Market Live: Sensex slips 100 pts on profit booking; SBI, ICICI Bank gain
Bank stocks continued their run up after President gave a nod to ordinance dealing with NPAs, amendment to Banking Regulation Act.
10:30 am Defaulter: The cash-strapped infrastructure firm Jaiprakash Associates has failed to pay interest on non- convertible debentures even after more than three months of the due date.
"... the interest instalment in respect of 12.4 per cent non-convertible debentures... remains unpaid for more than three months as on May 4, 2017," the company said in a BSE filing.
The Jaypee group has been selling off its assets to lighten its debt load. Last year, it announced sale of its cement plants with a total capacity of 21.1 million tonnes per annum (mtpa) at an enterprise value of Rs 16,189 crore to the Aditya Birla Group firm UltraTech Cement,
"... the interest instalment in respect of 12.4 per cent non-convertible debentures... remains unpaid for more than three months as on May 4, 2017," the company said in a BSE filing.
The Jaypee group has been selling off its assets to lighten its debt load. Last year, it announced sale of its cement plants with a total capacity of 21.1 million tonnes per annum (mtpa) at an enterprise value of Rs 16,189 crore to the Aditya Birla Group firm UltraTech Cement,
10.11 am Market Check: Equity benchmarks remained under pressure, with the Nifty struggling below 9350 on consistent profit booking.
The 30-share BSE Sensex was down 125.18 points at 30,001.03 and the 50-share NSE Nifty fell 34.90 points to 9,325.
However, the broader markets outperformed benchmarks, with the BSE Midcap and Smallcap indices trading flat but the market breadth was weak.
About three shares declined for every two shares advancing on the BSE.
Asian Paints was the biggest gainer, up 2 percent followed by SBI, ICICI Bank, Adani Ports, Maruti Suzuki and Coal India whereas ITC, HDFC, Infosys, L&T and Tata Motors were top five contributors to Sensex' losses.
9:44 am Buzzing: Shares of Jubilant Life Sciences gained 1.6 percent intraday as it is going to acquire the radiopharmacy business of Triad Isotopes.
"Jubilant Pharma, a material wholly owned subsidiary of Jubilant Life Sciences, through one of its wholly owned subsidiaries, has signed an asset purchase agreement with Triad Isotopes Inc. and its parent, Isotope Holdings, Inc. to acquire substantially all of the assets which comprise the radiopharmacy business of Triad," as per company release.
The acquisition will facilitate Jubilant forward integrate in the radiopharmaceutical business, thereby helping it better directly serve healthcare providers and their patients with high quality radiopharmaceutical products.
9:31 am Market Update: Benchmark indices extended losses in morning as select banks stocks fell on profit booking.
The Sensex was down 97.81 points at 30,028.40 and the 50-share NSE Nifty fell 27.55 points to 9,332.35.
9:25 am FII View: Surendra Goyal of Citi says sentiment indicator has risen sharply since bottoming in December 2016 and now stands at +0.5.
Indian equities have delivered 13 percent returns since December 2016, and in USD terms have outperformed emerging markets equities.
At +0.5, the indicator implies limited upside, based on historical trends, Goyal says.
He further says December 2017 Sensex target is 31,500, implying a nearly 5 percent upside from current levels.
9:15 am Market Check: Equity benchmarks started off last day of the week on a negative note, with the Nifty falling below 9350 level on profit booking after a rally in previous session on account of RBI's approval for amendments to Banking Regulation Act.
The 30-share BSE Sensex was down 73.03 points at 30,053.18 and the 50-share NSE Nifty fell 23.20 points to 9,336.70.
Bank stocks continued their run up after President gave a nod to ordinance dealing with NPAs, amendment to Banking Regulation Act.
Reliance Industries, Asian Paints, Lupin, Coal India and Dr Reddy's Labs were early gainers.
The rupee opened 6 paise weaker against the dollar at 64.22 as nationalised banks bought the greenback heavily in early trade.
"The USD seems to have taken a breather ahead of US Jobs data later today and second round of French Presidential elections later this week, after a hawkish FoMC," Ashutosh Raina of HDFC Bank said.
The USD-INR pair continues to consolidate around the current levels. He expects the rupee to trade in the 64.10-64.40 range ahead of the crucial data today.
Asian markets struggled as traders await the US nonfarm payrolls data later and after drops in commodity prices overnight. The Australia's ASX 200 fell 0.74 percent while Hong Kong's Hang Seng Index was down 1.06 percent. The China's Shanghai Composite shed 0.68 percent.
Markets in Japan and South Korea remain shut for the Children's Day holiday.
The 30-share BSE Sensex was down 125.18 points at 30,001.03 and the 50-share NSE Nifty fell 34.90 points to 9,325.
However, the broader markets outperformed benchmarks, with the BSE Midcap and Smallcap indices trading flat but the market breadth was weak.
About three shares declined for every two shares advancing on the BSE.
Asian Paints was the biggest gainer, up 2 percent followed by SBI, ICICI Bank, Adani Ports, Maruti Suzuki and Coal India whereas ITC, HDFC, Infosys, L&T and Tata Motors were top five contributors to Sensex' losses.
9:44 am Buzzing: Shares of Jubilant Life Sciences gained 1.6 percent intraday as it is going to acquire the radiopharmacy business of Triad Isotopes.
"Jubilant Pharma, a material wholly owned subsidiary of Jubilant Life Sciences, through one of its wholly owned subsidiaries, has signed an asset purchase agreement with Triad Isotopes Inc. and its parent, Isotope Holdings, Inc. to acquire substantially all of the assets which comprise the radiopharmacy business of Triad," as per company release.
The acquisition will facilitate Jubilant forward integrate in the radiopharmaceutical business, thereby helping it better directly serve healthcare providers and their patients with high quality radiopharmaceutical products.
9:31 am Market Update: Benchmark indices extended losses in morning as select banks stocks fell on profit booking.
The Sensex was down 97.81 points at 30,028.40 and the 50-share NSE Nifty fell 27.55 points to 9,332.35.
9:25 am FII View: Surendra Goyal of Citi says sentiment indicator has risen sharply since bottoming in December 2016 and now stands at +0.5.
Indian equities have delivered 13 percent returns since December 2016, and in USD terms have outperformed emerging markets equities.
At +0.5, the indicator implies limited upside, based on historical trends, Goyal says.
He further says December 2017 Sensex target is 31,500, implying a nearly 5 percent upside from current levels.
9:15 am Market Check: Equity benchmarks started off last day of the week on a negative note, with the Nifty falling below 9350 level on profit booking after a rally in previous session on account of RBI's approval for amendments to Banking Regulation Act.
The 30-share BSE Sensex was down 73.03 points at 30,053.18 and the 50-share NSE Nifty fell 23.20 points to 9,336.70.
Bank stocks continued their run up after President gave a nod to ordinance dealing with NPAs, amendment to Banking Regulation Act.
Reliance Industries, Asian Paints, Lupin, Coal India and Dr Reddy's Labs were early gainers.
The rupee opened 6 paise weaker against the dollar at 64.22 as nationalised banks bought the greenback heavily in early trade.
"The USD seems to have taken a breather ahead of US Jobs data later today and second round of French Presidential elections later this week, after a hawkish FoMC," Ashutosh Raina of HDFC Bank said.
The USD-INR pair continues to consolidate around the current levels. He expects the rupee to trade in the 64.10-64.40 range ahead of the crucial data today.
Asian markets struggled as traders await the US nonfarm payrolls data later and after drops in commodity prices overnight. The Australia's ASX 200 fell 0.74 percent while Hong Kong's Hang Seng Index was down 1.06 percent. The China's Shanghai Composite shed 0.68 percent.
Markets in Japan and South Korea remain shut for the Children's Day holiday.
We are SEBI Registered Investment Adviser in India we Provides different services for share market trading. For More Information about our services and tips like Commodity Trading Tips, Nifty tips, Equity Tips Free Trial and Forex Tips Call Us @ +91-7400574001. Or simply Fill Free Trial Form attached in this Blog(Right Side).
No comments