HDFC, ITC and Bharti Infratel were among top losers on both the indices, while Maruti Suzuki, ONGC and Hindalco gained the most.
1:34 pm GST in final stages: India is in the final stages of fixing tariffs that various commodities will attract after the roll out of the Goods and Services Tax (GST) from July 1.
"We are now at a stage in GST that after the passage of constitution amendment laws, we have an entire set of rules and regulations that have been approved," Finance Minister Arun Jaitley said at the Annual Session, 2017 of the CII.
Jaitley added that the rates would not be significantly different from the rates in the existing system. "Profit is not a bad word. Profiteering is not a bad word. Unfair enrichment is. Therefore, the benefit of reduced tax is something that consumers are entitled to," Jaitley said.
1:15 pm Market Check: Benchmark indices continued to be sluggish in the afternoon session, with the Nifty hovering around 9300-mark after breaching it.
The 30-share Sensex was down 129.82 points at 29899.92, while the Nifty was down 44.75 points at 9297.40. The market breadth was negative as 1,311 shares advanced against a decline of 1,332 shares, while 140 shares were unchanged.
Midcap indices continued to outperform, gaining nearly half a percent.
"We are now at a stage in GST that after the passage of constitution amendment laws, we have an entire set of rules and regulations that have been approved," Finance Minister Arun Jaitley said at the Annual Session, 2017 of the CII.
Jaitley added that the rates would not be significantly different from the rates in the existing system. "Profit is not a bad word. Profiteering is not a bad word. Unfair enrichment is. Therefore, the benefit of reduced tax is something that consumers are entitled to," Jaitley said.
1:15 pm Market Check: Benchmark indices continued to be sluggish in the afternoon session, with the Nifty hovering around 9300-mark after breaching it.
The 30-share Sensex was down 129.82 points at 29899.92, while the Nifty was down 44.75 points at 9297.40. The market breadth was negative as 1,311 shares advanced against a decline of 1,332 shares, while 140 shares were unchanged.
Midcap indices continued to outperform, gaining nearly half a percent.
HDFC, ITC and Bharti Infratel were among top losers on both the indices, while Maruti Suzuki, ONGC and Hindalco gained the most.
12:35 pm Europe opening: European markets opened slightly lower as investors concentrated on new earnings reports and geopolitical tensions.
The pan-European Stoxx 600 was 0.16 percent lower with most sectors trading in negative territory.
12:25 pm IPO filing: Reliance Infrastructure share price gained 3.5 percent intraday Friday as sources told CNBC-TV18 that the Anil Dhirubhai Ambani Group company is likely to file InvIT IPO papers with SEBI shortly.
The company is looking to raise around Rs 2,500 crore through Infrastructure Investment Trust listing.
Sources said Reliance Infrastructure has revised the proposal from 10 assets to 7 assets and that revision in proposal is as per NHAI norms.
12.12 pm Market Check: Equity benchmarks continued to reel under selling pressure in noon trade, with the Sensex down more than 150 points as index heavyweights ITC, HDFC, HDFC Bank and L&T fell further to 1-2.5 percent.
Overall it was a profit booking amid consolidation, before marching towards new psychological 9,400 level on the Nifty that is expected to hit next week if global cues remained stable.
The 30-share BSE Sensex was down 169.53 points at 29,860.21 and the 50-share NSE Nifty slipped 53.90 points to 9,288.25.
11:48 am Interview: Growth for GIC Housing Finance remained strong in Q4 as reduction in employee expenses lead to higher earnings growth.
S Gopakumar, MD & CEO, GIC Housing Finance is optimistic of geographical expansions and aim to add more branches in FY18. He said their plan to increase networks continue, adding that last year in FY17 they added 5 branches. This fiscal they intend to add 5-8 branches.
He is also very confident of seeing growth in assets under management (AUM) on back of government’s focus on affordable housing.
11:30 am Market Outlook: With equities making new record highs regularly and the market firmly entrenched in a bull run, some analysts have cautioned that stocks are now trading at steep valuations.
On a trailing price-to-earnings basis, the Sensex is trading at 22 times earnings.
But Tushar Pradhan, CIO, HSBC Global Asset Management, says that while there is a disconnect between earnings and valuations, he says the market is looking out ahead.
“The market is looking ahead and sensing something in a year or two, which it is discounting now,” he told CNBC-TV18 in an interview. "Trying to look at [present] earnings to justify valuations would be looking at the wrong place."
11.15 am Market Check: Benchmark indices continued to trade lower for second consecutive session, with the Nifty struggling below 9300 level, weighed by profit booking.
The 30-share BSE Sensex was down 129.64 points at 29,900.10 and the 50-share NSE Nifty fell 44 points to 9,298.15 while the broader markets continued to outperform.
The BSE Midcap and Smallcap indices gained 0.3 percent each on positive market breadth.
ITC, HDFC Bank and HDFC were top three contributors to Sensex' loss, down 1.5-2 percent whereas ICICI Bank, Maruti Suzuki, ONGC, Axis Bank and Tata Steel were gainers in morning, up 1-2 percent.
10:59 am Buzzing: Shares of Hatsun Agro Products hit a fresh 52-week high of Rs 680, up 10 percent intraday on healthy growth in quarterly earnings and fund raising plan.
The Chennai-based diary company has turned profitable in the quarter ended March 2017, reporting profit at Rs 43.3 crore against loss of Rs 16.8 crore in year-ago quarter, aided by lower tax cost and strong operational as well as topline growth.
Revenue grew by 36.3 percent year-on-year to Rs 1,217.7 crore while operating profit shot up 64.5 percent to Rs 117.3 crore and margin expanded 160 basis points to to 9.6 percent in January-March quarter.
Meanwhile, Hatsun Agro said the board of directors of the company approved raising Rs 500 crore via qualified institutional placement (QIP) issue.
10:40 am Earnings Estimates: Ambuja Cements' first quarter profit is seen falling 23 percent year-on-year to Rs 235 crore but revenue may grow 1.1 percent to Rs 2,470 crore, according to average of estimates of analysts polled by CNBC-TV18.
Rising pet coke cost, weak operational performance and slow revenue growth may hit bottomline during the quarter but the company can surprise, especially after better-than-expected earnings by ACC.
Operating profit is expected to dip 12 percent to Rs 396 crore and margin may contract 237 basis points to 16.03 percent compared with year-ago period.
Ambuja Cements, which follows January-December as its financial year, has high exposure to West and North India (contributed 75 percent to sales).
Sales volumes are expected to fall by 1 percent YoY to 5.8 million tonne from 5.86 million tonne as North India sales impacted by demonetisation and elections, but may increase 16 percent sequentially.
10:37 am GST to push India's growth: The ambitious Goods and Services Tax (GST) to be implemented from July 1 would help raise India's medium-term growth to above eight per cent, the International Monetary Fund has said adding that the reforms being done is expected to pay off in terms of higher growth in the future.
"The government has made significant progress on important economic reforms that will support strong and sustainable growth going forward," Tao Zhang, Deputy Managing Director of the International Monetary Fund, told PTI in an exclusive interview.
"We expect that the goods and services tax (GST), which is targeted to be applied starting in July, will help raise India's medium-term growth to above 8 per cent, as it will enhance production and the movement of goods and services across Indian states," the IMF official said.
10:25 am FII view: Michael Hartnett of Bank of America Merrill Lynch says 2017 total returns for both stocks and bonds have been impressive in the face of Donald Trump disappointment, European Union politics, peak PMI narrative.
According to him, the best explanation could be the USD 1 trillion YTD central bank liquidity supernova.
"We feel the bull market is unlikely to end until bullish macros make central banks tighten liquidity and we are not yet there," Hartnett says.
10:12 am Market Check: Benchmark indices extended their losses from the morning session, with the Nifty testing 9300, while the Sensex managed to snap 30000-mark.
The 30-share Sensex was down 107.13 points at 29922.61, while the Nifty was down 38.55 points at 9303.60. The market breadth was narrow as 1,090 shares advanced against a decline of 921 shares, while 83 shares were unchanged.
ONGC, Tata Steel and Bank of Baroda were top gainers among both the indices, while Bharti Airtel and ITC lost the most.
9:59 am Buzzing Stock: Shares of India Tourism Development Corporation (ITDC) rose 10 percent intraday Friday after the company entered into MoU with state governments to transfer its stake in the joint venture subsidiary companies.
The company signed a Memorandum of Understanding (MoU) with government of Madhya Pradesh for transfer of 51 percent equity stake of ITDC in MP Ashok Hotel Corporation to the MP State Tourism Development Corporation.
It signed a MoU with Government of Assam for transfer of 51 percent equity stake of ITDC in Assam Ashok Hotel Corporation to the Government of Assam.
9:42 am Market Update: Benchmark indices fell further in morning, with the Sensex down 103.26 points at 29,926.48 and the Nifty down 33.45 points at 9,308.70.
However, the market breadth remained strong as about 1004 shares advanced against 757 declining shares on the BSE.
9:40 am Stake buy: Private sector lender Kotak Mahindra Bank (KMB) on Friday announced that it is buying out British partner Old Mutual's entire 26 percent stake in its life insurance arm for Rs 1,292.7 crore.
"In line with its philosophy to deepen and expand in Indian financial services, KMB has entered into an agreement to purchase the entire 26 per cent equity stake held by Old Mutual in Kotak Mahindra Old Mutual Life Insurance for a consideration of Rs 1,292.7 crore," the bank said in a statement.
The life insurance joint venture was formed in 2001 with Kotak owning 74 per cent and the rest being with the British partner.
9:30 am FII View: Michael Hartnett of Bank of America Merrill Lynch says 2017 total returns for both stocks & bonds have been impressive in the face of Donald Trump disappointment, European Union politics, peak PMI narrative.
According to him, the best explanation could be the USD 1 trillion YTD central bank liquidity supernova.
"We feel the bull market is unlikely to end until bullish macros make central banks tighten liquidity and we are not yet there," Hartnett says.
9:15 am Market Check: Equity benchmarks extended losses in early trade Friday, tracking weakness in Asian peers on concerns over US-South Korea free trade pact.
The 30-share BSE Sensex was down 56.33 points at 29,973.41 and the 50-share NSE Nifty fell 30.70 points to 9,311.45. About 613 shares advanced against 408 declining shares on the BSE.
ITC, HDFC, HDFC Bank, TCS and HUL were top five contributors to Sensex' loss, down 0.7-1.5 percent whereas auto stocks were gainers ahead of April sales data due next week.
The rupee opened stronger against the dollar, appreciating to 64.11, 4 paise higher than its previous close.
Market participants said that the risk-on sentiment that gripped the market after the conclusion of the first round of the French presidential elections seems to have abated, albeit temporarily.
"The positive risk tone after the first round of French elections, appears to be taking a breather, after the mostly anticipated US tax cut plans and somewhat dovish ECB," said Ashutosh Raina of HDFC Bank.
Asian markets traded mostly weaker as comments from President Donald Trump on an existing free trade pact with Seoul to payment for a sophisticated anti-missile system caught investors by surprise.
12:35 pm Europe opening: European markets opened slightly lower as investors concentrated on new earnings reports and geopolitical tensions.
The pan-European Stoxx 600 was 0.16 percent lower with most sectors trading in negative territory.
12:25 pm IPO filing: Reliance Infrastructure share price gained 3.5 percent intraday Friday as sources told CNBC-TV18 that the Anil Dhirubhai Ambani Group company is likely to file InvIT IPO papers with SEBI shortly.
The company is looking to raise around Rs 2,500 crore through Infrastructure Investment Trust listing.
Sources said Reliance Infrastructure has revised the proposal from 10 assets to 7 assets and that revision in proposal is as per NHAI norms.
12.12 pm Market Check: Equity benchmarks continued to reel under selling pressure in noon trade, with the Sensex down more than 150 points as index heavyweights ITC, HDFC, HDFC Bank and L&T fell further to 1-2.5 percent.
Overall it was a profit booking amid consolidation, before marching towards new psychological 9,400 level on the Nifty that is expected to hit next week if global cues remained stable.
The 30-share BSE Sensex was down 169.53 points at 29,860.21 and the 50-share NSE Nifty slipped 53.90 points to 9,288.25.
11:48 am Interview: Growth for GIC Housing Finance remained strong in Q4 as reduction in employee expenses lead to higher earnings growth.
S Gopakumar, MD & CEO, GIC Housing Finance is optimistic of geographical expansions and aim to add more branches in FY18. He said their plan to increase networks continue, adding that last year in FY17 they added 5 branches. This fiscal they intend to add 5-8 branches.
He is also very confident of seeing growth in assets under management (AUM) on back of government’s focus on affordable housing.
11:30 am Market Outlook: With equities making new record highs regularly and the market firmly entrenched in a bull run, some analysts have cautioned that stocks are now trading at steep valuations.
On a trailing price-to-earnings basis, the Sensex is trading at 22 times earnings.
But Tushar Pradhan, CIO, HSBC Global Asset Management, says that while there is a disconnect between earnings and valuations, he says the market is looking out ahead.
“The market is looking ahead and sensing something in a year or two, which it is discounting now,” he told CNBC-TV18 in an interview. "Trying to look at [present] earnings to justify valuations would be looking at the wrong place."
11.15 am Market Check: Benchmark indices continued to trade lower for second consecutive session, with the Nifty struggling below 9300 level, weighed by profit booking.
The 30-share BSE Sensex was down 129.64 points at 29,900.10 and the 50-share NSE Nifty fell 44 points to 9,298.15 while the broader markets continued to outperform.
The BSE Midcap and Smallcap indices gained 0.3 percent each on positive market breadth.
ITC, HDFC Bank and HDFC were top three contributors to Sensex' loss, down 1.5-2 percent whereas ICICI Bank, Maruti Suzuki, ONGC, Axis Bank and Tata Steel were gainers in morning, up 1-2 percent.
10:59 am Buzzing: Shares of Hatsun Agro Products hit a fresh 52-week high of Rs 680, up 10 percent intraday on healthy growth in quarterly earnings and fund raising plan.
The Chennai-based diary company has turned profitable in the quarter ended March 2017, reporting profit at Rs 43.3 crore against loss of Rs 16.8 crore in year-ago quarter, aided by lower tax cost and strong operational as well as topline growth.
Revenue grew by 36.3 percent year-on-year to Rs 1,217.7 crore while operating profit shot up 64.5 percent to Rs 117.3 crore and margin expanded 160 basis points to to 9.6 percent in January-March quarter.
Meanwhile, Hatsun Agro said the board of directors of the company approved raising Rs 500 crore via qualified institutional placement (QIP) issue.
10:40 am Earnings Estimates: Ambuja Cements' first quarter profit is seen falling 23 percent year-on-year to Rs 235 crore but revenue may grow 1.1 percent to Rs 2,470 crore, according to average of estimates of analysts polled by CNBC-TV18.
Rising pet coke cost, weak operational performance and slow revenue growth may hit bottomline during the quarter but the company can surprise, especially after better-than-expected earnings by ACC.
Operating profit is expected to dip 12 percent to Rs 396 crore and margin may contract 237 basis points to 16.03 percent compared with year-ago period.
Ambuja Cements, which follows January-December as its financial year, has high exposure to West and North India (contributed 75 percent to sales).
Sales volumes are expected to fall by 1 percent YoY to 5.8 million tonne from 5.86 million tonne as North India sales impacted by demonetisation and elections, but may increase 16 percent sequentially.
10:37 am GST to push India's growth: The ambitious Goods and Services Tax (GST) to be implemented from July 1 would help raise India's medium-term growth to above eight per cent, the International Monetary Fund has said adding that the reforms being done is expected to pay off in terms of higher growth in the future.
"The government has made significant progress on important economic reforms that will support strong and sustainable growth going forward," Tao Zhang, Deputy Managing Director of the International Monetary Fund, told PTI in an exclusive interview.
"We expect that the goods and services tax (GST), which is targeted to be applied starting in July, will help raise India's medium-term growth to above 8 per cent, as it will enhance production and the movement of goods and services across Indian states," the IMF official said.
10:25 am FII view: Michael Hartnett of Bank of America Merrill Lynch says 2017 total returns for both stocks and bonds have been impressive in the face of Donald Trump disappointment, European Union politics, peak PMI narrative.
According to him, the best explanation could be the USD 1 trillion YTD central bank liquidity supernova.
"We feel the bull market is unlikely to end until bullish macros make central banks tighten liquidity and we are not yet there," Hartnett says.
10:12 am Market Check: Benchmark indices extended their losses from the morning session, with the Nifty testing 9300, while the Sensex managed to snap 30000-mark.
The 30-share Sensex was down 107.13 points at 29922.61, while the Nifty was down 38.55 points at 9303.60. The market breadth was narrow as 1,090 shares advanced against a decline of 921 shares, while 83 shares were unchanged.
ONGC, Tata Steel and Bank of Baroda were top gainers among both the indices, while Bharti Airtel and ITC lost the most.
9:59 am Buzzing Stock: Shares of India Tourism Development Corporation (ITDC) rose 10 percent intraday Friday after the company entered into MoU with state governments to transfer its stake in the joint venture subsidiary companies.
The company signed a Memorandum of Understanding (MoU) with government of Madhya Pradesh for transfer of 51 percent equity stake of ITDC in MP Ashok Hotel Corporation to the MP State Tourism Development Corporation.
It signed a MoU with Government of Assam for transfer of 51 percent equity stake of ITDC in Assam Ashok Hotel Corporation to the Government of Assam.
9:42 am Market Update: Benchmark indices fell further in morning, with the Sensex down 103.26 points at 29,926.48 and the Nifty down 33.45 points at 9,308.70.
However, the market breadth remained strong as about 1004 shares advanced against 757 declining shares on the BSE.
9:40 am Stake buy: Private sector lender Kotak Mahindra Bank (KMB) on Friday announced that it is buying out British partner Old Mutual's entire 26 percent stake in its life insurance arm for Rs 1,292.7 crore.
"In line with its philosophy to deepen and expand in Indian financial services, KMB has entered into an agreement to purchase the entire 26 per cent equity stake held by Old Mutual in Kotak Mahindra Old Mutual Life Insurance for a consideration of Rs 1,292.7 crore," the bank said in a statement.
The life insurance joint venture was formed in 2001 with Kotak owning 74 per cent and the rest being with the British partner.
9:30 am FII View: Michael Hartnett of Bank of America Merrill Lynch says 2017 total returns for both stocks & bonds have been impressive in the face of Donald Trump disappointment, European Union politics, peak PMI narrative.
According to him, the best explanation could be the USD 1 trillion YTD central bank liquidity supernova.
"We feel the bull market is unlikely to end until bullish macros make central banks tighten liquidity and we are not yet there," Hartnett says.
9:15 am Market Check: Equity benchmarks extended losses in early trade Friday, tracking weakness in Asian peers on concerns over US-South Korea free trade pact.
The 30-share BSE Sensex was down 56.33 points at 29,973.41 and the 50-share NSE Nifty fell 30.70 points to 9,311.45. About 613 shares advanced against 408 declining shares on the BSE.
ITC, HDFC, HDFC Bank, TCS and HUL were top five contributors to Sensex' loss, down 0.7-1.5 percent whereas auto stocks were gainers ahead of April sales data due next week.
The rupee opened stronger against the dollar, appreciating to 64.11, 4 paise higher than its previous close.
Market participants said that the risk-on sentiment that gripped the market after the conclusion of the first round of the French presidential elections seems to have abated, albeit temporarily.
"The positive risk tone after the first round of French elections, appears to be taking a breather, after the mostly anticipated US tax cut plans and somewhat dovish ECB," said Ashutosh Raina of HDFC Bank.
Asian markets traded mostly weaker as comments from President Donald Trump on an existing free trade pact with Seoul to payment for a sophisticated anti-missile system caught investors by surprise.
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