Market Live: Sensex, Nifty continue bullish trend; rupee at 20-month high
ITC, Asian Paints and Hindalco were top gainers on both the indices, while Cipla, Infosys, Bharti Infratel and Power Grid lost the most.
Benchmark indices were trading high, holding on to gains from the morning, with Sensex and Nifty above key milestones.
The Sensex was up 138.52 points at 30081.76, while the Nifty was up 41.40 points at 9348.00. The market breadth was narrow as 1,306 shares advanced against a decline of 1,144 shares, while 124 shares were unchanged.
The Nifty briefly touched 9350-mark, before falling below it as well. The Bank Nifty too gained over half a percent.
ITC, Asian Paints and Hindalco were top gainers on both the indices, while Cipla, Infosys, Bharti Infratel and Power Grid lost the most.
The rupee appreciated 0.45 percent in early trade on Wednesday, tracking rallies in global equity markets. It hit a 20-month high of 63.93, thereby breaching the 64 mark against the US dollar.
The Indian currency opened at 64.16, up from the 64.27 level it closed at on Tuesday. At 10:35 IST, it was trading at 63.98 against the dollar, up 0.45 percent from its previous close.
The Sensex was up 138.52 points at 30081.76, while the Nifty was up 41.40 points at 9348.00. The market breadth was narrow as 1,306 shares advanced against a decline of 1,144 shares, while 124 shares were unchanged.
The Nifty briefly touched 9350-mark, before falling below it as well. The Bank Nifty too gained over half a percent.
ITC, Asian Paints and Hindalco were top gainers on both the indices, while Cipla, Infosys, Bharti Infratel and Power Grid lost the most.
The rupee appreciated 0.45 percent in early trade on Wednesday, tracking rallies in global equity markets. It hit a 20-month high of 63.93, thereby breaching the 64 mark against the US dollar.
The Indian currency opened at 64.16, up from the 64.27 level it closed at on Tuesday. At 10:35 IST, it was trading at 63.98 against the dollar, up 0.45 percent from its previous close.
10:58 am Management Speak: Even as Wipro gave out a weaker-than-anticipated dollar revenue guidance for the first quarter of FY18, CEO Abidali Neemuchwala sounded confident there are no structural issues on the growth front in the medium term.
Project cancellations in the healthcare space, and slower ramp-up of few deals in the telecommunication sector are prime reasons for a muted guidance following a strong fourth quarter show, Neemuchwala said in a post-result interview with CNBC-TV18.
Wipro was the market leader in the Obamacare business, which was repealed by the Trump administration, and that has led to project cancellations and expected losses in the first quarter.
10:45 am Buzzing Stock: Share price of Nucleus Software Exports touched 52-week high of Rs 329.50, gains 16 percent intraday Wednesday on strong numbers declared by the company for the quarter ended March 2017.
The company's consolidated Q4 (Jan-March) net profit increased by 40.3 percent at Rs 22.3 crore versus Rs 15.9 crore, reported in December 2016.
Total income of the company was up at Rs 93.7 crore versus Rs 93.1 crore.
10:29 am Market Outlook: At a time where the market has been soaring, with the Sensex and Nifty crossing 30,000 and 9,300, respectively, Kotak Institutional Equities is worried about the rally.
Sanjeev Prasad of Kotak Institutional Equities believes that while the current optimistic rally is fuelled by liquidity, the economy is not turning around very quickly. The investment cycle will also take time to recover, he said.
"I don’t see a lot of jobs being created and GST could be fairly disruptive going forward…you could see earnings downgrade as we move forward," Prasad told CNBC-TV18 in an interview. The problem is that stock prices are factoring in a huge recovery, whereas the economy isn’t growing at that pace. It is that disconnect which is worrying, he said.
10.05 am Market Check: Benchmark indices as well as broader markets continued upside for third consecutive session, with the Nifty inching towards 9350 ahead of expiry of April futures & options contracts due tomorrow.
The 30-share BSE Sensex was up 126.08 points at 30,069.32 and the 50-share NSE Nifty gained 37.35 points at 9,343.95 while the Nifty Midcap and Smallcap indices rose half a percent each.
About two shares advanced for every share falling on the BSE.
ITC, HDFC, HDFC Bank, Asian Paints, Tata Motors and ICICI Bank were leading contributors to Sensex' gains, up 0.6-1.5 percent.
Wipro retained its top position in the buying list, up over 2 percent following better-than-expected earnings despite Q1 revenue guidance missed estimates.
9:59 am Block deal: Investment firm Blackstone sold 3.8 crore shares (or 14 percent equity) of Allcargo Logistics via block deal today.
The stock surged nearly 11 percent.
9:54 am Buzzing: Shares of Zensar Technologies touched 52-week low of Rs 814.25, plunged more than 11 percent intraday on the back of poor Q4 numbers.
The company Q4 (Jan-March) consolidated net profit declined 86.6 percent at Rs 10.7 crore versus Rs 80.1 crore, reported in December 2016.
The rupee revenue was down 5.5 percent at Rs 743.8 crore and dollar revenue was down 4.9 percent at USD 111.8 million.
Its operating profit (EBITDA) was down 46 percent at Rs 59 crore and EBITDA margin slipped 600 bps at 7.9 percent.
9:45 am Interview: Private life insurer ICICI Prudential Life Insurance is looking to further grow its protection and savings business. The insurer saw a 87.1 percent growth in FY17 in protection business to Rs 260 crore in terms of annualised premium equivalent (APE).
Sandeep Batra, Executive Director, ICICI Prudential Life in his post earnings call with analysts said that retail protection accounted for Rs 209 crore of the business in FY17, seeing a big jump from Rs 94 crore in FY16.
"India has one of the highest protection gaps among other countries. This gives us an opportunity to grow this business," he added.
9:30 am FII View: Surendra Goyal of Citi says decent domestic trends, stable US dollar and Federal Reserve commentary have resulted in a nice upmove for Indian equities in 2017 so far.
He remains constructive on the market in the medium term, acknowledging that earnings acceleration is key for upside to play out.
"December 2017 Sensex target is 31,500, implying a 7 percent upside," Goyal says.
9:15 am Market Check: Equity benchmarks started off day at fresh record high on Wednesday, with the Sensex surpassing psychological 30,000-mark on continued positive momentum and global cues.
The 30-share BSE Sensex was up 83.64 points at 30,026.88 and the 50-share NSE Nifty rose 32.35 points to 9,338.95, backed by banking & financials, FMCG and technology stocks.
HDFC, ITC, TCS, ICICI Bank, M&M, SBI and Reliance Industries were early gainers.
Axis Bank added more than 1 percent ahead of earnings later today while Wipro surged 2 percent on better-than-expected numbers in Q4 and hopes of strong FY18 earnings.
Cipla, Maruti Suzuki, Hero Motocorp, L&T, Bajaj Auto and Dr Reddy's Labs were early losers.
Indian rupee extended gains in early trade and breached the 64 mark against the US dollar in early trade.
It was trading at 63.99, the highest level since August 10, 2015 after opening higher by 7 paise at 64.19 per dollar.
Project cancellations in the healthcare space, and slower ramp-up of few deals in the telecommunication sector are prime reasons for a muted guidance following a strong fourth quarter show, Neemuchwala said in a post-result interview with CNBC-TV18.
Wipro was the market leader in the Obamacare business, which was repealed by the Trump administration, and that has led to project cancellations and expected losses in the first quarter.
10:45 am Buzzing Stock: Share price of Nucleus Software Exports touched 52-week high of Rs 329.50, gains 16 percent intraday Wednesday on strong numbers declared by the company for the quarter ended March 2017.
The company's consolidated Q4 (Jan-March) net profit increased by 40.3 percent at Rs 22.3 crore versus Rs 15.9 crore, reported in December 2016.
Total income of the company was up at Rs 93.7 crore versus Rs 93.1 crore.
10:29 am Market Outlook: At a time where the market has been soaring, with the Sensex and Nifty crossing 30,000 and 9,300, respectively, Kotak Institutional Equities is worried about the rally.
Sanjeev Prasad of Kotak Institutional Equities believes that while the current optimistic rally is fuelled by liquidity, the economy is not turning around very quickly. The investment cycle will also take time to recover, he said.
"I don’t see a lot of jobs being created and GST could be fairly disruptive going forward…you could see earnings downgrade as we move forward," Prasad told CNBC-TV18 in an interview. The problem is that stock prices are factoring in a huge recovery, whereas the economy isn’t growing at that pace. It is that disconnect which is worrying, he said.
10.05 am Market Check: Benchmark indices as well as broader markets continued upside for third consecutive session, with the Nifty inching towards 9350 ahead of expiry of April futures & options contracts due tomorrow.
The 30-share BSE Sensex was up 126.08 points at 30,069.32 and the 50-share NSE Nifty gained 37.35 points at 9,343.95 while the Nifty Midcap and Smallcap indices rose half a percent each.
About two shares advanced for every share falling on the BSE.
ITC, HDFC, HDFC Bank, Asian Paints, Tata Motors and ICICI Bank were leading contributors to Sensex' gains, up 0.6-1.5 percent.
Wipro retained its top position in the buying list, up over 2 percent following better-than-expected earnings despite Q1 revenue guidance missed estimates.
9:59 am Block deal: Investment firm Blackstone sold 3.8 crore shares (or 14 percent equity) of Allcargo Logistics via block deal today.
The stock surged nearly 11 percent.
9:54 am Buzzing: Shares of Zensar Technologies touched 52-week low of Rs 814.25, plunged more than 11 percent intraday on the back of poor Q4 numbers.
The company Q4 (Jan-March) consolidated net profit declined 86.6 percent at Rs 10.7 crore versus Rs 80.1 crore, reported in December 2016.
The rupee revenue was down 5.5 percent at Rs 743.8 crore and dollar revenue was down 4.9 percent at USD 111.8 million.
Its operating profit (EBITDA) was down 46 percent at Rs 59 crore and EBITDA margin slipped 600 bps at 7.9 percent.
9:45 am Interview: Private life insurer ICICI Prudential Life Insurance is looking to further grow its protection and savings business. The insurer saw a 87.1 percent growth in FY17 in protection business to Rs 260 crore in terms of annualised premium equivalent (APE).
Sandeep Batra, Executive Director, ICICI Prudential Life in his post earnings call with analysts said that retail protection accounted for Rs 209 crore of the business in FY17, seeing a big jump from Rs 94 crore in FY16.
"India has one of the highest protection gaps among other countries. This gives us an opportunity to grow this business," he added.
9:30 am FII View: Surendra Goyal of Citi says decent domestic trends, stable US dollar and Federal Reserve commentary have resulted in a nice upmove for Indian equities in 2017 so far.
He remains constructive on the market in the medium term, acknowledging that earnings acceleration is key for upside to play out.
"December 2017 Sensex target is 31,500, implying a 7 percent upside," Goyal says.
9:15 am Market Check: Equity benchmarks started off day at fresh record high on Wednesday, with the Sensex surpassing psychological 30,000-mark on continued positive momentum and global cues.
The 30-share BSE Sensex was up 83.64 points at 30,026.88 and the 50-share NSE Nifty rose 32.35 points to 9,338.95, backed by banking & financials, FMCG and technology stocks.
HDFC, ITC, TCS, ICICI Bank, M&M, SBI and Reliance Industries were early gainers.
Axis Bank added more than 1 percent ahead of earnings later today while Wipro surged 2 percent on better-than-expected numbers in Q4 and hopes of strong FY18 earnings.
Cipla, Maruti Suzuki, Hero Motocorp, L&T, Bajaj Auto and Dr Reddy's Labs were early losers.
Indian rupee extended gains in early trade and breached the 64 mark against the US dollar in early trade.
It was trading at 63.99, the highest level since August 10, 2015 after opening higher by 7 paise at 64.19 per dollar.
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