Latest news and updates

15th Feb, 2019

Sensex, Nifty end lower as HDFC twins, Sun Pharma drag

Published on: 3:37 pm

  • Equity benchmark indices erased losses in the last of trading session and ended lower for the sixth consecutive session. Heavy selling pressure were seen in HDFC twins, Sun Pharma, Axis Bank, and SBI.
  • The Sensex index closed 67 points lower at 35,809 and the Nifty50 Index ended at 10,724, down 21 points.
  • BPCL, Power Grid, NTPC, and Bharti Infratel were the top gainers, while JSW Steel, Sun Pharma, Dr Reddy’s Labs, Indiabulls HF and Tata Steel are among major loser on the NSE.

Indices erase losses; Nifty Pharma down 3%

Published on: 3:20 pm

  • Equity benchmark indices erased morning losses in the afternoon session on Friday.
  • All stocks of Nifty Pharma were in the red, driven by Dr. Reddy's Lab and Glenmark Pharma which down by over 8% each. Read more. 

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Dishman Carbogen Amcis' Naroda facility gets zero observations

Published on: 3:20 pm

  • Dishman Carbogen Amcis announced in an exchange filing that the USFDA inspection of company's facility at Naroda, Ahmedabad, has been successfully completed on 15th February, 2019.
  • “The inspection was concluded without any observations or Form 483's, thus confirming that no concerns were discovered during the inspection,” the company mentioned in the exchange filing. Read more. 

Minda Industries approves merger of Harita Seating with Co

Published on: 3:12 pm

  • Minda Industries has received the approval of its board for a proposed merger of Harita Seating Systems Ltd. (HSSL) with the company.
  • Reacting to the news, shares of the company were trading 0.4% higher on Friday. Read more. 

Lupin launches Clobazam Oral Suspension, 2.5mg/ml

Published on: 2:59 pm

  • Lupin in its filing to the exchanges on Friday informed that the company has launched Clobazam Oral Suspension 2.5mg/mL after having received approval from the United States Food and Drug Administration (USFDA) earlier.
  • "Lupin's Clobazam Oral Suspension, 2.5mg/mL is the generic version of Lundbeck Pharmaceuticals LLC's Onfi Oral Suspension, 2.5mg/ml," the company said in a press note to the exchanges on Friday. Read more. 

Coffee Day gains 2% as IT department releases MindTree’s shares owned by co

Published on: 2:04 pm

  • Shares of Coffee Day Enterprises gained 2% on Friday after the Income Tax Department released 74.90 lakh attached shares of IT firm Mindtree,owned by the company and its promoter V.G. Siddhartha.
  • However, the department attached Siddhartha's 46.01 lakh shares in Coffee Day Enterprises over a potential tax demand, the company said in a press note after market hours to the exchanges on Thursday. Read more. 

UK eyes Brexit compromise after Parliament rejects May’s plan

Published on: 1:48 pm

  • British Prime Minister Theresa May is preparing to compromise with the European Union over the future of Ireland’s border, with just two weeks left to save her Brexit deal.
  • UK Brexit Secretary Stephen Barclay privately told the EU’s chief negotiator, Michel Barnier, on Monday that Britain doesn’t need to reopen the divorce agreement, according to a person familiar with the talks. Read more. 

US-China trade talks set to wrap up with few signs of progress

Published on: 1:40 pm

  • High-level trade talks between the US and China were set to wind up Friday in Beijing, with time running out to reach an agreement that would avert an increase in American tariffs on Chinese goods by March 1.
  • Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer didn’t comment to reporters as they headed out on Friday morning for a final day of talks of talks with counterparts including Chinese Vice Premier Liu He. Read more. 

Asian stock markets decline on trade pessimism

Published on: 1:40 pm

  • Asian stocks retreated from their highest levels since October as global economic growth concerns resurfaced and investors questioned the potential for progress on the US-China trade dispute.
  • Treasuries held gains. Read more. 

Rupee slips further, down 25 paise against USD

Published on: 1:30 pm

  • The Indian rupee and sovereign bonds extended declines after news that PM Narendra Modi has given security forces the freedom to decide on the response to Thursday’s assault that killed at least 37 soldiers in Kashmir.
  • The rupee fell as much as 0.3% to 71.3825, the lowest since February 7, while the yield on the most-traded 2028 bonds rose to a high of 7.57%. Read more. 

Live share market update: Markets crack; Nifty falls 101 points

Published on: 1:19 pm

  • The Indian equity markets witnessed a breakdown on Friday with benchmark indices trending lower for the sixth consecutive session.
  • The Nifty was trading 101 points lower at 10,645, while Bank Nifty was 280 points down at 26,680. Read more. 

Oil poised for weekly gain as OPEC+ cuts counter trade worries

Published on: 1:15 pm

  • Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and a reported output halt at the world’s biggest offshore field overshadowed renewed concern over the US-China trade war.
  • Futures in New York rose a fourth day, and are up 3.8% for the week. Read more. 

Nifty slips below 10,650 mark; Dr.Reddy’s, HDFC stocks drop

Published on: 1:08 pm

  • Equity benchmark indices extended losses amid a sell-off across sectors and weak global cues.
  • Also, investor sentiment took a beating after a suicide bomber killed over 40 Indian paramilitary police in Kashmir on Thursday. Read more. 

US weighs new PDVSA sanctions as next step against Maduro

Published on: 1:05 pm

  • The Trump administration is considering blocking foreign entities from dealing with Venezuela’s state oil giant Petroleos de Venezuela SA (PDVSA) as a possible next step as it seeks to choke off President Nicolas Maduro’s power.
  • The US is also bracing for a possible bankruptcy filing by Citgo Petroleum Corp., an American refiner controlled by PDVSA, according to Representative Michael McCaul of Texas, the top Republican on the House Foreign Affairs Committee, and a person who was briefed by the Trump administration.Read more. 

Jaitley to resume duty as finance minister on Monday, Feb. 18: Reports

Published on: 12:14 pm

  • Arun Jaitley, who recently returned home from the US after getting treated for an illness, is likely to resume duty as the Finance Minister by Monday, February 18, 2019, media reports stated citing a Finance Ministry official.
  • As per media reports, Jaitley is expected to attend the Cabinet Committee on Security (CCS) convened on Friday. Read more. 

Jet Airways gains 4% as board approves debt resolution plan

Published on: 12:12 pm

  • Shares of Jet Airways gained 4% in intraday trade on Friday after its board approved a debt resolution plan.
  • The shares jumped to a high of Rs242.85, a jump of Rs17 from its previous close of Rs225.80 on the BSE. Read more. 

Alembic Pharma gets USFDA approval for Moxifloxacin Ophthalmic

Published on: 11:40 am

  • Alembic Pharmaceuticals has received approval from the USFDA for its ANDA Moxifloxacin Ophthalmic Solution USP, 0.5%.
  • The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Vigamox Ophthalmic Solution USP, 0.5%, of Novartis Pharmaceuticals Corporation, the company said in a regulatory filing. Read more. 

Sugar stocks rise after govt hikes MSP

Published on: 11:10 am

  • Sugar stocks gained in today’s session after the government hiked the minimum selling price (MSP) of sugar by Rs2 per kg to Rs31.
  • Gayatri Sugars and Bannari Amman stocks jumped 3% each on the BSE.
  • Followed by Bajaj Hindusthan Sugar, Shree Renuka Sugars, Balrampur Chini Mills, and Dhampur Sugar Mills Ltd, which were up in the range of 1-2% respectively. Read more. 

Nifty Pharma slumps 4% led by Dr.Reddy’s, Glenmark, Divi's Lab

Published on: 10:50 am

  • The Nifty Pharma index declined 4% in Friday’s morning session amid heavy selling pressure in Dr. Reddy’s, Glenmark, Sun Pharma, and Divis Lab.
  • Shares of Dr. Reddy’s, which plunged 8%, were leading the index’s fall. Read more. 

Nifty slips below 10,700 mark; Dr.Reddy’s stock tanks 9%

Published on: 10:39 am

  • Equity benchmark indices extended its losses after selling pressure were seen in HDFC twins, Sun Pharma, and ITC.
  • Brokerage firm Jefferies has underperform rating on Dr.Reddy’s with target at Rs2,180 per share. Company's formulations manufacturing plant - 3 at Bachupally, Hyderabad had been inspected by the USFDA. The stock fell by 9% on the NSE.
  • The Sensex is down 168 points at 35,707, while the Nifty slipped 62 points at 10,683.

ONGC extends gains after robust Q3FY19 numbers

Published on: 10:24 am

  • Shares of ONGC extended its early morning gains after the company reported a 65% increase in net profit to Rs8,262.70cr for the quarter ended December 31 compared to the same period of the previous year, with higher oil prices offsetting a fall in production.
  • The stock is among the top gainers on both the indices during Friday’s trade.
  • The company’s written-off cost for exploratory increased by 79% yoy and 120% sequentially to Rs2,388.42cr during the quarter. Read more

Rupee opens weaker by 11 paise against USD

Published on: 10:16 am

  • The Indian rupee opened weaker by 11 paise against the dollar on Friday following sustained demand for the greenback from importers amid foreign fund outflow and rising global crude prices. Presently, the currency is trading at 71.29/$ lower by 13 paise.
  • Besides, the dollar's gain against major world currencies also impacted the rupee. Read more

Bharat Dynamics' PAT skyrockets 2,947% in Q3; stock soars 14%

Published on: 9:58 am

  • Shares of Bharat Dynamics soared ~14% in intraday trade on Friday as the company’s profits skyrocketed ~2,947% in Q3FY19.
  • The company reported strong results for Q3FY19. Total revenues from operating activities witnessing a strong growth of 26.2% yoy to Rs1,038cr as compared to Rs822.5cr in Q3FY18. The operating profit came in at Rs312.2cr as against Rs44.5cr in Q3FY18. Read more.

Nifty holds 10,700 mark; Pharma, Auto stocks drag

Published on: 9:44 am

  • Equity benchmark indices opened on a flat note owing to weak global cues following fears of slowing US economy.
  • Selling pressure was seen in financial, pharma, auto and metal stocks. The Sensex has declined for six consecutive days, logging its worst run since September 05, 2018, and the Nifty50 registered five straight days of downward movement. Read more

JK Tyre gains 3% as board approves issue of equity shares on preferential basis

Published on: 9:39 am

  • Shares of JK Tyre were trading 3% higher on Friday after the company ’s board approved the issue of equity shares at Rs2 each to the promoter group on preferential basis.
  • "Approval has been granted at such price as may be determined in accordance with SEBI Regulations, up to an amount aggregating to Rs200cr subject to such approvals as may be required," the company said in a press note after market hours to the exchanges. Read more

Sensex, Nifty open flat; ONGC stock surges 5% after Q3 results

Published on: 9:17 am

  • Equity benchmark indices opened on a flat note taking weak global cues following fears of slowing US economy.
  • The Sensex opened lower by 32 points at 35,844, while Nifty is down 18 points at 10,723.
  • Power Grid, BPCL, and L&T are among major gainers, while losers are Sun Pharma, HPCL, and JSW Steel.

Zee Entertainment in talks with Comcast and Sony to sell stake: Media report

Published on: 9:08 am

  • Promoters of Zee Entertainment and Essel Group are in talks with US media giant Comcast and Japanese multinational conglomerate Sony Corporation to sell ~50% of their holdings in the firm as a part of their asset monetization to repay debt, CNBC-TV18 reported.
  • As per the report, bids by both the companies are in the range of Rs540-560/share and the promoters of the company may ink an exclusive binding agreement this week. Read more. 

Broker Radar for February 15

Published on: 8:48 am

Macquarie maintained ‘Outperform’ on Nestle with a TP of Rs12,994
  • December quarter earnings were below estimates on account of lower margins.
  • Domestic revenue growth was in line with estimates.
  • Believe higher A&P spend reflects confidence in demand environment, which is encouraging.
UBS maintained ‘Buy’ on ONGC with a TP of Rs240
  • Lower opex drives EBITDA beat; higher other income drives earnings beat.
  • No subsidy burden so far should allay concerns. Expect investors to react positively. Read more

Bulk deals

Published on: 8:43 am

  • Automotive Axles: UTI Mutual Fund A/C UT160 (UTI-Mid Cap Fund) sold 1.89lakh shares of the company at Rs1,130 per share.
  • Suumaya Lifestyle: Bakulesh Omprakash Agarwal sold 1.60lakh shares of the company at Rs31 per share.
  • Zee News: IFCI sold other 59.59lakh shares of the company at a price of Rs13.38 per share.

Jet Airways to get Rs600cr emergency loan: Media report

Published on: 8:30 am

  • Jet Airways, a cash-strapped airline company, is all set to receive an emergency loan of ~Rs600cr ($85mn) to help it tide over a cash crunch, a Business Standard report said.
  • As per the report, the airline company may get the loan from banks led by State Bank of India against shares pledged by founder and Chairman Naresh Goyal and partner Etihad Airways PJSC and backed by their guarantees. Read more. 

Glenmark Pharma to spin off its innovation business into a new company in US

Published on: 8:12 am

  • Glenmark Pharmaceuticals Ltd, a research‐led integrated global pharmaceutical company, announced that its Board of Directors has given an in‐principle approval to spin-off the innovation business into a new company in US. Setting up of the new company will provide an enhanced focus to the innovation business and help accelerate the pipeline towards commercialization.
  • The new innovation company will be a wholly‐owned subsidiary of Glenmark and will be based in the US. It will have an independent board and a new Chief Executive Officer. The other members of the management and the team remain unchanged.  Read more

FII and DII Data

Published on: 8:11 am

FII/DII Data: In yesterday’s trading session FIIs sold 250cr stock in the cash market whereas DIIs bought 1,225cr worth of stock. In the derivative market, FIIs sold 3600 crores of Index futures and bought 2,029cr worth of Index options. In the Stock futures segment, FIIs sold 499cr worth of stock futures and bought 325cr stock options.

FII View: FIIs created bearish positions in derivative segment which is deduced by the fact that they created 17,892 short contracts while simultaneously reducing 27,595 long contracts in the Index Futures segment. They also reduced 16612 short contracts in Index Put Options. The long-short ratio in Index Futures currently stands at 1.4x vs 1.8x.

% Chg % Chg
Since Expiry
Short Ratio
 Since Expiry
Index Long 185 (13) 70 1.0 1.4
Index Short 193 10 22
Index Call Long 227 (2) 26 2.9 0.9
Index Call Short 79 8 37
Index Put Long 366 1 29 2.2 1.1
Index Put Short 164 (9) 14

Top stocks in focus: Zee, Glenmark, Jet Airways, Sugar stocks

Published on: 8:04 am

  • Glenmark Pharma approved to spin off the innovation business into a new company in the USA. This new company will focus on the areas of immunology, oncology and pain management.
  • Jet Airways said its board had approved a rescue deal which will make its lenders its largest shareholders and fix a near Rs8,500cr ($1.2bn) funding gap. With debts of more than $1bn, Jet has struggled over the last year as competition intensified, the rupee depreciated and high oil prices hurt margins.
  • EID ParryBalrampur ChiniDhampur Sugar stock in focus today after media the government on Thursday hiked the minimum selling price (MSP) of sugar by Rs2 per kg to Rs31 to help millers clear farmers' dues. Read more

SGX Nifty indicates a flat opening for the Indian markets

Published on: 8:00 am

  • SGX Nifty is at 10,797, up 4 points.Asian indices opened in the red led by profit booking in the Japanese Nikkei, which traded down by ~200 points. Asian stocks have seen a very robust week and would be prone to profit booking on the eve of the US-China trade talks. 
  • US stocks see consolidation as weak retail numbers saw Dow Jones fall ~100 points. Bond yields hit 2.65% as retail numbers dampen sentiment with fixed income seeing huge inflows. Read more

What not to miss today

Published on: 7:59 am

  • Markets to open flat; Nifty support @10718, resistance 10840.
  • FIIs sold Rs250.23cr (cash), 3600cr in index futures.
  • Rupee fell 36 paise to 71.16/$.
  • S&P 500 snaps 4-day winning streak after retail sales drop in about a decade; Asian stocks decline. Read more.

Derivative Watch

Published on: 7:26 am

  • Bank Nifty Futures witnessed an unwinding of short positions in the closing hour of yesterday's trade.
  • Nifty IT index witnessed a marginal addition of short positions.
  • Yes Bank 190CE saw a huge short covering with a decrease of ~70% in open positions along with a surge of 14x in the option premium.

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