Latest news and updates

08th Mar, 2019

Nifty settles below 11,050 mark; Tata Motors, Wipro stocks slip

Published on: 3:32 pm

  • Equity benchmark indices in the negative territory on Friday as selling pressure were seen in metal, IT, media, and auto indices.
  • The Sensex ended 53 points lower at 36,371, and the Nifty slipped 23 points at 11,035.
  • NTPC, GAIL, and Eicher were the top gainers, while Tata Motors, Wipro, and HCL Tech among top losers on the Nifty.

Varun Beverages opens greenfield production facility at Pathankot

Published on: 3:16 pm

  • Varun Beverages announced the inauguration of its greenfield production facility at Pathankot by the Hon'ble Chief Minister of Punjab. This facility will create in-house production capacity for Tropicana fruit juices dairy based products. carbonated soft drinks, Aquafina water, Gatorade and Lipton ice tea. 
  • Varun Beverages Ltd is currently trading at Rs802 down by Rs10.35 or 1.27% from its previous closing of Rs812.35 on the BSE. Read more

Nifty trades below 11,050 mark; Metal, IT stocks underpressure

Published on: 2:57 pm

  • Equity benchmark indices were trading in the negative zone led by a fall in Infosys, L&T, RIL, and HCL Tech.
  • The Nifty Metal index is trading over 1.7% lower led by MOIL, Jindal Steel, and Hindalco. The Nifty IT index, too, is trading 0.94% lower, dragged by Wipro and Infibeam Avenues.
  • The Sensex was down 61 points to 36,664 levels, while the Nifty was down 26 points to 11,031.

Allahabad Bank, IPCA Lab stock hits 52-week high

Published on: 2:50 pm

  • Shares of Allahabad Bank and IPCA Lab hit a 52-week high on the BSE in today’s trade.
  • Allahabad Bank stock extended its past three weeks' rally after the government announced capital infusion of Rs6,896cr in the bank. The company experienced a spurt in volumes by more than 1.47 times. Read more

Rupee appreciates 19 paise to 69.81/US$

Published on: 2:34 pm

  • The Indian rupee erased its morning losses and gained 19 paise to trade at the day’s highest level of 69.81 against the dollar. The currency depreciated 18 paise to open at 70.18/$ compared to the previous close of 70/$.
  • At 2:30 PM IST, the domestic unit was trading at 69.86 against the dollar. On Thursday, the rupee gained 26 pasie to close at 70/$. Read more

Nifty IT declines 1% led by Wipro, Infibeam, HCL Tech

Published on: 2:09 pm

  • The Nifty IT index declined 1% on Friday amid heavy selling in WiproInfibeamHCL Tech, and Infosys.
  • Further, appreciation in the Indian rupee kept the IT index under pressure. The Indian rupee appreciated 17 paise to trade at the day’s high of 69.83 against the dollar. The domestic unit depreciated 18 paise to open at 70.18 against the dollar compared to the previous close of 70/$. Read more

Passenger Vehicle Sales up 3.7%: SIAM

Published on: 1:59 pm

  • The industry produced a total 2,87,35,269 vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycle in April-February 2019 as against 26,421,110 in April-February 2018, registering a growth of 8.76% over the same period last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
  • The sale of Passenger Vehicles grew by 3.27% in April-February 2019 over the same period last year. Read more

Jubilant Lifesciences gets warning letter for Roorkee facility; stock down 4%

Published on: 1:46 pm

  • Jubilant Life Sciences, an integrated global pharmaceuticals and life sciences company, has announced that the USFDA conducted inspection at a manufacturing facility in Roorkee, India, for solid dosage formulations during August 2018 and was subsequently intimated by the agency of the facility being classified the facility as “Official Action Indicated” (OAI) in December 2018 as well as issued a warning letter for the facility.
  • Jubilant Life Sciences Ltd is currently trading at Rs756.50 down by Rs27.4 or 3.5% from its previous closing of Rs783.90 on the BSE. The scrip opened at Rs783.50 and has touched a high and low of Rs795.90 and Rs747.30 respectively. Read more

Zensar gains 2% after US firm selects co as IT partner

Published on: 12:39 pm

  • Shares of Zensar Technologies climbed 2% on Friday after the company was selected by Vyaire Medical as their IT transformation partner to deliver a combination of IT Infrastructure operations, cloud transformation, application maintenance, and application development initiatives.
  • Accordingly, Zensar will provide for the transformation initiatives includes Digital Workplace Services; Digital Operation Services with the end to end Data Center Services, Network Services, and Public Cloud Support; and transformation, maintenance, and support of applications. Read more

Ashok Leyland bags order for 1,290 Buses from Gujarat State Roadways Transport Corporation

Published on: 12:27 pm

  • Ashok Leyland, flagship of the Hinduja Group, had bagged an order from GSRTC (Gujarat State Roadways Corporation) for 1,290 buses. This order comes close on the back of 2,580 bus orders received from various state transport undertakings recently.
  • Vinod K. Dasari, Managing Director, Ashok Leyland, said, "We are very happy to receive the confirmation of this order from GSRTC. Our ability to bring value, combined with our superior technology and innovation will help us maintain our leadership position in buses in India." Read more.

Granules India stock climbs 8% after promoters sell shares worth Rs50cr

Published on: 12:07 pm

  • Granules India shares climbed 8% on the BSE. The company said that the promoters of the company have sold 50 lakh shares to a group of reputed investors in a block deal on the stock exchanges, to mobilize about Rs50cr. In addition to it, the promoters are also monetizing personal assets worth up to another Rs50cr., which is expected to complete shortly.
  • The funds raised through these transactions will be used to reduce promoter leverage by up to Rs100cr and which will subsequently bring down the Promoters pledged position to around 30% from current level of 54%. Read more

Nifty Metal drops ~2% on weak global cues

Published on: 11:46 am

  • The Nifty Metal index dropped 2% in Friday’s morning trade on weak global cues amid dismal Chinese economic data. Shares of HindalcoMOILJindal SteelCoal IndiaJSW Steel, and Vedanta.
  • As per China’s government data, February’s trade balance was significantly weaker at $4.12bn compared to $39.16bn in January. Further, February exports fell 20.7% compared to growth of 9.1% in the same period a year ago, and imports contracted 5.2% in February compared to 1.5% contraction reported in February 2018. Read more

Live share market update: Profit booking drags market lower; Wipro takes a nose dive

Published on: 11:45 am

  • Indian equity markets are trading on a negative note as profit booking weighs in. Nifty & Bank Nifty are trading marginally lower, down 0.3%/0.2%.
  • Wipro is trading ~4% lower as its Founder sold 2,67cr shares in a block deal at Rs260 per share.
  • Mukesh Ambani promoted Reliance Industrial Infra is trading 10% higher and has given a 89day EMA price breakout with a heavy uptick in the volumes. Read more

Nifty holds 11,000 mark; Tata Motors, Wipro stocks slip

Published on: 11:19 am

  • Equity benchmark indices extended losses and hit fresh intraday low in the morning trade.
  • The Sensex was down 71 points to 36,653 levels, while the Nifty was down 33 points to 11,025. The market breadth was negative with 690 shares advancing, 952 shares declining, and 428 remaining unchanged on the NSE.

Suven Life JV to acquire assets of Aceto Corp's Rising Pharma

Published on: 11:14 am

  • Suven Life Sciences has entered into a “stalking-horse” asset purchase agreement to buy the assets of Aceto Corporation’s Rising Pharmaceuticals and Rising subsidiaries through its joint venture partner Shore Suven Pharma, Inc., subject to Court-approved bidding process under Section 363 of US Bankruptcy Code.Shore Suven Pharma, Inc. is a joint venture between Suven Life Sciences and Shore Pharma Investments, LLC of USA.
  • Suven Life Sciences Ltd is currently trading at Rs269.05 up by Rs2.25 or 0.84% from its previous closing of Rs266.80 on the BSE. The scrip opened at Rs269.85 and has touched a high and low of Rs275 and Rs267.50 respectively. Read more

Arvind Fashions lists at Rs591.75 on BSE

Published on: 11:02 am

  • Arvind Fashions, the de-merged business of Arvind, got listed at Rs591.75 on the BSE. The exchange informed that effective March 8, 2019, the equity shares of Arvind Fashions admitted to dealings in the list of T-Group securities.
  • Arvind Fashions Ltd is currently trading at Rs621.30 up by Rs309.85 or 99.49% from its previous closing of Rs311.45 on the BSE. Read more

Wipro, Edelweiss Financial slip after block deal

Published on: 10:37 am

  • Shares of Wipro were trading lower by 3.5% on the NSE in morning trade after ~26.7mn shares changed hands in a single block on the BSE. Edelweiss Financial Services also dropped 2% after 12.1 lakh shares changed hands in a single block.
  • In other block deals, shares of Advanced Enzyme Technologies rallied 13% after 1cr shares of the company changed hands in two block deals on the BSE and NSE. Read more

Tata Motors slips 3% as JLR sales drop in February

Published on: 10:28 am

  • Shares of Tata Motors slipped 3% on Friday after Jaguar Land Rover (UK) sales dropped 4.1% yoy to 38,288 units in February amid weak demand in China.
  • Strong sales of I-PACE, E-PACE, refreshed Range Rover and Range Rover Sport was offset by overall weak customer demand in China as well as the run out of the old Range Rover Evoque, with sales of the all-new Evoque expected to ramp up over the coming months, the company said in a press note after markets hours to the exchanges on Friday. Read more

Rupee trades 12 paise lower against US Dollar

Published on: 9:55 am

  • The Indian rupee snapped three day’s gain and opened lower on Friday against US Dollar after the European Central Bank (ECB) slashed its growth forecasts and launched an emergency round of policy stimulus. Meanwhile, traders await US jobs data will be released today.
  • The rupee was trading at 70.11 a dollar, down 12 paise from its Thursday’s close of 69.99/$. Read more

Sensex, Nifty trade lower; IT stocks slip 1%

Published on: 9:45 am

  • Equity benchmark indices opened lower on Friday amid fears of a slowing global economy. Global equities declined and oil prices fell slightly, while safe-haven assets such as the yen and gold held steady after ECB President Mario Draghi said the economy was in "a period of continued weakness and pervasive uncertainty."
  • The Sensex was down 38 points to 36,687 levels, while the Nifty was marginally down 16 points to 11,041 levels. The market breadth was neutral with 865 shares advancing, 657 shares declining, and 526 remaining unchanged on the NSE. Read more

ECB delivers fresh round of monetary stimulus on economic growth worries

Published on: 9:24 am

  • The European Central Bank (ECB) in its policy meet launched a fresh round of monetary stimulus amid growing concerns regarding economic growth.
  • "We decided to launch a new series of quarterly targeted longer-term refinancing operations (TLTRO-III), starting in September 2019 and ending in March 2021, each with a maturity of two years. These new operations will help to preserve favorable bank lending conditions and the smooth transmission of monetary policy," said Mario Draghi, President of ECB while presenting outcome to meeting at a news conference in Frankfurt, Germany. Read more

Nifty below 11,050 mark; Wipro, Hindalco stocks slip

Published on: 9:19 am

  • Equity benchmark indices opened lower on Friday amid fears of a slowing global economy. Global equities declined and oil prices fell slightly while safe-haven assets such as yen and gold held steady after ECB President Mario Draghi said the economy was in "a period of continued weakness and pervasive uncertainty".
  • The BSE Sensex fell 41 points at 36,684 and the Nifty dropped 27 points at 11,031.
  • The Indian rupee depreciated as much as 0.26% to 70.18 against the greenback. 

VA Tech wins contract worth Rs575cr from Namami Gange Project

Published on: 9:14 am

  • VA Tech Wabag Limited (Wabag) has secured Rs575cr worth of orders under the prestigious National Mission for Clean Ganga (NMCG) scheme to design, build, rehabilitate, and operate sewage treatment facilities and associated infrastructure in Kolkata, West Bengal.
  • The project will be executed on public private partnership basis under the Hybrid Annuity Model (HAM). Read more

Reliance Industries inks MoU with NMSEZ to lease 4,000acre land

Published on: 9:03 am

  • Reliance Industries signed an MoU with NMSEZ to sub-lease land of about 4,000 acres along with the associated development rights by making an initial payment of Rs2,180cr, the company informed after markets hours to the exchanges on Thursday.
  • The transaction is subject to fulfillment of certain conditions, the company added. Read more

Broker Radar for March 08

Published on: 8:39 am

CLSA maintained ‘Sell’ on Hindalco, cut TP to Rs180 from Rs195.
  • Easing aluminum cost support and slowing global autos pose headwinds.
  • Concerned on the outlook for Novelis given slowing global auto demand.
Goldman Sachs on TCS  upgrade to ‘Buy’ from ‘Neutral’, raised TP to Rs2,359 from Rs1,856.
  • Raising dollar revenue growth forecast in FY18-21 to 10.3% vs. 8.9% previously.
  • Expect TCS to outperform Infosys in terms of EPS growth and ROE/ROIC. Domain expertise to help clients digitize. Read more

Lupin gets USFDA approval for Atorvastatin Calcium Tablets

Published on: 8:32 am

  • Lupin in its press note to the exchanges informed that the United States Food and Drug Administration (USFDA) granted approval to market Atorvastatin Calcium Tablets USP, 10 mg, 20 mg, 40 mg, and 80 mg in the US.
  • Lupin's Atorvastatin Calcium Tablets USP 10 mg, 20 mg, 40 mg, and 80 mg, is the generic version of Pfizer Inc's Lipitor Tablets, 10 mg, 20 mg, 40 mg, and 80 mg, the company said in press note after markets hours to the exchanges on Thursday. Read more

Current FII data

Published on: 8:16 am

FII/DII Data: In yesterday’s trading session, FIIs bought 1138cr worth of stock in cash, whereas DIIs sold 925cr worth of stock. In the derivative market, FIIs bought 533cr of Index futures and bought 2073cr worth of Index options. In the Stock futures segment, FIIs sold 378cr worth of stock futures and sold 84cr stock options.

FII View: In the Index future segment, FIIs created 3314 contracts of bullish but the long-short ratio around continued to remain at 1.1x. However, they created 18073 contracts of speculative long positions in index call options and they sold off 15948 contracts of long positions in index puts which they were carrying, since the start of the March series. Overall positioning of FII’s continue to remain on the long side, so Nifty can hold the important support level of 11000. 

FII OI(000's) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 109 3 16 1.1 1.0
Future Index Short 96 (1) 17
Option Index Call Long 208 10 (85) 3.6 3.6
Option Index Call Short 58 10 (96)
Option Index Put Long 277 (5) (85) 1.7 1.6
Option Index Put Short 164 (1) (91)

SGX Nifty indicates negative opening for Indian markets

Published on: 8:07 am

  • SGX Nifty is at 11053, down 43 points. For today, we expect the same as, mid caps consolidate & foreign flows continue to see strength in the rupee and large caps. The Nifty is now set to outperform the global weakness as we catch up on the flows and rupee strength.
  • On Thursday, the Nifty saw a range-bound session with the index closing almost flat. Foreign investors continued their buying spree, while local mutual funds booked profits, which saw market succumb to profit booking. Read more.

What not to miss today

Published on: 7:54 am

  • Markets to open lower; Nifty support @10970, resistance 11089.
  • FIIs bought 1138cr (cash), 533 in Index futures.
  • US, Asian markets decline on global economic growth concerns.
  • ECB injects more stimulus as Mario Draghi reveals slashed economic forecasts.
  • Rupee gains 28 paise at 70/$. Read more.

Bulk deal

Published on: 7:43 am

  • NIIT: Canara Robeco MF buys 12 lakh shares at Rs92.80 apiece.
  • Vijaya Bank: Morgan Stanley buys 81.3 lakh shares at Rs 45.97 apiece.

Derivative Watch

Published on: 7:32 am

  • Bank Nifty futures added fresh open positions for the fourth trading day in a row, indicating a continued buildup of long positions.
  • Allahabad Bank, Canara Bank & SBI gained 6%, 1.3%, and 1% along with soaring open positions, indicating a buildup of continued long positions.
  • Profit booking was witnessed in yesterday’s top gainers like Suzlon, LVB, and J&K Bank as the majority of their previous gains were taken away by an unwinding of open positions.

Editors Choice

 

Blogs & Personal Finance

More