Monday, 18 December 2017

Equity Benchmarks Stated Off The Week Sharply Lower On Monday

Equity benchmarks stated off the week sharply lower on Monday as latest voting counts indicated that BJP is leading in both states (Gujarat and Himachal Pradesh) but with small margin.

The 30-share BSE Sensex was down 740.11 points or 2.21 percent at 32,722.86 and the 50-share NSE Nifty fell 208.80 points or 2.02 percent to 10,124.50.

Out of 30 stocks, only 1 stock is trading in green, which is Cipla after getting tentative approval from the US Food and Drug Administration for HIV drug, Darunavir hydrate (75-800 mg).

About five shares declined for every share rising on the BSE.

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BJP Takes Lead In Gujarat And Himachal Polls. Here's How D-Street Reacted

Early trends from the 2017 Gujarat election results place the Bharatiya Janata Party in the driver’s seat. This follows an early lead for the saffron party in Gujarat.

At 10:57 am, the BJP was leading 104 seats against Congress' 75 constituencies in contrast to 8:35 am, when the BJP was leading in 58 seats while the Congress was leading in 32 assembly constituencies.

The majority mark — 92 seats — has now been crossed by the BJP.

The market had a jittery start, with the Sensex plunging over 850 points, while the Nifty fell over 200 points in early trade. But the BJP victory came in as a relief to investors as market cut all its losses to trade in the green.

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Friday, 15 December 2017

HDFC Has Sold 1.29 Crore Shares Of Unitech In The Open Market

HDFC has sold 1.29 crore shares of Unitech in the open market and invoked nearly 8.2 crore pledged shares of the crisis-hit realty firm.

HDFC has sold 1,29,19,566 shares carrying voting rights worth 0.49 percent stake, and invoked 8,19,88,820 pledged shares worth 3.13 percent stake, according to a regulatory filing.

Promoters hold 17.92 percent stake in Unitech, of which 73 percent is pledged, as per the shareholding pattern at the end of the second quarter of this fiscal.

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The Rupee Jumped 19 Paise To 64.15 Against The Dollar Today

The rupee jumped 19 paise to 64.15 against the dollar today on exit poll findings that the BJP is set to win in Gujarat and Himachal Pradesh assembly elections.

According to the findings released yesterday, the BJP is set to retain Gujarat and wrest Himachal Pradesh from the Congress. This led to a ripple effect on the stock market, which zoomed, impacting in turn the rupee sentiment.

The dollar lost some mojo against the euro after the European Central Bank left its policy rates and stimulus measures intact. The Bank of England, too, kept key interest rates unchanged.

Yesterday, the rupee bounced 10 paise to end at 64.34 a dollar.

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Thursday, 14 December 2017

The 30-Share BSE Sensex Was Up 13.08 Points At 33,066.12

Equity benchmarks continued to be choppy in trade today as investors eagarly awaited exit polls results later today after the end of second phase of Gujarat Assembly elections. The rate hike by Federal Reserve, which was on expected lines, was largely priced in by market.

The 30-share BSE Sensex was up 13.08 points at 33,066.12 and the 50-share NSE Nifty rose 9.60 points to 10,202.60.

The gap between advances and declines narrowed. About 1,006 shares advanced against 918 declining shares on the BSE, against 5:1 in early trade.

Oberoi Realty was up 5 percent. Motilal Oswal has initiated coverage with a buy rating on the stock as it expects company to be a key beneficiary of the likely consolidation post RERA.

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The Rupee Looked Strong Today With A Gain Of 13 Paise At 64.31 Against The Dollar

The rupee looked strong today with a gain of 13 paise at 64.31 against the dollar even as the Federal Reserve raised interest rates by a quarter percentage point.

In her final act as the Fed chair, Janet Yellen moved to hike rates to a range of 1.25 percent to 1.5 percent, citing solid US job growth and household spending. The central bank kept its policy outlook on additional increases for 2018 and 2019 unchanged.

Yesterday, the rupee had lost 4 paise at 64.44 against the American currency ahead of the US Fed's rate call.

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Wednesday, 13 December 2017

Asian Shares Were Treading Water In Early Trade On Wednesday

Asian shares were treading water in early trade on Wednesday as crude oil futures steadied after a selloff, while a widely expected interest rate hike from the Federal Reserve underpinned the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was a few ticks higher in early trade.

Japan's Nikkei stock index edged down slightly, shrugging off data that showed Japanese core machinery orders rose a more-than-expected 5 percent in October in a sign of resilient capital spending.

U.S. stocks rose on Tuesday amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.

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