Moneycontrol
Apr 18, 2017 03:47 PM IST | Source: Moneycontrol.com

Closing Bell: Market stages trend reversal, ends in the negative zone; CIL falls

The Sensex was down 94.56 points at 29319.10, while the Nifty was down 34.15 points at 9105.15.

Closing Bell: Market stages trend reversal, ends in the negative zone; CIL falls
Moneycontrol News

3:30 pm Market at Close: Equity benchmarks had a trend reversal during the day and ended on a negative note. The Sensex had gained over 250 points, but has ended in the red.

The Sensex was down 94.56 points at 29319.10, while the Nifty was down 34.15 points at 9105.15. The market breadth was negative as 1,111 shares advanced against a decline of 1,778 shares, while 142 shares were unchanged.

Tata Steel, Coal India, Bharti Infratel and Tata Steel were top losers, while NTPC, Wipro, Aurobindo Pharma and IOC gained the most.

3:29 pm Mallya Arrested: United Breweries and United Spirits fell around 2 percent as liquor baron Vijay Mallya has been arrested in London.

Mallya is likely to be extradited to India. CBI team will visit UK soon to speed up extradition process, reports CNBC-TV18.

3:24 pm Market Update: Equity benchmarks are heading towards weak closing for fourth consecutive session amid correction in global peers on rising geopolitical tensions.

The 30-share BSE Sensex was down 115.93 points at 29,297.73 and the 50-share NSE Nifty fell 43.35 points to 9,095.95.

3:21 pm Europe trade: Bourses in Europe extended losses as tensions between North Korea and the US intensified and European monitors criticised Turkey's referendum. France's CAC and Britain's FTSE fell 1 percent each while Germany's DAX was down 0.6 percent.

3:19 pm Capex: State-run SAIL has so far spent a total of Rs 64,562 crore on modernisation and expansion programmes, which also includes Rs 2,324 crore investment in first nine months of the last fiscal.

"Cumulative expenditure (by SAIL) for various modernisation and expansion packages till December 2016 has been Rs 64,562 crore, including expenditure of Rs 2,324 crore during the financial year 2016-17 till December 2016," according to a latest government report.

Steel Authority of India Ltd (SAIL) has undertaken the modernisation and expansion of its integrated steel plants at Bhilai, Bokaro, Rourkela, Durgapur and Burnpur and special steel plant at Salem.

3:13 pm Buzzing: Seshasayee Paper and Boards share price fell nearly 12 percent intraday after Tamil Nadu government restricted company for drawing water from Cauvery river.

"Due to severe drought conditions and drying of perennial rivers prevailing in Tamil Nadu, the District Revenue officials have advised us to restrict drawal of water from river Cauvery for drinking water purposes only," the company said in its filing.

Seshasayee has appealed to the Revenue officials to permit minimum quantity of water to maintain safe working conditions.

3:00 pm FDI investment: Foreign direct investment (FDI) by Indian companies in their overseas ventures jumped over two- fold to USD 2.99 billion last month.

Indian firms had made investments of USD 1.42 billion in their overseas joint-ventures/subsidiaries in March 2016.

Investments in March this year were much higher than the preceding month, February, at USD 867.53 million, the Reserve Bank data showed.

Their investment came in the form of equities USD 1.99 billion, loans of USD 742.60 million and issuance of guarantee worth USD 251.40 million.

2:42 pm Market Update: Equity benchmarks turned lower in last hour of trade, with the Nifty slipping below 9150 level, dragged by Reliance Industries, Infosys and L&T.

Even banking & financials stocks came off day's high as Axis Bank and HDFC were moderately lower while HDFC Bank, ICICI Bank and SBI gained 0.3-1.1 percent.

The 30-share BSE Sensex was down 32.61 points at 29,381.05 and the 50-share NSE Nifty fell 13.75 points to 9,125.55.

Also read - What’s cooking in little-known Parnax Lab?

2:38 pm Metals under pressure: Nifty Metal index fell nearly 1 percent after correction in global metals stocks prices. JSW Steel, Coal India and Tata Steel slipped around 2 percent each.

Global metal stocks slip on London Stock Exchange. Vedanta Plc fell 4.5 percent while Glencore, Rio Tinto, Anglo American and BHP Billiton were down 3-4 percent.

2:30 pm Buzzing: National Fertilizers share price gained 2.5 percent intraday on bagging contract from space centre in Sriharikota to build nitrogen tetroxide plant.

"... has received letter of intent (LOI) from SDSC-SHAR (Satish Dhawan Space Centre, Sriharikota) for establishing Di-nitrogen tetroxide (N2O4) production plant on build, own, operate & supply model," the company said in its filing.

Project will be set-up at NFL Vijaipur plant in Madhya Pradesh. The plant capacity will be around 1095 MT N2O4 per annum and product (N2O4) will be exclusively supplied to SDSC-SHAR under long term agreement for 25 years period.

National Fertilizers says project activities will start around July 2017 with a gestation period of 18 months and estimated capex requirement will be around Rs 350 crore.

2:17 pm Fundraising: Drug firm Jubilant Life Sciences said it has raised Rs 100 crore through issuing commercial papers.

The company has issued commercial papers of Rs 100 crore on April 18, 2017. The tenure of instrument is 63 days, Jubilant Life Sciences said in a BSE filing.

The company however did not specify what it planned to do with the money raised.

"The coupon/interest offered is 6.49 per cent per annum," it added.

2:08 pm Market Check: Equity benchmarks as well as broader markets were off day's high in afternoon as banking & financials and energy stocks trimmed gains.

The 30-share BSE Sensex was up 98.50 points at 29,512.16 and the 50-share NSE Nifty gained 26.10 points at 9,165.40.

2:00 pm Interview: Unfazed by the possible changes to the H1-B visa regime, CEO of India's IT major TCS Rajesh Gopinathan has said the current discourse on the issue in the US is driven by emotions rather than economy and the best way to tackle it is through greater engagement.

Gopinathan favoured a policy of engagement with various stake holders on the issue of H-1B visas in the US. He noted that the discourse is currently driven by emotions rather than economy.

"The best way to tackle that is greater engagement. Because the way, sometimes, companies like us get characterised is very different from the reality of what we bring to the table," Gopinathan, who is in his mid-40s, said.

1:39 pm Expert Speak: Market valuation still at comfortable levels but the job of picking stock has become tougher, said Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services in an interview with CNBC-TV18.

Here are his 5 guru mantras from the interview.

1:20 pm Market Check: Benchmark indices lost some of its morning gains, with the Sensex falling over a hundred points.

The Sensex was up 121.64 points at 29535.30, while the Nifty was up 31.35 points at 9170.65. The market breadth was positive, but narrow, as 1,601 shares advanced against a decline of 1,110 shares, while 158 shares are unchanged.

ICICI Bank, Adani Ports, Aurobindo Pharma and Hindalco were top gainers, while Coal India, Sun Pharma and Ambuja Cements lost the most.

Also Read: TCS gave negative returns 3 out of 4 times post quarterly results. How to trade ahead of Q4?

1:00 pm Buzzing: Orchid Pharma share price rallied more than 14 percent intraday on receiving establishment inspection report for its unit in Tamil Nadu.

The pharma company has received the establishment inspection report from the US Food & Drug Administration based on successful inspection of the formulation manufacturing facility located in Kancheepuram, Tamil Nadu.

The facility was inspected by USFDA in December 2016.

12:51 pm InVIT: With Sebi allowing mutual funds, insurance companies and banks to invest in the financial instrument, the race to be the first listed InVIT is heating up. The first InVIT is likely to be launched in April.

Infrastructure companies are going all guns blazing to try and launch India's first listed infrastructure investment trust (InVIT) reports CNBC-TV18 quoting sources.

IRB Infra looking to raise Rs 4,300 cr with additional option for Offer for Sale (OFS) while Sterlite Power and Reliance Infra are looking to raise Rs 2650 cr and Rs 3000 crore respectively, through InVIT.

12:38 pm Market Outlook: Even when the stock market was going through phases of correction in the recent past, JM Financial has maintained an upbeat outlook all along.

The financial services firm has said that the Indian bull market cannot be derailed by small developments, and believes that the ongoing consolidation will also get over soon.

Shah sticks to the target of 11,000 for the index though he expects it to touch 9500 by May.

12.18 pm Market Check: Equity benchmarks remained strong in noon after a consolidation in previous three sessions. Investors cautiously optimistic about fourth quarter earnings season.

The 30-share BSE Sensex was up 226.67 points at 29,640.33 and the 50-share NSE Nifty gained 71.05 points at 9,210.35.

The market breadth remained strong but the gap between advances and declines narrowed. About two shares gained for every share falling on the BSE against 4:1 ratio in early trade.

Bank stocks continued to support the market, with the Nifty Bank index rising over a percent. Metal index gained 1 percent too.

ICICI Bank, Adani Ports, SBI, NTPC and GAIL were top gainers among Sensex' stocks, up 2-4 percent while Sun Pharma, Coal India and Bharti Airtel were under pressure.

11:59 am Buzzing Stock: Shares of Berger Paints India rose 2.7 percent intraday Tuesday after its subsidiary signed a memorandum of business exploration with NBCC.

The company's subsidiary Bolix, S.A. Poland and NBCC sign memorandum of business exploration to bring External Thermal Insulation and Composite Systems (ETICS) solutions to India.

"NBCC and Bolix, S.A. Poland signed a memorandum of business exploration at New Delhi, in furtherance of a joint initiative to bring to ETICS, a proven solution for improving energy performance of temperature controlled buildings," company said in release.

11:39 am Coal India falls: Coal India saw selling pressure on Tuesday as investors turned cautious on analysts’ views on the stock.

The public sector entity was in the news recently after the coal quality watchdog—Coal Controllers Organisation—downgraded its coal grades in 177 mines of the firm.

Post these developments, two major analysts have now given out a subdued view on the stock. Read the full report here.

11:15 am Market Check: Benchmark indices held on to the extended gains, amid a surge in midcaps and the Bank Nifty.

The Sensex was up 264.81 points at 29678.47, while the Nifty was up 74.65 points at 9213.95. The market breadth was healthy as 1,750 shares advanced against a decline of 664 shares, while 111 shares were unchanged.

Adani Ports, ICICI Bank and Hindalco were top gainers on both the indices, while Coal India and Bharti Airtel lost the most.

11:00 am Macquarie bullish on OMCs: Macquarie Research turned bullish on oil marketing companies as it has initiated coverage with an outperform rating on HPCL, BPCL and IOC and with a bull case target upside of 45-65 percent in one year.

In case of IOC, the brokerage house feels company's earnings power is underappreciated as it expects earnings to show a 19 percent CAGR over the next three years, adjusted for inventory impacts, higher than consensus forecast 10 percent growth.

10:45 am Adani stocks: Adani Group stocks extended rally amid high volumes, with Adani Enterprises surged 23 percent on top of 5 percent upside in previous session. Adani Transmission rose 7 percent on top of 4.6 percent gain in previous session.

Adani Power also gained 4.4 percent, which had lost 25 percent last week post Supreme Court order.

Adani Ports spiked 4 percent, which had lost 7 percent last week after brokerage downgrade.

10:29 am IPO: Capacit'e Infraprojects filed its draft red herring prospectus (DRHP) with the market regulator SEBI for its initial public offering (IPO), with a target to raise upto Rs 400 crore.

The IPO proceeds will be utilised for working capital requirements, purchase of capital assets (system formwork) and for general corporate purposes.

Construction company Capacit’e Infraprojects focusses on residential, commercial and institutional buildings, with an order book of over Rs 4,000 crore as on January 31, 2017 comprising 51 ongoing projects.

The company’s consolidated revenue from operations grew from Rs 2,14.26 crore for fiscal 2014 to Rs 853.29 crore for fiscal 2016 and Rs 8,47.37 crore for the nine month period ended December 31, 2016.

10:08 am Market Check: Equity benchmarks extended gains in morning, with the Sensex rising nearly 300 points, supported by banking & financials stocks. Reliance Industries and ITC too aided the market.

The 30-share BSE Sensex was up 278.55 points or 0.95 percent at 29,692.21 and the 50-share NSE Nifty gained 77.20 points at 9,216.50.

The broader markets also traded in line with benchmarks as the Nifty Midcap and Smallcap indices rallied 1 percent each on strong breadth. More than three shares advanced for every share falling on the exchange.

ICICI Bank was the leading contributor to Sensex' gains, up 2.6 percent followed by ITC, Reliance Industries, HDFC Bank, HDFC, SBI and Infosys.

9:40 am Market Cap: Reliance Industries became the most valued company in terms of market capitalisation today, surpassing IT major TCS.

Both Reliance Industries as well as TCS were trading with more than Rs 4.5 lakh crore market cap.

The beginning of Jio revenue from current financial year could be main reason that driving stock above Rs 1,400 level.

Disclosure: Reliance Industries, the parent company of Reliance Jio, owns Network 18 and Moneycontrol.com.

9:35 am Market Update: Benchmark indices extended rally as the Sensex was up 248.49 points at 29,662.15 and the Nifty rose 67.85 points to 9,207.15, backed by Reliance Industries, ITC, Infosys and banking & financials stocks.

The market breadth was strong as about four shares advanced for every one share falling on the BSE.

9:25 am Buzzing: Shares of Gruh Finance rose 8 percent intraday on strong numbers declared by the company for the quarter ended March 2017 (Q4FY17).

The company's Q4 (Jan-March) net profit increased by 25.8 percent at Rs 110.4 crore against Rs 87.8 crore, in the same quarter last fiscal.

The net interest income (NII) was up 22.1 percent at Rs 185.4 crore versus Rs 151.8 crore.

The provisions stood at Rs 1.3 crore versus Rs 32.7 crore (Q-o-Q) and Rs 6.1 crore, (Y-o-Y).

The company's net NPAs are nil versus 0.09 percent, reported in March 31, 2016.

9:15 am Market Check: Equity benchmarks as well as broader markets rebounded after three-day consolidation despite mixed Asian cues. Investors awaited TCS earnings due later today.

The 30-share BSE Sensex was up 106.04 points at 29,519.70 and the 50-share NSE Nifty rose 28.55 points to 9,167.85. About 768 shares advanced against 209 declining shares on the BSE.

GAIL extended rally, up nearly 2 percent followed by Hindalco, Tata Steel, NTPC, BHEL, Adani Ports, IOC and HCL Technologies while Coal India, M&M, Cipla, Bharti Airtel, Eicher Motors and HDFC were losers.

The Indian rupee opened flat at 64.50 per dollar today against previous close of 64.51.

Bhaskar Panda of HDFC Bank says on the downside, 64.30/dollar is getting protected. Selling pressure also comes in while the pair rally.

Today USD-INR pair is expected to trade within a range of 64.35-64.55/dollar after opening around 64.45/dollar, he feels.

The US dollar fell against other major currencies amid rising geopolitical tensions in the Korean Peninsula.

Asian shares were mixed as geopolitical tensions took a backseat following a failed missile test by North Korea at the weekend and as US Vice President Mike Pence continues his tour of Asia.
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