Markets close Muhurat trade in red; Sensex down 194 pts, Nifty below 10,150

During the year (Samvat 2073), benchmark indices, the S&P BSE Sensex and the Nifty 50 hit their respective all-time highs and gained around 16% and 18%, respectively

6:33 PM

Markets at open

At 6:32 pm, the S&P BSE Sensex was trading at 32574, down 9 points, while the broader Nifty50 was ruling at 10,210, down 23 points. 

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Samvat 2073 saw record fund raising through the initial public offering (IPO) route. A total of 29 companies mopped up Rs 45,802 crore, surpassing Samvat 2066 (year 2010-11) when 64 companies had raisedRs 40,279 crore, data provided by Prime Database show. Samvat 2073 was dominated by several big-ticket offerings from the insurance companies, a sector which so far had little representation in the domestic market

6:28 PM

An eventful year for gold
 

Despite note ban and the implementation of GST, gold still managed to register higher demand over previous year CLICK HERE TO READ MORE

6:26 PM

ICICI Securities on markets and economy

 

Equity markets across DMs and EMs continued to hit new highs although EM bonds saw mixed performance last week. Volatility continued to be low, which shows that risk appetite is rising. Recent high-frequency data indicates that growth trajectory may not be as weak as it was made out to be post the below-expectation Q1 FY18 GDP growth of 5.7%. Although markets have reacted positively to the emerging reality, there is a palpable uncertainty around the near-term growth outlook for the Indian economy, which could manifest itself in the wake of incremental disappointing data around growth.

 

Post the recent market correction in Sep ’17, small-caps (+7.85%) and mid-caps (+ 4.95%) have outperformed large-cap stocks (+4.43%) despite large-cap valuation at a discount to mid-cap valuation. Our Q2 FY18 preview suggests that Nifty PAT could expand by ~11% YoY largely driven by  commodity and financial stocks. Amongst financials, retail lenders continue to register robust earnings growth while volatility is seen in the corporate lending segment. In the non-financial segment, auto (ex 2-wheelers), cement, telecom, pharma and IT are expected to put pressure on Q2FY18 earnings. Consumption-related sectors, industrials and utilities are expected to report growth in mid to high single digits

6:23 PM

Diwali 2017: Auto brands cash in on festive fever

 

Festivals are a time to celebrate and most brands use the occasion to present the best they have to consumers. India’s automotive market is no exception to the rule. Riding high on positive sentiment, auto brands are going all out to woo buyers this Diwali. As such the festive season contributes 30 per cent to annual sales of auto majors. While discounts, freebies and gold coins are not new marketing tactics, it is the amount of benefits that are striking this year READ MORE HERE

6:20 PM

RBI minutes suggest a pause in December

 

The minutes from the RBI’s 4 October policy meeting suggest that while Ravindra Dholakia and Michael Patra are likely to continue to vote for a cut and a pause, respectively, the response of the other four MPC members will depend on how well growth holds up. The next GDP print, for Q3 2017 – out on 30 November – will be important. 

 

Most real activity data thus far suggest the economy bottomed out in Q2 and GVA growth should rise close to the RBI’s projection of 6.4% in Q3 2017. CPI inflation is likely to moderate to ~3% in October, but as the drop is driven by food prices, while core inflation is likely to stay above 4% amid rising risks of a fiscal slip, we expect rates to stay unchanged in our baseline (75% probability), including at the next policy meeting on 6 December (with a 5-1 vote)

 

(Source: Nomura)

6:18 PM

G Chokkalingam, founder of Equinomics Research highlights near-term concerns

 

Many sectors (Pharma sales, even rupee revenue of IT, Construction, FMCG volume, etc.,) are still suffering from single digit growth syndrome; Gujarat Election –any surprise outcome could hit the markets; Some recovery in oil & steep rise in material prices on yoy basis to hit the margins of many companies; Many of our entrepreneurial clients frequently advise us to tilt towards cash (based on their business environment) while employee-investors remain bullish on the markets – this dichotomy in investment behaviours makes us to wonder; Some contract manufacturers command unbelievable premium on the markets over brand owners; IPOs with over 100 PEs also get phenomenal premiums on listing 

6:14 PM

Stocks to buy in Samvat 2074

 

Here is a compilation of the top stocks that leading research houses and brokerages have recommended for Samvat 2074 READ MORE HERE

6:13 PM

MARKET OUTLOOK FOR SAMVAT 2074

 

Despite the record run in the past year and challenges concerning the earnings growth, Indian equities look poised for another year of double-digit gains in Samvat 2074. According to experts, Indian equities are in a mid-cycle of sorts — where valuations are not cheap, but stocks have not quite hit a bubble territory. There is likely to be volatility going ahead, though, as the markets digest the impact of the government’s goods and services tax implementation on trade and supply chain READ THE FULL STORY HERE

6:11 PM

Samvat 2073: Market stays resilient amid multiple disruptions

 

As the market draws curtains to an eventful Samvat 2073 at an all-time high, the new one is likely to take it further into uncharted territory.

 

From the demonetisation drive that sought to curb the menace of black money in the economy to implementation of goods and services tax (GST) bill and a possible delay in the earnings of India Inc, the markets have taken the developments in their stride. At the global level, the surprise victory of Donald Trump in the US presidential election, geopolitical tensions and monetary policies of global central banks impacted sentiment. Yet, the Indian markets notched up gains of around 17% during Samvat 2073.

 

The market rally during this period has mostly been supported by domestic flows in the absence of a heavy investment by foreign institutional investors (FIIs), who withdrew over $4 billion (nearly Rs 26,000 crore) in just two months since August. During the same period, mutual funds (MFs) bought shares worth close to Rs 50,000 crore. CLICK HERE FOR MORE

6:09 PM

Good evening. Welcome to Business Standard's live blog on markets. We welcome all our readers this evening to our special coverage on the markets during Muhurat trading. We wish you all a happy and prosperous Samvat 2074. Happy investing!