Indices slip into red; banking, FMCG stocks drag

Some buying activity is seen in IT, consumer durables, pharma, auto and metal sectors, while banking, fmcg and oil & gas sectors are showing weakness on BSE. The BSE Mid-cap Index is trading down 0.05% at 11,051, whereas BSE Small-cap Index is trading up 0.29% at 11,377.

At 9:17 AM, the S&P BSE Sensex is trading at 27,019 down 17 points, while NSE Nifty is trading at 8,172 down mere six points.

The BSE Mid-cap Index is trading down 0.05% at 11,051, whereas BSE Small-cap Index is trading up 0.29% at 11,377.

Some buying activity is seen in IT, consumer durables, pharma, auto and metal sectors, while banking, fmcg and oil & gas sectors are showing weakness on BSE.

Vedanta, Wipro, Infosys, Tata Motors, Hero MotoCorp, Dr. Reddy's and Maruti Suzuki are among the gainers, whereas ITC, Hindalco, Bharti Airtel, ICICI Bank and Reliance Industries are losing sheen on BSE.

Indian Rupee today opened at 65.03/$ lower by 5 paise in early trade on Thursday. On the global front, the US market, biotechnology companies boosted the S&P 500 to its highest level in three weeks. The Dow rose 0.73% while NASDAQ added close to a percent. The S&P 500 ended 0.8% percent higher. Japan is down as its core machinery orders unexpectedly fell 5.7% in August from the previous month raising worries about the strength of capital expenditure there. 

FIIs increase holding in 3 pharma cos: Granules sees 154% quarterly rise

Granules India is the most attractive in this chart with the FIIs have increased their holding to 7.25%, which was 2.85% as on June 30.

Despite their heavy selling in equities in the second quarter ended September 30, the foreign instittutional investors (FIIs) have increased their holding in as many as three pharma companies for the Q2 FY16.

Granules India Ltd is the most attractive in this chart with the FIIs have increased their holding to 7.25%, which was 2.85% as on June 30. This shows a 154.38% jump in FIIs share holding in the company. For the first half of the current fiscal, the FIIs’ share holding in the company has surged by 79.45%. FIIs holding in the company was at 4.04% as on March 31, 2015.

Similarly, Biocon Ltd has witnessed the FII share holding going up by 2.18% to 11.83% on Q-o-Q basis. For the first six months of financial year 2015-16, the FIIs’ share holding in the company has soared by 10.25%. FIIs holding in the company stood at 10.73% as on March 31, 2015.

Despite FIIs reduced their share holding in the second quarter in Cadila Healthcare, on a half yearly basis, the company has seen FIIs increased their stock holding by 4.66% to 6.73% as on Septemeber 30, 2015. For the second quarter, the company saw FIIs holding declined by 5.71%.

For the first half of the current fiscal shares of Granule India and Cadila Healthcare have posted a surge of 65.50% and 20.63% respectively. However, during he review period, Biocon Ltd’s stock has fallen by 5.52%.

Punj Lloyd zooms 7.8% after order win in T&D segment

The company received Rs. 488 crore worth of projects in the power sector including its first two wins in the Transmission and Distribution (T&D) segment.

Punj Lloyd zoomed 7.8% at Rs. 27.10 on BSE after receiving Rs. 488 crore worth of projects in the power sector including its first two wins in the in the Transmission and Distribution (T&D) segment.

The scrip touched a high and low of Rs. 27.25 and Rs. 25.6 respectively. So far 907117(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 835.23 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 42.45 on 04-Dec-2014 and a 52 week low of Rs. 20.75 on 20-May-2015. Last one week high and low of the scrip stood at Rs. 25.55 and Rs. 23.6 respectively.

The promoters holding in the company stood at 36.93 % while Institutions and Non-Institutions held 9.59 % and 53.48 % respectively. The stock is currently trading below its 200 DMA.

Top Banking news of the day

Round up of the major headlines that dominated the Banking sector, nationally and internationally

Country's third largest private lender Axis Bank introduced a new slab for its home loan borrowers with offers starting at 9.60 per cent onward. 

The International Monetary Fund (IMF) marginally lowered its 2015-16 growth forecast for India, which will still remain the world’s fastest growing major economy, and expressed optimism about its future prospects.

KBC Asset Management of Belgium is exiting the Indian asset management business by selling its 49% stake in mutual fund joint venture Union KBC Asset Management Company to Union Bank of India. 

Standard Chartered Bank, one of the largest and oldest foreign lenders in India, will seek permission from the Reserve Bank of India next year to set up an Indian subsidary, which will come up two years later 

Diversified non-bank lender Bajaj Finance today said it has received regulatory approvals to set up a housing finance company. 

IDBI Bank and Bank of Maharashtra are the latest among public sector banks to get capital support from the government. While IDBI Bank issued 29.6 crore preferential shares at a rate of Rs 75.28 per share aggregating Rs 2,229 crore, Bank of Maharashtra issued 10.51 crore share at Rs 33.47 per share aggregating Rs 394 crore. 

The country's largest lender State Bank of India (SBI) and the German development bank KfW today concluded a 15 year loan worth $300 million loan facility to support rural and micro-enterprise lending in India. 

State-owned Bank of Baroda has detected Rs 350 crore bill discounting irregularity and initiated an investigation into it. 

ICICI Bank, India's largest private sector bank reduced its home loan rate by 25 basis points, following rivals State Bank of India (SBI) and Housing Development Finance Corp Ltd (HDFC). one basis point is 0.01 percentage point.

Redington India to acquire 70% of Linkplus Bilgisaya

The company has entered into a definitive agreement to acquire 70% of Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey (Linkplus).

Redington (India) Ltd has informed BSE that 'Redington Gulf FZE', a step down subsidiary of the company has entered into a definitive agreement to acquire 70% of Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey (Linkplus). This proposed acquisition is subject to regulatory approvals of authorities in Turkey. Established in 1995, Linkplus is a leading ORACLE Distributor in Turkey. The balance 30% will be acquired over a 3 year period. The Company has been valued around 6X future earnings.

The stock is currently trading at Rs. 119.85, up by 5.2 points or 4.54% from its previous closing of Rs. 114.65 on the BSE.

The scrip opened at Rs. 115.4 and has touched a high and low of Rs. 126.6 and Rs. 114.55 respectively. So far 1021470(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4583.68 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 147.65 on 05-Dec-2014 and a 52 week low of Rs. 91.2 on 19-Jun-2015. Last one week high and low of the scrip stood at Rs. 116.8 and Rs. 109.3 respectively.

The promoters holding in the company stood at 13.33 % while Institutions and Non-Institutions held 52.36 % and 34.31 % respectively.

The stock is currently trading below its 200 DMA.

NIIT jumps 2.8% after launching online education portal

NIIT announced the launch of NIIT.tv portal. It is an internet TV portal that brings skilling from NIIT classrooms to every digitally connected Indian, for free, and can be accessed on a computer, tablet or smartphone anytime anywhere.

NIIT Ltd is currently trading at Rs. 95, up by 2.8% from its previous closing of Rs. 92.7 on the BSE.

NIIT announced the launch of NIIT.tv portal. It is an internet TV portal that brings skilling from NIIT classrooms to every digitally connected Indian, for free, and can be accessed on a computer, tablet or smartphone anytime anywhere.

The scrip opened at Rs. 97.1 and has touched a high and low of Rs. 97.9 and Rs. 93.3 respectively. So far 785071(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1531.13 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 98 on 06-Oct-2015 and a 52 week low of Rs. 34.95 on 27-Mar-2015. Last one week high and low of the scrip stood at Rs. 98 and Rs. 72.2 respectively.

The promoters holding in the company stood at 34.25 % while Institutions and Non-Institutions held 24.03 % and 41.71 % respectively.

The stock is currently trading below its 50 DMA.

Top economy news of the day- October 07, 2015

Prime Minister expressed the hope that Goods and Services Tax will be rolled out in 2016.

The government has embarked on global road shows at four locations, including the US and the UK, to attract investments for its big-ticket stake sale in the country's largest power producer NTPC and BEL that may fetch around Rs 66bn to the exchequer.

Prime Minister expressed the hope that Goods and Services Tax will be rolled out in 2016. 

For every US$100 needed for protection, only US$7.8 of saving and insurance is in place for a typical Indian household, leaving a massive mortality protection gap of US$92.2, says a study by Swiss Re. 

Finance Minister has indicated a rational tax rate for individuals and bringing down of corporate tax to 25% flat in four years beginning next fiscal along with removal of exemptions except those that encourage individual savings.

37 consulting firms have been assigned for preparing action plans for the 88 cities proposed to be developed as Smart Cities. 

Top Corporate news of the day - October 07, 2015

Check out the most important news stories which captured the headlines at the corporate level in India and internationally.

Bank of Baroda has detected Rs3.5bn bill discounting irregularity and initiated an investigation into it. 

A giant coal project under development in Australia by Adani Enterprises is facing further delays over environmental permitting, Australia's environment minister said. 

Bank of Maharashtra said it has received shareholders' approval to raise Rs3.9bn by issuing 105.1 mn equity shares on preferential basis to the government. 

Tata Chemicals, the maker of branded salt and pulses, will create a new umbrella brand for its foods portfolio as it looks to treble revenues to Rs50bn in 5 years by entering newer product categories.

NIIT announced the launch of NIIT.tv portal. It is an internet TV portal that brings skilling from NIIT classrooms to every digitally connected Indian, for free, and can be accessed on a computer, tablet or smartphone anytime anywhere. 

Bank of Baroda, Andhra Bank and Legal & General invested Rs1.5bn into IndiaFirst Life Insurance. 

Suzlon Energy has received an repeat order from Orange Renewable for installation of 100.8MW at Beluguppa in the state of Andhra Pradesh. 

Uflex Ltd announced that it will set up a manufacturing facility at Sanand in Ahmedabad with an investment of Rs15bn. The plant would become fully operational by April 2017. 

Reliance MediaWorks has sold 9.75% stake in media services major Prime Focus for over Rs1.55bn through an open market transaction. 

Siemens has signed an MoU with Infrastructure Leasing and Financial Services (IL&FS) and Gujarat International Finance Tec-City Company (GIFTCL) to develop smart mobility solutions for the tec-city. 

Online shopping portal Infibeam Incorporation Ltd has received markets regulator Sebi's approval to mop up an estimated Rs4.5bn through an initial public offer. 

Sensex Struggles for Gains; Cairn India, ONGC Surge

BSE Sensex and Nifty struggled on Wednesday, with the 5-day rally losing some steam. The Sensex was down marginally at 26,931 while Nifty fell 6 points at 8,146.

Here Are Top 10 Developments:

1) Oil & gas stocks ONGC and Cairn India surged today after a sharp jump in global crude prices. Brent, the global benchmark for crude, rose 5.4 per cent on Tuesday to one-month highs of $51.92 per barrel. Cairn India surged over 5 per cent while ONGC gained over 2 per cent.

2) The rally in oil & gas stocks also boosted metal shares, with Vedanta rising 2 per cent and Hindalco edging up 0.4 per cent.

3) Analysts have attributed the rally in Indian markets to supportive global markets, resumption of buying from foreign investors and strong momentum after the RBI's bigger-than-expected rate cut last month.

4) Nifty is likely to face pressure at around resistance level of 8,220 levels, say analysts. In addition, with September quarter earnings season kicking off from next week, traders are likely to turn cautious, analysts say.

5) Market analyst Rajat Bose said that unless 8180-8220 levels are taken out decisively, markets may not see significant upside. A slide below 8100 could increase selling pressure, he added.

6) Prashasta Seth, CEO of IIFL AMC, does not expect positive surprises from the September earnings season. He expects markets to remain rangebound.

7) On the positive side, foreign investors have been big buyers of Indian stocks so far this month. This is a big turnaround after selling over Rs 20,000 crore of Indian equities (net) in the previous two months. The resumption of buying from foreign investors has provided strong support to domestic markets. Analysts don't see significant downside risks from current levels.

8) The IMF yesterday lowered India's growth forecast to 7.3 per cent this year, from its earlier estimate of 7.5 per cent, and said that a faster-than-expected deceleration in inflation provides leeway for modest cuts in interest rates.

9) Data on Friday showing a surprisingly soft reading on US jobs led many investors to scale back their expectations that the Federal Reserve would raise interest rates this year. That in turn has supported riskier assets which had come under pressure partly on worries the Fed would tighten policy at a time of cooling growth in China and globally.

10) Asian stocks held firm on Wednesday as a sharp rebound in oil prices supported battered resource shares and emerging economy currencies. Japan's Nikkei was however trading flat. Overnight, the Wall Street ended mixed.

14 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Aditya Birla Nuvo Ltd: ABNL will reportedly sell a 49% stake in its wholly-owned subsidiary Aditya Birla Renewables Ltd. to a unit of international private equity firm Abraaj Group.

ICICI Bank Ltd: ICICI Bank has reduced its home loan rate by 25 basis points

Prime Focus: Reliance MediaWorks has sold 9.75% stake in Prime Focus for over Rs. 155 crore through an open market transaction

Bharti Airtel: The company has held initial talks to buy Aircel's 4G airwaves in the 2300 Mhz band. The company plans to expand its high-speed broadband footprint.

NTPC, BEL: Government has embarked on global roadshows to attract investments for stake sale in NTPC and BEL that may fetch around Rs 6,600 crore to the exchequer, as per media report.  Department of Disinvestment (DoD), Power Ministry and NTPC officials are doing roadshows simultaneously in Singapore, Hong Kong, London and in the United States between October 5-10.

Bank of Maharashtra Ltd: The bank has received shareholders' approval to raise Rs 394 crore by issuing 10.51 crore equity shares on preferential basis to the government.

Phoenix Mills Ltd: The company said it has acquired the entire 19.38 per cent equity stake held by MTX Hotels in Gangetic Hotels Private Limited.

Sun Pharmaceutical: The pharma company is seeking approval of its shareholders through a postal ballot earmarking of up to Rs 50,000 crore for the purpose of acquisitions or providing loans, among others.

Uflex Ltd: The company announced that it will set up a manufacturing facility at Sanand in Ahmedabad with an investment of Rs15bn. The plant would become fully operational by April 2017.

Dr Reddys Laboratories: The pharma company gets tentative US FDA nod for generic of Lamictal, as per media reports.

Suzlon Energy: The company has received an repeat order from Orange Renewable for installation of 100.8MW at Beluguppa in the state of Andhra Pradesh.

NIIT: NIIT announced the launch of NIIT.tv portal. It is an internet TV portal that brings skilling from NIIT classrooms to every digitally connected Indian, for free, and can be accessed on a computer, tablet or smartphone anytime anywhere.

Tata Chemicals: Tata Chemicals, the maker of branded salt and pulses, will create a new umbrella brand for its foods portfolio as it looks to treble revenues to Rs50bn in 5 years by entering newer product categories.