Closing Bell
Indian shares fluctuated between gains and losses to finally close the session marginally higher after posting their best budget-day advance in over a decade.
The S&P Sensex gained 0.3 percent to 28,226 after swinging in a 230-point range; while the NSE Nifty advanced 0.2 percent to 8,734. The 50-share brief rose above the 8,750-mark for the first time since October, 2015.
The market turned in favour of the buyers at closing. About 899 shares advanced, 716 declined and 296 remained unchanged.
Indian shares fluctuated between gains and losses to finally close the session marginally higher after posting their best budget-day advance in over a decade.
The S&P Sensex gained 0.3 percent to 28,226 after swinging in a 230-point range; while the NSE Nifty advanced 0.2 percent to 8,734. The 50-share brief rose above the 8,750-mark for the first time since October, 2015.
The market turned in favour of the buyers at closing. About 899 shares advanced, 716 declined and 296 remained unchanged.
BQSpotted
Kaveri Seeds Snaps 4-Day Losing Streak
- Company has a market cap of over Rs 3,200 crore
- Stock recovered in the second half of trade
- Day's volumes remain below the 20-day moving average
Tata Motors Silent On Nano’s Future As It Overhauls Its Car Division
Tata Motors Ltd. has set itself an ambitious target of making it to the top three global commercial vehicle players in the world and among the top three passenger vehicle makers in India, by 2019, the company’s management said at a conference in Mumbai.
The vehicle maker will stick to only two of six platforms in its car division, which means that the company may stop producing the Tata Nano. The management was silent, when asked on the future of the car though.
For a complete report on the Tata Motors press conference, click HERE
Marico Q3 Meets Street Expectations
Shares of the FMCG company continued to trade lower after reporting its third quarter earnings.
- Q3 net profit Rs 192 crore versus estimate of Rs 194 crore
- Q3 revenue Rs 1,420 crore versus estimate of Rs 1,460 crore
- Total cost Rs 1170 crore versus Rs 1260 crore YoY
- The company will pay an interim dividend of Rs 2 per share
HCC Erases Gains After Q3 Net Drops
Shares of the construction company pared gains and dropped 1.9 percent after reporting its third quarter earnings.
- Q3 net Rs 4.55 crore versus Rs 23.33 crore YoY
- Revenue Rs 944 crore versus Rs 1,060 crore YoY
- Total cost Rs 814 crore versus Rs 859 crore YoY
Nifty Pharma Index Rebounds
European Shares Decline
NHPC Rises To Highest In Six Years On Share Buyback Plan
Shares of the power producer gained as much as 6.8 percent to highest since November 2010 after it decided to mull buying back shares on February 7.
The volume on the stock was 1.5 times its three-month full-day average
Vijaya Bank Jumps 20% After Q3 Earnings
Shares of the south-based lender jumped 20 percent to a new 52-week high after its net profit rose four-fold in quarter-ended December compared to a year ago.
- Q3 net Rs 230 crore versus Rs 52.61 crore YoY
- Gross net NPA 6.98 percent end-December versus 7.07 percent end-September
- Bad loans provisions Rs 424 crore versus Rs 279 crore YoY
Godrej Properties Jumps 11.5% after Q3 Profit Rises 185% YoY
Shares of the residential property developer gained as much as 11.5 percent to their highest level since July 2011, after it reported a net profit rise of 185 percent for quarter-ended December
- Q3 net Rs 77.26 crore versus Rs 27.1 crore YoY
- Q3 sales Rs 518 crore versus Rs 247 crore YoY
- Total cosy Rs 400 crore versus Rs 245 crore YoY
Is #Budget2017 Bold Enough? Ridham Desai And Menaka Doshi Discuss
ITC Jumps To 26-Year High On Lowest Tax Boost In Five Years
Shares of the FMCG company rallied 3.8 percent to Rs 279, a new 52-week high for the stock, after the federal budget raised excise tax on cigarettes by 6 percent. According to CLSA, this was well below estimates and the lowest year-on-year increase in five years.
The stock, which is up 8.5 percent since yesterday, touched its highest since at least January 1991 with volumes at 53 percent of its 3-month full day average.
Bajaj Auto Extends Decline After Jan Sales Fall 18% YoY
Shares of the bike maker declined 1.2 percent after it reported a 18 percent drop in January sales.
The Pune-based firm sold 241,917 units in January compared to 293,939 units year-on-year.
- Jan Exports 106,729 units versus 132,069
Rupee Extends Winning Streak To Day 7
Looking good for the seventh session, the rupee advanced another 5 paise to 67.42 against the dollar in early trade today as there was no let-up in selling of the American currency by exporters and banks.
The dollar turned weak globally, which supported the rupee upmove. But this was offset by fresh losses in domestic equities, dealers said.
Yesterday, the local currency ended at one-and-a-half month high of 67.47 by rising 40 paise, its biggest single-day gain this year, on the back of frantic dollar offloading amid expectations of a Fed rate hike delay.
Opening Bell
Indian shares fluctuated between marginal gains and losses after key benchmark posted its biggest Budget day advanced since 2005.
The S&P BSE Sensex gained 0.1 percent to 28,191 while the NSE Nifty was little changed at 8,712. Both the indices gained the most in around two-months after finance minister tabled his fourth federal budget.
The market breadth was firmly skewed in favour of the buyers. About 773 stocks advanced, 657 declined and 448 remained unchanged.
The S&P BSE Telecom Index was the top performer among the 19 sectoral indices on the exchanged followed by S&P BSE Oil & Gas. Meanwhile the S&P BSE Auto Index dropped the most after a bunch of automakers reported dip in January sales.
Indian shares fluctuated between marginal gains and losses after key benchmark posted its biggest Budget day advanced since 2005.
The S&P BSE Sensex gained 0.1 percent to 28,191 while the NSE Nifty was little changed at 8,712. Both the indices gained the most in around two-months after finance minister tabled his fourth federal budget.
The market breadth was firmly skewed in favour of the buyers. About 773 stocks advanced, 657 declined and 448 remained unchanged.
The S&P BSE Telecom Index was the top performer among the 19 sectoral indices on the exchanged followed by S&P BSE Oil & Gas. Meanwhile the S&P BSE Auto Index dropped the most after a bunch of automakers reported dip in January sales.
Global funds buy Rs 92.73 crore of local stocks, while domestic funds buy Rs 113 crore yesterday, according to provisional data.
Money Market Heads-Up
The federal government's big bang budget is over and the market is happy that it did nothing to disrupt the positive mood.
The government aim to narrow fiscal deficit to 3.2 percent in FY18 and no change in long-term capital gain tax rules are all positives. The sovereign bond market, which saw some selling after the budget speech on confusion over the government's borrowing numbers for the next fiscal year, could react positively today on fiscal prudence.
In the currency market, dollar is weak against almost all major peers while equity markets around Asia are mixed. The Federal Reserve meeting didn’t give investors much fodder to change their view on the pace of U.S. interest-rate hikes.
The Fed maintained that the pace will be gradual. Korean won is leading the gains in the region and the rupee too is likely to show a stronger opening and may maintain gains in the day.
For a complete list of stocks to watch, click HERE
Budget 2017: Market Cheers Fiscal Prudence, Infrastructure Push
Indian shares gained the most in almost two-months on Wednesday, as investors gave a thumbs-up to Finance Minister Arun Jaitley’s Union Budget. They were especially enthused that fears of a long-term capital gains tax on securities transactions didn’t come true.
Market sentiment also got a boost after Jaitley proposed to bring down the fiscal deficit target to 3.2 percent of GDP from 3.5 percent earlier.
Some Must Reads On Budget 2017:
- A New Long-Term Capital Gains Tax Controversy That May Hurt ESOPs And IPO Shares
- Government Targets Fiscal Deficit Of 3.2% Of GDP In FY18
- Modi To Spend More on India’s Poor With Eye on Polls
- How 2017 Impacts Your Wallet? Find Out
- Budget 2017 Likely To Drive Foreign Flows Back Into The Indian Market
Want More? Click HERE For BloombergQuint’s Comprehensive Budget 2017 Coverage
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, declined 0.3 percent to 8,708.
Most Asian stocks declined this morning, after the Federal Reserve gave investors little fodder to change their views on the pace of U.S. interest rates hikes. Equities in Hong Kong and Japan retreated while South Korean shares edged higher.
The dollar resumed declines, falling against almost all of its major peers, climbing for the first in three days on Wednesday. Oil halted gains above $53 a barrel while gold advanced. China markets remain closed for the final day of Lunar New Year holidays that started last Friday.
The Fed reiterated its intention to lift rates gradually as the labour market tightens, acknowledging rising confidence among U.S. consumers and businesses. Investors will now be looking toward Friday’s jobs report after uncertainty created during Donald Trump’s first two weeks in office brought equity indexes down from record highs.
Bank of England Governor Mark Carney faces a delicate balancing act when policy makers meet to decide interest rates later in the day.
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