Hosiery & garments manufacturer Dollar Industries was locked at 5 percent upper circuit on debut, at Rs 1379.70.
11:31 am Market Outlook: With the government’s larger push on rural India, Emkay Global Financial Services expects the agri space to perform well going forward.
Within this sector, Krishna Kumar Karwa, its MD and CFO, is positive on the fertiliser consumption space. "There are positive tailwinds expected going forward for the sector ahead," he told CNBC-TV18, adding, government policies on urea consumption, subsidies should aid the segment. Additionally, he believes that if the monsoon situation is good in the country, agro chemicals will perform better too.
However, sugar sector may not be compounders for the long term, he said. While the sector has had a good run in the past 12-18 months, it has deep political intervention, which makes Karwa stay away from the sector.
11:15 am Market Check: Benchmark indices were trading higher, driven by a rally in index heavyweight Reliance ahead of its quarterly earnings announcement on Monday.
The Sensex was up 73.10 points at 29495.49, while the Nifty was up 23.80 points at 9160.20. The market breadth was positive as 1,654 shares advanced against a decline of 823 shares, while 112 shares remain unchanged.
NTPC, Reliance and Tech Mahindra gained the most on both indices, while Sun Pharma, Cipla were the top losers.
Within this sector, Krishna Kumar Karwa, its MD and CFO, is positive on the fertiliser consumption space. "There are positive tailwinds expected going forward for the sector ahead," he told CNBC-TV18, adding, government policies on urea consumption, subsidies should aid the segment. Additionally, he believes that if the monsoon situation is good in the country, agro chemicals will perform better too.
However, sugar sector may not be compounders for the long term, he said. While the sector has had a good run in the past 12-18 months, it has deep political intervention, which makes Karwa stay away from the sector.
11:15 am Market Check: Benchmark indices were trading higher, driven by a rally in index heavyweight Reliance ahead of its quarterly earnings announcement on Monday.
The Sensex was up 73.10 points at 29495.49, while the Nifty was up 23.80 points at 9160.20. The market breadth was positive as 1,654 shares advanced against a decline of 823 shares, while 112 shares remain unchanged.
NTPC, Reliance and Tech Mahindra gained the most on both indices, while Sun Pharma, Cipla were the top losers.
10:47 am Debt refinancing: Nearly Rs 56,000 crore out of the total debt of Rs 1.73 trillion can be refinanced at lower borrowing cost across various infrastructure sub-sectors in India Ratings (Ind-Ra) portfolio till fiscal 2019.
According to the ratings agency, there could be a shift in the type of instruments issued for the purpose of raising capital in the sector largely to the capital market instruments like bonds, from the conventional term loans.
"For each one per cent reduction in interest rate, the incremental surplus as a percentage of cash flow available for debt service would be highest in toll roads, followed by solar and wind energy. This could mainly be because the interest burden on these sectors is high as most of these projects are in the ramp-up stage," it said.
10:25 am Fund raising: Tata Steel board has given its approval for issuing debt securities worth up to Rs 9,000 crore to meet working capital requirements and general corporate purposes.
"The Board of Directors...based on the review and pursuant to the existing shareholders approval, approved issue of debt securities of up to Rs 9,000 crore in the form either of Non-Convertible Debentures on private placement basis or Foreign Currency or Rupee Denominated Bonds or a combination thereof in one or more tranches," the company said in a filing.
The funds will primarily be deployed towards re-financing the existing debt, capex and working capital requirements and general corporate purposes.
10.01 am Market Check: Benchmark indices remained steady in morning while the broader markets continued to outperform for third consecutive session.
The 30-share BSE Sensex was up 84.35 points at 29,506.74 and the 50-share NSE Nifty gained 25.85 points at 9,162.25.
The Nifty Midcap index was up 0.5 percent and Smallcap rallied 1 percent on strong breadth. About three shares advanced for every share falling on the exchange.
Hosiery & garments manufacturer Dollar Industries was locked at 5 percent upper circuit on debut, at Rs 1379.70 on the National Stock Exchange.
9:50 am USFDA report: Sun Pharmaceutical Industries share price fell nearly 3 percent intraday Friday after CNBC-TV18 reports quoting agencies that the company has received 11 observations from the US health regulator for its Dadra unit.
While inspecting the plant, the US Food & Drug Administration found incomplete lab records at the pharma major's Dadra plant.
These observations include failure to produce appropriate master or control record for each batch of drugs and failure to properly investigate batches that don't meet specifications.
Dadra site is the biggest unit for the compay after Halol plant, for supplying drug in the United States.
Also read - Buy, Sell, Hold: Here are 4 stocks that analysts are tracking today
9:30 am FII View: Sakthi Siva of Credit Suisse says historically, the percentage of negative returns in May over the last ten years varies from 62 percent for Japan to 77 percent for ASEAN.
Over the past six years in particular, the average fall in MSCI Asia Pacific ex-Japan was 4.5 percent in May, she adds.
While calling tactical corrections are extremely difficult and key risks remain, Credit Suisse continues to suggest buying the dips, Siva says.
9:15 am Market Check: The market extended its previous day's gains, with the Nifty reclaiming 9150 level on positive Asian cues, backed by banking & financials, FMCG and Reliance Industries.
The 30-share BSE Sensex was up 110.76 points at 29,533.15 and the 50-share NSE Nifty gained 43.25 points at 9,179.65. About 754 shares advanced against 132 declining shares on the BSE.
The Indian rupee opened lower by 8 paise at 64.64 per dollar versus previous close of 64.56.
Ashutosh Raina of HDFC Bank said, "The markets are keenly watching the upcoming French elections, which should decide the future risk tone."
He expects the USD-INR currency pair to trade in the 64.50-64.80/dollar range for today.
The dollar remained weak against a basket of major currencies as the latest data on domestic jobless claims.
Asia markets were mostly higher today after a strong session in the US amid caution following a suspected terrorist shooting in Paris ahead of the first round of the presidential election at the weekend.
According to the ratings agency, there could be a shift in the type of instruments issued for the purpose of raising capital in the sector largely to the capital market instruments like bonds, from the conventional term loans.
"For each one per cent reduction in interest rate, the incremental surplus as a percentage of cash flow available for debt service would be highest in toll roads, followed by solar and wind energy. This could mainly be because the interest burden on these sectors is high as most of these projects are in the ramp-up stage," it said.
10:25 am Fund raising: Tata Steel board has given its approval for issuing debt securities worth up to Rs 9,000 crore to meet working capital requirements and general corporate purposes.
"The Board of Directors...based on the review and pursuant to the existing shareholders approval, approved issue of debt securities of up to Rs 9,000 crore in the form either of Non-Convertible Debentures on private placement basis or Foreign Currency or Rupee Denominated Bonds or a combination thereof in one or more tranches," the company said in a filing.
The funds will primarily be deployed towards re-financing the existing debt, capex and working capital requirements and general corporate purposes.
10.01 am Market Check: Benchmark indices remained steady in morning while the broader markets continued to outperform for third consecutive session.
The 30-share BSE Sensex was up 84.35 points at 29,506.74 and the 50-share NSE Nifty gained 25.85 points at 9,162.25.
The Nifty Midcap index was up 0.5 percent and Smallcap rallied 1 percent on strong breadth. About three shares advanced for every share falling on the exchange.
Hosiery & garments manufacturer Dollar Industries was locked at 5 percent upper circuit on debut, at Rs 1379.70 on the National Stock Exchange.
9:50 am USFDA report: Sun Pharmaceutical Industries share price fell nearly 3 percent intraday Friday after CNBC-TV18 reports quoting agencies that the company has received 11 observations from the US health regulator for its Dadra unit.
While inspecting the plant, the US Food & Drug Administration found incomplete lab records at the pharma major's Dadra plant.
These observations include failure to produce appropriate master or control record for each batch of drugs and failure to properly investigate batches that don't meet specifications.
Dadra site is the biggest unit for the compay after Halol plant, for supplying drug in the United States.
Also read - Buy, Sell, Hold: Here are 4 stocks that analysts are tracking today
9:30 am FII View: Sakthi Siva of Credit Suisse says historically, the percentage of negative returns in May over the last ten years varies from 62 percent for Japan to 77 percent for ASEAN.
Over the past six years in particular, the average fall in MSCI Asia Pacific ex-Japan was 4.5 percent in May, she adds.
While calling tactical corrections are extremely difficult and key risks remain, Credit Suisse continues to suggest buying the dips, Siva says.
9:15 am Market Check: The market extended its previous day's gains, with the Nifty reclaiming 9150 level on positive Asian cues, backed by banking & financials, FMCG and Reliance Industries.
The 30-share BSE Sensex was up 110.76 points at 29,533.15 and the 50-share NSE Nifty gained 43.25 points at 9,179.65. About 754 shares advanced against 132 declining shares on the BSE.
The Indian rupee opened lower by 8 paise at 64.64 per dollar versus previous close of 64.56.
Ashutosh Raina of HDFC Bank said, "The markets are keenly watching the upcoming French elections, which should decide the future risk tone."
He expects the USD-INR currency pair to trade in the 64.50-64.80/dollar range for today.
The dollar remained weak against a basket of major currencies as the latest data on domestic jobless claims.
Asia markets were mostly higher today after a strong session in the US amid caution following a suspected terrorist shooting in Paris ahead of the first round of the presidential election at the weekend.
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