Sensex ends flat, Nifty fails to hold 10,450 ahead of Q3 earnings season

All that happened in the market today

3:42 PM

L&T, Jet Airways, SAIL among 37 stocks from BSE500 index hit 52-week high

 

Larsen & Toubro (L&T), Adani Enterprises, Jet Airways (India), Steel Authority of India (SAIL), Hindalco Industries, Jindal Steel & Power (JSPL) and Tata Power Company were among 37 stocks from the S&P BSE 500 index hitting their respective 52-week highs on Wednesday.

 

Graphite India, HEG, Jai Corp, GHCL, L&T Technology Services (LTTS), Jubilant FoodWorks, Tech Mahindra, Tata Chemicals, NMDC and NOCIL too hit 52-week highs today. READ MORE

3:42 PM

Metals shine

Source: NSE

3:38 PM

Sectoral Trend

Source: NSE

3:37 PM

Top Sensex gainers and losers

Source: BSE

3:34 PM

Broader Markets

Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap indices up 0.5% and 0.9% respectively

3:33 PM

Markets at Close

The S&P BSE Sensex ended at 33,793, down 18 points while the broader Nifty50 index settled at 10,443, up 1 point

3:18 PM

Dr Reddy's falls on buzz of issues raised in EIR for Duvvada plant

 

Dr Reddy’s Laboratories dipped 4.5% to Rs 2,299 on the BSE in intra-day trade after media reports suggested that the US Food and Drug Administration (USFDA) issues raised in Establishment Inspection Report (EIR) for the company's injectables unit in Duvvada, Andhra Pradesh.

 

The BSE said the exchange has sought clarification from Dr Reddy’s Laboratories on January 03, 2018 with reference to news flashed on www.moneycontrol.com dated January 03, 2018 quoting "Dr Reddy's cracks on buzz of issues raised in EIR for Duvvada plant".

3:08 PM

Sebi proposal to split roles in mutual fund industry leaves leaders worried

 

The Securities and Exchange Board of India’s (Sebi's) renewed push to split the role of an investment advisor and distributor is causing a lot of heartburn among mutual fund honchos. “If Sebi’s proposal is implemented, the mutual fund industry is likely to lose 40 per cent of its business,” says the CEO of a fund house.

 

Currently, the mutual fund industry’s inflows come from three sources – 40 per cent from banks and 30 per cent each from independent financial advisors and distributors. Industry players said that collection from branches of leading players like ICICI Prudential Mutual Fund, HDFC Mutual Fund and SBI Mutual Fund would be much more. READ MORE   

2:52 PM

Indian pharma firms see rise in USFDA drug approvals in FY18

 

As FY18 enters its final quarter, a look at formulation approvals by the US Food and Drug Administration (FDA) in the year till date (YTD) period shows an improvement over the last year. Deepak Malik, associate director at Edelweiss Securities, says that 750-800 approvals had come in 2016-17.

 

In 2017-18, around 1,000 abbreviated new drug applications (ANDAs) to FDA are likely to get approval. "So far, around 700 or so approvals have come for ANDAs, and the last quarter is expected to see another 300 or so," he said. READ MORE

2:37 PM

Universal trading licences: Equity exchanges have advantage over commexes

 

After allowing universal broking licences, the Securities and Exchange Board of India (Sebi) has now allowed setting up of universal exchanges – this means stock exchanges can now enter the commodity turf and commexes can also do stock exchange business like dealing in equity and forex.

 

The market regulator has given exchanges three quarters to prepare for facing competition. However, there does not seem to be a level playing field – commodity exchanges are perhaps on a weaker wicket. READ MORE

2:18 PM

Nifty Metal index hits 52-week high

 

Stocks of metal companies were in focus with Nifty Metal index hitting 52-week high of 4,015.45 on the National Stock Exchange (NSE), on expectations of strong earnings improvement over the next two to three quarters for steel companies. The metal index surpassed its previous high of 3,985.50 touched on December 29, 2017 in intra-day deal.

 

JSPL and APL Apollo Tubes from the Nifty Metal index have rallied 6% each, while Steel Authority of India (SAIL) up 3% hitting their respective 52-week highs on the NSE. Hindalco Industries and NMDC too hit 52-week highs today

2:02 PM

Buzzing Stock

Shares of Hindustan Zinc gained 2% intraday Wednesday as foreign broking firm Bank of America Merrill Lynch (BoFAML) has initiated buy rating with a target price of Rs 345 per share.

 

According to the broking house the elevated prices will coincide with revival in volume growth. It expect high dividend payout given the significant cash needs of the parent.

1:42 PM

Capital infusion

Public sector lender UCO Bank today said its Board has approved a proposal to issue equity shares on preferential basis to the government for capital infusion of Rs 1,375 crore.

 

"We have received the approval of Board of Directors...for the proposal to issue equity shares on preferential basis to Government of India against capital contribution of Rs 1,375 crore subject to necessary approvals," UCO Bank said in a BSE filing.

1:33 PM

Sagar Cements rallies 24% in four days on HDFC Mutual Fund stake buys

 

Sagar Cements hit a new high of Rs 1,048, up 15% on BSE in intra-day trade, extending its past three days gain after the HDFC Mutual Fund bought an additional more than two percentage point stake in the company through open market. In past four trading sessions, the stock rallied 24% from Rs 843 on December 28, 2017.

 

“On December 29, 2017, HDFC Mutual Fund, HDFC Trustee Company Limited A/c HDFC Prudence Fund has purchased 520,000 equity shares representing 2.55% stake in Sagar Cements via open market,” HDFC Mutual Fund said in a BSE filing. READ MORE

1:20 PM

SFIO to probe 57 suspected shell firms that deposited billions of rupees

 

The ministry of corporate affairs has asked the Serious Fraud Investigation Office (SFIO) to probe 57 suspected shell companies on the basis of reports by regional directors of the office of the Registrar of Companies (RoCs).

 

Sources say 18 of these entities deposited above Rs 1 billion each and the other 39 deposited between Rs 250 million and Rs 1 billion each in the post-demonetisation period.

 

A senior official from the ministry told Business Standard, "This investigation has been ordered as per Section 216 of the Companies Act, wherein the government can order an investigation to find out who would benefit by financial transactions of a company." READ MORE