Benchmark indices opened lower on Tuesday taking cues from their Asian peers. At 9:15 AM, the S&P BSE Sensex was trading at 36,481, down 98 points, while the broader Nifty50 was ruling at 10,923, down 39 points.
Shares of Zensar Technologies were trading over 4 per cent lower as the company on Monday reported a six per cent decline in consolidated net profit to Rs 56.51 crore during the December 2018 quarter as compared to the year-ago period.
In the broader market, S&P BSE MidCap index was trading 19 points or 0.12 per cent lower at 14,920, while S&P BSE SmallCap index was ruling at 14,385, down 17 points or 0.12 per cent in early trade. Earnings Today
Over 25 companies including Asian Paints, TVS Motor Company, Shree Cement, ICICI Prudential Life Insurance Company, Reliance Nippon Life Asset Management, HDFC Standard Life Insurance Company, Oberoi Realty, Havells India are slated to announce their December quarter results.
Global Indices
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent but was still within striking distance of a seven-week top touched the previous day. Japan's Nikkei gained 0.2 per cent, helped by a recent pullback in the yen.
On Wall Street, the Dow Jones Industrial Average rose 336.25 points or 1.38 per cent to 24,706.35, S&P 500 climbed 34 points or 1.3 per cent to 2,670.71 and Nasdaq Composite closed flat at 7,157.23.
Oil Prices
Oil prices edged up on Monday, reversing earlier losses, as investors shrugged off data that confirmed China’s economic growth is cooling and instead latched on to positive supply-side drivers for the market.
Brent crude oil futures were up 12 cents at $62.83 a barrel, while US crude futures were up 19 cents to $53.99 a barrel.
(with Reuters input)
CATCH ALL THE LIVE UPDATES
09:52 AM
Reliance Securities on Wipro
Target Price: Rs 340
Wipro has reported improved performance in 3QFY19 both on revenue and margin front. However, un-enthusing 4QFY19E guidance is an indication that the IT major is not fully confident on a robust recovery in the backdrop of volatile macro-environment and HLS issues. Raising our FY20E EPS by 6%, we maintain our HOLD recommendation on the stock with a revised Target Price of Rs 340 (from Rs 320 earlier).
09:48 AM
HDFC MF guidance signals revenue fall after Sebi diktat; Q3 net up 25%
The HDFC Mutual Fund (MF) on Monday reported healthy financial performance, but guided for reduction in revenues after the Securities and Exchange Board of India’s (Sebi) mandated that all scheme-related expenses have to be borne into the schemes. In December quarter, the fund house saw its net profit jump 25 per cent on a year-on-year basis to Rs 243 crore. Read more
09:36 AM
Nifty Metal index is trading over 1% lower weighed by Tata Steel
09:33 AM
Shares of Prabhat Dairy are trading over 17% higher
09:28 AM
Zensar Technologies declines over 4% on weak Q3 results
09:24 AM
YES Bank slips over 1.5% in early trade
09:21 AM
Sectoral trend on NSE
09:18 AM
Opening gainers and losers on S&P BSE Sensex
09:16 AM
Market at open
At 9:15 AM, the S&P BSE Sensex was trading at 36,481, down 98 points, while the broader Nifty50 was ruling at 10,923, down 39 points.
09:03 AM
Market at pre-open
Index Current Pt. Change % Change
S&P BSE SENSEX 36,639.03 +60.07 +0.16
S&P BSE SENSEX 50 11,473.15 +17.47 +0.15
S&P BSE SENSEX Next 50 32,291.35 +31.45 +0.10
S&P BSE 100 11,215.98 +16.22 +0.14
S&P BSE Bharat 22 Index 3,414.45 +3.25 +0.10
09:02 AM
Rupee opening
Rupee opens at 71.22/$ vs its previous close of 71.28 against the US dollar
08:56 AM
Prabhat Dairy, Asian Paints, Lupin and Justdial among top stocks to track
Global dairy major Lactalis will buy Mumbai-based Prabhat Dairy, a bulk producer of milk and dairy products, in its third acquisition in India. The company told the bourses on Monday that Lactalis’s Indian subsidiary Tirumala Milk Products was acquiring its dairy business for Rs 1,700 crore, which is 1.17 times its FY18 sales of Rs 1,442 crore.
The drug major on Monday said it has received approval from the US health regulator to market Levothyroxine Sodium tablets used for treatment of hypothyroidism. Read more
08:53 AM
Devangshu Datta Derivatives strategies: Nifty level above 11,000 needed for bullish trend
The Nifty has range-traded close to its own 200-day moving average for the last month. The possible upside is till 11,100-plus, but there is strong resistance at 10,900-11,000 zone. Volumes continue to be low. Foreign portfolio investors have been net sellers through January and domestic institutions have been selective buyers.
Breadth has been negative with third quarter (Q3) results not really making the market enthusiastic. Session volatility is low. But the Vix is edging up, which signals nervousness. READ MORE
08:49 AM
Buy Hewaware Technologies for a target of Rs 360: Prabhudas Lilladher
CMP: Rs 325.85
TARGET: Rs 360
STOP LOSS: Rs 315
The stock has been maintaining a good base near 310 levels and currently also has taken support near the significant 50DMA moving average which lies near 322 and has been rising gradually to signify strength and potential to rise even further in the coming days. The indicators have become favourable and with good rising volume participation witnessed, we recommend a buy in this stock for an upside target of 360 keeping a stop loss of 315. Click here for more
08:45 AM
Elara Capital on Rallis India
We believe the new capex plan is the step in the right direction, as the past few years growth was plagued by capacity constraints. The company is expected to launch three new products during the next Kharif season. We cut our EPS by 7.0% for FY19E and by 9.5% for FY20E due to miss in Q3FY19 performance. We introduce FY21 estimates and roll forward valuations to FY21E and arrive at TP of INR 244 from INR 222 based on 18x (unchanged) P/E. Reiterate Buy
08:44 AM
SECTOR WATCH Emkay Global on Consumer Durables
We are initiating coverage on AMBER (BUY- TP- Rs1126), Dixon (BUY- TP- Rs2683) and Crompton Consumers (ACCUMULATE- TP- Rs256), REDUCE on Whirlpool (TP- Rs1293) and V-Guard (TP- Rs187). We downgrade our rating on Havell to HOLD (TP – Rs705) due to recent outperformance and limited scope of multiple re-rating. Havells, along with V-Guard, leads the way in product launches, technological upgrades, market strategies, as well as distribution reach, while others are playing the catch-up game
08:41 AM
Today's picks
Coal India
Current price: Rs 229
Target price: Rs 225
Keep a stop at Rs 231 and go short. Add to the position between Rs 226-Rs 227. Book profits at Rs 225.
Infosys
Current price: Rs 745
Target price: Rs 755
Keep a stop at 737 and go long. Add to the position between 752-754. Book profits at 755. Read more
08:38 AM
Jefferies on L&T
L&T’s announced order flow indicates the quarter’s potential. 3QFY19 could see 48% YoY order flow decline, taking 9MFY19 to Rs1,033 bn, flat YoY. Order flow could be tepid in 4Q too, given May 2019 General Elections. We believe as long as 3Q execution is strong, markets will give L&T leeway on order flow as existing order book covers it on earnings until FY20-21E. YTD correction of 9% and underperformance offer a buying opportunity.
10% underperformance pre 3QFY16 guidance cut followed by 6% outperformance post results: L&T has cut its order flow/revenue guidance in four of the last six years and has done this in six quarters. There were two guidance cuts in FY15-16 and once in FY17-18. Post-result reactions have been typically muted, with a rise seen if the pre-result correction was relatively high. We believe execution is more critical for L&T over the next three quarters and then its annual guidance in May 2019
08:35 AM
Nifty outlook by Prabhudas Lilladher
Nifty crosses one hurdle of 10930, however, failed to cross 10985 along with volatility index on rise implying resistance at these levels. Among the Nifty 50, it has been only a few 4 stocks like RIL, Infy, Kotak & HDFC which have been driving the market. The support for the day is seen at 36300/10890 while resistance is seen at 36850/11020. Bank Nifty would have a range of 27240-27820. Mid-cap sector too has been unable to participate, hence it continues to be a stock specific market. Click here to read more
08:33 AM
MARKET PREVIEW
At 8:00 a.m. IST, the SGX Nifty Futures was trading at 10,956, which is 0.06% lower than its previous close. It is at a discount to the Nifty’s previous closing of 10,961.85.
On Monday, FIIs/FPIs sold stocks worth Rs 299.79 crore and DIIs purchased stocks worth Rs 520.8 crore.
Global stock markets: Nikkei -0.1%, KOSPI -0.5%, Hang Seng -0.4%, Shanghai Composite -0.4%.
O’Neil Market Condition Report
Out of the 24 emerging markets tracked by our institutional research team, the breakup is as follows: Confirmed Uptrend, 11; Rally Attempt, 7; Uptrend Under Pressure, 6; Downtrend, 0.
Out of the 24 developed markets, the breakup is as follows: Confirmed Uptrend, 18; Rally Attempt, 5; Uptrend Under Pressure, 1; Downtrend, 0.
The Indian market is in an Uptrend Under Pressure. The Nifty’s distribution day count stood at four.
08:33 AM
Rupee check
The rupee on Monday weakened by 9 paise to close at 71.28 against the US dollar amid rise in demand for the greenback from exporters and unabated foreign fund outflows.
08:32 AM
Oil check
Oil prices edged up on Monday, reversing earlier losses, as investors shrugged off data that confirmed China’s economic growth is cooling and instead latched on to positive supply-side drivers for the market.
Brent crude oil futures were up 12 cents at $62.83 a barrel, while US crude futures were up 19 cents to $53.99 a barrel.
08:31 AM
SGX Nifty
Nifty futures on Singapore Exchange (SGX) were trading at 10,933, down 29.50 points or 0.27 per cent in early trade.
08:29 AM
Asian shares, US stock futures dented by growth worries
Asian shares and US stock futures slipped in early trade amid signs of pessimism about world growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent but was still within striking distance of a seven-week top touched the previous day. Japan's Nikkei gained 0.2 per cent, helped by a recent pullback in the yen.
08:28 AM
Wall Street check
The Dow Jones Industrial Average rose 336.25 points or 1.38 per cent to 24,706.35, S&P 500 climbed 34 points or 1.3 per cent to 2,670.71 and Nasdaq Composite closed flat at 7,157.23 levels.
08:24 AM
Good morning
Welcome to Business Standard's live blog. Catch all the live market action here
Shares of Zensar Technologies were trading over 4 per cent lower as the company on Monday reported a six per cent decline in consolidated net profit to Rs 56.51 crore during the December 2018 quarter as compared to the year-ago period.
In the broader market, S&P BSE MidCap index was trading 19 points or 0.12 per cent lower at 14,920, while S&P BSE SmallCap index was ruling at 14,385, down 17 points or 0.12 per cent in early trade. Earnings Today
Over 25 companies including Asian Paints, TVS Motor Company, Shree Cement, ICICI Prudential Life Insurance Company, Reliance Nippon Life Asset Management, HDFC Standard Life Insurance Company, Oberoi Realty, Havells India are slated to announce their December quarter results.
Global Indices
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent but was still within striking distance of a seven-week top touched the previous day. Japan's Nikkei gained 0.2 per cent, helped by a recent pullback in the yen.
On Wall Street, the Dow Jones Industrial Average rose 336.25 points or 1.38 per cent to 24,706.35, S&P 500 climbed 34 points or 1.3 per cent to 2,670.71 and Nasdaq Composite closed flat at 7,157.23.
Oil Prices
Oil prices edged up on Monday, reversing earlier losses, as investors shrugged off data that confirmed China’s economic growth is cooling and instead latched on to positive supply-side drivers for the market.
Brent crude oil futures were up 12 cents at $62.83 a barrel, while US crude futures were up 19 cents to $53.99 a barrel.
(with Reuters input)
CATCH ALL THE LIVE UPDATES
09:52 AM
Reliance Securities on Wipro
Target Price: Rs 340
Wipro has reported improved performance in 3QFY19 both on revenue and margin front. However, un-enthusing 4QFY19E guidance is an indication that the IT major is not fully confident on a robust recovery in the backdrop of volatile macro-environment and HLS issues. Raising our FY20E EPS by 6%, we maintain our HOLD recommendation on the stock with a revised Target Price of Rs 340 (from Rs 320 earlier).
09:48 AM
HDFC MF guidance signals revenue fall after Sebi diktat; Q3 net up 25%
The HDFC Mutual Fund (MF) on Monday reported healthy financial performance, but guided for reduction in revenues after the Securities and Exchange Board of India’s (Sebi) mandated that all scheme-related expenses have to be borne into the schemes. In December quarter, the fund house saw its net profit jump 25 per cent on a year-on-year basis to Rs 243 crore. Read more
09:36 AM
Nifty Metal index is trading over 1% lower weighed by Tata Steel
09:33 AM
Shares of Prabhat Dairy are trading over 17% higher
09:28 AM
Zensar Technologies declines over 4% on weak Q3 results
09:24 AM
YES Bank slips over 1.5% in early trade
09:21 AM
Sectoral trend on NSE
09:18 AM
Opening gainers and losers on S&P BSE Sensex
09:16 AM
Market at open
At 9:15 AM, the S&P BSE Sensex was trading at 36,481, down 98 points, while the broader Nifty50 was ruling at 10,923, down 39 points.
09:03 AM
Market at pre-open
Index Current Pt. Change % Change
S&P BSE SENSEX 36,639.03 +60.07 +0.16
S&P BSE SENSEX 50 11,473.15 +17.47 +0.15
S&P BSE SENSEX Next 50 32,291.35 +31.45 +0.10
S&P BSE 100 11,215.98 +16.22 +0.14
S&P BSE Bharat 22 Index 3,414.45 +3.25 +0.10
09:02 AM
Rupee opening
Rupee opens at 71.22/$ vs its previous close of 71.28 against the US dollar
08:56 AM
Prabhat Dairy, Asian Paints, Lupin and Justdial among top stocks to track
Global dairy major Lactalis will buy Mumbai-based Prabhat Dairy, a bulk producer of milk and dairy products, in its third acquisition in India. The company told the bourses on Monday that Lactalis’s Indian subsidiary Tirumala Milk Products was acquiring its dairy business for Rs 1,700 crore, which is 1.17 times its FY18 sales of Rs 1,442 crore.
The drug major on Monday said it has received approval from the US health regulator to market Levothyroxine Sodium tablets used for treatment of hypothyroidism. Read more
08:53 AM
Devangshu Datta Derivatives strategies: Nifty level above 11,000 needed for bullish trend
The Nifty has range-traded close to its own 200-day moving average for the last month. The possible upside is till 11,100-plus, but there is strong resistance at 10,900-11,000 zone. Volumes continue to be low. Foreign portfolio investors have been net sellers through January and domestic institutions have been selective buyers.
Breadth has been negative with third quarter (Q3) results not really making the market enthusiastic. Session volatility is low. But the Vix is edging up, which signals nervousness. READ MORE
08:49 AM
Buy Hewaware Technologies for a target of Rs 360: Prabhudas Lilladher
CMP: Rs 325.85
TARGET: Rs 360
STOP LOSS: Rs 315
The stock has been maintaining a good base near 310 levels and currently also has taken support near the significant 50DMA moving average which lies near 322 and has been rising gradually to signify strength and potential to rise even further in the coming days. The indicators have become favourable and with good rising volume participation witnessed, we recommend a buy in this stock for an upside target of 360 keeping a stop loss of 315. Click here for more
08:45 AM
Elara Capital on Rallis India
We believe the new capex plan is the step in the right direction, as the past few years growth was plagued by capacity constraints. The company is expected to launch three new products during the next Kharif season. We cut our EPS by 7.0% for FY19E and by 9.5% for FY20E due to miss in Q3FY19 performance. We introduce FY21 estimates and roll forward valuations to FY21E and arrive at TP of INR 244 from INR 222 based on 18x (unchanged) P/E. Reiterate Buy
08:44 AM
SECTOR WATCH Emkay Global on Consumer Durables
We are initiating coverage on AMBER (BUY- TP- Rs1126), Dixon (BUY- TP- Rs2683) and Crompton Consumers (ACCUMULATE- TP- Rs256), REDUCE on Whirlpool (TP- Rs1293) and V-Guard (TP- Rs187). We downgrade our rating on Havell to HOLD (TP – Rs705) due to recent outperformance and limited scope of multiple re-rating. Havells, along with V-Guard, leads the way in product launches, technological upgrades, market strategies, as well as distribution reach, while others are playing the catch-up game
08:41 AM
Today's picks
Coal India
Current price: Rs 229
Target price: Rs 225
Keep a stop at Rs 231 and go short. Add to the position between Rs 226-Rs 227. Book profits at Rs 225.
Infosys
Current price: Rs 745
Target price: Rs 755
Keep a stop at 737 and go long. Add to the position between 752-754. Book profits at 755. Read more
08:38 AM
Jefferies on L&T
L&T’s announced order flow indicates the quarter’s potential. 3QFY19 could see 48% YoY order flow decline, taking 9MFY19 to Rs1,033 bn, flat YoY. Order flow could be tepid in 4Q too, given May 2019 General Elections. We believe as long as 3Q execution is strong, markets will give L&T leeway on order flow as existing order book covers it on earnings until FY20-21E. YTD correction of 9% and underperformance offer a buying opportunity.
10% underperformance pre 3QFY16 guidance cut followed by 6% outperformance post results: L&T has cut its order flow/revenue guidance in four of the last six years and has done this in six quarters. There were two guidance cuts in FY15-16 and once in FY17-18. Post-result reactions have been typically muted, with a rise seen if the pre-result correction was relatively high. We believe execution is more critical for L&T over the next three quarters and then its annual guidance in May 2019
08:35 AM
Nifty outlook by Prabhudas Lilladher
Nifty crosses one hurdle of 10930, however, failed to cross 10985 along with volatility index on rise implying resistance at these levels. Among the Nifty 50, it has been only a few 4 stocks like RIL, Infy, Kotak & HDFC which have been driving the market. The support for the day is seen at 36300/10890 while resistance is seen at 36850/11020. Bank Nifty would have a range of 27240-27820. Mid-cap sector too has been unable to participate, hence it continues to be a stock specific market. Click here to read more
08:33 AM
MARKET PREVIEW
At 8:00 a.m. IST, the SGX Nifty Futures was trading at 10,956, which is 0.06% lower than its previous close. It is at a discount to the Nifty’s previous closing of 10,961.85.
On Monday, FIIs/FPIs sold stocks worth Rs 299.79 crore and DIIs purchased stocks worth Rs 520.8 crore.
Global stock markets: Nikkei -0.1%, KOSPI -0.5%, Hang Seng -0.4%, Shanghai Composite -0.4%.
O’Neil Market Condition Report
Out of the 24 emerging markets tracked by our institutional research team, the breakup is as follows: Confirmed Uptrend, 11; Rally Attempt, 7; Uptrend Under Pressure, 6; Downtrend, 0.
Out of the 24 developed markets, the breakup is as follows: Confirmed Uptrend, 18; Rally Attempt, 5; Uptrend Under Pressure, 1; Downtrend, 0.
The Indian market is in an Uptrend Under Pressure. The Nifty’s distribution day count stood at four.
08:33 AM
Rupee check
The rupee on Monday weakened by 9 paise to close at 71.28 against the US dollar amid rise in demand for the greenback from exporters and unabated foreign fund outflows.
08:32 AM
Oil check
Oil prices edged up on Monday, reversing earlier losses, as investors shrugged off data that confirmed China’s economic growth is cooling and instead latched on to positive supply-side drivers for the market.
Brent crude oil futures were up 12 cents at $62.83 a barrel, while US crude futures were up 19 cents to $53.99 a barrel.
08:31 AM
SGX Nifty
Nifty futures on Singapore Exchange (SGX) were trading at 10,933, down 29.50 points or 0.27 per cent in early trade.
08:29 AM
Asian shares, US stock futures dented by growth worries
Asian shares and US stock futures slipped in early trade amid signs of pessimism about world growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent but was still within striking distance of a seven-week top touched the previous day. Japan's Nikkei gained 0.2 per cent, helped by a recent pullback in the yen.
08:28 AM
Wall Street check
The Dow Jones Industrial Average rose 336.25 points or 1.38 per cent to 24,706.35, S&P 500 climbed 34 points or 1.3 per cent to 2,670.71 and Nasdaq Composite closed flat at 7,157.23 levels.
08:24 AM
Good morning
Welcome to Business Standard's live blog. Catch all the live market action here
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