Sensex ends up 295 pts, Nifty above 10,500; Realty, Pharma, Metals gain

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Benchmark indices ended higher on Monday, taking cues from its Asian peers.

The S&P BSE Sensex ended at 34,300, up 295 points while the broader Nifty50 index settled at 10,540, up 85 points.

The mid-and small-cap indices outperformed their larger peers on Monday. The S&P BSE Mid-cap index gained 1.3 per cent by close, while the S&P BSE Small-cap index moved up 1.6%. 3M India, Amara Raja Batteries, Vakarangee, MRF, Tata Global and IGL were some of the top gainers in the mid-cap segment.

 
At the global level, Asian markets found a semblance of calm on Monday as S&P futures extended their bounce, though bond investors were still fretting about the risks from looming US inflation data. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.8 per cent, having suffered a 7.3 per cent drubbing last week.

Both South Korea and China gained 0.8 per cent, while Japan’s Nikkei was closed for a holiday.

 
Back home, in a drastic move on Friday, Indian exchanges terminated licensing agreements for use of their indices and data feeds with their foreign counterparts. The move is to curb or to reverse the export of India’s financial markets to overseas trading platforms such as Singapore Exchange (SGX) and Dubai Gold & Commodities Exchange.

Indian equity, commodity and forex markets will remain closed on Tuesday on account of Maha Shivratri.

3:51 PM IST MARKET COMMENT: Jayant Manglik, President, Religare Broking   Markets witnessed a breather today and gained nearly a percent, taking pause after the recent decline. Nifty opened gap-up, tracking firm global cues but profit taking at higher levels capped upside. Meanwhile, participants were busy in bargain hunting and almost all the sectoral contributed in the move.   We feel global cues will continue to dominate our market trend, in absence of any major event. Nifty may some bounce or consolidate further however sustainability at higher level seems difficult. Traders should use further recovery to reduce existing longs and creating fresh shorts. PSU banks are still weakest while others are seeing mixed trend

3:40 PM IST Top Sectoral gainer: Nifty Realty

3:38 PM IST Sectoral Trend

3:37 PM IST Sensex losers and gainers

3:36 PM IST Market at close The S&P BSE Sensex ended at 34,300, up 295 points while the broader Nifty50 index settled at 10,540, up 85 points.

3:21 PM IST Edelweiss Research on ONGC's Q3FY18 results   Key highlights: 1) gas production growth at 4% missed 6% estimate, due to delay in Vashista project, which will likely ramp up to 2.5mmscmd by Mar’18; 2) net realisation at USD61/bbl was inline, implying no oil subsidy; 3) cash cost/barrel at USD9/bbl came 4% higher on one-off depletion expense, which will normalise in Q4FY18. We expect ONGC’s Rs 800bn projects under implementation to significantly revive gas production (FY17-20E CAGR of 8%).    We have trimmed FY19E gas production by 2%, factoring in slight delay in projects commissioning, and introduced contribution from OPAL (ONGC’s stake: 49%). Maintain ‘BUY’ with DCF-based target price of Rs 239

3:21 PM IST Protectionism, again: Joint action by stock exchanges raises concerns   The joint statement issued by three stock exchanges on Friday — deciding to immediately terminate the agreements for licensing indices and prices of Indian securities to foreign exchanges — raises concerns on several fronts. The action constitutes protectionism, which harms a market (Singapore Stock Exchange, or SGX) that has served global investors well. READ MORE

3:19 PM IST IPO watch: Aster DM (Source: Choice Research)

3:15 PM IST Centrum Broking on Deccan Cements Limited (DCL)   Despite earnings decline seen during FY17/18 (on DCL’s  peak performance in FY16), we continue to like DCL owing to following: robust demand across south and Maharashtra markets will boost DCL’s earnings, DCL’s debt free balance sheet along with no near term capex requirement will bolster free cash generation. This should boost DCL’s capability to undertake future expansion (probably during FY20-22) without leveraging its balance sheet. We roll forward valuations to FY20E. Thus, we maintain BUY with a revised target price of Rs 720

3:12 PM IST Centrum Broking on Sun TV Network   We maintain our BUY rating on Sun TV Network with revised target price of Rs1170 (28x FY20E EPS) as we roll forward our valuations to FY20E. We expect the ad growth momentum to continue going forward as witnessed in Q3FY18E where the company posted 22% YoY growth. Further investment in comissioned programming to bear fruits in medium term. Digitisation in TN could offer the company incrementally Rs3bn in reveneus and management is in advance stage to sign contract with Arasu Cable. Turnaround in IPL from FY19E would further aid margins and profitibility

3:09 PM IST Gold funds losing sheen? Investors pull out Rs 6.79 bn in 10 months of FY18   Investors have pulled out Rs 1.1 billion from gold exchange-traded funds in January, taking the total outflow to Rs 6.79 billion in the first 10 months of the current fiscal, mainly on account of poor returns.   The outflow meant assets under management (AUM) of gold funds plunged by over 15% during the period under review to Rs 49.06 billion from Rs 56.70 billion in the year-ago period, latest update with the Association of Mutual Funds in India (Amfi) showed. READ MORE

2:59 PM IST Here's why the new order by Indian bourses may spook foreign investors   A move by Indian exchanges to stop licensing its products and data to bourses abroad will likely force foreign investors into a tough option: migrate their trading onshore to India, with its uncertain regulatory environment and higher taxes, or give up their exposure to a hot emerging market.   India's three main stock exchanges - the National Stock Exchange, BSE Ltd and Metropolitan Stock Exchange - said Friday they would stop licensing products and data to foreign exchanges to prevent trading from migrating overseas. READ MORE

LIVE UPDATES

MARKET COMMENT: Jayant Manglik, President, Religare Broking
 
Markets witnessed a breather today and gained nearly a percent, taking pause after the recent decline. Nifty opened gap-up, tracking firm global cues but profit taking at higher levels capped upside. Meanwhile, participants were busy in bargain hunting and almost all the sectoral contributed in the move.
 
We feel global cues will continue to dominate our market trend, in absence of any major event. Nifty may some bounce or consolidate further however sustainability at higher level seems difficult. Traders should use further recovery to reduce existing longs and creating fresh shorts. PSU banks are still weakest while others are seeing mixed trend
Top Sectoral gainer: Nifty Realty


Sectoral Trend


Sensex losers and gainers


Market at close

The S&P BSE Sensex ended at 34,300, up 295 points while the broader Nifty50 index settled at 10,540, up 85 points.
Edelweiss Research on ONGC's Q3FY18 results
 
Key highlights: 1) gas production growth at 4% missed 6% estimate, due to delay in Vashista project, which will likely ramp up to 2.5mmscmd by Mar’18; 2) net realisation at USD61/bbl was inline, implying no oil subsidy; 3) cash cost/barrel at USD9/bbl came 4% higher on one-off depletion expense, which will normalise in Q4FY18. We expect ONGC’s Rs 800bn projects under implementation to significantly revive gas production (FY17-20E CAGR of 8%). 
 
We have trimmed FY19E gas production by 2%, factoring in slight delay in projects commissioning, and introduced contribution from OPAL (ONGC’s stake: 49%). Maintain ‘BUY’ with DCF-based target price of Rs 239
Protectionism, again: Joint action by stock exchanges raises concerns
 
The joint statement issued by three stock exchanges on Friday — deciding to immediately terminate the agreements for licensing indices and prices of Indian securities to foreign exchanges — raises concerns on several fronts. The action constitutes protectionism, which harms a market (Singapore Stock Exchange, or SGX) that has served global investors well. READ MORE
IPO watch: Aster DM (Source: Choice Research)



Centrum Broking on Deccan Cements Limited (DCL)
 
Despite earnings decline seen during FY17/18 (on DCL’s  peak performance in FY16), we continue to like DCL owing to following: robust demand across south and Maharashtra markets will boost DCL’s earnings, DCL’s debt free balance sheet along with no near term capex requirement will bolster free cash generation. This should boost DCL’s capability to undertake future expansion (probably during FY20-22) without leveraging its balance sheet. We roll forward valuations to FY20E. Thus, we maintain BUY with a revised target price of Rs 720
Centrum Broking on Sun TV Network
 
We maintain our BUY rating on Sun TV Network with revised target price of Rs1170 (28x FY20E EPS) as we roll forward our valuations to FY20E. We expect the ad growth momentum to continue going forward as witnessed in Q3FY18E where the company posted 22% YoY growth. Further investment in comissioned programming to bear fruits in medium term. Digitisation in TN could offer the company incrementally Rs3bn in reveneus and management is in advance stage to sign contract with Arasu Cable. Turnaround in IPL from FY19E would further aid margins and profitibility
Gold funds losing sheen? Investors pull out Rs 6.79 bn in 10 months of FY18
 
Investors have pulled out Rs 1.1 billion from gold exchange-traded funds in January, taking the total outflow to Rs 6.79 billion in the first 10 months of the current fiscal, mainly on account of poor returns.
 
The outflow meant assets under management (AUM) of gold funds plunged by over 15% during the period under review to Rs 49.06 billion from Rs 56.70 billion in the year-ago period, latest update with the Association of Mutual Funds in India (Amfi) showed. READ MORE
Here's why the new order by Indian bourses may spook foreign investors
 
A move by Indian exchanges to stop licensing its products and data to bourses abroad will likely force foreign investors into a tough option: migrate their trading onshore to India, with its uncertain regulatory environment and higher taxes, or give up their exposure to a hot emerging market.
 
India's three main stock exchanges - the National Stock Exchange, BSE Ltd and Metropolitan Stock Exchange - said Friday they would stop licensing products and data to foreign exchanges to prevent trading from migrating overseas. READ MORE
Robust IIP seen in December, though a tad lower than November's 17-mth high
 
After registering the highest growth in 17 months in November, the index of industrial production (IIP) may remain robust in December, lead indicators point out. This is largely due to the low base effect a year ago, which was brought about by demonetisation. Consumer price index (CPI)-based inflation also hit a 17-month high in December, but may cool down a bit in January.
 
IIP data for December, out in this evening along with CPI for January, will be crucial for the second advance estimates of GDP for 2017-18, which will be released by the end of this month. IIP constitutes only a fourth of the data for industry in GDP these days, with the bulk taken from corporate results filed with MCA 21 or the stock exchanges. Also, price deflators in GDP are different from CPI inflation or even WPI inflation, but may correspond to broad movements. CLICK HERE FOR FULL STORY
Flight of risk capital: GVA growth likely to fall in second half of 2018-19
 
Inflation worries prompted the Reserve Bank of India to maintain status quo in the latest Monetary Policy Review. While five Monetary Policy Committee members voted to hold rates, one wanted a hike. The central bank thinks growth is rebounding.
 
But it sees multiple threats on the inflation front, including an inflationary Budget. Strong job growth in America makes it likely that the US Federal Reserve will accelerate normalisation, by hiking interest rates faster and selling off excess bonds acquired during the taper years. READ MORE
Tata Steel surges 5% on strong Q3 results
 
Tata Steel has moved higher by 5% to Rs 718 on BSE in noon deal, extending its Friday’s nearly 2% gain after the company reported nearly five-fold jump in a consolidated net profit of Rs 11.35 billion for the third quarter ended December 2017 (Q3FY18), on the back of higher revenues mainly from domestic operations.
 
The company had reported a net profit of Rs 2.31 billion in the third quarter of 2016-17. CLICK HERE FOR FULL STORY
Market Check
S&P BSE Sensex 34,198.65 0.57%
 
Nifty 50 10,508.20 0.51%
 
S&P BSE 200 4,616.74 0.73%
 
Nifty 500 9,329.30 0.85%
 
S&P BSE Mid-Cap 16,853.85 1.32%
 
S&P BSE Small-Cap 18,481.87 1.70%

2018 will be a roller-coaster ride, it's time to say Dow-Wow to Sensex
 
The over 6% fall in the Bombay Stock Exchange Sensex, and the commensurate fall in the Nifty had almost nothing to do with what Arun Jaitley did – or did not do – in his 1 February budget. You can yell and scream about the long-term capital gains tax on shares, or the slight slippage in the fiscal deficit this fiscal, blaming both for the market crash, but just look at the Dow and you will get some sense of schadenfreude. The Dow fell more than 10% between 26 January and 8 February. READ MORE
SBI's $3.6 bn in hidden bad loans shows how deep India's banking rot runs
 
India’s regulator unearthed about $3.6 billion of bad loans in the books of the country’s biggest bank, amplifying questions about distress in the financial sector given underreporting by some rivals as well.
 
State Bank of India on Friday said an audit by the central bank showed soured debt was about Rs 232 billion ($3.6 billion) higher than what the state-run lender reported for the end of March 2017. The biggest private lender HDFC Bank Ltd. had a Rs 20.5 billion divergence, while ICICI Bank Ltd. said -- without elaborating -- that it isn’t required to make disclosures on the topic even as provisions for bad loans climbed. It had reported a divergence in the previous year. READ MORE
Indian market shows grit amid global collapse, slides least in sell-off
 
For years now, India equities have marched in lockstep with global equities. If we go back a decade, our benchmark indices slumped in sync with other global indices in the aftermath of the Lehman Brothers collapse. Then again, they rallied with other global indices when a stimulus package was announced in the US in 2009.
 
The fall in the past week, too, was in line with global equities. What's surprising, however, was that the slide was not to the extent expected. CLICK HERE FOR FULL STORY
Vakrangee up 5% as board approves capital allocation for buyback, dividend

Vakrangee is locked in upper circuit for the second straight day, up 5% at Rs 212 on BSE after the company said its board approved the current one time capital allocation policy with Rs 13.72 billion to be utilized through share buyback, dividend payout and re-invest in business. READ MORE
Kitex Garments falls 15% on weak Q3 results

Kitex Garments has dipped 15% to Rs 246 on BSE in noon deal trade in otherwise firm market after the company reported 45% year-on-year (YoY) decline in its net profit at Rs 176 million for the quarter ended December 2017 (Q3FY18), due to higher expenses. The textiles company had profit of Rs 318 million in a year ago quarter.
 
Operational revenue during the quarter under review rose 3.4% to Rs 1,473 million from Rs 1,424 million in the corresponding quarter of previous fiscal. READ MORE

Here's why the new order by Indian bourses may spook foreign investors
 
A move by Indian exchanges to stop licensing its products and data to bourses abroad will likely force foreign investors into a tough option: migrate their trading onshore to India, with its uncertain regulatory environment and higher taxes, or give up their exposure to a hot emerging market.
 
India's three main stock exchanges - the National Stock Exchange, BSE Ltd and Metropolitan Stock Exchange - said Friday they would stop licensing products and data to foreign exchanges to prevent trading from migrating overseas READ MORE HERE

A road sign is seen next to Bombay Stock Exchange (BSE) building in Mumbai, India | Photo: Reuters

Morgan Stanley on India inflation
 
We expect headline CPI inflation to moderate to 5.0% y-o-y in January from 5.2% previously, after rising consecutively for five months. High frequency indicators suggest that food prices have fallen sequentially, largely driven by a seasonal dip in vegetable prices – implying that food inflation would also moderate on a y-o-y basis to 4.5% y-o-y versus 5.0% y-o-y in December. We expect core (ex food and fuel) inflation to record a slight dip and reach 5.0% y-o-y from 5.1% y-o-y in December, with core-core (ex food, fuel and housing) inflation remaining largely steady at 4.3% y-o-y
Sectoral Trend


Loan slippage mars quarterly profit for Bank of Baroda: IDBI Capital
 
Bank of Baroda (BoB) reported its 3QFY18 results with the key strategic pointers being: (1) Three large corporate accounts slipped, thereby depressing profit. (2) Loan growth seems optically high as 3QFY17 was a multi-quarter low for the loan book. Per se, on the results front, BoB posted NII growth of 40% YoY to Rs 43.9bn, PPOP growth of 41% YoY to Rs36.5bn and PAT decline of 56% YoY to Rs1.1bn. We have marginally modified our legacy estimates for FY18/FY19 and retained Sell rating on BoB, decreasing our target price to Rs146 (from Rs152 earlier), valuing the stock at 1.3x FY20E P/ABV
 
Sensex losers and gainers


Edelweiss on HPCL
 
HPCL declared interim dividend of Rs 14.5/share, implying attractive 4% interim yield. We expect HPCL’s EPS growth to lag peers in the absence of near term refining expansions (projects to commission in FY20). Maintain ‘HOLD’ with SoTP based target price of Rs 440 (on FY20E earnings). 
Markets at noon

S&P BSE Sensex 34,228.33 0.65%
 
Nifty 50 10,515.20 0.58%
 
S&P BSE 200 4,620.48 0.82%
 
Nifty 500 9,335.90 0.92%
 
S&P BSE Mid-Cap 16,867.78 1.40%
 
S&P BSE Small-Cap 18,477.10 1.67%

HDFC Securities on Alkem Lab
 
We expect some correction in the stock price owing to higher tax rate guidance and very conservative margin commentary from the mgt going into FY19E. While we have lowered our estimates for FY19/20E to factor in these changes, we believe that the long-term story for ALKEM remains on-track and investors should consider any dip in the stock price as an opportunity to add. Maintain BUY with a revised target price of Rs 2,435 (25x Dec-19E EPS).
BS Special: 2018 will be a roller-coaster ride, it's time to say Dow-Wow to Sensex
 
The prediction for 2018 is thus high volatility in prices, a shift to large-cap stocks by all investors seeking safety, and a Sensex range of 30,000-40,000, depending on news flows READ MORE
Edelweiss on State Bank of India
 
State Bank of India (SBI) reported a loss of Rs 24bn in Q3FY18 as earnings were marred by modest revenue momentum, investment depreciation of Rs 40bn and higher than anticipated slippage accretion. Post a positive surprise in asset quality in Q2FY18, slippages this quarter rose back sharply to 5.7%. To that extent, overall stressed assets were still contained at ~13%. 
 
Factoring in below than anticipated 9mFY18 performance, we are lowering estimates by 65%/16% for FY18/19E. However, government’s recap allocation will cushion asset quality swings and arrest net worth erosion (despite loss). Additionally, robust traction in capital market businesses (contribute >20% to CMP) lends comfort. Maintain ‘BUY’ with target price of Rs 420
INTERVIEW OF THE DAY: This is a wake-up call for investors to exit developed markets: Jan Dehn

Global equity markets had a rollercoaster ride last week. Jan Dehn, head of research at the London–based Ashmore Investment Management, tells Puneet Wadhwa that he remains bullish on India and suggests investors buy equities on any correction. READ MORE

Jan Dehn, Head of Research, Ashmore Investment Management

Protectionism, again: Joint action by stock exchanges raises concerns

The joint statement issued by three stock exchanges on Friday — deciding to immediately terminate the agreements for licensing indices and prices of Indian securities to foreign exchanges — raises concerns on several fronts. The action constitutes protectionism, which harms a market (Singapore Stock Exchange, or SGX) that has served global investors well. As with all protectionism, this decision favours one industry (the domestic securities industry) and harms the larger economy as the costs of foreign investment into India have just gone up. READ MORE
Apcotex Industries zooms 20% as Q3 profit rises more than double

Apcotex Industries zoomed 20% to Rs 562, also its all-time high on BSE in intra-day trade, after the company reported more than double net profit of Rs 133 million for the quarter ended December 2017 (Q3FY18). It had a profit of Rs 50 million during the same quarter in last fiscal.
 
Revenue during the quarter under review grew 20% at Rs 1,379 million against Rs 1,148 million in the corresponding quarter of previous fiscal. READ MORE

Markets Check

 
S&P BSE Sensex 34,179.37 0.51%
 
Nifty 50 10,505.90 0.49%
 
S&P BSE 200 4,612.73 0.65%
 
Nifty 500 9,323.00 0.78%
 
S&P BSE Mid-Cap 16,829.08 1.17%
 
S&P BSE Small-Cap 18,451.89 1.53%

Amara Raja Batteries surges 8% as Q3 profit beats estimate
 
Amara Raja Batteries has surged 8% to Rs 860 on BSE in intra-day trade after the company reported a better than expected 17% year-on-year (Y-o-Y) growth in net profit at Rs 1.98 billion for the quarter ended December 2017(Q3FY18), on back of higher volume growth.
 
Net revenue from operations during the quarter under review grew 17% at Rs 15.53 billion, against Rs 13.27 billion in the corresponding quarter of previous fiscal. READ MORE
Earnings improve, but not yet in high gear; India Inc net up 10.6% in Q3
 
A year after demonetisation-induced economic disruption, corporate earnings are yet to move into high gear as expected by the Street. Companies focused on the domestic market, especially consumer goods players, have recovered some of their mojo in the third quarter ended December 2017 (Q3FY18), but their numbers, too, fail to sizzle despite a favourable or low base-effect. Worse, on the cost side, higher energy and commodity prices have begun to bite domestic manufacturers, with companies reporting an increase in per unit cost of raw materials and energy. READ MORE
Bank of Baroda rallies 7% on improved operating performance
 
Bank of Baroda has rallied 7% to Rs 166 on BSE in intra-day trade after an improved operating performance in December quarter (Q3FY18).
 
The state-owned bank said its operating profit was Rs 36.50 billion during quarter ended Dec’17, thereby registering year-on-year (YoY) growth of 40.66%, driven by growth both in interest and fee income. The bank’s domestic credit registered Y-o-Y growth of 16.38% driven by retail loans growth of 33.37% and within retail loans, home loan growth of 44.33%. CLICK HERE FOR FULL STORY
Markets Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,149.99 +144.23 +0.42
 
S&P BSE SENSEX 50 10,949.46 +38.72 +0.35
 
S&P BSE SENSEX Next 50 34,755.67 +312.56 +0.91
 
S&P BSE 100 10,899.74 +48.02 +0.44
 
S&P BSE Bharat 22 Index 3,702.41 +17.67 +0.48

(Source: BSE)
ONGC up 3% post December quarter results
 
Oil and Natural Gas Corporation (ONGC) was trading 3% higher at Rs 195 on BSE in early morning trade after reporting a strong operating performance led by higher gas volume and oil realization for the quarter ended December 2017 (Q3FY18).
 
The company’s natural gas production saw an increase of 4.2% during the quarter under review to 6.277 billion cubic meter (BCM) as against 6.025 bcm during the same quarter in 2016. READ MORE
Earnings impact: SBI



Sectoral Trends


Sensex losers and gainers


Market at open
 
At 9:17 am, the S&P BSE Sensex was trading at 34,203, up 197 points while the broader Nifty50 was ruling at 10,526, up 71 points.
Street signs: Aster DM trades at 35% premium, CIL bucks the trend, and more
 
The turbulence in the market notwithstanding, shares of Aster DM Healthcare are commanding a 35% premium in the grey market. The hospital chain company’s Rs 9.8-billion IPO opens on Monday. The price band for the IPO is Rs 180 to Rs 190. “Aster DM has low debt and good track record. Also, the government’s thrust on the healthcare sector will benefit the company,” said a broker. Shares of another hospital chain Shalby, which listed in December, are currently trading at a 5% discount to their IPO price. READ MORE
Singapore Exchange may go for GIFT connect for strong India play
 
The Singapore Exchange (SGX) is looking to connect through Gujarat International Finance Tech (GIFT) City — an International Financial Service Centre (IFSC) in Gujarat — to continue with its strong India play. The move comes after the Indian bourses, including the National Stock Exchange (NSE), terminated their licensing of indices and data-feed agreements with their foreign counterparts.
 
The move has hit the Singapore bourse hard as the ‘SGX Nifty’ is currently one of the most-traded contracts on its platform. READ MORE
IIP and CPI inflation data today
 
Industrial and manufacturing production data for December month, and CPI inflation for January will be released on today. IIP growth in November jumped to 17-month high of 8.4% from 2% in October while Consumer Price Index inflation increased to 5.21% in December from 4.88% in previous month.
SBI posts Rs 24.16 billion quarterly loss for first time in nearly 19 years
 
State Bank of India (SBI), the country’s largest bank, posted a quarterly loss for the first time in nearly 19 years — of Rs 24.16 billion in the December quarter of 2017-18 — owing to a sizeable increase in provisioning for bad loans.
 
This came after the Reserve Bank of India (RBI) asked the lender to reclassify some corporate loans as non-performing assets (NPAs). READ MORE
Oil prices firm as stocks markets steady
 
Oil prices rose on Monday, steadying from steep losses as calmer stock markets found their footing after tumbling in last week’s chaotic trading.
 
Brent crude futures LCOc1 were at $63.20 per barrel, up 41 cents, or 0.7%, from the previous close.
Despite rebound, Wall St posts worst week in 2 yrs; more volatility likely

US stocks ended a wild week with a burst of buying, pushing the S&P 500 up 1.5% on Friday, but still recorded their worst week in two years, and investors braced for more volatile trading days ahead. READ MORE
SGX Nifty
 
SGX Nifty was trading at 10,493, up 0.3% from the previous close.
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