Market Live: Sensex off opening highs, Nifty slips below 9,800; HDFC Bank declines
Tue Aug 22 2017
Rajesh Sharma (2003 articles)

Market Live: Sensex off opening highs, Nifty slips below 9,800; HDFC Bank declines

10:01 am Q1 earnings analysis: Suhas Harinarayanan of JM Financial said earnings in Q1FY18 have been worse than anticipated.

For the companies under coverage, profit had a YoY decline of 15 percent against expectation of 9 percent decline. This, despite a better than expected YoY revenue growth of 10.9 percent, he explained.

“Our model portfolio emerges from a bottom-up approach with a recommended overweight on private financials, pharma, and industrials like L&T,” Harinarayanan said.

9:51 am Market Check: Equity benchmarks erased some gains in morning, with the Nifty falling below 9,800 level due to profit booking HDFC Bank and SBI.

The 30-share BSE Sensex was up 51.82 points at 31,310.67 and the 50-share NSE Nifty rose 24.20 points to 9,778.55.

The broader markets turned flat as market breadth is balanced. About 897 shares declined against 815 advancing shares on the BSE.

9:37 am Distribution Agreement: HCL Infosystems shares rallied as much as 17 percent in morning trade on distribution agreement for Apple products in India.

The HCL Group company inform exchanges that the distributor agreement for distribution of iPhone and other Apple Products has been signed with Apple India Private Limited.

A confirmation of the same is received by the company from Apple today, it said.

9:25 am Buzzing: Share price of Lupin advanced 3 percent in the early trade on the back of EIR from USFDA.

The company has received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for its Aurangabad facility in Maharashtra.

EIR indicates closure of inspection.

The facility was inspected by the USFDA in April this year.

9:15 am Market Check: Equity benchmarks started off Tuesday’s trade on a strong note, with the Nifty reclaiming 9,800 level, supported by broadbased buying.

The 30-share BSE Sensex was up 173.60 points at 31,432.45 and the 50-share NSE Nifty rose 56.45 points to 9,810.80.

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

Infosys rebounded 1 percent after 15 percent correction in previous two consecutive sessions.

Hindalco, Vedanta, Dr Reddy’s Labs, IOC, Tata Steel, Tata Motors, Coal India, ICICI Bank, Axis Bank, GAIL, Tech Mahindra, Aurobindo Pharma and Bank of Baroda gained up to 2 percent.

TCS and UltraTech Cement were under pressure.
Among midcaps, Reliance Capital, Capital First, PNB Housing Finance, LIC Housing Finance, Jaiprakash Associates, Repco Home, Indo Count, Chennai Petroleum, Manappuram, Reliance Defence, BEML, V-Guard, HCL Infosystems and Bhushan Steel rallied up to 16 percent.10:01 am Q1 earnings analysis: Suhas Harinarayanan of JM Financial said earnings in Q1FY18 have been worse than anticipated.

For the companies under coverage, profit had a YoY decline of 15 percent against expectation of 9 percent decline. This, despite a better than expected YoY revenue growth of 10.9 percent, he explained.

“Our model portfolio emerges from a bottom-up approach with a recommended overweight on private financials, pharma, and industrials like L&T,” Harinarayanan said.

9:51 am Market Check: Equity benchmarks erased some gains in morning, with the Nifty falling below 9,800 level due to profit booking HDFC Bank and SBI.

The 30-share BSE Sensex was up 51.82 points at 31,310.67 and the 50-share NSE Nifty rose 24.20 points to 9,778.55.

The broader markets turned flat as market breadth is balanced. About 897 shares declined against 815 advancing shares on the BSE.

9:37 am Distribution Agreement: HCL Infosystems shares rallied as much as 17 percent in morning trade on distribution agreement for Apple products in India.

The HCL Group company inform exchanges that the distributor agreement for distribution of iPhone and other Apple Products has been signed with Apple India Private Limited.

A confirmation of the same is received by the company from Apple today, it said.

9:25 am Buzzing: Share price of Lupin advanced 3 percent in the early trade on the back of EIR from USFDA.

The company has received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for its Aurangabad facility in Maharashtra.

EIR indicates closure of inspection.

The facility was inspected by the USFDA in April this year.

9:15 am Market Check: Equity benchmarks started off Tuesday’s trade on a strong note, with the Nifty reclaiming 9,800 level, supported by broadbased buying.

The 30-share BSE Sensex was up 173.60 points at 31,432.45 and the 50-share NSE Nifty rose 56.45 points to 9,810.80.

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

Infosys rebounded 1 percent after 15 percent correction in previous two consecutive sessions.

Hindalco, Vedanta, Dr Reddy’s Labs, IOC, Tata Steel, Tata Motors, Coal India, ICICI Bank, Axis Bank, GAIL, Tech Mahindra, Aurobindo Pharma and Bank of Baroda gained up to 2 percent.

TCS and UltraTech Cement were under pressure.
Among midcaps, Reliance Capital, Capital First, PNB Housing Finance, LIC Housing Finance, Jaiprakash Associates, Repco Home, Indo Count, Chennai Petroleum, Manappuram, Reliance Defence, BEML, V-Guard, HCL Infosystems and Bhushan Steel rallied up to 16 percent.10:01 am Q1 earnings analysis: Suhas Harinarayanan of JM Financial said earnings in Q1FY18 have been worse than anticipated.

For the companies under coverage, profit had a YoY decline of 15 percent against expectation of 9 percent decline. This, despite a better than expected YoY revenue growth of 10.9 percent, he explained.

“Our model portfolio emerges from a bottom-up approach with a recommended overweight on private financials, pharma, and industrials like L&T,” Harinarayanan said.

9:51 am Market Check: Equity benchmarks erased some gains in morning, with the Nifty falling below 9,800 level due to profit booking HDFC Bank and SBI.

The 30-share BSE Sensex was up 51.82 points at 31,310.67 and the 50-share NSE Nifty rose 24.20 points to 9,778.55.

The broader markets turned flat as market breadth is balanced. About 897 shares declined against 815 advancing shares on the BSE.

9:37 am Distribution Agreement: HCL Infosystems shares rallied as much as 17 percent in morning trade on distribution agreement for Apple products in India.

The HCL Group company inform exchanges that the distributor agreement for distribution of iPhone and other Apple Products has been signed with Apple India Private Limited.

A confirmation of the same is received by the company from Apple today, it said.

9:25 am Buzzing: Share price of Lupin advanced 3 percent in the early trade on the back of EIR from USFDA.

The company has received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for its Aurangabad facility in Maharashtra.

EIR indicates closure of inspection.

The facility was inspected by the USFDA in April this year.

9:15 am Market Check: Equity benchmarks started off Tuesday’s trade on a strong note, with the Nifty reclaiming 9,800 level, supported by broadbased buying.

The 30-share BSE Sensex was up 173.60 points at 31,432.45 and the 50-share NSE Nifty rose 56.45 points to 9,810.80.

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

Infosys rebounded 1 percent after 15 percent correction in previous two consecutive sessions.

Hindalco, Vedanta, Dr Reddy’s Labs, IOC, Tata Steel, Tata Motors, Coal India, ICICI Bank, Axis Bank, GAIL, Tech Mahindra, Aurobindo Pharma and Bank of Baroda gained up to 2 percent.

TCS and UltraTech Cement were under pressure.
Among midcaps, Reliance Capital, Capital First, PNB Housing Finance, LIC Housing Finance, Jaiprakash Associates, Repco Home, Indo Count, Chennai Petroleum, Manappuram, Reliance Defence, BEML, V-Guard, HCL Infosystems and Bhushan Steel rallied up to 16 percent.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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