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As On 24-Nov-2017
SENSEX
33,679.24
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  • Sensex, Nifty settle at record high

    Key benchmark indices clocked modest gains on last trading day of the week led by State Bank of India, L&T and HDFC Bank. The barometer index, the S&P BSE Sensex, rose 112.34 points or 0.33% to settle at 33,685.56. The Nifty 50 index rose 28.70 points or 0.28% to settle at 10,452.50. Data showing rise in India's service activity in October underpinned sentiment on the bourses. Both the Sensex and the Nifty hit record high on intraday as well as closing basis.

    Indices drifted higher in early trade. Volatility struck bourses in morning trade as the market regained positive zone soon after erasing early gains to sink in negative zone. Stocks regained strength and extended gains thereafter.

    The Sensex rose 112.34 points or 0.33% to settle at 33,685.56, a record closing high for the barometer index. The Sensex gained 160.49 points or 0.48% at the day's high of 33,733.71 in late trade. The index fell 41.28 points or 0.12% at the day's low of 33,531.94 in early trade.

    The Nifty 50 index rose 28.70 points or 0.28% to settle at 10,452.50, a record closing high for the index. The Nifty gained 37.90 points or 0.36% at the day's high of 10,461.70 in mid-afternoon trade. The index fell 20.20 points or 0.19% at the day's low of 10,403.60 in early trade.

    The S&P BSE Mid-Cap index was off 0.07%, underperfoming the Sensex. The S&P BSE Small-Cap index was up 0.49%, outperforming the Sensex.

    The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,435 shares rose and 1,311 shares fell. A total of 139 shares were unchanged.

    The total turnover on BSE amounted to Rs 15283.05 crore, sharply higher than the turnover of Rs 5055.25 crore registered during the previous trading session.

    Among the sectoral indices on BSE, the BSE Bankex index (up 1%) and the BSE Capital Goods index (up 1.09%) outperformed the Sensex. The BSE Healthcare index (down 0.56%), the BSE Telecom index (down 0.48%) and the BSE Power index (down 0.35%) underperforming the Sensex.

    Most capital goods rose. Bharat Heavy Electricals (Bhel) (up 2.51%), L&T (up 1.98%), rose. ABB India (down 0.62%) and BEML (up 1.14%) fell. Bharat Electronics (down 1.11%), Siemens (down 0.45%) and Thermax (down 0.49%) fell.

    GE T&D India rose 1.76% after net profit surged 131.6% to Rs 47.52 crore on 4.2% increase in net sales to Rs 869.95 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 2 November 2017.

    Power Grid Corporation of India (PGCIL) lost 2.05%. The company's net profit rose 14.37% to Rs 2141.04 crore on 15.62% growth in total income to Rs 7492.52 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 2 November 2017

    Tata Power Company fell 0.24%, with the stock witnessing intraday volatility after reporting Q2 September 2017 results during market hours today, 3 November 2017. Tata Power Company's (Tata Power) consolidated profit after tax (PAT) before one off impacts fell 9.6% to Rs 386 crore on 1.48% growth in revenue to Rs 7393 crore in Q2 September 2017 over Q2 September 2016. Revenue includes regulatory income/expense.

    Anil Sardana, CEO & Managing Director, Tata Power said that during the quarter, the company reported robust operational efficiency and performance inspite of a difficult business environment. The company is confident that its strong growth trajectory will continue into the next quarter.

    Bank stocks rose. Among PSU bank stocks, State Bank of India (SBI) (up 3.19%), Corporation Bank (up 2.8%), Bank of Baroda (up 1.39%), Canara Bank (up 0.32%), Bank of India (up 4.16%) and Union Bank of India (up 1.43%) rose. IDBI Bank (down 1.67%) and Andhra Bank (down 2.86%) fell.

    Punjab National Bank surged 5.07% after net profit rose 2.04% to Rs 560.58 crore on 4.15% growth in total income to Rs 14205.31 crore in Q2 September 2017 over Q2 September 2016. The result was announced during market hours today, 3 November 2017.

    Punjab National Bank's (PNB) gross non-performing assets (NPAs) stood at Rs 57630.11 crore as on 30 September 2017 as against Rs 57720.70 crore as on 30 June 2017 and Rs 56465.63 crore as on 30 September 2016. The bank's provisions and contingencies rose 24.9% to Rs 2440.79 crore in Q2 September 2017 over Q2 September 2016.

    The ratio of gross NPAs to gross advances stood at 13.31% as on 30 September 2017 as against 13.66% as on 30 June 2017 and 13.63% as on 30 September 2016. The ratio of net NPAs to net advances stood at 8.44% as on 30 September 2017 as against 8.67% as on 30 June 2017 and 9.1% as on 30 September 2016.

    PNB announced after market hours yesterday, 2 November 2017 that the board has authorised management to partially sell its stake in PNB Housing Finance. PNB Housing Finance will continue to be a core associate of PNB. Further, PNB's board approved to offload its entire stake in Principal PNB Asset Management Company and Principal Trustee Company to the Principal group.

    Among private bank stocks, Axis Bank (up 1.87%), IndusInd Bank (up 2.78%), City Union Bank (up 2.1%), Yes Bank (up 1.75%), HDFC Bank (up 0.5%) gained. Kotak Mahindra Bank (down 0.26%), ICICI Bank (down 0.25%) and RBL Bank (down 0.77%) declined.

    Hindalco Industries fell 0.61% after net profit fell 10.68% to Rs 393 crore on 7.80% increase in revenue from operations to Rs 10308 crore in Q2 September 2017 over Q2 September 2016. The result was announced during trading hours today, 3 November 2017.

    Hindalco Industries said it incurred a one-time expense of Rs 106 crore in Q2 September 2017, based on various recent judgements pronounced by the Supreme Court.

    Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 5.63% to Rs 1577 crore in Q2 September 2017 over Q2 September 2016, on account of higher aluminium volumes and supportive macro factors, partly offset by higher input costs and lower volumes in copper segment.

    Separately, Hindalco's overseas arm Novelis reported strong Q2 September 2017 results yesterday, 2 November 2017. On a consolidated basis, Novelis reported net income of $307 million in Q2 September 2017, compared to a net loss of $89 million in Q2 September 2016. Net sales increased 18% to $2.8 billion in Q2 September 2017 over Q2 September 2016, driven by higher average aluminum prices and higher total shipments.

    Vedanta shed 0.7% after consolidated attributable profit after tax before exceptional items rose 43% to Rs 2036 crore on 37% growth in net sales to Rs 21520 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 2 November 2017.

    There was an exceptional income (credit) of Rs 186 crore in Q2 September 2017, primarily relating to reversal of royalty of Rs 291 crore at Zinc India. This was partially offset by Rs 109 crore of exploratory assets write-off at Oil & Gas business.

    The growth in top line during the quarter was on account of higher volume at Copper India, Zinc India, Zinc International, ramp up at aluminium business and higher commodity prices partially offset by currency appreciation, lower volumes at Oil & Gas business.

    Kuldip Kaura, Chief Executive Officer, Vedanta, said that key contracts on the company's announced Oil & Gas projects are at advanced stages of being awarded. Kaura expects the second half of the current fiscal to be more robust with the continuing production ramp up and the company continues to maintain a strong balance sheet and remain focused on creating long term shareholder value.

    Bharat Forge rose 1.29% after North America Class 8 truck sales jumped 161% to 35,700 units in October 2017 over October 2016. Bharat Forge earns significant amount of revenues from Class 8 trucks in the US.

    HEG was locked in 5% upper circuit at Rs 1,840.75 after the company reported turnaround Q2 September 2017 results after market hours yesterday, 2 November 2017. HEG reported net profit of Rs 113.66 crore in Q2 September 2017 crore as against net loss of Rs 14.09 crore in Q2 September 2016. Net sales jumped 111.1% to Rs 409.54 crore in Q2 September 2017 over Q2 September 2016.

    Excel Crop Care surged 14.14% after net profit jumped 67.78% to Rs 45.15 crore on 42.98% growth in net revenue from operations to Rs 384.75 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 2 November 2017.

    Hathway Cable & Datacom was locked at 20% upper circuit at Rs 38.25 after the company reported net profit of Rs 14.01 crore in Q2 September 2017, compared with net loss of Rs 40.44 crore in Q2 September 2016. Hathway Cable & Datacom's net sales declined 58.9% to Rs 131.04 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 2 November 2017

    Steel Strips Wheels rose 2.98% after the company said it won export order worth 3.9 million euros from Europe for its truck wheels plant in Chennai. Steel Strips Wheels said the order is for exporting 10,000 wheels. The announcement was made during trading hours today, 3 November 2017.

    On the macro front, data released today, 3 November 2017 showed that the seasonally adjusted Nikkei India Services Purchasing Managers' Business Activity Index rose to 51.7 in October from 50.7 in September. The Indian service sector's recovery following the implementation of the goods and services tax (GST) gathered pace as the sector observed a faster rise in activity, underpinned by greater inflows of new business. Increased capacity pressures led to firms raising staffing levels for the second month in succession.

    Overseas, European shares were trading higher as earnings weighed on shares in French bank Societe Generale and Dutch telecoms firms Altice, though gains for tech stocks and carmakers limited losses. Meanwhile, the Bank of England (BoE) raised its key interest rate by a quarter-percentage point to 0.5%, meeting widely held expectations for the first rate increase to be enacted since July 2007. There remain considerable risks to the outlook, which include the response of households, businesses and financial markets to developments related to the process of EU withdrawal, BoE said in a statement, referring to Britain's plan to exit the European Union, or Brexit.

    Asian stocks were mixed. Markets in Japan were closed for Culture Day. Activity in China's service sector expanded at a faster pace in October, a private gauge showed today, 3 November 2017, in contrast with official data showing a slower pace of growth. The Caixin China services purchasing managers' index rose to 51.2 in October from 50.6 in September, Caixin Media Co. and research firm Markit said. China's official nonmanufacturing PMI, which includes the construction sector, fell to 54.3 in October from 55.4 in September, the National Bureau of Statistics said on Tuesday.

    In US, the Dow Jones Industrial Average closed at a record yesterday, 2 November 2017, but the other main benchmarks saw muted moves, as investors parsed through tax reform details.

    House Republicans released details of a highly-anticipated tax-reform plan although market moves were subdued. The corporate tax rate would be reduced to 20% from 35% under the plan, which also aims to lower the number of income tax brackets. Hopes for tax cuts have been credited for some market gains over the past year.

    Trump announced that Jerome Powell, Federal Reserve Governor, would become the chairman of the Federal Reserve when current Chair Janet Yellen steps down at the end of her term in February. The move had been mostly expected by investors.

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Flash News 24-Nov-2017
  •  ( 15:35) Market settles with modest gains  
  •  ( 14:33) Uber to partner with M&M for electric vehicles in India  
  •  ( 13:45) European stocks edge higher  
  •  ( 11:54) Govt nod for projects worth over Rs 1 lakh cr for Tamil Nadu  
  •  ( 11:52) No proposal to withdraw bank chequebook facility: Govt  
  •  ( 11:31) Zydus gets approval for Minocycline Hydrochloride tablets  
  •  ( 11:22) Winter session of Parliament to be held from 15 December  
  •  ( 10:21) RIL closes Marcellus shale asset sale for $126 million  
  •  ( 09:35) The Markit/Nikkei Japan Manfg. flash Nov PMI rises to 53.8  
  •  ( 08:49) US markets remain shut  
  •  ( 08:47) Ordinance to amend Insolvency & Bankruptcy Code promulgated  
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24 November 2017 00:00
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