Market Live: Sensex gains 150 pts, Nifty eyes 9500; Reliance, ITC top contributors
Dr Reddy's Labs rallied further, up 2 percent on top of 3.5 percent rally in previous session on hopes of recovery in US business.
10:31 am Buzzing: Shares of Skipper touched 52-week high of Rs 214, gains 9 percent intraday on new orders worth Rs 500 crore and strong fourth quarter results.
The company has secured new orders worth Rs 376.48 crore from national & Rs 123.73 crore from international markets for supply of power transmission towers & telecom poles.
The company's Q4FY17 net profit jumped 46.3 percent at Rs 52.8 crore versus Rs 36.1 crore, in the same quarter last fiscal.
The company has secured new orders worth Rs 376.48 crore from national & Rs 123.73 crore from international markets for supply of power transmission towers & telecom poles.
The company's Q4FY17 net profit jumped 46.3 percent at Rs 52.8 crore versus Rs 36.1 crore, in the same quarter last fiscal.
10:15 am PNB in focus: Public sector lender Punjab National Bank is expected to turn profitable with fourth quarter net income at Rs 378.5 crore against net loss of Rs 5,367.1 crore in same quarter last fiscal.
According to average of estimates of analysts polled by CNBC-TV18, net interest income during the quarter is seen rising 37.3 percent to Rs 3,800.8 crore compared with Rs 2,767.7 crore in corresponding quarter of last fiscal.
Key things to watch out for would be management commentary on FY18 slippages and credit cost. Loan growth is expected to remain muted.
Any improvement in net interest margin and lower slippages trend will be considered positive by the Street.
9:55 am Market Check: Benchmark indices extended gains in morning to trade around record highs, aided by Reliance Industries, ITC and Infosys.
The 30-share BSE Sensex was up 150.61 points or 0.50 percent at 30,472.73 while the 50-share NSE Nifty inched towards 9500 level, up 36.20 points at 9,481.60.
The broader markets underperformed benchmarks despite positive breadth. The BSE Midcap index was up 0.2 percent and Smallcap gained 0.39 percent. About 1146 shares advanced against 702 declining shares on the BSE.
Dr Reddy's Labs rallied further, up 2 percent on top of 3.5 percent rally in previous session on hopes of recovery in US business.
9:49 am Earnings Estimates: Steel major, Tata Steel, could post a net profit of Rs 1,000 crore for the March quarter against a net loss of Rs 3,213 crore reported during the corresponding quarter last year, according to a CNBC-TV18 poll. One must note that the March 2016 quarter had an exceptional item of Rs 2,857 crore.
Meanwhile, the company’s revenue is expected to come in 8 percent higher at Rs 31,850 crore against Rs 29,507 crore.
The operating profit for the firm is seen at Rs 4,400 against Rs 2,204 crore posted during the corresponding quarter last year. The margin for the company is seen at 13.8 percent against 7.5 percent.
In its India business, the company’s sales volumes are seen rising 17 percent at 3.18 million tonnes against 2.72 million tonnes year on year. Strong volumes in India are likely due to a ramp up at Kalinganagar.
9:35 am FII View: The government recently passed new reform to solve asset quality problem that has been hitting banks' balance sheet for more than two years. It wants to clean this mess as early as possible.
"Meetings with senior bureaucrats and industry experts give us confidence that the government is serious about resolving the NPL mess. A few cases might be resolved in the next 2-3 months itself," Mahesh Nandurkar of CLSA said.
He further said the common scepticism is that several government/RBI attempts in the past haven't worked out. But this time the back is against the wall and if a resolution is not found soon enough, both the banks and the government will have to pay a financial price in FY18 itself, he feels.
A resolution would be positive for corporate banks in general and PSU banks in particular, Nandurkar believes.
In addition, "We were assured that 'Housing for all' remains a key focus area for the government and its funding will not be a constraint, especially for the 'housing loan subsidy' component," he said.
More monies will be made available if demand surges, which is likely, according to him.
9:15 am Market Check: Equity benchmarks opened at fresh record high on Tuesday, continuing upside despite mixed Asian cues.
The 30-share BSE Sensex was up 63.33 points at 30,385.45 and the 50-share NSE Nifty rose 12.55 points to 9,457.95. About 643 shares advanced against 258 declining shares on the BSE.
Bharti Airtel was the biggest gainer among largecaps, up nearly 3 percent followed by Tata Steel, TCS, Dr Reddy's Labs, IOC, ACC and ICICI Bank.
Asian Paints, HDFC Bank, BHEL, HDFC, Adani Ports, Kotak Mahindra Bank, Cipla and Bank of Baroda were early losers.
The Indian rupee was flat at 64.06 per dollar in opening against previous day's close of 64.06.
Bhaskar Panda of HDFC Bank says the rupee has been supported by global cues as well as firm flows from FIIs and FDI. Today, he expects the USD-INR pair to trade in a range of 63.95-64.20/dollar range.
Dollar weakened against a major basket of currencies after a weaker than expected US economic data dampened the outlook for the pace of further tightening by the Federal Reserve this year.
Asian markets were mixed, following the bounce in oil prices after the energy ministers of Russia and Saudi Arabia announced output cuts should be extended till March 2018 and as investors largely shrugged off US political news on President Donald Trump.
According to average of estimates of analysts polled by CNBC-TV18, net interest income during the quarter is seen rising 37.3 percent to Rs 3,800.8 crore compared with Rs 2,767.7 crore in corresponding quarter of last fiscal.
Key things to watch out for would be management commentary on FY18 slippages and credit cost. Loan growth is expected to remain muted.
Any improvement in net interest margin and lower slippages trend will be considered positive by the Street.
9:55 am Market Check: Benchmark indices extended gains in morning to trade around record highs, aided by Reliance Industries, ITC and Infosys.
The 30-share BSE Sensex was up 150.61 points or 0.50 percent at 30,472.73 while the 50-share NSE Nifty inched towards 9500 level, up 36.20 points at 9,481.60.
The broader markets underperformed benchmarks despite positive breadth. The BSE Midcap index was up 0.2 percent and Smallcap gained 0.39 percent. About 1146 shares advanced against 702 declining shares on the BSE.
Dr Reddy's Labs rallied further, up 2 percent on top of 3.5 percent rally in previous session on hopes of recovery in US business.
9:49 am Earnings Estimates: Steel major, Tata Steel, could post a net profit of Rs 1,000 crore for the March quarter against a net loss of Rs 3,213 crore reported during the corresponding quarter last year, according to a CNBC-TV18 poll. One must note that the March 2016 quarter had an exceptional item of Rs 2,857 crore.
Meanwhile, the company’s revenue is expected to come in 8 percent higher at Rs 31,850 crore against Rs 29,507 crore.
The operating profit for the firm is seen at Rs 4,400 against Rs 2,204 crore posted during the corresponding quarter last year. The margin for the company is seen at 13.8 percent against 7.5 percent.
In its India business, the company’s sales volumes are seen rising 17 percent at 3.18 million tonnes against 2.72 million tonnes year on year. Strong volumes in India are likely due to a ramp up at Kalinganagar.
9:35 am FII View: The government recently passed new reform to solve asset quality problem that has been hitting banks' balance sheet for more than two years. It wants to clean this mess as early as possible.
"Meetings with senior bureaucrats and industry experts give us confidence that the government is serious about resolving the NPL mess. A few cases might be resolved in the next 2-3 months itself," Mahesh Nandurkar of CLSA said.
He further said the common scepticism is that several government/RBI attempts in the past haven't worked out. But this time the back is against the wall and if a resolution is not found soon enough, both the banks and the government will have to pay a financial price in FY18 itself, he feels.
A resolution would be positive for corporate banks in general and PSU banks in particular, Nandurkar believes.
In addition, "We were assured that 'Housing for all' remains a key focus area for the government and its funding will not be a constraint, especially for the 'housing loan subsidy' component," he said.
More monies will be made available if demand surges, which is likely, according to him.
9:15 am Market Check: Equity benchmarks opened at fresh record high on Tuesday, continuing upside despite mixed Asian cues.
The 30-share BSE Sensex was up 63.33 points at 30,385.45 and the 50-share NSE Nifty rose 12.55 points to 9,457.95. About 643 shares advanced against 258 declining shares on the BSE.
Bharti Airtel was the biggest gainer among largecaps, up nearly 3 percent followed by Tata Steel, TCS, Dr Reddy's Labs, IOC, ACC and ICICI Bank.
Asian Paints, HDFC Bank, BHEL, HDFC, Adani Ports, Kotak Mahindra Bank, Cipla and Bank of Baroda were early losers.
The Indian rupee was flat at 64.06 per dollar in opening against previous day's close of 64.06.
Bhaskar Panda of HDFC Bank says the rupee has been supported by global cues as well as firm flows from FIIs and FDI. Today, he expects the USD-INR pair to trade in a range of 63.95-64.20/dollar range.
Dollar weakened against a major basket of currencies after a weaker than expected US economic data dampened the outlook for the pace of further tightening by the Federal Reserve this year.
Asian markets were mixed, following the bounce in oil prices after the energy ministers of Russia and Saudi Arabia announced output cuts should be extended till March 2018 and as investors largely shrugged off US political news on President Donald Trump.
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