Latest news and updates

06th Dec, 2018

Markets tank; Nifty ends 181 points lower

Published on: 3:56 pm

  • The Indian stock markets witnessed a selling spree on Thursday with the bears taking total control. The Nifty ended the day 181 points lower at 10,601, while Bank Nifty ended the weekly expiry 321 points lower at 26,198.
  • The selloff was witnessed globally with all major Asian peers closing 1.5-2% lower. Traders also resisted from buying-on-dips ahead of the exit polls and the crucial OPEC meeting. All the sectoral indices on the Nifty closed in the red with Nifty Realty being the worst performer and ending the day 2.4% lower. Read more

Rupee recovers, trades below 71/$

Published on: 3:55 pm

  • The Indian rupee has recovered in the late afternoon session on Thursday from its intraday low level of 71.14 against the dollar. Currently, the domestic currency is trading at 70.83/$, down 38 paise vs. its previous close of 70.46/$.
  • The see-saw game between the American currency and the Indian rupee can be attributed to cautious trading ahead of Reserve Bank India board's decision on Prompt Corrective Action (PCA) today. Investors are also bracing for the outcome of the ongoing state polls. Read more

Nifty closes just above 10,600 mark; Realty top sectoral loser

Published on: 3:32 pm

  • Equity benchmark indices closed on a lower level on Thursday.
  • Sensex closes at 35,312 levels down by 572 points, while Nifty closes at 10,601 levels down by 182 points.
  • The indian rupee is trading at 70.8 per dollar stronger by 2 paise from its opening rate.
  • All Nifty sectoral indices close in red with IT, Realty & Auto indices leading at 2%.

Eveready Industries signs pact to sell Chennai land

Published on: 2:59 pm

  • Eveready Industries India Ltd (Eveready) has entered into an agreement for sale of its land situated at Tiruvottiyur Road, Chennai.
  • Under this agreement, the land will be sold to Alwarpet Properties, a part of the Chennai-based Olympia Group, for a consideration or Rs100cr, the company said in an exchange filing. Read more

Live market update: Nifty extends losses, trades 163 points lower

Published on: 2:46 pm

  • The Indian markets continued to trend lower after opening gap down on Thursday. The Nifty is currently trading 163 points lower at 10,625 while Bank Nifty is down 329 points at 26,190 in tandem with the selloff in global equities.
  • The benchmark NSE index also dipped below its 200-day EMA in intraday trade and added to the selling pressure in the market.
  • The volatility in the markets is set to persist ahead of the exit polls and OPEC meeting scheduled later in the day.
  • Meanwhile, all sectoral indices on the NSE were trading in the red with the Nifty Realty being the worst-performing index and trading 2.55% lower. Read more

Sensex falls over 490 points ahead of OPEC meeting; Tech Mahindra drops 4%

Published on: 2:44 pm

  • Benchmark indices continue to drift lower as the selling pressure intensifying in the second half of the session.
  • The Sensex is down 476 points at 35,409, while Nifty is down 157 points at 10,625. About 358 shares have advanced, while 1,304 shares declined, and 364 shares remained unchanged.
  • All sectoral indices were in the red with realty, auto, consumer durables and infrastructure posting steep losses.

South Indian Bank, Yes Bank stocks drop after block deal

Published on: 2:21 pm

  • Shares of South Indian Bank fell over 5.5% after ~14.2 lakh shares changed hands and those of Yes Bank dropped 2.4% after 10.8 lakh shares changed hands in separate block deals.
  • In other block deals, shares of Dish TV were trading lower by 2% with 60.8 lakh shares changing hands, while shares of L&T Finance Holdings were down 1% after 22.6 lakh shares changed hands. Read more

Sonata Software up 4% on Scalable Data Systems acquisition

Published on: 2:14 pm

  • Shares of Sonata Software are trading 4% higher on the news that it has signed a definitive agreement to acquire Scalable Data Systems, a Brisbane-headquartered business solutions provider.
  • Scalable has a history of more than 25 years and has built a solid reputation in providing Microsoft Dynamics 365 F&O solutions for industry leading clients in Australia, especially in the manufacturing and wholesale & distribution segments. Scalable’s IP for Commodity Trading “CTRM” has now earned the market leader reputation globally with due recognition accorded to the company as a Microsoft Gold and an ISV Partner. Read more

PFC, REC shares decline ahead of cabinet meeting

Published on: 1:38 pm

  • Shares of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) were trading down in Thursday’s noon session after a PTI report said that the cabinet will consider a proposal of merging both the companies in its meeting in the evening today.
  • As per the report, the government is planning to fetch Rs1,500cr out of this merger. The government held 57.99% in REC and 65.64% in PFC as of September-end. However, the government's holding in REC has come down to 52.63%, following a stake sale through an exchange-traded fund. Read more

Nifty Metal stocks under pressure; Coal India, Vedanta stocks down

Published on: 1:22 pm

  • Shares of metal companies were under pressure for the second straight day and hit a 17-month-low on Thursday amid fears of a global slowdown.
  • The Nifty Metal index is the largest loser among sectoral indices in today’s trade and was trading near its lowest level since July 10, 2017, in morning trade on the NSE. In the last two trading sessions, the metal index has dipped 6% as compared to a 2% decline in the Nifty50 index. Read more.

Kirloskar Ferrous drops despite getting declared as preferred bidder for Karnataka mine

Published on: 12:15 pm

  • Shares of Kirloskar Ferrous reversed their uptrend after rising over 4% in morning trade.
  • The Government of Karnataka had invited tenders to participate in the electronic auction for the grant of mining lease of iron ore mines in the state wherein the company had submitted a bid. Read more

Adani Green Energy wins 390MW at hybrid auction; Stock slips 2%

Published on: 11:28 am

  • SB Energy and Adani Green Energy (AGEL) have won a total of 840MW of the 1,200 MW put on sale at the first wind-solar hybrid auction, as per media reports.
  • SB Energy has won 450MW at Rs2.67/unit of electricity generated, while Adani Green Energy won 390MW at Rs2.69/unit at the auction conducted by the Solar Energy Corporation of India (SECI), the reports said.
  • These were the only two developers who put in bids in the auction, leaving the remaining 360MW with no takers. Read more

Force Motors losing its force; hits 52-week low

Published on: 11:12 am

  • Shares of Force Motors hit a 52-week low on Thursday after the company reported a drop in its production, sales, and export numbers for the month of November 2018 on Wednesday.
  • Force Motors had hit a fresh 52-week low of Rs1,630 on Wednesday after the dismal numbers were announced. Read more

Nifty Auto index drops 2% on weak sales numbers

Published on: 10:47 am

  • The Nifty Auto index dropped 2% on Thursday amid weak sales numbers reported by auto markets as well as demand woes. Shares of Bharat ForgeTVS MotorMaruti, and Motherson Sumi led the fall in the index.
  • A sluggish demand and declining auto sales numbers have so far dragged the BSE Auto index by 2.5% since the start of this month. In addition, uncertainty over liquidity issues are troubling the financial system and the RBI's steps to solve the same have not helped much, further fuelling losses in auto stocks. Read more

Power Grid wins bid for UP transmission line project; Stock up ~1%

Published on: 10:35 am

  • Shares of Power Grid Corporation of India gained in the morning session today after it bagged a project to set up a transmission system for evacuating electricity from the 1,320MW Jawaharpur thermal power project and construct a substation in Uttar Pradesh.
  • This is the first intra-state transmission system project won by the company under tariff-based competitive bidding, the company stated in its filing. Read more

North America Class 8 truck sales cool down to lowest in 14 months

Published on: 10:29 am

  • Sales of North America Class 8 trucks cooled to 27,900 units in November 2018, the lowest level since September 2017. The sales number was 32,293 units in November 2017 and 43,000 in October 2018, implying a decline of 14% yoy and 35% mom.
  • However, analysts are not overly concerned with the decline. New orders averaged ~42,000 units over the 12-month period till October 2018, while peak monthly production was ~30,000 units, resulting in an order book addition of ~2,00,000 units. Read here

OPEC expected to curb output, will crude oil prices reverse?

Published on: 10:04 am

  • The big day is here! All eyes are now on the outcome of the OPEC meet. Many questions are expected to get answered this week – will the OPEC cut its production target and by how much? What will be Iran’s stance in the meeting? How will the market react to the outcome? And, has the market already factored in some production cut?
  • In the last meeting in June, OPEC agreed to pump in more oil in the global market to put a cap on the prices which rallied till ~$86/bbl (Brent) in early October. Read more

Rupee slips 32 paise against USD

Published on: 9:51 am

  • The Indian rupee opened lower on account of some buying in the American currency by banks and importers. The local currency slipped 32 paise at 70.79 against the US Dollar.
  • The yields on the 10-year government bonds fell 0.58% to 7.40%.
  • Meanwhile, crude oil prices were lower amid the lack of clarity regarding trade talks between the United States and China. Read here

Sensex slips over 360 points; Sun Pharma stock gains 3%

Published on: 9:50 am

  • Equity benchmark indices extended their decline in the morning trade following negative cues from the global markets.
  • The Sensex dropped 362 points at 35,523, while Nifty down 112 points at 10,671. About 327 shares have advanced, while 1,146 shares declined, and 564 shares are unchanged.
  • Shares of JSW Steel, Yes Bank, Cipla, DLF, PFC, HDFC, IndusInd Bank are among other losers, while Infosys, REC, Jet Airways and Sun Pharma are trading higher on the BSE. Read more

Nifty opens below 10,800 mark; Metal top sectoral loser

Published on: 9:23 am

  • Equity benchmark indices opened on a mixed note on Thursday.
  • Sensex is trading at 35,640 levels down by 245 points, while Nifty is trading at 10,750 levels down by 33 points.
  • The indian rupee is trading at 70.92 per dollar weaker by 10 paise from its opening rate.
  • Most Nifty sectoral indices in red with the Metal and Realty indices leading with 2% and 1% respectively.

Asian markets decline ahead of OPEC meet

Published on: 9:06 am

  • Asian stock markets declined on Thursday ahead of OPEC meeting. Concern about China-US trade relations deepened after the arrest of Huawei Technologies Co.’s Chief Financial Officer Wanzhou Meng, though traders were still puzzled at the magnitude of the declines. The US stock markets were closed on Wednesday.
  • Elsewhere in Asia, Japan's Nikkei 225 slipped 1.9% in morning trade while the Topix shed 1.6%. The losses were also seen in South Korea, where the Kospi declined by 1.4%. The Hang Seng index in Hong Kong also tanked by 2.8%. Read more

Current FII Data

Published on: 8:25 am

FII/DII Data: In yesterday’s trading session FIIs sold 357cr stock in the cash market whereas DIIs sold 791cr worth of stock. In the derivative market, FIIs sold 1164 crore of Index futures and sold 914cr worth of Index options. In the Stock futures segment, FIIs sold 843cr worth of stock futures and bought 309cr stock options.

FII View: FIIs created bearish positions in the derivative segment in yesterday’s trading session which is deduced by the fact that they created 18861 net short contracts in Index Futures; the long-short ratio currently stands at 0.9x since the start of the December series.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 160 3 15 1.0 0.9
Index Short 168 16 27
Index Call Long 235 4 22 2.4 0.8
Index Call Short 97 2 53
Index Put Long 287 (6) 14 2.1 0.9
Index Put Short 135 4 34

SGX Nifty indicates gap down opening for markets

Published on: 8:24 am

  • SGX Nifty is at 10745, down 89 points. For today, we expect China to set the tone for Asian markets as macro data due could see buying on dips as valuations turn attractive.
  • Yesterday, Nifty saw a sharp correction, in-line with weak global cues as local funds sold & booked profit. Metals, pharma & auto stocks bore the brunt of the selling as overnight US sell-off prompted profit booking.
  • The event calendar for Indian markets includes the OPEC meet today & the state election results on 11th December, which could see some more consolidation today and tomorrow. Read more.

Top stocks in focus: Tata Motors, Aurobindo Pharma, Adani Green Energy

Published on: 8:22 am

Derivative Watch

Published on: 8:21 am

  • Nifty and Bank Nifty Futures witnessed a surge in open interest indicating fresh short positions.
  • On the options front, call writing was witnessed in out of the money call options with 11,100CE and 11,200CE adding ~2.57lakh shares and ~2.41lakh shares, respectively.
  • Short positions were built in Ashok Leyland and Bahrat Forge.

What not to miss today

Published on: 7:46 am

  • Markets to open gap down; Nifty support @10700, resistance 10850.
  • FIIs sold 357cr (cash), 1164cr in Index Futures.
  • Asian, US markets down ahead of OPEC meet.
  • Saudi-Russia haggle on OPEC cuts, while Trump says keep oil pumping.
  • Rupee down 26 paise at 70.49/$. Read more

Bulk deal

Published on: 7:32 am

  • Inox Wind Ltd: Prime India Opportunity Fund bought 47.50lakh shares, or ~2.2% equity, at Rs79.8 a share.
  • Inox Wind Ltd: Nomura Singapore Ltd sold 47.50lakh shares, or ~2.2% equity, at Rs79.8 a share.
  • Supershakti Metaliks Ltd: Asia Investment Corp Mauritius bought 1.89 lakh shares, or ~3.3% equity, at Rs407 a share.

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