Trader’s Diary: FIIs neutral on India due to high risk position
Heavy rains in Mumbai added to the general depression on Dalal Street on Wednesday, halting the markets in the tracks on Dalal Street. The benchmark indices traded in a tight range all through Wednesday before eventually closing the session flat. What made investors really cautious was tonight’s outcome of US Federal Reserve's two-day policy review.
1 New Update
08:03:39 PM IST, 20 September 2017
ETMarkets Evening Podcast: Market consolidates; what’s your next move?
07:49:22 PM IST, 20 September 2017
MERRILL LYNCH BUYS 3.27% IN BANK OF BARODA VIA BULK DEAL
Merrill Lynch Markets Singapore Pte bought 7.55 crore shares of Bank of Baroda, representing 3.27% stake, on Wednesday at Rs 147.08 per share, bulk deal data on the BSE showed.
07:45:42 PM IST, 20 September 2017
BONDS SURGE, CALL RATES MAINTAIN STEADY
Government bonds (G-Secs) surged further on rising buying support from banks and corporates. While, Interbank call money rates maintained its stable trend for the third day as the demand from borrowing banks match supplies.
07:29:14 PM IST, 20 September 2017
RUPEE GAINS 6 PAISE AHEAD OF FED MEET OUTCOME
The rupee today logged its first gain in three sessions by rising 6 paise to 64.27 against the US currency owing to fresh dollar unwinding by exporters. An air of caution swept across the forex market during trading and witnessed high amount of volatility heading into the key Federal Reserve policy decision.
07:09:28 PM IST, 20 September 2017
Wall Street opens flat as investors await Fed decision
Wall Street opened little changed on Wednesday as investors waited for the conclusion of the two-day Federal Reserve meeting for indications of a third interest rate hike this year.
07:09:12 PM IST, 20 September 2017
RBI UNLIKELY TO CUT RATES TO TACKLE RUPEE APPRECIATION: MORGAN STANLEY
RBI is unlikely to cut interest rates to tackle the appreciation of the rupee and temper inflows of foreign funds. Instead, the central bank will continue to purchase more of foreign exchange from the market and sterilise the excess liquidity by selling government bonds in the open market, Morgan Stanley economists said.
06:56:22 PM IST, 20 September 2017
AFTER HOURS: TYRE SHARES ON A ROLL, TELCOS MIXED, ITDC UP 20%
Equity benchmarks BSE Sensex and NSE Nifty closed flat on Wednesday ahead of the outcome of US Fed Reserve’s monetary policy review later tonight. The 30-share Sensex closed 1.86 points, or 0.01 per cent, down at 32,400, while 50-share Nifty settled 6.40 points, or 0.06 per cent, down at 10,141.
06:40:41 PM IST, 20 September 2017
IPO UPDATE: SBI LIFE INSURANCE OFF TO SLOW START
The $1-billion IPO of SBI Life Insurance got off to a slow start, as the issue got subscribed 9 per cent on the first day of the offer till 5 pm on Wednesday. The public offer received bids for 82,81,413 shares against the issue size of 8,82,00,000 shares.
05:58:43 PM IST, 20 September 2017
TECH VIEW: NIFTY FORMS HARAMI PATTERN; NEEDS TO BREACH 10,130-10,180 RANGE
The Nifty50 index traded in an extremely thin range on Wednesday to end flat ahead of the Fed policy outcome later in the day. In the process, the index formed a Harami candle on the daily chart. It has been consolidating for the past few days and the range is getting thinner.
05:16:44 PM IST, 20 September 2017
F&O: CALL WRITING AT 10,200 LEVEL RESTRICTING UPSIDE FOR NIFTY
The Nifty50 index formed a Harami pattern on Wednesday as it traded inside the trading range of last session. The index made a high of 10,171 and remained sideways for most part of the session before finally closing the session with a loss of around 6 points.
04:45:10 PM IST, 20 September 2017
Domestic indices traded flat for the second consecutive day ahead of the FOMC rate decision scheduled later today. FII's passive trading approach with capital inflow limited to primary market and debt also might have weighed down the momentum of the indices near the record high levels. Investors could now be eying GST rate revisions and updates on GST implementation in the petroleum products to take the next crucial step
- Anand James, Chief Market Strategist, Geojit Financial Services
04:44:38 PM IST, 20 September 2017
Markets continue to remain range bound as investors stick with a wait & watch approach ahead the statement of FOMC meeting today. FIIs have a neutral view on India today due to its high risk position in the risk-reward meter within the EM basket. So this can impact in the short-term but unlikely in the long-term, as seen by the appreciation of INR in spite of selling by FII
- Vinod Nair, Head of Research, Geojit Financial Services
03:32:02 PM IST, 20 September 2017
CLOSING BELL: SENSEX, NIFTY END FLAT AHEAD OF FED POLICY OUTCOME
At close, the BSE Sensex was down 1.86 points, or 0.01 per cent, at 32,400.51. Nifty50 fell 6.40 points, or 0.06 per cent, to settle at 10,141.15. Fear gauge India VIX, which suggests volatility in the market over next 30 days, rose 1.46 per cent to 11.63.
03:19:42 PM IST, 20 September 2017
ITDC SHARES RALLY 20% AS FM ANNOUNCES 3 MORE HOTELS
Shares of ITDC saw a 19.99 per cent spurt in afternoon trade on Wednesday after the Union Cabinet decided to three more ITDC hotels to states. Briefing media after the Cabinet meeting, Finance Minister Arun Jaitley said the government will transfer ITDC hotels in Jaipur, Mysore and Itanagar to states.
02:56:14 PM IST, 20 September 2017
RELIANCE INDUSTRIES GAINS TO SCALE FRESH RECORD HIGH
Shares of oil-to-telecom behemoth Reliance Industries (RIL) hit fresh record high of Rs 872.10 in Wednesday’s trade after Telecom Regulatory Authority of India (TRAI) has more than halved the interconnect usage charge (IUC) to 6 paise a minute from the current 14 paise and said it would be brought down to zero paise from 2020.
02:14:14 PM IST, 20 September 2017
SMALLCAP AND MIDCAP INDICES HIT RECORD HIGHS
Broader midcap and smallcap indices were outperforming benchmarks in Wednesday's trade, with BSE Midcap and BSE Smallcap indices hitting a fresh all-time high of 16183.88 and 16981.65, respectively. The BSE Midcap index was trading 4 points up at 16,115, while BSE Smallcap index was at 16905, up 11 points.
01:41:13 PM IST, 20 September 2017
SBI, BOB PULL NIFTY PSU BANK INDEX IN THE GREEN
Decent gains in PSU bank stocks such as State Bank of India (up 1.53 per cent), Andhra Bank (up 1.21 per cent), Bank of Baroda (up 1.18 per cent) and Syndicate Bank (up 0.72 per cent) helped Nifty PSU Bank index to emerge as the top sectoral gainer on NSE in Wednesday's trade. The Nifty PSU Bank index was trading 1.21 per cent up at 3,284.
01:09:59 PM IST, 20 September 2017
BODHTREE CONSULTING HIT 5% UPPER CIRCUIT ON RS 100 CRORE ORDER WIN
Shares of Hyderabad-based Bodhtree Consulting got locked at 5 per cent upper circuit limit in Wednesday's trade after the company told exchanges that it has bagged Rs 100 crore worth order from the Medical Council of India to cover 550 medical colleges in the country under the Digital Mission Mode Project II. Tracking the development, the stock jumped 5 per cent to Rs 79.85 on BSE.
12:26:39 PM IST, 20 September 2017
KACHOLIA SELLS 3% STAKE IN ROYAL ORCHID HOTELS; SHARES DROP
Shares of Royal Orchid Hotels declined as much as 5.47 per cent in early trade after investor Ashish Kacholia sold bulk of his stake in the company through a bulk deal on Tuesday. Bulk deal data on the BSE showed that Kacholia sold 8.37 lakh shares or 3.07 per cent stake at Rs 125.16 per share. Kacholia held 10.73 lakh shares or 3.94 per cent stake in the company at the end of the June quarter.
11:59:20 AM IST, 20 September 2017
OVER 70 STOCKS HIT FRESH 52-WEEK HIGH TODAY
Over 70 stocks, including Ashok Leyland, Bharat Forge, CESC, Indiabulls Housing Finance, Larsen & Toubro, Motherson Sumi Systems, Page Industries, Pidilite Industries and Reliance Industries hit fresh 52-week highs on NSE in Wednesday's trade. On the other hand, Bharat Road Network, KSS, Nagarjuna Oil Refinery, Responsive Industries and Signet Industries were among the 10 stocks that hit new 52-week lows.
11:29:10 AM IST, 20 September 2017
85 STOCKS SET TO COME CRASHING DOWN
When equity benchmark BSE Sensex snapped an eight-day winning streak on Tuesday to close in the red, as many as 85 stocks on BSE witnessed bearish crossovers, indicating downward pressure on these counters. Going by momentum indicator Moving Average Convergence Divergence, or MACD, these stocks look poised to come crushing down anytime now.
11:15:05 AM IST, 20 September 2017
IDEA, RIL AMONG MOST ACTIVE STOCKS IN TERMS OF VOLUME
Shares of Idea Cellular (number of shares traded: 1.02 crore), Reliance Industries (0.39 crore) and Bharti Airtel (0.28 crore) were trading as the most active stocks in terms of volume on NSE in Wednesday's morning trade. Tata Power (0.18 crore), Divi's Lab (0.15 crore), SBI (0.13 crore), Ashok Leyland (0.13 crore), BPCL (0.11 crore), REC (0.11 crore), Hindalco Inds. (0.10 crore), Vedanta (0.10 crore) and ICICI Bank (0.10 crore) were also among the most traded stocks in that order.
10:49:08 AM IST, 20 September 2017
TRAI IUC CUT SENDS BHARTI, IDEA CRASHING; RIL SEES TARGET UPGRADES
Shares of incumbent telecom operators took a beating while those of Reliance Industries climbed higher on rating upgrades, after TRAI more than halved the interconnect usage charge (IUC) from October 1 and said the fee will be scrapped from 2020. Idea Cellular plunged 5 per cent, Bharti Airtel declined 2 per cent. Owner of new entrant Reliance Jio Comm, Reliance Industries, saw its shares climbing 3.82 per cent to hit a high of Rs 872.10 on the development.
10:48:31 AM IST, 20 September 2017
TYRE STOCKS SURGE UP TO 10% ON IMPOSITION OF ANTI-DUMPING DUTY
Shares of tyre companies surged up to 10 per cent after the government imposed anti-dumping duty on import of certain type of radial tyres used in buses and trucks to protect domestic manufacturers from below cost shipments from China for five years. Cheering the development, shares of JK Tyre was trading 10 per cent up at Rs 162.95 in early trade, it was followed by TVS Srichakra (up 3.14 per cent), Apollo Tyres (up 3 per cent), PTL Enterprises (up 2.44 per cent) and Ceat (up 1.96 per cent). Other tyre majors including MRF were also trading in green.
10:14:50 AM IST, 20 September 2017
TATA STEEL, THYSSENKRUPP SIGN MOU FOR EUROPEAN STEEL JV; SHARES GAIN
Shares of Tata Steel advanced in early trade on Wednesday after reports that Thyssenkrupp and Tata Steel sign MoU for a 50:50 European joint venture. Thyssenkrupp said company to be named ‘Thyssenkrupp Tata Steel.’ The merged entity is likely to see annual synergies to the tune of €400-600 million. Tata Steel was trading 0.81 per cent up at Rs 682.
10:13:55 AM IST, 20 September 2017
SBI LIFE IPO OPENS: BROKERAGES SAY YES TO FAIR VALUE
The Rs 8,400-crore initial public offering of SBI Life Insurance has hit the market on Wednesday. The company has set the price band at Rs 685-700 per share. Brokerages said the stock looks fairly valued and advise subscribing to the issue due to its strong distribution network, brand value, superior product mix and healthy growth. SBI is putting up 8% stake for sale while partner BNP Paribas Cardif is selling 4% in the IPO.
09:46:02 AM IST, 20 September 2017
PODCAST | IT’S WAIT-AND-WATCH MOOD ACROSS MARKETS TODAY; TUNE IN NOW
09:20:19 AM IST, 20 September 2017
OPENING BELL: SENSEX, NIFTY START ON A POSITIVE NOTE
RIL surges 3%; Idea, Airtel, RCom crack up to 5%.
09:11:40 AM IST, 20 September 2017
PRE-OPEN SESSION: SENSEX UP 50 PTS
Sensex gains over 50 pts, Nifty50 above 10,250;rupee trades at 64.25 against US dollar.
08:51:31 AM IST, 20 September 2017
SBI LIFE ALLOTS RS 2,226 CR SHARES TO ANCHOR INVESTORS
SBI Life Insurance Company (SBI Life) on Wednesday said it has finalised the allocation of 3.18 crore equity shares aggregating to Rs 2,226 crore to 69 anchor investors. The allocation is made at the upper limit of the price band of Rs. 700 per share, India's largest private life insurer in terms of new business premium (NBP) said.
08:42:03 AM IST, 20 September 2017
SIGNAL FROM SINGAPORE
SGX Nifty was down 8 points, or 0.08 per cent, at 10,159 around 8.30 am (IST), indicating a flat start for NSE Nifty index.
08:41:27 AM IST, 20 September 2017
NIFTY TECHNICAL CHARTS
The Nifty50 on Tuesday hit a record high, but eventually settled in the red. The index traded in a thin range and made a bearish candle on the daily chart, suggesting that investors have turned cautious at higher level ahead the US Fed policy review. Analysts believe the index needs to break above the 10,180 level on a closing basis, failing which it can see some selling pressure.
08:41:12 AM IST, 20 September 2017
SBI LIFE IPO TO KICK OFF TODAY
SBI Life Insurance (SBI Life) will offer up to 12 crore shares in the primary market to provide liquidity to its existing shareholders, including State Bank of India and BNP Paribas Cardif. While the IPO is priced at a rich valuation, it may still appeal to long-term investors looking for a piece of a high-growth business in India's life insurance sector.
08:40:35 AM IST, 20 September 2017
US POLICY OUTCOME TODAY
The US Federal Reserve will conclude its two-day policy review later on Wednesday, at which it is likely to take another step towards policy normalisation in what is rapidly becoming a worldwide trend.
08:40:18 AM IST, 20 September 2017
GEOPOLITICAL TENSIONS PERSIST
US President Donald Trump escalated his standoff with North Korea over its nuclear challenge on Tuesday, threatening to “totally destroy” the country of 26 million people and mocking its leader Kim Jong Un as a ‘rocket man', Reuters reported..<br />
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08:39:59 AM IST, 20 September 2017
DEFAULTING COS GET A BREATHER
RBI has assured banks that they can classify priority loans extended to defaulting companies in the bankruptcy process as standard debt in a move aimed at ensuring that entities which can be revived are able to raise resources.
08:39:28 AM IST, 20 September 2017
RUPEE TUMBLES 20 PAISE AGAINST DOLLAR
The rupee extended its loss for the second straight day by tumbling 20 paise to nearly a two-month low of 64.33 to the dollar on sustained demand for the American currency from importers amid spike in the greenback’s value overseas. Heavy foreign capital outflows also dented the market sentiment.
08:38:52 AM IST, 20 September 2017
ASIAN STOCKS START THE DAY STEADY
Asian stocks were mostly steady on Wednesday although movements were limited as a wait-and-see mood prevailed before the US Fed reveals its monetary policy stance later in the day. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent. Japan's Nikkei was flat and South Korea's Kospi was off 0.2 per cent.
08:38:28 AM IST, 20 September 2017
US STOCKS CLOSED HIGHER
The Dow Jones Industrial Average index rose 39.28 points, or 0.18 per cent, to 22,370. The S&P500 index gained 2.77 points, or 0.11 per cent, to 2,506. The Nasdaq Composite index added 6.68 points, or 0.1 per cent, to 6,461.
08:37:26 AM IST, 20 September 2017
SENSEX ON TUESDAY
Benchmark indices turned sideways after hitting record high levels to eventually settle lower on Tuesday, hours before the US Federal Reserve kicks starts its two-day policy review later in the day. Markets across Europe were rangebound. The domestic indices danced to global tune. The BSE Sensex snapped a eight-day winnign streak to settle at 32,042.37, down 21.39 points, or 0.07 per cent. Only 1,310 out of 2,767 stocks that traded on BSE for the day, ended higher.
08:35:53 AM IST, 20 September 2017
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