Sensex, Nifty Post First Gains Of 2017
Asian stocks climbed this morning, as the dollar retreated against most of its peers.
Market Wrap
Closing Bell
Indian shares climbed, with key benchmarks’ posting their first gains in the new year as lenders staged a comeback even as automakers slipped on weak December sales figures.
The S&P BSE Sensex 0.2 percent to 26,643 while the NSE Nifty advanced 0.1 percent to 8,192. While the indices fluctuated between gains and losses though the session, the market breadth remained firmly in favour of the buyers. At close, 1,069 stocks advanced, 425 declined and 60 remained unchanged on the NSE.
Weak macros failed to dent markets’ enthusiasm, as November figures were expected to be on the weaker side, and with budget announcement expected in just a month, sentiment remained positive. However, with U.S. market back after holidays, global cues will have more weightage in the coming days especially with jobs data scheduled this week.”Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services
BQ Poll Of The Day
Must Read: How To Value The Bombay Stock Exchange?
European Shares Climb
BQSpotted
Donear Industries: Extends Winning Streak For Fifth Day
- Jumped as much as 5 percent today after being locked at 5 percent upper circuit for four consecutive sessions
- Up 25 percent in five sessions
- Volumes at 5 times its previous 20-day average
- Textiles player with market cap of Rs 340 crore
Cash Crunch May Shave 1.6% Off Nifty Earnings This Year
The NSE Nifty 50 companies are expected to see a drop in their earnings in the financial year 2016-17. Estimated earnings per share for the index has been downgraded by 1.6 percent post demonetisation, according to a consensus of analysts tracked by Bloomberg.
Read the full report HERE
#BQSpotted
GTN Industries: Extends Gains For Second Day
- Rallies as much as 17 percent today after gaining 19.85 percent yesterday
- Rises over 39 percent in two sessions
- Volumes at 7.6 times previous 20-day moving average
- Vertically integrated textile company; market cap of Rs 32 crore
Logistics Stocks Rally Awaiting GST Meet Outcome
Shares of logistics firms rallied anywhere between 6.5 percent and 0.5 percent anticipating a positive outcome from the GST meet to assess the implementation hurdles under the new regime.
Top Gainers
- Snowman Logistics (+5.7% to Rs 54.7)
- Transport Corporation of India (+6.5% to Rs 156)
- Patel Integrated Logistics (+6% to Rs 79)
- Gati Ltd. (+5.8% to Rs 123.5)
- Container Corp of India (+3% to Rs 1,175)
- VRL Logistics (+2.6% to Rs 265)
Suven Life Jumps After Getting Patent For Neuro-Degenerative Drug
Shares of the pharma firm gained as much as 4.1 percent after it said it has been granted a patent each by Eurasia and Norway for a drug used in the treatment of neuro-degenerative diseases.
The patents are valid until 2032 and 2025, respectively, the company added.
We are very pleased by the grant of these patents to Suven for our pipeline of molecules in the CNS arena, which are being developed for cognitive disorders with high unmet medical need with a huge market potential globally.”Suven Life CEO Venkat Jasti said in the filing.
With the new patents, Suven has a total of 20 granted patent from Eurasia and 6 from Norway.
With inputs from PTI
BQSpotted
Gokaldas Exports: 6-Day Winning Streak
- Stock rose as much as 6.6 percent today, its sixth straight day of gains.
- Stock gained over 15 percent in the last 5 tradings sessions.
- Volumes are 2.2 times its 20-day average
Rupee Recovers
Rupee recovered by 14 paise to 68.08 against the dollar at the Interbank Foreign Exchange in early trade today on fresh selling of the US currency by banks and exporters.
Dealers said fresh selling of the American unit by exporters and banks and the dollar's weakness against other currencies overseas supported the rupee. Further, a higher opening in the domestic equity market influenced the rupee uptrend, they added.
Yesterday, the domestic currency had lost 30 paise to 68.22 against the US dollar due to huge demand for the American currency.
PTI
Opening Bell
Indian shares declined for a second time in as many sessions as investors sold shares of automakers, lenders and technology companies.
The S&P BSE Sensex dropped 0.3 percent to 26,520 while the NSE Nifty too declined 0.3 percent to 8,155. The market breadth, however, remained encouraging with more buyers than sellers. Around 905 stocks advanced, 480 declined and 436 remained unchanged.
Movers & Shakers: Tata Motors, ICICI Bank, Hero MotoCorp And More
5 Things To Watch
Stocks To Watch
- Thermax cut to underperform vs outperform at Bernstein
- Bharat Heavy raised to market-perform vs underperform: Bernstein
- Bajaj Hindusthan Sugar: Seeks shareholders’ nod for sale of 449 MW power facility
- Great Eastern Shipping: To buy 2 Suezmax carriers
- Hero MotoCorp: December sales fell 34 percent YoY to 330,202 units
- NHPC: To consider mid-year dividend on January 12
- State Bank of India: Units merger seen only in FY18
- Tata Motors: December sales rise 2 percent YoY to 40,944 units
- Titan: Says third quarter retail growth at Tanisq around 15 percent
- TVS Motors: December sales 184,901 units versus 202,021 units a year ago period
Talking Points
- India November key industries’ output rises 4.9 percent YoY
- Nikkei Dec. PMI indicates first contraction since 2015
- India finance ministry to hold meeting on GST
- India to sell Rs 66,000 crore of bonds January 2-February 10 period
- India tests long range Ballistic Missile Agni–IV
- ICICI Bank cuts MCLR by 0.70 percent
- Anshu Jain joins Cantor as president in post-Deutsche Bank restart
- Global funds sell Rs 261 crore of local stocks; domestic funds buy Rs 20.66 crore yesterday: Provisional data
- RBI to conduct Rs 21,000 crore 14-day term repo auction
- Prime Securities to announce third quarter FY17 earnings
Money Market Heads-Up
The purchasing managers' index and the core industries growth - both point at a slowdown in growth going forward. Now the important date to circle on your calendars is January 6, when the government releases the advance estimate for GDP for the full year through March.
A Bloomberg survey shows that India's GDP grew at less than 7 percent compared to an early estimate from government advisors of as much as 7.75 percent. For bond bulls, the surprise good news is that the government has cut its FY17 borrowing by Rs 18,000 crore, which will help maintain the positive momentum and yields are bound to fall.
In currencies, the dollar has retreated from its New Year rally and Asians currencies like the won are trading stronger. The rupee, which declined in the last session could recover some lost ground today.
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, gained 0.2 percent to 8,203.
Asian stocks climbed higher this morning, as the dollar retreated against most of its peers as the first full trading day of the New Year got going. Gold advanced for the fifth time in six sessions.
Oil advanced after the biggest annual gain since 2009 as output cuts by Kuwait signalled OPEC and other producing nations started trimming production to stabilize the market.
Most markets were shut Monday, though European stocks advanced amid evidence of stronger manufacturing in the euro area.
Reports on Sunday showed China’s official factory gauge stabilised near a post-2012 high while services remained robust, capping a year of steady improvement in both indicators. A private factory gauge released Tuesday also came in better than anticipated. Swaps contracts show expectations that the Federal Reserve will raise interest rates twice this year, after increasing them once in each of the past two years.
Back home, impact of the note ban seems to be weighing on industrial output with core sector growth decelerating to 4.9 percent in November 2016 as against 6.6 percent in the previous month. However, on an annual basis, the eight core sectors reported healthy growth over November 2015 figure of 0.6 percent.