Sensex ends flat, Nifty settles above 10,300 as oil steadies; ITC down 2%

Benchmark indices ended flat as oil prices fell overnight after they hit a more than two-year high earlier in the week.

Oil prices settled slightly lower on Wednesday after U.S. government data showed rising domestic crude production, a surprise build in US stockpiles and a decline in monthly Chinese crude imports, a triple blow that was offset somewhat by rising tensions in the Middle East.

Back home, GST (goods and services tax) Council is likely to slash the indirect tax rates on as many as 165 items at its meeting in Guwahati, which begins later today. At present, these 165 items attract 28% tax, which could be moved to the 18% category. 

3:48 PM IST Market rundown by Vinod Nair, Head of Research at Geojit Financial Services "Market extended the consolidation phase on profit booking. However, renewed buying in consumer durables restricted further fall in the market on expectation of reducing taxes for product coming under 28% GST tax bracket. Albeit, investors are watchful ahead of key domestic macros CPI inflation & IIP data and global oil price fluctuation to get the direction."    

3:43 PM IST Biggest Sectoral Loser: Nifty Pharma Source: NSE

3:40 PM IST Top Sectoral gainer: Nifty PSU Banks Source: NSE

3:38 PM IST Sectoral Trend Source: NSE

3:37 PM IST Top Sensex gainers and losers Source: BSE

3:35 PM IST Broader Markets In broader markets, the BSE Midcap and BSE Smallcap indices outperformed benchmark indices, ending 1% and 0.7% up for the day

3:34 PM IST Markets at Close Benchmark indices ended flat as oil prices fell overnight after they hit a more than two-year high earlier in the week. The S&P BSE Sensex ended at 33,250, up 32 points while the broader Nifty50 index settled at 10,308, up 5 points

3:16 PM IST Vakrangee, Petronet LNG hit new highs; Page Industries crosses Rs 22,000   Page Industries, Vakrangee, Petronet LNG, ITD Cementation, Larsen & Toubro Infotech, Rain Industries and Indian Bank were among 15 stocks from the S&P BSE 500 index hitting their respective new highs on the BSE in an otherwise subdued market. These companies have reported a good set of numbers for the quarter ended September 2017 (Q2FY18). READ MORE

3:02 PM IST Market Check Index Current Pt. Change % Change   S&P BSE SENSEX 33,206.91 -11.90 -0.04   S&P BSE SENSEX 50 10,730.51 -1.37 -0.01   S&P BSE SENSEX Next 50 35,506.65 +108.92 +0.31   S&P BSE 100 10,754.09 +4.19 +0.04   S&P BSE Bharat 22 Index 3,745.01 -11.52 -0.31

2:47 PM IST Tata Motors earnings Commercial and passenger vehicle maker Tata Motors has reported a robust three-fold growth in profit for July-September quarter, driven by better-than-expected JLR's operational perormance.   Profit during the quarter increased to Rs 2,501.67 crore, from Rs 848.16 crore in same quarter last fiscal.

2:25 PM IST Ashok Leyland falls Ashok Leyland fell over 2% intraday as investors reacted to the company’s September quarter earnings, which missed estimates.   The company reported a gain of 13.5 percent in the net profit at Rs 334.2 crore against Rs 294.4 crore year on year. Revenues for the firm came in 30.8 percent higher at Rs 6,047 crore against Rs 4,622.4 crore reported in the same quarter last year.

2:14 PM IST Slips in trade Cadila Healthcare shares lost as much as 5.6% after Credit Suisse has downgraded the stock to neutral and slashed target price to Rs 465 per share.

LIVE UPDATES

Market rundown by Vinod Nair, Head of Research at Geojit Financial Services

"
Market extended the consolidation phase on profit booking. However, renewed buying in consumer durables restricted further fall in the market on expectation of reducing taxes for product coming under 28% GST tax bracket. Albeit, investors are watchful ahead of key domestic macros CPI inflation & IIP data and global oil price fluctuation to get the direction."
 
 
Biggest Sectoral Loser: Nifty Pharma

Source: NSE

Top Sectoral gainer: Nifty PSU Banks

Source: NSE

Sectoral Trend

Source: NSE

Top Sensex gainers and losers

Source: BSE

Broader Markets

In broader markets, the BSE Midcap and BSE Smallcap indices outperformed benchmark indices, ending 1% and 0.7% up for the day
Markets at Close

Benchmark indices ended flat as oil prices fell overnight after they hit a more than two-year high earlier in the week.

The S&P BSE Sensex ended at 33,250, up 32 points while the broader Nifty50 index settled at 10,308, up 5 points
Vakrangee, Petronet LNG hit new highs; Page Industries crosses Rs 22,000
 
Page Industries, Vakrangee, Petronet LNG, ITD Cementation, Larsen & Toubro Infotech, Rain Industries and Indian Bank were among 15 stocks from the S&P BSE 500 index hitting their respective new highs on the BSE in an otherwise subdued market. These companies have reported a good set of numbers for the quarter ended September 2017 (Q2FY18). READ MORE
Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,206.91 -11.90 -0.04
 
S&P BSE SENSEX 50 10,730.51 -1.37 -0.01
 
S&P BSE SENSEX Next 50 35,506.65 +108.92 +0.31
 
S&P BSE 100 10,754.09 +4.19 +0.04
 
S&P BSE Bharat 22 Index 3,745.01 -11.52 -0.31

Tata Motors earnings

Commercial and passenger vehicle maker Tata Motors has reported a robust three-fold growth in profit for July-September quarter, driven by better-than-expected JLR's operational perormance.
 
Profit during the quarter increased to Rs 2,501.67 crore, from Rs 848.16 crore in same quarter last fiscal.
Ashok Leyland falls

Ashok Leyland fell over 2% intraday as investors reacted to the company’s September quarter earnings, which missed estimates.
 
The company reported a gain of 13.5 percent in the net profit at Rs 334.2 crore against Rs 294.4 crore year on year. Revenues for the firm came in 30.8 percent higher at Rs 6,047 crore against Rs 4,622.4 crore reported in the same quarter last year.
Slips in trade

Cadila Healthcare shares lost as much as 5.6% after Credit Suisse has downgraded the stock to neutral and slashed target price to Rs 465 per share.
Top Sensex gaienrs and losers

Source: BSE

2 L&T Group stocks hit 52-week highs
 
Shares of two Larsen & Toubro (L&T) Group companies – Larsen & Toubro Infotech (LTI) and L&T Technology Services (LTTS) – hit their respective 52-week highs on the BSE in an otherwise subdued market.
 
LTI is a global technology consulting and digital solutions company, while LTTS focuses on engineering and R&D (ER&D) services. READ MORE
Markets check

At 1:05 pm, the S&P BSE Sensex was trading at 33,159, down 59 points, while the broader Nifty50 was ruling at 10,282, down 21 points.
HDFC Securities on Bharat Forge
 
Valuations play villian
 
Bharat Forge’s (BHFC) 2QFY18 topline performance was in-line with expectations, while margins came in higher, owing to operating efficiencies.  While the North American and European truck demand may be on an upswing, management has guided for a stable, if not higher, industrial segment performance. BHFC’s strategies for Aerospace, Defense and new components for EVs and hybrid cars provide reason for optimism. However, profit growth will be visible only from FY20E. Despite strong domestic MHCV industry growth in 2QFY18, BHFC’s domestic revenue does not reflect a similar trajectory. This, we believe, may be on the back of losing market share of some OEMs to peers. We have revised our FY18/19/20E estimates given strong 2Q results. Maintain NEUTRAL with a TP of Rs 673, based on 25x Jun-19E EPS. 
Buzzing stock 
 
Lumax Industries has surged 10% to Rs 1,999, also its new high on the BSE, after Edelweiss Investment Research initiated coverage of the company with a recommendation of 'buy'. READ MORE


One year of demonetisation: 5 best and worst-performing stocks
 
The combined market capitalisation of BSE-listed companies during a year since demonetisation has jumped by more than Rs 33 lakh crore to Rs 145 lakh crore. The biggest contributors to the surge in market capitalisation on BSE have been Reliance Industries, HDFC Bank and Hindustan Unilever, which together contributed over Rs 4.5 lakh crore. READ MORE
Markets may not see mega correction amid oil surge
 
The Indian markets took a breather after a strong bull run as oil prices reached their highest since July 2015 as Saudi Arabian Crown Prince Mohammed bin Salman's purge led to arrests of royals, ministers, and investors, including prominent billionaire investor Alwaleed bin Talal.
 
Crude oil, however, settled slightly lower on Wednesday after US government data showed rising domestic crude production, a surprise build in US stockpiles and a decline in monthly Chinese crude imports. READ MORE
Buzzing stock
 
Indian Bank rallied 8% to Rs 401, extending its 17% gain of the last six trading sessions, after the state-owned bank reported a good set of numbers for the quarter ended September 2017 (Q2FY18). READ MORE


Markets check

At 11:00 am, the S&P BSE Sensex was trading at 33,289, up 70 points, while the broader Nifty50 was ruling at 10,324, up 21 points.
GST Council meet begins today
 
Those planning to buy new furniture or refit electric switches might have to pay less after Friday, as the GST (goods and services tax) Council is likely to slash the indirect tax rates on these items at its meeting in Guwahati.
 
At present, these attract 28 per cent tax. As many as 165 such items could be moved to the 18 per cent category, with only 62 attracting the highest rate. 

READ FULL REPORT
Rain Industries hits new high 
 
Rain Industries hit a new high of Rs 374, up 10%, extending its Wednesday’s 6% surge on the BSE, after the company reported robust set of numbers for the September quarter (Q3CY17). READ MORE



 

Mutual fund equity folios at all-time high
 
Mutual fund (MF) equity folios are at an all-time high of 46.63 million, with 7.6 mn additions this year till now. The earlier peak, of 41.1 mn, was in 2009. The equity segment is dominated by individual and non-wealthy investors, termed retail in sector parlance. It now accounts for three-fourth of all folios. READ MORE
Bitcoin hits record high
 
Bitcoin hit a record high just shy of $8,000 on Wednesday after a coalition of developers and investors suspended a software upgrade planned for next Thursday that could have split the digital currency in two. READ FULL REPORT
Sectoral trend 

Source: NSE


Sensex heatmap at open 

Source: BSE

Markets check
 
At 9:20 am, the S&P BSE Sensex was trading at 33,375, up 157 points, while the broader Nifty50 was ruling at 10,353, up 50 points. 
Stocks in news
 
Arvind, Tata Motors, BHEL, HDFC Bank, Narayana Hrudayalaya, Bajaj Electricals and SAIL
Trading calls
 
SELL: GSFC Fut.
 
CMP: Rs 152.30
Stop Loss: Rs 155.80
Target: Rs 145
 
Nifty outlook by Tradebulls Securities
 
On Tuesday, the index witnessed its biggest decline since September 27, 2017. It also violated the trendline joining the lows of September 27, 2017 to October 23, 2017. We abide by our stance that positional longs should be booked as the decline could get amplified in the coming days. Wednesday’s decline has fulfilled our swing setup parameters as the Nifty ended the day below its previous 4 bar low of 10,383. Hence 'SELL on Rally' strategy could now be considered with a stop above 10,595 with an expectation of a move towards 10,000. READ MORE
Top stock recos for today
 
BUY TATA MOTORS 
  
CMP: Rs 438.20     
TARGET: Rs 475    
STOP LOSS: Rs 420
 
Today's picks
 
Devangshu Datta on Nifty, Bank Nifty, Bharti Airtel, Tata Motors, and TCS
 
Wall Street update

Wall Street closed at a record high on Wednesday as videogame makers rallied and Apple’s market value climbed above $900 billion. The Dow Jones Industrial Average edged up 0.03% to end at 23,563.36, while the S&P 500 gained 0.14% to 2,594.38. The Nasdaq Composite added 0.32% to 6,789.12.
Asian markets

Asia stocks hovered near a decade high. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3% and in close reach of a 10-year high set the previous day.
 
Australian shares rose 0.4% and to their highest level since January 2008 while South Korea’s KOSPI added 0.2%. Japan’s Nikkei gained 1.4%, reaching a high not seen since January 1992.
Singapore Nifty
 
At 8:55 am, the S&P BSE Sensex was trading at 10,383, up 24 points or 0.24%.
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