Market Live: Sensex trims losses, Nifty around 9250; Sun Pharma down 2%
The Sensex was down 62.64 points at 29864.70, while the Nifty was down 17.35 points at 9244.60.
Bank deposits investors' no. 1 choice: About 78 percent of Indians are comfortable calling in a broker to place their trades, while only 22 percent are savvy enough to use the internet to invest, finds a report commissioned by the capital market regulator Securities & Exchange Board of India (SEBI) and conducted by Nielsen.
The study, which gauges the investing habits and outlook of retail investors, also revealed that rural India still prefers fixed deposits. A startling find, however, was the fact that less than 1 percent of the total value has been invested in these instruments as a result of poor awareness.
Jio to hurt earnings of telcos: Free services offer from Reliance Jio will hurt the earnings of telecom operators for three months ended March 2017, pushing down mobile revenues by 6.5-7.5 percent on quarter-on-quarter basis, says a report.
Moreover, the RJio's extended free services for prime members till June, may also continue to keep the performance of telecom companies muted for the first quarter (April-June) of the current fiscal, according to ICICI Securities' latest earnings preview of the sector.
"Fourth quarter (January-March) of 2016-17 performance of telecom operators would be impacted by the free services offer from Reliance Jio (RJio) on the higher subscriber-base as well as the reset of higher-value average revenue per user (ARPU) subscribers with higher allowances on lower packs by Bharti Airtel and Idea Cellular," the report said.
Amid geopolitical tensions after the US’ missile strikes in Syrian bases, the market trimmed morning losses. The Street now is looking for cues on the GST passage front as well as awaited earnings, which will set the tone going forward.
The Sensex was down 62.64 points at 29864.70, while the Nifty was down 17.35 points at 9244.60. The market breadth was in the positive, but narrow as 1,423 shares advanced against a decline of 983 shares, while 102 shares were unchanged.
Bharti Airtel, Larsen and Toubro, Indian Oil and BPCL were the top gainers, while Sun Pharma and Adani Ports were the top losers on both indices.
Management Speak: In an interview to CNBC-TV18, Keki Mistry, VC & CEO of HDFC said it was expected that the monetary policy would be neutral and the RBI’s focus would be on inflation. However, he is hopeful of seeing a 25 basis points rate cut by RBI in the next 3-6 months.
He said inflation is an important factor which has to be watched out for especially since one is still uncertain about monsoon and there is also the possibility of impact from farm loan waiver. If the monsoon is poor, then inflation risk will rise, said Mistry.
Buzzing Stock: Shares of Ashoka Buildcon gained nearly 10 percent intraday on Friday as investors cheered its award win for develop land parcels in Mumbai.
The company received a Letter of Award ('LoA') from Mumbai International Airport (MIAL) for developing the land parcels located at NS-C02 and NS-C03 in CTS No. 145-A (Part) of Village Sahar ('GVK SKY City Project') located near existing Chhatrapati Shivaji International Airport, Mumbai.
This is for development of commercial or office space of potential built up area of 108,494 sq. metres. (1.17 mn Sq. Ft.) for an aggregate lease period of 49 years, it told in a notification to the exchanges.
FII View: Laurence Balanco of CLSA says the India re-rating continues. In absolute terms the Nifty continues to work its way higher following the breakout to new all-time highs with the move above 8,989-9,191 resistance, he adds.
"On the upside we are focused on targets stretching from 10,350 to 12,000," he says.
Market Check: Benchmark indices recouped some early losses following recovery in Asia as investors digested the news of missiles fired into Syria by US.
The 30-share BSE Sensex was down 84.87 points at 29,842.47 and the 50-share NSE Nifty fell 29 points to 9,232.95.
The Indian rupee touched 19-month high of 64.37 against the US dollar, up 14 paise as dollar weakened further amid geopolitical tensions. Oil prices surged more than 2 percent.
Telecom, infra, auto and select banks stocks gained strength whereas Reliance Industries, HDFC and ITC remained under pressure.
Experts are not worried about these issues as risk appetite of investors is rising.
ICICI Securities believes Indian equity will trade above long term average and a sharp correction in Nifty is unlikely anytime soon as FPI flows are expected to persist and DII flows are expected to remain robust.
Market Expert: As equity benchmarks climb to fresh record highs, skeptics have raised concerns on the fundamentals of the rally and whether earnings growth will see a pick up or not.
But Enam Holdings is upbeat on earnings growth and believes that it will grow 20 percent in the next year as interest rate transmission will have an impact on them. Results in the previous quarter (Q3) weren’t bad either, Sridhar Sivaram, Investment Director at Enam Holdings told CNBC-TV18 in an interview. In fact, earnings going forward will surprise the Street.
“There are good times ahead…the market will continue to climb the walls of worry,” he told the channel.
RBI eyes monsoon: The Reserve Bank of India would keenly watch the progress of monsoon this year before taking a policy call.
Motilal Oswal believes that if monsoon remains normal, then headline inflation for FY18 would be around 4.5 percent, triggering a status quo on rates or even a rate cut. On the other hand, if monsoon disappoints, then inflation levels could be around 5 percent or slightly higher for FY18, making way for a rate hike.
Interview: Sajjan Jindal-led JSW Steel said it is "capable" of spending up to USD one billion (around Rs 6,500 crore) per annum on both capacity expansion and acquisitions.
The company is also planning to bid for iron ore and coking coal mines in the upcoming auctions, JSW Steel Joint MD and Group CFO Seshagiri Rao said.
"We are capable of spending up to USD one billion per annum without increasing debt on capacity expansion and acquisitions," Rao said.
The company would participate in the auctions of two iron ore mines in Odisha, he said adding that JSW Steel would also bid for coking coal mines in Jharkhand.
Equity benchmarks opened sharply lower Friday on weak global cues after the US fired dozens of cruise missiles into Syria.
The 30-share BSE Sensex was down 149.99 points at 29,777.35 and the 50-share NSE Nifty fell 47.30 points to 9214.65.
Reliance Industries share price fell 1.6 percent on profit booking post TRAI order, but the stock recovered a bit.
Sun Pharma was the biggest loser among Sensex stocks, down 2 percent followed by HDFC, ITC, Adani Ports, Tata Motors, HDFC Bank and Infosys.
Bharti Airtel gained 2 percent. Maruti Suzuki, ICICI Bank, TCS, Axis Bank and ONGC were other gainers.
Asian markets and stock futures in the US turned negative after the US fired missiles into Syria. Crude prices spiked 2 percent and the dollar weakened slightly.
Meanwhile, the Indian rupee opened lower by 18 paise at 64.69 per dollar versus previous close 64.51.
Ashutosh Raina of HDFC Bank said, "The USD-INR pair breached the crucial technical level of 64.80/dollar, after the RBI maintained status quo in repo rate. The strong portfolio flows continue to help the pair."
He expects a trading range of 64.30-64.80/dollar in the near term, with RBI expected to support at lower levels.
The Sensex was down 62.64 points at 29864.70, while the Nifty was down 17.35 points at 9244.60. The market breadth was in the positive, but narrow as 1,423 shares advanced against a decline of 983 shares, while 102 shares were unchanged.
Bharti Airtel, Larsen and Toubro, Indian Oil and BPCL were the top gainers, while Sun Pharma and Adani Ports were the top losers on both indices.
Management Speak: In an interview to CNBC-TV18, Keki Mistry, VC & CEO of HDFC said it was expected that the monetary policy would be neutral and the RBI’s focus would be on inflation. However, he is hopeful of seeing a 25 basis points rate cut by RBI in the next 3-6 months.
He said inflation is an important factor which has to be watched out for especially since one is still uncertain about monsoon and there is also the possibility of impact from farm loan waiver. If the monsoon is poor, then inflation risk will rise, said Mistry.
Buzzing Stock: Shares of Ashoka Buildcon gained nearly 10 percent intraday on Friday as investors cheered its award win for develop land parcels in Mumbai.
The company received a Letter of Award ('LoA') from Mumbai International Airport (MIAL) for developing the land parcels located at NS-C02 and NS-C03 in CTS No. 145-A (Part) of Village Sahar ('GVK SKY City Project') located near existing Chhatrapati Shivaji International Airport, Mumbai.
This is for development of commercial or office space of potential built up area of 108,494 sq. metres. (1.17 mn Sq. Ft.) for an aggregate lease period of 49 years, it told in a notification to the exchanges.
FII View: Laurence Balanco of CLSA says the India re-rating continues. In absolute terms the Nifty continues to work its way higher following the breakout to new all-time highs with the move above 8,989-9,191 resistance, he adds.
"On the upside we are focused on targets stretching from 10,350 to 12,000," he says.
Market Check: Benchmark indices recouped some early losses following recovery in Asia as investors digested the news of missiles fired into Syria by US.
The 30-share BSE Sensex was down 84.87 points at 29,842.47 and the 50-share NSE Nifty fell 29 points to 9,232.95.
The Indian rupee touched 19-month high of 64.37 against the US dollar, up 14 paise as dollar weakened further amid geopolitical tensions. Oil prices surged more than 2 percent.
Telecom, infra, auto and select banks stocks gained strength whereas Reliance Industries, HDFC and ITC remained under pressure.
Experts are not worried about these issues as risk appetite of investors is rising.
ICICI Securities believes Indian equity will trade above long term average and a sharp correction in Nifty is unlikely anytime soon as FPI flows are expected to persist and DII flows are expected to remain robust.
Market Expert: As equity benchmarks climb to fresh record highs, skeptics have raised concerns on the fundamentals of the rally and whether earnings growth will see a pick up or not.
But Enam Holdings is upbeat on earnings growth and believes that it will grow 20 percent in the next year as interest rate transmission will have an impact on them. Results in the previous quarter (Q3) weren’t bad either, Sridhar Sivaram, Investment Director at Enam Holdings told CNBC-TV18 in an interview. In fact, earnings going forward will surprise the Street.
“There are good times ahead…the market will continue to climb the walls of worry,” he told the channel.
RBI eyes monsoon: The Reserve Bank of India would keenly watch the progress of monsoon this year before taking a policy call.
Motilal Oswal believes that if monsoon remains normal, then headline inflation for FY18 would be around 4.5 percent, triggering a status quo on rates or even a rate cut. On the other hand, if monsoon disappoints, then inflation levels could be around 5 percent or slightly higher for FY18, making way for a rate hike.
Interview: Sajjan Jindal-led JSW Steel said it is "capable" of spending up to USD one billion (around Rs 6,500 crore) per annum on both capacity expansion and acquisitions.
The company is also planning to bid for iron ore and coking coal mines in the upcoming auctions, JSW Steel Joint MD and Group CFO Seshagiri Rao said.
"We are capable of spending up to USD one billion per annum without increasing debt on capacity expansion and acquisitions," Rao said.
The company would participate in the auctions of two iron ore mines in Odisha, he said adding that JSW Steel would also bid for coking coal mines in Jharkhand.
Equity benchmarks opened sharply lower Friday on weak global cues after the US fired dozens of cruise missiles into Syria.
The 30-share BSE Sensex was down 149.99 points at 29,777.35 and the 50-share NSE Nifty fell 47.30 points to 9214.65.
Reliance Industries share price fell 1.6 percent on profit booking post TRAI order, but the stock recovered a bit.
Sun Pharma was the biggest loser among Sensex stocks, down 2 percent followed by HDFC, ITC, Adani Ports, Tata Motors, HDFC Bank and Infosys.
Bharti Airtel gained 2 percent. Maruti Suzuki, ICICI Bank, TCS, Axis Bank and ONGC were other gainers.
Asian markets and stock futures in the US turned negative after the US fired missiles into Syria. Crude prices spiked 2 percent and the dollar weakened slightly.
Meanwhile, the Indian rupee opened lower by 18 paise at 64.69 per dollar versus previous close 64.51.
Ashutosh Raina of HDFC Bank said, "The USD-INR pair breached the crucial technical level of 64.80/dollar, after the RBI maintained status quo in repo rate. The strong portfolio flows continue to help the pair."
He expects a trading range of 64.30-64.80/dollar in the near term, with RBI expected to support at lower levels.
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