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Daily Market Commentary : 12th SEP 2016

The Indian equity market witnessed its biggest one day loss in percentage terms since June 24 on Monday on account of weak global cues, profit booking and a weak rupee further dampened sentiment. The Sensex and Nifty witnessed its biggest one day loss in percentage terms since June 24. The Bank Nifty fell most since April 5, 2016. Nifty closed with a loss of 151 points at 8,716, while BSE Sensex ended with a loss of 444 points at 28,354.

Market sentiment was also influenced by investors treading cautiously ahead of IIP data and CPI inflation due to be released today.

On the economy front, India’s direct tax collections for the current fiscal year (April 1 to August 31) has increased by 15% to reach Rs.1.89 Lakh crore, the Ministry of Finance said.

The Cabinet on Monday approved the process, formation and functioning of the GST Council, which will decide on the rate of tax under the new indirect taxation regime.

On the global front, Asian stocks closed in red. The Shanghai Composite index and Nikkei 225 fell over 1.5% each, while Hong Kong’s Hang Seng index tanked 3.5%.

European stock markets opened lower as investor sentiment has been rattled by concerns that the US Federal Reserve could be considering an imminent interest rate hike. The FTSE 100 was trading down by 1.5%. The CAC 40 and DAX slipped 2% each.

Tata Motors slipped 3.3% to Rs.554. Tata Motors has reported a 16% rise in global sales at 86,288 units, including that of Jaguar Land Rover (JLR) vehicles, in August. The company had sold 74,639 units in August 2015.

IT stocks were the gainers led by depreciation of rupee against dollar. Infosys advanced 1.7%, whereas TCS and Wipro closed marginally up.

Suprajit Engineering gained 1% with the company announcing the successful completion of acquisition of Wescon Controls, Wichita, USA, through its wholly owned subsidiary Suprajit USA Inc, by purchasing 100% outstanding equity share capital from Shell Topco LP managed by a Private Equity Fund – Nova Capital, UK.

Shares of public sector undertaking (PSU) banks closed lower by 4.7% on the National Stock Exchange. The Nifty bank index fell the most in more than 2 months. The PSU bank Nifty opened at 3,204.20 and hit a high of 3,220.90 and a low of 3,156.95. Today, Fitch said they are most at risk of breaching capital triggers due to poor buffers and weak prospects of raising funds for implementation of Basel III. Oriental Bank of Commerce and Bank of India plunged over 6%.

HDIL cracked 10.8% to Rs.90. The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs.40.9 crore for the Quarter Ended June 30, 2016 where as the same was at Rs.58.4 crore for the quarter ended June 30, 2015.

Mangalam Timber Products Ltd hit 20% upper circuit at Rs.36.35 after the company informed BSE that the commercial production of captive thermal power plant at Company’s Nabarangpur plant has commenced.

Reliance Defence tanked 13.5% on the back of net loss of Rs.134.5 crore for the quarter ended June 30, 2016 as compared to net loss of Rs.167.3 crore for the quarter ended June 30, 2015.

The rupee was trading down 25 paise at 66.93 per US dollar.

Out of 1,482 stocks traded on the NSE, 1,245 declined and 185 advanced today.

Top 5 Nifty Gainers: NTPC (1.73%), Adani Portz and Sez (1.35%), SBI (1.11%), Asian Paints (1.05%) and Cipla (0.99%)

Top 5 Nifty Losers: Coal India (-2.16%), Tata Steel (-1.89%), ONGC (-1.73%), TCS (-1.45%) and Tata Motors (-1.38%)

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Daily Market Commentary : 12th SEP 2016

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