Techosta Where Tech Starts From
3:10 p.m.: Markets continue to trade with a negative bias with strong selling pressure seen in metal and real estate stocks. Siddharth Sedani of Sharekhan attributed today’s weakness in markets to profit-taking. He also expects some profit-taking even if the GST bill is passed by the Parliament.
2:40 p.m.: Manish Sonthalia, senior VP and head of equities for PMS at Motilal Oswal Asset Management, expects the pain in banking sector to continue for 1-2 years. Techs, banks have disappointed with earnings, he adds. However, the fund manager said that GST will open up a plethora of stock-picking opportunities.
2:15 p.m.: Profit-taking seen in late trade with Nifty down 20 points while Sensex off 40 points. Metal and capital goods stocks weigh.
1:30 p.m.: Bharat Financial Inclusion shares fell as much as 10 per cent today, following the arrest of its president S Dilli Raj. According to Bharat Financial Inclusion, Mr Dilli Raj was arrested by the Enforcement Directorate in connection to an on-going investigation at his former company First Leasing. The microfinance lender, in a release to the exchanges on Monday, clarified that the investigation does not relate to Bharat Financial Inclusion Limited. (Read more)
1:00 p.m.: The investor community is closely tracking the progress of GST Bill which has been listed for discussion by the Rajya Sabha on Wednesday. But some analysts say that the GST Bill’s enactment was unlikely to spur any major rally given indexes were seen already reflecting a positive outcome. “A rally in the short-term might not sustain for too long,” said Neeraj Dewan, director at Quantum Securities. “We can also expect some amount of profit-booking happening as the Bill progresses.”
12:22 p.m.: Ashok Leyland selloff extends into second day. Ashok Leyland shares fell as much as 5 per cent today, extending their Monday’s selloff. In last two trading sessions, the shares of the commercial vehicle manufacturer has fallen nearly 9 per cent. (Read full story here)
11:55 a.m.: Sensex (109 points) slightly off day’s high on some weakness in IT and metal stocks. HDFC, Wipro among major Sensex losers.
11:35 a.m.: GST hopes support markets. Finance Minister Arun Jaitley today briefed BJP lawmakers on the GST Bill in a Parliamentary party meeting, sources told NDTV. Sensex up 153 points while Nifty rises 39 points to 8,675.
10:55 a.m.: Sensex firmly in the green, trades 116 points higher at 28,119 while Nifty up 29 points at 8,665. ITC, Maruti Suzuki trade over 2 per cent higher.
10:51 a.m.: Bajaj Auto domestic July sales at 1.98 lakh units against 1.65 lakh units a year ago; total sales at 3.29 lakh units against 3.3 lakh units a year ago. Shares trade nearly 1 per cent higher.
10.20 a.m.: Markets are trading steady, but off the day’s highs. The BSE Sensex is up around 70 points at 28,075, while the Nifty is trading 16 points up at 8,653. FMCG stocks are leading the gains, with cigarette major ITC rising nearly 3 per cent to top the Nifty50 index.
Tech Mahindra, Maruti Suzuki, HCL Tech and Bharti Infratel are among other Nifty50 gainers.
Zee Entertainment replaced ICICI Bank as the top Nifty loser. Ambuja Cements, HDFC and Infosys were among the top Nifty losers.
On the broader BSE500 index, Delta Corp jumped nearly 7 per cent with huge volumes.
09.25 a.m.: The Sensex picked up momentum after a lacklustre start on Tuesday as investors bet on the passage of the GST in parliament tomorrow. The Sensex rose over 150 points, while the Nifty traded above the key 8,650 levels.
Gains in the Nifty50 were led by Maruti Suzuki, which had posted record car sales for the month of July. IT major Tech Mahindra, which reported Q1 numbers post market hours yesterday, also traded with over 2 per cent gains.
ICICI Bank extended its fall to a third day. India’s biggest private lender had reported a 25 per cent fall in profit in Q1.
Meanwhile, shares of low-cost carrier IndiGo Airlines fell sharply on weak Q1 numbers. (Read more)
08.35 a.m. The Sensex and Nifty are likely to open with a downward bias on Tuesday, tracking weakness in Asian stock markets. The Nifty futures trading on the Singapore Exchange (SGX) were down 13 points or 0.15 per cent at 8,675 as of 08.35 a.m., indicating a weak start for domestic equities.
The BSE Sensex and the broader Nifty extended their winning streak to five months at the end of July, buoyed by sustained buying from foreign institutional investors. On Monday, FIIs bought cash shares worth Rs. 726 crore, though domestic investors were net sellers to the tune of Rs. 414 crore
Hopes that the Goods and Services Tax or GST will be passed in parliament this week have also kept bulls in the hunt. India’s biggest tax reform in decades could become a reality on Wednesday with the main opposition party, the Congress, declaring that it has arrived at “a broad understanding” with the government after months of negotiations.
Buying by FIIs, good monsoons and GST hopes are three factors that have supported Indian markets in the face of weak corporate earnings, analysts added. The passage of the GST could however lead to profit taking, they added.
“It’s would not be wrong to say that markets have somewhat priced in the expected clearance of the GST bill and thus favourable outcome might not trigger a strong surge ahead,” said Jayant Manglik of Religare Securities.
Tech Mahindra and InterGlobe Aviation will be in focus. The two companies reported their Q1 numbers after markets closed yesterday. Voltas, Torrent Power and Zydus Wellness are some companies that will report their numbers today.
Meanwhile, Asian shares edged lower on Tuesday, taking their cues from a modestly lower day on Wall Street as US crude oil prices slid.
[“source-ndtv”]