Closing bell: Sensex soars 355 pts, Nifty ends at record closing high; IT leads

 3:30 pm Market Closing: Equity benchmarks ended at record closing high amid technical glitch at National Stock Exchange.

The 30-share BSE Sensex was up 355.01 points or 1.13 percent at 31,715.64 and the 50-share NSE Nifty rose 105.25 points or 1.09 percent to 9,771.05 but the broader markets underperformed benchmarks.

Divis Labs, Reliance Communications, Tejas Networks, Tata Global Beverages, Bank of India, OBC, Canara Bank, Bharti Airtel, Idea Cellular, Welspun India, Bharat Financial, Marksans Pharma, Tata Coffee were up 3-6 percent.

CARE Ratings was up 7 percent on buzzing Fitch taking stake in the company. IDFC and Shriram City Union, Shriram Transport Finance fell 3-6 percent post merger news.

3:27 pm FII limit hiked: Fortis Healthcare shares surged 3.6 percent intraday after receiving approval from the Reserve Bank to enhance FII limit on total holdings to 75 percent.

“The Reserve Bank of India on last Friday notified that the foreign institutional investors (FIIs)/ foreign portfolios investors (FPIs) investment limit under portfolio investment scheme in Fortis Healthcare has increased from 24 percent to 74 percent of its paid up capital.

Foreign portfolios investors’ shareholding as of March 2017 was at 34.5 percent.

3:10 pm Buzzing: KEC International shares surged nearly 4 percent intraday on bagging big orders worth Rs 1,845 crore in transmission & distribution and cable businesses.

Its transmission and distribution business has secured orders of Rs 1,684 crore in India for construction of transmission lines. It also received various supply orders across the Americas.

KEC said cable business has received various supply / EPC orders worth Rs 161 crore.

Vimal Kejriwal, MD & CEO, KEC International said overall the company has a very strong order book and a healthy L1 position.

KEC has orderbook of Rs 13,700 crore, including L1 over Rs 4,000 crore.

“90 percent of order is from transmission sector,” he said, adding transmission orders enjoy 8-10 percent margin and these plants are running at full capacity.

However, margin in cables business is under pressure due to commodity price, he said.

2:59 pm Market Update: Equity benchmarks rallied further, with the Nifty inching towards 9,800 level, up 109.60 points or 1.13 percent at 9,775.40.

Meanwhile, the 30-share BSE Sensex was up 373.66 points or 1.19 percent at 31,734.29.

2:50 pm MF investments: Investors pulled out nearly Rs 16,600 crore from various mutual fund schemes in June, making it the second consecutive monthly outflow, primarily due to huge redemption from income and liquid segments.

In comparison, mutual funds saw an outflow of close to Rs 41,000 crore in May. Prior to that, Rs 1.51 lakh crore were invested in April.

Bajaj Capital Chief Executive Rahul Parikh said mutual funds are shifting focus from income and money market or liquid funds to equities, equity-linked saving schemes (ELSS) and equity-oriented balanced funds.

2:30 pm Management Speak: CNBC-TV18 had informed last week and now it is official. Maruti Suzuki India has announced a major corporate transformation strategy, the likes of which have not been undertaken by any Indian automobile manufacturer before.

Ronojoy Banerjee of CNBC-TV18 broke the story last week, spoke to CEO of the company Kenichi Ayukawa and asked him about the new strategy.

2:10 pm Market Check: Equity benchmarks extended gains in afternoon trade, with the Sensex rising more than 300 points, backed by further upside in technology and banks stocks.

The 30-share BSE Sensex was up 339.43 points or 1.08 percent at 31,700.06 and the 50-share NSE Nifty rose 97.65 points or 1.01 percent to 9,763.45 but the broader markets underperformed benchmarks.

The BSE Midcap and Smallcap indices gained 0.6 percent and 0.5 percent, respectively. About 1,554 shares advanced against 962 declining shares on the exchange.

TCS and Bharti Airtel topped the buying list among Sensex stocks, up 4 percent each followed by Wipro (up 3.8 percent), Sun Pharma (up 3.07 percent) and Lupin (3.36 percent) while M&M and ITC were only losers.

1:45 pm Normal trade in new listing: Normal trading in AU Small Finance Bank – the new listing – started late on Monday as it was also hit by NSE’s technical glitch due to software issues but the trading on BSE has begun on time at 10:00 am (after pre-opening trade).

On the National Stock Exchange, the stock price was trading at Rs 529.50, up Rs 171.50 or 47.90 percent, with volumes of 26.63 lakh shares at 13:44 hours IST.

After getting settled at Rs 525 in pre-opening trade between 12:15 to 12:22 pm, the stock in normal trading session opened at Rs 530 on the NSE.

It touched an intraday high of Rs 540 and low of Rs 523.70.

1:20 pm Market week ahead: VK Sharma, Head Private Client Group at HDFC Securities said results from early birds would start coming in this week. The week is also full of fresh economic data points that will see global inflation and PPI numbers coming in. On top will be CPI, WPI numbers for the month of June and IIP numbers for the month of May.

The retail sales and industrial numbers in the US are likely to come in better but the inflation will show a downtrend.

The markets will have an eye on the incoming results and also on the tense Indian-China border, where India is quietly but firmly holding on to its positions in the Doka La plateau. The market ultimately climb wall of worries.

1:15 pm SIAM Data: Domestic passenger vehicle sales declined by 11.21 percent to 198,399 units in June from 223,454 units in the same month last year.

Domestic car sales were down 11.24 per cent to 136,895 units as against 154,237 units in June last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

1:10 pm Lupin up 3%: The pharma major Lupin today announced that it has received final approval for its Flucytosine capsules USP, 250 mg and 500 mg from the United States Food and Drug Administration (FDA) to market in the US.

It is a generic version of Valeant Pharmaceuticals International Inc’s Ancobon capsules, 250 mg and 500 mg.

Flucytosine capsules are indicated for the treatment of serious infections caused by susceptible strains of Candida and/or Cryptococcus.

IT had US sales of USD 46.6 million, as per IMS MAT March 2017.

12:56 pm Broker’s take: Dipan Mehta, Member BSE & NSE also confirmed that they are also facing difficulty in executing trade in cash segment.

“The prices are not moving. Volumes are not increasing the way it should be on a day like this. There is definitely a technical issue,” he said.

12:47 pm Europe trade: The markets in Europe opened higher, extending gains seen across the US and Asia.

The pan-European Stoxx 600 was firmly in the black, with all sectors and major bourses trading in positive territory.

12:43 pm Finance ministry sources told CNBC-TV18 that the Department of Economic Affairs has asked the NSE to submit a report on the technical glitch.

12:33 pm SEBI issued notification, saying National Stock Exchange of India, (NSE) stopped trading this morning, reportedly, due to “technical glitch”. SEBI is in touch with NSE and is closely monitoring the situation

12.32 pm Normal Trade at NSE begins: The 50-share NSE Nifty was up 62.65 points or 0.65 percent at 9,728.45 while the 30-share BSE Sensex rose 266.62 points or 0.85 percent to 31,627.25.

12.17 pm Market Update: Equity benchmarks maintained morning gains, with the Sensex rising 252.92 points or 0.81 percent to 31,613.55.

About 1,479 shares advanced against 885 declining shares on the BSE.

Meanwhile, the pre-opening session at NSE resumed, with the Nifty up 47.50 points or 0.49 percent at 9,713.30.

11:59 am Normal trade: The National Stock Exchange said it would start normal trading at 12:30 pm.

Pre-opening session trade will take place for seven minutes from 12:15-12:22 pm, it added.

11:57 am Buzzing: Divis Labs surged more than 15 percent intraday as the US Food & Drug Administration will lift import alert 99-32 on the company’s unit-II at Visakhapatnam.

The USFDA had issued an Import Alert under clauses 99-32 and 66-40 in March of 2017 and a warning letter in May of 2017 for Vishakhapatnam facility.

Divi’s Laboratories had filed a detailed responses and given updates to the Form-483 and the warning letter within the stipulated time.

11:45 am Finance Ministry official said the government is aware of technical glitch at NSE and informed SEBI of NSE trading disruption due to software issues.

11:43 am Expert’s take on NSE tech glitch: “It is unfortunate to see this spectacle on a day when the market is touching new highs. The key element is timely communication and timely action, which is lacking in this case,” Sanjay Dutt of Quantum Securities told CNBC-TV18.

There is a need for more transparency and communication from the exchanges, he added.

11:40 am Gold Bond issue opens: The Sovereign Gold Bond Scheme 2017-18 – Series II has opened for subscription today. The issue price for this tranche is fixed at Rs 2,780 per gram of gold.

“The nominal value of the bond based on the simple average closing price (published by the India Bullion and Jewellers Association) for gold of 999 purity of the week preceding the subscription period, i.e. July 03-07, 2017 works out to Rs 2830 per gram. Government of India, in consultation with the Reserve Bank of India, has decided to offer a discount of Rs 50 per gram on the nominal value of the Sovereign Gold Bond,” the RBI explained the fixation of issue price.

The bond issue will close on July 14. The Government of India may, with prior notice, close the Scheme before the specified period, the RBI said.

The bonds, which will be issued on July 28, will be sold through banks, Stock Holding Corporation of India (SHCIL), designated Post Offices, and recognised Stock Exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange.

11:34 am “Don’t go by the ‘neat’ message, we are still working on the issue,” NSE said.

11:30 am NSE is not closed for trade today.

11:29 am GMR Infrastructure said Goa International Airport concluded its fund raising for Mopa Airport Project.

The bank will provide loan of Rs 1,330 crore for development of Mopa Airport Project.

11:18 am NSE cash and futures & options segments markets are not opened for trading, though the exchange told earlier that it would open at 11:15 am.

11.17 am Market Update: The 30-share BSE Sensex was up 205.14 points or 0.65 percent at 31,565.77.

About 1,513 shares advanced against 720 declining shares on the BSE.

The 50-share NSE Nifty was up 58.65 points or 0.61 percent at 9724.45.

11:12 am Interview: Satin Creditcare Network is in focus as the company has raised Rs 35 crores via issuance of convertible redeemable preference shares.

“There is a time period of about a year when Capital First will be able to convert it into equity shares and once they convert, they will get about 3 percent of equity capital as of right now,” HP Singh, Founder & MD of Satin Creditcare told CNBC-TV18.

In this strategic tie up, Satin Credit Care will be able to distribute Capital First’s financial products all across through their own network. So Singh believes this is a very significant strategic tie up happening.

“This is not an equity tie-up which you are trying to look at, this is far more a business and a strategic tie-up happening across the products,” said Singh.

Not giving any board seat to Capital First, he said.

11:01 am NSE starts its pre-opening session for cash market segment.

10:58 am NSE said Cash Market segment would pre-open at 11:00 am and would end at 11:07 – 11:08 am (random closure).

Cash Market segment normal market will open at 11:15 am, it added.

10:50 am Brokers say normal trade on National Stock Exchange will start at 11:15 am.

Pre-opening session session will be for seven minutes from 11:00 am to 11:07 am.

10:45 am NSE said due to technical reasons in cash market the opening of market (Cash and F&O segment) has been further delayed. Market re-open time will be intimated.

10:31 am NSE sources told CNBC-TV18 that trades are not going through in pre-opening session of the exchange.

Further delay is likely in the opening session of NSE, sources said.

10:26 am Market Check: The 30-share BSE Sensex continued to hold its 200-point gain in morning trade, backed by TCS, Infosys, Tata Motors and Reliance Industries.

The index was up 201.51 points or 0.64 percent at 31,562.14 on strong breadth.

About two shares advanced for every share falling on the BSE.

10:21 am The National Stock Exchange will start cash and F&O trading at 10:45 am again, according to CNBC-TV18 quoting NSE sources.

It is learnt that the exchange will start pre-opening session at 10:30 am.

10:16 am Expert’s take on NSE issue: “Trading is currently not happening at all. It is a bigger problem than a mere rate, there should not be any panic though,” Deena Mehta, MD, Asit Mehta Investment Intermediates told the channel, adding that there is a good chance that the exchange will cancel all the pending orders.

10:13 am BSE CEO Ashish Chauhan said the exchange is not facing any technical issue and trading is taking place normally.

10:10 am Sources told CNBC-TV18 that the NSE will announce future course of action anytime.

10:09 am Bumper Listing: AU Small Finance Bank has a bumper debut on the Bombay Stock Exchange. The stock price started off trading at Rs 528, a whopping jump of 47.5 percent over the issue price of Rs 358.

10:05 am CNBC-TV18 exclusive: J Ravichandran, Interim Chief of the National Stock Exchange, told CNBC-TV18 that the exchange was trying to resolve the technical glitch at the earliest. “At this point, the focus is to restart the market,” he told the channel. On being quizzed about whether the pre-opening would begin again, he said that an announcement in this regard will be made later.

Meanwhile, Dipan Mehta, Member of BSE and NSE tried to allay fears as well. “There is nothing to panic. They will have the exchange up and running quickly,” he told CNBC-TV18 as well.

9:55 am NSE shuts F&O: National Stock Exchange of India has shut trading in the futures & options segment and there has been no intimation from the exchange about re-opening, according to sources of CNBC-TV18.

9:53 am Under pressure: Shares of Biocon tanked around 9.5 percent intraday as investors turned cautious of regulatory issues for the company.

The French drug regulator found lapses at Biocon’s Bommasandra facility in Bengaluru with respect to good manufacturing practices (GMP) for activities related to three biosimilar products.

The French National Agency for Medicines and Health Products Safety, known as ANSM, inspected the Biocon’s Bengaluru plant on behalf of the European Medicine Agency (EMA) between March 13 and March 17.

EMA was reviewing Biocon’s three biosimilar products — Fulphila (Pegfilgrastim), Ogivri (Trastuzumab) and Semglee (Insulin Glargine) — for marketing authorisation in European Union.

The ANSM raised 35 deficiencies, including 11 major deficiencies, concerning biosimilar products.

9:50 am Pre-opening: AU Small Finance Bank settled at Rs 525 in pre-opening, up 46.65 percent over its issue price of Rs 358.

The BSE has fixed upper circuit limit at Rs 626.50 and lower circuit limit at Rs 268.50.

9:47 am Buzzing: KEC International shares rallied nearly 4 percent in morning trade on bagging bagged orders worth Rs 1,845 crore.

At 09:47 hours IST, the stock price was quoting at Rs 272.05, up Rs 5.25, or 1.97 percent on the BSE.

9:44 am NSE Rates: Sources told CNBC-TV18 that NSE rates are not updating due to some technical glitch. NSE Technical team is working on it to resolve the issue.

Wide discrepancy was found in stocks prices of almost all companies. For example, Tata Motors on the BSE was trading 2.2 percent higher at Rs446 while on the NSE it was down 0.6 percent at Rs 436.85.

9:35 am RIL crosses Rs 1500 mark: Reliance Industries hit a 52-week high of Rs 1,501 on the BSE.

9:25 am System Glitch: Benchmark indices hit a fresh record high in opening trade but soon after the opening NSE rates were note moving in tandem with the BSE, reports CNBC-TV18.

Sources told CNBC-TV18 that NSE cash quotes not updating, while future rates are still working fine.

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9:15 am Market Check: The market started off the week on a stronger note, with both equity benchmarks hitting record highs but there has been some problem with NSE rates.

The 30-share BSE Sensex was up 200.68 points at 31,561.31 on strong breadth. About 886 shares advanced against 285 declining shares on the BSE.

TCS, Tata Motors, Bharti Airtel, Lupin and Sun Pharma rallied more than 2 percent while HDFC was only loser.
Most Asian indexes were in positive territory as Chinese inflation data for June met market expectations. The Nikkei 225 advanced 0.83 percent and South Korea’s benchmark Kospi index edged up 0.21 percent while the S&P/ASX 200 gained 0.56 percent.