Equity indices slip on global cues, profit booking

Mar 22, 2018 0

Mumbai– Negative cues on the back of global protectionist measures, higher interest rates in the US and hike in crude oil prices, along with selling pressure in banking, auto and capital goods stocks depressed the key Indian equity indices on Thursday.

According to market observers, the BSE Sensex and NSE Nifty50 — which had opened on a higher note after the US Federal Reserve gave a dovish outlook on its rate hike trajectory in 2018 — trimmed their initial gains as investors booked profits.

On a closing basis, The wider Nifty50 of the National Stock Exchange (NSE) fell by 40.50 points or 0.40 per cent to 10,114.75 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,006.27 points — down 129.91 points or 0.39 per cent from the previous session’s close.

The BSE market breadth was bearish with 2,059 declines and 670 advances.

“Markets ended lower on Thursday after two sessions of gains. A sharp rise in crude oil prices yesterday, March 21, seemed to have dented investors’ sentiments,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets have closed on a mixed note. European indices like FTSE 100, DAX and CAC 40 traded in the red,” he added.

In terms of the broader markets, the S&P BSE mid cap index fell by 0.75 per cent and the small cap index by 1.05 per cent.

Vinod Nair, Head of Research at Geojit Financial Services, said: “Market started on a positive note on account of less hawkish US Fed commentary on CY18 (calendar year 2018)rate hike trajectory and in turn US10 year yield declined.”

“However, the gains were only short lived due to negative trend in European and other Asian market owing to re-emergence of trade war. Investors are utilising every rally as an opportunity to sell and market has come back to the 200 DMA due to concern on domestic credit growth and liquidity crunch,” said Nair.

On the currency front, the Indian rupee strengthened by 10 paise at 65.11 against the US dollar from its previous close at 65.21.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 161.11 crore and domestic institutional investors worth Rs 409.89 crore.

Sector-wise, the S&P BSE auto index declined by 225.95 points, followed by capital goods index by 198.79 points and banking index by 180.11 points.

On the other hand, the S&P BSE consumer durables index edged higher by 169.67 points, metal index by 49.39 points, and energy index by 12.32 points.

Major Sensex gainers on Thursday were: ONGC, up 2.45 per cent at Rs 179.75; IndusInd Bank, up 1.41 per cent at Rs 1,756; Tata Motors, up 1.29 per cent at Rs 338.20; Reliance Industries, up 1.22 per cent at Rs 907.30; and Tata Motors (DVR), up 1.03 per cent at Rs 190.65.

The Sensex losers were: State Bank of India, down 2.46 per cent at Rs 241.60; Wipro, down 2.32 per cent at Rs 288.70; Mahindra & Mahindra, down 2.14 per cent at Rs 729.80; ICICI Bank, down 2.09 per cent at Rs 283.55; and Maruti Suzuki, down 2.01 per cent at Rs 8,699. (IANS)

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Global cues, value buying push equity indices higher

Mar 21, 2018 0

Mumbai, March 21 (IANS) Global cues and value buying pushed the Indian equity markets higher during the afternoon trade session on Wednesday.

According to market observers, healthy buying was witnessed in banking and capital goods stocks.

At 1.12 p.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 33,193.65 points, up by 198.89 points or 0.60 per cent, from its previous close of 32,996.76 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged higher during the trade session under review. It gained 52.95 points, or 0.52 per cent, to 10,177.30 points. (IANS)

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RCOM gets bond holders’ approval to sell assets to Reliance Jio

Mar 21, 2018 0

Mumbai– Reliance Communications (RCOM) on Wednesday said its bond holders have approved the sale of its assets to Reliance Jio Infocomm.

The holders of the company’s $300 million bonds further approved the monetisation of other real estate assets, RCOM said in a BSE filing.

“The bond holders also approved release of their security on the company’s assets and to accept part prepayment of their outstanding bond,” it said.

According to the company, the approval was given in a meeting held on March 20, 2018, at London.

On December 28, 2017, RCOM signed definitive binding agreements with Reliance Jio for the sale of the group’s wireless, spectrum, tower, fibre and media convergence node assets.

The company’s scrip at the BSE on Wednesday gained 8.86 per cent or Rs 2.05 per share to Rs 25.20 from its previous close of Rs 23.15 per share. (IANS)

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Value buying, positive Asian markets push equity indices higher

Mar 21, 2018 0

Mumbai– Broadly positive Asian markets, along with value buying pushed the key Indian equity indices higher on Wednesday.

However, some gains were ceded as caution prevailed ahead of the US Federal Reserve’s FOMC (Federal Open Market Committee) meet which is slated to begin later in the evening.

According to market observers, healthy buying was witnessed in capital goods, banking and oil and gas stocks.

Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed the day’s trade at 33,136.18 points, up by 139.42 points or 0.42 per cent, from its previous close of 32,996.76 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged higher during the day’s trade. It gained 30.90 points, or 0.31 per cent, to 10,155.25 points.

“Markets rallied further on Wednesday after the bounce back seen on Tuesday. A sell-off from the highs curbed the gains,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets have closed on a mixed note. European indices like FTSE
100 and CAC 40 are trading in the red.”

Vinod Nair, Head of Research at Geojit Financial Services, said: “Market reversed from opening gain as investors utilised the initial rally to book profit and stay cautious ahead of (US) Fed policy.”

“Additionally, participants are keen to get cues on future rate hike trajectory, while hawkish pace of tightening might add volatility in the market. If the outcome of FOMC will be in-line with expectation without any underlining caveats, we could have a relief rally in the short-term.”

On the currency front, the Indian rupee closed flat at 65.21 against the US dollar from its previous close at 65.20.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 98.44 crore and domestic institutional investors worth Rs 197.78 crore.

Sector-wise, the S&P BSE capital goods index surged by 103.50 points, followed by banking index by 61.81 points and oil and gas index by 47.26 points.

On the other hand, the S&P BSE metal index declined by 72.73 points, healthcare index by 62.30 points, and automobile index by 28.38 points.

Major Sensex gainers on Wednesday were: Bharti Airtel, up 4.61 per cent at Rs 418.60; NTPC, up 2.47 per cent at Rs 170.20; Larsen and Toubro, up 1.14 per cent at Rs 1,308.40; HDFC, up 1.05 per cent at Rs 1,818.85; and HDFC Bank, up 1 per cent at Rs 1,857.65.

The Sensex losers were: Tata Steel, down 1.85 per cent at Rs 582.35; Tata Motors, down 1.58 per cent at Rs 333.90; Adani Ports, down 1.44 per cent at Rs 363.90; Hero MotoCorp, down 1.25 per cent at Rs 3,469.35; and Sun Pharma, down 0.82 per cent at Rs 504.70. (IANS)

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Equities close volatile trade session in green

Mar 20, 2018 0

Mumbai– Amid volatility, the key Indian equity indices on Tuesday provisionally closed in the green with healthy buying in IT, Teck (technology, media and entertainment) and auto stocks.

According to market observers, some caution prevailed ahead of the US Federal Reserve’s meeting slated to begin later in the evening.

The wider Nifty50 of the National Stock Exchange (NSE) edged higher by 30.10 points or 0.30 per cent to provisionally close at 10,124.35 points (at 3.30 p.m.).

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,876.48 points, closed at 32,996.76 points — up 73.64 points or 0.22 per cent from the previous session’s close.

The Sensex reclaimed the 33,000-mark during the intra-day trade to touch a high of 33,102.74 points.

However, the BSE market breadth was bearish with 1,594 declines and 1,099 advances.

On Monday, the benchmark indices hit their lowest levels since December 6, 2017, as India’s widening Current Account Deficit (CAD), along with weak global cues ahead of the US Federal Reserve March 20-21 meeting, dented investors’ risk-taking appetite.

The NSE Nifty50 declined by 100.90 points or 0.99 per cent to close at 10,094.25 points, while the BSE Sensex closed at 32,923.12 points — down 252.88 points or 0.76 per cent from its previous close. (IANS)

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Dassault Systemes aims for double-digit growth in 2018

Mar 20, 2018 0

New Delhi– Envisioning huge potential for Cloud adoption in India, Dassault Systemes aims to achieve a double-digit growth in the country in the financial year, says a top executive.

“Inspite of some adverse impact of GST, we gained more than 10 per cent revenue year-on-year in the last year. This year we are going to do the same and aim for double-digit growth,” Samson Khaou, MD, Dassault Systemes, told reporters.

Announcing its Cloud offerings for India, the 3D Experience major on Tuesday said its growing Cloud business in India could drive electric vehicles’ adoption.

“In India, the key focus is on aerospace, electric vehicle segment and education which drives 70 per cent of revenue at the Dassault Systemes,” Khaou said.

“The remaining 30 per cent is the company’s diversification into consumer goods -retail industry; natural resources – mining industry; biotech – biomedical and pharma industry,” he noted.

Dassault Systemes aims to make one million Cloud users in the country in the next three years.

“In India, we see a lot of potential in Cloud adoption in the Electric Vehicle (EV) and components segment supporting the EV roadmap,” said Sylvain Laurent, Executive Vice President, Dassault Systemes.

“We aim to make one million users in India in the next three years,” Laurent added.

With transportation and mobility contributing significantly to Dassault Systemes’s business in India, the company feels that the Cloud business will accelerate EV adoption.

It said the company’s Cloud offerings will be based on a subscription model for the India market.

Each subscription includes instant access to collaborative applications embedded within the 3D experience platform such as 3D design, engineering, modelling, simulation, data management and process management on the Cloud and social communication, community building and ideation applications for collaborative innovation, among others.

With these cloud offerings, the company also hopes to cater to companies across aerospace and defence, automotive original equipment manufacturer (OEM) and suppliers, industrial engineering and retail sectors.

The company also eyes great opportunity for growth in the Manufacturing sector, 3D printing, infrastructure and construction industry, among others, Khaou said. (IANS)

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Global cues, sell-off subdue equities; Sensex slips below 33k

Mar 19, 2018 0

Mumbai– Negative global cues, coupled with heavy selling pressure in metals, banking, consumer durables and oil and gas stocks, dragged the key Indian equity indices lower on Monday, with the Sensex slipping below the 33,000-mark.

According to market observers, investors were cautious ahead of the US Federal Reserve’s meet on March 20-21.

The wider Nifty50 of the National Stock Exchange (NSE) fell below the 10,100-mark to provisionally close at 10,094.20 points — down 100.95 points or 0.99 per cent from its previous session’s close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,268.97 points, closed lower by 252.88 points or 0.76 per cent at 32,923.12 points.

The Sensex touched a high of 33,275.79 points and a low of 32,856.54 points during the intra-day trade.

The BSE market breadth was bearish with 2,183 declines and 567 advances.

On Friday, the benchmark indices closed lower on broad-based selling even as weak global cues continued to mar investors’ sentiments.

The NSE Nifty50 declined by 165 points or 1.59 per cent to close at 10,195.15 points, while the Sensex closed at 33,176 points — down 509.54 points or 1.51 per cent from the previous session’s close. (IANS)

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HAL public issue debuts to divest 10% equity stake

Mar 16, 2018 0

Bengaluru– State-run Hindustan Aeronautics Ltd’s (HAL) initial public offering (IPO) opened on Friday with an aim to divest 10.2 per cent of its equity holding to raise about Rs 1,400 crore, said an official.

“Our IPO is an offer-for-sale to divest the government’s 10.2 per cent equity stake. The 5-day offer closes on March 20,” a company official told IANS here.

The defence behemoth is offering 3.41 crore equity shares of Rs 10 face value in the price band of Rs 1,215-1,240 per share. Retail investors are offered Rs 25 discount per share.

“Of the total offer, 6.68 lakh shares are reserved for subscription by our employees,” added the official.

The average cost of acquisition of equity shares by the aerospace firm is Rs 152 per share after the buyback in March 2016 and November 2017. (IANS)

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Broad-based sell-off on prospects of political turmoil depresses equities

Mar 16, 2018 0

Mumbai– Prospects of political instability led to broad-based selling in the Indian equity markets on Friday, even as weak global cues continued to mar investors’ sentiments.

According to market observers, the ongoing IPO (initial public offering) season, along with the nearing of financial year-end and outflow of foreign funds, were among other factors that contributed to the downfall of the equity indices.

On the National Stock Exchange (NSE), the wider Nifty50 declined by 165 points or 1.59 per cent to close at 10,195.15 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,176 points — down 509.54 points or 1.51 per cent from the previous session’s close — scaling a low of 33,119.92 points during the intra-day trade.

The BSE market breadth was bearish with 1,835 declines and 859 advances.

In terms of the broader markets, the S&P BSE mid-cap index edged lower by 1.07 per cent and the small-cap index by one per cent.

“Stocks suffered steep losses on the last trading day of the week in a broad-based sell-off. Trading sentiment took a hit after Telugu Desam Party (TDP) reportedly decided to quit the ruling Narendra Modi led National Democratic Alliance (NDA) government,” Gaurav Jain, Director at Hem Securities, told IANS.

“Negative clues from global markets also affected the sentiments. Most Asian stocks fell as reports of more chaos in the Trump administration tested investors’ nerves, already frayed by fears that US tariffs could hurt the global economy and trigger a trade war,” he added.

Apart from the political concerns, fiscal year-end considerations, selling before the onset of the Long Terms Capital Gains regime from April 1 and a bunch of lined up IPOs also resulted in liquidity being sucked out of the market, said Deepak Jasani, Head – Retail Research, HDFC Securities.

“Broad market indices like the BSE mid-cap and small-cap indices lost less, thereby outperforming the main indices. Sectorally, there were no gainers,” Desai told IANS.

All the 19 sub-indices of the BSE closed in the red, with the S&P BSE auto index slipping by 409.77 points, followed by metal index by 327.44 points, oil and gas index by 320.65 points, banking index by 312.62 points and capital goods index by 309.63 points.

On the currency front, the Indian rupee closed flat at 64.94 against the US dollar from its previous close.

“Yen appreciation also caused weak global markets. On the domestic front, FIIs (foreign institutional investors) have been net sellers in equity markets since last few trading sessions,” said Anita Gandhi, Whole Time Director at Arihant Capital Markets.

In terms of investments, provisional data with the exchanges showed that FIIs sold scrips worth Rs 150.46 crore and domestic institutional investors worth Rs 150.46 crore.

“Series of fresh IPOs are also sucking some amount of liquidity from the markets leading to investors as well as institutions taking some profits. Nearing of financial year end and advance tax payments may also have caused some profit taking,” Gandhi told IANS.

Major Sensex gainers on Friday were: Mahindra and Mahindra, up 0.88 per cent at Rs 741.55; Wipro, up 0.85 per cent at Rs 295.75; Hindustan Unilever, up 0.51 per cent at Rs 1,304; and Yes Bank, up 0.16 per cent at Rs 312.90.

The Sensex losers were: Tata Motors, down 3.67 per cent at Rs 340.10; Tata Motors (DVR), down 3.21 per cent at Rs 190; Asian Paints, down 3.09 per cent at Rs 1,125.05; Adani Ports, down 2.89 per cent at Rs 371.05; and Hero MotoCorp, down 2.67 per cent at Rs 3,546.05. (IANS)

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Mixed global cues, sell-off suppress equity indices

Mar 15, 2018 0

Mumbai– Mixed sentiment observed in the global markets, along with a sell-off in all the sectors, led the key Indian equity indices to end Thursday’s volatile trade session in the red.

The wider Nifty50 of the National Stock Exchange (NSE) fell by 50.75 points or 0.49 per cent to close trade at 10,360.15 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,685.54 points — down 150.20 points or 0.44 per cent from the previous session’s close.

The Sensex dropped almost 200 points to touch a low of 33,637.28 points during the intra-day trade.

The BSE market breadth was, however, bullish with 1,636 advances and 1,053 declines.

“Nifty ended with losses for the second consecutive session led by early weakness in Asian markets. Sectorally, there were no top gainers on the NSE. Top losers were media, PSU banks, FMCG and pharma indices,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

In terms of the broader markets, the S&P BSE mid-cap index edged up by 0.49 per cent and the small-cap index by 0.80 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market continued to consolidate in a narrow range following mixed trend in global market. Mid and small-cap outperformed as investors started accumulating stock in the oversold levels.”

“World Bank prediction of 7.3 per cent growth in FY19 will give a positive long term sentiment, but global trade concerns and scepticism on upcoming state election will refrain market for a decisive up move,” he added.

On the currency front, the Indian rupee weakened by 11 paise to close at 64.94 against the US dollar from its previous close at 64.83.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 705.40 crore, while domestic institutional investors bought stocks worth Rs 256.45 crore.

Sectorwise, the S&P BSE oil and gas index declined by 160.91 points, followed by banking index by 137.85 points and metal index by 77.21 points.

On the other hand, the S&P BSE consumer discretionary goods and services index was up a mere 12.73 points, industrials index by 7.98 points and power index by 3.02 points.

Major Sensex gainers on Thursday were: Asian Paints, up 2.14 per cent at Rs 1,160.95; Mahindra and Mahindra, up 0.87 per cent at Rs 735.05; HDFC Bank, up 0.79 per cent at Rs 1,880.10; Coal India, up 0.66 per cent at Rs 295.50; and IndusInd Bank, up 0.52 per cent at Rs 1,742.35.

The Sensex losers were: Yes Bank, down 2.04 per cent at Rs 312.40; Reliance Industries, down 1.76 per cent at Rs 912.25; ICICI Bank, down 1.60 per cent at Rs 301.45; Hindustan Unilever, down 1.48 per cent at Rs 1,297.40; and Tata Steel, down 1.46 per cent at Rs 611.40. (IANS)

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