12:21 PM Pharma stocks hog limelight with Nifty Pharma index losing nearly 2%.
12:05 PM Nava Bharat Ventures surged 10% to Rs 149 on BSE after the company said it has achieved provisional acceptance of 300 MW power plant of the step-down subsidiary of the company, Maamba. CLICK HERE FOR MORE
12:02 PM Markets check
At 12:01 pm, the Sensex was trading at 32,238, down 144 points, while the Nifty50 was ruling at 9,984, down 36 points.
10:47 AM Earnings impact
Reliance Capital hit 52-week high of Rs 698, up 6% on BSE in an otherwise weak market, after the company reported 15% rise in consolidated net profit at Rs 238 crore during the first quarter on back of strong growth in all business segments. READ MORE
10:33 AM HDFC extends gains
HDFC was the top gainer and rose over 25 to Rs 1,776. The country’s largest mortgage player on Thursday reported a marginal decline in consolidated net profit at Rs 2,734 crore for the first quarter ended on June 30.
10:01 AM Markets check
At 10:00 am, the Sensex was trading at 32,201, down 181 points, while the broader Nifty50 was ruling at 9,974, down 46 points.
9:56 AM Earnings impact
ICICI Bank fell nearly 3% after the private lender reported 8% fall in June quarter profit to Rs 2,049 crore (YoY), in line with Street expectations. READ MORE
Markets bet on surge in earnings growth
Oil prices edged lower on Friday but were still near 8-week highs, buoyed by a decline in US inventories and OPEC’s ongoing efforts to curb production. Brent crude futures were down 6 cents, or 0.1% at $51.43 per barrel. while US West Texas Intermediate (WTI) crude futures were down 5 cents, or 0.1% at $48.99 per barrel.
COMMENT: Morgan Stanley on RBI’s Monetary Policy
We expect the RBI to signal a one-and-done rate cut at the August 2 meeting, in line with market expectations. However, given global central banks leaning against easy financial conditions, potential tapering announcement by ECB and balance sheet tightening by Fed as well as the RBI’s focus on banking sector reforms, we position for a risk of a more hawkish-than-expected RBI.
9:39 AM Earnings impact
ITC rose over 2% to Rs 295 on the BSE after the company reported 7.4% increase in net profit at Rs 2,560 crore in April-June 2017 quarter as against Rs 2,385 crore in year-ago period. The stock was the top gainer on Sensex. CLICK HERE FOR DETAILED EARNINGS
Stake sale by ONGC, govt key overhangs for IOC
9:33 AM All sectoral indices but Nifty FMCG and Nifty Media were trading in red.
9:32 AM RESULT ANALYSIS: ICICI Bank
ICICI Bank’s standalone June quarter (Q1) results, announced after market hours, weren’t any encouraging, except that the bank was rescued to a thankful extent by the closure of JP Associates’ cement plant sale deal with UltraTech on June 29. An eight per cent year-on-year (y-o-y) growth in net interest income at Rs 5,590 crore wasn’t enough to cushion the bad loan provisioning CLICK HERE TO READ MORE
9:31 AM Despite Q1 miss, multiple triggers ahead for Maruti READ THE FULL STORY HERE
9:29 AM In the broader market, BSE Midcap was little changed, while BSE Smallcap was down 0.2%.
9:28 AM Top Sensex gainers and losers
On the downside, the index has supports at 10,000 levels than 9,960 levels while on the upside resistance is around 10,150 zones. On the option front, maximum Put OI is at 9,800 followed by 10000 strike and while maximum Call OI is at 10000 followed by 10100 strike. While fresh put writing is seen at 9800, 9900, 10000 and 10100 strikes while fresh Call writing is seen at 10000, 10100, 10200 and 10300 strikes.
Bank Nifty outlook
Bank Nifty opened on a positive note and after the initial consolidation at the opening levels it witnessed buying interest and headed towards 25037 zones. It outperformed the Nifty and finally ended the session with the gains of around 235 points. Now it has support near to 24750 then 24450 zones while on the upside hurdles are seen at 25150 then 25300 zones.
Source: Anand Rathi Research
9:25 AM Earnings impact
Dr Reddy’s slipped nearly 6% to Rs 2,470 after over 4% fall in the previous session. The stock was the top loser after the pharma major on Thursday reported 53% decrease in its consolidated net profit at Rs 59 crore. CLICK HERE FOR DETAILED EARNINGS
9:20 AM Markets check
At 9:20 am, the Sensex was trading at 32,222, down 161 points, while the Nifty50 was ruling at 9,977, down 43 points.
Open interest in Nifty lowest for the CY17: Angel Broking
Throughout July series, FIIs formed short positions in index futures; out of which hardly 23% of the positions were rolled to August series. However, FIIs poured liquidity in equities as they bought worth Rs 2,885 crores during the last series. In options segment, 10,000-10,200 call and 9,700-10,000 put options are attracting trader’s attention. Looking at the overall rollover data, we would advice traders to remain light in index until we see relevant fresh positions forming in either direction.
9:08 AM Rollovers
Market-wide rollovers on the last day of July series stood at 77% which is in line compared to the average rollovers of the last three series, while the Nifty futures rollover stood at 68% which is a tad lower than the average rollovers of 71% of the last three series.
9:07 AM Pre-open trade
The Sensex was trading at 32,383, up 0.5%, while the Nifty50 was ruling at 10,012, down 8 points.
Derivative Strategy on Bharat Forge by HDFC Securities
9:01 AM Buy India Cements, ACC and Tata Elxsi, says Prabhudas Lilladher. CLICK HERE FOR DETAILS
9:01 AM Wall Street update
A swoon in technology and transportation shares led the S&P 500 slightly lower on Thursday on a day full of corporate earnings reports, but the Dow industrials set a record closing high, helped by a jump in Verizon. The Dow Jones Industrial Average rose 85.54 points, or 0.39% to 21,796.55, the S&P 500 lost 2.41 points, or 0.1% to 2,475.42 and the Nasdaq Composite dropped 40.56 points, or 0.63% to 6,382.19.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8% but was still on track for a 0.4% weekly gain, with Samsung Electric, Asia’s largest company by market capitalisation, dropping 3.5%. Japan’s Nikkei shed 0.4%, China’s Shanghai Composite and Hong Kong’s Hang Seng indices were down 0.1% and 0.5%, respectively.
8:56 AM Singapore Nifty
At 8:55 am, the SGX Nifty was trading at 9,996, down 75 points or 0.76%.
COMMENT: Amar Ambani, head of research, IIFL
The market does appear to get a dizzy at heights and the late sell-off had a lot to do with the F&O expiry. While market-wide rollovers were in line with three-month average, Nifty rollovers were relatively lower than the previous three series. Nifty Open Interest is also at a calendar-year low as foreign investors The outlook is a subdued start. Global cues are mixed. While the Dow gained, the S&P and Nasdaq settled lower.
Quarterly results are bringing in some swings and for the day numbers of Larsen & Toubro, Escorts and India Cements are scheduled. Investors will prefer to wait and watch before taking the plunge as the RBI policy meet takes place next week. The mid-cap segment, which has been defying gravity continues to soar higher
Market outlook from SMC Global Securities
Today the markets are likely to open on negative note. All emerging markets are trading mixed. The coming session is likely to witness a range of 9,900 on declines (Nifty) and 10,150 on advances