Moneycontrol Be a Pro
Get App
Last Updated : Dec 19, 2016 10:56 AM IST | Source: Moneycontrol.com

Sensex falls 100 pts, Nifty holds 8100; Laurus Labs surges 14%

Shares of Laurus Labs debuted with a premium of 14.5 percent at Rs 489.90 against issue price of Rs 428 on the National Stock Exchange.


Moneycontrol Bureau

10:45 am CLSA on J&K Bank:
CLSA has upgraded the stock to buy and raised target price to Rs 77 from Rs 65 earlier on a reasonable valuations but slashed earnings growth estimates.


It says recovery of the J&K state will be key for better operational efficiency and remains conversative on management's indication of growth from next year.


Bank's CASA franchise remains strong and contributed 45 percent of deposits (which grew by 17 percent YoY), it says, adding demonetisation could further boost profit.

10:31 am Interview:
To promote its 'go cashless campaign', the government is leaving no stone unturned and is encouraging every means for people to adopt digitisation. In an effort to reduce the woes of the people and give them something to cheer about, HPCL is giving cashback and rewards on fuel purchases made by credit/debit cards.

Cashless purchase has doubled from what it used to be before the roll-out of demonetisation, said MK Surana, CMD of the company.

In conversation with CNBC-TV18, the company chief said that HPCL hopes to have similar growth in the third quarter as in the last quarter due to the spike in the offtake of the fuel during the cash chaos period.

He also said, with this hike the company will be to maintain the earlier second quarter marketing margins on both petrol and diesel, ranging from Rs 1.5- Rs 2.

10:20 am Expert:
The year 2016 has seen markets wither one storm after the other and the indices have been resilient to an extent that Nifty hovered around the 8,000-mark. After Brexit, surgical strike across the Line of Control, Donald Trump’s election and demonetisation, to name a few, Indian markets will enter 2017 battered and bruised, Udayan Mukherjee said.

Close

Markets are likely to see volatility in the month of January on account of a possible earnings hit and upcoming Union Budget, Mukherjee said. He, however, added that investors may have priced in two quarters of poor earnings.


Throwing light upon the sectors to play in, Mukherjee said the second half of 2017 will be a better time for infrastructure play. The government’s role in the infrastructure has shrunk in the past few years and investors will bet their hopes on Budget for an infra push, he said.

Also read - Buy, sell, hold: 8 stocks that analysts are watching out

10:00 am Market Check


Benchmark indices continued to trade lower in morning with the Sensex losing around 100 points, dragged by index heavyweights HDFC, Infosys, and HDFC Bank.


The 30-share BSE Sensex was down 90.19 points at 26399.37 and the 50-share NSE Nifty fell 22.55 points to 8116.90.


Shares of Laurus Labs, the Hyderabad-based healthcare company, started off day with premium of 14.5 percent at Rs 489.90 against issue price of Rs 428 on the National Stock Exchange. The stock touched a high of Rs 498 (up 16.35 percent over issue price) and low of Rs 475 (up 11 percent) in early trade.

HDFC and Infosys were leading contributors to Sensex's fall, down 0.8 percent each. Tata Motors, Asian Paints, Sun Pharma and Adani Ports declined over a percent.

GAIL was the biggest gainer, up nearly 3 percent followed by ICICI Bank, Reliance Industries, ITC and Lupin.



The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Dec 19, 2016 10:00 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant