Closing Bell: Sensex ends 187 points higher, Nifty closes above 9100 for first time ever
Closing Bell: Sensex ends 187 points higher, Nifty closes above 9100 for first time ever
Benchmarks continue to hold its gains, which have seen slight trimming from its morning additions. Tata Steel and Adani Ports continue to be top gainers on both indices
3:30 pm Market at Close: The market ended the day on a strong note as they closed at almost record high level on both the indices. The Nifty closed above 9100-mark for the first time ever, signaling the bullish trend on the Street.
The 30-share Sensex was up 183 points at 29581.55, while the Nifty was up 71.50 points at 9156.30. The market breadth was on the positive side, with 1,784 shares having advanced, 1,043 shares having declined, while 185 shares remained unchanged.
Adani Ports and Tata Steel were the top gainers on both the indices, while Hero MotoCorp and Bharti Airtel were the top losers.
3:18 pm Market check: Market is trading at a record high. Nifty is up 70 points at 9155.3, while the Sensex is currently 190 points higher at 29587.70.
3:10 pm Pennar Engineered soars 12%: Shares of Pennar Engineered Building Systems rose nearly 12 percent intraday Thursday on order wins worth Rs 152 crore.
Pennar Engineered Building Systems, a subsidiary of Pennar Industries, has announced receipt of orders from Hetero Drugs, Amplus Energy Solution, MELPL, S G Pharma, Shahi Exports and others of totalling Rs 152 crore.
The orders includes, order from Hetero Drugs for its Laboratory Building at Medak, Telangana and order from Solar Developer for its solar MMS project at Banda, UP.
2:43 pm Buzzing: ABG Shipyard shares were locked at 5 percent upper circuit at Rs 21.35 after Anil Dhirubhai Ambani Group company showed interest in buying company's assets.
Sources told CNBC-TV18 that Reliance Defence has expressed its interest in buying 'agreed assets' of ABG Shipyard. It is not interested in buying equity stake in ABG.
Liberty House has also expressed conditional interest in the Ahmedabad-based shipbuilding company.
The ICICI Bank-led consortium of lenders initiated the process to find a buyer for the debt-ridden defence firm ABG Shipyard to change its management.
2:33 pm Tata Steel in action: Sources told CNBC-TV18 that Tata Steel will finalise decision on UK business merger by May that will include company's largest plant Port Talbot.
Tata Steel's closure of pension scheme is crucial in merger deal going through.
Tata Steel-Thyssenkrupp talks are in final stages of price negotiation. Both completed operational due diligence.
The company is in talks with 2 other players for UK business merger.
2:20 pm Unilever woes: Faced with declining volume growth and high competition, global FMCG giant Unilever has raised concerns on the performance of its Indian unit Hindustan Unilever (HUL). Unilever has even discussed several measures, including a revamped incentive structure for distributors, to throttle slowing sales and thrust volumes back in 2017, people privy to the developments told CNBC-TV18.
India’s FMCG has been facing headwinds in the recent quarters owing to slowing sales growth and demonetisation. In the third quarter of FY17, HUL’s volume growth decelerated to – 4 percent from a 6 percent growth in the year-ago period.
Parent Unilever is particularly concerned about HUL’s performance in the past few quarters. The Rotterdam-based company and HUL may now focus on Naturals portfolio and target innovative products in the personal care space, officials said on condition of anonymity.
2:00 pm Market Check: Benchmark indices remained positive in afternoon following uptrend in European markets after Federal Reserve delivered the much-anticipated rate hike yesterday. Investors awaited the outcome of GST Council meet.
The 30-share BSE Sensex gained 141.31 points at 29,539.42 and the 50-share NSE Nifty rose 53.85 points to 9,138.65. About 1697 shares advanced against 994 declining shares on the BSE.
Ajay Kapur of Bank of America Merrill Lynch says India has shown strong improvement in its macro fundamentals, however, the earnings recovery continues to be elusive.
Steep EPS growth expectations of 18.3 percent for 2017 are vulnerable to downward revisions as the currency is much less competitive compared with its peers in emerging markets, he feels.
The broader markets rallied further in afternoon, up more than 1 percent. JSW Steel, Jindal Steel, Reliance Capital, Indiabulls Housing and Bajaj Finserv were top midcap gainers, rising 3-5 percent.
Tata Steel, Adani Ports and Hindalco Industries were top gainers among Nifty stocks, up 3-4 percent whereas Hero Motocorp, Bharti Airtel, Coal India, Reliance Industries and ICICI Bank were under pressure.
Markets in Europe were higher following the US Federal Reserve announcement of a new rate hike.
1:50 pm Tyre sector outlook: Tyre stocks soared on Thursday backed by falling rubber prices and significant drop in dumping of Chinese tyres.
Sharing his outlook on the sector with CNBC-TV18, Mayur Milak, Research Analyst - Institutional Equity at Anand Rathi said Indian tyre companies will benefit significantly. However, he cautioned rubber companies could fail to benefit unless these factors sustain for a longer period of time considering the inventory carried by them is of around 40-45 days.
1:29 pm FII View: Ajay Kapur of Bank of America Merrill Lynch says India has shown strong improvement in its macro fundamentals, however, the earnings recovery continues to be elusive.
Steep EPS growth expectations of 18.3 percent for 2017 are vulnerable to downward revisions as the currency is much less competitive compared with its peers in emerging markets, it feels.
Kapur says 13.8 percent year-to-date returns in USD terms have driven valuations to expensive levels historically as well as compared with other emerging markets in the region.
However, PM Modi's recent victories in state elections could lead to positive policy surprises, and that is a risk to underweight rating, he says.
1:10 pm Market Check: The market continued to be bullish in the afternoon session, driven by the Street cheering the factored-in rate hike by US Federal Reserve.
The Sensex was up 147.39 points at 29545.50, while the Nifty was up 54.80 points at 9139.60. The market breadth was narrow than morning trends, with 1,698 shares having advanced, 909 shares having declined, while 171 shares are unchanged.
Adani Ports and Tata Steel continue to rule the list of top gainers on both the indices, while Hero MotoCorp and Bharti Airtel were the top losers.
Idea Cellular added nearly 2 percent intraday on Thursday as investors cheered the buzz of its merger with Vodafone entering final stages.
Sources told CNBC-TV18 that Idea and Vodafone are currently in price negotiations stage. Idea promoter is looking at a price above last QIP price of Rs 134 a share. The Aditya Birla Group firm is keen for an equal play in the merged entity.
Gold loan firm Manappuram Finance saw buying momentum on Thursday as the stock rose nearly 2 percent intraday. The company’s promoter was looking to sell stake in the firm, which will be triggering an open offer in the firm, sources told CNBC-TV18.
12:55 pm IPO: Shankara Building Products, the retailer of home improvement and building products, is set to launch its initial public offer of Rs 350 crore on March 22. The price band for the issue is fixed at Rs 440-460 per share.
"The issue comprises of a fresh issue of equity shares aggregating up to Rs 45 crore and an offer for sale of up to 8,16,252 shares by promoter Sukumar Srinivas and up to 57,05,488 shares by Fairwinds Trustees Services (acting in the capacity of trustee of Reliance Alternative Investments Fund – Private Equity Scheme I)," the company said in its press release.
The issue, which will close on March 24, will constitute at least 25 percent of the post offer paid-up equity share capital of the company.
12:40 pm Macquarie on HCL Tech: Macquarie says HCL Technologies is its top pick in the large cap Indian IT services space as the company has been striking a good balance between payout and merger & acquisition investment.
On buyback, the brokerage house says without shareholder nod, company can buy back shares up to 10 percent of shareholder equity and with shareholder nod, it can buy back up to 25 percent of shareholder equity.
The company will consider a proposal for buyback of shares on March 20.
Macquarie says return of capital and US visa reforms are two dominant themes for Indian IT sector.
12:30 pm Rupee Update: The Indian rupee pared its initial gains, while holding its 16-months highs by 28 paise to 65.41 in late morning deals, on the back of continued unwinding of dollars from banks and exporters amid heavy foreign capital inflows and strong equities.
Weak dollar overseas also lifted the rupee sentiment, a forex dealer said.
Earlier, the rupee resumed higher at 65.40 as against yesterday's closing level of 65.69. Later, it strengthened sharply to 65.21 before trading at 65.41 at 1020 hours.
The domestic currency hovered in a range of 65.41 and 65.21 during morning deals.
12:15 pm Fitch on Fed hike: The Federal Reserve's move to hike interest rates by 25 basis points, only the third hike in over 10 years and second in 3 months, marks the beginning of a new phase of US monetary policy normalisation, says Fitch Ratings.
Fitch said that the recent US rate hikes could mark the beginning of a significant shift in global interest rate environment, with benchmark US policy rates settling higher over the long-term than current market expectations.
in the Federal Open Market Committee's (FOMC) December 2016 Summary of Economic Projections was initially met with some scepticism in financial markets
The 30-share Sensex was up 183 points at 29581.55, while the Nifty was up 71.50 points at 9156.30. The market breadth was on the positive side, with 1,784 shares having advanced, 1,043 shares having declined, while 185 shares remained unchanged.
Adani Ports and Tata Steel were the top gainers on both the indices, while Hero MotoCorp and Bharti Airtel were the top losers.
3:18 pm Market check: Market is trading at a record high. Nifty is up 70 points at 9155.3, while the Sensex is currently 190 points higher at 29587.70.
3:10 pm Pennar Engineered soars 12%: Shares of Pennar Engineered Building Systems rose nearly 12 percent intraday Thursday on order wins worth Rs 152 crore.
Pennar Engineered Building Systems, a subsidiary of Pennar Industries, has announced receipt of orders from Hetero Drugs, Amplus Energy Solution, MELPL, S G Pharma, Shahi Exports and others of totalling Rs 152 crore.
The orders includes, order from Hetero Drugs for its Laboratory Building at Medak, Telangana and order from Solar Developer for its solar MMS project at Banda, UP.
2:43 pm Buzzing: ABG Shipyard shares were locked at 5 percent upper circuit at Rs 21.35 after Anil Dhirubhai Ambani Group company showed interest in buying company's assets.
Sources told CNBC-TV18 that Reliance Defence has expressed its interest in buying 'agreed assets' of ABG Shipyard. It is not interested in buying equity stake in ABG.
Liberty House has also expressed conditional interest in the Ahmedabad-based shipbuilding company.
The ICICI Bank-led consortium of lenders initiated the process to find a buyer for the debt-ridden defence firm ABG Shipyard to change its management.
2:33 pm Tata Steel in action: Sources told CNBC-TV18 that Tata Steel will finalise decision on UK business merger by May that will include company's largest plant Port Talbot.
Tata Steel's closure of pension scheme is crucial in merger deal going through.
Tata Steel-Thyssenkrupp talks are in final stages of price negotiation. Both completed operational due diligence.
The company is in talks with 2 other players for UK business merger.
2:20 pm Unilever woes: Faced with declining volume growth and high competition, global FMCG giant Unilever has raised concerns on the performance of its Indian unit Hindustan Unilever (HUL). Unilever has even discussed several measures, including a revamped incentive structure for distributors, to throttle slowing sales and thrust volumes back in 2017, people privy to the developments told CNBC-TV18.
India’s FMCG has been facing headwinds in the recent quarters owing to slowing sales growth and demonetisation. In the third quarter of FY17, HUL’s volume growth decelerated to – 4 percent from a 6 percent growth in the year-ago period.
Parent Unilever is particularly concerned about HUL’s performance in the past few quarters. The Rotterdam-based company and HUL may now focus on Naturals portfolio and target innovative products in the personal care space, officials said on condition of anonymity.
2:00 pm Market Check: Benchmark indices remained positive in afternoon following uptrend in European markets after Federal Reserve delivered the much-anticipated rate hike yesterday. Investors awaited the outcome of GST Council meet.
The 30-share BSE Sensex gained 141.31 points at 29,539.42 and the 50-share NSE Nifty rose 53.85 points to 9,138.65. About 1697 shares advanced against 994 declining shares on the BSE.
Ajay Kapur of Bank of America Merrill Lynch says India has shown strong improvement in its macro fundamentals, however, the earnings recovery continues to be elusive.
Steep EPS growth expectations of 18.3 percent for 2017 are vulnerable to downward revisions as the currency is much less competitive compared with its peers in emerging markets, he feels.
The broader markets rallied further in afternoon, up more than 1 percent. JSW Steel, Jindal Steel, Reliance Capital, Indiabulls Housing and Bajaj Finserv were top midcap gainers, rising 3-5 percent.
Tata Steel, Adani Ports and Hindalco Industries were top gainers among Nifty stocks, up 3-4 percent whereas Hero Motocorp, Bharti Airtel, Coal India, Reliance Industries and ICICI Bank were under pressure.
Markets in Europe were higher following the US Federal Reserve announcement of a new rate hike.
1:50 pm Tyre sector outlook: Tyre stocks soared on Thursday backed by falling rubber prices and significant drop in dumping of Chinese tyres.
Sharing his outlook on the sector with CNBC-TV18, Mayur Milak, Research Analyst - Institutional Equity at Anand Rathi said Indian tyre companies will benefit significantly. However, he cautioned rubber companies could fail to benefit unless these factors sustain for a longer period of time considering the inventory carried by them is of around 40-45 days.
1:29 pm FII View: Ajay Kapur of Bank of America Merrill Lynch says India has shown strong improvement in its macro fundamentals, however, the earnings recovery continues to be elusive.
Steep EPS growth expectations of 18.3 percent for 2017 are vulnerable to downward revisions as the currency is much less competitive compared with its peers in emerging markets, it feels.
Kapur says 13.8 percent year-to-date returns in USD terms have driven valuations to expensive levels historically as well as compared with other emerging markets in the region.
However, PM Modi's recent victories in state elections could lead to positive policy surprises, and that is a risk to underweight rating, he says.
1:10 pm Market Check: The market continued to be bullish in the afternoon session, driven by the Street cheering the factored-in rate hike by US Federal Reserve.
The Sensex was up 147.39 points at 29545.50, while the Nifty was up 54.80 points at 9139.60. The market breadth was narrow than morning trends, with 1,698 shares having advanced, 909 shares having declined, while 171 shares are unchanged.
Adani Ports and Tata Steel continue to rule the list of top gainers on both the indices, while Hero MotoCorp and Bharti Airtel were the top losers.
Idea Cellular added nearly 2 percent intraday on Thursday as investors cheered the buzz of its merger with Vodafone entering final stages.
Sources told CNBC-TV18 that Idea and Vodafone are currently in price negotiations stage. Idea promoter is looking at a price above last QIP price of Rs 134 a share. The Aditya Birla Group firm is keen for an equal play in the merged entity.
Gold loan firm Manappuram Finance saw buying momentum on Thursday as the stock rose nearly 2 percent intraday. The company’s promoter was looking to sell stake in the firm, which will be triggering an open offer in the firm, sources told CNBC-TV18.
12:55 pm IPO: Shankara Building Products, the retailer of home improvement and building products, is set to launch its initial public offer of Rs 350 crore on March 22. The price band for the issue is fixed at Rs 440-460 per share.
"The issue comprises of a fresh issue of equity shares aggregating up to Rs 45 crore and an offer for sale of up to 8,16,252 shares by promoter Sukumar Srinivas and up to 57,05,488 shares by Fairwinds Trustees Services (acting in the capacity of trustee of Reliance Alternative Investments Fund – Private Equity Scheme I)," the company said in its press release.
The issue, which will close on March 24, will constitute at least 25 percent of the post offer paid-up equity share capital of the company.
12:40 pm Macquarie on HCL Tech: Macquarie says HCL Technologies is its top pick in the large cap Indian IT services space as the company has been striking a good balance between payout and merger & acquisition investment.
On buyback, the brokerage house says without shareholder nod, company can buy back shares up to 10 percent of shareholder equity and with shareholder nod, it can buy back up to 25 percent of shareholder equity.
The company will consider a proposal for buyback of shares on March 20.
Macquarie says return of capital and US visa reforms are two dominant themes for Indian IT sector.
12:30 pm Rupee Update: The Indian rupee pared its initial gains, while holding its 16-months highs by 28 paise to 65.41 in late morning deals, on the back of continued unwinding of dollars from banks and exporters amid heavy foreign capital inflows and strong equities.
Weak dollar overseas also lifted the rupee sentiment, a forex dealer said.
Earlier, the rupee resumed higher at 65.40 as against yesterday's closing level of 65.69. Later, it strengthened sharply to 65.21 before trading at 65.41 at 1020 hours.
The domestic currency hovered in a range of 65.41 and 65.21 during morning deals.
12:15 pm Fitch on Fed hike: The Federal Reserve's move to hike interest rates by 25 basis points, only the third hike in over 10 years and second in 3 months, marks the beginning of a new phase of US monetary policy normalisation, says Fitch Ratings.
Fitch said that the recent US rate hikes could mark the beginning of a significant shift in global interest rate environment, with benchmark US policy rates settling higher over the long-term than current market expectations.
in the Federal Open Market Committee's (FOMC) December 2016 Summary of Economic Projections was initially met with some scepticism in financial markets
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