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Nifty, Sensex Post First Monthly Drop Of 2017

Nifty, Sensex Post First Monthly Drop Of 2017
The Bombay Stock Exchange (BSE) building is seen behind a traffic signal at a junction in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg News)
9 years ago
SGX Nifty indicates a flat start to trade

  • Dr Lal Pathlabs drops 6.6 percent after around 17 lakh shares change hands in two blocks
  • IndusInd Bank sells 75 lakh shares in Kesoram Industries at Rs 136.15 each on the BSE
  • Source: Bloomberg

Hexaware Tech

  • Shares of the software developer fell as much as 1.7 percent to Rs 243.25
  • Brokerage firm ICICI Securities downgraded the stock rating to ‘Hold’ from ‘Add’ and decreased its price target to Rs 246 to Rs 238 earlier

NIIT Technologies

  • Shares of the I.T. firm fell 1.2 percent to Rs 565.15
  • ICICI Securities downgraded the stock rating to ‘Add’ from ‘Buy’, however raised its price target to Rs 627 from Rs 532

Cyient Ltd.

  • Shares of the engineering service provider fell 1.4 percent to Rs 503.15
  • ICICI Securities upgraded the stock rating to ‘Buy’ from ‘Reduce’ and increased its price target to Rs 540 from Rs 475

Havells India

  • Shares of the consumer electronics manufacturer parred its early loss and rose 1.2 percent to Rs 454.8
  • Emkay Share and Stock Brokers upgraded the stock rating to ‘Hold’ from ‘Reduce’, however lowered its price target to Rs 440 from Rs 460

A sudden surge was seen in ITC Ltd. while the stock gained for the second straight session. The stock's Relative Strength Index (RSI) stood at 63.

The company is the most preferred tobacco company in the world with 38 analysts tracked by Bloomberg having a 'Buy' rating of the stock.

The stock has gained 31 percent in 2017. The 12-month target price of Rs 343 indicates a further 8 percent potential upside to the stock.

Asia’s first depository Central Depository Services (India) Ltd. listed at a premium of 67 percent on the National Stock Exchange at Rs 250. The company promoted by the Bombay Stock Exchange is the eight 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.

The qualified institutional buyers (QIBs) portion was oversubscribed 149 times, non-institutional segment 563 times and retail investors 23.8 times.

Shares of the pharmaceutical company rebounded from the day's low to gain as much as 6.33 percent to Rs 278 after its manufacturing facility at Goa received an Establishment Inspection Report (EIR) from the U.S. FDA.

The inspection was carried out between March 14-20, 2017.

  • IndiGo: Confirms expressing interest in buying stake in Air India
  • Dr Reddy’s: Srikakulam plant gets form-483 with one observation
  • CDSL: To make stock market debut after IPO gets record subscription
  • RCF: Share sale gets oversubscribed by institutional buyers
  • AB Nuvo: Azim Premji’s investment arm to buy 2.2 percent stake in Aditya Birla Capital
  • Bank Of Baroda: Nomura upgrades to buy with a price target of Rs 200
  • For a complete list of stocks to watch, click HERE!

  • RBI finalises peer-to-peer lending norms; likely in 2-3 weeks (PTI)
  • ‘Plenty of hiccups’ expected as India rolls out GST
  • Not courageous enough to invest in Air India, says Anand Mahindra (PTI)
  • India may raise import taxes on vegetable oils, official says
  • RBI: Notes accepted by DCCBs November 10-14 eligible for deposit
  • ADB proposes to invest $10 billion in India between 2018-2022
  • Reliance Jio introduces new submarine cable system

Good Morning!

The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, was little changed at 9,504.

Asian equity markets slid, paring a quarterly gain, after a slump in U.S. stocks triggered a surge in volatility. The dollar held on to losses and bonds fell as central banks worldwide shift toward a more hawkish tone.

Stocks in Japan, Australia and South Korea declined after the S&P 500 Index lost the most in six weeks. Technology stocks remain under pressure, while banks have been supported on the prospect for higher rates.

Still, global equities are poised for an eighth month of gains that pushed stocks to a record high at the beginning of last week.

In commodities, West Texas Intermediate Crude rose 0.2 percent to $44.97 a barrel. Oil is up more than 4 percent this week with prices climbing as government data showed a drop in U.S. gasoline supplies.

Gold added was steady at $1,245.74 an ounce, set for its first monthly decline this year. The yield on 10-year Treasuries rose four basis points to 2.27 percent, after gaining two basis points the previous day and jumping seven basis points in the previous session.

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