Business Standard

Monday, December 23, 2024 | 05:54 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Nifty fails to settle above 10,400 as BJP's tally in Gujarat narrows

All that happened in today's trade

Image SI Reporter New Delhi
markets, stocks, sensex, nifty, bse, nse

Photo: Shutterstock

1:17 PM

BSE Midcap index hits new high
 
The S&P BSE Midcap index hit a new high of 17,184 on the BSE in intra-day deal on Monday after a healthy gain in public sector banks (PSBs), metals and Adani Group stocks. The index surpassed its previous high of 17,133 touched on December 11, 2017 in intra-day trade.
 
At 12:19 PM; the midcap index was trading 1% higher at 17,174, bouncing back 3.5% or 570 points as the counting of votes showed Bharatiya Party Party (BJP) leading in Gujarat and Himachal Pradesh. The index touched low of 16,605 in early morning trade. READ FULL REPORT
1:06 PM

Markets extend gains 

Sensex was up over 300 points, just 65 points away from its all-time high of 33865.95, while Nifty was trading comfortably above 10,400.  
1:00 PM

Gujarat election results: BJP leads in 107 seats
 
As per the trends available for 182 seats, the BJP is ahead in 107 seats, while the Congress candidates have a slight edge over their BJP opponents in a few constituencies. The NCP is leading on one seat. READ MORE DETAILS 
12:49 PM

Buzzing stocks
 
Shares of public sector banks (PSBs) were in focus with the Nifty PSU bank index rallying more than 7% from its early morning lows on National Stock Exchange (NSE).
 
At 11:49 AM; Nifty PSU Bank index, the largest gainer among sectoral indices, was up 3% at 3,854 as compared to 0.81% rise in the benchmark Nifty 50 index. Nifty PSU Bank index has rallied 7.4% from its early morning low of 3,587. Nifty Private Bank and Nifty Bank index were up 1% each. READ FULL REPORT
12:36 PM

Markets check

At 12:35 pm, the S&P BSE Sensex was trading at 33,755, up 292 points, while the broader Nifty50 was ruling at 10,428, up 95 points. 

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,757.19 +294.22 +0.88
 
S&P BSE SENSEX 50 10,876.53 +92.08 +0.85
 
S&P BSE SENSEX Next 50 35,836.24 +367.77 +1.04
 
S&P BSE 100 10,892.92 +95.42 +0.88
 
S&P BSE Bharat 22 Index 3,733.79 +24.89 +0.67

Source: BSE
12:32 PM

Edelweiss Securities on GST e-way bill
 
The GST Council has approved nation-wide implementation of the e-way bill pertaining to inter-state movement of goods from Feb 1 2018 and intra-state movement of goods from June 1 2018. We believe the E-way bill will: 1) empower the government to curb tax evasion and unauthorised movement of goods across the country; 2) will be a major deterrent for unorganised players; 3) reduce tax evasion; and 4) improve compliance and tax collections thereof. As highlighted in our recent report, under the GST regime effective implementation of e-way bill will result in shift of trade from unorganised to organised segment and widen the tax base over long term. Building materials (plywood, tiles), plastic pipes, consumer durables/ electricals and logistics companies would be key beneficiaries.
12:14 PM

The winners and losers in the Trump Tax Bill
 
With the Bill finally headed to a vote this coming week, taxpayers are scrambling to determine whether the legislation renders them winners or losers. READ MORE
11:52 AM

M&M, Maruti Suzuki, HDFC Bank hit record highs
 
HDFC Bank, Mahindra & Mahindra (M&M) and Maruti Suzuki India from the S&P BSE Sensex have hit their respective record highs after a recovery of more than 1,000 points in the benchmark index as Bhartiya Janata Party (BJP) ahead in more than 100 seats in Gujarat election.
 
Gail (India), Graphite India, Balkrishna Industries, Relaxo Footwear, Sun TV Network, Titan Company, Greenply Industries, Century Plyboards (India), Bombay Dyeing & Manufacturing Company were among 17 stocks from the S&P BSE 500 index touched their new highs on the BSE in intra-day trade on Monday. READ MORE
11:38 AM

IIFL on Kalpataru Power & Transmission 
 
Kalpataru Power & Transmission Ltd (KPTL) is set to benefit from strong spends across segments viz, Power T&D, Railways and Oil & Gas pipeline infrastructure. Railways and O&G pipeline business, expected to surge over the next three years, would offset the slower growth in domestic T&D business. KPTL has managed to expand its global footprint to emerge as a leading player in the international power T&D EPC space. With an orderbook of +Rs 100 billion and robust pipeline across segments, KPTL should achieve revenue CAGR of 15.6% over FY17-20E. Margins are likely to stay healthy given the fact that infra business margins have risen to the level of core T&D business margins of 10-11%. Strong cashflows would reduce interest costs as a % of sales, thereby driving earnings growth of 19.8% over the period FY17-20E. Maintaining our Buy recommendation, we have arrived at a target price of Rs.585. Adjusted for asset values and JMC projects, the company currently trades at 11.1x FY20 P/E, which is reasonably attractive considering strong earnings growth and improving return ratios expected over FY17-20.
11:25 AM

Markets check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,685.29 +222.32 +0.66
 
S&P BSE SENSEX 50 10,851.23 +66.78 +0.62
 
S&P BSE SENSEX Next 50 35,672.79 +204.32 +0.58
 
S&P BSE 100 10,863.56 +66.06 +0.61
 
S&P BSE Bharat 22 Index 3,715.46 +6.56 +0.18

Source: BSE
11:16 AM

Sebi asks MFs to downplay 'Sahi Hai' campaign
 
The Securities and Exchange Board of India (Sebi) has asked industry body, the Association of Mutual Funds in India (Amfi), to tone down its hugely successful ad campaign carrying the slogan ‘Mutual Funds Sahi Hai’.  
 
The securities market regulator is concerned that the ads could persuade investors into buying mutual fund (MF) products without understanding the risks associated with them. READ FULL REPORT
11:00 AM

Buzzing stocks
 
Shares of Adani Group companies have recovered by up to 18% from their early morning lows on hopes that the ruling Bharatiya Janata Party (BJP) will retain power in Gujarat.
 
Adani Enterprises, the flagship company of the Gujarat based Adani Group, was trading 1% higher at Rs 156, recovering 18% from its intra-day low of Rs 132 on the BSE. The stock hit an intra-day high of Rs 158 so far. READ MORE
10:53 AM

Rupee crashes 68 paise to 64.72 a dollar  
 
The rupee plunged 68 paise to 64.72 against the dollar on Monday after early trends suggested that the BJP and the Congress are neck and neck in Gujarat Assembly sweepstakes after one hour of counting of votes.
 
The Congress is leading in 7 seats while the BJP is leading in 6 in the Himachal Pradesh Assembly polls as early trends poured in. READ FULL REPORT
10:44 AM

Will crude oil prices moderate?
 
After declining in the first half of 2017, crude oil prices have taken off pretty well since mid-June due to multiple favourable factors. The production discipline of both, Organization of Petroleum Exporting Countries (Opec) and non-Opec nations, led to global inventories declining through 2017.
 
This coupled with disruption in US crude oil production due to Cyclone Harvey in August and geopolitical issues in West Asia have contributed to a significant rise in crude oil prices during the second half of 2017. READ MORE
10:37 AM

Gujarat election results: BJP leads in 104 seats
 
The BJP is leading in 107 seats and the Congress in 75, as per the trends available after the first hour of counting
 
As per the trends available for 182 seats, the BJP is ahead in 104 seats, while the Congress candidates have a slight edge over their BJP opponents in some constituencies. The NCP is leading on one seat. READ MORE
Topics :

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Dec 18 2017 | 3:35 PM IST