Sensex, Nifty Clock Best One-Day Gains In A Month On GST Cheer
Milan Sharma, managing director of Rivergate Capital expects the Nifty to remain in a 300-point range between 9,720-9,740 and 9,420-9,440. “Earnings will decide where the bias remains hereon,” he told BloombergQuint by phone.
Sharma said geopolitical cues will also play an important role in deciding market direction. He is bullish on the mid cap private sector lenders such as Laxmi Vilas Bank. He advised slightly adventurous investors to look at select frontline pharma stocks.
- Idea Cellular has 50 lakh shares change hands in a block
- BPCL has 14.7 lakh shares change hands in a block
- Lanco Infratech 5.01 crore shares (or 1.53 percent equity) change hands in 58 blocks of at least 5 lakh shares on the BSE.
- Buyers and sellers not immediately known
Source: Bloomberg
#BQSpotted | Vindhya Telelinks surges to 17-month high, reports @dhanuka_saloni. pic.twitter.com/wpk8QQVSq9
— BloombergQuint (@BloombergQuint) July 3, 2017
SEBI will float a discussion paper for a new set of norms for credit rating agencies.https://t.co/Lka8unjo9S pic.twitter.com/KqYx2laL4K
— the fineprint. (@BQthefineprint) July 3, 2017
Shares of the real estate company gained as much as 12.92 percent, the most since April, after its subsidiary Neelkamal Realtors Tower entered into a Development Management Agreement with Indo Global Soft Solutions and Technologies.
The agreement is to develop the company's Orchid Heights project at Jacob Circle in Mahalaxmi. Indo Global will arrange for the funding of the project and will jointly construct, develop and market the residential project, it said in an exchange filing.
#JustIn | NSE will refile DRHP with new financial statement: SEBI Chairman Ajay Tyagi.https://t.co/aMGSPFPnm7 pic.twitter.com/p2n7VuZsDZ
— BloombergQuint (@BloombergQuint) July 3, 2017
Shares of the Chennai-based auto manufacturer pared early losses after it reported an 11 percent increase in overall sales during the month of June.
Overall sales increased to 2,73,791 units from 2,47,364 units during the year ago period.
Total two-wheeler sales grew 11.8 percent to 2,68,638 units while they grew 10.4 percent in the domestic market.
Scooter sales grew 33.8 percent year-on-year to 90,448 units. Sales of motorcycles grew 17.4 percent from last year to 1,12,146 units.
Three-wheeler sales for the company declined 27.7 percent to 5,153 units. The company's exports grew 13.3 percent to 44,389 units in the month of June. Two-wheeler exports grew 20.8 percent to 40,120 units.
Shares gained as much as 1.6 percent to Rs 558 on the National Stock Exchange.
Shares of the NBFC gained as much as 6.67 percent to Rs 291.85 after the working committee of the Board of Directors passed a resolution to allot 6.58 lakh equity shares of Rs 10 each to Trishashna Holdings and Investments Pvt. Ltd., an entity belonging to the promoter category.
The allotment has been made pursuant to conversion of Fully Convertible Warrants allotted on April 21, 2017 into equity shares.
We are confident of completing the project well on time as we plan to go on with our task in a systematic and efficient manner. Once completed, this project will benefit thousands of Bangalore residents.Arun Karambelkar, President & CEO - E&C, HCC
Shares were trading little changed at Rs 549.90 on the National Stock Exchange.
With the impacts of demonetisation largely over and the GST unlikely to substantially derail consumer spending, IHS Markit forecast real GDP growth to hit 7.3 percent for FY 17/18 as a whole.Pollyanna De Lima, Economist, IHS Markit
Shares of the country’s second-largest securities depository declined as much as 7 percent in early trade coming on the back of a near 80 percent listing day gains.
The company promoted by the Bombay Stock Exchange was the eighth company to list at a premium in 2017. The shares had been issued at Rs 149 apiece in the initial public offering.
The IPO had received an overwhelming response from investors with the offer being subscribed 170 times, making it the most subscribed maiden issue in over a decade.
Shares of the construction firm rose as much as 5.6 percent to Rs 472, its highest level since May 22 after Credit Suisse rated the stock a new outperform.
The broking firm put a price target of Rs 650 apiece – an upside of of nearly 40 percent – citing strong revenue and earnings growth expectations.
Shares of the company rose as much as 5.2 percent, the highest in a month, to Rs 98.60 after it reported a 11 percent growth in overall sales for the month of June.
While the sale of Medium and Heavy Commercial Vehicles grew 6 percent year-on-year to 9,202 units, the company sold 3,128 Light Commercial Vehicles (LCV), a growth of 29 percent compared to the previous year.
Some of the top gainers were:
- Madras Fertilisers (+4.1%)
- Nagarjuna Fertiliser (+3.8%)
- National Fertilizers (+3.6%)
- Chambal Fertilisers (+2.9%)
- Mangalore Chemical (+3.4%)
#BQStocks | ITC surges to record high as tax burden on cigarettes fall under #GST, reports @darshanvmehta1.https://t.co/oGYF1UGcP6 pic.twitter.com/2lzPtj9JOC
— BloombergQuint (@BloombergQuint) July 3, 2017
Shares fell as much as 1.12 percent to Rs 2,760 on the National Stock Exchange.
#BQMoney | Chinmay Gopal of PNB sees rupee depreciation capped at 64.75-64.80 levels.https://t.co/aMGSPFPnm7 pic.twitter.com/nnx9n0uxkK
— BloombergQuint (@BloombergQuint) July 3, 2017
#BQWatchList | From June auto sales to Clearing Corporation stake sale, @shraddha_babla gets you 5 things to watch.https://t.co/aMGSPFPnm7 pic.twitter.com/fyeMYMMyD0
— BloombergQuint (@BloombergQuint) July 3, 2017
Despite some recovery in Nifty stocks, the Bank Nifty index remained muted and closed negative. Call writing was seen in OTM strike Calls whereas support can be seen near 23,000 levels going forward.
India VIX rose 3.1 percent and closed at 11.7 on Friday.
Foreign investors sold Rs 161 crore while domestic investors bought Rs 1,196 crore in cash segment.
FIIs sold Rs 640 crore of index futures and bought 1,897 in index options. In stock futures, they bought Rs 984 crore.
- Dabur India: Company says positives of GST are to be felt in the medium to long-term and that it may experience near-term pain on sales and profits due to destocking and other transition costs
- JMC Projects: Secures three new investment orders worth Rs 710 crore in Madhya Pradesh, Bangalore and Chennai
- Kalpataru Power Transmission: Received new orders in the power and infrastructure sector worth Rs 676 crore
- NBCC: Signs MoU for re-development of 10 railway stations with smart city features
- Fertiliser Stocks: GST Council reduces rates on fertilisers to 5 percent from 12 percent
- JSW Steel: Wins five mines in Karnataka, 1 in Jharkhand. (PTI)
- Spicejet: Delhi High Court to decide on Maran share transfer row. (PTI)
For a complete list of stocks to watch, Click HERE!
- Moody’s sees positive net impact of GST on government revenues
- GSTN launches excel template for taxpayers
- Rashtriya Chemicals offer for sale subscribed 2.82 times, government says
- India's core sector output rises 3.6 percent year-on-year in May
- U.K. considering pension loophole fix to help Tata Steel (PTI)
- GST may lead to drug shortage; chemists not keeping stock, says Biocon's Kiran Mazumdar-Shaw
- India reduces interest rates on small savings schemes by 10 basis points
- Airtel deal with Videocon, Aircel for spectrum approved by Competition Commission of India
- General Motors India dealers to approach PMO over compensation
- Maruti, Hero MotoCorp cuts prices to pass on GST benefits
- Money in Swiss banks: India slips to 88th place; U.K. on top (PTI)
Good Morning!
The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, was little changed at 9,526.
Asian stocks fluctuated with the yen as Japanese Prime Minister's party suffered a crushing defeat in the Tokyo elections. Japan's Topix index pared early gains and yen was little changed. South Korea's Kospi index and Australian shares fell while New Zealand's shares rose.
History shows the dollar may be in for more pain after its worst start to a year since 2006, while the euro remains the strongest major currency this year on bets a recovery is broadening.
Attention now turns to a swathe of manufacturing reports. China data is due after a confidence among Japan’s large manufacturers improved for a third straight quarter. India will also be reporting its Manufacturing data today.
Futures on the S&P 500 advanced 0.2 percent after the underlying gauge rose 0.2 percent on Friday to round out its worst week since April.
The yield on 10-year Treasuries rose one basis points, adding to a 16-basis point surge last week to 2.30 percent, the steepest such increase since March.
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