Sensex ends 318 points higher

The news of Tata Steel’s winning bid for Bhushan Steel sent the shares of the latter soaring by over 12 per cent on Thursday. However, the proposed acquisition seems to have been factored in the stock price of Tata Steel already, as seen from the relatively muted reaction of its stock prices. Read more

Bandhan Bank Ltd, the newest among the private lenders, today said it will launch an IPO (initial public offering) of Rs 4,473 crore on March 15. The issue closes on March 19. The Kolkata-based bank, which transformed into a bank in 2015 from a micro-finance institution in 2001, will be selling up to 119.3 million shares in a price range of Rs 370-375 each in the IPO, according to a statement by the bank. Read more

Closing bell: Reversing a six-session slide, benchmark Sensex zoomed 318 points to end at 33,351 today as participants accumulated recently beaten down stocks amid positive global cues. Markets benefited from value buying in beaten-down stocks and a firm trend in overseas bourses, boosted by easing fears of a global trade war as the White House signalled it would water down plans for contentious metal tariffs, brokers said. Stocks of state-run lenders staged a rebound in late afternoon trade on short-covering, they added.

The 30-share Sensex stayed in the positive zone throughout the session on unabated buying by domestic institutional as well as retail investors and hit a high of 33,439.97. It finally settled at 33,351.57, showing a robust gain of 318.48 points, or 0.96 per cent.  This is its biggest single-day gain since February 23, when it had jumped 322.65 points.

The index had lost 1,412.66 points in the previous six sessions on negative domestic as well as global cues.

The broader NSE Nifty reclaimed the key 10,200-mark and touched a high of 10,270.35, before finally settling at 10,242.65, showing a sizeable gain of 88.45 points, or 0.87 per cent. Intra-day, it hit a low of 10,146.40. - Agencies

Sensex 30 after closing bell

Sensex 30 movers and shakers

The government today sought Parliament nod for additional cash spending of Rs 85,315.30 crore in the current fiscal, of which 70 per cent is earmarked to compensate states for revenue loss on account of GST roll out. Read more

Realty firm Prestige Group today said it has entered into an agreement to acquire 80 per cent stake in Sterling Urban Infraprojects, which holds land parcels in Bengaluru, for a cash consideration of Rs 336 crore. Read more

Chemicals firm BASF today said its Germany-based parent BASF SE is in exclusive talks to acquire Bayer’s entire vegetable seed business. Bayer intends to divest this business in context of its planned acquisition of Monsanto, it said. Read more

IT firm Mindtree Ltd's EBITDA margin recovery may continue in Q4 and FY 2019 post hitting a bottom in Q1, led by revenue growth and operational cost cuts, HSBC Global Research said in a note. Mindtree's EBITDA margin to rise to 16.5 per cent in FY19, led by operational cost improvements in the core business and further improvement in the subsidiaries such as Bluefin and Magnet, the note said. Read more

mindtree

Nifty gainers

Nifty losers

The Sensex 30 at 1.20 pm

Sensex movers and shakers at 1.20 pm

L&T Finance Holdings Ltd has raised almost Rs 2,000 crore from preferential allotment of shares to its promoter Larsen & Toubro (L&T).  Read more

Shares ruled steady on Thursday after six sessions of losses, as Asian equities rose on hopes that US President Donald Trump's plan to introduce hefty tariffs on steel and aluminium imports could exclude certain key partner countries. Asian shares outside Japan rose sharply as fears of a global trade war eased after White House signalled that the proposed hefty US tariffs on steel and aluminium imports could exclude Canada, Mexico and a clutch of other countries.

At about 12.40 pm, the broad-based NSE Nifty was up 72.75 points or 0.72 per cent at 10,226.95 while the benchmark BSE Sensex moved up 220.68 points or 0.67 per cent to 33,253.77.

“Markets are relieved that Trump is going to take a far more thoughtful approach towards any sanctions that he puts through,” said Sunil Sharma, chief investment officer at Sanctum Wealth Management.

Bank stocks were among the biggest gainers. Bank Nifty rose 0.88 per cent to 24,346.25. Of the 12 stocks, Kotak Bank, IndusInd Bank and YES Bank were in the red with losses of up to 1.5 per cent.

SBI, Federal Bank, ICICI Bank, Bank of Baroda and Axis Bank gained by 1.16%-2.53%.  HDFC shares rose 1.4% to Rs 1,786.60

Private lenders and non-banking financial companies are gaining as public sector lenders have turned inwards as there is no credit extension at the PSU banks, Sharma said.

Information and technology stocks also advanced, with the NSE IT index rising 0.41 percent. Infosys Ltd was trading 1 per cent higher at Rs 1,156.15

Telecom stocks such as Bharti Airtel Ltd and Idea Cellular Ltd rose on the Indian government's move to raise the cap on airwaves that a mobile operator can hold to 35 percent from 25 per cent earlier. Bharti Airtel was 1.6 percent higher, while Idea Cellular edged up 0.06 per cent. The NSE Metal index slipped 1.1 per cent after rising as much as 1.6 per cent in early trade. Hindalco Industries Ltd dropped 1.9 per cent.

The Nifty call

The Nifty 50 futures contract is getting strong support near 10,150. The price action over the last couple of days indicate that the contract lacks strong sellers below 10,200. This increases the likelihood of a relief rally in the coming sessions on the back of short-covering. Resistance is at 10,220. Read more

Drug firm Zydus Cadila has entered into a definitive agreement with US-based Medicure International Inc to commercialise its new drug application product pitavastatin magnesium in the US.  Shares of the company’s listed entity Cadila Healthcare were trading 1.05 per cent up at Rs 384.55 on the BSE at about 11.50 am. Read more

Telecom stocks gained as much as 4 per cent in morning trade after the Cabinet approved relief measures for the financially stressed sector. The Cabinet yesterday allowed telcos to pay for spectrum over 16 years instead of 10 years and permitted them to hold more airwaves. Read more

Gold prices edged up further by 0.06 per cent to Rs 30,492 per 10 grams in futures trade today as speculators expanded their positions, tracking a firm trend overseas. At the Multi Commodity Exchange, gold for delivery in April month edged higher by Rs 18, or 0.06 per cent to Rs 30,492 per 10 grams in business turnover of 103 lots.  Read more

The white metal for delivery in July contracts was trading higher by ₹58, or 0.15 per cent, to ₹39,190 per kg in 4 lots. Traders attributed the rise in silver prices at futures trade to a firm trend overseas.  Read more

No respite for Gitanjali Gems

Shares of Gitanjali Gems today declined by another 5 per cent in morning trade after the CBI registered a fresh FIR against diamond merchant Nirav Modi in the PNB fraud case. Read more

Vakrangee enters FTSE index

Shares of Vakrangee hit the upper circuit at ₹178 on Wednesday, ending the losing streak of the last nine sessions. The company which is the largest system integrator and IT-enabled service provider in the Indian e-governance space, will be included in the FTSE Global Equity Index Series. Read more

Wall Street update

The S&P 500 ended slightly lower after Wednesday's volatile session as investors struggled to get a read on US trade policy after President Donald Trump promised hefty import tariffs but then said Mexico and Canada could be exempt. After falling as much as 0.97 per cent, the S&P regained ground after the White House appeared to add exceptions to its stated plan to slap import tariffs of 25 per cent on steel and 10 per cent on aluminium. Read more

Traders work on the floor of the New York Stock Exchange in New York, US, March 7, 2018. The S&P's technology index was a bright spot on Wednesday with a 0.6 per cent increase.

Rupee slips against dollar

The rupee was trading lower by 9 paise at 64.98 against the dollar in morning trade today as the American unit strengthened overseas amid foreign fund outflows. Read more

The rupee under pressure due to increased demand for the dollar and the greenback’s gains against other currencies overseas.

Adani stocks continue fall on Swamy spat

For the third day today, the share prices of Adani Group stocks continue to trip following BJP MP Subramanian Swamy labelling its promoter Gautam Adani as India’s biggest NPA ‘trapeze artist’. In a widely commented and shared tweet on Tuesday, Swamy said Adani, perceived to be close to Prime Minister Narendra Modi, should be made accountable or he would file a Public Interest Litigation in court for recovery of bank loans from him.  Adani Enterprises stock was down 2.03 per cent or Rs 3.50 at Rs 168.90.  Adani Power shares are down 6.16 per cent or Rs 1.70 at Rs 25.90. Adani Transmission stock slumped 9.92 per cent or Rs 17.85 to Rs 162.  Adani Ports and SEZ stock was trading down 0.13 per cent or Rs 0.50  at Rs 376.95 (all share prices are BSE). Read more

Snapping their six-day losing streak, stocks staged a strong comeback on Thursday, with the BSE Sensex rebounding by 274 points in early trade and the Nifty recapturing the 10,200-mark on fresh buying by domestic institutional investors and firm Asian trend. Asian markets were boosted by easing fears of a global trade war as the White House signalled it would water down plans for contentious metal tariffs.

At 10 am, the Sensex was up 100 points or 0.30 per cent at 33,133.45.  The gauge had lost 1,412.66 points in the previous six sessions. The broad-based NSE Nifty rose 24.35 points or 0.24 per cent to trade at 10,178.55.

Among the sectoral indices, IT, Teck, telecom and FMCG were trading in the green with gains of up to 0.77 per cent. Losses in metal, power, realty, oil and gas and auto limited the gains. 

Major gainers that supported the recovery were ICICI Bank, Bharti Airtel, HDFC Ltd, and Infosys, rising up to 2 per cent.

Who moved Sensex at 10 am

L&T Fin Holdings share sale

L&T Finance Holdings shares were trading down 0.19 per cent at Rs 157.50 on the NSE in morning trade. On Wednesday, L&T Finance Holdings said its board has approved the price of Rs 185.51 per unit for Rs 2,000-crore share sale to its promoter L&T on a preferential basis.  The committee of directors has approved the price of Rs 185.51 per equity share, which is the floor price calculated in accordance with Sebi Regulations including a share premium of Rs 175.51.  At the above price, 10,78,10,899 shares under preferential issue will be issued to Larsen & Toubro Limited. The company plans to use the capital for various purposes, including to fund business growth, strengthening capital adequacy and general corporate purposes.

Bharti Airtel board meet

Bharti Airtel board to meet on March 12 to consider fund raising. Airtel said that its board will meet to “consider inter-alia, enablement from board to opportunistically raise funds, including by issuance of secured/ unsecured, listed/unlisted, non-convertible debentures, bonds or such similar debt instrument (s) either denominated in Indian rupees or in foreign currency". As on December 31, 2017, the company’s consolidated net debt stood at Rs 91,714 crore higher than Rs 91,480 crore in the previous quarter.

Bharti Airtel shares were up 2.01 per cent or Rs 8.10 at Rs 411.50 on the BSE at about 9.50 am.

Tree House falls 5% on SEBI ban

The stock of Tree House Education was trading down 5 per cent at Rs 9.75 on the BSE at about 9.45 am.  On Wednesday, SEBI banned Tree House Education and Accessories, and five others from the securities market in a matter related to misstatements of the financials of the firm. The others are Rajesh Bhatia, Geeta Bhatia, Giridharilal S Bhatia, Vishal Shah and Hiten Trivedi.

While Rajesh Bhatia, Geeta Bhatia and Giridharilal S Bhatia are promoters of Tree House, Vishal Shah was the executive director of the firm from the period 2008 till 2016. Hiten Trivedi is the chief project officer. According to an interim order, the six entities have been banned “till further directions“.

Audit report in 6 months : Sebi also directed NSE to appoint an independent auditor or audit firm to conduct a detailed forensic audit of the books of accounts of Tree House from the financial year 2011—12 onwards till date. The auditor has to verify manipulation of books of accounts and misrepresentation, including of financials and business operations of Tree House. Besides, it also has to verify any wrongful diversion or siphoning of company funds by Tree House through significant ‘related party transaction’ with educational trusts controlled by Giridharilal S Bhatia and inflated expenditures on furniture and fixtures, among others.  The auditor has to submit a report to the Securities and Exchange Board of India (Sebi) through NSE within six months.

What to Watch

Will Jowat SE tie-up boost Pidilite?  Read more

What to watch : Strides Shasun on Wednesday said that it will launch Ranitidine tablets USP, 75 mg (OTC) for the US markets. Strides is already a key player with 32 per cent share of the US Rx market for Ranitidine. Read more

Penalty may drag airline stocks

Shares of airline companies such as Jet Airways (India), Interglobe Aviation and SpiceJet may come under pressure following imposition of penalty on them by the Competition Commission of India. Read more

Day Trading Guide for March 8

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1834 • HDFC Bank

Click here for full recommendation

Today's Pick

BF Utilities (₹409.2)

Investors with a short-term perspective can consider selling the stock of BF Utilities at current levels.  Read more

The domestic share indices jumped about 200 points in early trade tracking positive trend in Asian markets.

Asian shares found relief on Thursday as fears about a global trade war amid US President Donald Trump's push to introduce protectionist tariffs were tempered by signs the move could include carve-outs for key partners.

The Sensex opened at 33,244.52 against the previous close of 33,033.09.  Similarly, the NSE Nifty opened at 10,216.25 against 10,154.20. On the Nifty, 37 stocks advanced against 13 that declined.

Sensex 30 in early trade

COMMENT NOW