Latest news and updates

06th Mar, 2019

Nifty settles above 11,050-mark; Senesx up 193 points

Published on: 3:43 pm

  • Equity benchmark indices extended gain for the third consecutive day on Wednesday. The Sensex gained 193 points to close at 36,630 levels, while the Nifty gained 66 points to end at 11,053 levels.
  • Among stocks, BPCL, Bajaj Finance, ICICI Bank, Infratel, and Hindalco were the biggest gainers. Conversely, Zee Ent, Tata Motors, Axis Bank, Indiabulls Housing Finance, and HUL lost the most.
  • Market breadth was also positive on the NSE with 1,173 shares advancing, 600 shares declining, and 298 remaining unchanged.

Nifty hovers near 11,050-mark; Sensex up 180 points

Published on: 3:28 pm

Mazda gains 8% on buyback approval worth Rs11cr

Published on: 3:19 pm

  • Shares of Mazda gained 8% on Wednesday after the company’s board granted approval for the buyback of its equity shares.
  • The board of directors of the company has approved the buyback of fully paid up equity shares of face value of Rs10 each for an aggregate amount not exceeding Rs11cr at a price not exceeding Rs550 per equity share payable in cash, the company said in a press note to the exchanges on Wednesday. Read more.

Nifty Media index drops 2% led by Zee Ent, Dish TV, INOX Leisure

Published on: 3:13 pm

Sugar stocks shine; Balrampur Chini up ~2%

Published on: 2:26 pm

  • Sugar stocks gained in Wednesday’s session after a media report stated that the cabinet in its meeting may consider more soft loans and interest subsidy to mills.
  • The cabinet may discuss extending Rs15,000cr soft loans and may also consider offering Rs3,355cr interest subsidy on loan to sugar mills, the report added. Read more.

Sensex up over 150 points; Realty, Banking stocks gain

Published on: 1:32 pm

  • Equity benchmark indices were trading higher in the afternoon session on sustained buying mainly in stocks of finance, metal and capital goods sectors.
  • The Sensex gained 128 points to 36,570, while the Nifty was up 47 points to 11,034.
  • Volatility index India VIX was down 0.73% at 15.54.
  • The most active stocks are Reliance Industries, ICICI Bank, DHFL, and Wipro.

BSE FMCG index gains ~1% led by ITC, Godrej Consumer

Published on: 1:00 pm

  • The BSE FMCG index is up ~1% or 82 points to 11,597.50. The index opened at 11,555.29 and hit a high of 11,638.66 and low of 11,555.29. The sectoral breadth of BSE FMCG was divided with 12 stocks advancing and 3 stocks declining.
  • Shares of ITC rose 2% after the company undertook a price hike of 7% to 14% in select brands, namely, Bristol, Flake Excel, and Capstan, as per the media sources. These brands together contribute 10-13% to the total sales of ITC. Read more

Nifty PSU Bank gains 1% led by J&K Bank, Indian Bank, SBI

Published on: 12:24 pm

Indian Hume Pipe gains 1% on orders wins worth Rs254.98cr

Published on: 11:59 am

  • Shares of Indian Hume Pipe gained 1% on Wednesday after the company received orders worth Rs254.98cr from Municipal Corporation Raipur, Chhattisgarh.
  • Of the total, an order worth Rs120.79cr under Augmentation of Water Supply Scheme Phase-ll, Package-IV of Municipal Corporation Raipur, the company said in a press note to the exchanges on  Wednesday. Read more

Nifty hovers around 11,050 mark; Wipro, Infratel stocks gain

Published on: 11:56 am

  • Benchmark indices are trading higher led by gains in ICICI Bank, RIL, ITC, and SBI. The Nifty FMCG index was up 1% led by gains in ITC and Godrej Industries.
  • The Sensex gained 128 points to 36,570, while the Nifty was up 47 points to 11,034. The market breadth was positive with 1,258 shares advancing, 432 shares declining, and 375 remaining unchanged.
  • Wipro, Infratel, and Bajaj Finance are trading higher, while Zee, Asian Paints, and Hero MotoCorp are trading lower on the NSE.

Quick Heal stock climbs after board approves buyback of shares

Published on: 11:38 am

  • Shares of Quick Heal Tech climbed over 4.5% on the BSE in the morning trade after the board approved buyback of equity shares. The Board of Directors of the company has approved buyback of up to 63.63 lakh equity shares of the company aggregating up to 9.02% of the fully paid up equity share capital of the company at Rs275 per share.
  • The promoters of the company will participate in the buyback and offer up to 46.02 lakh equity shares, as per BSE filing. Read more

Natco, partner Lupin receives approval for lmatinib Mesylate Tablets

Published on: 11:22 am

  • Natco Pharma in its filing to the exchanges on Wednesday informed that the company with its alliance Lupin received final approval of Abbreviated New Drug Application (ANDA) from the US Food and Drug Administration (FDA) for lmatinib Mesylate Tablets, 100 mg (base) and 400 mg (base).
  • These tablets will be marketed in the USA by Natco’s marketing partner Lupin, as generic versions of Novartis Pharmaceuticals Corporation's (Novartis) Gleevec Tablets, 100mg, and 400mg, the company said in a press note to the exchanges on Wednesday. Read more

Grasim gains 1% on acquiring stake in Soktas India

Published on: 11:02 am

  • Shares of Grasim Industries gained 1% on Wednesday after the company signed a definitive agreement to acquire 100% equity shareholding of Soktas India Private Limited, from its current promoters, for an enterprise value of Rs165cr.
  • The acquisition is subject to net debt and working capital adjustments, as of the closing date, the company said in a press note after markets hours to the exchanges on Tuesday. Read more.

Nifty IT index up; Wipro gains as stock goes ex-bonus

Published on: 11:02 am

  • The Nifty IT Index gained ~1% in Wednesday’s trade after the local currency depreciated against the US Dollar. The Indian currency opened lower against the US Dollar amid a slide in crude oil prices and a mixed trend in Asian markets.
  • Shares of WiproTech MahindraTCS, and Mindtree led the gains on the index. Read more

Bharat Forge declines 2% on reports of lower class 8 orders

Published on: 10:59 am

  • Shares of Bharat Forge declined 2% in Wednesday’s late morning trade after media reports suggested that North American Class 8 orders for February dropped for the second consecutive month in 2019 16,700 units.
  • As per media reports, FTR  data, showed North American Class 8 orders for February rose 5% on monthly basis, while declined 58% on yearly basis. January-February 2019 is the lowest two-month period since October-November 2016. Meanwhile, Class 8 orders have still totaled 429,000 units over the past 12 months. Read more

Rupee trades lower against US dollar

Published on: 10:41 am

  • The Indian currency opened lower on Wednesday against US Dollar amid a slide in crude oil prices and a mixed trend in Asian markets. The local currency opened at 70.59/$ and touched a high and a low of 70.56/$ and 70.63/$, respectively.
  • Currently, the rupee is trading at 70.57/$, down 8 paise. Read more.

Larsen & Toubro bags large contract for metro rail project

Published on: 9:56 am

  • Heavy Civil Infrastructure Business of L&T Construction has secured orders from Bangalore Metro Rail Corporation Limited for the design and construction of Phase - 2 work.
  • The project is to be completed in 42 months, the company said in a BSE filing.
  • The scope for Package No. 2 includes underground structures (tunnels & stations) ~2.76km long from Vellara Junction station to Shivajinagar station and three UG Metro Stations at Vellara Junction, M. G. Road, and Shivajinagar on the Reach-6 line. Read more

DHFL releases Independent CA Report on CobraPost allegations; stock gains 18%

Published on: 9:27 am

  • Dewan Housing Finance (DHFL) in its filing to the exchanges released a report of Independent Chartered Accountant (CA) firm T. P. Ostwal & Associates LL on CobraPost allegations. Reacting to the report, shares of the company climbed 18% in Wednesday's morning trade.
  • As per the report, the company has not promoted any of the 26 shell companies, which alleged to have siphoned off about Rs35,000cr of the company by investigative news portal Cobrapost, DHFL said in a press note after markets hours to the exchanges on Tuesday. Read more.

Cipla launches generic cinacalcet hydrochloride tablets in US

Published on: 9:20 am

  • Cipla, in its filing to the exchanges on Wednesday, informed that the company’s subsidiary Cipla USA has launched generic cinacalcet hydrochloride tablets (30mg, 60mg, and 90mg) in the USA.
  • The launch is a subject of ongoing litigation, the company said in a press note to the exchanges on Wednesday. Read more.

Nifty above 11,000 mark; HPCL, Adani Ports stocks gain

Published on: 9:17 am

  • Equity benchmark indices opened higher for third consecutive session, with the Nifty reclaiming the 11,000 mark in early trade.
  • The Sensex rose as much as 0.39% to 36,586 and the Nifty50 gained as much as 0.45% to 11,036.70.
  • The Indian rupee opened lower on Wednesday tracking losses in its Asian peers on the back of dollar strength. The home currency depreciated as much as 0.16% to 70.6 against the greenback.
  • Wipro, Indiabulls Housing, L&T, HPCL, BPCL, ITC, Vedanta, Grasim, DHFL, are the top gainers on the indices, while losers are Bharat Forge, Reliance Capital.

Bank of Baroda cut lending rates by 10 basis points

Published on: 9:09 am

  • Bank of Baroda slashed its benchmark lending rates by10bps across all tenors up to one year. Accordingly, the new rates are effective from March 07, the bank said in a press note after markets hours to the exchanges on Tuesday.
  • The Marginal Cost of Funds Based Lending Rate (MCLR) for overnight and one-month tenors would be 8.25% and 8.30%, respectively, the bank said. Read more

Endurance Tech OFS floor price set at Rs1,100/share

Published on: 9:00 am

  • The offer-for-sale by Anurag Jain, promoter of Endurance Technologies, will open for non-retail investors on March 6 and to retail investors on Thursday.
  • Anurag Jain plans to sell 63.63 lakh shares with an option to additionally sell 41.89 lakh shares (in case of oversubscription). Read more

RCom seeks DoT NoC for spectrum deal with Jio: Media reports

Published on: 8:59 am

  • Reliance Communication has written a letter to the Department of Telecommunications (DoT) secretary Aruna Sundararajan to issue a no objection certificate (NoC) to its pending spectrum trading deal with Reliance Jio Infocomm, media reports stated.
  • As per reports, the letter cited the recent order by the Telecom Dispute Settlement & Appellate Tribunal (TDSAT), which stated that liabilities of the past lies with the seller, not with the new buyer. In this deal, RCom is selling its spectrum to Reliance Jio. Read more

ITC hikes prices of select cigarette brands

Published on: 8:54 am

  • ITC has taken a price hike of 7% to 14% in select brands, namely, Bristol, Flake Excel and Capstan, as per the media sources. These brands together contribute 10-13% to the total sales of ITC. Read more
  • The price hike will aid the improvement in the EBIT margin of Cigarette segment. The stock price of ITC corrected post the Q3FY19 results because the company reported lower EBIT growth for the cigarette division at 8.8% instead of street estimate of double digit growth (11-12%) (Read more).

Asian stocks trade mixed on Wednesday

Published on: 8:42 am

  • Asian stocks traded mixed Wednesday after their US peers struggled to make headway in the absence of market-moving catalysts. The Australian dollar sank after weak data on the economy spurred traders to raise bets on interest-rate cuts.
  • Shares in Japan and Korea slipped, while stocks in Australia, Hong Kong and China posted modest gains, after the S&P 500 Index closed little changed. Read more

DHFL releases Independent CA Report on CobraPost allegations

Published on: 8:16 am

  • Dewan Housing Finance (DHFL) in its filing to the exchanges released a report of Independent Chartered Accountant (CA) firm T. P. Ostwal & Associates LL on CobraPost allegations.
  • As per the report, the company has not promoted any of the 26 shell companies, which alleged to have siphoned off about Rs35,000cr of the company by investigative news portal Cobrapost, DHFL said in a press note after markets hours to the exchanges on Tuesday. Read more

CDPQ to invest over Rs1,800cr in Edelweiss NBFC

Published on: 8:06 am

  • Edelweiss Group announced yesterday evening, post market hours, that CDPQ Private Equity Asia Pte. Ltd., a wholly owned subsidiary of Caisse de dépôt et placement du Québec (CDPQ), one of North America’s largest pension fund managers, has signed an agreement to invest over Rs1,800 crores (~$250mn) in ECL Finance Limited (ECL Finance), the non-banking financial company (NBFC) arm of Edelweiss Group.
  • The planned investment by CDPQ would contribute towards establishing a large and diversified credit platform in India. This proposed investment will close after customary regulatory approvals, the company said in the BSE filing. Read more

Top stocks in focus: DHFL, ICICI Bank, Yes Bank, Endurance, Wipro

Published on: 8:05 am

  • Five banks faced a total penalty of Rs10cr from the Reserve Bank for non-compliance with various directions. Bank of BarodaICICI BankYes Bank, and Canara Bank have been penalized by the central bank for not complying with directions on global transaction messaging software Swift. Allahabad Bank was fined for non-compliance of directions with regard to Nostro accounts.
  • DHFL stock in focus today. Auditor did find some lapses in relation to pre-sanction due diligence and in the monitoring of post disbursal end use of funds by the borrowers. The auditor does not find merit in allegations of loans said to be part of the Sahana group and/or Wadhawan group.
  • Bank of Maharashtra stock in focus. RBI levied a penalty of Rs2cr delayed implementation of SWIFT-related operational controls. Read more

Bulk Deals

Published on: 8:00 am

  • CESC Ventures: International New Discovery Fund sold 1.48 lakh shares at Rs516.44 each.
  • Spencers Retail: MFS Emerging Markets Equity Fund sold 5.75 lakh shares at Rs150.1 each.
  • LA Opala: Steadview Capital Mauritius Ltd sold 7.53 lakh shares or 0.7% equity at Rs200 each.
  • Relaxo Footwear SBI MF bought 37.2 lakh shares or 3% equity at Rs715 each. Promoter Mukand Lal Dua sold 20 lakh shares or 1.61% equity at Rs715 each. Promoter Ramesh Kumar Dua sold 20 lakh shares or 1.61% equity at Rs715 each.
  • Shree Pushkar Chemicals & Fertilizers Edelweiss Multi Strategy Funds Management Pvt Ltd – Hexagon sold 1.55 lakh shares or 0.5% equity at Rs130.14 each.
  • SP Apparels Edelweiss Multi Strategy Funds Management Pvt Ltd – Hexagon sold 1.68 lakh shares or 0.65% equity at Rs253.22 each.
  • PG Electroplast: Swing Infraspace Private Limited sold 94,705 shares of the company at Rs78.61 per share.
  • Shalimar Paints: Meenakshi Gupta sold 4.78 lakh shares of the company at Rs65.22 per share.
  • Surani Steel Tubes: Satyanarayan Jagannath Kabra sold 50,000 shares of the company at Rs53.9 per share.

SGX Nifty indicating a positive opening for Indian markets

Published on: 7:55 am

  • SGX Nifty is at 11061, up 28 points.  For today, we expect midcaps to continue to outperform as the Nifty sees consolidation.
  • On Tuesday, Nifty saw a very strong session after a flat start with the midcap stocks and indices jumping to near 6-month highs. The breadth was extremely positive with participation across the broader markets as mid and smallcaps led the rally. The Nifty closed just shy of 11000 with auto, metals, and banks leading the gainers, while IT was the only losing sector. Read more

FII and DII Data

Published on: 7:51 am

FII/DII Data: In yesterday’s trading session FIIs bought 752cr worth of stock in cash whereas DIIs bought 581cr worth of stock. In the derivative market, FIIs bought 144cr of Index futures and bought 482cr worth of Index options. In the Stock futures segment, FIIs bought 559cr worth of stock futures and bought 5cr stock options.

FII View: In the Index future segment, FIIs created almost identical bullish and bearish positions, keeping the long-short ratio around 1.1x. However, they created 18886 contracts of speculative long positions in index call options, hinting a continuation of current upmove in the benchmark index upto the immediate resistance level of 11200.  

FII OI(000's) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 105 4 11 1.1 0.9
Future Index Short 99 4 22
Option Index Call Long 171 12 (88) 3.2 3.2
Option Index Call Short 54 7 (96)
Option Index Put Long 292 1 (84) 1.9 1.9
Option Index Put Short 152 7 (91)

What not to miss today

Published on: 7:46 am

  • Markets to open higher; Nifty support @10870, resistance 11100.
  • FII bought 752cr (cash), 144cr in Index futures.
  • US, Asian stocks in red as investors watch US-China trade negotiations.
  • Rupee gained 43 paise at 70.49/$.
  • RCom writes to telecom secretary seeking DoT NOC for spectrum deal with Jio. Read more.

Derivative Watch

Published on: 7:24 am

  • Bank Nifty futures added massive open positions of more than 20% for the second trading day in a row, indicating a buildup of long positions.
  • Nifty Bank Index outperformed the benchmark index by a whopping ~1% as major banking heavyweights like Axis, ICICI, SBI & Kotak Bank posted strong gains along with a rise in open positions.
  • Stocks like PC Jewellers, Ujjivan, and Tata Chem saw a massive spike to the tune of ~25% in open interest, hinting a formation of long positions.

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