Friday, 13 January 2017

Live Stock Market Updates - Sensex, Nifty languish in red; IT stocks drop

The BSE Mid-cap Index was down by 0.21% at 12,615, whereas BSE Small-cap Index was down by 0.37% at 12,639. Out of 1,898 stocks traded on the NSE, 956 declined, 555 advanced and 387 remained unchanged today.

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Share indices were sharply off the highs touched at open due to a fall in information technology giants Tata Consultancy Services and Infosys. Markets may take a breather after consolidating gains in the past three sessions taking cues from global markets which are trading in red with Asian markets trading mixed.

The BSE Sensex is trading lower by 35 points at 27,212, while the Nifty50 slipped by 13 points at 8,394 mark.

The BSE Mid-cap Index was down by 0.05% at 12,635, whereas BSE Small-cap Index was down by 0.04% at 12,681.

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GAIL, ONGC, Aurobindo Pharma, Axis Bank and HDFC were among the gainers, whereas TCS, Infosys, Hindalco, Tata Motors and Idea Cellular were among those losing sheen on NSE.

A total of 31 stocks registered a fresh 52-week high in trade today, while five stocks touched a new 52-week low on the NSE.

Out of 1,907 stocks traded on the NSE, 856 declined, 670 advanced and 381 remained unchanged today.

Some buying was observed in pharma, FMCG and financial services sectors, while IT, realty, auto, metal and banking stocks are showed weakness on NSE.

The INDIA VIX was down 0.37% at 14.56.

While shares of Infosys wiped the gains due to mixed Oct-Dec earnings, those of TCS were down 2% as changes at the top management and headwinds for the sector led to concern about growth.

GAIL is up by more than 2.15 % along with ONGC which is up by 2.01%. Reliance Industries is up by 0.82% trading at Rs 1092 per share. The other stock that is supporting the market in the first hour is HDFC, Coal India and Axis Bank.

Electrosteel Castings is having a good day on the Street. The stock of the company has opened in green; and as at 10.35 am is trading with gains of 5%. It has witnessed a spurt in volumes by more than 1.83 times.

The stock has witnessed a significant movement as the Government of India has granted a mining lease of 192.5 hectare in Jharkhand.

In the last one year, the stock has given a return of 14.93%. Currently, it is trading with a P/E of 11.64. On an annualised basis, in the last three years the stock has given a return of 20.21%.

Bank Nifty had closed on a positive note for the last seven consecutive trading sessions. In Friday’s session, Bank Nifty opened at 18949.70, up by 75.75 points or 0.4%. The index is currently trading in red at 18813.40, down by 60.55 points or 0.32%.

These 2 stocks have somehow bucked the trend and are trading in the green.

Axis Bank is trading at Rs 459.25 per share, up by Rs 4.05 per share or 0.89%. The stock opened today at Rs 457 per share and touched a high of 461.90, gaining Rs 6.70 per share or 1.47%. The stock has seen an addition of 1027 contracts or 2.94% to its Open Interest.

Kotak Mahindra Bank Limited is trading at Rs 732.80 per share, up by Rs 4.85 per share or 0.67%. The stock opened today at Rs 731.50 per share and touched a high of Rs 735.60 per share, gaining Rs 7.65 per share or 1.05%. The stock has seen an addition of 44 contracts or 0.29% to its Open Interest.

Short built up is being seen in the top two IT companies of India.

Infosys has seen an addition of 8813 contracts or 15.01% in its Open Interest. The stock is trading at Rs 992 per share, down by Rs 8.05 per share or 0.80%.

TCS has seen an addition of 5101 contracts or 14.37% in its Open Interest. The stock is trading at Rs 2289.15 per share, down by Rs 55.20 per share or 2.35%.

Q3 FY17 results of Infosys have been announced in Friday’s session. The company has lowered the upper limit of its revenue guidance to 8.8 per cent in constant currency (CC) terms from 9% earlier. The IT firm has given a CC revenue guidance of 8.4-8.8% against 8-9% earlier. In dollar terms, the company has given guidance for 7.2-7.6% revenue growth for the ongoing financial year.

Q3 FY17 results of TCS have beaten the expectations. The company’s bottom-line revenue has increased by 2.9% to Rs 6778 cr.

The increase of OI in both the stocks, and decrease in its price shows the signs of Short built up position in both the stocks.

The rupee opened weakened 11 paise to 68.19 against the U.S. dollar in early trade on fresh demand for the American currency from banks and importers despite positive macro economic data.

On the macro front, Consumer price inflation (CPI) in December fell further to 3.4% with food inflation hitting a two-year low. Thanks to a lower base, the index of industrial production (IIP) grew by 5.7% yoy in November.

Gold briefly surpassed US$1,200/oz mark, with values eventually retreating from the seven week high on account of profit taking. The short term trajectory for the yellow metal hinges on the policy developments from Trump regime. Clarity of fiscal policy, including government spending and corporate tax cuts can translate into bullish dollar and effectively deemed negative for gold. Conversely, protectionist measures from Trump can pose a threat to global trade and US economy, which will logically prove supportive for gold.

Meanwhile, Fitch reported that Trump's plans to slash taxes can threaten US triple-A credit rating over the medium term. The country has a very high level of government debt and proposed tax cuts by US$6.2 trillion over the next 10 years can pile up debt load by more 33%.

Oil futures scaled higher, underpinned by comments from Saudi Arabia Energy minister that OPEC would accelerate the rebalancing of the market and prices will be receptive to the same later this year.

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