Latest news and updates

17th Dec, 2018

Indices end higher for fifth session; Nifty settles above 10,850

Published on: 3:33 pm

Equity benchmark indices rally for fifth consecutive session and clocked their longest stretch of gains since December 3. Today’s surge led by HDFC twins, Reliance Industries and ICICI Bank.
The BSE Sensex rose 307 points to 36,270 and the Nifty 50 Index jumped 83 points to 10,888.
Power Grid Corp, Tata Motors, HDFC, Coal India and Tata Steel are the top gainers, while Kotak Mahindra Bank, Infosys, Bharti Airtel, Hero Motocorp and L&T are among major losers on the Sensex.

Nifty hits 10,900 mark; Metal, Media stocks surge

Published on: 3:12 pm

  • Equity markets are continuing their positive momentum from last week and were trading higher for the fifth consecutive session.
  • The Nifty is currently trading 87 points higher at 10,892, its high point of the day, while Bank Nifty is up 197 points at 27,022.
  • Nifty Metal was the best performing sectoral index in intraday trade and gained 1.38% higher driven by gains in Vedanta after the latter received a favourable verdict from the National Green Tribunal (NGT) regarding its Sterlite copper plant in Tamil Nadu.

BEML submits request for indigenization of bullet train rakes; stock gains 7%

Published on: 3:10 pm

  • Shares of BEML were trading 7% higher in late afternoon trade on Monday after a PTI report stated that the company has submitted a request for indigenization of the six bullet rakes (60 coaches) in collaboration with its Japanese partner Hitachi for the Ahmedabad-Mumbai bullet train project.
  • As per the media report, Japanese companies Hitachi and Kawasaki will bid to be the main contractors for the bullet train project. Read more. 

Neutral draft tariff regulations by CERC to boost beaten down power stocks

Published on: 2:59 pm

  • CERC’s draft tariff regulations for 2019-24 have provided a boost to power stocks by leaving regulations largely unchanged from tariff regulations in 2014-19.
  • Most importantly, CERC has left the benchmark ROE unchanged at 15.5%. Read more. 

BGR Energy stock up 4% on order win

Published on: 2:55 pm

  • Shares of BGR Energy surged 4% on the BSE as the company has secured an order from the Tamil Nadu Transmission Corporation.
  • The company has secured an order from Tamil Nadu Transmission Corporation Limited (TANTRANSCO) for the fabrication, engineering, supply, erection, testing and commissioning, and handing over of 110/33-11kV GIS Substation at Velachery Main Road and 110/11kV GIS substation in Chennai South Region under a total turnkey contract, as per a BSE filing. Read more. 

Stocks mixed as dollar drifts lower ahead of Fed meet

Published on: 2:50 pm

  • Stocks fell in Europe and US equity futures erased gains after a mixed session in Asia as markets looked to the Federal Reserve with the end of a volatile year approaching.
  • Benchmark Treasury yields steadied just below 2.90%. Read more. 

Sensex, Nifty at day’s high; Tata Motors, Power Grid stock gains

Published on: 2:42 pm

  • Equity benchmark indices extended gain during afternoon session led by metal, financial services, and pharma stocks.
  • The Nifty50 trading higher by 82 points at 10,887, while the Sensex gained 320 points at 36,283.
  • Metal stocks continued to shine on the NSE led by Hindustan Copper, Hindalco Industries, Jindal Steel & Power, JSW Steel, MOIL, NALCO, SAIL, Tata Steel and Vedanta.

Live Share Market Update: Markets trade at day's high

Published on: 2:40 pm

  • The Indian markets continue to trend after opening gap up on Monday.
  • Nifty is currently trading 82 points higher at 108,87 at the high point of the day while Bank Nifty is up 160 points at 26986. Read more. 

Lupin gets tentative USFDA approval for Tadalafil tablets

Published on: 2:30 pm

  • Pharma major Lupin announced that it has received tentative approval for its Tadalafil Tablets USP, 20 mg from the USFDA to market a generic version of Eli Lilly and Company's (Lilly) Adcirca Tablets, 20 mg.
  • Lupin's Tadalafil Tablets USP, 20 mg is the generic version of Lilly's Adcirca Tablets, 20 mg. Read more.

BSE Oil & Gas index up by ~1% led by ONGC, RIL

Published on: 2:04 pm

  • The BSE Oil & Gas index witnessed upward momentum during afternoon trade on Monday as the index advanced over 1%.
  • The index is at 13,548, up by 136 points. Read more. 

Bank of Baroda to raise Rs525cr fund

Published on: 2:00 pm

  • Bank of Baroda’s board of directors granted an approval for a proposal to raise Rs525cr fund via bond.
  • Reacting to this, shares of the bank gained marginally by 0.6% on Monday. Read more. 

Wipro signs pact with Saxo Bank; stock gains 2%

Published on: 1:40 pm

  • Shares of Wipro were trading 2% higher in afternoon trade on Monday after the company signed an agreement with Saxo Bank Group (Saxo Bank) for the execution of digital transformation initiatives at the bank.
  • "Saxo Bank has chosen Topcoder, a Wipro company, for the execution of digital transformation initiatives at the bank," the company said in a press note after market hours to the exchanges on Friday. Read more. 

Nifty hovers around 10,860 mark; Kotak Mahindra Bank, Infosys stocks slip

Published on: 1:21 pm

  • Equity benchmark indices were trading in the positive territory in the afternoon deals with BSE Sensex rallying more than 243 points. The Nifty is up 57 points at 10,862.
  • Tata Motors, Power Grid, Vedanta, ICICI Bank, NTPC, Wipro, HDFC, HDFC Bank, ONGC, RIL, Tata Steel and IndusInd Bank were the major gainers while Kotak Mahindra Bank, Infosys, Hero MotoCorp and Bharti Airtel were the top losers on the Sensex.
  • About 1,326 shares have advanced, while 1,059 shares declined, and 160 shares remained unchanged.

Kotak Mahindra Bank slips as HC denies relief in founder stake matter

Published on: 1:20 pm

  • Shares of Kotak Mahindra Bank slipped over 3% during afternoon trade.
  • A media report stated that Bombay HC has refused to order a stay on the Reserve Bank of India's Dec 31, 2018, deadline to the bank seeking dilution of promoter stake. Read more. 

Nifty Metal index gains 1% on US-China trade truce hopes

Published on: 12:30 pm

  • The Nifty Metal index gained ~1% on Monday amid optimism over a truce in the trade war between the United States and China.
  • As per media reports, the finance ministry of China on Friday said that Beijing would suspend additional 25% tariffs on US-made vehicles and auto parts starting January 1, 2019. Read more. 

Rolta India stock slips 2.5%

Published on: 12:15 pm

  • Shares of Rolta India slipped 2.5% on the BSE after Central Bank of India (Capital Market Services Branch) sold 11.65 lakh shares of the company at Rs9.93 per share on the NSE on Friday.
  • Rolta India Ltd share price is currently at Rs9.49, down Rs0.25, or 2.57%, from its previous close of Rs9.74 on the BSE. Read more. 

Ahluwalia Contracts wins order worth Rs425.42cr

Published on: 12:00 pm

  • Shares of Ahluwalia Contracts soared ~7% in intraday trade on Monday as the company announced that it has secured an order worth Rs452.52cr.
  • The order is for the construction of government medical college and hospital at Chapra, Bihar. Read more. 

MCX Gold stuck in consolidation zone

Published on: 11:57 am

  • Gold prices were trading flat on Monday as downward pressure put by the US dollar was cushioned by the demand for the safe haven asset due to global growth concerns.
  • Investors are focusing on the Federal Open Market Committee (FOMC) meeting due December 18-19. Read more. 

NTPC shares gain on Barauni Thermal Power Station acquisition

Published on: 11:55 am

  • Shares of NTPC Ltd rose in late morning trade on the NSE on Monday.
  • The company, on Sunday, announced the completion of the acquisition of Barauni Thermal Power Station (720 MW) from Bihar State Power Generation Company Ltd (BSPGCL). Read more.

Power Grid shares rise on heavy volumes

Published on: 11:40 am

  • Shares of Power Grid Corporation of India (PGCIL) rose 2.5% in Monday's trade on the back of heavy volumes and after brokerage firm CLSA retained its bullish stance on the company despite the new tariff norms.
  • "Progressive FY19-24 draft regulation preserved regulatory integrity and is a great balancing act of maintaining a 15.5% return on equity (RoE), CLSA said. Read more. 

Sensex, Nifty remain strong; Tata Motors jumps 4%

Published on: 11:33 am

  • Equity benchmark indices surged led by banking stocks such as HDFC twins and ICICI Bank. The Nifty 50 traded near 10,900.
  • The Sensex gained 264 points at 36,223, and the Nifty rose 61 points to 10,868.
  • The BSE midcap and smallcap indices rose 0.23% and 0.22%, respectively. Fifteen out of 19 sectoral indices on BSE advanced with power, metal and utilities rising over 1%. IT, teck, realty and consumer durables declined.

Power Grid shares rise on heavy volumes

Published on: 11:20 am

  • Shares of Power Grid Corporation of India (PGCIL) rose 2.5% in Monday's trade on the back of heavy volumes and after brokerage firm CLSA retained its bullish stance on the company despite the new tariff norms.
  • "Progressive FY19-24 draft regulation preserved regulatory integrity and is a great balancing act of maintaining a 15.5% return on equity (RoE), CLSA said. Read more. 

Solara Active climbs 8% as USFDA concludes inspection with zero 483 observations

Published on: 11:20 am

  • Shares of Solara Active Pharma Science Limited climbed 8% on Monday after the US Food and Drug Administration (USFDA) concluded an inspection at Solara Research Centre(SRC), Chennai with zero 483s.
  • "The centre was earlier inspected by USFDA as control testing laboratory in December 2012 and August 2016," the company said in a press note to the exchanges after market hours on Friday. Read more. 

SIS to acquire Uniq Detective and Security Services; stock advances 1%

Published on: 11:15 am

  • Security and Intelligence Services (India) gained 1% after the company acquired 51% stake in Uniq Detective and Security Services.
  • The company said the acquisition does not require any governmental or regulatory approvals. Read more. 

Jet Airways drops 3% after SBI orders for forensic audit

Published on: 10:50 am

  • Shares of Jet Airways were trading 3% down in Monday’s morning session after a PTI report said that the State Bank of India has ordered a forensic audit of the company’s books.
  • A media report stated that the bank has mandated Ernst & Young to conduct a forensic audit of the airline’s books for the period between April 2014 and March 2018. Read more. 

Dilip Buildcon arm receives appointed date for project from NHAI

Published on: 10:25 am

  • Dilip Buildcon announced in a press release on Friday evening that DBL Rewa Sidhi Highways Private Limited, its wholly owned subsidiary  has received the appointed date of Dec 14, 2018 from NHAI.
  • The scope of the project includes the construction of a road tunnel, viaduct, and Churhat Bypass of Rewa Sidhi Section of NH75E for a length of 15.350km as cement concrete pavement configuration in Madhya Pradesh on design, build, transfer and operate (the DBOT Annuity or Hybrid Annuity) basis. Read more. 

Vedanta gains 3% as NGT favors Sterlite copper plant operations

Published on: 10:20 am

  • Shares of Vedanta were trading 3% higher on Monday as the National Green Tribunal (NGT) dismissed an order passed by the Tamil Nadu government to close the company’s Sterlite copper plant in Thoothukudi.
  • Despite noting various policy lapses and lack of clearances, the NGT allowed the plant to continue operations conditionally on Saturday. Read more. 

Rupee opens higher at 71.84 against US Dollar

Published on: 10:05 am

  • The Indian rupee opened slightly higher on Monday against the US dollar after trade deficit narrowed from a month ago due to a sharp fall in gold imports.
  • The rupee was trading up 6 paise at 71.84 a dollar. Read more. 

Nifty above 10,850 mark; Power Grid, Vedanta stocks gain

Published on: 9:18 am

  • Equity benchmark indices opened higher led by Vedanta, Power Grid, NTPC and Yes Bank. The Sensex rose 250 points to 36,211 and the Nifty50 Index climbed 70 points to 10,875.
  • On the sectoral front, metals, energy and pharmaceutical stock gained. The market breadth was positive as 317 shares advanced, while 110 shares declined and 48 shares remained unchanged.
  • Shares of Vedanta are trading higher as investors reacted to news surrounding its Tuticorin smelter unit.

Glenmark gets USFDA nod for Hydrocortisone Valerate

Published on: 9:12 am

  • Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Hydrocortisone Valerate Ointment USP, 0.2%, a generic version of Westcort Ointment, 0.2%, of Sun Pharmaceutical Industries, Inc.
  • Glenmark has been granted a competitive generic therapy (CGT) designation for Hydrocortisone Valerate Ointment USP, 0.2%, therefore, with this approval, Glenmark is eligible for 180 days of CGT exclusivity upon commercialization. Read more

Zydus gets USFDA approvals for Albendazole tablets and Pregabalin capsules

Published on: 9:00 am

  • Zydus Cadila has received the final approval from the USFDA to market Albendazole Tablets USP (US RLD - ALBENZA tablets), 200 mg.
  • It will be manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad. Read more. 

Share Market Update: 3 Stocks that could give a moving average breakout

Published on: 8:58 am

  • Traders make use of moving averages to identify the trend in a stock.
  • A rising 200-day moving average reflects that the long-term trend is up and stock can be traded with a positive bias. Read more. 

Andhra Bank sets overnight MCLR rate at 8.20%

Published on: 8:55 am

  • Andhra Bank on Saturday declared its marginal cost of funds based lending rate (MCLR) for one year at 8.75% with effect from December 15, 2018.
  • Besides the one-year tenor, the bank has declared MCLR for four other tenors - one month (8.25%), three months (8.45%), six months (8.60%) and overnight (8.20%). Read more. 

Biocon clears USFDA audit at Telangana facility

Published on: 8:45 am

  • Biocon has said that the USFDA conducted a GMP inspection at its Telangana facility from December 12-December 14, 2018.
  • At the end of the inspection, there was no form 483 and no observation. Read more. 

Asian stock markets trade mixed; Yuan steady

Published on: 8:40 am

  • Asian equity markets were trading mixed on Monday following two weeks of losses driven by a backdrop of uncertain trade conditions and signs that some key economies are slowing.
  • Meanwhile, Japanese bonds are in focus as a recent slide in yield threatens to push the benchmark 10-year bond yield below zero percent. Read more. 

Infosys inks pact to divest shares in CloudEndure

Published on: 8:20 am

  • Infosys in its filing to the exchanges on Saturday informed that the company has signed an agreement to divest stakes in CloudEndure for a total consideration of ~$15.3mn.
  • The divestment is subject to necessary conditions, the company informed. Read more. 

Current FII Data

Published on: 8:10 am

FII/DII Data:  In Friday’s trading session, FIIs bought 861cr stock in the cash market, whereas DIIs sold 302cr worth of stock. In the derivative market, FIIs bought 249cr of Index futures and bought 533cr worth of Index options. In the Stock futures segment, FIIs bought 357cr worth of stock futures and bought 143cr stock options.

FII View: FIIs created bullish positions in Index Futures in Friday’s trading session, which is deduced by the fact that they created 4167 net long contracts. However, considering the volatility in the markets they also purchased 16498 long contracts in Index Put Options to hedge their positions.

% Chg % Chg
Since Expiry
Short Ratio
 Since Expiry
Index Long 170 3 22 0.9 0.9
Index Short 183 (0) 39
Index Call Long 243 2 27 2.3 0.8
Index Call Short 104 4 64
Index Put Long 363 5 44 2.4 1.0
Index Put Short 152 3 51

Top stocks in focus: Vedanta, Larsen & Toubro, Fortis, Balarampur Chini

Published on: 8:10 am

  • Vedanta said NGT has set aside the Tamil Nadu’s government order of closing its copper smelting plant.
  • Tribunal found the order to be “unsustainable” and asked the state government to pass renewed offer of consent within 3 weeks. Read more. 

Markets to open positive; short-term bullish momentum to continue

Published on: 8:09 am

  • SGX Nifty is at 10854, up 23 points. For today, we expect further impetus with intraday volatility as markets likely to attempt 11000 levels by the end of the year.
  • On Friday, the Nifty saw another strong pull back and despite extremely weak global cues, the Nifty ended the session with marginal gains. The returning of foreign investors has boosted the sentiment with them being buyers in the last 3 sessions.
  • Global markets: Asian indices opened in the green despite the selloff in US shares on Friday, as markets had already seen a weakness in the last week. Read more.

Broker Radar for December 17

Published on: 7:59 am

Morgan Stanley maintained equal-weight with TP of Rs235 on Vedanta
  • Restart of copper plant is positive for stock in near term
  • Restart to add 4% and 8% upside to FY20 Ebitda and earnings estimates. Read more.

What not to miss today

Published on: 7:44 am

  • Markets to open positive, continuing the short term bullish momentum.
  • Nifty support @10750, resistance 10930.
  • FIIs purchased equities worth 861cr (cash), 249cr in Index Futures.
  • Asian markets trade mixed amid cautious sentiment after US shares tank.
  • NGT gives a nod to Vedanta to resume operations at its Tamil Nadu the Sterlite plant. Read more.

Bulk deal

Published on: 7:38 am

  • Rolta India Ltd: Central Bank of India (Capital Market Service Branch) sold 11.65 lakh shares, or ~0.7% equity, at Rs9.9 a share.

Derivative Watch

Published on: 7:36 am

  • Nifty Futures and Bank Nifty Futures witnessed a marginal reduction in open interest to the tune of 2.47% and 0.8%, respectively in Friday's trade. 
  • Short vega positions were created in both Nifty and Bank Nifty options as the index traded in a narrow range.
  • Canara Bank added long positions as the open interest continued to soar higher with the rise in underlying price.

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Disclaimer : All estimates (1 year forward) are based on Consensus View provided by Refinitiv.