Home World Business MARKETS LIVE: Sensex gains 150 pts, Nifty tests 10,100; L&T up 1.5%

MARKETS LIVE: Sensex gains 150 pts, Nifty tests 10,100; L&T up 1.5%

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SI Reporter  |  New Delhi  Last Updated at December 7, 2017 09:59 IST

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Benchmark indices were trading higher after Reserve Bank of India (RBI) kept its policy rate steady on Wednesday, as widely expected, after accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.


The decision was widely expected after the annual rate of consumer increased in October to 3.58%, driven by higher food and crude prices.


Nonetheless, the left its policy stance “neutral” while slightly softening its language on by saying risks were “evenly balanced”.


All eyes will now be on the forthcoming elections in Gujarat where various opinion polls suggest the ruling BJP and the Opposition party Congress are in a neck-to-neck race. The outcome may have implications on the government policies ahead.


Globally, held close to a two-month low as softer and copper as well as US policy uncertainty kept sentiment in check, while high-tech stocks struggled to recover after a searing sell-off.

9:58 AM

L&T gains on order win of Rs 1,600 crore from HPCL

 

Larsen & Toubro (L&T) was up 1.4% at Rs 1,207 on the BSE in early morning trade after the construction & engineering giant said that its arm L&T Hydrocarbon Engineering  (LTHE) has won order worth of over Rs1,600 crore from Hindustan Petroleum Corporation Limited (HPCL).

 

The project is part of HPCL Visakh Refinery Modernisation Project (VRMP) and involves engineering, procurement, construction and commissioning of 3.053 MMTP full conversion hydrocracker project.

9:42 AM

How the US tax cut can benefit Indian IT firms

 

The approval by the US Senate for tax cut Bill is expected to spur investments in the US and rub off positively on Indian IT companies. The sector, which is struggling with sluggish demand from clients in the US, could benefit once the Bill, which envisages a reduction of corporate tax to 20 per cent from 35 per cent, becomes a law. This is expected to happen in the March quarter of 2018. Despite weak broader markets, most IT firms, barring Wipro, ended in the green on Wednesday.

 

Analysts at Credit Suisse say business investments are likely to be immediately boosted by tax cuts and new depreciation rules. CEO confidence surveys, according to them, are signalling optimism, partly based on expected increases in future post-tax earnings. In fact, if the Bill delays tax cuts until 2019 but enacts generous depreciation rules in 2018, the incentive to invest immediately will be even stronger, they added.  READ MORE

9:28 AM Sectoral trend

Source: NSE

9:21 AM Top Sensex gainers and losers

Source: BSE

9:19 AM Broader Markets

In broader markets the BSE Midcap and BSE Smallcap indices were up 0.4% each

9:18 AM Markets open

Benchmark indices open higher after Reserve Bank of India (RBI) kept its policy rate steady on Wednesday, as widely expected, after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.

At 9:17 am, the S&P BSE Sensex was  trading at 32,703, up 106 points while the broader Nifty50 index was trading at 10,070, up 26 points

9:13 AM

Shalby IPO subscribed 32% on Day Two

 

The initial public offer (IPO) of Shalby received bids for 66.41 lakh shares on the second day of the bidding for the IPO today, 6 December 2017, data on NSE showed as at 17:00 IST. The IPO was subscribed 0.32 times. The price band of the IPO has been fixed at Rs 245 to Rs 248 per share. The IPO opened for subscription on 5 December 2017. The issue closes on 7 December 2017.

 

Ahead of the opening of the IPO, the IPO committee of the board of directors of the company at its meeting held on 4 December 2017, finalized allocation of 60.70 lakh equity shares to 13 anchor investors at Rs 248 per share. READ MORE

9:07 AM

Future Supply Chain Solutions IPO subscribed 32% on Day One

 

The initial public offer (IPO) of Future Supply Chain Solutions received bids for 2.1 million shares on the first day of the bidding for the IPO today, 6 December 2017, data on NSE showed as at 17:00 IST. The IPO was subscribed 0.32 times. The price band of the IPO has been fixed at Rs 660 to Rs 664 per share. The IPO opened for subscription on 6 December 2017. The issue closes on 8 December 2017.

 

Ahead of the opening of the IPO, the IPO committee of the board of directors of the company at its meeting held on 5 December 2017 finalized allocation of 2.9 million equity shares to 16 anchor investors at Rs 664 per share. READ MORE

9:06 AM

Stock brokers seek status quo on long-term capital gains tax

 

Association of National Stock Exchange Members (Anmi), the body of brokers on the bourse, has opposed a recently aired recommendation to remove the exemption on long-term capital gains (LTCG) tax.

 

Anmi representatives met the chairman of the Central Board of Direct Taxes to urge no change in the tax structure for the capital markets.

 

“Doing away of the LTCG benefit will have a major impact on institutional investors and impact trading volumes significantly,” said K Suresh, president of Anmi.

 

Both the major bourses, BSE and the National Stock Exchange (NSE), have recommended an end to the LTCG tax exemption, which took effect from 2005. BSE has said the exemption causes a loss of Rs 49,000 crore annually to the exchequer; both exchanges say the rebate is being misused to launder undisclosed wealth. READ MORE

9:00 AM

Today’s picks

 

Hindalco

Current price: Rs 232  

Target price: Rs 227

Keep a stop at Rs 235 and go short. Add to the position between Rs 228 and Rs 229. Book profits at Rs 227

 

Aurobindo Pharma

Current price: Rs 653  

Target price: Rs 643

Keep a stop at Rs 660 and go short. Add to the position between Rs 644 and Rs 646. Book profits at Rs 643

Click here for more

8:56 AM

Perspective on Monetary policy from Dhiraj Relli, MD & CEO at HDFC Securities

 

As  expected,  the  MPC  of  RBI  kept  the  key  interest rate (repo rate) unchanged  at 6% maintaining a neutral stance.  It raised the fiscal second half  inflation estimate range marginally to  4.3-4.7%  (from  4.2-4.6% earlier) while highlighting dangers to meeting the fiscal deficit target for FY18. It  noted several  factors that could help push growth in the coming quarters. 

 

Currently we are witnessing rising spreads between 10 year bond yield and repo rate and between the top rated and bottom rated borrowers.  Also liquidity is back to normal levels in peak season. At such a  time, interest rates in the system have little room on the downside in the next few months. We anticipate no further rate moves in FY18.

8:55 AM

Infosys files settlement plea with Sebi over Bansal pay

 

Infosys on Wednesday said it had approached market regulator, the Securities and Exchange Board of India (Sebi), to settle issues arising out of alleged disclosure lapses in the severance package paid to former chief financial officer (CFO) Rajiv Bansal.

 

The company, led by former chief executive officer (CEO) Vishal Sikka, had sanctioned the severance package of Rs 17.38 crore in October 2015. Bansal was sacked over differences with Sikka over the acquisition of Israeli technology firm Panaya for $200 million. Sikka had reportedly not taken approval of the nomination and remuneration committee (NRC) and the audit committee of the Infosys board before sanctioning the package, leading to questions on disclosure norms of the company. READ MORE

8:53 AM

Recapitalisation to eradicate boom-and-bust lending cycles in PSBs: RBI Chief

 

Reserve Bank Governor Urjit Patel said the planned Rs 2.11-trillion fund infusion for state-run banks is not only a recapitalisation package but to ensure that the seeds of the boom-and-bust-lending cycle are not sown in future.

8:53 AM

SGX Nifty

 

The Nifty50 futures on the Singapore Stock Exchange were trading 5 points higher at 10,077 indicating a flat opening for the domestic market.

8:52 AM

Asia shares hover near two-month low

 

Asian shares held close to a two-month low on Thursday as softer oil and copper as well as U.S. policy uncertainty kept sentiment in check, while high-tech stocks struggled to recover after a searing sell-off.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed in early trade, still hovering near a two-month low touched the previous day. From its 10-year peak hit on Nov. 23, it has slipped 4.6%.

 

Japan’s Nikkei gained 1.2% after having suffered its biggest fall since late March on Wednesday.

 

MSCI’s gauge of stocks across the globe hit a two-week low on Wednesday while Wall Street’s benchmark S&P 500 index edged down for its fourth straight session of losses.

8:51 AM

US markets end lower

 

A gauge of global stocks fell on Wednesday and benchmark government bond yields declined as investors weighed signs of risk in the markets and with US policy.

 

The Dow Jones Industrial Average fell 39.73 points, or 0.16%, to 24,140.91, the S&P 500 lost 0.3 points, or 0.01%, to 2,629.27 and the Nasdaq Composite added 14.16 points, or 0.21%, to 6,776.38.

8:50 AM

Nifty outlook and top trading ideas by Prabhudas Lilladher

 

BHEL – BUY     

CMP: Rs 90.30        

TARGET: Rs 99      

STOP LOSS: Rs 87

 

The stock has been forming a series of higher bottom formation pattern in the daily chart and overall is in an upward trending mode showing potential and strength to rise further upward. The RSI has been showing a positive trigger and can scale upward to indicate a positive bias. With decent volume participation witnessed, we recommend a buy in this stock for an upside target of 99 keeping a stop loss of 87

 

8:49 AM

Nomura on RBI policy

 

The rise in the inflation forecast is hawkish, but the dissenting vote suggests some dovish views persist at the RBI. External conditions remain a major market focus in the near term amid the recent equity sell-off. We remain constructive on INR, owing to a credible monetary policy, recovering growth, BOP and FX reserve positions. The Gujarat elections may provide support in the near term, while RBI USD-buying FX intervention may be constrained by the US Treasury’s focus. Rates: We expect the rates market’s focus to now shift towards developments on the fiscal front and commodity prices. We expect a range-bound market in the near term; however, we believe rates markets are beginning to offer value from a medium-term perspective.

8:47 AM Welcome to Business Standard’s market live blog. Catch all the action here as it happens

First Published: Thu, December 07 2017. 09:59 IST

MARKETS LIVE: Sensex gains 150 pts, Nifty tests 10,100; L&T up 1.5%

Catch all live market action here

Catch all live market action here

Benchmark indices were trading higher after Reserve Bank of India (RBI) kept its policy rate steady on Wednesday, as widely expected, after accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.


The decision was widely expected after the annual rate of consumer increased in October to 3.58%, driven by higher food and crude prices.


Nonetheless, the left its policy stance “neutral” while slightly softening its language on by saying risks were “evenly balanced”.


All eyes will now be on the forthcoming elections in Gujarat where various opinion polls suggest the ruling BJP and the Opposition party Congress are in a neck-to-neck race. The outcome may have implications on the government policies ahead.


Globally, held close to a two-month low as softer and copper as well as US policy uncertainty kept sentiment in check, while high-tech stocks struggled to recover after a searing sell-off.

image

SI Reporter

Business Standard

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