Closing bell: Sensex up 470 pts, Nifty ends above 10,100 on banks support

Moneycontrol News

3:30 pm Market Closing: Benchmark indices closed sharply higher as the Sensex was up 469.87 points or 1.44 percent at 33,066.41 and the Nifty gained 132.65 points or 1.33 percent at 10,130.70.

About 1,558 shares declined against 1,193 advancing shares on the BSE.

HDFC Bank, HDFC, SBI, ICICI Bank, L&T, Yes Bank, Reliance Industries, Bajaj Finance, Hindalco, UltraTech Cement and Maruti Suzuki rallied up to 6 percent.

Infosys and Wipro declined up to 3.5 percent.

Nifty Bank rallied 600 points while the Nifty Midcap index was up 250 points.

Adani Enterprises, Canara Bank, Union Bank, Bank of India, Syndicate Bank, Andhra Bank, Jaiprakash Associates, Titan Company, Avenue Supermarts, Future Lifestyle, Dish TV, Den Networks, Hathway Cable, NIIT, Bata India and Mirza International jumped up to 13 percent.

HCC, Indiabulls Real Estate, PC Jeweller and NLC India were down 2-6 percent.

3:15 pm Crude Update: Oil prices reversed earlier gains as concerns of a looming trade dispute between the United States and China weighed on global markets.

The possibility of a full-blown trade war between the United States and China battered Asian shares on Monday. The falls came after US President Donald Trump last week signed a memorandum that could impose tariffs on up to USD 60 billion of imports from China.

US West Texas Intermediate (WTI) crude futures were at USD 65.59 a barrel, down 0.44 percent, from their previous close.

Brent crude futures were at USD 70.33 per barrel, down 0.17 percent.

3:07 pm Buzzing: Shares of Viceroy Hotels touched 52-week low of Rs 12.80, down 8.5 percent intraday.

Corporate Insolvency Resolution Process (CIRP) has been initiated in respect of the company, Hyderabad under the provisions of Insolvency and Bankruptcy Code by an order of National Company Law Tribunal with effect from March 12, 2018.

3:05 pm Europe Update: European edged higher, though lingering fears of a tit-for-tat global trade war capped gains. France's CAC, Germany's DAX and Britain's FTSE gained 0.2-0.4 percent.

Stateside, President Donald Trump signed a memorandum on Friday that could see charges implemented on up to USD 60 billion of imports from Beijing, though the measures have a 30-day consultation period before they take effect.

 Here are the top headlines at 3 pm from Moneycontrol News' Sakshi Batra

3:00 pm Market Update: Benchmark indices extended gains, with the Sensex rising 437 points or 1.34 percent to 33,033.54 and the Nifty gaining 119.15 points or 1.19 percent at 10,117.20.

Nifty PSU Bank index jumped 4 percent, Bank index gained 2 percent while Nifty Midcap rallied over a percent.

2:58 pm Policy Rate Cut unlikely?: The Reserve Bank is expected to keep policy rates on hold and maintain its neutral stance at the ensuing policy review meet early next month, says a Morgan Stanley report.

According to the global financial services major, although India's economic growth is on an uptrend, recovery remains in an early stage, and this warrants a neutral stance.

"Considering the growth and inflation backdrop relative to the Monetary Policy Committee (MPC's) assessment, we expect the MPC to remain on hold and maintain its neutral stance," Morgan Stanley said in a research note.

The central bank's next monetary policy review is scheduled for April 5. It had kept the policy rate unchanged in its February meeting on fears of inflation.

2:55 pm Debt Refinance: Sadbhav Infrastructure Project said its subsidiary Maharashtra Border Check Post Network (MBCPNL) has completed refinancing of its existing debt facilities with new debt taken from other lenders with revised terms and conditions.

Lenders reduced interest rates to 9.30 percent per annum from current level of 11.10 percent per annum and extended repayment pattern covering the majority balance concession period (debt to be repaid before March 31, 2030) and gave option to raise additional debt of up to Rs 520 crore.

2:48 pm Market Update: The market is on a strong footing as the Sensex is up more than 350 points on bargain hunting in banking & financials stocks.

The Nifty is inching towards 10,100 levels.

The Nifty PSU Bank is the biggest gainer among sectoral indices, rising nearly 4 percent while Nifty Bank gained 2 percent.

Midcaps also traded in line with frontliners, with the Nifty Midcap index rising a percent.

The initial public offering of ICICI Securities, the subsidiary of country's largest private sector lender ICICI Bank, has been subscribed 74 percent so far on final day.

2:32 pm Fitch on Axis Bank: Axis Bank's failure to honour a bank guarantee due to legal tangles does not amount to a default, and the third largest private sector lender's ratings will not be affected, global ratings agency Fitch said today.

"Axis Bank's failure to honour a guarantee it issued is not a default and thus, does not affect the bank's long-term rating," it said in a note.

The agency has a 'BBB-' rating with a stable outlook on the Shikha Sharma-led bank.

Fitch said the bank decided not to honour the guarantee because it believed doing so would have "contravened a court order related to a separate legal case."

The agency said its bank rating criteria does not view a bank as having failed if it has defaulted as a result of "legal restrictions" on servicing obligations while it remains solvent and liquid.

2:25 pm Oil Import Bill: India's oil import bill is likely to jump by a quarter to USD 87.7 billion in the current fiscal year which ends this weekend as international oil prices have surged.

India had imported 213.93 million tonnes (MT) of crude oil 2016-17 for USD 70.196 billion or Rs 4.7 lakh crore.

For 2017-18, the imports are pegged at 219.15 MT for USD 87.725 billion (Rs 5.65 lakh crore), according to the latest data available from oil ministry's Petroleum Planning and Analysis Cell (PPAC).

India relies more than 80 percent on imports to meet its oil needs.
During first 11 months of current fiscal (April 2017 to February 2018), the country imported 195.7 MT crude oil for USD 63.5 billion.

2:20 pm IPO Subscription: The initial public offering of ICICI Securities, the subsidiary of country's largest private sector lender ICICI Bank, has been subscribed 71 percent so far on final day.

The Rs 4,017-crore offer has received bids for 3.15 crore equity shares against total issue size of 4.42 crore shares on Monday, as per data available with the NSE website.

The reserved portion of qualified institutional buyers (QIBs) has been fully subscribed while the category reserved for non-institutional investors subscribed 30 percent and retail investors 72 percent.

2:05 pm Market Update: Benchmark indices rallied further on the back of short covering in banking & financials stocks.

The 30-share BSE Sensex was up 318.16 points or 0.98 percent at 32,914.70 and the 50-share NSE Nifty gained 72.05 points or 0.72 percent at 10,070.10.

The market breadth remained weak as about three shares declined for every share rising on the BSE.

Here are the top headlines at 2 pm from Moneycontrol News' Anchal Pathak

1:55 pm Economy to double by 2025: India is on track to doubling the size of its economy to USD 5 trillion by 2025, the finance ministry said while asserting that the inflation target set by the Reserve Bank will not be breached.

The country is well poised to click a growth rate of 7-8 percent and with focus on start-ups, MSMEs and infrastructure investment it can step on to higher growth pedestal, Economic Affairs Secretary Subhash Chandra Garg said.

"I think it is very reasonable to expect, if the economy remains focused on producing goods and services and generate demands for next 7-8 years...we can achieve the level of USD 5 trillion of economy by 2025. That's the reasonably set goal," Garg said at the CII Global Industry Associations Summit.

India's GDP in value terms currently stands at USD 2.5 trillion -- making it the sixth largest economy in the world.

With regard to inflation, Garg said its trajectory is well within the RBI's target of 4 percent, plus/minus 2 percent.

1:45 pm Market Update: The market extended gains, with the Sensex rising more than 200 points and the Nifty trading above 10,050 levels.

Banking & financials sector is the star of the day, with the Nifty Bank, Financial Services indices rising 1 percent while PSU Bank index is up nearly 4 percent.

IT and oil marketing companies shares remained under pressure. IOC, Infosys, Wipro, HPCL, BPCL are down up to 4 percent.

The 30-share BSE Sensex was up 220.94 points at 32,817.48 and the 50-share NSE Nifty gained 52.25 points at 10,050.30.

However, the market breadth was negative. About 1,568 shares declined against 985 advancing shares on the BSE.

1:35 pm Coal Mining Agreement: Adani Enterprises said Talabira (Odisha) Mining Private Limited a subsidiary of the company, has signed Coal Mining Agreement (CMA) with NLC India alongwith the company for development and operation of Talabira II and III coal block.

1:28 pm Rollout of BS-VI fuel: The Supreme Court has proposed a roll out of BS-VI fuel across 13 Metros by April 1, 2019.

The Centre will consult oil marketing companies and will reply to the proposal for BS-VI roll-out.

1:20 pm Rural stocks in focus: Indian equity market is expected to "struggle" over the next few months, though stocks and sectors related to rural India might perform relatively better, says a report.

Global financial services major Bank of America Merrill Lynch (BofAML) expects Sensex to touch 32,000 by December this year, a downside from the current levels.

The report however noted that in an under-performing market, sectors exposed to rural India like two-wheelers, cement and consumer staples should do relatively better.

"Our December Sensex target of 32,000 still implies downside - but sectors exposed to rural India (two-wheelers, cement, staples) should do relatively better," BofAML said in the research note.

It said an increase in rural government expenditure is expected leading up to general elections in 2019, as this segment addresses a large number of voters.

1:15 pm Market Update: Benchmark indices gained strength amid volatility, with the Nifty trading above 10,000 levels. The strength was driven by banks stocks.

The 30-share BSE Sensex was up 85.91 points at 32,682.45 and the 50-share NSE Nifty gained 9.25 points at 10,007.30.

However, the market breadth was in favour of declines. About two shares declined for every share rising on the BSE.

Here are the top headlines at 1 pm from Moneycontrol News' Sakshi Batra

12:45 pm Order Win: Against stiff competitive bidding, Bharat Heavy Electricals Limited (BHEL) has won an order for setting up a 75 MW Solar Photovoltaic (SPV) power plant on engineering, procurement and construction (EPC) basis, in Gujarat.

Significantly, this will be BHEL's largest solar PV project till date.

The order for setting up the 75 MW SPY power plant at Gujarat Solar Park,
Charanka, Gujarat, has been placed on BHEL by Gujarat Industries Power
Company Limited (GIPCL).

With this order, BHEL's solar portfolio has risen to 545 MW.

12:25 pm Record Date: Ruchika Industries India has fixed April 11, 2018 as the closure of transfer book/ record date for the purpose of sub-division of each equity share of the company having face value of Rs 10 each into equity shares of Rs 5 each.

12:10 pm Expansion: JSW Group today announced an investment of up to USD 500 million to set up a one million tonne steel pipe and plates facility at Texas in the US.

Announcing the investment here in the presence of Texas governor Gregory Abbott, JSW Group Chairman Sajjan Jindal said the plant will get USD 3.4 million from the Texas enterprise fund.

The plant will come up at Baytown in the minerally rich state, that is the largest exporter from the US.

The company signed an agreement with the office of the governor of Texas.

11:45 am Market Update: The market is volatile with the Nifty trading below 10,000-mark amid global trade war fears.

Other Asian markets are mixed, with Shanghai falling 1.8 percent while Nikkei recouping early losses to trade half a percent higher.

Oil marketing companies - HPCL, BPCL and IOC fell up to 4 percent as Brent crude trades above USD 70 a barrel

11:30 am Management Interview: Sandur Manganese and Iron Ores is the stock on radar as there has been an enhancement of annual production in manganese ore in one of their mining leases.

In an interview to CNBC-TV18, K Raman, Director Finance at Sandur Manganese said that manganese ore capacity has been enhanced from 7,400 to 32,000 tonne in one of our mines.

Talking about prices, he said iron ore prices were low in February 2018 in-line with NMDC price cut.

On numbers front, he said that in FY18, sales will be approximately Rs 540 crore and expect sales in FY19 at over Rs 600 crore.

11:15 am R&D Agreement: Syngene International announced an R&D agreement with GSK, a science-led global healthcare company. The multiyear agreement will focus on accelerating the discovery of new drug candidates using Syngene’s discovery services platforms.

As part of the agreement, Syngene will set-up a customized discovery research laboratory to support projects across several therapeutic areas. A team of Syngene scientists, will work closely with GSK’s global R&D teams on discovery research projects to identify new drug candidates with
the potential to address some of the world’s most pressing healthcare needs.

11:03 am Stake Sale: Power Mech Projects said the company has identified buyer for disinvestment of its entire shareholding in Power Mech - CPNED Services (Hong Kong) Holding Co. Ltd., joint venture (50 percent) of the company.

The terms and conditions are finalized between the parties, it added.

10:50 am Board Approval: Tata Power announced that the company’s board has approved the sale of its shares in Tata Communications and Panatone Finvest to Tata Sons and its affiliates.

Panatone Finvest holds 30.1 percent of Tata Communications.

"The move is a part of the company’s plan to monetise its non-core assets
and improve the balance sheet to set the stage for next phase of growth.
The estimated realisation will be about Rs 2,150 crore and is subject to
shareholders approval," Tata Power said.

10:40 am Market Update: The market was mildly in the red amid global trade war fears, with the Nifty struggling below 10,000 levels.

Midcaps also traded in line with frontliners, with the Nifty Midcap falling half a percent.

10:30 am Buzzing: Indiabulls Real Estate gained over a percent after in a major real estate deal, the company has executed a definitive agreement with global private equity investor Blackstone Group to divest 50 per cent stake in its prime commercial properties in the megapolis for Rs 4,750 crore.

10:20 am Drug Launch: Dr Reddy's Laboratories announced that it has launched Palonosetron Hydrochloride injection, 0.25mg / 5ml, a therapeutic equivalent generic version of Aloxi injection approved by the US Food and Drug Administration.

The Aloxi brand and generic had US sales of approximately USD 446 million MAT for the most recent twelve months ending January 2018, according to IMS Health.

10:10 am FII View: CLSA said the Nifty is at lowest level in 5 months but marginally outperformed global markets.

Possible trade war is not expected to have a significant bearing on India, it feels.

Increase in stamp duty collections by states is positive for housing, the research house said.

According to CLSA, National Company Law Tribunal (NCLT) cases are expected to see sub-60 percent haircut. Next 4 weeks are litmus test for the NCLT mechanism as cases are nearing resolution deadline.

10:02 am Rupee Trade: The rupee strengthened by 10 paise to 64.91 against the US dollar at the interbank forex market on sustained selling of the greenback by exporters and banks amid foreign capital inflows.

Dealers said dollar's weakness against a basket of currencies supported the domestic unit.

On Friday, the rupee had gained 10 paise to end at 65.01 against the US currency which suffered losses in global markets on intensifying trade war worries.

9:55 am Rollovers: ICICIDirect said Nifty rollovers were at 22.1 percent, lower than the 3-month average of 24.56 percent ahead of expiry week.

Marketwide rollovers were at 22.8 percent compared to the 3-month average of 20.44 percent.

Sectorally, technology, textile and media stocks were witnessing high rollover of positions while the FMCG, power and realty space were witnessing relatively low rolls into the March series.

High rollover was seen in JSW Steel (48 percent), IRB (47 percent), Infibeam (45 percent), Reliance Infra (41 percent) and Biocon (40 percent) on Friday.

Rollover activity was significantly low in Chola Finance, Fortis, Torrent Pharma, Dalmia Bharat & OFSS.

9:47 am Market Update: The market continued to trade in a tight range despite weakness in global counterparts on trade war fears

Midcaps also traded in line with frontliners and the market breadth is balanced with advance:decline ratio of 1:1

Asian markets traded mostly lower, following weakness in US markets amid fears that rising tensions between the United States and China could lead to a full-blown trade war.

9:42 am Market Outlook: Enam Holdings told CNBC-TV18 that they believe recent correction is a good consolidation that the market needed and also believe we are nearing the end of the banking clean-up cycle.

Much of lending activity has come down by as much as 90 percent for PSU banks, which is opportunity for private banks & NBFCs to gain market share, he feels.

India’s macro has significantly deteriorated he said. "India is a micro story; best bull markets come when macros are bad. Micros are improving, like commercial vehicle & tractor sales."

He expects 2018 to be a tough year for Indian equity market and doesn't expect a great return in Indian equity market for 2018.

Protecting capital will be the main criteria for 2018, he said.

9:31 am USFDA's response to Granules: Granules India said the US Food and Drug Administration has issued no 483 observations for Gagillapur unit and one 483 observation for Jeedimetla unit.

The US FDA had inspected Granules' Gagillapur & Jeedimetla units from March 19-23.

Gagillapur unit manufactures finished dosages and pharmaceutical formulation intermediates whereas Jeedimetla facility manufactures active pharmaceutical ingredients and pharmaceutical formulation intermediates.

9:24 am Drug Launch: Cipla USA, Inc. announced the launch of an authorised generic version of Aloxi in the United States under applicable agreements with Helsinn Healthcare SA, in response to the at-risk launch by Teva.

The stock gained around 2.5 percent.

Helsinn Healthcare SA currently manufactures and markets Aloxi
in the United States through its licensee Eisai Inc. and its affiliate Helsinn Therapeutics (US) Inc. Aloxi containing palonosetron hydrochloride injections (Eq. 0.25 mg base/5 ml).

The drug is indicated for prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic cancer chemotherapy and for prevention of acute nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy.

9:20 am Subsidy: Autoline Industries is enjoying Industrial Promotion Subsidy(IPS) for mega project under Package Scheme of Incentive 2007 of Government of Maharashtra (VAT/CST Subsidy) for its 1 unit situated at Chakan since from 2009.

During its expansion activities the company made investment at its 2 locations in Pune and applied to Govt of Maharashtra for grant of IPS under Package Scheme of Incentive 200 for its 2 more units where the fresh investment was made by the Company.

In view of above the company would be able to get the IPS since from 2009 for the investment made in its 2 more units subject to the compliance with the conditions of PSI, 2007 and other applicable provisions.

9:15 am Market Opening: Benchmark indices opened flat amid weak global cues on trade war fears, after nearly 2 percent loss seen in previous week.

The 30-share BSE Sensex was down 11.99 points at 32,584.55 and the 50-share NSE Nifty was down 6.55 points at 9,991.50.

Tata Steel, Adani Ports, Yes Bank, ONGC, Indiabulls Housing, Adani Ports, Cipla, Sun Pharma, Aurobindo Pharma and ICICI Bank gained up to 2.5%

BPCL, HPCL, ITC, Kotak Mahindra Bank, Coal India, Tata Motors, Axis Bank and Dr Reddy's Labs were under pressure.

Nifty Midcap was up 28 points.

Indiabulls Real Estate, Tata Power, Cadila Healthcare, Bhushan Steel and Gujarat Gas gained up to 6 percent.

Also Watch - Markets@Moneycontrol: Nifty likely to open flat; 3 stocks which can give up to 11% return

9:10 am Pre-opening Trade Settlement: The Sensex was down 60.10 points at 32,536.44 and the Nifty fell 8.90 points to 9,989.15.

9:09 am New Kid on the block: Lemon Tree Hotels, the last initial public offering of the financial year 2017-18 has opened for subscription.

The hotel chain company is aimed to raise Rs 1,001.6-1,038.7 crore through the issue at a price band of Rs 54-56 per share.

9:07 am Stocks in news: SFIO probes Fortis Healthcare, Religare Enterprises for alleged frauds.

Bharat Financial Inclusion: Completed direct assignment of Rs 1,391 crore to two banks, one private and one public.

BHEL: The company has signed Technology Transfer Agreement with ISRO for the manufacture of Space Grade Lithium-ion cells.

NTPC: The firm has commissioned 800 MW Lara super thermal power project.

Tata Power: Signs Share Purchase Agreement With Tata Sons To Sell 59 Cr Shares In Panatone Finvest

Unitech: HDFC Invokes 6.5 Cr Shares Of Co Pledged By Promoter Sanjay Chandra

Jain Irrigation: Promoter Creates Pledge On 13.5 Lakh Shares On March 12

HCL Tech: Transfers Entire Stake In Arm HCL Training To Another Arm HCL Comnet

NHPC: It has commissioned 50 MW Solar Power Project In Theni, Tamil Nadu

Fortis Healthcare: Shareholding of BlackRock Inc in the company has moved above 5 percent.

SRF: DSP BlackRock MF's shareholding in the company increased to 5.14 percent on March 21.

Va Tech Wabag has incorporated a subsidiary company in the name of 'VA Tech Wabag Brazil Servicos DE AGUA E SANEAMENTO LTDA.

Precision Camshafts subsidiary PCL (International) Holding BV acquired 76 percent shareholding in MFT Motoren und Fahrzeugtechnik GmbH, Germany.

Marathon Nextgen Realty has fixed April 6 as the record date for a split of the face value of the equity shares of the company from existing Rs 10 each to Rs 5 each

9:04 am Technical Recommendations: Here’s what Chartviewindia.in has to recommend:

Power Grid: BUY| Target Rs211| Stop Loss Rs187| Return 8%

Pidilite Industries Ltd: BUY| Target Rs970| Stop Loss Rs885| Return 7%

JK Lakshmi Cement: BUY| Target Rs503| Stop Loss Rs405| Return 11%

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

9:01 am Market Check: The market started off the truncated week on a mixed note in pre-opening trade Monday amid weak global cues due to continued trade war fears.

The 30-share BSE Sensex was down 45.44 points at 32,551.10 and the 50-share NSE Nifty rose 15.75 points to 10,013.80.

Wall Street tumbled on Friday with more than 1,000 points knocked off the Dow in two days as investors, increasingly nervous about a potential US trade war with China, shied away from risk ahead of the weekend and sought shelter from further losses, Reuters reported.

The Dow Jones Industrial Average fell 424.69 points, or 1.77 percent, to 23,533.2, the S&P 500 lost 55.43 points, or 2.10 percent, to 2,588.26 after hitting an intraday low that was barely above its 200-day moving average of 2585.22.

Asian markets traded lower on Monday, following a global sell-off late last week amid fears that rising tensions between the United States and China could lead to a full-blown trade war, CNBC reported.

In Japan, the Nikkei 225 fell 1.02 percent in early morning trade. The Topix index was down 0.83 percent. Across the Korean Strait, the Kospi fell 0.41 percent.