fear of a major market correction if oil prices rise any further. READ FULL ANALYSIS

10:31 AM

Biocon surges 14%

 

Biocon surged 14% to Rs 510, also its all-time high on the BSE in early morning trade, after the company said it has secured a regulatory approval to market a biosimilar for anti-cancer drug Herceptin in the US.

 

Mylan and Biocon announced that US Food and Drug Administration (FDA) have approved Mylan’s Ogivri, a biosimilar to Herceptin, co-developed with Biocon. CLICK HERE FOR MORE 

10:20 AM

What lies ahead for Infosys?

 

Since the resignation of its CEO in August, the stock price of Infosys has recovered around 14 percent,  outperforming the Sensex. The buyback program of Infosys (buyback of 11.3 crore number of shares at a price of Rs.1,150 per share for total value up to Rs.13,000 crore) opened on November 30, 2017. This offer is still at a significant premium of 32% when the market panicked on the eve of former CEO Vishal Sikka's resignation. Infosys’ share price movement is an opt example of market’s anxiety to overreact to both good and bad news in disproportion to what fundamentals would dictate. READ FULL VIEW

10:03 AM

Marketc check

At 10:00 am, the S&P BSE Sensex was trading at 32,864, up 31 points, while the broader Nifty50 was ruling at 10,121, up 0.1 point. 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,865.41	+32.47	+0.10
S&P BSE SENSEX 50	10,567.19	+4.42	+0.04
S&P BSE SENSEX Next 50	34,992.77	-105.35	-0.30
S&P BSE 100	10,591.63	-1.59	-0.02
S&P BSE Bharat 22 Index	3,673.89	-3.54	-0.10

Source: BSE

9:38 AM

RBI policy: Case for a pause

 

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is due to meet in the first week of December, and expectations from the government to cut the policy interest rate, currently at six per cent, continue to be high. The government’s argument is simple.

 

In its last statement after its October meeting, the MPC had highlighted some actions it expected the government to take, including moving forward on the insolvency process and cleaning up the implementation of the goods and services tax, or GST. READ MORE 

9:28 AM

Sectoral trend at open 

Source: NSE

9:26 AM

Broader markets underperform 

 

Broader markets underperformed the headline indices with the BSE Smallcap index slipping 0.2%, while the BSE Midcap index was down 0.1%. 

9:22 AM

Sensex heatmap at open 

Source: BSE

9:19 AM

Markets at open

At 9:18 am, the S&P BSE Sensex was trading at 32,931, up 98 points, while the broader Nifty50 was ruling at 10,149, up 28 points. 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,914.65	+81.71	+0.25
S&P BSE SENSEX 50	10,579.20	+16.43	+0.16
S&P BSE SENSEX Next 50	35,196.16	+98.04	+0.28
S&P BSE 100	10,611.73	+18.51	+0.17
S&P BSE Bharat 22 Index	3,681.31	+3.88	+0.11

Source: BSE

9:11 AM

Technical picks by Prabhudas Lilladher

 

BUY  IDFC

 

CMP: Rs  60.90     

TARGET: Rs 67.50     

STOP LOSS: Rs 58

 

CLICK HERE FOR DETAILS

9:06 AM

Commodity picks by Prerana Desai 

 

Soybean

 

Soybean prices at the Indore spot market are trading at Rs 2,990 a quintal. For the week ahead, prices are expected to head towards Rs  3,030 a quintal. CLICK HERE FOR MORE

9:03 AM

Nifty outlook by Devang Shah

 

Short-term outlook for the market remains positive till Nifty trades below 10,094 levels. The index expects target of 10,600-10,800 levels in short term. Medium term outlook for the market remains positive till Nifty trades above 8,968 levels and is expecting targets in the range of 12,000-12,200 levels in medium term. READ MORE