Morning Live Updates ; Market Opens at New 52-Week High; Sensex Up 150 pts

Today Live Equity benchmarks started off session at fresh 52-week high on Thursday, with the Nifty March futures hitting 9000 level, backed by banks, auto, technology and metals stocks. The 30-share BSE Sensex was up 148.09 points at 29132.58 and the 50-share NSE Nifty gained 41.90 points at 8987.70. About 673 shares advanced against 106 declining shares on the BSE. 

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Tata Motors, ICICI Bank, Wipro, Bajaj Auto, GAIL, Hindalco and Tata Motors (DVR) were early gainers while Dr Reddy's Labs and Coal India were under pressure. The Indian rupee gained by 8 paise at 66.75 per dollar versus 66.83 Wednesday. Tirthankar Patnaik of Mizuho Bank says he expects the USD-INR to range between 66.50-67.50/dollar in the near term with the State election results on March 11 crucial for its continued strength. 

The dollar hit a seven-week high after hawkish comments from two Federal Reserve officials increased expectations that the US Central Bank is closer to raising interest rates. Futures traders are now pricing in a 69 percent chance of a Fed hike in March, up from 35 percent on Tuesday. Asia markets traded mostly higher, tracking gains in the US where the Dow Jones industrial average closed above 21,000 on the back of President Donald Trump's speech to lawmakers.

Top 5 Stocks in Focus Today: Cipla, Ashok Leyland

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Oil India: The company will announce its Q2 numbers today.  

Cipla: Cipla Ltd is in discussions to sell Cipla Vet, its animal health division, as per media report. According to the report, the company hired global investment bank Rothschild to find potential buyers.  

Ashok Leyland: Ashok Leyland has completed the acquisition of Nissan Motor Co. Ltd.’s stake in each of the three joint ventures formed between the two companies.  

Aurobindo Pharma: Arrow Generiques SAS, the French subsidiary of Aurobindo Pharma, has signed an agreement to acquire select commercial products in France from Teva.  

BEML: Thr company reported standalone net loss narrowed to Rs 16.6 crore for the second quarter ended September 30, 2016, against that of Rs 24.6 crore in the corresponding quarter of previous fiscal. 

Top 5 Stocks in Focus Today: Sun Pharma

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Sun Pharma: The US drug regulator has found seven breaches of manufacturing standards at Sun Pharmaceutical Industries Ltd’s formulations plant in Mohali, Punjab, following a recent inspection.

Aurobindo Pharma Ltd: Aurobindo Pharma is scouting for acquisitions in Europe to gain a foothold in the market, as per media reports.

Wipro: The company has informed bourses that it has granted 5,000 Restricted Stock Units under Restricted Stock Unit Plan 2007 effective November 1, 2016 to its identified employee.

TCS: Tata Consultancy Services is rethinking how it appraises its over 3,70,000 employees after scrapping the Bell Curve model.

YES Bank: The bank announced a partnership with Gujarat State Road Transport Corporation (GSRTC) to digitise payment of bus tickets for its customers. 

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Top 5 Stocks in Focus Today: Sun Pharma

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Sun Pharma: The US drug regulator has found seven breaches of manufacturing standards at Sun Pharmaceutical Industries Ltd’s formulations plant in Mohali, Punjab, following a recent inspection.

Aurobindo Pharma Ltd: Aurobindo Pharma is scouting for acquisitions in Europe to gain a foothold in the market, as per media reports.

Wipro: The company has informed bourses that it has granted 5,000 Restricted Stock Units under Restricted Stock Unit Plan 2007 effective November 1, 2016 to its identified employee.

TCS: Tata Consultancy Services is rethinking how it appraises its over 3,70,000 employees after scrapping the Bell Curve model.

YES Bank: The bank announced a partnership with Gujarat State Road Transport Corporation (GSRTC) to digitise payment of bus tickets for its customers. 

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Top 5 Stocks in Focus Today: SBI, Tata Motors, PC Jeweller

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State Bank of India: SBI on Wednesday slashed bulk deposit rates by up to 1.9%, taking advantage of the surge in deposits following demonetisation.
  
Tata Motors: Tata Motors has called an extraordinary general meeting on December 22 to seek shareholders' approval for removing Cyrus Mistry and Nusli Wadia as directors of the company.  

PC Jeweller: The company posted a net profit of Rs 1,06.9 crore for the quarter ended September 30, 2016 as compared to Rs. 92 crore in the corresponding quarter last year.

Sun Pharma: The pharma company has entered into an agreement to acquire 85.1% of JSC Biosintez, that makes and markets pharmaceutical products in Russia and the CIS region.  

Cipla Ltd: The company is divesting its minority 16.7% stake in Chase Pharmaceuticals Corporation, to a subsidiary of Allergan Plc.

Top 5 Stocks in Focus Today: Canara Bank, UltraTech Cement

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Canara Bank: The bank is planning to sell a portion of its 43% stake in arm Can Fin Homes as part of the government's diktat asking public sector banks look to sell their noncore businesses. 

UltraTech Cement: The company on Tuesday said the Competition Appellate Tribunal (COMPAT) has granted a stay on an order passed by the fair trade regulator Competition Commission of India against the company on deposit of 10% of the penalty amount.  

Reliance Industries: CAG has pulled up the Income Tax department for giving benefit of Rs 1,767 crore to the port and terminal arm of Reliance Industries by allowing deductions meant for public facilities to the company's captive jetties.  

Bharti Airtel: The telecom company said its customers in the city could face some "teething issues" over the next few days as the country's largest telecom operator upgrades its 3G network.

 Larsen & Toubro: Larsen & Toubro on Tuesday reported a 84% in its consolidated net profit to Rs 1,435 crore for the quarter ended September 30 as compared to Rs 778 crore in the same period last year.

Top 5 Stocks in Focus Today: Arvind, TCS

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Tata Consultancy Services: Cyrus Mistry made certain unsubstantiated allegations, which cast aspersions on Tata Sons Ltd and its board and “the Tata group as a whole”, Tata Sons said in an explanatory statement to its notice calling a meeting of shareholders in Tata Consultancy Services Ltd.  
Arvind Ltd: Textiles and branded apparel major Arvind Ltd has raised Rs 740 crore by diluting stake in subsidiary Arvind Fashions Ltd. The company has completed the transaction and raised the amount from Multiples, a private equity firm.  
Wipro: The company announced that it has been selected as a member of the global Dow Jones Sustainability Index (DJSI) - 2016 for the seventh year in succession. Wipro is included in both the DJSI World and Emerging Markets Indices.
Mahindra & Mahindra: M&M opened its Rs1.50bn spare parts warehouse in Jaipur to cater to customers in north and north western regions of the country for both automotive and tractor spare parts. 
Reliance Infrastructure: RInfra has won an EPC order for Rs 36.75 bn from NLC India Limited for setting up two lignite based CFBC thermal power projects with a capacity of 250MW each.

Top 5 stocks in focus today: HDFC, Punjab National Bank, India Cements

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Punjab National Bank: The bank has cut interest rate on fixed deposits by up to 0.25% in line with competition.  

HDFC, Unitech: With Unitech defaulting on loan repayment, housing finance major HDFC said it has sold the realty firm's outstanding loan of Rs 869 crore to JM Financial Asset Reconstruction Company (JMFARC).  
Reliance Capital: Reliance Capital is planning to raise up to Rs 3,500 crore through non-convertible debentures (NCDs). 

Infosys: Infosys has invested Rs 145 mn in a start-up UNSILO. The investment is done through Infosys innovation fund.  

India Cements: India Cements reported a 62% jump in standalone net profit at Rs 62 crore for the quarter ended September 30, 2016. It had posted a net profit of Rs 38.5 crore in the year-ago period.

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Market News:-

• The market erased more than half of gains due to selling in oil, banks and select FMCG stocks. The Sensex rose 37.29 points to 25306.93 and the Nifty advanced 17.45 points to 7730.50.
• The broader markets also lost some shine, rising 0.3 percent each but the market breadth remained positive. About 1325 shares advanced against 750 declining shares on BSE.
• Shares of Adani Enterprises today surged nearly 8 percent after the company's USD 21.7 billion coal mine project in Australia won three mining leases. Adani's 21.7 billion dollars coal mine project in Australia yesterday won three mining leases but the Indian mining giant said a final decision on investment will be taken only after the resolution of "politically-motivated" legal challenges against its plans to build one of the world's largest coal mines. Queensland minister for Natural Resources and Mines Anthony Lynham approved the individual lease grant for 70441 Carmichael, 70505 Carmichael East and 70506 Carmichael North, which are estimated to contain 11 billion tonnes of thermal coal.
• Infibeam Incorporation shares started off day with gain of 5.8 percent on debut Monday. The stock listed at Rs 457 on National Stock Exchange against issue price of Rs 432.

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Market Outlook:-

Indian shares are expected to start marginally higher, as a strong US jobs data on Friday lifted Asian equities today, offsetting weakness in oil prices.
         At the time of writing, the SGX Nifty was trading 0.24 percent, or 19 points, higher to 7,764.
          Global cues are expected to remain firm after data showed the US added 2.15 lakh jobs, against an expected 2.05 lakh in March. Gold fell following the data release, amid expectations it could advance a Federal Reserve rate hike.
       Locally, many traders may stay on sidelines ahead of tomorrow's monetary policy meeting where the Reserve Bank is widely expected to cut interest rates by 25 basis points.
          In stocks in news, HCL may witness action after it said it would acquire smaller peer Geometric in an all-stock deal.
          Auto companies may also be in focus after they declared their monthly auto sales numbers while tobacco shares may be in focus after cigarette makers shut down factories to protest against warning rules.