Tuesday, March 20, 2018

Pre-Session: Shares may open lower on weak global cues
20-Mar-18: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 27 points at the opening bell on weak global cues.

Overseas, Asian shares declined as investors braced for new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day. Investors also have been worrying this month about a potential global trade war, triggered by the Trump administration moving ahead with tariffs on foreign steel and aluminum.

US stocks finished sharply lower Monday as concerns about Facebook Inc.'s management of user data sparked a selloff in technology shares. Investors also lightened their positions ahead of the Fed's policy meeting.

The US Federal Reserve's two-day monetary policy meeting is scheduled on March 20-21. Strengthening labor market and a steady increase in price pressures could pave the way for the Federal Reserve to raise interest rates in upcoming meeting. The US central bank has forecast three rate increases for this year, but there are also expectations that it will raise its projection to four hikes at the meeting.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 292.23 crore yesterday, 19 March 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 191.52 crore yesterday, 19 March 2018, as per provisional data.

The domestic market declined on a broad-based selling pressure yesterday, 19 March 2018. The barometer index, the S&P BSE Sensex, fell 252.88 points or 0.76% to settle at 32,923.12. The Nifty 50 index dropped 100.90 points or 0.99% to settle at 10,094.25. The Sensex settled below the psychological 33,000 level after slipping below that level in intraday trade. The Sensex fell for the fifth straight session while the Nifty declined for the fourth straight trading session. Both the Sensex, and the Nifty, hit lowest closing level in more than 12 weeks.

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WINNING STROKES
Photo: Financial Express
The stock market declined on a broad-based selling pressure. The barometer index, the S&P BSE Sensex, fell 252.88 points or 0.76% to settle at 32,923.12. The Nifty 50 index dropped 100.90 points or 0.99% to settle at 10,094.25. The Sensex settled below the psychological 33,000 level after slipping below that level in intraday trade. The Sensex fell for the fifth straight session while the Nifty declined for the fourth straight trading session. Both the Sensex, and the Nifty, hit lowest closing level in more than 12 weeks.

Metal and bank shares witnessed selling pressure. Drug major Lupin advanced after the company received approval from the US drug regulator for a generic drug indicated for the treatment of plaque psoriasis in patients 18 years of age or older.

Weak global cues ahead of the US Federal Reserve's policy decision later in the week influenced trading sentiment on the domestic bourses. A sharp widening of India's current account deficit (CAD) too weighed on investors' mood.

The S&P BSE Mid-Cap index tumbled 1.58%. The S&P BSE Small-Cap index tanked 1.98%. Both these indices underperformed the Sensex.

The broad market depicted weakness. There were nearly four losers against every gainer on BSE. 2,190 shares declined and 555 shares advanced. A total of 166 shares were unchanged.

The total turnover on BSE amounted to Rs 3230.08 crore, compared with the turnover of Rs 3683.79 crore registered during the previous trading session.

Among the sectoral indices on BSE, the BSE IT index (down 1.98%), the BSE Telecom index (down 3.4%), the BSE Bankex index (down 1.09%), the BSE Metal index (down 2.65%), the BSE Oil & Gas index (down 1.7%) and the BSE Realty index (down 3.01%) underperformed the Sensex. The BSE Auto index (down 0.74%), the BSE Capital Goods index (down 0.1%) and the BSE Power index (down 0.59%) outperformed the Sensex.

Bank stocks tumbled. Among public sector banks, IDBI Bank (down 7.35%), Bank of Baroda (down 7.2%), Punjab National Bank (down 2.53%) and State Bank of India (down 1.78%) declined.

Among private sector banks, Kotak Mahindra Bank (down 1.07%), ICICI Bank (down 1.04%), IndusInd Bank (down 0.61%) and HDFC Bank (down 0.4%) edged lower.

Yes Bank dropped 2.57%. The bank said that its Capital Raising Committee (CRC) would consider a potential issuance of second tranche of Notes under the Medium Term Note Programme of the bank, within the limits permitted by regulatory authorities, on or after 21 March 2018. The announcement was made after market hours on Friday, 16 March 2018. It may be recalled that Yes Bank had informed in November 2017 that the CRC of the board of directors of the bank had approved the setting up of the Medium Term Note Programme of the bank aggregating to an amount of $1 billion, out of which $600 million has already been drawn in the first tranche.

Axis Bank fell 0.61%. The bank said it has decided to introduce a new tier of 6% per annum interest for savings bank customers maintaining balance of Rs.10 crore and above. Customers will continue to get 3.50% per annum for savings deposit balances of less than Rs.50 lakh and 4% for savings deposit balances between Rs.50 lakh and less than Rs.10 crore. The above rates will be effective 19 March 2018. The announcement was made during trading hours today, 19 March 2018.

In a separate announcement after market hours on Friday, 16 March 2018, Axis Bank said it has reviewed and retained the marginal cost of funds based lending rates (MCLRs) across all tenors effective from 17 March 2018. The bank's MCLRs vary between 7.85% and 8.5% ranging from overnight to three-year tenors.

Metal shares declined. NMDC (down 6.47%), Hindustan Copper (down 5.8%), Steel Authority of India (down 5.43%), Tata Steel (down 4.24%), Hindalco Industries (down 3.54%), JSW Steel (down 2.29%), Hindustan Zinc (down 2.17%), Jindal Steel & Power (down 2.36%) and Vedanta (down 0.76%) edged lower. National Aluminium Company was up 1.82%.

Drug major Lupin rose 0.37% after the company announced that it has received final approval for its Desoximetasone Topical Spray, 0.25%, 30 ml, 50 ml, and 100 ml from the United States Food and Drug Administration (USFDA). Lupin's Desoximetasone Topical Spray, 0.25%, 30 ml, 50 ml, and 100 ml is the generic equivalent of Taro Pharmaceuticals U.S.A Inc.'s Topicort Topical Spray, 0.25%. It is a corticosteroid indicated for the treatment of plaque psoriasis in patients 18 years of age or older. Desoximetasone Topical Spray, 0.25%, 30 ml, 50 ml, and 100 ml had annual sales of approximately $19.5 million in the US (IQVIA MAT January 2018). The announcement was made during trading hours today, 19 March 2018.

Tata Power Company fell 0.81%. The company said it selected Tata Communications to launch its IoT based, Automated Meter Infrastructure(AMI) in partnership with L&T Meters in Mumbai. Tata power worked on a state-of-the-art IoT AMI solution to provide power measurement parameters such as instantaneous, load profile, tamper and billing information on periodic manner. The data will be then ingested into Tata power's Meter Data Management (MDM) system which will enable fast turnaround time of data provision to MDM thereby bringing in operational effectiveness and better reconciliation between distribution points and end customers. The announcement was made during trading hours today, 19 March 2018.

Grasim Industries was up 0.32%. The company said that the production capacity of Epoxy Resin, Reactive Diluents and Hardeners at company's Epoxy Plant at Vilayat ( Gujarat) has increased from 82,350 million tons per annum (MTPA) to 1,23,097 MT per annum through de-bottlenecking process. The announcement was made after market hours on Friday, 16 March 2018.

UltraTech Cement was off 1.63%. Binani Industries (BIL) which is independently seeking termination of the insolvency proceedings relating to its subsidiary Binani Cement (BCL) which was admitted by the National Company Law Tribunal (NCLT), Kolkata Bench based on reference filed by Bank of Baroda in terms of the provisions of the Insolvency and Bankruptcy Code, has approached the company for arranging funds to pay-off the lenders debts and other liabilities as admitted in the IBC proceedings against an offer of sale/transfer of its entire BCL equity shareholding through a shares sale and purchase agreement.

UltraTech Cement has in-principle concluded commercial understanding with BIL for purchase of 98.47% of the shareholding of BCL subject to termination of IBC proceedings, entering into definitive agreement and other customary and regulatory approvals. BIL has requested the company to issue a comfort letter which shall be used as a support in its application seeking termination of the IBC proceeding.

The Board of Directors of UltraTech Cement at its meeting held today, 19 March 2018, after considering the request made by BIL has agreed to issue the comfort letter confirming that the company will provide funds amounting to Rs 7266 crore, being the amount it had offered to the Committee of Creditors in terms of the Resolution Plan submitted by it for acquiring BCL. The announcement was made during market hours today, 19 March 2018.

On the macro front, India's current account deficit (CAD) was reported at $13.5 billion (2% of GDP) in Q3 of FY 2018, up from $8 billion (1.4% of GDP) in Q3 of FY 2017 and $7.2 billion (1.1% of GDP) in the preceding quarter. The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit ($44.1 billion) brought about by a larger increase in merchandise imports relative to exports.

On the political front, the Telugu Desam Party (TDP) and Yuvajana Shramika Rythu Congress Party (YSR Congress) moved no-confidence motions against the NDA government in the Lok Sabha today. However, no-confidence motion was not introduced, and Lok Sabha was adjourned till tomorrow after continuous uproar.

The Lok Sabha was held up for the 11th day as the TDP, YSR Congress, TRS and AIADMK continued their protests over various issues, including the banking scam and special status for Andhra Pradesh. The lawmakers from these parties trooped into the well holding placards. TDP, the BJP's erstwhile biggest ally in south which walked out of the NDA last week, and its arch-rival YSR Congress have demanded a no trust vote against the government.

The Rajya Sabha was adjourned for the day without transacting any business after parties from Tamil Nadu and Andhra Pradesh disrupted proceedings over their state specific demands. The government has only managed to get some key bills and the budget passed amid a din through a voice vote without a debate as the session has been a virtual washout so far.

The US Federal Reserve's two-day monetary policy meeting is scheduled on March 20-21. Strengthening labor market and a steady increase in price pressures could pave the way for the Federal Reserve to raise interest rates in upcoming meeting. The US central bank has forecast three rate increases for this year, but there are also expectations that it will raise its projection to four hikes at the meeting.

#Lanco Infratech Ltd recommended a couple of days back, hit another buyer freeze at Rs.1.25 in the NSE. The stock is expected to reach the targets mentioned earlier and hence accumulate on all dips. I will recommend a similar momentum counter by next week. Those who want to invest in that scrip should get enrolled in my Premium Service, by the end of this week. 

#In view of weak global and domestic cues, the Indian bourses are likely to fall further. The spot Nifty is probably heading towards 10030 and 9700 levels. Hence, avoid talking longs, unless there is a compelling story. 

#My recently recommended P C Jewelers Ltd, yesterday made an intraday high of Rs.381.8 before closing at Rs.365.3. The investors are suggested to keep a tight stop loss at Rs.362  and keep holding. 

#The stock of T V Vision Ltd yesterday fell from the intraday high of Rs.17.2 and closed at Rs.15.75. One good quarter for the company would take the scrip above Rs.50 and hence remain invested. 

#The scrip of 63 Moons Technologies Ltd yesterday made an intraday high of Rs.113.75 before closing at Rs.104.10. Unless the stop loss given earlier is broken the investors can hold the scrip. 

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Friday, March 16, 2018

Market Pulse
16-Mar-18: Fresh selling in index pivotals pulled the key benchmark indices to intraday low in early afternoon trade.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 276.96 points or 0.82% at 33,408.58. The Nifty 50 index was down 87.50 points or 0.84% at 10,272.65. Index heavyweights Reliance Industries (RIL), HDFC and ITC dropped. Metal and mining stocks declined.

Trading for the day began on a dull note as the key benchmark indices edged lower in early trade on negative Asian stocks. Stocks extended fall in morning trade. Key benchmark indices hovered near day's low in mid-morning trade.

The S&P BSE Mid-Cap index was down 0.27%. The S&P BSE Small-Cap index was down 0.13%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. On the BSE, 1,398 shares declined and 1,053 shares rose. A total of 142 shares were unchanged. Breadth was strong in early trade.

Tata Motors (down 2.56%), ONGC (down 2.18%) and Reliance Industries (down 1.49%) edged lower from the Sensex pack.

L&T fell 0.39%. The Railways Strategic Business Unit of L&T Construction's Transportation Infrastructure Business has signed a contract worth Rs 2864 crore with the Dedicated Freight Corridor Corporation of India (DFCCIL). The scope of work includes construction of single railway track including yards, 75 major & 588 minor bridges, 1 rail over bridge modification, 4 rail flyovers, 21 stations along with construction of all associated works. The announcement was made during market hours today, 16 March 2018.

Drug major Dr Reddy's Laboratories (DRL) fell 0.06%. DRL during market hours today, 16 March 2018 said that the company has launched levocetirizine dihydrochloride tablets USP, 5 mg, an over-the-counter therapeutic equivalent generic version of Xyzal allergy 24HR tablets, in the US market as approved by the US Food and Drug Administration (USFDA).

Levocetirizine dihydrochloride tablets are used for 24-hour relief of allergy symptoms such as watery eyes, runny nose, itching eyes/nose and sneezing. According to IRI sales data, Xyzal allergy tablets had sales of about $71 million in the US market for the 12-month period ended January 2018.

Metal and mining stocks declined. Vedanta (down 1.01%), JSW Steel (down 1.34%), Tata Steel (down 2.33%), Steel Authority of India (Sail) (down 1.86%), National Aluminium Company (down 1.52%), Hindustan Zinc (down 0.69%), Jindal Steel & Power (down 1.8%), Hindalco Industries (down 0.69%), NMDC (down 0.2%) and Hindustan Copper (down 2.02%) edged lower.

Copper edged higher in the global commodities market. High Grade Copper for May 2018 delivery was currently up 0.42% at $3.1405 per pound on the COMEX.

Neuland Laboratories rose 4.34% to Rs 732.50 after a domestic brokerage initiated coverage on the stock with a 'buy' rating and target price of Rs 1,065. The brokerage said in a report that Neuland Laboratories is likely to report a strong recovery in the next fiscal. It expects 19% compounded growth rate in revenue and 800 basis point margin expansion and seven times earnings over the fiscal 2018-2020, it added.

Indian Hotels Company was down 1.05% to Rs 131.60 after the company's promoters exchanged shares via bulk deals yesterday, 15 March 2018. Indian Hotels Company (IHCL) witnessed promoter holding rejig through open market transactions on 15 March 2018 on the BSE at an average price of Rs 130.40 per share. Sir Ratan Tata Trust sold 1.10 crore shares. Sir Dorabji Tata Trust offloaded 5.02 crore shares. Lady Tata Memorial Trust disposed of 1.77 crore shares. Tata Sons purchased 7.89 crore shares. Sir Ratan Tata Trust held 0.93%, Sir Dorabji Tata Trust 4.22%, Lady Tata Memorial Trust 1.49% and Tata Sons controlled 29.79% stake end December 2017.

Meanwhile, India's trade deficit for February 2018 was estimated at $11,979.21 million, 25.8% higher than the $9,521.73-million deficit reported during February 2017, government data released after market hours yesterday, 15 March 2018 showed. Exports during February 2018 stood at $25,834.36 million compared to $24,726.71 million during February 2017. Imports during February 2018 were pegged at $37,813.57 million, compared to $34,248.44 million in February 2017.

On the political front, Andhra Pradesh's Telugu Desam Party (TDP) reportedly pulled out of its alliance with the BJP-led NDA at the Centre. The N Chandrababu Naidu-led TDP, as well as other local parties, expressed their discontent over Narendra Modi led Union govt not giving special status to Andhra Pradesh.

Overseas, most Asian stocks fell as weak volumes in the US session overnight gave little impetus for traders ahead of next week's Federal Reserve meeting. US stocks ended mixed yesterday, 15 March 2018 as industrial and tech gains were offset by losses in the consumer and energy sector.

Today's Calls:
#The stock of 63 Moons Technologies Ltd recommended around Rs.85 and Rs.94, today made an intraday high of Rs.114.5. Book some profits and wait for dips to enter. Keep a SL at Rs.103.

#Central Bank Ltd which was recommended around Rs.67 and Rs.75, has hit Rs.87, intraday. You can book some profits and hold the rest with a SL at Rs.82.

#PAIR TRADE: Buy BANK_NIFTY FUTURES at around 24770 and Simultaneously SELL NIFTY FUTURE at around 10331; ENTRY SPREAD: 2.3955; SL SPREAD: 2.38; Target SPREAD: 2.4012; Duration: 1-2 days.

#Yesterday a Buy was given to the Premium Members in the counter of Lanco Infratech Ltd at around Rs.1.15 for short term targets of Rs.1.45 and Rs.1.82. The stock hit the upper circuits today and is now trading at this level. The company is expected to turnaround in FY19. The scrip of Lanco Infratech Ltd is likely to hit the Buyer Freeze today. 

#Intraday SELL IOC Ltd at around Rs.189, SL: Rs.191.25, T: Rs.185.5-183. Book FULL PROFIT at around Rs.184.80.

#Intraday short GOLD at around Rs.30245, SL above Rs. 30310, T: Rs.30140. A lower CPI does not augur well  for Gold Bulls.

#The stock of MCX Ltd recommended at around Rs.780, made a high of Rs.831.95, intraday. Those who have still not booked profit, kindly do the same and wait for dips to re-enter.

#The stock of RattanIndia Power Ltd (erstwhile Indiabulls Power) today made an intraday high of Rs.6.10. Those who are holding the same can accumulate on market dips, keeping a SL at Rs.5.60.

#Today, I will be recommending another small cap company from the Real Estate space to the Premium Group members. If you can online transfer the subscription amount, then I will instantly give you the name of the scrip; which I feel will cover up the subscription cost. 

~~ with inputs from Capital Market - Live News....
Pre-Session: Market may open lower
16-Mar-18: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 39 points at the opening bell.

Overseas, Asian stocks fell as weak volumes in the US session overnight gave little impetus for traders ahead of next week's Federal Reserve meeting. US stocks ended mixed yesterday, 15 March 2018 as industrial and tech gains were offset by losses in the consumer and energy sector.

Back home, key benchmark indices registered modest losses in a volatile session of trade yesterday, 15 March 2018. The barometer index, the S&P BSE Sensex fell 150.20 points or 0.44% to settle at 33,685.54. The Nifty 50 index declined 50.75 points or 0.49% to settle at 10,360.15.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 705.40 crore yesterday, 15 March 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 256.45 crore yesterday, 15 March 2018, as per provisional data.

Among corporate news, Wipro said it invested $2.02 million in Avaamo Inc, an artificial intelligence-based conversational computing platform. The company said the investment would give Wipro a minority stake of less than 20% on a fully diluted basis. The announcement was made after market hours yesterday, 15 March 2018.

In a regulatory filing, the company stated that it made strategic investment of $2.02 million in the current tranche. This along with further infusion of funds and conversion of convertible note issued earlier will take the total investment to $3.02 million, Wipro said.

According to the company, the cash deal was completed on 14 March 2018. Headquartered at Los Altos in the US, the company is founded in 2014. Avaamo Inc provides an artificial intelligence (AI) driven enterprise bot platform that simplifies the time needed to design and deploy enterprise bots to corporate employees and their customers.

Yes Bank and Fortis Healthcare will be watched. Yes Bank has sold 1.12 crore equity shares of Rs 10 each, constituting 2.17% of the paid up share capital, of Fortis Healthcare, in various tranches last being on 15 March 2018, resulting into changes in holding of the bank by more than 2% of the total shareholding of Fortis Healthcare, from the last disclosure made by the bank on 13 March 2018. Yes Bank made the announcement after market hours yesterday, 15 March 2018.

~~Powered by Capital Market - Live News....
Winning Strokes
Yesterday, among secondary indices, the S&P BSE Mid-Cap index rose 0.49%. The S&P BSE Small-Cap index advanced 0.8%. Both these indices outperformed the Sensex. The breadth, indicating the overall health of the market, was strong.

On the BSE, 1,640 shares advanced and 1,045 shares declined. A total of 162 shares were unchanged. The total turnover on BSE amounted to Rs.5279.72 crore, higher than the turnover of Rs.3388.04 crore registered during the previous trading session.

Meanwhile, the Indian economy is set to revert to its trend growth rate of 7.5% in the coming years as it bottoms out from the impact of the Goods and Services Tax (GST) and demonetization, a World Bank report released on 14 March 2018 showed. India's GDP growth is projected to reach 6.7% in 2017-18 and accelerate to 7.3% and 7.5% in 2018-19 and 2019-20 respectively.

While services will continue to remain the main driver of economic growth; industrial activity is poised to grow, with manufacturing expected to accelerate following the implementation of the GST, and agriculture will likely grow at its long-term average growth rate, the report said.

In economic data, the producer-price index showed wholesale inflation rose 0.2% in February, down from the 0.4% advance in January. US retail sales fell 0.1% in February, the third straight monthly decline. However, sales grew 0.3% if autos and gas are stripped out.

#The stock of MCX Ltd recommended a couple of weeks back in this blog at around Rs.780, today
made an intraday high of Rs.834.50 before closing at around Rs.825.10. What are the next targets for the scrip?

#As expected the shares of Videocon Industries Ltd hit the buyer freeze at around Rs.16.15. Stay invested for some big gains going forward. 

#The stock of TV Vision Ltd is consolidating around the current price of Rs.17-17.5, though today it made an intraday high of Rs.17.75. You should accumulate on every decline. The company is running 5-TV channels and the share price is available at the price of dirt. 

#Those who are holding the shares of Sri Adhikari Brothers Network Ltd, should continue to hold as the stock is likely to hit some more buyer freezes going forward. Today it hit the upper circuit at Rs.20.20 in the NSE.

#Those who have entered the shares of RattanIndia Power Ltd (erstwhile Indiabulls Power Ltd), should accumulate on declines. Today the scrip touched Rs.5.95, intraday and  closed at Rs.5.85.

#According to Nigel D'Souza, Rakesh Jhunjhunwala's RARE ENTERPRISES bought 3 Cr shares of J. P. Associates Ltd yesterday at Rs.18.37. The Stock closed at Rs.19.20 yesterday up 17.43%. The scrip could touch Rs.22 in the short term.

#Both the small cap scrips which were recommended to the Premium WhatsApp Group members, hit their respective buyer freezes yesterday. Today, also it is expected to hit the buyer freeze. Join the Premium Service or trade through my associated brokerage house to get the names of such multi-bagger scrips. "Kuch Pane Ke Liye, Kuch Khona Bhi Padta Hai" (To get something, sometimes you have to lose something).

~~with inputs from Capital Market - Live News.....

Wednesday, March 14, 2018

Market Pulse
Key benchmark indices made a partial recovery in afternoon trade after hitting intraday lows in early afternoon trade. At  2.18 IST, the BSE Sensex was trading at 33,706.76 down 150.02 points or 0.44%, while the Nifty was seen at 10,367.30 down 59.55 points or 0.57%.

The market sentiment was impacted after the Reserve Bank of India (RBI) banned letters of undertaking (LoUs) for seeking overseas loans. Negative Asian stocks also weighed on the sentiment on the domestic bourses.

Domestic stocks began trading on a subdued note on negative Asian stocks. Key benchmark indices hovered in negative zone in morning trade. Indices extended fall and hit fresh intraday lows in early afternoon trade.

The S&P BSE Mid-Cap index was up 0.04%. The S&P BSE Small-Cap index declined 0.15%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,464 shares declined and 1,038 shares advanced. A total of 139 shares were unchanged.

IT stocks were mixed. Wipro (down 0.46%), Persistent Systems (down 0.37%) and Infosys (down 0.3%) edged lower. Tech Mahindra (up 2.24%) and Oracle Financial Services Software (up 0.43%) edged higher.

IT major TCS lost 0.26%. Tata Sons sold 3.12 crore shares, or 1.63% equity, of TCS in two separate bulk deals on NSE yesterday, 13 March 2018. Tata Sons offloaded 2.05 crore shares at Rs 2,876.46 each. Another 1.06 crore shares were sold at Rs 2,872.19 each. As on 31 December 2017, Tata Sons held 73.52% stake in TCS.

HCL Technologies was up 0.51% after the company announced the opening of its dedicated state-of-the-art technology development center, Lab 21, showcasing the deep collaboration, investments, and advocacy on Microsoft AI platform/Cortana Analytics in the Azure Cloud. The announcement was made during market hours today, 14 March 2018.

Capital goods stocks were mixed. Suzlon Energy (down 1.04%), ABB India (down 0.44%), Bharat Electronics (down 0.36%) and Bhel (down 0.35%) edged lower. Thermax (up 0.78%), Siemens (up 0.16%) and Havells India (up 0.98%) edged higher.

L&T fell 0.31%. The company announced that its wholly owned subsidiary viz. L&T Hydrocarbon Engineering, has won orders worth above Rs 1600 crore across various business segments. The announcement was made during market hours today, 14 March 2018.

Meanwhile, the Reserve Bank of India (RBI) in a press release issued yesterday, 13 March 2018 said that on a review of the extant guidelines, it has been decided to discontinue the practice of issuance of Letters of Undertaking (LoUs)/Letters of Comfort (LoCs) for Trade Credits for imports into India by Authorised Dealer Category - I banks with immediate effect. Letters of Credit and Bank Guarantees for Trade Credits for imports into India may continue to be issued.

Overseas, Asian stocks declined following an overnight slide in US equities after fresh personnel shakeup in the US President Donald Trump's administration spurred concerns about a unilateral approach to trade, national security and foreign affairs.

Among economic data, Chinese industrial-production, fixed-asset investment and retail sales data showed the economy grew much faster than expected in the first two months of 2018. China releases combined data for January and February to limit distortions caused by the Lunar New Year holiday, which was in January last year but February this year.

Value-added industrial output, a rough proxy for economic growth, expanded by 7.2% in January and February from a year earlier, compared with a 6.2% on-year increase in December, the National Bureau of Statistics said today, 14 March 2018. Industrial production rose 0.57% on-month in February, compared with December's 0.52% growth.

Fixed-asset investment outside rural households climbed 7.9% in the first two months of 2018 from a year earlier, quickening from a 7.2% increase in 2017. Retail sales grew 9.7% on-year in January and February, accelerating from a 9.4% rise in December.

Minutes from the Bank of Japan's January meeting, released today, 14 March 2018 showed that some board members warned the central bank should keep a close eye on unexpected side effects from the current monetary policy.

US equities fell in choppy trade yesterday, 13 March 2018 after tech shares pulled back amid concerns trade tensions between the US and China could increase. The sudden firing of US Secretary of State Rex Tillerson took some by surprise less than a week after top economic adviser Gary Cohn resigned from the White House. US President Donald Trump has nominated CIA director Mike Pompeo, an ex-congressman, to replace Tillerson.

The consumer-price index rose a mild 0.2% in February after a 0.5% increase in January. The year-over-year rate for CPI edged up to 2.2% in February from 2.1% in January.

Today's Calls:
#Videocon Industries Ltd hit another buyer freeze at Rs.15.40. The stock has been hitting the UCs since it was recommended to the Premium Group members at around Rs.12.75. 

#Tomorrow at 9.15 am be ready with cash -- I will recommend a Small Cap Company. If the circuit is open, then buy it immediately -- this information is for all the Premium Group Members.

#The stock of Hindustan Oil Exploration Company Ltd made an intraday high of Rs.111.70. Book some profits and wait for dips to enter, for the next target of Rs.117. 

#The shares of my STRONGLY recommended Sri Adhikari Brothers Television Network Ltd  has hit the buyer freeze at Rs.19.25. Those who could not buy the shares of TV Vision Ltd (Rs.17.25), should look to enter the scrip now, when it is out of the upper circuits. This is a sure shot call, which will give you at least some returns over a period. 

#Positional BUY: Biocon Ltd at around Rs.603-604, SL: Rs.582; T: Rs.640.  India Infoline Wrote on 25 January, '18
For Q3FY18, Biocon’s revenue and EBITDA were ahead of our expectations due to 15% and 22% sequential growth in Syngene and Biologics business. Consolidated revenue of Biocon grew by 2% yoy to Rs1,058cr, EBITDA declined by 19.7% yoy to Rs221.7cr. EBITDA margins were at 21% vs. 26.6% in Q3FY17. PAT declined by 46.4% yoy to Rs91.9cr. The revenue and profitability was impacted due to headwinds in its small molecules business, pricing pressure in the US market and lower licensing and other income. The conference call highlighted that exciting times are ahead, as biologics and research businesses have continued to see improved outlook. Over next 12 month period, Biocon along with its partner Mylan, expects approval for 4-5 biosimilar assets, while research business is expected to come back to sustainable doubled digit growth trajectory. Biocon, by launch of its biosimilar assets, is best placed to see multifold PAT growth over next five years.   
Concall Highlights:
1. Biocon’s statins business continues to face headwinds due to channel consolidation, immune-suppressants continue to see sustained demand.
2. Biologics business revenue was impacted due to the lower licensing income, adjusted for which, biologics revenue grew by 16% yoy.
3. Biosimilars space remains most attractive due to (a) signing of partnership agreement with Sandoz to develop and manufacture next generation biosimilars in immunology and oncology, (b) approval to 4-5 biosimilars co-developed under Biocon-Mylan partnership in 2018 across US and EU, (c) approval to Pegfilgrastim in US expected in H1FY19 with launch expected by late 2018 or early 2019, (d) expected pick up in biosimilar revenue in EMs due to requalification activities at its Bangalore facility, (e) Trastuzumab approval by USFDA and ANVISA and acceptance of resubmission of Marketing Authorization Application Trastuzumab and Pegfilgrastim by European agency. 
4. Insulin business has also seen several positives like (a) approval to recombinant human insulin by Brazilian drug regulator (current market size of $100mn), (b) approval to Insulin Glargine in Russia and three Ems, launch is expected later in 2018, (c) Insulin Glargine approval in the US should take some time due to the 30-month regulatory, which ends in March 2020, (d) stage II/III clinical trials have commenced for Insulin Tregopil in India post the DGCI approval. 
5. Branded formulations business in India/UAE clocked 27% yoy growth. Krabeva (oncology biosimilar in India) has received encouraging response. UAE business continues to remain strong.
6. Research business has continued to recover in the quarter with 17% yoy growth, Bristol-Myers Squibb (BMS) research agreement expanded until 2026 with additional R&D set up opportunity for Syngene.
7. Biocon has consolidated all its biosimilar assets under new entity Biocon Biologics Limited, management has indicated of possible listing of this business for value unlocking and raising funds to develop new biosimilars, the timeline remains uncertain.
8. Next year company expects to spend Rs100cr as maintenance capex and has announced a fresh capex of $150-170mn to construct a new antibody plant over FY19-20E.  
  
 #Those who are holding the shares of RattanIndia Power Ltd (Rs.6.80) should continue to add on declines. It is worth mentioning here that RattanIndia Infrastructure Ltd (Rs.5.85) has been hitting upper circuits since some days.

#Positional Buy ALUMINUM at around Rs.137, SL below Rs.134, Targets: Rs.142 -145 (TILL EXPIRY)....

#Join the Premium  Service or trade through my recommended brokerage house with a minimum portfolio size of Rs.3 lakhs to stay ahead of other. This blog only gives an outline of what is sent to Premium Members and hence if you want a complete guidance, then you need to look for Paid Subscription based Service. Tomorrow, I will recommend a small cap momentum counter, to the Premium Group members and also to those who trade through my associate brokerage house.  Keep watch!!

~~ With inputs from Capital Market - Live News....

Tuesday, March 13, 2018

Market Pulse
Key benchmark indices hovered in positive zone in early afternoon trade. 

At 13:35 IST, the barometer index, the S&P BSE Sensex, was  seen trading at 33,999.86 up 81.92 points or 0.24% while the NSE was seen at 10,455.15 up 33.75 or 0.32%.

The Sensex was trading below the 34,000 level after hitting an intraday high above that level in morning trade. Domestic macroeconomic data released after market hours yesterday, 12 March 2018, signalling an economic turnaround boosted the sentiment.

IT stocks declined as the rupee firmed against the dollar. Metal and mining stocks rose. Aviation stocks rose.

Volatility struck bourses in early trade as the key benchmark indices turned positive soon after an initial decline triggered by subdued Asian stocks. Stocks extended gains and hit fresh intraday high in morning trade. Key benchmark indices trimmed some gains in mid-morning trade.

The S&P BSE Mid-Cap index was up 1.02%. The S&P BSE Small-Cap index was up 1.22%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,678 shares rose and 754 shares fell. A total of 124 shares were unchanged.

IT stocks declined as the rupee firmed against the dollar. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports. In the foreign exchange market, the partially convertible rupee was hovering at 64.9625, compared with closing of 65.04 during the previous trading session.

MindTree (down 1.11%), HCL Technologies (down 0.87%), Oracle Financial Services Software (down 0.05%), Tech Mahindra (down 0.31%) and Hexaware Technologies (down 0.29%) fell.

TCS lost 4.75% to Rs 2,907 on reports that that Tata Sons has sold about 2.84 crore shares or 1.5% stake of the company through six block deals in a price range of Rs 2,872 to Rs 2,925 per share on the NSE. Tata Sons held 73.52% stake in TCS (as on 31 December 2017. The money raised from the stake sale will be used by Tata Sons to strengthen its balance sheet, reports added.

Infosys shed 0.07%. Infosys announced its intention to voluntarily delist its American Depository Shares (ADS) from the Euronext Paris and Euronext London exchanges. Infosys ADS will continue to be listed on the NYSE and investors can continue to trade their ADS on the NYSE as before. The announcement was made after market hours yesterday, 12 March 2018.

The primary reason for seeking the proposed delisting is the low average daily trading volume of Infosys ADS on these exchanges, which is not commensurate with the related administrative requirements. During the 5-year period of the company's listing on Euronext Paris and Euronext London, the average daily trading volume of the company's ADS was significantly lower than its average daily trading volume on the New York Stock Exchange (NYSE). The proposed delisting is subject to approval from Euronext Paris S.A. and Euronext London. There will be no change to the Infosys share/ADS count, capital structure and float, as a result of the proposed delisting from the above exchanges.

Metal and mining stocks rose. Hindustan Copper (up 2.39%), JSW Steel (up 0.96%), Tata Steel (up 0.69%), Steel Authority of India (Sail) (up 1.52%), National Aluminium Company (up 0.55%), Hindustan Zinc (up 0.5%), Jindal Steel & Power (up 0.96%) and NMDC (up 0.69%) edged higher. Hindalco Industries (down 0.2%) fell.

Vedanta rose 1.72% to Rs 322.40 after the company's board of directors at its meeting held today, 13 March 2018, declared an interim dividend of Rs 21.20 per share for the financial year ending 31 March 2018. The announcement was made during market hours today, 13 March 2018.

Aviation stocks rose. SpiceJet (up 1.26%) and Jet Airways (India) (up 2.18%) rose.

InterGlobe Aviation rose 0.13%. According to media reports, the Director General of Civil Aviation (DGCA) on Monday, 12 March 2018, grounded a few Airbus A320neo aircraft currently operating in the country due to the ongoing Pratt & Whitney engine issue. DGCA asked IndiGo to ground eight of its A320neo aircraft until further notice.

The civil aviation authority has reportedly said that no concrete proposal has been given by Pratt & Whitney yet on when the engine woes will be resolved. All the grounded A320neo aircraft are fitted with Pratt & Whitney engines, reports added.

InterGlobe Aviation has yet to reply to a stock exchange notice issued late on Monday, 12 March 2018, seeking clarification on the media reports.

Future Consumer jumped 14.26% to Rs 57.70 after a domestic brokerage initiated coverage on the stock with a 'Buy' rating and price target of Rs 76. The brokerage stated in its report that Future Consumer (FCL), an integrated consumer company, is the best play on the huge window of opportunity (presented by a combination of macro factors and company-led initiatives) for brands using modern retail methods of distribution.

In addition, FCL appears best placed among Future Group companies from a revenue, profit and RoCE perspective, given the group's focus on retail expansion to drive growth in its burgeoning brands portfolio. Improving mix and operating leverage are expected to drive significant margin expansion over the next five years, the report added.

Domestic macroeconomic data released after market hours yesterday, 12 March 2018, signalled an economic turnaround. The lower-than-expected CPI inflation and higher-than-expected IIP data will allay fears of an interest rate hike by the Reserve Bank of India.

India's industrial production (IIP) continued to record a strong growth for the third straight month at 7.5% in January 2018 from 7.1% growth in December 2017. The manufacturing sector's production surged 8.7% in January 2018, supporting overall growth in industrial production. The mining output growth slowed down to 0.1% in January 2018, while the electricity generation growth accelerated to five-month high of 7.6% in January 2018, contributing to the improvement in overall industrial production growth in January 2018.

The all-India general consumer price index (CPI) inflation dipped to four-month low of 4.44% in February 2018, compared with 5.07% in January 2018 and at 3.65% in February 2017. The corresponding provisional inflation rate for rural area was 4.37% and urban area 4.52% in February 2018 as against 5.21% and 4.93% in January 2018. However, the core CPI inflation rose marginally to 5.04% in February 2018 compared with 5% in January 2018.

Overseas, most Asian stocks were trading lower ahead of US reading on inflation due today, 13 March 2018, which is likely to give some idea about whether the Federal Reserve will accelerate its pace of rate increases.

In US, the Dow Jones Industrial Average and the S&P 500 index finished lower Monday, 12 March 2018 weighed down by the industrials sector, while the Nasdaq Composite Index closed at a record, in part due to optimism over Friday's jobs data, which showed solid economic growth without triggering wage pressure.

Today's Calls:
#TV Vision Ltd hits the buyer freeze at around Rs.16.80. We can look for targets of Rs.27-29 if Rs.19 is taken out on the upside. Accumulate on dips. 

#The stock of Union Bank of India Ltd is probably heading towards Rs.111-117. You can raise the stop loss to Rs.96 and keep holding. 

#Should you enter into the SCAM TAINTED counter of KSK Energy Ventures Ltd (Rs.9.90)? You need to join the Premium Service to get the answer. 

#Videocon Industries Ltd hit another buyer freeze at Rs.14.70. This stock is going to deliver multi-bagger return going forward, Therefore, don't sell out in a hurry -- however, book profits on the way up.

# The Stock of HDIL recommended to the Premium Members in the morning,  at around Rs.41.60 for short term targets of Rs.44-47,  has hit an intraday high of Rs.46.70, which is almost near the 2nd target of Rs.47. Book some profits and wait for intraday lows to enter.

#Buy the shares of RattanIndia Power Ltd (erstwhile Indiabulls Power Limited) at around Rs.5.7 for a short term target of Rs.9.

#Buy the shares of Apollo Tyres Ltd at around Rs.264, SL: Rs.260, T: Rs.269-272 on T+2 basis. This a pure chart based call.

#SELL Copper at around Rs.451.00 (CMP: Rs.450.95), Stop Loss above Rs.454.10, T: Rs.445.00 on T+1) basis....

#The stock of P C Jewelers Ltd (Rs.379.80) recommended several times in this blog is on fire today, up more than 10%.  

#Join the Premium  Service or trade through my recommended brokerage house with a minimum portfolio size of Rs.3 lakhs to stay ahead of other. This blog only gives an outline of what is sent to Premium Members and hence if you want a complete guidance, then you need to look for Paid Subscription based Service. 
Pre-Session: Market may open lower
13-Mar-18: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 18 points at the opening bell. Domestic stocks will react to macro data released after market hours yesterday, 12 March 2018, signalling an economic turnaround.

On the macro front, India's industrial production continued to record a strong growth for the third straight month at 7.5% in January 2018 from 7.1% growth in December 2017. The manufacturing sector's production surged 8.7% in January 2018, supporting overall growth in industrial production. The mining output growth slowed down to 0.1% in January 2018, while the electricity generation growth accelerated to five-month high of 7.6% in January 2018, contributing to the improvement in overall industrial production growth in January 2018.

The all-India general CPI inflation dipped to four-month low of 4.44% in February 2018, compared with 5.07% in January 2018. The corresponding provisional inflation rate for rural area was 4.37% and urban area 4.52% in February 2018 as against 5.21% and 4.93% in January 2018. However, the core CPI inflation rose marginally to 5.04% in February 2018 compared with 5% in January 2018.

Overseas, most Asian stocks were trading lower following a dip in US stocks. Focus turned to a US inflation report due today, 13 March 2018 for clues on the pace of Federal Reserve policy tightening.

In US, the Dow Jones Industrial Average and the S&P 500 index finished lower Monday, 12 March 2018 weighed down by the industrials sector, while the Nasdaq Composite Index closed at a record, in part due to optimism over Friday's jobs data, which showed solid economic growth without triggering wage pressure.

Back home, domestic stocks logged sharp gains yesterday, 12 March 2018 with the barometer index, the S&P BSE Sensex, and the Nifty 50 index, hitting their highest closing levels in 1-1/2 weeks, on upbeat global stocks. The Sensex jumped 610.80 points or 1.83% to settle at 33,917.94, its highest closing level since 1 March 2018.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 374.65 crore yesterday, 12 March 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 464.59 crore yesterday, 12 March 2018, as per provisional data.

Among corporate news, Infosys announced its intention to voluntarily delist its American Depository Shares (ADS) from the Euronext Paris and Euronext London exchanges. The primary reason for seeking the proposed delisting is the low average daily trading volume of Infosys ADR on these exchanges, which is not commensurate with the related administrative requirements, the company said in a statement. Infosys ADS will continue to be listed on the NYSE and investors can continue to trade their ADS on the NYSE as before, it added. The announcement was made after market hours yesterday, 12 March 2018.

Zee Entertainment Enterprises (Zee) issued a clarification to the stock exchanges with respect to media news article captioned ZEE complains against DEN to I&B Ministry. Zee said that the media news item pertains to a complaint filed by the company against Den Networks - one of the distributors of Zee Network Channels, with Ministry of Information & Broadcasting (MIB), alleging violation of various provisions. The instances of violations and non-compliance were found during anti-piracy activities carried out by Zee, which it keeps on conducting from time to time in the normal course of its business, Zee added. The announcement was made after market hours yesterday, 12 March 2018.

Power Grid Corporation of India has entered into a term loan facility agreement for Rs 5000 crore with State Bank of India on 12 March 2018 for meeting capital expenditure for expansion/renovation and setting up various undergoing and new transmission and other projects in the company and in identified special purpose vehicles (SPVs)/joint ventures (JVs) of the company. The announcement was made after market hours yesterday, 12 March 2018.

~~Powered by Capital Market - Live News...

Friday, March 09, 2018

Market Pulse: IT stocks advance
The stock market continued to trade with modest gains in mid-morning trade on positive global cues. 

At 11:15 IST, the barometer index, the S&P BSE Sensex, rose 97.19 points or 0.29% at 33,448.76. The Nifty 50 index advanced 37.10 points or 0.36% at 10,279.75. 

Global stocks gained as fears of trade wars appear to subside after US President Donald Trump implemented steel and aluminum import tariffs that excluded Canada and Mexico.

Key indices started the session on a positive note on firm global cues. Indices extended gains in morning trade. The indices trimmed some intraday gains in mid-morning trade.

Among secondary indices, the S&P BSE Mid-Cap index advanced 0.18%, underperforming the Sensex. The S&P BSE Small-Cap index rose 0.41%, outperforming the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,351 shares advanced and 905 shares declined. A total of 101 shares were unchanged.

Realty stocks advanced. Prestige Estates Projects (up 1.67%), Sobha (up 0.49%), Indiabulls Real Estate (up 0.38%), HDIL (up 0.35%), Oberoi Realty (up 0.27%) and Godrej Properties (up 0.18%) edged higher. Unitech (down 1.85%) and DLF (down 1.3%) edged lower.

IT stocks advanced. Wipro (up 0.74%), Tech Mahindra (up 1.58%) and HCL Technologies (up 0.55%) gained.

Infosys was up 0.43%. The company issued a clarification with regard to media articles in relation to the alleged fraud concerning the Income Tax department and the First Information report (FIR) by the Central Bureau of Investigation (CBI) in relation to these allegations. Infosys said it is not named as an accused party in the said FIR. So far it has not been contacted by the CBI in connection with this matter. Infosys will co-operate with law enforcement agencies as and when it is approached, it added. The announcement was made after market hours yesterday, 8 March 2018.

TCS rose 1.05% after announcing that its flagship product TCS BaNCS has gone live in Gansu Bank, China. This go-live expands TCS BaNCS' footprint in China with three other large credit unions that are already fully operational in addition to 20 other financial large banks and financial institutions in the country. The announcement was made after market hours yesterday, 8 March 2018.

Rolta India rose 3.52% after the company announced that it won digital transformation projects totalling Rs 365 crore in India. The announcement was made during trading hours today, 9 March 2018.

In political news, the Telugu Desam Party (TDP), ally of National Democratic Alliance (NDA), has pulled out its two ministers from the Narendra Modi cabinet yesterday, 8 March 2018, in protest against the injustice to Andhra Pradesh. However, the party decided to continue supporting the NDA. The action by the TDP, which has sixteen members in the Lok Sabha and six in Rajya Sabha, will have no impact on the stability of the Modi government which has sufficient numbers in Parliament but will be seen as a big political setback as TDP is the first pre-poll ally to pull out of the Centre in nearly four years.

Overseas, Asian stocks edged higher after moderate gains on Wall Street overnight following the implementation of US tariffs on steel and aluminum. Japan's central bank kept monetary settings unchanged today, 9 March 2018 and stuck to its upbeat view on the economy. In a widely expected move, the Bank Of Japan (BOJ) maintained its pledge of guiding short-term interest rates at minus 0.1% and the 10-year government bond yields around zero percent.

US stocks closed higher yesterday, 8 March 2018 after President Donald Trump implemented steel and aluminum import tariffs that excluded Canada and Mexico, two key US trade partners.

Trump signed a proclamation yesterday, 8 March 2018 authorizing the tariffs at 25% on steel imports and 10% on aluminium, the same level he promised when he revealed the plan on 1 March. The aluminium and steel import tariffs will take effect in 15 days, as per reports.

In Europe, the European Central Bank (ECB), at its monetary policy meeting yesterday, 8 March 2018, kept its broader policy unchanged. The central bank said it could still extend its 2.55 trillion euro ($3.16 trillion) bond purchase scheme beyond September if needed.

Today's Call to the Premium Members:
#Intraday buy IOC Ltd at around Rs.381, SL: Rs.377,  T: Rs.387-392...Book Partial Profit at around Rs.384.

#Intraday buy NIFTY FUTURES on DECLINES around 10235, SL below 10210, T: 10280. Target Achieved. 

#Positional Buy: Hindustan Oil Exploration Company Ltd at around Rs.104, short term target: Rs.111, SL: Rs.99.

#In another development, the Union Bank of India Ltd has put on sale stressed assets worth more than Rs.10,000 crore.The bank has come out with two separate documents inviting bids from eligible asset restructuring companies, non-banking finance companies and financial institutions to offload debt worth Rs.4,205 crore of GTL Infrastructure, a telecom tower company, and 26 other firms worth Rs.5,963.69 crore. The  investors can accumulate the scrip around the CMP of Rs.95.

#Those of you who are LOOKING to BUY a HIGH RISK and HIGH GAIN COUNTER can buy the shares of Videocon Industries Ltd at around the CMP of Rs.12.75 for targets of Rs.17-19, with a SL of around Rs.11.6. Buy at the opening bell today, I mean at around 9.15 am. 

#You can buy the shares of Sri Adhikar Brother's Ltd at around Rs.15. The stock is nearing its bottom. It is good that you area getting the shares of SAB Ltd (formerly SAB TV) company at a price which is near the price of TV Vision Ltd (Rs.14.55). 

#You can average TV Vision Ltd (Rs.14.30) now or can wait for a closing above Rs.15 (this is the best option, provided you can buy the shares at this price -- this stock has  history of not letting buy once it starts hitting the UCs).

#Central Bank of India Ltd made an intraday high of around Rs.79.95. You can book complete profit and wait for the dips to enter. 

~~with inputs from Capital Market - Live News...
Pre-Session: Market may extend gains
09-Mar-18: Market may edge higher in early trade tracking firm global cues.  Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 45 points at the opening bell.

Overseas, Asian stocks edged higher, tracking moderate gains seen on Wall Street following the implementation of US tariffs on steel and aluminum. US stocks closed higher yesterday, 8 March 2018 after President Donald Trump implemented steel and aluminum import tariffs that excluded Canada and Mexico, two key US trade partners.

In Europe, the European Central Bank (ECB), at its monetary policy meeting yesterday, 8 March 2018, kept its broader policy unchanged. The central bank said it could still extend its 2.55 trillion euro ($3.16 trillion) bond purchase scheme beyond September if needed.

Among corporate news back home, Bharti Airtel's meeting of committee of directors is scheduled on 13 March 2018, to consider issue of listed, unsecured, rated, redeemable, non-convertible debentures (NCDs Series I and II) aggregating upto Rs 3000 crore on private placement basis. The announcement was made after market hours yesterday, 8 March 2018.

Infosys issued a clarification with regard to media articles in relation to the alleged fraud concerning the Income Tax department and the First Information report (FIR) by the Central Bureau of Investigation (CBI) in relation to these allegations. Infosys said it is not named as an accused party in the said FIR. So far it has not been contacted by the CBI in connection with this matter. Infosys will co-operate with law enforcement agencies as and when it is approached, it added. The announcement was made after market hours yesterday, 8 March 2018.

In political news, the Telegu Desam Party (TDP), ally of National Democratic Alliance (NDA), has pulled its two ministers from the Narendra Modi cabinet yesterday, 8 March 2018, in protest against the injustice to Andhra Pradesh. However, the party decided to continue supporting the NDA. The action by the TDP, which has sixteen members in the Lok Sabha and six in Rajya Sabha, will have no impact on the stability of the Modi government which has sufficient numbers in Parliament but will be seen as a big political setback because TDP is the first pre-poll ally to pull out of the Centre in nearly four years

Key benchmark indices registered modest gains on bargain hunting yesterday, 8 March 2018 after a sell-off in the last six sessions. The Sensex had surged 318.48 points or 0.96% to settle at 33,351.57, its highest closing level since 5 March 2018.

The trading activity showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 364.80 crore on 8 March 2018 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 675.26 crore on 8 March 2018, as per provisional data.

~~Powered by Capital Market - Live News....