Sensex ends flat, Nifty below 10,100; indices up 1% for the week

Catch all that happened in the market here

1:46 PM

Angel Broking on markets

 

The kind of activity we are observing since last couple of days is quite obvious as traders seemed a bit unsure whether the market has the strength to cross record highs or not. Hence, the next round of momentum in the upward direction is possible only after surpassing this hurdle. Until then we are likely to witness similar kind of uncertainly in a range of 10000 – 10138 (Nifty) with slightly higher volatility. At present, one needs to closely keep a track of these important levels on the index and meanwhile, keep focusing on individual stocks in order to obtain better trading opportunities

1:45 PM

Reliance Securities on Axis Bank

 

Axis Bank has started FY18 with positive surprise on asset quality front led by sequentially lower fresh slippages, moderation in credit cost along with stable overall asset quality. Its Watch List has substantially declined to 2.1% of total loan book from the level of 6.7% in Mar’16, which clearly indicates that the Bank is approaching the end of recognition of stressed loan.

 

This along with PCR (including technical W/O) at 65% and specific PCR at 56% gives comfort to credit cost outlook for next 4-6 quarters. Further, we expect sharp moderation in credit cost from FY19 onwards. We continue our BUY recommendation on the stock with a target price of Rs 600 based on 2.3x FY19 Adjusted book value.

1:44 PM

Shares of Wadia Group Companies are on roll with Britannia Industries and Bombay Burmah Trading Corporation hitting their respective record highs, while Bombay Dyeing & Manufacturing Company has appreciated over 100% in the past one month on the BSE. CLICK HERE FOR THE FULL STORY

1:43 PM

Mistrys to vote against Tata Sons move to become a private limited company

Cyrus Investments, one of Shapoorji Pallonji family's holding companies, has objected to Tata Sons’ attempt to convert the primary holding company of the $104-billion Tata Group to a private limited company from a public limited one, saying it amounts to oppression of minority shareholders.

 

The Mistry family holds 18.4 per cent equity stake in Tata Sons. READ MORE

1:28 PM

Europe Check

European stocks opened lower after North Korea sent another missile over Japan into the Pacific Ocean.

 

The pan-European Stoxx 600 was 0.14% lower with most sectors moving south.

1:12 PM

Market check

At 1:12 pm, the Sensex was trading at 32,192, down 49 points, while the broader Nifty50 was ruling at 10,060, down 26 points. 

12:51 PM

Markets rule out war at this stage, say analysts

 

Most Asian markets have given a muted response to North Korea firing another ballistic missile over Japan on Friday. While the Nikkei 225 and Hang Seng indices posted modest gains – up 0.3% - 0.5%, Straits Times, Kospi and the Shanghai Composite slipped up to 0.3%. Back home, the S&P BSE Sensex and the Nifty50 were also trading lower by around 0.2% each. READ FULL REPORT

12:35 PM

ONGC, Oil India trade firm

 

Shares of Oil and Natural Gas Corporation (ONGC) and Oil India were trading higher by up to 4% on BSE in an otherwise subdued market on rising crude oil prices as demand outlook brightens. ONGC was the top gainer on Sensex and Nifty. READ MORE

 

12:16 PM

Equirus on Sun Pharma

 

Sun Pharmaceutical’s (SUNP) FY17 Annual Report emphasizes the company’s efforts on building its specialty pipeline; while this is encouraging, SUNP’s high initial investments (development costs, sales force build-up) would keep its near-term earnings muted. Meanwhile, management commentary suggests no medium-term respite from

competitive pressures in the US. 

 

We retain REDUCE on the stock with a Dec’18 target price of Rs 472, derived by assigning 23x P/E (unchanged) and valuing the Tildrakizumab opportunity at Rs 25/share.

12:02 PM

Buzzing stock 

Manpasand Beverages touched a record high of Rs 1,024, up 13% on BSE in intra-day trade, extending its eight-session long rally, after the company entered into an exclusive tie-up with Parle Products. In past nine trading sessions, the stock has rallied 29% from Rs 796 as compared to 1.5% rise in the S&P BSE Sensex. READ MORE

11:40 AM

Higher metal prices to erode India Inc's margins

 

The recent rise in metal prices in the international market could deal a double whammy to corporate India, which is struggling with poor volumes and revenue growth after demonetisation and the economic disruption caused by the roll-out of the goods and services tax in July. 

 

Metal prices are up nearly 22 per cent on average during the year so far, pushing up manufacturing costs for Indian companies. The raw materials cost as a proportion of net sales is up around 50 basis points in the last two quarters and 230 basis points above the lows of the March 2015 quarter. READ FULL ANALYSIS

11:23 AM

Broader markets underperform 

 

The BSE Midcap and the BSE Smallcap indices shed 0.6% and 0.3%, respectively, in the late morning deals. 

11:17 AM

Nifty slips below 10,050

 

At 11:15 am, the Sensex was trading at 32,140, down 101 points, while the broader Nifty50 was ruling at 10,045, down 41 points. 

11:03 AM

Commodity derivatives markets caught in a downturn

 

The commodity derivatives markets are caught in a severe downturn. Annual aggregate volumes in commodity derivatives have fallen to their lowest level since 2010 and, at Rs 178.5 trillion (Rs 1 trillion = Rs 1 lakh crore), are a third of the peak seen in 2011-12. READ FULL REPORT HERE

10:49 AM

Buzzing stock 

JBM Auto hit a new high of Rs 624, up 6%, extending its Thursday’s 7% rally on BSE on back of heavy volumes. The stock of auto ancillary Company has more than doubled in past five weeks. It zoomed 101% from Rs 310 on August 8, 2017 as compared to 3% rise in the S&P BSE Sensex. READ MORE