Markets end at new closing high, Nifty settles above 10,650; Infosys flat

Photo: Shutterstock
Benchmark indices end marginally but at new closing highs on Thursday with Nifty comfortably above the 10,650 levels led by blue chips like ICICI Bank and ONGC  

Coal India rose to its highest in 10 months after the company raised prices of non-coking coal across all its units. It expects an incremental revenue of about Rs 19.56 billion ($308 million) for the rest of the current fiscal year.

Investors, however,  remained wary as four senior sitting judges of the complain that Supreme Court as administration of the country's top court was not in order. 

At a hurriedly called press conference at the residence of Justice J Chelameswar, the No 2 in the apex court hierarchy, they said it was with "no pleasure" that they had been compelled to make public what they were upset with.

 
"Hallmark of democracy is independent and fair judiciary. We tried to convince Chief Justice that things are not in order. Unfortunately, our attempts failed," said Justice Chelameswar. "It is s with no pleasure that we have been compelled to do this, administration of SC is not in order," he said. "

Sentiment was also affected ahead of Infosys earnings later today and the federal budget next month.

Globally, Asian stocks resumed their ascent on Friday, supported by US earnings optimism and a rise in oil prices while the euro edged higher as the European Central Bank signalled an end to its massive stimulus.

3:50 PM IST Infosys Q3  Infosys retains FY18 CC revenue growth guidance of 5.5-6.5%

3:45 PM IST Infosys Q3 Dollar revenue at $2755 million

3:44 PM IST Infosys Q3  PAT at Rs 51.29 billion

3:43 PM IST Infosys ends flat ahead of Q3 results

3:40 PM IST Sectoral Trend

3:36 PM IST Sensex top gainers and losers

3:32 PM IST Markets at Close   The benchmark indices ended the day flat but at new closing highs on earnings optimism. The S&P BSE Sensex ended at 34,592, up 88 points while the broader Nifty50 index settled the day at 10,681, up 30 points

3:23 PM IST TCS bags $2 bn deal to transform Transamerica's insurance & annuities admin   Tata Consultancy Services (TCS) on Thursday announced that it has entered into an agreement with Transamerica, a leading provider of life insurance, retirement and investment solutions, to enable the transformation of administration of its US insurance and annuity business lines.   The partnership enables Transamerica to rapidly enhance its digital capabilities, simplify the service of more than 10 million policies into a single integrated modern platform, and drive greater sustainable growth opportunities through superior customer experiences. The multi-year agreement is worth more than $2 billion in revenues, and is expected to be completed by the second quarter of 2018. Read more

3:16 PM IST Logistics shares gain; Mahindra, Snowman, Future Supply hit 52-week high   Shares of logistics companies were in focus with trading higher by up to 10% in intra-day trade in otherwise range-bound market.   Mahindra Logistics, Tiger Logistics and Snowman Logistics up in the range of 8% to 9%, while Future Supply Chain Solutions, Patel Integrated Logistics, Blue Dart Express, Gati and Gateway Distriparks up between 1% and 3% on BSE. READ MORE

3:02 PM IST Budget bonanza: Govt likely to do away with dividend distribution tax   The finance ministry is likely to do away with the dividend distribution tax (DDT) in the upcoming Union Budget. Sources in the know have said there have been considerable discussions on the topic among various stakeholders.    At present, if a company gives dividend to its shareholders, it has to pay DDT of 20.36% (15% plus surcharge and cess).   Two stakeholders, who met Finance Minister Arun Jaitley and Finance Secretary Hasmukh Adhia separately for pre-Budget consultations, told Business Standard that the issue of DDT came up in the meetings that took place between industry representatives and Adhia. READ MORE

2:47 PM IST Earnings HT Media has reported a 36.1% growth in profit at Rs 1.24 billion for October-December quarter, compared to Rs 914 million in year-ago, driven by operational performance.   Revenue during the quarter declined 3.8% to Rs 6.25 billion from Rs 6.49 billion YoY while operating profit jumped 21.9% to Rs 1.34 billion and margin expanded to 21.53% from 17% YoY.  

2:32 PM IST Market Check S&P BSE Sensex 34,547.14 0.13%   Nifty 50 10,658.80 0.07%   S&P BSE 200 4,749.32 0.01%   Nifty 500 9,646.10 -0.04%   S&P BSE Mid-Cap 18,119.71 -0.26%   S&P BSE Small-Cap 19,987.86 0.02%

LIVE UPDATES

Infosys Q3 

Infosys retains FY18 CC revenue growth guidance of 5.5-6.5%
Infosys Q3

Dollar revenue at $2755 million
Infosys Q3 

PAT at Rs 51.29 billion
Infosys ends flat ahead of Q3 results


Sectoral Trend

Sensex top gainers and losers


Markets at Close
 
The benchmark indices ended the day flat but at new closing highs on earnings optimism. The S&P BSE Sensex ended at 34,592, up 88 points while the broader Nifty50 index settled the day at 10,681, up 30 points
TCS bags $2 bn deal to transform Transamerica's insurance & annuities admin
 
Tata Consultancy Services (TCS) on Thursday announced that it has entered into an agreement with Transamerica, a leading provider of life insurance, retirement and investment solutions, to enable the transformation of administration of its US insurance and annuity business lines.
 
The partnership enables Transamerica to rapidly enhance its digital capabilities, simplify the service of more than 10 million policies into a single integrated modern platform, and drive greater sustainable growth opportunities through superior customer experiences. The multi-year agreement is worth more than $2 billion in revenues, and is expected to be completed by the second quarter of 2018. Read more
Logistics shares gain; Mahindra, Snowman, Future Supply hit 52-week high
 
Shares of logistics companies were in focus with trading higher by up to 10% in intra-day trade in otherwise range-bound market.
 
Mahindra Logistics, Tiger Logistics and Snowman Logistics up in the range of 8% to 9%, while Future Supply Chain Solutions, Patel Integrated Logistics, Blue Dart Express, Gati and Gateway Distriparks up between 1% and 3% on BSE. READ MORE
Budget bonanza: Govt likely to do away with dividend distribution tax
 
The finance ministry is likely to do away with the dividend distribution tax (DDT) in the upcoming Union Budget. Sources in the know have said there have been considerable discussions on the topic among various stakeholders. 
 
At present, if a company gives dividend to its shareholders, it has to pay DDT of 20.36% (15% plus surcharge and cess).
 
Two stakeholders, who met Finance Minister Arun Jaitley and Finance Secretary Hasmukh Adhia separately for pre-Budget consultations, told Business Standard that the issue of DDT came up in the meetings that took place between industry representatives and Adhia. READ MORE
Earnings

HT Media has reported a 36.1% growth in profit at Rs 1.24 billion for October-December quarter, compared to Rs 914 million in year-ago, driven by operational performance.
 
Revenue during the quarter declined 3.8% to Rs 6.25 billion from Rs 6.49 billion YoY while operating profit jumped 21.9% to Rs 1.34 billion and margin expanded to 21.53% from 17% YoY.
 
Market Check

S&P BSE Sensex 34,547.14 0.13%
 
Nifty 50 10,658.80 0.07%
 
S&P BSE 200 4,749.32 0.01%
 
Nifty 500 9,646.10 -0.04%
 
S&P BSE Mid-Cap 18,119.71 -0.26%
 
S&P BSE Small-Cap 19,987.86 0.02%

JioCoin: Reliance planning own cryptocurrency, Akash Ambani to lead project
 
Reliance Jio is planning to create a cryptocurrency of its own called 'JioCoin', and will put together a young team of 50-odd professionals under Akash Ambani to kickstart the project, a Livemint report claims. The Ambani scion is reportedly interested in developing blockchain technology to aid the development of smart contacts and cryptocurrency payment-enabled supply chains.
Domestic pharmaceutical sales growth at eight year low, slips to 5.5%
 
Domestic pharmaceutical sales growth slipped to 5.5% in 2017, the lowest in last eight years as the business was impacted by GST roll out, delayed product approvals and inclusion of more products under price caps.
 
On an industry wide basis pharmaceutical companies recorded sales of Rs 1.16 trillion in 2017 which was 5.5% higher than the previous year. In 2016 industry wide sales grew 10.7 %to Rs 1.10 trillion, according to AIOCD-AWACS, the market research wing of All India Organisation of Chemists and Druggists (AIOCD).
 
Drug makers. however, are confident of revival in 2018 with launch of new products and increased market penetration though some experts believe that growth will be hinged on government policy actions. READ MORE


Equity mutual funds face 45% rise in redemptions during 2017 at Rs 1.9 trn
 
Redemptions at equity mutual funds (MFs) climbed in 2017 amid a sharp rally in stock prices. According to statistics provided by the Association of Mutual Funds in India (Amfi), units worth Rs 1.9 trillion of equity schemes were redeemed in 2017, an increase of 45 per cent from Rs 1.3 trillion redeemed in the preceding year.
 
The redemptions could be on account of a churn in portfolios by investors and also profit-taking by investors after huge appreciation seen in the market in the past four years. READ MORE
Here's why investors can't get enough of crude oil with $70 in sight
 
To really understand what’s helping push oil prices toward $70 a barrel, just follow the money.
 
Investors have piled into commodities markets in the last month as the most bullish oil market structure in years is buttressed by OPEC-led production cuts, strong global economic growth and a softer US dollar. With crude trading near a three-year high, here’s a look at how investors have increased their thirst for oil. READ MORE
Markets Trend


S&P BSE Sensex 34,431.36 -0.21%
 
Nifty 50 10,611.60 -0.37%
 
S&P BSE 200 4,732.69 -0.34%
 
Nifty 500 9,597.25 -0.55%
 
S&P BSE Mid-Cap 18,052.71 -0.63%
 
S&P BSE Small-Cap 19,891.44 -0.46%

Four SC judges come out against CJI, says protect SC to preserve democracy
 
In an unprecedented event, four senior sitting judges of the Supreme Court on Friday met the media to complain that the administration of the country's top court was not in order. At a hurriedly called press conference at the residence of Justice J Chelameswar, the No 2 in the apex court hierarchy, they said it was with "no pleasure" that they had been compelled to make public what they were upset with.
 
"Hallmark of democracy is independent and fair judiciary. We tried to convince Chief Justice that things are not in order. Unfortunately, our attempts failed," said Justice Chelameswar. "It is s with no pleasure that we have been compelled to do this, administration of SC is not in order," he said. "A couple of months back, four of us gave a signed letter to the CJI and we wanted a particular thing to be done in a particular manner. READ MORE
Indiabulls Real Estate extends gains on acquisition of commercial building
 
Indiabulls Real Estate was up 3% to Rs 263 on BSE after the company entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building in Gurugram. The stock is trading close to its 52-week high of Rs 270 touched on August 7, 2017 in intra-day deal.
 
“The company through its wholly-owned subsidiary, Yashita Buildcon, has on January 11, 2018, entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of approx 2.5 lac sq ft in Gurugram,” Indiabulls Real Estate said in a statement. READ MORE
Quarterly results preview: Retailers may post an average of 15.4% growth
 
Four major retailers are expected to post an average of 15.4 per cent annual growth in net sales for the quarter ended December, besides a 41.6 per cent rise in Ebitda (earnings before interest, tax, depreciation and amortisation).
 
Their earnings for the quarter have the advantage of a favourable base, as the quarter a year before saw a hit due to demonetisation. Though the quarter was impacted by an early onset of the festive season (in the September quarter), there was a pick-up in sales in November, owing to the wedding season. A dip in demand in early December was offset by an early end of season sale (EOSS) starting December 22. READ MORE
Top Sensex gainers and losers


Dish TV re-evaluates Videocon d2h merger deal; stock falls 8%
 
Dish TV India has dipped 8% to Rs 77 on the National Stock Exchange (NSE) in intra-day trade after the company said that it is evaluating the impact of reported insolvency proceedings initiated against certain entities of the Videocon group on its proposed merger with Videocon d2h. Read more
Sectoral Trend

Equity mutual funds face 45% rise in redemptions during 2017 at Rs 1.9 trn
 
Redemptions at equity mutual funds (MFs) climbed in 2017 amid a sharp rally in stock prices. According to statistics provided by the Association of Mutual Funds in India (Amfi), units worth Rs 1.9 trillion of equity schemes were redeemed in 2017, an increase of 45% from Rs 1.3 trillion redeemed in the preceding year.
 
The redemptions could be on account of a churn in portfolios by investors and also profit-taking by investors after huge appreciation seen in the market in the past four years. Click here for full story
HSBC Holdings hires from Goldman Sachs, JPMorgan to revamp Asia equities
 
HSBC Holdings Plc made a slew of hires from rivals including Goldman Sachs Group Inc, as the bank revamps its equities business in the Asia-Pacific region and expands a nascent majority-owned securities venture in China, people familiar with the matter said.
 
Among the recent additions are Michael Parry, who joined from Goldman Sachs as a director focused on Asian equity sales, the people said, asking not to be identified. Other hires include Liu Kang, who was at Goldman Sachs’s Chinese partner Beijing Gao Hua Securities Co, and Jimmy He, who joined HSBC's equity sales team from China International Capital Corp last month, the people said. Both Liu and He will focus on the mainland, they added. Read more


Market Check


S&P BSE Sensex 34,579.71 0.22%
 
Nifty 50 10,671.55 0.19%
 
S&P BSE 200 4,760.84 0.25%
 
Nifty 500 9,672.35 0.23%
 
S&P BSE Mid-Cap 18,200.63 0.18%
 
S&P BSE Small-Cap 20,115.60 0.66%

S&P BSE Sensex 34,579.71 0.22%
 
Nifty 50 10,671.55 0.19%
 
S&P BSE 200 4,760.84 0.25%
 
Nifty 500 9,672.35 0.23%
 
S&P BSE Mid-Cap 18,200.63 0.18%
 
S&P BSE Small-Cap 20,115.60 0.66%

IndusInd Bank: A strong growth in core operations overshadows jump in NPAs
 
Not known for disappointing the Street, IndusInd Bank’s December quarter (Q3) results were an aberration. Even as net interest income (NII) at Rs 18.95 billion registered a decent 20% growth year-on-year, it was marginally lower than the Street's expectation.
 
Net profit of Rs 9.36 billion was, however, in line with estimates. While this doesn’t justify the correction of over 2% seen in IndusInd Bank stock post results, for investors accustomed to seeing NII growth of 25–30% in the past, the Q3 show is a let-down. Read more

IndusInd Bank

Ministry of Corporate Affairs to review Sebi's Price Waterhouse order
 
The corporate affairs ministry (MCA) will examine markets regulator Securities and Exchange Board of India’s (Sebi’s) order against audit major Price Waterhouse in the Satyam Computer Services case, Union Minister P P Chaudhary said on Thursday.
 
On Wednesday, Sebi barred Price Waterhouse’s network entities from issuing audit certificates to any listed firm in India for two years after finding the audit major guilty in the multi-crore Satyam scam.
 
Besides, the regulator has directed disgorgement of over Rs 130 million wrongful gains by the audit major and its two erstwhile partners who worked on the IT major's accounts. READ MORE
Bitcoin set for worst weekly slide since 2015 as scrutiny rises
 
Bitcoin slumped again on Friday, leaving the largest cryptocurrency heading for its worst weekly performance in three years as regulators around the world step up scrutiny out of concerns ranging from investor losses to strains on power systems.
 
Bitcoin was trading at $13,019 as of 8.24 a.m. Hong Kong time, putting it on track for a 22% slide this week, the deepest since January 2015, according to Bloomberg composite pricing. The token is down about 33 per cent from its mid-December peak, which came just after the introduction of futures trading on regulated exchanges in Chicago. Read more

Photo: Reuters

Infosys Q3 results today
 
Infosys Technologies, the country’s second-largest software services firm, is scheduled to report its earnings for the September-December quarter on Friday. This quarterly earnings report of the company will be keenly watched for the guidance it gives under its new chief executive officer (CEO) Salil Parekh.
 
In terms of earnings, if analyst estimates are anything to go by, Infosys’ third-quarter show could be rather tepid.
 
Click here’s to find how top brokerages expect Infosys to perform in the Q3
Earnings Impact: TCS


Sectoral Trend

Source: NSE

Top Sensex gainers and losers

Source: BSE

Markets at open

The benchmark indices opened at fresh high on earnings optimism. At 9:17 am ,the S&P BSE Sensex was trading at 34,614, up 110 points while the broader Nifty50 index was ruling at 10,684, up 33 points
Top trading ideas by Prabhudas Lilladher
 
BUY GLENMARK PHARMA
CMP : Rs 627
TARGET : Rs 690
STOP LOSS : Rs 600
 
The stock has recovered significantly from the bottom made at 530 levels and with a short consolidating phase at around 600 levels, it has formed a positive candle pattern in the daily chart to signify strength and potential to rise further with a positive bias. It has also moved above the significant moving average of 144WMA and has got more steam to produce further gains.
Nifty outlook by Prabhudas Lilladher
 
Nifty has been making new highs closing just above the 10,650 mark and as said earlier, a decisive breakout above the 10,650-10,670 barrier would bring about a fresh round of rally. The midcap and smallcap chart is also showing a revival after the short pause and we anticipate a good move again with a postive bias. However, the support for the day is seen at 10,600 while the resistance would be at 10,700 levels.
TCS Q3 net profit dips 4% to Rs 65.45 billion, meets Street target
 
The third quarter net profit of Tata Consultancy Services (TCS) dipped 3.9 per cent year-on-year to Rs 65.45 billion, while its revenues grew 2.7 per cent to Rs 317.7 billion as the software bellwether met Street expectations.
 
The in-line performance in a seasonally soft quarter was on the back of large deals and increasing contribution in digital verticals from clients such as Nielsen and Rolls Royce. Read more

Photo: @TCS_News

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India. Nifty futures were trading around 10,697-level, up 39 points on the Singaporean Exchange
Global stocks resume ascent on earnings hopes

Asian stocks resumed their ascent on Friday, supported by US earnings optimism and a rise in oil prices while the euro edged higher as the European Central Bank signalled an end to its massive stimulus.
 
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%, following two straight sessions of decline. Japan’s Nikkei dipped 0.1%.
 
MSCI’s broadest gauge of the world’s stock markets also hit a record high on Thursday, having risen in seven of the eight business days so far this year for a total increase of 3.3%.
US markets rise with oil prices, earnings optimism
 
Wall Street closed at record highs on Thursday as rising oil prices lifted energy stocks and investors bet on a strong US corporate earnings season.
 
The Dow Jones Industrial Average rose 205.6 points, or 0.81%, to 25,574.73, the S&P 500 gained 19.33 points, or 0.70%, to 2,767.56 and the Nasdaq Composite added 58.21 points, or 0.81% , to 7,211.78.
 
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