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Sensex, Nifty Register Longest Losing Streak In A Month

Sensex, Nifty Register Longest Losing Streak In A Month
A trader reacts as he monitors financial information on computer screens on the trading floor. (Photographer: Chris Ratcliffe/Bloomberg)
8 years ago
Indian equity benchmarks slid for the sixth day in a row, the longest losing streak in a month.

  • Petronet LNG: About 15 lakh shares changed hands in a block deal.
  • Buyers and sellers were not known immediately.

    Source: Bloomberg

  • Good time for hybrid annuity projects.
  • Concession period for the projects is 15 years.
  • Expect 15-18 percent margins from construction. About 10-11 bids have already been submitted.
  • Another 40 bids will be submitted by March.

  • Current order backlog stands at over Rs 4300 crore.
  • Have received LoI for Trichy project worth Rs 1040 crore.
  • Bidding in areas like Kerala and North-East.
  • Focusing on Rs 3,500 crore HAM Projects at present.
  • Orders as of December quarter stood at Rs 3,300 crore.
  • Order inflow in FY19 will be higher than FY18.
  • Industry will grow well this time around.
  • Selectively bidding for Ham, EPC projects in Bharatmala.

FDC

  • Stock rose as much as 10.7 percent to Rs 319.80.
  • Trading volume was 7.6 times its 20-day average.

V-Mart Retail

  • Stock rose as much as 7.5 percent to Rs 1,970.
  • Trading volume was 4.7 times its 20-day average.

Teamlease Services

  • Stock rose as much as 16.7 percent to Rs 2,392.
  • Trading volume was 40.2 times its 20-day average.

Key highlights from the conversation:

  • Hope to end FY18 with credit growth of 18 percent.
  • Interest rates hardening cycle has started, evident from bond market reaction.
  • Will continue to safeguard systems from hacking.
  • Cyber hacking is a global problem.
  • Final report on fraud transaction case yet release.
  • Will be seeing trend of reducing Gross NPAs by mid-year.
  • Don't see much impact from RBI's new norms.
  • Focusing on SMEs, agriculture.
  • Following strategy of staying away from infrastructure sector.

Key highlights from the conversation:

  • December quarter was sluggish. Demand in the market is coming back now.
  • No new funds are required as of now.
  • The underlying aspect of inflows is of strong performance.
  • FPI limit hike is just a procedural process.

Key highlights from the conversation:

  • Indian markets are buoyant enough for large diameter pipe segment at present.
  • The company is on track to achieve yearly guidance.
  • Seeing healthy pipeline from current order book perspective.
  • On track for margin improvement in Q4
  • Spike in raw material prices may impact first half of next year.
  • Operating at capacity utilisation more than 70-75 percent.

  • Bharti Infratel: About 45.3 lakh shares changed hands in two block deals.
  • Buyers and sellers were not known immediately.

    Source: Bloomberg

  • Indian equity benchmarks were volative amid a widening probe into the $2-billion bank fraud engulfing state-run lender Punjab National Bank.
  • The S&P BSE Sensex fell 0.4 percent to 33,186.09 and the NSE Nifty 50 Index declined 0.5 percent to 10,196.
  • Eighteen out of 19 sector gauges compiled by BSE were trading lower led by the S&P BSE Realty index's 1.6 percent fall.
  • Market breadth was bearish as 1,954 shares were declining while over 506 were advancing on the BSE.

The government may re-evaluate its bank recapitalisation plan after the Rs 12,700-crore fraud at the Punjab National Bank and the possibility of more public-sector lenders coming under the central bank’s prompt corrective action, a senior government official told BloombergQuint requesting anonymity. (more details here.)

  • City Union Bank: About 10 lakh shares changed hands in a block deal.
  • Buyers and sellers were not known immediately.

    Source: Bloomberg

Shares of the private lender swung between gains and losses and traded at Rs 516.25.

The bank disclosed that it has an exposure of Rs 200 crore to PNB Fraud, according to its stock exchange notification. It added that the same would not have any material impact on the bank.

Shares of the Nashik-based road builder rose as much as 2.86 percent to Rs 231.8.

The company's subsidiary Ashoka Concessions Ltd. has emerged as the lowest bidder for three road projects worth Rs 2,991.7 crore in Karnataka, according to its stock exchange notification.

Trading volume was three times the 20-day average.

Key highlights from the conversation:

  • Expect 3.9 percent GDP growth for the world economy.
  • Expect recovery in global trade to rub off in India also.
  • Expect the trade to contribute more than in last year.
  • Normal monsoon to aid growth in India.
  • Expect India GDP growth to pick up to 7.5 percent.
  • Resolutions will begin with the steel sector.
  • Demand and pricing conditions for steel are improving domestically.
  • Indications for resolution in the steel sector look promising.
  • Don't see a robust recovery in private investment cycle.
  • Share of construction sector in rural employment has gone up.

Mumbai-based private lender, ICICI Bank said that it has no exposure to PNB Fraud, according to its stock exchange notification.

The bank also clarified on summons report, stating that it is routinely cooperating with regulators and will continue to engage with investigative agencies.

Shares of ICICI Bank continued to decline for the sixth straight day and fell as much as 3.3 percent to Rs 285 in today's trade.

  • Harrisons Malayalam: About 13 lakh shares or 7 percent equity changed hands in a block deal.
  • Buyers and sellers were not known immediately.

    Source: Bloomberg

Key highlights from the conversation:

  • We can expect a further correction in the short term.
  • India has decoupled from global markets in the past month.
  • Global markets are currently under pressure.
  • Metal prices could go down due to dumping by companies/countries.
  • Worst may be over for I.T. companies.
  • Expect the dollar to strengthen against the rupee to 66-67 levels.
  • Prefer private banks over PSU banks.
  • Some corporate banks are starting to look attractive for investment.
  • Current valuations are still looking rich.
  • Expect FY19 earnings growth of 15 percent.

The rupee climbed by the most in more than a week yesterday and may again benefit from negative sentiment toward the U.S. dollar again today.

U.S. stock futures are down following the resignation of White House economic adviser Gary Cohn, who had opposed proposed tariffs on steel and aluminium.

The White House said shortly after the Cohn announcement that it’s considering clamping down on Chinese investments in the U.S. and imposing tariffs on a broad range of its imports.

Forwards suggest the rupee will start trading onshore around 64.89 against the U.S. currency, which dropped yesterday against major peers.

Sovereign bonds will await the release of Feb. CPI data next week for clues on the direction of interest rates in the nation.

Benchmark 10-year bond yield was a little changed Tuesday at 7.78 percent.

  • Bharat Dynamics IPO price band at Rs 413-428 a share; offer open March 13-15
  • Devi Sea Foods seeks approval for initial share sale

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