Tata Steel and Asian Paints were the top gainers on both indices, while Cipla, TCS and IOC lost the most.
10:15 am Market Check: Benchmark indices extended their gains from the opening tick, with the Nifty firmly placed above 9500.
The Sensex was up 131.00 points at 30881.03, while the Nifty rose 30.30 points at 9540.05. The market breadth was healthy as 1,496 shares have advanced against a decline of 506 shares, while 84 shares were unchanged.
Midcaps witnessed a surge post flat opening, with the Nifty midcap index gaining over a percent in the first hour of trade. Metals too saw a comeback post its corrective phase, rising over 2 percent.
The Sensex was up 131.00 points at 30881.03, while the Nifty rose 30.30 points at 9540.05. The market breadth was healthy as 1,496 shares have advanced against a decline of 506 shares, while 84 shares were unchanged.
Midcaps witnessed a surge post flat opening, with the Nifty midcap index gaining over a percent in the first hour of trade. Metals too saw a comeback post its corrective phase, rising over 2 percent.
Tata Steel and Asian Paints were the top gainers on both indices, while Cipla, TCS and IOC lost the most.
9:55 am Upper Circuit: Swelect Energy Systems was locked in upper circuit for brief period on Friday morning, following good results for the March quarter. The stock soared 20 percent intraday. It resumed trading after a few minutes, only to be locked in the upper circuit again at 9:50 am.
The heavy electrical equipment maker’s net profit for the March quarter came in at Rs 13.1 crore against a loss of Rs 1.05 crore a year ago. For the quarter, the total income more than doubled to Rs 97.15 crore, against Rs 46.89 crore during the same period last year.
9:45 am Buzzing Stock: Videocon Industries continued to nosedive for the third consecutive session as investors continued to dump the stock. The scrip hit its lower circuit again in the opening minutes.
Bearishness in the stock has continued following banks’ declaring the company’s debt as a non-performing asset. Dena Bank and Central Bank of India have declared the company as an NPA on their books.
The stock hit 10 percent lower circuit on Thursday after Central Bank of India declared the company as a non-performing asset in the first quarter of FY18.
9:29 am Record high: Nifty hits record high as it surpassed its earlier level of 9532.6, while the Sensex was trading over 0.25 percent higher.
9:20 am CLSA downgrades Cipla: Cipla Q4 net loss narrowed to Rs61.79 crore but muted EBITDA margins led to a downgrade by CLSA to underperform from outperform earlier. The Asia-focussed broker lowered its 12-month target price to Rs 525 from Rs660 earlier
“The key disappointment in Cipla’s 4QFY17 results was its Ebitda margins, which came 4 percent below our estimates. This reverses the margin improvement trend displayed in 9MFY17,” said the CLSA note.
“We believe cost-led margin expansion has played out and next leg of margin improvement must be led by double-digit revenue growth,” it said.
9:15 am Market Opens: A day after the record high closing on the Street, equity benchmarks on Friday opened flat, with the Nifty holding on to 9500-mark.t
The Sensex was up 15.98 points at 30766.01, while the Nifty was down 6.85 points at 9502.90. The market breadth was healthy as 513 shares advanced against a decline of 262 shares, while 36 shares were unchanged.
Asian Paints and Dr Reddy’s Laboratories were the top gainers on both indices, while Cipla, Sun Pharma and Indian Oil Corporation lost the most.
Midcaps were trading flat after a bullish run on Thursday, while the banking stocks were a drag.
The Indian rupee opened with marginal gain of 5 paise at 64.56 per dollar on Friday versus previous close 64.61.
Ashutosh Raina of HDFC Bank said, “The USD-INR currency pair has been trading in the 64.50-65 range, with the cross-border tensions limiting the gains. Expect the pair to trade in the 64.40-64.90 range today.”
He further added, “The bonds are stuck in a very narrow range with 10-year bonds trading in the 6.75-6.80 percent range after their recent rally from tops. Expect the trend to continue.”
The dollar index fell against a basket of major currencies following Wednesday's Fed minutes dialled down some expectations of the central bank hiking interest rates soon.
Stocks in Asia were mixed at the open on Friday, after major oil producers agreed to extend output cuts for an additional nine months at an OPEC meeting in Vienna yesterday.
The production cuts of 1.8 million barrels a day, first agreed on in November last year, will now extend to March 2018. The OPEC-led output cuts are targeted at rebalancing the global overhang in the oil markets which saw oil prices fall by more than half in recent years.
Oil prices fell by almost 5 percent in the last session following the news as some investors had been hoping for deeper production cuts. US crude had traded above the USD 50 mark for most of the week in anticipation of the OPEC meeting.
US stocks rose on Thursday, with the S&P 500 and Nasdaq Composite hitting new highs, helped by gains in the consumer discretionary sector after strong reports from Best Buy and other retailers.
The discretionary index was up 1.2 percent, while the S&P 500 retail index was up 1.9 percent, on track for its best day since November 7.
9:55 am Upper Circuit: Swelect Energy Systems was locked in upper circuit for brief period on Friday morning, following good results for the March quarter. The stock soared 20 percent intraday. It resumed trading after a few minutes, only to be locked in the upper circuit again at 9:50 am.
The heavy electrical equipment maker’s net profit for the March quarter came in at Rs 13.1 crore against a loss of Rs 1.05 crore a year ago. For the quarter, the total income more than doubled to Rs 97.15 crore, against Rs 46.89 crore during the same period last year.
9:45 am Buzzing Stock: Videocon Industries continued to nosedive for the third consecutive session as investors continued to dump the stock. The scrip hit its lower circuit again in the opening minutes.
Bearishness in the stock has continued following banks’ declaring the company’s debt as a non-performing asset. Dena Bank and Central Bank of India have declared the company as an NPA on their books.
The stock hit 10 percent lower circuit on Thursday after Central Bank of India declared the company as a non-performing asset in the first quarter of FY18.
9:29 am Record high: Nifty hits record high as it surpassed its earlier level of 9532.6, while the Sensex was trading over 0.25 percent higher.
9:20 am CLSA downgrades Cipla: Cipla Q4 net loss narrowed to Rs61.79 crore but muted EBITDA margins led to a downgrade by CLSA to underperform from outperform earlier. The Asia-focussed broker lowered its 12-month target price to Rs 525 from Rs660 earlier
“The key disappointment in Cipla’s 4QFY17 results was its Ebitda margins, which came 4 percent below our estimates. This reverses the margin improvement trend displayed in 9MFY17,” said the CLSA note.
“We believe cost-led margin expansion has played out and next leg of margin improvement must be led by double-digit revenue growth,” it said.
9:15 am Market Opens: A day after the record high closing on the Street, equity benchmarks on Friday opened flat, with the Nifty holding on to 9500-mark.t
The Sensex was up 15.98 points at 30766.01, while the Nifty was down 6.85 points at 9502.90. The market breadth was healthy as 513 shares advanced against a decline of 262 shares, while 36 shares were unchanged.
Asian Paints and Dr Reddy’s Laboratories were the top gainers on both indices, while Cipla, Sun Pharma and Indian Oil Corporation lost the most.
Midcaps were trading flat after a bullish run on Thursday, while the banking stocks were a drag.
The Indian rupee opened with marginal gain of 5 paise at 64.56 per dollar on Friday versus previous close 64.61.
Ashutosh Raina of HDFC Bank said, “The USD-INR currency pair has been trading in the 64.50-65 range, with the cross-border tensions limiting the gains. Expect the pair to trade in the 64.40-64.90 range today.”
He further added, “The bonds are stuck in a very narrow range with 10-year bonds trading in the 6.75-6.80 percent range after their recent rally from tops. Expect the trend to continue.”
The dollar index fell against a basket of major currencies following Wednesday's Fed minutes dialled down some expectations of the central bank hiking interest rates soon.
Stocks in Asia were mixed at the open on Friday, after major oil producers agreed to extend output cuts for an additional nine months at an OPEC meeting in Vienna yesterday.
The production cuts of 1.8 million barrels a day, first agreed on in November last year, will now extend to March 2018. The OPEC-led output cuts are targeted at rebalancing the global overhang in the oil markets which saw oil prices fall by more than half in recent years.
Oil prices fell by almost 5 percent in the last session following the news as some investors had been hoping for deeper production cuts. US crude had traded above the USD 50 mark for most of the week in anticipation of the OPEC meeting.
US stocks rose on Thursday, with the S&P 500 and Nasdaq Composite hitting new highs, helped by gains in the consumer discretionary sector after strong reports from Best Buy and other retailers.
The discretionary index was up 1.2 percent, while the S&P 500 retail index was up 1.9 percent, on track for its best day since November 7.
We are SEBI Registered Investment Adviser in India
we Provides different services for share market trading. For More
Information about our services and tips like Commodity Trading Tips,
Nifty tips, Equity Tips Free Trial and Forex Tips Call Us @ +91-7400574001. Or simply Fill Free Trial Form attached in this Blog(Right Side).
No comments:
Post a Comment