Market Live: Sensex rises 100 pts, Nifty reclaims 10,400; all sectoral indices in the green

Fortis Healthcare, Bhushan Steel, Amtek Auto, Kaya and JSW Energy gained 1-5 percent.

9:52 am Market Update: Benchmark indices recouped early losses, with the Sensex rising more than 100 points led by private banks, technology, and metals stocks.

Nifty50 traded above 10,400 levels while all sectoral indices were trading in the green.

Nifty Metal was the biggest gainer among sectoral indices, rising 1.5 percent.

About two shares advanced for every share falling on the BSE.

9:45 am Rupee Trade: The rupee depreciated 21 paise to 64.42 against the US dollar at the interbank forex market today on increased demand for the greenback from importers and banks.

A strong dollar in overseas markets weighed on the Indian rupee, a currency dealer said.

On Friday, the rupee had ended 30 paise lower at 64.21 against the US dollar on rising global crude prices and worsening trade deficit.

On a net basis, foreign investors withdrew Rs 895.79 crore from stocks yesterday, according to provisional FPI data.
The dollar recovered from a 15-month low against the yen to trade at 106.75, up 0.15 percent for the day.

9:40 am Nirav Modi to PNB: Throwing up his hands, beleaguered businessman Nirav Modi, the alleged kingpin of the largest banking scam in the country's history, has said PNB's ”overzealousness” shut the doors on his ability to clear the dues.

He also said the dues were much less than what the bank has claimed, and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner.

In a letter Modi wrote on February 15/16 to the Punjab National Bank management, a copy of which PTI has seen, he pegged the money his companies owe to the bank under Rs 5,000 crore.

"The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns.

"This thereby jeopardized our ability to discharge the dues of the group to the banks," Modi, who left the country along with his family in the first week of January, before the alleged scam became public, wrote in the letter.

"In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts," he said.

9:29 am Q3 Earnings Analysis: Ridham Desai of Morgan Stanley said in Q3FY18, earnings growth weakness was led by public sector banks and PSU oil companies. Improving revenue and earnings breadth was a key positive.

Morgan Stanley coverage revenue growth rose to a 3-quarter high at 15 percent YoY and beat MS analysts' expectations by 4 percent, he added.

He said the strongest growth came from energy and materials. EBITDA growth at 15 percent YoY was 3 percent behind MS analysts' estimates.

Healthcare sector saw the most decline in EBITDA growth combined with margin compression of 430 bps, he added.

9:21 am Buzzing: Fortis Healthcare shares rallied 3.7 percent after ace investor Radhakishan Damani's firm Derive Investments picked up half a percent equity stake in the company.

Derive Investments has bought 26.5 lakh equity shares of the company at Rs 144.5 per share through block deals on Monday, as per bulk deal data on the National Stock Exchange.

Meanwhile, promoters holding in the company reduced to 8.85 percent from 34.33 percent earlier after lenders revoked 25.58 percent equity of promoter group.

9:15 am Market Check: Benchmark indices opened mildly higher with the Sensex rising over 100 points but immediately trimmed gains to trade flat as volatility continued ahead of the expiry of February futures & options contracts later this week.

The 30-share BSE Sensex was up 19.27 points at 33,793.93 and the 50-share NSE Nifty fell 3 points to 10,375.40.
The nifty Midcap index fell 73 points.

PNB, Allahabad Bank, Union Bank, Bank of Baroda, Bank of India, GMR Infrastructure, Adani Power, JSPL, Nalco and Jaiprakash Associates were down 1-4 percent.
Fortis Healthcare, Bhushan Steel, Amtek Auto, Kaya and JSW Energy gained 1-5 percent.

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