Sensex ends above 35000 for first time ever; Nifty at new closing high

All that happened in the market today

10:10 AM

Investing tips: Target firms in a better position to handle inflation
 

The signals on the inflation front appear to rather confuse. But, inflation is more likely to rise than not. Global factors, namely higher First World growth, are creating an upwards trend in most commodities.

 

Crude oil price has risen by 45 per cent in the last six months and it's likely to stay close to current levels or move higher. Industrial metals are up by 20 per cent in the last year. A domestic component, food, which has a large weight in the Indian inflation basket, is showing discrepancies between wholesale and retail price indices. Read more

9:53 AM

Newgen Software Rs 4.25-bn IPO receives 20% subscription on day one

 

The Rs 4.25-billion initial public offering (IPO) of Newgen Software Technologies was subscribed 20% on Tuesday, the first day of the issue. A day earlier, the company allotted shares worth Rs 127 crore to anchor investors.
 

The IPO comprises fresh equity issuance worth Rs 0.95 billion and an offer for sale worth Rs 3.3 billion.

 

The price band for the IPO is fixed at Rs 240-245 per share. The IPO will remain open till Thursday

9:40 AM

Maruti Suzuki sees share sale by mutual funds accelerating in December

 

Mutual fund managers since April last year have sold around 3.6 million shares, worth nearly Rs 30 billion, of India’s largest car manufacturer Maruti Suzuki. They plan to continue to prune its holdings as valuations appear stretched after the last year’s stellar rally.

 

In 2017, shares of Maruti Suzuki jumped 83%, even as the benchmark Sensex gained 28%.

 

“There is nothing wrong with the company. The recent selling (of Maruti Suzuki's shares) should not be seen in this light. It's a market leader in automobiles and is even today among the top holdings in portfolios. But, the problem is stretched valuations. I doubt it will sustain in case liquidity dries out,” said a top chief investment officer (CIO). READ MORE

 

9:24 AM

NIfty IT extends gains

9:21 AM

Sectoral Trend

9:19 AM

Sensex top gainers and losers

9:19 AM

Broader Markets

In broader markets, both BSE Midcsap and BSE Smallcap indices were little changed

9:18 AM

Markets at Open

At 9:17 am, the S&P BSE Sensex was trading at 34,854, up 83 points while the broader Nifty50 was ruling at 10,720, up 19 points

9:10 AM

Top technical calls by HDFC Securities:

 

Buy INDIAN HOTELS

CMP: Rs 144.55

Stop Loss: Rs 138

Target: Rs 154

 

Buy SUN PHARMA

CMP: Rs 577.70

Stop Loss: Rs 560

Target: Rs 610

 

Click here for rationale

9:05 AM

Nifty outlook by HDFC Securities:

 

Though Nifty managed to limit its fall to 40 odd points, midcap and small cap indices plunged 2.41% and 2.48% during yesterday’s trade. Advance decline ratio remained worst since 25 Sep 2017. However, there is no sign of bearish trend reversal seen as of yet on the Nifty daily charts. Bullish trend is still intact with all technical indicators holding strength. Support for the Nifty is placed somewhere around 10590, while resistance for the same is placed at 10900.

9:01 AM

Bitcoin plunges 25% as fears of crypto crackdown linger

 

January’s cryptocurrency selloff got fresh impetus on Tuesday when Bitcoin slumped as much as 25%, as the prospect of regulatory crackdowns appeared to spread.

 

While the largest digital coin was down 25% at $10,338 in New York, it was still at the lowest level since early December, according to composite pricing on Bloomberg. As Bitcoin halted its two-day rally, rival cryptocurrencies also tumbled. Ripple sank as much as 40% and Ethereum dropped 26%.

8:47 AM

Amber Enterprises Rs 600 cr IPO to open today

 

Amber Enterprises India will open its Rs 600-crore initial public offering on January 17, with a price band at Rs 855-859 per share. Equity shares are proposed to be listed on the BSE and the NSE. The book running lead managers to the offer are Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas.

 

The issue will close on January 19. It allots Rs178.71 crore at Rs859 per share to 15 anchor investors.

8:42 AM

Council may cut GST rates for 70 items

 

A fortnight ahead of the Union Budget, the Goods and Services Tax (GST) Council is likely to take up rationalisation of rates of about 70 items, of which at least 40 are services. Amendment in rules may also be taken up to simplify filing and plug some of the loopholes. A fitment committee of officers has made these recommendations to the Council, which will meet on Thursday.

 

With the aim to boost struggling agriculture and rural economy, and encourage clean energy, the Council is expected to rationalise rates of agriculture implements and unconventional fuel buses. It is the last Council meeting before Finance Minister Arun Jaitley presents his last full Budget on 1 February, before general elections in 2019. READ MORE

8:39 AM

SGX Nifty

 

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 3 points or 0.03 percent.

8:38 AM

Asian shares dip as commodities ease

 

Asian stocks stepped back from a record high on Wednesday as the region’s resource shares were dented by falling oil and commodity prices while digital currencies tumbled on worries about tighter regulations.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.1% from its record high as resource shares declined after oil and other commodities succumbed to profit-taking after recent gains.

 

Japan's Nikkei fell 0.7% from its 26-year peak hit the previous day.