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Indian shares declined for the first time in five trading session as investors eased up on moves ahead of the Reserve Bank monetary policy. At the same time, they are assigning greater risk premiums to European countries headed for elections amid Trump administration’s protectionist trade rhetoric.
The S&P BSE Sensex fell 0.3 percent to 28,335 while the NSE Nifty dropped 0.3 percent as well to 8,768. Traders will take heart from the fact that the 50-share index managed to hold on to technically important 8,750-mark after briefly falling below it during the session.
The market breadth turned in favour of the sellers at close. About 922 stocks declined, 720 advanced and 272 remained unchanged. The S&P BSE Auto Index once again top the worst performing sectoral gauge list followed by the S&P BSE Metal and S&P BSE Oil & Gas indices.
On the flipside, the S&P BSE Capital Goods Index gained the most, led by BHEL.
Indian shares declined for the first time in five trading session as investors eased up on moves ahead of the Reserve Bank monetary policy. At the same time, they are assigning greater risk premiums to European countries headed for elections amid Trump administration’s protectionist trade rhetoric.
The S&P BSE Sensex fell 0.3 percent to 28,335 while the NSE Nifty dropped 0.3 percent as well to 8,768. Traders will take heart from the fact that the 50-share index managed to hold on to technically important 8,750-mark after briefly falling below it during the session.
The market breadth turned in favour of the sellers at close. About 922 stocks declined, 720 advanced and 272 remained unchanged. The S&P BSE Auto Index once again top the worst performing sectoral gauge list followed by the S&P BSE Metal and S&P BSE Oil & Gas indices.
On the flipside, the S&P BSE Capital Goods Index gained the most, led by BHEL.
The market remains in an uptrend until the Nifty manages to stay above 8,680 level on closing basis, said Jay Thakkar, senior technical analyst, Sharekhan Ltd. told BloombergQuint in a phone conversation.
“If 8,680 is held on a closing basis, then the index is likely to move towards 8,850 initially and thereafter 8,900,” he said. Likewise, he expects a similar trend on the Nifty Bank Index until 19,800 is held on a closing basis.
In terms of investment ideas, Thakkar recommended select stocks from the sugar sector. “One can buy Thiru Arooran Sugars at current levels with a stop loss at Rs 64 and a target of Rs 103,” he said.
Sharekhan has also given a buy recommendation on Future Consumer. “I think that stock is likely to reach towards Rs 30 initially after which it may head towards Rs 34-35. The stop loss is recommended at Rs 22.95,” Thakkar said.
Thakkar also put a buy on Petronet LNG for a target of Rs 430 and a stop loss of Rs 360.
Shares of the engineering and manufacturing company gained as much as 7.5 percent to its highest since September 9 after reporting earnings that beat street expectations.
Shares of the lender dropped 2 percent to Rs 81.8 after reporting its third quarter earnings.
Shares of the tyre maker fluctuated between gains and losses after its sales beat street estimates but profit came in below expectations.
IG Petrochemicals' 5-Day Surge
IG Petrochemicals Ltd. rises for the fifth consecutive session, gains as much as 17.5 percent.
#BQSpotted by @shraddha_babla | IG Petrochemicals' five day surge. https://t.co/CQBWNzNid3 pic.twitter.com/PAK5LyAF5I
— BloombergQuint (@BloombergQuint) February 7, 2017
Shares of the state-owned bank swung between gains and losses after a near three-fold jump in net profit for the October-December quarter.
Net profit grew 305 percent to Rs 207 crore from Rs 51 crore in the same period last year, according to the lender’s exchange filing. However, the figure was way below the Bloomberg consensus estimate of Rs 613 crore.
Net interest income decreased 9 percent to Rs 3,731 crore, as compared to Rs 4,120 crore in the year ago period. This too missed analyst estimates of Rs 3,973 crore.
For more details on PNB’s third quarter earnings, click HERE
Shares of the IT firm surged as much as 4.73 percent to Rs 205.75 after it beat analysts’ estimates in the October to December quarter and offered optimistic guidance for 2017.
Net profit stood at Rs 121.5 crore, an increase of 9.1 percent from the July to September quarter, the company said in its exchange filing. The consensus estimate of analysts tracked by Bloomberg stood at Rs 111.3 crore.
Revenue jumped 4.1 percent to Rs 941 crore, beating analysts’ estimate of Rs 920 crore. Revenue in U.S. dollar terms grew 2.7 percent to $138.9 million.
Trent Snaps Two-Day Losing Streak
#BQSpotted by @onlynickey | Trent snaps its two-day losing streak. https://t.co/XQyw0oOu3q pic.twitter.com/yegWLpSvT4
— BloombergQuint (@BloombergQuint) February 7, 2017
After rising for nine straight days, the rupee turned weak by 13 paise to 67.35 against the dollar in early trade at the foreign exchange market today on fresh demand for the American currency from importers.
The U.S. dollar's gains against some currencies overseas and a lower opening in the domestic equity market put the rupee on the back foot, forex dealers said.
For the past few days, the rupee continued to outshine the US dollar and ended at a nearly 3-month high of 67.22 yesterday, appreciating by 9 paise on sustained unwinding of the American greenback by exporters and corporates ahead of the RBI monetary policy review scheduled for tomorrow.
Heavy unwinding of long dollar positions built by speculative traders last week ahead of FOMC meet predominantly gave the rupee an edge amid extreme weak overseas sentiment.
PTI
Shares of the FMCG company rose as much as 3.4 percent to its highest since January 1991 after the government sold around 2 percent stake in the company via three block deals.
Around 242.5 million shares changed on the NSE in three block deals, according to Bloomberg data. The government managed to get around Rs 6,700 crore from the share sales, Department of Investment and Public Asset Management (DIPAM) secretary Neeraj Gupta told reporters in New Delhi.
LIC was said to be the buyer in the ITC block deal, according to a ETNow report citing unnamed sources.
Indian shares fluctuated between gains and losses following weak trade in global equities over rising geopolitical concerns and as traders await cues from RBI’s monetary policy meet tomorrow.
The S&P BSE Sensex slipped 0.1 percent to 28,411 while the NSE Nifty declined 0.1 percent as well to 8,787. The market breadth, however, was encouraging with more buyers than sellers. About 879 stocks advanced, 551 declined and 452 remained unchanged on the NSE.
Indian shares fluctuated between gains and losses following weak trade in global equities over rising geopolitical concerns and as traders await cues from RBI’s monetary policy meet tomorrow.
The S&P BSE Sensex slipped 0.1 percent to 28,411 while the NSE Nifty declined 0.1 percent as well to 8,787. The market breadth, however, was encouraging with more buyers than sellers. About 879 stocks advanced, 551 declined and 452 remained unchanged on the NSE.
For a complete list of stocks to watch, click HERE
Must-Read: One Last Rate Cut In The Offing, Shows BloombergQuint Economists’ Poll
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, declined 0.1 percent to 8,805.
Asian stocks fell this morning, after the yen led a rally in haven assets with political uncertainty infecting markets across the globe. Japan’s Topix index dropped for the first time in three days, while Chinese equities fluctuated as investors awaited data on Asia’s largest economy’s foreign currency reserves.
Overnight the S&P 500 Index retreated from near record levels, as shares most tied to economic growth struggled after wage growth and uneven retail results raised questions about the strength of the American consumer.
Also Read: Goldman Sachs Economists Are Starting to Worry About President Trump
The Trump-fuelled rally in equities is faltering as investors assess how the administration will balance protectionist trade rhetoric with promised tax cuts and spending increases. At the same time, traders are assigning greater risk premiums to European countries were anti-establishment movements are gaining traction ahead of elections.
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