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Indian shares closed little changed, with a gauge of the country’s 50 largest companies extending its winning streak to day four led by banks and power producers.
The S&P BSE Sensex was little changed at 28,351 while the NSE Nifty advanced 0.1 percent to 8,805. While the benchmarks managed to eked out minors gains, the market breadth highlighted the underlying weakness in trade.
About 1,110 stocks declined, 553 advanced and 276 remained unchanged. Most of the declines were seen in the small and the midcap stocks.
Indian shares closed little changed, with a gauge of the country’s 50 largest companies extending its winning streak to day four led by banks and power producers.
The S&P BSE Sensex was little changed at 28,351 while the NSE Nifty advanced 0.1 percent to 8,805. While the benchmarks managed to eked out minors gains, the market breadth highlighted the underlying weakness in trade.
About 1,110 stocks declined, 553 advanced and 276 remained unchanged. Most of the declines were seen in the small and the midcap stocks.
Lancelot D Cunha, CEO, ITI Wealth Management said the market is struggling to break out of the upper range due to “subdued growth” in corporate earnings. “We think the corporates will take another quarter or two to get back to the pre-demonetisation growth levels,” he told BloombergQuint in a phone interview.
Despite this, he said the market doesn’t seem expensive to him. “The next leg of the rally will depend on foreign flows. If we get higher flows, then we could easily scale the previous highs on the Nifty,” he said.
He advised people who have put in money in equities to stay invested. “For the ones who are not invested, but want to, can put in money at every correction,” he said.
The paper and related products company gained for the nineth consecutive session on the BSE, rising as much as 4 percent today
#BQSpotted by @shraddha_babla | Shreyans Industries rises for the 9th straight session on the BSE. https://t.co/dI6ql6TFlS pic.twitter.com/8gRxgPb6cI
— BloombergQuint (@BloombergQuint) February 13, 2017
Shares of the metal producer pared most of its gains after third quarter earnings missed street estimates.
The company reported a net profit of Rs 320 crore, compared to Rs 396 crore anticipated by analysts in a Bloomberg poll. It clocked net sales of Rs 9,827 crore for the quarter in focus versus estimate of Rs 9,400 crore.
The EBITDA margin stood at 11.95 percent versus 7.75 percent YoY.
Shares of the auto ancillary maker swung between gains and losses after reporting third quarter earnings.
The company’s consolidated net profit grew 28 percent to Rs 547 crore from Rs 427 crore for the October to December quarter year-on-year ahead of consensus expectations.
The company’s consolidated revenue grew 12.5 percent to Rs 10,797 crore from Rs 9,598 crore in the same quarter last year driven by its subsidiaries Samvardhana Motherson Peguform (SMP) and Samvardhana Motherson Reflectec (SMR).
Shares of the real estate developer gained as much as 4.9 percent after it reported third quarter earnings.
Ruby Mills Snaps 2-Day Losing Streak
Ruby Mills snapped a two-day losing streak and is trading with gains of around 4 percent for the day
#BQSpotted | Ruby Mills snaps its 2-day losing streak. https://t.co/qoIOJ6scNt pic.twitter.com/ehzXkFCObw
— BloombergQuint (@BloombergQuint) February 13, 2017
Shares of the country’s second largest IT services provider gained 0.7 percent, extending gains to day 3, as CEO Vishal Sikka and its founders seemed to have called off a boardroom tussle.
Speaking at a Kotak Institutional Equities’ Chasing Growth conference, Sikka said he has a “very warm relationship” with Infosys co-founder NR Narayana Murthy. The comments come on the back of corporate governance issues raised by some of the company’s founders, including Murthy.
Sikka said the company board will consider its capital allocation policy from time-to-time, citing the ongoing ‘drama’ in media as distraction. The Infosys CEO said the company is managing to keep operating margins steady, despite the challenging environment. Sikka added that attrition has come down significantly.
You can catch all the live updates here.
The rupee was trading lower by 10 paise at 66.98 against the U.S. dollar in early trade today after the American currency gained strength overseas.
Besides, industrial production contracting to four-month low of 0.4 per cent in December too weighed on the rupee.
Forex dealers said increased demand for the US currency from importers and dollar's gain against other currencies overseas put pressure on the rupee. They said, however, a higher opening in the domestic equity market capped the losses.
On Friday, the rupee had ended marginally lower by 3 paise at 66.88 against the dollar because of stray demand coming in from importers and banks for the American currency.
PTI
Indian shares climbed for a third straight session, tracking an extended rally in global equities as rumours about the demise of reflation trades look to have been at least a little exaggerated.
The S&P BSE Sensex gained 0.4 percent to 28,458 while the NSE Nifty advanced 0.4 percent as well to 8,826. The market breadth was skewed in favour of the buyers. About 868 stocks advanced, 600 declined and 431 remained unchanged on the NSE.
Indian shares climbed for a third straight session, tracking an extended rally in global equities as rumours about the demise of reflation trades look to have been at least a little exaggerated.
The S&P BSE Sensex gained 0.4 percent to 28,458 while the NSE Nifty advanced 0.4 percent as well to 8,826. The market breadth was skewed in favour of the buyers. About 868 stocks advanced, 600 declined and 431 remained unchanged on the NSE.
For a complete list of stocks to watch, click HERE
Infosys Co-Founder Murthy says calling off battle with board. pic.twitter.com/a6IELimlci
— BloombergQuint (@BloombergQuint) February 13, 2017NR Narayana Murthy says Infosys will have to deal with the questions about corporate governance that have been raised. pic.twitter.com/4USqokVace
— BloombergQuint (@BloombergQuint) February 13, 2017
Imports; no estimate (prior +0.5 percent)
Trade Balance; -$10.265b (prior -$10.369b)
It's a power-packed week and it kicks-off with the consumer price inflation print today. The key data keenly watched by the central bank is likely to be 3.24 percent in January, slower than the 3.41 percent a month before.
If the data comes in around the forecast level, it may help calm some nerves after the market was left jolted by the RBI's change in stance from accommodative to neutral.
We may see the yield on the 10-year note drop a bit from the current level of 6.81 percent but of course, don’t be too optimistic as the broader mood stays negative.
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, climbed 0.4 percent to 8,846.
Asian stocks extended a global rally this morning, as investors looked ahead to data that will provide detail on the strength of the U.S. consumer prices and speeched from a range of Federal Reserve officials.
U.S. equities climbed to record high on Friday following President Donald Trump’s pledge that a “phenomenal” plan to overhaul business taxes will be released within weeks. The Bloomberg Dollar Spot Index snapped a six-week losing streak, while the yen weakened after Shinzo Abe and Trump refrained from arguing about currency levels during the Japanese prime minister’s two-day visit to Washington.
Data on Monday showed Japan’s economy continued on a moderate growth path during the final quarter of 2016, driven by rising exports and business investment.
Brent crude futures for April delivery cooled to $56.55 after running up for three straight sessions. The International Energy Agency said the Organization of the Petroleum Exporting Countries (OPEC) achieved a record 90 percent initial compliance with a production cut accord, while demand grew faster than expected.
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