Indices wave goodbye to 2017 on a positive note; Nifty ends above 10,500

All that happened in today's trade

9:13 AM

Sebi caps cross-holding in MFs at 10%

 

To avoid any potential conflict of interest, markets regulator Sebi on Thursday decided to put a 10% cross-shareholding cap in mutual funds.

 

The new measure may have an impact on the shareholding pattern of UTI Asset Management Company (AMC), requiring its promoters to lower their stake to 10 per cent or below in next one year.

 

State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB) and Life Insurance Corporation (LIC) are having their own mutual funds and at the same time, they hold 18.24 per cent stake each in UTI AMC. READ MORE

9:06 AM

Few trading ideas by Prabhudas Lilladher:

BUY NATIONAL ALUMINIUM     

CMP: Rs 86.35      

TARGET: Rs 95    

STOP LOSS: Rs 79

 

The stock has made a higher bottom formation pattern at Rs 75 in the daily chart and also the 200-DMA lies around that level of Rs 74 where a strong support has been maintained. The stock has recovered strongly with potential and strength and now with a positive bullish candle pattern shows further possibility of a rise with positive bias in the coming days. With good activity seen in recent times, we recommend a buy in this stock for an upside target of Rs 95 keeping a stop loss of Rs 79.

 

Click Here for More

9:02 AM

Nifty outlook by Prabhudas Lilladher:

 

Nifty has got its daily trend down after 14 days, while weekly trend continues to be positive unless it closes below 10,432. The support for the day is seen at 10,420 while resistance is seen at 10,520.

 

9:00 AM

Sebi eases investment threshold for REITs to 50%

 

In order to facilitate the growth of REITs, markets regulator Sebi on Thursday decided to allow such trusts to invest at least 50 per cent stake in holding companies.

 

Further, the capital market watchdog has proposed to provide additional avenues for listed entities to achieve minimum 25 per cent public shareholding (MPS) requirements, Sebi Chief Ajay Tyagi told reporters here after the board meeting.

 

These additional methods are -- Qualified Institutions Placement (QIP) and sale of shares up to two per cent held by promoters or promoter group in the open market. READ MORE

8:57 AM

Jio to buy RCom's mobile biz assets for Rs 24,000 cr

 

Mukesh Ambani’s Reliance Jio announced a deal on Thursday to acquire younger brother Anil Ambani-owned Reliance Communications’s (RCom’s) wireless infrastructure assets, including towers and spectrum, at an estimated price of Rs 20,000-24,000 crore. The historic deal between the brothers came on their father Dhirubhai Ambani’s 85th birth anniversary. 

 

The two companies have signed binding agreements and the proceeds would be used to pre-pay RCom’s bank loans. 

 

“Jio emerged as the highest bidder in a transparent process conducted under the supervision of a high-powered bid evaluation committee, comprising experts from banking, telecom and law. The company will utilise the proceeds of the monetisation of this cash deal solely for pre-payment of debt to its lenders,” RCom said in a statement. READ MORE

8:56 AM

Bourses to provide trading in stocks as well as commodities from Oct 2018

 

The Securities and Exchange Board of India (Sebi) on Thursday said starting October exchanges will be allowed to deal in both equities and commodities. The move will benefit the National Stock Exchange (NSE), BSE and Multi Commodity Exchange (MCX) who currently deal with either equities or commodities. The concept of universal exchanges was in the works since commodities regulator body Forward Markets Commission (FMC) was merged with Sebi in 2015.

Earlier this year, Sebi allowed single intermediaries, such as brokers, to deal with both commodities and equities under a single license. Sebi said the steps needed for allowing universal license are being put in place and the amended Stock Exchange and Clearing Corporation (SECC) regulations would become effective from October 1. READ MORE

8:55 AM

SGX Nifty

 

Trends on SGX Nifty indicate a flat opening for the broader index in India. Nifty futures were trading around 10,500-level on the Singaporean Exchange.

8:50 AM

Asian Stocks

Asian markets were ending 2017 in a party mood on Friday after a year in which a concerted pick-up in global growth boosted corporate profits and commodity prices, while benign inflation kept central banks from taking away the punch bowl.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was consolidating three straight weeks of gains that left it near decade peaks. The index has been on an upward trajectory for pretty much all of 2017 and is up 33% on the year so far.

 

Hong Kong led the charge with gains of 36% for the year, while South Korea notched up 22% and India 27%.

 

Japan's Nikkei and the S&P 500 are both ahead by almost 20%, while the Dow has risen by a quarter. In Europe, the German DAX has gained nearly 14%, though the UK FTSE has lagged a little with a rise of 7%.

8:48 AM

Wall Street

The Dow Jones industrial average led the major indexes higher Thursday, notching a record close on the second-to-last trading day of the year. It was the Dow's 71st record close for the year.

 

As of Thursday's close, the Dow was on pace for slight weekly gains. The last time the Dow rose in each of the final six full weeks of the year was in 1954. That does not include weeks encompassing two different years.

8:41 AM

Good Morning!

Welcome to market's live blog. Catch all live market action here