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03:45 PMAnand James, Chief Market Strategist, Geojit Financial ServicesSimmering geopolitical tensions in the Korean peninsula kept investors on the backfoot, but expectations of more tax reliefs kept stocks buoyant. Auto and PSU bank sector found traction, but a rise in VIX over 8% indicates that the record peaks, and the deluge of IPOs have had investors in two minds.
Sensex heatmap at closeSource: BSE
Markets at closeThe S&P BSE Sensex logged its fresh closing high of 33,731, up 45 points, while the broader Nifty50 ended at 10,451, down 0.7 point.
Markets at close
Index Current Pt. Change % Change S&P BSE SENSEX 33,731.19 +45.63 +0.14 S&P BSE SENSEX 50 10,884.79 +20.92 +0.19 S&P BSE SENSEX Next 50 36,231.39 -33.57 -0.09 S&P BSE 100 10,919.28 +15.90 +0.15 S&P BSE Bharat 22 Index 3,819.88 -8.43 -0.22
03:23 PMEuropean marketsEuropean markets edged lower on Monday after a strong run, with declines in Asia weighing as some earnings disappointments also took the shine off early deals.The pan-European STOXX 600 was down 0.1% with Dutch firms SBM Offshore and Vopak falling sharply after badly received results. Euro zone stocks and blue chips were down 0.3% and 0.4%, respectively.
03:17 PMParadise Papers: Jindal Steel, Videocon take a hitShares of various firms, led by Jindal Steel, today fell by up to 2.3 per cent amid reports that their names have cropped up in the leaked list of ‘Paradise Papers’ of companies.The scrip of Jindal Steel & Power went down by 2.32 per cent, Essar Shipping lost 2 per cent and Videocon Industries fell by 1.82 per cent on BSE.
03:12 PMBuzzing stockUnion Bank of India rose as much as 6% despite posting a surprise second-quarter loss last week, as investors welcomed improvements in asset quality trends.
03:01 PMMarkets checkAt 3:00 pm, the S&P BSE Sensex was trading at 33,810, up 124 points, while the broader Nifty50 was ruling at 10,477, up 24 points.
02:56 PMPrabhudas Lilladher on Titan CompanyWe are upgrading Titan from Accumulate to BUY as we increase FY18 and FY19 EPS estimates by 20‐25%. This follows 68.5% PAT growth in 2Q18 led by 1) 49% grammage growth in jewellery 2) 260bps jewellery margin expansion 3) smart margin recovery in watches despite absorbing higher GST and 2% additional dealer discounts 4) market share gain in Jewellery and 100 bps share gain in watches in LFS. We believe Tanishq is in a sweet spot led by 1) discounts on purchase above 75gms in wedding jewellery 2) discount on purchase exceeding Rs 200,000 in studded jewellery 3) activation campaign on recycling of old jewellery and 4) lower premium on gold prices which are reducing price gap with the competitionand 5) steady network expansion and brand building.We estimate 29.5% PAT CAGR over FY17‐FY20. We value the stock at 40xSept19 EPS and arrive at a target price of Rs759 (Rs580 based on 40xSept19 EPS earlier). Higher than expected margin expansion in both jewellery and watches can provide upside risk to our estimates. We expect premium valuations to sustain given strong tailwinds in jewellery business, strong balance sheet and steady improvement in other businesses. Upgrade to Buy.
02:32 PMOil hits $63 a bbl, highest since 2015Oil prices hit their highest levels since July 2015 early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high-profile arrests.
Vakrangee moved higher by 6% to Rs 559 on the BSE in noon deal after the company said that its board will meet on November 13, 2017 to consider issue of bonus shares. The stock is trading close to its record high of Rs 566 touched on November 1, 2017 on the BSE in intra-day trade.
01:49 PMCapacit’e Infraprojects gets strongerCapacit’e Infraprojects gained nearly 5% to Rs 385 on BSE after the company announced that it has bagged a contract worth Rs 825.01 crore from Arihant Abode, a subsidiary of Arihant Superstructures.The company said that the contract is for affordable housing project christened “Arihant Aspire” at Panvel, Maharashtra, in proximity to the proposed Navi Mumbai international airport.
1:29 PMOne year of demonetisation: A review by Madan SabnavisDemonetisation was an attempt to address issues like black money, terror funding and counterfeit currency. Somewhere along the way, the goal post changed to digitising the economy to leave a better audit trail. Even as it caused a lot of physical inconvenience to the public, which can be the cost of such a bold programme, the economic impact is still uncertain.
Top Sensex gainers and losersSource: BSE
12:55 PMInfibeam Incorporation extends rally; stock zooms 54% in four daysInfibeam Incorporation hits a new high of Rs 196, up 17% on the BSE, extending its over 30% rally of the last three trading sessions on the back of heavy volumes.In the last four trading days, the stock outperformed the market by surging 54% from Rs 127 on October 31, 2017, as compared to 1.4% rise in the S&P BSE Sensex. A combined 19.84 million shares have already changed hands on the counter till 12:00 PM; against its two-week average of sub-12 million shares on the BSE and NSE.
12:41 PMRcom hits new low on media reports that Brookefield called off dealReliance Communications (RCom) hit a new low of Rs 15.50, down 8% on the BSE in intra-day trade as the media report suggests that Brookefield called off the deal with the company after Aircel merger falls through.The stock has fallen below its previous low of Rs 16.60 touched on October 30, 2017 touched on the BSE in intra-day trade.
Index Current Pt. Change % Change S&P BSE SENSEX 33,704.27 +18.71 +0.06 S&P BSE SENSEX 50 10,876.40 +12.53 +0.12 S&P BSE SENSEX Next 50 36,270.81 +5.85 +0.02 S&P BSE 100 10,914.18 +10.80 +0.10 S&P BSE Bharat 22 Index 3,820.88 -7.43 -0.19
12:00 PMDisinvestment kitty swells to Rs 37,866 croreThe government has crossed the half-way mark towards achieving the 2017-18 disinvestment target. Following the conclusion of New India Assurance’s initial public offering (IPO) last week, the government’s divestment kitty has swelled to Rs 37,866 crore, 52 per cent of the targeted Rs 72,500 crore for the current financial year.IPOs have accounted for the bulk of the disinvestment proceeds this year. This is in contrast to two previous financial years, when the government had heavily relied on share buybacks.
11:49 AMGovt to give 60% stake in ONGC fields to private firmsNearly 25 years after ONGC’s prime discovered oilfields were privatised, the oil ministry has identified 11 more producing oil and gas fields of the state-run firm for handing over to private firms to raise output.The ministry is approaching the Cabinet to allow private companies take 60 per cent stake in producing oil and gas fields of national oil companies, ONGC and OIL, with the view that they would raise production above the baseline estimate.
11:30 AMMahindra & Mahindra up 3% as board mulls bonus issueMahindra & Mahindra (M&M) was up 3% at Rs 1,373 on the BSE in an otherwise range-bound market as the company said that its board will consider bonus issue in their forthcoming meeting on Friday, November 10, 2017 after a gap of 12 years.Earlier, in August 2005, M&M had issued bonus shares in the ratio of 1:1 i.e. 1 (one) bonus equity share for every 1(one) existing equity share held by the shareholders as on the “Record date”.
11:15 AMFPIs turn net buyers in October, invest over Rs 3,000 cr in equitiesAfter two months of intense selling, foreign investors turned net buyers in October to invest over Rs 3,000 crore in stocks, enthused by the government’s Rs 2.11 lakh crore bank recapitalisation plan.The latest inflow followed a net pullout of Rs 24,000 crore from stock markets in the past two months (August and September). Prior to that, FPIs had invested over Rs 59,000 crore in equities between February and July.According to depository data, foreign portfolio investors (FPIs) infused a net sum of Rs 3,055 crore in equities last month.
Market Check at 11 am
Index Current Pt. Change % Change S&P BSE SENSEX 33,690.15 +4.59 +0.01 S&P BSE SENSEX 50 10,875.96 +12.09 +0.11 S&P BSE SENSEX Next 50 36,330.02 +65.06 +0.18 S&P BSE 100 10,916.56 +13.18 +0.12 S&P BSE Bharat 22 Index 3,829.66 +1.35 +0.04
10:52 AMReliance Nippon Life lists at 17% premium against issue priceReliance Nippon Life Asset Management (RNLAM) made a strong debut on the bourses by listing at a 17% premium against its issue price of Rs 252 on the National Stock Exchange (NSE). The stock listed at Rs 294 on the BSE (the Bombay Stock Exchange).The company’s Rs 1,540 crore initial public offer (IPO) got a strong demand in all the three investor categories. The IPO was oversubscribed 81.54 times at the close of the bidding, with bids for 3,493 million shares, worth Rs 88,023 crore, data available with the stock exchanges showed.
10:36 AMJewellery stocks surge; Titan zooms 25% intra-day on strong Q2 earningsShares of jewellery companies have rallied up to 25% on the BSE in early morning trade after the Titan Company reported a strong set of numbers for the quarter ended September 2017 (Q2FY18).Titan Company zoomed 25% to Rs 823 in intra-day trade, after the company’s consolidated net profit uincreased 71% at Rs 305 crore in Q2FY18, driven by jewellery business. It had reported profit of Rs 178 crore in corresponding quarter last fiscal.
10:15 AMHDFC Standard Life Insurance IPO: Good, but an expensive franchiseeAfter fuelling the valuations game in the life insurance space about a year back, HDFC Standard Life Insurance Company (HDFC Life) is all geared to go public on Tuesday. At the upper end of the price band of Rs 275 –290 apiece, the firm’s equity valuation (market capitalisation) is pegged at Rs 55,248 –58,261 crore.
Considering that the private sector market leader ICICI Prudential Life (I-Pru Life) commands an equity valuation of Rs 55,700 crore, HDFC Life’s seem to be on the higher side.
09:51 AMIndia Inc raises over Rs 36,000 cr via QIP in Apr-SeptIndian firms mobilised over Rs 36,000 crore through issuance of shares to institutional investors during April-September period of the current fiscal, a 13-fold rise from the year-ago period.As per the latest data available with the Securities and Exchange Board of India (Sebi), capital garnered by the listed companies through the Qualified Institutional Placement (QIP) route stood at Rs 36,653 crore in the first six months of 2017-18.In comparison, firms had mopped-up Rs 2,818 crore in April-September period of 2016-17.
09:41 AMIPOs raise Rs 57,000-cr funds in FY18; promoters, PEs corner lion’s shareIndian companies have raised a record amount of nearly Rs 57,000 crore through initial public offerings so far this year, but more than Rs 45,000 crore have gone to promoters and other existing shareholders leaving only 20 per cent funds for the firms’ growth and expansion plans.Out of the total IPO funds raised by 31 companies so far in 2017, nearly 80 per cent (Rs 45,755 crore) has gone to existing shareholders. This has left Rs 11,115 crore for the companies in the form of fresh capital, according to an analysis of the IPO data available with stock exchanges.
09:32 AMInterview of the dayCorporate profits, markets can double in next 4-5 years: Prateek AgrawalEven as markets are hitting new highs, Prateek Agrawal, business head and chief investment officer at ASK Investment Managers, tells that valuations are still at fair levels, and there could be further gains, aided by a revival in earnings growth.
Sectoral TrendSource: NSE
Top Sensex Gainers and Losers