Sensex, Nifty end flat as traders await Karnataka election results
14 May 2018
1
Market Closing: The market ended flat as traders maintained cautious stance ahead of Karnataka election results due tomorrow.
The 30-share BSE Sensex was up 20.92 points at 35,556.71 and the 50-share NSE Nifty rose 0.10 points to 10,806.60.
About two shares declined for every share rising on the BSE.
Nifty Midcap was down over 1.3 percent.
IDBI Bank, IOB, Allahabad Bank, Vijaya Bank, Dena Bank, Ujjivan Financial, Shriram Transport, PTC India Financial, Tata Global, Kesoram Industries, Delta Corp, Jet Airways, Ashok Leyland, PTC, Reliance Naval, Reliance Infrastructure, Reliance Power, Adani Power, Jaiprakash Associates and PC Jeweller were down up to 14 percent.
OBC, Sun TV Network, South Indian Bank, Parag Milk Foods, Saregama India and Gujarat Gas gained up to 11 percent.
May 14, 03:20 PM (IST)
Results: Air conditioner maker Blue Star has reported a 37.8 percent growth year-on-year in consolidated profit at Rs 51.2 crore for the quarter ended March 2018.
Profit in year-ago quarter stood at Rs 37.2 crore.
Revenue from operations in Q4 increased 7.7 percent to Rs 1,478 crore compared to Rs 1,373 crore in same period last fiscal.
Operating profit margin improved to 6.3 percent from 5.5 percent YoY.
May 14, 03:18 PM (IST)
Market Update: Benchmark indices continued to consolidate in last hour of trade, with the Nifty hovering around 10,800 levels as traders remained cautious ahead of Karnataka election results due tomorrow.
The 30-share BSE Sensex was up 39.11 points at 35,574.90 and the 50-share NSE Nifty rose 6.80 points to 10,813.30.
About two shares declined for every share rising on the BSE.
May 14, 03:18 PM (IST)
Acquisition: Vedanta has received approval from the Competition Commission of India for acquisition of Electrosteel Steels.
May 14, 03:14 PM (IST)
FY19 to be good for IPOs, but strong listing gains not a certainty: HDFC Bank
Initial public offerings (IPOs) proved to be extremely popular among unlisted members of India Inc in FY18, and experts believe this trend is here to stay.
May 14, 03:01 PM (IST)
Chargesheet in Nirav Modi Case: The CBI today filed its first charge sheet in the country's largest financial scam worth over USD 2 billion in Punjab National Bank by billionaire jeweller Nirav Modi, detailing the alleged role of the bank's former chief Usha Ananthasubramanian, who is now Allahabad Bank CEO and MD, officials said.
The charge sheet, filed in a special court in Mumbai, also names several other top officials of the bank.
Ananthasubramanian was the MD and CEO of PNB from 2015 to 2017 and was questioned recently by the CBI in connection with the case.
The agency has also named PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad in its charge sheet.
The agency has detailed the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Nirav Modi's company, officials said.
May 14, 02:57 PM (IST)
RBI may go for 3 rate hikes from December quarter: Report
According to the global financial services major, a significant overshoot of inflation relative to RBI's target is not likely.
May 14, 02:54 PM (IST)
JB Chemicals declines 4% on USFDA inspection Gujarat facility
Shares of JB Chemicals and Pharmaceuticals declined nearly 4 percent intraday Monday after USFDA completed inspection of Gujarat facility.
May 14, 02:53 PM (IST)
Europe Update: European stocks traded lower as investors focused on Italian politics, trade relations between the US and China, and a dip in oil prices.
France's CAC, Germany's DAX and Britain's FTSE were trading 0.2 percent lower each.
May 14, 02:27 PM (IST)
May 14, 02:26 PM (IST)
Earnings: Majesco share price rallied more than 4 percent after the IT company reported profit at Rs 7.9 crore for the quarter ended March 2018 against loss of Rs 9 crore in previous quarter on better operational performance and lower tax cost.
Revenue from operations during the quarter grew by 4.5 percent to Rs 216.7 crore compared to Rs 207.3 crore in December 2017.
Operating profit jumped 71.9 percent year-on-year to Rs 16.2 crore and margin expanded by 300 basis points to 7.5 percent in Q4FY18.
Tax expenses fell sharply to Rs 5.3 crore during the quarter, from Rs 18.7 crore in previous quarter.
May 14, 02:09 PM (IST)
HEG Q4: Earnings upgrade cycle enters last phase; cash flow visibility remains intact
As contract renewals for graphite electrodes pick up pace, the company expects almost all its sales in the first quarter of FY19 to come from its most recent price regime.
May 14, 02:03 PM (IST)
India Ratings on WPI Inflation: Devendra Kumar Pant, Chief Economist, India Ratings & Research (Fitch Group Company) said April 2018 WPI based inflation at 3.18 percent came in at four months high. The increase was due to cereals deflation turning in inflation, increase in fruits and vegetables and fuel inflation in April 2018 over March 2018. Higher inflation in April 2018 was also due to base effect, inflation in April 2017 declined to 3.9 percent from 5.1 percent in March 2017. Base effect played out in all three commodity groups in April 2018.
Core inflation in April 2018 (3.6 percent) was similar to March 2018 (3.5 percent). Going forward, WPI inflation trajectory will be determined by movement of oil prices and currency value. While the oil marketing companies has revised retail prices of fuel on 14 May after a gap of 19 days, rising crude prices and currency depreciation will have an impact on May WPI based inflation. The near-term inflation outlook suggests a prolong pause by RBI on policy rates in FY19.
May 14, 01:50 PM (IST)
Some weakness is now seen on the D-Street as it gets ready for the outcome of Karnataka assembly polls on Tuesday. The Sensex is down over 50 points, while the Nifty is trading around 10,780-levels. Midcaps have further extended their fall, pharma and PSU banks have trimmed some of the gains. Auto stocks too continued to trade lower. Dr Reddy’s Labs, NTPC, and SBI were the top gainers, while Tata Motors, M&M, Titan and Indiabulls Housing were the top losers.
May 14, 01:31 PM (IST)
Worried about election-led volatility? Kotak MF's Nilesh Shah picks the right sectors to play
Political uncertainty may be the market's top concern, but it is largely short-term as long-term trends will be driven by earnings, believes Nilesh Shah, MD, Kotak Mahindra Asset Management Company.
May 14, 01:17 PM (IST)
Amid ups and downs, $10K remains elusive for bitcoin
Mount $10,000 remains elusive for bitcoin which has been trading above the support price of $8,000 for more than last three weeks. The last time bitcoin climbed above $10,000 was on March 8.
May 14, 01:11 PM (IST)
BSE looks to enter insurance broking business
BSE will apply to IRDAI to become a distributor of health and general insurance products and looks to begin operations by end of December 2018
May 14, 12:58 PM (IST)
May 14, 12:51 PM (IST)
Earnings: Kerala-based private sector lender South Indian Bank has reported massive 51.1 percent growth year-on-year in net profit at Rs 114.1 crore for the quarter ended March 2018.
Profit during the quarter ended March 2017 stood at Rs 75.5 crore.
Net interest income, the difference between interest earned and interest expended, grew by 12.1 percent to Rs 492.2 crore in Q4 YoY while net interest margin improved to 2.84 percent during the quarter, from 2.72 percent in year-ago.
Asset quality weakened further in Q4, with gross non-performing assets (as a percentage of gross advances) rising to 3.59 percent from 3.40 percent and net NPAs climbing to 2.6 percent from 2.35 percent on sequential basis due to higher slippages.
Slippages for the quarter stood at Rs 614 crore, which were much higher compared to Rs 98 crore reported in previous quarter.
May 14, 12:42 PM (IST)
Fire Incidence at Factory: Shree Rama Newsprint said that major fire incidence took place on Sunday in raw material godown and open yard at Barbodhan factory, district Surat, Gujarat.
The fire has been brought under control and loss is yet to be estimated, production may be impacted in near future due to this accident, it added.
May 14, 12:38 PM (IST)
Buzzing : Mobile services operator Bharti Airtel share price gained more than a percent after the Telecom Department approved merger between the company and Telenor India.
May 14, 12:25 PM (IST)
Earnings Preview: Hindustan Unilever is likely to report 12.03 percent year-on-year (YoY) increase in the net profit at Rs. 1,326.5 crores, as per a Reuters poll of equity analysts.
Net sales are seen rising 9.26 percent YoY to Rs. 8,850 crore, according to the poll.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) are likely to increase 9.5 percent YoY to Rs. 1,900 crore.
Brokerage firms expect volume growth to be in the range of 6-8 percent.
May 14, 12:18 PM (IST)
Earnings: Hester Biosciences share price fell more than 3 percent on weak operational performance for March quarter.
Profit for the quarter grew by 26.7 percent year-on-year to Rs 9 crore and revenue from operations increased 7.3 percent to Rs 37.5 crore, but operating income fell 4.5 percent to Rs 11.1 crore and margin contracted by 370 basis points to 29.7 percent.
May 14, 12:05 PM (IST)
Inflation: Wholesale Price Index inflation increased to 3.18 percent in the month of April compared to 2.47 percent in previous month.
Manufactured products inflation also inched up to 3.11 percent from 3.03 percent on month-on-month basis.
May 14, 11:50 AM (IST)
Market Update: The market is off its day's high as traders turn cautious ahead of Karnataka election results due tomorrow.
The 30-share BSE Sensex was down 1.01 points at 35,534.78 and the 50-share NSE Nifty fell 2 points to 10,804.50. About two shares declined for every share rising on the BSE.
ICICI Bank, Reliance Industries, Tata Motors and technology stocks are under pressure while HDFC twin and ITC continue to support the market.
The broader markets extended losses, with the Nifty Midcap index falling nearly 1 percent while Pharma and PSU Bank indices outperformed, rising a percent each
May 14, 11:44 AM (IST)
Crude Oil Update: Oil prices edged lower as a relentless rise in US drilling activity points to increased output, while resistance emerged in Europe and Asia to US sanctions against major crude exporter Iran.
Still, crude prices were near more than three-year-high reached last week as markets expect Iran's oil exports to fall significantly once US sanctions bite later this year.
Brent crude futures, the international benchmark for oil prices, were at USD 76.70 per barrel, down 0.54 percent from their last close.
US West Texas Intermediate (WTI) crude futures were at USD 70.46 a barrel, down 0.34 percent from their last settlement.
Brent and WTI last week reached their highest since November 2014 at USD 78 and USD 71.89 per barrel, respectively, reports CNBC.
May 14, 11:34 AM (IST)
May 14, 11:30 AM (IST)
Order Win: NBCC has received work of new connectivity project under PMGSY Batch-III (2016-17) from Rural Development Department, Government of Odisha for executing 168 roads & 6 bridges amounting Rs 379 crore wherein NBCC will work as project management consultant at 9.5 percent fees.
May 14, 11:21 AM (IST)
USFDA completes inspection at JB Chemicals unit: JB Chemicals’ API manufacturing facility at Panoli, Gujarat has successfully passed periodical inspection by USFDA with two minor procedural observations.
These observations do not impact continuity of company's business and the company would continue its manufacturing activities in cGMP compliant manner.
The company proposes to address these observation in next 30 days. The said inspection was carried out from 7-5-2018 to 11-5-2018.
May 14, 10:39 AM (IST)
Market Update: The market gained some strength in morning, with the Nifty holding 10,800 levels ahead of Karnataka election results due tomorrow.
The 30-share BSE Sensex was up 86.32 points at 35,622.11 and the 50-share NSE Nifty gained 21.10 points at 10,827.60.
The Nifty Bank index is up more than 100 points while broader markets underperform frontliners, with the Nifty Midcap index falling quarter percent.
Lupin gained 2 percent after the USFDA inspected Nagpur facility with no observations while Dena Bank traded at 15-year low after widening losses in March quarter.
May 14, 10:31 AM (IST)
May 14, 10:22 AM (IST)
Petrol, Diesel Price Hike: After a 19-day pre-Karnataka poll hiatus, petrol price was today hiked by 17 paise a litre and diesel by 21 paise as PSU oil firms began passing on the spike witnessed in international rates to consumers.
Petrol price in Delhi was hiked to Rs 74.80 per litre from Rs 74.63 while diesel rates were increased to Rs 66.14 a litre from Rs 65.93, according to a price notification issued by state-owned oil marketing companies.
With this, diesel prices have touched a record high while petrol is at a 56-month peak, reports PTI.
May 14, 10:10 AM (IST)
May 14, 10:07 AM (IST)
No USFDA Observations: Pharma major Lupin announced the successful completion of a n inspection carried out by the US FDA at its Nagpurfacility.
The inspection concluded without any observations, the company said in its filing.
Lupin's Nagpurfacility is the company's latestfacility and manufactures oral solid products.
May 14, 10:03 AM (IST)
Results Reaction: Broadcaster Sun TV Network share price rallied 11 percent after it reported a 22.82 percent increase in net profit at Rs 289.76 crore for the fourth quarter ended March 31, 2018. The company had reported a net profit of Rs 235.91 crore during the corresponding quarter last year.
Total income from operations during the quarter under review stood at Rs 753.79 crore, up 21.60 percent, as against Rs 619.85 crore during the same period previous fiscal, it said in a BSE filing.
May 14, 9:59 AM (IST)
Buzzing: Mphasis share price fell a percent after Blackstone sold 8 percent stake in the company at Rs 960 per share.
PE investor Blackstone held 60.38 percent stake in the IT company till March 31, 2018.
May 14, 9:51 AM (IST)
May 14, 9:47 AM (IST)
Market Update: The market is trading in a tight range of around 20 points on the Nifty. Traders prefer to await Karnataka elections results before taking any big positions as exit polls announced on Saturday indicated hung assembly.
The 30-share BSE Sensex was up 61.10 points at 35,596.89 and the 50-share NSE Nifty rose 17.90 points to 10,824.40.
All sectoral indices are in the green barring Auto and IT.
HDFC twin, ITC continue to support the market while ICICI Bank, Infosys, TCS, Tata Motors are under pressure
Canara Bank rebounds sharply from opening lows despite it posted a loss of Rs 4,860 cr in March quarter due to spike in provisions and NPAs.
May 14, 9:36 AM (IST)
Rupee Update: The rupee strengthened by 9 paise to 67.24 against the dollar on fresh selling of the US currency by exporters and banks amid higher opening in the domestic equity market.
Forex dealers attributed the rise in the rupee to weakness of the dollar against other currencies overseas.
However, industrial output growing by 4.4 per cent in March, the slowest in five months, capped the rupee gains, they added.
On Friday, the rupee had settled almost flat at 67.33 against the US currency in highly volatile trade amid weak dollar cues.
May 14, 9:32 AM (IST)
Buzzing: Shares of Ahluwalia Contracts India rose 6.6 percent as company secured new orders worth Rs 390 crore.
The orders include construction of institutional, commercial including electrical, plumbing and fire fighting services.
The orders include, construction of renovation & modernization of Milan Mela at Kolkata worth of Rs 261.33 crore & Rs 106.20 crore of order for construction of building, renovation of building for Bennett Coleman & Co.
Also, order worth of Rs 22.28 crore for other construction work.
The total order inflow during the FY 2018- 2019 stands at Rs 1624.81 crore, as per company release.
May 14, 9:26 AM (IST)
Market Outlook: Shubham Agarwal, CEO & Head of Research at Quantsapp Private Limited said positive momentum in the market continues with the Nifty inching higher by 1.7 percent week-on-week. Bank Nifty outperforms Nifty, gaining 2.72 percent on a weekly basis.
Nifty May series option data suggests the highest congestion placed at 11,000CE, with open interest (OI) of 59 lakh shares, and 10,500PE, with OI of 63 lakh shares, indicating a broader trading band with a faraway resistance and closer interim support base.
With state elections around the corner, intra-week volatility was seen in the market. On a weekly basis, Put accumulation of over 15 lakh shares was witnessed in 10,700 to 10,500 strikes indicating strong base formation.
Short covering in 10,700 and 10,800 strikes provided a momentum boost to the market. On an immediate basis, major resistance remains at 11,000.
Based on exit polls, indecisiveness in the market should remain till the results are declared. This should get reflected with VIX in the 13-15 percent range.
May 14, 9:20 AM (IST)
Benchmark indices started off the week on quiet note after Karnataka exit polls that indicated hung assembly. Investors prefer to wait for Karnataka elections results due on Tuesday.
The 30-share BSE Sensex was up 31.27 points at 35,567.06 and the 50-share NSE Nifty rose 12 points to 10,818.50.
HPCL, BPCL, IOC, Sun Pharma, HUL, Titan Company, Hero Motocorp and HDFC were early gainers.
Tata Steel, Infosys, SBI, HCL Technologies, Coal India and Asian Paints were losers in early trade.
Tata Global Beverages, Allahabad Bank and UCO Bank fell up to 4 percent.
Allcargo Logistics, Patel Integrated, Gati, VST Tillers, Sun TV, Gujarat Gas and Canara Bank rallied up to 7 percent.
May 14, 9:09 AM (IST)
Technical Recommendations:
We spoke to 5nance.com and here’s what they have to recommend:
Welspun India Ltd: Buy | Target: Rs 74 | Stop-loss: - Rs. 57 |Upside: 12%
Rain Industries Ltd: Sell | Target: Rs 256 | Stop-loss: - Rs. 290 |Upside: 7%
Mahindra Lifespace Developers Ltd: Buy | Tartet: Rs 545 | Stop-loss: - Rs. 495 | Upside: 5%
May 14, 9:08 AM (IST)
Stocks in news:
Ashoka Buildcon executed a concession agreement with NHAI
Canara Bank: Sharp rise in provisions widens the bank’s net loss to Rs 4,859 crore
JBM Auto enters into the shareholder's agreement with Jay Bharat Maruti and Ogihara (Thailand)
Federal Bank and its subsidairy entered into definitive agreements for Fedfina to issue fresh equity shares
Infosys: Ravi Venkatesan steps down as Independent Director 'to pursue a new role'
Sical Logistics approves proposal to purchase 11% stake held by L&T Infrastructure Development Projects in Sical Iron Ore Terminals
Graphite India: Net profit soars to Rs 453.7 crore
Dena Bank: RBI restricts bank from assuming fresh credit exposure & recruitment of staff
JK Cement to raise fund by issue of secured/redeemable NCDs for an amount upto Rs 500 crore during 2018-19
Oriental Bank of Commerce: Net loss for Q4 widens to Rs 1,650 crore
Allahabad Bank approved raising of equity capital aggregating upto Rs 1900 crore through various modes
May 14, 9:08 AM (IST)
May 14, 9:06 AM (IST)
Moneycontrol News
Benchmark indices were higher in pre-opening trade after Karnataka exit polls which indicated hung assembly.
The 30-share BSE Sensex was up 138.74 points at 35,674.53 and the 50-share NSE Nifty rose 20.20 points to 10,826.70.
Asian shares held near one-month highs on Monday on signs the United States and China were toning down their trade war rhetoric, while the dollar dipped again as investors wagered on a slower pace of US interest rate hikes, Reuters reported.
Over 65 BSE firms will announce their March quarter earnings on Monday, which the Street will keep an eye on. Among those include Bombay Dyeing, Hindustan Unilever, Dr Lal PathLabs, and South Indian Bank, among others.
