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Sensex closes 15 points lower to 33,602, Nifty at 10,361; Axis Bank, Asian Paints top losers

Inflation would remain a key concern for the RBI and the government, fading hopes of an interest rate cut, according to Assocham stated that rising prices of crude oil and vegetables, may lead to an increase in retail inflation in November 2017.


twitter-logo BusinessToday.in        Last Updated: November 30, 2017  | 09:13 IST
Sensex closes 15 points lower to 33,602, Nifty at 10,361; Axis Bank, Asian Paints top losers

The Sensex and Nifty closed mildly in the red on Wednesday a day ahead of the expiry of November derivatives contracts. Wipro (1.33 percent), Adani Ports (1.16 percent) and Sun Pharma (0.77 percent) were the top gainers on the Sensex. Axis Bank, HDFC and Asian Paints were the top Sensex losers. The Sensex fell 15 points to 33,602 and Nifty was down 9 points to 10,361 level on a day marked by rangebound trade.  While the Nifty moved in a range of 10,345 to 10,392, the Sensex traded in a wider range of 33,553 to 33,728. Here are the key highlights, which affected the market today.

3:50 pm: Bank stocks led the fall with BSE bankex closing 106 points lower to 29,180 with eight of the 10 components ending in the red. Axis Bank, SBI and PNB were the top losers on the index.

3:40 pm: Market breadth is mildly negative with 1,337 stocks closing higher against 1,370 ending lower on BSE. 145 stocks were unchanged.

3:30 pm: While 205 stocks closed at their 52-week highs, 39 stocks ended at their 52-week lows on the BSE.

3:00 pm: Srei Equipment Finance, a subsidiary of Srei Infrastructure Finance, has filed draft papers with markets regulator Sebi to float an initial public offering. The IPO comprises fresh issue of equity shares worth Rs 1,100 crore, besides, Srei Infrastructure Finance will sell up to 43,86,765 shares in an offer for sale, the listed entity said in a regulatory filing to the exchanges.

2:30 pm: Inflation would remain a key concern for the RBI and the government, fading hopes of an interest rate cut, according to Assocham stated that rising prices of crude oil and vegetables, may lead to an increase in retail inflation in November 2017.

2:00 pm: Indian companies raised over Rs 44,000 crore in October through private placement of corporate bonds, down 37% from the year-ago level. With the latest mobilization, the total fundraising through private placement of debt securities reached Rs 3.68 lakh crore in April-October period of 2017-18 fiscal whereas funds raised by IPOs and OFS stood at Rs 74,000 crore so far in 2017.

1:30 pm: The RBI has allowed lenders to rely on 'provisional ratings' - which will not be disclosed to the market - for rejigging loans to distressed companies before resorting to the insolvency mechanism. Over the next one month, large banks will attempt to spot distressed companies whose loans can be restructured based on provisional ratings. Till now, all upgrades, downgrades and outlook on debts by credit rating agencies were put out in the public domain.

1:00 pm: Global economic growth is set to peak at an eight-year high next year as uninspiring investment and increasingly dangerous debt levels limit room for further improvement, the OECD said. The global economy is on course to grow 3.6% this year before reaching 3.7% next year then ease back to 3.6% in 2019, the OECD said in its latest outlook.

12: 40 pm: Moody's Investors Service projected double digit growth for non-life insurance companies over the next 3-4 years as India's economic expansion would support premium growth. "Given India's projected economic expansion, we expect the non-life insurance sector to maintain its double digit growth over the next 3-4 years," it said and added that regulatory reforms would improve access to capital.

12:15 pm: Gross domestic product (GDP) is likely to have grown 6.4 percent from a year ago in July-September, from 5.7 percent in the preceding quarter, according to a Reuters poll of analysts. The data is due on Thursday after market hours.

12:00 pm: The second half of the year could be very positive compared with the first half due to a revival in growth, base effect and as teething troubles related to GST ease, said Siddharth Sedani, head and vice-president of equity advisory at Anand Rathi.

11:57 am: Market breadth is positive with 1,460 stocks rising against 980 falling on the BSE. 136 stocks are unchanged.

11:55 am: Coal India will pay its executives about Rs.800 crore in salary rises retroactive from January this year. The pay increase, which was approved by the board last week, comes over a month after the company approved a rise in the salaries of its workers, costing Rs 5,600 crore over five years.

11: 43 am: While 165 stocks hit their fresh 52-week highs, 23 stocks fell to their 52-week lows on the BSE. 

10:24 am: Oil Minister Dharmendra Pradhan has made a strong case for inclusion of petrol, diesel, gas and jet fuel in the GST to reduce taxes, saying that if polluting coal can be included, then the environment-friendly fuel certainly deserves a place in the new regime. Industry body FICCI has also pitched for the inclusion of natural gas in the new indirect tax regime so as to help producers contain cost and aid in moving towards a gas-based economy.

10:17 am: Rupee opened weak at 64.46 per dollar. The rupee on Tuesday closed at two-month high against US dollar at 64.41, up 0.14% from its Friday's close of 64.50. So far this year, the rupee has gained 5.3%. The currency is currently trading at 64.4125.

10:16 am: Coal India (1.82 percent), Dr Reddy's (0.86 percent) and ONGC  (0.83 percent) are top gainers on Sensex.

9:45 am: Indian companies raised over Rs 44,000 crore in October through private placement of corporate bonds, down 37% from the year-ago level. With the latest mobilization, the total fundraising through private placement of debt securities reached Rs.3.68 lakh crore in April-October period of 2017-18 fiscal whereas funds raised by IPOs and OFS stood at Rs 74,000 crore so far in 2017.

9:30 am: Market breadth is positive with 1064 stocks rising compared with 372 falling on BSE.

9:20 am: STOCKS IN FOCUS TODAY

SREI Infrastructure Unit SREI Equipment Finance files draft red herring prospectus with SEBI. SREI Equipment Finance offer includes fresh issue of shares up to Rs 1,100 crore . The offer includes offer for sale of up to 44 lakh shares.

Just Dial: Sequoia Capital has sold 2.1 lakh shares (0.31 percent of paid up equity) of Just Dial, still holds 3.09 percent.

Wipro buyback starts today, to buyback up to 34.37 crore shares at Rs 320 per share.

SpiceJet forays into real estate business, incorporated Canvin Real Estate Private Limited.

Reliance Communications has inked a "binding share purchase agreement" with Pantel Technologies and Veecon Media & Television for sale of its DTH arm Reliance BIG TV for an undisclosed amount. The move is aimed at reducing debt and benefiting all stakeholders, including lenders and shareholders, of RCom, the company said in a statement.

9:05 am: On Tuesday, the Sensex fell 105.85 points to 33,618 level, the Nifty was down 29.30 points to 10,370.

8: 55 am: Asian markets are trading mixed this morning with most of them recovering from lows shrugging off the news of North Korean missile test. In Europe, markets closed higher taking cues from BoE stress test results which showed that no banks need to raise extra capital and strong closing seen in US markets.  US markets closed higher with Dow gaining close to 250 points as Senate Committee approved the Seante's tax plan taking a step closer towards passing the bill and also the sentiment was boosted by testimony from the Federal Reserve Chair nominee Jerome Powell.

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