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Market Live: Sensex trades steady, Nifty holds 9300; ICICI Bank, SBI gain

Market Live: Sensex trades steady, Nifty holds 9300; ICICI Bank, SBI gain
ICICI Bank, Asian Paints, Ambuja Cements and ACC gained the most on both indices, while HDFC and Wipro were the top losers.
10:45 am 5 stocks that gave 100% returns: www.BonazCapital.com has selected companies whose net profit has consistently shown good performance, during every quarter since June 2016 quarter. There are only nine companies among BSE listed companies, according to Capitaline data.
Interestingly, eight out of nine stocks have given good returns to investors between 31 percent and 208 percent in the last 13 months.
Stock prices of JM Financial, IIFL Holdings, Mastek and L&T Finance Holdings doubled on the back of continuously stunning performance.
10:30 Market Outlook: Signalling a caution on the rally in midcaps, Envision Capital has called for a careful approach in making investments.
“The midcap index is trading at historically high valuations…PE multiples [of this kind] are something that we have never seen before,” Nilesh Shah, MD & CEO of Envision Capital told CNBC-TV18 in an interview. He also added that there could be value in some pockets and one could take contrarian calls as well.
Shah observed that the market could be looking to factor in a recovery in earnings, but is wary about the turnaround not being substantial enough.NCDEX TIPS
Among the sectors, he believes auto ancillaries and logistics could see better earnings as compared to the overall results scenario. It still makes sense to look into these pockets and be invested in them, he said. Meanwhile, two-wheelers, technology and pharmaceuticals could be positive contrarian bets.
10:15 am Market Check: Equity benchmarks were trading steady, with indices holding on to key milestones.
The Sensex was up 88.84 points at 29947.64, while the Nifty was up 32.35 points or 0.35% at 9317.65. The market breadth was healthy as 1,388 shares advanced against a decline of 678 shares, while 91 shares were unchanged.
Banking stocks ICICI Bank and SBI as well as cement bunch ACC and Ambuja Cements gained the most on both the indices, while Adani Ports, Tata Steel and Hindalco lost the most.
The Bank Nifty, meanwhile, gained nearly a percent following a rally in the banking majors
9:55 am Buzzing Stocks: Shares of Shoppers Stop and Dalmia Bharat Sugar plunged 5.6 percent and 10.8 percent respectively intraday Monday post poor Q4 numbers.
Shoppers Stop has posted net loss of Rs 36.1 crore in the quarter ended March 2017 (Q4), which includes exceptional loss of Rs 47.8 crore, against profit of Rs 10.1 crore, reported in the same quarter last year.
Total income of the company was up 3.2 percent at Rs 910.3 crore versus Rs 882.5 crore.
The operating profit (EBITDA) rose 5.2 percent at Rs 52.5 crore and EBITDA margin was at 5.8 percent.
9:42 am Barbeque Nation to float IPO: Barbeque Nation Hospitality — the company behind the well-known chain of casual dining restaurants that go by the name Barbeque Nation — is set to float an initial public offering (IPO) this year, according to market sources.
The IPO may or may not involve fresh issue of shares but part stake sale by majority shareholder CX Partners is certain, a person familiar with the IPO process said. The company is being valued at Rs 2,000 crore
Barbeque Nation is an associate company of Sayaji Housekeeping Services, a wholly-owned subsidiary of Indore-headquartered and BSE-listed Sayaji Hotels. Sayaji Housekeeping owns 47.4 percent in Barbeque Nation while Delhi-based private equity firm CX Partners owns majority stake.
9:30 am Buzzing Stock: Bedmutha Industries touched 52-week high of Rs 49, as it rose more than 11 percent intraday on Monday after it received letter of award worth Rs 198 crore.
The company received letter of award (LOA) from MP Poorve Keshtra Vidyut Vitaran worth of Rs 198 crore.
9:15 am Market Check: Benchmark indices opened in the green, tracking positive global cues, with the Street seeing a quarter percent uptick.
The 30-share Sensex was up 79.41 points at 29938.21, while the Nifty was up 25.65 points at 9310.95. The market breadth was healthy as 733 shares advanced against a decline of 255 shares, while 40 shares were unchanged.
ICICI Bank, Asian Paints and cement stocks Ambuja Cements and ACC gained the most on both indices, while HDFC and Wipro lost the most
Ambuja Cements and ACC gained between 5 and 7.5 percent on the back of merger talks between the companies, while Eicher Motors gained over 2.5 percent post its Q4 results. Avenue Supermarts, the operator of D-Mart, witnessed some profit-taking.
The Indian rupee gained in the early trade on Monday. It has opened higher by 10 paise at 64.27 per dollar versus Friday’s close 64.37
Pramit Brahmbhatt of Veracity said, “Consolidation near 64.20/USD, resulted into positive divergence on daily chart for USD. A technical pull-back may get extended till 64.50.”
“Bias would remain positive for USD and USD-INR pair will trade in a range of 64.20 to 64.50,” he added.

Meanwhile, Asian shares traded mostly higher on Monday following the landslide victory of Emmanuel Macron in the French polls on Sunday, with the Nikkei share average hitting its highest level since December 2015
Macron defeated far-right candidate Marine Le Pen in the French presidential election, with the French interior ministry stating that the former had secured 65.1 percent of the vote. Macron, who is 39 years old, will become France’s youngest president.

Market reaction was muted following the results of the French presidential vote, said National Australia Bank Head of FX Strategy Ray Attrill in a Monday morning note, although the euro/dollar bounced significantly.