Thursday, 31 August 2017

The Indian Rupee Fell By 2 Paise To 64.04 Against The US Dollar

The Indian rupee fell by 2 paise to 64.04 against the US dollar in morning today on month-end demand for the American currency from importers and banks.

Sustained foreign fund outflows and a strong dollar in global markets weighed on the rupee, currency, traders said, adding domestic stock markets opening lower also weakened the sentiment locally.

The US dollar advanced against the euro and yen after strong US growth data fuelled speculations that the Federal Reserve could consider hiking interest rate for a third time this year.

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The Market Continued To Trade Mildly Lower Amid Volatility Ahead Of Expiry

The market continued to trade mildly lower amid volatility ahead of expiry of August derivative contracts. Investors also looked for Q2 GDP data due later today.

The 30-share BSE Sensex was down 52.44 points at 31,594.02 and the 50-share NSE Nifty fell 8.55 points to 9,875.85.

However, the broader markets outperformed benchmarks as the BSE Midcap index was up 0.2 percent and Smallcap gained 0.4 percent on positive breadth.

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

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Wednesday, 30 August 2017

The Rupee Today Traded Higher By 8 Paise At 63.93 Against The US Currency

The rupee today traded higher by 8 paise at 63.93 against the US currency in morning on increased selling of the dollar by exporters and banks.

Currency traders said weakness in the dollar against major world currencies overseas supported the rupee. The rally in equity market also supported the rupee.

The 30-share BSE Sensex was up 233.45 points or 0.74 percent at 31,621.84, and the 50-share NSE Nifty gained 84.45 points or 0.86 percent at 9,880.50.

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India Fundamentals Strong, Buy On Dips; Like L&T, ICICI Bank, SBI

The market corrected recently from its record high but the actual correction is only around 3 percent compared to the rally of more than 22 percent since the beginning of the calendar year 2017.

"The market is still at elevated valuations but fundamentals are not deteriorating. India is in a solid space backed by strong political stability," Sandeep Bhatia, Head of Equity, India at Macquarie Securities Group said in an interview to CNBC-TV18.

Hence, he would recommend buying into dips despite geopolitical tensions. He believes the trend is still up on broader perspective due to strong macro but he is not upgrading earnings forecast.

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Tuesday, 29 August 2017

Sensex Slips Over 200 Pts, Nifty Below 9850 On North Korea Tensions

Infosys founders are likely to sell some of their stake in the company's Rs 13,000-crore share buyback programme, the company said today.

The promoters' keenness to participate in the buyback comes within days of a silent coup by founders led by N R Narayana Murthy to seize control of India's second-biggest software services firm.

The founders and their families between them hold some 12.75 percent of Infosys. Murthy declined to comment on if he would participate in the buyback.

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Equity Benchmarks Extended Losses In Morning As The Sensex Was Down 227.05 Points

Equity benchmarks extended losses in morning as the Sensex was down 227.05 points or 0.72 percent at 31,523.77, dragged by index heavyweights HDFC, HDFC Bank, Reliance Industries and Infosys.

The Nifty broke 9,850 level, down 68.95 points or 0.70 percent to 9,843.85.

The broader markets outperformed benchmarks, though they were also under pressure. The BSE Midcap index was down 0.3 percent and Smallcap declined 0.5 percent as about 1,171 shares declined against 705 advancing shares on the BSE.

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Monday, 28 August 2017

Infosys Soars Over 4% As Analysts Upgrade Stock To 'buy' After Nilekani Rejoins Board

Infosys shares rallied as much as 4.5 percent in early trade Monday as analysts upgraded the stock after co-founder Nandan Nilekani joined the company again as non-executive chairman.

CLSA upgraded the IT bellwether to buy from underperform and raised target price to Rs 1,070 from Rs 940, saying Nilekani's return gave the company the best start in 6 years to regain leadership stability.

The research house also upgraded margin assumptions by 70 basis points for FY19-20, which resulted in 7 percent EPS raise & higher target multiple of 15.5x. Better balance of margin & growth drove margin upgrades, it said.

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Equity Benchmarks Continued To Trade Higher In Morning

Equity benchmarks continued to trade higher in morning as the Sensex was up 182.73 points or 0.58 percent at 31,778.79, and the Nifty gained 55.65 points or 0.56 percent at 9,912.70.

About two shares advanced for every share falling on the BSE. Jubilant Life Sciences said Jubilant Pharma, a material wholly owned subsidiary, through one of its wholly owned subsidiaries, has received abbreviated new drug application final approval for Indomethacin capsules USP, 25 mg and 50 mg.

It is the generic version of Indocin of Iroko, which is a nonsteroidal anti-inflammatory drug used for the treatment of moderate to severe inflammation and reduce pain.

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Thursday, 24 August 2017

Nifty To Move In 9700-9950 Range; 4 Stocks Which Can Give Up To 25% Upside

The Nifty50 is seen consolidating above its key value area placed around Rs9,700 region. The confluence of lower band of the expanding price channel encompassing the up move since April 2017 till date, previous breakout area of June 2017 and 61.8% retracement of the last rising segment converging around 9,700 regions make this a good value area for the stock in the present scenario.

We believe the overall price structure remains positive as the index continues to form rising peaks and troughs on all time frames.

The ongoing secondary corrective phase forms part of the larger degree uptrend and provides incremental opportunity to accumulate quality stocks in a staggered manner.

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Nifty Midcap Was Up 0.2 Percent, SREI Infrastructure Shares Gained 3.5 Percent

Infosys, ITC, TCS, Reliance Industries, L&T, Sun Pharma, Lupin and M&M gained while HDFC Bank, Maruti Suzuki, Kotak Mahindra Bank, HUL, Bajaj Auto and SBI were under pressure.

Nifty Midcap was up 0.2 percent. SREI Infrastructure shares gained 3.5 percent as Bharat Road Network IPO will open from September 6-8.

United Spirits, United Breweries, Alembic Pharma, Mcleod Russel, Praj Industries and Ugar Sugar Works gained up to 6 percent.

Fortis Healthcare, DLF, Allahabad Bank, Dena Bank, SPARC, Andhra Bank, Castrol, Jaypee Infratech and Union Bank were under pressure.

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Wednesday, 23 August 2017

Traders Are Advised To Remain Cautious; 5 Stocks Which Can Give Up To 16% Return

The Nifty50 has strong resistance in the range of 9,850 to 9,880 and support is placed in the range of 9,700- 9,680.

The foreign institutional investors has been continuously selling calls and buying puts as well they are net- net sellers in both derivative and cash segment in the currents series.

Generally August series remains volatile with negative returns if we analyse historical records and the data indicates short buildup by the stronger hand in current series. Going forwards, we advise traders to remain cautious in current series.

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Equity Benchmarks As Well As Broader Markets Continued To Trade Higher

Equity benchmarks as well as broader markets continued to trade higher in morning despite weakness in Asian peers.

The 30-share BSE Sensex was up 137.35 points at 31,429.20 and the 50-share NSE Nifty rose 36.95 points to 9,802.50 while the BSE Midcap index was up 0.4 percent and Smallcap gained 0.8 percent.

The market breadth was positive as about 1,315 shares advanced against 551 declining shares on the BSE.

All sectoral indices were positive as Nifty Bank, Auto, FMCG and Pharma gained 0.2-0.7 percent.

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Tuesday, 22 August 2017

Sensex Off Opening Highs, Nifty Slips Below 9,800; HDFC Bank Declines

The 30-share BSE Sensex was up 51.82 points at 31,310.67 and the 50-share NSE Nifty rose 24.20 points to 9,778.55.

Suhas Harinarayanan of JM Financial said earnings in Q1FY18 have been worse than anticipated.

For the companies under coverage, profit had a YoY decline of 15 percent against expectation of 9 percent decline. This, despite a better than expected YoY revenue growth of 10.9 percent, he explained.

"Our model portfolio emerges from a bottom-up approach with a recommended overweight on private financials, pharma, and industrials like L&T," Harinarayanan said.

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Equity Benchmarks Erased Some Gains In Morning

Equity benchmarks erased some gains in morning, with the Nifty falling below 9,800 level due to profit booking HDFC Bank and SBI.

The 30-share BSE Sensex was up 51.82 points at 31,310.67 and the 50-share NSE Nifty rose 24.20 points to 9,778.55.

The broader markets turned flat as market breadth is balanced. About 897 shares declined against 815 advancing shares on the BSE.

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Monday, 21 August 2017

Stocks In The News: HDFC, Infosys, ICICI Bank, Reliance Capital, Usha Martin, Laurus

Infosys
-US investor rights firms prepare to investigate potential claim against Infosys
-Goldberg Law PC announces an investigation of Infosys
-Rosen Law firm announces investigation of securities claims against Infosys

HDFC Life files for IPO
-Initial public offering of up to 29.98 crore equity shares
-Book running lead managers include Morgan Stanley
-Book running lead managers include HDFC Bank, Nomura, Credit Suisse

ICICI Bank
-Revises interest rates on savings bank account
-Interest rate on deposits below Rs 50 lakh revised to 3.5 percent
-Interest rate on deposits of Rs 50 lakh & above remains unchanged

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Sensex Rebounds, Nifty Reclaims 9850 Amid Volatility; Infosys Dips 3%

Shares of Laurus Labs rose 3.5 percent in morning trade on the back of completion of USFDA inspection.

The company has completed the US Food and Drug Administration inspection of its API facilities in Units 1 and 3 at Parawada, Visakhapatnam, Andhra Pradesh with two observation which are only procedural in nature.

This is a regular surveillance audit by USFDA, and no data integrity issues were observed in the inspection.

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Friday, 18 August 2017

Vishal Sikka Resigns As Infosys CEO & MD With Immediate Effect

Vishal Sikka has resigned as the Chairman and Managing Director of Infosys with immediate effect, the company stated in a communication to the exchanges on Friday morning.

Sikka cited among his reasons for leaving "a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing management's ability to accelerate the Company's transformation".

Sikka has been appointed as Executive Vice-Chairman while Chief Operating Officer UB Pravin Rao will now take over as the interim MD and CEO of the software major.

Infosys said that the succession plan for appointment of a new Managing Director and Chief Executive Officer has been operationalised by the Board and a search for the same has been commenced.

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Japan's Nikkei 225 Fell 1.31 Percent As Risk Off Trade From The US Session

Japan's Nikkei 225 fell 1.31 percent as risk off trade from the US session followed through into the Asian trading day. Across the Korean strait, the Kospi declined 0.81 percent.

Meanwhile, Australia's S&P/ASX 200 tumbled 1.10 percent, driven by broad-based losses across all sub-indexes barring the health care sector. The heavily-weighted financials sub-index recorded a 1.59 percent fall.

US stocks sold off on Thursday, with the S&P 500 recording its biggest daily percentage drop in three months as escalating worries about the Trump administration's ability to push through its economic agenda rattled investors.

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Thursday, 17 August 2017

Nifty Manages To Hold 9900, Midcaps & PSU Banks Rally

The Nifty managed to hold on to 9900-mark. The Sensex was up 83.82 points at 31854.71, while the Nifty was up 30.30 points at 9927.60. 

The market breadth was positive as 1,348 shares advanced against a decline of 437 shares, while 62 shares were unchanged.

Metal stocks continued to gain, but in the broader market, midcaps and smallcaps continued to rise, which aided the rally on D-Street.

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Asia Shares Up On North Korea Reprieve, Dollar Back In Doldrums

Asian stocks edged up on Thursday as tensions between the US and North Korea came off the boil, while worries about President Donald Trump's ability to implement his pro-growth agenda and the Federal Reserve's concerns about low US inflation hit the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 percent in early trade. Japan's Nikkei slipped 0.1 percent, weighed down by the yen's strength.

South Korean shares advanced 0.1 percent after the leaders of both North Korea and the United States appeared to back off from their heated rhetoric from last week.

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Wednesday, 16 August 2017

The Indian Rupee Slipped In The Early Trade On Wednesday

The Indian rupee slipped in the early trade on Wednesday. It has opened lower by 16 paise at 64.28 per dollar versus 64.12 Monday.

Pramit Brahmbhatt of Veracity said, "Encouraging US economic data and FII outflows will help the dollar appreciate. We expect the USD-INR to trade in a range of 64-64.50 for the day."

The US dollar strengthened after economic data, including July retail sales, beat expectations and cast the economy in a relatively favourable light.

Among global markets, Asian shares were mostly higher in early trade as investors digested earnings releases from regional corporates and a resurgent dollar.

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Equity Benchmarks Continued With Its Positive Momentum

Equity benchmarks continued with its positive momentum from the previous session and opened on a good note, with the Nifty reclaiming 9800-mark.

At 9:16 am, the Sensex was up 77.14 points at 31526.17, while the Nifty rose 23.05 points at 9817.20. The market breadth was positive as 626 shares advanced against a decline of 186 shares, while 27 shares were unchanged.

Midcaps were back in favour as they outperformed the benchmarks, while other gainers included FMCG, auto stocks and metals.

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Monday, 14 August 2017

Nifty Midcap Was Up 1.5 Percent On Strong Market Breadth

Nifty Midcap was up 1.5 percent on strong market breadth. About five shares advanced for every share falling on the NSE.

Suzlon Energy, CESC, BEML, Adani Ports, DLF, Sun TV, CG Power, JP Associates, GVK Power, GMR Infra, Techno Electric, Voltamp Transformers and Mercator surged up to 7 percent.

Shares of Suzlon Energy added 10 percent intraday as the company turned profitable in the quarter ended June 2017.

The company has reported net profit of Rs 63.7 crore in the quarter ended June 2017 against the loss of Rs 257 crore, in the same quarter last fiscal.

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Sensex Rises 200 Pts, Nifty Eyes 9,800; Midcap Outperforms

Benchmark indices remained strong in morning trade as the Sensex was up 219.35 points at 31,432.94 and the Nifty rose 70.95 points to 9,781.75.

More than four shares advanced for every share falling on the BSE. Aditya Narain of Edelweiss said the research house sees the market at 11,100 in June 2018.

"Our preferred themes would be the savings shift, consumer discretionary step-up, lower rates and India build / process capex," he said, adding overweights are banks & financials, consumer discretionary/durables, cement & construction.

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Friday, 11 August 2017

The Dollar Extended Losses Against The Yen To Hit A New Two Month Low

The dollar extended losses against the yen to hit a new two-month low. It was down 0.1 percent at 109.07 yen, after retreating 0.8 percent on Thursday.

Japan is the world's biggest creditor country and there is an assumption that investors there will repatriate funds in a crisis.

Weakness in US Treasury yields may also be supporting the yen, some analysts said.

US Treasury yields fell to as low as 2.197 percent, their lowest level since June 28 overnight. They were at 2.201 percent early on Friday.

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Sensex Slumps 300 Pts, Nifty Holds 9700; Cochin Shipyard Surges 22%

Shares of J Kumar Infraprojects and Prakash Industries were locked at 20 percent lower circuit in the opening trade on Friday.

These shares traded for the first time today after they were banned for trading on SEBI order since Tuesday.

On Thursday evening, the Securities and Appellate Tribunal has stayed SEBI's order against J Kumar Infra & Prakash Industries, which were among the 331 companies that the market regulator had suspected as 'shell' companies.

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Thursday, 10 August 2017

Nifty Has Strong Support At 9850; 4 Stocks Which Can Give Up To 26% Return

The Nifty formed a smaller bear candle which maintained a lower high lower low compared to the previous session as the index extended losses for the third consecutive session.

The index has taken a breather on expected lines as the five-week strong rally of over 7 percent since June 2017 lows pushed the weekly momentum oscillators into overbought zone.

Historically, since 2013 it has been observed that the index has not formed more than five consecutive bull candles on a weekly scale.

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Asia Stocks Steady, Treasury Prices Off Highs As Risk Aversion Settles

Asian stocks steadied and US Treasury bond prices fell slightly on Thursday as the risk aversion triggered by the latest flare up of tensions between the United States and North Korea began to settle.

MSCI's broadest index of Asia-Pacific shares outside Japan stood little changed after dropping 0.6 percent the previous day.

Japan's Nikkei rose 0.2 percent and Australian shares gained 0.1 percent. South Korea's KOSPI was little changed.

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Wednesday, 9 August 2017

Sensex Opens Below 32000, Nifty Breaks 9950 On Weak Asian Cues

In the Nifty 50, out of the 35 companies that came out with results, 34 percent of them beat estimates while 37 percent missed estimates, Singh said.

Shares of PVR rose more than 1 percent in early trade on the back of stake sale in its joint venture company.

The company in its meeting held on August 8 has approved sale of its 51 percent stake in PVR bluO Entertainment.

PVR bluO Entertainment is a joint venture between PVR and Major Cineplex group of Thailand in which PVR owns 51 percent stake with balance 49 percent stake held by Major group.

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Wall Street Swings Lower After Trump Warns North Korea

US stocks closed lower on Tuesday after a late afternoon selling spree as investors fled for safety after US President Donald Trump vowed to respond aggressively to any threats from North Korea.

After scaling back from record highs earlier in the session, Wall Street's three major indexes dipped after Trump said North Korea "will be met with fire and fury" like the world has never seen if it threatens the United States.

"Trump's response was aggressive and that's why the market turned lower," said Ken Polcari, Director of the NYSE floor division at O'Neil Securities.

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Tuesday, 8 August 2017

Sensex Rebounds, Nifty Eyes 10,100; Tata Steel, JSPL Gain

Shares of Dr Lal PathLabs gained 3.3 percent intraday on the back of strong June quarter numbers and on acquisition of company in Bangladesh.

The company has registered 11 percent increase in its consolidated net profit to Rs 44.4 crore for the quarter ended June 30 against net profit of Rs 40 crore in the same quarter last year.

The total income of the company was up 12 percent at Rs 256.8 crore versus Rs 229.2 crore.

The company in its board meeting held on August 07 has approved the acquisition of a company in Bangladesh named Dr Lal PathLabs Bangladesh.

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Stocks, Commodities Buoyed By Growth Optimism, China Trade Data Awaited

Asian shares neared decade peaks on Tuesday thanks to optimism on the global economy and a rash of records on Wall Street, while major currencies were becalmed ahead of Chinese trade data.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent and to within a whisker of its recent high.

South Korea's market rose 0.4 percent while in Japan, the broad TOPIX held near its highest in two years and the Nikkei was flat.

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Monday, 7 August 2017

Asia Markets Were Mostly Higher, With Investors' Risk Sentiment

L&T Finance Holdings, Jaiprakash Associates, Sarda Energy, Apollo Tyres, Bhushan Steel, Wockhardt, Sintex, Eros International, Cadila Healthcare and Torrent Power rallied up to 10 percent.

Repco Home Finance, GSFC, HPCL and SPARC were down up to 5 percent.

Asia markets were mostly higher, with investors' risk sentiment likely improving from Friday's better-than-expected US jobs number as they await to hear Pyongyang's response to UN sanctions over the weekend.

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Sensex Erases Opening Gains, Nifty Holds 10,050; Midcap Outperforms

Equity benchmarks erased early gains, with the Sensex down 27.38 points at 32,298.03 and the Nifty down 3.45 points at 10,062.95.

TCS, Infosys, HUL, Reliance Industries, HCL Technologies, Yes Bank and ONGC were under pressure while ICICI Bank, Tata Steel, Maruti Suzuki, Hero Motocorp and Vedanta gained strength.

The broader markets outperformed benchmarks, with the BSE Midcap and Smallcap indices rising half a percent each. About two shares advanced for every share falling on the BSE.

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Friday, 4 August 2017

Nifty Breaks 10,000 In Opening, Sensex Lower; Biocon Plunges 6%

Shares of Ramco Systems and Kokuyo Camlin slipped 4 percent and 8 percent, respectively intraday as the companies have reported loss in the quarter ended June 2017.

Ramco Systems has reported net loss of Rs 3 crore in the quarter ended June 2017 against profit of Rs 8.8 crore, reported in the same quarter last year.

Revenue of the company was at Rs 110.3 crore versus Rs 109.7 crore. Kokuyo Camlin has posted Q1 net loss at Rs 1.25 crore versus profit of Rs 4.7 crore, in a year ago period.

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Nifty Midcap Was Down 0.3 Percent, Dragged By Pharma Stocks

Nifty Midcap was down 0.3 percent, dragged by pharma stocks. Cadila Healthcare, Strides, Torrent Pharma, Glenmark Pharma, MRF, Shree Pushkar, Titan, Kokoyu and Apollo Tyres fell up to 4 percent.

Ceat and Ujjivan Financial lost up to 7 percent post Q1 earnings while PNB Housing Finance gained 7 percent.

Asian markets wavered, after US stocks were dented overnight by a report that the special counsel investigation into Trump and his campaign was intensifying. Japan's Nikkei was down 0.4 percent while China's Shanghai gained 0.2 percent.

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Thursday, 3 August 2017

Nifty Bank Slips Below 25,000 As Stocks Bleed Further Post RBI Policy

Nifty Bank slipped below 25,000-mark as banking stocks fell further in morning trade Thursday after the Reserve Bank of India expectedly cut repo rate by 25 basis points to 6 percent on Wednesday.

The news already seems priced into stock prices, hence the reason for fall in banks could be profit booking.

The Nifty Bank index was down 202 points or 0.81 percent at 24,852.70, at 9:45 hours IST.

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Sensex, Nifty Extend Losses In Opening; Banks Stocks Fall Again

Nifty Bank lost 0.5 percent. UCO Bank, Union Bank of India, Canara Bank, Bank of India and Allahabad Bank lost up to 3 percent.

HEG, ENIL, Godrej Consumer Products, Colgate, Emami, Voltas and Marico fell up to 3 percent.

Bata India was up 3.4 percent after earnings. Sical Logistics and TBZ also gained up to 3 percent.

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Wednesday, 2 August 2017

Indices Trim Gains From Opening Tick, Nifty Flat; Hero Moto Up 2%

Benchmark indices trimmed most of its gains from the opening tick, with the Sensex trading almost one-tenth of a percent higher, while the Nifty turned red.

The Sensex was up 30.72 points at 32605.89, while the Nifty was down 2.15 points at 10112.50. The market breadth began narrowing as 958 shares advanced against a decline of 549 shares, while 83 shares were unchanged.

NTPC and Hero MotoCorp were the top gainers, while ONGC, Kotak Mahindra Bank and ACC lost the most.

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JSW Steel Declined Over 2 Percent Intraday On Wednesday

JSW Steel declined over 2 percent intraday on Wednesday as investors turned cautious of the stock post the company’s Q1 performance.

The company’s profit in the first quarter fell by 43 percent to Rs 624 crore compared with Rs 1,096 crore in same quarter last year.

However, revenue during the quarter increased sharply by 24 percent to Rs 15,977 crore, with crude steel production up 1 percent at 3.91 million tonnes and saleable steel up 5 percent at 3.51 million tonnes.

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Tuesday, 1 August 2017

In The Currency Market, The Euro Traded At USD 1.1824

In the currency market, the euro traded at USD 1.1824, having risen to as high as USD 1.1846, its best level since January 2015, with a test of USD 1.20 within sight.

It has gained almost 15 percent from its January 3 low of USD 1.0340, which was its weakest level since January 2003, on rising expectations that the European Central Bank will taper its stimulus next year.

The dollar also slipped to a 1-1/2-month low of 110.21 yen, and last stood at 110.32 yen.

The Australian dollar held steady at USD 0.8000 ahead of the Reserve Bank of Australia's policy announcement later in the day. The RBA is widely expected to keep interest rates on hold.

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Sensex Opens Higher, Nifty Eyes 10,100; Tech Mahindra Surges 5%

Share price of Sobha gained 3 percent in morning trade as the company is going to consider buyback of shares.

A meeting of the board of directors of the company is scheduled on August 04, to consider and take on record, the unaudited financial results of the company for the quarter ended June 30, 2017.

The board will also consider a proposal for buyback of equity shares of the company, for an aggregate amount up to Rs 62 crore.

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