Market ends flat, Nifty holds 10,700; ICICI Bank top gainer

May 08, 03:33 PM (IST)

Benchmark indices ended a volatile day flat, with Nifty being able to hold 10700 mark. The Bank Nifty gained 1 percent, helped by a gain of 7 percent in ICICI Bank.
The Sensex ended down 8 points at 35216, and the Nifty down 2 points at 10717. The market breadth was negative as 1148 shares advanced, against a decline of 1489 shares , while 141 shares are unchanged.
Among stocks, ICICI Bank, SBI, Axis Bank, Power Grid Corp, Bharti Airtel, Eicher Motors, HPCL and BPCl were the top gainers on the indices.
May 08, 03:26 PM (IST)   
Elpro International agrees to sell 1.33% in PNB MetLife: The company has agreed to sell approximately 1.33% shareholding in PNB MetLife India Insurance Company, for a total consideration of Rs 134.22 crore, subject to satisfaction of certain conditions including approval from Insurance Regulatory and Development Authority of India and Competition Commission of India.  
May 08, 03:10 PM (IST)   
Maruti Suzuki to recall 52,686 cars: The company will undertake a 'service campaign' for new Swift and Baleno models to inspect a possible fault in the brake vacuum hose.
Around 52,686 new Swift and Baleno vehicles manufactured between  December 1, 2017 and March 16, 2018, will be covered in this campaign.
Starting May 14, owners of the vehicles included in this service campaign will be contacted by dealers for inspection and replacement of the faulty part
May 08, 02:46 PM (IST)   
Jubilant Food announces 1:1 bonus: Jubilant Foodworks, operator of Domino’s Pizza in India, posted a net profit of Rs 68.1 crore against Rs 6.7crore posted during the corresponding quarter of last year.
The firm posted stellar growth of 27 percent in its revenues to Rs 780 crore against Rs 612.8 crore year on year.
The company’s Board also approved a bonus issue in the ratio of 1:1.
May 08, 02:41 PM (IST)   
TCNS Clothing gets SEBI go-ahead for IPO: Women's apparel maker TCNS Clothing Company has received markets regulator SEBI's go-ahead to float an initial public offering.
TCNS sells its products under W, Aurelia and Wishful brands.
The firm had filed draft papers with the regulator in February and obtained its "observations" on May 4, according to the latest update with the Securities and Exchange Board of India.
May 08, 02:37 PM (IST)   
ICICI Bank: De-risking continues; valuations attractive
In the past few years, the bank has steadily diversified and de-risked its asset book while building an enviable liability franchise.
May 08, 02:16 PM (IST)   
Buzzing: Shares of Majesco gained 2.3 percent as a leading Indian life insurance company selected Majesco Distribution Management to transform their channel management operation.
They distribute life insurance products through a multi-channel environment including agency, bancassurance and alliances.
May 08, 02:10 PM (IST)   
Orders Win: NBCC has secured the total business of Rs 2392 crore in the month of April, 2018.
At 14:09 hrs NBCC (India) was quoting at Rs 104.30, up Rs 0.75, or 0.72 percent.
May 08, 01:59 PM (IST)   
Godrej Consumer Products Q4FY18 results: The company's Q4FY18 consolidated net profit rose 59.2 percent year-on-year to Rs 617 crore led by strong performance by its soaps business.
The company reported revenue at Rs 2,529 crore compared to Reuters estimates of Rs 2,587 crore.
The company sales growth of 7 percent was driven by volume growth of 6 percent.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 11 percent YoY to Rs 605 crore led by robust gross margin expansion.
The Board has also declared an interim dividend of Rs 7 per share.
May 08, 01:52 PM (IST)   
Shares have continued to trade almost flat with a negative bias. The Nifty is holding on to 10,700, while the Sensex is still above 35,000. PSU banks are trading strong, while metals have seen a big fall too. Auto index has also seen a fall of over 1 percent. ICICI Bank, SBI, and HPCL are the top gainers, while M&M, L&T, and IndusInd Bank were top losers.
May 08, 01:45 PM (IST)   
This apparel stock has risen 520% since listing, and a brokerage still finds it a good fit
The brokerage has initiated coverage on the stock with a 'hold' rating and a price target of Rs 1,716, implying an upside of 13 percent from its previous closing price of Rs 1,520.
May 08, 01:40 PM (IST)   
Women's apparel maker TCNS Clothing Company has received markets regulator Sebi's go-ahead to float an initial public offering.
TCNS sells its products under W, Aurelia and Wishful brands.
The firm had filed draft papers with the regulator in February and obtained its "observations" on May 4, according to the latest update with the Securities and Exchange Board of India.
Sebi's observations are necessary for every company planning to launch a public issue like initial public offer (IPO), follow-on public offer (FPO) and rights issue.
With this, the total number of companies receiving Sebi's approval has reached 16 so far this year.
Going by the draft papers, little over 1.57 crore shares are to be offloaded through the offer-for-sale (OFS) route. Among others, promoters -- Onkar Singh Pasricha and Arvinder Singh Pasricha -- will offload shares in the IPO.
May 08, 01:20 PM (IST)   
After trading in a tight range throughout the morning, the market has turned negative. The Sensex is down around 30 points, while the Nifty has snapped 10,700-mark. Auto index is down around one third of a percent. Midcaps too are trading lower, down around half a percent percent. ICICI Bank, SBI and HPCL are the top gainers while M&M, IndusInd Bank, and L&T are the top losers.   
May 08, 01:19 PM (IST)   
May 08, 12:53 PM (IST)   
The market continued to consolidate after a day of strong upmove on Monday. The Sensex is trading around 60-70 points higher, while the Nifty continued to be below 10,750. Auto index is down around one third of a percent. Midcaps too are trading lower, down around 0.10 percent. Financial stocks are the top gainers, with Bank Nifty gaining a percent, while Nifty PSU bank index is up over 2 percent. ICICI Bank, SBI and HPCL were the top gainers, while M&M, IndusInd Bank, and L&T were the top losers.
May 08, 12:42 PM (IST)   
May 08, 12:12 PM (IST)   
SEBI plans to mitigate market risks by linking trading volume to individual's tax return
The market regulator SEBI is planning to make trading even more secure by adopting a process of calculating an investor's financial strength based on his income tax return, a report by Times of India said.
May 08, 11:31 AM (IST)   
May 08, 11:20 AM (IST)   
Unichem Laboratories advances 3% on ANDA approval for Valsartan tablets
Shares of Unichem Laboratories added 3.2 percent intraday Tuesday on the back of USFDA approval for Valsartan tablets.
May 08, 11:00 AM (IST)   
Macquarie sees Nifty at 11,500 by Dec-end: Inderjeet Singh Bhatia, Head of Research at Macquarie Capital, sees limited upside for the Nifty from current levels but maintains its year-end target of 11,500.
He cites global as well as negative headwinds such as rising crude oil prices, geopolitical risks and rising inflation as some of the factors which could cap upside for the Indian markets in 2018.
Speaking on ICICI Bank’s disappointing Q4 FY18 earnings and road ahead for the counter, Bhatia told CNBC-TV18 there could be some more pain left for the private sector lender for a couple of quarters. However, he was quick to add that its long-term outlook remains intact.
May 08, 10:46 AM (IST)   
DSP to buyout BlackRock's 40% stake in mutual fund venture
The DSP Group Monday announced that they will buy out BlackRock's 40 percent stake in DSP BlackRock Investment Managers. The firm will be called DSP Investment Managers and DSP Mutual Fund, subject to regulatory approvals.
May 08, 10:33 AM (IST)   
Buzzing: Unichem Laboratories added 3.2 percent on the back of USFDA approval for Valsartan tablets.
The company has received ANDA approval from United States Food and Drug Administration (USFDA) for Valsartan Tablets USP, 40 mg, 80 mg, 160 mg and 320 mg.
Valsartan is a nonpeptide, orally active, and specific angiotensin II receptor blocker acting on the AT1 receptor subtype. 
This product will be commercialized from company's Ghaziabad plant.
May 08, 10:29 AM (IST)   
Volatile trade was observed on the shares of PC Jeweller, which rose a little over 9 percent in the morning trade, only to take a turn for the worse. The stock then managed to fall 27 percent intraday and then managed to cut its losses to trade 12 percent lower. The stock is out of F&O ban on Tuesday. 
The scrip had risen 38 percent on Monday as the firm considered a proposal for buy back of fully paid-up equity shares on May 10, 2018.
Earlier, the company had decided to consider its financials, recommendation of dividend and proposal of buyback of shares in its meeting scheduled to be held on May 25, 2018.
The firm recently denied reports that the Central Bureau of Investigation (CBI) was conducting searches at its stores in Nagpur.
May 08, 10:07 AM (IST)   
May 08, 09:56 AM (IST)   
Mount 11K on Nifty in sight now! 3 stocks that could return up to 13% in 1 month
Aditya Agarwala The Nifty started the week on a positive note following three days of correction. It has broken out of a falling channel, closing above its Friday's high, confirming the bullish trend.
May 08, 09:40 AM (IST)   
Buzzing Stock: Shares of Granules India gained 2 percent in the early trade on Tuesday as the company received a US FDA nod for Methocarbamol tablets.
The US Food & Drug Administration (USFDA) approved the abbreviated new drug application (ANDA) filed by company for Methocarbamol tablet 500 mg and 750 mg.
The approved ANDA is the bioequivalent and therapeutically equivalent to reference listed drug (RLD) of Robaxin 500 mg and 750 mg of Auxilium Pharmaceuticals, LLC.
May 08, 09:34 AM (IST)   
Brokerages see up to 48% upside in ICICI Bank post its Q4 result
ICICI Bank still remains one of global investment banks' top picks. They see the private sector lender rallying up to 48 percent in the next one-year post its recent fall
May 08, 09:33 AM (IST)   
Shares of PNB Housing Finance fell over 7.5 percent in morning trade as investors reacted to a block deal. Around 2.6 percent equity has exchanged hands in a block deal.
According to a report in The Times of India Quality Investment Holdings, an arm of the PE giant Carlyle, is said to be selling 80 lakh shares of the firm. This amounts 4.8% of its equity, for around Rs 1,040 crore with the help of block deals.
The report further quoted the term sheet, which stated that it has offered the take at Rs 1,280 apiece, a discount of 7 percent to the stock’s previous close at Rs 1,374.
May 08, 09:20 AM (IST)   
Shares have begun the day on a positive note, with the Nifty trading above 10,750-mark. The Sensex is trading above 35,200-levels.
The Sensex is up 58.73 points at 35266.87, while the Nifty is up 12.70 points at 10728.20. The market breadth is positive as 532 shares advanced, against a decline of 205 shares, while 59 shares are unchanged.
Among stocks, ICICI Bank is trading higher by around 5 percent, while Lupin has staged a recovery from Monday’s low points. Other gainers include Titan, ITC, Tata Steel and Yes Bank. On the losing side, Infosys and other IT stocks are trading lower, largely on the back of a rub-off of Cognizant’s earnings trends. Oil stocks, IOC and BPCL are trading lower on the back of higher oil prices. 
On a sectoral basis, financials and pharmaceuticals are trading in the green. The Nifty IT index is down around one third of a percent. Midcaps, meanwhile, are trading flat. 
ICICI Bank, Lupin and Dr Reddy's Laboratories are the top gainers, while IndusInd Bank and Infosys have lost the most. 
May 08, 9:11 AM (IST)
Not so great earnings expectations and on the margin crude oil at USD 75-76 is leading FIIs to take a more dim view of the Indian market, says Udayan Mukherjee.
May 08, 9:09 AM (IST)
Stocks in the news: ICICI Bank, Pfizer, Lupin, Bharti Infratel, Unichem Labs, Jubilant Foodworks
ICICI Bank| Pfizer| Firstsource| Axis Bank| Balrampur Chini| Lupin| Unichem Labs| Bharti Infratel| One Life Capital| Hero MotoCorp| INOX Leisure are the stocks which are in news today.
May 08, 9:04 AM (IST)
Pre-opening rates have kicked in for Tuesday. Trends indicate that it could be a good start to the market. The Nifty is above 10,750-mark, while the Sensex is up over 150 points. 
May 08, 8:56 AM (IST)
What changed for the market while you were sleeping? 12 things you should know
The Nifty, which started with a gap on the higher side, reclaimed its crucial resistance level of 10,700 on Monday to close near its intraday high making a strong bullish candle on the daily candlestick charts.
May 08, 8:56 AM (IST)
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