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Indian shares eked out minor gains, but extended their advance for a third straight week, as a combination of better-than-anticipated earnings and the so-called global reflation trade getting revitalised from President Trump’s pro-growth comments.
The S&P BSE Sensex closed little changed at 28,334 and the NSE Nifty 50 gained 0.1 percent to 8,793. While both the indices end the week higher, the Nifty (+0.6 percent) much better outing than the Sensex (+0.3 percent).
The market breadth, however, turned in favour of the bears at close. About 906 stocks declined, 734 advanced and 273 remained unchanged.
Indian shares eked out minor gains, but extended their advance for a third straight week, as a combination of better-than-anticipated earnings and the so-called global reflation trade getting revitalised from President Trump’s pro-growth comments.
The S&P BSE Sensex closed little changed at 28,334 and the NSE Nifty 50 gained 0.1 percent to 8,793. While both the indices end the week higher, the Nifty (+0.6 percent) much better outing than the Sensex (+0.3 percent).
The market breadth, however, turned in favour of the bears at close. About 906 stocks declined, 734 advanced and 273 remained unchanged.
Shares of the metal producer pared most of its gains after its third quarter earnings missed the mark. The company reported a net income of Rs 2,320 crore for quarter-ended December, compared to an estimate of Rs 2,420 crore.
Zinc market outlook remains positive for 2017 as no new mines being commissioned in near future, Chairman Agnivesh Agarwal said in statement. Integrated zinc output seen lower than FY16 because of low mined metal supply in first half, the company said.
Shares of the auto maker swung between gains and losses after reporting its third quarter earnings. The company posted a net profit of Rs 1,110 crore for quarter-ended December, compared to an estimate of Rs 880 crore.
The profit was boosted by a one-time gain of Rs 364 crore during the quarter from the sale of its investment in a subsidiary and a joint venture, the company said in its exchange filing.
Shares of the auto part maker dropped as much as 2.6 percent to Rs 22,376 after it reported third quarter earnings below street estimates.
Shares of the country’s largest bank extended gains to 2.5 percent after its third quarter earnings beat street expectations.
The state-owned lender reported a net profit of Rs 2,610 crore for quarter-ended December, compared to an estimate of Rs 2,510 crore by analysts in a Bloomberg poll.
For more details on SBI’s third quarter earnings, click HERE
Shares of the pharmaceutical company dropped as much as 3.25 percent to Rs 3.81 crore as compared to Rs 6.28 crore in the year ago period. The companies EBITDA stood at Rs 15.2 crore as compared to Rs 19 crore while margins contracted to 11.8 percent as compared to 16.4 percent a year ago.
Shares of the movie production company jumped 8.9 percent, the most since January 19, after it unit bags a contract from Tata Sky for production of creative assets.
The company’s technology unit will create exclusive subscriber communications for value added services of Tata Sky, according to an e-mailed statement.
The deal includes developing creative assets monthly on a diverse range of Tata Sky services that cover various subjects including fitness, health and music.
Continuing its winning spell, the rupee rose by another 3 paise to 66.82 against the US dollar in early trade today on continued selling of the American currency by banks and exporters.
Forex dealers said dollar's weakness against other currencies overseas and strong opening in domestic equity market also supported the rupee momentum.
The local currency had ended 34 paise higher at a fresh 3-month high of 66.85 against the dollar.
PTI
Indian shares climbed following a rally in Asian equities as metal makers and lenders rebounded while automakers and energy producers snapped their winning streak.
The S&P BSE Sensex gained 0.4 percent to 28,456 while the NSE Nifty advanced 0.5 percent to 8,822. The market breadth was firmly tilted in favour of buyers. About 978 stocks advanced, 497 declined and 417 remained unchanged on the NSE.
Indian shares climbed following a rally in Asian equities as metal makers and lenders rebounded while automakers and energy producers snapped their winning streak.
The S&P BSE Sensex gained 0.4 percent to 28,456 while the NSE Nifty advanced 0.5 percent to 8,822. The market breadth was firmly tilted in favour of buyers. About 978 stocks advanced, 497 declined and 417 remained unchanged on the NSE.
Movers & Shakers: Tata Steel, Grasim Industries, Torrent Power And More
Foreign investors turn cautious in the futures & options market, reports @AgamVakil. https://t.co/p24DOJ6kdf pic.twitter.com/4ESoH16hJD
— BloombergQuint (@BloombergQuint) February 10, 2017
For a complete list of stocks to watch, click HERE
Earnings To Watch
It seems the bond markets are mighty upset with RBI changing its stance to neutral from accommodative. The yield on the benchmark note climbed another 11 basis points in the last session and for the week, they are up a massive 45 basis points at 6.86 percent.
In a note Nomura said that it expects the 10-year yield to touch 6.90 percent by end-2017. With no relief in sight, bonds may stay lower with some odd value trade as yields are at a very attractive level.
In currency market, the rupee touched a three-month high in the last session. In the week it has climbed 0.7 percent to 66.85 per dollar. However, today seems to be the day of the greenback with most Asians trading in the red and rupee too may open lower.
Interestingly, the world's biggest FX trader, Citigroup told Bloomberg that it sees the dollar rising this year even as U.S. President Trump talks the greenback down and blasts trading partners for currency manipulation.
Infosys hires Cyril Amarchand Mangaldas to review governance standards, reports @sajeetkm. https://t.co/soEwapxDPN pic.twitter.com/SzF2J6Hb4F
— BloombergQuint (@BloombergQuint) February 10, 2017
Government beefs up RBI central board with three appointments, reports @dugalira.https://t.co/zthCyQcENs pic.twitter.com/qL3U02nrjW
— BloombergQuint (@BloombergQuint) February 9, 2017
Good Morning!
The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, gained 0.3 percent to 8,828.
Asian stocks gained this morning, with the dollar and government bonds slumped after U.S. President Donald Trump promised a plan to overhaul business taxes in the next few weeks. The MSCI Asia Pacific Index back to the highest level since July 2015 after U.S. climbed to records.
President Trump says a “phenomenal” plan to overhaul business taxes may be released within the next few weeks. https://t.co/DkSS30qB6c pic.twitter.com/ZjCdYuMJwI
— BloombergQuint (@BloombergQuint) February 10, 2017
Gold slipped while extended a rally to a third day. Equities surging to fresh high after Trump said a “phenomenal” plan to overhaul business taxes may be released within the next “two or three weeks.”
The comments served as a lifeline to so-called reflation trades that were weakening as the administration expended energy defending immigration orders and threatening to rewrite trade terms while providing scant details on pro-growth polices promised during the campaign.
Attention will turn Friday to Shinzo Abe’s visit with President Trump, as investors parse reports Japan’s prime minister is prepared to offer infrastructure investment, with the U.S. administration still sitting on details of its own policy proposal.
Also, China, the biggest contributor to world trade, reports export and import data.
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