Sensex ends on a flat note, Nifty just below 10,950; TCS surges 5%
11 July 2018
Market at Close: After trading largely around flat lines, with bouts of a rally, the market has ended the day on a flat note. The Sensex has managed to hold 36,000, while the Nifty ended just below 10,950-mark.
The Sensex is down 21.43 points or 0.06% at 36218.19, while the Nifty is down 1.40 points or 0.01% at 10945.90. The market breadth was negative as 1034 shares advanced, against a decline of 1538 shares, while 160 shares were unchanged.
TCS, Bajaj Auto, and Bharti Infratel were the top gainers, while Coal India, Vedanta, and UPL lost the most.
Tech Glitch on MCX: Leading commodity bourse MCX said the trading was halted at its platform for a brief period in the morning due to a technical glitch.
"MCX observed a technical problem with its trading system around 11:46 am today. The Exchange restarted the trading system and members were then allowed to re-login," the exchange said in a regulatory filing.
The members were allowed to cancel their pending orders in the system in a special session between 12:40 pm to 12:55 pm. Thereafter, live normal trading resumed at 12:56 pm, it said.
The matter is being examined for identifying the root cause which led to the issue, the exchange added
Buying has gathered steam in the last hour of trade, with the Sensex rising around 100 points, while the Nifty is well above 10,950-mark. A further surge in IT names, along with FMCG stocks have pushed up the market, but metals are seeing a selloff. The index is down over 3 percent. TCS, Infosys and Bharti Infratel are the top gainers, while Coal India, Vedanta, and UPL have lost the most.
Europe Update: European shares traded sharply lower after US authorities unveiled a new list of Chinese products that could see tariffs.
The pan-European Stoxx 600 was off by 1.14 percent with all sectors in the red. Basic resources were the worst performers, down by more than 3 percent, on the back of renewed trade war concerns.
The US Trade Representative Robert Lighthizer said that there could be a new 10 percent tariff on $200 billion of Chinese goods. Officials in China have said the tariffs harm the World Trade Organization (WTO) system and globalization.
Meanwhile, President Donald Trump said in Brussels that Germany is “totally controlled” by Russia. The comments might lead to heated discussions at a NATO summit starting today. This meeting is the first in Trump's calendar during his European tour, reports CNBC.
GMR disqualified for Philippines airport: GMR group, which is looking to bid for operations and Maintenance contract of Clark International Airport in the Philippines has been disqualified as it does not have required ranking by SkyTrax, an international air transport rating organisation.
GMR along with its Philippines partner Megawide Construction Corporation won the EPC contract for the Clark Airport.
"We also confirm that Megawide's partner, GMR, is not qualified because of the Skytrax requirement. Megawide is not currently looking for a new partner for the operation and management of Clark International Airport.
However, several operators have approached Megawide for a possible partnership,"Megawide said in a regulatory filing.
Idea-Vodafone Deal: Telecom Minister Manoj Sinha said that the government has approved the Idea Cellular and Vodafone India merger, the sector's biggest, but the companies need to complete some formalities for the final closure of the deal.
"We have already approved merger of Idea-Vodafone. There are some formalities which are pending that they have to complete for it (the merger)," Sinha told reporters on sidelines of a BSNL event -- the first on-record confirmation from the government side.
Top management of Vodafone, the British telecom firm, met the minister yesterday after the deal was given conditional approval by the Department of Telecom on July 9. "They met me and to thanked that we have done it very quickly," Sinha said.
Buzzing: V2 Retail share price rallied 5 percent intraday after ace investor Ashish Kacholia picked up a percent stake in the company.
Ashish Kacholia's name is reflected under public shareholders list in the company's latest shareholding pattern published on exchanges.
According to that shareholding pattern, he has bought 3,60,762 equity shares (representing 1.06 percent equity stake) during April-June quarter.
Promoters hold 51.14 percent stake in the company and the rest is held by public which include FPIs like India 2020 Fund Ii Limited and Goldman Sachs India Limited hold 8.67 percent stake.
Stake Sale: Bajaj Hindusthan Sugar plans to sell its entire 17.51 percent stake in the group firm Lalitpur Power Generation Company Ltd (LPGCL), estimated to be worth Rs 1,100 crore.
The company had invested Rs 770 crore in LPGCL and now needs to divest non-core assets as per the debt restructuring scheme approved by the lenders.
Bajaj Hindusthan Sugar has convened an extraordinary general meeting on August 4 to seek shareholders' approval for sale of its share in LPGCL to another group firm Bajaj Energy Ltd.
In a notice to shareholders, Bajaj Hindusthan said that the company's investment in LPGCL has been identified as "non-core to the sugar and allied business activities".
The market has extended its gains from the flat levels, with the Sensex gaining a little over 50 points, while the Nifty is up just above 10,950-mark. There has been additional selling pressure in PSU banks, metals and auto names, while IT stocks continued to stand tall. The Nifty midcap index is down around 0.40 percent. TCS, HUL, and Bharti Infratel continued to be the top gainers, while Vedanta, Coal India and Hindalco lost the most.
IDBI Bank share price rallied 10 percent intraday on Wednesday on reports that there could be open offer from country's largest insurance company LIC.
The rally was in addition to more than 10 percent upside in previous two consecutive sessions, taking total this week's gains to more than 21 percent.
The insurance behemoth will make an open offer to minority shareholders of IDBI Bank in which it proposes to acquire up to 51 percent equity, PTI said quoting sources.
The state-owned life insurer will approach market regulator Sebi after getting approval from its board for acquiring stake in the state-owned bank.
Equity benchmark indices have continued to maintain their flat moves. The Sensex has managed to hold 36,000-mark, while the Nifty is firmly trading around 10,950. Some selling is visible among midcap names, with the Nifty Midcap trading around 0.40 percent lower. The Nifty IT index is up around 2 percent, while the metal index is down around 3 percent. TCS continues to lead the charts, followed by Adani Ports and Bharti Infratel. Vedanta, Coal India and Hindalco are the top losers.
Market Update: Indices have continued to trade around flatlines on Wednesday afternoon, with the Nifty hovering around 10,950.
The Sensex is up 20.20 points or 0.06% at 36259.82, while the Nifty is up 4.00 points or 0.04% at 10951.30. The market breadth is negative as 993 shares advanced, against a decline of 1252 shares, while 155 shares were unchanged.
TCS, Bajaj Auto, and Bharti Infratel were the top gainers, while Coal India, Vedanta and Hindalco have lost the most.
Shares of Cadila Healthcare lost around 2 percent as investors turned cautious on its unit getting two observations from the US drug regulator.
The stock touched an intraday high of Rs 383.55 and an intraday low of Rs 373.65.
The company’s joint venture with Hospira has received two observations from the US Food and Drug Administration, CNBC-TV18 reported, quoting sources.
The regulator had audited the unit between April 5 and 12, 2018.
Gammon Infra terminates concession agreement: Shares of Gammon Infrastructure Projects has locked at 5 percent lower circuit on termination of contract with APRDC.
The company's unlisted subsidiary Rajahmundry Godavari Bridge has terminated the concession agreement with (APRDC) Andhra Pradesh Road Development Corporation for project of bridge across Godavari river.
"It has served a notice of termination of the concession agreement in respect of its project for design, construction, finance, operation and maintenance of a 4.15 kms long four-lane major bridge across river Godavari along with 10.34 kms of total approach roads on either side of the bridge in the state of Andhra Pradesh on BOT basis on account of several breaches of the said concession agreement by APRDC, company said in release.
The project is operational since November, 2015 and has contributed Rs 57.89 crore to the consolidated revenue of the company for financial year 2017-18.
Buzzing: Shares of ASM Technologies gained 3.3 percent as company signed agreement for investment in RV Forms.
The company has signed the LLP agreement and related documents pertaining to the investment of 70 percent in RV Forms & Gears LLP, a Chennai based firm.
Shares of PNB Housing Finance were up by 5.92 percent after a Mint report stated that Punjab National Bank and Carlyle Group are in the process of selling a minimum of 51 percent of their stake in the company valued at Rs 6500 crore.
Carlyle Group had earlier bought a 32.36 percent stake in the mortgage lender in 2015.
The company in a statement to the exchanges stated, "We hereby inform you regarding joint communication received today from Punjab National Bank and Quality Investment Holdings (Carlyle Group) regarding sale of minimum 51 percent stake in PNB Housing Finance Ltd to the potential acquirers. As on date, Punjab National Bank owns 32.79 percent and Quality Investment Holdings owns 32.36 percent of the paid-up equity share capital of the company."
Shares of Shalimar Paints surged 10.5 percent intraday Wednesday as company approved rights issue worth Rs 240 crore.
The board of directors at its meeting held on July 10 considered and approved the draft letter of offer of the company and related documents in respect of the proposed rights issue not exceeding an amount of Rs 240 crore.
Buzzing stock: State Bank of India’s shares were trading almost 1.5 percent lower on Wednesday morning on a report of fraud at the lender worth Rs 136 crore.
The stock touched an intraday high of Rs 263.45 and an intraday low of Rs 259.60.
The CBI has registered three separate cases of banking fraud against three Mumbai-based companies for an alleged banking fraud that caused a cumulative loss of over Rs 136 crore to State Bank of India, officials said.
Market Update Benchmark indices have continued to trade flat in the first hour of trade, with the Nifty hovering around 10,950.
The Sensex is up 10.50 points or 0.03% at 36250.12, while the Nifty is up 2.40 points or 0.02% at 10949.70. The market breadth is narrow as 901 shares have advanced, against a decline of 836 shares, while 91 shares are unchanged.
TCS, Bajaj Auto, and Bharti Infratel are the top gainers, while Vedanta, Coal India, and Hindalco have lost the most.
Buzzing stock: Shares of Axis Bank gained around a percent in the morning trade on Wednesday as investors cheered the news of possible successors to existing MD Shikha Sharma.
The stock touched an intraday high of Rs 537.50 and an intraday low of Rs 531.00.
The board of the private sector lender has recommended names of three candidates for the position of MD & CEO, the bank said in a release to the exchanges.
The names have been recommended in order of preference for approval by the Reserve Bank of India (RBI), the release said.
Buzzing stock: Share price of Kridhan Infra rose 7 percent in the opening trade on Wednesday as it won an order worth Rs 74.2 crore. The company's associate company Vijay Nirman Company (VNC) has won new orders worth Rs 74.2 crore, which includes construction work at IGI Airport, Delhi. These are to be completed within 5-7 months.
Market Opens Equity benchmarks have begun the day on a flat note, with the Nifty trading just below 10,950-mark. The Sensex has held on to 36,200-mark on Wednesday morning.
The Sensex is higher by 23.84 points or 0.07% at 36263.46, while the Nifty is down 4.00 points or 0.04% at 10943.30. The market breadth is narrow as 235 shares have advanced, against a decline of 222 shares, while 52 shares are unchanged.
Among sectoral indices information technology (IT) stocks are standing out, gaining over 1 percent on the Nifty. This is led by gains in Tata Consultancy Services (TCS), and the rally has spilled over to other IT stocks as well. Weakness is visible among metals and PSU banks, among others. Midcaps are trading just around one-tenth of a percent lower.
Rupee opens The Indian rupee opened flat at 68.82 per dollar on Wednesday versus previous close 68.83.
The dollar-rupee July contract on the NSE was at 68.98 in the previous session. July contract open interest declined 1.31% in the previous day, said ICICIdirect.
We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.
Markets at pre-open Pre-opening rates indicate a positive start to the market on Wednesday. The Nifty managed to reclaim 11,000-mark in the pre-opening trade, but is off those high points.
At 09:00 hrs IST, the Sensex is up 111.43 points or 0.31% at 36351.05, and the Nifty up 65.50 points or 0.60% at 11012.80.
Axis Bank names 3 candidates as potential successors to Shikha Sharma: The board of Axis Bank has recommended names of three candidates for the position of MD & CEO, the bank said in a release to the exchanges. The names have been recommended in order of preference for approval by the Reserve Bank of India (RBI), the release said. The candidate, as approved by the RBI, will succeed Shikha Sharma, whose term as the MD & CEO is due to expire on December 31, 2018.