D-Street takes a breather after hitting record high! Sensex ends flat, Nifty gives up 11,400

07 Aug 2018

Market at Close: It was a rangebound day of trade for the market on Tuesday, as traders chose to take a breather after gains in the past two sessions. The Nifty managed to end the day below 11,400-mark.

The Sensex is down 26.09 points or 0.07% at 37665.80, while the Nifty is up 2.40 points or 0.02% at 11389.50. The market breadth is narrow as 1,243 shares advanced, against a decline of 1,448 shares, while 163 shares were unchanged.

Among sectoral indices, banks, energy, infra and FMCG names were the top losers, while metals saw a sharp rise, ending over a percent higher. The Nifty Midcap index is down over quarter of a percent.

Tata Steel, Asian Paints, and Titan Company gained the most, while Adani Ports and Coal India were the top losers.

Bombay Dyeing Q1: The company's Q1 net loss was at Rs 93.7 crore against Rs 32.7 crore, YoY. Revenue was down 33 percent at Rs 397.5 crore versus Rs 592.4 crore.

Operating profit or EBITDA was down 89 percent at Rs 8.5 crore and margin was down at 2.2 percent.

At 15:09 hrs Bombay Dyeing and Manufacturing Company was quoting at Rs 260.70, down Rs 13.70, or 4.99 percent.

Adani Transmission Q1 results: The company's consolidated Q1FY19 net profit rose 101.3 percent at Rs 169.3 crore against Rs 84.1 crore in the same quarter last fiscal.

Revenue increased 2 percent at Rs 621 crore versus Rs 609 crore.

The operating profit or EBITDA was up 11.7 percent at Rs 505 crore and margin was up 710 bps at 81.4 percent.

Buzzing: Shares of Intellect Design Arena added 6 percent as company signed multi-million dollar deal with an Asian Bank.

The company has signed a significant multimillion dollar deal with leading bank in Asia market with a strong foothold in Singapore, Malaysia, Indonesia, Thailand and China to implement world's first Integrated Trade Finance and Supply Chain Finance (SCF) platform.

This partnership will help the bank to deliver on their commitment of building lasting relationship with their customers through products and exceptional digital customer experience.

Market Update: Flat moves have continued on the market, with the Nifty hovering around 11,400-mark.

At 12:38 hrs IST, the Sensex is down 2.31 points or 0.01% at 37689.58, while the Nifty is up 3.50 points or 0.03% at 11390.60. The market breadth is negative as 1,112 shares advanced, against a decline of 1,319 shares, while 128 shares were unchanged.

Barring IT and metals, all sectoral indices are trading in the red, with maximum cuts seen in energy and pharma.

Asian Paints, Yes Bank and Grasim are the top gainers, while Adani Ports and Coal India have lost the most.

PNB falls post Q1: Shares of Punjab National Bank fell over one percent on Tuesday afternoon even as the lender reported better than expected results for the June quarter.

The PSU bank also witnessed improvement in its asset quality during the quarter. Its net loss came in at Rs 940 crore against an expected loss of Rs 2,200 crore, according to Reuters estimates.

PNB saw its gross non-performing assets ratio falling to 18.26 percent from 18.38 percent that it reported during the previous quarter. The net NPA ratio is also down to 10.58 percent from 11.24 percent quarter on quarter.

Its provisions and contingencies have come down to Rs 5,758 crore, a drop 71 percent from the previous quarter’s figure of Rs 20,353.1 crore. The bank had reported provisions of Rs 2,608.7 crore during the same quarter of last year.

L&T Wins Orders: The construction arm of Larsen and Toubro has won orders worth Rs 1904 across various business segments. Power Transmission & Distribution business of L&T Construction has bagged EPC orders worth Rs 1,723 crore.

The smart world and communication business has secured an order worth Rs 181 crore for the implementation of Goa Intelligent City Management System for Panaji City as the Master System Integrator (MSI).

At 11:25 hrs Larsen & Toubro was quoting at Rs 1,296.10, up Rs 4.90, or 0.38 percent on the BSE.

Buzzing: Shares of Suven Life Sciences rose 1.6 percent as company secured 1 patent each from Mexico and New Zealand.

The new patents are corresponding to the new chemical entities for the treatment of disorders associated with Neurodegenerative diseases and patents are valid through 2030 and 2036 respectively.

Market Update: After beginning the day at record highs, shares have given up all of their gains and trading around the flat line. The Nifty has given up 11,400-mark as well. A drag in financials, which were the biggest gainers on Monday, has hit the market on Tuesday morning.

The Sensex is up 9.05 points or 0.02% at 37700.94, while the Nifty is up 2.80 points or 0.02% at 11389.90. The market breadth is positive as 1,078 shares advanced, against a decline of 625 shares, while 94 shares are unchanged.

Among sectoral indices, metal remains the top gainer, while banks, pharma and energy names have lost the most. The Midcap index too has lost some sheen and is up just round 0.10 percent. Among stocks, shares of Adani Power have fallen 10 percent intraday after the firm’s net loss widened to Rs 825 crore in the June quarter. Metal stocks are up in trade, with gains from Vedanta and Hindalco aiding the rally.

Adani Power tanks: Shares of Adani Power fell 10 percent on Tuesday morning as investors turned cautious of its financials on the back of poor Q1 results.

The stock touched an intraday high of Rs 31.35 and an intraday low of Rs 29.70.

The company widened its net loss for the June quarter to Rs 825.2 crore against Rs 452.8 crore that the company reported during the same quarter of last year.

The company’s revenues came in lower at Rs 3,829.7 crore against Rs 5,543.4 crore

Market Opens: Equity benchmarks have begun the day on a record high note, with the Nifty trading comfortably above 11,400. The Sensex has risen over 100 points.

The Sensex is up 115.50 points or 0.31% at 37807.39, while the Nifty is up 32.00 points or 0.28% at 11419.10. The market breadth is positive as 464 shares advanced, againt a decline of 119 shares, while 60 shares are unchanged.

All sectoral indices are trading in the green, with maximum gain seen in auto names. IT, metals and pharma space is also trading higher. In the broader markets, the Nifty Midcap index is up over one third of a percent.

Infosys, M&M, Hindalco and GAIL are the top gainers, while Adani Ports and ICICI Bank have lost the most.

Rupee opens: The Indian rupee opened marginally lower at 68.91 per dollar on Tuesday versus previous close 68.88.

The dollar-rupee August contract on the NSE was at 69.04 in the previous session. August contract open interest increased almost 6.09% in the previous day, said ICICIdirect.

We expect the USD-INR to meet supply pressure at higher levels. Utilise upsides in the pair to initiate short positions, it added.

Market at pre-open: Pre-opening trends indicate that the Sensex and Nifty are likely to have a higher start, with the Nifty trading well above 11,400-mark.

At 09:04 hrs IST, the Sensex is up 80.63 points or 0.21% at 37772.52, and the Nifty up 49.90 points or 0.44% at 11437.00.