Market Wrap
Closing Bell
Indian shares declined for the fifth straight session as investors shied away from taking any big bets on rising geopolitical concerns dragging key benchmarks to their two-week lows.
The S&P BSE Sensex fell 0.2 percent to 26,307 while the NSE Nifty lost 0.3 percent to 8,082. The market breadth turned firmly in favour of the sellers at close with 1,123 stocks declining, 482 advancing and 283 remaining unchanged.
European Indices Open Mixed
European shares got off to a mixed start amidst rising geopolitical tensions in Turkey, Germany and Switzerland kept investors on the edge.
Bajaj Hindusthan Fluctuates On Power Business Sale
Shares of the company which were trading at the day’s lowest point, down by 2.62 percent, reversed its losses, surged as much as 10.41 percent to Rs 14.74, after the company announced the sale of its co-generation power business for Rs 1,800 crore.
The company in its exchange filing said that it will use the proceeds to pare debt.
BQSpotted
Loyal Equipments Gains 63% In 3 Days
- Locked at 20 percent upper circuit for second consecutive day
- Gains 62.5 percent in three trading sessions
- Volumes at 9.4 times its 20-day average
- The stock is currently in an overbought zone as the RSI is above 70 (RSI at 91)
- Market Cap: Rs 20 crore
- Industrial machinery company
8K Miles Software Buys U.S.-Based IT firm; Stock Jumps
Shares of the secure cloud solutions and managed services provider jumped as much as 9 percent to Rs 702 after it announced the acquisition of U.S. healthcare information technology firm Cornerstone Advisors Group LLC for $10,250,000 (about Rs 70 crore).
The payment will be made as a combination of cash and stock from its U.S. subsidiary, the company said in a BSE filing.
The acquisition is subject to customary closing conditions and is expected to be over in the quarter ending March 31, 2017. Cornerstone Advisors Group LLC is a privately held firm based in Georgetown, Connecticut.
BQSpotted
State Trading Corp of India Snaps 5-Day Losing Streak
- Gains over 6 percent in trade today
- Volumes at 6.3 times versus previous 20-day average
- State-owned trading company
- Market Cap: Rs 740 Crore
Siti Networks Jumps 12% After Block Deal
Shares of the multi-system operator rose as much as 12 percent to its highest level since January 5. Around 1.8 percent equity of the company traded hands in a block deal, according to Bloomberg data.
The volumes rose to 25 times its three-month full-day average.
Movers & Shakers: Tata Coffee, Granules India, Wockhardt And More
BQSpotted
Cords Cable Extends Gains
- Stock up as much as 11 percent after hitting the 20 percent upper circuit yesterday
- The stock is currently in the overbought zone as momentum indicator the RSI crossed above 70.
- Market Cap: Rs 96 crore
- Manufacturer of low voltage cables
Rupee Recoups
The rupee edged higher by 6 paise to 67.81 against the U.S. dollar at the forex market in early trade today on fresh selling of the American currency by exporters.
Besides, the dollar's weakness against some currencies overseas and early gains in the domestic equity market supported the rupee, dealers said.
Yesterday, the rupee had lost 11 paise to end at 67.87 on fresh dollar demand from importers and banks. Heavy capital outflows besides near-term consequences of the Federal Reserve’s rate hike largely kept market sentiment shaky despite a dollar retreat.
PTI
Opening Bell
Indian shares advanced after making losses for four straight sessions even as traders refrain taking big bets amid rising geopolitical concerns and ahead of the December holiday season.
The S&P BSE Sensex gained 0.2 percent to 26,433 while the NSE Nifty climbed 0.2 percent as well to 8,120. The market breadth was skewed in favour of the buyers with 851 stocks advancing, 530 declining and 456 remaining unchanged.
Stocks To Watch
- Cipla: To raise up to Rs 4,000 crore via shares, bonds
- Coal India: Rated new buy at Goldman
- Gujarat Industries: Purchase pacts signed with GUVNL
- IL&FS Transportation: Unit ties Rs 188 crore funding for 8 projects
- Opto Circuits: Opto, units get orders worth Rs 91 crore from Philips
- Siti Networks: Names Sanjay Berry CFO
- Sun Pharma: FDA withdraws approval for 28 ANDAs on company’s request
- Tata Coffee: to set up new plant in Vietnam
- Wockhardt: UK MHRA confirmed Chikalthana unit compliance
For a complete list of stocks to watch, click HERE
Talking Points
- Cyrus Mistry steps down from Tata companies amid fight with Ratan Tata
- Tata Sons calls Mistry allegations baseless
- Russian ambassador shot dead in Turkey as Syria war roils region
- Modi drives Muni bond surge to bring water, homes to millions
- Egypt starts selling Indian rice to curb high prices: Ministry
- India announces lower tax on deemed profit for digital receipts
- Kotak Mahindra Investments names Paritosh Kashyap as MD
- Vedanta unit ordered to pay $103 million to Zambia’s ZCCM-IH
- India may have sugar surplus in 2017-18 season: ISMA
5 Things To Watch
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, fell 0.1 percent to 8,124.
Asian shares declined this morning, as tensions flared after the assassination of Russia’s ambassador to Turkey and violent incidents in Germany and Switzerland. The incidents added to a sense of geopolitical uncertainty after China last week seized a U.S. naval drone and fighting escalated in Syria.
The Bank of Japan left its monetary policy unchanged a short while back, after meeting to assess the economy and market conditions for the first time since Donald Trump’s election victory. The decision was expected by all 39 economists surveyed by Bloomberg.
The Japanese yen climbed 0.4 percent against the dollar after the decision was announced.
U.S. stocks ended slight higher on Monday, amid thin volumes before the December holiday season. In economic news, the flash U.S. Markit PMI services for December was 53.4, down slightly from 54.6 in November.
Oil rose 0.4 percent to $52.11 a barrel in New York, while gold advanced for a second day on a weaker dollar.
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