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The S&P BSE FMCG Index was the only sectoral gauge that remained unscathed in trade today.
“Consumer stocks are rallying on expectation that the federal budget presentation on Wednesday will trigger a revival in demand by giving more cash in the hands of people,” Purvesh Shelatkar, senior vice president of institutional sales at Centrum Broking Ltd. told Bloomberg News. “We will see a very strong foreign inflow into Indian stocks after the budget for few months.”
Kapadia, meanwhile, said the budget has become more of a non-event for the market. He advised investors to their research before buying stocks. “If you can’t figure that part out, it would be better for you to buy an SIP instead and stick with it for at least five-years,” he told BloombergQuint in a phone conversation.
Read more details on Dabur’s Q3 performance HERE
Shares of the oil marketing company slipped 1.4 percent after it reported reported third quarter profit of Rs 455 crore, according to a statement on exchanges. A Bloomberg poll of analysts had estimated the profit to come in at Rs 580 crore.
Indian Oil third quarter profit rises 28 percent to Rs 3,994.91 crore, compared to Rs 5450 crore estimated by analysts in a Bloomberg poll.
Shares drop as much as 7.1 percent, the most since Nov. 15.
The company reported third quarter net profit rose to Rs 80.54 crore versus Rs 66.49 crore year earlier, according to a statement on exchanges. Shares erase losses to gain as much as 1.4 percent intraday, having fallen 2.1 percent earlier.
Shares of the state-owned lender fluctuated between gains and losses after reporting third quarter earnings.
The bank posted a net profit of Rs 93.56 crore for the quarter-ended December 31, compared to a loss of Rs 120 crore same period year ago.
Shares of the two-wheeler maker pared losses and rose 2.6 percent after reporting third quarter earnings that beat street estimates.
The Pune-based auto major reported a net profit of Rs 925 crore for quarter-ended December 31, compared to Rs 851 crore estimated by analysts in a Bloomberg poll.
CPI based core inflation has remained stable in current fiscal year averaging around 5 % #EconomicSurvey2016_17 pic.twitter.com/5Z6EiNDqjE
— Ministry of Finance (@FinMinIndia) January 31, 2017
.@shraddha_babla @TCS @Infosys @bse_sensex Nifty IT Index Drops Most Since U.S. Election On Visa Concerns pic.twitter.com/nFfceSG8MI
— Shraddha Babla (@shraddha_babla) January 31, 2017
Shares of the textile maker pared losses after reporting its third quarter earnings. The company managed a net profit of Rs 13.89 crore for the quarter-ended December 31, compared to a loss of Rs 8.5 crore same period a year ago.
It clocked net sales of Rs 1,960 crore versus Rs 2,110 crore year-on-year ago.
Shares of the drug maker dropped as much as 6.3 percent to Rs 352 after its third quarter earnings disappointed missed the mark.
The pharma firm reported a net profit of Rs 282 crore for quarter-ended December, compared to Rs 353 crore estimated by analysts in Bloomberg poll. It clocked net sales of Rs 2,360 crore versus estimate of Rs 2,430 crore.
While the country’s third largest telecom operator has gained over 40 percent since January 27, on talks of merger discussions with Vodafone Plc, the stock of Bharti Infratel has actually dropped over 15 percent.
According to research firm CLSA, the proposed merger of Idea Cellular and Vodafone India is likely to impact Bharti Infratel’s tenancies as the combined company would look to reduce an overlap in tower infrastructure.
Read the full article HERE
Rising for the fifth straight day, the rupee advanced by another 11 paise to 67.84 against the dollar in early trade today on increased selling of the U.S. currency by banks and exporters.
Forex dealers said, a weakening dollar against other currencies overseas supported the rupee but a lower opening in the domestic equity market capped the gains.
Yesterday, the rupee had hit its two-week high of 67.95, appreciating by 8 paise on sustained unwinding of American currency by exporters and banks.
PTI
Movers & Shakers: Idea Cellular, ICICI Bank, V-Gaurd Industries And More
The Bank of Japan kept stimulus unchanged and left its inflation forecasts largely untouched as it waits to see the impacts of a recent decline in the yen and the polices of Donald Trump’s administration.
Governor Haruhiko Kuroda and his board will continue to buy bonds and other securities at the same pace while keeping unchanged the two policy rates controlling yield curve, as forecast by all economists surveyed by Bloomberg.
Board members also updated their economic projections. The median estimates are as follows:
For a complete list of stocks to watch, click HERE
Offerings
Investors will be watching for key data points from the Economic Survey 2017 and India's revised GDP estimates for the last financial year. Both are due later today.
In the survey, Finance Ministry may forecast FY18 GDP growth at 6.75 percent to 7.5 percent, according to people familiar. The Government also expects higher oil prices in 2017 to potentially drag growth lower by 0.5 percentage points.
Borrowing costs may fall as much as 100 basis points this year compared to 2016.
Any update on the impact of demonetisation will also be keenly watched.
Another key data is the gross government borrowing for fiscal 2018. Borrowing via bonds is seen at a record of Rs 6.25 lakh crore versus Rs 6 lakh crore budgeted for this fiscal. The number will be known in the union budget tomorrow.
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, was little changed at 8,648.
Asian stocks declined this morning, while gold and yen extended gains on concern that Donald Trump may follow through with isolationist policies. Bank and exporters led declines in Japanese shares before a Bank of Japan policy decision.
The dollar maintained Monday’s losses against most its peers, while oil slumped. China, Hong Kong and Vietnam markets will be closed for holidays.
U.S. stocks fell the most since the November election, with the S&P 500 Index posting its biggest loss of the year, as Trump’s order to banning immigrants from seven predominantly Muslim counters drew a rebuke from some Republican lawmakers.
Oil prices declined to $55.13 a barrel, after losing more than a 1 percent during each of the previous two sessions. Drilling in the U.S. rose to the highest in more than a year, countering OPEC’s efforts to clear a supply glut.
the Bank of Japan is expected to leave policy unchanged Tuesday as it concludes its first meeting of 2017. The Federal Reserve announces a policy decision on Wednesday. Like the BOJ, it is expected to leave lending rates where they are, though the Fed’s statement will be parsed for any reading on Trump’s impact on the world’s largest economy.
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