Latest news and update

26th Feb, 2019

Nifty ends volatile trading session 44 points lower

Published on: 4:05 pm

  • Indian equity markets witnessed an extremely volatile trading on Tuesday following the air strike by IAF on terror camps in Pakistan.
  • The Nifty ended the session 44 points lower at 10,835 after hitting an intraday low of 10,729, while Bank Nifty settled 206 points lower at 26,952.
  • India Vix witnessed a sharp surge of 10.98% ending the session at 17 with traders expecting volatility in the market to persist in the near term due to geopolitical tensions. Read more

Nifty settles below 10,850 mark; Zee, Tata Motors stocks gain

Published on: 3:33 pm

  • Equity benchmark indices ended lower on Tuesday after Indian Air Force conducted air strikes against a terror camp in Pakistan territory.
  • The Sensex slipped 240 points at 35,973, the Nifty50 index ended at 10,835, down 45 points.
  • On the sectoral indices, Nifty Realty was the worst performing sector dragged by Godrej Properties, Indiabulls Real Estate, Sunteck Realty, Prestige and Sobha Developers.
  • Zee, Tata Motors, IOC, and Coal India were the top gainers on Nifty50 while, Indiabulls Housing Finance, HCL Tech, HDFC, and ICICI Bank were the top losers on the index.

Nifty Media gains 3% led by Zee, Sun TV, Den Networks

Published on: 3:10 pm

  • The Nifty Media index gained 3% on Tuesday led by heavy buying in Zee Entertainment, Zee Media, Sun TV, Den Networks, and PVR.
  • Shares of Zee Entertainment and Zee Media, which gained 5% and 4%, respectively, were leading the index’s gain. Read more

Nifty Auto index in green; Tata Motors extends gains

Published on: 3:05 pm

  • The Nifty Auto index was trading in the positive territory on Tuesday on strong buying in Tata MotorsBharat Forge, and Bosch.
  • Shares of Tata Motors, which climbed ~4%, were leading the index’s gain. The stock extended gains for the third consecutive session in an otherwise weak market.
  • Tata MotorsDVR, Exide Industries, MRF, and M&M also contributed to the index's climb. Read more

Sensex, Nifty recover from day’s low; Zee, Tata Motors stocks surge

Published on: 2:47 pm

  • Equity benchmark indices recovered in the afternoon session in today’s trade. The stock market dropped in early trade weighed by reports that Indian Air Force struck and destroyed a major terrorist camp across the Line of Control.
  • The Sensex was down 59 points to 36,157, while the Nifty was up mere three points at 10,883. The market breadth was negative with 584 shares advancing, 1,114 shares declining, and 362 remaining unchanged.

Kotak Mahindra Bank approves raising foreign investment limit

Published on: 2:35 pm

  • Shares of Kotak Mahindra Bank was trading marginally higher on the bourses in afternoon trade on Tuesday.
  • The stock rose after the bank's board approved an increase in the ceiling limit on Foreign Institutional Investors' and Foreign Portfolio Investors' total shareholding from 43% to 45% with immediate effect. Read more. 

Lupin launches generic Minocycline Hydrochloride ER tablets

Published on: 2:28 pm

  • Pharma major Lupin announced the launch of Minocycline Hydrochloride Extended-Release Tablets USP 55mg, having received an approval from the USFDA earlier.
  • Lupin's Minocycline Hydrochloride ER Tablets USP 55mg is a generic version of Medicis Pharmaceutical Corporation's Solodyn 55 mg. It is indicated to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris in patients 12 years of age and older. Read more

Coal India gains ~3% after brokerage upgrade

Published on: 2:00 pm

  • Shares of Coal India gained 3% on Tuesday in the afternoon session after foreign brokerage firm Jefferies gave the company a "buy" rating with a price target at Rs309, implying a 44% potential upside from November 25 levels.
  • The research house said that the resolution of short-term disruptions as well as the recent environment clearance could lift volume growth. The brokerage firm believes that with power plant coal stocks normalizing, the e-auction mix should improve. Read more

Shilpa Medicare gains 1% as Gemcitabine receives USFDA approvals

Published on: 1:52 pm

  • Shares of Shilpa Medicare gained 1% on Tuesday after the company received the approval from the US Food and Drug Administration (USFDA) for its ANDA Gemcitabine (Injection) USP, 200mg/vial and 1g/vial.
  • Gemcitabine for Injection USP is a generic equivalent of reference-listed drug (RLD) GEMZAR, which is used in the treatment of ovarian cancer, breast cancer, non-small cell lung cancer, and pancreatic cancer as recommended in the label approved by the FDA, the company said in a press note to the exchanges on Tuesday. Read more

Live share market update: Markets pull back from low point of the day

Published on: 1:20 pm

  • Indian equity markets are trading with a negative bias after recovering significantly from the low point of the day.
  • The Nifty was trading 34 points lower at 10,845 after hitting an intraday low of 10,729, while Bank Nifty was 162 points down at 26,996. Read more. 

Nifty PSU Bank drops 2% led by Oriental Bank, Union Bank, Syndicate Bank

Published on: 12:35 pm

  • The Nifty PSU Bank index dropped 2% on heavy selling in Oriental Bank of Commerce, Union Bank, Syndicate Bank, and Canara Bank.
  • Shares of Oriental Bank of Commerce, which slumped 4%, were leading the index’s fall.  Read more. 

RBI proposes more variable pay in bank CEOs' compensation

Published on: 12:33 pm

  • From FY20, private sector banks and banks working under the WOS model will have a large part of their pay come in the form of variable pay.
  • The CEOs will be penalized if there is a divergence between the bank’s bad loan assessment and RBIs, as per a statement from the central bank on Tuesday. Read more. 

Sensex, Nifty trim losses; Media, Auto stocks up

Published on: 12:17 pm

  • Equity benchmark indices have recovered partially from the day's lows in early afternoon trade. Earlier today, key indices extended losses after opening lower and hit fresh intraday lows in mid-morning trade after a media report said that Pakistan claimed that the Indian Air Force (IAF) has violated the Line of Control (LoC), following which the former "scrambled" immediately.
  • The Nifty Media index is up 0.64% at 2,404. Den Network and ZEE Media were up 2% each, followed by Sun TVInox Leisure, and Zee which were up 1% each. Read more

JM Financial files application with NCLT against Hotel Leelaventure

Published on: 12:04 pm

  • Hotel Leela Venture in its filing to the exchanges on Tuesday informed that JM Financial has filed an application with the National Company Law Tribunal, Mumbai Bench, against Hotel Leela Venture Limited under Section 7 of the Insolvency and Bankruptcy Code 2016.
  • Reacting to this, shares of Hotel Leelaventure slumped 6% on the BSE. Read more. 

Sensex, Nifty off day’s low; Realty, Banking stocks slip

Published on: 11:22 am

  • Equity benchmark indices were trading in the lower on the rising border tension between India and Pakistan on Tuesday’s session. However, the stock markets have come off their earlier lows.
  • The Sensex dropped 273 points to 35,939, while the Nifty was down 76 points at 10,804. The market breadth was negative with 343 shares advancing, 1,313 shares declining, and 401 remaining unchanged.
  • The Nifty Realty index slipped 3% led by Indiabulls Real Estate, Prestige, Sunteck, Phoenix Mills, and Oberoi Realty.

Thermax to buy partners' stake in JV; stock rises 4%

Published on: 10:58 am

  • Thermax has entered into a definitive agreement with Germany-based Mutares Holding-24 AG and Balcke-Duerr GmbH to acquire their shareholding in its joint venture Thermax SPX Energy Technologies Ltd. It owns 51% in the JV, the company said in the filing.
  • After the transfer of the shares, TSPX will become a wholly-owned arm of Thermax. The company did not disclose the deal value. Read more

Nifty Realty slips 3% led by Indianbulls Real Estate, Prestige, Sunteck

Published on: 10:55 am

  • Tracking a sharp fall in equity benchmark indices, the Nifty Realty index slipped 3% on Tuesday. Shares of Indiabulls Real EstatePrestigeSunteckPhoenix Mills, and Oberoi Realty led the index’s fall.
  • Shares of Indiabulls Real Estate, Prestige Estate Projects, and Sunteck, which dropped 4% each, were leading the index’s fall. Shares of Phoenix Mills and Oberoi Realty also contributed to the fall, declining 3% each. Read more

Power Mech wins order worth Rs202cr

Published on: 10:54 am

  • Power Mech has won a contract received from Railway Vikas Nigam Limited at a total contract price of Rs202cr. The project is expected to be completed within 21 months.
  • The contract includes construction of PEB sheds, structural buildings, road works, track works, general electrical works, OHE works, signalling and telecommunication works, installing and commissioning of machinery and plants etc at Kanpur, Uttar Pradesh. Read more

Sharda Motor to form JV with Eberspaecher Exhaust Technology

Published on: 10:45 am

  • Sharda Motor Industries and Eberspaecher Exhaust Technology International signed an agreement for a 50:50 joint venture. In future, in order to comply with the highest emission standard Bharat Stage VI, the new joint venture will develop, produce, and sell exhaust after-treatment systems for Indian commercial vehicle manufacturers. The products will be utilized in trucks and buses from 2020 onwards, the company said in the filing. Read more

Jet Airways slips 2% on reports of tax evasion

Published on: 10:36 am

  • Shares of Jet Airways slumped 2% on Tuesday after media reports stated that the Income Tax department suspects that the airline may have done some transactions to evade taxes to the tune of ~Rs650cr.
  • As per media reports, the IT department has discovered some irregularities in transactions between Jet Airways and its Dubai-based group companies. The department has forwarded a report to the assessment division, which will seek a reply from the airline operator and decide whether or not to raise a tax demand. Read more

DHFL falls 7% post ICRA downgrade

Published on: 10:31 am

  • Shares of DHFL fell 7% intraday on Tuesday after domestic ratings agency ICRA downgraded its' commercial papers.
  • Despite the liquidity crisis in September 2018, which deeply impacted the HFC/NBFC sector as a whole, DHFL had come out strong by discharging Rs17,876cr in liabilities till December 31, 2018, which included commercial papers worth Rs9,965cr. Read more.

Bliss GVS Pharma board approves increase in foreign investment limit

Published on: 10:30 am

  • Shares of Bliss GVS Pharma erased morning gains to trade flat on the BSE in morning trade on Tuesday.
  • The company's board has given the green light to increase foreign institutional investment (FPI) and foreign direct investment (FDI) limits from 24% to 74%. Read more. 

Indian jets attack terror camps in Pak, Sensex slips over 300 points

Published on: 9:52 am

  • Equity benchmark indices slipped in the opening trade following weak global cues.
  • The Indian Rupee opened weaker by 28 paise against US Dollar on Tuesday. Read more. 

Rupee slips 28 paise on geopolitical tension

Published on: 9:35 am

  • The Indian Rupee opened weaker against US Dollar on Tuesday after Pakistan claimed that the Indian Air Force (IAF) has violated the Line of Control (LoC), following which the former "scrambled" immediately.
  • Pakistan's claim comes in the wake of tensed relations between the two countries in the aftermath of the Pulwama terror attack, as per media reports. Read more.

Fortis appeals Sebi to arrest Singh brothers: Media reports

Published on: 9:28 am

  • Fortis Healthcare requested the Securities and Exchange Board of India (Sebi) to arrest Malvinder and Shivinder Singh on failure to repay ~Rs400cr ($56mn) that the market regulator had found they had fraudulently taken out, media reports stated.
  • As per reports, the company in a petition to Sebi has asked for the invocation of Section 28 A of the Act to recover the amounts from Malvinder Mohan Singh, Shivinder Mohan Singh, RHC holdings Pvt Ltd, Shivi Holdings Pvt Ltd, Malav Holdings Pvt Ltd, Religare Finvest Ltd, Best Healthcare Pvt Ltd, Fern healthcare Pvt Ltd, and Modland Wears Pvt Ltd. Read more. 

Nifty slips below 10,800 mark as India- Pakistan tension escalates

Published on: 9:17 am

  • Equity benchmark indices slipped in the opening trade after media report said that attack attempts have been made on the JeM camps in Pakistan occupied Kashmir (PoK) and also following global cues.
  • The Sensex fell over 300 points at 35,995 points and the Nifty opened at 10,830 points, falling more than 40 points.
  • Bharti Infratel, TCS, HCL Tech, Asian Paints, UltraTech Cement were among the top Nifty gainers while Yes Bank, SBI, Hero Motocorp, JSW Steel and Vedanta dragged the index on the NSE.

ICRA downgrades DHFL Commercial Papers

Published on: 9:09 am

  • Since the liquidity crisis in September 2018, which had impacted the HFC/NBFC sector as a whole, DHFL had been able to come out strong by discharging all its liabilities of Rs17,876cr till December 31, 2018, which included Rs9,965cr of Commercial Papers.
  • The Commercial Papers ratings were reaffirmed by ICRA Ratings in September 2018, followed by another revalidation in December 2018. Read more. 

Bharti Airtel board to meet on Feb 28 to consider fundraising plans

Published on: 9:02 am

  • Bharti Airtel, in its filing to the exchanges, informed that the company’s board will meet on February 28 to consider a proposal for raising of funds by issue of equity shares, bonds/debentures or other securities.
  • Accordingly, the board will also consider recommendations of 'Special Committee of Directors for Fund Raising', the company said in a press note after market hours to the exchanges on Monday. Read more. 

Asian markets trade in negative territory on Tuesday

Published on: 8:45 am

  • Asian stock markets slipped in the morning trade on Tuesday as investors sought clarity on the US-China trade front after earlier cheering the postponement of a closely watched deadline in early March.
  • The pound climbed to near four-week highs after media report stated that the UK Prime Minister Theresa May could seek to delay a Brexit deadline. Read more.

Broker Radar for February 26

Published on: 8:40 am

UBS maintained ‘Sell’ on Eicher Motors with a TP of Rs19,000.
  • Dealers optimism fading; growth lagging industry in most states.
  • Dealers’ outlook more mixed; financing lever continues to support demand. Read more. 

Britannia to replace HPCL to enter Nifty 50 index

Published on: 8:35 am

  • The Index Maintenance Sub-committee (IMSC) of the National Stock Exchange Indices, in its press note informed that the committee has decided to replace oil marketing company Hindustan Petroleum Corporation (HPCL) with Britannia Industries on the flagship Nifty50.
  • The changes will be effective from March 29, 2019, the committee said in a press note on Monday after market hours. Read more. 

Current FII data

Published on: 8:14 am

FII/DII Data:  In yesterday’s trading session FIIs bought 2134cr stock in the cash market whereas DIIs sold 1746cr worth of stock. In the derivative market, FIIs bought 297cr of Index futures and sold Rs204cr worth of Index options. In the Stock futures segment, FIIs sold 904cr worth of stock futures and bought 142cr stock options.

FII View: FIIs created bullish positions in a derivative segment which is deduced by the fact that they built 2218 long contracts in the Index Futures, while simultaneously creating 12587 long contracts in Index Call Options. The long-short ratio in Index Futures currently stands at 1.4 x.

FII OI
(in000's)
% Chg % Chg
Since Expiry
Long/
Short Ratio
Long/Short
 Since Expiry
Index Long 191 1 75 1.0 1.4
Index Short 200 0 27
Index Call Long 241 6 34 3.0 1.0
Index Call Short 80 (7) 39
Index Put Long 348 (4) 22 2.2 1.1
Index Put Short 156 2 8

SGX Nifty indicates a flat opening for the Indian market

Published on: 8:13 am

  • SGX Nifty is at 10887, down 5.50 points.
  • Nifty saw a superb rally in the second half of the day with the broader market joining in & the index closing at near one month high.
  • Leaders were IT, private banks & autos as foreign investors bought aggressively.
  • The breadth saw positive momentum with gainers beating losers by over 2:1 as retail participation saw midcaps join the rally.
  • For today, expect some consolidation as markets digest the recent gains with the Nifty facing resistance around 10950. Read more.

Derivative watch

Published on: 8:12 am

  • The sharp surge in underlying resulted in fresh long positions being built in Index Futures taking Feb and March data into consideration.
  • On the options, front put writing was witnessed in OTM strikes with 10800PE and 10750 PE witnessing an addition of  11.45 lakh shares and 6.44 lakh shares respectively.
  • Bullish positions were seen being built in seen in Pidilite Industries and Torrent Pharma.

Top stocks in focus: Britannia, HPCL, DHFL, Adani Enterprises

Published on: 8:02 am

  • Britannia Industries will replace HPCL to enter the Nifty 50 Index from March 29.
  • The replacement will also be applicable to Nifty50 Equal Weight Index. Read more. 

What not to miss today

Published on: 7:50 am

  • Markets to open flat; Nifty support @10780, resistance 10950.
  • FIIs purchased 2134cr (cash), 297cr in Index Futures.
  • US, Asian stocks surge on US-China trade optimism.
  • Rupee appreciates 17 paise at 70.97/$. Read more.

Bulk deal

Published on: 7:33 am

  • Avadh Sugar & Energy: LIC sold 58,300 shares or 0.58% equity at Rs475.83 each.
  • National Aluminum Company: ICICI Prudential MF sold 1.24cr shares or 0.67% equity at Rs 48.03 each.
  • Astra Microwave Products: Ratnabali Capital Markets acquired 7.62lakh shares or 0.88% equity at Rs 78 each.
  • Astra Microwave Products: HDFC MF sold 9.81 lakh shares or 1.13% equity at Rs78 each.

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