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Monday, 6 February 2017

Nifty reclaims 8800, Sensex gains 200 pts; Midcap at new high : 6 Feb 2017

Share Market News

9:42 am Market Update: Benchmark indices extended rally in morning, with the Nifty reclaiming 8800 level led by banks ahead of RBI policy meeting later in the week. 

The 30-share BSE Sensex was up 209.78 points at 28450.30 and the 50-share NSE Nifty rose 61.05 points to 8802. 

The market breadth was strong too. About 1468 shares advanced against  412 declining shares on the BSE. 

9:35 am CS on Dr Reddy's Labs: Credit Suisse maintained underperform rating on the stock, with unchanged target at Rs 2,750 and slashed FY18 EPS estimate by 3 percent. 

It says Q3 was good with 17 percent EBITDA beat driven by better margin & lower SG&A (selling, general and administration).

According to the research firm, margin beat may not sustain but SG&A savings should continue. Court verdict on Aloxi can give maximum 18 months upside, it feels. 

9:31 am FII View: Mixo Das of Nomura says he has downgraded tactical stance on Asia ex-Japan equities from 'neutral' to 'cautious'. 

MSCI Asia ex-Japan has rarely traded above its current 12.8x forward P/E on a sustained basis in the past six years.

The earnings upgrades that spurred the market re-rating last year have begun to fade, and from here he sees YoY comparables turning unfavourable for the energy and materials sectors in particular. 

Perhaps the most prominent risk currently is President Donald Trump, he feels. "We have argued since election day that Trump's policies are most likely negative for emerging markets and Asia, given their 'America First' approach and, if anything, it looks more and more the case that Trump intends to follow through on his campaign positions," Das says. 

9:15 am Market Check 

Equity benchmarks started off the week on a strong note, with Nifty inching towards 8800 level and Midcap hitting a record high. Positive Asian cues also boosted sentiment. 

The 30-share BSE Sensex was up 161.95 points at 28402.47 and the 50-share NSE Nifty rose 47 points to 8787.95. 

Tata Motors, Hero Motocorp, ICICI Bank, Lupin, SBI, Grasim and Tata Motors DVR were early gainers while M&M and ACC were losers. 

Dr Reddy's Labs fell 2.5 percent despite better-than-expected earnings. Profit fell 16 percent YoY in Q3. 

The Indian rupee has opened marginally higher at 67.20 per dollar against Friday's closing of 67.31 a dollar, registering a gain of 11 paise. 

Pramit Brahmbhatt of Veracity says that positive cues from equity market will help the rupee appreciate and it may head towards 67.20 levels. 

He expects the trading range for the USD-INR pair between Rs 67.20-67.50/dollar. 

The US dollar remained defensive amid uncertainty about the Trump administration's dollar policy. It slipped versus the yen.

Asian markets traded higher today, with Japan's Nikkei, Hong Kong's Hang Seng and China's Shanghai rising 0.2-0.6 percent. 

 Capitalstars Financial Research Private Limited is a research house and an investment advisory carrying out operations in the Indian Equities and Commodity market.We also provide 2 days free trial to our client.Join our services and trade with us. 
* Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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