MARKETS LIVE: Indices edge lower, Nifty slips below 10,800; Pharma cos gain

Revival in volumes places Marico in a sweet spot; margins may see pressure

Despite a subdued performance by Marico in the March 2018 quarter (Q4) owing to high copra prices (a key input) and dismal volume growth, the stock is up 8 per cent since May 2, 2018.

 

What’s mainly making investors confident is an expected recovery in volumes. READ MORE

India's decision to deregulate bond prices a good move, say investors

Global fund managers are applauding a move by India to deregulate the prices of bonds sold by the country’s states, which could spur overseas interest in the $350 billion market even if there are short-term losses.

Securities sold by the nation’s 29 states will be valued at market prices, the Reserve Bank of India said at its policy meeting last week, discarding a long-standing rule that mandated adding a 25-basis point mark up over a sovereign bond with the same tenor. READ MORE

 

Gold discounts widest in 9-month as higher prices tempered retail purchases

Gold discounts in India were at their widest in nine months this week as higher domestic prices tempered retail purchases, while buying in other Asian centres remained subdued amid a lack of significant momentum in global prices.

 

Dealers in India were offering a discount of up to $7.50 an ounce over official domestic prices this week, the highest since September 9. This compared with discounts of $5 last week. The domestic price includes a 10 percent import tax. READ MORE

Sebi mulls capping tenure of stock exchange CEOs to maximum two 5-yr terms

Regulator Sebi is considering capping tenure of stock exchange CEOs to maximum two terms of five years each, as part of an overhaul of regulations for ownership and governance norms for market infrastructure institutions. READ MORE

 

Market at Noon

 

S&P BSE Sensex

35,617.27

0.05%

 

Nifty 50

10,815.90

0.07%

 

S&P BSE 200

4,688.63

0.06%

 

Nifty 500

9,362.50

0.06%

 

S&P BSE Mid-Cap

16,082.57

0.11%

 

S&P BSE Small-Cap

17,069.11

0.17%

Reliance Industries, Bajaj Finance, Jubilant FoodWorks hit new highs

 

Shares of Reliance Industries, Bajaj Finance, United Breweries, Page Industries, Jubilant FoodWorks and Sundram Fasteners from the S&P BSE500 index hit their respective new highs in intra-day trade in otherwise subdued market.

 

Thus far in the current calendar year 2018 (CY18), all these stocks have outperformed the market by gaining by upto 54%, as compared to 4.6% rise in the S&P BSE Sensex. READ MORE

The markets have edged lower taking cues from their Asian peers, that wobbled on Friday as investors braced for US tariffs against China.

Among sectoral indices, the Nifty Pharma index is nearly 2% up led by rise in the shares of Dr. Reddy's Laboratories, Cipla and Sun Pharmaceutical Industries.

US President Donald Trump has made up his mind to impose “pretty significant” tariffs and will unveil a list targeting $50 billion of Chinese goods on Friday, an administration official said. Beijing has warned that it was ready to respond.

The US Fed, on Thursday, raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year. 

Back home, a rebound in food inflation and a jump in fuel prices in May led to wholesale inflation in the country rising to 4.43 per cent, from 3.18 per cent in April, its fastest uptick in 14 months.

Figures released by the commerce ministry on Thursday showed that rising inflation in the wholesale price index (WPI) was mainly led by double-digit inflation in petrol prices, while food prices rose by 1.6 per cent after low growth or deflation for the last three months.

Globally, The Asia Pacific MSCI index edged down 0.2 per cent, with most regional markets shrugging off a strong close on Wall Street. But Japan’s Nikkei average added 0.5 per cent.

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