Indian equity markets are likely to open lower on Thursday, tracking negative cues across Asian markets. The SGX Nifty, which was trading with losses of 41 points at 9,601, indicated that domestic bourses may open lower at the opening bell. Nifty50 index has immediate support placed around the level of 9,580, and if it holds below this level, further corrections up to the level of 9,550 is likely. On the upside, Nifty50 needs to sustain above the level to witness up-move towards the levels of 9,700-9,740. Back home, Indian markets ended with modest gains after a volatile session on Wednesday, led by gains in banking and realty stocks. Index heavyweight Reliance Industries gained about 3% after the data released by TRAI showed strong April subscriber addition, although broader market sentiment was muted ahead of the U.S Federal Reserve meeting. The US stocks closed mixed on Wednesday after Fed hiked rates. The Dow Jones Industrial Average closed up 46 points at a record 21,375. The S&P 500 declined 2 points to finish at 2,438. The Nasdaq Composite Index slipped 25 points to close at 6,195. The US Federal Reserve hiked the Fed rate by 25 basis points along expected lines. The enhanced rate now stands in the range of 1-1.25%. Fed has also guided on one more rate hike this year. Most Asian stocks have declined in early trade on Thursday. Japan’s Nikkei 225 has been trading with loss of 105 points; Hong Kong’s Hang Seng has lost 239 points, while China’s Shanghai Composite has shed 8 points
Nifty PSU Bank index gained nearly 0.5% in morning trade after the Reserve Bank of India announced steps to speed up NPA resolution process by identifying 12 accounts that can be immediately taken up under the Insolvency and Bankruptcy Code (IBC). At 10 AM, the S&P BSE Sensex is trading at 31103 down 0.3 points, while NSE Nifty is trading at 9591 down 15 points. A total of 65 stocks registered a fresh 52-week high in trade today, while 24 stocks touched a new 52-week low on the NSE. There are 659 advances, 864 declines and 423 unchanged stocks on NSE reflecting a bullish floating in the market. The BSE Mid cap Index is trading down 0.6% at 14705, while BSE Small cap Index is trading down 0.1% at 15497. Some buying activity is seen in Oil & Gas, Power and Realty and Bankex, Auto, Telecom and Finance showing weakness on BSE. Reliance, Dr Reddy, Power Grid, TCS, Hero MotoCorp, ICICI Bank are among the gainers, whereas Hindalco, Vedantat, Wipro, Tata Steel, YES Bank are losing on the NSE.
Tejas Networks Limited proposes to open on Wednesday, June 14, 2017, an initial public offering of equity shares of face value of Rs 10 each for cash, comprising of a fresh issue of equity shares aggregating up to Rs 4,500 million and an offer for sale of up to 12,711,605 equity shares by Selling Shareholders. The bid or offer will close on Friday, June 16, 2017.
The price band for the offer is fixed from Rs 250 to Rs 257 per equity share. Bids can be made for a minimum of 55 Equity Shares and in multiples of 55 equity shares thereafter. The Book Running Lead Managers (BRLMs) to the offer are Axis Capital Limited, Citigroup Global Markets India Private Limited, Edelweiss Financial Services Limited and Nomura Financial Advisory and Securities (India) Private Limited. The company may, in consultation with the BRLMs, consider participation by Anchor Investors in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended (SEBI ICDR Regulations). The Anchor Investor Bid/ offer Period shall be one Working Day prior to the Bid/Offer Opening Date; i.e., Tuesday, June 13, 2017. The Equity Shares offered through the RHP are proposed to be listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).
At 9:15 AM, the BSE Sensex opened higher by 44 points at 31147, while the Nifty50 opened higher by 15 points at 9621 mark.Dr Reddy’s is the top Nifty gainer and Tata Power is the top Nifty loser in the morning hours. There are 827 advances, 590 declines and 513 unchanged stocks on NSE reflecting some positive bias floating in the market. The level of 9,700 is likely to act as a strong barrier for the Nifty50. If it holds above the level of 9,700, a rally is likely up to the level of 9,730. On the downside, the support for Nifty50 index is placed in the region of 9,620-9,630. Nifty50 index has immediate support placed around the level of 9,580 and if it holds below this level, further corrections up to the level of 9,550 is likely. On the upside, the level of 9,640-9,650 is likely to act as a resistance for the Nifty50, if it holds above the level of 9,640-9,650, it may scale up to the level of 9,700. The rupee opened flat at 64.34 per US dollar. On Wednesday, the rupee closed at 64.34 against the American dollar, up 0.16% from its Monday’s close of 64.44. The US stocks moved to the upside early in the session and remained firm throughout the trading session on Tuesday. The Dow and the S&P 500 both closed at record levels. The Nasdaq Composite Index surged 45 points to close at 6,220. The Dow Jones Industrial Average climbed 93 points to end at 21,328. The S&P 500 rose 11 points to close at 2,440. Asian stocks were trading mixed in early trading on Wednesday. Japan’s Nikkei 225 has been trading with gains of 62 points; Hong Kong’s Hang Seng has lost 53 points, while China’s Shanghai Composite has shed 11 points.
Indian equity markets are likely to open flat on Wednesday, tracking mixed trading across Asian markets. The SGX Nifty, which was trading with marginal loss of 4 points at 9,612, indicated that domestic bourses may open flat at the opening bell. Nifty50 index has immediate support placed around the level of 9,580 and if it holds below this level, further corrections up to the level of 9,550 is likely. On the upside, the level of 9,640-9,650 is likely to act as a resistance for the Nifty50, if it holds above the level of 9,640-9,650, it may scale up to the level of 9,700. Back home, Indian market opened flat, but soon after opening, it scaled higher. However, it failed to sustain at the higher levels and it erased earlier gains to end flat on Tuesday. IT and auto stocks were laggards. On the other hand, support came in for Power Grid, Lupin, NTPC and HDFC. The US stocks moved to the upside early in the session and remained firm throughout the trading session on Tuesday. The Dow and the S&P 500 both closed at record levels. The Nasdaq Composite Index surged 45 points to close at 6,220. The Dow Jones Industrial Average climbed 93 points to end at 21,328. The S&P 500 rose 11 points to close at 2,440. Asian stocks were trading mixed in early trading on Wednesday. Japan’s Nikkei 225 has been trading with gains of 62 points; Hong Kong’s Hang Seng has lost 53 points, while China’s Shanghai Composite has shed 11 points.
Broader market indices are outperforming the major indices in the market. Sona Koyo Steering Systems Ltd. is the top gainer in BSE Small-cap index. It is trading higher by nearly 15% at Rs 95.3 per share. Specialty Chemicals small-cap company, DIC India Limited is trading higher by 15% at Rs 519.95 per share. IT stocks are losing their grounds in the morning hours on Tuesday. Tech Mahindra, Just Dial, HCL Technologies, Wipro,
Infosys, Mindtree are trading in negative territory. There are 1099 advances, 428 declines and 416 unchanged stocks on NSE reflecting strong positive undertone floating in the market. At 10 AM, the S&P BSE Sensex is trading at 31165 up 69 points, while NSE Nifty is trading at 9633 up 17 points. A total of 43 stocks registered a fresh 52-week high in trade today, while 26 stocks touched a new 52-week low on the NSE. The BSE Mid-cap Index is trading up 0.5% at 14869, whereas BSE Small-cap Index is trading up 0.73% at 15567. Some buying activity is seen in Capital Goods, Banks, Pharma, Auto, while IT, Metal are showing weakness on BSE. Sun Pharma, ACC, Ultratech Cements, Bank of Baroda, Yes Bank are among the gainers, whereas Tech Mahindra, Vedanta, Tata Motors, Wipro, Eicher Motors are losing sheen on NSE in the first trading hour. The INDIA VIX is down 3.04% at 11.07.
At 9:15 am the BSE Sensex opened at 31091 down by 4 points, while the Nifty50 opened down by 1 point at 9615 mark. Sun Pharma is the top Nifty gainer and Tech Mahindra is the top Nifty loser in the morning hours. Sun Pharma is trading at Rs 546.95 per share up by 2.70% whereas Tech Mahindra is trading at Rs 394.20 per share, down by 0.78%. There are 1003 advances, 410 declines and 485 unchanged stocks on NSE reflecting some positive bias floating in the market. The rupee opened at 64.43 per US dollar higher by 1 paise on Tuesday. The rupee closed over one week low against the US dollar tracking losses in the global equity and currencies markets. The rupee closed at 64.44, a level last seen on 1 June, down 0.29% from its Friday’s close of 64.25. Immediate support for the Nifty50 index is placed around the level of 9,580, and if it holds below this level, further correction up to the level of 9,550 is likely. On the upside, the levels of 9,640-9,650 is likely to act as a resistance for the Nifty50, if it holds above the levels of 9,640-9,650, it may scale up to the level of 9,700. The US stocks fell on Monday as the tech sector extended losses. The tech-heavy Nasdaq underperformed its counterparts. The Nasdaq Composite Index slumped 32 points to close at 6,175. The Dow Jones Industrial Average slid 36 points to end at 21,235. The S&P 500 dipped 2 points to close at 2,429. Asian shares are trading mixed in early trade on Tuesday. Japan’s Nikkei 225 has been trading with loss of 10 points; Hong Kong’s Hang Seng has gained 63 points, while China’s Shanghai Composite has shed 7 points.
The BSE Capital Goods is one of the top losing indices on Monday. It is down by 0.9% at 17534. Larsen & Toubro is contributing to the index losses and dragging it to lower level. L&T is down 1.5% at Rs 1749 per share.
Other stocks in the index viz. AIA Engineering is down 2.1% at Rs 1324 per share, BHEL is down 0.6% at Rs 137.80 per share, Siemens is down 1327.50 per share, Havells India is down 0.9% at Rs 500 per share and CG Power is down 1.2% at Rs 83.40 per share.Meanwhile, Bharat Forge and Tata Global Beverages are trading at day’s low. Bharat Forge is down 0.7% at Rs 1168.60 per share, whereas Tata Global Beverages is down 0.8% at Rs 152.95 per share. At 12 PM, the S&P BSE Sensex is trading at 31107 down 154 points, while NSE Nifty is trading at 9622 down 45 points. A total of 73 stocks registered a fresh 52-week high in trade today, while 39 stocks touched a new 52-week low on the NSE. The BSE mid-cap Index is trading down 0.25% at 14838, while BSE small-cap Index is trading down 0.14% at 15528. Some buying activity is seen in Healthcare, Oil & Gas and Realty indices, while Energy, Finance and FMCG indices are showing weakness on BSE. Sun Pharma, Tech Mahindra, GAIL and Yes Bank are among the gainers, whereas Wipro, Bank of Baroda, ICICI Bank and NTPC are losing on the NSE. The INDIA VIX is up 4.5% at 11.3.
Indian equity markets may start the session with a gap down on Monday, tracking subdued cues from Asian peers. The SGX Nifty, which was trading with losses of 46 points at 9,636, indicated that domestic bourses may open negative at the opening bell.
The levels of 9,600-9,610 is an immediate support level for the Nifty50 index, and if it holds below level of 9,600-9,610 it may correct up to the level of 9,570. On the upside, the region of 9,700-9,710 may continue to act as a barrier and if the index holds above 9,710 it may move up towards the levels of 9,740-9,780. On Sunday, the Goods and Service Tax (GST) Council decided to lower the tax rate for 66 items. The market participants will keenly watch key economic data i.e. IIP data and Inflation numbers slated to be released today. Back home, despite opening the session on a cautious note and marking intra-day low in the afternoon session, Indian markets ended the last trading session of the week on a positive note led by buying in auto, realty and metal stocks. After registering record intra-day highs early in the day, the US stocks yielded some ground over the course of the trading day on the last trading session of the day. The tech-heavy Nasdaq Composite index sank 114 points to close at 6,208. The Dow closed at a record on Friday as it rose 89 points to end at 21,272. The S&P 500 edged down 2 points to finish at 2,432. Asian shares edge lower in early trades on Monday. Japan’s Nikkei 225 has been trading with loss of 68 points; Hong Kong’s Hang Seng has slipped 102 points, while China’s Shanghai Composite has shed 2 points.
Benchmark indices NSE Nifty closed at 9647 levels, lower by 16 points or 0.1%, whereas the BSE Sensex closed at 31213 levels, lower by 57 points or 0.1%.
While, BSE Mid-cap Index closed up by 0.2% at 14834 whereas, BSE Small-cap Index closed up by 0.2% at 15472. There were 811 advances, 821 declines and 320 unchanged stocks on NSE, reflecting fairly bearish undertone floating in the market. Dr Reddy’s was the top Nifty gainer whereas, GAIL was the top Nifty loser. As the Reserve Bank of India on Thursday announced that it has devised a strategy to deal with large stressed accounts and expects to see some action soon, major PSU banks slipped in red in closing hours of trade. Petronet LNG fell close to 3% at Rs 426.90 per share on Thursday’s morning session. It was reported on a national news portal that GDF International was looking to sell its entire 10% stake in Petronet LNG in a block trade on Thursday. The stock closed at lower by 3.3%. CLSA had given positive view on steel stocks which led to the strong upward rally of the metal stocks on Thursday. Jindal Steel, Tata Steel, JSW Steel, Steel Authority of India, NMDC Limited, Hindalco, Vedanta gained up to 4% in Thursday's trading session. Bharat Wire Ropes soared over 5% as the company announced that it has bagged order of Rs 37 crore. The stock closed higher by 3.2%.
Indian equity markets are likely to open lower on Thursday, tracking negative cues across Asian markets. The SGX Nifty, which was trading with losses of 41 points at 9,601, indicated that domestic bourses may open lower at the opening bell.
