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Indian shares closed little changed for a fifth straight session, as gains in select lenders, software service providers and oil companies countered losses in automakers and healthcare firms.
The S&P BSE Sensex was unmoved at 28,339 while the NSE Nifty 50 slid 0.1 percent to 8,792. The market breadth highlighted the underlying weakness in today’s trade. About 1078 stocks declined, 552 advanced and 80 remained unchanged on the NSE.
Gaurang Shah, Asst. Vice President, Geojit BNP Paribas Financial Services Ltd said he expects Nifty to continue to trade in a range of 8725-8830, especially with the expiry next week. “That will keep the market choppy and volatile,” he told BloombergQuint in a phone conversation. Shah said he expects next month to be more interesting since it will have more trading days.
Indian shares closed little changed for a fifth straight session, as gains in select lenders, software service providers and oil companies countered losses in automakers and healthcare firms.
The S&P BSE Sensex was unmoved at 28,339 while the NSE Nifty 50 slid 0.1 percent to 8,792. The market breadth highlighted the underlying weakness in today’s trade. About 1078 stocks declined, 552 advanced and 80 remained unchanged on the NSE.
Gaurang Shah, Asst. Vice President, Geojit BNP Paribas Financial Services Ltd said he expects Nifty to continue to trade in a range of 8725-8830, especially with the expiry next week. “That will keep the market choppy and volatile,” he told BloombergQuint in a phone conversation. Shah said he expects next month to be more interesting since it will have more trading days.
Shah said the Nifty may touch 8,950-9,000 next month or so on incremental positive sentiment prevailing the market. “I expect the index to move higher since the downside is extremely protected,” he said.
“The reason being the FII selling in the last four months. They were worried about demonetisation, earnings and the budget. On all these three matters, their concerns were beaten hands down. My sense is that FII flows will come in at lower levels whenever the market corrects,” he said.
Moreover, Shah said he is hoping for is a 25 basis point interest rate cut by the Reserve Bank of India on the back improving factory output data and inflation at record low level.
Sun Pharma misses estimates in the October to December quarter. pic.twitter.com/EQlHYONzxa
— BloombergQuint (@BloombergQuint) February 14, 2017Sun Pharma's Q3 EBITDA margins fall 230 basis points over last year. pic.twitter.com/yFqgDmsPaf
— BloombergQuint (@BloombergQuint) February 14, 2017
Shares of the homegrown auto maker dropped as much as 7.7 percent after it reported earnings that missed street estimates.
The owner of Jaguar and Land Rover made a profit of Rs 112 crore for the quarter-ended December, compared to Rs 2,952.6 crore in the same period last year. A Bloomberg poll of analysts had anticipated the figure to come in at Rs 2,260 crore.
The company said the third quarter earnings were impacted by Rs 717 crore charge related to Tianjin port explosion in August 2015.
It clocked sales of Rs 68,541 crore versus an estimate of Rs 67,880 crore.
Vedanta Ltd., the flagship unit of Anil Agarwal’s Vedanta Resources Plc, reported 4.5 times jump in its net profit, and yet fell short of analysts’ estimates.
Net profit for the October to December quarter soared to Rs 1,866 crore, the highest in 12 quarters, according to the company’s filing to the stock exchanges. The consensus estimate of 13 analysts tracked by Bloomberg stood at Rs 1,990 crore.
For more details on the metal makers results, click HERE
Shares of the healthcare firm gained as much as 2.7 percent after reporting third quarter earnings that beat street estimates.
Tata Metaliks: Up In 8 Out Of Last 10 Sessions
#BQSpotted by @OnlyNickey | Tata Metaliks up around 3%, making it the third straight day of gains. pic.twitter.com/7mwSQWRESU
— BloombergQuint (@BloombergQuint) February 14, 2017
Shares of the company extend decline to 2.5 percent after it reporting its third quarter earnings.
Wholesale inflation rose 5.25 percent in January, mainly on account of rise in prices of fuel and power, even as food articles turned cheaper. The figure was much above the 4.35 percent estimated by economists in a Bloomberg poll.
The Wholesale Price Index-based inflation, reflecting the annual rate of price rise, in December stood at 3.39 per cent. The WPI inflation for November has been revised upwards at 3.38 percent against the provisional estimate of 3.15 percent.
The rise in wholesale inflation is in contrast to the fall in retail inflation, which hit an all-time low of 3.17 per cent in January.
JUST IN: Sasikala Sentenced To 4 Years Of Imprisonment
Setback for Sasikala. pic.twitter.com/z1iZn8qJzD
— BloombergQuint (@BloombergQuint) February 14, 2017
Shares of the airport operator jumped as much as 17 percent to highest since February of last year after the company-led consortium bagged the rights to develop the Navi Mumbai Airport.
The stock was the best performer on the Nifty 500 index with volume at 6.2 times its three-month full-day average. It was the most traded stock by volume.
The size of the contract remains undisclosed as of now. However, the total projected cost for the airport was Rs 14,574 crore in financial year 2013, according to information on CIDCO's website.
For more details, click HERE
Indian shares fluctuated between gains and losses, tracking a faltering global rally as automakers dragged while banking stocks lent support.
The S&P BSE Sensex declined 0.1 percent to 28,313 while the NSE Nifty fell 0.2 percent to 8,786. The market breadth, however, was encouraging with more buyers than sellers. About 756 stocks advanced, 680 declined and 445 remained unchanged on the NSE.
Indian shares fluctuated between gains and losses, tracking a faltering global rally as automakers dragged while banking stocks lent support.
The S&P BSE Sensex declined 0.1 percent to 28,313 while the NSE Nifty fell 0.2 percent to 8,786. The market breadth, however, was encouraging with more buyers than sellers. About 756 stocks advanced, 680 declined and 445 remained unchanged on the NSE.
For a complete list of stocks to watch, click HERE
Also Read: Rallying Rupee Is RBI’s Insurance Policy for Unpredictable Times
Government should review and scrap interconnection charges, says Reliance Communications' Gurdeep Singh.https://t.co/Ky45WwanZo pic.twitter.com/CUoCBPJt0l
— BloombergQuint (@BloombergQuint) February 14, 2017
India's inflation grew at its slowest pace on record. Consumer prices rose 3.17 percent in January, slower than 3.24 percent estimate in a Bloomberg survey. Is this enough reason to celebrate? We guess not.
First, the core inflation, comprising food and fuel which is the top concern of the central bank, is still sticky. Also, there are enough voices out there that feel there is potential risk of reversal as the effects of demonetization fade. Therefore for now, the bonds may not do the spring dance and yields on the benchmark note may stay high in what could be termed as a stretched period of range bound trade.
In currency market, dollar retreated from its strongest level of the month as markets awaited Fed chair Janet Yellen’s testimony to Congress for hints about the path of interest rates.
With the Fed still on track to raise rates this year, the dollar remains attractive, though there’s still some caution about building longs given the risk that Trump may talk the currency down.
For today, the rupee is expected to open higher and trade with a strong upward bias.
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The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, gained 0.2 percent to 8,837.
Asian stocks fluctuated in early trade, taking the momentum out of a global rally after U.S. benchmarks surged to a fresh round of record. Optimism for an improving U.S. economy under Donald Trump has underpinned investors’ appetite for equities.
American consumer inflation expectations hit a 19-month high in January, which should be a welcome news for Federal Reserve as it contends with Trump’s still-unclear economic plans. Investors will tune in to Janet Yellen testimony in Congress later in the day. The dollar could rally if she suggests a March increase is still on the cards, according to Bloomberg strategists.
Traders are pricing in a 30 percent chance the Fed lifts rates at its March 15 meeting, little changed from the probability seen at the start of this year. Bank of Japan Governor Haruhiko Kuroda is due to speak later in the day.
China’s producer prices increased the most since 2011, further lifting the outlook for global reflation with the world’s biggest exporter poised to give more support to gains.
Iron ore continued to gain for sixth straight session on Tuesday. The raw material used to make steel is trading at the highest in more than two years.
Oil climbed back above the $53 per barrel mark even as investors continued to fret over rising U.S. crude stockpiles offsetting the output cuts by the OPEC and other producers.
U.S. inventories probably rose by 3.5 million barrels last week, for a sixth weekly advance, according to a Bloomberg survey before government data due on Wednesday.
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