Category Archives: Equities

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Oct 06

Daily Market Commentary : 5th Oct. 2016

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Indian equities snapped their three-day winning streak; the market was weighed down on profit-booking particularly in IT, banking and technology stocks. Nifty closed with aloss of 25 points at 8,743. It opened at 8,806, while BSE Sensex ended with a loss of 114 points at 28,221.

On the global front, Asian stocks traded firm with the Hong Kong’s Hang Seng and Nikkei 225 each advancing 0.5%. Mainland Chinese markets remained closed for the National Day holiday.

European stocks are trading soft as markets digest hawkish comments from US Federal Reserve officials. The CAC 40, DAX and FTSE 100 each have slipped 0.48%.

HDFC slipped 0.61% to Rs.1,421. The company announced that income from dividend rose 7.3% yoy to Rs.456 cr in Q2FY2017.

Adani Transmission rallied 7.4% to Rs.43.05 on the BSE. Reliance Infrastructure said it has signed a binding term sheet with Adani Transmission for a sale of 100% stake in its transmission assets.

Alembic Pharmaceuticals zoomed 3% on the BSE. The company’s Formulation Facility located at Panelav has received Establishment Inspection Report (EIR) from US Food & Drug Administration (USFDA) for the inspection carried out in March, 2016.

ICICI Bank ended lower by 1% at Rs.255 on the BSE. ICICI Bank announced a 0.05% reduction in its marginal cost of funds-based lending rate to 9.05%.

Bharat Forge erased morning losses and closed marginally higher on the BSE. A media report stated that its class 8 truck orders in U.S. fell by 27% to 13,800 units in September 2016.

NBCC gained 1.4% to Rs.280 after the company received orders worth Rs.1,117 cr in September. The company said the order includes a Rs.440 cr hospital construction contract from the Labour Ministry and a Rs.270 cr contract for construction of the University Grants Commission building complex.

Punjab & Sind Bank slipped 0.5% after the bank said it will raise Rs.500 cr by issuing Basel III-compliant bonds through a private placement.

Bhushan Steel advanced 1%. The company said its shareholders have approved the company’s proposal to raise up to Rs.1,155 cr through issue of redeemable cumulative preference shares.

Jubilant Life Sciences slipped 0.41% to Rs.645.The company announced that its wholly own subsidiary Jubilant Pharma Ltd, through one of its units Jubilant DraxImage Inc. Montreal Canada (JDI), has received approval from TGA, Australia for Lyophilized kit for the preparation of Technetium 99m Macro-Aggregated Albumin (MAA) Injection.

The rupee was trading down by 9 paise at 66.54 per US dollar

Out of 1,406 stocks traded on the NSE, 574 declined and 777 advanced today.

Top 5 Nifty Gainers: GAIL (2.72%), Reliance Ind. (2.32%), BHEL (1.68%), ONGC (1.67%) and Hind. Unilever (1.07%).

Top 5 Nifty Losers: Axis Bank (-1.19%), Infosys Ltd. (-0.69%), Adani Ports & Sez (-0.32%), Wipro (-0.29%) and Coal India (-0.20%)

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Oct 05

Daily Market Commentary : 4th Oct. 2016

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Indian stocks rallied for the third consecutive day today after the Reserve Bank of India (RBI) cut its key lending rate or the repo rate by 25 basis points to a six-year low of 6.25%, from 6.5% earlier. The RBI Governor, Urjit R. Patel said in the policy review that global growth has been slowing more than anticipated through 2016 so far, with weak investment and trade damping aggregate demand. Coming back to domestic action, oil & gas stocks staged a strong rally as is reflected in the gain of over 2% today in the BSE oil & gas index.The BSE telecom index was up 1.3% in today’s trade. Realty, utilities, IT, finance and banking indices were up 1% each and the pharma index was up by 0.5%. On the other hand, capital goods and consumer discretionary stocks were among the major losers. Nifty closed with a gain of 31 points at 8,769, while BSE Sensex ended with a gain of 91 points at 28,335.

On the global front, Asian stocks traded firm with the Hong Kong’s Hang Seng advancing 0.82% and China’s Shanghai Composite too ending marginally higher.

In Europe, the FTSE 100 and DAX have gained 1% each, while the CAC 40 is up 0.60%.

Amtek Auto rallied 7.2% to Rs.48.45 on the BSE after Mahindra CIE Automotive was interested in buying the assets of the debt-ridden auto component maker.

Majesco climbed 4% after the company announced a five-year partnership with IBM to jointly offer a new cognitive, cloud based platform to help insurance carriers worldwide to create new services on IBM Cloud.

HPL Electric shares got listed on the NSE at a discount, ie at Rs.190 to an issue price of Rs.202. The stock ended at Rs.189.05, lower by Rs.12.95 or 6.41% to its issue price.

Piramal Enterprises slipped 1%. SEBI has fined Piramal Enterprises Ltd and its promoters – Ajay G. Piramal, Swati A. Piramal, Nandini Piramal and N. Santhanam – for violating insider trading norms while selling its healthcare business to Abbott Laboratories Ltd in May 2010.

Wockhardt rallied 3% after the pharma company said the US health regulator has excluded Ceftriazone Sodium from import alerts issued earlier against its active pharmaceutical ingredient manufacturing facility at Ankleshwar.

Hero MotoCorp inched up 0.24% on the BSE. The company reported an 11.24% increase in sales at 6,74,961 units in September.

The rupee was trading up by 5 paise at 66.53 per US dollar.

Out of 1,406 stocks traded on the NSE, 574 declined and 777 advanced today.

Top 5 Nifty Gainers: Asian Paints (1.91%), Hind. Unilever (1.40%), SBI (1.33%), Tata Motors (1.12%) and Maruti Suzuki (0.91%)

Top 5 Nifty Losers: ONGC (-1.37%), Axis Bank (-1.03%), M&M (-0.97%), Wipro (-0.91%) and Infosys Ltd (-0.91%)

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Oct 05

ECB taper on the table

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unnamedThe ECB is thinking about tapering bond purchases, according to a Bloomberg report. The question is: when?
 The euro jumped nearly a cent on the initial headlines on the impression that the tapering could start in 10 million euro increments as soon as December. Later, the gains were halved on the idea that the ECB is more talking about theoretically tapering when the time is right.
 The story itself seems to swing both ways. They highlight that the ECB is running out of assets to buy (true) and wants to put pressure on governments to reform (true) but don’t explicitly say when the ECB might consider tapering.
Naturally, the ECB denied it but even the denial only went half-way. They said the ECB didn’t discuss tapering at the Governing Council meeting. But the story said it was something discussed later. The market remains skeptical, but tapering now (and maintaining the size of the balance sheet) would fit in with the more-optimistic tone from the ECB.
Aside from the ECB story, markets were volatile on Tuesday and the US dollar caught a strong bid against the yen and commodity currencies despite another rally in oil prices. Bonds and stocks sold off at the same time.
The dollar gains came in spite of the IMF lowering its US growth forecast this year to 1.6% from 2.2%. USD has shown time and again that it’s tough to hold down. USD/JPY broke above the downtrend since May and is approaching the 100-day moving average at 103.76.