The benchmark indices were trading in a range on Thursday morning taking cues from robust domestic economic data and weakness in key Asian markets.The benchmark indices were trading in a range on Thursday morning taking cues from robust domestic economic data and weakness in key Asian markets.
In the domestic market, economic growth recovered to a five-quarter high of 7.2 per cent during October-December, backed by strong manufacturing and investment activity as the disruption caused by the goods and services tax (GST) bottomed out. The robust third-quarter performance led to a marginal upward revision in the second advance estimate for 2017-18 to 6.6 per cent from 6.5 per cent in the first estimate, though it was still lower than the 6.75 per cent projected by the Economic Survey. The data came after the markets ended on Wednesday.
In the global markets, Asian stocks skidded on Thursday after comments from the Federal Reserve’s new chief rekindled fears about the pace of US monetary tightening this year, sending Wall Street tumbling for its worst performance in two years and lifting the dollar.
Fed Chairman Jerome Powell, in his first public appearance as head of the US central bank, vowed on Tuesday to prevent the economy from overheating while sticking with a plan to gradually raise interest rates.
That was enough to send investors out of stocks, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.35 per cent, while Japan’s Nikkei dropped 0.85 per cent.
The losses came amid a broad selloff on Wall Street, where the Dow and S&P 500 capped their worst months since January 2016 overnight.
The Dow Jones Industrial Average fell 177.61 points, or 0.7 per cent, to 25,232.42, the S&P 500 lost 9.95 points, or 0.36 per cent, to 2,734.33 and the Nasdaq Composite dropped 7.84 points, or 0.11 per cent, to 7,322.51.
(with Reuters inputs)CATCH ALL THE LIVE UPDATES10:35 AMDolat Capital on BPCL
Bharat Petroleum Corporation (BPCL)’s results were in-line with our estimates on revenues and below our estimates on profitability front. Revenues increased 13% YoY due to higher crude throughput. EBITDA was lower than our estimates owing to lower GRM and lower marketing profits as compared to inventory gain in Q2FY18. Net Profit was below our estimates primarily driven by other income (down 9.1% QoQ).
With crude prices having an upward trajectory, scope of marketing margins is limited. However, it can benefit from expansion in refining capacity. Recommend Accumulate with a target price of Rs 525.
10:33 AMDolat Capital on Ramco Cements
The revenue CAGR of 14.2% over FY18E-20E, to drive operating and Net earnings CAGR by 15.9% and 20% during the same period. At the current levels, the stock is trading at 14.8x/12.3x, FY19E/20E EV/EBITDA. Currently, we have an ACCUMULATE rating with target price of Rs 817/share10:31 AMNomura on GDP numbers
GDP growth rose above expectations to 7.2% y-o-y in Q4 from an upwardly revised 6.5% in Q3 – driven by stellar growth in investment, although growth in private consumption demand moderated. GVA growth rose to 6.7% from 6.2% in Q3, because of a pickup in agriculture (4.1% from 2.7%) and non-agriculture GVA growth (7.3% from 6.7%). Overall, the data are a positive surprise and confirm a cyclical recovery. However, we find aspects of the sectoral data puzzling, especially the sharp pick-up in agriculture.
GDP, growth, Indian economy Photo: Shutterstock10:31 AMNear-term sales pressure for Bayer CropScience but growth may rise in FY19
The Bayer CropScience stock was down 17 per cent over the last month on weak December-quarter (Q3) results, sales growth lagging peers and expensive stock valuations. The crop protection and seeds company recorded a 28 per cent fall in sales over the year-ago period in Q3, making it the third quarter in the last four quarters to witness a decline in revenues. READ MORE10:30 AMStocks in news
Tata Power – The validity of PPA between BEST and TPC-G has been extended for one year from 1st April 2018 for revised quantum of 676MW.
Reliance Power approves QIP of 2000cr and amount will be used to reduce debt of the Company
Moil update: MOIL has increased prices of Ferro grade Manganese Ore and chemical grade by about 10% on the prices prevailing on 01.01.2018. The prices of Fines has been increased by about 5% on the prices prevailing since 01.01.2018. source: BSE announcement.
Indiabulls Real Estate Ltd. to acquire Farallon’s stake in Singapore trust
Canara Bank alleges Rs 500cr fraud by Kolkata based computer firm
Fortis Healthcare Auditor raises three red flags. Lenders invoked more shares; founders’ stake reduced to 0.7% from 3%.
HCL Infosystems arm to sell HCL MEA FZE share to Axis Investment for 4.12 million UAE dirhams.
Idea Cellular will launch VoLTE services in select markets starting March 1.
NR Agarwal Industries mulls setting up a new 500 TD Kraft paper unit.
Dynamatic Technologies board approved plan for demerger of auto division.
PG Electroplast has commissioned the UF Toilet Seat manufacturing facility. This UF toilet seat facility is one of its kind in India and the technology and knowhow for the facility has been imported by the company.
V-Mart Retail opened two fashion stores one in the state of Uttar Pradesh and one in the state of Bihar. With this the tally of stores in Uttar Pradesh in 54 fashion stores and 17 composite stores and in Bihar is 31 fashion stores and 5 composite stores.
Cadila Healthcare has received the final approval from USFDA to market Dexmedetomidine Hydrochloride Injection 200 mcg (base)/2 mL (100 mcg (base)/ mL single-dose vials.
Granules India said that USFDA has issued an Establishment Inspection Report (EIR) for Granules Pharmaceuticals Inc's facility, a wholly foreign subsidiary of the company located in Chantilly, Virginia.
Dilip Bildcon was declared L1 in 3 Hybrid Projects Valued at Rs.5390cr by NHAI Positive
(Source: Nirmal Bang report)10:27 AMEdelweiss on Cochin Shipyard
We initiate coverage on Cochin Shipyard (CSL) with ‘BUY’ anchored by: a) its proven track record & capability to undertake complex/large ship building mandates; b) strategic business initiatives to drive 29% revenue CAGR in high-margin ship repairs business providing margin stability in a highly cyclical industry; and c) combination of nomination & competitive orders (6x revenue visibility) from Navy helping sustain superior growth / profitability (18/17% growth in sales/EBITDA over FY17-20E). Our INR660 target price (24% upside) is based on EV/EBITDA of 12x (FY20E), in line with global peers. Customer & project concentration risk and government policies are some of the key risks.
10:26 AMMARKET COMMENT: Technical View In line with expectations, Nifty slipped from mentioned resistance of 10630 to almost 10450 levels. We mentioned, “As long as it sustains below 10630 levels it is likely to remain under pressure & slip back till 10520 & can be followed by 10450 levels”, this happened. Support is seen at 10450-10430 zone & as long as this holds, it can bounce back till 10570 / 10630 zone where strong resistance is seen. Pullback towards 10600-10620 can be a selling opportunity. Cluster of Fibonacci retracements along with 50 days SMA makes 10600-10630 zone a strong resistance. Weak if closes below 10430 levels Source: Pragnesh Jain, AVP Technical Research - Institutional Equities, Systematix Group10:18 AMAshoka Buildcon gains as JV emerges highest bidder for TOT project
Shares of Ashok Buildcon surged 7% to Rs 235 on the BSE in early morning trade after the joint venture (JV) between the company and Macquarie has emerged as the highest bidder for the first batch of toll-operate-transfer (TOT) projects from National Highways Authority of India (NHAI). The venture bid Rs 96.8 billion for the NHAI project. READ MORE10:04 AMMarket Check
S&P BSE Sensex 34,170.01 Up -0.04% Nifty 50 10,492.05 Up -0.01% S&P BSE 200 4,590.84 Up -0.02% Nifty 500 9,261.90 Up 0.00% S&P BSE Mid-Cap 16,552.56 Up -0.06% S&P BSE Small-Cap 18,184.85 Up 0.31%09:49 AMCanara Bank alleges Rs 5 bn fraud by Kolkata-based R P Infosystems
Canara Bank, after authorisation by a consortium of lenders, has made a complaint to the Central Bureau of Investigation (CBI) against a Kolkata-based computer assembler-integrator, R P Infosystems, alleging a Rs 5.15 billion fraud. READ MORE09:40 AMNifty Metal index up nearly 1%
09:37 AMBSE Smallcap: Venkey's, Ashoka Buildcon among top gainers, Gitanjali top loser
09:26 AMBSE Midcap: Dalmia Bharat, Endurance Technologies among top gainers, Vakrangee top loser
09:20 AMSectoral Trend
09:19 AMTop Sensex gainers and losers
09:17 AMMarkets at open
At 9:17 am, the S&P BSE Sensex was trading at 34,236, up 52 points while the broader Nifty50 index was ruling at 10,515, up 22 points
09:03 AMMarkets at pre-open
Index Current Pt. Change % Change S&P BSE SENSEX 34,199.86 +15.82 +0.05 S&P BSE SENSEX 50 10,969.05 +9.53 +0.09 S&P BSE SENSEX Next 50 33,926.45 +35.35 +0.10 S&P BSE 100 10,874.69 +9.74 +0.09 S&P BSE Bharat 22 Index 3,601.83 +5.28 +0.15(Source: BSE)08:58 AMQ3 numbers suggest GDP growth is on the right path, finally
India regained its status as the world's fastest growing major economy in the October-December quarter, surpassing China for the first time. Asia's third-largest economy grew 7.2% in the December quarter, its fastest in five quarters. In this Business Standard Special, Madan Sabnavis analyses if the worst is behind Indian economy. READ MORE08:49 AMHG Infra Engineering IPO subscribed 5 times
The Rs 4.6-billion initial public offering (IPO) of HG Infra Engineering saw nearly 5 times demand the shares on offer. The qualified institutional buyer (QIB) segment of the issue was subscribed 8.4 times, high networth individual (HNI) portion was subscribed nearly five times, while retail investor quota saw nearly 3 times subscription. HG Infra is a construction firm with a focus on road projects. The price band for the IPO is Rs 263 to Rs 270 per share. READ MORE08:46 AMJan core sector growth sharply rises to 6.7%; cement, refinery output zoom
Eight infrastructure sectors grew a faster pace of 6.7 per cent in January against 3.4 per cent in the year-ago month as petroleum refinery and cement output zoomed while steel power and coal production improved. READ MORE08:40 AMTop stocks to trade
BUY MOTHERSON SUMICMP: Rs 330TARGET: Rs 360STOP LOSS: Rs 312
The stock has made a lower bottom formation pattern in the daily chart and has indicated a revival with potential and strength to rise further upto 360 levels. The RSI has been on the rise and so also the MACD is showing a positive move upward to indicate a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 360 keeping a stop loss of 312. CLICK HERE FOR MORE08:36 AMNifty outlook by Prabhudas Lilladher for the day
Nifty has once again made a top at 10,630 as mentioned earlier and as of now, we anticipate it to move in a range-bound zone of 10,650 and 10,270. Banking stocks seem to be under pressure for the domestic issues and may witness some more downside in the coming days. The support for the day is seen at 10,430 while resistance is seen at 10,550.08:31 AMIndia regains status of fastest-growing economy, GDP grows 7.2% in Oct-Dec
Economic growth recovered to a five-quarter high of 7.2 per cent during October-December, backed by strong manufacturing and investment activity as the disruption caused by the goods and services tax (GST) bottomed out. The robust third-quarter performance led to a marginal upward revision in the second advance estimate for 2017-18 to 6.6 per cent from 6.5 per cent in the first estimate, though it was still lower than the 6.75 per cent projected by the Economic Survey. READ MORE08:29 AMMarkets on Wednesday
S&P BSE Sensex 34,184.04 Up -0.47% Nifty 50 10,492.85 Up -0.58% S&P BSE 200 4,591.54 Up -0.43% Nifty 500 9,261.90 Up -0.43% S&P BSE Mid-Cap 16,562.59 Up -0.23% S&P BSE Small-Cap 18,127.93 Up 0.21%08:28 AMCREDIT SUISSE ON BRITANNIA We value Britannia at 45x Mar-2020 earnings, in-line with our target multiple for HUL and Nestlé and at a 10-15% premium to other larger Indian domestic FMCG companies like GCPL, Dabur and Marico. We initiate with Outperform and a target price of Rs5,500. Key risks include: (1) Rise in competitive intensity from Parle or ITC and (2) a sharp spike in input costs such as sugar, milk, palm oil and flour.08:26 AMCOMMENT: Radhika Rao, India Economist, DBS Bank on GDP numbers Improvement was broad-based, with a pick up in most production/investment demand indicators. Under GVA, agri and non-agri activities have both picked pace. Besides base effects, Better construction and agri sectoral performance bodes well for employment creation prospects. Looking ahead, the likelihood of higher rural incomes (on higher MSPs) and pre-election spending is likely to be supportive of FY19 numbers. Encouraging growth numbers will help take some pressure of other weaker macro-indicators, particularly a wider CAD, fiscal and inflation outlook. For the debt markets, however, relief might be short-lived as a strong growth picture lowers the bar for the RBI to shift from a neutral to a hawkish gear, should inflation prove sticky beyond June. 08:25 AMEMKAY GLOBAL ON GDP Q3FY18 GDP growth gained momentum as it stood at 7.2% yoy while GVA also recovered to a growth of 6.7% (our expectation was 6.7% for both GVA and GDP). The GDP figure indicates that there has been significant improvement in investment and Construction activity in Q3FY18, which can partly be attributable to demonetisation in base quarter. However, it is still perplexing as the projects completed (as per CMIE) declined by 2.7% yoy, with no marked improvement in private investment activity and state governments capital spending has declined by ~10% yoy. Fiscal deficit till Jan’18 has exceeded 3.5% of GDP, but if government slows down its spending drive, growth is likely to plummet. Hence, we believe the government is likely to cut down on its capital spending in Q4. Also, we believe that nominal GDP is understated and is likely to be higher at 10.5% yoy in FY18 (9.8% according to CSO) on rising commodity prices. 08:25 AMWall Street
The Dow Jones Industrial Average fell 177.61 points, or 0.7%, to 25,232.42, the S&P 500 lost 9.95 points, or 0.36%, to 2,734.33 and the Nasdaq Composite dropped 7.84 points, or 0.11%, to 7,322.51.
08:24 AMAsian markets slip Asian stocks skidded on Thursday after comments from the Federal Reserve's new chief rekindled fears about the pace of US monetary tightening this year, sending Wall Street tumbling for its worst performance in two years and lifting the dollar CLICK HERE FOR MORE08:23 AMToday's picks: From L&T to Zee, hot stocks to watch on Thursday Nifty Current: 10,492 (fut: 10,520), Target: NA Stop-long positions at 10,450. Stop-short positions at 10,575. Big moves could go till 10,400, 10,625. A long 10,400p (96), short 10,300p (70) could gain 10-15 if the support at 10,450 is tested. But there could be a rebound ahead of the long weekend READ MORE
In the domestic market, economic growth recovered to a five-quarter high of 7.2 per cent during October-December, backed by strong manufacturing and investment activity as the disruption caused by the goods and services tax (GST) bottomed out. The robust third-quarter performance led to a marginal upward revision in the second advance estimate for 2017-18 to 6.6 per cent from 6.5 per cent in the first estimate, though it was still lower than the 6.75 per cent projected by the Economic Survey. The data came after the markets ended on Wednesday.
In the global markets, Asian stocks skidded on Thursday after comments from the Federal Reserve’s new chief rekindled fears about the pace of US monetary tightening this year, sending Wall Street tumbling for its worst performance in two years and lifting the dollar.
Fed Chairman Jerome Powell, in his first public appearance as head of the US central bank, vowed on Tuesday to prevent the economy from overheating while sticking with a plan to gradually raise interest rates.
That was enough to send investors out of stocks, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.35 per cent, while Japan’s Nikkei dropped 0.85 per cent.
The losses came amid a broad selloff on Wall Street, where the Dow and S&P 500 capped their worst months since January 2016 overnight.
The Dow Jones Industrial Average fell 177.61 points, or 0.7 per cent, to 25,232.42, the S&P 500 lost 9.95 points, or 0.36 per cent, to 2,734.33 and the Nasdaq Composite dropped 7.84 points, or 0.11 per cent, to 7,322.51.
(with Reuters inputs)CATCH ALL THE LIVE UPDATES10:35 AMDolat Capital on BPCL
Bharat Petroleum Corporation (BPCL)’s results were in-line with our estimates on revenues and below our estimates on profitability front. Revenues increased 13% YoY due to higher crude throughput. EBITDA was lower than our estimates owing to lower GRM and lower marketing profits as compared to inventory gain in Q2FY18. Net Profit was below our estimates primarily driven by other income (down 9.1% QoQ).
With crude prices having an upward trajectory, scope of marketing margins is limited. However, it can benefit from expansion in refining capacity. Recommend Accumulate with a target price of Rs 525.
10:33 AMDolat Capital on Ramco Cements
The revenue CAGR of 14.2% over FY18E-20E, to drive operating and Net earnings CAGR by 15.9% and 20% during the same period. At the current levels, the stock is trading at 14.8x/12.3x, FY19E/20E EV/EBITDA. Currently, we have an ACCUMULATE rating with target price of Rs 817/share10:31 AMNomura on GDP numbers
GDP growth rose above expectations to 7.2% y-o-y in Q4 from an upwardly revised 6.5% in Q3 – driven by stellar growth in investment, although growth in private consumption demand moderated. GVA growth rose to 6.7% from 6.2% in Q3, because of a pickup in agriculture (4.1% from 2.7%) and non-agriculture GVA growth (7.3% from 6.7%). Overall, the data are a positive surprise and confirm a cyclical recovery. However, we find aspects of the sectoral data puzzling, especially the sharp pick-up in agriculture.
GDP, growth, Indian economy Photo: Shutterstock10:31 AMNear-term sales pressure for Bayer CropScience but growth may rise in FY19
The Bayer CropScience stock was down 17 per cent over the last month on weak December-quarter (Q3) results, sales growth lagging peers and expensive stock valuations. The crop protection and seeds company recorded a 28 per cent fall in sales over the year-ago period in Q3, making it the third quarter in the last four quarters to witness a decline in revenues. READ MORE10:30 AMStocks in news
Tata Power – The validity of PPA between BEST and TPC-G has been extended for one year from 1st April 2018 for revised quantum of 676MW.
Reliance Power approves QIP of 2000cr and amount will be used to reduce debt of the Company
Moil update: MOIL has increased prices of Ferro grade Manganese Ore and chemical grade by about 10% on the prices prevailing on 01.01.2018. The prices of Fines has been increased by about 5% on the prices prevailing since 01.01.2018. source: BSE announcement.
Indiabulls Real Estate Ltd. to acquire Farallon’s stake in Singapore trust
Canara Bank alleges Rs 500cr fraud by Kolkata based computer firm
Fortis Healthcare Auditor raises three red flags. Lenders invoked more shares; founders’ stake reduced to 0.7% from 3%.
HCL Infosystems arm to sell HCL MEA FZE share to Axis Investment for 4.12 million UAE dirhams.
Idea Cellular will launch VoLTE services in select markets starting March 1.
NR Agarwal Industries mulls setting up a new 500 TD Kraft paper unit.
Dynamatic Technologies board approved plan for demerger of auto division.
PG Electroplast has commissioned the UF Toilet Seat manufacturing facility. This UF toilet seat facility is one of its kind in India and the technology and knowhow for the facility has been imported by the company.
V-Mart Retail opened two fashion stores one in the state of Uttar Pradesh and one in the state of Bihar. With this the tally of stores in Uttar Pradesh in 54 fashion stores and 17 composite stores and in Bihar is 31 fashion stores and 5 composite stores.
Cadila Healthcare has received the final approval from USFDA to market Dexmedetomidine Hydrochloride Injection 200 mcg (base)/2 mL (100 mcg (base)/ mL single-dose vials.
Granules India said that USFDA has issued an Establishment Inspection Report (EIR) for Granules Pharmaceuticals Inc's facility, a wholly foreign subsidiary of the company located in Chantilly, Virginia.
Dilip Bildcon was declared L1 in 3 Hybrid Projects Valued at Rs.5390cr by NHAI Positive
(Source: Nirmal Bang report)10:27 AMEdelweiss on Cochin Shipyard
We initiate coverage on Cochin Shipyard (CSL) with ‘BUY’ anchored by: a) its proven track record & capability to undertake complex/large ship building mandates; b) strategic business initiatives to drive 29% revenue CAGR in high-margin ship repairs business providing margin stability in a highly cyclical industry; and c) combination of nomination & competitive orders (6x revenue visibility) from Navy helping sustain superior growth / profitability (18/17% growth in sales/EBITDA over FY17-20E). Our INR660 target price (24% upside) is based on EV/EBITDA of 12x (FY20E), in line with global peers. Customer & project concentration risk and government policies are some of the key risks.
10:26 AMMARKET COMMENT: Technical View In line with expectations, Nifty slipped from mentioned resistance of 10630 to almost 10450 levels. We mentioned, “As long as it sustains below 10630 levels it is likely to remain under pressure & slip back till 10520 & can be followed by 10450 levels”, this happened. Support is seen at 10450-10430 zone & as long as this holds, it can bounce back till 10570 / 10630 zone where strong resistance is seen. Pullback towards 10600-10620 can be a selling opportunity. Cluster of Fibonacci retracements along with 50 days SMA makes 10600-10630 zone a strong resistance. Weak if closes below 10430 levels Source: Pragnesh Jain, AVP Technical Research - Institutional Equities, Systematix Group10:18 AMAshoka Buildcon gains as JV emerges highest bidder for TOT project
Shares of Ashok Buildcon surged 7% to Rs 235 on the BSE in early morning trade after the joint venture (JV) between the company and Macquarie has emerged as the highest bidder for the first batch of toll-operate-transfer (TOT) projects from National Highways Authority of India (NHAI). The venture bid Rs 96.8 billion for the NHAI project. READ MORE10:04 AMMarket Check
S&P BSE Sensex 34,170.01 Up -0.04% Nifty 50 10,492.05 Up -0.01% S&P BSE 200 4,590.84 Up -0.02% Nifty 500 9,261.90 Up 0.00% S&P BSE Mid-Cap 16,552.56 Up -0.06% S&P BSE Small-Cap 18,184.85 Up 0.31%09:49 AMCanara Bank alleges Rs 5 bn fraud by Kolkata-based R P Infosystems
Canara Bank, after authorisation by a consortium of lenders, has made a complaint to the Central Bureau of Investigation (CBI) against a Kolkata-based computer assembler-integrator, R P Infosystems, alleging a Rs 5.15 billion fraud. READ MORE09:40 AMNifty Metal index up nearly 1%
09:37 AMBSE Smallcap: Venkey's, Ashoka Buildcon among top gainers, Gitanjali top loser
09:26 AMBSE Midcap: Dalmia Bharat, Endurance Technologies among top gainers, Vakrangee top loser
09:20 AMSectoral Trend
09:19 AMTop Sensex gainers and losers
09:17 AMMarkets at open
At 9:17 am, the S&P BSE Sensex was trading at 34,236, up 52 points while the broader Nifty50 index was ruling at 10,515, up 22 points
09:03 AMMarkets at pre-open
Index Current Pt. Change % Change S&P BSE SENSEX 34,199.86 +15.82 +0.05 S&P BSE SENSEX 50 10,969.05 +9.53 +0.09 S&P BSE SENSEX Next 50 33,926.45 +35.35 +0.10 S&P BSE 100 10,874.69 +9.74 +0.09 S&P BSE Bharat 22 Index 3,601.83 +5.28 +0.15(Source: BSE)08:58 AMQ3 numbers suggest GDP growth is on the right path, finally
India regained its status as the world's fastest growing major economy in the October-December quarter, surpassing China for the first time. Asia's third-largest economy grew 7.2% in the December quarter, its fastest in five quarters. In this Business Standard Special, Madan Sabnavis analyses if the worst is behind Indian economy. READ MORE08:49 AMHG Infra Engineering IPO subscribed 5 times
The Rs 4.6-billion initial public offering (IPO) of HG Infra Engineering saw nearly 5 times demand the shares on offer. The qualified institutional buyer (QIB) segment of the issue was subscribed 8.4 times, high networth individual (HNI) portion was subscribed nearly five times, while retail investor quota saw nearly 3 times subscription. HG Infra is a construction firm with a focus on road projects. The price band for the IPO is Rs 263 to Rs 270 per share. READ MORE08:46 AMJan core sector growth sharply rises to 6.7%; cement, refinery output zoom
Eight infrastructure sectors grew a faster pace of 6.7 per cent in January against 3.4 per cent in the year-ago month as petroleum refinery and cement output zoomed while steel power and coal production improved. READ MORE08:40 AMTop stocks to trade
BUY MOTHERSON SUMICMP: Rs 330TARGET: Rs 360STOP LOSS: Rs 312
The stock has made a lower bottom formation pattern in the daily chart and has indicated a revival with potential and strength to rise further upto 360 levels. The RSI has been on the rise and so also the MACD is showing a positive move upward to indicate a positive bias. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 360 keeping a stop loss of 312. CLICK HERE FOR MORE08:36 AMNifty outlook by Prabhudas Lilladher for the day
Nifty has once again made a top at 10,630 as mentioned earlier and as of now, we anticipate it to move in a range-bound zone of 10,650 and 10,270. Banking stocks seem to be under pressure for the domestic issues and may witness some more downside in the coming days. The support for the day is seen at 10,430 while resistance is seen at 10,550.08:31 AMIndia regains status of fastest-growing economy, GDP grows 7.2% in Oct-Dec
Economic growth recovered to a five-quarter high of 7.2 per cent during October-December, backed by strong manufacturing and investment activity as the disruption caused by the goods and services tax (GST) bottomed out. The robust third-quarter performance led to a marginal upward revision in the second advance estimate for 2017-18 to 6.6 per cent from 6.5 per cent in the first estimate, though it was still lower than the 6.75 per cent projected by the Economic Survey. READ MORE08:29 AMMarkets on Wednesday
S&P BSE Sensex 34,184.04 Up -0.47% Nifty 50 10,492.85 Up -0.58% S&P BSE 200 4,591.54 Up -0.43% Nifty 500 9,261.90 Up -0.43% S&P BSE Mid-Cap 16,562.59 Up -0.23% S&P BSE Small-Cap 18,127.93 Up 0.21%08:28 AMCREDIT SUISSE ON BRITANNIA We value Britannia at 45x Mar-2020 earnings, in-line with our target multiple for HUL and Nestlé and at a 10-15% premium to other larger Indian domestic FMCG companies like GCPL, Dabur and Marico. We initiate with Outperform and a target price of Rs5,500. Key risks include: (1) Rise in competitive intensity from Parle or ITC and (2) a sharp spike in input costs such as sugar, milk, palm oil and flour.08:26 AMCOMMENT: Radhika Rao, India Economist, DBS Bank on GDP numbers Improvement was broad-based, with a pick up in most production/investment demand indicators. Under GVA, agri and non-agri activities have both picked pace. Besides base effects, Better construction and agri sectoral performance bodes well for employment creation prospects. Looking ahead, the likelihood of higher rural incomes (on higher MSPs) and pre-election spending is likely to be supportive of FY19 numbers. Encouraging growth numbers will help take some pressure of other weaker macro-indicators, particularly a wider CAD, fiscal and inflation outlook. For the debt markets, however, relief might be short-lived as a strong growth picture lowers the bar for the RBI to shift from a neutral to a hawkish gear, should inflation prove sticky beyond June. 08:25 AMEMKAY GLOBAL ON GDP Q3FY18 GDP growth gained momentum as it stood at 7.2% yoy while GVA also recovered to a growth of 6.7% (our expectation was 6.7% for both GVA and GDP). The GDP figure indicates that there has been significant improvement in investment and Construction activity in Q3FY18, which can partly be attributable to demonetisation in base quarter. However, it is still perplexing as the projects completed (as per CMIE) declined by 2.7% yoy, with no marked improvement in private investment activity and state governments capital spending has declined by ~10% yoy. Fiscal deficit till Jan’18 has exceeded 3.5% of GDP, but if government slows down its spending drive, growth is likely to plummet. Hence, we believe the government is likely to cut down on its capital spending in Q4. Also, we believe that nominal GDP is understated and is likely to be higher at 10.5% yoy in FY18 (9.8% according to CSO) on rising commodity prices. 08:25 AMWall Street
The Dow Jones Industrial Average fell 177.61 points, or 0.7%, to 25,232.42, the S&P 500 lost 9.95 points, or 0.36%, to 2,734.33 and the Nasdaq Composite dropped 7.84 points, or 0.11%, to 7,322.51.
08:24 AMAsian markets slip Asian stocks skidded on Thursday after comments from the Federal Reserve's new chief rekindled fears about the pace of US monetary tightening this year, sending Wall Street tumbling for its worst performance in two years and lifting the dollar CLICK HERE FOR MORE08:23 AMToday's picks: From L&T to Zee, hot stocks to watch on Thursday Nifty Current: 10,492 (fut: 10,520), Target: NA Stop-long positions at 10,450. Stop-short positions at 10,575. Big moves could go till 10,400, 10,625. A long 10,400p (96), short 10,300p (70) could gain 10-15 if the support at 10,450 is tested. But there could be a rebound ahead of the long weekend READ MORE
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