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Nifty Logs Worst F&O Series In Seven Months As Financials Drag

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Nifty Logs Worst F&O Series In Seven Months As Financials Drag
A telephone handset sits on a desk on the trading floor. (Photographer: Jason Alden/Bloomberg)
7 years ago
Indian equity benchmarks extended decline led by losses in financials and private sector lenders.
Sep 27, 2018 15:47 (IST)
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Sep 27, 2018 15:13 (IST)
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Sep 27, 2018 14:37 (IST)
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  • GMR Infra has 81 lakh shares change hands in three blocks. Stock down 4.3 percent at Rs 16.85.

    • Buyers and sellers were not immediately known

    Source: Bloomberg

Sep 27, 2018 14:30 (IST)
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Shares of the Delhi-based automotive air-conditioning systems maker slumped after its board approved issuing 52.47 lakh equity shares to Denso Corporation, Japan on preferential basis.

  • Board approved preferential issue of shares at Rs 400 per share.
  • Post preferential issue Denso's stake in the company will increase to 20 percent from 13 percent.
  • Stock fell as much as 6.35 percent to Rs 317.05

Sep 27, 2018 13:17 (IST)
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Indian equity benchmarks extended decline led by losses in financials and private sector lenders on the F&O expiry day.

The Sensex fell 0.5 percent or 185 points to 36,356 and the Nifty 50 Index declined 0.6 percent or 68 points to 10,987.

Sixteen of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Finance Index's 1.55 percent decline.

Top Five Nifty Losers

  • Yes Bank
  • Indiabulls Housing Finance
  • Bajaj Finance
  • Dr. Reddy's Labs
  • Axis Bank

Top Five Nifty Gainers

  • Tata Steel
  • Asian Paints
  • Titan
  • Infosys
  • State Bank of India

Sep 27, 2018 13:04 (IST)
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  • Kesoram Industries: The Kolkata-based cement and iron pipes maker rose as much as 14 percent, the most in over 5 months, to Rs 73.60. Trading volume was 14.5 times its 20-day average.
  • Indian Energy Exchange: The Delhi-based power trading platform operator fell as much as 2.5 percent to Rs 1,702. Trading volume was 9.3 times its 20-day average.
  • APL Apollo Tubes: The Delhi-based steel tubes maker fell as much as 5.5 percent to Rs 1,320. Trading volume was 7.3 times its 20-day average.
  • Varun Beverages: The Gurugram-based Pepsi bottler fell as much as 3.2 percent to Rs 761.30. Trading volume was 7.5 times its 20-day average.
Sep 27, 2018 12:46 (IST)
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Sep 27, 2018 12:12 (IST)
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Sep 27, 2018 12:04 (IST)
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Click here for more stock market statistics

Sep 27, 2018 11:28 (IST)
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Sep 27, 2018 10:58 (IST)
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Sep 27, 2018 10:48 (IST)
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Shares of non-banking finance companies plunged led by losses in Can Fin Homes and Indiabulls Housing Finance.

  • Can Fin Homes fell 6.92 percent
  • Indiabulls Housing Finance declined 6.34 percent
  • Repco Home Finance tumbled 5.9 percent
  • Edelweiss Financial Services declined 5.87 percent

Sep 27, 2018 10:24 (IST)
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Click here to see the complete options chain

Sep 27, 2018 10:13 (IST)
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Shares of footwear makers advanced after the government hiked import duty on shoes from 20 percent to 25 percent.

  • Bata India rose 2.8 percent
  • Relaxo Footwears advanced 0.3 percent
  • Liberty Shoes climbed 3.74 percent
  • Khadim India 2.4 percent
  • Sreeleathers rose 5.93 percent

Sep 27, 2018 09:54 (IST)
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Sep 27, 2018 09:46 (IST)
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Shares of the air conditioner, washing machine and refrigerator makers fell after the government hiked import duty on a range of products including air conditioners, refrigerators, compressors and washing machines.

Hike in duties on compressor by 2.5 percent is a negative since most of the compressors are bought from China with little domestic manufacturing, Motilal Oswal said in a note.

  • Voltas fell 3.4 percent
  • Whirlpool of India declined 2.7 percent
  • Havells India declined 1.55 percent to Rs 635

Sep 27, 2018 09:23 (IST)
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Sep 27, 2018 09:21 (IST)
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Indian equity benchmarks swung between gains and losses ahead of the derivative expiry for the month of September.

The S&P BSE Sensex rose 31 points to 36,572 and the NSE Nifty 50 Index advanced 12 points or 0.1 percent to 11,067.

Fifteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Utilities Index's 0.8 percent gain. On the other hand, the S&P BSE Telecom Index was top loser, down 0.3 percent.

Sep 27, 2018 08:48 (IST)
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Sep 27, 2018 08:11 (IST)
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F&O Cues
  • Nifty September futures closed trading at 11,062 at premium of 8 points versus 20 points.
  • September series-Nifty open interest down 16 percent; Bank Nifty open interest down 20.5 percent.
  • Nifty Rollovers at 43 percent; Nifty Bank Rollovers at 36 percent.
  • India VIX ended at 17.1, up 2.4 percent.
  • Max open interest for September series at 11,200 strike value call option (open interest at 36.2 lakh, open interest up 45 percent)
  • Max open interest for September series at 11,000 strike value put option (open interest at 38.7 lakh, open interest up 4 percent)

Put-Call Ratio

  • Nifty PCR at 1.09 versus 1.13.
  • Nifty Bank PCR at 0.74 versus 0.7 .

Stocks In F&O Ban

  • In Ban: Adani Power, Jet Airways, PNB
  • Out of Ban: DHFL
Sep 27, 2018 08:11 (IST)
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Brokerages On Custom Duty Hike

CLSA

  • Government hiked custom duty rates on AC, refrigerators, washing machines.
  • Havells currently imports 70 percent Lloyds requirement but has option to shift to domestic manufacturing.
  • Voltas’s JV with Arcelik would be hurt as appliances are 100 percent imported.
  • Voltas Beko’s domestic factory will likely take a year to start.

Goldman Sachs

  • Hike in custom duty rates are negative for Voltas and Havells India.
  • Crompton Consumer best placed as none of its product categories have been impacted.
  • Expect industry to collectively pass this custom duty hike.
  • Price hike could be with a lag and impact margins in the near to medium term.

Brokerages On Titan

Morgan Stanley

  • Maintained ‘Overweight’ with a price target of Rs 1,250, implying a potential upside of 54 percent from the last regular trade.
  • No change in import duty on Gold to lift overhang on Titan.
  • Hike in rate or jewellery pieces is marginally positive as it reduces competitiveness.
  • Expect Titan to react positively.

BofAML

  • Maintained ‘Buy’ with a price target of Rs 1,080, implying a potential upside of 33 percent from the last regular trade.
  • Stock corrected on market concerns about the current financial year’s growth guidance and gold import regulation.
  • Believe concerns are overdone and expect Titan to post robust jewelry growth in 2018-19.
  • Stock is currently pricing in 10-year EBIT CAGR of just 19 percent despite strong growth prospects.

More Brokerage Calls

Credit Suisse on Consumer Staples

  • Margin performance depends on revenue growth as it will provide operating leverage
  • Margin Negative: increasing commodity inflation and GST tailwinds getting anniversarise from the third quarter.
  • Marico best placed in entire consumer pack as Copra prices trending down.
  • Britannia seems most susceptible to rising input costs.

Morgan Stanley on Havells India

  • Maintained ‘Equalweight’ with a price target of Rs 712, implying a potential upside of 10 percent from the last regular trade.
  • Increase in duty on consumer durables will hurt earnings in the second half.
  • Likely commissioning of AC plant by Mar-19 will moderate the impact in the next financial year.
  • Medium-term outlook for consumer durables is intact.

Goldman Sachs on Asian Paints

  • Upgraded to ‘Buy’ from ‘Neutral’; raised price target to Rs 1,550 from Rs 1,407, implying a potential upside of 21 percent from the last regular trade.
  • Capacity expansion to offer significant competitive advantages and better returns.
  • Dominant position to help navigate a more turbulent input cost environment.
  • Government initiatives starting to bear fruits in home building.
  • Optionality from other home improvement categories.

HSBC on SpiceJet

  • Maintained ‘Hold’; cut price target to Rs 70 from Rs 100, implying a potential upside of 1 percent from the last regular trade.
  • Indian aviation is set for a poor second quarter – generally the weakest.
  • Freight business broadly neutral for profitability since the scale has been small.
  • Expect positive momentum after December as high fuel prices will start to be built into the base.
Sep 27, 2018 08:09 (IST)
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  • Dewan Housing Finance Corporation: BNP Paribas acquired 51.5 lakh shares (1.64 percent) at Rs 297.87 each.
  • Astra Microwave Products: HDFC MF sold 34.9 lakh shares or 4.03 percent equity at Rs 85 each.

    • Apollo Hospitals Enterprise

    • Oppehheimer sold 14 lakh shares or 1.01 percent equity at Rs 1,044.23 each.
    • Wellington acquired 9.5 lakh shares or 0.68 percent equity at Rs 1,044.23 each.
Sep 27, 2018 08:08 (IST)
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Sep 27, 2018 08:08 (IST)
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Government Hikes Basic Customs Duty On 19 Items To Curb Imports 

Sep 27, 2018 08:08 (IST)
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Sep 27, 2018 08:03 (IST)
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