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Market Live: Nifty hits fresh record high, Sensex volatile; Dredging Corp up 12%

Dredging Corporation rallied 10 percent on top of 20 percent jump seen in previous session post divestment news.

10:44 am Buzzing: Rain Industries shares hit a life-time high of Rs 286, rising 9.2 percent intraday after research house Motilal Oswal has initiated coverage on the stock with a buy rating, citing likely strong earnings growth and reasonable valuations.

The brokerage firm set a target price for the stock at Rs 362 per share, implying a potential upside of 33 percent from Wednesday’s closing price. FREE STOCK TRIALS TIPS

"Although the stock has got re-rated, valuations still appear attractive. We value the stock at Rs 362 based on 6.5x EV/EBITDA of CY19, and initiate coverage with a Buy rating," Motilal Oswal said in its report.

After trading at low single digit PE for very long period, Rain has finally got re-rated on visibility of margin expansion and growth driven by multiple enduring tailwinds and multiple competitive advantages, it added.

Rain is globally the second largest producer of calcine pet coke (CPC) and coal tar pitch (CTP), which are used in aluminum smelting.

10:34 am Rate cut: State Bank of India (SBI), country's largest bank has given another boost to borrowers offering home loans starting at 8.30 percent and auto loans at 8.70 percent.

In a major filip to push retail loans, SBI's interest rates will now be the lowest in the industry below all its peers.

10:25 am Buzzing: Shares of NTPC lost over 2 percent as investors turned cautious following a boiler blast at one of its plant that killed 20 people.

A massive explosion ripped a boiler in the state-run power giant NTPC's Unchahar plant in Uttar Pradesh's Rae Bareli district on Wednesday, killing at least twenty persons while scores suffered severe burn injuries, officials said.

The NTPC initiated a probe to ascertain the reasons behind the blast while Chief Minister Yogi Adityanath announced Rs 2 lakh compensation for the families of those killed and Rs 50,000 for the grievously injured, they added.

In a statement, the NTPC had said that on Wednesday at around 1530 hrs at unit number six of its Unchahar plant, there was a sudden abnormal sound at 20 meters elevation.

10:15 am USFDA approval: Shares of Aurobindo Pharma gained 4.6 percent in morning on the back of USFDA approval for Fexofenadine & Pseudoephedrine Hcl tablets.

Fexofenadine tablet is used for treatment of allergy symptoms such as Hay fever and Pseudoephedrine tablet is used as a nasal/sinus decongestant.

10:08 am Fed Chair appointment in focus: Investors had all but ruled out a move this week and attention has largely been focused on who will be in charge of monetary policy at the end of Fed Chair Janet Yellen’s first term in February 2018.

President Donald Trump is set to announce his nomination on Thursday afternoon with Fed Governor Jerome Powell, a soft-spoken centrist who has supported Yellen’s gradual approach to raising rates, seen as having a lock on the position.

The Federal Reserve kept interest rates unchanged on Wednesday and pointed to solid US economic growth and a strengthening labour market while downplaying the impact of recent hurricanes, a sign it is on track to lift borrowing costs again in December.

It has raised rates twice this year and currently forecasts one more rate hike by the end of 2017 as part of a tightening cycle that began in late 2015.

10:05 am Market Check: Equity benchmarks continued to consolidate after hitting record highs, as investors focussed on corporate earnings.

The 30-share BSE Sensex was up 39.47 points at 33,639.74 and the 50-share NSE Nifty gained 10 points at 10,450.50.

The broader markets outperformed benchmarks on positive breadth. The BSE Midcap index gained 0.8 percent and Smallcap rose 0.55 percent.

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

9:52 am Auto sales: Bajaj Auto shares gained nearly a percent after its sales increased 7 percent year-on-year to 3.82 lakh units in October.

The two-wheeler and three-wheeler maker had sold 3.56 lakh units in corresponding month last year.

Exports grew by 15 percent year-on-year to 1.35 lakh units from 1.17 lakh units and domestic sales increased 4 percent to 2.47 lakh units versus 2.38 lakh units.

9:42 am Buzzing: Tata Motors share price fell 1 percent after Jaguar Land Rover's US sales declined 4.4 percent year-on-year to 8,368 units in October.

JLR had sold 8,751 units in same month last year.

Jaguar sales dropped 10.2 percent to 2,891 units from 3,219 units and Land Rover sales were down 1 percent at 5,477 units from 5,532 units on year-on-year basis.

9:31 am Moody's on Teleco: India will be the only country where telecom sector's revenue will continue to decline for sometime whereas rest of the markets in Asia will witness growth, Moody's Investors Service said.

"India (Baa3 positive) will be the only country in Asia where industry-wide revenue is declining due to unprecedented price competition spurred by a new entrant. In the other emerging countries, we expect revenue growth of about 3.5 per cent in 2018, lower than forecast GDP growth of about 5.8 per cent," Moody's said in its outlook for Asia Pacific's telecom industry.

9:25 am Capex: Telecom major Bharti Airtel said that it will invest Rs 25,000 crore in expanding and strengthening its 4G network during the ongoing fiscal year instead of Rs 20,000 crore announced earlier.

"Considering the data explosion in India... to accelerate our 4G roll out in terms of coverage and also build additional capacities in existing geographies..our capex forecast for the year is being upped from initial guidance of Rs 20,000 crore to Rs 25,000 crore," Bharti Airtel Chief Financial Officer Nilanjan Roy said during earnings call.

The company also said that it is likely to shut down its 3G network in 3-4 years and refarm the spectrum linked with it for 4G services.

"There is almost no spent that we are doing on 3G. Our view is in next 3-4 years we are likely to see 3G network actually shut down faster than 2G network because there are still 50 per cent of phone being shipped out in India that are feature phones," Gopal Vittal, MD and CEO, India and South Asia, Bharti Airtel, said during earnings call.

9:20 am Buzzing: Shares of Divis Laboratories advanced 20 percent in early trade on the back of lifting of import alert by the US health regulator.

".....has been informed by the USFDA that it will be lifting the import alert 66-40 and moving to close out the warning letter issued to the company's unit-II at Visakhapatnam," as per company release.

In the month of March the USFDA had issued import alert for the said facility under the two clauses 66-40 and 99-32 of the FDA regulations.

News Live: US generic drug price-fixing conspiracy jolts Sun Pharma, Dr Reddy’s, Glenmark

9:15 am Market Check: Equity benchmarks opened flat on Thursday after the Federal Reserve kept interest rate unchanged in policy meeting.

The 30-share BSE Sensex was down 8.11 points at 33,592.16 and the 50-share NSE Nifty fell 6.10 points to 10,434.40.

Aurobindo Pharma, Lupin, Sun Pharma, HCL Technologies, Bajaj Auto, Cipla, HPCL, BPCL and Yes Bank were early gainers. Axis Bank, SBI, NTPC, ONGC, HUL and Hindalco were early losers.

After earnings, Tech Mahindra was down 2 percent while Hexaware gained 4 percent.

Dredging Corporation rallied 10 percent on top of 20 percent jump seen in previous session post divestment news.

After Q2 earnings, Shriram Transport and TCI Express rallied 2-6 percent while Apollo Tyres, Camlin Fine, Eclerx Services, Mahindra Holidays, Music Broadcast and Apar Industries fell 1-6 percent.

Jindal Steel and JSW Energy fell 2-3 percent. Rain Industries and Hindustan Copper rallied 3-7 percent.


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Nifty could slip towards 9,900; 3 stocks which could give up to 11% return

A close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

The Nifty index Futures continued to slide lower for the second month in a row making it 10 percent decline from the record highs. Further, it has broken down from a broadening wedge pattern along with a close below the 200-DMA, affirming weakness dominant in the markets at the moment.

A sustained trade below 10,050 can accelerate the fall to levels of 9,930-9,700. However, a close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

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The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

Bharti Infratel shares declined 1.5 percent to close at Rs 368 on Tuesday after HDFC Securities has reiterated its Sell rating on the stock with revised target price at Rs 310 (from Rs 387 per share) despite sharp fall in last two months. INDIAN STOCK TIPS

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

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