Latest news and update

20th Mar, 2019

Sensex, Nifty end flat in lacklustre day; NTPC, ONGC stocks decline

Published on: 3:32 pm

  • Equity benchmark indices ended on a flat note on Wednesday. The Sensex rose 23 points at 38,387, while Nifty was down 11 points at 11,521.
  • Indiabulls Housing Finance, Infosys, Hindalco, L&T, and Dr Reddy's Labs were top gainers on Nifty50, while Zee, NTPC and ONGC were top losers.
  • Hindustan Petroleum Corp, Bharat Petroleum Corporation and Indian Oil were also among the biggest draggers on the NSE index, falling up to 5.5%.

Bank Nifty hits fresh record high; PNB surges 3%

Published on: 3:20 pm

  • The Nifty Bank index was trading higher at 29,827.75 in the last hour of the trading session on Wednesday. PNBHDFC Bank and IndusInd Bank gained over 2%, followed by Kotak Mahindra Bank, which is also trading marginally up.
  • Shares of Federal Bank, ICICI Bank, and IndusInd Bank fell 1%, and those of RBL Bank, Axis Bank, and SBI were trading in the negative zone. Read more

Sensex, Nifty trade volatile; HPCL, Zee stocks drag

Published on: 3:01 pm

  • Equity benchmark indices were trading flat in the afternoon session.
  • The Sensex gained 46 points at 38,410 levels, while the Nifty is slightly down 4 points to trade at 11,528.
  • Indiabulls HF, Infosys, and Hindalco were top gainers on Nifty50 while HPCL, Zee, and ONGC fell the most on the index.

Embassy Office Parks REIT IPO fully subscribed on the last day

Published on: 2:52 pm

  • Embassy Office Parks REIT’s (Embassy REIT), the first ever by a Real Estate Investment Trust in India, initial public offering (IPO) was oversubscribed on its last day.
  • The Rs4,750cr issue was subscribed 1.2 times on Wednesday, as per NSE data. The quota for institutional investors got subscribed 1.43 times, NSE and BSE data showed. Read more

Vodafone Idea approves rights share issue at Rs12.50/sh

Published on: 2:32 pm

  •  The Board has today approved issuance of 20bn fully paid up equity shares (face value of Rs10 each) at a price of Rs12.5 per share by way of a rights issue to the eligible shareholders as on the record date April 2, 2019.
  • The rights entitlement is determined as 87 equity shares for 38 equity shares held by the eligible shareholders. The issue will open on April 10, 2019, and will close on April 24, 2019. Read more

Rupee-dollar seesaw; Rupee appreciates 24 paise at 68.72/$

Published on: 2:30 pm

  • The Indian rupee is playing the seesaw game with the dollar on the festival of ‘Holi’ on Wednesday. The unit appreciated to 24 paise in the afternoon session to trade at day’s high level of 68.72/$.
  • The currency depreciated 21 paise in the morning session to trade at day’s low level of 69.17 against the dollar on Wednesday. Read more

RCom stock extends rally; gains 10%

Published on: 2:05 pm

  • Shares of RCom extended rally for the second consecutive session and hit 10% upper circuit in today’s trade.
  • The stock has rallied after Mukesh Ambani helped Anil Ambani to clear Ericsson dues by paying ~Rs460cr for Reliance Communication a day before the four-week deadline set by the Supreme Court to clear dues expires. Read more

ONGC board to meet March 23 to consider interim dividend

Published on: 12:19 pm

  • Oil and Natural Gas Corp (ONGC) said a board meeting has been convened on March 23 to consider and declare an interim dividend.
  • A meeting of the Board of Directors of Oil & Natural Gas Corporation Ltd (ONGC) is scheduled to be held on Saturday, March 23, 2019, to consider and declare an Interim Dividend if any. Read more

Axis Bank stock hits 52-week high

Published on: 11:45 am

  • Shares of Axis Bank hit a 52-week high in the morning trade on Wednesday. The stock gained after the management said it is focusing on delivering 18% return-on-equity (RoE) over 3 years. The brokerages have revised their price targets on the bank post the management announcement, as per media reports.
  • However, the stock has pared its initial gain and trading slightly lower on both the indices. Read more

Live Market Update: Markets trade on a flat note; RIL hits fresh lifetime high

Published on: 11:17 am

  • Indian equity markets are trading on a flat note with both Nifty & Bank Nifty index posting marginal gains.
  • Nifty Auto index is among the top underperformers, shedding ~0.6% led by bearish momentum seen in Maruti Suzuki & Eicher Motors. Read more

Nifty hovers around 11,550 mark; Infosys, Hindalco stocks gain

Published on: 11:02 am

  • Equity benchmark indices were trading higher on Wednesday amid global markets and rising crude oil prices. The Sensex gaining 72 points at 38,441 levels.
  • The Nifty also rose 13 points to trade at 11,545 levels.
  • The most active stocks on NSE are Infosys, Reliance Industries, Jubilant, and Axis Bank.

Media, Oil stocks decline; IT stocks lead in today’s trade

Published on: 10:51 am

  • The Nifty Media index dropped 2% in early morning deals amid increased selling pressure were witnessed in Zee Entertainment Enterprises, Dish TV, UFO, Zee Media, and PVR.
  • In the auto space, the index is trading lower at 8,538.30 level. Bharat Forge, Bajaj Auto, Eicher and Motherson Sumi were trading lower by 1% each. However, Exide Ind, Hero MotoCorp, and Amara Raja were trading higher. 
  • Also, shares of oil marketing companies fell in today’s trade, with IOC, BPCL, and HPCL declining over 2% each on rising crude oil prices. Read more

Nifty Realty gains 2% as GST Council approves new tax rates

Published on: 10:50 am

Rupee takes U-Turn; depreciates 21 paise to 69.17/$

Published on: 10:20 am

  • The Indian rupee which was ruling near 7-month highs in the past six straight trading sessions took a U-turn on Wednesday. The currency depreciated 21 paise to trade at day’s high level of 69.17 against the dollar on Wednesday.
  • The depreciation could be attributed to increasing crude oil prices in global markets. Further, investors are also cautious ahead of an outcome of a policy meeting of the US Federal Open Market Committee (FOMC). Read more

Jubilant Life stock slips 6% post block deal

Published on: 10:19 am

  • Shares of Jubilant Life slipped 6% on the BSE in the morning trade on Wednesday. Around 33 lakh shares changed hands in a block deal, as per media reports.
  • The employee welfare trust of Jubilant Life Sciences is selling its 2.2% stake in the company for about Rs268cr through block deals on Wednesday, as per media report. Read more

Nifty holds 11,500 mark; Realty, IT stocks gain

Published on: 10:06 am

  • Equity benchmark indices swung widely between positive and negative terrains on Wednesday morning trade. Indiabulls HF, InfosysWipro, and Hindalco are trading higher, while Zee, IOC, HPCL, and BPCL are trading lower on the NSE.
  • The Sensex rose 10 points to 38,373, while the Nifty is slightly lower 4 points to 11,528. The market breadth was negative with 731 shares advancing, 832 shares declining, and 513 remaining unchanged on the NSE.
  • On the sectoral front, realty index surged nearly 2% led by gains in Prestige, Indiabulls Real Estate, and Godrej Properties. Banking, auto, media, and financial services were trading in the red. Read more

Muthoot Capital raises Rs236cr via securitisation deal

Published on: 9:30 am

  • Muthoot Capital Services, a vehicle finance subsidiary of Muthoot Pappachan Group, has raised Rs236cr through a two-wheeler securitisation deal.
  • "With this transaction, the company has so far raised total funds of Rs749.20cr through securitization/direct assignment transactions during FY19," the company said in a press note after markets hours to the exchanges on Tuesday. Read more

Sensex, Nifty open flat; Zee, Bajaj Auto stocks slip

Published on: 9:18 am

  • Equity benchmark indices opened on Wednesday, with the Nifty below 11,550 mark. The BSE Sensex traded a little changed at 38,388 and the NSE Nifty 50 was hovering around 11,535 levels.
  • The Indian rupee opened lower by 8 paise against the U.S. dollar.
  • Wipro, Infosys, Indiabulls HF, and Hindalco were among the top gainers, while the Zee, IOC, BPCL and HPCL are the top losers on the NSE.

DLF-HINES JV to invest upto Rs1,900cr for land development

Published on: 9:08 am

  • DLF announced its second joint venture with HINES. DLF Home Developers Ltd (DHDL), a wholly owned subsidiary of the company, and Green Horizon Trustee (an affiliate of "HINES") have entered into a Joint Venture for developing a high-end commercial project in Gurugram.
  • DHDL will hold 67% stake, in the joint venture while 33% will be held by Hines. The total investment by the joint-venture partners in this project is about Rs1900cr in accordance with the independent valuation undertaken by a Category-1 Merchant Banker. Read more

SBI starts looking for other potential buyers for Jet Airways: Media reports

Published on: 9:07 am

  • State Bank of India (SBI) started scouting for other potential buyers for debt ridden Jet Airways as a meeting with Etihad remained inconclusive.
  • As per media reports, Etihad has formally asked SBI to purchase its entire 24% stake even as the government held an emergency meeting on Tuesday to discuss the unfolding crisis at the cash-strapped Indian airline. Read more.

Asian markets trade flat ahead of Fed meet

Published on: 8:54 am

  • Asian stocks were trading flat on Wednesday as investors adopted a cautious stance ahead of the Federal Reserve decision and further news on US-China trade talks, where negotiators remain at odds. Treasury yields held near recent lows.
  • South Korean shares bore the brunt of losses after Samsung Electronics signalled a difficult year ahead. Hong Kong and Australia saw modest declines and Japan was flat. Read more

RBI seeks modification of NCLAT order on NPA status of IL&FS: Media report

Published on: 8:38 am

  • The Reserve Bank of India (RBI) has sought modifications in the order passed by the National Company Law Appellate Tribunal (NCLAT) regarding classification of debt of IL&FS group companies as NPA, a PTI report said.
  • An order passed by NCLAT has provided a moratorium on repayment of loans regarding the accounts of IL&FS and its over 300 group companies. During the proceedings, RBI's counsel said that there was an overlap of power on the issue, the media report said. Read more

Current FII data

Published on: 8:25 am

FII/DII data: In yesterday’s trading session, FIIs bought 2132cr worth of stock in cash, whereas DIIs sold 1254cr worth of stock. In the derivative market, FIIs bought 288cr of Index futures and bought 554cr worth of Index options. In the Stock futures segment, FIIs sold 601cr worth of stock futures and bought 34cr stock options.

FII View: In the Index future segment, FIIs index future long/short ratio stands at 1.7x on account of marginal buying to the tune 9198 contracts of index futures. However for a change, for the first time in the March series, they marginally reduced their short positions to the tune of 8025 contracts in speculative index put options. Overall with they continue to remain bullish for the March series as long/short ratio in index call options stands at 2.7x level.

FII OI(000's) % Chg % Chg Since Expiry Long/Short Ratio Long/Short Since Expiry
Future Index Long 220 4 133 1.7 1.5
Future Index Short 127 4 56
Option Index Call Long 302 1 (78) 2.7 2.7
Option Index Call Short 112 3 (92)
Option Index Put Long 332 0 (82) 1.2 1.1
Option Index Put Short 284 (3) (84)
  

SGX Nifty indicates a flat opening for Indian markets

Published on: 8:15 am

  • SGX Nifty is at 11570, down 6 points. For today, we expect intraday volatile movements as global cues could hurt sentiments marginally. We expect midcaps to continue to see robust inflows as local funds turn big buyers.
  • On Tuesday, Nifty saw another strong session with the index easily surpassing the 11500-mark as foreign buying continues unabated. Nifty IT, FMCG, and PSU banks indices saw massive buying/short covering as foreign investors bought aggressively. Read more.

Broker Radar for March 20

Published on: 8:15 am

Nomura maintained ‘Buy’ on L&T with a TP of Rs1,670.
  • Mindtree acquisition to add value; see EPS gains from FY21.
  • Acquisition rules out the large near-term dividend. Client/senior management attrition is a major risk.
Citi maintained ‘Buy’ on UltraTech with a TP of Rs4,450.
  • Cement industry in the sweet spot with improving demand, rising prices and falling costs.
  • Management expects EBITDA margin to revert to the highs of the first quarter of the current financial year.
  • Focus area, profitable market share, deleveraging, efficiency gains and use of alternative fuels. Read more

GST Council approves transition plan for new tax rates for realty sector

Published on: 8:08 am

  • GST Council in its 34th meeting held Tuesday granted approval to a transition plan for the implementation of new tax structure for housing units, the Ministry of Finance said in a press note.
  • Accordingly, the council has decided that builders can pick between paying 12% for non-affordable houses with ITC benefits or 5% without the tax rebates for under-construction houses. Likewise, for affordable housing projects, builders can choose between 8% with tax rebates or 1% without it, the ministry said in a press note released on Tuesday evening. Read more

Bulk Deals

Published on: 8:00 am

  • Usha Martin: Antara India Evergreen Fund acquired 17.15 lakh shares or 0.6% equity at Rs35.35 each. Societe Generale sold 17.15 lakh shares or 0.6% equity at Rs35.35 each.
  • Torrent Power: Gujarat State Financial Services acquired 4.68cr shares or 9.8% equity at Rs260.85 each. Gujarat State Investments sold 4.68cr shares or 9.8% equity at Rs260.85 each.
  • Bharti Infratel: Promoter Bharti Airtel sold another 15cr share of the company to its subsidiary Nettle Infrastructure Investments Limited at Rs332.25 per share.
  • Agro Phos India: Ambe Securities Private Limited bought 1.45 lakh shares of the company at Rs72.78 per share.
  • CG Power & Industrial Solutions: Bharti SBM Holdings Private Limited purchased 56.64 lakh shares of the company at Rs46.11 per share.
  • Keerti Know & Skill: Mandeep Tradelink Private Limited sold 42,000 shares of the company at Rs70.45 per share.
  • LEEL Electricals: Alpha Leon Enterprises LLP sold 2.40 lakh shares of the company at Rs21.31 per share.
  • M K Proteins: Bhavishya Investserve Private Limited purchased 24,000 shares of the company at Rs77.09 per share.
  • Man Coat Metal: Palash Machineries Private sold 3.49 lakh shares of the company at Rs6 per share.
  • Noida Toll Bridge Company: Jaliyan Trading Private Limited bought 13 lakh shares of the company at Rs5.35 per share.
  • Ruchi Soya Industries: Disha Foundation sold 22.48 lakh shares of the company at Rs7.26 per share.
  • Shaival Reality: Wealth First Portfolio Managers Limited sold 1.08 lakh shares of the company at Rs26.7 per share.

Top stocks in focus: Jubilant Life, Mindtree, Jet Airways, RCom

Published on: 7:57 am

  • The employee welfare trust of Jubilant Life Sciences is selling its 2.2% stake in the company for about Rs268cr through block deals on Wednesday, as per media report.
  • Jet Airways grounded additional six aircrafts due to non-payment of amounts outstanding to lessors, SBI is said to have started looking for other potential buyers for Jet Airways as meeting with Etihad remained inconclusive, as per media reports.
  • MindTree to consider the proposal to buyback its shares today. Read more

What not to miss today

Published on: 7:48 am

  • Markets to open flat; Nifty support @11450, resistance 11600.
  • FIIs bought 2132cr (cash), 288cr in index futures.
  • Rupee drops 43 paise at 68.96/$.
  • Asian, US markets down amid US-China trade deal uncertainty. Read more.

Derivative watch

Published on: 7:29 am

  • Nifty & Bank Nifty continued to add fresh open interest, consisting of mainly long positions. 
  • Reliance Industries contributed the majority of the gains in the Nifty and added fresh long positions as open positions continued to soar higher along with a rise in the stock price.
  • The Nifty PSU Bank index was among the top outperformer, gaining ~2% led by strong gains in SBI, BOB, and Canara Bank, which added fresh long positions.

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