Markets settle near day's high; Sensex up 321 points, Nifty ends at 9,897

All that happened in Wednesday's session

9:19 AM

Market check

Benchmark indices opened marginally higher after global stocks rose on easing north Korea tensions. Investors also reacted positively to the rise in July retail inflation reported on Monday.

At 9:17 am, the S&P BSE Sensex was trading at 31,508, up 59 points while the broader Nifty50 index was ruling at 9,822. up 28 points

9:08 AM

BS Fund Cafe: Biggest challenge is not to sell negative experiences in MFs

 

Top mutual fund CEOs say that even as the industry’s assets have touched a record Rs 20 lakh crore, they need to improve penetration, communicate the product attributes more effectively and strengthen the hands of distributors’.

For the mutual fund industry, acche din seems to have already come as annual assets grow at 25 per cent and mutual funds become a key part of the investor’s portfolio. 

 

But is this growth sustainable?

 

Click here for more

9:06 AM

More shell firms found: PAN deactivation jolt for tax evaders in stock market

Of the 1.1 million permanent account numbers (PAN) that the government deactivated last month, income-tax (I-T) sources say a majority were duplicates and were being used to open share-trading and demat accounts, transact on the stock markets, and operate in shell firms.

 

The I-T department has discovered one individual could have five to seven PAN cards, each with a slightly different spelling of the holder’s name.

 

According to I-T officials, such people, who have been identified as small- and medium-sized stock brokers, sub-brokers and their clients, have evaded taxes.

Click here for detailed report

9:01 AM

Nifty outlook from Chandan Taparis of MOSL

 

Nifty has to continue to hold above 9,775 zone to witness an up move towards 9,860-9,880 zones which is the 38.20% retracement of its recent fall from 10,138 to 9,685 levels. On the downside, it has support at 9,750 and 9,710 levels to hold the recent pull back rally.

Click here for technical calls from MOSL

Photo: Shutterstock

8:59 AM

Top technical calls from Prabhudas Lilladher:

 

TATA GLOBAL BEVERAGES      

CMP: Rs 178.75         

TARGET: Rs 200        

STOP LOSS: Rs 162

 

ESCORTS - BUY  

CMP: Rs 611.55         

TARGET: Rs 665        

STOP LOSS: Rs 560

 

GLENMARK PHARMA - BUY       

CMP: Rs 629.80        

TARGET: Rs 685          

STOP LOSS: Rs 590

Click here for details

8:57 AM

RIL to be in focus

The government has imposed a new penalty of $264 million (about Rs 1,700 crore) on Reliance Industries Ltd and its partners for producing less than the targeted natural gas from eastern offshore KG-D6 fields in 2015-16.

 

The total penalty now, which is in the form of disallowing recovery of cost incurred for missing the target during six years beginning April 1, 2010, stands at $3.02 billion, an oil ministry official said.

Click here for more

Photo: Reuters

8:56 AM

Oil Check

Oil prices edged up on Wednesday on a fall in US crude inventories, although markets were still being weighed down by general oversupply.

 

Brent crude futures LCOc1 were at $51.02 per barrel at 0218 GMT, up 22 cents or 0.4% from their last close.

 

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.70 a barrel, up 15 cents, or 0.3%. 

8:53 AM

Inflationary pressure back after GST roll-out

Amid concerns over deflationary impulses expressed in the second volume of the Economic Survey 2016-17, the retail inflation rate rose to a three-month high of 2.36% in July, against the record low of 1.5% in June due to the impact of the goods and services tax (GST) rates for some services and the revision in house rent allowance (HRA) for central government employees.

 

However, the wholesale price index (WPI) rate doubled to 1.88% in July, against 0.9% in June. 

Click here  for full report

Photo: Shutterstock

8:47 AM

SGX Nifty

 

The Nifty50 futures on the Singapore Stock Exchange were trading 12 points higher at 9808 indicating a positive opening for the domestic market.

8:46 AM

US debt level at new record high

 

US debt level notched another record high in the second quarter, after having earlier in the year surpassed its pre-crisis peak, on the back of modest rises in mortgage, auto and credit card debt, where delinquencies jumped.

 

Total US household debt was $12.84 trillion in the three months to June, up $552 billion from a year ago, according to a Federal Reserve Bank of New York report published on Tuesday.

8:44 AM

Asian Markets

Asian stocks gained after North Korean leader Kim Jong Un delayed a decision on fire missiles towards Guam, waiting to see what the US does. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2% while Japan's Nikkei dithered either side of flat.

The break in threat and counter-threat was enough for South Korean stocks to bounce 0.7%, though they remain well short of the record peak touched last month.

8:43 AM

Wall Steet 

 

The US stocks ended little changed as declines in Home Depot and other retailers following results offset upbeat US retail sales data.

 

US retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles as well as discretionary spending, it said. The data helped the dollar index touch its highest level in nearly three weeks.

 

The Dow Jones Industrial Average was up 5.28 points, or 0.02%, to 21,998.99, the S&P 500 lost 1.23 points, or 0.05%, to 2,464.61 and the Nasdaq Composite dropped 7.22 points, or 0.11%, to 6,333.01.

8:41 AM

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