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Market News

  • 13


    Nifty closes on a flat note

    A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, settled with small losses while the Nifty 50 index registered minor gains. The Sensex fell 61.16 points or 0.18% to settle at 33,856.78. The Nifty 50 index rose 5.45 points or 0.05% to settle at 10,426.85. The Sensex settled below the 34,000 level after gyrating above and below that level in intraday trade.

    Stocks of public sector banks surged on optimism triggered by media report that Bank of India recovered nearly Rs 7000 crore bad loans in the last two months. IT stocks declined as the rupee firmed against the dollar.

    Volatility struck bourses in early trade as the key benchmark indices turned positive soon after an initial decline triggered by subdued Asian stocks. Domestic macroeconomic data released after market hours yesterday, 12 March 2018, signaling an economic turnaround boosted the sentiment. Stocks extended gains and hit fresh intraday highs in morning trade. Key benchmark indices trimmed some gains in mid-morning trade and hovered in positive zone in early afternoon and afternoon trade. Volatility ruled the roost in mid-afternoon trade as the key benchmark indices erased intraday gains and sink in negative zone. Indices cut losses soon after hitting intraday lows in late trade.

    The Sensex fell 61.16 points or 0.18% to settle at 33,856.78, its lowest closing level since 9 March 2018. The index gained 159.38 points, or 0.47%, at the day`s high of 34,077.32. The index lost 194.98 points, or 0.57%, at the day`s low of 33,722.96.

    The Nifty rose 5.45 points or 0.05% to settle at 10,426.85, its highest closing level since 1 March 2018. The index gained 57.20 points, or 0.55%, at the day`s high of 10,478.60. The index fell 43.55 points, or 0.42%, at the day`s low of 10,377.85.

    The S&P BSE Mid-Cap index rose 1%. The S&P BSE Small-Cap index gained 1.14%. Both these indices outperformed the Sensex.

    The breadth, indicating the overall health of the market, was strong. On the BSE, 1,724 shares advanced and 967 shares declined. A total of 159 shares were unchanged.

    The total turnover on BSE amounted to Rs 4466.37 crore, higher than the turnover of Rs 4120.64 crore registered during the previous trading session.

    Among sectoral indices on BSE, the BSE Healthcare index (up 1.04%), the BSE Telecom index (up 1.74%) and the BSE Oil & Gas index (up 1.63%) outperformed the Sensex. The BSE IT index (down 1.56%) and the BSE Teck index (down 1.06%) underperformed the Sensex.

    Stocks of public sector banks surged on optimism triggered by media report that Bank of India recovered nearly Rs 7000 crore bad loans in the last two months. Shares of Bank of India jumped 7.47%.

    Among other public sector banks, Bank of Baroda (up 6.92%), Punjab National Bank (up 3.59%), IDBI Bank (up 3.55%) and State Bank of India (up 0.81%) gained.

    According to media reports, Bank of India has recovered Rs 7000 crore worth Standby Letters of Credit in the last two months and the balance of Rs 2000 crore would be recovered in another two months.

    Shares of state-run banks have been under severe pressure recently after the Punjab National Bank scam was reported on 14 February 2018.

    Stocks of private sector banks were mixed. Axis Bank (up 2.23%), ICICI Bank (up 1.1%) and Yes Bank (up 0.53%) gained. Kotak Mahindra Bank (down 1.46%), HDFC Bank (down 0.36%) and IndusInd Bank (down 0.15%) dropped.

    IT stocks declined as the rupee firmed against the dollar. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion`s share of revenue from exports. In the foreign exchange market, the partially convertible rupee was hovering at 64.885, compared with closing of 65.04 during the previous trading session.

    HCL Technologies (down 0.89%), Oracle Financial Services Software (down 0.13%) and Tech Mahindra (down 0.4%) fell.

    TCS lost 5.22% to Rs 2,892.45 on reports that that Tata Sons has sold about 2.84 crore shares or 1.5% stake of the company through six block deals in a price range of Rs 2,872 to Rs 2,925 per share on the NSE. Tata Sons held 73.52% stake in TCS (as on 31 December 2017. The money raised from the stake sale will be used by Tata Sons to strengthen its balance sheet, reports added.

    Infosys shed 0.45% at Rs 1,180.55. Infosys announced its intention to voluntarily delist its American Depository Shares (ADS) from the Euronext Paris and Euronext London exchanges. Infosys ADS will continue to be listed on the NYSE and investors can continue to trade their ADS on the NYSE as before. The announcement was made after market hours yesterday, 12 March 2018.

    The primary reason for seeking the proposed delisting is the low average daily trading volume of Infosys ADS on these exchanges, which is not commensurate with the related administrative requirements. During the 5-year period of the company`s listing on Euronext Paris and Euronext London, the average daily trading volume of the company`s ADS was significantly lower than its average daily trading volume on the New York Stock Exchange (NYSE). The proposed delisting is subject to approval from Euronext Paris S.A. and Euronext London. There will be no change to the Infosys share/ADS count, capital structure and float, as a result of the proposed delisting from the above exchanges.

    Telecom major Bharti Airtel rose 1.22% at Rs 425.90 after the company`s board in its meeting held on 12 March 2018 approved the transfer of 19% equity shares of Bharti Telemedia (Telemedia), a subsidiary company to Nettle Infrastructure Investments, a wholly owned subsidiary company. A part of the aforesaid stake shall be utilized for completion of stake sale of Telemedia to Warburg Pincus Group, as announced by the company on 12 December 2017. The announcement was made during market hours today, 13 March 2018.

    The company completed allotment of 8.54 crore equity shares to Singtel International Investments, an affiliate of Singtel. With the aforesaid allotment, Singtel`s total stake (along with its affiliates) in Bharti Telecom has increased to 48.9%, whereas Bharti Enterprises continues to hold over 50% stake in Bharti Telecom. The announcement was made during market hours today, 13 March 2018.

    NTPC lost 0.94% at Rs 169.40. The company said that third unit of 800 megawatt (MW) of Kudgi Super Thermal Power Station (3 x 800 MW) has ben commissioned on 12 March 2018. With this, the total commissioned capacity of Kudgi Super Thermal Power Station, NTPC and NTPC group has become 2400 MW, 45300 MW and 52191 MW respectively. The announcement was made during market hours today, 13 March 2018.

    Meanwhile, in a separate announcement made during market hours today, 13 March 2018, NTPC said that the company has launched an issue of $400,000,000 4.50% Notes due 2028 priced on 12 March 2018. The Notes carry a coupon of 4.5% per annum payable semi-annually. The Notes will mature on 19 March 2018 and principal and interest payments will be made in US Dollars.

    Vedanta rose 1.23% to Rs 320.85 after the company`s board of directors at its meeting held today, 13 March 2018, declared an interim dividend of Rs 21.20 per share for the financial year ending 31 March 2018. The announcement was made during market hours today, 13 March 2018.

    Power Grid Corporation of India slipped 0.13% at Rs 195. The company has entered into a term loan facility agreement for Rs 5000 crore with State Bank of India on 12 March 2018 for meeting capital expenditure for expansion/renovation and setting up various undergoing and new transmission and other projects in the company and in identified special purpose vehicles (SPVs)/joint ventures (JVs) of the company. The announcement was made after market hours yesterday, 12 March 2018.

    Zee Entertainment Enterprises (Zee) was up 0.43% at Rs 578.15. Zee issued a clarification to the stock exchanges with respect to media news article captioned ZEE complains against DEN to I&B Ministry. Zee said that the media news item pertains to a complaint filed by the company against Den Networks - one of the distributors of Zee Network Channels, with Ministry of Information & Broadcasting (MIB), alleging violation of various provisions. The instances of violations and non-compliance were found during anti-piracy activities carried out by Zee, which it keeps on conducting from time to time in the normal course of its business, Zee added. The announcement was made after market hours yesterday, 12 March 2018.

    Pharma major Lupin rose 1.4% at Rs 780.85 after the company announced the launch of its Tydemy Tablets having received an approval from the United States Food and Drug Administration (USFDA) earlier. The tablets are indicated for use by women to prevent pregnancy and to raise folate levels in women who choose to use an oral contraceptive for contraception. It had annual sales of approximately $22 million in the US as per January 2018 data. The announcement was made during market hours today, 13 March 2018.

    Domestic macroeconomic data released after market hours yesterday, 12 March 2018, signaled an economic turnaround. The lower-than-expected CPI inflation and higher-than-expected IIP data will allay fears of an interest rate hike by the Reserve Bank of India (RBI) in its next policy meeting scheduled in the first week of April.

    India`s industrial production (IIP) continued to record a strong growth for the third straight month at 7.5% in January 2018 from 7.1% growth in December 2017. The manufacturing sector`s production surged 8.7% in January 2018, supporting overall growth in industrial production.

    The all-India general consumer price index (CPI) inflation dipped to four-month low of 4.44% in February 2018, compared with 5.07% in January 2018 and at 3.65% in February 2017. However, the core CPI inflation rose marginally to 5.04% in February 2018 compared with 5% in January 2018.

    Overseas, European stocks nudged higher while Asian stocks ended on a mixed note ahead of US reading on inflation due today, 13 March 2018, which is likely to give some idea about whether the Federal Reserve will accelerate its pace of rate increases. China announced plans to create a newly powerful regulator to oversee scandal-plagued banking and insurance industries as they try to reduce debt and financial risks.

    In US, the Dow Jones Industrial Average and the S&P 500 index finished lower Monday, 12 March 2018 weighed down by the industrials sector, while the Nasdaq Composite Index closed at a record, in part due to optimism over Friday`s jobs data, which showed solid economic growth without triggering wage pressure.

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