Sensex ends above 34,500 for first time ever, Nifty at fresh closing high

Benchmark indices ended at record closing highs on Thursday as investors remained optimistic ahead of key corporate earnings later this week and the federal budget next month.

The New Year rally in Asian shares ran out of steam on Thursday as concerns about the US administration’s protectionist stance hit Wall Street while US bonds were dented by speculation China may curtail buying.

Finance Minister Arun Jaitley is expected to present the budget for the 2018/19 financial year on Feb 1, amid investor concerns that the government could unveil some populist measures with heavier spending than this year.

Key corporate earnings will kick off this week. Tata Consultancy Services is due to post December-quarter results later today, followed by Infosys tomorrow. 

3:40 PM IST Nifty IT up 0.4% ahead of TCS Earnings Source: NSE

3:38 PM IST Sectoral Trend Source: NSE

3:36 PM IST Top Sensex gainers and losers Source: BSE

3:34 PM IST Broader Markets Among broader markets, BSE Smallcap index also ended at a fresh high, up 0.4% while BSE Midcap was up 0.3%

3:33 PM IST Markets at Close The Benchmark indices ended at fresh closing highs as investors remained optimistic about the Q3 earnings season and the upcoming budget. The S&P BSE Sensex ended the day at 34,503, up 70 points while the broader Nifty50 index settled the day at 10,651, up 19 points

3:21 PM IST Dream of being a bitcoin millionaire? Things to know about cryptos in India   Bitcoin, the most talked about cryptocurrency, entered the tenth year of its existence last week. While the world grapples with its meteoric rise and attendant risks -- from fears of a bubble to its use by unsavoury entities (especially the North Korean regime) -- a large number of Indians have taken a shine to cryptocurrencies, with reportedly 2.5 million registered traders and Rs 178 billion (Rs 17,800 crore) worth of them having been traded.   In fact, according to information shared in the Rajya Sabha during the winter session, India accounts for "more than 11 per cent" of the global trade in cryptocurrencies like bitcoin and ethereum.   Click here to know about bictcoins and cryptocurrencies in India

3:11 PM IST Bank of India fundraising Public sector lender Bank of India today said its Board will meet on January 20 to consider raising funds. The bank also said it has received capital infusion of Rs 2,257 crore from the government.   "A meeting of the Board of Directors has been scheduled for January 20, to consider capital raising plans by the bank," Bank of India (BOI) said in a BSE filing.

3:00 PM IST Market Check Index Current Pt. Change % Change   S&P BSE SENSEX 34,462.55 +29.48 +0.09   S&P BSE SENSEX 50 11,105.98 +6.70 +0.06   S&P BSE SENSEX Next 50 37,561.61 +31.81 +0.08   S&P BSE 100 11,171.01 +7.20 +0.06   S&P BSE Bharat 22 Index 3,806.94 -10.56 -0.28

2:48 PM IST Budget 2018: Expecting a greater spend on healthcare, says Biocon chairman   Biocon chairman Kiran Majumdar Shaw on Wednesday said that she expects a greater spend on healthcare from the government in Union Budget 2018-19.   "I would like to see a greater spend on healthcare as here we have stagnated at below one percent GDP levels. For a country like India which is trying to aim to deliver universal healthcare we will need to treble this investment in healthcare," Shaw told ANI.   She also said that the country has affordable access to healthcare, but the need of the hour is a greater investment in this sector. READ MORE

2:32 PM IST Passenger vehicle sales rise 5.22 per cent in December; car sales slip   Domestic passenger vehicle sales rose 5.22 per cent to 2,39,712 units in December from 2,27,823 units in December 2016.   Domestic car sales, however, declined marginally to 1,58,326 units as against 1,58,617 units in December 2016, according to the data released by the Society of Indian Automobile Manufacturers (SIAM).   Motorcycle sales last month rose 40.31 per cent to 7,88,156 units as against 5,61,710 units a year earlier.   Total two-wheeler sales in December rose 41.45 per cent to 12,87,592 units compared to 910,276 units in the year-ago month. READ MORE

2:16 PM IST Income Tax dept attaches 900 benami properties worth over Rs 35 billion   The Income Tax (I-T) Department on Thursday said it has attached more than 900 benami properties including flats, shops, jewellery and vehicles worth over Rs 35 billion.   I-T Department said in a statement that it has stepped up action under the Prohibition of Benami Property Transactions Act, which came into force from November 1, 2016.   The Act provides for provisional attachment and subsequent confiscation of benami properties, whether movable or immovable. READ MORE

2:01 PM IST IndusInd Bank Q3 PAT at Rs 936 cr vs Rs 751 cr, up 24.6% YoY NII at Rs 1,895 cr vs Rs 1,578 cr, up 20.1% YoY

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Nifty IT up 0.4% ahead of TCS Earnings

Source: NSE

Sectoral Trend

Source: NSE

Top Sensex gainers and losers

Source: BSE

Broader Markets

Among broader markets, BSE Smallcap index also ended at a fresh high, up 0.4% while BSE Midcap was up 0.3%
Markets at Close

The Benchmark indices ended at fresh closing highs as investors remained optimistic about the Q3 earnings season and the upcoming budget.

The S&P BSE Sensex ended the day at 34,503, up 70 points while the broader Nifty50 index settled the day at 10,651, up 19 points
Dream of being a bitcoin millionaire? Things to know about cryptos in India
 
Bitcoin, the most talked about cryptocurrency, entered the tenth year of its existence last week. While the world grapples with its meteoric rise and attendant risks -- from fears of a bubble to its use by unsavoury entities (especially the North Korean regime) -- a large number of Indians have taken a shine to cryptocurrencies, with reportedly 2.5 million registered traders and Rs 178 billion (Rs 17,800 crore) worth of them having been traded.
 
In fact, according to information shared in the Rajya Sabha during the winter session, India accounts for "more than 11 per cent" of the global trade in cryptocurrencies like bitcoin and ethereum.
 
Click here to know about bictcoins and cryptocurrencies in India
Bank of India fundraising

Public sector lender Bank of India today said its Board will meet on January 20 to consider raising funds. The bank also said it has received capital infusion of Rs 2,257 crore from the government.
 
"A meeting of the Board of Directors has been scheduled for January 20, to consider capital raising plans by the bank," Bank of India (BOI) said in a BSE filing.
Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,462.55 +29.48 +0.09
 
S&P BSE SENSEX 50 11,105.98 +6.70 +0.06
 
S&P BSE SENSEX Next 50 37,561.61 +31.81 +0.08
 
S&P BSE 100 11,171.01 +7.20 +0.06
 
S&P BSE Bharat 22 Index 3,806.94 -10.56 -0.28

Budget 2018: Expecting a greater spend on healthcare, says Biocon chairman
 
Biocon chairman Kiran Majumdar Shaw on Wednesday said that she expects a greater spend on healthcare from the government in Union Budget 2018-19.
 
"I would like to see a greater spend on healthcare as here we have stagnated at below one percent GDP levels. For a country like India which is trying to aim to deliver universal healthcare we will need to treble this investment in healthcare," Shaw told ANI.
 
She also said that the country has affordable access to healthcare, but the need of the hour is a greater investment in this sector. READ MORE
Passenger vehicle sales rise 5.22 per cent in December; car sales slip
 
Domestic passenger vehicle sales rose 5.22 per cent to 2,39,712 units in December from 2,27,823 units in December 2016.
 
Domestic car sales, however, declined marginally to 1,58,326 units as against 1,58,617 units in December 2016, according to the data released by the Society of Indian Automobile Manufacturers (SIAM).
 
Motorcycle sales last month rose 40.31 per cent to 7,88,156 units as against 5,61,710 units a year earlier.
 
Total two-wheeler sales in December rose 41.45 per cent to 12,87,592 units compared to 910,276 units in the year-ago month. READ MORE
Income Tax dept attaches 900 benami properties worth over Rs 35 billion
 
The Income Tax (I-T) Department on Thursday said it has attached more than 900 benami properties including flats, shops, jewellery and vehicles worth over Rs 35 billion.
 
I-T Department said in a statement that it has stepped up action under the Prohibition of Benami Property Transactions Act, which came into force from November 1, 2016.
 
The Act provides for provisional attachment and subsequent confiscation of benami properties, whether movable or immovable. READ MORE
IndusInd Bank Q3

PAT at Rs 936 cr vs Rs 751 cr, up 24.6% YoY
NII at Rs 1,895 cr vs Rs 1,578 cr, up 20.1% YoY


Bharti Infratel downgrade cycle likely to continue over next three quarters
 
The de-rating and downgrade cycle for Bharti Infratel which started a month before is expected to continue over the next three quarters. December quarter numbers will give an idea of the pressure the company faces, given tenancy losses from RCom's wireless business exit and shutdown of operations by Aircel in six circles.
 
Revenue growth is expected to be flat on a sequential basis. This will continue in the March quarter as Aircel curtails operations. READ MORE
Jai Corp hits 8-year high as RIL's Mukesh Ambani eyes stake in NMSEZ
 
Jai Corp hit an eight year high of Rs 223, up 10% on BSE in intra-day trade after the media report suggested that Reliance Industries’ (RIL) Mukesh Ambani in talks to buy out the company’s 24% stake in Navi Mumbai Special Economic Zone (NMSEZ). The stock is trading at its highest level since January 5, 2011.
 
“RIL Chairman Mukesh Ambani, through his personal investment firms, is in talks to buy out Jai Corp’s 24% stake in NMSEZ. If the deal goes through, Ambani will be the largest shareholder of the NMSEZ with a 48.1% stake,” the Business Standard reported. READ MORE
Axis Mutual Fund highlights benefits of equity-linked savings schemes
 
With 2017 coming to an end and the salaried as well as the self-employed looking to make last-minute investments to save tax, Axis Mutual Fund has launched a campaign promoting its ELSS (equity linked savings scheme) offering.

The company has rolled out a digital campaign titled “Khushi ke aasun” (Tears of joy) encouraging potential investors to park their hard-earned money in ELSS to not only save tax but also turn their money into wealth. READ MORE
Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,552.59 +119.52 +0.35
 
S&P BSE SENSEX 50 11,131.90 +32.62 +0.29
 
S&P BSE SENSEX Next 50 37,699.36 +169.56 +0.45
 
S&P BSE 100 11,199.70 +35.89 +0.32
 
S&P BSE Bharat 22 Index 3,815.30 -2.20 -0.06

GE Power India hits 52-week high on order win of Rs 8,183 million
 
GE Power India hits 52-week high of Rs 915, up 7.4% on BSE in intra-day trade, after the company said it has received an order worth of Rs 8,183 million from Navayuga Engineering Company.
 
“The company has been awarded a contract worth approximately Rs 8,183 million (i.e. approximately US $ 126 million) by Navayuga Engineering Company,” GE Power India said in a statement.
 
The order is to design, engineering, manufacturing, supply, erection, testing and commissioning of 12 Nos., 80 MW capacity vertical full kaplan turbine generator units along with all associated auxiliary and ancillary equipment, it added. READ MORE
Sectoral Trend

Source: NSE

Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,458.16 +25.09 +0.07
 
S&P BSE SENSEX 50 11,105.48 +6.20 +0.06
 
S&P BSE SENSEX Next 50 37,704.58 +174.78 +0.47
 
S&P BSE 100 11,177.74 +13.93 +0.12
 
S&P BSE Bharat 22 Index 3,809.11 -8.39 -0.22

BSE Smallcap index hits new high; crosses 20,000 mark
 
The S&P BSE Smallcap index hit a new high, crossing 20,000 marks on BSE on Thursday, after a strong rally in information technology (IT), construction, metals, textiles, auto ancillaries and chemical stocks.
 
The smallcap index hit a new high of 20,062, surpasses its previous high of 19,997 recorded on Wednesday in intra-day trade.
 
Uttam Galva Steels, JVL Agro Industries, Gujarat Ambuja Exports, Ducon Infratechnologies, Quick Heal Technologies, India Nippon Electricals, Jayant Agro Organics, Morepen Laboratories and Kiri Industries from the BSE smallcap index were up in the range of 8% to 15% on BSE. READ MORE
IDFC Bank busy battling bad loans; reaching scale still a long journey
 
IDFC Bank has been in news quite often in the last six months, mostly in connection with the bank acquiring a non-banking finance company (NBFC). Latest reports suggest that the bank could be looking at Capital First from an acquisition perspective.
 
Analysts say they would watch out for the bank’s board meeting on January 18. “The past has seen the bank being open to acquisitions, given its attempt with the Shriram deal. READ MORE
Easing of spectrum norms to speed up consolidation, telecos to benefit
 
The easing of spectrum norms, if approved by the Union Cabinet, is expected to help speed up the consolidation process and will be beneficial to both incumbents and Reliance Jio. The Telecom Regulatory Authority of India (Trai) has recommended that a cap of 50 per cent on spectrum held by telcos within a particular band should be removed. Read More
India Nippon Electricals surges 10% on stock split, interim dividend plan
 
India Nippon Electricals surged 10% to Rs 1,200 on BSE in early morning trade after the company said that its board will consider stock split and interim dividend.
 
A meeting of the board of directors of the company will held on Monday the January 29, 2018 to consider the proposal of sub-division of equity shares of the company.
 
“The board will also consider unaudited financial results of the company for the quarter ended 31st December 2017 and payment of an interim dividend for the year ending 31st March 2018,” India Nippon Electricals said in a statement. READ MORE
Fundraising by equity NFOs hit 10-year high of Rs 223 billion in 2017
 
Fundraising by new offers in the equity segment of the mutual fund (MF) industry hit a 10-year high of Rs 223.33 billion in 2017. The average fund raised per new fund offer (NFO), at nearly Rs 3.8 billion, was also the highest since 2008. Equity NFOs’ contribution to overall equity MF sales is on the rise. Interestingly, of the total inflows in the equity segment during 2017, NFOs contributed 14.7 per cent — a significant jump from 4.6 per cent seen in 2016.
 
This essentially means that flows through NFOs are gaining momentum and there is an available market for the success of such products — which were almost on the brink of extinction in 2011-12. Last year saw a strong comeback by equity NFOs. Though in absolute terms, their numbers were lesser at 59 compared with what was seen in 2014 at 75, the quantum of money was high, which led to a substantial funds flow through this route. READ MORE
Earnings Preview: Top things Dalal Street will watch out for in TCS Q3
 
IT major Tata Consultancy Services (TCS) will be the first IT company to announce its third-quarter earnings on Thursday. The stock was trading flat in intra-day deals today after rallying nearly 4% on Wednesday ahead of numbers.
 
As it is seasonally a weak quarter for IT companies due to implications of US tax reform and potential changes to visa rules in US, analysts expect revenue growth to be muted.
 
Click here for the top things to watch out for
Som Distilleries zooms over 30% in two days on Porinju Veliyath stake buy
 
Som Distilleries & Breweries hit 52-week high of Rs 263, up 12% on the National Stock Exchange (NSE) in early morning trade, extending its Wednesday’s 20% rally, after Porinju Veliyath along with Equity Intelligence India bought more than 2% stake in the company through open market.
 
On Wednesday, January 10, 2018, Porinju Veliyath and Equity Intelligence India had collectively bought 650,000 shares representing 2.4% stake in Som Distilleries & Breweries through block deals on NSE, the exchange data shows. READ MORE
Here's why billionaire Warren Buffett will never invest in cryptocurrencies
 
Berkshire Hathaway’s Warren Buffett said on Wednesday he will never invest in cryptocurrencies.
 
“I can say almost with certainty that cryptocurrencies will come to a bad end,” Buffett told CNBC in an interview.
 
Buffett’s comments come a day after JPMorgan & Chase Chief Executive Jamie Dimon said he regrets calling bitcoin a fraud, referring to comments he made at a banking conference in September. READ MORE
9 years after Satyam scam, Price Waterhouse banned from audit for 2 years
 
The Securities and Exchange Board of India (Sebi) late on Wednesday banned Price Waterhouse (PW) from providing audit services to listed companies and market intermediaries for two years in the Satyam fraud case. Two PW partners have been banned for three years.
 
The regulator also imposed a disgorgement of Rs 130.9 million on Price Waterhouse, and two of its chartered accountants — S Gopalakrishnan and Srinivas Talluri. The three entities also have to pay 12 per cent interest on the disgorgement amount since January 7, 2009, in 45 days from the date of the order. READ MORE
Ahead of Earnings: Infosys


Sectoral Trend

Source: NSE

Top Sensex gainers and losers

Source: BSE

Broader Markets

Broader Markets were trading in line with the benchmark indices with NSE Midcap and BSE Smallcap down 0.03% and 0.09% respectively
Markets at Open

At 9:17 am, the S&P BSE Sensex was trading at 34,427, down 6 points while the broader Nifty50 was ruling at 10,622 down 9 points
BSE and NSE to launch new IRF contracts from today
 
BSE and NSE will launch a new interest rate futures (IRF) contracts offering 7.17 percent yield on government bonds, from Thursday. The 10-year-bencmark bonds would mature on January 8, 2028, BSE and NSE said in separate circulars.
Focus on jobs, farms, and fiscal consolidation: Economists tell PM
 
Fixing agricultural issues, generation of jobs, and fiscal consolidation dominated the deliberations at a pre-Budget meeting on Wednesday between Prime Minister Narendra Modi, his Cabinet colleagues, and economists and sectoral experts. In the day-long meeting, attended also by Finance Minister Arun Jaitley, economists suggested that the fiscal consolidation road map be adhered to, even as corporation tax be reduced from the current rate of 30 per cent.
 
Economists also favoured the reimposition of the long-term capital gains (LTCG) tax on listed securities and mutual funds, and the extension of the holding period of short-term capital gains (STCG) tax to three years from a year. They also wanted the Budget to have a fresh strategy on disinvestment, sources said. READ MORE
Top trading ideas by Prabhudas Lilladher
 
BUY INDIA CEMENTS 
CMP: Rs 193 
TARGET: Rs 220 
STOP LOSS: Rs 182
 
The stock has moved significantly in the recent past and has made a new high and with the stock moving above the 200 DMA, there is still more upside potential remaining and it can scale upto 220-225 levels. The indicators has been favourable with a positive bias and with rising volume activity witnessed, we recommend a buy in this stock for an upside target of 220 keeping a stop loss of 182. 

Click here for more
 
Nifty outlook by Prabhudas Lilladher
 
Nifty has been resisting at 10,650 levels and now a consolidation between the range of 10,650 and 10,580 can be witnessed and fresh upside movement can be confirmed only if it decisively gives a breakout above the 10,650 levels. However, the support for the day is seen at 10,580 while the resistance would be at 10,690 levels. READ MORE
Run-up to Budget 2018-19: India's medium-term fiscal outlook under a cloud
 
It is now increasingly looking unlikely that the Centre will be able to meet its targets for key macroeconomic variables for 2017-18, as detailed in the medium-term fiscal road map last year. This, in turn, will impact the government’s ability to meet the 2018-19 targets as well.
 
First, economic growth has dipped in the current financial year. It is unlikely to pick up sharply in FY19, as the economy struggles to deal with the twin shocks of demonetisation and the goods and services tax (GST). READ MORE
Crude prices rise
 
Crude oil prices jumped on Wednesday and settled near three-year highs after US government data showed a drop in crude inventories and production, though the fall in the latter could be the result of extreme cold temperatures across the United States.
 
US West Texas Intermediate (WTI) crude futures traded at $63.47 per barrel, after hitting a high of $63.67 in the previous session, their loftiest level since December 2014.
Asian shares step back from New Year rally
 
The New Year rally in Asian shares ran out of steam on Thursday as concerns about the US administration’s protectionist stance hit Wall Street while US bonds were dented by speculation China may curtail buying.
 
MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.1% in early trade, slipping further from Tuesday’s 10-year peak. Japan’s Nikkei lost 0.6%.
US Markets end lower
 
The three major US stock indexes ended lower on Wednesday after a choppy trading session as investors worried that China would slow US government bond purchases and that U.S. President Donald Trump would end a key trade agreement.
 
The Dow Jones Industrial Average fell 16.67 points, or 0.07%, to 25,369.13, the S&P 500 lost 3.06 points, or 0.11%, to 2,748.23 and the Nasdaq Composite dropped 10.01 points, or 0.14%, to 7,153.57.
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