Latest news and updates

07th Mar, 2019

Sensex, Nifty extend gains for 4th consecutive session

Published on: 3:44 pm

  • Equity benchmark indices extended rally for the fourth consecutive session on Thursday. However, the Nifty settles below the key level of 11,100.
  • The Sensex closed 89 points up at 36,725 level, the Nifty rose 5 points to end at 11,058 levels.
  • Among stocks, shares of L&T, M&M, Axis Bank, SBI and Power Grid gained the most. On the flip side, IOC, Coal India, Zee Ent, Wipro, and NTPC were the top losers.
  • Market breadth was marginally negative on the NSE with 853 shares advancing, 889 shares declining, and 332 shares remaining unchanged.

Pennar Group bags orders worth Rs302cr

Published on: 3:30 pm

  • Pennar Group, a leading value-added engineering products and solutions company, has bagged orders worth Rs302cr during the month of February 2019, across its various business verticals and the subsidiary, PEBS Pennar.
  •  The Group’s flagship company Pennar Industries Limited (PIL) received multiple orders aggregating Rs187cr across its business verticals. Read more.

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Nifty above 11,050-mark; PSU bank extends gain

Published on: 3:10 pm

  • Equity benchmark indices were trading in the green during the last trading hours on Thursday after witnessing volatile session earlier. The Sensex climbed 118 points at 36, 754 points and the Nifty rose 16 points to trade at 11,068 points, well above its key level of 11,050.
  • Among stocks, L&T, M&M, Axis Bank, HPCL, and Power Grid were the top gainers. Conversely, shares of Wipro, Coal India, IOC, Zee Entertainment, and Tech Mahindra lost the most.
  • Market breadth was marginally positive on the NSE with 893 shares advancing, 846 shares declining, and 335 shares remaining unchanged.

Marksans Pharma slips 3% as USFDA issue 8 observations for Goa facility

Published on: 3:04 pm

  • Shares of Marksans Pharma dropped 3% on Thursday as the US Food and Drug Administration (USFDA) issued Form 483 with eight observations after concluding inspection of the company’s Goa facility.
  • The inspection of the facility took place between February 25 to March 6, 2019, the company said in a press note to the exchanges on Thursday. Read more.

Nifty PSU Bank gains 2% led by PNB, Bank of Baroda, Syndicate Bank

Published on: 2:55 pm

Cabinet approves additional funds for interest subvention on loans to sugar mills; Sugar stocks mixe

Published on: 2:26 pm

NHPC gains 5% Cabinet approval for investment in Chenab valley

Published on: 2:06 pm

  • Shares of NHPC gained 5% on Thursday after the Cabinet Committee on Economic Affairs (CCEA) approved an investment proposal of the company for Chenab valley power project and acquisition of Lanco's Teesta hydro project.
  • As per media reports, Cabinet chaired by Finance Minister Arun Jaitley on Thursday granted approval for the investment sanction for construction of Kiru Hydro Electric Project (624 MW) by Chenab Valley Power Projects Private Limited (CVPPPL). CVPPPL is a Joint Venture Company of NHPC Limited, JKSPDC and PTC (India) Limited. Read more

LT Foods stock gains 2%

Published on: 1:39 pm

  • Shares of LT Foods gained 2% on the BSE in afternoon trade.
  • The company has decided to make an investment of Rs20cr in the form of preference shares in its majority-owned subsidiary company Daawat Foods Limited (DFL) to strengthen the balance sheet of DFL and improve its current ratio.
  • Daawat Foods Limited serves as the manufacturing arm of LT Foods Limited. In FY18, Daawat Foods reported revenue of Rs912cr (5-year CAGR of more than 15%), EBITDA of Rs105cr and PAT of Rs33cr, the company said in the filing. Read more.

Nifty trades below 11,050 mark; L&T, M&M stocks lead

Published on: 1:36 pm

  • Equity benchmark indices turned choppy in the afternoon trade on Thursday. The Sensex was up 24 points to 36,660, while the Nifty is trading below the 11,050-mark, down 13 points.
  • Indiabulls HF, Yes Bank, IOC were trading lower 2% respectively, while L&T, M&M, HPCL, and Tata Motors were among top gainers on the Nifty.

AAVAS Financiers extends gains; stock up 4%

Published on: 1:26 pm

  • Shares of AAVAS Financiers extended the rally for the sixth consecutive session and hit a new high on the BSE.
  • In the past four trading sessions, the stock has rallied 21% on the BSE. CARE Ratings on March 1 upgraded the company's credit rating to AA-/stable from A+/positive for long-term bank facilities and subordinated debt.
  • The rating agency reaffirmed A1+ rating on the proposed commercial paper issue. Read more.

Nifty IT index down as rupee appreciates beyond 70/$-mark

Published on: 12:46 pm

  • The Nifty IT Index dropped over half a percentage in Thursday’s afternoon trade after the Indian rupee appreciated beyond the 70-mark against the dollar.
  • Shares of InfibeamWipro, InfosysTech Mahindra, and HCL Tech leading the index's fall.
  • The Indian rupee appreciated by 34 paise at 69.94 against the dollar. The currency gained 20 paise to open at 70.08/$ compared to the previous close of 70.28/$. The appreciation could be attributed to lower crude oil prices in global markets. Read more.

HFCL stock gains over 2% after order win

Published on: 12:18 pm

  • Shares of Himachal Futuristic Communications (HFCL) gained over 2.5% on the BSE.
  • The company has received a purchase order (PO) worth Rs117cr from Tata Projects for the supply of optical fibre cables (OFC) for creating OFC Network Infrastructure under Bharat Net Phase-II Project in the state of Chhattisgarh.
  • It is a project of national importance, envisage to connect & provide broadband connectivity at around 2,50,500 gram panchayats in the country. Read more.

GIC to invest Rs5000cr in Bharti Airtel via rights issue

Published on: 11:49 am

  • Bharti Airtel in its filing to the exchanges on Thursday informed that GIC will invest Rs5000cr in the company through a rights issue of shares.
  • The company gave further details of its largest capital infusion plan involving a mix of rights issue and perpetual bond issue to raise a total of up to Rs32,000cr to further bolster its capital structure in a press note to the exchanges on Thursday. Read more

Sensex, Nifty trade volatile; Metal, media stocks drag

Published on: 11:38 am

  • Equity benchmark indices were trading volatile as selling pressure in metal, media, auto, IT and banking stocks.
  • The Sensex was up 45 points to 36,681, while the Nifty was marginally down 3 points to 11,050 levels. The market breadth was neutral with 841 shares advancing, 815 shares declining, and 413 remaining unchanged on the NSE.

DHFL stock falls 2% after rating agency revises long-term ratings

Published on: 11:32 am

  • Rating agency CARE Ratings has downgraded long-term rating of Dewan Housing Finance Corporations Ltd's (DHFL) debt worth about Rs1.13 lakh cr, saying that the company has made limited progress on the sell down of its builder book and inflows from securitization deals.
  • CARE Ratings said that it will keep monitoring the progress of various initiatives, including a sale of builder portfolio, inflows from the retail pool securitization, and plans to explore strategic partnership and fresh capital infusion.
  • Shares of Dewan Housing Finance Corporation Ltd is currently trading at Rs145.05 down by Rs3.75 or 2.52% from its previous closing of Rs148.80 on the BSE. Read more

Live share market update: Markets trade on a flat note

Published on: 11:23 am

  • Indian equity markets are trading on a lacklustre note. Nifty & Bank Nifty are trading marginally lower, down 5/20 points, respectively.
  • USD/INR witnessed a gap down opening as INR continues to appreciate and is up 0.3% since yesterday.
  • Profit booking was seen in yesterday’s major outperformers like Suzlon, J&K Bank & Lakshmi Villas Bank which are trading 10%, 6%, & 3% lower, respectively. Read more

Reliance Capital aims to cut debt by Rs10,000cr to Rs12,000cr in 3-4 months

Published on: 11:08 am

  • Reliance Capital is in the process of monetizing its entire 42.88% stake in Reliance Nippon Life Asset Management Limited, which at the current market price, is valued at over Rs5,000cr.
  • Based on the above information, the company expects to realize minimum proceeds of Rs10,000-12,000cr within the next 3-4 months, and slash its debt by a substantial 50-60% besides clearing all short term maturities. Read more

Larsen & Toubro gains 3% on receipt of orders

Published on: 10:45 am

  • Shares of Larsen & Toubro (L&T) are trading 3% higher on Thursday after the company’s construction arm received orders for its Buildings & Factories, Metallurgical & Material Handling and GeoStructure businesses across varied states in India.
  • Accordingly, the company has secured an order for the construction of Campus Development of IIT Hyderabad Package 3A at Kandi, Telangana, L&T said in a press note to the exchanges on Thursday. Read more

Rupee extends gain in morning trade, up 27 paise

Published on: 10:30 am

  • The Indian rupee opened higher by 30 paise in morning trade on Thursday. The local currency touched the 70/dollar mark for the first time in two months, gaining for the third session against the US dollar on continued inflows from foreign investors in local equity markets.
  • Currently, the local unit is trading higher by 27 paise at 70/$. Read  more

Sensex, Nifty trade flat; Vedanta, Coal India stocks slip

Published on: 10:08 am

  • Equity benchmark indices opened in the green for the fourth consecutive session on Thursday. However, markets failed to hold gains and turned flat after selling pressure was seen in most sectors.
  • The Nifty Metal index was trading ~1% lower with Vedanta, SAIL, and Coal India leading the losers.
  • The Sensex was up 27 points to 36,663 levels, while the Nifty was marginally down 3 points to 11,050 levels. Read more

NELCO gains 3% on securing In-Flight & Maritime Connectivity license

Published on: 9:47 am

  • Shares of NELCO gained 3% in Thursday’s morning trade after the company’s wholly-owned subsidiary Tatanet Services Ltd (TNSL) received an In-Flight and Maritime Connectivity license from the Department of Telecommunications (DoT).
  • The license has been granted by DoT under the flight and maritime connectivity rules 2018, announced by the central government, the company said in a press note after markets hours to the exchanges on Wednesday. Read more.

HDFC to pay Rs3.5/share as interim dividend

Published on: 9:23 am

  • Housing Development Finance Corporation (HDFC) has declared an interim dividend of Rs3.50 for the financial year ended March 31.
  • The objective of payment of interim dividend is to distribute dividends received by the Corporation from its subsidiary companies during the year to the Corporation's shareholders.
  • The announcement made after market hours on Wednesday. Read more.

Nifty opens above 11,050 mark; HPCL, Tata Motors stock up 2%

Published on: 9:19 am

  • Equity benchmark indices opened higher for the fourth consecutive session. The stocks market opened on a flat note amid mixed global cues.
  • The Sensex was up 46 points at 36,682, while Nifty is up 4 points at 11,057.
  • HPCL, Tata Motors, and Infratel were the top gainers, while Indiabulls HF, Sun Pharma, and ICICI Bank were among the top losers on the NSE.
  • The rupee strengthened to 69.98 a dollar as compared to its Wednesday's close of 70.27.

Vedanta’s board approves 2nd interim dividend of Rs1.85/share

Published on: 9:11 am

  • Vedanta in its filing to the exchanges informed that the company’s board has granted approval for the second interim dividend of Rs1.85/equity share for FY19 amounting to the total payout of Rs685cr.
  • The record date for the purpose of payment of dividend is March 14, 2019, the company said in a press note after markets hours to the exchanges on Wednesday. Read more.

Asian stocks trade mixed; Nikkei 225 index down ~1%

Published on: 9:06 am

  • Asian stock markets were mixed Thursday as global growth concerns resurfaced and US equities fell back. The dollar steadied after six days of gains and the yen edged higher.
  • Shares in Japan and Hong Kong dropped, fluctuated in Shanghai and posted modest gains in Australia. Earlier, the S&P 500 Index fell for the third day after reports showed the US trade deficit widened in 2018 to a 10-year high and private companies added fewer employees than analysts forecast last month. Treasury yields ticked lower. Read more.

Broker Radar for March 07

Published on: 8:31 am

  • JPMorgan maintained ‘Neutral’ on Crompton Greaves & Consumer with a TP of Rs240. Lighting segment: moderation in price erosion to aid value growth. Fans segment: premiumization and market share gain led growth strategy in place. Pumps segment: the economy and agri foray gaining traction.
  • CLSA maintained on Zee Entertainment ‘Buy’ with a TP of Rs670. Management change unlikely post stake sale. Strategic stake sale poses limited risks. Stake sale to allay risk of promoter pledges. Read more

Biocon gets 6 observations from USFDA post inspection of Bengaluru plant

Published on: 8:22 am

  • Biocon in its filing to the exchanges informed that the United States Food and Drug Administration (USFDA) has issued 6 observations in Form 483 after pre-approval inspection of its insulin drug substance manufacturing facility in Bengaluru.
  • "USFDA concluded a pre-approval inspection of Biocon's insulin drug substance manufacturing facility triggered by a New Drug Application submitted by our insulin AP/customer," the company said in a press note after markets hours to the exchanges on Wednesday. Read more

Bulk deal

Published on: 8:15 am

  • Sunteck Realty Limited: BNP Paribas Arbitrage bought 41.26 lakh shares or 2.8% equity at Rs370 each.
  • Relaxo Footwears: AFIS a/c American funds insurance series growth income fund bought 8.67 lakh shares or 0.7% equity at Rs715 each.
  • Eveready Industries India India Opportunities Growth Fund Ltd-Pinewood Strategy bought 7 lakh shares or 1% equity at Rs200 each. OHM Enterprises bought 6 lakh shares or 0.8% equity at Rs200 each. OHM Juniper Longterm Fund Ltd bought 5 lakh shares or 0.7% equity at Rs200 each. DSP Mutual Fund A/C DSP Small Cap Fund sold 21.7 lakh shares or 3% equity at Rs200 each.
  • Lux Industries Limited Abakkus Growth Fund – 1 bought 3 lakh shares or 1.2% equity at Rs1,228.04 each. Monet Securities Private Ltd sold 2.46 lakh shares or 1% equity at Rs1,230.08 each.
  • Keerti Know & Skill: Ajit Laxmichand Jain HUF sold 20,000 shares of the company at Rs70 per share.
  • Lakshmi Vilas Bank: Premjayanti Enterprise Pvt Ltd sold 14.50 lakh shares of the company at Rs76.59 per share.
  • OnMobile Global: Altruist Technologies Private Limited bought 5.70 lakh shares of the company at Rs33.04 per share.
  • 7NR Retail: Rathod Manoj Chhaganlal HUF sold 84,000 shares of the company at Rs34.75 per share.
  • Jaipan Industries: Capgrow Capital Advisors LLP sold 36,618 shares of the company at Rs16.70 per share.
  • Majestic Research: Veer Enterprise sold 1.03 lakh shares of the company at Rs30.33 per share.

SGX Nifty indicating a flat opening for Indian markets

Published on: 8:13 am

  • SGX Nifty is at 11100, up 3 points. For today, we expect more index-based buying as mid-caps may see some cool off after the strong rally.
  • On Wednesday, Nifty saw another positive close with the index very near 11100 as heavyweights see strong foreign investor buying. Midcaps have been the toast of the town in the last fortnight as local funds buy aggressively.
  • Foreign institutional investors have turned very positive on Indian markets and are buying across the board. Read more.

Top stocks in focus: Tata Motors, HDFC, Biocon, Vedanta

Published on: 8:02 am

  • Tata Motors has announced its partnership Delhi-based Wise Travel India (WTi) for the supply of the Tigor electric vehicles, as per media reports. The Indian auto giant has signed an MoU with WTi and will be deploying the Tigor EVs in its fleet used in ground transportation for people in the B2B space.
  • HDFC said it will pay Rs3.5 per share as an interim dividend and has set March 18 as the record date.
  • Oriental Bank of Commerce said that the Reserve Bank of India levied a penalty of Rs2cr delayed implementation of SWIFT-related operational controls. Read more

What not to miss today

Published on: 7:58 am

  • Market to open on a flat note; Nifty support @10930, resistance 11128.
  • FIIs bought shares Rs1,131 (cash), 377cr in Index futures.
  • Rupee gains 21 paise at 70.28/$. Read more.

FII and DII Data

Published on: 7:29 am

FII/DII Data: In yesterday’s trading session, FIIs bought 1131cr worth of stock in cash, whereas DIIs sold 878cr worth of stock. In the derivative market, FIIs bought 377cr of Index futures and bought 289cr worth of Index options. In the Stock futures segment, FIIs bought 161cr worth of stock futures and bought 140cr 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 18349 contracts of speculative long positions in index call options and 14443 contracts of short positions in index puts, hinting a continuation of the current up move in the benchmark index up to the immediate resistance level of 11200.  

FII OI(000's) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 106 1 12 1.1 0.9
Future Index Short 96 (3) 18
Option Index Call Long 190 11 (86) 3.6 3.6
Option Index Call Short 53 (2) (96)
Option Index Put Long 293 0 (84) 1.8 1.7

Derivative Watch

Published on: 7:28 am

  • Markets posted a stellar show on Wednesday, as across the board buying frenzy weighed.
  • In Bank Nifty futures added fresh long positions as open interest soared higher for the third day in a row along with a rise in the underlying price. 
  • On the options front (March 28, 2018 expiry), a big delta move in the index during the last three trading session has led to an unwinding of short positions in At-the-money and In-the-money call strikes, as option writers ran for cover amidst strong market momentum.
  • Put/Call ratio of major ITM option strikes surged higher, hinting a continued upward momentum for the index. 
  • Stocks like Jubilant Food and Power Grid saw a massive spike in open interest, hinting a formation of long positions.

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