Latest news and updates

28th Dec, 2018

Nifty settles above 10,850 mark on Day 1 of Jan series

Published on: 3:32 pm

  • Equity benchmark indices ended higher on Friday, with the Nifty50 settled at 10,860 mark, up 80 points, while the Sensex rose 269 points at 36,077 mark.
  • The market breadth was positive as 1,085 shares advanced, 611 shares declined and 367 shares remained unchanged.
  • Sun Pharma, Vedanta, and Titan were the top gainers, while Coal India, TCS, and Bharti Infratel lost the most.
  • Shares of Peninsula Land jumped 4.5% after it announced plan to acquire 86 percent of the equity shares of Rockfirst Real Estate.

BSE Consumer Durables index spurts 2% led by Titan

Published on: 2:30 pm

  • The BSE Consumer Durables index was the top sectoral gainer after gaining 424 points, or 2%, to 20,545-levels in afternoon trade on Friday. Titan, Voltas, Whirlpool, and Symphony led the rally on the index.
  • Bucking the trend, some heavyweight stocks such as Crompton and Bajaj Electrical were trading in the red. Read more. 

Jaypee Infra gains 2% as creditors approves evaluation criteria for bidders

Published on: 1:52 pm

  • Shares of Jaypee Infratech gained 2% intraday on Friday after its committee of creditors approved evaluation criteria to be adapted to select a bidder for taking over the company.
  • The committee has also approved the process note for the request of a resolution plan (RFRP). Read more.

Live share market update: Markets continue to trend higher; Nifty up 105 pts

Published on: 1:38 pm

  • Indian equity markets continue to trend higher after opening gap up on Friday.
  • The Nifty was trading 105 points higher at 10,885, while Bank Nifty was up 277 points at 27,153 as of 1.45PM.
  • The surge in the benchmark indices was led by Reliance Industries along with the HDFC twins. Read more. 

Nifty PSU Bank gains 1% on report of government’s infusion plan

Published on: 1:37 pm

  • The Nifty PSU Bank index was trading 1% higher on Friday after the media report said that the government is likely to inject Rs28,615cr fund in seven public sector undertaking (PSU) banks.
  • As per the report, the seven banks namely, Central Bank of India, United Bank of India, UCO Bank, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce (OBC), and Syndicate Bank will get funds. Read more. 

Nifty above 10,850 mark; Sun Pharma surges 4%

Published on: 1:29 pm

  • Equity benchmark indices continue to trade higher during afternoon session. The Sensex rose 347 points at 36,155, while the Nifty50 soared 105 points at 10,885 mark.
  • The most active stocks were Reliance Industries, Titan, Sun Pharma, Yes Bank and HDFC Bank.
  • On the sectoral front, healthcare, finance, industrials, banking, capital goods, consumer durables and oil & gas indices up over 1%.

ADAG stocks rally; Reliance Capital surges 5%

Published on: 12:16 pm

  • Shares of Anil Dhirubhai Ambani Group (ADAG) climbed in afternoon trade on Friday.
  • On December 14, ADAG Group companies were trading higher after the Supreme Court ruled out an investigation into the deal for 36 Rafale fighter jets worth Rs58,000cr. Read more. 

MCX Gold declines after three day rally

Published on: 11:54 am

  • Comex gold futures settled higher by $8.10 at $1,281.10/troy ounce on Thursday.
  • It was the eighth positive close in nine days of trading for the yellow metal. Read more. 

Govt introduces MSP for 17 new items of Minor Forest Produce

Published on: 11:50 am

  • The Government has revised the Minimum Support Price of 23 items of Minor Forest Produce items and has introduced MSP for 17 new MFP items.
  • The 23 items whose MSP has been revised include those Minor Forest Produce items which have been covered under the scheme since its inception in the year 2013-14, as per government official data. Read more. 

Dilip Buildcon executes agreement with NHAI; stock gains 1%

Published on: 11:43 am

  • Shares of Dilip Buildcon were trading 1% higher on Friday after the company executed an agreement with the National Highways Authority of India (NHAI) for a road project worth Rs677.07cr in Uttar Pradesh.
  • The engineering, procurement, and construction (EPC) contract has been signed for the "rehabilitation and upgradation from 2 lanes to 4 lanes of the NH stretch under NHDP-IVB for the Lalganj–Hanumanha Section of NH-7 (Pkg-3) in Uttar Pradesh," the company said in a press note to the exchanges on Friday. Read more. 

United Bank of India shoots 8% on government funding announcement

Published on: 11:29 am

  • Shares of United Bank of India are in the green on Friday morning. Shares soared 8% in morning trade as the bank announced receiving funds worth Rs2,159cr from Government of India. Read more.
  • United Bank of India is an Indian government-owned bank headquartered in Kolkata, India. Presently the bank has a three-tier organizational setup consisting of its head office in Kolkata, 36 regional offices and 2,054 branches spread all over India. However, its major presence is in Eastern India.
  • United Bank of India is currently trading at Rs12.51 up by Rs0.98 or 8.5% from its previous closing of Rs11.53 on the BSE. Read more.

Sensex, Nifty at day’s high; Sun Pharma, Reliance Industries stocks gain

Published on: 11:03 am

  • Equity benchmark indices extended gains on Friday tracking global cues. The Nifty50 has begun the January series above the 10,878 mark, up over 98 points, while the Sensex jumped 331 points to 36,138.
  • The top gainers from NSE include Sun Pharma, Yes Bank, UPL, Titan, and JSW Steel, while NTPC, Asian Paints, Coal India, ONGC and Bharti Infratel were the top losers.
  • The most active stocks were Reliance Industries, Sun Pharma, Titan, Yes Bank and PC Jeweller.
  • Shares Bata India, Commercial Engineers & Body Builders, Proseed India and SPL Industries have hit new 52-week high on NSE in today’s session.

Nifty Pharma, banking stocks gain in today’s session

Published on: 10:59 am

  • Equity benchmark indices extended its gain in the morning session, with the Nifty 50 surging over 102 points at 10,881 levels.
  • From the pharma space, the index added 1.6% with gains from Sun Pharma, CadilaDr. Reddy’s, Aurobindo, and Biocon.
  • Bank Nifty index soared over 1% at 27,144 led by IndusInd Bank, while Yes BankBank of Baroda, ICICI Bank, Axis Bank, and HDFC Bank rose in the range of 2-1%, respectively.
  • Also, PSU banking index gained after the media report stated that the government is likely to inject Rs28,615cr funds in seven public sector undertaking (PSU) banks. Read more.

Rupee appreciates 30 paise; trades at 70.09/$

Published on: 10:54 am

  • The Indian rupee appreciated 30 paise against the dollar to open at 70.05 on Friday compared to its previous close of 70.35/$.
  • The gain is on the back of a sharp fall in the American greenback due to a government shutdown in the US. Investors’ were also worried about resurfacing trade war between the US and China.
  • The concerns rose after a media report said that President Donald Trump is mulling an executive order in the New Year to declare a national emergency that would bar US companies from using telecommunications equipment made by China’s Huawei and ZTE. Read more.

Lemon Tree Hotels surges 8% on announcing JV with Warburg Pincus

Published on: 10:05 am

  • Shares of Lemon Tree Hotels surged 8% in morning trade on Friday as the company announced forming a joint venture with an affiliate of Warburg Pincus to create a co-living platform.
  • An affiliate of Warburg Pincus, Magnolia Grove Investment Limited, and Lemon Tree Hotels Limited will hold 68% and 30% stake, respectively in the JV (Hamstede Living Private Limited). Read more. 

Govt to release draft gold exchange policy by Jan 2019

Published on: 9:54 am

  • The government is expected to release the draft gold exchange policy by Jan 2019, according to an ET report.
  • This policy is expected to contain measures to develop gold as an asset class. Read more. 

Future Group promoter’s family office raises Rs3,000cr to trim debt: Media report

Published on: 9:25 am

  • Future Group promoter Kishore Biyani’s family office has raised Rs3,000cr to trim debt without making any change in holding in the listed retail companies, an Economic Times report said.
  • As per the report, AION Capital Partners has infused Rs1,400cr in a Biyani family holding company, while another Rs980cr was invested by Italian insurer Generali Group via an acquisition of 23% stake in a joint venture with Future Generali. Read more. 

Nifty opens above 10,800 mark; Nifty Realty top sectoral gainer

Published on: 9:20 am

  • Equity benchmark indices opened on a higher level on last trading session of the week.
  • Sensex is trading at 35,911 levels up by 105 points, while Nifty is trading at 10,822 levels up by 42 points.
  • The Indian rupee is trading at 70.1 per dollar.
  • All Nifty sectoral indices go green except the Metal and Media indices which are down marginally by 0.1%. Realty and Bank Indices are top gainers with 1%.

Kansai Nerolac acquires Perma Construction for Rs29cr

Published on: 9:15 am

  • Kansai Nerolac Paints (KNPL) has entered into Share Purchase Agreement (SPA) to acquire 100% equity stake in Perma Construction Aids Pvt. Ltd (PCAPL) for a total consideration of Rs29.1cr.
  • PCAPL is one of the established construction chemicals companies in India having a diverse product range encompassing water-proofing, adhesives, epoxy, admixtures, etc. It has reported turnover of Rs27.3cr, 25.4cr and Rs23.8cr for FY18, FY17 and FY16 respectively. Read more. 

Corporation Bank appoints Birupaksha Mishra as Executive Director

Published on: 9:11 am

  • Corporation Bank has appointed Birupaksha Mishra as its new Executive Director (ED). Birupaksha Mishra took over the charge as the new ED on December 26, 2018. 
  • The announcement was made after market hours on Thursday. Prior to this appointment, he was General Manager in Central Bank of India. Read more. 

Lemon Tree Hotels and Warburg Pincus announce a JV to form a co-living platform

Published on: 9:10 am

  • Lemon Tree Hotels, lndia's largest hotel chain in the mid-priced sector, has formed a joint venture (JV) with an affiliate of Warburg Pincus, a leading global private equity firm, to create a co-living platform.
  • The JV marks Lemon Tree Hotel's entry into the new business segment focusing on the development of institutional-grade rental housing accommodation serving both students and young working professionals across major educational clusters and key office markets in India. Read more. 

Asian stock markets trade mixed on Friday

Published on: 9:01 am

  • Asian stock markets were trading mixed on Friday after the day of volatility on global financial markets failed to boost confidence.
  • Australian stocks added 0.6% and South Korea's KOSPI rose 0.5%, Japan's Nikkei bucked the trend and slipped 0.5%, losing some steam after surging nearly 4% the previous session. Read here

Share Market Update: Rollover guide for the January expiry

Published on: 8:35 am

  • Nifty witnessed wild swings during the expiry, posting a smart recovery from 10350 levels for the second series in a row.
  • Nifty Futures and Bank Nifty Futures closed marginally lower, shedding 0.7% and 0.2%, respectively, on an expiry-on-expiry (eoe) basis. Read more. 

Government to inject Rs2,159cr into United Bank of India

Published on: 8:31 am

  • Central government has informed its decision to infuse Rs2,159cr in the equity capital of United Bank of India by preferential allotment.
  • Reacting to the news, shares of United Bank of India were up by ~4.5% in intrady trade on Thursday. Read more. 

Government to infuse Rs28,615cr in 7 PSU Banks: Media reports

Published on: 8:30 am

  • The government is likely to inject Rs28,615cr fund in seven public sector undertaking (PSU) banks, as per media reports.
  • As per the report, the seven banks are Central Bank of India, United Bank of India, UCO Bank, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce (OBC), and Syndicate Bank. Read more. 

Derivative Watch

Published on: 8:16 am

  • Rollovers of Nifty and Bank Nifty in December stood at 74% and 64% (2.23cr/11.5 lakh shares) as against 71% and 72% (1.96cr/19.5 lakh shares) in the last series, while market-wide rollovers stood at 86% vs. 87% in the previous month.
  • Nifty rollovers were higher in terms of total open interest (number of open positions) vis-a-vis last month, indicating a short buildup in the index.
  • Long vega positions could be the flavor of the January series as options strike begins with a very low base of open positions, indicating continued volatility for the indices.

Top stocks in focus: HCC, United Bank of India, Lemon Tree

Published on: 8:08 am

  • Hindustan Construction Company (HCC) raised Rs498cr via rights issue.
  • Government infuses Rs2,159cr in United Bank of India. Read more. 

SGX Nifty indicates gap up opening for markets

Published on: 8:07 am

  • SGX Nifty is at 10876 levels, up 67 points.
  • For today, expect the new series to see more emphasis on mid caps as we see the trading favorite bounce back smartly. Read more. 

Broker Radar for December 28

Published on: 7:59 am

Nomura says PSU banks require Rs 1 lakh cr of capital versus Rs83,000cr of government plans.
  • Planned capital infusion should broadly be enough to cover capital needs of PSU banks. 
  • Latest capital infusion of Rs28,000cr to address 50% capital needs of PCA banks.
  • Continue to prefer corporate private banks followed by SBI. Read more

What not to miss today

Published on: 7:53 am

  • Markets to open gap up; Nifty support @ 10754, resistance 10940.
  • FIIs bought 1731cr (cash), 1040cr in Index Futures.
  • Dow Jones erases 600-point plunge by gaining 250 points in final trading hours; Asian shares mixed. Read more.

Bulk deal

Published on: 7:37 am

  • Bliss GVS Pharma Ltd: Shruti Vishal Raosold 25lakh shares, or ~2.4% equity, at Rs140 a share.
  • Bliss GVS Pharma Ltd: VibhaGagan Sharmasold 30.5lakh shares, or ~3% equity, at Rs140 a share.

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