Sensex, Nifty ends positive; ICICI Bank plunges 3%
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The Dalal Street on Wednesday closed on a mixed note.
Sensex ended at 29,336.57 above 17.47 or 0.06%, while Nifty 50 closed below 1.65 points or 0.02% at 9,103.50.
Analysts at Motilal Oswal said, "There was mid-cap and small cap stocks witnessed smart rally while large cap counters were muted. Among stocks Mid-cap Cement, Power, Realty, Capital Goods and Infrastructure stocks gained."
They added, "Global markets recovered after a sharp decline yesterday. European markets gained marginally while Asian Markets were a mixed bag."
HDFC Securities said, "If Nifty trades above 9120 level then traders could expect positive move in the Nifty towards 9180 followed by 9240 level. If Nifty sustains below 9120 level for first hour of trade then traders may see down move, which could take Nifty towards 9050 level followed by 9020 level."
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The Dalal Street closed on a positive note as sectors like Auto, FMCG, Realty, Media and IT witnessed some rally on Thursday trading session.
Sensex ended at 29,422.39 above 85 points or 0.29%, while Nifty closed higher by 32 points or 0.36% at 9,136.40.
Top gainers on BSE were - Gail India at Rs 402.10 per piece (2.02%), Adani Ports at Rs 331.65 per piece (1.83%), HDFC at Rs 1,516.95 per piece (1.82%), Asian Paints at Rs 1,063.50 per piece (1.37%), Maruti Suzuki at Rs 6,272.80 per piece (1.17%) and TCS at Rs 2,328.35 per piece (1.16%).
Losers were - ICICI Bank at Rs 272.80 per piece (2.90%), Axis Bank at Rs 487.95 per piece (2.26%), Sun Pharma at Rs 655.85 per piece (1.28%), Power Grid at Rs 208.60 per piece (1.21%) and NTPC at Rs 163.10 per piece (0.97%).
Expert 'Mehraboon Irani' said, Market may witness downfall of 1-2%.
GAIL, Grasim, Adani Port etc are the Nifty gainers.
Shares of Adani Ports were trading above nearly 2% after when the company said that is subsidiary had commenced commercial operations at its Multimodal Logistics Park.
At 1356 hours, stock price of Adani Ports was trading at Rs 330.25 per piece on BSE, up Rs 5 or 1.40%.
In a BSE filing, Adani Ports said, "Adani Logistics had commissioned and commenced commercial operations at its Multimodal Logistics Park at Kilaraipur, Ludhiana in Punjab."
The logistics infrastructure facility, spread across 77 acres, is strategically located on the dedicated freight corridor feeder route and will facilitate double stack train
services to Mundra Port.The multi modal park, with newly constructed warehouse and two railway handling lines, is now open for domestic cargo and domestic container handling.
Future Retail on Thursday announced that board of directors have approved segregation of home retail business of the company operated through home town stores into Praxis Home Retail Private Limited (PHRPL) by way of demerger.
The proposal would be carried out between Future Retail and Bluerock eServices Private Limited and Praxis Home Retail.
After the announcement, the share price of Future Retail soared over Rs 14 or 4.80% on BSE, trading at Rs 306.90 per piece.
Biocon on Thursday informed BSE that the board of directors are considering of final dividend for the financial year 2016-17 in a meeting scheduled on April 27, 2017.
Shares of Biocon surged over Rs 10 or 0.96% on BSE, trading at Rs 1,120.40 per piece.
Balaji Telefilms on Thursday said that PayU India has partnered with ALTBalaji for opening an additional method of payment for the OTT platform's subscription services.
The company further said, "Payment options provided through PayU Biz are credit card, debit card, net banking, Itz cash, Yes Pay, Ypay, PayU Money wallet and UPI."
Shares of Balaji Telefilms were trading above 2% on BSE at Rs 105.40 per piece.
Companies which are set to announce their fourth quarter ended March 31, 2017 result on Thursday will be in focus.
They are - Bharat Seats Limited, CRISIL, Cyient Limited, Diamond Power Infrastructure Limited, Hindustan Zinc, Lloyds Steel Industries, Mastek, Mindtree and Huhtamaki PPL Limited.
The Directorate General of Civil Aviation, Government of India released on Thursday released domestic air traffic data between Janaury - March period.
As per the DGCA, domestic air traffic between Janaury - March 2017 registered growth of 18.59% to 272.79 lakhs compared to 230.03 lakhs during the corresponding period of previous year.
In the month of March, domestic airline market share of Jet Airway stood at 15.4%, while SpiceJet at 13.2% and InterGlobe Aviation (Indigo) at 39.9%.
On BSE, shares of Jet Airways were trading at Rs 495.65 per piece above Rs 16 or 3.21%, while of SpiceJet was up Rs 3 or 3.51% trading at Rs 97.20 per piece.
While shares of InterGlobe Aviation increased by Rs 26 or 2.39% trading at Rs 1,111 per piece
Investors have been dumping banking stocks for second times in a row now so much so that they have become sole loser on Nifty index on Thursday.
This has been since April 18, when the Reserve Bank of India brought in new guidelines on standard asset provisioning and disclosure of details regarding non-performing assets (NPAs).
At 1007 hours, Nifty Bank was trading at 21,445.80 slipping over 110.55 points or 0.51%
Yes Bank emerged as top loser on Nifty Bank by sliding down over Rs 66 or 4.08% trading at Rs 1,539.90 per piece. This was led by despite Yes Bank reporting 30.2% rise in net profit during Q4FY17 to Rs 914.1 crore.
Other banks who were among losers involved ICICI Bank at Rs 273.45 per piece down 2.53%, Axis Bank at Rs 489.40 per piece below 2.02%, State Bank of India at Rs 283.50 per piece (0.19%), IDFC Bank at Rs 58.45 per piece (0.17%) and IndusInd Bank at Rs 1,420.45 per piece (0.08%).
Surprisingly, Kotak Mahindra Bank and HDFC Bank soared above 1% trading at Rs 887.80 per piece and Rs 1,463.95 per piece respectively.
Top gainers category on BSE had Adani Ports taking the lead by trading at Rs 330.40 per piece up 1.44%, followed by HDFC Bank at Rs 1,460.75 per piece (0.95%), Wipro at Rs 501.85 per piece (0.73%), ONGC at Rs 180.95 per piece (0.61%), Infosys at Rs 923.95 per piece (0.56%) and Maruti Suzuki at Rs 6,232.95 per piece (0.53%).
While losers involved ICICI Bank at Rs 274.30 per piece below 2.37%, Axis Bank at Rs 493.30 per piece (1.19%), Power Grid at Rs 209.40 per piece (0.83%), Hero Motocorp at Rs 3,189.35 per piece (0.48%) and Bajaj Auto at Rs 164.40 per piece (0.18%).
Indian Markets open in green on Thursday trading session with Nifty 50 regaining above 9,110-mark amid positive global cues.
At 9.19 am, Sensex was trading at 29,399.41 above 62.84 points or 0.21%, while Nifty 50 was trading at 9,116.85 up 13 points or 0.15%.
HDFC Securities said, "The Nifty is likely to start on a flat note on Thursday, tracking muted handover from Wall Street. Realty & Metal are expected to trade in positive zone whereas Pharma and IT sectors are expected to trade in negative zone. Crucial support for Nifty is at 9075 level, while strong immediate resistance is at 9165."
Indian Rupee is slightly trading higher against US dollar. The rupee was trading at 64.715 above 0.045 paisa or 0.07% against dollar.
A report from Motilal Oswal said, "New entrants in F&O segment will be in focus. Overall Nifty may continue to remain range bound in the near term as market digests the results."
Indian markets may open in green following some positivity in global cues and also on the back of corporate earnings. On Wednesday, Sensex ended at 29,336.57 above 17.47 or 0.06%, while Nifty 50 closed below 1.65 points or 0.02% at 9,103.50.
Asian markets were finally trading positive on Thursday after three significant decline.
Japan's Nikkei 225 was trading at 18,489.05 above 56.85 points or 0.31%.
Hong Kong's Hang Seng was trading at 23,905.31 up 79.43 points or 0.33%, while China's Shanghai SE Composite Index was seen trading slightly higher by 3 points or 0.10% at 3,173.76.
Austrailian shares were also above 0.11% trading at 5,846.10, however Taiwan shares were flat trading at 9,641.49.
Stocks that will be in focus are:
Yes Bank: The bank on Wednesday reported a net profit of Rs 914.1 crore in Q4FY17, a rise of 3.5% as against Rs 882.60 crore during the previous quarter on Q3FY17. The net profit jumped by 30.2% from Q4FY16 and the overall net profit in the financial year rose by 31.1% to Rs 3330.1 crore.
IndusInd Bank: IndusInd Bank missed analyst estimates and reported 21% rise in net profit for the fourth quarter ended March 31, 2017. The bank reported net profit of Rs 751.61 crore in Q4, up 21.15% compared to Rs 620.35 crore in the corresponding period of the previous year.
Alembic Pharma: The company received a tentative approval from the US Food & Drugs Administration (USFDA) for its abbreviated new drug application (ANDA) for Vilazodone Hydrochloride tablets.
Vilazodone Hydrochloride tablets have an estimated market size of $ 340 million for twelve months ending December 2016 according to IMS.
Jain Irrigation: On Wednesday, the company announced investment in US Micro irrigation, Jain Irrigation to buy 2 US based Micro Irrigation dealers. Jain Irrigation says US deal value not to exceed $48.5mn
Aurobindo Pharma: The pharma service provider clarified on media reports stating that, USFDA concluded inspection at unit 111. The company further said that the US regulator issued 6 form 483 observa- tions, Aurobindo Pharma says none of observations related to data integrity.
National Aluminium Company (Nalco): The Government of Indian began it's first divestment for the financial year 2017-18 with 10% stake sale worth Rs 1,300 crore in NALCO on Wednesday via offer for sale (OFS). The isuse got fully subscribed with the 96.6-million share offering getting 142.4 million bids.
Companies under flagship of Tatas, Godrej and Adani's will be in focus after a media report said that they have shown interest in buying embattled Sahara group's 30 properties estimated to be worth about Rs 7,400 crore.
The Dalal Street on Wednesday closed on a mixed note.
Sensex ended at 29,336.57 above 17.47 or 0.06%, while Nifty 50 closed below 1.65 points or 0.02% at 9,103.50.
Analysts at Motilal Oswal said, "There was mid-cap and small cap stocks witnessed smart rally while large cap counters were muted. Among stocks Mid-cap Cement, Power, Realty, Capital Goods and Infrastructure stocks gained."
They added, "Global markets recovered after a sharp decline yesterday. European markets gained marginally while Asian Markets were a mixed bag."
HDFC Securities said, "If Nifty trades above 9120 level then traders could expect positive move in the Nifty towards 9180 followed by 9240 level. If Nifty sustains below 9120 level for first hour of trade then traders may see down move, which could take Nifty towards 9050 level followed by 9020 level."
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