Investors maintained cautious stance after muted start to earnings season and amid geopolitical tensions between US and North Korea.
11:30 am Management Speak: In an interview to CNBC-TV18, P Balasubramanian, Director-Finance at Bharat Petroleum Corporation Ltd (BPCL) spoke about the latest happenings in his company and sector.
We will review closure of petrol pumps on Sundays after a few days, he said. Also, he does not see any hit on profits even if petrol pumps are closed on Sunday.
"Profitability will not be the issue. Issue is the supply chain and distribution part of it", he said.
11:07 am Market Check: Benchmark indices were trading flat, amid volatile moves since morning, as the Nifty hovered around 9100-mark.
The Sensex was up 15.36 points at 29334.46, while the Nifty was up 3.60 points at 9108.75. The market breadth was positive, but narrow, as just 1,312 shares against a decline of 1,002 shares, while 117 shares were unchanged.
NTPC, Adani Ports, Tata Power and Power Grid were the top gainers, while Axis Bank, TCS, Indiabulls Housing Finance lost the most.
RPP Infra Projects was up 2.5 percent intraday Wednesday as it received an order worth Rs 97 crore.
The consortium of Siemens and RPP Infra Projects has won order from Power Grid Company of Bangladesh.
We will review closure of petrol pumps on Sundays after a few days, he said. Also, he does not see any hit on profits even if petrol pumps are closed on Sunday.
"Profitability will not be the issue. Issue is the supply chain and distribution part of it", he said.
11:07 am Market Check: Benchmark indices were trading flat, amid volatile moves since morning, as the Nifty hovered around 9100-mark.
The Sensex was up 15.36 points at 29334.46, while the Nifty was up 3.60 points at 9108.75. The market breadth was positive, but narrow, as just 1,312 shares against a decline of 1,002 shares, while 117 shares were unchanged.
NTPC, Adani Ports, Tata Power and Power Grid were the top gainers, while Axis Bank, TCS, Indiabulls Housing Finance lost the most.
RPP Infra Projects was up 2.5 percent intraday Wednesday as it received an order worth Rs 97 crore.
The consortium of Siemens and RPP Infra Projects has won order from Power Grid Company of Bangladesh.
“We have received the order from Power Grid Company of Bangladesh (PGCB). The joint bid submitted by Siemens and RPP Infra Projects to Power Grid Company of Bangladesh (PGCB) in respect of design, supply, erection, testing and commissioning of 230 KV and 132 KV substations on turnkey basis,” company said in press release.
10:58 am FIIs shareholding: The S&P BSE Sensex rose over 11 percent in the January-March quarter but stocks in which foreign institutional investors (FIIs) raised their stake rose up to 70 percent in the same period, data available with Capitaline showed.
Out of 300 companies which have declared their shareholding pattern for the March quarter, more than 160 companies saw a surge in FIIs holding in the same period while more than 150 stocks saw a decline in the holding of FIIs.
FIIs increased their stake across sectors such as banking, finance, textiles, cement, auto, FMCG, NBFC as well as pharma space.
10:49 am Buzzing: RPP Infra Projects shares gained 2.5 percent intraday as it has received order worth Rs 97 crore.
The consortium of Siemens and RPP Infra Projects has won order from Power Grid Company of Bangladesh.
“We have received the order from Power Grid Company of Bangladesh (PGCB). The joint bid submitted by Siemens and RPP Infra Projects to Power Grid Company of Bangladesh (PGCB) in respect of design, supply, erection, testing and commissioning of 230 KV and 132 KV substations on turnkey basis,” company said in press release.
The scope of the order for RPP Infra Projects will be in the civil work with the share worth approximately Rs 97 crore.
10:40 am Babri Masjid case: Supreme Court has allowed trial for LK Advani, Uma Bharti and Murli Manohar Joshi in Babri Masjid case. However, there is no trial for Kalyan Singh as he enjoys immunity.
LK Advani and Murli Manohar Joshi will face conspiracy charges, according to media reports.
10:25 am Earnings Estimates: Private sector lender Yes Bank is expected to report healthy set of earnings in the quarter ended March 2017. Profit is seen rising 27.7 percent year-on-year to Rs 896.3 crore during the quarter.
Net interest income, the difference between interest earned and interest expended, may grow 28.6 percent to Rs 1,596.4 crore compared with Rs 1,241.4 crore in same quarter last fiscal, according to average of estimates of analysts polled by CNBC-TV18.
10:58 am FIIs shareholding: The S&P BSE Sensex rose over 11 percent in the January-March quarter but stocks in which foreign institutional investors (FIIs) raised their stake rose up to 70 percent in the same period, data available with Capitaline showed.
Out of 300 companies which have declared their shareholding pattern for the March quarter, more than 160 companies saw a surge in FIIs holding in the same period while more than 150 stocks saw a decline in the holding of FIIs.
FIIs increased their stake across sectors such as banking, finance, textiles, cement, auto, FMCG, NBFC as well as pharma space.
10:49 am Buzzing: RPP Infra Projects shares gained 2.5 percent intraday as it has received order worth Rs 97 crore.
The consortium of Siemens and RPP Infra Projects has won order from Power Grid Company of Bangladesh.
“We have received the order from Power Grid Company of Bangladesh (PGCB). The joint bid submitted by Siemens and RPP Infra Projects to Power Grid Company of Bangladesh (PGCB) in respect of design, supply, erection, testing and commissioning of 230 KV and 132 KV substations on turnkey basis,” company said in press release.
The scope of the order for RPP Infra Projects will be in the civil work with the share worth approximately Rs 97 crore.
10:40 am Babri Masjid case: Supreme Court has allowed trial for LK Advani, Uma Bharti and Murli Manohar Joshi in Babri Masjid case. However, there is no trial for Kalyan Singh as he enjoys immunity.
LK Advani and Murli Manohar Joshi will face conspiracy charges, according to media reports.
10:25 am Earnings Estimates: Private sector lender Yes Bank is expected to report healthy set of earnings in the quarter ended March 2017. Profit is seen rising 27.7 percent year-on-year to Rs 896.3 crore during the quarter.
Net interest income, the difference between interest earned and interest expended, may grow 28.6 percent to Rs 1,596.4 crore compared with Rs 1,241.4 crore in same quarter last fiscal, according to average of estimates of analysts polled by CNBC-TV18.
10.04 am Market Check: Equity benchmarks as well as broader markets continued to be volatile in morning as investors maintained cautious stance after muted start to earnings season and amid geopolitical tensions between US and North Korea.
The 30-share BSE Sensex was down 18.32 points at 29,300.78 and the 50-share NSE Nifty slipped 8.85 points to 9,096.30.
Yes Bank and IndusInd Bank remained flat ahead of quarterly earnings later today. According to a CNBC-TV18 poll, both banks are expected to report more than 25 percent growth in net profit and net interest income.
TCS share price recovered from day's low after the management sees less impact of H1-B visa on FY18 earnings.
9:55 am OFS issue opens: National Aluminium Company share price fell 7 percent intraday as the 19.3 crore shares offer for sale issue of the company opened today.
"The promoter of the company, President of India (represented by the Ministry of Mines, Government of India), proposed to sell up to 9,66,46,444 (5 percent) equity shares with an additional option to sell up to 9,66,46,444 (5 percent) equity shares through a separate window of the BSE and the National Stock Exchange of India," the company said in its filing on Tuesday.
The issue will be opened for two days (April 19 and 20) for non-retail investors while retail investors can participate in the issue on April 20 only.
9:45 am Trump on H1-B visa: US President Donald Trump has signed an executive order that calls for a review of the H-1B visa programme, saying they should never be used to replace American workers and be must given to the most skilled and highest paid applicants.
Trump signed the order targeting the programme popular with Indian technology professionals at the Kenosha, Wisconsin headquarters of tool maker Snap-on Inc yesterday.
"Right now, widespread abuse in our immigration system is allowing American workers of all backgrounds to be replaced by workers brought in from other countries to fill the same job for, sometimes, less pay. This will stop," Trump told an enthusiastic audience in Wisconsin before signing the executive order.
The 30-share BSE Sensex was down 18.32 points at 29,300.78 and the 50-share NSE Nifty slipped 8.85 points to 9,096.30.
Yes Bank and IndusInd Bank remained flat ahead of quarterly earnings later today. According to a CNBC-TV18 poll, both banks are expected to report more than 25 percent growth in net profit and net interest income.
TCS share price recovered from day's low after the management sees less impact of H1-B visa on FY18 earnings.
9:55 am OFS issue opens: National Aluminium Company share price fell 7 percent intraday as the 19.3 crore shares offer for sale issue of the company opened today.
"The promoter of the company, President of India (represented by the Ministry of Mines, Government of India), proposed to sell up to 9,66,46,444 (5 percent) equity shares with an additional option to sell up to 9,66,46,444 (5 percent) equity shares through a separate window of the BSE and the National Stock Exchange of India," the company said in its filing on Tuesday.
The issue will be opened for two days (April 19 and 20) for non-retail investors while retail investors can participate in the issue on April 20 only.
9:45 am Trump on H1-B visa: US President Donald Trump has signed an executive order that calls for a review of the H-1B visa programme, saying they should never be used to replace American workers and be must given to the most skilled and highest paid applicants.
Trump signed the order targeting the programme popular with Indian technology professionals at the Kenosha, Wisconsin headquarters of tool maker Snap-on Inc yesterday.
"Right now, widespread abuse in our immigration system is allowing American workers of all backgrounds to be replaced by workers brought in from other countries to fill the same job for, sometimes, less pay. This will stop," Trump told an enthusiastic audience in Wisconsin before signing the executive order.
9:30 am FII View: Commodity prices saw a rebound especially after improvement seen in the global economy, but as long as oil holds in the range of USD 45-55 per barrel any dip in the emerging market equities will be a good opportunity to buy, Geoff Lewis, Global Strategist-Capital Markets Group, Manulife Asset Management said in an interview with CNBC-TV18.
“We saw in rebound in iron ore prices which was far sharper than fundamentals. I think as long as oil holds between USD 45-55 per barrel and economic data continue to be good in global economies emerging markets (EMs) will be a good buying opportunity on dips,” said Lewis.
9:15 am Market Check: Equity benchmarks started off trade on a negative note amid consolidation, tracking weakness in global peers as investors remained cautious about earnings season after IT companies' results.
The 30-share BSE Sensex was down 29.51 points at 29,289.59 and the 50-share NSE Nifty fell 7.35 points to 9,097.80.
TCS fell 1.5 percent following lower-than-expected earnings due to weakness in BFSI & retail segments and North America & Latin America businesses.
HDFC, Tata Motors, ONGC, Tata Steel and Axis Bank were other losers while Reliance Industries, ITC, Adani Ports and Sun Pharma were gainers.
The Indian rupee opened marginally higher at 64.60 per dollar today against previous day's closing value of 64.63.
Pramit Brahmbhatt of Veracity says rupee has been weakening and may depreciate to 64.80/dollar.
Trading range for the day will be 64.50-64.80/dollar, he adds.
The dollar index fell near a three-week low on disappointing US housing starts data and nervousness over trade talks between the United States and Japan. While Britain's pound soared after Prime Minister Theresa may called for a snap general election.
Asia markets declined today, tracking Wall Street's negative close overnight, with resources and financial shares losing ground. Investors also remained vigilant amid US-North Korea tensions and the nearing of the French presidential election.
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