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Nifty opens above 10K, Sensex mildly higher; Sun Pharma top gainer

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The broader markets outperformed benchmarks in the opening. Nifty Midcap was up 0.6 percent or 100 points.


Equity benchmarks opened mildly higher on Thursday, seeing a rebound after yesterday’s sell-off. Free Stock Cash Tips are also available and intraday tips on mobile Call on 9644405056.

The 30-share BSE Sensex was up 60.51 points at 31,894.50 and the 50-share NSE Nifty gained 29 points at 10,013.80. About three shares advanced for every share falling on the BSE.

Bharti Infratel, GAIL, Sun Pharma, Vedanta, Reliance Industries, L&T, Hindalco Industries, IOC, BPCL, Lupin, TCS, and HPCL were early gainers while Coal India, Bharti Airtel, Cipla, ICICI Bank and Asian Paints were losers.

The broader markets outperformed benchmarks in the opening. Nifty Midcap was up 0.6 percent or 100 points.

Indiabulls Real Estate, MMTC, State Trading Corporation, Majesco, GM Breweries, FACT, LT Foods and Kaveri Seeds gained 2-10 percent while Lakshmi Vilas Bank lost 5 percent post higher slippages in Q2.


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Sensex ends down 90 pts, Nifty below 10K on caution ahead of inflation, IIP data

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The broader markets hit the most as the Nifty Midcap and Smallcap indices lost more than 1 percent on weak breadth. About 1,129 shares declined against 456 advancing shares on the BSE.

The market wiped out morning gains in the last couple of hours of trade and ended lower on Wednesday as investors turned cautious ahead of September CPI inflation and August industrial output data due on Thursday. The cut in India’s growth forecast by World Bank also dampened sentiment.

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The 30-share BSE Sensex was down 90.42 points at 31,833.99, while the 50-share NSE Nifty ended below 10,000-mark, down 32.15 points at 9,984.80.

September CPI inflation is expected to surge to 3.52% from 3.36% while the rising crude oil price and volatility in Rupee may limit RBI interference on the key rate.

Additionally, earnings season will kick-start tomorrow with the result of IT heavyweight and market will take direction from the expectation & the actual numbers.

Volatility tends to remain high during the earnings season and any escalation in geopolitical tension will further worsen the situation.

Put together, traders should prepare themselves for the eventful week ahead.

The broader markets hit the most as the Nifty Midcap and Smallcap indices lost more than 1 percent on weak breadth. About 1,129 shares declined against 456 advancing shares on the BSE.

Meanwhile, India’s GDP may slow from 8.6 percent in 2015 to 7 percent in 2017 because of disruptions by demonetization and the GST, the World Bank has forecast and warned that subdued private investment due to internal bottlenecks could put downside pressures on the country’s potential growth. The International Monetary Fund also lowered India’s growth projection to 6.7 percent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China’s 6.8 percent.

All sectoral indices barring IT ended in red today. PSU Bank index fell 2.4 percent, maybe after disappointing earnings from Lakshmi Vilas Bank that reported an 84 percent degrowth in net profit on a sharp rise in provisions for the quarter ended September 2017.

Nifty Bank, Metal, and Pharma indices were down 1-1.4 percent while IT index gained 0.55 percent ahead of TCS earnings that will be announced on Thursday after market hours. TCS, Wipro and HCL Technologies gained 1-1.7 percent but Infosys fell 0.5 percent.

Bharti Airtel tanked 5 percent and Bharti Infratel was up 2.66 percent on a media report indicated that KKR-led consortium of funds is in talks to acquire Indus Towers and Bharti Infratel.

Oil marketing companies HPCL, IOC and BPCL were up 1.5-4 percent while Vedanta, Tata Motors, Yes Bank and SBI slipped 2-2.6 percent.

In the broader space, JM Financial, DHFL, Petronet LNG, Indraprastha Gas, LIC Housing Finance, Reliance Capital, Manappuram Finance, TVS Electronics, Marksans Pharma, Graphite India, Lakshmi Vilas Bank, Andhra Bank, OBC, and PNB were down 2-10 percent.

Avenue Supermarts continued its run, up 2.4 percent. Uttam Galva was up 12 percent as a media report said four companies are in a race to acquire the company.

Goa Carbon was up 3 percent as July-September quarter profit increased nearly three-fold to Rs 13.8 crore YoY while GM Breweries was up 20 percent as Q2 net profit surged 41.1 percent to Rs 15.7 crore YoY.

South Indian Bank was up 2 percent as management said the worst is behind after disappointing earnings.

On the global front, Asian markets ended higher, taking cues from signs of confidence in the US while European markets were flat at the time of writing this article.


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India must stick to fiscal consolidation, says PM`s advisory body

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India must not move away from the path of fiscal consolidation, the prime minister’s economic advisory council said on Wednesday.

The government is considering ways to revive the economy after growth fell to its slowest pace in three years in the three months to June.


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Indian Stock Market Live: Sensex extends gains, Nifty above 10,050; Bharti Airtel, Idea up 4%

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Nifty reclaimed 10,050 level ahead of an earnings season that will be kicked off by TCS on Thursday.


Global brokerage house CLSA has upgraded Axis Bank to buy from outperform and also hiked price target to Rs 620 from Rs 600 per share, citing attractive valuations. Get Indian Stock Market Recommendations from here and you can also Join us for Free Trials Call on 9644405056.

Valuations are attractive and the stock can be rerated as asset quality normalizes.

Normalization of stress & retail scale-up to lift earnings. Normalisation of credit costs and bottoming of margins may also aid earnings from the second half of FY18.

Stabilization and easing out of new stress loan formation is likely to be from FY19 onwards.

There is a scope for operating efficiencies that will aid earnings, and expected normalization of asset quality to lift return on equity to mid-teens over FY19-20 from 7 percent in FY17.

11:51 am Acquisition: Drug major Lupin’s US subsidiary has acquired Symbiomix Therapeutics for a total cash consideration of USD 150 million (nearly Rs 980 crore).

Lupin had entered into an arrangement to acquire the company earlier this year. The acquisition has been made for a cash consideration of USD 150 million, including USD 50 million upfront payment and other time-based ones, it said in a regulatory filing today.

The acquisition is funded by internal funds.


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Asian shares shrug off Wall Street gloom, dollar steadies

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Asian shares gained on Tuesday, shrugging off modest losses on Wall Street while expectations of a US interest rate increase this year continued to underpin the Dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.4 percent in early trading.

Korean shares rallied 1.4 percent on their first day of trading this month, on expectations continued tensions with Pyongyang would ease. Seoul markets were closed last week and on Monday for public holidays.

Russian Foreign Minister Sergei Lavrov told US Secretary of State Rex Tillerson in a phone call on Monday that an escalation of tension on the Korean peninsula is unacceptable.

Russia and China both called for restraint on North Korea on Monday after US President Donald Trump warned over the weekend that “only one thing will work” in dealing with Pyongyang, hinting that military action was on his mind.

Japan’s Nikkei stock index was down 0.1 percent in early trade, as markets reopened after a public holiday on Monday.

The Dollar was steady on the day against its Japanese counterpart at 112.67 Yen. On Friday, it had risen as high as 113.44 Yen, its highest level since July 14.

“The Dollar has re-set to a slightly lower range from last week,” said Mitsuo Imaizumi, Tokyo-based chief foreign-exchange strategist at Daiwa Securities.

“Investors remain focused on whether or not there will be one more rate increase this year,” he said, with interest rate futures now pricing in nearly a 90 percent chance that the U.S. Federal Reserve will hike again in December.

The Dollar index, which tracks the greenback against a basket of six major rivals, added 0.1 percent to 93.734, moving back towards Friday’s peak of 94.267. That was its loftiest level since July 20, after data showed a stronger-than-forecast increase in US average hourly earnings in September.

The Euro was steady at USD 1.1740 after it got a lift on Monday from data showing German industrial output notched its biggest monthly increase in more than six years in August.

Also helping the euro were comments from a European Central Bank Executive Board member, who called for the central bank to reduce its asset purchases next year. The ECB is due to decide on Oct. 26 whether to continue its bond-buying in 2018.

Crude oil prices edged slightly higher, underpinned by OPEC comments signaling the possibility of continued action to restore market balance in the long-term. But gains were seen as limited as oil production platforms in the Gulf of Mexico started returning to service after the latest U.S. hurricane forced the shutdown of more than 90 percent of crude output in the area.

Brent crude inched up 2 cents to USD 55.81 a barrel. US crude added 7 cents to USD 49.65.


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Indian ADRs: Dr Reddy’s Lab, Infosys, Wipro gain

 

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Indian ADRs ended mostly higher on Monday. Tata Motors was up 0.09 percent and Wipro added 0.18 percent.


Indian ADRs ended mostly higher on Monday. In the IT space, Infosys rose 0.41 percent at USD 14.69 and Wipro added 0.18 percent at USD 5.50. You can also have free equity tips on mobile from here call us on 9644405056.

In the banking space, ICICI Bank was down 1.06 percent at USD 8.38 and HDFC Bank shed 0.43 percent at USD 93.

In the other sectors, Tata Motors was up 0.09 percent at USD 32.27 and Dr. Reddy’s Laboratories rose 0.83 percent to USD 36.61.


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Indian Rupee opens flat at 65.35 per Dollar

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Don’t expect the Rupee to depreciate further and will trade in a range 65-65.50 today.

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The Indian Rupee opened flat at 65.35 per Dollar on Tuesday versus previous close 65.35.

Bond markets are in a bearish mood ahead of state development loans auctions worth Rs 10,000 crore today.

Bond traders would like to wait till CPI data on October 12 before taking a call. Expected range for the 10-year benchmark is seen 6.75-6.80 percent.

The Dollar trades steady after edging away from a 10-week high overnight, taking support from underlying expectations that improved prospects for the US economy would prompt the Federal Reserve to raise interest rates later this year.

The Dollar index against a basket of six major currencies was a shade higher at 93.720 after dipping about 0.15 percent overnight.

* Rupee to trade between 65-65.50

Bond markets are in a bearish mood ahead of state development loans auctions worth Rs 10,000 crore today.

Bond traders would like to wait till CPI data on October 12 before taking a call. Expected range for the 10-year benchmark is seen 6.75-6.80 percent.


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Indian Stock Market Live: Nifty opens above 10,000, Sensex rises 100 pts; pharma, metals shine

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Nifty Midcap was up 0.4 percent. SPARC, Biocon, NCC, NBCC, TVS Electronics, Graphite India, HEG, Goa Carbon and Bombay Dyeing rallied up to 15 percent.

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9:25 am IPO subscription: The initial share sale offer of MAS Financial Services was oversubscribed 4.81 times on the second day of subscription on Monday. The issue will close today.

The IPO, to raise Rs 460 crore, received bids for 3,42,91,872 shares as compared to the total issue size of 71,24,910 shares, as per NSE data.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 5.74 times, non-institutional investors 47 percent and retail investors 6.29 times.

9:20 am Buzzing: Shares of Lupin rose 2 percent in early trade on the back of USFDA approval for Nadolol tablets.

The company has received final approval for Nadolol Tablets USP 20 mg, 40 mg and 80 mg from the United States Food and Drug Administration (USFDA).

The Nadolol tablets is a generic version of US WorldMeds, LLC Corgard Tablets, 20 mg, 40 mg and 80 mg.

The tablets are indicated for the management of patients with angina pectoris and for the treatment of hypertension.

9:15 am Market Check: Equity benchmarks started off trade on a positive note Tuesday despite mixed global cues, backed by healthcare, metals and select banks stocks.

The 30-share BSE Sensex was up 82.94 points at 31,929.83 and the 50-share NSE Nifty gained 23.75 points at 10,012.50.

About 777 shares advanced against 214 declining shares on the BSE.

Lupin, L&T, Indiabulls Housing, IndusInd Bank, M&M, Aurobindo Pharma, Cipla and Tata Steel were early gainers while HDFC, Kotak Mahindra Bank, and Axis Bank were under pressure.

Nifty Midcap was up 0.4 percent. SPARC, Biocon, NCC, NBCC, TVS Electronics, Graphite India, HEG, Goa Carbon and Bombay Dyeing rallied up to 15 percent.

Asian markets were mixed, with the Japan’s Nikkei 225 rising 0.43 percent after markets reopened for trade following a long weekend. South Korea’s Kospi surged 1.85 percent while China’s Shanghai was down 0.3 percent.


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Jindal Steel and Power sells Oxygen plant assets for 11.21 Billion Rupees

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Jindal Steel and Power Ltd said on Monday it sold two oxygen plant assets to SREI Equipment Finance Ltd for 11.21 Billion Rupees ($171.70 million).

The steelmaker said it also signed a lease-back deal with the company which finances construction equipment purchases and will continue to operate the assets for manufacturing steel.

The assets are located at the company’s plants in the eastern states of Chhattisgarh and Odisha.

($1 = 65.2900 Indian rupees)

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Reliance Jio tops TRAI`s 4G download speed test for August

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Reliance Jio has topped the telecom regulator’s 4G download speed test for the eighth consecutive month, official data showed on Monday. Free stock cash tips are also available here Call on 9644405056.

According to the Telecom Regulatory Authority of India’s speed data, Jio recorded average speed of 18.433 Mbps for the month of August.

It was followed by Vodafone (8.999 Mbps), Idea Cellular (8.746 Mbps) and Bharti Airtel (8.550 Mbps).


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