Nifty ends at record high on negative market breadth, Sensex up 250 points

All that happened in Friday's trade

2:25 PM

Market watch

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,447.61	+265.39	+0.82
S&P BSE SENSEX 50	10,564.25	+80.73	+0.77
S&P BSE SENSEX Next 50	34,691.45	+93.12	+0.27
S&P BSE 100	10,574.33	+72.28	+0.69
S&P BSE MidCap	15,976.75	+17.22	+0.11

(Source: BSE)

2:20 PM

Review: Samvat 2073

 

India continues to remain a popular investment destination and is an overweight in most global portfolios. However, over the past one year, it has underperformed other Asian indices like Hang Seng (up 24%) and Nikkei (up 19%). Indian Equity markets are waiting for revival of corporate earnings after a very flattish performance over the last 4-5 years. Sub-par performance on corporate earnings front coupled with rally in equity markets have taken the valuation to almost all time highs in India. There is a fundamental transition underway in the economy with several first time steps taken during the last one year.

 

On the macro front, economic growth momentum has been modest with India hitting relatively low GDP growth of 5.7% in 1QFY18. India’s reform momentum has been ongoing at a fairly brisk pace, in absolute and relative terms. Samvat 2073 saw the introduction of GST, one of the biggest tax reforms in the post-independent India. Introduction of GST has been disruptive for the corporate earnings in the short term due to de-stocking in the first quarter of current fiscal.

(Source: Reliance Securities)

2:18 PM

Nifty at new high: Market outlook for Samvat 2074 from Kotak Securities

 

All-in-all, we expect returns in Samvat 2074 to moderate in view of weak near term earnings growth and higher than average valuations. The upmove in Indian equities have been supported by strong macro-economic factors (GDP growth, reducing Current account deficit and benign inflation etc). However, there has be some deterioration on these counts in recent times. Inflation concerns have resurfaced as reflected by the RBI guv’s take on monetary policy stance. Plus, earnings growth in FY18 is likely to be subdued. 

 

In our view, further upsides from the current levels would be contingent on revival of earnings growth and resolution of stressed banking assets. Having said that, we believe, there would be continued investor interest in mid and small caps.

2:16 PM

Markets check

At 2:15 pm, the S&P BSE Sensex was trading at 32,473, up 291 points, while the broader Nifty50 was ruling at 10,177, up 81 points.

2:14 PM

Market outlook: HDFC Securities

 

Our markets seem fairly valued at this point of time, given the delay in revival of corporate earnings, which may happen only after one-tw quarters. Liquidity withdrawal and its strong signs by US, Japan and lately UK and Eurozone could create jitters among the equity investors who have entered into arbitrage trade. Flows follow returns, not the other way around. Hence, we will have to track the progress of the flows when markets don’t provide any meaningful return over 3-4 quarters.

2:12 PM

Market outlook: Dinesh Thakkar, CMD, Angel Broking

 

Sensex is currently trading at 18.8x of its FY2019E earnings which is ~8% premium to its 10 year average PE of 17.4x. We believe that the Indian economy is primed for sustained growth momentum with strong macros and improving rural economy. As interest rates are likely to remain lower, equities will remain attractive asset class and domestic inflows will be supportive of liquidity and valuations. We continue our bottom-up stock picking approach and recommend stocks which will benefit from affordable housing scheme, consumption pick-up, banking, etc.

2:05 PM

Banking stocks on a roll

Symbol	Open	High	Low	LTP	% Chng
NIFTY BANK	24,411.10	24,769.55	24,387.80	24,726.35	1.5
CANBK	305.2	312.5	302.4	310.8	2.35
ICICIBANK	267.6	274.65	267.6	273.4	2.19
BANKBARODA	139	141.75	138.05	141	1.77
HDFCBANK	1,826.70	1,851.90	1,822.00	1,849.95	1.71
KOTAKBANK	1,058.00	1,076.00	1,052.50	1,074.80	1.63
PNB	133.8	136.75	132.4	135.95	1.61
YESBANK	366	373.05	365.95	370.55	1.41
AXISBANK	524.25	534.65	522.5	532.3	1.37
SBIN	251.1	255.35	250.2	253.7	1
IDFCBANK	59.5	60.5	59	59.85	0.84
INDUSINDBK	1,752.00	1,758.00	1,740.55	1,752.00	0.52
FEDERALBNK	118.25	118.3	116	116.9	-0.97

(Source: NSE)

1:54 PM

Advance-decline ratio

There were 31 advances against 19 declines on the Nifty50. 

1:53 PM

Nifty hits record high

 

The Nifty50 index hit fresh high of 10,179.25, surpassing its previous peak of 10178.95 touched on September 19, 2017.

1:48 PM

RIL hits record high ahead of Q2

 

Reliance Industries hit record high for second day in a row ahead of its September quarter earnings due later in the day post market hours. WHAT BROKERAGES EXPECT FROM Q2

1:46 PM

Market in late noon deals

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	32,451.83	+269.61	+0.84
S&P BSE SENSEX 50	10,565.59	+82.07	+0.78
S&P BSE SENSEX Next 50	34,716.44	+118.11	+0.34
S&P BSE 100	10,576.77	+74.72	+0.71
S&P BSE MidCap	15,998.68	+39.15	+0.25

(Source: BSE)

1:45 PM

General Insurance Corporation Of India - IPO fully subscribed on Day 3 

 

Update at 01:20 pm: Overall 1.05x, Retail subscribed 0.33x, QIB 1.84x, NII 0.06x and Employee 0.65x

1:41 PM

Reliance Securities on HDFC Bank

Despite adverse operating environment, HDFC Bank continued to deliver strong performance on business growth as well as operating fronts.

 

The Bank has delivered a healthy performance on business growth and operating front in 1QFY18. Despite a mere 6.1% YoY

growth in banking industry loan, its loan book grew by 23.4%YoY and 4.8% QoQ. This outperformance on loan growth front with a huge margin vs the industry is really commendable as it is the second largest bank in India in terms of loan book size.

 

We have revised our loan growth target to 20-21% from earlier estimate of 17-18% led by relatively higher loan growth over last two quarters.

 

As a result, we have upwardly revised our earnings estimates by 1.9% and 3.1% for FY18E & FY19E, respectively. We maintain our BUY recommendation on the stock with an upwardly revised Target Price of Rs 1,940 (from Rs 1,833 earlier) based on 4x FY19E Adjusted Book Value.

1:25 PM

Gujarat Borosil zooms 61% in four days

 

Gujarat Borosil  moved higher to its record high at Rs 135, up 18% in intra-day trade, extending its last three-day long gains on theBSE, after the company opened its new glass melting and production facility for 2mm fully tempered solar glass. READ MORE

 

1:09 PM

Inflow in balanced MFs rises fourfold in first half of FY18

 

Balanced funds continue to remain the flavour of the season. Interest and inflow into balanced funds have continued to grow with the category seeing a fourfold jump in inflows in the first half of the current financial year. READ MORE DETAILS