Investors continue to be cautious ahead of RBI's monetary policy meet outcome; Adani Ports, HUL and Hindalco lose the most.
Working a way around the ban? The Maharashtra government has approved proposals from three municipal corporations seeking to change the status of the highways passing through their respective areas to city roads, in a bid to get around the Supreme Court order on liquor ban.
State PWD Minister Chandrakant Patil today told reporters here that the government had received proposals from Jalgaon, Latur and Yavatmal municipal corporations seeking de-notification of the highways.
The government has approved these proposals in the last two to three days, Patil said.
Market Check: Benchmark indices were in the red as investors may have booked profits from the previous rally and looked to remain cautious ahead of RBI’s policy meet outcome.
State PWD Minister Chandrakant Patil today told reporters here that the government had received proposals from Jalgaon, Latur and Yavatmal municipal corporations seeking de-notification of the highways.
The government has approved these proposals in the last two to three days, Patil said.
Market Check: Benchmark indices were in the red as investors may have booked profits from the previous rally and looked to remain cautious ahead of RBI’s policy meet outcome.
Polls indicate that the central bank will hold key rates, but the focus would be on the RBI’s commentary and stance.
The Sensex was down 111.47 points at 29862.77, while the Nifty was down 35.80 points at 9229.35. The market breadth was negative with 1,100 shares having advanced against a decline of 1,269 shares, while 130 shares were unchanged.
BHEL, Bajaj Auto and Indian Oil were top gainers, while Adani Ports, HUL and Hindalco lost the most.
India's services industry in March continued to recover from November's shock big currency-note ban, with business activity expanding for a second month and at a faster pace, a private business survey showed on Thursday.
The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 51.5 in March, its highest level since October, from February's 50.3. A reading above 50 indicates expansion.
Meanwhile, shares of Reliance Defence and Engineering added 3.4 percent intraday Thursday as the company is going to consider rights issue up to Rs 1,200 crore.
The company's board meeting will be held on April 11, to consider and approve the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2017.
Also Read: Midcap or Madcaps! More than 50 stocks trading above 5-year Avg P/E; still a buy?
Market Outlook: Kotak Institutional Equities cautions about what is moving the liquidty. “Events unfolding in the US are driving it,” Sanjeev Prasad, its Senior Executive Director & Co-Head told CNBC-TV18 in an interview. Moreover, the risk reward balance is not very comfortable currently, he added.
Prasad saw reasonable valuation in corporate-facing banks and hoped that the government will come up with a plan to approve the resolution proposed by banks. “Something will take place over the next few days,” he told the channel.
Buzzing stock: Shares of Jindal Steel & Power (JSPL) added 5 percent intraday Thursday as the company has recorded highest ever production and sales in FY17.
The company's FY 2016-17 production and sales was over 4.8 million tonne.
The Oman subsidiary, Jindal Shadeed Oman, clocked highest ever production and sales, by recording an over 20 percent rise in production and over 17 percent rise in sales.
Market Check: Benchmark indices were moderately lower amid consolidation as investors awaited the outcome of two-day RBI Monetary Policy Committee meeting later today, dragged by banking & financials, FMCG and select auto stocks.
The 30-share BSE Sensex was down 74.42 points at 29,899.82 and the 50-share NSE Nifty fell 27.70 points to 9,237.45.
CARE Ratings believes that there will be no rate cut in today's RBI policy view but a rate cut is expected in third quarter of FY18, if the monsoon conditions in the economy remain normal.
The stance will continue to be neutral and not accommodative. A call on change in GDP growth forecast for FY17; indications of growth for GDP in FY18; currency infused in system post demonetisation, old notes returned to the system and other particulars; and some direction on the resolution of NPAs is expected, says CARE.
The broader markets outperformed benchmarks, trading flat. About 1115 shares advanced against 925 declining shares on the BSE.
ITC, HDFC, ICICI Bank, HUL, Adani Ports, Bharti Airtel and Maruti were down 0.5-2 percent whereas Reliance Industries rebounded after early losses, up over a percent. Axis Bank and BHEL were top gainers, rising 1.5 percent.
Tata Motors gained nearly a percent on solid growth in JLR's UK sales in March. Infosys bounced back after yesterday's losses amid H1-B visa concerns, up 0.66 percent.
Bharat Forge hit fresh 52-week high, up nearly 3 percent after sharp jump in North America truck orders.
Auto sales: Tata Motors stock price gained 1 percent intraday following solid sales performance by Jaguar Land Rover UK in March.
Luxury car maker JLR has registered a whopping 34.4 percent increase in March sales at 32,105 units against 23,893 units sold in year-ago month, driven by both segments.
Jaguar sold 9,571 units in the month gone by, which was 69.1 percent higher over 5,659 units sold in same month last year.
Land Rover sales in UK grew by 23.6 percent to 22,534 from 18,234 units on year-on-year basis.
Buzzing: Shares of Brahmaputra Infrastructure rose 20 percent intraday as it has received order from Government of Assam.
The company has received a letter of award of work for execution of the construction of residential complex at Rehabari, Guwahati – 08 package No CW/residential complex for the contract price of Rs 44.80 crore from government of Assam.
FII View: Derek Higa of William O'Neil says the brokerage house continued to be bullish on Asia Pacific markets with no change in the MSCI Asia Index trend from last week.
Despite flat action, the advance/decline line continues to trend higher which is a positive sign, according to the research firm.
Volume since March has been net bullish. He says the house still views the 50-DMA as a key support level should markets pull back.
According to the research house, the strongest major markets continue to be India, Hong Kong, and Taiwan. Its actionable ideas in India include Maruti Suzuki, Dalmia Bharat and JSW Steel, Derek says.
Market Check: Equity benchmarks opened lower on Thursday, with the Sensex falling more than 100 points on profit booking as investors maintained cautious stance ahead of outcome of RBI Monetary Policy Committee meet later today. Weak global cues also weighed.
The 30-share BSE Sensex was down 117.91 points at 29,856.33 and the 50-share NSE Nifty fell 36.60 points to 9,228.55.
HDFC, Reliance Industries, ICICI Bank and L&T dragged the market while Tata Motors and Bajaj Auto were gainers.
The Indian rupee declined in early trade. It has opened lower by 18 paise at 65.05 per dollar versus 64.87 Wednesday.
Mohan Shenoi of Kotak Mahindra Bank said, "The dollar has been in a tight range against majors in the absence of any significant triggers. The FOMC minutes released yesterday were in-line with market expectation of a spaced out rate hikes during the year."
"Rupee has rallied strongly on the back of custodial selling. We expect the USD-INR pair to trade in a range of 64.85-65.15/dollar for the day," he added.
Asian markets fell, tracking losses on Wall Street after the Federal Reserve released its March Federal Open Market Committee (FOMC) minutes which was viewed as hawkish.
The Sensex was down 111.47 points at 29862.77, while the Nifty was down 35.80 points at 9229.35. The market breadth was negative with 1,100 shares having advanced against a decline of 1,269 shares, while 130 shares were unchanged.
BHEL, Bajaj Auto and Indian Oil were top gainers, while Adani Ports, HUL and Hindalco lost the most.
India's services industry in March continued to recover from November's shock big currency-note ban, with business activity expanding for a second month and at a faster pace, a private business survey showed on Thursday.
The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 51.5 in March, its highest level since October, from February's 50.3. A reading above 50 indicates expansion.
Meanwhile, shares of Reliance Defence and Engineering added 3.4 percent intraday Thursday as the company is going to consider rights issue up to Rs 1,200 crore.
The company's board meeting will be held on April 11, to consider and approve the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2017.
Also Read: Midcap or Madcaps! More than 50 stocks trading above 5-year Avg P/E; still a buy?
Market Outlook: Kotak Institutional Equities cautions about what is moving the liquidty. “Events unfolding in the US are driving it,” Sanjeev Prasad, its Senior Executive Director & Co-Head told CNBC-TV18 in an interview. Moreover, the risk reward balance is not very comfortable currently, he added.
Prasad saw reasonable valuation in corporate-facing banks and hoped that the government will come up with a plan to approve the resolution proposed by banks. “Something will take place over the next few days,” he told the channel.
Buzzing stock: Shares of Jindal Steel & Power (JSPL) added 5 percent intraday Thursday as the company has recorded highest ever production and sales in FY17.
The company's FY 2016-17 production and sales was over 4.8 million tonne.
The Oman subsidiary, Jindal Shadeed Oman, clocked highest ever production and sales, by recording an over 20 percent rise in production and over 17 percent rise in sales.
Market Check: Benchmark indices were moderately lower amid consolidation as investors awaited the outcome of two-day RBI Monetary Policy Committee meeting later today, dragged by banking & financials, FMCG and select auto stocks.
The 30-share BSE Sensex was down 74.42 points at 29,899.82 and the 50-share NSE Nifty fell 27.70 points to 9,237.45.
CARE Ratings believes that there will be no rate cut in today's RBI policy view but a rate cut is expected in third quarter of FY18, if the monsoon conditions in the economy remain normal.
The stance will continue to be neutral and not accommodative. A call on change in GDP growth forecast for FY17; indications of growth for GDP in FY18; currency infused in system post demonetisation, old notes returned to the system and other particulars; and some direction on the resolution of NPAs is expected, says CARE.
The broader markets outperformed benchmarks, trading flat. About 1115 shares advanced against 925 declining shares on the BSE.
ITC, HDFC, ICICI Bank, HUL, Adani Ports, Bharti Airtel and Maruti were down 0.5-2 percent whereas Reliance Industries rebounded after early losses, up over a percent. Axis Bank and BHEL were top gainers, rising 1.5 percent.
Tata Motors gained nearly a percent on solid growth in JLR's UK sales in March. Infosys bounced back after yesterday's losses amid H1-B visa concerns, up 0.66 percent.
Bharat Forge hit fresh 52-week high, up nearly 3 percent after sharp jump in North America truck orders.
Auto sales: Tata Motors stock price gained 1 percent intraday following solid sales performance by Jaguar Land Rover UK in March.
Luxury car maker JLR has registered a whopping 34.4 percent increase in March sales at 32,105 units against 23,893 units sold in year-ago month, driven by both segments.
Jaguar sold 9,571 units in the month gone by, which was 69.1 percent higher over 5,659 units sold in same month last year.
Land Rover sales in UK grew by 23.6 percent to 22,534 from 18,234 units on year-on-year basis.
Buzzing: Shares of Brahmaputra Infrastructure rose 20 percent intraday as it has received order from Government of Assam.
The company has received a letter of award of work for execution of the construction of residential complex at Rehabari, Guwahati – 08 package No CW/residential complex for the contract price of Rs 44.80 crore from government of Assam.
FII View: Derek Higa of William O'Neil says the brokerage house continued to be bullish on Asia Pacific markets with no change in the MSCI Asia Index trend from last week.
Despite flat action, the advance/decline line continues to trend higher which is a positive sign, according to the research firm.
Volume since March has been net bullish. He says the house still views the 50-DMA as a key support level should markets pull back.
According to the research house, the strongest major markets continue to be India, Hong Kong, and Taiwan. Its actionable ideas in India include Maruti Suzuki, Dalmia Bharat and JSW Steel, Derek says.
Market Check: Equity benchmarks opened lower on Thursday, with the Sensex falling more than 100 points on profit booking as investors maintained cautious stance ahead of outcome of RBI Monetary Policy Committee meet later today. Weak global cues also weighed.
The 30-share BSE Sensex was down 117.91 points at 29,856.33 and the 50-share NSE Nifty fell 36.60 points to 9,228.55.
HDFC, Reliance Industries, ICICI Bank and L&T dragged the market while Tata Motors and Bajaj Auto were gainers.
The Indian rupee declined in early trade. It has opened lower by 18 paise at 65.05 per dollar versus 64.87 Wednesday.
Mohan Shenoi of Kotak Mahindra Bank said, "The dollar has been in a tight range against majors in the absence of any significant triggers. The FOMC minutes released yesterday were in-line with market expectation of a spaced out rate hikes during the year."
"Rupee has rallied strongly on the back of custodial selling. We expect the USD-INR pair to trade in a range of 64.85-65.15/dollar for the day," he added.
Asian markets fell, tracking losses on Wall Street after the Federal Reserve released its March Federal Open Market Committee (FOMC) minutes which was viewed as hawkish.
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